Document:

Exhibit 10.1

 

EMPLOYMENT AGREEMENT

 

This Employment
Agreement (the “Agreement”), effective as of the 1st day of August 2016, by and between RICK'S CABARET
INTERNATIONAL, INC., a Texas corporation (the “Company”), and PHILLIP K. MARSHALL (“Executive”).

 

W I T N E S S E T H:

 

WHEREAS, the Company
desires to employ Executive as provided herein; and

 

WHEREAS, Executive
desires to accept such employment.

 

NOW, THEREFORE,
for and in consideration of the mutual covenants and agreements contained herein, and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

 

1.Employment. The Company
hereby employs Executive and Executive hereby accepts employment with the Company upon the terms and conditions hereinafter set
forth.

 

2.Duties. Subject to
the power of the Board of Directors of the Company to elect and remove officers, Executive will serve the Company as its Chief
Financial Officer and will faithfully and diligently perform the services and functions relating to such office or otherwise reasonably
incident to such office, provided that all such services and functions will be reasonable and within Executive's area of expertise.
Executive will, during the term of this Agreement (or any extension thereof), devote his full business time, attention and skills
and best efforts to the promotion of the business of the Company. The foregoing will not be construed as preventing Executive from
making investments in other businesses or enterprises provided that (a) Executive agrees not to become engaged in any other business
activity that interferes with his ability to discharge his duties and responsibilities to the Company and (b) Executive does not
violate any other provision of this Agreement.

 

3.Term. Subject to
the terms and conditions hereof, the term of employment of Executive will commence August 1, 2016 (the “Commencement Date”)
and will end on July 31, 2018, unless earlier terminated by either party pursuant to the terms hereof. The term of this Agreement
is referred to herein as the “Term.”

 

4.Compensation
and Benefits During the Employment Term.

 

		(a)	Salary. Commencing upon the date of this Agreement,
Executive will be paid an annual base salary of (i) $262,500 for the first year of the Term and (ii) $275,000 for the second year
of the Term, payable bi-weekly (the “Salary”). At any time and from time to time the Salary may be increased for the
remaining portion of the Term if so determined by the Board of Directors of the Company after a review of Executive's performance
of his duties hereunder.

 

		(b)	Bonus. As further compensation, Executive will be eligible for bonuses
as determined from time to time by the Board of Directors.

 

    
Employment Agreement - Page 1

     

    

 

		(c)	Expenses. Upon submission of a detailed statement and reasonable
documentation, the Company will reimburse Executive in the same manner as other executive officers for all reasonable and necessary
or appropriate out-of-pocket travel and other expenses incurred by Executive in rendering services required under this Agreement.

 

		(d)	Benefits; Insurance.

 

		(i)	Medical, Dental and Vision Benefits. During this Agreement, Executive
and his dependents will be entitled to receive such group medical, dental and vision benefits as the Company may provide to its
other executives, provided such coverage is reasonably available, or be reimbursed if Executive is carrying his own similar insurance.

 

		(ii)	Benefit Plans. The Executive will be entitled to participate in any
benefit plan or program of the Company which may currently be in place or implemented in the future.

 

		(iii)	Other Benefits. During the Term, Executive will be entitled to receive,
in addition to and not in lieu of base salary, bonus or other compensation, such other benefits and normal perquisites as the Company
currently provides or such additional benefits as the Company may provide for its executive officers in the future.

 

		(e)	Vacation. Executive will be entitled to two weeks paid vacation each
year of this Agreement.

 

5.Confidentiality and Non-Competition.

 

		(a)	Confidentiality. In the course of the performance
of Executive's duties hereunder, Executive recognizes and acknowledges that Executive may have access to certain confidential
and proprietary information of the Company or any of its affiliates. Without the prior written consent of the Company, Executive
shall not disclose any such confidential or proprietary information to any person or firm, corporation, association, or other
entity for any reason or purpose whatsoever, and shall not use such information, directly or indirectly, for Executive's own behalf
or on behalf of any other party. Executive agrees and affirms that all such information is the sole property of the Company and
that at the termination and/or expiration of this Agreement, at the Company's written request, Executive shall promptly return
to the Company any and all such information so requested by the Company.

