Document:

License-Back Agreement

 Exhibit 10.5 
  
 EXECUTION VERSION 
  
 LICENSE-BACK AGREEMENT 
  
 between 
  
 ZONE TECHNOLOGY PARTNERS, LLC 
  
 and 
  
 INSTINET GROUP INCORPORATED 
  
 Dated as of June 1, 2004 

 TABLE OF CONTENTS 
  

					
	 	 	 	  	Page

	 ARTICLE I
	 	DEFINITIONS	  	1
	 1.1
	 	Definitions	  	1
	 ARTICLE II
	 	LICENSE	  	6
	 2.1
	 	Grant of License	  	6
	 2.2
	 	Nature of Licenses	  	8
	 2.3
	 	Authorized Users	  	8
	 2.4
	 	Certain Restrictions on Use of the Gr8Trade Licensed Technology	  	9
	 2.5
	 	Copies	  	12
	 2.6
	 	Security	  	12
	 2.7
	 	Certain Agreements Regarding Gr8Trade Licensed Technology	  	13
	 ARTICLE III
	 	DELIVERY; PERFORMANCE AND SUPPORT; OTHER AGREEMENTS	  	13
	 3.1
	 	Delivery	  	13
	 3.2
	 	Maintenance, Support, Etc.	  	13
	 ARTICLE IV
	 	INTELLECTUAL PROPERTY	  	14
	 4.1
	 	Title; Reservation of Rights	  	14
	 4.2
	 	Valuable Property	  	15
	 4.3
	 	Notice of Adverse Claim	  	15
	 4.4
	 	No Inconsistent Action	  	15
	 4.5
	 	Enforcement and Protection of Intellectual Property Rights; Cooperation of Licensee	  	16
	 ARTICLE V
	 	TAXES	  	17
	 5.1
	 	Payment of Taxes	  	17
	 ARTICLE VI
	 	CONFIDENTIALITY AND SECURITY	  	17
	 6.1
	 	Definition	  	17
	 6.2
	 	Confidential Treatment	  	18
	 6.3
	 	Exclusions	  	19
	 6.4
	 	Confidentiality of Agreement	  	20
	 6.5
	 	Cooperation	  	20
	 6.6
	 	Data Backup	  	20
	 6.7
	 	Restrictions on Disclosure	  	20
	 6.8
	 	Legends	  	21
	 6.9
	 	Return	  	21
	 ARTICLE VII
	 	TERM AND TERMINATION	  	21
	 7.1
	 	Term	  	21
	 7.2
	 	Right to Immediately Terminate Agreement	  	22
	 7.3
	 	Termination Upon Material Breach	  	22
	 7.4
	 	Effect of Termination	  	23
	 ARTICLE VIII
	 	DISCLAIMERS, LIMITATIONS AND INDEMNIFICATION	  	23
	 8.1
	 	No Warranties	  	23

					
	 8.2
	 	Allocation of Risk	  	24
	 8.3
	 	Additional Exclusions	  	24
	 8.4
	 	Limitation of Liability	  	25
	 8.5
	 	Infringement Issues	  	26
	 8.6
	 	Indemnification	  	27
	 ARTICLE IX
	 	MISCELLANEOUS	  	28
	 9.1
	 	Assignment	  	28
	 9.2
	 	Notices	  	28
	 9.3
	 	Severability	  	29
	 9.4
	 	Entire Agreement	  	29
	 9.5
	 	No Agency	  	30
	 9.6
	 	Governing Law, Etc.	  	30
	 9.7
	 	Export Regulation	  	30
	 9.8
	 	Waiver; Amendment; Certain Notices	  	30
	 9.9
	 	Interpretation	  	31
	 9.10
	 	Counterparts	  	31
	 9.11
	 	Binding	  	32
	 9.12
	 	Licensee Liability and Applicability of Restrictions to Certain Persons	  	32
	 9.13
	 	Bankruptcy	  	32
	 9.14
	 	Inspection, Etc.	  	32
	 9.15
	 	U.S. Government Restricted Rights	  	33

  

 ii 

 Exhibit 10.5 
  
 LICENSE-BACK AGREEMENT 
  

This License-Back Agreement (this “Agreement”) is made and entered into as of June 1, 2004 (the “Effective Date”) by
and between Zone Technology Partners, LLC, a Texas limited liability company (“Licensor”), and Instinet Group Incorporated, a Delaware corporation (“Licensee”). Each of Licensor and Licensee are referred to
in this Agreement singly as a “Party” and collectively as the “Parties.” 
  
 RECITALS 
  
 WHEREAS, Licensor, Licensee and certain other Persons (as defined below) have entered into that one certain Asset Purchase Agreement dated as of June 1, 2004 (the “Purchase Agreement”) pursuant to which Licensee will
transfer certain assets, including the Gr8Trade Licensed Technology (as defined below), to Licensor (the “Sale”); and 
  
 WHEREAS, in connection with the Sale, Licensee and certain of its Affiliates desire to receive a license to use certain rights with respect to the
Gr8Trade Licensed Technology, and Licensor is willing to grant such a license, all subject to the terms and conditions set forth in this Agreement; 
  
 NOW, THEREFORE, in consideration of these premises and the mutual promises contained herein, and for other good and valuable consideration, the receipt
and sufficiency of all of which are hereby acknowledged, the Parties, intending to be legally bound, hereby agree as follows: 
  
 ARTICLE 1 
  
 DEFINITIONS 
  
 1.1 Definitions. In addition to any other terms as may be defined elsewhere herein, when used in this Agreement, the capitalized terms listed below shall have the following respective meanings: 
  
 “Access Code” has the meaning set forth in Section
2.6. 
  
 “Affiliate” means any Person
controlling, controlled by, or under common control with, the Person in question. 
  
 “Agreement” has the meaning set forth in the preamble. 
  
 “Agreement Confidential Information” has the meaning set forth in Section 6.4. 
  
 “APIs” means those functional, technical and/or design specifications for an interface between specified
software and other software that are provided to the developer of such other 

 software and which are designed to enable commands, responses, records, sound, graphics or other data to be exchanged or
communicated between the specified software and such other software, including any application programming interfaces and graphical user interfaces, any firmware and/or software implementing any of the foregoing, and all algorithms, databases,
documentation and operational procedures relating to any of the foregoing. For the avoidance of doubt, any reference in this Agreement to the specified software includes any APIs with respect thereto, unless otherwise specifically indicated.

  
 “Applicable Gr8Trade Sublicense Term” means,
with respect to each Existing Gr8Trade Customer, the lesser of (i) ninety (90) days after the Effective Date and (ii) the date that such Existing Gr8Trade Customer’s use of the Gr8Trade Software is terminated by Licensee pursuant to Section
4.2(d) of the Purchase Agreement. 
  
 “Applicable
Law” means all applicable federal, state, foreign and other laws and all applicable rules, regulations, interpretations and orders of any relevant Authority. 
  
 “Applicable Legends” has the meaning set forth in Section 2.4(a). 
  
 “Authority” means any governmental, judicial, legislative,
executive, administrative, or regulatory authority of the United States, or any possession or territory thereof, or of any state, local, foreign or other government, of any other public or self-regulatory authority, commission, board, agency or
other instrumentality (including the United States Securities and Exchange Commission or any securities exchange or the National Association of Securities Dealers), or any subdivision or office of any of the foregoing. 
  
 “Authorized Licensee Contractor” has the meaning set forth
in Section 2.3(b). 
  
 “Authorized Licensee
Contractor Sublicense Agreement” has the meaning set forth in Section 2.3(b). 
  
 “Authorized Licensee Employee” has the meaning set forth in Section 2.3(a). 
  
 “Authorized Non-Licensee User” has the meaning set forth in Section 2.3(c). 
  
 “Authorized Non-Licensee User Sublicense Agreement” has the
meaning set forth in Section 2.3(c). 
  
 “Authorized Users” means Authorized Licensee Employees, Authorized Licensee Contractors, Authorized Non-Licensee Users and Existing Gr8Trade Customers, collectively. 
  
 “Chosen Courts” has the meaning set forth in Section
9.6(a). 
  
 “Confidential Information” has
the meaning set forth in Section 6.1. 
  

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 “Documentation” has the meaning set forth in the Purchase Agreement. 
  
 “Effective Date” has the meaning set forth in the preamble
to this Agreement. 
  
