Document:

Exhibit 10.14

 

In this document, “[***]”
indicates that confidential materials have been redacted from this document and filed separately with the Securities and Exchange
Commission.

 

SECOND AMENDED & RESTATED MARKET DATA
AGREEMENT

 

This SECOND AMENDED & RESTATED MARKET
DATA AGREEMENT (this “Second A&R Agreement”), dated November 1, 2018 (the “Effective Date”),
is made by and between Tradeweb Markets LLC, a Delaware limited liability company, (“Tradeweb”), Thomson Reuters
(Markets) LLC, a Delaware limited liability company, (“TRM”), and Thomson Reuters (GRC) Inc., a Delaware corporation
(“GRC”). TRM and GRC are referred to herein as the “Refinitiv Parties”, and together with
Tradeweb, the “Parties”.

 

RECITALS

 

WHEREAS, Tradeweb, TRM and Thomson Reuters
Global Resources Unlimited Company (“Global Resources”) previously executed that certain Market Data Agreement
dated as of November 1, 2010, as amended by the Amendment dated as of December 12, 2011 (together, the “Original Agreement”);

 

WHEREAS, Tradeweb, TRM and Global Resources
subsequently executed the Amended & Restated Market Data Agreement dated as of June 17, 2016 and effective as of November 1,
2015, as amended by the U.S. Treasuries Actives Data Addendum to the Amended & Restated Market Data Agreement dated as of July
29, 2018 (the “Addendum”) (collectively, the “Amended Agreement”);

 

WHEREAS, the Amended Agreement terminated
the Original Agreement (except for those terms that were expressed to survive such termination as set forth therein and Section
5.1(c) of the Original Agreement);

 

WHEREAS, as of October 1, 2018, Global
Resources assigned all of its rights and obligations contained in the Original Agreement and Amended Agreement to GRC; and

 

WHEREAS, in consideration of certain mutually
agreed updates and modifications, Tradeweb, TRM and GRC wish to amend and restate the Amended Agreement.

 

NOW, THEREFORE, it is mutually agreed that,
as of the Effective Date, the Amended Agreement is deemed to be terminated (except for those terms that are expressed to survive
such termination as set forth therein), and the terms thereof are replaced and superseded by the terms of this Second A&R Agreement:

 

ARTICLE I. DEFINITIONS

 

Section 1.1.          Definitions.
As used herein the following terms have the meaning set forth below:

 

“Additional
UST License” shall have the meaning set forth in Section 2.3.

 

     

     

    

 

“Affiliate”
shall mean, in respect of any specified Person, a Person that directly or indirectly, through one or more intermediaries, Controls,
is Controlled by, or is under common Control with, the Person specified; provided, however, that for purposes of
this Second A&R Agreement, (i) The Blackstone Group L.P. and its Affiliates (other than King (Cayman) Holdings Ltd. and its
Subsidiaries), shall not be deemed to be Affiliates of any of the Parties, (ii) Tradeweb and its Subsidiaries shall not be deemed
to be Affiliates of either Refinitiv Party, and (iii) the Refinitiv Parties and their respective Affiliates (other than Tradeweb
and its Subsidiaries) shall not be deemed to be Affiliates of Tradeweb.

 

“Annual License
Fee” shall have the meaning set forth in Section 4.1(a).

 

“Business
Day” shall mean a day other than a Saturday, Sunday, or any other day on which commercial banks in the State of New York
are authorized or obligated to be closed.

 

“Cancelled
Subscription Fee” shall have the meaning set forth in the Original Agreement or the Amended Agreement, as applicable.

 

“Claim”
shall have the meaning set forth in Section 7.5(a).

 

“Confidential
Information” shall have the meaning set forth in Section 8.1.

 

“Control”
shall mean, with respect to a particular Person, the possession, directly or indirectly, of the power to direct or cause the direction
of management or policies (whether through ownership of securities or partnership or other ownership interests, by contract or
otherwise) of such Person.

 

“Data Set”
shall mean each individual set of data licensed pursuant to this Second A&R Agreement that (i) for the Exclusive Licensed Market
Data, is grouped at the second (2nd) grouping level as set forth on Exhibit B hereto, and (ii) for the Non-Exclusive
Licensed Market Data, is numbered as set forth on Exhibit C hereto; provided, that (a) each Non-Exclusive Licensed
NMDS added to the Licensed Data will be a new Data Set, and (b) each Exclusive Licensed NMDS added to the Licensed Data will either
(1) if it fits within the scope of an existing Data Set, become a part of such Data Set or (2) otherwise, become a new Data Set.

 

“Dealer Subscribers”
shall mean each dealer that has entered into any electronic trading participation and subscription agreement with Tradeweb or any
of its Subsidiaries, and all of the Affiliates of such dealer that participate on a Tradeweb Platform.

 

“Dealer User”
shall mean a User at a Dealer Subscriber.

 

“Dealerweb”
shall mean Dealerweb Inc., a New York corporation and Subsidiary of Tradeweb.

 

“Derivative
Work” shall mean a “derivative work” within the meaning of the United States Copyright Act, 17 U.S.C. Section 101
et seq.

 

“Desktop
Product” shall mean any existing or future desktop offering by the Refinitiv Parties or any of their Affiliates, including
Eikon and Thomson ONE.

 

    	 	2	 

     

    

 

“Disclosing
Party” shall have the meaning set forth in Section 8.1.

 

“Dispute
Notice” shall have the meaning set forth in Section 4.4(b)(iii).

 

“Dispute
Resolution Matter” shall have the meaning set forth in Section 4.4(b)(iii).

 

“Dispute
Resolution Process” shall have the meaning set forth in Section 4.4(b)(iii).

 

“Effective
Date” shall have the meaning set forth in the Preamble.

 

“Eikon”
shall mean the Desktop Product currently marketed by either Refinitiv Party or their Affiliates under the trademark EIKON.

 

“Eikon Upgrade
Fee” shall have the meaning set forth in Section 5.2(b)(iii).

 

“Entitlement
System” shall have the meaning set forth in Section 2.2.

 

“Exclusive
Licensed Data” shall mean Exclusive Licensed Market Data and Licensed Trading Data.

 

“Exclusive
Licensed Market Data” shall mean the market data sets identified on Schedule B (as such Schedule may be updated
from time to time to include Exclusive Licensed NMDSs in accordance with this Second A&R Agreement).

 

“Exclusive
Licensed NMDS” shall have the meaning set forth in Section 2.7.

 

“Exclusive
NMDS Fee Share” shall have the meaning set forth in Section 4.3(a)(ii).

 

“Existing
Target Customers” shall mean those Multi-Dealer to Customer Platform customers of Tradeweb or any of its Subsidiaries
assigned to TRM, or its designated Affiliates, under the terms of the Original Agreement.

 

“Existing
Target User” shall mean a User at an Existing Target Customer.

 

“Fee Calculation”
shall have the meaning set forth in Section 4.4(b)(i).

 

“Fees”
shall mean collectively, all fees payable by the Refinitiv Parties to Tradeweb under this Second A&R Agreement, including the
Annual License Fee, and, where applicable, the Exclusive NMDS Fee Share, Non-Exclusive NMDS Fee Share, Non-Exclusive Licensed Market
Data Fee Share, MiFID II Pre-Trade APA Fee Share, Eikon Upgrade Fees, and UST Subscription Fee Share.

 

“Fee Per
Data Set” shall have the meaning set forth in Schedule E.

 

“First Distribution
Year” shall have the meaning set forth in Section 4.3(a)(ii).

 

“Force Majeure
Event” shall have the meaning set forth in Section 9.4.

 

“Government
Request” shall have the meaning set forth in Section 8.1.

 

    	 	3	 

     

    

 

“GRC”
shall have the meaning set forth in the Preamble.

 

“Historical
Market Data” shall mean a “gold copy” of the data listed on Schedule L, including historical data
for the applicable “Historical Lookback Period” (as set forth in Schedule L) preceding each delivery to GRC
in accordance with Section 3.3.

 

“Historical
Market Data License” shall have the meaning set forth in Section 2.9.

 

“IDB Platform”
shall mean any inter-dealer broker electronic trading platform made available by Tradeweb or any of its Subsidiaries to Users.

 

“Implementation
Period” shall have the meaning set forth in Section 2.7.

 

“Indemnification
Notice” shall have the meaning set forth in Section 7.5(a).

 

“Indemnified
Party” shall have the meaning set forth in Section 7.5(a).

 

“Indemnifying
Party” shall have the meaning set forth in Section 7.5(a).

 

“Initial
Term” shall have the meaning set forth in Section 6.1.

 

“Innovative
Solution” shall have the meaning set forth in Section 5.3.

 

“Intellectual
Property” shall mean (i) all patents and patent applications, together with all reissues, continuations, continuations-in-part,
divisions, revisions, extensions, and reexaminations thereof; (ii) all trademarks, service marks, trade dress, trade names, corporate
names, and domain names, together with all translations, adaptations, derivations, and combinations thereof and including all goodwill
associated therewith, and all applications, registrations, and renewals in connection therewith; (iii) all copyrights, and all
applications, registrations, and renewals in connection therewith; (iv) all trade secrets and confidential business information
(including ideas, research and development, know-how, processes and techniques, technical data, designs, drawings, specifications,
customer and supplier lists, pricing and cost information, and business and marketing plans and proposals); (v) all computer software
(including data and related documentation), rights in database information, and internet websites; (vi) all moral rights and rights
of privacy and publicity; and (vii) all other intellectual property rights recognized by the Law of any jurisdiction.

 

“Law”
shall mean, with respect to any specified Person, all foreign, federal, state, local and Self-Regulatory Organization statutes,
laws, ordinances, regulations, rules, writs, injunctions, judgments, decrees and orders applicable to the specified Person or to
the businesses and assets thereof, including laws relating to privacy, data protection, and the collection and use of data.

 

“Licensed
Data” shall mean Licensed Market Data and Licensed Trading Data and any alterations thereto that are not Resultant Data.

 

    	 	4	 

     

    

 

“Licensed
IDB Trading Data” shall mean Licensed Trading Data: (i) generated on an IDB Platform; or (ii) displayed or otherwise
disseminated by a voice or hybrid inter-dealer broker to Users.

 

“Licensed
Market Data” shall mean: (i) Exclusive Licensed Market Data, (ii) Non-Exclusive Licensed Market Data, (iii) Historical
Market Data, and (iv) New Market Data Sets.

 

“Licensed
Trading Data” shall mean all data or other information (including algorithms and calculations) other than Licensed Market
Data that is necessary, as determined by GRC in its reasonable discretion in consultation with Tradeweb, to enable GRC and its
Affiliates to distribute and display via Desktop Products all of the pre-trade data and information that Tradeweb provides directly
to Users and to provide the same user experience to Refinitiv Subscribers as that provided to Users; provided, that in establishing
the feed for any new Licensed Trading Data, Tradeweb in its reasonable discretion in consultation with GRC shall determine the
form in which it provides such new Licensed Trading Data (e.g., whether to transmit a calculated value to GRC or to transmit the
values required for determining such calculated value and separately provide to GRC the algorithm for determining such calculated
value); provided, further, that changes to such form once established shall be made in accordance with the change
control procedures set forth in the SLA.

 

“Licensed
TWD Trading Data” shall mean Licensed Trading Data generated on a TWD Platform.

 

“Licenses”
shall collectively mean the Market Data License, Limited Trading Data License, Additional UST License and Historical Market Data
License.

 

“Limited
Trading Data License” shall have the meaning set forth in Section 2.2.

 

“Losses”
shall have the meaning set forth in Section 7.4(a).

 

“Loss Leader”
shall mean to offer for sale, license or distribution at a disproportionate discount level compared to other services (either Refinitiv
Services or Tradeweb services, as applicable) for the specific purpose of selling these other services to the same client or client
Affiliate, or maintaining client’s or client Affiliates’ subscription to such other services. This does not cover the
offer of discounts for the relevant service required in order to become or remain reasonably competitive as a provider of such
service.

 

“Market Data
License” shall have the meaning set forth in Section 2.1.

 

“Marks
Fees” shall have the meaning in Schedule F.

 

“Materials”
shall mean and include, without limitation, all data, information, analytics, software, designs, materials, products, services,
content, concepts, ideas, inventions, methods, processes, techniques, know-how, code, development tools, APIs, systems, documentation
and other Intellectual Property of any kind (and any modifications or improvements thereto), and any and all costs (internal and
external) associated with an Innovative Solution, including, without limitation, with respect to development, testing, deployment,
support and maintenance of such Innovative Solution.

 

“MBIS”
shall mean Municipal Bond Information Services LLC, a Delaware limited liability company.

 

    	 	5	 

     

    

 

“MD
Server” shall have the meaning set forth in Section 5.1(a).

 

“MD
Server Fees” shall have the meaning set forth in Schedule F.

 

“MiFID II
Pre-Trade APA Market Data” shall have the meaning set forth in Schedule C.

 

“MiFID II
Pre-Trade APA Fee Share” shall have the meaning set forth in Section 4.1(c).

 

“Multi-Dealer
to Customer Platform” shall mean any multi-dealer to customer electronic trading platform made available by Tradeweb
or any of its Subsidiaries to Users.

 

“New Analytics”
shall have the meaning set forth in Section 5.3.

 

“New Market
Data Set” shall have the meaning set forth in Section 2.7.

 

“Non-Exclusive
Licensed Market Data” shall mean the market data sets identified on Schedule C (as such Schedule may be updated
from time to time to include Non-Exclusive Licensed NMDSs in accordance with this Second A&R Agreement).

 

“Non-Exclusive
Licensed Market Data Distributor Fee” shall mean the standard “distributor fee” that would be charged to
a third Person distributor of a Non-Exclusive Licensed Market Data set.

 

“Non-Exclusive
Licensed Market Data Fee Share” shall have the meaning set forth in Section 4.1(b).

 

“Non-Exclusive
Licensed NMDS” shall have the meaning set forth in Section 2.7.

 

“Non-Exclusive
NMDS Fee Share” shall have the meaning set forth in Section 4.3(b)(ii).

 

“Non-Trading
User” shall have the meaning set forth in Section 5.2(a)(i).

 

“Non-Trading
User List” shall have the meaning set forth in Section 5.2(a)(vii).

 

“Notice of
Non-Renewal” shall have the meaning set forth in Section 6.1.

 

“NTU Fee
Calculation” shall have the meaning set forth in Section 5.2(a)(iii).

 

“NTU Fee
Share” shall have the meaning set forth in Section 5.2(a)(ii).

 

“Parties”
shall have the meaning set forth in the Preamble.

 

“Percentage
of Revenue Payable” shall have the meaning set forth in Section 4.3(a)(ii).

 

“Person”
shall mean any individual, entity, firm, corporation, partnership, association, limited liability company, joint-stock company,
trust, or unincorporated organization.

 

    	 	6	 

     

    

 

“Qualifying
Revenue” shall mean, with respect to any relevant period of time, the aggregate value of all RCM 19901 Subscription Fees
for such period of time, excluding any value added, sales and/or other taxes and/or tariff duties directly levied on TP ICAP Customers
in respect of the supply of RCM 19901 to them and any withholding or equivalent taxes that the TP ICAP Group is required to deduct
under applicable tax laws; provided, that if at any time the TP ICAP Group ceases to provide RCM 19901 to TP ICAP Customers,
 “Qualifying Revenue” shall mean the revenues directly generated by GRC and its Affiliates from the distribution by
them or a third party of RCM 19901.

 

“RCM 19901”
shall mean that certain Reuters Capital Markets 19901 service (including any replacement or successor services thereto).

 

“RCM 19901
Subscription Fees” shall mean, with respect to any relevant period of time, all fees charged by the TP ICAP Group to
a TP ICAP Customer during such period of time for receipt and use of RCM 19901.

 

“Receiving
Party” shall have the meaning set forth in Section 8.1.

 

“Refinitiv
Authorized Personnel” shall have the meaning set forth in Section 8.1.

 

“Refinitiv
Competitor List” shall have the meaning set forth in Section 2.4.

 

“Refinitiv
Delivery Mechanism” shall mean the services and facilities provided from time to time by TRM or any of its Affiliates
in order to make available RCM 19901 to Subscribers.

 

“Refinitiv
Parties” shall have the meaning set forth in the Preamble.

 

“Refinitiv
Services” shall mean services and facilities provided from time to time by TRM or any of its Affiliates to any third
Person.

 

“Refinitiv Subscriber”
shall mean any third Person that is an authorized recipient of any Refinitiv Services.

 

“Refinitiv
Limited Group” shall have the meaning set forth in Section 8.1.

 

“Renewal
Term” shall have the meaning set forth in Section 6.1.

 

“Restricted
List” shall mean those Persons set forth on Schedule A.

 

“Resultant
Data” shall mean any data that is produced by Refinitiv Parties or their Affiliates by processing Licensed Data to produce
data that is substantially different from the original Licensed Data and that would not allow a third party to identify (through
reverse engineering or otherwise) the Licensed Data from which such Resultant Data was derived.

 

“Second A&R
Agreement” shall have the meaning set forth in the Preamble.

 

“Self-Regulatory
Organization” means the Financial Industry Regulatory Authority, Inc., the National Futures Association, the Chicago
Board of Trade, the New York Stock Exchange, any national securities exchange (as defined in the Securities Exchange Act of 1934,
as amended, and the rules and regulations thereunder), any other securities exchange, futures exchange, contract market, commodities
market, any other such exchange, clearinghouse or corporation or other similar federal, state or foreign self-regulatory body or
organization.

 

    	 	7	 

     

    

 

“SLA”
shall have the meaning set forth in Section 3.3.

 

“Steering
Committee” shall have the meaning set forth in Section 5.3.

 

“Subscriber”
means any third Person that subscribes from time to time to a Refinitiv Delivery Mechanism.

 

“Subsidiary”
of any Person shall mean: (i) a corporation more than fifty percent (50%) of the outstanding voting stock of which is owned, directly
or indirectly, by such Person or by one or more other Subsidiaries of such Person, or by such Person and one or more other Subsidiaries
thereof; or (ii) any other Person (other than a corporation) in which such Person, or one or more other Subsidiaries of such Person,
or such Person and one or more other Subsidiaries thereof, directly or indirectly, has at least a majority ownership and power
to direct the policies, management and affairs thereof. Solely with respect to Tradeweb for purposes of this Second A&R Agreement,
 “Subsidiary” shall include any company formed after the Effective Date that (i) directly or indirectly holds one hundred
percent (100%) of the ownership equity of Tradeweb, (ii) is part of the same ownership group as, and operates the same business
as, Tradeweb and its current Subsidiaries, and (iii) is not any Person (or any such Person’s Affiliates, successors or assigns)
set forth on the Refinitiv Competitor List or any Persons reasonably known to be Affiliates of such Person.

 

“Term”
shall have the meaning set forth in Section 6.1.

 

“Third Party
Agreement” shall mean an agreement with a third Person to which a Party is bound.

 

“Thomson
One” shall mean the Desktop Product currently marketed by TRM or any of its Affiliates under the trademark THOMSON ONE.

 

“TP ICAP”
shall mean Tullet Prebon Information Limited.

 

“TP ICAP
Customer” shall mean any Subscriber that has executed a TP ICAP Customer Agreement with the TP ICAP Group. For the avoidance
of doubt, TP ICAP Customers shall not be considered Refinitiv Subscribers by virtue of their subscription to RCM 19901, provided,
that such Person may separately qualify as a Refinitiv Subscriber with respect to other Refinitiv Services.

 

“TP ICAP
Customer Agreement” shall mean the TP ICAP Group’s agreement with a TP ICAP Customer from time to time setting
out the terms and conditions for a TP ICAP Customer’s access to and use of RCM 19901, including the US Treasuries Actives
Data via a Refinitiv Delivery Mechanism.

 

“TP ICAP
Group” shall mean Tullet Prebon Information Limited plc, its Affiliates and any entity that is a successor (including
without limitation, by change of name, dissolution, merger, consolidation, reorganization, sale or other disposition) to any such
business entity or its business and assets.

 

    	 	8	 

     

    

 

“TP ICAP
Loss Leader” shall mean to offer for sale at a disproportionate discount level compared to other services (either Refinitiv
Services or TP ICAP Group services, as applicable) for the specific purpose of selling these other services to the same client
or client Affiliate, or maintaining client’s or client Affiliates’ subscription to such other services. This does not
cover the offer of discounts for RCM 19901 required in order to meet competition with respect to RCM 19901.

 

“Tradeweb”
shall have the meaning set forth in the Preamble.

 

“Tradeweb-Entitled
Trading Customer” shall mean, with respect to any set of Licensed Trading Data, the Trading Customers and Dealer Subscribers
permissioned by Tradeweb or any of its Subsidiaries to have access to such Licensed Trading Data.

 

“Tradeweb
Front-End Application” shall mean any electronic front-end application provided by Tradeweb or any of its Subsidiaries
to Users (including any electronic front-end applications developed for the TWD Platform by Tradeweb or any of its Subsidiaries
and white-labeled for or otherwise licensed to customers for their provision to Users), whether for view and trading access or
for view only access.

 

“Tradeweb
Operating Agreement” shall mean the Fourth Amended and Restated Limited Liability Company Agreement of Tradeweb Markets
LLC, dated as of June 26, 2014, as may be amended or restated from time to time.

 

“Tradeweb
Platform” shall mean any electronic trading platform made available by Tradeweb or any of its Subsidiaries to Users,
including: (i) any Multi-Dealer to Customer Platform; (ii) any IDB Platform; and (iii) any TWD Platform.

 

“Tradeweb
Viewer” shall mean a Tradeweb Front-End Application provided by Tradeweb or any of its Subsidiaries to Users for accessing
a Multi-Dealer to Customer Platform, whether for view and trading access or for view only access.

 

“Tradeweb
Viewer + Eikon” shall have the meaning set forth in Section 5.2(c)(i).

 

“Tradeweb
Viewer License” shall have the meaning set forth in Section 5.2(b)(ii).

 

“Trading
Activity” shall mean that portion of a User’s interaction with a Tradeweb Platform between entry of an indication
of interest (via RFQ, order entry, click-to-trade or otherwise, as applicable to the relevant Tradeweb Platform) and trade execution.

 

“Trading
Customer” shall mean a customer of Tradeweb or any of its Subsidiaries (other than a Dealer Subscriber) that is authorized
by Tradeweb or any of its Subsidiaries to trade on a Tradeweb Platform.

 

“Trading
Customer User” shall mean a User at a Trading Customer.

 

“Transition
Period” shall have the meaning set forth in Section 6.2.

 

“Transaction
Data” shall have the meaning set forth in Section 2.8.

 

    	 	9	 

     

    

 

“TRM”
shall have the meaning set forth in the Preamble.

 

“TW Competitor”
shall mean any trading venue (including voice brokerage) that: (i) competes with any trading venue (including voice brokerage)
operated by Tradeweb or any of its Subsidiaries; and (ii) is owned or operated by any Person on the Restricted List or any Persons
reasonably known to be Affiliates of such Person.

 

“TW Per-User
Product” shall have the meaning set forth in Section 5.2(a)(i).

 

“TW Revenue
Threshold” shall have the meaning set forth in Section 5.2(a)(ii).

 

“TWD Platform”
shall mean any electronic trading platform made available by Tradeweb or any of its Subsidiaries to Users primarily for use in
connecting liquidity providers with financial advisors, RIAs, traders and buy-side investors.

 

“US CPI”
shall mean the Consumer Price Index as published by the Bureau of Labor Statistics of the United States Department of Labor, U.S.
City Average, All Items for Urban Wage Earners and Clerical Workers (1982-1984=100). If the US CPI is hereafter converted to a
different standard reference base or otherwise revised, the determination of the US CPI adjustment shall be made with the use of
such conversion factor, formula or table for converting the US CPI, as may be published by the United States Bureau of Labor Statistics,
or, if such bureau shall no longer publish the same, then with the use of such conversion factor, formula or table as may be published
by the applicable agency of the United States, or failing such publication, by a nationally recognized publisher of similar statistical
information.

 

“User”
shall mean a Person authorized to trade on a Tradeweb Platform or a customer of a Tradeweb or Tradeweb Subsidiary voice or hybrid
inter-dealer broker.

 

“UST Competitor”
shall mean any trading venue that: (i) competes with Dealerweb’s lit order book; and (ii) is owned or operated by any Person
listed on the UST Restricted List or any Persons reasonably known to be Affiliates of such Person.

 

“UST Distribution
Agreement” shall mean that certain agreement by and between GRC or its Affiliates and a member of the TP ICAP Group with
respect to the provision of US Treasuries Actives Data to the TP ICAP Group by GRC or its Affiliates in relation to the provision
of RCM 19901.

 

“UST License”
shall have the meaning set forth in Section 2.3.

 

“UST Restricted
List” shall mean those Persons set forth on Schedule K.

 

“UST Subscription
Fee Share” shall have the meaning set forth in Section 4.1(d).

 

“US Treasuries
Actives Data” shall have the meaning set forth in Schedule B-1.

 

“Year”
shall mean the first consecutive twelve (12) calendar month period from the Effective Date and each subsequent consecutive twelve
(12) calendar month period.

 

    	 	10	 

     

    

 

Section 1.2.          Construction
of Certain References. References in this Second A&R Agreement to any gender include references to all genders, and references
to the singular include references to the plural and vice versa. The words “include,” “includes” and “including”
when used in this Second A&R Agreement shall be deemed to be followed by the phrase “without limitation.” Unless
the context otherwise requires, references in this Second A&R Agreement to Articles, Sections and Schedules shall be deemed
references to Articles and Sections of, and Schedules to, this Second A&R Agreement. Unless the context otherwise requires,
the words “hereof,” “hereby” and “herein” and words of similar meaning when used in this Second
A&R Agreement refer to this Second A&R Agreement in its entirety and not to any particular Article, Section or provision
of this Second A&R Agreement. Unless otherwise indicated, references in this Second A&R Agreement to dollars are to U.S.
dollars. The use of “revenue” herein shall refer to actual revenues determined in accordance with generally accepted
accounting principles.

 

ARTICLE II. GRANT OF LICENSES;
RESTRICTIONS

 

Section 2.1.          
License for Market Data. Subject to all of the terms and conditions of this Second A&R Agreement, Tradeweb hereby grants
to GRC an exclusive (except as to Non-Exclusive Licensed Market Data), perpetual and irrevocable (as to Licensed Market Data delivered
pursuant to this Second A&R Agreement), terminable on the terms and conditions set forth in ARTICLE VI of this Second
A&R Agreement, sub-licensable (subject to the same terms and conditions as set forth in this Second A&R Agreement), worldwide
license to use and redistribute the Exclusive Licensed Market Data for any and all purposes, including distribution to Affiliates
for redistribution to end users, and further including desktop display, feeds, input for algorithmic machine trading (fuel), valuation
services, archiving, and redistribution to end users, and the right to take any action reasonably associated with such uses or
redistribution, including the right to sell, offer for sale, distribute, reproduce, display, format, export, import, modify, collect,
store, create representations, page displays, and yield calculations, create yields spreads and price spreads between portions
of such data or between such data and the data of third Persons, make improvements to, prepare Derivative Works of and Resultant
Data from, and exercise all other rights in and to the Exclusive Licensed Market Data (the “Market Data License”).
The Market Data License includes Non-Exclusive Licensed Market Data; provided, however, that the Market Data License
with respect to such data sets shall be non-exclusive. Upon termination or expiration of this Second A&R Agreement, the Market
Data License shall automatically become a non-exclusive license as to Licensed Data delivered pursuant to this Second A&R Agreement.

 

Section 2.2.          Limited
License for Trading Data. Subject to all of the terms and conditions of this Second A&R Agreement, Tradeweb hereby grants
to GRC an exclusive, perpetual and irrevocable (as to Licensed Trading Data delivered pursuant to this Second A&R Agreement),
terminable on the terms and conditions set forth in ARTICLE VI of this Second A&R Agreement, sub-licensable (subject
to the same terms and conditions as set forth in this Second A&R Agreement), worldwide license to redistribute the Licensed
Trading Data to Tradeweb-Entitled Trading Customers on a Desktop Product or through a Refinitiv Service (the “Limited
Trading Data License”); provided, that GRC shall only redistribute Licensed IDB Trading Data and Licensed TWD
Trading Data to Tradeweb-Entitled Trading Customers that request delivery of such data from GRC or any of its Affiliates. GRC acknowledges
that Tradeweb has provided to it or its Affiliates one or more authentication APIs and may in the future provide one or more alternative
or additional APIs or systems, in each case, to limit access of Licensed Trading Data to Tradeweb-Entitled Trading Customers (the
 “Entitlement System”). GRC shall not, and shall cause its Affiliates not to, distribute Licensed Trading Data
if the Entitlement System is not implemented, and neither it nor its Affiliates will make any changes to such Entitlement System
that would impact GRC’s or its Affiliates’ compliance with such Entitlement System without the written consent of Tradeweb,
not to be unreasonably withheld. Tradeweb shall provide GRC with reasonable advance notice in accordance with the SLA regarding
any changes that it intends to implement with respect to the Entitlement System, including with respect to any alternative or additional
APIs or systems, and in any case shall provide GRC with at least as much advance notice as it provides to other third party systems
impacted by such change (e.g., ISVs, OMSs, EMSs). Upon termination or expiration of this Second A&R Agreement, the Limited
Trading Data License shall become a non-exclusive license as to Licensed Data delivered pursuant to this Second A&R Agreement.

 

    	 	11	 

     

    

 

Section 2.3.          Additional
UST License. Without limiting the Market Data License in respect of the US Treasuries Actives Data granted to GRC pursuant
to Section 2.1 (the “UST License”), Tradeweb grants to GRC a limited license to sublicense, or to permit
its Affiliates to sublicense, GRC’s rights under the UST License to the TP ICAP Group solely: (1) to the extent necessary
for the TP ICAP Group to provide RCM 19901 to TP ICAP Customers pursuant to a TP ICAP Customer Agreement (including, without limitation,
for purposes of branding, marketing, promotion and demonstration of RCM 19901), and/or (2) for internal use by the TP ICAP Group
(clauses (1) and (2), collectively, the “Additional UST License”). Following January 26, 2019 (180 days after
July 30, 2018), except to the extent otherwise agreed in writing by the Parties, any redistribution of the US Treasuries Actives
Data by GRC or its Affiliates to the TP ICAP Group for use other than in accordance with clause (1) shall be subject to the applicable
terms and conditions of this Second A&R Agreement.

 

(a) In connection
with clause (1) of the Additional UST License, GRC or its Affiliates shall be permitted to provide the US Treasuries Actives Data
to the TP ICAP Group to the extent necessary for the TP ICAP Group to perform calculations on the US Treasuries Actives Data and
return the results thereof to GRC or its Affiliates for delivery to TP ICAP Customers via a Refinitiv Delivery Mechanism.

 

(b) In relation
to the Additional UST License, GRC warrants that either it or its Affiliates shall contractually require during the term of the
UST Distribution Agreement, in each case, (i) that the TP ICAP Group comply with all restrictions on the use and distribution of
the US Treasuries Actives Data contained in this Second A&R Agreement, (ii) promptly notify Tradeweb if it, or its Affiliates,
become aware of any material breach or threatened material breach of such restrictions, and (iii) procure for the benefit of Tradeweb
the rights under the Contracts (Rights of Third Parties) Act of 1999 to enforce the rights and restrictions set forth in the UST
Distribution Agreement (excluding any relevant audit clause set forth in such agreement; provided, that GRC represents that,
as of the Effective Date, the UST Distribution Agreement does not include any provision that would prohibit GRC or its Affiliates
notifying Tradeweb to the extent it or such Affiliate becomes aware of any material breach or threatened material breach related
to the TP ICAP Group’s use and distribution of the US Treasuries Actives Data as a result of any audit). To the extent Tradeweb
exercises such rights under the Contracts (Rights of Third Parties) Act of 1999, GRC or its Affiliates shall, at Tradeweb’s
expense, provide such assistance to Tradeweb as it reasonably requires to enforce such rights and restrictions against TP ICAP.
Neither GRC nor its Affiliates shall be responsible for any breach by the TP ICAP Group of the UST License (as sub-licensee of
GRC or its Affiliates), including, without limitation, any failure to comply with the restrictions on use and distribution of the
US Treasuries Actives Data contained in this Second A&R Agreement.

 

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Section 2.4.          Restriction
on Distribution by Tradeweb. Tradeweb shall not distribute or permit any of its Subsidiaries or any third Persons to distribute
any Exclusive Licensed Data electronically, except, that Tradeweb and its Subsidiaries shall retain the right to distribute
Exclusive Licensed Data (and any Derivative Works thereof) electronically or otherwise: (a) via a Tradeweb Front-End Application
or Microsoft Excel (or any other spreadsheet program) interface integrated with a Tradeweb Front-End Application; (b) via data
feeds and other data distribution means to the extent necessary for Tradeweb or any of its Subsidiaries’ transactional business,
provided, that in each case, Tradeweb shall only market and offer Tradeweb Front-End Applications and data feeds intended
primarily for trade execution (and not primarily for market data distribution or redistribution); (c) solely with respect to Licensed
Trading Data, to independent software vendors (ISVs), Order Management System (OMS) providers and Execution Management System (EMS)
providers solely for purposes of enabling such vendors to provide such Licensed Trading Data to Tradeweb-Entitled Trading Customers;
(d) for the purpose of supporting Trading Customers and Dealer Subscribers in connection with such customers’ and dealers’
regulatory inquiries and obligations, litigation, contractual obligations with their customers relating to execution of transactions
on a Tradeweb Platform, and required clearing obligations; and (e) to Trading Customers or Dealer Subscribers as an input to the
following existing pre- and post-trade research products and successors thereof that do not materially alter the substance of such
products by expanding the functionality of such products as a whole or the scope of the data provided therein: Transaction Cost
Analysis, Best Execution, Best Execution Plus, and Liquidity Index; provided, that to the extent Exclusive Licensed Data
is used as an input to such research products, Tradeweb will not distribute such Exclusive Licensed Data independent with or from
such research products. Notwithstanding the above, Tradeweb shall, and shall cause its Subsidiaries to not, under any circumstance,
license or otherwise provide any Exclusive Licensed Data to any Person (or any such Person’s Affiliates, successors or assigns)
set forth on Schedule J or any Persons reasonably known to be Affiliates of such Person (such Schedule, the “Refinitiv
Competitor List”) without the written consent of GRC; provided, that the foregoing restriction shall not apply
with respect to Licensed Trading Data applicable to clause (c) above. GRC shall have the right to amend the Refinitiv Competitor
List on ninety (90) days’ written notice, subject to Tradeweb’s approval, not to be unreasonably withheld. GRC agrees
to consider, on a case-by-case basis, any reasonable requests from Tradeweb to waive or limit the application of the Refinitiv
Competitor List; provided, however, that GRC retains the right to reject any such request that GRC deems adverse
to its commercial and business interests, or to condition its approval as it deems appropriate to preserve such interests, in each
case, using its reasonable discretion. Notwithstanding anything to the contrary contained in this Second A&R Agreement, Tradeweb
may distribute Exclusive Licensed Market Data, including to any Person on the Refinitiv Competitor List, for the purpose of branding,
marketing, promotion and demonstration of Tradeweb services, including to print, broadcasting and multimedia news outlets; provided,
that such distributed Exclusive Licensed Market Data is not distributed by Tradeweb in a format that would enable the recipient
to use such Exclusive Licensed Market Data as a substitute for obtaining its own subscription to such Exclusive Licensed Market
Data from GRC or its Affiliates; provided, further, that the Refinitiv Parties acknowledge and agree that Tradeweb
may, from time to time, distribute Exclusive Licensed Market Data to news outlets for the above purposes, including to Persons
on the Refinitiv Competitor List. For the avoidance of doubt, nothing in this Section 2.4 shall restrict Tradeweb or its
Affiliates from engaging in any merger, acquisition, asset sale, disposition or any other type of business combination with any
Person listed on the Refinitiv Competitor List or any of their respective Affiliates (or any such Person’s or its Affiliates’
successors or assigns); provided, however, that the obligations in this Section 2.4 will continue to apply
during and after any such activity. Notwithstanding anything to the contrary herein, Tradeweb shall retain the right to use Exclusive
Licensed Data, and any Derivative Works thereof, solely in connection with its trading activities. Tradeweb shall also ensure that
any contracts entered into on or after the Effective Date for the provision of Exclusive Licensed Data (or any Derivative Works
thereof) to customers over direct API connections will permit such customers to use such data solely for trade execution purposes,
and for customers to directly support such trade execution purposes, and will restrict redistribution and use not in connection
with a Tradeweb marketplace. In the event that a Refinitiv Party or any of its Affiliates develops an index or benchmark product
using Exclusive Licensed Data that has value to customers on a Tradeweb Platform, the Parties shall negotiate in good faith (via
the Steering Committee and/or otherwise) to license such product to Tradeweb pursuant to a separate distribution agreement for
use as permitted under this Section 2.4 for a reduced fee that takes into consideration the extent to which Tradeweb was
a source of the data underlying such product; provided, however, that the Refinitiv Parties may determine in their
sole discretion not to offer or provide any discount to Tradeweb or its Subsidiaries. Tradeweb shall, as soon as reasonably practicable,
but in no event later than thirty (30) days following the execution of this Second A&R Agreement, provide notice of its withdrawal
and resignation as a member of MBIS, in accordance with the terms of such membership. Notwithstanding anything to the contrary
herein, Tradeweb shall be permitted to continue to provide muni data to MBIS in the ordinary course pursuant to its existing agreements
with MBIS until the earlier of: (i) the finalization of such withdrawal and resignation, and (ii) June 30, 2019.