 

The
provisions of this Section 5 shall not, however, prohibit Executive from disclosing to others or using in any manner information
that:

 

    
Employment Agreement - Page 2

     

    

 

		(i)	has been published or has become part of the public domain other than by
acts, omissions or fault of Executive;

 

		(ii)	has been furnished or made known to Executive by third
parties (other than those acting directly or indirectly for or on behalf of Executive) as a matter of legal right without restriction
on its use or disclosure;

 

		(iii)	was in the possession of Executive prior to obtaining
such information from Company in connection with the performance of this Agreement; or

 

		(iv)	is required to be disclosed by law.

 

		(b)	Non-Competition. Executive agrees that he will
not, for himself, on behalf of, or in conjunction with any person, firm, corporation or entity, either as principal, employee,
shareholder, member, director, partner, consultant, owner or part-owner of any corporation, partnership or any other type of business
entity, directly or indirectly, own, manage, operate, control, be employed by, participate in, or be connected in any manner with
the ownership, management, operation, or control of any establishment which has live female nude or semi-nude entertainment or
is in any business similar to or competitive with the female entertainment business presently conducted by the Company anywhere
in the United States within 50 miles of any female entertainment business of the Company or any female entertainment business
of the Company under construction, under contract, in development or leased by or to the Company, for a period of two years (the
“Non-Compete Period”) from the termination of this Agreement. However, in the event of the termination of Executive's
employment pursuant to Section 7(d) or 7(f), the Non-Compete Period shall be six months.

 

			Executive agrees not to hire, solicit or attempt to solicit for employment by Executive or any
company to which he may be involved, either directly or indirectly, any party who is an employee or independent contractor of the
Company or any entity which is affiliated with the Company, or any person who was an employee or independent contractor of the
Company or any entity which is affiliated with the Company within the two year period immediately following the termination of
this Agreement.

 

			Executive acknowledges that he has carefully read and considered all provisions of this Agreement
and agrees that:

 

		(i)	Due to the nature of the Company's business, the foregoing
covenants place no greater restraint upon Executive than is reasonably necessary to protect the business and goodwill of the Company;

 

		(ii)	These covenants protect the legitimate interests of the Company and do not serve solely to limit
the Company's future competition;

 

		(iii)	This Agreement is not an invalid or unreasonable restraint
of trade;

 

    
Employment Agreement - Page 3

     

    

 

		(iv)	A breach of these covenants by Executive would cause irreparable damage to the Company;

 

		(v)	These covenants are reasonable in scope and are reasonably
necessary to protect the Company's business and goodwill which the Company has established through its own expense and effort;
and

 

		(vi)	The signing of this Agreement is necessary as part of the consummation of the transactions described
in the preamble.

 

6.Indemnification.
The Corporation shall to the full extent permitted by law or as set forth in the Articles of Incorporation and the Bylaws of the
Company, indemnify, defend and hold harmless Executive from and against any and all claims, demands, liabilities, damages, loses
and expenses (including reasonable attorney's fees, court costs and disbursements) arising out of the performance by him of his
duties hereunder except in the case of his willful misconduct.

 

7.Termination. This
Agreement and the employment relationship created hereby will terminate (i) upon the death or disability of Executive under section
7(a) or 7(b); (ii) with cause under Section 7(c); (iii) for good reason under Section 7(d); (iv) upon the voluntary termination
of employment by Executive under Section7(e); or without cause under Section 7(f).

 

		(a)	Disability. The Company shall have the right to terminate the employment
of the Executive under this Agreement for disability in the event Executive suffers an injury, illness, or incapacity of such character
as to substantially disable him from performing his duties without reasonable accommodation by the Company hereunder for a period
of more than one hundred eighty (180) consecutive days upon the Company giving at least thirty (30) days written notice of termination.

 

		(b)	Death. This Agreement will terminate on the Death
of the Executive.

