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Exhibit 10.14  

 
 

CLEARING AGREEMENT    
    

        This
agreement, made as of the date indicated on the signature page hereof (the "Agreement") between Broadcort Capital Corp. (hereinafter referred to as the "Clearing Firm") and
Archipelago LLC (hereinafter referred to as the "Introducing Firm"), 

 
 

WITNESSETH THAT:    
    

        WHEREAS, the Introducing Firm is desirous of availing itself of clearing, execution and other services related to the securities business as more fully set forth
herein; and 

        WHEREAS,
the Clearing Firm desires to extend the foregoing types of services to the Introducing Firm. 

        NOW
THEREFORE, in consideration of the mutual covenants hereinafter set forth and other good and valuable consideration the receipt of which is hereby acknowledged, the parties hereto
hereby covenant and agree as follows: 

I.    Services  

        A.    Services to be Performed by the Clearing Firm    

        1.     The
Clearing Firm will execute orders for the Introducing Firm's customers whose cash or margin accounts have been accepted by Clearing Firm ("Introduced Accounts"), but
only insofar as such orders are transmitted by the Introducing Firm to the Clearing Firm. 

        2.     The
Clearing Firm will generate, prepare and mail confirmations respecting each of the Introduced Accounts. 

        3.     The
Clearing Firm will prepare and mail the summary monthly statements (or quarterly statements if no activity in any Introduced Account occurs during any quarter covered
by such statement) to every Introduced Account. 

        4.     The
Clearing Firm will settle contracts and transactions in securities (including options to buy or sell securities) (i) between the Introducing Firm and other
brokers and dealers, (ii) between the Introducing Firm and the Introduced Accounts, and (iii) between the Introducing Firm and persons other than the Introduced Accounts or other brokers
and dealers. 

        5.     The
Clearing Firm will engage in all cashiering functions for the Introduced Accounts, including the receipt, delivery and transfer of securities purchased, sold,
borrowed and loaned, receiving and distributing payment therefor, holding in custody and safekeeping all securities and payments so received, the handling of margin accounts, the receipt and
distribution of dividends and other distributions, and the processing of exchange offers, rights offerings, warrants, tender offers and redemptions. 

        6.     The
Clearing Firm will construct and maintain prescribed books and records of all transactions executed or cleared through it and not specifically charged to the
Introducing Firm pursuant to the terms of this Agreement, including a daily record of required margin and other information required by Rule 432(a) of the rules of the Board of Directors of the
New York Stock Exchange, Inc. (the Rules), or by the constitution, articles of incorporation, by-laws (or comparable instruments) or rules, regulations or other instruments
corresponding to the foregoing, and the stated policies or practices of any other securities exchange (the "Standards"), including but not otherwise limited to any national securities exchange
registered under the Securities Exchange Act of 1934, as amended ("National Securities Exchange") 

 

        B.    Services Which Shall Not be Performed by the Clearing Firm    

        Unless
otherwise agreed to in a writing executed by the parties hereto, the Clearing Firm shall not engage in any of the following services on behalf of the Introducing Firm: 

        1.     Accounting,
bookkeeping or recordkeeping, cashiering, or any other services with respect to commodity transactions, and/or any transaction other than securities
transactions. ("Securities is defined in Section 2(a)(l) of the Securities Act of 1934 [amended].) 

        2.     Preparation
of the Introducing Firm's payroll records, financial statements or any analysis or review thereof or any recommendations relating thereto. 

        3.     Preparation
or issuance of checks in payment of the Introducing Firms expenses, other than expenses incurred by the Clearing Firm on behalf of the Introducing Firm
pursuant to this Agreement. 

        4.     Payment
of commissions, salaries or other remuneration to the Introducing Firms salesmen or any other employees of the Introducing Firm. 

        5.     Preparation
and filing of reports (the Reports") with the Securities and Exchange Commission, any state securities commission, any National Securities Exchange, or other
securities exchange or securities association or any other regulatory or self-regulatory body or agency with which the Introducing Firm is associated and/or by which it is regulated
Notwithstanding the foregoing, the Clearing Firm will, at the request of the Introducing Firm, furnish the Introducing Firm with any necessary information and data contained in books and records kept
by the Clearing Firm and not otherwise reasonably available to the Introducing Firm if such information is required in connection with the preparation and filing of Reports by the Introducing Firm. 

        6.     Making
and maintaining reports and records required to be kept by the Introducing Firm by the Currency and Foreign Transactions Reporting Act of 1970 and the regulations
promulgated pursuant thereto, or any similar law or regulations enacted or adopted hereafter. 

        7.     Verification
of the address changes of any Introduced Account. 

        8.     Obtaining
and verifying new account information, and ensuring that such information meets the requirements of Rule 405(l) of the Rules and any other Rules or
applicable Standards. 

        9.     Maintaining
a record of all personal and financial information concerning any Introduced Account and all orders received therefrom, and maintaining all documents and
agreements executed by any Introduced Account. 

        10.   Holding
for safekeeping of the securities of any Introduced Account registered in the name of the Introduced Account. 

        11.   Accepting
deposits from the Introducing Firm in the form of coin or currency of the United States or any other country. 

        12.   Any
matters associated with the receipt and transfer of control and restricted securities by Introducing Firm's clients. If a client of the Introducing Firm uses deliver
control or restricted securities in satisfaction of a sale, the Introducing Firm shall be for responsible taking all steps necessary to assure that the securities are presented in fully negotiable
form, and in compliance with all applicable laws (including registration of such shares or the requirements to secure an applicable exemption from registration) upon receipt by the Clearing Firm. 

II.    Clearing Charges  

        See Schedule A attached hereto and incorporated herein by reference. 

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        In
no event shall the fees charged in this Article II for the above services be in contravention of the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as
amended, the Investment Advisers Act of 1940, as amended, and the Employee Retirement Income Security Act of 1974, as amended, or any rules or regulations thereunder, or any other law, n or
regulation, Federal, state or local, or any constitution, by-law, rule, regulation or instrument corresponding to the
foregoing, or stated policy or practice of any National Securities Exchange or other securities exchange or association or other regulatory or self-regulatory body or agency ("Laws and
Regulations"). In the event that such fees are deemed by the Clearing Firm to be in contravention of the Laws and Regulations, they shall be replaced with fees mutually agreed upon by the Clearing
Firm and the Introducing Firm. 

III.    Interest  

        Interest income earned through charges on debit balances in any Introduced Account shall be proprietary to and h retained by the Clearing Firm. No interest shall
be paid or credit given for any credit balances which from time to time may be left on deposit with the Clearing Firm, unless otherwise mutually agreed upon by the Clearing Firm and the Introducing
Firm. 

IV.    Notations on Statements, Confirmations and Other Written Material  

        The Clearing Firm shall carry all Introduced Accounts in the name of the Introducing Firms customer, with a notation on its books and records that such Introduced
Accounts were introduced by the Introducing Firm, and all monthly or quarterly statements, confirmations and notices of funds or securities due relating to such Introduced Accounts shall also indicate
that the Introduced Accounts were introduced by the Introducing Firm, that the role of the Clearing Firm is to perform only the clearing functions and related services expressly set forth herein, and
that the Introducing Firm will continue as broker for the Introduced Accounts. Inadvertent omission of such notations shall not be deemed to constitute a breach of this Agreement. Copies of the forms
covering all of the foregoing shall be furnished by the Clearing Firm to the Introducing Firm. 

        If
the Introducing Firm does not assume any cashiering function with respect to any Introduced Accounts, the account statements of the Clearing Firm sent to Introduced Accounts will
contain a provision substantially in the following form: 

        The
funds and securities specified in this account statement are under the possession or control of Merrill Lynch, Pierce, Fenner & Smith Incorporated, and not with the securities
firm that introduced this account to Broadcort Capital Corp., the clearing firm. If you have any questions regarding your account, please contact Customer Services at Broadcort Capital Corp., at
212-670-0600, if your Introducing Firm is unable to assist you. 

V.    Opening of Accounts  

        A.    At
the time of the opening of each Introduced Account, the Introducing Firm shall furnish the Clearing Firm with all financial and personal information concerning such
Introduced Accounts as the Clearing Firm may reasonably require. At the time of the opening of Introduced Accounts that are margin accounts, the Introducing Firm shall furnish the Clearing Firm with
executed customers' agreements, hypothecation agreements and consents to loans of securities (collectively, the "margin agreement"). The Clearing Firm shall supply the Introducing Firm with "new
account" and margin agreement forms regarding margin accounts in sufficient quantities, such forms to be submitted to the Clearing Firm upon their completion by the Introducing Firm, If any Introduced
Account may have been opened without the Clearing Firm having previously received the foregoing information or, in the case of a margin account, without the Clearing Firm having previously received
properly executed margin agreements, failure of the Clearing Firm to receive such information or margin agreements 

3

 

shall
not be deemed to be a waiver of the information requirements set forth herein. Upon the written or oral request of the Clearing Firm, the Introducing Firm shall furnish the Clearing Firm with
any other documents and agreements executed by the Introduced Account on forms which shall be supplied by the Clearing Firm in sufficient quantities and which may reasonably be required by the
Clearing Firm in connection with the opening, operating or maintaining of Introduced Accounts. The Clearing Firm may, at its election, mail margin agreement or "new account" forms directly to the
Introduced Accounts upon notification by the Introducing Firm, and/or require completion of its own margin agreement or "new account" forms and, if required, option account agreements for the
Introduced Accounts. The Introducing Firm shall promptly provide the Clearing Firm with basic data and copies of documents relating to each of the Introduced Accounts, including, but not otherwise
limited to, copies of records of any receipts of the Introduced Accounts' funds and/or securities received directly by the Introducing Firm, as shall be necessary for the Clearing Firm to discharge
its service obligations hereunder. 

        B.    At
the time of the opening of any agency Introduced Account, the Introducing Firm shall furnish the Clearing Firm with the name of any principal for whom the Introducing
Firm is acting as agent, and written evidence of such authority. 

        C.    The
Introducing Firm shall have the sole and exclusive responsibility for compliance with Rule 405(3) of the Rules and shall specifically approve the opening of
any new account before forwarding such account to the Clearing Firm as a potential Introduced Account. The Clearing Firm, in its reasonable business judgment, reserves the right to reject any account
which the Introducing Firm may tender to the Clearing Firm as a potential Introduced Account. The Clearing Firm, in its reasonable business judgment, reserves the right to terminate any account
previously accepted by it as an Introduced Account. 

        D.    Pursuant
to written notification received by the Introducing Firm and forwarded to the Clearing Firm, any account of the Introducing Firm may choose to reject the
services to be performed by the Clearing Firm pursuant to this Agreement and thus choose not to be serviced as an Introduced Account pursuant hereto. Upon notice from another member organization that
an Introduced Account intends to transfer his account thereto, the Clearing Firm shall expedite such transfer and shall have the sole and exclusive responsibility for compliance with Rule 412
of the Rules. 

        E.    It
shall be the sole and exclusive responsibility of the Introducing Firm to make every reasonable effort to ascertain the essential facts relative to any Introduced
Account and any order therefor, in compliance with Rule 405(1) of the Rules, including but not otherwise limited to ascertaining the authority of all orders for Introduced Accounts, and the
genuineness of all certificates, papers and signatures provided by each Introduced Account. The Introducing Firm will not provide investment advice to its customers and will not have discretionary
authority over its customers' assets. 

        F.     The
Introducing Firm shall have the sole and exclusive responsibility for the handling and supervisory review of any Introduced Account for an employee or officer of any
member organization, self-regulatory organization, bank, trust company, insurance company or other organization engaged in the securities business, and for compliance with Rule 407
of the Rules relating thereto. The Introducing Firm shall furnish the Clearing Firm with such documentation with respect thereto as may be requested by the Clearing Firm, 

        G.    The
Introducing Firm shall have the sole and exclusive responsibility to ensure that those of its customers who become Introduced Accounts hereunder shall not be minors
or subject to those prohibitions existing under the Laws and Regulations generally relating to the incapacity of any Introduced Account or any conflict of interest relating to such Introduced Account. 

        H.    The
Introducing Firm shall be solely and exclusively responsible for any loss, liability, damage, cost or expense (including but not otherwise limited to fees and
expenses of legal counsel) sustained or 

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incurred
by either the Introducing Firm or the Clearing Firm, arising out of or resulting from any orders the Introducing Firm has taken from Introduced Accounts residing or being domiciled in
jurisdictions in which the Introducing Firm has not been or is no longer authorized to do business. 

        I.     It
shall be the sole and exclusive responsibility of the Introducing Firm to comply with any and all prospectus delivery requirements in connection with Introduced
Accounts which are option accounts. 

        J.     For
purposes of the Securities Investors Protection Act and the financial responsibility rules promulgated by the Securities and Exchange Commission, the Introduced
Accounts shall be deemed customers of the Clearing Firm. For all other purposes, the responsibilities of the Clearing Firm and the Introducing Firm with respect to the Introduced Accounts shall be as
specified herein, including with respect to the Introducing Firms supervisory responsibility specified herein. 