 

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Section 2.5.          Restriction
on Distribution by GRC. Notwithstanding any other provision of this Second A&R Agreement, GRC shall not, and shall cause
its Affiliates not to, without the prior written consent of Tradeweb: (a) distribute US Treasuries Actives Data to any UST Competitor;
or (b) distribute Licensed Data (other than US Treasuries Actives Data) to any TW Competitor. In the event that Tradeweb notifies
GRC in writing of its reasonable belief that (i) Licensed Data (other than US Treasuries Actives Data) has been distributed by
GRC or its Affiliates to a TW Competitor to an extent not permitted by this Section 2.5, or (ii) a trading venue (including
voice brokerage) owned or operated by a third Person competes with a trading venue (including voice brokerage) operated by Tradeweb
or any of its Subsidiaries, but such trading venue is neither a TW Competitor as defined herein nor subject to an applicable waiver
pursuant to this Section 2.5 (whether by reason of its creation, new activities undertaken by it or by Tradeweb, previous
oversight, or otherwise), then in each case GRC shall investigate such matter in cooperation with Tradeweb and, with respect to
clause (i), if such distribution has been made to an extent not permitted by this Section 2.5, GRC shall discontinue such
distribution as soon as reasonably practicable unless Tradeweb grants a waiver with respect thereto in accordance with this Section
2.5, and, with respect to clause (ii), such trading venue (including voice brokerage) shall be added to the Restricted List
upon the consent of GRC, such consent not to be unreasonably withheld or delayed. Tradeweb agrees to consider, on a case-by-case
basis, any reasonable requests from GRC to waive or limit the application of the Restricted List or the UST Restricted List, such
limitation or waiver not to be unreasonably withheld; provided, however, that without limiting the generality of
the foregoing, Tradeweb will not be deemed to be unreasonably withholding consent with respect thereto if Tradeweb reasonably
believes that granting such limitation or waiver would create a material competitive concern for Tradeweb or its Subsidiaries.
Notwithstanding anything to the contrary in this Section 2.5: (A) any waivers or exceptions granted by Tradeweb in respect
of Section 2.4 of the Amended Agreement or the Original Agreement, as applicable, shall continue under this Second A&R Agreement;
and (B) if, as of the Effective Date, GRC or its Affiliates is distributing Licensed Data in contravention of this Section
2.5 but such distribution would not have been a violation of Section 2.4 of the Amended Agreement, GRC and its Affiliates
shall be permitted to continue such distribution solely with respect to the Licensed Data that is part of such distribution. For
the avoidance of doubt, nothing in this Section 2.5 shall restrict GRC or its Affiliates from engaging in any merger, acquisition,
asset sale, disposition or any other type of business combination with any Person listed on the Restricted List or the UST Restricted
List or any of their respective Affiliates (or any such Person’s or its Affiliates’ successors or assigns); provided,
however, that the obligations in this Section 2.5 will continue to apply during and after any such activity. GRC
shall also ensure that Licensed Data is distributed only to end users who have executed or otherwise accepted a market data subscription
agreement which, among other things: (1) shall prohibit the further redistribution or sublicensing of US Treasuries Actives Data
to any UST Competitor or Licensed Data (other than US Treasuries Actives Data) to any TW Competitor, as applicable; and (2) shall
contain customary provisions regarding confidentiality, disclaimers of warranties and limitation of liability, and provisions
ensuring that Tradeweb shall have no liability to Refinitiv Subscribers resulting from such Refinitiv Subscribers’ access
via a Refinitiv Service to Licensed Data or a Tradeweb Platform. GRC shall promptly inform Tradeweb of any breach or threatened
breach of any market data subscriber agreement or other sublicense agreement involving Licensed Data, and shall use commercially
reasonable efforts to remedy or prevent such breach or threatened breach. A copy of the current Refinitiv Master Agreement has
been separately delivered to Tradeweb. Notwithstanding anything to the contrary contained in this Second A&R Agreement,
provided that the Refinitiv Parties attribute Licensed Market Data in accordance with Section 3.6 herein, GRC may distribute,
and may permit its Affiliates to distribute, Licensed Data for the purpose of branding, marketing, promotion and demonstration
of Refinitiv Services, including to print, broadcasting and multimedia news outlets, and for the purpose of supporting Refinitiv
Subscribers in connection with such Refinitiv Subscribers’ regulatory inquiries and obligations, litigation, contractual
obligations with their customers relating to execution of transactions on a Tradeweb Platform, and required clearing obligations.

 

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Section 2.6.          GRC
Redistributors. GRC shall provide to Tradeweb within thirty (30) days of the Effective Date a list of all third party redistributors
used by GRC or its Affiliates to redistribute Licensed Market Data. Before entering a new redistribution arrangement for Licensed
Market Data after the Effective Date (other than financial services customers having typical limited rights of redistribution to
their own clients), GRC shall consider in good faith any strategic concerns raised by Tradeweb concerning such new redistribution
arrangement.

 

Section 2.7.          New
Market Data Sets. Tradeweb may from time to time (a) subject to the terms and conditions of the Tradeweb Operating Agreement,
create or acquire new market data sets that are not included on Schedule B or Schedule C and that are designed for
distribution as a market data product, or (b) be obligated pursuant to Section 3.6(d) of the Tradeweb Operating Agreement
(or alternative decision making process substituted therefor in the Tradeweb Operating Agreement from time to time) to create and
distribute a new market data set as a market data product (each, a “New Market Data Set”). In connection with
the foregoing, Tradeweb shall promptly notify GRC in writing of its intention to distribute any such New Market Data Set, including
a description of the applicable New Market Data Set. If GRC or any of its Affiliates makes such New Market Data Set available over,
through or by means of a Desktop Platform or other Refinitiv Service prior to the date that is the later of six (6) months from
(i) the date that Tradeweb gives notice to GRC of its intention to distribute such New Market Data Set, and (ii) the date that
Tradeweb provides GRC with substantially all of the API and other specifications as reasonably necessary for GRC or its Affiliates
to prepare to distribute such New Market Data Set (the “Implementation Period”) (provided that Tradeweb shall
comply with Section 3.8 within the first two (2) months of the Implementation Period), then Schedule B shall be automatically
amended to include such New Market Data Set (each, an “Exclusive Licensed NMDS”), and such Exclusive Licensed
NMDS shall become Exclusive Licensed Market Data subject to all applicable terms and conditions of this Second A&R Agreement,
including, but not limited to, Section 4.3(a). If GRC or any of its Affiliates fails to make such New Market Data Set available
over, through or by means of a Desktop Platform or other Refinitiv Service prior to the end of the Implementation Period, then,
unless otherwise agreed in writing by Tradeweb and GRC, Schedule C shall be automatically amended to include such New Market
Data Set (each, a “Non-Exclusive Licensed NMDS”), and such Non-Exclusive Licensed NMDS shall become Non-Exclusive
Licensed Market Data subject to all applicable terms and conditions of this Second A&R Agreement, including, but not limited
to, Section 4.3(b). Tradeweb’s failure to comply with Section 3.8 within the first two (2) months of the Implementation
Period shall not constitute a breach of this Second A&R Agreement, provided, that the Implementation Period shall be
extended by the amount of time from the end of such two (2) month period until Tradeweb complies with Section 3.8.

 

Section 2.8.          License
to Transaction Data. To the extent that a transaction, RFQ, or other User interaction with a Tradeweb Platform is conducted
via a Refinitiv Service, and in the context of such User interaction a Refinitiv Party or Affiliate thereof provides data (including
Resultant Data) to Tradeweb (“Transaction Data”), GRC hereby grants to Tradeweb a perpetual, non-exclusive,
irrevocable (as to Transaction Data provided pursuant to this Second A&R Agreement) license to use and archive such Transaction
Data in substantially the same manner and to substantially the same extent that Tradeweb uses and archives like information that
would have been generated had such User interaction been conducted via the Tradeweb Viewer.

 

Section 2.9.          License
for Historical Market Data. Without limiting the Market Data License, subject to all of the terms and conditions of this Second
A&R Agreement, Tradeweb hereby grants to GRC an exclusive, perpetual and irrevocable, terminable on the terms and conditions
set forth in ARTICLE VI of this Second A&R Agreement, sub-licensable (subject to the same terms and conditions as set
forth in this Second A&R Agreement), worldwide license to use and redistribute the Historical Market Data for any and all purposes
permitted in Section 2.1; provided, however, that such license shall be deemed granted only upon Tradeweb’s
initial delivery of such Historical Market Data as set forth in Section 3.3 below (the “Historical Market Data
License”). For the avoidance of doubt, the Historical Market Data License is in addition to, and shall not modify or
limit in any manner, GRC’s license to Licensed Market Data granted pursuant to Section 2.1.

 

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ARTICLE III. OWNERSHIP
AND DELIVERY OF LICENSED DATA

 

Section 3.1.          Ownership
of Licensed Data. As between the Parties, Tradeweb shall own all right, title, and interest in and to all Licensed Data.

 

Section 3.2.          Ownership
of Resultant Data. As between the Parties, GRC shall own all right, title, and interest in and to all Resultant Data.

 

Section 3.3.          Delivery
of Licensed Data. It is acknowledged and agreed by the Parties that as of the Effective Date, the format and manner in which
Tradeweb delivers the Licensed Market Data to the Refinitiv Parties are mutually acceptable. Prior to implementing any changes
to such existing data delivery format or developing a new data delivery format for Licensed Data first provided after the Effective
Date, the Parties will cooperate to develop a reasonable and mutually acceptable implementation plan for such format changes or
new format in accordance with the change control procedures set forth in the service level agreement on the attached Schedule
E (the “SLA”). Tradeweb shall make, or shall have made, available to GRC as of the Effective Date all Data
Sets set forth on Schedule B and Schedule C, respectively, except for (a) Data Sets (or portions of existing Data
Sets) that were not Licensed Market Data delivered under the Amended Agreement and are indicated on Schedule B as being
sourced from “Tradeweb Institutional”, which Tradeweb shall make available to GRC as soon as reasonably practicable
following the Effective Date, but not later than December 31, 2018, and (b) Data Sets indicated on Schedule B as being sourced
from “Tradeweb Direct” and “Dealerweb”, which Tradeweb shall make available to GRC in accordance with a
delivery schedule to be mutually agreed upon by the Parties, provided, that all such Data Sets shall be delivered not later
than March 31, 2019 (unless otherwise mutually agreed in writing by the Parties). Within sixty (60) days following (i) each initial
delivery date of Historical Market Data set forth on Exhibit L, and (ii) each quarter after such initial deliver date during
the Term and any Transition Period, Tradeweb shall deliver to GRC all of the applicable Historical Market Data corresponding to
such initial delivery date as set forth on Exhibit L.

 

Section 3.4.          Delivery
Costs. Subject to Section 5.1(a) and Section 5.1(b), each Party shall bear its own equipment costs (including
hardware, software and information technology costs) associated with transmission and delivery of Licensed Data. GRC shall be responsible
for all telecommunications costs relating to the delivery of Licensed Data hereunder.

 

Section
3.5.          Service Levels. Tradeweb shall, during the Term and the
Transition Period, transmit Licensed Data to GRC on the terms and conditions and in accordance with the level of care, professional
skill and service, including frequency and speed of data delivery set forth in the SLA, and any changes thereto shall be made only
in accordance with the change control procedures set forth in the SLA.

 

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Section 3.6.          Attribution.
GRC shall ensure, and shall cause its Affiliates to ensure, that all Licensed Data displayed on a Desktop Product or provided or
distributed through any other Refinitiv Service to any customer of GRC or its Affiliates clearly attributes the source of such
Licensed Data to the appropriate Tradeweb business line, to the extent practicably consistent with the attribution practices of
GRC and its Affiliates. The Parties agree to discuss in good faith the appropriate attribution for all Data Sets as soon as practicable
following the Effective Date. For the avoidance of doubt, the Parties’ failure to have such discussions shall not relieve
GRC of its attribution obligations under this section. In addition, Tradeweb and GRC hereby agree to cooperate in good faith to
create, from time to time, new pages on Eikon for the display of benchmark data of Tradeweb. For the avoidance of doubt, where
Licensed Data appears with data that is not Licensed Data, GRC shall ensure, and shall cause its Affiliates to ensure, to the extent
practicable, that the data display indicates which data is Licensed Data (and that the applicable Tradeweb business line is the
source of such data) and which data is not Licensed Data. In addition, to the extent practicable, if GRC authorizes distribution
of Licensed Market Data to the media, including print, broadcasting and multimedia news outlets, GRC shall ensure that such distribution
clearly attributes the applicable Tradeweb business line as the source of such data.

 

Section 3.7.          Changes
in Licensed Data. Subject to the SLA, Tradeweb shall provide GRC with as much advance notice as practicable regarding any changes
that it intends to implement with respect to the content, format, distribution or display of Licensed Data to Users, and in any
case shall provide GRC with sufficient notice and information to permit GRC and its Affiliates to prepare their systems to receive
the revised Licensed Data and to implement the intended changes at substantially the same time and in substantially the same manner
as such changes are being implemented by Tradeweb; provided, that any failure by GRC and its Affiliates to implement such
changes concurrently with Tradeweb shall not prevent or delay Tradeweb from implementing such changes.

 

Section 3.8.          Delivery
of New Market Data Sets. As soon as reasonably practicable following the introduction of a New Market Data Set in accordance
with Section 2.7, Tradeweb shall provide to GRC an API and any necessary specifications for such New Market Data Set, and
shall make available to GRC a live feed for such New Market Data Set.

 

Section 3.9.          Customer
Pricing. Subject to Section 4.7, GRC and its Affiliates may distribute Licensed Data to third Persons at prices determined
by GRC or its Affiliates in their sole discretion. Subject to Section 4.8, Tradeweb and its Affiliates may provide TW Per-User
Products to third Persons at prices determined by Tradeweb or its Affiliates in their sole discretion.

 

Section 3.10.         Third
Party Rights. No rights in any Intellectual Property licensed to Tradeweb under a Third Party Agreement are granted hereunder
by Tradeweb to GRC if the grant of such rights would violate the terms of the Third Party Agreement; provided, that at GRC’s
reasonable request, Tradeweb shall use commercially reasonable efforts to obtain approval for a grant of such rights to GRC from
the relevant third Person; and provided, further, that GRC shall be responsible for payment of any additional royalties
or fees required to obtain the grant of such rights.

 

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ARTICLE IV. FEES AND PAYMENT;
TAXES; DOCUMENTATION

 

Section 4.1.          License
Fees for Market Data Sets.

 

(a) In consideration
for the grant of the Market Data License, the Limited Trading Data License and the Historical Market Data License, and in accordance
with Section 4.4(a), during each Year of the Initial Term, GRC shall pay to Tradeweb the corresponding annual license fee
set forth in Schedule D (the “Annual License Fee”). Thereafter, during each Year of any Renewal Term,
the Annual License Fee in effect for the prior Year will be subject to an annual price increase, effective as of November 1 of
the relevant Year, equal to [***]. Except as set expressly set forth in Section 4.1(b), (c) and (d), and Section
4.3(a)(ii) and Section 4.3(b)(ii), the Annual License Fee will be the sole consideration in respect of the Licenses.

 

(b) In addition
to the Annual License Fee, and in accordance with Section 4.4(b), during each Year of the Term and the Transition Period,
GRC shall pay to Tradeweb an amount equal to [***] of the revenue GRC and its Affiliates directly generate from the distribution
of Non-Exclusive Licensed Market Data (other than as indicated on Schedule C and other than in respect of MiFID II Pre-Trade
APA Market Data and Non-Exclusive Licensed NMDS) to third Persons, over, through or by means of Desktop Products or other Refinitiv
Services (the “Non-Exclusive Licensed Market Data Fee Share”). The Parties acknowledge and agree that all Non-Exclusive
Licensed Market Data Distributor Fees are [***].

 

(c) In addition
to the Annual License Fee, and in accordance with Section 4.4(b), during each Year of the Term and the Transition Period,
GRC shall pay to Tradeweb an amount equal to [***] of the revenue GRC and its Affiliates directly generate from distribution of
MiFID II Pre-Trade APA Market Data to third Persons, over, through or by means of Desktop Products or other Refinitiv Services
(the “MiFID II Pre-Trade APA Fee Share”).

 

(d) In addition
to the Annual License Fee, in consideration for the UST License as it relates to the provision of RCM 19901, and in accordance
with Section 4.4(b), during each Year of the Term and the Transition Period, GRC shall pay to Tradeweb an amount equal to
the greater of (i) [***] of the Qualifying Revenue for such Year, or (ii) [***] (as applicable, the “UST Subscription
Fee Share”). For the avoidance of doubt, GRC shall not owe or pay to Tradeweb the “Annual Fixed Fee” or “Optional
Service Fee” contemplated by the Addendum.

 

Section
4.2.          License Fee for Transition Period. If the Transition
Period follows the Initial Term, the license fee for the Transition Period shall be equal to the Annual License Fee in effect
for the prior Year plus: (a) if Tradeweb gives Notice of Non-Renewal, a price increase equal to the greater of (i)
[***], and (ii) [***]; or (b) if either Refinitiv Party gives Notice of Non-Renewal, a price increase calculated based on
[***]. If the Transition Period follows a Renewal Term, the license fee for the Transition Period shall equal the Annual
License Fee in effect for the prior Year plus a price increase calculated based  on [***]. The license fee for the
Transition Period shall be payable in accordance with Section 4.4(a).

 

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Section 4.3.          License
Fee for New Market Data Sets.

 

(a)          Exclusive
Licensed NMDS

 

(i)          The
Parties acknowledge and agree that the consideration for the Market Data License and Limited Trading Data License in respect of
all Exclusive Licensed NMDSs distributed over, through or by means of a Desktop Product during each Year of the Term and the Transition
Period shall be [***].

 

(ii)         In
addition to the Annual License Fee, and in accordance with Section 4.4(b), during each Year of the Term and the Transition
Period, GRC shall pay to Tradeweb an amount equal to: (A) with respect to the first year following the date such Exclusive Licensed
NMDS is first made available over, through or by means of a Refinitiv Service (other than a Desktop Product) (“First
Distribution Year”), [***] of the revenue GRC and its Affiliates directly generate from the distribution of Exclusive
Licensed NMDS to third Persons over, through or by means of Refinitiv Services (other than Desktop Products); and (B) with respect
to any year after the First Distribution Year, a percentage of the revenue GRC and its Affiliates directly generate from such
distribution in accordance with the following table (the “Percentage of Revenue Payable”) (the revenue share
set forth in clauses (A) and (B), as applicable, the “Exclusive NMDS Fee Share”):

 

	Annual Revenue	 	Percentage of
    Revenue Payable 
	$1 - $1,000,000	 	[***] 
	$1,000,001 - $2,000,000	 	[***] 
	$2,000,001 - $3,000,000	 	[***] 
	> $3 million	 	[***]

 

For the avoidance
of doubt, the Percentage of Revenue Payable with respect to an Exclusive Licensed NMDS shall apply only to the portion of revenue
generated during the relevant year from the distribution of such Exclusive Licensed NMDS over, through or by means of a Refinitiv
Service (other than a Desktop Product) that falls within the corresponding bucket in the foregoing table. Solely by way of example,
if GRC and its Affiliates collectively generate $1,000,001 of revenue during any relevant year subsequent to the First Distribution
Year, GRC shall pay Tradeweb an amount equal to [***], which is [***], for the relevant year.

 

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(b)          Non-Exclusive
Licensed NMDS

 

(i)          The
Parties acknowledge and agree that the consideration for the Market Data License and Limited Trading Data License in respect of
all Non-Exclusive Licensed NMDSs distributed over, through or by means of a Desktop Product during each Year of the Term and the
Transition Period shall be [***].

 

(ii)         
In addition to the Annual License Fee, and in accordance with Section 4.4(b), during each Year of the Term and the Transition
Period, GRC shall pay Tradeweb an amount equal to [***] of the revenue GRC and its Affiliates directly generate from the distribution
of Non-Exclusive Licensed NMDS to third Persons over, through or by means of Refinitiv Services (other than Desktop Products) (the
 “Non-Exclusive NMDS Fee Share”).

 

Section 4.4.          Payment.

 

(a) GRC shall, or shall cause
its Affiliates to, pay the Annual License Fee, including the Annual License Fee payable with respect to the Transition Period,
as applicable, quarterly in advance on the 1st of November, February, May and August.

 

(b) GRC shall,
or shall cause its Affiliates to, pay, as applicable, each of the Exclusive NMDS Fee Share, Non-Exclusive NMDS Fee Share, Non-Exclusive
Licensed Market Data Fee Share, MiFID II Pre-Trade APA Fee Share, and UST Subscription Fee Share, quarterly in arrears in accordance
with the procedures set forth in Section 4.4(b)(i) below. Notwithstanding anything to the contrary herein, GRC shall, or
shall cause its Affiliates to, pay any amount necessary to satisfy the minimum amount of the UST Subscription Fee Share with respect
to any Year as part of the final quarterly payment for such Year.

 

(i)          GRC
shall, within thirty (30) calendar days following the end of each quarter during the Term and the Transition Period, provide Tradeweb
with: (A) a calculation of each of the Exclusive NMDS Fee Share, Non-Exclusive NMDS Fee Share, Non-Exclusive Licensed Market Data
Fee Share, MiFID II Pre-Trade APA Fee Share, and UST Subscription Fee Share, in each case, as applicable, to the relevant quarter;
(B) subject to applicable Laws and contractual obligations of the Refinitiv Parties or any of their Affiliates with any third Person,
documentation and information reasonably required to support GRC’s calculation for each of the foregoing Fees; and (C) subject
to applicable Law and contractual obligations, a list of TP ICAP Customers receiving RCM 19901 and the amount of RCM 19901 Subscription
Fees attributable to each such TP ICAP Customer for the relevant quarter (collectively, the “Fee Calculation”).
GRC represents that no contractual restriction exists in the UST Distribution Agreement that would prohibit GRC from providing
the information in clause (C) above.

 

    	 	20	 

     

    

 

(ii)         Beginning
on the calendar day Tradeweb receives the Fee Calculation, Tradeweb shall have twenty (20) calendar days to review such Fee Calculation
and notify GRC of any disputed amount or calculation therein. During such twenty (20) calendar day period, GRC shall use commercially
reasonable efforts to assist Tradeweb with any reasonable inquires relating to (A) the aggregate level of revenues, and (B) compliance
with the restrictions set forth in Section 4.7, as applicable. Tradeweb acknowledges that GRC’s ability to provide
information and assistance is, as it relates to the UST Subscription Fee Share, dependent on GRC’s ability to obtain such
information and assistance from TP ICAP or its Affiliates, and neither GRC nor its Affiliates shall be responsible for any failure
to provide such information or assistance to the extent such failure is attributable to TP ICAP; provided, however,
that GRC or its applicable Affiliate shall use commercially reasonable efforts to enforce its right to this information.

 

(iii)        In
the event Tradeweb timely disputes any amount or calculation set forth in the Fee Calculation, Tradeweb and GRC shall attempt in
good faith for a period of at least thirty (30) days to resolve such dispute between themselves, following which Tradeweb may elect
by providing written notice in accordance with Section 9.1 herein (a “Dispute Notice”) to GRC to exercise
its rights under the dispute resolution process attached hereto as Schedule H (“Dispute Resolution Process”)
to resolve the matter (which matter shall be deemed a “Dispute Resolution Matter”).

 

(iv)        To
the extent Tradeweb fails to provide a Dispute Notice in accordance with clause (iii) above, Tradeweb shall, following the end
of the relevant quarter, furnish GRC with an invoice which sets forth, as applicable, in respect of the relevant quarter, the Exclusive
NMDS Fee Share, Non-Exclusive NMDS Fee Share, Non-Exclusive Licensed Market Data Fee Share, MiFID II Pre-Trade APA Fee Share, and
UST Subscription Fee Share, in each case, as set forth in the Fee Calculation. GRC shall pay, or shall ensure that its designated
Affiliate pays, the invoiced amount to Tradeweb no later than sixty (60) days after the delivery of such invoice. To the extent
Tradeweb provides a Dispute Notice in accordance with clause (iii) above, GRC shall, or shall cause its Affiliates to, pay Tradeweb
any Fees due and owing pursuant to the Dispute Resolution Process within thirty (30) days of the completion thereof.

 

(c) Tradeweb
shall, following the end of each calendar month during the Term and the Transition Period, furnish TRM with an invoice which sets
forth, in respect of such calendar month, the Eikon Upgrade Fees due and payable by TRM, or its designated Affiliate, with respect
thereto. TRM shall pay, or shall ensure that its designated Affiliate pays, the undisputed portion of the invoiced amount to Tradeweb
no later than sixty (60) days after the delivery of such invoice. If TRM shall dispute any amount invoiced hereunder, TRM and Tradeweb
shall attempt in good faith for a period of at least thirty (30) days to resolve such dispute between themselves, following which
TRM may provide a Dispute Notice to Tradeweb to exercise its rights under the Dispute Resolution Process to resolve the matter
(such matter to be deemed a Dispute Resolution Matter).

 

    	 	21	 

     

    

 

Section 4.5.          Taxes.
The Refinitiv Parties shall be responsible for any fees or charges payable to any government, regulatory organization or other
body in connection with the Licenses, and any sales, use, value added, property, duties or other taxes arising in relation thereto
under this Second A&R Agreement, but excluding any taxes on the net income of Tradeweb. The Refinitiv Parties shall be permitted
to withhold from Fees any present or future taxes, duties, assessments, fees or other governmental charges that are the responsibility
of Tradeweb as required by Law. If any such withholding is required, Tradeweb shall be treated as if it had received all Fees without
such withholding.

 

Section 4.6.          No
Fees for Distribution of Resultant Data. GRC and its Affiliates shall not be required to pay any additional fees for distribution
or use of Resultant Data.

 

Section 4.7.          Refinitiv
Pricing. With respect to each of the Exclusive NMDS Fee Share, Non-Exclusive NMDS Fee Share, Non-Exclusive Licensed Market
Data Fee Share, and MiFID II Pre-Trade APA Fee Share, respectively, GRC shall not, and shall cause its Affiliates not to, license:
(a) Exclusive Licensed NMDS, (b) Non-Exclusive Licensed NMDS, (c) Non-Exclusive Licensed Market Data, or (d) MiFID II Pre-Trade
APA Market Data, as applicable, to third Persons as a Loss Leader. Where GRC and its Affiliates are responsible for determining
the price at which RCM 19901 is distributed to third Persons, GRC agrees that neither it nor its Affiliates shall license RCM 19901
as a TP ICAP Loss Leader. Where the TP ICAP Group is responsible for determining the price at which RCM 19901 is distributed to
third parties, GRC warrants that either it or its Affiliates shall contractually require during the term of the UST Distribution
Agreement, that the TP ICAP Group shall not license RCM 19901 as a TP ICAP Loss Leader, and GRC agrees to use commercially reasonable
efforts to include substantially similar contractual requirements in any future arrangement (with the TP ICAP Group or another
third Person) with respect to distribution of RCM 19901.

 

Section 4.8.          Tradeweb
Pricing. With respect to the NTU Fee Share, Tradeweb shall not, and shall cause its Affiliates not to, license TW Per-User
Products to Non-Trading Users as a Loss Leader.

 

ARTICLE V. CUSTOMER, JOINT
MARKETING AND DEVELOPMENT EFFORTS

 

Section 5.1.          Market
Data Access Arrangements.

 

(a)          Tradeweb
shall, and shall cause its Subsidiaries to, provide Licensed Market Data via Tradeweb’s server (the “MD Server”
and files from https://md-us.tradeweb.com/marks) to certain customers of TRM or its Affiliates during the Term and the Transition
Period, as requested by TRM, or its designated Affiliate.

 

(b)          In
consideration of Tradeweb’s undertakings under Section 5.1(a) above, TRM shall, or shall cause its Affiliates to,
pay to Tradeweb the MD Server Fees and Marks Fees specified in Schedule F.

 

(c)          Tradeweb
shall, and shall cause its Subsidiaries to: (i) use commercially reasonable efforts to assist TRM in migrating such customers from
the existing Tradeweb infrastructure to TRM or TRM Affiliate infrastructure and, where applicable, from legacy Tradeweb contracts
to TRM or TRM Affiliate contracts; and (ii) promptly upon request by TRM or its designated Affiliate, cease to provide Exclusive
Licensed Data via such Tradeweb infrastructure to any such customer of TRM or its Affiliates as notified (including via email)
to Tradeweb by TRM or its designated Affiliate; provided, that where applicable, prior to terminating access to the relevant
Exclusive Licensed Data, Tradeweb and TRM shall work together in good faith to resolve any issues relating to such customer, including,
but not limited to, providing such customer with a cure period consistent with such customer’s contract with TRM or its Affiliate.

 

    	 	22	 

     

    

 

Section 5.2.          Joint
Efforts.

 

(a) Non-Trading
User.

 

(i)          A
 “Non-Trading User” is a User of a product on a Tradeweb Platform (A) where such product corresponds to data
in the Exclusive Licensed Market Data, and (B) for which per-User access fees are applicable (each, a “TW Per-User Product”),
who receives his or her User identifier and password for the Tradeweb Viewer or other Tradeweb Front-End Application on or after
the Effective Date, and who in any continuous six (6) month period thereafter fails to trade or send a trade inquiry or otherwise
make a documented effort to trade on any Tradeweb Platform, and at the conclusion of such six month period either (1) is not actively
(which, for the avoidance of doubt, does not mean continuously) using the Tradeweb Viewer or other Tradeweb Front-End Applications
to provide technical support, or (2) is not deemed by Tradeweb, in its sole, reasonable discretion after consulting with TRM, to
be a strategic trade execution prospect. A User shall remain a Non-Trading User effective as of the end of such six (6) month period
until such time as such User executes a trade, sends a trade inquiry or otherwise makes a documented effort to trade, at which
time such User shall cease being a Non-Trading User until such date he or she meets the criteria set forth in the above definition.
Tradeweb represents that it provided User identifiers and passwords for the Tradeweb Viewer and other Tradeweb Front-End Applications
in the ordinary course of business for the period of October 1, 2018 to October 31, 2018.

 

(ii)         Tradeweb
shall not owe or pay the Refinitiv Parties any fee or charges in respect of the first [***] of revenue it or its Affiliates directly
generate in respect of Non-Trading Users’ access to TW Per-User Products (the “TW Revenue Threshold”).
During each Year of the Term and the Transition Period, and in accordance with clauses (iii)-(v) below, Tradeweb shall pay to TRM
an amount equal to [***] of the revenue Tradeweb and its Affiliates directly generate in respect of Non-Trading Users’ access
to TW Per-User Products in excess of the one-time TW Revenue Threshold (the “NTU Fee Share”). Tradeweb shall
pay the NTU Fee Share annually in arrears in accordance with the below. By way of example, if Tradeweb and its Affiliates directly
generate [***] of revenue in respect of Non-Trading Users’ access to TW Per-User Products during the first Year of the Term,
then the NTU Fee Share payable shall equal the product of [***], which equals [***], and any other NTU Fee Share due and owing
in respect of any subsequent Year during the Term and the Transition Period shall equal [***] of the revenue (starting from dollar
one ($1)) generated by Tradeweb and its Affiliates during such Year.

 

    	 	23	 

     

    

 

(iii)        Tradeweb
shall, within thirty (30) calendar days following the end of each Year during the Term and the Transition Period, provide the Refinitiv
Parties with: (A) a calculation of the NTU Fee Share applicable to the relevant Year; and (B) subject to applicable Laws and Tradeweb’s
contractual obligations with any third Person, documentation and information reasonably required to support Tradeweb’s calculation
of the NTU Fee Share (the “NTU Fee Calculation”).

 

(iv)        Beginning
on the calendar day the Refinitiv Parties receive the NTU Fee Calculation, the Refinitiv Parties shall have twenty (20) calendar
days to review such NTU Fee Calculation and notify Tradeweb of any disputed amount or calculation therein. During such twenty (20)
calendar day period, Tradeweb shall use commercially reasonable efforts to assist the Refinitiv Parties with any reasonable inquires
relating to: (A) the aggregate level of revenue; and/or (B) compliance with the restrictions set forth in Section 4.8, as
applicable.

 

(v)         In
the event TRM timely disputes any amount or calculation set forth in the NTU Fee Calculation, Tradeweb and TRM shall attempt in
good faith for a period of at least thirty (30) days to resolve such dispute between themselves, following which TRM may elect
by providing a Dispute Notice to TRM to exercise its rights under the Dispute Resolution Process to resolve the matter (such matter
to be deemed a Dispute Resolution Matter).

 

(vi)        If
TRM fails to provide a Dispute Notice in accordance with clause (v) above, TRM shall, following the end of the relevant Year, furnish
Tradeweb with an invoice which sets forth, in respect of the relevant Year, the NTU Fee Share as set forth in the NTU Fee Calculation.
Tradeweb shall pay the invoiced amount to TRM no later than sixty (60) days after the delivery of such invoice. If TRM provides
a Dispute Notice in accordance with clause (v) above, Tradeweb shall pay to TRM any NTU Fee Share due and owing pursuant to the
Dispute Resolution Process within thirty (30) days of the completion thereof.

 

(vii)       Subject
to applicable Laws and Tradeweb’s contractual obligations with any third Person, Tradeweb shall, during the Term and the
Transition Period, provide the Refinitiv Parties a list of all then-existing Non-Trading Users, including, in each case, the name
and address of the relevant Tradeweb customers under which the Non-Trading Users are authorized (the “Non-Trading User
List”) within thirty (30) days of the end of each quarter following the initial six (6) month period beginning on the
Effective Date.

 

(viii)      Notwithstanding
anything set forth herein, and for the avoidance of doubt, the Parties expressly acknowledge and agree that neither Refinitiv Party
nor their Affiliates shall be liable for, or owe to Tradeweb, any Eikon Upgrade Fee with respect to any Non-Trading User.

 

    	 	24	 

     

    

 

(b)          Existing
Target Customers.

 

(i)          
Tradeweb shall, and shall cause its Subsidiaries to, use commercially reasonable efforts to, where applicable, assist TRM in migrating
Existing Target Customers onto a Desktop Product or other Refinitiv Service from the Tradeweb Viewer and from legacy Tradeweb contracts
to TRM or TRM Affiliate contracts until the earlier of: (A) January 1, 2020; or (B) the date on which TRM and its designated Affiliates
have completed migration of all such Existing Target Customers in such manner.

 

(ii)         Until
the earlier of: (A) January 1, 2020; or (B) the date on which TRM and its designated Affiliates have completed migration of all
Existing Target Customers onto a Desktop Product or Refinitiv Service from the Tradeweb Viewer and from legacy Tradeweb contracts
to TRM or TRM Affiliate contracts: (1) Tradeweb, or a Tradeweb Subsidiary, as applicable, shall continue to perform any obligations
under such Existing Target Customer agreements; and (2) Tradeweb hereby grants to GRC a non-exclusive license sublicensable by
GRC to TRM (or to those TRM Affiliates to which an Existing Target Customer agreement was assigned pursuant to the Original Agreement)
for each Existing Target User, to use and access the Tradeweb Viewer (the “Tradeweb Viewer License”).

 

(iii)        During
the Term, TRM shall, or shall cause its Affiliates to, pay to Tradeweb an amount equal to [***] in respect of each Existing Target
User that subscribes to Eikon or other applicable Desktop Products following the Effective Date (an “Eikon Upgrade Fee”);
provided, that with respect to Dealer Users, the Refinitiv Parties, or their Affiliate, shall pay the Eikon Upgrade Fee
only if: (A) such Dealer User logged into a Tradeweb Viewer during the ninety (90) days preceding such upgrade; and (B) such subscription
to Eikon was the result of a sale to a specific group or trading desk at the Dealer Subscriber, as opposed to an enterprise-wide
or other sale by TRM or its Affiliates covering multiple trading desks at a Dealer Subscriber at least one trading desk of which
does not trade on a Tradeweb Platform. For the avoidance of doubt, neither TRM nor its Affiliates shall pay Tradeweb an Eikon Upgrade
Fee for Existing Target Users that upgrade or otherwise transfer from one Desktop Product to another Desktop Product.

 

(iv)        TRM
shall remain obligated to pay any Cancelled Subscription Fees incurred during the term of the Amended Agreement or the Original
Agreement, as if such Amended Agreement or Original Agreement remained in effect until all such fees have been paid in full, provided,
however, that the Refinitiv Parties will not incur and will not be obligated to pay any Cancelled Subscription Fees in respect
of any Trading Customer User or Dealer User that after the Effective Date terminates a Tradeweb Front-End Application subscription
as a result of upgrading to Eikon or another Desktop Product.

 

    	 	25	 

     

    

 

(c)          Eikon
Products.