 

		(c)	With Cause. The Company may terminate this Agreement
at any time because of (i) Executive's material breach of any term of the Agreement, (ii) the determination by the Board of Directors
in the exercise of its reasonable judgment that Executive has committed an act or acts constituting a felony or other crime involving
moral turpitude, dishonesty or theft or fraud; or (iii) Executive's gross negligence in the performance of his duties hereunder,
provided, in each case, however, that the Company shall not terminate this Agreement pursuant to this Section 7(c)(iii) unless
the Company shall first have delivered to the Executive, a notice which specifically identifies such breach or misconduct and
the executive shall not have cured the same within fifteen (15) days after receipt of such notice.

 

		(d)	Good Reason. The Executive may terminate his employment
for “Good Reason” if:

 

    
Employment Agreement - Page 4

     

    

 

		(i)	he is assigned, without his express written consent, any duties materially
inconsistent with his positions, duties, responsibilities, or status with the Company as of the date hereof, or a change in his
reporting responsibilities or titles as in effect as of the date hereof; provided, however, that Executive must provide the Company
with written notice of his dispute of such re-assignment of duties or change in his reporting responsibilities under this Section
7(d)(i) and give the Company opportunity to cure such inconsistency. If such dispute is not resolved within thirty (30) days, the
Company shall submit such dispute to arbitration under Section 14.

 

		(ii)	his compensation is reduced;

 

		(iii)	the Company does not pay any material amount of compensation due hereunder
and then fails either to pay such amount within the ten (10) day notice period required for termination hereunder or to contest
in good faith such notice. Further, if such contest is not resolved within thirty (30) days, the Company shall submit such dispute
to arbitration under Section 14.

 

		(e)	Voluntary Termination. The Executive may terminate
his employment voluntarily.

 

		(f)	Without Cause. The Company may terminate this
Agreement without cause.

 

8.Obligations
of Company Upon Termination.

 

		(a)	In the event of the termination of Executive's employment pursuant to Section
7 (a), (b), (c) or (e), Executive will be entitled only to the compensation earned by him hereunder as of the date of such termination
(plus life insurance or disability benefits if applicable and provided for pursuant to Section 4(c)).

 

		(b)	In the event of the termination of Executive’s employment pursuant
to Section 7 (d), Executive will be entitled to receive, if successful in arbitration under Section 14, in one lump sum payment
the full remaining amount under the Term of this Agreement to which he would have been entitled had this Agreement not been terminated.

 

		(c)	In the event of the termination of Executive’s employment pursuant
to Section 7 (f), Executive will be entitled to receive in one lump sum payment the full remaining amount under the Term of this
Agreement to which he would have been entitled had this Agreement not been terminated.

 

9.Waiver of Breach.
The waiver by any party hereto of a breach of any provision of this Agreement will not operate or be construed as a waiver of any
subsequent breach by any party.

 

    
Employment Agreement - Page 5

     

    

 

10.Costs. If any action
at law or in equity is necessary to enforce or interpret the terms of this Agreement, the prevailing party will be entitled to
reasonable attorney's fees, costs and necessary disbursements in addition to any other relief to which he or it may be entitled.

 

11.Notices. Any notices,
consents, demands, requests, approvals and other communications to be given under this Agreement by either party to the other will
be deemed to have been duly given if given in writing and personally delivered or within two days if sent by mail, registered or
certified, postage prepaid with return receipt requested, as follows:

 

	If to Company:	 	Rick's Cabaret International, Inc.
	 	 	Attn: President
	 	 	10959 Cutten Road
	 	 	Houston, Texas 77066
	 	 	 
	If to Executive:	 	Phil Marshall
	 	 	10959 Cutten Road
	 	 	Houston, Texas 77066

 

Notices delivered
personally will be deemed communicated as of actual receipt.

 

12.Entire Agreement.
This Agreement and the agreements contemplated hereby constitute the entire agreement of the parties regarding the subject matter
hereof, and supersede all prior agreements and understanding, both written and oral, among the parties, or any of them, with respect
to the subject matter hereof.