VI.    Transactions and Margin  

        A.    The
Introducing Firm does not, and will not, provide margin credit to its customers relating to the purchase or sale of securities or the holding of such instruments in
customers' accounts; the Introducing Firm will not request or require the Clearing Firm to do so. 

        B.    On
all transactions, the Introducing Firm shall be solely and exclusively responsible to the Clearing Firm for any loss, liability, damage, cost or expense (including but
not otherwise limited to fees and expenses of legal counsel), as incurred, incurred or sustained by the Introducing Firm or the Clearing Firm as a result of the failure of any Introduced Account to
make timely payment for the securities purchased by it or timely and good delivery of securities sold for it. The Introducing Firm furthermore agrees to be solely and exclusively responsible for the
payment and delivery of all "when issued" or "when distributed" transactions which the Clearing Firm may accept, forward or execute for Introduced Accounts. 

        C.    On
all over-the-counter transactions for Introduced Accounts, the Introducing Firm shall furnish the Clearing Firm with the names of the
respective purchasing and selling broker-dealers (except as otherwise provided in Section D of this Article VT, as set forth below), the names of the purchasing and selling customers, and the
wholesale and retail purchase and sale prices. 

        D.    Should
the Introducing Firm give an order in an over-the-counter security to the Clearing Firm and the counterparty is left to the Clearing Firm's
discretion, the Clearing Firm will assume the responsibility of paying the Introducing Firm that which the counterparty has failed to pay pursuant to the over-the-counter
transaction ("del credere risk"). In case the Introducing Firm executes its own over-the-counter order or designates the counterparty, it shall be understood that in the event
the over-the-counter dealer with whom the Introducing Firm dealt or whom it designated fails to live up to its part of the transaction, the Introducing Firm will assume the del
credere risk and reimburse the Clearing Firm for any loss sustained thereby. 

        E.    The
Introducing Firm shall be solely and exclusively responsible for approving all orders for the Introduced Accounts and for establishing procedures to ensure that such
approved orders are transmitted properly to the Clearing Firm for execution. The Clearing Firm, in its reasonable business judgment, reserves the right to reject any order which the Introducing Firm
may transmit to the Clearing Firm for execution. 

        F.     The
Introducing Firm shall be solely and exclusively responsible for the supervisory review of all orders for the Introduced Accounts and shall ensure that any orders and
instructions given by it or any of its employees to the Clearing Firm pursuant to the terms of this Agreement shall have been properly authorized in advance. 

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        G.    The
Introducing Firm shall be solely and exclusively responsible for sales and purchases for the Introduced Accounts that may create or result in a violation of any of
the Laws and Regulations. 

        H.    All
transactions pursuant to the terms of this Agreement shall be subject to the constitution, rules, by-laws, regulations, stated policies, practices, and
customs and any modifications thereof of any National Securities Exchange or other securities exchange or market and its clearing house, if any, where executed, and the Laws and Regulations. It is
understood that the Introducing Firm assumes sole and exclusive responsibility for compliance with the Laws and Regulations in the same manner and to the same degree as if the Introducing Firm were
performing the services for the Introduced Accounts that have been assumed by the Clearing Firm pursuant to this Agreement, except insofar as the Clearing Firm may, pursuant to Section D of
this Article VI, as set forth above, select the counterparty to a particular transaction. 

        I.     All
transactions heretofore between the Introducing Firm and the Clearing Firm with respect to orders given by or for the Introduced Accounts and cleared through the
Clearing Firm shall be subject to the provisions of this Agreement. 

        J.     The
Clearing Firm (and not the Introducing Firm) shall have the right to rehypothecate any securities owned by the Introducing Firm's clients if such securities are not
fully paid for. 

VII.    Supervisory Responsibility  

        A.    The
Introducing Firm shall have the sole and exclusive responsibility for the review of all Introduced Accounts and for compliance with any supervisory responsibility
under Rule 405(2) of the Rules. 

        B.    The
Introducing Firm and the Clearing Firm shall each be responsible for compliance with any supervisory procedures under Rule 342 of the Rules and, to the extent
applicable, any other provisions of the Laws and Regulations, including but not otherwise limited to supervising the activities and training of their respective sales and customer service employees,
as well as all of their other respective employees in the performance of functions specifically allocated to them pursuant to the terms of this Agreement. 

VIII.    Information to be Provided by the Introducing Firm  

        A.    The
Introducing Firm shall provide the Clearing Firm with copies of all financial information and reports filed by the Introducing Firm with the New York Stock
Exchange, Inc. (if a member), the National Association of Securities Dealers, Inc., the Securities and Exchange Commission, and any other National Securities Exchange (where a member)
(including but not otherwise limited to monthly and quarterly Financial and Operational Combined Uniform Single Reports, i.e., "FOCUS" Reports) simultaneous with the filing therewith. 

        B.    The
Introducing Firm shall submit to the Clearing Firm on a monthly basis or, if so requested by the Clearing Firm, at more frequent intervals, information and reports
relating to the Ii Firms financial integrity, including but not otherwise limited to information regarding the Introducing Firm's aggregate indebtedness ratio and net capital. 

        C.    The
Introducing Firm shall provide the Clearing Firm with all appropriate data in its possession pertinent to the proper performance and supervision of any function or
responsibility specifically allocated to the Clearing Firm pursuant to the terms of this Agreement. 

        D.    The
Introducing Firm shall provide the Clearing Firm 4vith any amendment or supplement to the Form BD of the Introducing Firm. 

        E.    The
Introducing Firm shall promptly provide the Clearing Firm with reasonably detailed information related to all suits, investigations or other proceedings pending, or
known to be 

6

 

contemplated,
against or affecting it before any court, arbitrator or other governmental authority that might have a material impact on the financial condition or business prospects of the Introducing
Firm. 

IX.    Information to be Provided by the Clearing Firm  

        The Clearing Firm shall provide the Introducing Firm with all appropriate data in its possession pertinent to the proper performance and supervision of any
function specifically allocated to the Introducing Firm pursuant to the terms of this Agreement. The Introducing Firm shall be responsible for and shall promptly reimburse the Clearing Firm for all
costs incurred by the Clearing Firm in connection with the preparation and mailing of such information. 

X.    Customer Notification and Correspondence  

        A.    The
Introducing Firm shall be solely and exclusively responsible for informing its customers in a written correspondence, the form and substance of which will be mutually
agreed upon, prior to the effective date of this Agreement, as to the general nature of the services to be provided by the Clearing Firm pursuant to this Agreement and the right of such customers to
reject the services provided herein. Any new customers of the Introducing Firm shall also be informed as provided herein, prior to such customers becoming Introduced Accounts. The Introducing Firm
shall be solely and exclusively responsible for the payment of all costs incurred in connection with the preparation and mailing of such customer correspondence. 

        B.    The
Introducing Firm shall inform its customers pursuant to such written correspondence that all inquiries and correspondence should be directed to the Introducing Firm.
All customer correspondence shall be reviewed and responded to by the party responsible for the specific area to which the inquiry or complaint relates pursuant to the terms of this Agreement. In the
event such correspondence is not directed to such party originally, the Introducing Firm or Clearing Firm shall expeditiously forward such correspondence to the appropriate party. 

XI.    Errors, Controversies and Indemnities  

        A.    Errors,
misunderstandings or controversies, except those specifically otherwise covered in this Agreement, between the Introduced Accounts and the Introducing Firm or any
of its employees, which shall arise out of acts or omissions of the Introducing Firm or any of its employees (including, without limiting the foregoing, the failure of the Introducing Firm to deliver
promptly to the Clearing Firm any instructions received by the Introducing Firm from an Introduced Account with respect to the voting, tender or exchange of shares held in such Introduced Account),
shall be the sole and exclusive responsibility and liability of the Introducing Firm. In the event, however, that by reason of such error, misunderstanding or controversy, the Introducing Firm in its
discretion deems it advisable to commence an action or proceeding against an Introduced Account, the Introducing Firm shall indemnify and hold the Clearing Firm harmless from any loss, liability,
damage, cost or expense (including but not otherwise limited to fees and expenses of legal counsel), as incurred, which the Clearing Firm may incur or sustain in connection therewith or under any
settlement thereof If such error, misunderstanding or controversy shall result in the bringing of an action or proceeding against the Clearing Firm, the Introducing Firm shall indemnify and hold the
Clearing Firm harmless from any loss, liability, damage, cost or expense (including but not otherwise limited to fees and expenses of legal counsel), as incurred, which the Clearing Firm may incur or
sustain in connection therewith or under any settlement thereof. 

        B.    Errors,
misunderstandings or controversies, except those specifically otherwise covered in this Agreement, between the Introduced Accounts and the Introducing Firm or any
of its employees, which shall arise out of acts or omissions of the Clearing Firm or any of its employees, shall be the sole and exclusive responsibility and liability of the Clearing Firm. In the
event, however, that by reason of such 

7

 

error,
misunderstanding or controversy, the Clearing Firm in its discretion deems it advisable to commence an action or proceeding against an Introduced Account, the Clearing Firm shall indemnify and
hold the Introducing Firm harmless from any loss, liability, damage, cost or expense (including but not otherwise limited to fees and expenses of legal counsel), as incurred, which the Introducing
Firm may incur or sustain in connection therewith or under any settlement thereof. If such error, misunderstanding or controversy shall result in the bringing of an action or proceeding against the
Introducing Firm, the Clearing Firm shall indemnify and hold the Introducing Firm harmless from any loss, liability, damage, cost or expense (including but not otherwise limited to fees and expenses
of legal counsel), as incurred, which the Introducing Firm may incur or sustain in connection therewith or under any settlement thereof. 

        C.    The
Clearing Firm and the Introducing Firm both agree to indemnify the other and hold the other harmless from and against any loss, liability, damage, cost or expense
(including but not otherwise limited to fees and expenses of legal counsel), as incurred, arising out of or resulting from any failure by the indemnifying party or any of its employees to carry out
fully the duties and responsibilities assigned to the indemnifying party herein (including, without limitation, the indemnification obligations contained in this Agreement) or any breach of any
representation or warranty herein by the indemnifying party under this Agreement. 

        D.    The
indemnification provisions in this Agreement shall remain operative and in full force and effect, regardless of the termination of this Agreement, and shall survive
any such termination 

        E.    The
Introducing Firm agrees to maintain, and to provide evidence thereof to the Clearing Firm, at least $500,000 blanket brokers indemnity bond insurance covering any and
all acts of its employees, agents and partners, with an insurance company reasonably acceptable to the Clearing Firm, listing the Clearing Firm as one of the insured parties and permitting the
Clearing Firm to assume the policy in the event of the Introducing firm ceasing operations. 

XII.    Representations, Warranties and Covenants  

        A.    The
Introducing Firm represents, warrants and covenants as follows: 

        1.     The
Introducing Firm will (a) maintain at all times a net capital computed in accordance with Rule 15c3-l of at least (i) $100,000 in
excess of the minimum net capital required by such rule if the Introducing Firm is a market maker (as that term is defined under Rule lSc3-1) and (ii) $50,000 in excess of the
minimum net capital required by such rule if the Introducing Firm is not a market maker, and (b) immediately notify the Clearing Firm when (i) its net capital is less than the applicable
amount set forth in (a) above, (ii) its Aggregate Indebtedness Ratio reaches or exceeds 10 to I or (iii) if the Introducing Firm has elected to operate under
Rule 15c3-1(a)(I)(ii) of the Securities Exchange Act of 1934, as amended, when its net capital is less than 5% of aggregate debit items computed in accordance with
Rule 15c3-3. 

        2.     The
Introducing Firm is a member in good standing of the National Association of Securities Dealers, Inc. The Introducing Firm will promptly notify the Clearing
Firm of any additional exchange memberships or affiliations. The Introducing Firm shall also comply with whatever non-member access rules have been promulgated by any National Securities
Exchange or any other securities exchange of which it is not a member, 

        3.     The
Introducing Firm is and during the term of this Agreement will remain duly registered or licensed and in good standing as a broker/dealer under all applicable Laws
and Regulations, 

        4.     The
Introducing Firm has all the requisite authority in conformity with all applicable Laws and Regulations to enter into this Agreement and to retain the services of the
Clearing Firm in accordance with the terms hereof 

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        5.     The
Introducing Firm is in compliance, and during the term of this Agreement will remain in compliance with (i) the capital and financial reporting requirements of
every National Securities Exchange or other securities exchange and/or securities association of which the Introducing Firm is a member, (ii) the capital requirements of the Securities and
Exchange Commission, and (iii) the capital requirements of every state in which the Introducing Firm is licensed as a broker/dealer, 

        6.     The
Introducing Firm shall not generate and/or prepare any statements, billings or confirmations respecting any Introduced Account unless expressly so instructed in
writing by the Clearing Firm. 

        7.     The
Introducing Firm shall keep confidential any information it may acquire as a result of this Agreement regarding the business and affairs of the Clearing Firm, which
requirement shall survive the life of this Agreement. Notwithstanding the preceding sentence, if any party requests, subpoenas or otherwise seeks to obtain confidential information concerning the
Clearing Firm that is in the possession of the Introducing Firm, the Introducing Firm will, to the extent permitted by applicable law or regulation: (i) give the Clearing Firm prompt notice
thereof and, (ii) tender any available defenses against providing such information to the Clearing Firm. That notwithstanding, the Clearing Firm understands that the Introducing Firm will
comply with all applicable law or regulation in connection with said request or subpoena. 