 

(i)          Tradeweb
and TRM shall cooperate in good faith with respect to all Trading Customers and, at TRM’s request, Dealer Subscriber upgrades
from the Tradeweb Viewer or other Tradeweb Front-End Application used by their respective Trading Customer Users and Dealer Users
to a combination offering in which such Trading Customer Users and Dealer Users access Licensed Data via Eikon or other Desktop
Product designated by TRM, and conduct all Trading Activity via a Tradeweb Viewer or other Tradeweb Front-End Application designated
by Tradeweb (such combination offering, “Tradeweb Viewer + Eikon”). Tradeweb and TRM shall take all reasonable
steps to facilitate such upgrade, including the following:

 

(A)         Tradeweb
shall use commercially reasonable efforts to upgrade Tradeweb Front-End Applications to support side-by-side Eikon integration
for all Trading Customer Users and Dealer Users. TRM shall use commercially reasonable efforts to provide all relevant assistance
in connection with such integration.

 

(B)         Tradeweb
shall use commercially reasonable efforts to provide reasonably necessary information and assistance to TRM to enable TRM, in Eikon
and other applicable Desktop Products, to display Licensed Data, implement pre-trade functionality of at least the same quality
as Tradeweb makes available to Trading Customer Users and Dealer Users via a Tradeweb Viewer, and transfer Trading Customer Users
and Dealer Users to Tradeweb’s environment to conduct Trading Activity.

 

(C)         In
addition to the foregoing, and for the purpose of enabling TRM and its Affiliates to integrate and support integration between
Eikon and the Tradeweb Multi-Dealer to Customer Platform to its trading users for transactions in fixed-income securities or instruments,
Tradeweb will make available to TRM or its Affiliates all available APIs that Tradeweb uses to facilitate access to the Tradeweb
Multi-Dealer to Customer Platform; provided, however, that all trade execution via the API-integrated service shall
occur exclusively on the Tradeweb Multi-Dealer to Customer Platform pursuant to the published trading protocols established by
Tradeweb. Tradeweb will provide reasonable assistance to TRM and its Affiliates in connection with the foregoing API implementation;
provided, that TRM acknowledges that Tradeweb may not have resources necessary to support integration of all available APIs
at one time, and, as such, the Parties agree that they will work together in good faith to agree on a reasonable project plan with
respect to integration of such APIs into Eikon. In connection with the foregoing integration, TRM will bear all costs associated
with any development work in Eikon, and Tradeweb will bear all costs associated with its development and support of its APIs.

 

    	 	26	 

     

    

 

(d)          Redistribution
of Dealer-Attributed Data. In connection with Exclusive Licensed Market Data, to the extent such data is based on Dealer Subscriber
quotes that Tradeweb is authorized to display on a dealer-attributed basis, Tradeweb agrees to use reasonable efforts to assist
TRM and its Affiliates in its efforts to obtain consent from such Dealer Subscribers for TRM and its Affiliates to redistribute
such attributed quotes to users at customers of TRM or its Affiliates that are entitled to receive the quotes by the applicable
Dealer Subscribers; provided, however, that Tradeweb shall not be required to take any action that is prohibited
by Tradeweb’s contractual obligations to any applicable Dealer Subscriber.

 

(e)          Joint
Marketing. Tradeweb and TRM shall cooperate in good faith to establish and implement a joint marketing plan with respect to
the availability of Licensed Data over Desktop Products and other Refinitiv Services, which shall include marketing to customers
of Tradeweb and its Subsidiaries; provided, that notwithstanding anything to the contrary herein, in no event will Tradeweb
be required to provide to the Refinitiv Parties or their Affiliates any list of former, current or prospective customers or any
personally-identifiable or financial information regarding such Persons where such disclosure would violate applicable privacy
Law.

 

(f)          Joint
Training Sessions. Tradeweb and TRM agree to (i) semi-annually conduct joint training sessions on a mutually agreed upon date
for TRM’s sales personnel and customers, and (ii) periodically jointly market, sponsor and/or publish thought leadership
related to the transactions contemplated hereby and the services and products offered, sold or otherwise distributed by the Parties.
For the avoidance of doubt, the above agreement regarding thought leadership shall not serve as a prohibition on any Party individually
marketing, sponsoring or publishing thought leadership.

 

(g)          Publicity.
Except as expressly provided for herein, no Party shall issue any press release or other public announcements or statements of
any kind concerning this Second A&R Agreement or the relationship with the Parties under this Second A&R Agreement without
the prior approval of the other Party; provided, that the Parties shall cooperate in good faith to issue a joint press release
announcing the consummation of the relationship established by this Second A&R Agreement at a mutually agreeable time following
the Effective Date. For the avoidance of doubt, nothing herein is intended to prohibit or shall prohibit the Refinitiv Parties
or their Affiliates from promoting or marketing the availability of Licensed Data over Refinitiv Services.

 

Section 5.3.          Steering
Committee. Tradeweb and TRM agree to create a joint committee (the “Steering Committee”), comprised of two
(2) representatives designated by TRM and two (2) representatives designated by Tradeweb that will meet quarterly, on dates and
times to be agreed upon by the Parties, to (a) discuss, among other things, progress towards developing New Market Data Sets and
new premium pre- and post-trade research products and other innovative solutions targeting artificial intellectual and machine
learning that use or are based on Materials contributed by the Refinitiv Parties or any of their Affiliates, on the one hand, and
by Tradeweb or any of its Subsidiaries, on the other hand (each such product or solution, an “Innovative Solution”)
that will be distributed over, through or by means of Desktop Products or other Refinitiv Services, (b) define and prioritize development
of such Innovation Solutions, (c) work together in good faith to agree in writing as to the ownership of the Intellectual Property,
distribution rights, and licenses to (both during and, if applicable, after the Term or the Transition Period of this Second A&R
Agreement), division of revenue and fees generated from, or royalty payments relating to, and other material commercial and technical
terms relating to, such Innovative Solutions, and (d) resolve any outstanding issues amongst the Parties. Such Steering Committee
will provide the leadership of each Party an executive summary promptly following each meeting thereof. The Parties shall also,
through the Steering Committee, collaborate in good faith on offering new products, package and/or services based on correlation,
regression and scenario analyses as well as calculations for the rates (UST, MBS, ITS), money markets and credit asset classes
or other analyses created by Refinitiv Parties or their Affiliates, in each case, as mutually agreed (“New Analytics”).
The Parties shall work together in good faith to agree in writing on those terms contemplated above with respect to each such New
Analytic.

 

    	 	27	 

     

    

 

Section 5.4.          Next
Generation Innovative Solutions. Notwithstanding the foregoing, the Parties agree the following terms shall constitute the
default terms with respect to each Innovative Solution; provided, however, such terms may be modified with respect
to any Innovative Solution by mutual written agreement: (a) GRC shall have an exclusive license to each Innovative Solution, (b)
GRC shall not license any Innovative Solution as a Loss Leader, (c) GRC shall, or shall cause its Affiliates to, pay Tradeweb in
accordance with Section 4.4(b) an amount equal to [***] of the revenue it or its Affiliates directly generate from the distribution
over, through or by means of Desktop Products or other Refinitiv Services of each Innovative Solution to third Persons for which
the value of Materials contributed therein by the Refinitiv Parties or any of their Affiliates, on one hand, and by Tradeweb or
its Subsidiaries, on the other hand, are not materially disproportionate, (d) Exclusive Licensed Data and any Derivative Works
thereof that are components of an Innovative Solution shall be deemed to be Materials contributed by the Refinitiv Parties or their
Affiliates, and (e) as between the Parties, each Party will retain all rights to Intellectual Property in and to any Materials
owned, licensed from a third party or developed by such Party prior to the development of such Innovative Solution. For the avoidance
of doubt, nothing herein will prohibit either Party from developing new pre- and post-trade research products and other innovative
solutions that do not make use of any other Party’s Materials; provided, that for purposes of the foregoing, Exclusive
Licensed Data and any Derivative Works thereof shall be deemed to be Materials of the Refinitiv Parties or their Affiliates and
Tradeweb’s rights to use Exclusive Licensed Data and any Derivative Works thereof shall be solely as set forth in Section
2.4. The Parties agree to negotiate in good faith an appropriate fee arrangement with respect to distribution over, through
or by means of Desktop Products and other Refinitiv Services of any Innovative Solution to third Persons for which the value of
Materials contributed therein by the Refinitiv Parties or their Affiliates on one hand, and by Tradeweb or its Subsidiaries, on
the other hand, are materially disproportionate.

 

ARTICLE VI. TERM AND TERMINATION

Section 6.1.          Term.
This Second A&R Agreement shall commence on the Effective Date and shall continue until the fifth (5th) anniversary
of the Effective Date (the “Initial Term”), and shall automatically renew for successive three (3) Year periods
(each, a “Renewal Term”, and, collectively with the Initial Term, the “Term”), unless either
Party gives written notice to the other Party at least one (1) day prior to the end of the Initial Term or the then current Renewal
Term, as applicable, of its intent not to renew this Second A&R Agreement after the expiration of the Initial Term or then
current Renewal Term, as applicable (a “Notice of Non-Renewal”).

 

    	 	28	 

     

    

 

Section 6.2.          Transition
Period. If either Party provides a Notice of Non-Renewal, the terms and conditions of this Second A&R Agreement shall continue
in full force and effect for an additional twelve (12) months following the date of expiration of the Term (the “Transition
Period”) to allow for an orderly transition of the market data distribution arrangements contemplated hereunder. During
the Transition Period, the exclusivity element of the Licenses shall not apply with respect to Tradeweb’s use or distribution
of Exclusive Licensed Data to third party distribution channels or direct users for evaluation, testing and development purposes
only. For the avoidance of doubt, Tradeweb may not license such third parties to use or redistribute Exclusive Licensed Data for
any other purposes until the earlier of expiration of the Transition Period or termination of this Second A&R Agreement.

 

Section 6.3.          Termination
by the Parties. Any Party may terminate this Second A&R Agreement by written notice, in the case of Tradeweb, to the Refinitiv
Parties, and in the case of a Refinitiv Party, to Tradeweb, if the notified Party or any of its Affiliates materially breaches
this Second A&R Agreement and, to the extent applicable, such Party or any of its Affiliates fails to cure the causes of such
breach within thirty (30) days following such written notice.

 

Section 6.4.          Effect
of Termination by the Parties. Upon termination of this Second A&R Agreement in accordance with its terms, Tradeweb shall
have no further obligation to provide any Licensed Data, and the Parties shall have no obligation to make any payments hereunder;
provided, that notwithstanding such termination, each Party shall remain liable to the other Party for fees (prorated, as
applicable) owed and payable by such Party under this Second A&R Agreement prior to the effective date of the termination;
provided, further, that for the avoidance of doubt, GRC shall retain the right in perpetuity to exercise all rights
granted to it in Section 2.1, Section 2.2, and Section 2.3 with respect to Licensed Data delivered to GRC
by Tradeweb during the Term or the Transition Period.

 

Section 6.5.          Survival.
Upon termination of this Second A&R Agreement in accordance with its terms, the following Sections shall survive: Section
2.1, Section 2.2, Section 2.3, and Section 2.9 (in each case, with respect to Licensed Data delivered during
the Term or the Transition Period), Section 3.1, Section 3.2, Section 3.6, Section 3.9, Section
6.4, Section 6.5, Section 7.2, Section 7.3, Section 7.4, Section 7.5, Section 8.1,
Section 8.2 and ARTICLE IX.

 

ARTICLE VII. WARRANTIES;
INDEMNIFICATION; LIMITATION OF LIABILITY

 

Section 7.1.          Representations
and Warranties of the Parties.

 

(a)          Subject
to Section 7.2, Tradeweb represents and warrants as follows:

 

(i)          Rights.
The provision of the Licensed Data under this Second A&R Agreement does not: (A) to Tradeweb’s knowledge, infringe, conflict
with, or otherwise violate, the Intellectual Property rights of any third Person; or (B) conflict with any agreement to which Tradeweb
is a party; or (C) violate any applicable Law.

 

(ii)         No
Claims by Third Persons. Tradeweb is not a defendant to any action, suit, investigation, or proceeding relating to, and has
not otherwise been notified of, any claim that the Licensed Data infringes the Intellectual Property rights of any third Person,
and Tradeweb is not aware of any basis for such a claim.

 

    	 	29	 

     

    

 

(iii)        Market
Data. As of the Effective Date, the Licensed Market Data set forth on Schedule B and Schedule C collectively
constitutes all of the market data currently: (A) being distributed or redistributed by Tradeweb or its Subsidiaries; or (B) approved
for distribution or redistribution by Tradeweb or its Subsidiaries.

 

(b)          Subject
to Section 7.2, TRM represents and warrants that the Refinitiv Services do not: (i) to TRM’s knowledge, infringe,
conflict with, or otherwise violate, the Intellectual Property rights of any third Person; (ii) conflict with any agreement to
which TRM or GRC is a party; or (iii) violate any applicable Law.

 

(c)          Each
Party shall comply with Law, as any such Law shall apply to: (i) the provision of Licensed Data and other information hereunder
by Tradeweb; and (ii) the receipt, distribution and use of Licensed Data and other information hereunder by the Refinitiv Parties.

 

Section 7.2.          DISCLAIMER
OF WARRANTIES.

 

(a) THE LICENSED
DATA IS PROVIDED ON AN “AS IS” BASIS, WITHOUT LIMITATION. EXCEPT AS SET FORTH IN THIS SECOND A&R AGREEMENT, NO
PARTY MAKES ANY OTHER REPRESENTATIONS OR WARRANTIES, WHETHER EXPRESS, IMPLIED OR STATUTORY, INCLUDING, WITHOUT LIMITATION, ANY
IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, AND NO PARTY SHALL HAVE ANY LIABILITY OR RESPONSIBILITY
FOR THE ACCURACY, COMPLETENESS, TIMELINESS OR TITLE OF THE LICENSED DATA, OR ANY WARRANTIES THAT MAY ARISE FROM COURSE OF PERFORMANCE,
COURSE OF DEALING OR USAGE OF TRADE. WITHOUT LIMITING THE FOREGOING, EACH OF TRM AND GRC ACKNOWLEDGES THAT TRADEWEB MAY DEPEND
ON OR INCLUDE THIRD PARTY DATA AS PART OF THE LICENSED DATA, AND SUBJECT TO SECTION 7.1(A)(I)(B), TRADEWEB SHALL NOT BE LIABLE
OR RESPONSIBLE IN ANY RESPECT FOR ANY SUCH THIRD PARTY DATA, INCLUDING WITH RESPECT TO ANY DELAYS OR INACCURACIES THAT MAY OCCUR
IN THE PROVISION OF THE LICENSED DATA TO TRM OR GRC, OR THAT ANY SUCH THIRD PARTY DATA: (I) INFRINGES, CONFLICTS WITH, OR OTHERWISE
VIOLATES, THE INTELLECTUAL PROPERTY RIGHTS OR OTHER RIGHTS OF ANY PERSON; OR (II) VIOLATES ANY APPLICABLE LAW.

 

(b) NOTWITHSTANDING
THE FOREGOING, THE DISCLAIMERS AND LIMITATIONS SET FORTH IN Section 7.2(a) RELATING SOLELY TO THE PROVISION OF THIRD PARTY
DATA SHALL NOT APPLY WITH RESPECT TO the US TREASURIES ACTIVES DATA provided to grc UNDER THE additional ust LICENSE. for the avoidance
of doubt, to the extent any third party data obtained from grc or its affiliates is included in the us treasuries actives data,
nothing in this Section 7.2(b) shall modify any representations, warranties, or other obligations of GRC or such Affiliates
with respect thereto.

 

    	 	30	 

     

    

 

Section 7.3.          LIMITATION
OF LIABILITY. EXCEPT TO THE EXTENT caused by WILLFUL MISCONDUCT OR GROSS NEGLIGENCE
of A PARTY or disclosure BY A PARTY OF CONFIDENTIAL INFORMATION IN VIOLATION OF ARTICLE VIII, OR, EXCEPT
IF SUCH DAMAGES WHICH A PARTY HAS BEEN REQUIRED TO PAY TO A THIRD PERSON CONSTITUTE INDEMNIFIABLE LOSSES UNDER Section 7.4:
(A) in no event shall ANY party, ITS DIRECTORS, OFFICERS, EMPLOYEES, AGENTS OR AFFILIATES be liable to ANY other party for any
special, PUNITIVE, incidental, indirect, or consequential damages whatsoever or for lost profits, lost savings, or business interruption,
arising from this Second A&R Agreement, whether in contract, tort (including negligence) or otherwise; (B) IN NO EVENT SHALL
THE TOTAL LIABILITY OF Tradeweb or the Refinitiv Parties FOR ANY CLAIM OR CAUSE OF ACTION ARISING HEREUNDER EXCEED the aggregate
amount of payments actually made by the REFINITIV parties to tradeweb hereunder during the twelve (12) months prior to the occurrence
of the event or events giving rise to such claim or cause of action; AND (C) ANY LIABILITY OF THE REFINITIV PARTIES TO TRADEWEB
RELATING IN ANY MANNER TO THE RIGHTS AND OBLIGATIONS SET FORTH UNDER ARTICLE V (EXCEPT IN RELATION TO THE TRADEWEB VIEWER
LICENSE) SHALL LIE SOLELY WITH TRM AND NOT with GRC. 

 

Section 7.4.          Indemnification.

 

(a) Subject
to the procedures set forth in Section 7.5, Tradeweb shall indemnify and hold harmless the Refinitiv Parties and their Affiliates
from and against any and all loss, damage or expense, including reasonable attorneys’ fees (“Losses”),
that the Refinitiv Parties or their Affiliates may owe to a third Person pursuant to a court judgment, injunction, order or decree,
or a settlement agreement as a result of: (i) any infringement or alleged infringement by Licensed Data of any third Person’s
Intellectual Property, unless such infringement or alleged infringement is caused by (A) any modifications to such Licensed Data
by the Refinitiv Parties or a Refinitiv Subscriber, (B) any combination of such Licensed Data with other data by the Refinitiv
Parties or a Refinitiv Subscriber, or (C) the use of such Licensed Data other than in accordance with the terms and conditions
of this Second A&R Agreement by the Refinitiv Parties; (ii) Tradeweb’s material breach of this Second A&R Agreement
to the extent such breach is caused by willful misconduct or gross negligence of Tradeweb; (iii) disclosure or use by Tradeweb
of Confidential Information in violation of ARTICLE VIII; and (iv) Tradeweb’s failure to comply with Law.

 

    	 	31	 

     

    

 

(b) In addition
to Section 7.4(a), subject to Section 7.4(c) below and the procedures set forth in Section 7.5, Tradeweb shall,
on behalf of GRC and its Affiliates, indemnify and hold harmless TP ICAP and its Affiliates, directors, employees, officers, managers
and agents from and against any and all claims, loss, damage or expense, including reasonable attorneys’ fees and disbursements,
costs of investigation, interest, fines, penalties, judgments and amounts paid in settlement (“TP ICAP Losses”)
that TP ICAP may owe to a third party arising out of any infringement or alleged infringement by the US Treasuries Actives Data
of any third party’s intellectual property, unless such infringement or alleged infringement is caused by (i) any modifications
to such US Treasuries Actives Data by TP ICAP or a TP ICAP Customer, (ii) any combination of such US Treasuries Actives Data with
other data by TP ICAP or a TP ICAP Customer, or (iii) the use of such US Treasuries Actives Data other than in accordance with
the UST Distribution Agreement. In relation to the foregoing, and for purpose of Section 7.5 below, the “Indemnified
Party” shall be deemed to be TP ICAP and the “Indemnifying Party” shall be deemed to be Tradeweb and “Losses”
shall be deemed to be “TP ICAP Losses”.

 

(c) With
respect to Section 7.4(b), GRC warrants that the UST Distribution Agreement shall, during the term thereof, contain indemnification
obligations on the part of GRC, or its Affiliate, identical to those set forth in Section 7.4(b) above, and procedures identical
to those set forth in Section 7.5. Tradeweb shall, at GRC’s or its applicable Affiliate’s direction, directly
indemnify TP ICAP in accordance with Section 7.4(b) and Section 7.5. The Parties acknowledge that Section 7.4(b)
and Section 7.5 are not intended to mean that Tradeweb must, and Tradeweb is not obligated to, indemnify TP ICAP pursuant
to this Section 7.4(c) for any amount or to any other extent exceeding the amount or extent that GRC or its Affiliates are
required to indemnify TP ICAP pursuant to the UST Distribution Agreement; provided, however, that Tradeweb shall
indemnify and hold harmless GRC and its Affiliates in accordance with the procedures set forth in Section 7.5 from and against
any and all claims, loss, damage or expense, including reasonable attorneys’ fees and disbursements, costs of investigation,
interest, fines, penalties, judgments and amounts paid in settlement incurred by GRC or its Affiliates arising out of or related
to Tradeweb’s failure to comply with the indemnification obligations set forth in Section 7.4(b) and Section 7.5.

 

(d) Subject
to the procedures set forth in Section 7.5, the Refinitiv Parties shall indemnify and hold harmless Tradeweb and its Affiliates
from and against any and all Losses that Tradeweb or its Affiliates may owe to a third Person pursuant to a court judgment, injunction,
order or decree, or a settlement agreement as a result of: (i) any infringement or alleged infringement of any third Person’s
Intellectual Property caused by (A) any modifications to Licensed Data by the Refinitiv Parties or a Refinitiv Subscriber, (B)
any combination of Licensed Data with other data by the Refinitiv Parties or a Refinitiv Subscriber, or (C) the use of such Licensed
Data other than in accordance with the terms and conditions of this Second A&R Agreement by the Refinitiv Parties; (ii) a Refinitiv
Party’s material breach of this Second A&R Agreement to the extent such breach is caused by willful misconduct or gross
negligence of such Refinitiv Party; (iii) disclosure or use by the Refinitiv Parties of Confidential Information in violation of
ARTICLE VIII; (iv) either Refinitiv Party’s failure to comply with Law; and (v) any claim against Tradeweb by a Refinitiv
Subscriber resulting from such Refinitiv Subscriber’s access via a Refinitiv Service to Licensed Data, except to the extent
arising from any claim as to which Tradeweb has an indemnification obligation under Section 7.4 or to the extent caused
by the gross negligence or willful misconduct of Tradeweb; provided, that to the extent any such claim is caused by the
negligence of Tradeweb, the Refinitiv Parties shall be entitled to contribution from Tradeweb for the portion of any Losses suffered
by the Refinitiv Parties attributable to such negligence of Tradeweb.

 

    	 	32	 

     

    

 

Section 7.5.          Indemnification
Procedure.

 

(a) In the
event that Tradeweb or the Refinitiv Parties, or their respective Affiliates shall incur or suffer any Losses (or shall reasonably
anticipate that they shall suffer any Losses) in respect of which indemnification may be sought by such Party (such Party, an “Indemnified
Party”) pursuant to the provisions of Section 7.4 from another Party (such Party, an “Indemnifying Party”)
(each, a “Claim”), the Indemnified Party shall submit to the Indemnifying Party a written indemnification notice
stating the nature and basis of the Claim in reasonable detail (the “Indemnification Notice”). The Indemnification
Notice shall be given within thirty (30) days of the actual knowledge of the Indemnified Party of the filing or other written assertion
of any such Claim against the Indemnified Party, provided, however, the failure of the Indemnified Party to give
the Indemnification Notice within such time period shall not relieve the Indemnifying Party of any liability that the Indemnifying
Party may have to the Indemnified Party pursuant to Section 7.4, except to the extent that the Indemnifying Party can demonstrate
that it is actually materially prejudiced thereby.

 

(b) The Indemnified
Party shall provide to the Indemnifying Party, on request, reasonably detailed descriptions of all information and documentation
in the Indemnified Party’s possession that, in its reasonable judgment, is not privileged, and is reasonably necessary to
support and verify any Losses that the Indemnified Party believes give rise to a claim for indemnification hereunder.

 

(c) The Indemnifying
Party shall have the right to: (i) conduct any proceedings or negotiations in connection with the Claim; (ii) take all other steps
to settle or defend the Claim; and (iii) employ counsel of the Indemnifying Party’s choosing to contest the Claim in the
name of the Indemnified Party or otherwise; provided, that upon taking any of the actions described in the foregoing, the
Indemnifying Party shall be deemed to have accepted any and all indemnification obligations hereunder; provided, further,
that no settlement will obligate or impose liability on any Indemnified Party in any way without the prior written approval of
the Indemnified Party, including without limitation, any determination or admission regarding the Indemnified Party’s interest;
and provided, further, that in the event that the Indemnified Party, in its reasonable judgment, determines that
the Indemnifying Party, after exercising its rights pursuant to this Section 7.5(c), has failed to conduct any proceedings
or negotiations or manage the Claim with the same level of diligence as if such proceeding, negotiation or Claim were solely for
the Indemnifying Party’s own account, the Indemnified Party may relieve the Indemnifying Party of its responsibility, or
participate with the Indemnifying Party, with respect thereto, in each case at the reasonable expense of the Indemnifying Party.
The Indemnified Party shall be entitled to participate at its own expense and by its own counsel in any proceedings relating to
the Claim, and the Indemnified Party shall be entitled to participate with counsel of its own choice at the reasonable expense
of the Indemnifying Party if, in the reasonable judgment of the Indemnified Party, representation of both Parties by the same counsel
presents a conflict of interest or is otherwise inappropriate under applicable standards of professional conduct. Subject to the
provisions of this Section 7.5(c), the Indemnifying Party shall, within thirty (30) days of receipt of the Indemnification
Notice, notify the Indemnified Party of its intention to assume the defense of the Claim, which notification shall include the
name of the counsel that the Indemnifying Party proposes to select as its counsel. Until the Indemnified Party has received notice
of the Indemnifying Party’s election whether to defend the Claim, the Indemnified Party shall take reasonable steps to defend
(but may not settle) such Claim. If the Indemnifying Party declines to assume the defense of the Claim in accordance with this
Section 7.5(c), or shall fail to notify the Indemnified Party within thirty (30) days after receipt of the Indemnification
Notice of the Indemnifying Party’s election to defend such Claim in accordance with this Section 7.5(c), the Indemnified
Party may defend or settle such Claim. The expenses of all proceedings, contests or lawsuits in respect of the Claim (other than
those incurred by the Indemnified Party that are referred to in the second sentence of this Section 7.5(c)) shall be borne
by the Indemnifying Party; provided, that the Indemnified Party shall be required to reimburse the Indemnifying Party for
any such reasonable expenses if and to the extent that the Indemnifying Party is ultimately determined not to be liable to indemnify
the Indemnified Party under Section 7.4 with respect to any such proceeding, contest or lawsuit. Regardless of which Party
shall assume the defense of the Claim, the Parties agree to cooperate fully with one another in connection therewith.

 

    	 	33	 

     

    

  

(d) Upon
making any payment to a third Person for any indemnification claim pursuant to Section 7.4, the Indemnifying Party shall
be subrogated, to the extent of such payment, to any rights which the Indemnified Party may have against any third Persons with
respect to the subject matter underlying such indemnification claim and the Indemnified Party shall assign any such rights to the
Indemnifying Party.

 

ARTICLE VIII. CONFIDENTIALITY

 

Section 8.1.          Confidentiality
Obligations. The Parties acknowledge and agree that proprietary or nonpublic information disclosed or licensed under this Second
A&R Agreement by one Party (the “Disclosing Party”) to another Party (the “Receiving Party”)
directly or indirectly, which information is: (a) in the case of a Disclosing Party, if disclosed electronically or in writing,
marked as “proprietary” or “confidential”; (b) in the case of a Disclosing Party, if disclosed orally,
is designated as confidential or proprietary by the speaker at the time of disclosure; (c) in the case of a Disclosing Party, would
by its nature be considered confidential information, constitutes the confidential and proprietary information; (d) in the case
of Tradeweb, any Non-Trading User List, (e) any information provided by GRC or its Affiliates in connection with the Fee Calculation
or by Tradeweb in connection with the NTU Fee Calculation, as applicable, or (f) information disclosed orally or in writing to
Tradeweb by GRC or its Affiliates related to the TP ICAP Group’s use and distribution of US Treasuries Actives Data (“Confidential
Information”). The Receiving Party shall retain in confidence and not disclose to any third Person Confidential Information
of the Disclosing Party without the Disclosing Party’s prior express written consent or as otherwise permitted under this
Second A&R Agreement, and the Receiving Party shall not use such Confidential Information for any reason other than to exercise
its rights and perform its obligations under this Second A&R Agreement (or rights or obligations still existing from the Amended
Agreement and Original Agreement, as applicable). Without limiting the foregoing, with respect to the Confidential Information
described in Section 8.1(d), TRM shall not disclose such Confidential Information to any employee or consultant of TRM or
its Affiliates without the prior express written consent of Tradeweb, unless such employee or consultant is a member of a group
set forth on Schedule I (such employee or consultant, “Refinitiv Authorized Personnel”, such Schedule,
the “Refinitiv Limited Group”), each of whom shall have a reasonable “need to know” such Confidential
Information in connection with their employment or engagement); provided, that access to such Confidential Information by
any Authorized Refinitiv Personnel shall be immediately terminated upon termination of his or her employment or engagement with
the applicable Refinitiv Limited Group. Without limiting the foregoing, each Party shall use at least the same procedures and degree
of care to protect the Confidential Information as it uses to protect its own Confidential Information of like importance, and
in no event less than reasonable care. With respect to the type of Confidential Information set forth in subsection (f) herein,
if Tradeweb becomes aware of an actual breach of confidentiality, unauthorized use or loss of such Confidential Information, it
shall notify GRC, and GRC shall be permitted to notify TP ICAP in accordance with the UST Distribution Agreement. In the event
that the Receiving Party is requested or required (by oral questions, interrogatories, requests for information or documents, subpoena,
civil investigative demand or similar process) to disclose any Confidential Information (each, a “Government Request”),
it is agreed that the Receiving Party shall, to the extent permitted by applicable law, provide the Disclosing Party with prompt
notice of the Government Request so that the Disclosing Party may seek an appropriate protective order or other appropriate remedy
or waive the Receiving Party’s compliance with the provisions of this ARTICLE VIII, and the Receiving Party shall
cooperate with the Disclosing Party to obtain such protective order or other remedy sought by the Disclosing Party with respect
to such Government Request. In the event that such protective order or other remedy is not obtained (either in whole or in part)
or that the Disclosing Party grants a waiver hereunder, the Receiving Party shall use its commercially reasonable efforts to obtain
reliable assurance that confidential treatment shall be accorded to any Confidential Information to be disclosed, and, to the extent
permitted by applicable Law, shall only disclose the minimum amount of Confidential Information required to be responsive to such
Government Request.

 

    	 	34	 

     

    

  

Section 8.2.          Exceptions.
Notwithstanding the foregoing, except with respect to any personally-identifiable or financial information regarding former, current
or prospective clients or customers of Tradeweb, the Refinitiv Parties, or TP ICAP or their respective Affiliates that is subject
to privacy Law, Confidential Information shall not include information to the extent demonstrated by the Receiving Party that such
information:

 

(a) was generally
available to the public at the time of its disclosure to the Receiving Party;

 

(b) became
generally available to the public after its disclosure to the Receiving Party, other than through any act or omission of the Receiving
Party in breach of this Second A&R Agreement; or

 

(c) was subsequently
disclosed to the Receiving Party by a Person other than a Party (that is not information originating from a Party) who is lawfully
in possession of the Confidential Information and who is not bound by confidentiality obligations to the Disclosing Party, or developed
by the Receiving Party without access or reference to, or use of, any Confidential Information.

 

    	 	35	 

     

    

 

ARTICLE IX. MISCELLANEOUS

 

Section 9.1.          Notices.
All notices and other communications given or made pursuant hereto shall be in writing and shall be deemed to have been duly given
or made: (a) as of the date delivered, if delivered personally; (b) on the date the delivering Party receives confirmation, if
delivered by facsimile; (c) three (3) Business Days after being mailed by registered or certified mail (postage prepaid, return
receipt requested); or (d) one (1) Business Day after being sent by overnight courier (providing proof of delivery), to the Parties
at the following addresses (or at such other address for a Party as shall be specified in a notice given in accordance with this
Section 9.1):

 

(i)          If
to GRC:

 

Thomson Reuters (GRC) Inc.

3 Times Square

New York, NY 10036

Attention: General Counsel

 

(ii)         If
to TRM:

 

Thomson Reuters (Markets) LLC

3 Times Square

New York, NY 10036

Attention: General Counsel

 

(iii)        If
to Tradeweb:

 

Tradeweb Markets LLC

 

1177 Avenue of the Americas

31st Floor

New York, NY 10036

Attention: Scott Zucker, Chief Administrative Officer

Fax: 646-430-6255

 

With a copy (which shall not constitute
notice) to:

 

Latham & Watkins LLP

885 Third Avenue

New York, NY 10022-4834

Attention: Louis Trotta, Esq.

Phone: 212-906-1662

Fax: 212-751-4864

 

    	 	36	 

     

    

 

 

Section 9.2.          Headings.
The headings contained herein are for reference purposes only and shall not affect in any way the meaning or interpretation of
this Second A&R Agreement.

 

Section 9.3.          Severability.
If any term or other provision of this Second A&R Agreement is invalid, illegal or incapable of being enforced by any rule
of Law or public policy, all other conditions and provisions of this Second A&R Agreement shall nevertheless remain in full
force and effect so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner
materially adverse to any Party. Upon a determination that any term or other provision is invalid, illegal or incapable of being
enforced, the Parties shall negotiate in good faith to modify this Second A&R Agreement so as to effect the original intent
of the Parties as closely as possible in an acceptable manner to the end that the transactions contemplated hereby are fulfilled
to the greatest extent possible.

 

Section 9.4.          Force
Majeure. No Party shall be liable to the other for any failure to perform any of its obligation under this Second A&R Agreement,
including any failure or delay by Tradeweb to provide Licensed Data to GRC, resulting from any event or condition beyond the reasonable
control of such Party, including acts of God, fire, labor or trade disturbance, war, civil commotion, compliance in good faith
with any Law, any failure or delay of the internet, satellite, cable, supply of third party data, broadcast or telecommunications
equipment or service, and unavailability of materials, or other event or condition outside the control of such Party whether similar
or dissimilar to the foregoing (a “Force Majeure Event”). Any Party that is unable to perform an obligation
under this Second A&R Agreement due to a Force Majeure Event shall give prompt notice to the other Parties of the occurrence,
nature and anticipated duration of such Force Majeure Event, including a Force Majeure Event that gives rise to any suspension
of the provision of Licensed Data, and the Parties shall cooperate with each other to find alternative means and methods to perform
such obligation, including to enable delivery to GRC of any suspended Licensed Data.

 

Section 9.5.          Entire
Agreement. This Second A&R Agreement (together with any Schedules, and any provisions in effect from the Amended Agreement
and Original Agreement) constitutes the entire agreement of the Parties and supersedes all prior agreements and undertakings, both
written and oral, among the Parties with respect to the subject matter hereof.

 

Section 9.6.          Assignment.
This Second A&R Agreement shall not be assigned by (a) Tradeweb (except by operation of Law) without the prior written
consent of the Refinitiv Parties, which may be withheld in either Refinitiv Party’s sole discretion, or (b) either Refinitiv
Party (except by operation of Law) without the prior written consent of Tradeweb, which may be withheld in Tradeweb’s sole
discretion; provided, however, that the Refinitiv Parties shall be entitled to assign this Second A&R Agreement:
(i) to any Affiliate of GRC or TRM; or (ii) to an entity that acquires all or substantially all of the business or assets of GRC
or TRM. Any attempted assignment in violation of this Section 9.6 shall be null and void.

 

Section 9.7.          Parties
in Interest. This Second A&R Agreement shall be binding upon, inure solely to the benefit of, and be enforceable by each
Party and their respective successors and permitted assigns hereto, and nothing in this Second A&R Agreement, express or implied,
is intended to or shall confer upon any other Person other than the Parties any right, benefit, or remedy of any nature whatsoever
under or by reason of this Second A&R Agreement.

 

    	 	37	 

     

    

 

Section 9.8.          Applicable
Law. This Second A&R Agreement and the rights and obligations of the Parties hereto shall be interpreted and enforced in
accordance with and governed by the laws of the State of New York applicable to agreements made and to be performed wholly within
that jurisdiction.

 

Section 9.9.          Consent
to Jurisdiction. This provision does not apply to any Dispute Resolution Matter. Each Party hereby irrevocably consents and
agrees, for the benefit of each Party, to submit to the jurisdiction of any New York state court sitting in the borough of Manhattan
in the City of New York or any federal court sitting in the borough of Manhattan in the City of New York in respect of any suit,
action or proceeding arising out of or relating to this Second A&R Agreement, and irrevocably accepts for its and in respect
of its property, generally and unconditionally, jurisdiction of the aforesaid courts. Each Party irrevocably waives, to the fullest
extent it may effectively do so under applicable Law, trial by jury and any objection that it may now or hereafter have to the
laying of venue of any such suit, action or proceeding brought in any such court and any claim that any such suit, action or proceeding
brought in any such court has been brought in an inconvenient forum. Each Party irrevocably consents, to the fullest extent it
may effectively do so under applicable Law, to the service of process of any of the aforementioned courts in any such action or
proceeding by the mailing of copies thereof by registered or certified mail, postage prepaid, to such Party at its address set
forth in Section 9.1 or such other address as it may specify from time to time by notice pursuant to Section 9.1,
such service to become effective thirty (30) days after such mailing. Nothing herein shall affect the right of any Party to serve
process in any other manner permitted by Law or to commence legal proceedings or otherwise proceed against any other Party in any
other jurisdiction.