 “Enhancement” means any
new release, modification, customization, translation, upgrade, enhancement, fix, correction or derivative work of all or any portion of any specified software or documentation to the extent that the same is based on, or is created by modifying or
preparing a derivative work of, or otherwise utilizes or incorporates, any of the specified software or documentation or any of the Source Code for the specified software (other than APIs). Notwithstanding the foregoing, none of the Portal Software,
Revised Portal Software or any Enhancement thereof prepared by or on behalf of Licensee shall be deemed to be Enhancements to the Gr8Trade Licensed Technology, provided that, for the avoidance of doubt, (i) to the extent that any Enhancement
to the Portal Software or the Revised Portal Software prepared by or on behalf of Licensee would, but for this sentence, constitute an Enhancement to the Gr8Trade Licensed Technology, such Enhancement shall only be made as permitted by this
Agreement, and (ii) any Section 2.1(e) Work Product shall be deemed an Enhancement to the Gr8Trade Licensed Technology and not to the Portal Software or the Revised Portal Software. 
  
 “Existing Gr8Trade Customer” has the meaning set forth in
Section 2.3(d). 
  
 “Gr8Trade Additional
Elements” means any portion of the Gr8Trade Software other than the Licensed Software, including InfoCenter, that was previously made available to an Existing Gr8Trade Customer under a Gr8Trade Sublicense Agreement and that was conveyed to
Licensor under the Purchase Agreement. For the avoidance of doubt, (i) any reference in this Agreement to the Gr8Trade Additional Elements includes all copies of any portion of the Gr8Trade Additional Elements, in whatever media or whatever form,
and by whomever prepared, unless otherwise specifically indicated, but (ii) nothing in this definition shall affect any restrictions on copying (or the form in which copies may be used or made) expressly set forth in Sections 2.2 or
2.5 or elsewhere in this Agreement. 
  
 “Gr8Trade
Documentation” means all Licensed Documentation, the Gr8Trade Users’ Guide and all other Documentation related to the Gr8Trade Software that was in use by Licensee or its licensees or sublicensees immediately prior to the Effective
Date, in each case to the extent that the same was conveyed to Licensor under the Purchase Agreement. For the avoidance of doubt, any reference in this Agreement to the Gr8Trade Documentation includes all copies of any portion of the Gr8Trade
Documentation, in whatever media or form, and by whomever prepared, unless otherwise specifically indicated. 
  
 “Gr8Trade Licensed Technology” means the (i) Gr8Trade Software and the Gr8Trade Documentation, collectively and (ii) the Section 2.1(e)
Work Product. 
  
 “Gr8Trade Software” has the
same meaning as the “Transferred Software”, as defined in the Purchase Agreement. For the avoidance of doubt, the Licensed Software together with the Gr8Trade Additional Elements are the Gr8Trade Software. 
  

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 “Gr8Trade Sublicense Agreement” has the meaning set forth in Section 2.3(d).

  
 “Gr8Trade Users’ Guide” means the
User’s Guide previously distributed by Licensee to Existing Gr8Trade Customers for use with the Gr8Trade Software, to the extent that the same was conveyed by Licensee to Licensor under the Purchase Agreement. 
  
 “InfoCenter” means the software and documentation pertaining
to the “InfoCenter” website, to the extent the same was conveyed by Licensee to Licensor under the Purchase Agreement. 
  
 “Intellectual Property Rights” means any intellectual property or proprietary rights in any jurisdiction, whether owned or held for use
under license, whether registered or unregistered, including such rights in and to: (i) trademarks, trade dress, service marks, certification marks, logos, trade names, brand names, corporate names, assumed names and business names
(“Trademarks”, which term shall include the items described in clause (viii) below); (ii) patents and any and all divisions, continuations, continuations-in-part, reissues, continuing patent applications, reexaminations or
extensions thereof, any counterparts claiming priority therefrom, utility models, patents of importation/confirmation, certificates of invention, certificates of registration and like statutory rights; inventions, invention disclosures, discoveries
and improvements, whether patentable or not; (iii) copyrights and works of authorship; (iv) trade secrets (including those trade secrets defined in the Uniform Trade Secrets Act and under corresponding federal, state or foreign statutory or common
law), business, technical and know-how information, non-public information, and confidential information and rights to limit the use or disclosure thereof by any Person; (v) mask works; (vi) moral rights, author’s rights or rights of publicity;
(vii) claims, causes of action and defenses relating to the enforcement of any of the foregoing; (viii) any applications for registration of any of the foregoing, and all renewals or extensions of any of the foregoing, whether now existing or
hereafter arising; and (ix) the goodwill associated with each of the foregoing. For the avoidance of doubt, “Intellectual Property Rights” includes any and all of the foregoing related to computer software, data files, Source Code,
Object Code, APIs, manuals, documentation, specifications, databases or other materials or information. 
  
 “Licensed Documentation” means all Documentation related to the Licensed Software that was in use by Licensee or its licensees or
sublicensees immediately prior to the Effective Date, including all operating manuals or user manuals with respect to the Licensed Software, in each case to the extent that the same was conveyed to Licensor under the Purchase Agreement. For the
avoidance of doubt, any reference in this Agreement to the Licensed Documentation includes all copies of any portion of the Licensed Documentation, in whatever media or form, and by whomever prepared, unless otherwise specifically indicated.

  
 “Licensed Software” means the software
applications and modules as they exist on the date hereof that (i) were transferred by Licensee to Licensor under the Purchase Agreement and (ii) are “Common Product Elements” (as defined in the Purchase Agreement). For the

  

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 avoidance of doubt, (x) any reference in this Agreement to the Licensed Software includes all copies of any portion of
the Licensed Software, in whatever media or whatever form, and by whomever prepared, unless otherwise specifically indicated, but (y) nothing in this definition shall affect any restrictions on copying (or the form in which copies may be used or
made) expressly set forth in Sections 2.2 or 2.5 or elsewhere in this Agreement. 
  
 “Licensed Technology” means the Licensed Software and the Licensed Documentation, and, to the extent applicable thereto, the Section 2.1(e) Work Product. 
  
 “Licensee” has the meaning set forth in the preamble to this
Agreement. 
  
 “Licensee Property” has the
meaning set forth in Section 4.1 
  
 “Licensor” has the meaning set forth in the preamble to this Agreement. 
  
 “Losses” has the meaning set forth in Section 8.6. 
  
 “Notice” has the meaning set forth in Section 9.2. 
  
 “Object Code” means machine-executable computer software
prepared by compiling and linking Source Code or machine independent representations of computer software intended for subsequent interpretation or just-in-time compiling which is not convenient to human understanding of the program logic, but which
is appropriate for execution or interpretation by a computer. 
  
 “Parties” has the meaning set forth in the preamble to this Agreement. 
  
 “Party” has the meaning set forth in the preamble to this Agreement. 
  
 “Person” means an individual, partnership, joint venture, corporation, trust, limited liability company,
unincorporated organization, association, joint stock company, Authority, or any other form of association or entity. 
  
 “Portal Software” means the software described on Schedule 1.1(c) attached hereto. 
  
 “Primary Licensee” has the meaning set forth in Section
2.4(c) 
  
 “Prime Rate” means the “prime
rate” as published from time to time in The Wall Street Journal (currently in the “Money Rates” section) or, in the event that such rate is no longer published in the Wall Street Journal, then the prime rate as published
in another periodical of general circulation selected by Licensor. In the event more than one such rate, or a range of such rates, is published, then the Prime Rate shall be the highest of such rates. 
  
 “Purchase Agreement” has the meaning set forth in the
recitals to this Agreement. 
  

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 “Recipient” has the meaning set forth in Section 6.2(a). 
  
 “Revised Portal Software” has the meaning set forth in
Section 2.1(a). 
  
 “Sale” has the meaning
set forth in the recitals to this Agreement. 
  
 “Section
2.1(e) Work Product” has the meaning set forth in Section 2.1(e). 
  
 “Source Code” means computer software in human-readable form and all related compiler command files, build scripts, scripts relating to the operation and maintenance of a software application, object
libraries, including comments, data files and structures, application programming interfaces, include files, macros, programming tools not commercially available, technical specifications, flowcharts, logic diagrams, and documentation related to any
or all of the foregoing such that collectively the foregoing will be sufficient to enable an individual possessing reasonable skill and expertise in computer software and information technology to build, load and operate the Object Code of such
software and to maintain, support and effectively use such software. 
  
 “Special Damages” has the meaning set forth in Section 8.3. 
  
 “Sublicense Agreements” means the Authorized Licensee Contractor Sublicense Agreements, the Authorized Non-Licensee User Sublicense Agreements, and the Existing Gr8Trade Customer Sublicense
Agreements, collectively. 
  
 “Tax” has the
meaning set forth in Section 5.1. 
  
 “Term” has the meaning set forth in Section 7.1. 
  
 “Territory” means worldwide. 
  
 “Trademarks” has the meaning set forth in the definition of “Intellectual Property Rights.” 
  
 “Transition Period” has the meaning given to that term in the Purchase Agreement. 
  
 “User ID” has the meaning set forth in Section
2.6. 
  