        B.    The
Clearing Firm represents, warrants and covenants as follows: 

        1.     The
Clearing Firm is a member in good standing of the National Association of Securities Dealers, Inc. and the New York Stock Exchange, Inc. 

        2.     The
Clearing Firm is and during the term of this Agreement will remain duly licensed and in good standing as a broker/dealer under all applicable Laws and Regulations. 

        3.     The
Clearing Firm has all the requisite authority, in conformity with all applicable Laws and Regulations, to enter into and perform this Agreement. 

        4.     The
Clearing Firm is in compliance, and during the term of this Agreement will remain in compliance with (i) the capital and financial reporting requirements of
every National Securities Exchange and/or other securities exchange or association of which it is a member, (ii) the capital requirements of the Securities and Exchange Commission, and
(iii) the capital requirements of every state in which it is Licensed as a broker/dealer. 

        5.     The
Clearing Firm represents and warrants that the names and addresses of the Introducing Firms customers which have or which may come to its attention in connection with
the clearing and related functions it has assumed under this Agreement are confidential and shall not be utilized by the Clearing Firm except in connection with the functions performed by the Clearing
Firm pursuant to this Agreement. Notwithstanding the foregoing, should an Introduced Account request, on an unsolicited basis, that the Clearing Firm or an organization affiliated with the Clearing
Firm become its broker, acceptance of such Introduced Account by the Clearing Firm or such affiliated organization shall in no way violate this representation and warranty, nor result in a breach of
this Agreement. 

        6.     The
Clearing Firm shall keep confidential any information it may acquire as a result of this Agreement regarding the business and affairs of the Introducing Firm, which
requirement shall survive the life of this Agreement. Notwithstanding the preceding sentence, if any party requests, subpoenas or otherwise seeks to obtain confidential information concerning the
Introducing Firm that is in the possession of the Clearing Firm, the Clearing Firm will, to the extent permitted by applicable law or regulation: (i) give the Introducing Firm prompt notice
thereof and, (ii) tender any available defenses against providing such information to the Introducing Firm. That 

9

 

notwithstanding,
the Introducing Firm understands that the Clearing Firm will comply with all applicable law or regulation in connection with said request or subpoena. 

XIII.    Termination—Event of Default  

        Notwithstanding any provision in this Agreement, the following events or occurrences shall constitute an Event of Default under this Agreement: 

          (i)  either
the Clearing Firm or the Introducing Firm shall fail to perform or observe any material term, covenant or condition to be performed or observed by it hereunder
and such failure shall continue to
be unremedied for a period of 60 days (30 days in the case of a failure of the Introducing Firm to maintain the net capital ratios set forth in Section A(i)(a) of
Article XII) after written notice from the non-defaulting party to the defaulting party specifying the failure and demanding that the same be remedied; or 

         (ii)  any
material representation or warranty made by either the Clearing Firm or the Introducing Firm herein shall prove to be incorrect at any time in any material respect;
or 

        (iii)  a
receiver, liquidator or trustee of either the Clearing Firm or the Introducing Firm, or of its property, held by either party, is appointed by court order and such
order remains in effect for more than 30 days; or either the Clearing Firm or the Introducing Firm is adjudicated bankrupt or insolvent; or any of its property is sequestered by court order and
such order remains in effect for more than 30 days; or a petition is filed against either the Clearing Firm or the Introducing Firm under any bankruptcy, reorganization, arrangement,
insolvency, readjustment of debt, dissolution or liquidation law of any jurisdiction, whether now or hereafter in effect, and is not dismissed within 30 days after such filing; or 

        (iv)  either
the Clearing Firm or the Introducing Firm files a petition in voluntary bankruptcy or seeking relief under any provision of any bankruptcy, reorganization,
arrangement, insolvency, readjustment of debt, dissolution or liquidation law of any jurisdiction, whether now or hereafter in effect, or consents to the filing of any petition against it under any
such law; or 

         (v)  either
the Clearing Firm or the Introducing Firm makes an assignment for the benefit of its creditors, or admits in writing its inability to pay its debts generally as
they become due, or consents to the appointment of a receiver, trustee or liquidator of either the Clearing Firm or the Introducing Firm, or of any property held by either party. 

        Upon
the occurrence of any such Event of Default, the non-defaulting party may, at its option, by notice to the defaulting party declare that this Agreement shall be thereby
terminated and such termination shall be effective as of the date such notice has been sent or communicated to the defaulting party. 

X.    Remedies Cumulative  

        The enumeration herein of specific remedies shall not be exclusive of any other remedies. Any delay or failure by any party to this Agreement to exercise any
right, power, remedy or privilege herein contained, or now or hereafter existing under any applicable statute or law, shall not be construed to be a waiver of such right, power, remedy or privilege or
to limit the exercise of such right, power, remedy or privilege. No single, partial or other exercise of any such right, power, remedy or privilege shall preclude the further exercise thereof or the
exercise of any other right, power, remedy or privilege. 

10

 

XV.    PAIB Requirements  

        The Clearing Firm and Introducing Firm agree to comply with the SEC No-Action Letter, dated November 3, 1998 ("No-Action Letter")
relating to the capital treatment of assets in the proprietary account of an introducing broker ("PAIB") and to permit Introducing Firm to use PAIB assets in its net capital computations. 

        A.    Introducing
Firm shall identify to Clearing Firm in writing all accounts that are, or from time to time may be, its proprietary accounts. The Clearing Firm shall perform
a computation for Introducing Firms PAIB assets ("PAIB Reserve Computation") in accordance with the customer reserve computation set forth in Rule 15c3-3 ("customer reserve
formula") with the following modifications: 

        1.     Any
credit (including a credit applied to reduce a debit) that is included in the customer reserve formula may not be included as a credit in the PAIB reserve
computation; 

        2.     Note E(3)
to Rule 15c3-3a which reduces debit balances by 1% under the basic method and subparagraph (a)(l)(ii)(A) of the net capital rule which
reduces debit balances by 3% under the alternative method shall not apply; and 

        3.     Neither
Note E(l) to Rule 15c3-3a nor NYSE Interpretation /04 to Item 10 of Rule 15c3-3a regarding securities concentration
charges shall be applicable to the PAIB reserve computation. 

        B.    The
PAIB reserve computation shall include all proprietary accounts belonging to Introducing Firm. All PAIB assets shall be kept separate and distinct from customer
assets under the customer reserve formula in Rule I5c3-3. 

        C.    The
PAIB reserve computation shall be prepared within the same time frames as those prescribed by Rule 15c3-3 for the customer reserve formula. 

11

   
        D.    The Clearing Firm shall establish and maintain a separate "Special Reserve Account for the Exclusive Benefit of Customers" with a bank in conformity with the standards
-of paragraph (1) of Rule 15c3-3 ("PAIB Reserve Account"). Cash and/or qualified securities as defined in the customer reserve formula shall be maintained in the
PAIB Reserve Account in an amount equal to the PAIB reserve requirement. 

        E.    If
the PAIB reserve computation results in a deposit requirement the requirement may be satisfied to the extent of any excess debit in the customer reserve formula of the
same date. However, a deposit requirement resulting from the customer reserve formula shall not be satisfied with excess debits from the PAIB reserve computation. 

        F.     Introducing
Firm's commissions receivable and other receivables from the Clearing Firm (excluding clearing deposits) that are otherwise allowable assets under the net
capital rule shall be excluded from the PAIB reserve computation if the amounts have been clearly identified as receivables on Introducing Firm's books and records of and as payables on the books of
the Clearing Firm. 

        G.    Introducing
Firm represents that it is not a guaranteed subsidiary of a clearing broker and that it is not a guarantor of a clearing broker. Introducing Firm also
represents that it will immediately notify the Clearing Firm in the event that either of the foregoing representations becomes inaccurate. 

        H.    Upon
discovery that any deposit made to the PAIB Reserve Account did not satisfy its deposit requirement, the Clearing Firm shall by facsimile or telegram immediately
notify its designated examining authority and the Securities and Exchange Commission ("Commission"). Unless a corrective plan is found acceptable by the Commission and the designated examining
authority, the Clearing Firm shall provide written notification to Introducing Firm within 5 business days of the date of discovery that PAIB assets held by the Clearing Firm shall not be deemed
allowable assets for net capital purposes. The notification shall also state that if Introducing Firm wishes to continue to count its PAIB assets as allowable, it has until the last business day of
the month following the month in which the notification was made to transfer all PAIB assets to another clearing broker. However, lithe deposit deficiency is remedied before the time at which
Introducing Firm must transfer its PAIB assets to another clearing broker, Introducing Firm may choose to keep its assets at the Clearing Firm. 

        I.     The
parties shall adhere to the terms of the No-Action Letter, including the Interpretations set forth therein, in all respects. 

XVI.    Customer Complaints, Exception Reports and Check Writing Authority  

        A.    Customer
Complaints Introducing Firm authorizes the Clearing Firm, and the Clearing Firm agrees to (i) furnish promptly any written customer complaint received by
the Clearing Firm regarding any of its customers or its associated persons relating to functions and responsibilities allocated to Introducing Firm pursuant to this Agreement, directly to Introducing
Firm and its designated examining authority; and (ii) notify its customer in writing that the Clearing Firm has received the complaint, and that the complaint has been furnished to Introducing
Firm and to its designated examining authority. 

        B.    Exception
Reports. The Clearing Firm agrees to furnish a list of all reports that it offers to Introducing Firm to assist Introducing Firm to supervise and monitor its
accounts in order for Introducing Firm to carry out its functions and responsibilities pursuant to this Agreement. The Clearing Firm agrees to notify Introducing Firm promptly, in writing, of those
specific reports offered by the Clearing Firm that Introducing Firm requires to supervise and monitor its customer accounts. The Clearing Firm may provide data or data software to Introducing Firm
that enables it to prepare its own reports provided the Clearing Firm can recreate the report or furnish the data and the data software used to prepare the report upon the request of the designated
examining authority. The Clearing Firm must comply with the notification requirement by informing Introducing Firm of the 

12

 

data
and data software that is available. The Clearing Firm agrees to retain and preserve as part of its records copies of the specific reports requested by and/or supplied to Introducing Firm or
alternatively, where reports are supplied through data and data software, retain and preserve such items from which the reports are prepared. The Clearing Firm agrees to provide a written notice to
Introducing Firm's chief executive and compliance officers within 30 days of July 1 of each year indicating the list of reports offered to Introducing Firm and specify the reports that
were actually requested by and/or supplied to Introducing Firm. A copy of the notice will be sent to Introducing Firm's designated examining authority. 

        C.    Check
Writing Authority In connection with the services that are to be performed by the Clearing Firm under this Agreement, the Clearing Firm will not establish a
checking account on Introducing Firm's behalf or on behalf of Introducing Firm's customers. 

XVII.    Order Audit Trail System (OATS)  

        A.    In
compliance with NASDR requirements, the Clearing Firm implemented an Order Audit Trail System ("OATS"). For all NASDAQ transactions executed by the Clearing Firm, the
Clearing Firm agrees to perform OATS reporting for all data commencing at the time an order is received by the Clearing Firm. 

        B.    The
Clearing Firm will not report any data (i) covering time periods before an order is received, (ii) on transactions that were settled and/or cleared but
not executed by the Clearing Firm, (iii) for transactions that were cleared through another clearing broker. 

        C.    Introducing
Firm is required to file a new order report" detailing the time the order was entered by Introducing Firm and a "route report" indicating the time the
order was sent to Clearing Firm in order to satisfy Introducing Firm's OATS requirements. Unless the Introducing Firm is otherwise required to do so by applicable laws or regulations, this Agreement
shall in not impose a supplemental duty on the Introducing Firm to file such "new order reports" on trades executed by the Introducing Firm. 

XVIII.    Miscellaneous  

        A.    As
of the effective date of this Agreement the Clearing Firm will not convert to its records as Introduced Accounts customer accounts of the Introducing Firm that are
partially or totally unsecured, securities in the name of the Introducing Firms customers, or legal transfer securities (securities in the name of estates, trust, joint ownership, foreign ownership
and such). 

        B.    The
Clearing Firm shall have the power to place open orders as instructed by the Introducing Firm as of the effective date of this Agreement, and appropriate adjustments
shall be made by the Clearing Firm to reflect that the Clearing Firm has acted as broker on the open orders with specialists on any National Securities Exchange or other securities exchange. 

        C.    The
Clearing Firm shall have the power to effect appropriate adjustments with respect to pending dividends and other distributions from the effective date of this
Agreement through the last payable date of such pending dividends. 

        D.    The
Introducing Firm shall be responsible for providing annual dividend and distribution information as contained in IRS Form 1087 and any other information
required to be reported by Federal, state, or local tax laws, rules or regulations, to its customers until the effective date of this Agreement, whereupon the Clearing Firm shall assume this function
as to Introduced Accounts. 