 

Section 9.10.         Counterparts.
This Second A&R Agreement may be executed and delivered in one or more counterparts, and by the Parties in separate counterparts,
each of which when executed and delivered shall be deemed to be an original but all of which taken together shall constitute one
and the same agreement.

 

Section 9.11.         Further
Assurances. The Parties shall cooperate reasonably with each other and with their respective representatives in connection
with any steps required to be taken as part of their respective obligations under this Second A&R Agreement, and shall: (a)
furnish upon request to each other such further information; (b) execute and deliver to each other such other documents; and (c)
do such other acts and things, all as any other Party may reasonably request for the purpose of carrying out the transactions contemplated
hereby.

 

Section 9.12.         Amendments.
The terms and provisions of this Second A&R Agreement may not be modified or amended at any time without the written agreement
of the Parties.

 

Section 9.13.         Waiver.
The failure of any Party to assert any of its rights under this Second A&R Agreement or otherwise shall not constitute a waiver
of such rights.

 

Section 9.14.         Specific
Performance. The Parties hereto agree that irreparable damage would occur in the event that any material provision of this
Second A&R Agreement was not materially performed in accordance with the terms hereof and that the Parties shall be entitled
to seek specific performance of such terms hereof, in addition to any other remedy at Law or equity.

 

(remainder of page
intentionally left blank)

 

    	 	38	 

     

    

 

IN WITNESS WHEREOF, the Parties have executed
this Second A&R Agreement as of the date first above written.

 

	 	THOMSON REUTERS (GRC) INC.

 

	 	By:	/s/
    Sarah Andrews
	 	Name:	Sarah Andrews
	 	Title:	Global Head of Partner Marketplace Proposition

 

	 	THOMSON REUTERS (MARKETS) LLC

 

	 	By:	/s/
    Sarah Andrews
	 	Name:	Sarah Andrews
	 	Title:	Global Head of Partner Marketplace Proposition

 

	 	TRADEWEB MARKETS LLC

 

	 	By:	/s/ Lee Olesky
	 	Name:	Lee Olesky
	 	Title:	CEO

 

     

     

    

 

 

SCHEDULE A

 

Restricted List

 

	
         

        FIRM NAME
	RESTRICTED	 	
         

        FIRM NAME
	RESTRICTED
	 	TWI	TWD	DW	 	 	TWI	TWD	DW
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	 	 	 	 	 	[***]	ü	ü	ü
	 	 	 	 	 	[***]	ü	ü	ü
	 	 	 	 	 	[***]	ü	ü	ü

 

 

     

     

    

 

SCHEDULE B

Exclusive Licensed Market Data

 

	1	2	3	4	5	6	 
	Tradeweb Institutional	 	 	 	 
	 	Global Governments	 	 	 	 
	 	North America Governments	 	 	 
	 	 	United States (US)	 	 	 
	 	 	 	USD	 	 	 
	 	 	 	 	Bills	 	 
	 	 	 	 	 	REGBILL, On The Run Treasury Bills	Composite Quote
	 	 	 	 	 	REGBILL, Off the Run Treasury Bills	Composite Quote
	 	 	 	 	 	CMBBILL, Cash Management Bills	Composite Quote
	 	 	 	 	 	TRSYROLLSWAP, Treasury Bill Rolls (REG/WI)	Composite Quote
	 	 	 	 	Notes	 	 
	 	 	 	 	 	REGNOTE, On The Run Treasury Notes	Composite Quote
	 	 	 	 	 	REGNOTE, Off The Run Treasury Notes	Composite Quote
	 	 	 	 	Bonds	 	 
	 	 	 	 	 	REGNOTE, On The Run Treasury Bonds	Composite Quote
	 	 	 	 	 	REGNOTE, Off The Run Treasury Bonds	Composite Quote
	 	 	 	 	TIPS	 	 
	 	 	 	 	 	REGTIPS, On The Run Treasury Inflation Protected Securities 	Composite Quote
	 	 	 	 	 	REGTIPS, Off the Run Treasury Inflation Protected Securities 	Composite Quote
	 	 	 	 	FRNs	 	 
	 	 	 	 	 	REGTRSYFRN, On The Run Treasury Floating Rate Notes	Composite Quote
	 	 	 	 	 	REGTRSYFRN, Off the Run Treasury Floating Rate Notes	Composite Quote
	 	 	 	 	Strips	 	 
	 	 	 	 	 	STRIPPRIN, Principal Strips	Composite Quote
	 	 	 	 	 	STRIPINT, Interest Strips	Composite Quote
	 	 	 	 	Basis	 	 
	 	 	 	 	 	TRSYBASISSWAP, Current Quarter Treasury Basis 	Composite Quote
	 	 	 	 	 	TRSYBASISSWAP, Forward Quarter Treasury Basis	Composite Quote
	 	Non-North American Governments	 	 	 
	 	 	Germany	 	 	 	 
	 	 	 	EUR	 	 	 
	 	 	 	 	Bill	 	 
	 	 	 	 	 	REGBUD, Government Bill	Composite Quote
	 	 	 	 	Bonds & Notes	 	 
	 	 	 	 	 	REGOBL, 5Yr Federal Notes Bundesobligationen	Composite Quote
	 	 	 	 	 	REGBKO, Federal Notes Bundesschatzanweisungen	Composite Quote
	 	 	 	 	 	REGDBR, Federal Bund	Composite Quote
	 	 	 	 	ILBs	 	 
	 	 	 	 	 	REGDBRei, Inflation Linked Notes/Bonds – HICP Index	Composite Quote
	 	 	 	 	 	REGOBLEI, Bundesobligation I/L	Composite Quote
	 	 	 	 	Strips	 	 
	 	 	 	 	 	REGDBRD, Fungible Strip	Composite Quote
	 	 	 	 	 	REGDBRR, Principal Strips	Composite Quote
	 	 	 	 	 	REGDBRS, Interest Strips	Composite Quote
	 	 	 	 	 	 	 
	 	 	France	 	 	 	 
	 	 	 	EUR	 	 	 
	 	 	 	 	Bills	 	 
	 	 	 	 	 	REGBTF, France Tresor Negotiable Fixed Rate Discount Bill	Composite Quote
	 	 	 	 	Notes & Bonds	 	 
	 	 	 	 	 	REGBTNS, Tresor Medium Term (2-5Yr) Treasury Note	Composite Quote
	 	 	 	 	 	REGFRTR, Tresor Government Bond	Composite Quote
	 	 	 	 	ILBs	 	 
	 	 	 	 	 	REGBTNEI, Tresor Medium Term (2-5Yr) Inflation Indexed Note – HICP Index	Composite Quote
	 	 	 	 	 	REGOATEI, France Tresor Long Term (7-50Yr) Inflation Indexed Note/Bond – HICP Index	Composite Quote
	 	 	 	 	 	REGBTNI, Tresor Medium Term (2-5Yr) Inflation Indexed Note/Bond – French CPI Index	Composite Quote
	 	 	 	 	 	REGOATI, France Tresor Long Term (7-50Yr) Inflation Indexed Note/Bond – French CPI Index	Composite Quote
	 	 	 	 	Strips	 	 
	 	 	 	 	 	REGFRTRD, Fungible Strips	Composite Quote
	 	 	 	 	 	REGFRTRR, Principal Strips	Composite Quote
	 	 	 	 	 	REGFRTRS, Interest Strips	Composite Quote
	 	 	 	 	 	 	 
	 	 	Italy	 	 	 	 
	 	 	 	EUR	 	 	 
	 	 	 	 	Bills	 	 
	 	 	 	 	 	REGCTZ, Italy Certificati del Tesoro Zero Coupon Bond	Composite Quote
	 	 	 	 	Notes & Bonds	 	 
	 	 	 	 	 	REGBOT, Italy Buoni Ordinari del Tesoro	Composite Quote
	 	 	 	 	 	REGBTPS, Italy Busoni Poliennali del TES	Composite Quote
	 	 	 	 	FRNs/CCTs	 	 
	 	 	 	 	 	REGCCT, Italy Certificati di Credito del Tesoro (CCT)	Composite Quote
	 	 	 	 	 	REGCCT, Italy Certificati di Credito del Tesoro (CCTeu)	Composite Quote
	 	 	 	 	ILBs	 	 
	 	 	 	 	 	REGBTPEI, Italy Inflation Indexed Note/Bond – HICP Index	Composite Quote
	 	 	 	 	 	REGBPIT, Italy Domestic Inflation Indexed Notes/Bonds	Composite Quote
	 	 	 	 	Strips	 	 
	 	 	 	 	 	REGBTPSD, Italian Fungible Strips	Composite Quote
	 	 	 	 	 	REGBTPSR, Italian Principal Strips	Composite Quote
	 	 	 	 	 	REGBTPSS, Italian Interest Strips	Composite Quote

 

    	 

     

    

 

	1	2	3	4	5	6	 
	Tradeweb Institutional	 	 	 	 
	 	 	Netherlands	 	 	 
	 	 	 	EUR	 	 	 
	 	 	 	 	Bills	 	 
	 	 	 	 	 	REGDTC, Government Bill	Composite Quote
	 	 	 	 	Notes & Bonds	 	 
	 	 	 	 	 	REGNETHR, Government Bond/Note	Composite Quote
	 	 	 	 	Strips	 	 
	 	 	 	 	 	REGNETHRD, Fungible Strips	Composite Quote
	 	 	 	 	 	REGNETHRR, Principal Strips	Composite Quote
	 	 	 	 	 	REGNETHRS, Interest Strips	Composite Quote
	 	 	 	 	 	 	 
	 	 	Spain	 	 	 	 
	 	 	 	EUR	 	 	 
	 	 	 	 	Bills	 	 
	 	 	 	 	 	REGLET, Government Bill	Composite Quote
	 	 	 	 	Notes & Bonds	 	 
	 	 	 	 	 	REGSPGB, Government Bond/Note	Composite Quote
	 	 	 	 	Strips	 	 
	 	 	 	 	 	REGSPGBD, Fungible Strips	Composite Quote
	 	 	 	 	 	REGSPGBR, Principal Strips	Composite Quote
	 	 	 	 	 	REGSPGBS, Interest Strips	Composite Quote
	 	 	 	 	 	 	 
	 	 	Belgium	 	 	 	 
	 	 	 	EUR	 	 	 
	 	 	 	 	Bills	 	 
	 	 	 	 	 	REGBTC, Government Bill	Composite Quote
	 	 	 	 	Notes & Bonds	 	 
	 	 	 	 	 	REGOLO, Government Note/Bond	Composite Quote
	 	 	 	 	Strips	 	 
	 	 	 	 	 	REGOLOD, Fungible Strips	Composite Quote
	 	 	 	 	 	REGOLOR, Principal Strips	Composite Quote
	 	 	 	 	 	REGOLOS, Interest Strips	Composite Quote
	 	 	 	 	 	 	 
	 	 	Austria	 	 	 	 
	 	 	 	EUR	 	 	 
	 	 	 	 	Notes & Bonds	 	 
	 	 	 	 	 	REGRAGB, Government Note/Bond	Composite Quote
	 	 	 	 	Strips	 	 
	 	 	 	 	 	REGRAGBR, Principal Strips	Composite Quote
	 	 	 	 	 	REGRAGBS, Interest Strips	Composite Quote
	 	 	 	 	 	 	 
	 	 	Finland	 	 	 	 
	 	 	 	EUR	 	 	 
	 	 	 	 	Notes & Bonds	 	 
	 	 	 	 	 	REGRFGB, Government Bond/Note	Composite Quote
	 	 	 	 	 	 	 
	 	 	Portugal	 	 	 	 
	 	 	 	EUR	 	 	 
	 	 	 	 	Bills	 	 
	 	 	 	 	 	REGPTC, Bilhetes Do Tesouro	Composite Quote
	 	 	 	 	Notes & Bonds	 	 
	 	 	 	 	 	REGPGB, Government Note/Bond	Composite Quote
	 	 	 	 	 	 	 
	 	 	Ireland	 	 	 	 
	 	 	 	EUR	 	 	 
	 	 	 	 	Bills	 	 
	 	 	 	 	 	REGITC, Government Bill	Composite Quote
	 	 	 	 	Notes & Bonds	 	 
	 	 	 	 	 	REGIRISH, Government Note/Bond	Composite Quote

 

    	 

     

    

 

	1	2	3	4	5	6	 
	Tradeweb Institutional	 	 	 	 
	 	 	Greece	 	 	 	 
	 	 	 	EUR	 	 	 
	 	 	 	 	Bills	 	 
	 	 	 	 	 	REGGTB, Hellenic Treasury Bill	Composite Quote
	 	 	 	 	Notes & Bonds	 	 
	 	 	 	 	 	REGGGB, Government Note/Bond	Composite Quote
	 	 	 	 	ILBs	 	 
	 	 	 	 	 	REGGGBEI, Inflation Indexed Note/Bond – HICP Index	Composite Quote
	 	 	 	 	 	 	 
	 	 	Denmark	 	 	 	 
	 	 	 	EUR	 	 	 
	 	 	 	 	Notes & Bonds	 	 
	 	 	 	 	 	REGDGB, Government Bond/Note	Composite Quote
	 	 	 	 	ILBs	 	 
	 	 	 	 	 	REGDBGI,  Index Linked Bonds	Composite Quote
	 	 	 	 	 	 	 
	 	 	Norway	 	 	 	 
	 	 	 	EUR	 	 	 
	 	 	 	 	Notes & Bonds	 	 
	 	 	 	 	 	REGNGB, Government Bonds	Composite Quote
	 	 	 	 	 	 	 
	 	 	Slovenia	 	 	 	 
	 	 	 	EUR	 	 	 
	 	 	 	 	Notes & Bonds	 	 
	 	 	 	 	 	REGSVN, Government Bond	Composite Quote
	 	 	 	 	 	 	 
	 	 	Slovakia	 	 	 	 
	 	 	 	EUR	 	 	 
	 	 	 	 	Notes & Bonds	 	 
	 	 	 	 	 	REGSLO,  Government Note/Bond	Composite Quote
	 	 	 	 	 	 	 
	 	 	United Kingdom	 	 	 
	 	 	 	GBP	 	 	 
	 	 	 	 	Bills	 	 
	 	 	 	 	 	REGUKTB, Gilt Bills	Composite Quote
	 	 	 	 	Notes & Bonds	 	 
	 	 	 	 	 	REGUKT, Gilts	Composite Quote
	 	 	 	 	ILBs	 	 
	 	 	 	 	 	REGUKTI, Inflation Indexed Note/Bond – UK All RPI Index	Composite Quote
	 	 	 	 	 	REGUKGI, Inflation Indexed Note/Bond – UK All RPI Index	Composite Quote
	 	 	 	 	 	 	 
	 	 	Sweden	 	 	 	 
	 	 	 	SEK	 	 	 
	 	 	 	 	Notes & Bonds	 	 
	 	 	 	 	 	REGSGB, Government Note/Bond	Composite Quote
	 	 	 	 	ILBs	 	 
	 	 	 	 	 	REGSEI, Index Linked Notes/Bonds	Composite Quote
	 	 	 	 	 	 	 
	 	 	Switzerland	 	 	 
	 	 	 	CHF	 	 	 
	 	 	 	 	Notes & Bonds	 	 
	 	 	 	 	 	REGSWISS, Government Bond	Composite Quote
	 	 	 	 	 	 	 
	 	 	Hungary	 	 	 	 
	 	 	 	EUR	 	 	 
	 	 	 	 	Notes & Bonds	 	 
	 	 	 	 	 	REGHUN, Government Note/Bond	Composite Quote
	 	 	 	 	 	 	 
	 	 	 	HUF	 	 	 
	 	 	 	 	Notes & Bonds	 	 
	 	 	 	 	 	REGHGB, Government Note/Bond	Composite Quote

 

    	 

     

    

 

	1	2	3	4	5	6	 
	Tradeweb Institutional	 	 	 	 
	 	 	Japan	 	 	 	 
	 	 	 	JPY	 	 	 
	 	 	 	 	Bills	 	 
	 	 	 	 	 	REGJBILL, On the Run	Composite Quote
	 	 	 	 	 	REGJBILL, Off the Run	Composite Quote
	 	 	 	 	Notes  & Bonds	 	 
	 	 	 	 	 	REGJNOTE, On the Run	Composite Quote
	 	 	 	 	 	REGJNOTE, Off the Run	Composite Quote
	 	 	 	 	ILBs	 	 
	 	 	 	 	 	REGJILB, Index Linked Bond & Note	Composite Quote
	 	 	 	 	 	 	 
	 	 	Australia	 	 	 	 
	 	 	 	AUD	 	 	 
	 	 	 	 	Bills	 	 
	 	 	 	 	 	REGAUBILL, Government Bills	Composite Quote
	 	 	 	 	Notes & Bonds	 	 
	 	 	 	 	 	REGAUBOND, On the Run Government Bonds and Notes	Composite Quote
	 	 	 	 	 	REGAUBOND, Off the Run Government Bonds and Notes	Composite Quote
	 	 	 	 	ILBs	 	 
	 	 	 	 	 	REGAUAGCI, Australian Index Linked Bonds - ACGBi	Composite Quote
	 	 	 	 	 	REGAUAGCI, Australian Index Linked Bonds - AUSCAPi	Composite Quote
	 	 	 	 	 	REGAUAGCI, Australian Index Linked Bonds - NSWTCi	Composite Quote
	 	 	 	 	 	REGAUAGCI, Australian Index Linked Bonds - QTCi	Composite Quote
	 	 	 	 	 	REGAUAGCI, Australian Index Linked Bonds - TCVi	Composite Quote
	 	 	 	 	Agencies (Semis)*	 	 
	 	 	 	 	 	REGAUAGCY, Regional/Provincial Notes and Bonds - NSWTC	Composite Quote
	 	 	 	 	 	REGAUAGCY, Regional/Provincial Notes and Bonds - NSWTC-GG	Composite Quote
	 	 	 	 	 	REGAUAGCY, Regional/Provincial Notes and Bonds - NTTC	Composite Quote
	 	 	 	 	 	REGAUAGCY, Regional/Provincial Notes and Bonds - QTC	Composite Quote
	 	 	 	 	 	REGAUAGCY, Regional/Provincial Notes and Bonds - QTC-GG	Composite Quote
	 	 	 	 	 	REGAUAGCY, Regional/Provincial Notes and Bonds - TASCOR	Composite Quote
	 	 	 	 	 	REGAUAGCY, Regional/Provincial Notes and Bonds - TCV	Composite Quote
	 	 	 	 	 	REGAUAGCY, Regional/Provincial Notes and Bonds - WATC	Composite Quote
	 	 	 	 	 	 	 
	 	 	New Zealand	 	 	 
	 	 	 	NZD	 	 	 
	 	 	 	 	Bills	 	 
	 	 	 	 	 	REGNZGTB, Government Bills	Composite Quote
	 	 	 	 	Notes & Bonds	 	 
	 	 	 	 	 	REGNZBG, Government Bonds	Composite Quote
	 	 	 	 	 	 	 
	 	 	 	EUR	 	 	 
	 	 	 	 	Notes & Bonds	 	 
	 	 	 	 	 	REGCZE, Czech Republic Government Note/Bond	Composite Quote
	 	 	 	 	 	 	 
	 	 	CEE	 	 	 	 
	 	 	 	EUR	 	 	 
	 	 	 	 	Bill 	 	 
	 	 	 	 	 	REGEFSFBILL, European Financial Stability Nill	Composite Quote

 

    	 

     

    

 

	1	2	3	4	5	6	 
	Tradeweb Institutional	 	 	 	 
	 	Mortgages	 	 	 	 
	 	Agency MBS	 	 	 	 
	 	 	TBA	 	 	 	 
	 	 	 	FNMA	 	 	 
	 	 	 	 	30YR	 	 
	 	 	 	 	 	TBAFNMA, Front Month	Composite Quote
	 	 	 	 	 	TBAFNMA, 1st Back Mont	Composite Quote
	 	 	 	 	 	TBAFNMA, 2nd Back Month	Composite Quote
	 	 	 	 	 	TBASWAP, Rolls	Composite Quote
	 	 	 	 	15YR	 	 
	 	 	 	 	 	TBAFNMA, Front Month	Composite Quote
	 	 	 	 	 	TBAFNMA, 1st Back Mont	Composite Quote
	 	 	 	 	 	TBAFNMA, 2nd Back Month	Composite Quote
	 	 	 	 	 	TBASWAP, Rolls	Composite Quote
	 	 	 	 	 	 	 
	 	 	 	PCGLD	 	 	 
	 	 	 	 	30YR	 	 
	 	 	 	 	 	TBAFHLMCG, Front Month	Composite Quote
	 	 	 	 	 	TBAFHLMCG, 1st Back Mont	Composite Quote
	 	 	 	 	 	TBAFHLMCG, 2nd Back Month	Composite Quote
	 	 	 	 	 	TBASWAP, Rolls	Composite Quote
	 	 	 	 	15YR	 	 
	 	 	 	 	 	TBAFHLMCG, Front Month	Composite Quote
	 	 	 	 	 	TBAFHLMCG, 1st Back Mont	Composite Quote
	 	 	 	 	 	TBAFHLMCG, 2nd Back Month	Composite Quote
	 	 	 	 	 	TBASWAP, Rolls	Composite Quote
	 	 	 	 	 	 	 
	 	 	 	GNMA I	 	 	 
	 	 	 	 	30YR	 	 
	 	 	 	 	 	TBAGNMA1, Front Month	Composite Quote
	 	 	 	 	 	TBAGNMA1, 1st Back Mont	Composite Quote
	 	 	 	 	 	TBAGNMA1, 2nd Back Month	Composite Quote
	 	 	 	 	 	TBASWAP, Rolls	Composite Quote
	 	 	 	 	15YR	 	 
	 	 	 	 	 	TBAGNMA1, Front Month	Composite Quote
	 	 	 	 	 	TBAGNMA1, 1st Back Mont	Composite Quote
	 	 	 	 	 	TBAGNMA1, 2nd Back Month	Composite Quote
	 	 	 	 	 	TBASWAP, Rolls	Composite Quote
	 	 	 	 	 	 	 
	 	 	 	GNMA II	 	 	 
	 	 	 	 	30YR	 	 
	 	 	 	 	 	TBAGNMA2, Front Month	Composite Quote
	 	 	 	 	 	TBAGNMA2, 1st Back Mont	Composite Quote
	 	 	 	 	 	TBAGNMA2, 2nd Back Month	Composite Quote
	 	 	 	 	 	TBASWAP, Rolls	Composite Quote
	 	 	 	 	 	 	 
	 	 	 	 	15YR	 	 
	 	 	 	 	 	TBAGNMA2, Front Month	Composite Quote
	 	 	 	 	 	TBAGNMA2, 1st Back Mont	Composite Quote
	 	 	 	 	 	TBAGNMA2, 2nd Back Month	Composite Quote
	 	 	 	 	 	TBASWAP, Rolls	Composite Quote

 

    	 

     

    

 

	1	2	3	4	5	6
	Tradeweb Institutional	 	 	 	 
	 	Global Derivatives	 	 	 
	 	North American Interest Rate Swaps	 	 
	 	 	USD	 	 	 
	 	 	 	Outright Swaps (Semi Bond)	 
	 	 	 	 	IRSUSD, vs 1M Libor	Composite Quote
	 	 	 	 	IRSUSD, vs 3M Libor	Composite Quote
	 	 	 	 	IRSUSD, vs 6M Libor	Composite Quote
	 	 	 	 	 	 
	 	 	 	Outright Swaps (Annual Money)	 
	 	 	 	 	IRSUSD, vs 1M Libor	Composite Quote
	 	 	 	 	IRSUSD, vs 3M Libor	Composite Quote
	 	 	 	 	IRSUSD, vs 6M Libor	Composite Quote
	 	 	 	 	 	 
	 	 	 	Swap Spreads vs TRSY	 
	 	 	 	 	IRSUSDBENCH, OTR vs 3M Libor	Composite Quote
	 	 	 	 	IRSUSDOFFBENCH, Off the Run vs 3M Libor	Composite Quote
	 	 	 	 	 	 
	 	 	 	IMM Swaps 	 	 
	 	 	 	 	IRSIMM, vs 3M Libor Current Quarter	Composite Quote
	 	 	 	 	IRSIMM, vs 3M Libor 2nd Quarter	Composite Quote
	 	 	 	 	IRSIMM, vs 3M Libor 3rd Quarter	Composite Quote
	 	 	 	 	 	 
	 	 	 	MAC Swaps	 	 
	 	 	 	 	IRSMACUSD, CMECurrent Quarter	Composite Quote
	 	 	 	 	IRSMACUSD, CME 2nd Quarter	Composite Quote
	 	 	 	 	IRSMACUSD, CME 3rd Quarter	Composite Quote
	 	 	 	 	IRSMACUSD, LCH Current Quarter	Composite Quote
	 	 	 	 	IRSMACUSD, LCH 2nd Quarter	Composite Quote
	 	 	 	 	IRSMACUSD, LCH 3rd Quarter	Composite Quote
	 	 	 	 	 	 
	 	 	 	OIS	 	 
	 	 	 	 	OISUSD, Fed Funds Short $OIS	Composite Quote
	 	 	 	 	OISLUSD, Fed Funds Long $OIS	Composite Quote
	 	 	 	 	 	 
	 	 	 	Swap Basis	 	 
	 	 	 	 	IRSUSDBAS, 1M Libor vs 3M Libor	Composite Quote
	 	 	 	 	IRSUSDBAS, 3M Libor vs 6M Libor	Composite Quote
	 	 	 	 	 	 
	 	 	 	Forward Start Swaps (Semi Bond)	 
	 	 	 	 	IRSFWD, USD Forward Start Swaps	Composite Quote
	 	 	CAD	 	 	 
	 	 	 	Outright Swaps (Semi Bond)	 
	 	 	 	 	IRSCAD, Outright Swaps (SA Actual/365F vs 3M CDOR)	Composite Quote
	 	 	 	Swap Spreads vs CAN Govt	 
	 	 	 	 	IRSCADBENCH, OTR vs GOC	Composite Quote
	 	 	 	 	IRSCADOFFBENCH, Off the Run vs GOC	Composite Quote
	 	 	 	MAC Swaps	 	 
	 	 	 	 	IRSMACCAD, CMECurrent Quarter	Composite Quote
	 	 	 	 	IRSMACCAD, CME 2nd Quarter	Composite Quote
	 	 	 	 	IRSMACCAD, CME 3rd Quarter	Composite Quote
	 	 	 	 	IRSMACCAD, LCH Current Quarter	Composite Quote
	 	 	 	 	IRSMACCAD, LCH 2nd Quarter	Composite Quote
	 	 	 	 	IRSMACCAD, LCH 3rd Quarter	Composite Quote

 

    	 

     

    

 

	1	2	3	4	5	6
	Tradeweb Institutional	 	 	 	 
	 	Global Derivatives	 	 	 
	 	Non-North American Interest Rate Swaps	 	 
	 	 	EUR	 	 	 
	 	 	 	Outright Swaps (Annual Money)	 
	 	 	 	 	IRS1MEUR, vs 1M Euribor	Composite Quote
	 	 	 	 	IRSEUR, vs 3M Euribor	Composite Quote
	 	 	 	 	IRSEUR, vs 6M Euribor	Composite Quote
	 	 	 	 	IRSEUR, vs 12M Euribor	Composite Quote
	 	 	 	 	 	 
	 	 	 	MAC Swaps	 	 
	 	 	 	 	IRSMACEUR, CME Current Quarter	Composite Quote
	 	 	 	 	IRSMACEUR, CME 2nd Quarter	Composite Quote
	 	 	 	 	IRSMACEUR, CME 3rd Quarter	Composite Quote
	 	 	 	 	IRSMACEUR, LCH Current Quarter	Composite Quote
	 	 	 	 	IRSMACEUR, LCH 2nd Quarter	Composite Quote
	 	 	 	 	IRSMACEUR, LCH 3rd Quarter	Composite Quote
	 	 	 	 	 	 
	 	 	 	IMM Swaps 	 	 
	 	 	 	 	IRSIMM, vs 6M Euribor	Composite Quote
	 	 	 	 	 	 
	 	 	 	Forward Start Swaps	 	 
	 	 	 	 	IRSFWD, vs Euribor 3M	Composite Quote
	 	 	 	 	IRSFWD, vs Euribor 6M	Composite Quote
	 	 	 	 	 	 
	 	 	 	Swap Basis	 	 
	 	 	 	 	IRSEURBASIS, 3M Libor vs 6M Libor	Composite Quote
	 	 	 	 	 	 
	 	 	 	EONIA OIS 	 	 
	 	 	 	 	OISEUR, Outright vs 6M 	Composite Quote
	 	 	 	 	OISEUR, Forward vs 6M 	Composite Quote
	 	 	 	 	 	 
	 	 	 	Long Dated EONIA OIS 	 
	 	 	 	 	OISLEUR, Outright Long Dated EONIA 	Composite Quote
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	GBP	 	 	 
	 	 	 	Outright Swaps (Semi Annual)	 
	 	 	 	 	IRSGBP, Quaterly vs 3M Libor	Composite Quote
	 	 	 	 	IRSGBP, Semi Annual vs 6M Libor	Composite Quote
	 	 	 	 	 	 
	 	 	 	SONIA OIS	 	 
	 	 	 	 	OISGBP, Outright OIS GBP vs SONIA	Composite Quote
	 	 	 	 	OISGBP, Forward OIS GBP vs SONIA	Composite Quote
	 	 	 	 	 	 
	 	 	 	MAC Swaps 	 	 
	 	 	 	 	IRSMACGBP, CME Current Quarter	Composite Quote
	 	 	 	 	IRSMACGBP, CME 2nd Quarter	Composite Quote
	 	 	 	 	IRSMACGBP, CME 3rd Quarter	Composite Quote
	 	 	 	 	IRSMACGBP, LCH Current Quarter	Composite Quote
	 	 	 	 	IRSMACGBP, LCH 2nd Quarter	Composite Quote
	 	 	 	 	IRSMACGBP, LCH 3rd Quarter	Composite Quote
	 	 	 	 	 	 
	 	 	CHF	 	 	 
	 	 	 	Outright Swaps (Semi Annual)	 
	 	 	 	 	IRSCHF, vs 3M CHF Libor	Composite Quote
	 	 	 	 	IRSCHF, vs 6M CHF Libor	Composite Quote
	 	 	 	 	 	 
	 	 	 	TOIS	 	 
	 	 	 	 	OISCHF, OIS CHF 3M vs TOIS	Composite Quote
	 	 	 	 	 	 
	 	 	SEK	 	 	 
	 	 	 	Outright Swaps (Semi Annual)	OISCHF, OIS CHF 3M vs TOIS	 
	 	 	 	 	IRSSEK, vs 3M STIBOR	Composite Quote
	 	 	 	 	 	 
	 	 	DKK	 	 	 
	 	 	 	Outright Swaps (Semi Annual)	 
	 	 	 	 	IRSDKK, vs 6M CIBOR	Composite Quote
	 	 	 	 	 	 
	 	 	NOK	 	 	 
	 	 	 	Outright Swaps (Semi Annual)	 
	 	 	 	 	IRSNOK, vs 6M NIBOR	Composite Quote
	 	 	 	 	 	 
	 	 	PLN	 	 	 
	 	 	 	Outright Swaps (Semi Annual)	 
	 	 	 	 	IRSPLN, vs 6M WIBOR	Composite Quote
	 	 	 	 	 	 
	 	 	ZAR	 	 	 
	 	 	 	Outright Swaps (Semi Annual)	 
	 	 	 	 	IRSZAR, vs 3M JIBAR	Composite Quote

 

    	 

     

    

 

	1	2	3	4	5	6
	Tradeweb Institutional	 	 	 	 
	 	Global Derivatives	 	 	 
	 	 	JPY	 	 	 
	 	 	 	Outright Swaps (Semi Annual)	 
	 	 	 	 	IRSJPY, vs 6M JPY Libor	Composite Quote
	 	 	 	MAC Swaps 	 	 
	 	 	 	 	IRSMACJPY, CME Current Quarter	Composite Quote
	 	 	 	 	IRSMACJPY, CME 2nd Quarter	Composite Quote
	 	 	 	 	IRSMACJPY, CME 3rd Quarter	Composite Quote
	 	 	 	 	IRSMACJPY, LCH Current Quarter	Composite Quote
	 	 	 	 	IRSMACJPY, LCH 2nd Quarter	Composite Quote
	 	 	 	 	IRSMACJPY, LCH 3rd Quarter	Composite Quote
	 	 	 	 	 	 
	 	 	AUD	 	 	 
	 	 	 	Outright Swaps (Semi Annual)	 
	 	 	 	 	IRSAUD, vs 6M BBR-BBSW	Composite Quote
	 	 	 	MAC Swaps 	 	 
	 	 	 	 	IRSMACAUD, CME Current Quarter	 
	 	 	 	 	IRSMACAUD, CME 2nd Quarter	 
	 	 	 	 	IRSMACAUD, CME 3rd Quarter	 
	 	 	 	 	IRSMACAUD, LCH Current Quarter	 
	 	 	 	 	IRSMACAUD, LCH 2nd Quarter	 
	 	 	 	 	IRSMACAUD, LCH 3rd Quarter	 
	 	 	 	 	 	 
	 	 	NZD	 	 	 
	 	 	 	Outright Swaps (Semi Annual)	 
	 	 	 	 	IRSNZD, vs 3M BBR-FRA	Composite Quote
	 	 	HKD	 	 	 
	 	 	 	Outright Swaps (Semi Annual)	 
	 	 	 	 	IRSHKD, vs 3M HIBOR	Composite Quote
	 	 	 	 	 	 
	 	 	SGD	 	 	 
	 	 	 	Outright Swaps (Semi Annual)	 
	 	 	 	 	IRSSGD, vs 6M SOR	Composite Quote

 

    	 

     

    

 

	1	2	3	4	5	6
	Tradeweb Institutional	 	 	 	 
	 	Global Derivatives	 	 	 
	 	Global Credit Default Swaps	 	 	 
	 	 	North America (CDX)	 	 
	 	 	 	Investment Grade (IG)	 
	 	 	 	 	IG, Investment Grade	Composite Quote
	 	 	 	 	HIVOL, Investment Grade High Volatility	Composite Quote
	 	 	 	 	 	 
	 	 	 	High Yield (HY)	 	 
	 	 	 	 	HY, High Yield	Composite Quote
	 	 	 	 	HY.B, High Yield B 	Composite Quote
	 	 	 	 	HY.BB, High Yield BB	Composite Quote
	 	 	 	 	HY.HB, High Yield HB	Composite Quote
	 	 	 	 	 	 
	 	 	 	Crossover (XOVER)	 	 
	 	 	 	 	XOVER, XOVER	Composite Quote
	 	 	 	 	 	 
	 	 	 	Emerging Markets (EM)	 
	 	 	 	 	EM, Emerging Markets (EM)	Composite Quote
	 	 	 	 	EMDIV, Emerging Markets Diversified (EMDIV)	Composite Quote
	 	 	 	 	 	 
	 	 	 	Rolls & Swaps	 	 
	 	 	 	 	UCDSROLLSWAP, Swap Roll	Composite Quote
	 	 	 	 	CDSSWAP, Tenor Swap/Roll	Composite Quote
	 	 	 	 	CDSUHYROLLSWAP, High Yield Swap/Roll	Composite Quote
	 	 	Europe (iTRAXX)	 	 
	 	 	 	Europe (ITRAXX)	 	 
	 	 	 	 	EUR, iTraxx Europe	Composite Quote
	 	 	 	 	 	 
	 	 	 	Crossover (XOVER)	 	 
	 	 	 	 	XOVER, iTraxx Crossover	Composite Quote
	 	 	 	 	 	 
	 	 	 	Financials	 	 
	 	 	 	 	FINSEN, iTraxx Europe Senior Financials	Composite Quote
	 	 	 	 	FINSUB, iTraxx Europe Subordinate Financials	Composite Quote
	 	 	 	 	 	 
	 	 	 	SovX 	 	 
	 	 	 	 	SOVXWE, iTraxx SovX Western Europe	Composite Quote
	 	 	 	 	 	 
	 	 	 	High Volatility	 	 
	 	 	 	 	HIVOL, iTraxx Europe High Volatility	Composite Quote
	 	 	 	 	 	 
	 	 	 	Rolls & Swaps	 	 
	 	 	 	 	ECDSROLLSWAP, European Credit Default Swap Index Roll	Composite Quote
	 	 	 	 	CDSEUSWAP, Tenor Swap/Roll	Composite Quote

 

    	 

     

    

 

	1	2	3	4	5	6	 
	Tradeweb Institutional	 	 	 	 
	 	Credit 	 	 	 	 	 
	 	Corporate Bonds (includes Convertibles)	 	 	 
	 	 	AUD	 	 	 	 
	 	 	 	Nort America	 	 	 
	 	 	 	 	CA, Canada	 	Composite Quote
	 	 	 	 	US, United States of America	 	Composite Quote
	 	 	 	 	 	 	 