 ARTICLE 2 
  
 LICENSE 
  
 2.1 Grant of License. During the Term, Licensor hereby grants and Licensee hereby accepts, subject to all of the
terms and conditions of this Agreement, a non-exclusive, non 
  

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 transferable (except as provided in Section 9.1 below), non-assignable (except as provided in Section 9.1
below), non-sublicenseable (except as provided in this Section 2.1 and Section 2.4(c)), royalty-free, fully paid-up perpetual (subject to termination as provided below), irrevocable (subject to termination as provided below) license
under all of the Intellectual Property Rights acquired by Licensor under the Purchase Agreement, for use within the Territory, to: 
  
 (a) Use (including to load, reproduce, modify, create derivative works of, execute and display) the Licensed Software (in both Source Code and Object Code
form) and the Licensed Documentation solely for the purposes of developing, maintaining, modifying and supporting the Portal Software and any Enhancement to the Portal Software incorporating any Licensed Software (“Revised Portal
Software”), including to correct errors in the Portal Software or Revised Portal Software, in each case provided that such use is solely by Authorized Licensee Employees or Authorized Licensee Contractors and otherwise
complies with the requirements of this Agreement; 
  
 (b) Use
(i.e. to load, reproduce, execute and display) the Licensed Software (in Object Code form only) to the extent required for the operation and use (i.e. to load, reproduce, execute and display) of the Portal Software or the Revised Portal Software,
provided that such use is solely by Authorized Licensee Employees or Authorized Licensee Contractors; 
  
 (c) Sublicense each Authorized Non-Licensee User, during the term of such Authorized Non-Licensee User’s Authorized Non-Licensee User Sublicense
Agreement (as the same may be extended by agreement of such Authorized Non-Licensee User and Licensee in their sole discretion), to use (i.e., to load, reproduce, execute and display) portions of the Licensed Software (in Object Code form only), but
only to the extent required for the operation and use (i.e. to load, reproduce, execute and display) of the Portal Software or the Revised Portal Software as permitted by the applicable Authorized Non-Licensee User Sublicense Agreement and permitted
by Section 2.3(c); 
  
 (d) Sublicense each Existing
Gr8Trade Customer, during such Existing Gr8Trade Customer’s Applicable Gr8Trade Sublicense Term, to use portions of the Gr8Trade Software (in Object Code form only) and Gr8Trade Users’ Guide in accordance with the terms of such Existing
Gr8Trade Customer’s Gr8Trade Sublicense Agreement; and 
  
 (e) Use (including to load, reproduce, modify, create derivative works of, execute and display), during the Transition Period, the Gr8Trade Licensed Technology (in both Source Code and Object Code form) solely for the purpose of enabling
Licensee to fulfill its obligations under Section 4.12 of the Purchase Agreement, provided that (i) Licensee provides notice on a monthly basis to Licensor of any Enhancements created pursuant to this Section 2.1(e) (such
Enhancements in both Source Code and Object Code format and together with all related Documentation, collectively, “Section 2.1(e) Work Product”) and complies with any reasonable requirements imposed by Licensor in writing with
respect to the same, and (ii) such use is solely by Authorized Licensee Employees or Authorized Licensee Contractors. For the avoidance of doubt, Section 2.1(e) Work Product shall not include any Enhancements created pursuant to Section
2.1(a). 
  

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 2.2 Nature of Licenses. Licensee shall be entitled to use the Source Code for the Licensed
Software solely to the extent described in Section 2.1(a) and the Source Code for the Gr8Trade Additional Elements solely to the extent described in Section 2.1(e). In no event shall any Source Code for any of the Gr8Trade Software be
used for any purpose except as permitted by Sections 2.1(a) or 2.1(e), or distributed to any Person, other than distributions to an Authorized Licensee Employee or an Authorized Licensee Contractor who requires access to such Source
Code for purposes of utilizing it for the benefit of Licensee as described in those Sections, as applicable. Except as provided in Section 2.1(e), neither Licensee nor any Authorized User shall have any right to use the Source Code for any of
the Gr8Trade Additional Elements. 
  
 2.3 Authorized Users.

  
 (a) From time to time, Licensee shall, in its discretion,
designate certain employees of Licensee who shall be permitted to use the Licensed Technology on Licensee’s behalf on hardware/computing equipment and systems owned, licensed or controlled by Licensee, in accordance with this Agreement and such
additional restrictions as Licensee may impose on any such user from time to time (each, an “Authorized Licensee Employee”). Upon the reasonable request of Licensor from time to time, Licensee shall provide Licensor with the number
and location of Authorized Licensee Employees having access to the Source Code of the Licensed Technology. 
  
 (b) For purposes of this Agreement, the term “Authorized Licensee Contractor” shall mean a Person who (i) is an independent contractor of
Licensee retained by Licensee to use the Licensed Technology or the Gr8Trade Licensed Technology, as the case may be, for the benefit of Licensee as authorized by Section 2.1(a), Section 2.1(b) or Section 2.1(e); and (ii) is a
party to a written license agreement with Licensee substantially in the form of Exhibit 2.3(b) (an “Authorized Licensee Contractor Sublicense Agreement”). Notwithstanding anything to the contrary in this Agreement, no
Licensed Technology may be used by or made available to any Authorized Licensee Contractor except in accordance with the terms of this Agreement and the relevant Authorized Licensee Contractor Sublicense Agreement. Upon the request of Licensor from
time to time, Licensee shall provide Licensor with the number and names and locations of Authorized Licensee Contractors and the periods during which they performed or will perform such Services. 
  
 (c) For purposes of this Agreement, the term “Authorized Non-Licensee
User” shall mean any Person who (i) is a customer of Licensee and a user of the Portal Software or the Revised Portal Software, and (ii) is a party to a written license agreement with Licensee substantially in the form of Exhibit
2.3(c) (an “Authorized Non-Licensee User Sublicense Agreement”). Notwithstanding anything to the contrary in this Agreement, in no event shall any Authorized Non-Licensee User be permitted to use or have access to any portion of
the Licensed 
  

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 Software except (i) to the extent that such portion of the Licensed Software is embedded in the Portal Software or
Revised Portal Software made available to such Authorized Non-Licensee User under an Authorized Non-Licensee User Sublicense Agreement, (ii) in accordance with the terms of this Agreement and the related Authorized Non-Licensee User Sublicense
Agreement, and (iii) in Object Code form. Upon the request of Licensor from time to time, Licensee shall provide Licensor with the number of Authorized Non-Licensee Users. For the avoidance of doubt, nothing in this Section shall require Licensee to
disclose the names of or financial arrangements with, any Authorized Non-Licensee Users. 
  
 (d) For purposes of this Agreement, the term “Existing Gr8Trade Customer” shall mean a Person who (i) is an existing user of the Gr8Trade Software; (ii) is listed on Schedule 2.3(d); and (iii)
is a party to a written license agreement from Licensee which agreement was entered into prior to the Effective Date, and is substantially in the form attached hereto as Exhibit 2.3(d) and allows such Existing Gr8Trade Customer to use the
Gr8Trade Licensed Technology (a “Gr8Trade Sublicense Agreement”). Notwithstanding anything to the contrary in this Agreement, and unless and to the extent an Existing Gr8Trade Customer is also sublicensed as an Authorized
Non-Licensee User of Licensed Software pursuant to Section 2.1(c), in no event shall any Existing Gr8Trade Customer be permitted to use or have access to any portion of the Gr8Trade Licensed Technology except (i) to the extent that such
portion of the Gr8Trade Licensed Technology was embedded in or delivered with the Gr8Trade Software that was made available to such Existing Gr8Trade Customer under a Gr8Trade Sublicense Agreement either (x) prior to the Effective Date or (y) with
respect to any Enhancements thereto developed in accordance with Section 2.1(e) and approved in writing for distribution by Licensee after the Effective Date, (ii) in accordance with the terms of this Agreement and the related Gr8Trade
Sublicense Agreement, and (iii) with respect to Gr8Trade Software, is in Object Code form. 
  