        E.    The
Clearing Firm shall have the power to allocate and make appropriate adjustments for fails, reorganization accounts, other work in process accounts, and coverages
relating to accounts of the 

13

 

customers
of the Introducing Firm that have become Introduced Accounts pursuant to the terms of this Agreement. 

        F.     The
Introducing Firm shall not engage in principal trades with or for its customers unless the trade is done in connection with the customer service error account. The
Introducing Firm shall also assume all liabilities in connection with the bad debts of all Introduced Accounts. The Introducing Firm has the responsibility to collect from its customers unsecured and
partially secured debits in the Introduced Accounts and to transmit such collections to the Clearing Firm within the appropriate time periods as established in procedural manuals of the Clearing Firm.
If any debit balances remain outstanding for a time period longer than the established period, the Clearing Firm is authorized to apply, as payment of such debit balances, commission fees owed to the
Introducing Firm in connection with transactions pursuant to this Agreement. 

        G.    Transfers
of securities relating to Introduced Accounts shall be frozen ten business days prior to the effective date of this Agreement. 

        H.    The
Clearing Firm and the Introducing Firm, respectively, shall limit its services pursuant to the terms of this Agreement to that of clearing and introducing functions
and the related services expressly set forth herein and neither party shall hold itself out as an agent of the other party or any of the subsidiaries or companies controlled directly or indirectly by
or affiliated with the other party. Should the Introducing Firm or the Clearing Firm in any way attempt to hold itself out as, advertise or in any way represent that it is the agent of the other
party, the aggrieved party shall have the power, at its option, to terminate this Agreement and the other party shall be liable for any loss, liability, damage, cost or expense (including but not
otherwise limited to fees and expenses of legal counsel) sustained or incurred by the Clearing Firm or Introducing Firm, as the case may be, as a result of such a representation of agency or apparent
authority to act as an agent of the Clearing Firm or Introducing Firm or agency by estoppel. 

        I.     This
Agreement supersedes any previous agreement and may be modified only by a writing signed by both parties to this Agreement. Such modification shall not be deemed as
a cancellation of this Agreement. 

        J.     This
Agreement shall be submitted to and/or approved by any National Securities Exchange, or other regulatory and self-regulatory bodies vested with the
authority to review and/or approve this Agreement or any amendment or modifications hereto. In the event of any such disapproval, the parties hereto agree to bargain in good faith to achieve the
requisite approval. 

        K.    This
Agreement may be cancelled by either of the parties hereto upon sixty (60) days' written notice; provided, however, that this Agreement may be cancelled by
either party upon thirty (30) days' written notice if(i) the net capital ratio of the other party exceeds 10 to I or (ii) if the other party has elected to operate under
Rule 15c3-1(a)(l)(ii) of the Securities Exchange Act of 1934, as amended, when its net capital is less than 3% of aggregate debit items computed in accordance with
Rule 15c3-3, and provided, further, that this Agreement may be cancelled by the Clearing Firm at any time between the date on which this Agreement is executed and the effective date
of this Agreement if there is a material change in the control or management of the Introducing Firm. 

        L.    ANY DISPUTE OR CONTROVERSY BETWEEN THE INTRODUCING FIRM AND THE CLEARING FIRM RELATING TO OR ARISING OUT OF THIS AGREEMENT SHALL BE SETTLED BY
ARBITRATION BEFORE AND UNDER THE RULES OF THE ARBITRATION COMMITTEE OF THE NATIONAL ASSOCIATION OF SECURITIES DEALERS, INC.

        M.   The
Clearing Firm will not be bound to make any investigation into the facts surrounding any transaction that it may have with the Introducing Firm on a principal or
agency basis or that the Introducing Firm may have with its customers or other persons, nor will the Clearing Firm be under 

14

 

any
responsibility for compliance by the Introducing Firm with any Laws or Regulations which may be applicable to the Introducing Firm 

        N.    To
facilitate the keeping of records by the Clearing Firm, the Introducing Firm will turn over promptly to the Clearing Firm any and all payments and securities which the
Introducing Firm receives from its customers, Concurrently with the delivery of such payments or securities to the Introducing Firm, it shall furnish the Clearing Firm with such information as may be
relevant or necessary to enable the Clearing Firm to record promptly and properly such payments and securities in the respective Introduced Accounts. 

        O.    This
Agreement shall be binding upon all successors, assigns or transferees of both parties hereto, irrespective of any change with regard to the name of or the personnel
of the Introducing Firm or the Clearing Firm. Any assignment of this Agreement shall be subject to the requisite review and/or approval of any regulatory or self-regulatory agency or body
whose review and/or approval must be obtained prior to the effectiveness and validity of such assignment. No assignment of this Agreement by either party shall be valid unless the other party consents
to such an assignment in writing. Any assignment by the either party to any subsidiary that it may create or to a company affiliated with or controlled directly or indirectly by it will be deemed
valid and enforceable in the absence of any consent from the other party Neither this Agreement nor any operation hereunder is intended to be, shall not be deemed to be, and shall not be treated as a
general or limited partnership, association or joint venture or agency relationship between the Introducing Firm and the Clearing Firm. 

        P.     Notwithstanding
the provisions of Section L of Article XVIII that any dispute or controversy between the parties relating to or arising out of this
Agreement shall be referred to and settled by arbitration, in connection with any breach by the either party of Section I- the other party, and in the case of the
(i) Clearing Firm, it may, at any time prior to the initial arbitration hearing pertaining to such dispute or controversy, by application to the United States District Court for the Southern
District of New York or the Supreme Court of the State of New York for the County of New York seek any such temporary or provisional relief or remedy (provisional remedy) provided for by the laws of
the United States of America or the laws of the State of New York as would be available in an action based upon such dispute or controversy in the absence of an agreement to arbitrate; and, in the
case of the (ii) Introducing Firm, it may, at any time prior to the initial arbitration hearing pertaining to such dispute or controversy, by application to the United States District Court for
the Northern District of Illinois or the Circuit Court of Cook County, Illinois seek any such temporary or provisional relief or remedy ("provisional remedy") provided for by the laws of the United
States of America or the laws of the State of Illinois as would be available in an action based upon such dispute or controversy in the absence of an agreement to arbitrate. The parties acknowledge
and agree that it is their intention to have any such application for a provisional remedy decided by the court to which it is made and that such application shall not be referred to or settled by
arbitration. No such application to either said court for a provisional remedy, nor any act or conduct by either party in furtherance of or in opposition to such application, shall constitute a
relinquishment or waiver of any right to have the underlying dispute or controversy with respect to which such application is made settled by arbitration in accordance with Section L above. 

        Q.    Neither
party shall, without having obtained the prior written approval of the other party, agree to place or place any advertisement in any newspaper, publication,
periodical or any other media or communicate with any customer or the public in any manner whatsoever if such advertisement or communication in any manner makes reference to the other party, to any
person or entity that directly, or indirectly through one or more intermediaries, controls or is controlled by, or is under common control, with the other party and to the clearing arrangements and/or
any of the services embodied in this Agreement. 

15

 

        R.    The
Laws and Regulations require that the Clearing Firm must have proper documentation to support any account opened on its books, including Introduced Accounts. 1f after
reasonable requests therefor, the necessary documents so as to enable the Clearing Firm to comply with such account documentation requirements of the Laws and Regulations have not been received by the
Clearing Firm, the Introducing Firm shall receive notification that no further orders will be accepted for the Introduced Accounts involved. Should it happen that inadvertent orders are placed for
such accounts after this notice is received, no commission credit will be granted from such orders. On receipt of the necessary documents, this restriction will be lifted on future commissions, but
any commissions withheld will not be credited or paid. This Agreement is not in any way intended to limit the responsibility of the Clearing Firm under the Laws and Regulations with respect to
Introduced Accounts. 

        S.     THE CONSTRUCTION AND EFFECT OF EVERY PROVISION OF THIS AGREEMENT, THE RIGHTS OF THE PARTIES HEREUNDER AND ANY QUESTIONS ARISING OUT OF THE
AGREEMENT, SHALL BE SUBJECT TO THE STATUTORY AND COMMON LAW OF THE STATE OF DELAWARE, WITHOUT REGARD TO CONFLICT OF LAW PRINCIPLES.

        T.     The
headings preceding the text, articles and sections hereof have been inserted for convenience and reference only and shall not be construed to affect the meaning,
construction or effect of this Agreement. 

        U.    This
Agreement shall cover only the types of services set forth herein and is in no way intended nor shall it be construed to bestow upon the Introducing Firm any special
treatment regarding any other arrangements, agreements or understandings which presently exist between the Introducing Firm and the Clearing Firm or which may hereafter exist. The Introducing Firm
shall be under no obligation whatsoever to deal with the Clearing Firm or any of its subsidiaries or any companies controlled directly or indirectly by or affiliated with the Clearing Firm, in any
capacity other than as set forth in this Agreement. Likewise, the Clearing Firm shall be under no obligation whatsoever to deal with the Introducing Firm or any of its affiliates in any capacity other
than as set forth in this Agreement. 

        V.     If
any provision or condition of this Agreement shall be held to be invalid or unenforceable by any court, or regulatory or self-regulatory agency or body,
such invalidity or unenforceability shall attach only to such provision or condition. The validity of the remaining provisions and conditions shall not be affected thereby and this Agreement shall be
carried out as if any such invalid or unenforceable provision or condition were not contained herein. 

        W.    For
the purposes of any and all notices, consents, directions, approvals, restrictions requests or other communications required or permitted to be delivered hereunder,
the Clearing Firm's address shall be 222 Broadway, 6 Floor, New York, New York 10038, with a copy to the General Counsel at the same address, and the Introducing Firm's address shall be 100 South
Wacker Drive, Suite #20 12, Chicago, Illinois, 60606, with a copy to the Operations Department, do Pam Zielezinski, and either party may change its address for notice purposes by giving written notice
pursuant to registered mail of the new address to the other party. 

        X.    This
Agreement shall become effective on or about the date specified on the signature page hereof as the effective date or such other date mutually agreed upon by the
parties hereto. 

        Y.    The
Clearing Firm shall not be liable for any loss caused, directly or indirectly, by government restrictions, exchange or market rulings, suspension of trading, war,
strikes or other conditions beyond the control of the Clearing Firm. In the event that any communications network or computer system used by the Clearing Firm, whether or not owned by the Clearing
Firm, is rendered inoperable, the Clearing Firm shall not be liable to the Introducing Firm for any loss, liability, claim, damage or expense resulting, either directly or indirectly, unless where the
inoperability of the communications network or computer system was as a result of the Clearing Firm's gross negligence, recklessness or will 

16

 

in
which case the Clearing Firm is liable to the Introducing Firm for any loss, liability, claim, damage or expense resulting, either directly or indirectly. 

        Z.    The
Clearing Firm shall have the right to investigate, or arrange for an appropriate party to investigate; the Introducing Firm's credit; provided, however, that the
Introducing Firm may make a written request for disclosure of the nature of such investigation within a reasonable time, Nothing in this paragraph shall be construed to relieve the Introducing Firm of
its obligation to oversee its financial integrity. 

	 	 	 	 	ARCHIPELAGO LLC
	

 	
 	

 	
 	

By:	
 	

/s/  GERALD D. PUTNAM      
 Name: Gerald D. Putnam

Title: CEO
	
BROADCORT CAPTIAL CORP.	
 	

 	
 	

 
	

By:	
 	

/s/  THOMAS V. CONIGLIARO      
 Thomas V. Conigliaro

Executive Vice President	
 	

 	
 	

 

Date
of Clearing Agreement: February 9, 2000 

Effective
Date of this Clearing Agreement: February 25, 2000 

17

Schedule A  

 
 

Clearing Charges    
    

	(A)
	Clearing Only Rates

	OTC Equities (CNS)	 	[***]
	OTC Equities (Excleared)	 	[***]
	OTC/Listed (D.V.P.)	 	[***]
	

[***]	
 	

 

	(B)
	International

	Euroclear, Cedel & Crest	 	[***]
	Tradepoint	 	[***]

	(C)
	Miscellaneous Securities

	

	[***]

General  

	(A)
	[***]

	(B)
	Extensions

	

	[***]

	(C)
	Register and Ship Transfers

	

	[***]

	(D)
	Fed Funds Wire

	

	[***]

	(E)
	Charges and Fees

	

	The
foregoing charges and fees are based upon the type and level of securities business represented as of the date of this agreement by the Introducing Firm
to the Clearing Firm. All such charges may be subject to renegotiation and change upon mutual consent by both parties. 

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

 
	(F)
	Interest Rate

	

	The
following percentages and rates will be used to calculate the money owed to the Introducing Firm by the Clearing Firm or money owed to the Clearing Firm
by the Introducing Firm on the following balances: 

	Free Credit Balances	 	[***]
	Debit Balances	 	[***]
	Short	 	[***]

Other Terms  

	(a)
	Taxes

	

	Where
applicable, New York State Stock Transfer Taxes payable by the principal on all transactions by the Introducing Firm will be paid by the Clearing Firm
and charged to the Introducing Firm's account.

	(b)
	Payment of Commission Revenue

	

	Payment
of commission revenue due the Introducing Firm shall be made by the Clearing Firm to the Introducing Firm on a monthly basis after deduction of the
following:

	(i)
	All
clearing and other charges, costs or expenses due the Clearing Firm in accordance with the terms of this Agreement.