 

13.Severability. If
any provision of this Agreement is held to be illegal, invalid or unenforceable under present or future laws effective during this
Agreement, such provision will be fully severable and this Agreement will be construed and enforced as if such illegal, invalid
or unenforceable provision never comprised a part hereof; and the remaining provisions hereof will remain in full force and effect
and will not be affected by the illegal, invalid or unenforceable provision or by its severance herefrom. Furthermore, in lieu
of such illegal, invalid or unenforceable provision there will be added automatically as part of this Agreement a provision as
similar in its terms to such illegal, invalid or unenforceable provision as may be possible and be legal, valid and enforceable.

 

14.Arbitration. If
a dispute should arise regarding this Agreement the parties agree that all claims, disputes, controversies, differences or other
matters in question arising out of this relationship shall be settled finally, completely and conclusively by arbitration in Houston,
Texas in accordance with the Commercial Arbitration Rules of the American Arbitration Association (the “Rules”). The
governing law of this Agreement shall be the substantive law of the State of Texas, without giving effect to conflict of laws.
A decision of the arbitrator shall be final, conclusive and binding on the Company and Executive. Any arbitration held in accordance
with this paragraph shall be private and confidential and no person shall be entitled to attend the hearings except the arbitrator,
Executive, Executive's attorneys, a representative of the Company, the Company's attorneys, and advisors to or witnesses for any
party. The matters submitted to arbitration, the hearings and proceedings and the arbitration award shall be kept and maintained
in the strictest confidence by Executive and the Company and shall not be discussed, disclosed or communicated to any persons except
as may be required for the preparation of expert testimony. On request of any party, the record of the proceeding shall be sealed
and may not be disclosed except insofar, and only insofar, as may be necessary to enforce the award of the arbitrator and any judgement
enforcing an award. The prevailing party shall be entitled to recover reasonable and necessary attorneys' fees and costs from the
non-prevailing party and the determination of such fees and costs and the award thereof shall be included in the claims to be resolved
by the arbitrator hereunder.

 

    
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15.Captions. The captions
in this Agreement are for convenience of reference only and will not limit or otherwise affect any of the terms or provisions hereof.

 

16.Gender and Number.
When the context requires, the gender of all words used herein will include the masculine, feminine and neuter and the number of
all words will include the singular and plural.

 

17.Counterparts. This
Agreement may be executed in one or more counterparts, each of which will be deemed an original and all of which will constitute
one and the same instrument, but only one of which need be produced.

 

18.Company Authorization.
The Company represents that the Board of Directors has approved this Agreement.

 

IN WITNESS WHEREOF,
the parties hereto have duly executed this Agreement on August 3, 2016, to become effective as of the day and year first above
written.

 

	 	COMPANY:
	 	 	 
	 	RICK'S CABARET INTERNATIONAL, INC.
	 	 	 
	 	 	 
	 	By: 	/s/Eric Langan
	 	 	Eric Langan, President/CEO
	 	 	 
	 	 	 
	 	 	 
	 	EXECUTIVE:
	 	 	 
	 	 	 
	 	By: 	/s/ Phillip K. Marshall
	 	 	Phillip K. Marshall

 

    
Employment Agreement - Page 7bats_Ex_10_2

		

			Exhibit 10.2

		

		
			BATS GLOBAL MARKETS, INC.
		

		
			2016 NON-EMPLOYEE DIRECTORS COMPENSATION PLAN
		

		
			 
		

		
			RESTRICTED STOCK AWARD
		

		
			___________________, 2016
		

		
			 
		

		
			Subject to the terms and conditions set forth in this grant letter (the “Grant Letter”) and Exhibits  A and B (the Grant Letter and Exhibits  A and B constituting this “Award Agreement”), Bats Global Markets, Inc., a Delaware corporation (the “Company”), has granted you as of the Grant Date set forth below an award of Restricted Stock (the “Award”).  The Award is granted under and is subject to the Bats Global Markets, Inc. 2016 Non-Employee Directors Compensation Plan (the “Plan”).  Unless defined in this Agreement, capitalized terms shall have the meanings assigned to them in the Plan.  In the event of a conflict among the provisions of the Plan, this Agreement and any descriptive materials provided to you, the provisions of the Plan shall control.
		

		
			 
		

		
			AWARD TERMS
		

		
			 
		

			
					
						PARTICIPANT:  

				
	
					
						GRANT DATE:  

				
	
					
						SHARES SUBJECT TO AWARD:  

				
	
					
						VESTING DATE:      100% on the first anniversary of the Grant Date.