 2.4 Certain Restrictions on Use of the Gr8Trade Licensed Technology. 
  
 (a) Licensee shall not, and shall use commercially reasonable efforts to cause each Authorized User not to, directly or indirectly: 
  
 (i) modify or remove any legends, notices, identifications or evidence of
confidentiality, ownership, copyright, Trademark, or other Intellectual Property Rights, or any disclaimers of warranties, limitations on damages, or similar provisions (collectively, “Applicable Legends”), contained on or included
in all or any portion of the Gr8Trade Licensed Technology; 
  
 (ii) create any software application or system or derivative work that infringes or misappropriates any Intellectual Property Rights in all or any portion of the Gr8Trade Licensed Technology, provided that this clause (ii) shall not
prohibit Licensee from developing, maintaining, modifying and supporting the Portal Software or Revised Portal Software in accordance with Section 2.1(a) or modifying or creating derivative works of the Gr8Trade Licensed Technology in
accordance with Section 2.1(e); 
  

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 (iii) reverse engineer, recreate, modify, adapt or transcribe all or any portion of the Gr8Trade
Licensed Technology or disassemble, translate, reverse compile, decompile or otherwise obtain, discover or recreate the Source Code of all or any portion of the Gr8Trade Licensed Technology; provided that this clause (iii) shall not prohibit
Licensee from modifying or adapting or otherwise using the Source Code for the Licensed Software in accordance with Section 2.1(a) or from modifying or adapting or otherwise using the Source Code for the Gr8Trade Software in accordance with
Section 2.1(e); 
  
 (iv) sell, lease, license, loan,
sublicense, make available, disclose, distribute or otherwise transfer or provide all or any portion of the Gr8Trade Licensed Technology or any Intellectual Property Rights therein to any Person on a temporary or permanent basis, or otherwise allow
any Person to utilize all or any portion of the Gr8Trade Licensed Technology, provided that this clause (iv) shall not prohibit Licensee from (A) sublicensing, making available, disclosing, distributing or providing portions of the Gr8Trade
Licensed Technology to Authorized Users in accordance with Section 2.1 and Section 2.3, as applicable, (B) leasing, licensing, loaning, sublicensing, making available, disclosing or distributing (x) Portal Software or Revised Portal
Software (notwithstanding that the Licensed Software is included therein) to Authorized Non-Licensee Users in accordance with Sections 2.1(c) and 2.3(c) or (y) the Gr8Trade Software to Existing Gr8Trade Customers in accordance with
Sections 2.1(d) and 2.3(d), or (C) from transferring its rights under this Agreement in accordance with Section 9.1; 
  
 (v) use all or any portion of the Gr8Trade Licensed Technology or any Intellectual Property Rights therein as part of a service bureau or network or
time-sharing facility for any third party provided, that notwithstanding the foregoing, Licensee shall, at its option, be permitted to make the Portal Software or Revised Portal Software available to Authorized Non-Licensee Users as part of a
service bureau or network or time sharing facility in accordance with Section 2.1(c) and Section 2.3(c) notwithstanding that the Licensed Software in embedded therein; 
  
 (vi) use all or any portion of the Gr8Trade Licensed Technology or any Intellectual Property Rights therein in any way that
violates Applicable Law; 
  
 (vii) copy or reproduce all or any
portion of the Gr8Trade Licensed Technology in any form or medium except as permitted by Section 2.5 hereof or use more copies of the Gr8Trade Licensed Technology than are permitted to be used by this Agreement and any applicable Sublicense
Agreement; 
  
 (viii) otherwise use all or any portion of the
Gr8Trade Licensed Technology or any Intellectual Property rights therein in any manner not authorized by this Agreement; or 
  

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 (ix) attempt to, or encourage or assist any other Person to attempt to, do any of the foregoing.

  
 For the avoidance of doubt, Licensor acknowledges and agrees
that with respect to any Authorized User which, prior to the Effective Date, is a party to an applicable Sublicense Agreement with Licensee, the terms of such Sublicense Agreement will be deemed to satisfy the requirements of this Section 2.4
and that so long as Licensee maintains such Sublicense Agreement in effect and complies with those obligations pertaining to Authorized Users that are set forth in Sections 2.6, 2.7 and 8.5, it shall have fulfilled its obligation to
use commercially reasonable efforts to cause its Authorized Users to comply with the foregoing obligations. 
  
 (b) Notwithstanding anything to the contrary contained in this Agreement, without limitation of the foregoing, Licensee’s use of the Portal Software,
the Revised Portal Software and the Gr8Trade Licensed Technology shall be subject to Section 4.17 of the Purchase Agreement. For the avoidance of doubt, the foregoing sentence and the restrictions specified in Section 4.17 of the
Purchase Agreement shall not apply to the Authorized Users. 
  
 (c) The benefits and obligations of, and restrictions on, Licensee under this Agreement shall extend to, and the term “Licensee” shall include, the party that executes this Agreement as Licensee (the “Primary
Licensee”) and all Affiliates of the Primary Licensee in which Primary Licensee holds, directly or indirectly, a 50% or more ownership interest and the right to control such Affiliate, provided that (i) Licensee shall provide notice
to Licensor upon request of the identity and ownership of each such Affiliate, (ii) such benefits shall extend to any such subsidiary only so long as the Primary Licensee retains such ownership and control of such Affiliate, and (iii) the Primary
Licensee shall be liable to Licensor for any breach by any such Affiliate of any such obligation or restrictions. 
  
 (d) All rights not specifically granted under this Agreement by a Party are reserved by such Party. For the avoidance of doubt, (i) in no event shall
Licensee or any Authorized User have any right to receive or use any Enhancements prepared by or on behalf of Licensor and (ii) in no event shall Licensor have any right to receive or use any Enhancements prepared by or on behalf of Licensee, other
than the Section 2.1(e) Work Product. 
  

 11 

 2.5 Copies. 
  
 (a) Licensee may maintain a limited number of backup copies of the Gr8Trade Licensed Technology (it being understood that
such backup copies constitute Gr8Trade Licensed Technology hereunder), not to exceed the number reasonably required to permit Licensee’s exercise of its rights with respect to the Gr8Trade Licensed Technology (or any portion thereof) hereunder,
provided that such backup copies shall be used solely as backup copies in the event the original copies are lost or damaged so as to be reasonably unusable. Subject to Section 6.9, Licensee’s right to maintain back up copies with
respect to the Gr8Trade Additional Elements and the Gr8Trade Users’ Manual shall terminate upon the later of (i) the expiration of the Applicable Gr8Trade Sublicense Term or (ii) the expiration of the Transition Period. Licensee shall keep all
copies of the Source Code for any of the Gr8Trade Licensed Technology at Licensee’s offices or such other location as is mutually agreed by Licensor and Licensee in writing. 
  
 (b) Licensee may permit its Authorized Non-Licensee Users to copy the Portal Software and any Revised Portal Software
(including any Licensed Software in the foregoing), in Object Code form only, as reasonably required (i) to enable such Person to operate the Portal Software or Revised Portal Software or (ii) to the extent the license to the Portal Software or
Revised Portal Software permits the Authorized Non-Licensee Users to make a fixed number of copies for use thereof in accordance with the terms of the Authorized Non-Licensee User Sublicense Agreement, as may be reasonably necessary for archival
purposes (it being understood that all such copies shall be used solely in the event the original copies are damaged so as to be reasonably unusable) and for such other similar, customary purposes that are permitted by the Authorized Non-Licensee
User Sublicense Agreement, in each case in accordance with the terms of the Authorized Non-Licensee User Sublicense Agreement; provided, that such Authorized Non-Licensee User shall not be permitted to copy any portion of the Licensed
Software except to the extent such portion of the Licensed Software is embedded in the Portal Software or Revised Portal Software and as copied as part of an authorized copy of the Portal Software or the Revised Portal Software. Other than as
expressly set forth in this Agreement and in Section 4.17 of the Purchase Agreement, Licensee shall have no restrictions imposed by Licensor on the terms under which it may license or use the Portal Software or the Revised Portal Software
notwithstanding the inclusion of Licensed Software therein. 
  
 (c) Licensee (and, as applicable, its Authorized Licensee Employees and Authorized Licensee Contractors) shall be permitted to make a reasonable number of copies of the Licensed Technology as and to the extent reasonably necessary in
connection with the exercise of its (or their) rights under Section 2.1(a) and Section 2.1(e). 
  
 2.6 Security. Licensee shall distribute (or have distributed) to each Existing Gr8Trade Customer a unique user identification (“User
ID”) and a corresponding password and/or other access code (each, an “Access Code”) to provide commercially reasonably appropriate security for such Authorized User’s use of the Gr8Trade Licensed Technology in
accordance with this Agreement and any applicable Sublicense Agreement. Licensee shall use 
  

 12 

 its commercially reasonable efforts to maintain the security of each such Existing Gr8Trade Customer’s User IDs and
Access Codes and to prevent Persons other than the Existing Gr8Trade Customers from using any of the Gr8Trade Additional Elements. 
  
 2.7 Certain Agreements Regarding Gr8Trade Licensed Technology. Licensee shall promptly notify Licensor regarding any breach of which it becomes
aware by any Authorized User of any provision of its Sublicense Agreement (if applicable) or this Agreement regarding use of any portion of the Gr8Trade Licensed Technology, or the breach of which it becomes aware by any Person of any of its
confidentiality or non-use obligations under Article 6, and shall promptly take such action with respect to the same, including enforcement and/or termination of such agreement and obligations, as Licensor may reasonably request. Licensee may
not amend, modify or waive (including by issuing a Work Statement that conflicts with such requirements) any rights under any Sublicense Agreement in any manner that would cause such Sublicense Agreement to fail to meet the requirements of this
Agreement, or cause or permit any Authorized User to act in any manner contrary to, the requirements of this Agreement. 
  