	 	 	 	LATAM	 	 	 
	 	 	 	 	CL, Chile	 	Composite Quote
	 	 	 	 	KY, Cayman Islands	 	Composite Quote
	 	 	 	 	MX, Mexico	 	Composite Quote
	 	 	 	 	VG, Virgin Islands (British)	 	Composite Quote
	 	 	 	 	 	 	 
	 	 	 	Western Europe	 	 	 
	 	 	 	 	AT, Austria	 	Composite Quote
	 	 	 	 	CH, Switzerland	 	Composite Quote
	 	 	 	 	DE, Germany	 	Composite Quote
	 	 	 	 	DK, Denmark	 	Composite Quote
	 	 	 	 	ES, Spain	 	Composite Quote
	 	 	 	 	FR, France	 	Composite Quote
	 	 	 	 	GB, United Kingdom	 	Composite Quote
	 	 	 	 	IE, Ireland	 	Composite Quote
	 	 	 	 	IT, Italy	 	Composite Quote
	 	 	 	 	JE, Jersey	 	Composite Quote
	 	 	 	 	LU, Luxembourg	 	Composite Quote
	 	 	 	 	NL, Netherlands	 	Composite Quote
	 	 	 	 	SE, Sweden	 	Composite Quote
	 	 	 	 	UK, United Kingdom	 	Composite Quote
	 	 	 	 	 	 	 
	 	 	 	CEEMEA	 	 	 
	 	 	 	 	AE, United Arab Emirates	 	Composite Quote
	 	 	 	 	BH, Bahrain	 	Composite Quote
	 	 	 	 	TR, Turkey	 	Composite Quote
	 	 	 	 	 	 	 
	 	 	 	Asia	 	 	 
	 	 	 	 	AU, Australia	 	Composite Quote
	 	 	 	 	CN, China	 	Composite Quote
	 	 	 	 	HK, Hong Kong	 	Composite Quote
	 	 	 	 	IN, India	 	Composite Quote
	 	 	 	 	JP, Japan	 	Composite Quote
	 	 	 	 	KR, Korea (Republic of)	 	Composite Quote
	 	 	 	 	MY, Malaysia	 	Composite Quote
	 	 	 	 	NZ, New Zealand	 	Composite Quote
	 	 	 	 	SG, Singapore	 	Composite Quote

 

    	 

     

    

 

	1	2	3	4	5	6	 
	Tradeweb Institutional	 	 	 	 
	 	Credit 	 	 	 	 	 
	 	 	CHF	 	 	 	 
	 	 	 	Nort America	 	 	 
	 	 	 	 	CA, Canada	 	Composite Quote
	 	 	 	 	US, United States of America	 	Composite Quote
	 	 	 	 	 	 	 
	 	 	 	LATAM	 	 	 
	 	 	 	 	BM, Bermuda	 	Composite Quote
	 	 	 	 	BR, Brazil	 	Composite Quote
	 	 	 	 	CL, Chile	 	Composite Quote
	 	 	 	 	CW, Curaçao	 	Composite Quote
	 	 	 	 	KY, Cayman Islands	 	Composite Quote
	 	 	 	 	MX, Mexico	 	Composite Quote
	 	 	 	 	PA, Panama	 	Composite Quote
	 	 	 	 	PE, Peru	 	Composite Quote
	 	 	 	 	 	 	 
	 	 	 	Western Europe	 	 	 
	 	 	 	 	AT, Austria	 	Composite Quote
	 	 	 	 	CH, Switzerland	 	Composite Quote
	 	 	 	 	DE, Germany	 	Composite Quote
	 	 	 	 	DK, Denmark	 	Composite Quote
	 	 	 	 	ES, Spain	 	Composite Quote
	 	 	 	 	FI, Finland	 	Composite Quote
	 	 	 	 	FR, France	 	Composite Quote
	 	 	 	 	GG, Guernsey	 	Composite Quote
	 	 	 	 	GR, Greece	 	Composite Quote
	 	 	 	 	IE, Ireland	 	Composite Quote
	 	 	 	 	IT, Italy	 	Composite Quote
	 	 	 	 	JE, Jersey	 	Composite Quote
	 	 	 	 	LI, Liechtenstein	 	Composite Quote
	 	 	 	 	LU, Luxembourg	 	Composite Quote
	 	 	 	 	NL, Netherlands	 	Composite Quote
	 	 	 	 	NO, Norway	 	Composite Quote
	 	 	 	 	SE, Sweden	 	Composite Quote
	 	 	 	 	UK, United Kingdom	 	Composite Quote
	 	 	 	 	 	 	 
	 	 	 	CEEMEA	 	 	 
	 	 	 	 	AE, United Arab Emirates	 	Composite Quote
	 	 	 	 	CZ, Czech Republic	 	Composite Quote
	 	 	 	 	HU, Hungary	 	Composite Quote
	 	 	 	 	LT, Lithuania	 	Composite Quote
	 	 	 	 	PL, Poland	 	Composite Quote
	 	 	 	 	QA, Qatar	 	Composite Quote
	 	 	 	 	SK, Slovakia	 	Composite Quote
	 	 	 	 	ZA, South Africa	 	Composite Quote
	 	 	 	 	 	 	 
	 	 	 	Asia	 	 	 
	 	 	 	 	AU, Australia	 	Composite Quote
	 	 	 	 	HK, Hong Kong	 	Composite Quote
	 	 	 	 	JP, Japan	 	Composite Quote
	 	 	 	 	KR, Korea (Republic of)	 	Composite Quote
	 	 	 	 	MY, Malaysia	 	Composite Quote
	 	 	 	 	NZ, New Zealand	 	Composite Quote

 

    	 

     

    

 

	1	2	3	4	5	6	 
	Tradeweb Institutional	 	 	 	 
	 	Credit 	 	 	 	 	 
	 	 	CZK	 	 	 	 
	 	 	 	CEEMEA	 	 	 
	 	 	 	 	CZ, Czech Republic	 	Composite Quote
	 	 	 	 	 	 	 
	 	 	DKK	 	 	 	 
	 	 	 	Western Europe	 	 	 
	 	 	 	 	DK, Denmark	 	Composite Quote
	 	 	 	 	FI, Finland	 	Composite Quote
	 	 	 	 	FR, France	 	Composite Quote
	 	 	 	 	NL, Netherlands	 	Composite Quote
	 	 	 	 	NO, Norway	 	Composite Quote
	 	 	 	 	UK, United Kingdom	 	Composite Quote
	 	 	 	 	 	 	 
	 	 	 	North America	 	 	 
	 	 	 	 	US, United States of America	Composite Quote
	 	 	 	 	 	 	 
	 	 	EUR	 	 	 	 
	 	 	 	North America	 	 	 
	 	 	 	 	CA, Canada	 	Composite Quote
	 	 	 	 	US, United States of America	Composite Quote
	 	 	 	 	 	 	 
	 	 	 	LATAM	 	 	 
	 	 	 	 	AN, Netherlands Antilles	 	Composite Quote
	 	 	 	 	AR, Argentina	 	Composite Quote
	 	 	 	 	BM, Bermuda	 	Composite Quote
	 	 	 	 	BR, Brazil	 	Composite Quote
	 	 	 	 	BS, Bahamas	 	Composite Quote
	 	 	 	 	CL, Chile	 	Composite Quote
	 	 	 	 	KY, Cayman Islands	 	Composite Quote
	 	 	 	 	MX, Mexico	 	Composite Quote
	 	 	 	 	PE, Peru	 	Composite Quote
	 	 	 	 	VG, Virgin Islands (British)	 	Composite Quote
	 	 	 	 	 	 	 
	 	 	 	Western Europe	 	 	 
	 	 	 	 	AT, Austria	 	Composite Quote
	 	 	 	 	BE, Belgium	 	Composite Quote
	 	 	 	 	CH, Switzerland	 	Composite Quote
	 	 	 	 	DE, Germany	 	Composite Quote
	 	 	 	 	DK, Denmark	 	Composite Quote
	 	 	 	 	ES, Spain	 	Composite Quote
	 	 	 	 	FI, Finland	 	Composite Quote
	 	 	 	 	FR, France	 	Composite Quote
	 	 	 	 	GB, United Kingdom	 	Composite Quote
	 	 	 	 	GG, Guernsey	 	Composite Quote
	 	 	 	 	GR, Greece	 	Composite Quote
	 	 	 	 	IE, Ireland	 	Composite Quote
	 	 	 	 	IS, Iceland	 	Composite Quote
	 	 	 	 	IT, Italy	 	Composite Quote
	 	 	 	 	JE, Jersey	 	Composite Quote
	 	 	 	 	LU, Luxembourg	 	Composite Quote
	 	 	 	 	NL, Netherlands	 	Composite Quote
	 	 	 	 	NO, Norway	 	Composite Quote
	 	 	 	 	PL, Poland	 	Composite Quote
	 	 	 	 	PT, Portugal	 	Composite Quote
	 	 	 	 	SE, Sweden	 	Composite Quote
	 	 	 	 	UK, United Kingdom	 	Composite Quote

 

    	 

     

    

 

	1	2	3	4	5	6	 
	Tradeweb Institutional	 	 	 	 
	 	Credit 	 	 	 	 	 
	 	 	 	CEEMEA	 	 	 
	 	 	 	 	AE, United Arab Emirates	 	Composite Quote
	 	 	 	 	AL, Albania	 	Composite Quote
	 	 	 	 	BG, Bulgaria	 	Composite Quote
	 	 	 	 	CY, Cyprus	 	Composite Quote
	 	 	 	 	CZ, Czech Republic	 	Composite Quote
	 	 	 	 	EE, Estonia	 	Composite Quote
	 	 	 	 	HR, Croatia	 	Composite Quote
	 	 	 	 	HU, Hungary	 	Composite Quote
	 	 	 	 	IL, Israel	 	Composite Quote
	 	 	 	 	IR, Iraq	 	Composite Quote
	 	 	 	 	KZ, Kazakhstan	 	Composite Quote
	 	 	 	 	LB, Lebanon	 	Composite Quote
	 	 	 	 	LT, Lithuania	 	Composite Quote
	 	 	 	 	LV, Latvia	 	Composite Quote
	 	 	 	 	ME, Montenegro	 	Composite Quote
	 	 	 	 	MK, Macedonia (the former Yugoslav Republic of)	Composite Quote
	 	 	 	 	QA, Qatar	 	Composite Quote
	 	 	 	 	RO, Romania	 	Composite Quote
	 	 	 	 	RS, Serbia	 	Composite Quote
	 	 	 	 	RU, Russian Federation	 	Composite Quote
	 	 	 	 	SI, Slovenia	 	Composite Quote
	 	 	 	 	SK, Slovakia	 	Composite Quote
	 	 	 	 	TN, Tunisia	 	Composite Quote
	 	 	 	 	TR, Turkey	 	Composite Quote
	 	 	 	 	MA, Morocco	 	Composite Quote
	 	 	 	 	ZA, South Africa	 	Composite Quote
	 	 	 	 	 	 	 
	 	 	 	Asia	 	 	 
	 	 	 	 	AU, Australia	 	Composite Quote
	 	 	 	 	CN, China	 	Composite Quote
	 	 	 	 	HK, Hong Kong	 	Composite Quote
	 	 	 	 	ID, Indonesia	 	Composite Quote
	 	 	 	 	IN, India	 	Composite Quote
	 	 	 	 	JP, Japan	 	Composite Quote
	 	 	 	 	KR, Korea (Republic of)	 	Composite Quote
	 	 	 	 	NZ, New Zealand	 	Composite Quote
	 	 	 	 	PH, Philippines	 	Composite Quote
	 	 	 	 	SG, Singapore	 	Composite Quote

 

    	 

     

    

 

	1	2	3	4	5	6	 
	Tradeweb Institutional	 	 	 	 
	 	Credit 	 	 	 	 	 
	 	 	GBP	 	 	 	 
	 	 	 	North America	 	 	 
	 	 	 	 	CA, Canada	 	Composite Quote
	 	 	 	 	US, United States of America	Composite Quote
	 	 	 	 	 	 	 
	 	 	 	LATAM	 	 	 
	 	 	 	 	AN, Netherlands Antilles	 	Composite Quote
	 	 	 	 	BM, Bermuda	 	Composite Quote
	 	 	 	 	KY, Cayman Islands	 	Composite Quote
	 	 	 	 	MX, Mexico	 	Composite Quote
	 	 	 	 	 	 	 
	 	 	 	Western Europe	 	 	 
	 	 	 	 	AU, Australia	 	Composite Quote
	 	 	 	 	BE, Belgium	 	Composite Quote
	 	 	 	 	CH, Switzerland	 	Composite Quote
	 	 	 	 	DE, Germany	 	Composite Quote
	 	 	 	 	DK, Denmark	 	Composite Quote
	 	 	 	 	ES, Spain	 	Composite Quote
	 	 	 	 	FI, Finland	 	Composite Quote
	 	 	 	 	FR, France	 	Composite Quote
	 	 	 	 	GB, United Kingdom	 	Composite Quote
	 	 	 	 	GG, Guernsey	 	Composite Quote
	 	 	 	 	IE, Ireland	 	Composite Quote
	 	 	 	 	IT, Italy	 	Composite Quote
	 	 	 	 	JE, Jersey	 	Composite Quote
	 	 	 	 	LU, Luxembourg	 	Composite Quote
	 	 	 	 	NL, Netherlands	 	Composite Quote
	 	 	 	 	NO, Norway	 	Composite Quote
	 	 	 	 	PT, Portugal	 	Composite Quote
	 	 	 	 	SE, Sweden	 	Composite Quote
	 	 	 	 	UK, United Kingdom	 	Composite Quote
	 	 	 	 	 	 	 
	 	 	 	CEEMEA	 	 	 
	 	 	 	 	AE, United Arab Emirates	 	Composite Quote
	 	 	 	 	HU, Hungary	 	Composite Quote
	 	 	 	 	IL, Israel	 	Composite Quote
	 	 	 	 	QA, Qatar	 	Composite Quote
	 	 	 	 	SK, Slovakia	 	Composite Quote
	 	 	 	 	 	 	 
	 	 	 	Asia	 	 	 
	 	 	 	 	HK, Hong Kong	 	Composite Quote
	 	 	 	 	JP, Japan	 	Composite Quote
	 	 	 	 	KR, Korea (Republic of)	 	Composite Quote
	 	 	 	 	NZ, New Zealand	 	Composite Quote
	 	 	 	 	SG, Singapore	 	Composite Quote

 

    	 

     

    

 

	1	2	3	4	5	6	 
	Tradeweb Institutional	 	 	 	 
	 	Credit 	 	 	 	 	 
	 	 	HUF	 	 	 	 
	 	 	 	Western Europe	 	 	 
	 	 	 	 	AT, Austria	 	Composite Quote
	 	 	 	 	DE, Germany	 	Composite Quote
	 	 	 	 	NL, Neatherlands	 	Composite Quote
	 	 	 	 	XS, Eurobond	 	Composite Quote
	 	 	 	 	 	 	 
	 	 	 	CEEMEA	 	 	 
	 	 	 	 	HU, Hungary	 	Composite Quote
	 	 	 	 	 	 	 
	 	 	NOK	 	 	 	 
	 	 	 	North America	 	 	 
	 	 	 	 	CA, Canada	 	Composite Quote
	 	 	 	 	US, United States of America	Composite Quote
	 	 	 	 	 	 	 
	 	 	 	LATAM	 	 	 
	 	 	 	 	BM, Bermuda	 	Composite Quote
	 	 	 	 	KY, Cayman Islands	 	Composite Quote
	 	 	 	 	 	 	 
	 	 	 	Western Europe	 	 	 
	 	 	 	 	AT, Austria	 	Composite Quote
	 	 	 	 	BE, Belgium	 	Composite Quote
	 	 	 	 	CH, Switzerland	 	Composite Quote
	 	 	 	 	CY, Cyprus	 	Composite Quote
	 	 	 	 	DE, Germany	 	Composite Quote
	 	 	 	 	DK, Denmark	 	Composite Quote
	 	 	 	 	ES, Spain	 	Composite Quote
	 	 	 	 	FI, Finland	 	Composite Quote
	 	 	 	 	FR, France	 	Composite Quote
	 	 	 	 	GG, Guernsey	 	Composite Quote
	 	 	 	 	IE, Ireland	 	Composite Quote
	 	 	 	 	IS, Iceland	 	Composite Quote
	 	 	 	 	IT, Italy	 	Composite Quote
	 	 	 	 	JE, Jersey	 	Composite Quote
	 	 	 	 	LU, Luxembourg	 	Composite Quote
	 	 	 	 	NL, Netherlands	 	Composite Quote
	 	 	 	 	NO, Norway	 	Composite Quote
	 	 	 	 	SE, Sweden	 	Composite Quote
	 	 	 	 	UK, United Kingdom	 	Composite Quote
	 	 	 	 	 	 	 
	 	 	 	CEEMEA	 	 	 
	 	 	 	 	AE, United Arab Emirates	 	Composite Quote
	 	 	 	 	MC, Monaco	 	Composite Quote
	 	 	 	 	SK, Slovakia	 	Composite Quote
	 	 	 	 	 	 	 
	 	 	 	Asia	 	 	 
	 	 	 	 	AU, Australia	 	Composite Quote
	 	 	 	 	KR, Korea (Republic of)	 	Composite Quote
	 	 	 	 	SG, Singapore	 	Composite Quote

 

    	 

     

    

 

	1	2	3	4	5	6	 
	Tradeweb Institutional	 	 	 	 
	 	Credit 	 	 	 	 	 
	 	 	NZD	 	 	 	 
	 	 	 	North America	 	 	 
	 	 	 	 	CA, Canada	 	Composite Quote
	 	 	 	 	US, United States of America	Composite Quote
	 	 	 	 	 	 	 
	 	 	 	Western Europe	 	 	 
	 	 	 	 	DE, Germany	 	Composite Quote
	 	 	 	 	DK, Denmark	 	Composite Quote
	 	 	 	 	FR, France	 	Composite Quote
	 	 	 	 	IT, Italy	 	Composite Quote
	 	 	 	 	LU, Luxembourg	 	Composite Quote
	 	 	 	 	NL, Netherlands	 	Composite Quote
	 	 	 	 	UK, United Kingdom	 	Composite Quote
	 	 	 	 	 	 	 
	 	 	 	CEEMEA	 	 	 
	 	 	 	 	AE, United Arab Emirates	 	Composite Quote
	 	 	 	 	 	 	 
	 	 	 	Asia	 	 	 
	 	 	 	 	AU, Australia	 	Composite Quote
	 	 	 	 	HK, Hong Kong	 	Composite Quote
	 	 	 	 	JP, Japan	 	Composite Quote
	 	 	 	 	KR, Korea (Republic of)	 	Composite Quote
	 	 	 	 	NZ, New Zealand	 	Composite Quote
	 	 	 	 	 	 	 
	 	 	PLN	 	 	 	 
	 	 	 	CEEMEA	 	 	 
	 	 	 	 	PL, Poland	 	Composite Quote
	 	 	 	 	 	 	 
	 	 	RUB	 	 	 	 
	 	 	 	North America	 	 	 
	 	 	 	 	CA, Canada	 	Composite Quote
	 	 	 	 	US, United States of America	Composite Quote
	 	 	 	 	 	 	 
	 	 	 	LATAM	 	 	 
	 	 	 	 	BS, Bahamas	 	Composite Quote
	 	 	 	 	 	 	 
	 	 	 	Western Europe	 	 	 
	 	 	 	 	CH, Switzerland	 	Composite Quote
	 	 	 	 	DE, Germany	 	Composite Quote
	 	 	 	 	FR, France	 	Composite Quote
	 	 	 	 	IE, Ireland	 	Composite Quote
	 	 	 	 	IT, Italy	 	Composite Quote
	 	 	 	 	LU, Luxembourg	 	Composite Quote
	 	 	 	 	NL, Netherlands	 	Composite Quote
	 	 	 	 	SE, Sweden	 	Composite Quote
	 	 	 	 	UK, United Kingdom	 	Composite Quote
	 	 	 	 	XS, Eurobond	 	Composite Quote
	 	 	 	 	 	 	 
	 	 	 	CEEMEA	 	 	 
	 	 	 	 	RU, Russian Federation	 	Composite Quote

 

    	 

     

    

 

	1	2	3	4	5	6	 
	Tradeweb Institutional	 	 	 	 
	 	Credit 	 	 	 	 	 
	 	 	SEK	 	 	 	 
	 	 	 	North America	 	 	 
	 	 	 	 	CA, Canada	 	Composite Quote
	 	 	 	 	US, United States of America	Composite Quote
	 	 	 	 	 	 	 
	 	 	 	LATAM	 	 	 
	 	 	 	 	AN, Netherlands Antilles	 	Composite Quote
	 	 	 	 	BM, Bermuda	 	Composite Quote
	 	 	 	 	 	 	 
	 	 	 	Western Europe	 	 	 
	 	 	 	 	CH, Switzerland	 	Composite Quote
	 	 	 	 	DE, Germany	 	Composite Quote
	 	 	 	 	DK, Denmark	 	Composite Quote
	 	 	 	 	FI, Finland	 	Composite Quote
	 	 	 	 	FR, France	 	Composite Quote
	 	 	 	 	GG, Guernsey	 	Composite Quote
	 	 	 	 	IE, Ireland	 	Composite Quote
	 	 	 	 	IS, Iceland	 	Composite Quote
	 	 	 	 	JE, Jersey	 	Composite Quote
	 	 	 	 	LU, Luxembourg	 	Composite Quote
	 	 	 	 	NL, Netherlands	 	Composite Quote
	 	 	 	 	NO, Norway	 	Composite Quote
	 	 	 	 	SE, Sweden	 	Composite Quote
	 	 	 	 	UK, United Kingdom	 	Composite Quote
	 	 	 	 	XS, Eurobond	 	Composite Quote
	 	 	 	 	 	 	 
	 	 	 	Asia	 	 	 
	 	 	 	 	AU, Australia	 	Composite Quote
	 	 	 	 	 	 	 
	 	 	 	CEEMEA	 	 	 
	 	 	 	 	MU, Mauritius	 	Composite Quote
	 	 	 	 	ZA, South Africa	 	Composite Quote
	 	 	 	 	 	 	 
	 	 	TRY	 	 	NOT ON TR FEED	 
	 	 	 	North America	 	 	 
	 	 	 	 	US, United States of America	Composite Quote
	 	 	 	 	 	 	 
	 	 	 	Europe	 	 	 
	 	 	 	 	AT, Austria	 	Composite Quote
	 	 	 	 	AU, Australia	 	Composite Quote
	 	 	 	 	DE, Germany	 	Composite Quote
	 	 	 	 	FR, France	 	Composite Quote
	 	 	 	 	IT, Italy	 	Composite Quote
	 	 	 	 	LU, Luxembourg	 	Composite Quote
	 	 	 	 	NL, Netherlands	 	Composite Quote
	 	 	 	 	UK, United Kingdom	 	Composite Quote
	 	 	 	 	 	 	 
	 	 	 	CEEMEA	 	 	 
	 	 	 	 	TR, Turkey	 	Composite Quote

 

    	 

     

    

 

	1	2	3	4	5	6	 
	Tradeweb Institutional	 	 	 	 
	 	Credit 	 	 	 	 	 
	 	 	USD	 	 	 	 
	 	 	 	North America	 	 	 
	 	 	 	 	CA, Canada	 	Composite Quote
	 	 	 	 	US, United States of America	Composite Quote
	 	 	 	 	US, AiPrice	 	Evaluated Price
	 	 	 	 	 	 	 
	 	 	 	LATAM	 	 	 
	 	 	 	 	AN, Netherlands Antilles	 	Composite Quote
	 	 	 	 	AR, Argentina	 	Composite Quote
	 	 	 	 	BB, Barbados	 	Composite Quote
	 	 	 	 	BM, Bermuda	 	Composite Quote
	 	 	 	 	BO, Bolivia (Plurinational State of)	Composite Quote
	 	 	 	 	BR, Brazil	 	Composite Quote
	 	 	 	 	BS, Bahamas	 	Composite Quote
	 	 	 	 	BZ, Belize	 	Composite Quote
	 	 	 	 	CL, Chile	 	Composite Quote
	 	 	 	 	CO, Colombia	 	Composite Quote
	 	 	 	 	CR, Costa Rica	 	Composite Quote
	 	 	 	 	CW, Curaçao	 	Composite Quote
	 	 	 	 	DO, Dominican Republic	 	Composite Quote
	 	 	 	 	EC, Ecuador	 	Composite Quote
	 	 	 	 	GT, Guatemala	 	Composite Quote
	 	 	 	 	HN, Honduras	 	Composite Quote
	 	 	 	 	JM, Jamaica	 	Composite Quote
	 	 	 	 	KY, Cayman Islands	 	Composite Quote
	 	 	 	 	LC, Saint Lucia	 	Composite Quote
	 	 	 	 	MX, Mexico	 	Composite Quote
	 	 	 	 	PA, Panama	 	Composite Quote
	 	 	 	 	PE, Peru	 	Composite Quote
	 	 	 	 	PR, Puerto Rico	 	Composite Quote
	 	 	 	 	PY, Paraguay	 	Composite Quote
	 	 	 	 	SV, El Salvador	 	Composite Quote
	 	 	 	 	TT, Trinidad and Tobago	 	Composite Quote
	 	 	 	 	SX, Sint Maarten	 	Composite Quote
	 	 	 	 	UY, Uruguay	 	Composite Quote
	 	 	 	 	VE, Venezuela (Bolivarian Republic of)	Composite Quote
	 	 	 	 	VG, Virgin Islands (British)	 	Composite Quote
	 	 	 	 	 	 	 
	 	 	 	Western Europe	 	 	 
	 	 	 	 	AT, Austria	 	Composite Quote
	 	 	 	 	BE, Belgium	 	Composite Quote
	 	 	 	 	CH, Switzerland	 	Composite Quote
	 	 	 	 	CY, Cyprus	 	Composite Quote
	 	 	 	 	DE, Germany	 	Composite Quote
	 	 	 	 	DK, Denmark	 	Composite Quote
	 	 	 	 	ES, Spain	 	Composite Quote
	 	 	 	 	FI, Finland	 	Composite Quote
	 	 	 	 	FR, France	 	Composite Quote
	 	 	 	 	GB, United Kingdom	 	Composite Quote
	 	 	 	 	GG, Guernsey	 	Composite Quote
	 	 	 	 	GR, Greece	 	Composite Quote
	 	 	 	 	IE, Ireland	 	Composite Quote
	 	 	 	 	IM, Isle of Man	 	Composite Quote
	 	 	 	 	IT, Italy	 	Composite Quote
	 	 	 	 	JE, Jersey	 	Composite Quote
	 	 	 	 	LU, Luxembourg	 	Composite Quote
	 	 	 	 	MC, Monaco	 	Composite Quote
	 	 	 	 	MT, Malta	 	Composite Quote
	 	 	 	 	NL, Netherlands	 	Composite Quote
	 	 	 	 	NO, Norway	 	Composite Quote
	 	 	 	 	PT, Portugal	 	Composite Quote
	 	 	 	 	SE, Sweden	 	Composite Quote
	 	 	 	 	UK, United Kingdom	 	Composite Quote

 

    	 

     

    

 

	1	2	3	4	5	6	 
	Tradeweb Institutional	 	 	 	 
	 	Credit 	 	 	 	 	 
	 	 	 	Asia	 	 	 
	 	 	 	 	AU, Australia	 	Composite Quote
	 	 	 	 	BD, Bangladesh	 	Composite Quote
	 	 	 	 	CN, China	 	Composite Quote
	 	 	 	 	HK, Hong Kong	 	Composite Quote
	 	 	 	 	ID, Indonesia	 	Composite Quote
	 	 	 	 	IN, India	 	Composite Quote
	 	 	 	 	JP, Japan	 	Composite Quote
	 	 	 	 	KH, Cambodia	 	Composite Quote
	 	 	 	 	KR, Korea (Republic of)	 	Composite Quote
	 	 	 	 	LA, Laos	 	Composite Quote
	 	 	 	 	MH, Marshall Islands	 	Composite Quote
	 	 	 	 	MN, Mongolia	 	Composite Quote
	 	 	 	 	MO, Macao	 	Composite Quote
	 	 	 	 	MY, Malaysia	 	Composite Quote
	 	 	 	 	NZ, New Zealand	 	Composite Quote
	 	 	 	 	PG, Papua New Guinea	 	Composite Quote
	 	 	 	 	PH, Philippines	 	Composite Quote
	 	 	 	 	PK, Pakistan	 	Composite Quote
	 	 	 	 	SH, Saint Helena	 	Composite Quote
	 	 	 	 	SG, Singapore	 	Composite Quote
	 	 	 	 	TH, Thailand	 	Composite Quote
	 	 	 	 	TW, Taiwan, Province of China	Composite Quote
	 	 	 	 	VN, Viet Nam	 	Composite Quote

 

    	 

     

    

 

	1	2	3	4	5	6	 
	Tradeweb Institutional	 	 	 	 
	 	Credit 	 	 	 	 	 
	 	 	 	CEEMEA	 	 	 
	 	 	 	 	AE, United Arab Emirates	 	Composite Quote
	 	 	 	 	AL, Albania	 	Composite Quote
	 	 	 	 	AM, Armenia	 	Composite Quote
	 	 	 	 	AO, Angola	 	Composite Quote
	 	 	 	 	AZ, Azerbaijan	 	Composite Quote
	 	 	 	 	BH, Bahrain	 	Composite Quote
	 	 	 	 	BY, Belarus	 	Composite Quote
	 	 	 	 	CG, Congo	 	Composite Quote
	 	 	 	 	CI, Côte d'Ivoire	 	Composite Quote
	 	 	 	 	CM, Cameroon	 	Composite Quote
	 	 	 	 	CZ, Czech Republic	 	Composite Quote
	 	 	 	 	EG, Egypt	 	Composite Quote
	 	 	 	 	ET, Ethiopia	 	Composite Quote
	 	 	 	 	GA, Gabon	 	Composite Quote
	 	 	 	 	GE, Georgia	 	Composite Quote
	 	 	 	 	GH, Ghana	 	Composite Quote
	 	 	 	 	HR, Croatia	 	Composite Quote
	 	 	 	 	HU, Hungary	 	Composite Quote
	 	 	 	 	IL, Israel	 	Composite Quote
	 	 	 	 	IM, Isle Of Man	 	Composite Quote
	 	 	 	 	IQ, Iraq	 	Composite Quote
	 	 	 	 	IS, Iceland	 	Composite Quote
	 	 	 	 	JO, Jordan	 	Composite Quote
	 	 	 	 	KE, Kenya	 	Composite Quote
	 	 	 	 	KW, Kuwait	 	Composite Quote
	 	 	 	 	KZ, Kazakhstan	 	Composite Quote
	 	 	 	 	LB, Lebanon	 	Composite Quote
	 	 	 	 	LI, Liechtenstein	 	Composite Quote
	 	 	 	 	LK, Sri Lanka	 	Composite Quote
	 	 	 	 	LT, Lithuania	 	Composite Quote
	 	 	 	 	LV, Latvia	 	Composite Quote
	 	 	 	 	MA, Morocco	 	Composite Quote
	 	 	 	 	MU, Mauritius	 	Composite Quote
	 	 	 	 	NA, Namibia	 	Composite Quote
	 	 	 	 	NG, Nigeria	 	Composite Quote
	 	 	 	 	OM, Oman	 	Composite Quote
	 	 	 	 	PL, Poland	 	Composite Quote
	 	 	 	 	QA, Qatar	 	Composite Quote
	 	 	 	 	RO, Romania	 	Composite Quote
	 	 	 	 	RS, Serbia	 	Composite Quote
	 	 	 	 	RU, Russian Federation	 	Composite Quote
	 	 	 	 	RW, Rwanda	 	Composite Quote
	 	 	 	 	SA, Saudi Arabia	 	Composite Quote
	 	 	 	 	SC, Seychelles	 	Composite Quote
	 	 	 	 	SI, Slovenia	 	Composite Quote
	 	 	 	 	SK, Slovakia	 	Composite Quote
	 	 	 	 	SN, Senegal	 	Composite Quote
	 	 	 	 	TJ, Tajikistan	 	Composite Quote
	 	 	 	 	TN, Tunisia	 	Composite Quote
	 	 	 	 	TR, Turkey	 	Composite Quote
	 	 	 	 	TZ, Tanzania, United Republic of	Composite Quote
	 	 	 	 	UA, Ukraine	 	Composite Quote
	 	 	 	 	ZA, South Africa	 	Composite Quote
	 	 	 	 	ZM, Zambia	 	Composite Quote

 

    	 

     

    

 

	1	2	3	4	5	6	 
	Tradeweb Institutional	 	 	 	 
	 	Credit 	 	 	 	 	 
	 	 	ZAR	 	 	 	 
	 	 	 	North America	 	 	 
	 	 	 	 	US, United States of America	Composite Quote
	 	 	 	 	 	 	 
	 	 	 	Europe	 	 	 
	 	 	 	 	DE, Germany	 	Composite Quote
	 	 	 	 	DK, Denmark	 	Composite Quote
	 	 	 	 	FI, Finland	 	Composite Quote
	 	 	 	 	FR, France	 	Composite Quote
	 	 	 	 	IT, Italy	 	Composite Quote
	 	 	 	 	JE, Jersey	 	Composite Quote
	 	 	 	 	NL, Netherlands	 	Composite Quote
	 	 	 	 	NO, Norway	 	Composite Quote
	 	 	 	 	SE, Sweden	 	Composite Quote
	 	 	 	 	CH, Switzerland	 	Composite Quote
	 	 	 	 	UK, United Kingdom	 	Composite Quote
	 	 	 	 	XS, Eurobond	 	Composite Quote
	 	 	 	 	 	 	Composite Quote
	 	 	 	Asia	 	 	 
	 	 	 	 	AU, Australia	 	Composite Quote
	 	 	 	 	CN, China	 	Composite Quote
	 	 	 	 	HK, Hong Kong	 	Composite Quote
	 	 	 	 	JP, Japan	 	Composite Quote
	 	 	 	 	KR, Korea (Republic of)	 	Composite Quote
	 	 	 	 	 	 	 
	 	 	 	CEEMEA	 	 	 
	 	 	 	 	HN, Honduras	 	Composite Quote
	 	 	 	 	NA, Namibia	 	Composite Quote
	 	 	 	 	ZA, South Africa	 	Composite Quote

 

    	 

     

    

 

	1	2	3	4	5	6	 
	Tradeweb Institutional	 	 	 	 
	 	Credit 	 	 	 	 	 
	 	 	ILS	 	 	 	 
	 	 	 	CEEMEA	 	 	 
	 	 	 	 	IL, Israel	 	Composite Quote

 

    	 

     

    

 

	1	2	3	4	5	6	 
	Tradeweb Institutional	 	 	 	 
	 	Credit - Non North America	 	 	 
	 	Covered Bonds	 	 	 	 
	 	 	AUD	 	 	 	 
	 	 	 	North America	 	 	 
	 	 	 	 	CA, Canada	 	Composite Quote
	 	 	 	 	 	 	 
	 	 	 	Europe	 	 	 
	 	 	 	 	DE, Germany	 	Composite Quote
	 	 	 	 	FR, France	 	Composite Quote
	 	 	 	 	NO, Norway	 	Composite Quote
	 	 	 	 	SE, Sweden	 	Composite Quote
	 	 	 	 	UK, United Kingdom	 	Composite Quote
	 	 	 	 	 	 	 
	 	 	 	Asia	 	 	 
	 	 	 	 	AU, Australia	 	Composite Quote
	 	 	 	 	 	 	 
	 	 	CHF	 	 	 	 
	 	 	 	Nort America	 	 	 
	 	 	 	 	CA, Canada	 	Composite Quote
	 	 	 	 	 	 	 
	 	 	 	Europe	 	 	 
	 	 	 	 	AT, Austria	 	Composite Quote
	 	 	 	 	CH, Switzerland	 	Composite Quote
	 	 	 	 	DE, Germany	 	Composite Quote
	 	 	 	 	DK, Denmark	 	Composite Quote
	 	 	 	 	FI, Finland	 	Composite Quote
	 	 	 	 	LU, Luxembourg	 	Composite Quote
	 	 	 	 	NL, Netherlands	 	Composite Quote
	 	 	 	 	NO, Norway	 	Composite Quote
	 	 	 	 	NZ, New Zealand	 	Composite Quote
	 	 	 	 	SE, Sweden	 	Composite Quote
	 	 	 	 	UK, United Kingdom	 	Composite Quote
	 	 	 	 	 	 	 
	 	 	 	Asia	 	 	 
	 	 	 	 	AU, Australia	 	Composite Quote
	 	 	 	 	 	 	 
	 	 	EUR	 	 	 	 
	 	 	 	North America	 	 	 
	 	 	 	 	CA, Canada	 	Composite Quote
	 	 	 	 	US, United States of America	 	Composite Quote
	 	 	 	 	 	 	 