				

		
			 
		

		
			Please review this Agreement and let us know if you have any questions about this Agreement, the Award or the Plan.  You are advised to consult with your own tax advisors in respect of any tax consequences arising in connection with this Award.
		

		
			 
		

		
			If you have questions please contact Thad Prososki, VP, Human Resources, via telephone at 913.815.7183, or via email at tprososki@bats.com.  If not, please sign and date this Agreement where indicated below. 
		

		
			 
		

		
			 
		

		
			

		 

 

		

			 

		

IN WITNESS WHEREOF, the parties have executed this Agreement as of the day and year first written above. 
		

			
					
						BATS GLOBAL MARKETS, INC.

				
	
					
						By:

					
					
						 

				
	
					
						 

					
					
						Name:

					
					
						Chris Concannon

				
	
					
						 

					
					
						Title:

					
					
						CEO

				

		
			 
		

			
					
						 

					
					
						 

				
	
					
						 

					
					
						Name

					
					
						 

				

		
			 
		

		
			             Date: 
		

		
			 
		

		
			EXHIBIT A
		

		
			BATS GLOBAL MARKETS, INC. 
RESTRICTED STOCK AGREEMENT
		

		
			THIS AGREEMENT, made and entered into on the date of the Grant Letter,  by and between Bats Global Markets, Inc. (the “Company”), a Delaware corporation, and the individual listed in the Grant Letter as the Participant.
		

		
			WHEREAS, the Participant has been granted the Award under the Plan;
		

		
			NOW, THEREFORE, in consideration of the promises and mutual covenants contained herein, and for other good and valuable consideration, the parties hereto agree as follows.
		

			
	
			
				 1.
			Award of Shares.  Pursuant to the provisions of the Plan, the terms of which are incorporated herein by reference, the Participant is hereby awarded the number of Shares of Restricted Stock set forth in the Grant Letter, subject to the terms and conditions of the Plan and those herein set forth.  The Award is granted as of the date set forth in the Grant Letter.

			
	
			
				 2.
			Terms and Conditions.  It is understood and agreed that the Award evidenced hereby is subject to the following terms and conditions:

			
	
			
				 (a)
			Vesting of Award.  The Award shall vest as set forth in the Grant Letter.  All dividends and other amounts receivable in connection with any adjustments to the Shares under the Plan shall be subject to the vesting schedule set forth herein and shall be paid to the Participant upon any vesting of the Award set forth hereunder in respect of which such dividends or other amounts are payable.

			
	
			
				 (b)
			Transfer of Shares.  Any Shares that vest hereunder, or any interest therein, may be sold, assigned, pledged, hypothecated, encumbered, or transferred or disposed of in any other manner, in whole or in part, only in compliance with the terms, conditions and restrictions as set forth in the governing instruments of the Company, the provisions of this Agreement, applicable federal and state securities laws or any other applicable laws or regulations and the terms and conditions hereof.

			
	
			
				 (c)
			Change of Control.  In the event of the Change of Control, the Restricted Stock shall fully vest on the date of such Change of Control.

			
	
			
				 (d)
			Accelerated Vesting Upon Separation From Service.  In the event of the Participant’s separation from service from the Board for any reason (other than under circumstances which would constitute “cause” under the terms of the Company’s bylaws or applicable law), the Restricted Stock shall fully vest on the date of the Participant’s separation from service from the Board.

			
	
			
				 (e)
			Forfeiture.  In the event of the Participant’s separation from service from the Board under circumstances which would constitute “cause” under the terms of the 

		 

		

			 

		

 

		

			 

		

	Company’s bylaws or applicable law, any unvested Restricted Stock shall be forfeited in their entirety without any payment to the Participant.

			
	
			
				 3.
			Tax Liability; Withholding Requirements. The Participant shall be solely responsible for any applicable taxes (including, without limitation, income and excise taxes) and penalties, and any interest that accrues thereon, that the Participant incurs in connection with the receipt or vesting (or, as set forth below, the date of an election by the Participant under Section 83(b)) of any Restricted Stock granted hereunder.