 ARTICLE 3 
  
 DELIVERY; PERFORMANCE AND SUPPORT; OTHER AGREEMENTS 
  
 3.1 Delivery. Licensor shall not be required to deliver any Gr8Trade Licensed Technology to Licensee. In connection with the Sale, Licensee shall
deliver to Licensor all copies of the Gr8Trade Licensed Technology in its possession or under its control, other than the copies as are authorized by Section 2.5 to be retained or made by Licensee or any Authorized Licensee Subcontractor,
Authorized Non-Licensee User or Existing Gr8Trade Customer. Licensee acknowledges and agrees that any existing copies of any of the Gr8Trade Licensed Technology retained by Licensee or any such other Person are suitable for Licensee’s or such
other Person’s purposes in such form. 
  
 3.2 Maintenance,
Support, Etc. As between Licensor and Licensee, Licensee is solely responsible for providing support to Authorized Users and instructing them on how to use the Gr8Trade Licensed Technology licensed to them. In no event shall Licensor have any
obligation to provide any maintenance, support, training, installation, customization, consulting or implementation services with respect to any of the Gr8Trade Licensed Technology, any upgrades, updates, new versions or releases with respect to any
of the Gr8Trade Licensed Technology, or any other products, services, information or assistance with respect to any of the Gr8Trade Licensed Technology. In the event that Licensor, in its sole discretion, provides any products or services to
Licensee or any Authorized User with respect to any of the Gr8Trade Licensed Technology, Licensor’s rights and such Person’s obligations with respect to such products or services shall be governed by the terms hereof (including Article
8) unless the Parties otherwise agree in writing. In no event shall Licensee have any obligation to deliver or provide to Licensor any of the Portal Software or Revised Portal Software or any Enhancements that it may develop pursuant to
Section 2.1(a). In no event shall Licensee have any obligation under this Agreement to provide any maintenance, support, training, installation, customization, 
  

 13 

 consulting or implementation services with respect to any of the Gr8Trade Licensed Technology (provided that, for
purposes of clarification, nothing herein shall limit any such obligation that Licensee or any of its Affiliates may have under the Purchase Agreement). Licensee shall deliver to Licensor, promptly upon request or, in any event, prior to the
expiration of the Transition Period, any Section 2.1(e) Work Product. 
  
 ARTICLE 4 
  
 INTELLECTUAL PROPERTY

  
 4.1 Title; Reservation of Rights. As between the
Parties, the Parties agree that Licensor is the owner of the Gr8Trade Licensed Technology and all Intellectual Property Rights therein, regardless of the media or form in which the same may exist and regardless of whether the same may have been
merged with or into any other work. Licensee acknowledges and agrees that Licensor is not, by this Agreement or otherwise, granting, transferring or conveying any title, ownership right or other right in any of the Gr8Trade Licensed Technology, or
in any Intellectual Property Rights with respect to any portion of either thereof except for the licenses specifically granted hereby. No such grant, transfer or conveyance shall be inferred or created by implication, and Licensee shall not have the
right to use any of the Gr8Trade Licensed Technology or any Intellectual Property Rights therein other than as expressly provided herein. All rights in or to any Gr8Trade Licensed Technology and any Intellectual Property Rights therein are expressly
reserved by Licensor, subject only to the licenses specifically granted hereunder. Without limiting the foregoing, nothing in this Agreement shall be deemed to grant to Licensee or any other Person any right or license to use any names, logos,
assumed names, Trademarks or proprietary designations of Licensor or any of its Affiliates. As between the Parties, the Parties agree that, subject to Licensor’s rights in the Licensed Technology, Licensee is and shall continue to be the owner
of the Portal Software, the Revised Portal Software and any Enhancements thereto (including any such Enhancements of any Licensed Technology comprised within Portal Software or Revised Portal Software made by or on behalf of Licensee pursuant to
this Agreement), and all Intellectual Property Rights with respect to all of the foregoing, regardless of the media or form in which the same may exist and regardless of whether the same may have been or be merged with or into any other work (the
“Licensee Property”). Licensor acknowledges and agrees that Licensee is not, by this Agreement or otherwise, granting, transferring or conveying any title, ownership right or other right in any of the Licensee Property and no such
grant, transfer or conveyance shall be inferred or created by implication, and Licensor shall not have any right to any of the Licensee Property. Notwithstanding the foregoing, however, Licensor agrees that as between the Parties, all right, title
and interest in and to any Section 2.1(e) Work Product, and all Intellectual Property Rights therein, shall be the exclusive property of Licensor. To the maximum extent that any of the Section 2.1(e) Work Product may be considered a “work made
for hire” for the benefit of Licensor under Applicable Law, it shall be considered a “work made for hire” for the benefit of Licensor, the copyright of which shall be solely, completely and exclusively by Licensor. To the extent that
any of the Section 2.1(e) Work Product is not considered a “work made for hire” for the benefit of Licensor under the Applicable Law, all worldwide right, title and interest that 
  

 14 

 Licensee may have in and to such Section 2.1(e) Work Product are hereby automatically and irrevocably assigned, conveyed
and otherwise transferred, completely and exclusively, to Licensor. Licensee agrees to execute and deliver such other documents as Licensor may reasonably request from time to time in order to effectuate the intent of the preceding three (3)
sentences. 
  
 4.2 Valuable Property. Licensee acknowledges
and agrees that the Gr8Trade Licensed Technology and any other Confidential Information of Licensor is the valuable property of Licensor, is protected under the copyright, trade secret and other laws of the United States and other Applicable Law,
and incorporates valuable trade secrets of Licensor. Licensee acknowledges and agrees that any violation by Licensee or any Authorized User or other Recipient of its confidentiality obligations or use restrictions under this Agreement or any
applicable Sublicense Agreement may cause Licensor immediate and irreparable injury which is not fully compensable by monetary damages and for which Licensor has no adequate remedy at law. Accordingly, Licensee agrees that if Licensor institutes an
action or proceeding to enforce any of such obligations or restrictions against Licensee, Licensor shall be entitled to seek injunctive or other equitable relief as may be necessary or appropriate to enjoin, prevent or curtail any such breach,
threatened or actual, without the need for the posting of any bond or other security. The foregoing rights shall be in addition to and without prejudice to any other rights Licensor may have under this Agreement or Applicable Law, whether at law or
in equity. 
  
 4.3 Notice of Adverse Claim. Licensee
promptly shall notify Licensor in writing of any threat, warning or Notice of any claim or action, or other situation or event, of which Licensee may become aware from time to time during the Term that is adverse to or that reasonably could be
expected to be adverse to any of the Gr8Trade Licensed Technology or any Intellectual Property Rights therein and, to the extent that Licensor so requests in writing, Licensee shall reasonably cooperate with Licensor in the investigation of the same
(provided that Licensor reimburses Licensee for its reasonable expenses (including employee time) in connection with the same). 
  
 4.4 No Inconsistent Action. To the extent permitted by Applicable Law, Licensee shall not take any action to challenge the ownership, validity or
enforceability of any of Licensor’s Intellectual Property Rights in all or any portion of the Gr8Trade Licensed Technology, provided that the foregoing shall not restrict Licensee in any way from asserting any defenses, claims or
counterclaims (including challenging the ownership, validity or enforceability of Licensor’s Intellectual Property Rights) against Licensor in connection with any action, suit or proceeding that is based on Licensee’s use of the Gr8Trade
Licensed Technology and is brought by Licensor against Licensee after termination of this Agreement that seeks an award of monetary damages against Licensee. For the avoidance of doubt, the foregoing proviso shall not allow Licensee to assert any
such defenses, claims or counterclaims as a defense to Licensor’s right to terminate this Agreement (provided that the foregoing provision shall allow Licensee to assert any such defenses, claims or counterclaims as a defense to any
monetary damages sought in connection with such termination) or in any action for specific performance or injunctive relief. Without limiting the foregoing, Licensee agrees that at no time shall it take any action contrary with Licensor’s sole
ownership of all right, title and interest in the Gr8Trade Licensed Technology and any Intellectual Property Rights therein. 
  

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 4.5 Enforcement and Protection of Intellectual Property Rights; Cooperation of Licensee.

  
 (a) The enforcement, protection and defense, including the
decision of whether or not to prosecute infringements or maintain registrations, of Licensor’s Intellectual Property Rights in the Gr8Trade Licensed Technology shall be in the sole discretion and control of Licensor, and any and all recoveries
resulting from any such actions shall be retained by Licensor. Licensee shall execute such documents and provide such additional cooperation to Licensor as Licensor reasonably may request from time to time in order to perfect, evidence, protect or
secure Licensor’s Intellectual Property Rights and to enable Licensor to conduct such enforcement, protection, defense, prosecution or registration (provided that Licensor reimburses Licensee for its reasonable out-of-pocket expenses in
connection with the same). 
  