	(ii)
	All
amounts due and owing the Clearing Firm by the Introducing Firm arising from any losses, liabilities, costs or expenses due it from the Introducing Firm which
remain unpaid as of the date of such Event of Default against the commission revenue then in the possession of the Clearing Firm.

	

	In
the event that the Introducing Firm shall suffer an Event of Default as defined in this Agreement, the Clearing Firm shall be entitled to offset any and
all liabilities, costs or expenses due it from the Introducing Firm which remain unpaid as of the date of such Event of Default against the commission revenue in the possession of the Clearing Firm.

	(c)
	Commissions, Mark-Ups and Other Charges

	

	It
is expressly understood and agreed that the Clearing Firm may not and will not exercise any control whatsoever over, or influence in any way, the
commissions, mark-ups or other charges or expenses between the Introducing Firm and the Introduced Accounts. 

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

2

 
	(d)
	Deconversion Expense

	

	In
the event that the Introducing Firm terminates this Agreement and such termination requires a systems deconversion of accounts and balances, the Clearing
Firm reserves the right to charge the Introducing Firm an applicable fee. 

3

QuickLinks

CLEARING AGREEMENT

WITNESSETH THAT

Clearing ChargesExhibit 10.15

 

[Spear, Leeds & Kellogg Logo]

 

CLIENT ACCESS AGREEMENT

 

 

	
  We:

  	
  Spear, Leeds & Kellogg, L.P

  	
  You:

  	
  Wave Securities, LLC

  
	
   

  	
  120 Broadway

  	
   

  	
   

  
	
   

  	
  New York, New York 10271

  	
   

  	
   

  

 

and any affiliate of Spear, Leeds & Kellogg, L.P. (each such
affiliate an “Affiliate”), or, if you are a resident of any of the
jurisdictions identified in Schedule B to this Agreement, its designated
affiliate listed opposite the relevant jurisdiction (the “Designated
Affiliate”) on Schedule B.

 

	
  Attn:

  	
  Casey Early

  	
  Attn:

  	
   

  

 

 

1. 
SCOPE OF AGREEMENT.  We agree to provide you in accordance with this Agreement and all
Schedules to this Agreement, (together, the “Agreement”), with the following:

(i)                                     licenses
to the services described on any Schedules as well as any additional services
we may provide to you in the future as described in a Schedule (together,
the “Services”); and

(ii)                                  the software,
equipment and maintenance, if any, listed on the relevant Schedule.

 

2.                                      TERM
AND TERMINATION.  This Agreement
begins as of the date listed above and continues unless terminated as follows

(i)  by either party on 60 days
prior written notice;

(ii) by either party immediately if there is a breach or threatened
breach of this Agreement by the other party; or

(iii) by us immediately if we stop offering the Services.

 

3.                                      COSTS.  You will be responsible for all costs
associated with your access and use of any Service (including
telecommunications, modems, third party software, equipment and any related
maintenance services).

 

4.                                      USE
OF SERVICES.

(a)                                  We
are providing the Services to you only for your internal use and only for the
purposes and according to the procedures described in this Agreement and the
Schedules.  You may not sell, lease, or
provide directly or indirectly, the Services or any portion of the Services to
any third party except as permitted by this Agreement.  You acknowledge that all proprietary rights
in the Services are owned by us or by any applicable third party providing us
with all or part of the Services (the “Providers”) and the only rights you will
have in the Services are those specifically set forth in this Agreement.  You agree to

 

1

 

protect those proprietary rights in the Services and to honor and
comply with our reasonable requests to protect our contractual, statutory and
common law rights in the Services.

 

(b)                                 You
will be responsible for ensuring the security of the Services in connection
with your use of these Services.

 

(c)                                  Regardless
of any other provision of the agreement or any Schedule, we have the right to
terminate (temporarily or permanently and at any time, with or without or cause
or prior notice) all or any part of any Service, or your access to any Service,
or to change the nature, composition or availability of any Service.

 

(d)                                 You
will supply us with all information we may reasonably request in writing
concerning you and your use of the Services; provided, however, that we will
treat any information identified by you as confidential in accordance with
paragraph 7 of this agreement.  We may
report this information to regulatory authorities or Providers, as we determine
in our sole discretion to be necessary.

 

(e)                                  You
agree to be bound by the reasonable and various legends, disclaimers, terms and
conditions displayed on or linked to the Services (each, a “Disclosure”).

 

(f)                                    You
acknowledge that we may monitor your use of the Services for our own purposes
(and not for your benefit).  We may use
the resulting information for internal business purposes or in accordance with
the rules of any applicable regulatory or self-regulatory body in compliance
with applicable law and regulation.

 

5.                                      REPRESENTATIONS
AND WARRANTIES.

(a)                                  You
represent and warrant to us that your use of the Services will comply with all
applicable laws, rules and regulations and with the policies and practices of
securities and futures exchanges and associations, alternative trading
facilities, and self-regulatory organizations, and the policies and procedures
(whether stated orally or in writing) applicable to the Services and this
Agreement and any other agreement between you and us, as may be amended from
time to time.

 

(b)                                 We
represent and warrant to you that we have all rights, title, authority and
licenses to provide the Services to you and that our performance under the
agreement will comply with all applicable laws, rules and regulations.  You represent and warrant to us that you
have all consents, rights, authority, and have taken all actions necessary, to
use the Services and enter transactions relating thereto.

 

(c)                                  Except
as set forth in paragraph 5(b), we make no warranty, express or implicit, to
you concerning the Services.  You
expressly acknowledge and agree that the Services provided by us and our third
party providers are on an “as is” basis, at your sole risk.  We expressly disclaim any implied warranties
of merchantability or fitness for a particular purpose, including any warranty
for the use or the results of the use of the Services with respect to their
correctness,

 

2

 

quality, accuracy, completeness, reliability,
performance, timeliness, pricing, continued availability or otherwise.  We and our Providers will have no
responsibility to maintain the Services or to supply any corrections, updates
or releases concerning the Services.  We
are not soliciting any action based upon use of the Services.

 

6.                                      LIMITATION
OF LIABILITY; INDEMNITY.

(a)                                  We,
our managing directors, partners, officers, affiliates, employees and agents
will have no liability, contingent or otherwise, to you or to third parties,
for the correctness, quality, accuracy, security, completeness, reliability,
performance, timeliness, pricing or continued availability of the Services or
for delays or omissions of the Services, or for the failure of any connection
or communication service to provide or maintain your access to a Service, or
for any interruption or disruption of your access or any erroneous
communications between us and you.  We
will not be liable for any special, indirect, incidental or consequential
damages which you may incur or experience because you entered into this
Agreement or relied on the Services, even if we know of the possibility of
those damages.  We have no responsibility
to inform you of any difficulties we or other third parties experience
concerning use of the Services for our accounts or other accounts or to take
any action in connection with those difficulties.  We also will have no duty or obligation to verify, correct,
complete or update any information displayed in the Services.  You will make your own independent decision
to access or use any Service or to execute any transaction and you acknowledge
and agree that the Services do not and will not serve as the primary basis for
any of your investment decisions concerning your accounts or your managed or
fiduciary accounts.  We (and any of our
affiliates) are not and will not be an advisor or fiduciary for you or your
managed or fiduciary accounts.

 

(b)                                 You
will indemnify, protect, and hold harmless us, our managing directors,
partners, officers, affiliates, employees and agents from and against any
losses, liabilities, judgments, suits, actions, proceedings, claims, damages,
costs (including reasonable attorney’s fees) (collectively, “Losses”) resulting
from the use of the Services by you, your managing directors, partners,
officers, affiliates, employees or agents, including any breaches of the
security of the Services (including any access or entry into any of our other
systems not covered by this Agreement), caused directly or indirectly by you,
your managing directors, partners, officers, affiliates, employees or agents
except to the extent such Losses are due to our gross negligence or willful
misconduct.

 

(c)                                  In
Paragraphs 6(a) and 6(b) the terms “we”, “our” and “us” include each of the
Providers.

 

(d)                                 We
will indemnify, protect and hold harmless you, your managing directors,
partners, officers, affiliates, employees and agents from and against any and
all losses, liabilities, judgments, suits, actions, proceedings, claims,
damages, costs (including attorney’s fees), to the extent that they are based
upon a claim of breach of our warranty in Paragraph 5(b).

 

3

 

(e)                                  Except
for our obligations under Paragraph 6(d), you agree that our liability and the
liability of our affiliates, agents and third party providers, if any, arising
out of any kind of legal claim (whether in contract, tort, otherwise) in any
way connected to your use of the Services will not exceed $10,000.

 

(f)                                    None
of the above will limit your rights and remedies under the United States
federal securities laws.

 

7.                                      CONFIDENTIALITY.  In the course of performing its
responsibilities under this Agreement or any Schedule, each party or its employees
may be exposed to or acquire information which is proprietary or confidential
to the other, its affiliated companies or third parties to whom the party has a
duty of confidentiality.  Any and all
non-public information of any form obtained by a party or its employees while
performing this Agreement (including the Services and any trade secrets,
processes, proprietary data, information or documentation related thereto) is
deemed confidential and proprietary information.  Each party agrees to hold such information in strict confidence
and not to disclose the information to third parties or use the information for
any purpose not contemplated by this Agreement or any Schedule and to
advise each of its employees who may be exposed to proprietary and confidential
information of their obligations to keep that information confidential;
provided, however, that such information may be disclosed (i) to the extent
required by applicable law or regulation, or (ii) pursuant to a subpoena or
order of a court or regulatory, self-regulatory or legislative body of
competent jurisdiction, or (iii) in connection with any regulatory report,
audit or inquiry, or (iv) where requested by a regulator with jurisdiction over
a party.  Confidential information will
not include information that is:

 

(i)                                     in
or becomes part of the public domain (other than by disclosure by a party in
violation of this Agreement);

(ii)                                  previously
known to a party (which must be demonstrable) without an obligation of
confidentiality;

(iii)                               independently
developed by a party outside of this Agreement; or

(iv)                              rightfully
obtained by a party from third parties without an obligation of
confidentiality.

 

8.                                      NO
PROMOTION.  Each party agrees that
without the prior written consent of the other party, it will not:  (i) use the name of the other party, or the
nature of any affiliate, managing director, employee of the other party, or any
trade name, trademark, trade device, service mark, symbol or any abbreviation,
contraction or simulation of the other party or its affiliates in advertising,
publicity, or otherwise; or (ii) represent (directly or indirectly) that
any product or any service provided by the party has been approved or endorsed
by the other.

 

4

 

9.                                      GENERAL.

(a)                                  Both
parties acknowledge that they each entered into this Agreement without
inducement by any representation or warranty not set forth in this
Agreement.  This Agreement contains the
entire agreement of the parties with respect to its subject matter and
supersedes all existing and all other oral, written or other communications
between the parties concerning this subject matter.  This Agreement may be modified only by a writing signed by both
parties.

 

(b)                                 Neither
party may assign the Agreement without the other party’s prior written
consent.  However, we may assign this
Agreement to any entity (i) controlling, controlled by, or under common control
with us, or (ii) which succeeds to all or substantially all of our assets and
business.  This Agreement will be
binding upon and will inure to the benefit of the parties and their respective
successors and permitted assigns.

 

(c)                                  If
any provisions of this Agreement (or any portion thereof) is invalid, illegal
or unenforceable, the validity, legality or enforceability of the remainder of
this Agreement will not be affected or impaired.

 

(d)                                 All
notices will be in writing and will be hand delivered or forwarded by
registered or certified mail and sent to the parties at the addresses listed on
the first page.  A copy also will be
sent to the attention of our General Counsel or to any other address which is
designated in writing after the date of this Agreement.

 

(e)                                  The
headings in this Agreement are intended for convenience of reference and will
not affect interpretation.

 

(f)                                    The
individuals executing this Agreement each represent and warrant that they are
duly authorized by all necessary action to execute this Agreement on behalf of
their principals.

 

(g)                                 Each
party acknowledges that a breach of any provision of Paragraph 4, 7 or 8 of
this Agreement will cause the other irreparable injury and damage.  Therefore, these breaches may be stopped
through injunctive proceedings in addition to any other rights and remedies which
may be available to the party at law or in equity.

 

(h)                                 This
Agreement is deemed entered into in New York, New York, and will be governed
and construed in all respects by the laws of the State of New York, without
giving effect to principles of conflict of law.  Any litigation or other dispute resolution between the parties
relating to this Agreement will take place only in New York County, New
York.  The parties consent to personal
jurisdiction of and venue in the state and federal courts within that county.

 

(i)                                     Each
party’s continuing obligations under this Agreement including those relating to
“Indemnification” and “Confidential Information” will survive the termination
of this Agreement.

 

5

 

(j)                                     To
the extent our Designated Affiliate (as defined above) is the party to this
Agreement, Spear, Leeds & Kellogg, L.P. will be a third party beneficiary.

 

(k)                                  The
words “include” and “including,” as used herein or any Schedule, are deemed to
be followed by the words “without limitation”.