			
	
			
				 4.
			Recoupment/Clawback.  This Award may be subject to recoupment or “clawback” as may be required by applicable law, stock exchange rules or by any applicable Company policy or arrangement, as it may be established or amended from time to time.

			
	
			
				 5.
			No Right to Continued Service on the Board.  Neither the Plan nor this Award Agreement shall confer upon the Participant any right to be retained as a Non-Employee Director of the Company or in any other capacity, and the receipt of this Award does not confer any rights on the Participant other than those expressly set forth in this Award Agreement or the Plan.

			
	
			
				 6.
			Section 409A of the Code.  This Award Agreement is intended to comply with the requirements of Section 409A of the Code and the regulations thereunder, and the provisions of this Award Agreement shall be interpreted in a manner that satisfies the requirements of Section 409A of the Code, and this Award Agreement shall be operated accordingly.  If any provision of this Award Agreement or any term or condition of the Restricted Stock would otherwise frustrate or conflict with this intent, the provision, term or condition shall be interpreted and deemed amended so as to avoid this conflict. Notwithstanding anything else in this Award Agreement, if the Board considers a Participant to be a “specified employee” under Section 409A of the Code at the time of such Participant’s “separation from service” (as defined in Section 409A of the Code), and the amount hereunder is “deferred compensation” subject to Section 409A of the Code any distribution that otherwise would be made to such Participant with respect to Restricted Stock as a result of such separation from service shall not be made until the date that is six months after such separation from service, except to the extent that earlier distribution would not result in such Participant’s incurring interest or additional tax under Section 409A of the Code.  If the Award includes a “series of installment payments” (within the meaning of Section 1.409A-2(b)(2)(iii) of the Treasury Regulations), the Participants’ right to the series of installment payments shall be treated as a right to a series of separate payments and not as a right to a single payment and if the Award includes “dividend equivalents” (within the meaning of Section 1.409A-3(e) of the Treasury Regulations), the Participant’s right to the dividend equivalents shall be treated separately from the right to other amounts under the Award. Notwithstanding the foregoing, the tax treatment of the benefits provided under this Award Agreement is not warranted or guaranteed, and in no event shall the Company be liable for all or any portion of any taxes, penalties, interest or other expenses that may be incurred by the Participant on account of non-compliance with Section 409A of the Code.

			
	
			
				 7.
			Section 83(b) Election.  The Participant may elect to be taxed on the Grant Date with respect to Restricted Stock rather than when such restrictions lapse by filing an election 

		 

		

			A-3

		

 

		

			 

		

	under Section 83(b) of the Code in a form similar to that set forth in Exhibit B hereto with the Internal Revenue Service within thirty (30) days after the Grant Date.  

		
			THE PARTICIPANT ACKNOWLEDGES THAT IT IS HIS OR HER SOLE RESPONSIBILITY, AND NOT THE COMPANY’S, TO FILE A TIMELY ELECTION UNDER SECTION 83(b), EVEN IF THE PARTICIPANT REQUESTS THE COMPANY OR ITS REPRESENTATIVES MAKE THIS FILING ON THE PARTICIPANT’S BEHALF.  THE PARTICIPANT IS RELYING SOLELY ON HIS OR HER OWN ADVISORS WITH RESPECT TO THE DECISION AS TO WHETHER OR NOT TO FILE ANY 83(b) ELECTION. 
		

			
	
			
				 8.
			Miscellaneous.

			
	
			
				 (a)
			Notices.  All notices, requests and other communications under this Award Agreement shall be in writing and shall be delivered in person (by courier or otherwise), mailed by certified or registered mail, return receipt requested, or sent by facsimile transmission, as follows:

		
			if to the Company, to:
		

		
			 
		

		
			Bats Global Markets, Inc.
		