 (b) Notwithstanding the foregoing,
in the event that after notice from Licensee and a reasonable opportunity to evaluate the circumstances (which may be a short time period if it is necessary to obtain injunctive relief), Licensor declines to take any action to prosecute a material
infringement of its Intellectual Property Rights in the Licensed Technology used by Licensee, where the existence of such material infringement shall be determined by Licensee in its reasonable discretion, then Licensee may take action (at its own
expense) to prosecute such infringement, and for this purpose Licensee may bring suit in its own name or the name of Licensor and Licensor will join in such action, if necessary, at Licensee’s expense and cooperate with Licensee in pursuing the
same, with Licensor having the opportunity to participate in such action if and to the extent it elects. Licensor shall execute such documents and provide such additional cooperation to Licensee as Licensee reasonably may request from time to time
in connection with such action. Any damages or other monetary awards or settlements recovered or obtained by Licensee from any such action brought under this Section 4.5(b) shall be retained in full by Licensee. Licensee shall
reimburse Licensor for its reasonable costs and expenses (including reasonable attorneys’ fees) incurred in connection with Licensor’s cooperation with Licensee under this Section 4.5(b) (including the reasonable value of
Licensor’s employees’ time expended in connection with such cooperation) and shall indemnify and hold harmless Licensor from any and all Losses that: (x) are awarded against Licensor in a judgment on an action brought by Licensee under
this Section 4.5(b) that related to Licensor’s Intellectual Property Rights in the Licensed Technology or (y) are incurred by Licensor as a result of such judgment that adversely affects the validity, enforceability or ownership of
Licensor’s Intellectual Property Rights in the Licensed Technology (or any portion thereof). 
  
 (c) In addition, in the event that Licensor elects not to maintain any application to register, or any registration of, any patent or copyright
rights covering the Licensed Technology which application or registration existed as of the Effective Date and was disclosed to Licensee under the Purchase Agreement, then Licensor shall use commercially reasonable efforts to notify Licensee of such
election no less than thirty (30) days prior to knowingly abandoning any such application or registration and shall, upon the request of Licensee, maintain such application or registration in Licensor’s name, at Licensee’s sole cost and
expense. 
  

 16 

 ARTICLE 5 
  

TAXES 
  
 5.1 Payment of Taxes. Any applicable sales, use, goods or services, value-added, transfer, withholding or any other similar taxes or charges
imposed by any taxing Authority (which, for the avoidance of any doubt, do not include any tax imposed on (i) the income or assets of Licensor or any of its Affiliates or (ii) any transactions between Licensee and Authorized Users) (each, a
“Tax”) on Licensor or Licensee in connection with this Agreement shall be borne equally by Licensor, on the one hand, and Licensee, on the other hand, regardless of the Person on whom such Taxes are imposed, provided,
however, to the extent permitted by Applicable Law, Licensor and Licensee shall cooperate in minimizing any such Taxes. Licensor and Licensee shall further cooperate to timely prepare and file any Tax return or other filings relating to such
Taxes, including any claim for exemption or exclusion from the application or imposition of any such Taxes, and Licensor shall timely file any such Tax return and timely pay any such Taxes unless Licensee is required to file such Tax return by
Applicable Law. With respect to such Tax returns filed by Licensor, Licensee shall pay to Licensor, not later than five (5) business days before the due date for payment of such Taxes, an amount equal to fifty percent (50%) of such Taxes shown on
such return or other filing, and Licensor shall, following the filing thereof, promptly furnish to Licensee a copy of such return or other filing and a copy of a receipt showing payment of any such Tax. With respect to such Tax returns filed by
Licensee, Licensor shall pay to Licensee, not later than five (5) business days before the due date for payment of such Taxes, an amount equal to fifty percent (50%) of the Taxes shown on such return or other filing, and Licensee shall, following
the filing thereof, promptly furnish to Licensor a copy of such return or other filing and a copy of a receipt showing payment of any such Tax. 
  
 ARTICLE 6 
  
 CONFIDENTIALITY AND SECURITY 
  
 6.1 Definition. For purposes of this Agreement, subject to Section 6.3, “Confidential Information” means (a) all information or materials (including test results) contained within,
associated with or with respect to any of the Gr8Trade Licensed Technology or any Intellectual Property Rights therein, regardless of the source of such information or materials and regardless of whether or not marked or otherwise designated as
“confidential” or “proprietary” or the like (all of which shall be considered the Confidential Information of Licensor); (b) to the extent not deemed the Confidential Information of Licensor pursuant to clause (a) above, all
information or materials (including test results) contained within, associated with or with respect to any of the Portal Software or Revised Portal Software or any Intellectual Property Rights therein, regardless 
  

 17 

 of the source of such information or materials and regardless of whether or not marked or otherwise designated as
“confidential” or “proprietary” or the like (all of which shall be considered the Confidential Information of Licensee); and (c) any other information or materials disclosed by, or on behalf of, (i) Licensor or any of its
Affiliates to Licensee, any of its Affiliates or any Authorized Users or (ii) Licensee to Licensor or any of its Affiliates, in each case in this clause (c) in connection with this Agreement that is marked or otherwise designated
“confidential” or “proprietary” or the like or that, due to the nature of such information or materials or the circumstances surrounding such disclosure, should reasonably be considered to be confidential or proprietary in nature
(including any information relating to Licensees’ Authorized Users and the Sublicense Agreements). 
  
 6.2 Confidential Treatment. 
  
 (a) Each Party shall treat as confidential all of the Confidential Information of the other Party, and shall not disclose or use (and shall not permit any
of its Affiliates, (in the case of Licensee) any Authorized User, or any other Person to whom any Confidential Information or Agreement Confidential Information is disclosed by, on behalf of, for the benefit of or at the request of such Party, any
of its Affiliates or (in the case of Licensee) any Authorized User (each a “Recipient,” which term shall also include the applicable Party) to disclose or use) any of the Confidential Information of the other Party except as
expressly permitted under this Agreement. Without limiting the foregoing, each Party shall use, and shall cause its Affiliates to use, at least the same degree of care that such Party uses to prevent the disclosure or misuse of its own confidential
information of like nature or importance, but in no event less than reasonable care, to prevent the disclosure or misuse of any Confidential Information, and Licensee shall cause each other Recipient to comply with the confidentiality provisions in
the applicable Sublicense Agreement. 
  
 (i) Subject to the
foregoing, and except as may be specifically agreed from time to time by the Parties, Licensee shall not, and shall not permit any other Recipient to communicate or disclose, directly or indirectly, any of the Confidential Information (or any
portion thereof) to any Person (other than (x) communications or disclosures by Licensee, in accordance with this Agreement, to Authorized Licensee Employees or Authorized Licensee Contractors, but only to the extent that such Authorized Licensee
Employees or Authorized Licensee Contractors have a need for such information in order to allow Licensee to exercise the rights granted to Licensee by this Agreement in accordance with the terms of this Agreement and have agreed in writing to
confidentiality and limited use obligations as described in Section 6.7, and (y) communications or disclosures by Licensee, in accordance with this Agreement, to Authorized Non-Licensee Users and Existing Gr8Trade Customers, and by such
Authorized Non-Licensee Users and Existing Gr8Trade Customers to their employees, of Confidential Information related to the Object Code version of that portion of the Licensed Software or Gr8Trade Software, and the Licensed Documentation and
Gr8Trade Users’ Guide, to which such Authorized Non-Licensee User or Existing Gr8Trade Customer has authorized access under this Agreement and its Sublicense Agreement, but only to the extent that such Authorized Non-Licensee Users, Existing
Gr8Trade Customers and employees have a need for such information 
  

 18 

 in order to allow such Authorized Non-Licensee Users and Existing Gr8Trade Customers to exercise the rights granted to
such Authorized Non-Licensee Users and Existing Gr8Trade Customers under their respective Sublicense Agreements and have agreed in writing to confidentiality and limited use obligations as described in Section 6.7). 
  
 (ii) Each Party shall not and shall not permit its Affiliates to:

  
 (A) use any Confidential Information (or any
portion thereof) of the other Party in any manner except as expressly contemplated by this Agreement; or 
  
 (B) take any other action with respect to the Confidential Information (or any portion thereof) of the other Party inconsistent with the
confidential and proprietary nature of such Confidential Information. 
  
 (iii) Licensee shall not permit any Authorized User to use any Confidential Information (or any portion thereof) of Licensor in any manner except as expressly contemplated by this Agreement and the applicable Sublicense Agreement.