 

6

 

[Spear, Leeds & Kellogg Logo]

 

Schedule A—Electronic Trading Services

 

This is a Schedule of Services referred to in the Client Access
Agreement (the “CAA”) by and between us (Spear, Leeds & Kellogg, L.P., or,
if you are a resident of any of the jurisdictions identified in Schedule B
to the CAA, its Designated Affiliate listed opposite the relevant jurisdiction
in Schedule B) and you (together with this Schedule, the “Agreement”).  Terms used but not otherwise defined in this
Schedule will have the same meanings as in the CAA.  For purposes of the Agreement, the terms
“we” or “us” shall include any affiliate of Spear, Leeds & Kellogg, L.P.
(each such affiliate an “Affiliate.”) In the event of any conflict between the
terms of Schedule A and the terms of the CAA, the terms of Schedule A
will prevail.

 

 

SERVICES

 

Description of Services:

 

The Services covered by this Schedule are one or more electronic
trading services (each, a “Trading Service”) that we may make available to you,
either directly or through a third party service provider, and will consist of
one or more of the following electronic services: (a) trading services with
respect to transactions in securities, commodities, currencies, derivatives,
futures, options and other financial instruments, (each, a “Transaction”),
which will be executed with or through us or one of our affiliates; (b)
services that permit you to view (for informational purposes only) the status
of Transactions you previously entered into; (c) services for the display or
transmission of indications of interest or conditional offers to purchase
securities or enter into other Transactions; and (d) any additional services
made available through the Trading Services. 
Any additional terms of a particular Trading Service will be set forth
in a separate supplement to this Schedule or on the Trading Service.

 

Survival:

 

This Agreement will remain in effect with respect to all Transactions
executed through a Trading Service regardless of any termination or other
action with respect to the Trading Service.

 

USE OF THE SERVICES

 

You may access each Trading Service only through the use of one or more
passwords or other access methods specified by us (collectively, “Access
Methods”).  You are solely responsible
for ensuring that your Access Methods are known to us and used only by those
users authorized by you (“Authorized Users”). 
At our request, you will provide us a list of your Authorized Users, and
you acknowledge that, in our discretion, we may deny access to a Trading
Service to any user of your Access Methods. 
Unless

 

1

 

you have received our express approval, any use of the Trading Services
by Authorized Users who are located outside of the jurisdiction of your country
of domicile (as listed in the CAA) is strictly prohibited.

 

You will be (i) solely responsible for all acts or omissions of any
person using a Trading Service through your Access Methods and (ii) bound by
the terms of all Transactions executed through a Trading Service using your
Access Methods.  All Transmissions
generated by use of your Access Methods will be deemed to be authorized by you.

 

You will notify us and any representative designated by your Trading
Service to receive notice if your Access Methods have been lost, stolen or
compromised.  Upon receipt of this
notice, your Access Methods will be promptly cancelled but you will be
responsible for any actions taken through the use of such Access Methods before
they are cancelled.  In our sole
discretion, we may terminate, revoke, suspend, modify, or change any or all of
your Access Methods at any time with or without prior notice.

 

TRANSACTIONS

 

(a) Each Transaction you execute through a Trading Service will be
subject to any other agreement between you and us that applies to the relevant
Transaction (“Client Agreements”).  If
there is a conflict between the terms of this Agreement and the terms of the
Client Agreement, the terms of this Agreement will control regarding the Trading
Services (except that any governing law and dispute resolution provisions of
the Client Agreement will prevail over Section 9(b) of the CAA and the
“Arbitration” provisions below, respectively.

 

(b) You agree that you are solely
responsible for any investment or trading decisions made by you with respect to
products identified on the Trading Services and that we will not be responsible
for determining the suitability, appropriateness or advisability of any
transaction you may enter into in such products.

 

(c) We will be free to accept or reject any Transaction that you seek
to execute through a Trading Service in our sole discretion.

 

(d) You may receive a written or electronic acknowledgment of the
status of each Transaction executed through a Trading Service in addition to
the confirmation we deliver to you.  If
there is a conflict between (i) the terms of the Agreement, (ii) status
information concerning a Transaction and (iii) the terms of any confirmation, the
terms of the confirmation control.

 

(e) You will use the Trading Services and enter into Transactions only
for your own benefit and account(s) and will not use the Services on behalf of
third parties (other than, if you are a broker-dealer, investment manager or
investment advisor, your customers) without our written permission.  If you are a broker-dealer, investment
manager or investment advisor and your use of the Services and execution of

 

2

 

Transactions is for the benefit and account of your customers, you
represent and warrant that you have full authority to sign this Agreement on
their behalf and that you have informed them of the contents of this Agreement
and that they agree with the provisions hereof.

 

(f) You will not use the Trading Services to effect transactions in
securities of which you, or your affiliates, are the issuer, or, if you are a
broker-dealer, investment manager or investment advisor and are acting on
behalf of a customer, in securities of which the customer, or the customer’s
affiliate, is the issuer.  You are
responsible for advising us of any legal restrictions on the transfer of any
securities sold by you (including Rule 144 or 145(d) under the Securities Act
of 1933) and for providing us with any necessary documents (including
prospectuses or opinions) to satisfy legal transfer requirements.  You are responsible for any delays, expenses
and losses associated with compliance or failure to comply with the
requirements for transfer of any securities subject to restrictions.

 

(g) A Transaction entered into through a Trading Service shall be
binding upon the completion of the steps identified on the Trading Service (or
in a separate communication) as necessary for execution of the
Transaction.  You will be bound by the
terms of any order made through a Trading Service and by any resulting
Transaction unless you modify or withdraw the order in accordance with the
terms of the Trading Service before its execution.

 

Without limitation of the above, you agree that any action by you to
modify or withdraw an order made through a Trading Service by communicating
with us through other means may be ineffective.

 

(h) You acknowledge and agree that we may engage in trading in the
markets reflected on the Trading Services for our proprietary accounts and on
behalf of accounts under our management, which could affect the value or
termination of Transaction and that we may enter into transactions at prices
different from the prices reflected in the Trading Service.

 

CONFIDENTIALITY

 

We may, at our discretion, disclose any information provided to us by
you in connection with an underwritten (or other) offering of securities to (1)
the issuer of the securities, (2) any selling shareholder who is selling
securities in the offering, (3) any co-manager or lead manager in the offering
and any agent or advisor to the parties listed above if we, in good faith,
determine that disclosure of any information to the parties listed above is
customary, necessary or advisable.

 

ARBITRATION

 

Subject to any dispute resolution provisions,
including any forum selection clauses, in the applicable Client Agreements
(which will control in the event of any conflict with this Agreement), any
controversy between you and us or any of our managing directors, officers, directors,
or

 

3

 

employees, arising out of or relating to
Transactions or Trading Services, will be settled by arbitration, in accordance
with the existing rules of any one of the American Arbitration Association, The
New York Stock Exchange, Inc., any other exchange of which either you or we are
a member, the National Association of Securities Dealers Regulation, Inc. or
The Municipal Securities Rulemaking Board, as you may elect.  If you do not make an election by registered
mail addressed to us at our main office within ten (10) days after receiving
notification from us of an election request, we may make the election on your
behalf.  Any resulting arbitration will
be before at least three arbitrators, and the award of the arbitrators, or of a
majority of them, will be final, and judgment upon the award rendered may be
entered in any court having jurisdiction. 
The parties acknowledge that:

 

(i)                                    arbitration
is final and binding on the parties;

(ii)                                the
parties waive their right to seek remedies in court, including the right to a
jury trial;

(iii)                            pre-arbitration
discovery is generally more limited than and different from court proceedings;

(iv)                               the
arbitrators’ award is not required to include factual findings or legal
reasoning, and any party’s right to appeal or to seek modification or rulings
by the arbitrators is strictly limited; and

(v)                                   the
panel of arbitrators typically will include a minority of arbitrators who were
or are affiliated with the securities industry.

 

No party will bring a putative or certified
class action to arbitration, or seek to enforce any pre-dispute arbitration
agreement against a party who has begun a putative class action in court or is
a member of a putative class who has not opted out of the class with respect to
any claims encompassed by the putative class action until:

 

(i)                                    the
class certification is denied;

(ii)                                the
class is decertified; or

(iii)                            the
customer is excluded from the class by the court.

 

Forbearance to enforce an agreement to
arbitrate waives no rights under this Agreement except as stated above.

 

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[Spear, Leeds & Kellogg Logo]

 

Schedule B

 

	
  Jurisdiction

  	
   

  	
  SLK
  Affiliate(s) Providing the Services

  
	
  Australia

  	
   

  	
  Goldman Sachs Australia Pty Limited

  
	
  Austria

  	
   

  	
  Goldman Sachs International

  
	
  Belgium

  	
   

  	
  Goldman Sachs International

  
	
  Canada

  	
   

  	
  Goldman Sachs Canada

  
	
  Finland

  	
   

  	
  Goldman Sachs International

  
	
  France

  	
   

  	
  Goldman Sachs International

  
	
  Germany

  	
   

  	
  Goldman Sachs International

  
	
  Greece

  	
   

  	
  Goldman Sachs International

  
	
  Hong Kong

  	
   

  	
  Goldman Sachs (Asia) L.L.C.

  
	
  Ireland

  	
   

  	
  Goldman Sachs International

  
	
  Italy

  	
   

  	
  Goldman Sachs International

  
	
  Japan

  	
   

  	
  Goldman Sachs (Japan) Ltd.

  
	
  Korea

  	
   

  	
  Goldman Sachs (Asia) L.L.C.

  
	
  Luxembourg

  	
   

  	
  Goldman Sachs International

  
	
  Mexico

  	
   

  	
  Goldman Sachs & Co.

  
	
  Netherlands

  	
   

  	
  Goldman Sachs International

  
	
  Norway

  	
   

  	
  Goldman Sachs International

  
	
  Portugal

  	
   

  	
  Goldman Sachs International

  
	
  Puerto Rico

  	
   

  	
  Goldman Sachs & Co.

  
	
  Singapore

  	
   

  	
  Goldman Sachs (Singapore) PTE and Goldman Sachs Futures PTE Ltd.

  
	
  Spain

  	
   

  	
  Goldman Sachs International

  
	
  Sweden

  	
   

  	
  Goldman Sachs International

  
	
  Switzerland

  	
   

  	
  Goldman Sachs & Co. Bank

  
	
  United Kingdom

  	
   

  	
  Goldman Sachs International

  

 

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[Spear, Leeds & Kellogg logo]

 

Schedule L—Software, Equipment,
Telecommunications and Media

 

This is a Schedule referred to in the Client Access Agreement (the
“CAA”) by and between Spear, Leeds & Kellogg, L.P., or, if Licensed
Products (as defined below) are provided by one or more affiliates of Spear,
Leeds & Kellogg, L.P. (each such affiliate an “Affiliate”), such Affiliate,
and you (together with this Schedule, the “Agreement”).  Terms used but not otherwise defined in this
Schedule will have the same meanings as in the Agreement.  The terms “we”, “our” and “us” refer to
Spear, Leeds & Kellogg, L.P. and its Affiliates, and if you are a resident
of any of the jurisdictions defined in Schedule B to the CAA, the
Designated Affiliate listed opposite the relevant jurisdiction in Schedule B.

 

 

I. 
LICENSED PRODUCTS GENERALLY

 

(a) Description of Licensed Products:

 

We may from time to time and in our sole and absolute discretion, offer
you, as part of the Services, the use of certain Software (as defined herein),
Equipment (as defined herein), Telecommunications (as defined herein) or Media
(as defined herein) (together the “Licensed Products”) for your use in
connection with electronic trading, market data, information or other services,
equipment or products made available to you by us or by any third party
(together the “Auxiliary Services”). 
The Licensed Products may include, but will not necessarily be limited
to, the installation of Software onto your personal system and the use of
Equipment and Telecommunications necessary to use the Auxiliary Services.  All Licensed Products provided to you by us
will be covered by the terms of this Schedule unless stated otherwise by
us.  For the avoidance of doubt, our
provision of the Licensed Products, and our granting of licenses with respect
to the Licensed Products, to you shall constitute Services for all purposes
under the Agreement.

 

(b) Use of Licensed Products:

 

You acknowledge that all Licensed Products made available directly or
indirectly by us to you are our proprietary property or the proprietary property
of the third party from whom we have secured the right to use such Licensed
Products.

 

Pursuant to this Schedule, you are granted a personal, non-exclusive,
non-transferable right and license to use the Licensed Products solely in
connection with the Auxiliary Services. 
Unless specified otherwise, any grant with respect to the Licensed
Products does not include the right to sublicense the Licensed Products or to
use such Licensed Products for service bureau, time-sharing or other similar
purposes, or to make the Licensed Products available by remote access or
otherwise to any third party.  You shall
not use, and shall not permit the use of, the Licensed Products for any illegal
purpose.  You shall have no interest in
the

 

1

 

Licensed Products, including all copyrights, trademarks, service marks,
trade secrets, patents and other proprietary rights related to Licensed
Products, except for the licenses granted under this Agreement.