		
			8050 Marshall Drive, Suite 120
		

		
			Lenexa, KS 66214
		

		
			Attention: General Counsel
		

		
			Facsimile: (913) 815-7119
		

		
			 
		

		
			If to the Participant, to the address that the Participant most recently provided to the Company, or to such other address or facsimile number as such party may hereafter specify for the purpose by notice to the other parties hereto.  All such notices, requests and other communications shall be deemed received on the date of receipt by the recipient thereof if received prior to 5:00 p.m. on a business day in the place of receipt.  Otherwise, any such notice, request or communication shall be deemed received on the next succeeding business day in the place of receipt.
		

		
			 
		

			
	
			
				 (b)
			Entire Agreement.  This Award Agreement, the Plan and any other agreements, schedules, exhibits and other documents referred to herein or therein constitute the entire agreement and understanding between the parties in respect of the subject matter hereof and supersede all prior and contemporaneous arrangements, agreements and understandings, both oral and written, whether in term sheets, presentations or otherwise, between the parties with respect to the subject matter hereof.

			
	
			
				 (c)
			Severability.  If any provision of this Award Agreement is or becomes or is deemed to be invalid, illegal or unenforceable in any jurisdiction, or would disqualify the Plan or this Award Agreement under any law deemed applicable by the Board, such provision shall be construed or deemed amended to conform to applicable laws, or if it cannot be so construed or deemed amended without, in the determination of the Board, materially altering the intent of this Award Agreement, such provision shall be stricken as 

		 

		

			A-4

		

 

		

			 

		

	to such jurisdiction, and the remainder of this Award Agreement shall remain in full force and effect.

			
	
			
				 (d)
			Amendment; Waiver.  No amendment or modification of any provision of this Award Agreement that has a material adverse effect on the Participant shall be effective unless signed in writing by or on behalf of the Company and the Participant, provided that the Company may amend or modify this Award Agreement without the Participant’s consent in accordance with the provisions of the Plan or as otherwise set forth in this Award Agreement.  No waiver of any breach or condition of this Award Agreement shall be deemed to be a waiver of any other or subsequent breach or condition, whether of like or different nature.  Any amendment or modification of or to any provision of this Award Agreement, or any waiver of any provision of this Award Agreement, shall be effective only in the specific instance and for the specific purpose for which made or given.

			
	
			
				 (e)
			Assignment.  Neither this Award Agreement nor any right, remedy, obligation or liability arising hereunder or by reason hereof shall be assignable by the Participant.

			
	
			
				 (f)
			Successors and Assigns; No Third-Party Beneficiaries.  This Award Agreement shall inure to the benefit of and be binding upon the Company and the Participant and their respective heirs, successors, legal representatives and permitted assigns.  Nothing in this Award Agreement, express or implied, is intended to confer on any Person other than the Company and the Participant, and their respective heirs, successors, legal representatives and permitted assigns, any rights, remedies, obligations or liabilities under or by reason of this Award Agreement.

			
	
			
				 (g)
			Governing Law; Waiver of Jury Trial. This Award Agreement shall be governed by the laws of the State of Delaware, without application of the conflicts of law principles thereof.  By acknowledging this Award Agreement electronically or signing it manually, as applicable, the Participant waives any right that the Participant may have to trial by jury in respect of any litigation based on, arising out of, under or in connection with this Award Agreement or the Plan.

			
	
			
				 (h)
			No Right to Future Awards.  The grant of Restricted Stock does not create any contractual right or other right in the Participant to receive any Restricted Stock or other Awards in the future.  Future grants of Awards, if any, will be at the sole discretion of the Company.

			
	
			
				 (i)
			Participant Undertaking; Acceptance.  The Participant agrees to take whatever additional action and execute whatever additional documents the Company may deem necessary or advisable to carry out or give effect to any of the obligations or restrictions imposed on either the Participant or the Restricted Stock pursuant to this Award Agreement. The Participant acknowledges receipt of a copy of the Plan and this Award Agreement and understands that material definitions and provisions concerning the Restricted Stock and the Participant’s rights and obligations with respect thereto are set forth in the Plan.  The Participant has read carefully, and understands, the provisions of this Award Agreement and the Plan.