  
 (b) Subject to Section 6.2(a), each Party may copy,
modify and internally distribute to its employees Confidential Information of the other Party; provided that no party shall make or permit to be made more copies, modifications or distributions of any Confidential Information than shall be
reasonably necessary in connection with its permitted use thereof. Disclosure of any Confidential Information shall not be deemed to represent an assignment or grant of any right, title or interest in such Confidential Information other than the
license rights expressly set forth herein. 
  
 6.3
Exclusions. 
  
 (a) Confidential Information of a Party
shall exclude information that the other Party can demonstrate: (i) is independently developed or conceived by it after the date of this Agreement without reference to or use of any Confidential Information; (ii) becomes known to it, without
restriction, from a third party who such Party reasonably believes, after due inquiry, has the right to so disclose it; or (iii) was generally known or available to the public at the time it was disclosed or at a later time through no act or
omission of it or any other Person who it reasonably believes, after due inquiry, had an obligation to keep such information confidential. 
  
 (b) The restrictions set forth in Section 6.2(a)(i) shall not apply to Confidential Information that is required to be disclosed by a Party
pursuant to an order or requirement of any Authority; provided, however, that such Party shall provide prompt prior Notice thereof to the other Party describing in reasonable detail such requirement and all Confidential Information
required to be so disclosed, and shall use reasonable efforts and cooperate with the other Party at the other Party’s expense to obtain a protective order or otherwise seek to prevent disclosure of such Confidential Information. 
  

 19 

 6.4 Confidentiality of Agreement. Each Party agrees that the terms of, but not the existence of,
this Agreement and any negotiations with respect to the same (“Agreement Confidential Information”) shall be maintained as confidential and that such Party shall not, unless agreed to in writing by the other Party, disclose or
reveal, directly or indirectly, any of such Agreement Confidential Information to any Person except (i)(x) to the Party’s or its Affiliates’ respective officers, directors, members, partners, managers, employees, attorneys or other
professional advisors, or (y) to any actual or potential investor in, or purchaser of, such Party, to any actual or potential banks or other financing sources of such Party, and to their respective attorneys or other professional advisors; but in
each case only to the extent that such Persons have a reasonable need to know the same for purposes of such relationship and agree to maintain the confidentiality of the same; or (ii) to the limited extent necessary to enforce its rights, or perform
its obligations, under this Agreement. The provisions of this Section 6.4 shall not, however, (i) prohibit any Party from disclosing to any Person the fact that the Gr8Trade Licensed Technology has been licensed from Licensor to Licensee,
without further detail, or (ii) prohibit any Party from disclosing any Agreement Confidential Information to the extent that such disclosure is required by Applicable Law, so long as the Party seeking to disclose the same shall first have given
prompt prior Notice thereof to the other Party describing in reasonable detail such requirement and all Agreement Confidential Information required to be so disclosed, and reasonably cooperates with the other Party in its efforts, if any, to prevent
or limit any such disclosure. 
  
 6.5 Cooperation. Each
Party agrees that, either upon learning of, or upon a showing by the other Party of, any threatened or actual breach of the provisions of this Article 6 or of any threatened or actual unauthorized use or disclosure of all or any portion of
the Confidential Information or Agreement Confidential Information of such Party by any Recipient or any Person to whom such Party or any Recipient made available such Confidential Information or Agreement Confidential Information, or in the event
of any loss of, or inability to account for, any of the Confidential Information or Agreement Confidential Information or any such information or materials of such Party, such Party shall, without limitation of any liability that such Party may have
hereunder with respect to such threatened or actual breach or such unauthorized use or disclosure, loss or inability to account, give Notice thereof to the other Party and shall cooperate as reasonably requested by the other Party in conjunction
with the other Party’s efforts, if any, to seek appropriate injunctive relief or otherwise to prevent or curtail such threatened or actual breach or unauthorized use or disclosure, loss or inability to account or to recover such Confidential
Information or Agreement Confidential Information. 
  
 6.6 Data
Backup. Licensor is not responsible for the backup or storage of Licensee’s or any Authorized Users’ data. 
  
 6.7 Restrictions on Disclosure. Each Party agrees that, to the extent it is permitted to disclose Confidential Information or Agreement
Confidential Information of the other Party to any Authorized User or any other Person (other than pursuant to Section 6.3(b) or the last sentence of Section 6.4), it shall do so pursuant to a written agreement containing terms at
least as protective of Confidential Information and Agreement Confidential Information as those set 
  

 20 

 forth in this Article 6 (but with no further rights of disclosure and no rights of use on their own behalf).
Licensee acknowledges that the corresponding provisions included in the forms of Sublicense Agreements attached hereto shall be deemed to satisfy the requirements of this Section 6.7. 
  
 6.8 Legends. Each Party agrees that it will not remove, alter, deface
or obscure any Applicable Legends contained on or included in any of the other Party’s Confidential Information, nor will either Party allow any of its Recipients to do so. Each Party shall reproduce any such Applicable Legend on any
reproduction or modification of any of the other Party’s Confidential Information and shall promptly add (or remove) any such Applicable Legend to the other Party’s Confidential Information as such other Party may reasonably request from
time to time. Licensee acknowledges that the corresponding provisions included in the forms of Sublicense Agreements attached hereto shall be deemed to satisfy the requirements of this Section 6.8. 
  
 6.9 Return. Subject to Section 7.4, upon expiration of the
Applicable Gr8Trade Sublicense Term for any Existing Gr8Trade Customer or the term of the applicable Sublicense Agreement for any Authorized Licensee Subcontractor or Authorized Non-Licensee User, Licensee shall use commercially reasonable efforts
to cause such Existing Gr8Trade Customer, Authorized Licensee Contractor or Authorized Non-Licensee User, as applicable, to promptly return to Licensee all of Licensor’s Confidential Information, including all copies of any thereof, under the
possession or control of such Person, or to destroy or purge any such Confidential Information in all systems and files of such Person. Upon expiration of all Applicable Gr8Trade Sublicense Terms for all Existing Gr8Trade Customers, Licensee shall
take the same actions with respect to any of Licensor’s Confidential Information related to the Gr8Trade Additional Elements or Gr8Trade Users’ Guide that may be under Licensee’s possession or control. Subject to Section 7.4,
upon termination or expiration of this Agreement for any reason, upon request, each Party promptly shall return to the other Party all of the other Party’s Confidential Information, including all copies of any thereof, under the possession or
control of such Party or any other Recipient, or destroy or purge (or cause to be destroyed or purged) all systems and files of any such Person of any such Confidential Information. Upon request, each Party shall promptly certify to the other Party
its compliance with this Section 6.9. Notwithstanding the foregoing, each Party shall be permitted to retain a copy of the other Party’s Confidential Information as and to the extent required by Applicable Law; provided that any
such copies shall be used only to the extent required to comply with Applicable Law. 
  
 ARTICLE 7 
  
 TERM AND
TERMINATION 
  
 7.1 Term. This Agreement shall be
effective as of the Effective Date and shall remain in full force and effect unless and until terminated as provided for herein (the “Term”). 
  

 21 

 7.2 Right to Immediately Terminate Agreement. 
  
 (a) Licensor may terminate this Agreement by Notice, and without the
possibility of discharge or cure as provided by Section 7.3, effective immediately in the event that (a) Licensee has breached this Agreement due to its gross negligence or willful misconduct; or (b) upon the occurrence of (i) the voluntary
filing for bankruptcy or insolvency by Licensee as debtor in any case or proceeding under any bankruptcy, insolvency, reorganization, liquidation, dissolution or similar law, or the voluntary seeking or authorization by Licensee of the appointment
of a receiver, trustee, custodian or similar official for Licensee or any of its property or assets; (ii) the involuntary commencement of any such case or proceeding against Licensee, or the seeking by a third party of any such appointment, which
(A) is consented to or not timely contested by Licensee, (B) results in the entry of an order for relief, such an appointment or a similar effect or (C) is not dismissed within sixty (60) days; or (iii) the making by Licensee of a general assignment
for the benefit of creditors; or (iv) the admission in writing by Licensee of its inability to pay its debts as they become due. 
  
 (b) Licensee may terminate this Agreement without cause at any time upon thirty (30) days’ prior written notice to Licensor. 
  
 7.3 Termination Upon Material Breach. 
  
 (a) Subject to Section 7.2, if Licensee fails to comply with or has
breached any of the provisions of Sections 2.1,2.2, 2.3, 2.4 (other than 2.4(a)(i) and (vii)), 2.6, or 4.4, or Article 6 (other than Section 6.8), Licensor may give Notice to Licensee
specifying the noncompliance or breach and indicating an intent to terminate this Agreement if the same is not corrected. Licensee shall have thirty (30) days from the date of receipt of such Notice to correct such breach. If such breach is not
corrected by the end of such period, this Agreement shall automatically terminate. 
  