 

Upon termination of this Agreement for any reason, you shall either
destroy or return to us all copies of the Software and related documentation
and/or return all of the Equipment and Telecommunications and, at our request,
your authorized officer shall certify the same to us in writing.  You shall exercise reasonable care to
preserve the condition of the Licensed Products.  You acknowledge that you are not the owner of the Licensed
Products, but are rather a licensee, and that you will be liable for the cost
of any damages to the Licensed Products resulting from your use or misuse
thereof, except for ordinary wear and tear.

 

At any time during the term of this Agreement, you shall permit us
reasonable access to your books and records, including without limitation, your
electronic records, and premises, solely to monitor compliance with this
Agreement or to fulfill any related legal or contractual requirement.

 

II. 
FEES

 

You agree to pay such fees for the provision and use of the Licensed
Products as may be separately specified in a writing provided by us to you or
as otherwise agreed between you and us.

 

Without limiting any other rights or remedies available to us hereunder
or under applicable law, any amount payable to you by us, at our option and in
our sole discretion, may be reduced by its set-off against any amounts payable
(whether at such time or in the future) by you to us under any other
agreements, instruments or undertakings between you and us (including any
amounts owed pursuant to this Agreement). 
We shall have a right of set-off against all deposits, moneys,
securities and other property of you now or hereafter in the possession of, or
on deposit with, us.  No security
interest or right of set-off shall be deemed to have been waived by any act or
conduct by us or by any neglect to exercise such right of setoff or to enforce
such security interest or by any delay in doing so, all such waivers by us
hereunder must be in writing and signed by our authorized representative.

 

III. 
SOFTWARE

 

All software provided to you by us now and in the future, in object
code, source code or any other format, including any updates, modifications and
additions thereto, as well as all associated documentation, in any media, is
referred to herein collectively and individually, as appropriate, as the
“Software”.  We and any third parties
shall retain all rights and title (to the extent of our and their interests) to
all proprietary computer programs, techniques, algorithms and processes
contained therein, and the “look and feel” and graphic elements of the
software.  You shall not copy the
Software, except as necessary for further archival or backup purposes, subject
to appropriate security measures.

 

2

 

YOU WILL NOT MAKE ANY ALTERATION, CHANGE OR MODIFICATION TO THE
SOFTWARE.  YOU MAY NOT RECOMPILE,
DECOMPILE, DISASSEMBLE, REVERSE ENGINEER, OR MAKE OR DISTRIBUTE ANY OTHER FORM
OF OR ANY DERIVATIVE WORK, INCLUDING BUT NOT LIMITED TO THE “LOOK AND FEEL” AND
GRAPHIC ELEMENTS, FROM THE SOFTWARE AND OR THE AUXILIARY SERVICES, EXCEPT AS
PERMITTED BY LAW.

 

IV. 
EQUIPMENT

 

All hardware, firmware and other equipment provided to you by us is
referred to herein collectively and individually, as appropriate, as the
“Equipment”.  We reserve the right to require
you to use Equipment solely in connection with specific Auxiliary
Services.  You understand that certain
additional equipment and software may be needed in order to use the Licensed
Products or Auxiliary Services or any third party services but are not being
provided by us.  If any such Equipment
is not provided by us under this Schedule, you remain responsible for the
acquisition, installation and operation of all equipment necessary to utilize
the Licensed Products and Auxiliary Services.

 

We shall assume the risk of loss or damage to Equipment while in
transit, and you shall assume the risk of loss or damage at all other
times.  You shall not make any
alterations or add attachments to the Equipment whatsoever, nor shall you
remove the Equipment from the location of initial delivery, without our express
written consent.

 

Unless otherwise expressly agreed in writing, all items of Equipment
shall remain our property and may be removed by us at any time after the
termination of this Agreement.  All
Equipment is, and at all times shall remain, separate items of personal
property, notwithstanding attachment to other equipment or real property.

 

V. 
TELECOMMUNICATIONS AND MEDIA

 

All communications equipment, data lines and other telecommunications
devices provided to you by us for your use in conjunction with your use of the
Auxiliary Services are referred to herein collectively and individually, as
appropriate, as “Telecommunications”. 
We may also provide you with access to, and permit you to use, instant messaging,
electronic mail and other Internet media services (“Media”).  You shall not, and shall not permit any of
your officers, directors, employees, agents or any third party, to use
Telecommunications or Media in a manner that will violate any copyright,
trademark, trade secret or other proprietary right.  In addition, you shall not use Telecommunications or Media in a
manner that we, in our sole discretion, consider fraudulent, harassing,
hateful, abusive, sexually oriented, sexually explicit, obscene, intimidating,
defamatory or otherwise inappropriate. 
Furthermore, you shall not use Telecommunications or Media to send
messages to any person who does not wish to receive them or unsolicited bulk
messages, including but not limited to, commercial advertising or informational
announcements.  Moreover, you shall

 

3

 

not use Telecommunications or Media to attempt to circumvent or violate
the security of any Auxiliary Service, including but not limited to accessing
data or messages other than your own data or messages or attempting to
interfere with another user’s access to or use of Telecommunications or Media.

 

In the event you use Telecommunications and Media, (i) you agree to
comply with our Acceptable Use Policy, as it may be modified from time to time,
and (ii) you acknowledge that you have received, read and understand our
current Acceptable Use Policy and agree to be bound by such policy, as it may
be modified from time to time.  In the
event of any conflict between the terms of this Agreement and the then current
Acceptable Use Policy, the then current Acceptable Use Policy shall
govern.  At any time, upon your written
request, we will provide you with a copy of the then current Acceptable Use
Policy, which also may be available on our website.

 

We accept no responsibility for recording, backing up or archiving any
data, software or messages created, transmitted or received using
Telecommunications or Media.  You
acknowledge and agree that it is solely your responsibility to record, backup
or archive data, software and messages for disaster recovery, record-keeping or
any other purpose.

 

VI. 
INSTALLATION AND SET-UP SERVICES

 

We may provide, in our sole and absolute discretion, certain services
related to Licensed Products or Auxiliary Services including but not limited to
installation, set-up, testing and training. 
In our sole and absolute discretion, these services may be provided at
our standard hourly rates.

 

VII. 
CONNECTIVITY

 

We may, in our sole and absolute discretion, provide you with
assistance in your connecting to the Auxiliary Services through various forms
of communication linkages and connection services, including but not limited to
connectivity through the Financial Information Exchange (“FIX”) protocol
(together “Connectivity”).  If we
provide you with assistance with respect to your Connectivity, you are solely
responsible for obtaining any necessary equipment or products needed in order
for you to establish and maintain such Connectivity.  Additionally, you are solely responsible for testing and
maintaining the Connectivity and any equipment or products used in conjunction
with the Connectivity.  In providing assistance
with respect to your Connectivity, we will have no liability for any failure by
you to connect to the Auxiliary Services, or for any delay or system failure
created by your Connectivity.  You will
be solely responsible for any and all costs associated with your establishment
or maintenance of Connectivity and you further agree to pay to us such charges
for our assistance with respect to the Connectivity as may be separately
specified in a writing provided by us to you or as otherwise agreed between you
and us.

 

4

 

VIII. 
DISCLAIMER OF LIABILITY

 

You understand and agree that we do not assume any responsibility for
the operation of Licensed Products. 
Specifically, but without limitation of the foregoing, we shall have no
responsibility for the availability, timeliness, security, safety, accuracy or
performance of Licensed Products, and we shall not be responsible for any
effect that your use of the Licensed Products may have on your software and
equipment.

 

You understand and agree that if Auxiliary Services include any
Licensed Products provided by a third party, you shall be held liable and
responsible for any termination fee or early termination fee imposed by such
third party, regardless of the reason for termination of such Auxiliary
Services.

 

You have independently evaluated the Licensed Products.  You assume all liabilities and risks
associated with the use of Licensed Products.

 

IX. 
EXPORT RESTRICTIONS

 

You acknowledge that the Licensed Products provided hereunder may
contain cryptographic algorithms, and as a result, the export and reexport of
such Licensed Products may be controlled by the U.S. Government; other
countries may also control the export, import and use of the Licensed Products,
and penalties for violating such laws can be severe.  You agree to comply with any U.S. or foreign laws governing the
export, reexport, import or use of the Licensed Products.

 

You acknowledge that the Licensed Products are subject to the U.S.
Export Administration Regulations (“EAR”) and other U.S. law.  Notwithstanding anything contained in this
Agreement to the contrary and regardless of any disclosure made to you by us
pertaining to the ultimate destination of the Licensed Products, you agree not
to export or reexport, directly or indirectly (including through electronic
means), the Licensed Products (or any commodity incorporating them) (i) without
requisite authorization from the Bureau of Export Administration of the U.S.
Department of Commerce or any other U.S. Government or foreign agency having
jurisdiction over such transaction, or (ii) to persons, entities or
destinations prohibited from receiving U.S. exports under the EAR (including
without limitation Denied Persons, and entities on the Commerce Department
Entity List or involved with missile technology or nuclear, chemical or
biological weapons), or in violation of any sanctions program administered by
the Office of Foreign Assets Control, U.S. Department of Treasury (including
without limitation any Specially Designated National or recipient located in or
a national of Cuba, Iran, Iraq, Libya, North Korea, Sudan or Syria).

 

You represent and warrant (and such representations and warranties are
added to the section of the Agreement entitled “Representations and
Warranties”) that you are not (and never have been) on the Commerce Department
Denied Persons List or Entity List, the State Department Statutory Debarred
Party List, the General Services Administration Excluded Party List, or the
Treasury Department Specially

 

5

 

Designated Nationals (SDN) List; and that you are not acting on behalf
of any person or entity identified on any of these lists.  To the extent you have U.S. export
privileges, you represent and warrant that your privileges have never been
revoked or limited in any way.  You
accept a continuing obligation to inform us immediately of any breach of any of
the agreements, representations and warranties made herein.

 

6

 

[Spear, Leeds & Kellog logo]

 

Schedule R—Order Routing

 

This is a Schedule referred to in the Client Access Agreement (the
“C.A.A.”) by and between Spear, Leeds & Kellogg, L.P., or, if a Routing
Service (as defined below) is provided by one or more affiliates of Spear,
Leeds & Kellogg, L.P. (each such affiliate an “Affiliate”), such Affiliate,
and you (together with this Schedule, the “Agreement”).  Terms used but not otherwise defined in this
Schedule will have the same meanings as in the Agreement.  The terms “we”, “our” and “us” refer to
Spear, Leeds & Kellogg, L.P. and its Affiliates, and, if you are a resident
of any of the jurisdictions identified in Schedule B to the CAA, the
Designated Affiliate listed opposite the relevant jurisdiction in
Schedule B.

 

 

I. 
SERVICES

 

(a) 
Description of Services:

 

The Services covered by this Schedule are one or more electronic
routing services (each, a “Routing Service”) that we may make available to you,
either directly or through a third party service provider and will consist of
routing orders for financial instruments in securities, commodities,
currencies, derivatives, futures, options and other financial instruments to
one or more of the following destinations: 
(i) broker-dealers, (ii) electronic communications networks (“ECN”),
(iii) other network service providers that route orders to brokers or dealers
or ECN’s, (iv) exchanges, and (v) any additional destinations made available
through the Routing Services (each a “Routing Destination”).

 

(b) Survival:

 

This Agreement will remain in effect with respect to all orders routed
through a Routing Service regardless of any termination or other action with
respect to the Routing Service.

 

II. 
USE OF THE SERVICES

(a) You may access each Routing Service to route orders to Routing
Destinations that we have authorized to be connected to the Routing Services
only through the use of one or more passwords or other access methods specified
by us (collectively, “Access Methods”). 
You are solely responsible for ensuring that your Access Methods are
known to and used only by those users authorized by you (“Authorized
Users”).  At our request, you will
provide us with a list of your Authorized Users, and you acknowledge that, in
our discretion, we may deny access to a Routing Service to any user of your
Access Methods.  Unless you have
received our express approval, any use of the Routing Services by Authorized
Users who are located outside of the jurisdiction of your country of domicile
(as listed in the CAA) is strictly prohibited.

 

1

 

(b) You shall verify and confirm all orders routed through the Routing
Services and shall notify us of any error immediately.  Without limitation of any other provision of
the Agreement, and for the avoidance of doubt, you acknowledge that it is your
responsibility to ensure that any transmission sent through a Routing Service
complies with all laws, rules (including without limitation short sale rules
under U.S. securities laws and self-regulatory rules), regulations, policies,
procedures or interpretations thereof including but not limited to the rules
and regulations of the Routing Service, any Routing Destination or any U.S. or
non-U.S. regulatory or self-regulatory organization applicable to you, the
transmission or any resulting order or transaction.  Further, as required by applicable law, rule or interpretation,
you will be responsible for providing us with all terms and conditions relevant
to your orders, for designating any of your short sales as such and for
locating your borrow of shares prior to placing any short sale orders with
us.  In the event that you are not
familiar with the laws, rules, regulations, policies, procedures or
interpretations thereof applicable to orders routed through a Routing Service,
you shall obtain copies thereof.

 

(c) You will be (i) solely responsible for all acts or omissions of any
person using a Routing Service through your Access Methods and (ii) bound by
the terms of all orders routed through a Routing Service using your Access
Methods.  All transmissions generated by
use of your Access Methods will be deemed to have been authorized by you.