	 	 	 	LATAM	 	 	 
	 	 	 	 	PE, Peru	 	Composite Quote
	 	 	 	 	 	 	 
	 	 	 	Western Europe	 	 	 
	 	 	 	 	AT, Austria	 	Composite Quote
	 	 	 	 	CH, Switzerland	 	Composite Quote
	 	 	 	 	DE, Germany	 	Composite Quote
	 	 	 	 	DK, Denmark	 	Composite Quote
	 	 	 	 	ES, Spain	 	Composite Quote
	 	 	 	 	FI, Finland	 	Composite Quote
	 	 	 	 	FR, France	 	Composite Quote
	 	 	 	 	GR, Greece	 	Composite Quote
	 	 	 	 	IE, Ireland	 	Composite Quote
	 	 	 	 	IT, Italy	 	Composite Quote
	 	 	 	 	LU, Luxembourg	 	Composite Quote
	 	 	 	 	NL, Netherlands	 	Composite Quote
	 	 	 	 	NO, Norway	 	Composite Quote
	 	 	 	 	NZ, New Zealand	 	Composite Quote
	 	 	 	 	PT, Portugal	 	Composite Quote
	 	 	 	 	SE, Sweden	 	Composite Quote
	 	 	 	 	UK, United Kingdom	 	Composite Quote
	 	 	 	 	 	 	 
	 	 	 	Asia	 	 	 
	 	 	 	 	AU, Australia	 	Composite Quote
	 	 	 	 	 	 	 
	 	 	 	CEEMEA	 	 	 
	 	 	 	 	HU, Hungary	 	Composite Quote
	 	 	 	 	CZ, Czech Republic	 	Composite Quote
	 	 	 	 	SK, Slovakia	 	Composite Quote

 

    	 

     

    

 

	1	2	3	4	5	6	 
	Tradeweb Institutional	 	 	 	 
	 	Credit - Non North America	 	 	 
	 	 	GBP	 	 	 	 
	 	 	 	North America	 	 	 
	 	 	 	 	CA, Canada	 	Composite Quote
	 	 	 	 	 	 	 
	 	 	 	Asia	 	 	 
	 	 	 	 	AU, Australia	 	Composite Quote
	 	 	 	 	 	 	 
	 	 	 	Western Europe	 	 	 
	 	 	 	 	DE, Germany	 	Composite Quote
	 	 	 	 	DK, Denmark	 	Composite Quote
	 	 	 	 	FR, France	 	Composite Quote
	 	 	 	 	NO, Norway	 	Composite Quote
	 	 	 	 	SE, Sweden	 	Composite Quote
	 	 	 	 	UK, United Kingdom	 	Composite Quote
	 	 	 	 	 	 	 
	 	 	HUF	 	 	 	 
	 	 	 	CEEMEA	 	 	 
	 	 	 	 	HU, Hungary	 	Composite Quote
	 	 	 	 	 	 	 
	 	 	NOK	 	 	 	 
	 	 	 	Western Europe	 	 	 
	 	 	 	 	AT, Austria	 	Composite Quote
	 	 	 	 	DK, Denmark	 	Composite Quote
	 	 	 	 	ES, Spain	 	Composite Quote
	 	 	 	 	FR, France	 	Composite Quote
	 	 	 	 	LU, Luxembourg	 	Composite Quote
	 	 	 	 	NL, Netherlands	 	Composite Quote
	 	 	 	 	NO, Norway	 	Composite Quote
	 	 	 	 	SE, Sweden	 	Composite Quote
	 	 	 	 	UK, United Kingdom	 	Composite Quote
	 	 	 	 	 	 	 
	 	 	NZD	 	 	 	 
	 	 	 	Asia	 	 	 
	 	 	 	 	AU, Australia	 	Composite Quote
	 	 	 	 	NZ, New Zealand	 	Composite Quote
	 	 	 	 	 	 	 
	 	 	PLN	 	 	 	 
	 	 	 	CEEMEA	 	 	 
	 	 	 	 	PL, Poland	 	Composite Quote
	 	 	 	 	 	 	 
	 	 	SEK	 	 	 	 
	 	 	 	Western Europe	 	 	 
	 	 	 	 	DE, Germany	 	Composite Quote
	 	 	 	 	DK, Denmark	 	Composite Quote
	 	 	 	 	FI, Finland	 	Composite Quote
	 	 	 	 	FR, France	 	Composite Quote
	 	 	 	 	IE, Ireland	 	Composite Quote
	 	 	 	 	NO, Norway	 	Composite Quote
	 	 	 	 	SE, Sweden	 	Composite Quote

 

    	 

     

    

 

	1	2	3	4	5	6	 
	Tradeweb Institutional	 	 	 	 	 
	 	 	 	 	 	 	 
	 	Government Sponsored	 	 	 	 
	 	 	Supranational	 	 	 
	 	 	 	USD	 	 	 
	 	 	 	 	Nort America	 	 
	 	 	 	 	 	CA, Canada	Composite Quote
	 	 	 	 	 	US, United States of America	Composite Quote
	 	 	 	 	 	 	 
	 	 	 	 	LATAM	 	 
	 	 	 	 	 	JM, Jamaica	Composite Quote
	 	 	 	 	 	PA, Panama	Composite Quote
	 	 	 	 	 	 	 
	 	 	 	 	Western Europe	 	 
	 	 	 	 	 	AT, Austria	Composite Quote
	 	 	 	 	 	BE, Belgium	Composite Quote
	 	 	 	 	 	CH, Switzerland	Composite Quote
	 	 	 	 	 	DE, Germany	Composite Quote
	 	 	 	 	 	DK, Denmark	Composite Quote
	 	 	 	 	 	ES, Spain	Composite Quote
	 	 	 	 	 	FI, Finland	Composite Quote
	 	 	 	 	 	FR, France	Composite Quote
	 	 	 	 	 	IE, Ireland	Composite Quote
	 	 	 	 	 	IS, Iceland	Composite Quote
	 	 	 	 	 	IT, Italy	Composite Quote
	 	 	 	 	 	LU, Luxembourg	Composite Quote
	 	 	 	 	 	NL, Netherlands	Composite Quote
	 	 	 	 	 	NO, Norway	Composite Quote
	 	 	 	 	 	PT, Portugal	Composite Quote
	 	 	 	 	 	SE, Sweden	Composite Quote
	 	 	 	 	 	UK, United Kingdom	Composite Quote
	 	 	 	 	 	XS, Eurobond	Composite Quote
	 	 	 	 	 	 	 
	 	 	 	 	Asia	 	 
	 	 	 	 	 	AU, Australia	Composite Quote
	 	 	 	 	 	JP, Japan	Composite Quote
	 	 	 	 	 	KR, Korea (Republic of)	Composite Quote
	 	 	 	 	 	PG, Papua New Guinea	Composite Quote
	 	 	 	 	 	SG, Singapore	Composite Quote
	 	 	 	 	 	 	 
	 	 	 	 	CEEMEA	 	 
	 	 	 	 	 	EG, Egypt	Composite Quote
	 	 	 	 	 	MT, Malta	Composite Quote
	 	 	 	AUD	 	 	 
	 	 	 	 	Nort America	 	 
	 	 	 	 	 	CA, Canada	Composite Quote
	 	 	 	 	 	 	 
	 	 	 	 	Europe	 	 
	 	 	 	 	 	AT, Austria	Composite Quote
	 	 	 	 	 	DE, Germany	Composite Quote
	 	 	 	 	 	DK, Denmark	Composite Quote
	 	 	 	 	 	FI, Finland	Composite Quote
	 	 	 	 	 	FR, France	Composite Quote
	 	 	 	 	 	NL, Netherlands	Composite Quote
	 	 	 	 	 	NO, Norway	Composite Quote
	 	 	 	 	 	NZ, New Zealand	Composite Quote
	 	 	 	 	 	SE, Sweden	Composite Quote
	 	 	 	 	 	UK, United Kingdom	Composite Quote
	 	 	 	 	 	 	 
	 	 	 	 	Asia	 	 
	 	 	 	 	 	AU, Australia	Composite Quote
	 	 	 	 	 	JP, Japan	Composite Quote

 

    	 

     

    

 

	1	2	3	4	5	6	 
	Tradeweb Institutional	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	CHF	 	 	 
	 	 	 	 	Nort America	 	 
	 	 	 	 	 	CA, Canada	Composite Quote
	 	 	 	 	 	 	 
	 	 	 	 	Europe	 	 
	 	 	 	 	 	AT, Austria	Composite Quote
	 	 	 	 	 	BE, Belgium	Composite Quote
	 	 	 	 	 	DE, Germany	Composite Quote
	 	 	 	 	 	DK, Denmark	Composite Quote
	 	 	 	 	 	ES, Spain	Composite Quote
	 	 	 	 	 	FI, Finland	Composite Quote
	 	 	 	 	 	FR, France	Composite Quote
	 	 	 	 	 	IT, Italy	Composite Quote
	 	 	 	 	 	NL, Netherlands	Composite Quote
	 	 	 	 	 	NO, Norway	Composite Quote
	 	 	 	 	 	NZ, New Zealand	Composite Quote
	 	 	 	 	 	SE, Sweden	Composite Quote
	 	 	 	 	 	UK, United Kingdom	Composite Quote
	 	 	 	 	 	XS, Eurobond	Composite Quote
	 	 	 	 	 	 	 
	 	 	 	 	Asia	 	 
	 	 	 	 	 	AU, Australia	Composite Quote
	 	 	 	 	 	 	 
	 	 	 	DKK	 	 	 
	 	 	 	 	Europe	 	 
	 	 	 	 	 	DK, Denmark	Composite Quote
	 	 	 	 	 	XS, Eurobond	Composite Quote
	 	 	 	 	 	 	 
	 	 	 	EUR	 	 	 
	 	 	 	 	North America	 	 
	 	 	 	 	 	CA, Canada	Composite Quote
	 	 	 	 	 	US, United States of America	Composite Quote
	 	 	 	 	 	 	 
	 	 	 	 	Europe	 	 
	 	 	 	 	 	AT, Austria	Composite Quote
	 	 	 	 	 	BE, Belgium	Composite Quote
	 	 	 	 	 	CY, Cyprus	Composite Quote
	 	 	 	 	 	DE, Germany	Composite Quote
	 	 	 	 	 	DK, Denmark	Composite Quote
	 	 	 	 	 	ES, Spain	Composite Quote
	 	 	 	 	 	FI, Finland	Composite Quote
	 	 	 	 	 	FR, France	Composite Quote
	 	 	 	 	 	GR, Greece	Composite Quote
	 	 	 	 	 	IE, Ireland	Composite Quote
	 	 	 	 	 	IS, Iceland	Composite Quote
	 	 	 	 	 	IT, Italy	Composite Quote
	 	 	 	 	 	LU, Luxembourg	Composite Quote
	 	 	 	 	 	NL, Netherlands	Composite Quote
	 	 	 	 	 	NO, Norway	Composite Quote
	 	 	 	 	 	PT, Portugal	Composite Quote
	 	 	 	 	 	SE, Sweden	Composite Quote
	 	 	 	 	 	XS, Eurobond	Composite Quote
	 	 	 	 	 	 	 
	 	 	 	 	Asia	 	 
	 	 	 	 	 	JP, Japan	Composite Quote
	 	 	 	 	 	 	 
	 	 	 	 	CEEMEA	 	 
	 	 	 	 	 	MT, Malta	Composite Quote

 

    	 

     

    

 

	1	2	3	4	5	6	 
	Tradeweb Institutional	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	GBP	 	 	 
	 	 	 	 	North America	 	 
	 	 	 	 	 	CA, Canada	Composite Quote
	 	 	 	 	 	US, United States of America	Composite Quote
	 	 	 	 	 	 	 
	 	 	 	 	Europe	 	 
	 	 	 	 	 	AT, Austria	Composite Quote
	 	 	 	 	 	BE, Belgium	Composite Quote
	 	 	 	 	 	DE, Germany	Composite Quote
	 	 	 	 	 	DK, Denmark	Composite Quote
	 	 	 	 	 	ES, Spain	Composite Quote
	 	 	 	 	 	FI, Finland	Composite Quote
	 	 	 	 	 	FR, France	Composite Quote
	 	 	 	 	 	IM, Isle of Man	Composite Quote
	 	 	 	 	 	IT, Italy	Composite Quote
	 	 	 	 	 	JE, Jersey	Composite Quote
	 	 	 	 	 	NL, Netherlands	Composite Quote
	 	 	 	 	 	NO, Norway	Composite Quote
	 	 	 	 	 	PT, Portugal	Composite Quote
	 	 	 	 	 	SE, Sweden	Composite Quote
	 	 	 	 	 	UK, United Kingdom	Composite Quote
	 	 	 	 	 	XS, Eurobond	Composite Quote
	 	 	 	 	 	 	 
	 	 	 	 	CEEMEA	 	 
	 	 	 	 	 	AU, Australia	Composite Quote
	 	 	 	 	 	JP, Japan	Composite Quote
	 	 	 	 	 	 	 
	 	 	 	HUF	 	 	 
	 	 	 	 	Europe	 	 
	 	 	 	 	 	XS, Eurobond	Composite Quote
	 	 	 	 	 	 	 
	 	 	 	NOK	 	 	 
	 	 	 	 	North America	 	 
	 	 	 	 	 	CA, Canada	Composite Quote
	 	 	 	 	 	 	 
	 	 	 	 	Europe	 	 
	 	 	 	 	 	AT, Austria	Composite Quote
	 	 	 	 	 	BE, Belgium	Composite Quote
	 	 	 	 	 	DE, Germany	Composite Quote
	 	 	 	 	 	DK, Denmark	Composite Quote
	 	 	 	 	 	ES, Spain	Composite Quote
	 	 	 	 	 	FI, Finland	Composite Quote
	 	 	 	 	 	FR, France	Composite Quote
	 	 	 	 	 	NL, Netherlands	Composite Quote
	 	 	 	 	 	NO, Norway	Composite Quote
	 	 	 	 	 	PT, Portugal	Composite Quote
	 	 	 	 	 	SE, Sweden	Composite Quote
	 	 	 	 	 	UK, United Kingdom	Composite Quote
	 	 	 	 	 	XS, Eurobond	Composite Quote
	 	 	 	 	 	 	 
	 	 	 	NZD	 	 	 
	 	 	 	 	North America	 	 
	 	 	 	 	 	CA, Canada	Composite Quote
	 	 	 	 	 	 	 
	 	 	 	 	Europe	 	 
	 	 	 	 	 	DE, Germany	Composite Quote
	 	 	 	 	 	FI, Finland	Composite Quote
	 	 	 	 	 	NL, Netherlands	Composite Quote
	 	 	 	 	 	NO, Norway	Composite Quote
	 	 	 	 	 	NZ, New Zealand	Composite Quote
	 	 	 	 	 	SE, Sweden	Composite Quote
	 	 	 	 	 	XS, Eurobond	Composite Quote
	 	 	 	 	 	 	 
	 	 	 	 	Asia	 	 
	 	 	 	 	 	AU, Australia	Composite Quote
	 	 	 	 	 	 	 
	 	 	 	RUB	 	 	 
	 	 	 	 	Europe	 	 
	 	 	 	 	 	DE, Germany	Composite Quote
	 	 	 	 	 	XS, Eurobond	Composite Quote

 

    	 

     

    

 

	1	2	3	4	5	6	 
	Tradeweb Institutional	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	SEK	 	 	 
	 	 	 	 	Europe	 	 
	 	 	 	 	 	DE, Germany	Composite Quote
	 	 	 	 	 	DK, Denmark	Composite Quote
	 	 	 	 	 	FI, Finland	Composite Quote
	 	 	 	 	 	NL, Netherlands	Composite Quote
	 	 	 	 	 	SE, Sweden	Composite Quote
	 	 	 	 	 	XS, Eurobond	Composite Quote
	 	 	 	 	 	 	 
	 	 	 	TRY	 	 	 
	 	 	 	 	Europe	 	 
	 	 	 	 	 	DE, Germany	Composite Quote
	 	 	 	 	 	FI, Finland	Composite Quote
	 	 	 	 	 	NL, Netherlands	Composite Quote
	 	 	 	 	 	NO, Norway	Composite Quote
	 	 	 	 	 	SE, Sweden	Composite Quote
	 	 	 	 	 	XS, Eurobond	Composite Quote
	 	 	 	 	 	 	 
	 	 	 	ZAR	 	 	 
	 	 	 	 	Europe	 	 
	 	 	 	 	 	DE, Germany	Composite Quote
	 	 	 	 	 	FI, Finland	Composite Quote
	 	 	 	 	 	NL, Netherlands	Composite Quote
	 	 	 	 	 	NO, Norway	Composite Quote
	 	 	 	 	 	SE, Sweden	Composite Quote
	 	 	 	 	 	XS, Eurobond	Composite Quote

 

    	 

     

    

 

	1	2	3	4	5	6	 
	Tradeweb Institutional	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	US Agencies	 	 	 	 
	 	 	 	FNMA	 	 	 
	 	 	 	 	Notes/Bonds	 	 
	 	 	 	 	 	REGFNMA, On The Run	Composite Quote
	 	 	 	 	 	REGFNMA, Off The Run	Composite Quote
	 	 	 	 	Short Maturity	 	 
	 	 	 	 	 	REGFNMA, Short Maturity	Composite Quote
	 	 	 	 	Callable	 	 
	 	 	 	 	 	REGFNMACALL, Callable Bonds	Composite Quote
	 	 	 	 	Discount Notes	 	Composite Quote
	 	 	 	 	 	 	 
	 	 	 	FHLMC	 	 	 
	 	 	 	 	Notes/Bonds	 	 
	 	 	 	 	 	REGFHLMC, On The Run	Composite Quote
	 	 	 	 	 	REGFHLMC, Off The Run	Composite Quote
	 	 	 	 	Short Maturity	 	 
	 	 	 	 	 	REGFHLMC, Short Maturity	Composite Quote
	 	 	 	 	Callable Bonds	 	 
	 	 	 	 	 	REGFHLMCCALL, Callable Bonds	Composite Quote
	 	 	 	 	Discount Notes	 	Composite Quote
	 	 	 	 	 	 	 
	 	 	 	FHLB	 	 	 
	 	 	 	 	Notes/Bonds	 	 
	 	 	 	 	 	REGFHLB, On The Run	Composite Quote
	 	 	 	 	 	REGFHLB, Off The Run	Composite Quote
	 	 	 	 	Short Maturity	 	 
	 	 	 	 	 	REGFHLB, Notes/Bonds	Composite Quote
	 	 	 	 	 	REGFHLB, Taps	Composite Quote
	 	 	 	 	Taps	 	 
	 	 	 	 	 	REGFHLB, Notes/Bonds	Composite Quote
	 	 	 	 	Subordinated 	 	 
	 	 	 	 	 	REGFHLB, Notes/Bonds	Composite Quote
	 	 	 	 	Callable	 	 
	 	 	 	 	 	REGFHLBCALL, Notes/Bonds	Composite Quote
	 	 	 	 	Discount Notes	 	Composite Quote
	 	 	 	 	 	 	 
	 	 	 	FFCB	 	 	 
	 	 	 	 	Notes/Bonds	 	 
	 	 	 	 	 	REGFFCB, Off the Run	Composite Quote
	 	 	 	 	Callable	 	 
	 	 	 	 	 	REGFFCBCALL, Notes/Bonds	Composite Quote
	 	 	 	 	 	 	 
	 	 	 	TVA	 	 	 
	 	 	 	 	Notes/Bonds	 	 
	 	 	 	 	 	REGTVA, Off the Run	Composite Quote
	 	 	 	 	Callable	 	 
	 	 	 	 	 	REGTVACALL, Notes/Bonds	Composite Quote
	 	 	 	 	 	 	 
	 	 	 	TLG	 	 	 
	 	 	 	 	Notes/Bonds	 	 
	 	 	 	 	 	REGAGCY, Government Guaranteed	Composite Quote
	 	 	 	 	 	 	 
	 	 	 	FAMC	 	 	 
	 	 	 	 	Notes/Bonds	 	 
	 	 	 	 	 	REGFAMC, Agricultural Mtge Corp	Composite Quote

 

    	 

     

    

 

	1	2	3	4	5	6
	Tradeweb Institutional	 	 	 	 
	 	Short Term Paper	 	 	 
	 	Money Markets	 	 	 	 
	 	 	DEPO	 	 	 
	 	 	 	USD	DPUSD, USD Depo Rates	Composite Quote
	 	 	 	EUR	DPEUR, EUR Depo Rates	Composite Quote
	 	 	 	GBP	DPGBP, British Pound Depo Rates	Composite Quote
	 	 	 	CHF	DPCHF, Swiss Franc Depo Rates	Composite Quote
	 	 	 	JPY	DPJPY, Japanese Yen Depo Rates	Composite Quote
	 	 	 	CAD	DPCAD, Canadian Dollar Depo Rates	Composite Quote
	 	 	 	HKD	DPHKD, Hong Kong Dollar Depo Rates	Composite Quote
	 	 	 	NZD	DPNZD, New Zealand Dollar Depo Rates	Composite Quote
	 	 	 	AUD	DPAUD, Australian Dollar Depo Rates	Composite Quote
	 	 	 	DKK	DPDKK, Danish Krone Depo Rates	Composite Quote
	 	 	 	NOK	DPNOK, Norwegian Krone Depo Rates	Composite Quote
	 	 	 	SEK	DPSEK, Swedish Krona Depo Rates	Composite Quote
	 	 	 	 	 	 
	 	 	CD	 	 	 
	 	 	 	EUR	 	 
	 	 	 	 	ECD, European CDs issued by European Banks	Composite Quote
	 	 	 	 	FCD, French CDs issued by French Banks regulated by the COB	Composite Quote
	 	 	 	GBP	 	 
	 	 	 	 	LCD, London CDs issued by London Banks regulated by the Bank of England.	Composite Quote
	 	 	Commercial Paper	 	 
	 	 	 	Commercial Paper	 	 
	 	 	 	 	USD	Summary Data
	 	 	 	 	Non - USD	Inventory

 

    	 

     

    

 

	1	2	3	4	5	6
	Tradeweb Direct	 	 	 	 
	 	 	 	 	 	 
	 	USD	 	 	 	 
	 	 	ABS	 	 	 
	 	 	 	Inventory	 	 
	 	 	 	Response to RFQ	pre-trade bids and offers from. Responses for unfilled RFQs are delayed 24hrs	 
	 	 	 	Trade Reports	Price and Side	 
	 	 	Certificates of Deposit (CDs)	 	 
	 	 	 	Inventory	 	 
	 	 	 	Response to RFQ	pre-trade bids and offers from. Responses for unfilled RFQs are delayed 24hrs	 
	 	 	 	Trade Reports	Price and Side	 
	 	 	Collateralized Mortgage Obligations	 
	 	 	 	Inventory	 	 
	 	 	 	Response to RFQ	pre-trade bids and offers from. Responses for unfilled RFQs are delayed 24hrs	 
	 	 	 	Trade Reports	Price and Side	 
	 	 	Corporate Bond	 	 
	 	 	 	Composite Data	 	 
	 	 	Mortgage-Backed Securities (MBS)	 	 
	 	 	 	Inventory	 	 
	 	 	 	Response to RFQ	pre-trade bids and offers from. Responses for unfilled RFQs are delayed 24hrs	 
	 	 	 	Trade Reports	Price and Side	 
	 	 	Municipal Bonds	 	 
	 	 	 	Inventory	 	 
	 	 	 	Response to RFQ	pre-trade bids and offers from. Responses for unfilled RFQs are delayed 24hrs	 
	 	 	 	Trade Reports	Price and Side	 
	 	 	Preferred Securities	 	 
	 	 	 	Inventory	 	 
	 	 	 	Response to RFQ	pre-trade bids and offers from. Responses for unfilled RFQs are delayed 24hrs	 
	 	 	 	Trade Reports	Price and Side	 
	 	 	Unit Investment Trusts (UITs)	 	 
	 	 	 	Inventory	 	 
	 	 	 	Response to RFQ	pre-trade bids and offers from. Responses for unfilled RFQs are delayed 24hrs	 
	 	 	 	Trade Reports	Price and Side	 
	 	 	U.S. Agencies	 	 
	 	 	 	Inventory	 	 
	 	 	 	Response to RFQ	pre-trade bids and offers from. Responses for unfilled RFQs are delayed 24hrs	 
	 	 	 	Trade Reports	Price and Side	 
	 	 	U.S. Corporate Bonds	 	 
	 	 	 	Inventory	 	 
	 	 	 	Response to RFQ	pre-trade bids and offers from. Responses for unfilled RFQs are delayed 24hrs	 
	 	 	 	Trade Reports	Price and Side	 
	 	 	U.S. Treasuries	 	 
	 	 	 	Inventory	 	 
	 	 	 	Response to RFQ	pre-trade bids and offers from. Responses for unfilled RFQs are delayed 24hrs	 
	 	 	 	Trade Reports	Price and Side	 

 

    	 

     

    

 

	1	2	3	4	5	6
	Dealerweb	 	 	 	 	 
	 	 	 	 	 	 
	 	USD	 	 	 	 
	 	 	Actives	 	 	 
	 	 	 	US Treasury On-the-Run Quotes	Top of Book	 
	 	 	 	US Treasury On-the-Run Trades	Hit and Take Indication	 
	 	 	Equities	 	 	 
	 	 	 	Delta One - EFP (DW)	Trades and quotes	 
	 	 	 	ETF NAV Cross (DW)	Trades and quotes	 
	 	 	Finance	 	 	 
	 	 	 	US TSY Repo Regular Start	Snap quotes at 10am, 12pm, 3pm, 5:30pm. Quotes include High, Low and VWAP	 
	 	 	 	US TSY Cash Start , Benchmarks	Snap quotes at 10am, 12pm, 3pm, 5:30pm. Quotes include High, Low and VWAP	 
	 	 	 	US Repo Specials	Snap quotes at 10am, 12pm, 3pm, 5:30pm. Quotes include High, Low and VWAP	 
	 	 	 	GC and GCF	Snap quotes at 10am, 12pm, 3pm, 5:30pm. Quotes include High, Low and VWAP	 
	 	 	Mortgages	 	 	 
	 	 	 	TBA-MBS Outright Quotes	Top of Book	 
	 	 	 	TBA-MBS Outright Trades	Price	 
	 	 	 	TBA Swaps Quotes	Top of Book	 
	 	 	 	TBA Swaps Trades	Price	 
	 	 	 	TBA Butterflies Quotes	Top of Book	 
	 	 	 	TBA Butterflies Trades	Price	 
	 	 	 	TBA-Mortgage Roll	Month End Summary Data	 
	 	 	Municipals	 	 	 
	 	 	 	Tax Free Quotes Voice	Pre-trade bids and offers from. Responses for unfilled RFQs are delayed 24hrs	 
	 	 	 	Tax Free Trades Voice	Price	 
	 	 	Rates	 	 	 
	 	 	 	US Dollar Swaps Voice	Voice Tades	 
	 	 	 	US Dollar Swaps Quotes	Full Stack	 
	 	 	 	US Dollar Swaps Trades	Price and Side	 
	 	 	 	US Treasury Bills Quotes	Full Stack	 
	 	 	 	US Treasury Bills Trades	Price	 
	 	 	 	US Treasury Off-the-Run Quotes	Top of Book	 
	 	 	 	US Treasury Off-the-Run Trades	Price	 

 

 

     

     

    

 

SCHEDULE B-1

 

US Treasuries Actives Data

 

Anonymous, on-the-run single Bid/Ask price and yield from the
fully executable Dealerweb Actives Central Limit Order Book and Dealerweb Active Streams marketplaces, as supplemented, as necessary,
by other Tradeweb UST data, for UST benchmarks 2, 3, 5, 7, 10 and 30Y, and additionally includes the following information derived
from such data or made available from the Dealerweb platform:

 

1.     Mid-Yield
for the above benchmark tenors

2.     Hit/Take
direction signal

3.    Official
O/H/L/C*

4.    Last
traded price and yield

5.    Mid-Yield
for interpolated tenors (4, 6, 8, 9, 12, 15, 20, 25Y)

 

* Will be included promptly
after such time as Tradeweb and/or Dealerweb create and implement such data point, which process shall not be unreasonably delayed
by Tradeweb or Dealerweb.

 

     

     

    

 

SCHEDULE C

 

Non-Exclusive Licensed
Market Data Sets 

 

1.     UK
Gilts

 

2.     MiFID
II Outbound Data (APA and MTF)

 

The Parties acknowledge
and agree that the consideration for the Market Data License and Limited Trading Data License in respect of delayed (but for the
avoidance of doubt, not real-time) MiFID II Outbound Data (other than pre-trade APA data (“MiFID II Pre-Trade APA Market
Data”)) shall be [***]. Tradeweb agrees that the restrictions in
Section 2.5 of this Second A&R Agreement related to TW Competitors and UST Competitors, as applicable, shall not apply
to delayed MiFID II Outbound Data (other than MiFID II Pre-Trade APA Market Data).

 

Tradeweb acknowledges
that Refinitiv has created an aggregated bond service, which includes delayed post-trade MiFID II Outbound Data (APA and MTF).
Tradeweb agrees that Section 3.6 of this Second A&R Agreement will not apply, and that GRC and its Affiliates shall
not be obligated to provide attribution to Tradeweb or any of its Subsidiaries, in connection with such aggregated bond service;
provided, that GRC and its Affiliates intend to create marketing and other promotional materials that provide attribution,
and to the extent that such parties do so, Tradeweb shall be included in such attribution; provided, further, that
to the extent that GRC provides additional attribution to other similarly situated third party providers to the aggregated bond
service, GRC or its Affiliates shall provide attribution to Tradeweb consistent therewith. For the avoidance of doubt, GRC and
its Affiliates shall not be obligated to pay any additional fees in respect of the aggregated bond service, except to the extent
Licensed Market Data included therein is subject to a revenue share fee as explicitly set forth in this Second A&R Agreement.

 

     

     

    

 

SCHEDULE D

 

Annual License Fee

 

	Year	 	Annual License Fee
	 	 	 
	Year 1	 	[***]
	 	 	 
	Year 2	 	[***] 
	 	 	 
	Year 3	 	[***] 
	 	 	 
	Year 4	 	[***] 
	 	 	 
	Year 5	 	[***] 

 

     

     

    

 

SCHEDULE E

 

Service Level Agreement

 

Preface

 

As the circumstances require and as determined exclusively by
GRC on notice to Tradeweb, references in this Service Level Agreement (“SLA”) to GRC shall be understood to
include GRC’s Affiliate sublicensees and subcontractors, including TRM.

 

Section 1

 

Tradeweb will use commercially reasonable efforts to provide
GRC with the Licensed Data as set forth in this SLA. If there is a conflict between the SLA and this Second A&R Agreement,
the terms of the SLA shall control. The Parties agree that Tradeweb’s obligations and liability under this SLA are subject
to (i) any Force Majeure Event, (ii) any Tradeweb obligation that is contingent upon a Refinitiv Party’s performance, and
(iii) any downtime that is permitted under this SLA or otherwise agreed to by the Parties.

 

Definition of Terms

 

Below are the agreed definitions for the terms used throughout
this SLA which set forth the quality of service that Tradeweb will provide to GRC with respect to the Licensed Data. Capitalized
terms used but not defined in this SLA shall have the meanings given to them in this Second A&R Agreement.

 

Manner of Transmission – Transmissions of Licensed
Data will be transmitted to GRC in the form and manner as determined in accordance with this Second A&R Agreement.

 

Accuracy – Transmissions of Licensed Data shall
be at least as accurate in all material respects as the Licensed Data that Tradeweb provides to Users, except with respect to variances
between what a Tradeweb Viewer and a user of Refinitiv Services is permitted to view as reasonably determined and documented by
Tradeweb in consultation with GRC.

 

Completeness – Transmissions of Licensed Data shall
be at least as complete in all material respects as the Licensed Data that Tradeweb provides to Users. Tradeweb will ensure that
the Refinitiv Parties are aware of all current and future fields available for Licensed Data.

 

Data Set – has the meaning set forth in this Second
A&R Agreement. As of the Effective Date, there are twelve (12) Data Sets that make up the Exclusive Licensed Market Data and
two (2) Data Sets that make up Non-Exclusive Licensed Market Data.

 

Resolution – means Tradeweb has researched and
replied with findings to a query.

 

Fee Per Data Set – (1) for each Data Set that constitutes
Non-Exclusive Licensed Market Data, the Non-Exclusive Licensed Market Data Distributor Fee with respect thereto; and (2) for each
Data Set that constitutes Exclusive Licensed Market Data, the Annual License Fee then in effect minus all Non-Exclusive
Licensed Market Data Distributor Fees hereunder, such result divided by the number of Data Sets then provided by Tradeweb
that make up the Exclusive Licensed Market Data.

 

     

     

    

 

(CONFIDENTIAL)

 

Support Hours - 9AM London Time to 4PM New York Time,
subject to local holidays and weekends. The Parties commit to a formal review of the Support Hours on or about the first anniversary
of the Effective Date.

 

Timeliness – Transmission of Licensed Data will
update at least as frequently as Licensed Data provided to Users.

 

Service Response – means that Tradeweb will act
on an issue reported by GRC within the agreed time periods and according to the procedures outlined in this SLA.

 

Quality Measurements Methodology

 

The requirements to provide high quality data and service to
its customers are actively promoted and supported throughout Refinitiv. Quality is defined in terms of the following parameters:

 

		·	Accuracy

 

		·	Completeness

 

		·	Timeliness

 

		·	Service Response/Resolution

 

Once a month, a random sample of records and associated fields
will be selected for assessment of data quality for all or some of the above parameters.

 

On a bi-monthly basis, Tradeweb and GRC will discuss performance
service issues (covering the above quality parameters) of which they are aware.

 

A bi-monthly schedule to review and publish data quality measurements
and results will be set up with the Tradeweb vendor relation manager. Meetings will initially be conducted on a bi-monthly basis,
covering issues around the Licensed Data. Subject to progress and performance, GRC and Tradeweb will review the meeting frequency
on a bi-monthly basis.

 

Should GRC detect a decline in performance below the agreed
service levels over a period of two (2) months, GRC has the right to arrange a meeting with Tradeweb at a mutually agreed date
and time to further discuss the issue. GRC and Tradeweb shall make reasonable efforts to hold such meeting within seven (7) Business
Days after a request.

 

Section 2

 

The following targets are set out for Service Response times
from Tradeweb to GRC’s queries. All support will be during Support Hours. All metrics around response times will include
the proviso that the clock stops when the Support Hours end in a day, and begins at that time when the Support Hours next begin
(for example, if a query is received thirty-five (35) minutes before the 4pm New York time deadline, then an acknowledgement of
receipt is required within twenty-five (25) minutes of London opening in greater than ninety percent ( >90%) of cases).

 

     

     

    

 

(CONFIDENTIAL)

 

GRC agrees that all communication with Tradeweb will be channeled
through the Tradeweb Customer Support desks (see Section 5 below for contact details).

 

		1.	Missing data: Tradeweb must provide a response to
GRC’s requests providing acknowledgement of receipt, the status of the request, and the likely resolution time. Tradeweb
will target resolution of fifty percent (50%) of queries within ninety (90) minutes of receipt, ninety-five percent (95%) of queries
within eighteen (18) hours of receipt and greater than ninety percent (>90%) of GRC requests to be acknowledged within sixty
(60) minutes of request submission.

 

		2.	Suspect data: Tradeweb must provide a response to
GRC’s requests providing acknowledgement of receipt, the status of the request, and the likely resolution time. Tradeweb
will target resolution of fifty percent (50%) of queries within ninety (90) minutes of receipt, ninety-five percent (95%) of queries
within eighteen (18) hours of receipt and greater than ninety percent (>90%) of GRC requests to be acknowledged within sixty
(60) minutes of request submission.

 

		3.	Explanation and clarifications/searches: Tradeweb
must provide a response to GRC’s requests providing acknowledgement of receipt, the status of the request, and the likely
resolution time. Tradeweb will target resolution of fifty percent (50%) of queries within ninety (90) minutes of receipt, ninety-five
(95%) of queries within eighteen (18) hours of receipt and greater than ninety percent (>90%) of GRC requests to be acknowledged
within sixty (60) minutes of request submission.

 

All queries where a material data correction is made must contain
the following elements within the response:

 

		·	Root Cause - What was the root cause of the problem for the incorrect data?

 

		·	Corrective Action - What action has been taken to correct the problem?

 

		·	Prevention - What sustainable action has been taken to prevent recurrence of the problem or to significantly reduce the risk
of recurrence?

 

Expectations on Responsiveness/Actions to Issues by
Severity

 

The inquiry responsiveness targets shown
above represent the targets for the typical inquiries. The table below provides information on responsiveness targets by severity
level as well as escalation paths to be followed by GRC and action items that Tradeweb must progress as the inquiries are received
by Tradeweb.

 

     

     

    

 

(CONFIDENTIAL)

 

	Severity	 	Description	 	Responsiveness/Escalations/Actions
	1 – Critical	 	
        Single Outages for Data Set(s) over 10 minutes.

         

        OR

         

        Latency of over 30 seconds lasting over 2 hours on Data Set(s).

         

        OR

         

        Widespread Data corruption of Data Set(s) over 1 hour.

         

        OR

         

        Missing Data Set(s)

         

         
	 	
        ·     Tradeweb
        Support Desk to call GRC within 10 minutes of a feed outage being identified by Tradeweb.

         

        ·     GRC
        to follow reporting procedures (as per ‘Support and Escalation Procedures’ section).