		 

		

			A-5

		

 

		

			 

		

			
	
			
				 (j)
			Dispute Resolution. Except as provided in the last sentence of this paragraph to the fullest extent permitted by law, the Company and each Participant agree to waive their rights to seek remedies in court, including but not limited to rights to a trial by jury.  The Company and each Participant agree that any dispute between or among them and/or their affiliates arising out of, relating to or in connection with this Plan will be resolved in accordance with a confidential two-step dispute resolution procedure involving: (a) Step One: non-binding mediation, and (b) Step Two: binding arbitration under the Federal Arbitration Act, 9 U.S.C. § 1, et. seq., or state law, whichever is applicable.  Any such mediation or arbitration hereunder shall be under the auspices of the American Arbitration Association (“AAA”) pursuant to its then current AAA Commercial Arbitration Rules. No arbitration shall be initiated or take place with respect to a given dispute if the parties have successfully achieved a mutually agreed to resolution of the dispute as a result of the Step One mediation.  The mediation session(s) and, if necessary, the arbitration hearing shall be held in the city/location selected by the Company in its sole discretion.  The arbitration (if the dispute is not resolved by mediation) will be conducted by a single AAA arbitrator, selected by the Company in its sole discretion.  Any award rendered by the arbitrator, including with respect to responsibility for AAA charges (including the costs of the mediator and arbitrator), will be final and binding, and judgment may be entered on it in any court of competent jurisdiction.  In the unlikely event the AAA refuses to accept jurisdiction over a dispute, the Company and each Grantee agree to submit to JAMS mediation and arbitration applying the JAMS equivalent of the AAA Commercial Arbitration Rules.  If AAA and JAMS refuse to accept jurisdiction, the parties may litigate in a court of competent jurisdiction.

			
	
			
				 (k)
			Counterparts.  This Agreement may be executed in two counterparts, each of which shall constitute one and the same instrument.

		
			 

		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			EXHIBIT B
		

		
			Election to Include in Gross Income for Year of
Transfer of Property Pursuant to Section 83(b)
of the Internal Revenue Code
		

		
			FILE ONE COPY WITH YOUR EMPLOYER AND ONE COPY WITH IRS OFFICE WHERE YOU FILE YOUR TAX RETURN WITHIN 30 DAYS OF DATE OF TRANSFER SHOWN IN ITEM 3 BELOW AND ATTACH ONE COPY TO YOUR TAX RETURN. THE FILING WITH THE IRS OFFICE SHOULD BE MADE BY REGISTERED OR CERTIFIED MAIL, RETURN RECEIPT REQUESTED.
		

		
			The undersigned hereby makes an election pursuant to Section 83(b) of the Internal Revenue Code with respect to the property described below and supplies the following information in accordance with the regulations promulgated thereunder:
		

		
			1.The name, address and taxpayer identification number of the undersigned are:
		

			
					
						 

				
	
					
						Name

				
	
					
						 

				
	
					
						Address

				
	
					
						 

				
	
					
						Social Security Number

				

		
			 
		

		
			2.Description of property with respect to which the election is being made:
		

		
			______ Shares of Voting Common Stock of Bats Global Markets, Inc., subject to the restrictions set forth in paragraph 4 below (“Restricted Stock”).
		

		
			3.Date on which property was transferred is _________ __, 20___.
		

		
			4.Nature of restrictions to which property is subject:
		

		
			The property is Restricted Stock acquired under the Bats Global Markets, Inc. 2016 Non-Employee Directors Compensation Plan which is not transferable and is subject to a substantial risk of forfeiture within the meaning of Section 83(c)(1) of the Internal Revenue Code upon a termination of employment occurring prior to _________ __, 20___.
		

		
			5.The fair market value at the time of transfer (determined without regard to any restrictions other than restrictions which by their terms will never lapse) of the property with respect to which this election is being made is $____.
		

		
			6.The amount paid by taxpayer for said property is $____.
		

		
			7.A copy of this statement has been furnished to:
		

		
			 
		

			
					
						 

					
					
						 

					
					
						 

				

		 

		

			A-6

		

 

		

			 

		

	
					
						Name of Employer

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						 

				
	
					
						Dated: _________ __, 20___

					
					
						 

					
					
						 

				
	
					
						 

					
					
						 

					
					
						(Signature of Taxpayer)

				

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		
			 
		

		 

		

			B-7

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