 

(d) You will notify us and any representative designated by a Routing
Service to receive notice if your Access Methods have been lost, stolen or
compromised.  Upon receipt of this
notice, your Access Methods will be promptly cancelled but you will be
responsible for any actions taken through the use of such Access Methods before
they are cancelled.  In our sole
discretion, we may terminate, revoke, suspend, modify, or change any or all of
your Access Methods at any time with or without prior notice.

 

(e) You will adopt appropriate internal control procedures relating to
the use of a Routing Service.  If you
are a broker-dealer, you shall furnish a copy of such internal control
procedures to us which will include at least those procedures set forth in
Exhibit A to this Schedule.

 

(f) You understand and acknowledge that you will be responsible for the
cost of the hardware (whether computer terminal, computer link or handheld
link), software, communications equipment and lines, including lines utilized
for Internet access, and all other equipment necessary to use a Routing
Service.  We shall not be responsible
for ensuring that the Routing Services are compatible with your hardware or
software or other third party hardware or software or for any loss or damage
caused by any failure by you to back up or store data.

 

(g) You agree to pay such fees for the provision and use of a Routing
Service as may be separately specified in a writing provided by us to you or as
otherwise agreed between you and us.

 

2

 

III. 
TRANSMISSIONS

 

(a) Each order you route through a Routing Service will be subject to
any other agreement between you and us that applies to the relevant routed
order (“Client Agreements”).  If there
is a conflict between the terms of this Schedule and the terms of a Client
Agreement, the terms of this Schedule will control regarding a Routing
Service, but the Client Agreement will control in all other respects.

 

(b) You agree that we may accept, act in accordance with and rely upon
orders you route through a Routing Service using the Access Methods, whether or
not by an Authorized User, without further authority from you or inquiry into
the authority, validity, genuineness or accuracy of the order.  You are solely responsible for the accuracy
and completeness of all orders routed through a Routing Service.

 

(c) By offering a Routing Service, we
are not responsible for executing orders, pricing orders, ensuring that orders
have been received or reviewed, or completing orders in any manner or form,
except as provided for below.  Our
exclusive and sole responsibility, under this Schedule, is to route orders to
the destination.  In addition,
you are solely responsible for all decisions as to the Routing Destination
selected by you for the routing of orders. 
By agreeing to route your order to a Routing Destination, we do not
recommend or endorse any such Routing Destination, make no representation or
warranty with respect thereto and shall have no liability for any such
selection made by you.  We shall have no
liability or responsibility for the execution of any orders entered through a
Routing Service (except where we are the Routing Destination and to the extent
provided for in this Agreement) or for any failure of, or errors with respect
to, the execution of any such order. 
Additionally, we shall have no liability or responsibility under this
Schedule for any reporting requirements arising in connection with any
order entered through a Routing Service, regardless of whether such
requirements arise under applicable laws and regulations or your internal
procedures.  You acknowledge and
understand that by using a Routing Service, you have no assurance that any
order will be executed at any particular price or time, accepted by a Routing
Destination, or executed at all.  You
must enter into an appropriate agreement with a Routing Destination in order to
ensure processing of your order or the receipt of any related messages.  Entering into such an agreement with a
Routing Destination is your responsibility, and the absence of any such
agreement does not affect our responsibilities or liability under this
section (c).

 

(d) By offering a Routing Service, we are not acting as an executing,
clearing and/or “prime” broker with respect to any order transmitted through a
Routing Service.  You must have an
appropriate agreement in place with the party that serves as the executing,
clearing and/or “prime” broker for the order that you are routing through a
Routing Service.  Entering into such an
agreement with any broker that serves in any such capacity for an order that
you are routing through a Routing Service is your responsibility, and the
absence of any such agreement does not affect our responsibilities or liability
under this section (d).  At our
reasonable request, you must furnish to us a copy of any such broker agreement.

 

3

 

(e) We shall not be responsible for any administrative or operational
duties or responsibilities imposed upon or assumed by you under applicable laws
or regulations, your internal procedures or otherwise, arising out of or
related to the use of a Routing Service, including any record keeping, data
file storage or maintenance requirements. 
To the extent that you are required to or undertake to perform any
administrative or operational activities or responsibilities, you will not rely
upon us in connection therein.

 

(f) Your use of a Routing Service is personal, non-transferable and
non-assignable.  You will use the
Routing Service and route orders only for your own benefit and account(s) and
will not use the Routing Service on behalf of other parties (other than, if you
are a broker-dealer, investment manager or investment advisor, your customers)
without our written permission, and you represent and warrant that you have
full authority to use the Services and execute Transactions in accordance with
the terms of this Agreement for the benefit and account of your customers.

 

(g) The terms of any Transaction entered into by you with or through a
Routing Destination, as well as the provisions of and performance under any
agreement applicable to such Transaction, shall be solely the responsibility of
you and such Routing Destination and we shall have no involvement therein or
responsibility or liability therefor. 
You will be bound by the terms of any order transmitted through a
Routing Service and by any resulting Transaction unless you modify or withdraw
the order in accordance with the terms of the Routing Service before its
transmission to the Routing Destination.

 

Without limitation of the above, you agree that any action by you to
modify or withdraw an order transmitted through the Routing Service by
communicating with us through other means may be ineffective.

 

(h) You understand and acknowledge that a Routing Service will route
orders directly to a Routing Destination without any intervention by us or any
other person (other than through the application of any electronic filters
imposed by us, which are intended solely for our protection).

 

(i) Neither we nor any Routing Destination or third party provider
shall be obligated to accept any order that you seek to transmit through a
Routing Service and may reject any such order in our sole discretion.

 

(j) We or any third party provider may engage in trading with or
through the Routing Destination accessible through the Routing Services for our
proprietary accounts, on behalf of accounts under our management, and on an
agency basis, which could affect your ability to achieve execution or its
pricing.

 

(k) As a result of high Internet traffic, transmission problems, system
capacity limitations and other factors, you may at times experience difficulty
in accessing or communicating with a Routing Service, which could result in,
among other things, (i) delays in the transmission or execution of an order;
(ii) trade executions at prices different from quoted prices at the time the
order was entered; or (iii) an inability to place an order.  In addition, the routing, and consequently
the execution, of orders may be adversely affected during volatile, fast or
unusual market conditions, which could cause delays or interruptions in routing
or access.

 

4

 

Under such circumstances, we might also believe it necessary, and we
reserve the right, to modify, suspend or terminate any or all features,
functions or capabilities of any Routing Service.

 

(l) Any Routing Service we may provide is for your private and personal
use and we are not soliciting any action based upon it.  Our provision of a Routing Service is not to
be construed as a recommendation or an offer to buy or sell or the solicitation
of an offer to buy or sell any security, financial product or instrument or to
participate in any particular trading strategy.

 

(m) In providing you with Routing Services, we are acting solely in the
capacity of an arm’s-length contractual counterparty and not as your advisor or
fiduciary.

 

(n) You acknowledge that your use of a Routing Service may be monitored
by us for our own purposes (and not for your benefit) and the resultant
information may be utilized by us for internal purposes or in accordance with
any applicable law, rule, regulation or interpretation, including just and
equitable principles of trade, of any applicable regulatory or self-regulatory
body, or as required by the rules, regulations or interpretations of any
applicable regulatory or self-regulatory body, provided, however, these
purposes do not include using any information so obtained for any trading
purpose other than trading on your behalf.

 

IV. 
ARBITRATION

 

Subject to any dispute resolution provisions,
including without limitation any forum selection clauses, in the applicable
Client Agreements, which shall control in the event of any conflict with this
Agreement, any controversy between us or any of our managing directors,
officers, directors or employees and you, arising out or relating to Routing
Services effected under this Schedule, shall be settled by arbitration, in
accordance with the rules then obtaining, of any one of the American
Arbitration Association, The New York Stock Exchange, Inc., any other exchange
of which we or you are a member, the National Association of Securities Dealers
Regulation, Inc. or The Municipal Securities Rulemaking Board, as you may
elect.

 

If you do not make such election by
registered mail addressed to us at our main office within ten (10) days after receipt
of notification from us requesting such election, then you authorize us to make
such election on behalf of you.  Any
arbitration hereunder shall be before at least three arbitrators, and the award
of the arbitrators, or a majority of them, shall be final, and judgment upon
the award rendered may be entered in any court having jurisdiction.

 

(i) 
Arbitration is final and binding on the parties.

(ii) 
The parties are waiving their right to seek remedies in court, including
the right to a jury trial.

(iii) Pre-arbitration discovery is generally
more limited than and different from court proceedings.

(iv) The arbitrator’s award is not required
to include factual findings or legal reasoning, and any party’s right to appeal
or seek modification or rulings by the arbitrators is strictly limited.

 

5

 

(v) 
The panel of arbitrators will typically include a minority of
arbitrators who were or are affiliated with the securities industry.

 

No person shall bring a putative or certified
class action or arbitration, nor seek to enforce any pre-dispute arbitration
agreement against any person who has initiated in court a putative class action
or who is a member of a putative class who has not opted out of the class with respect
to any claims encompassed by the putative class action until:

 

(i) the class certification is denied;

(ii) the class is decertified; or

(iii) 
the customer is excluded from the class by the court.

 

Such forbearance to enforce an agreement to
arbitrate shall not constitute a waiver of any rights under this Agreement
except to the extent stated herein.

 

6

 

Exhibit A to Schedule R – Internal
Control Procedures

 

Wave Securities, LLC (“Broker-Dealer”)

Broker-Dealer’s Name

 

As a broker-dealer, Broker-Dealer is required
to implement internal procedures consistent with NYSE Information Memo 92-15 to
control electronic order flow, whether entered on Client’s behalf or, if
permitted, on behalf of customers.  The
following are Broker-Dealer’s procedures with respect to orders entered through
a Routing Service:

 

1.                                       All users will
be assigned a unique password and each user will be prohibited from disclosing
this password other than to Authorized Persons.

 

2.                                       All users will
comply with all laws, rules (including without limitation short sale rules
under U.S. securities laws and self-regulatory rules), regulations, policies,
procedures or interpretations thereof including but not limited to the rules
and regulations of any Routing Service, any Routing Destination or any U.S. or
non-U.S. regulatory or self-regulatory organization applicable to
Broker-Dealer, the transmission of any resulting order or transaction.

 

3.                                       All users must
know specific trading and size limits established for customer and proprietary
orders.

 

4.                                       All users must
validate order and trade accuracy.

 

5.                                       All users must
monitor terminal for message from any Routing Destination, Spear, Leeds &
Kellogg, L.P. or Affiliates.

 

6.                                       All users must
monitor orders throughout the day to confirm when orders are filled and
compliance with established credit and order size limits.

 

7.                                       All users must
relay any errors, trade discrepancies, potential unauthorized access, and
system or execution problems to the appropriate Spear, Leeds & Kellogg,
L.P., or Affiliate personnel and/or clearing firm when discovered.

 

8.                                       All users are
responsible for adhering to the requirements of New York Stock Exchange Rule
405 [“Know Your Customer”], to the extent applicable.

 

1

 

 

Note. 
In lieu of Exhibit A, Client may provide a copy of such other written
procedures as it has implemented.

 

These procedures are implemented to control electronic order flow in
accordance with NYSE Information Memo 92-15. 
Acknowledgment of this document indicates that you understand and agree
to incorporate the above procedures.

 

	
  By:

  	
  /s/ Michael Cormack

  	
   

  
	
  Name:

  	
  Mike Cormack

  	
   

  
	
   

  	
   

  	
   

  
	
  Title:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Date:

  	
  6/25/02

  	
   

  
					

 

2

 

[Spear, Leeds & Kellogg logo]

 

Signature Page for the Client Access
Agreement

and all Schedules to the Client Access
Agreement (together the “Agreement”)

 

The undersigned, by executing this Signature Page on the date set forth
below, agrees to be legally bound by the Agreement, together with the attached
Schedules A (Electronic Trading Services), I (Software, Equipment,
Telecommunications and Media) and R (Order Routing) and further agrees that the
Agreement and each such Schedule shall be enforceable against and binding
on the undersigned to the same extent as if the Agreement, including each such
Schedule, were separately signed.

 

	
  Spear, Leeds & Kellogg, L.P.,
  or “we” if so used in the Agreement, or if separately identified below, the
  Affiliate executing this Agreement, in either case on behalf of itself, or
  its Affiliates, including but not limited to any Designated Affiliates, as
  applicable  

  	
   

  	
  Wave Securities, LLC,
  acting solely as the routing facility of the exchange, but not in an
  introducing broker capacity  

  
	
   

  	
   

  
	
  By:

  	
  /s/ Neil V. DeSena

  	
   

  	
  By:

  	
  /s/  Michael
  Cormack  6/25/02

  	
   

  
	
   

  	
   

  
	
  Name:

  	
  Neil V. DeSena

  	
   

  	
  Name:

  	
  Mike Cormack

  	
   

  
	
   

  	
   

  
	
  Title:

  	
  Managing Director

  	
   

  	
  Title:

  	
   

  	
   

  
											

 

 

Effective Date: 7/1/02

 

1

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