         

        ·     Upon
        receipt by Tradeweb of a GRC sublicensee customer’s request, Tradeweb will provide GRC with a customer statement within two
        (2) Business Days of such receipt. GRC will communicate the Tradeweb customer statement as provided by Tradeweb with no edits or
        additional interpretation, however GRC is fully responsible for any additional GRC statements provided to sublicensee customers.

         

        ·     Root
        Cause analysis provided to GRC by Tradeweb within one (1) Business Day from the time the Root Cause is determined by Tradeweb.

         

        ·     GRC
        may require a meeting with Tradeweb senior management when critical issues are escalated.

	 	 	 	 	 
	2- High (Serious)	 	
        Latency of more than 30 seconds for less than two hours.

         

        OR

         

        Missing data from Data Set over market (Eurobonds, US Treasuries,
        etc.).

         

        OR

         

        Continual corrupt data for 1 hour for any Data Set.

         

        OR

         

        Missing data on highly liquid Data Set (UST, US Agencies, etc.).
	 	
        ·     Tradeweb
        Support Desk to call GRC within 15 minutes in the instance that stale data /corruption is identified by Tradeweb.

         

        ·     GRC
        to follow reporting procedures (as per ‘Support and Escalation Procedures’ section).

         

        ·     Upon
        receipt by Tradeweb of a GRC sublicensee customer’s request, Tradeweb will provide GRC with a customer statement within two
        (2) Business Days of receipt. GRC will communicate the customer statement as provided by Tradeweb with no edits or additional interpretation,
        however GRC is fully responsible for any additional GRC statements provided to sublicensee customers.

         

        ·     Root
        Cause analysis provided to GRC by Tradeweb within one (1) Business Day from the time the Root Cause is determined by Tradeweb.

	 	 	 	 	 
	3 – Medium	 	
        Intermittent corruption of data.

         

        OR

         

        Missing data of remaining data sets (outside of country or highly
        liquid items).

         
	 	
        ·     Tradeweb
        Support Desk to call GRC within 20 minutes in the instance that stale data /corruption is identified by Tradeweb.

         

        ·     GRC
        to follow reporting procedures (as per ‘Support and Escalation Procedures’ section).

         

        ·     GRC
        may request that Tradeweb to conduct Root Cause analysis on some severity 3 items owed to GRC within three (3) Business Days of
        the occurrence of the Severity 3 event.

  

     

     

    

 

(CONFIDENTIAL)

 

	4 – Minor 	 	
        GRC has a query on one or more elements within a
        Data Set and requires Tradeweb to validate such data element or clarify the lack of updates on a small sub-set of data records.

         

        Impacts data quality/quantity without
        completely disabling GRC sublicensee customers from using the sub-set of Licensed Data.
	 	
        ·     Tradeweb
        to respond within one (1) hour of receipt acknowledging receipt of the query.

         

        ·     GRC
        to follow reporting procedures (as per ‘Support and Escalation Procedures’ section).

 

Section 3

 

Tradeweb is responsible for formally communicating
to GRC about any material changes made to the Licensed Data, tags, data definitions, coverage, data feeds or the data delivery
systems. Changes are divided into major, minor and exceptional and each type requires a minimum notification period that Tradeweb
needs to provide GRC so that it can prepare for such changes. For the avoidance of doubt, this Section 3 shall apply to major,
minor and exceptional changes, whatever their cause, including without limitation any such changes resulting from or necessitated
by any Third Party Agreement entered into by Tradeweb during the term of this Second A&R Agreement.

 

In order to help understand the implications
of changes and manage the process smoothly, Tradeweb will establish, formalise and make available to GRC a data dictionary. In
addition Tradeweb and GRC will agree on a set of critical tags on the Tradeweb feed/s and any change to these tags will be considered
a major change and require agreement on both the change and the scheduling of the change from both Tradeweb and GRC.

 

Tradeweb is also responsible for setting
and communicating its procedures through which it will control modifications to its service.

 

Change Management Definitions:

Major Change

 

Tradeweb will provide a minimum of ninety
(90) days’ notice for Major Change projects unless such notice is not permitted or practicable as a reasonable result of
changes in regulation or market convention.

 

     

     

    

 

(CONFIDENTIAL)

 

The following are major changes. A Major
Change is defined as:

 

		·	A change that will cause a material service disruption if GRC is unable to implement the required changes prior to Tradeweb
rolling out the change; or

 

		·	A change that causes a significant portion of the feed to stop updating (greater than fifty percent (50%) of the feed); or

 

		·	A change that requires GRC to carry out a significant amount of work to implement the change (more than thirty (30) working
days continuous development work).

 

If any of the above are true for any proposed
change from Tradeweb to any material portion of the Licensed Data, then Tradeweb will use commercially reasonable efforts to provide
a sixty (60) day parallel run of old and new data files prior to cutting over if the feed is a streaming feed from Tradeweb, unless
Tradeweb determines in consultation with GRC that it is reasonably necessary to release the change sooner than sixty (60) days,
in which case Tradeweb will provide at least fifteen (15) days of such parallel run. GRC will evaluate the work required and provide
Tradeweb an estimated release date within five (5) Business Days of notification. Both GRC and Tradeweb will then agree upon a
mutually acceptable development and release schedule, provided that Tradeweb may make any release in its discretion to support
its own business. GRC will make best endeavours to support such a release schedule.

 

Examples of Major Changes

 

The following are examples of major changes
(not an exhaustive list):

 

		1.	Tradeweb changes the feed delivery mechanism, data files,
message formats, etc.

 

		2.	Tradeweb changes the location into which it feeds the data
to GRC.

 

Should a Severity 1, 2 or 3 event occur due
to Tradeweb failing to provide the minimum notice period, then the associated SLA events will be triggered.

 

Minor Change

 

A minor change constitutes one that requires
less than fifteen (15) days’ work for GRC to implement. Tradeweb will provide a minimum of fifteen (15) days’ notice
before such changes are implemented and rolled out to production, provided, however, this notice period is subject
to market conditions that may not allow Tradeweb to provide such notice. In such case, Tradeweb shall provide as much prior notice
as is reasonably practicable under the circumstances.

 

Examples of Minor Changes

 

The following are examples of minor changes
(not an exhaustive list):

 

		1.	Large new set of instruments added to a feed (>25 records).

 

		2.	New data fields added to the files without changing the
existing format. Hence not a production impact if the new fields are not read.

 

Should a Severity 1, 2 or 3 event occur
due to Tradeweb failing to provide the minimum notice period, then the associated SLA events will be triggered.

 

     

     

    

 

(CONFIDENTIAL)

 

Exceptional Change

 

This represents large scale changes which
require notification periods greater than 120 days and will be agreed upon by Tradeweb and GRC.

 

Examples of Exceptional Changes

 

The following are examples of exceptional
changes (not an exhaustive list):

 

		1.	Changes to technical specifications related to network
protocols or application level protocols, feed/file format, migration to a new feed or data file formats.

 

		2.	Implementation of a New Market Data Set.

 

		3.	In the event that a change is required for regulatory or
trading convention changes, Tradeweb will notify GRC as soon as practicable of becoming aware that the change will impact Licensed
Data.

 

GRC will endeavour to work with Tradeweb
on exceptional changes to ensure that release times are kept to a minimum.

 

Should a Severity 1, 2 or 3 event occur
due to Tradeweb failing to provide the minimum notice period, then the associated SLA events will be triggered.

 

Data Removal

 

Tradeweb will provide GRC with a minimum
of thirty (30) days’ notice prior to material data removal on the feeds of Licensed Data, provided, however,
this notice period is subject to market conditions that may not allow Tradeweb to provide such notice. In such case, Tradeweb shall
provide as much prior notice as is reasonably practicable under the circumstances.

 

E-Mail Distribution List

 

To facilitate efficient implementation of
scheduled interruptions and ongoing maintenance, Tradeweb will send notification and supporting documentation via e-mail to an
established GRC mailbox (e.g., rdacontributedpricing@thomsonreuters.com) from which GRC can distribute the information internally
and an up-to-date distribution list supplied by GRC. In addition, each Party will ensure that its escalation and contact information
remains current and will review and verify the accuracy of such information on at least an annual basis.

 

Section 4

 

Unplanned Interruptions

 

It is critical that Tradeweb notify GRC
about unscheduled interruptions/outages. The following recommendations are limited to issues related to notification schedules/communication
processes and include the following elements:

 

		·	Initial notice of problem including what is affected and an estimate for restoring service.

 

		·	Periodic follow-up, subject to the notifications below, until the problem is resolved.

 

		·	Notice when service has been restored.

 

     

     

    

 

(CONFIDENTIAL)

 

Upon a GRC sublicensee customer’s
request, a description of the problem and when it was, or will be, fixed, and as appropriate and determined by Tradeweb, how the
problem was fixed will be provided by Tradeweb. All communications to GRC sublicensee customers shall be identical to any such
descriptions provided by Tradeweb, although GRC reserves the right to comment separately.

 

Immediate Notification

 

Tradeweb will, as soon as practicable, notify
GRC of any unplanned interruption to service. Initial notice will describe the problem, outline what Licensed Data is affected
and describe which systems are affected with estimated resolution times.

 

Communications Systems or Equipment

 

If the outage is the result of a communications
problem, Tradeweb will provide details of the entity responsible for fixing the problem (e.g., the ticker development department
at Tradeweb or GRC sublicensee) and describe whether a restart of downstream devices or restart of an IP session is required.

 

Dedicated Resource for Communication

 

GRC will utilize the escalation contacts
during unplanned interruption to service. The ‘Support and Escalation Procedures’ section indicates points of contact
at Tradeweb within Support Hours to initiate notices to GRC and respond to any necessary inquiries from representatives at GRC.
This Person should not also be responsible for recovery of the service to ensure that there is no conflict with the requirement
for customer notification and support.

 

Notification Procedure

 

Notice will be via all appropriate and available
electronic mechanisms including telephone, e-mail, web site, and pager, etc.

 

Restoration Projection

 

Notice (or reasonable projection) of when
service will be restored will be provided as soon as possible. Before the service restoration time is known, Tradeweb will provide
next projected status update times on a regular basis.

 

     

     

    

 

(CONFIDENTIAL)

 

Notification

 

For longer outages, Tradeweb will provide
periodic status updates indicating progress toward resolution and an estimate of the resolution timeframe. The frequency of these
updates will be provided based on the estimated resolution times as per the following schedule:

 

	Estimated Resolution

 Times	Frequency of Updates
	< 3 hours	Every 1 hour or less –
	3 to 24 hours	Every 2 hours
	24+ hours	Daily updates

 

Restart 

 

If resolution also requires GRC to restart a system or an IP
session, it must be communicated to GRC.

 

Service Restoration

 

Notification

 

Tradeweb will provide notice that the service
has been restored as soon as possible. The notice will indicate whether restoration is partial or full. Such notice will also distinguish
any data elements that remain corrupted from the universe that is accurate and reliable for client use. The notice will provide
updated or corrected times of when the incident began and when it was resolved.

 

Under Investigation

 

If the matter is still under investigation,
this will be explained and further updates will be provided to fill in missing details.

 

Final Description

 

Upon a GRC request, Tradeweb will provide
an appropriate written description, to the extent known, and a resolution to the problem, to the extent required.

 

Section 5

 

Support and Escalation Procedures

 

Tradeweb is responsible for providing GRC
with a support and escalation structure/procedure through which issues are raised. GRC has the right to escalate any issues through
this structure to ensure such issues are resolved.

 

     

     

    

 

(CONFIDENTIAL)

 

Initial contacts for Tradeweb regarding
all issues (data & systems):

 

Tradeweb Customer Support –

 

Tradeweb Customer Support Email –

 

 

	Contact Details 	Hrs of coverage	Work Phone	 

 

Initial contacts for Refinitiv Customer Support/Systems Team:

 

	Development Staff 	Hrs of coverage	Work Phone	 
	 	 	 	 
	Data Operations Staff 	Hrs of coverage 	Work Phone 	Cell Phone

 

Second level Escalation:

 

If an issue has not been resolved in the time expected or resolution
remains unsatisfactory then GRC and Tradeweb can escalate the issue to the following people:

 

Tradeweb -

 

Primary Contact –

 

Refinitiv – Primary Contact –  

 

     

     

    

 

(CONFIDENTIAL)

 

Third Level Escalation:

 

If secondary level escalation has failed to satisfactorily resolve
the issue then the issue can be escalated to the following parties:

 

Tradeweb -

 

Refinitiv – Primary Contact 

 

Section 6

 

Metrics

 

The following metrics relate to a Data Set
as defined in this SLA.

 

The occurrence of either (a) twenty (20)
Severity 3 incidents or (b) fifty (50) Severity 4 incidents will be deemed a failure by Tradeweb to reach a required target (a
 “Target Failure”).

 

The occurrence of either (a) two (2) Severity
1 incidents, (b) four (4) Severity 2 incidents, or (c) one (1) Severity 1 and two (2) Severity 2 incidents, in a calendar
month, will be deemed a severe failure by Tradeweb to reach a required target (a “Severe Target Failure”).

 

If a Target Failure or Severe Target Failure
occurs in one (1) month, a meeting between the Third Level Escalation Contacts will be held to address such Target Failure or Severe
Target Failure.

 

If a Target Failure
or Severe Target Failure in the same Data Set occurs for two (2) consecutive months, a meeting between a designated representative
of TRM and a designated representative of Tradeweb will be held to address such Target Failure or Severe Target Failure.

 

If a Severe Target Failure in the same Data
Set occurs for three (3) consecutive months, GRC shall have the right to suspend the applicable Data Set and cease paying the Fee
Per Data Set with respect thereto, until the service with respect to such Data Set has reached acceptable levels; provided,
however, that in the event the applicable Data Set is part of Exclusive Licensed Market Data and one Party reasonably considers
the Fee Per Data Set (as calculated pursuant to this SLA) for such Data Set to be inequitable, the Parties will negotiate in good
faith for a period of thirty (30) days (or a longer period, if mutually agreed by the Parties) a mutually-agreeable revised Fee
Per Data Set for such applicable Data Set; provided, further, that, if the Parties do not mutually agree on a revised
Fee Per Data Set within such period, the Fee Per Data Set shall be calculated as set forth in this SLA.

 

     

     

    

 

(CONFIDENTIAL)

 

SCHEDULE F

 

Fees

 

MD SERVER FEES

 

For the first unique pair of
login passwords per customer assigned to an MD Server (each, an “MD Server Pair”),1
TRM will pay four equal payments of [***] per calendar year to Tradeweb quarterly in advance for each MD Server Pair in service.
The total number of unique login passwords shall be calculated on the 15th of the month prior to the end of the applicable calendar
quarter. No payment will be made in any subsequent period for servers canceled prior to the 15th of the month prior
to the end of the applicable calendar quarter.

 

Starting after the first 12
month period and for each subsequent 12 month period after the Effective Date, the quarterly payment for each MD Server Pair that
remains in service will increase by [***].

 

For each additional customer
login and password assigned to an MD Server (each, an “Additional MD Server”),2
TRM will pay four equal payments of [***] per calendar year to Tradeweb quarterly in advance for each Additional MD Server in service.
The total number of unique login passwords shall be calculated on the 15th of the month prior to the end of the applicable calendar
quarter. No payment will be made in any subsequent period for servers canceled prior to the 15th of the month prior
to the end of the applicable calendar quarter.

 

Starting after the first 12
month period and for each subsequent 12 month period after the Effective Date, the quarterly payment for each Additional MD Server
that remain in service will increase by [***].

 

Each customer is entitled to
a single Qualified Disaster Recovery or business continuity server at no charge to TRM provided that:

 

		(i)	the server pair is not in the same physical geographic
location as the MD Server Pair or Additional MD Server(s).

 

		(ii)	the server pair does not have the same public IP address
as the MD Server Pair or Additional MD Server(s).

 

		(iii)	TRM is not charging the customer a fee for the server pair.

 

 

1 After
the Effective Date, new Market Data Server login and passwords may be requested by email from an authorized Refinitiv employee
to Tradeweb’s Market Data team. Each new unique login and password will be added to the current count and TRM agrees to
pay the amount due as per the above payment schedule.

 

2 Same process as set
forth in fn. 1 above.

 

     

     

    

 

(CONFIDENTIAL)

 

Tradeweb shall provide TRM quarterly invoices
indicating, company name, server login ID, server location, the number of billable MD Server Pairs, Additional MD Servers, and
Qualified Disaster Recovery servers.

 

MARKS FEES

 

TRM agrees to pay Tradeweb
quarterly in advance the greater of: (i) [***] of the quarterly revenue (the “Marks Account Service Fee”) for each
Tradeweb Marks account maintained by Tradeweb for a customer of TRM or (ii) the sum of [***] for each set of Tradeweb Marks files
respective to a specified market (e.g., U.S. Treasuries) (each a “Marks Market File Set”) for each customer
account to which the Marks Market File Sets are made available.

 

     

     

    

 

(CONFIDENTIAL)

 

SCHEDULE G

 

[Intentionally Omitted]

 

    	 

     

    

 

 

SCHEDULE H

 

Dispute Resolution
Process

 

1.          Mediation.

 

If a Party elects to exercise its rights
under this Second A&R Agreement with respect to a Dispute Resolution Matter, the Parties shall submit such dispute to non-binding
mediation to be conducted by JAMS. The Parties shall reasonably cooperate with JAMS and each other in the mediation process. The
mediation shall be conducted by JAMS pursuant to its then-current mediation rules and procedures. Upon written notice to JAMS and
to the other Party, either Party may at any time, terminate the mediation process. Each Party shall bear its own expenses in the
mediation process and shall share equally the charges of JAMS.

 

2.          Arbitration.

 

If the applicable Dispute Resolution Matter
has not been resolved within sixty (60) days after receipt by the other Party of the Dispute Notice, then either Party may initiate
binding Arbitration in accordance with the following:

 

(a)          Scope;
Agreement to Arbitration. Any Dispute Resolution Matter shall be determined by binding Arbitration in New York City. The Arbitration
shall be administered by JAMS pursuant to its then-current Arbitration rules and procedures. The arbitrator(s) (each, an “Arbitrator”,
and, collectively, the “Arbitrators”) will be bound by the terms of this Second A&R Agreement.

 

(b)          Number
of Arbitrators. The Parties hereby agree that the Arbitration shall be referred to three Arbitrators.

 

(c)          Selecting
of Arbitrators. One Arbitrator shall be appointed by each of Tradeweb and the applicable Refinitiv Party, and the third Arbitrator,
who shall serve as chair, shall be appointed by the two Party-appointed Arbitrators (the “Chair”). If either
of the Parties fails to appoint its Arbitrator within thirty (30) days after the initiation of the Arbitration, then the Party
that has appointed its Arbitrator may approach JAMS for the appointment of the second Arbitrator, and such appointment shall be
binding on the Parties. If the two Party-appointed Arbitrators fail to agree on the third Arbitrator within thirty (30) days after
the appointment of the later of the two, then the third Arbitrator will be appointed by JAMS.

 

(d)          Language.
All proceedings in any Arbitration will be conducted in the English language.

 

(e)          Entry
of Judgment. Judgment on the award of the Arbitrator(s) may be entered by any court of competent jurisdiction.

 

(f)          Waiver
of Appeals. To the extent permitted by law, any right to appeal from or to cause a review of any arbitral award by any court
is hereby waived by the Parties.

 

(g)          Costs
and Attorneys’ Fees. Each Party shall bear its own expenses in the Arbitration and shall share equally the charges of
JAMS and the fees of the Arbitrators.

 

     

     

    

 

SCHEDULE I

 

Refinitiv Limited Group

 

Refinitiv Trading Division Senior Mgmt

 

Refinitiv Finance

 

Refinitiv GTM Senior Mgmt, Sales Mgmt &
Operations

 

Refinitiv Trading Division Marketing &
Strategy

 

     

     

    

 

SCHEDULE J

 

Refinitiv Competitor List

 

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

[***]

 

     

     

    

 

SCHEDULE K

 

UST Restricted List

[***]

[***]*

[***]

[***]

[***]

 

*With respect to TP ICAP’s
provision of RCM 19901, this restriction shall not apply, except to the extent RCM 19901 includes Dealerweb volumes data.

 

     

     

    

 

SCHEDULE L

 

Historical Market Data

 

Initial Delivery Date – Nov 1, 2019: Institutional
Rates

 

Historical Lookback Period: 6 years

 

	TWI	Asia Government Debt
	 	 
	TWI	European Government Debt
	 	 
	DW	TBA Butterflies
	 	 
	DW	TBA Swaps
	 	 
	TWI	US Agency 
	 	 
	DW	TBA-MBS Outright
	 	 
	TWI	US Government Debt
	 	 
	TWI	US Money Markets
	 	 
	TWI	US Mortgage TBA
	 	 
	DW	TBA-Mortgage Roll
	 	 
	TWI	Asia Supranationals
	 	 
	TWI	Dollar Supranationals
	 	 
	Initial Delivery Date – Nov 1, 2020: Institutional Credit/Swap/DW
	 
	Historical Lookback Period: 5 years
	 
	TWI	European CDS Index
	 	 
	TWI	European Commercial Paper
	 	 
	TWI	European Corporate Bonds
	 	 
	TWI	European Pfan
	 	 
	TWI	European Supranationals
	 	 
	TWI	US CDS Index

 

     

     

    

 

	TWI	Canadian Dollar  Swaps
	 	 
	TWI	European Convertible Bonds
	 	 
	TWI	US Corporate Bond Evaluated Pricing
	 	 
	TWI	US Dollar Swap
	 	 
	TWI	Yen Swap
	 	 
	TWI	European Interest Rate Swap
	 	 
	DW	US Dollar Swaps
	 	 
	Initial Delivery Date – Nov 1, 2021: Dealerweb
	 
	Historical Lookback Period: 4 years
	 
	DW	US Treasury Actives
	 	 
	DW	US Treasury Off-the-Run
	 	 
	DW	US TSY Cash Start , Benchmark s
	 	 
	DW	US TSY Repo Regular Start
	 	 
	DW	Delta One - EFP (DW)
	 	 
	DW	ETF NAV Cross (DW)
	 	 
	DW	GC and GCF
	 	 
	DW	Municipal Bonds - JJ Kenny
	 	 
	TWI	European Money Markets (DEPO)
	 	 
	DW	US Repo Specials
	 	 
	DW	US Treasury Bills
	 
	Initial Delivery Date – Nov 1, 2022: Tradeweb Direct
	 
	Historical Lookback Period: 4 years

 

 

	TWD	Asset-Backed Securities (ABS)
	 	 
	TWD	Certificates of Deposit (CDs)
	 	 
	TWD	Collateralized Mortgage Obligations

 

     

     

    

 

	TWD	Mortgage-Backed Securities (MBS)
	 	 
	TWD	Municipal Bonds
	 	 
	TWD	Preferred Securities
	 	 
	TWD	Structured Products
	 	 
	TWD	Unit Investment Trusts (UITs)
	 	 
	TWD	U.S. Treasuries
	 	 
	TWD	U.S. Agencies
	 	 
	TWD	U.S. Corporate BondsEX-10.1

 Exhibit 10.1 

ORBOTECH LTD. 
 EQUITY
REMUNERATION PLAN FOR KEY EMPLOYEES OF ORBOTECH LTD. AND ITS AFFILIATES AND SUBSIDIARIES (AS AMENDED AND RESTATED) 
 Table of Contents

  

							
	 1.
	  	Preamble	  	 	2	 
			
	 2.
	  	Administration	  	 	3	 
			
	 3.
	  	Shares Subject to the Restated 2000 Plan	  	 	3	 
			
	 4.
	  	Eligibility; Written Agreement	  	 	5	 
			
	 5.
	  	Grant of the Awards and Issuance of the Ordinary Shares to the Trustee	  	 	5	 
			
	 6.
	  	Terms of Grant of Restricted Shares and Payment	  	 	6	 
			
	 7.
	  	Purchase Price	  	 	6	 
			
	 8.
	  	Exercise of Options	  	 	7	 
			
	 9.
	  	Term of Options	  	 	8	 
			
	 10.
	  	Vesting of Awards	  	 	8	 
			
	 11.
	  	Nontransferability of Options and Restricted Shares; Disqualifying Dispositions	  	 	9	 
			
	 12.
	  	Termination of Employment or Services	  	 	10	 
			
	 13.
	  	Cancellation of Options	  	 	11	 
			
	 14.
	  	Rights as Shareholders	  	 	11	 
			
	 15.
	  	Dividends and Voting Rights	  	 	12	 
			
	 16.
	  	Rights and/or Benefits Arising out of the Employee/Employer or other Relationship and the Absence of an Obligation to Employ or Retain	  	 	13	 
			
	 17.
	  	Adjustments upon Changes in Capitalization; Significant Event	  	 	13	 
			
	 18.
	  	Term, Termination and Amendment	  	 	14	 
			
	 19.
	  	Effectiveness of the Restated 2000 Plan	  	 	15	 
			
	 20.
	  	Taxation	  	 	15	 
			
	 21.
	  	Governing Law	  	 	17	 
			
	 22.
	  	Miscellaneous	  	 	17	 

  
 1 

	1.	 Preamble 

 

	(a)	 Orbotech Ltd., an Israeli corporation (the “Company”), maintains the Orbotech Ltd. Employee
Share Ownership and Option Plan (2000) (As Amended, 2003) (the “2000 Plan”) and the 1995 Incentive Stock Plan for Key Employees of Orbotech Ltd.’s Subsidiaries (As Amended 1997, 1998, 1999, 2000, 2001, 2003) (the “1995
Plan”). The Company hereby merges the 1995 Plan into the 2000 Plan, and amends and restates the 2000 Plan to: (a) change its name to the “Equity Remuneration Plan for Key Employees of Orbotech Ltd. and its Affiliates and
Subsidiaries (as Amended and Restated, 2005)”; (b) extend the types of stock-based awards available under the 2000 Plan; (c) provide for stock-based awards to persons who were previously eligible for
awards under the 1995 Plan; (d) increase the number of Ordinary Shares issuable under the 2000 Plan; and (e) make other desired changes as provided herein. The 2000 Plan, as amended and restated, is referred to herein as the
“Restated 2000 Plan”. The Restated 2000 Plan provides for the granting of stock options to purchase Ordinary Shares (as defined below) (“Options”) and the granting of awards of shares subject to certain
restrictions, as provided below (“Restricted Shares”), to employees, officers, directors and/or consultants of: (i) the Company; (ii) other companies, partnerships or entities in Israel in which the Company holds, directly
or indirectly, at least a 50% equity interest (each a “Related Company”); and/or (iii) the Company’s subsidiary entities and their respective subsidiary entities outside Israel (each a “Foreign
Subsidiary”). 

  

	(b)	 The general purpose and intent of the Restated 2000 Plan is to provide incentives to employees, officers,
directors and/or consultants of the Company, Related Companies and Foreign Subsidiaries by providing them with the opportunity to purchase or receive shares of the Company. 

 

	(c)	 The Restated 2000 Plan is intended to enable the Company to grant Options and issue shares under various and
different tax regimes including, without limitation: (i) pursuant and subject to Section 102 of the Israeli Income Tax Ordinance (New Version) 1961 (the “Tax Ordinance”) or any provision which may amend or replace it and
any regulations, rules, orders or procedures promulgated thereunder (collectively “Section 102”) and to designate them as either grants made through a trustee or not through a trustee; (ii) pursuant and
subject to Section 3(i) of the Tax Ordinance; (iii) as “incentive stock options” (“Incentive Stock Options”) within the meaning of Section 422(b) of the U.S. Internal Revenue Code of 1986, as amended from
time to time (the “Code”); (iv) as Options to U.S. taxpayers which would not qualify as Incentive Stock Options (“Nonqualified Stock Options”); (v) to grantees in jurisdictions other than Israel and the United
States; and (vi) as Restricted Shares (collectively, “Awards”). 

 The Company does not warrant that
the Restated 2000 Plan will be recognized by the income tax authorities in any jurisdiction or that future changes will not be made to the provisions of applicable laws or rules or regulations which are promulgated from time to time thereunder, or
that any exemption or benefit currently available, whether pursuant to Section 102 or otherwise, will not be abolished. 
 Should any
provision of Section 102 which applies to employees be amended, such amendment shall be deemed included in the Restated 2000 Plan with respect to Awards issued in the context of Section 102. Where a conflict arises between any provision of
the Restated 2000 Plan or any Agreement (as defined below) hereunder or their application and the provisions of any relevant tax law, rule or regulation, whether relied upon for tax relief or otherwise, the Board of Directors of the Company (the
“Board”), in its sole discretion, shall determine any necessary changes to be made to the Restated 2000 Plan and its determination regarding this matter shall be final and binding. 

  
 2 

	2.	 Administration 

 

	(a)	 Subject to the provisions of any applicable law, the Restated 2000 Plan shall be administered by the Board
and/or by any committee of the Board so designated by the Board. Any reference herein to the Board shall also mean any such committee and, unless the powers of the committee have been specifically limited by the Board, in the Restated 2000 Plan or
by any applicable law, such committee shall have all powers of the Board granted herein. 

  

	(b)	 Without derogating from the generality of the foregoing, the Board shall have the authority to designate grants
made pursuant to Section 102 as either grants made through a trustee or not through a trustee and to determine (and from time to time, change, subject to Section 102) the tax route applicable to Options granted through a trustee pursuant
to Section 102 (e.g., the capital gains route or the employment income route) and to make any other elections with respect to the Plan pursuant to applicable law. Subject to Sections 7 and 18, the Board shall have plenary authority to determine
the terms and conditions of all Awards (which need not be identical) within the terms of the Restated 2000 Plan, including, without limitation, the purchase price of the shares covered by any Option, the individuals to whom, and the time or times at
which, Awards shall be granted, the types of Awards to be granted, the number of shares to be subject to each Award, the purchase price (if any) of Restricted Shares, whether grants shall be made through a trustee or not through a trustee, whether
an Award shall be granted pursuant to Section 102 or otherwise, whether an Option shall be an Incentive Stock Option or a Nonqualified Stock Option, when an Option shall vest and can be exercised (and whether in whole or in installments),
whether, to what extent and under what circumstances Restricted Shares should be subject to transfer restrictions, forfeiture provisions and/or other terms and conditions, and when any Restricted Shares shall vest and any transfer restrictions,
forfeiture provisions and/or other terms and conditions with respect thereto should lapse and/or expire. 

  

	(c)	 Subject to Section 18, the Board shall have plenary authority to construe and interpret the Restated 2000
Plan, to prescribe, amend and rescind the rules and regulations relating to it and to make all other determinations deemed necessary or advisable for the administration of the Restated 2000 Plan. All determinations of the Board pursuant to the
provisions of the Restated 2000 Plan and all related orders and resolutions of the Board shall be final, conclusive and binding on all persons, including the Company, its shareholders, grantees and their estates and beneficiaries.

  

	(d)	 No director or officer of the Company shall be personally liable or obligated to any grantee or other person as
a result of any decision or omission made and/or action taken with respect to the Restated 2000 Plan or its execution. 

  

	3.	 Shares Subject to the Restated 2000 Plan 

 

	(a)	 Subject Shares. The shares subject to the Restated 2000 Plan shall be Ordinary Shares of the Company of
NIS 0.14 nominal (par) value each (“Ordinary Shares”). Such Ordinary Shares may be in whole or in part, as the Board shall from time to time determine and subject to applicable law, authorized and unissued Ordinary Shares or issued
and fully paid Ordinary Shares which have resulted from Restricted Shares which have been forfeited and returned to the Company or Ordinary Shares which shall have otherwise been purchased by the Company, by the Trustee (as hereinafter defined) or
by any custodian hereunder with funds provided by the Company. 

  
 3 

	(b)	 Maximum Shares. The aggregate number of Ordinary Shares that may be issued and delivered pursuant to
Awards granted under the Restated 2000 Plan from and after the 2005 Effective Time (as defined in Section 19) (the “Maximum Restated 2000 Plan Shares”) shall not exceed 7,138,571 (i.e., the sum of: (i) 491,023
(i.e., the number of Ordinary Shares available under the 1995 and 2000 Plans and not subject to outstanding options immediately prior to the 2005 Effective Time); (ii) 5,647,548 (i.e., the number of Ordinary Shares subject to
outstanding options under the 1995 and 2000 Plans immediately prior to the 2005 Effective Time); and (iii) 1,000,000). The number of Maximum Restated 2000 Plan Shares shall be adjusted in accordance with the terms set forth herein in connection with
events described in Section 17. No Award may be issued under the Restated 2000 Plan unless, at the time of the grant of such Award, such Award would not cause the Maximum Restated 2000 Plan Shares limitation to be exceeded.

 Any increase in the Maximum Restated 2000 Plan Shares shall be subject to the provisions of Section 18. 

 

	(c)	 Expired, Terminated, Forfeited or Cancelled Awards. If: (i) any Option granted under the 1995 Plan
or the 2000 Plan prior to the 2005 Effective Time, or any Option granted under the Restated 2000 Plan, shall expire, terminate or be forfeited or cancelled for any reason without having been exercised in full, the shares under such Option which were
not theretofore exercised shall again be available for the purposes of the Restated 2000 Plan; and (ii) any Restricted Share Award granted under the Restated 2000 Plan shall expire, terminate, be forfeited or cancelled prior to vesting in full,
the shares under such Restricted Share Award that did not theretofore vest and with respect to which the forfeiture restrictions thereon did not theretofore lapse shall again be available for the purposes of the Restated 2000 Plan.

  

	(d)	 Restricted Share Award Limitation. An Award of Restricted Shares shall not be granted under the Restated
2000 Plan to the extent the number of Ordinary Shares covered by such Award, when added to the aggregate number of Restricted Shares issued under the Restated 2000 Plan (including any Restricted Shares issued under the Restated 2000 Plan that
(A) have vested and on which forfeiture provisions have lapsed or (B) that have not yet vested and remain subject to forfeiture provisions, but excluding any Restricted Shares that were forfeited prior to their vesting and lapsing of
forfeiture provisions thereon), would exceed 400,000 (the “Restricted Share Limitation”). In calculating the numbers described in the preceding sentence, adjustments shall be made in accordance with the terms set forth herein,
including adjustments to the Restricted Share Limitation. 

  

	(e)	 Incentive Stock Option Limitation. The aggregate number of Ordinary Shares that may be issued and
delivered under the Restated 2000 Plan pursuant to Awards in the form of Incentive Stock Options shall be 7,138,571 (as such number shall be adjusted in accordance with the terms set forth herein in connection with events described in
Section 17). Upon termination, cancellation, expiration or forfeiture for any reason of any Incentive Stock Option granted under the 1995 Plan or the Restated 2000 Plan without such Incentive Stock Option having been exercised in full, the
shares under such Incentive Stock Option that were not exercised prior to such termination, cancellation, expiration or forfeiture shall not be considered as having been issued or delivered for purposes of the limitations under the preceding
sentence. 

  
 4 

 The aggregate fair market value (determined with respect to each Incentive Stock Option at
the time such Option is granted) of the Ordinary Shares with respect to which Incentive Stock Options are exercisable for the first time by a grantee during any calendar year (under all stock option plans of the Foreign Subsidiaries or any parent
(within the meaning of Section 424(e) of the Code) or subsidiary (within the meaning of Section 424(f) of the Code) of the Foreign Subsidiaries) shall not exceed $100,000 (as such figure may be adjusted under Section 422(d) the Code).
If the aggregate fair market value (determined at the time of grant) of the Ordinary Shares subject to an Incentive Stock Option which first becomes exercisable in any calendar year exceeds the limitation of this Section 3(e), that portion of
the Incentive Stock Option that does not exceed the applicable dollar limit shall be an Incentive Stock Option and the remainder shall be a Nonqualified Stock Option; but in all other respects the original Agreement shall remain in full force and
effect. If the limitation of this Section 3(e) is exceeded, the determination of which Options shall be Incentive Stock Options and which Options shall be Nonqualified Stock Options shall be made taking Options into account in the order in
which they were granted. 
  

	4.	 Eligibility; Written Agreement 

 

	(a)	 Awards hereunder may be made to any employee, officer, director and/or consultant of the Company, a Related
Company or a Foreign Subsidiary, provided however, that: (i) Awards under Section 102 may only be made to persons who are, at the time of the Award, employees (as such term is defined for purposes of Section 102 and which currently
includes officers and directors) of the Company or any Related Company; and (ii) Incentive Stock Options may only be granted to salaried employees (which term shall be deemed to include officers) of any Foreign Subsidiary that is a
“subsidiary corporation” of the Company (as defined in Section 424(f) of the Code). The grant of an Award hereunder shall not, in and of itself, either entitle such grantee to participate, nor disqualify such grantee from
participating, in any other grant of Awards pursuant to the Restated 2000 Plan or any other equity remuneration plan of the Company. 

  

	(b)	 Each grant of an Award shall be evidenced by a written agreement (the “Agreement”). Each
Agreement with respect to an Award of Options shall, inter alia, designate: (i) whether the Award granted thereunder is pursuant to Section 102 and, if so, under which tax route, or otherwise; and/or (ii) whether the Award shall be
granted through the Trustee or not through the Trustee; and/or (iii) whether the Option granted thereunder is an Incentive Stock Option or a Nonqualified Stock Option. In each case the Agreement shall be in such form, and contain such terms and
provisions not inconsistent with the provisions of the Restated 2000 Plan, as the Board from time to time shall approve. The effective date of the granting of an Award shall be the date specified as such by the Board (provided such date is not
earlier than the date of the Board resolution in this regard) and in the absence of any such specification, the date on which the Board approves such grant. Each grantee of an Award shall be notified thereof and a written Agreement shall be executed
and delivered by the Company and the grantee. Any such Agreement may contain such provisions as the Board deems appropriate to ensure that the penalty provisions of Sections 280G and 4999 of the Code will not apply to any Ordinary Share received by
the grantee from the Company. 

  

	5.	 Grant of the Awards and Issuance of the Ordinary Shares to the Trustee 

 

	(a)	 The Board shall appoint (and may, from time to time, replace) a trustee for the purposes of the Restated 2000
Plan (the “Trustee”), and may, from time to time, appoint, remove or replace a custodian for the purposes of the Restated 2000 Plan. 

  
 5 

	(b)	 Unless otherwise determined by the Board, all Awards to employees, officers, directors and/or consultants of
the Company or any Related Company shall be issued by the Company in the name of the Trustee and the share certificates representing any Restricted Shares or Ordinary Shares issued pursuant to Option exercises by such grantees hereunder and any and
all other or additional rights or shares deriving from or issued in connection therewith, such as, but not limited to, bonus shares (stock dividends) (“Additional Rights”) shall be issued by the Company in the name of the Trustee in
trust for the designated grantee and shall be deposited with and held by the Trustee, and registered in the Trustee’s name in the register of members of the Company, for such period as determined by the Board but, in the case of grants of
Awards through a trustee pursuant to Section 102, not less than the period required, or approved with respect thereto pursuant to Section 102 or any other applicable laws and regulations as shall be in effect from time to time (the
“Lock-Up Period”). 

 Furthermore, and without derogating from the
aforesaid or any other provision hereof, Awards granted or shares issued which were designated as made through a trustee pursuant to Section 102: (i) may not be sold until the end of the Lock-Up Period,
unless otherwise allowed or determined by the Israeli tax authorities; and (ii) all Additional Rights with respect thereto will be subject to the same tax route applicable to the original Award. 

 

	(c)	 Nothing in the foregoing provisions shall derogate from the power of the Board to grant Awards to the Trustee
otherwise than under the provisions of Section 102 or to grant Awards to grantees directly otherwise than through the Trustee or on terms which differ from those specified above or to approve the transfer of Options and/or of Ordinary Shares
from the Trustee to the name of any grantee(s) upon such conditions as shall be determined by the Board. 

  

	6.	 Terms of Grant of Restricted Shares and Payment 

Subject to the provisions of the Restated 2000 Plan and any applicable law, the Board shall have the discretion to determine the number of Restricted Shares to
be granted to each grantee, the duration of the period during which, and the conditions, if any, under which, the Restricted Shares may be forfeited to the Company, the purchase price, if any, of the Restricted Shares and the other terms and
conditions of such Awards. Payment of any amount for Restricted Shares by the grantee shall be made to the Company no later than the day the Agreement with respect thereto is signed in such manner as the Company may prescribe. 

Unless otherwise determined by the Board, Restricted Shares shall be subject to the restrictions on sale and transferability as set forth in
Section 11(b); shall vest as provided for in Section 10(c); shall be forfeited as provided for in Sections 10(d) and 12(b); and shall confer upon the holders thereof the rights pursuant to Section 14(b). 

 

	7.	 Purchase Price 

 

	(a)	 Option Exercise Price. The consideration to be paid by the grantee for each share purchased by
exercising an Option (the “Option Exercise Price”) shall be determined by the Board, but shall not be less than the greater of: (i) the nominal (par) value of the Ordinary Shares the subject of the Option; and (ii) 100% of the
Market Price (as defined below) of the Ordinary Shares on the date of the grant or, if there was no public trading of the Company’s Ordinary Shares on the day of grant, on the last day immediately preceding the date of grant upon which public
trading of the Company’s Ordinary Shares took place. For purposes hereof, the “Market Price” of 

  
 6 

	 	
the Ordinary Shares shall mean, as of any given date, the mean average between the high and the low sale prices of the Ordinary Shares, as reported by Nasdaq, or, if the Ordinary Shares are not
listed on Nasdaq, the closing price of the Ordinary Shares as reported by the National Quotation Bureau Incorporated, or, in all other cases, the value set in good faith by the Board; provided, however, that Options issued in assumption of, or in
substitution for, outstanding Awards previously granted by a company (other than the Company) acquired by the Company, a Related Company or a Foreign Subsidiary or with which the Company, a Related Company or a Foreign Subsidiary merges or
consolidates may have an Option Exercise Price below Market Price. No Incentive Stock Option shall be granted to an employee who at the time of grant owns (or is considered as owning within the meaning of Section 424(d) of the Code) shares
possessing more than 10% of the total combined voting power of all classes of shares of the relevant Foreign Subsidiary (or any parent (within the meaning of Section 424(e) of the Code) or subsidiary (within the meaning of Section 424(f)
of the Code) of the relevant Foreign Subsidiary), unless at the time of grant the Option Exercise Price is at least 110% of the Market Price of the Ordinary Shares subject to the Incentive Stock Option. 

 

	(b)	 No Re-pricing. An Option may not be amended to lower its Option
Exercise Price, nor shall any other action be taken with respect to an Option that is treated as a re-pricing under generally accepted accounting principles or any applicable stock exchange rules, without the
prior approval of such amendment or action by the Company’s shareholders, provided however, that the Option Exercise Price or purchase price of an Award under the Restated 2000 Plan may be adjusted in accordance with the terms of
Section 17. 

  

	(c)	 Restricted Share Purchase Price. The consideration to be paid by the grantee for each Restricted Share
shall be determined by the Board. It is anticipated that Restricted Shares will be issued at substantially below Market Price and for nominal consideration only, if any, provided that less than the nominal (par) value of such shares may be paid only
if the appropriate provisions of the Israeli Companies Law, 5759-1999 are complied with. 

  

	8.	 Exercise of Options 

 

	(a)	 Exercise Notice/Payment. A grantee who desires to exercise an Option granted pursuant to the Restated
2000 Plan shall notify the Company in writing, or, through the Trustee, shall cause the Company to be notified in writing, to such effect, and any such notice shall state the number of Ordinary Shares in respect of which it is being exercised and
shall be accompanied by, or specify the arrangements for, payment of the full Option Exercise Price of such Ordinary Shares. An exercise notice may be in any other manner that the Board may determine from time to time. 

 

	(b)	 Exercise through the Trustee. A grantee who desires that the Trustee exercise an Option granted to the
Trustee on his or her behalf shall so instruct the Trustee in writing in such form as shall be prescribed by the Board from time to time. Upon receipt of all the requisite documents, approvals and payments from the grantee, including sufficient
proof of proper provision for the payment of any applicable taxes, in form satisfactory to the Company and the Trustee, the Trustee shall deliver a notice to the Company in such form as shall be prescribed by the Board from time to time, whereupon
the Company shall allot the Ordinary Shares in the name of the Trustee. 

  
 7 

	(c)	 Exercise other than through the Trustee. A grantee who desires to exercise an Option granted directly to
him or her (and not through the Trustee) shall so notify the Company in writing in such form as shall be prescribed by the Board from time to time. If Section 102 does not apply to the Option or the Ordinary Shares which relate thereto, then,
as a condition for the exercise of the Option, the grantee shall be required to pay the tax applicable to him or her (including all tax payable by the Company, any Related Company or any Foreign Subsidiary arising out of its obligation to deduct tax
at source) pursuant to applicable law and the provisions of the Restated 2000 Plan. Upon receipt of all the requisite documents, approvals and payments from the grantee, including sufficient proof of payment by the grantee of all applicable taxes as
aforesaid, in form satisfactory to the Company, the Company shall allot the Ordinary Shares in the name of the grantee. 

  

	(d)	 No Reloads. Options may not contain any “reload” features; that is, upon exercise of the
original underlying Option, the grantee shall not be awarded any automatic grant of additional Options in connection with such exercise. 

  

	9.	 Term of Options 

The term of each Option shall be for such period as the Board shall determine, but not more than seven years from the date of grant thereof or such shorter
period as may apply pursuant to the provisions of Sections 10 and 12. Furthermore, no Incentive Stock Option shall be granted to an employee who at the time of grant owns (or is considered as owning within the meaning of Section 424(d) of the
Code) shares possessing more than 10% of the total combined voting power of all classes of shares of the relevant Foreign Subsidiary (or any parent (within the meaning of Section 424(e) of the Code) or subsidiary (within the meaning of
Section 424(f) of the Code) of the relevant Foreign Subsidiary) unless the Incentive Stock Option by its terms is not exercisable after the expiration of five years from the date of grant. 

 

	10.	 Vesting of Awards 

 

	(a)	 Vesting of Options. The Board may in its discretion prescribe the installments, if any, in which an
Option granted under the Restated 2000 Plan shall become exercisable (“Vesting Periods”) or the time and/or conditions upon which the Vesting Periods of Options may be accelerated. Except as otherwise specified by the Board, vesting
of Options shall be contingent upon the grantee’s continued employment or service (which, for purposes of the Restated 2000 Plan, shall include service as a director) with the Company, a Related Company or a Foreign Subsidiary through the
applicable vesting date, and shall be in installments, over a period of four years from the granting of the Option, in such manner that at the end of two years from the date of grant the grantee (or the Trustee on his or her behalf) shall be
entitled to exercise the Option in respect of up to 50% of the Ordinary Shares originally subject thereto and at the end of each of the remaining two years in respect of up to another 25% of such Ordinary Shares. 

 

	(b)	 Exercise of Vested Options. At the conclusion of each Vesting Period, the Option may, from time to time,
be exercised in relation to part or all of the Ordinary Shares allocated for that period and, during each of the Vesting Periods, the Option may be exercised in relation to all or part of the Ordinary Shares allocated for any previously concluded
Vesting Period with respect to which the Option was not fully exercised. After the end of the Vesting Periods and during the balance of the term of the Option pursuant to Section 9, the Option may be exercised, from time to time, in relation to
all or part of the Ordinary Shares which have vested and have not at that time been exercised and which remain subject to the Option. Notwithstanding the aforesaid, an Option may be exercised only if, subject to the provisions of Section 12, at
the time of any exercise of the Option the grantee has continued to be employed by or provide services to the Company, a Related Company or a Foreign Subsidiary from the date of the grant thereof until the date of exercise. 

  
 8 

	(c)	 Vesting of Restricted Shares. The Board may in its discretion prescribe the time and/or conditions upon
which any Award of Restricted Shares shall vest and upon which any transfer restrictions, forfeiture provisions or other terms and conditions of Restricted Shares shall lapse or expire, including any acceleration thereof. Unless otherwise determined
by the Board, vesting of Restricted Shares shall be contingent upon the grantee’s continued employment with or provision of services to the Company, a Related Company or a Foreign Subsidiary through the applicable vesting date, and shall be in
installments, over a period of four years from the date of grant of the Restricted Shares, in such manner that at the end of two years from the date of grant of the Restricted Shares (to the Trustee or to the grantee, as applicable) 50% of the
Restricted Shares shall vest (and the forfeiture provisions thereof shall lapse) and at the end of each of the remaining two years 25% of the Restricted Shares shall vest (and the forfeiture provisions thereof shall lapse). 

 

	(d)	 Expiration, Termination and Forfeiture of Unvested Awards. Except as otherwise specified by the Board
and subject to the provisions of Section 12, upon the termination of the grantee’s employment or service with the Company, any portion of the Option that was not exercised as of such time shall immediately expire and terminate and any
portion of the Restricted Shares not yet vested as of such time shall immediately be forfeited and returned to the Company; provided, however, that a grantee’s employment and service shall not be deemed to have been terminated for purposes of
this sentence if such grantee continues to be employed with, or provide services to, any of the Company, any Related Company or any Foreign Subsidiary. 

  

	11.	 Nontransferability of Options and Restricted Shares; Disqualifying Dispositions

  

	(a)	 Options. Other than with respect to Incentive Stock Options (which are covered by the following
paragraph), unless otherwise determined by the Board, Options and/or the right to Options and/or the Ordinary Shares subject thereto (until such time as any restrictions applicable thereto hereunder, including, in the case of Ordinary Shares
resulting from the exercise of Options granted through a trustee pursuant to Section 102, the Lock-Up Period, lapse) are personal, and except insofar as is specified in the Restated 2000 Plan, and, where
applicable, subject to Section 102, may not be sold, transferred, assigned, pledged, withdrawn, attached or otherwise alienated or encumbered, either voluntarily or pursuant to any law, except by way of transfer pursuant to the laws of
inheritance, and no power of attorney or deed of transfer, whether the same has immediate effect or shall take effect on a future date, shall be given with respect thereto. During the lifetime of the grantee the Option may only be exercised by the
designated grantee, or if granted to the Trustee, by the Trustee on behalf of the designated grantee. 

 Incentive Stock
Options and/or the right thereto are personal and may not be sold, transferred, assigned, pledged, withdrawn, attached or otherwise alienated or encumbered, either voluntarily or pursuant to any law, except by way of transfer pursuant to the laws of
inheritance, and no power of attorney or deed of transfer, whether the same has immediate effect or shall take effect on a future date, shall be given with respect thereto. During the lifetime of the grantee the Incentive Stock Option may only be
exercised by the designated grantee. 
 If a grantee of an Incentive Stock Option makes any disposition of shares delivered pursuant to the
exercise of an Incentive Stock Option under the circumstances described in Section 421(b) of the Code (relating to certain disqualifying dispositions) or any successor provision of the Code, such individual shall notify the Company of such
disposition within ten days thereof. 

  
 9 

 A note as to some or all of the provisions of this Section 11(a) or a legend may appear
on any document which grants the Option or any Agreement hereunder. 
  

	(b)	 Restricted Shares. Unless otherwise determined by the Board, Restricted Shares and/or the rights to
Restricted Shares are personal, and, except insofar as is specified in the Restated 2000 Plan, and, where applicable, subject to Section 102, may not, until such time as the restrictions applicable to such Restricted Shares, including, in the
case of grants of Restricted Shares through a trustee pursuant to Section 102, the Lock-Up Period, lapse, be sold, transferred, assigned, pledged, withdrawn, attached or otherwise alienated or encumbered,
either voluntarily or pursuant to any law, except by way of transfer pursuant to the laws of inheritance (but only to the extent that such Restricted Shares had vested on the date of death of the grantee), and no power of attorney or deed of
transfer, whether the same has immediate effect or shall take effect on a future date, shall be given with respect thereto. Unless the Board provides otherwise, certificates issued in respect of Restricted Shares and, where applicable, any
Additional Rights with respect thereto, shall be registered in the name of the Trustee or the grantee, as the case may be, and deposited, together with a share transfer deed signed and endorsed by the grantee in blank (the “Share Transfer
Deed”), with the Company, the Trustee (in all cases where the Award is through the Trustee) or such custodian as may be designated by the Board, and shall be held by the Company, the Trustee or the custodian until such time as the
restrictions applicable to such Restricted Shares, including, in the case of grants of Restricted Shares through a trustee pursuant to Section 102, the Lock-Up Period, lapse. 

In the event that, for any reason whatsoever, including pursuant to Section 12(b), any Restricted Shares which have not vested and on
which the forfeiture provisions have not theretofore lapsed shall be cancelled, terminated or forfeited, the Company, the Trustee or the custodian, as the case may be, shall, unless instructed otherwise by the Board, exercise the Share Transfer Deed
(and each is authorized to complete any missing details therein) in order to return such Restricted Shares to the Company and make them available again for purposes of the Restated 2000 Plan or for other corporate purposes. 

 

	12.	 Termination of Employment or Services 

 

	(a)	 If the employment or services of an Option holder with or to the Company, a Related Company or a Foreign
Subsidiary is or are terminated prior to the complete exercise of an Option: (i) by reason of death, disability (in the case of Incentive Stock Options or Nonqualified Stock Options, as defined in Section 422(c)(6) of the Code, and in all
other cases as determined by the Board in its absolute discretion) or retirement after age 60 with the approval of the Board, the Option shall remain exercisable by the grantee or his or her estate (to the extent that it has acquired the rights of
the deceased grantee by will or by operation of law), as the case may be, for a period of one year following such termination (but only to the extent exercisable at the time of such termination and not beyond the scheduled expiration date); and
(ii) for any other reason, all Options held by such holder shall immediately expire upon such termination. 

Notwithstanding (ii) above, in the event of termination of employment or services by the Company, a Related Company or a Foreign
Subsidiary within twelve months after a Significant Event (as defined in Section 17), the Option shall remain exercisable (but only to the extent exercisable at the time of such termination and not beyond the scheduled expiration date) for a
period of one month following such termination. 

  
 10 

	(b)	 If the employment or services of a grantee of Restricted Shares with or to the Company, a Related Company or a
Foreign Subsidiary is or are terminated prior to the full vesting of, and lapsing of forfeiture provisions on, such Restricted Shares for any reason, the Restricted Shares held by such grantee that have not theretofore vested and on which the
forfeiture provisions have not theretofore lapsed shall immediately be forfeited and returned to the Company upon such termination. 

  

	(c)	 The Board may determine whether any given leave of absence or other circumstance constitutes a termination of
employment or services. Awards granted under the Restated 2000 Plan shall not be affected by any change of employment or other designation so long as the grantee continues to be an employee of, or to provide services to, the Company, a Related
Company or a Foreign Subsidiary. 

  

	(d)	 Notwithstanding the foregoing, the Board may, in its absolute discretion, extend the period of exercise of the
Option by a grantee or grantees for such time as it shall determine either with or without conditions; provided however, that the period of exercise shall not be extended beyond the term of the Option pursuant to Section 9, and provided
further, that the extension of the exercise period for an Incentive Stock Option or any other Option held by a grantee who is subject to U.S. taxation will not be made without the consent of the grantee. 

 

	(e)	 In such case as Section 102 shall apply to any Award, where the grantee ceases to be an employee or
director of the Company or of a Related Company prior to the expiration of such period as may be prescribed by applicable law and regulations, the exemption provided by Section 102 may not apply with respect to that grantee pursuant to
applicable law. In such case, the grantee shall be obliged to make arrangements with the tax authorities at his or her expense for all matters to do with the taxation of the Options, the Restricted Shares and/or the Ordinary Shares.

  

	13.	 Cancellation of Options 

Without limiting the foregoing and the provisions of Section 17, the Board may, with the consent of the grantee (provided such consent is given within 60
days of the Company’s proposal to do so), from time to time cancel all or any portion of any Option then subject to exercise, and the Company’s obligation in respect of such cancelled Option may be discharged by: (i) payment to the
grantee or to the Trustee of an amount in cash equal to the excess, if any, of the Market Price of the Ordinary Shares at the date of such cancellation subject to the portion of the Option so cancelled over the aggregate Option Exercise Price of
such Ordinary Shares; (ii) the issuance or transfer to the grantee of Ordinary Shares with a Market Price at the date of such transfer equal to any such excess; or (iii) a combination of cash and Ordinary Shares with a combined value equal
to any such excess, all as determined by the Board in its sole discretion. If any Options are cancelled as aforesaid, they shall, for purposes of the Maximum Restated 2000 Plan Shares and the Incentive Stock Option limitation set forth in
Section 3(e), be deemed as if exercised and as if the underlying Ordinary Shares were issued. 
  

	14.	 Rights as Shareholders 

 

	(a)	 Options. The holder of an Option shall have none of the rights of a shareholder with respect to the
Ordinary Shares subject to the Option until such shares are transferred to the holder upon the exercise of the Option. 

  
 11 

	(b)	 Restricted Shares. Upon the issuance of Restricted Shares, the Restricted Shares shall confer upon the
holders thereof the rights of a shareholder of the Company with respect to the Restricted Shares, subject to the provisions of the Restated 2000 Plan (including the provisions with respect to the vesting and forfeiture provisions on Restricted
Shares, the provisions with respect to voting rights, by or through the Trustee or a custodian pursuant to Section 15(b), the provisions with respect to dividends set forth in Section 15(a)(iv), and the provisions with respect to
transferability set forth in Section 11(b)) and any restrictions and conditions as the Board may include in the applicable Agreement. 

  

	15.	 Dividends and Voting Rights 

 

	(a)	 Ordinary Shares, once issued upon the exercise of Options hereunder, and Restricted Shares, shall participate
equally with the Company’s other Ordinary Shares in every cash dividend which shall be declared and distributed, subject to the following provisions: 

  

	 	(i)	 A cash dividend shall be distributed only to persons registered in the register of members as shareholders on
the record date fixed for the distribution of the dividend. 

  

	 	(ii)	 A dividend with regard to Ordinary Shares which are registered in the name of the Trustee or a custodian shall
be paid to the Trustee or the custodian, as the case may be, subject to any lawful deduction of tax, whether such rate is at the usual rate applicable to a dividend or at a higher rate. The Trustee or custodian shall transfer the dividend to the
grantees in accordance with instructions that he or she shall receive from the Company. Alternatively, the Company shall be entitled to pay the dividend directly to the grantee subject to the deduction of the applicable tax. 

 

	 	(iii)	 Without derogating from the provisions of Section 15(a)(ii), the Company, the Trustee or any custodian
shall be entitled to set off and deduct at source from any dividend any sum that the grantee owes to the Company (including any Related Company or any Foreign Subsidiary), the Trustee or the custodian, whether under the Restated 2000 Plan or
otherwise, and/or any sum that the grantee owes to the tax authorities. 

  

	 	(iv)	 Dividends on any Restricted Shares that have not yet vested and the forfeiture provisions with respect to which
have not yet lapsed, may: (A) be paid as aforesaid; (B) be withheld by the Company subject to vesting of the Restricted Shares; or (C) be reinvested into additional Ordinary Shares of the Company which will be treated as the
underlying Restricted Shares and will be subject to the same vesting schedule as the underlying Restricted Shares with respect to which such dividend was paid, all as determined by the Board in its sole discretion prior to the distribution of any
dividend. 

  

	(b)	 Holders of Restricted Shares and of Ordinary Shares issued following exercise of any Option shall have voting
rights with respect to such shares; provided however, that for as long as any Restricted Shares or any Ordinary Shares deriving from any Award are registered in the name of the Trustee or deposited with a custodian, the Trustee or custodian alone
shall be entitled to receive every notice to which a shareholder is entitled, and only the Trustee or custodian, or whomever the Trustee or custodian shall designate, shall be entitled to exercise rights as a shareholder vis-a-vis the Company, including the right to participate in all shareholders’ meetings and to vote such Restricted Shares or Ordinary Shares thereat. The Trustee or
custodian, as the case may be, shall vote such shares in accordance with the instructions of the grantees on whose behalf they are held and, in the absence of such instructions, at the discretion of the Trustee or custodian in the best interests of
the Company. 

  
 12 

	16.	 Rights and/or Benefits Arising out of the Employee/Employer or other Relationship and the Absence of an
Obligation to Employ or Retain 

  

	(a)	 No income or gain which shall be credited to or which purports to be credited to a grantee as a result of the
Restated 2000 Plan shall in any manner be taken into account in the calculation of the basis of the grantee’s entitlements from the Company, any Related Company or any Foreign Subsidiary or in the calculation of any social welfare right or
other rights or benefits arising out of the employee/employer or any other relationship. If, pursuant to any law, the Company, any Related Company or any Foreign Subsidiary shall be obliged for the purposes of calculation of the said items to take
into account income or gain actually or theoretically credited to the grantee, the grantee shall indemnify the Company, any Related Company or any Foreign Subsidiary against any expense caused to it in this regard. 

 

	(b)	 Nothing in the Restated 2000 Plan or any Award granted pursuant thereto shall be interpreted as obligating the
Company, any Related Company or any Foreign Subsidiary to employ or retain the services of the grantee, or as conferring upon any grantee any right to continue in the employment of or service with the Company, any Related Company or any Foreign
Subsidiary or as restricting the right of the Company, any Related Company or any Foreign Subsidiary to terminate such employment or services at any time. The grantee shall have no claim pursuant to the Restated 2000 Plan whatsoever against the
Company, any Related Company or any Foreign Subsidiary as a result of the termination of his or her employment or services, including, without limitation, any claim that such termination causes any Options to expire and/or any Restricted Shares to
be forfeited and/or prevents the grantee from exercising any Options, and/or from receiving or retaining any Ordinary Shares otherwise issuable pursuant to any Award granted by, or Agreement with, the Company, any Related Company or any Foreign
Subsidiary or results in any loss due to an imposition, or earlier than anticipated imposition, of tax liability pursuant to applicable law. 

  

	17.	 Adjustments upon Changes in Capitalization; Significant Event 

Notwithstanding any other provisions of the Restated 2000 Plan, the Board shall, consistent with any applicable provisions as may be set forth in an applicable
Agreement, take such action as it deems appropriate for the adjustment of the number and class of shares subject to each unexercised or unvested Award and in the purchase prices of each such Award in the event of changes in the outstanding share
capital of the Company by reason of any stock dividend (bonus shares), stock split, recapitalization, combination, exchange of shares, merger, consolidation, liquidation, split-up, split-off, spin-off or other similar change in capitalization, or a distribution to ordinary shareholders, including a rights offering, other than cash dividends or any like
change, including making provision for a cash payment to the holder of an outstanding Award in consideration for the cancellation of such Award, including, in the case of an outstanding Option, a cash payment to the holder of such Option in
consideration for the cancellation of such Option in an amount equal to the excess, if any, of the Market Price (as determined as of a date specified by the Board) of the shares subject to such Option over the aggregate Option Exercise Price of such
Option (it being understood that, in such event, any Option having an Option Exercise Price equal to, or in excess of, the Market Price of a share subject to such Option may be cancelled and terminated without any payment or consideration therefor).
In any such event, the Board shall also appropriately 

  
 13 

 
adjust the aggregate number and class of shares available under the Restated 2000 Plan and the other maximum figures/limitations set forth under the Restated 2000 Plan, including, without
limitation, adjustments to the Maximum Restated 2000 Plan Shares set forth in Section 3(b), the Restricted Share Limitation set forth in Section 3(d), the maximum number of Incentive Stock Options issuable under the Restated 2000 Plan set
forth in Section 3(e) and the other components of any of the foregoing that relate to the number and class of shares issuable under the Restated 2000 Plan, and the Board’s determinations shall be conclusive. 

Each of the following shall be a “Significant Event”: (i) Board or (if approval of the shareholders of the Company is required) shareholder
approval of: (a) any consolidation or merger of the Company in which the Company is not the continuing or surviving corporation or pursuant to which Ordinary Shares would be converted into cash, securities or other property, other than a merger
of the Company in which the holders of Ordinary Shares immediately prior to the merger have the same proportionate ownership of Ordinary Shares of the surviving corporation immediately after the merger; (b) any sale, lease, exchange or other
transfer (in one transaction or a series of related transactions) of all or substantially all the assets or shares of the Company; or (c) the adoption of any plan or proposal for the liquidation or dissolution of the Company; (ii) any
person or group (within the meaning of Section 13(d)(3) of the U.S. Securities Exchange Act of 1934) other than the Company making a tender offer or exchange offer to acquire any Ordinary Shares (or securities convertible into Ordinary Shares)
for cash, securities or any other consideration, provided that: (a) at least a portion of such securities sought pursuant to the offer in question is acquired; and (b) after consummation of such offer, the person in question is the
“beneficial owner” (as such term is defined in Rule 13d-3 under the U.S. Securities Exchange Act of 1934), directly or indirectly, of 20% or more of the outstanding Ordinary Shares (calculated as
provided in paragraph (d) of such Rule 13d-3 in the case of rights to acquire Ordinary Shares); or (iii) during any period of two consecutive years, individuals who at the beginning of such period
constituted the entire Board cease for any reason to constitute a majority thereof unless the election, or the nomination for election by the Company’s shareholders, of each new director was approved by a vote of at least two-thirds of the directors then still in office who were directors at the beginning of the period. 
  

	18.	 Term, Termination and Amendment 

Unless the Restated 2000 Plan shall theretofore have been terminated as hereinafter provided, it shall terminate on, and no Award shall be granted after,
June 4, 2015. The Restated 2000 Plan may be terminated, modified, amended or extended by the shareholders of the Company. The Board may at any time terminate, modify or amend the Restated 2000 Plan in such respects as it shall deem advisable;
provided, however, that the Board may not, without approval by the holders of a majority of the outstanding shares of voting stock of the Company present and voting at a duly held meeting at which a quorum is present, (a) except for adjustments
in connection with events described in Section 17, (i) increase the maximum number of Ordinary Shares as to which Awards may be granted under the Restated 2000 Plan, (ii) increase the maximum number of Incentive Stock Options issuable
under the Restated 2000 Plan, or (iii) increase, for purposes of the Restated 2000 Plan, the Restricted Share Limitation, (b) change the class of persons eligible to receive Awards, (c) expand the types of Awards issuable under the
Restated 2000 Plan, (d) amend an Option to lower its purchase price, or take any other action with respect to an Option that would be treated as a re-pricing under generally accepted accounting principles
or any applicable stock exchange rules, (e) extend the term of the Restated 2000 Plan, or (f) adopt any other amendments to the Restated 2000 Plan that are considered material (including permitting “reload” features with respect
to Options or granting Options with a purchase price below Market Price as provided for herein (other than as permitted under Section 7 for Options issued in assumption of, or in substitution for, outstanding awards previously granted by a
company acquired by the Company, a Related Company or a Foreign Subsidiary or with which the Company, a Related 

  
 14 

 
Company or a Foreign Subsidiary merges or consolidates)) or that are required to be approved by shareholders pursuant to the rules of any stock exchange on which the Ordinary Shares are listed or
by applicable law. Except as provided in the following paragraph or in Section 1(c), no termination, modification or amendment of the Restated 2000 Plan may, without the consent of the grantee to whom any Award shall theretofore have been
granted, adversely affect the rights of such grantee under such Award. 
 Notwithstanding the foregoing, the Board shall have the right at any time and from
time to time and without prior notice to modify outstanding Awards to comply with or satisfy local laws and regulations, to avoid costly governmental filings or to implement administrative changes to the Restated 2000 Plan that are deemed necessary
or advisable by the Board for compliance with laws. By means of illustration but not limitation, the Board may modify or restrict the method of exercise of an Award, or delay, suspend or prohibit the exercise of Options or the sale of shares, to
avoid securities laws or exchange control filings, laws or regulations or to comply therewith, or for any other administrative purposes deemed appropriate by the Board. 
  

	19.	 Effectiveness of the Restated 2000 Plan 

The merger of the 1995 Plan into the 2000 Plan and the Restated 2000 Plan shall be effective as of the date of approval thereof by the Board, which occurred on
June 5, 2005 (the “2005 Effective Time”), subject to shareholder approval of the Restated 2000 Plan within 12 months of the 2005 Effective Time. If shareholder approval is not obtained at the 2005 Annual General Meeting of
Shareholders, the 1995 Plan shall expire on June 21, 2005, and the 2000 Plan will continue as in effect immediately prior to the 2005 Effective Time. No Award will be granted under the Restated 2000 Plan following the 2005 Effective Time until
shareholder approval thereof is obtained. Awards approved or granted under the 1995 Plan or the 2000 Plan prior to the 2005 Effective Time and outstanding as of immediately prior to the 2005 Effective Time shall continue to be governed by the terms
of the 1995 Plan or the 2000 Plan (as the case may be) prior to the 2005 Effective Time. Awards granted following the 2005 Effective Time shall be granted under the terms of the Restated 2000 Plan as in effect from time to time. Awards granted prior
to termination of the Restated 2000 Plan may, subject to the terms of the Restated 2000 Plan and any applicable Agreement with a grantee, be exercised thereafter. 
  

	20.	 Taxation 

 

	(a)	 General. The grantee shall be liable for all taxes, duties, fines and other payments which may be
imposed by any tax authorities and for every obligatory payment of whatever source and upon whomsoever levied (including, but not limited to, social security, health tax, etc., as may be applicable) in respect of the Awards, the shares issued under
the Restated 2000 Plan or dividends (including, without limitation, upon the grant, vesting or exercise of the Options, the grant or vesting of any Restricted Shares, the issuance or sale of any Ordinary Shares deriving from any Award or the
registration of any Ordinary Shares in the grantee’s name) or any other benefit in respect thereof and/or for all charges which shall accrue to the grantee, the Company, any Related Company, any Foreign Subsidiary, the Trustee and/or any
custodian in connection with the Restated 2000 Plan, the Awards, or any act or omission by the grantee or the Company, any Related Company, any Foreign Subsidiary, the Trustee or any custodian in connection therewith or pursuant to any determination
by the applicable tax or other authorities, including, without limitation, any such payments required to be made by the Company, any Related Company or any Foreign Subsidiary as the result of any sale by the grantee of shares which were designated
as made through a trustee pursuant to Section 102 prior to the end of the Lock-Up Period. Notwithstanding the foregoing, if the Company elects the “employment income” route for options granted
through a trustee pursuant to Section 102, the Company or the Related Company, as applicable, shall pay, at its expense, any social security payments payable by the employer with respect to Awards so granted to the extent required as a result
of such election. 

  
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	(b)	 Withholding. The Company, any Related Company, any Foreign Subsidiary, the Trustee and/or any custodian
shall have the right to require the grantee to pay an amount in cash or to retain or sell without notice Ordinary Shares in value sufficient to cover any tax required by any governmental entity to be withheld or otherwise deducted and paid with
respect to the Awards or the Ordinary Shares subject thereto (including, without limitation, upon their grant, vesting, exercise or sale or the registration of the Ordinary Shares in the grantee’s name) or with respect to dividends or any other
benefits in respect thereof (“Withholding Tax”), and to make payment (or to reimburse itself or himself or herself for payment made) to the appropriate tax authority of an amount in cash equal to the amount of such Withholding Tax,
remitting any balance to the grantee. Notwithstanding the foregoing, the grantee shall be entitled to satisfy the obligation to pay any Withholding Tax, in whole or in part, by providing the Company, a Related Company, a Foreign Subsidiary, the
Trustee and/or any custodian with funds sufficient to enable the Company, the Related Company, the Foreign Subsidiary, the Trustee and/or any custodian to pay such Withholding Tax. 

 

	(c)	 Certificate of Authorization of Assessing Officer. The Company (including any Related Company and any
Foreign Subsidiary), the Trustee or the custodian shall at any time be entitled to apply to the Assessing Officer, and in the case of a grantee outside the State of Israel, to any non-Israeli tax authority,
for receipt of their certificate of authorization as to the amount of tax which the Company, any Related Company, any Foreign Subsidiary, the Trustee, the custodian or the grantee is to pay to the tax authorities resulting from the grant of any
Options, the exercise thereof, the issuance of any Ordinary Shares, receipt of any Awards of Restricted Shares, the sale of any Ordinary Shares deriving from the Award, or regarding any other question with respect to the application of the Restated
2000 Plan. 

  

	(d)	 Security for Payment of Taxes. Without derogating from the above, the Company (including any Related
Company and any Foreign Subsidiary) and/or the Trustee or the custodian shall have the right to require that any grantee provide guarantees or other security to the Company’s satisfaction to guarantee the payment of any taxes or other
obligatory payments which may be payable as a result of or in connection with the grant of an Option, the exercise thereof, the registration of any Options or shares in the grantee’s name, the receipt of any Awards of Restricted Shares and the
issuance, sale or transfer of any Ordinary Shares deriving from any Award (including any sum payable arising out of or in connection with the Company’s, the Related Company’s, the Foreign Subsidiary’s, the Trustee’s or the
custodian’s obligations to deduct tax and other obligatory payments at source). With respect to Awards granted pursuant to Section 102 which were not designated as made through a trustee, if the grantee’s employment with the Company
or a Related Company is terminated for any reason, the grantee will be obligated to provide the Company with a guarantee or other security to its satisfaction and at its discretion, to cover any tax obligations which may arise thereafter in
connection with the disposition of the Ordinary Shares. 

  

	(e)	 Election under Section 83(b). If an Award grantee, in connection with the
acquisition of shares under the Restated 2000 Plan, makes an effective election under Section 83(b) of the Code (to include in gross income in the year of transfer of the amounts specified in Section 83(b) of the Code), the grantee shall
notify the Company of such election within ten days of filing notice of the election with the Internal Revenue Service or other governmental authority, in addition to any filing and notification required pursuant to regulations issued under
Section 83(b) of the Code or other applicable provision. 

  
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	21.	 Governing Law 

The Restated 2000 Plan and all instruments issued hereunder shall be governed by and interpreted in accordance with the laws of the State of Israel, subject to
the provisions of the Code with respect to Incentive Stock Options, and in the event of any ambiguity or conflict, the provisions hereof shall be so construed and applied as to give effect to the intention that any Incentive Stock Option granted to
employees of Foreign Subsidiaries will qualify as an “Incentive Stock Option” under Section 422 of the Code. 
  

	22.	 Miscellaneous 

The Board may direct that any certificate evidencing shares delivered pursuant to the Restated 2000 Plan shall bear a legend setting forth such restrictions on
transferability as the Board may determine to be necessary or desirable, and may advise the transfer agent to place a stop order against any legended shares. 

  
 17

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