 (b) Subject to Section 7.2 and Section 7.3(a), if Licensee fails to discharge any material obligation or to correct any material default hereunder, Licensor may give Notice specifying the material
obligation or material default and indicating an intent to terminate this Agreement if the material obligation is not discharged or the material default is not corrected. Licensee shall have sixty (60) days from the date of receipt of such Notice to
discharge such obligation or correct such default. If such material obligation is not discharged or such material default is not corrected by the end of the applicable period set forth immediately above, this Agreement will automatically terminate;
provided, however, that subject to Section 7.2 and other than the defaults set forth in Section 7.3(a), if, immediately prior to the expiration of the applicable cure period, Licensee has made a good faith effort to
correct the default, in the reasonable judgment of Licensor, Licensee shall be permitted thirty (30) days to effect an orderly wind-down of its use of the Licensed Technology and Gr8Trade Licensed Technology. 
  
 (c) For the avoidance of doubt, any failure by an Authorized User (other than
an Authorized Licensee Employee) to discharge any obligation or to correct any default under 
  

 22 

 this Agreement or the applicable Sublicense Agreement shall not be deemed a breach by Licensee of this Agreement if
Licensee complies with its obligations under Sections 2.7 and 9.12. 
  
 7.4 Effect of Termination. Except as expressly provided herein, upon termination of this Agreement, no Party shall have any further obligations to any other Party hereunder, except that termination of this
Agreement shall not relieve any Party from liability for any breach of this Agreement that occurred prior to termination hereof or from any obligations to any other Party hereunder outstanding or accrued prior to such termination and any amounts
owed to a Party hereunder shall continue to be owed; except that the provisions of Article 4 (Intellectual Property), Article 5 (Taxes), Article 6 (Confidentiality), Section 7.4, Article 8 (Disclaimers, Limitations
and Indemnification) and Article 9 (Miscellaneous) shall continue in full force and effect and survive such termination. Upon termination of this Agreement all license grants from Licensor to Licensee shall cease, Licensee immediately shall
(and shall cause each Authorized User to) cease all use of any of the Gr8Trade Licensed Technology and return or destroy all copies of the Gr8Trade Licensed Technology; provided that Licensee shall have no liability for breach of this
sentence to the extent that Licensee is effecting an orderly wind-down as and to the extent permitted by Section 7.3(b). Without limiting the foregoing or Section 6.9, at Licensor’s request, upon termination hereof, subject to
Licensee’s rights during any applicable wind-down period, Licensee shall either destroy or return to Licensor all copies of any Confidential Information and related materials in its possession or under its control. After termination, Licensee
shall certify its compliance with this Section 7.4. Notwithstanding termination of this Agreement, all Authorized Non-Licensee Users licensed to use the Portal Software or the Revised Portal Software shall be permitted to continue to use the
Licensed Technology (as embedded in the Portal Software or the Revised Portal Software) in accordance with the terms of the applicable Authorized Non-Licensee User Sublicense Agreement until the earliest of (i) the termination of such Sublicense
Agreement in accordance with the terms thereof for the breach thereof and (ii) the remainder of the then current term of such Sublicense Agreement. 
  
 ARTICLE 8 
  
 DISCLAIMERS, LIMITATIONS AND INDEMNIFICATION 
  
 8.1 No Warranties. THE LICENSED TECHNOLOGY, THE GR8TRADE LICENSED TECHNOLOGY, ALL INTELLECTUAL PROPERTY RIGHTS THEREIN, ANY ASSOCIATED MEDIA, AND
ANY OTHER PRODUCTS OR SERVICES PROVIDED OR TO BE PROVIDED BY LICENSOR HEREUNDER ARE PROVIDED “AS IS,” “WITH ALL FAULTS” AND WITHOUT WARRANTY OF ANY KIND. LICENSOR HEREBY EXPRESSLY AND SPECIFICALLY DISCLAIMS ALL WARRANTIES,
WRITTEN OR ORAL, STATUTORY OR OTHERWISE, EXPRESS, IMPLIED, OR OTHERWISE, INCLUDING ANY WARRANTIES OF DESIGN, IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE, WARRANTIES ARISING FROM COURSE OF DEALING, TRADE USAGE OR TRADE
PRACTICE, AND 
  

 23 

 WARRANTIES REGARDING TITLE OR NON-INFRINGEMENT. LICENSOR MAKES NO WARRANTIES WHATSOEVER TO ANY PERSON. NO REPRESENTATION
OF FACT, ORAL OR WRITTEN, INCLUDING STATEMENTS REGARDING CAPACITY, SUITABILITY FOR USE OR PERFORMANCE OF ANY OF THE GR8TRADE LICENSED TECHNOLOGY, ANY INTELLECTUAL PROPERTY RIGHTS THEREIN, ANY ASSOCIATED MEDIA, OR ANY OTHER PRODUCTS OR SERVICES
PROVIDED OR TO BE PROVIDED HEREUNDER, WHETHER MADE BY LICENSOR’S EMPLOYEES OR OTHERWISE, SHALL BE DEEMED TO BE A WARRANTY OR REPRESENTATION BY LICENSOR FOR ANY PURPOSE OR GIVE RISE TO ANY LIABILITY OF LICENSOR OR ANY PERSON AFFILIATED WITH
LICENSOR WHATSOEVER. WITHOUT LIMITING THE FOREGOING, LICENSOR MAKES NO REPRESENTATION OR WARRANTY THAT THE GR8TRADE LICENSED TECHNOLOGY WILL DELIVER ORDERS TO THE APPROPRIATE EXCHANGE OR THAT THE DATA IT RECEIVES ARE TRUE, ACCURATE OR REAL TIME OR
ANY REPRESENTATION OR WARRANTY REGARDING THE RELIABILITY, PERFORMANCE, RESULTS, COMPLETENESS OR TIMELINESS OR TIMELY INSTALLATION OF THE GR8TRADE LICENSED TECHNOLOGY OR THAT THE GR8TRADE LICENSED TECHNOLOGY WILL BE FREE OF ERRORS OR DEFECTS OR
OTHERWISE PERFORM DESIRED FUNCTIONS OR OPERATIONS. WITHOUT LIMITING THE FOREGOING, LICENSEE AGREES AND ACKNOWLEDGES THAT ANY CALCULATIONS OF THE GR8TRADE LICENSED TECHNOLOGY MAY NOT BE CORRECT, THAT THE GR8TRADE LICENSED TECHNOLOGY MAY FAIL WITHOUT
WARNING AND THAT THE USE OF THE GR8TRADE LICENSED TECHNOLOGY MAY NOT BE SECURE. LICENSEE AGREES TO RELY ON THE GR8TRADE LICENSED TECHNOLOGY AND ITS RESULTS SOLELY AT ITS OWN RISK. 
  
 8.2 Allocation of Risk. Licensee acknowledges and agrees that Licensee assumes the risk concerning the quality and
performance of the Gr8Trade Licensed Technology, any Intellectual Property Rights therein, any associated media, or any other products or services provided or to be provided by Licensor hereunder. As between the Parties, Licensee assumes all
liability for, among other things, any corruption or delay of data that occurs in any computers, software, systems, networks, infrastructure, systems, data or materials used by Licensee or any Authorized User, or in any of the various exchanges or
networks used to execute trades. Licensor is not responsible for verifying the accuracy of any information entered into the Gr8Trade Licensed Technology by Licensee or any Authorized Users. Licensee assumes all responsibility for its relationship
with each Authorized User. Licensee acknowledges that Licensor has no control over Licensee’s or any Authorized User’s entry of data and that Licensor assumes no responsibility for any computers, software, systems, networks,
infrastructure, systems, data, materials or exchanges used by Licensee or any Authorized User, including the integrity of any quote feeds. 
  
 8.3 Additional Exclusions. NOTWITHSTANDING ANYTHING TO THE CONTRARY CONTAINED IN THIS AGREEMENT, AND EXCEPT FOR (a) DAMAGES CAUSED BY (i) A
PARTY’S WILLFUL MISCONDUCT OR GROSS NEGLIGENCE IN 
  

 24 

 CONNECTION WITH THIS AGREEMENT, OR (ii) THE VIOLATION BY A PARTY OF ITS OBLIGATIONS OF CONFIDENTIALITY OR OF THE OTHER
PARTY’S INTELLECTUAL PROPERTY RIGHTS, AND (b) LICENSEE’S INDEMNIFICATION OBLIGATIONS UNDER THE LAST SENTENCE OF SECTION 4.5(b), IN NO EVENT SHALL EITHER PARTY OR ANY PERSON AFFILIATED WITH SUCH PARTY BE LIABLE TO THE OTHER PARTY, TO
ANY AUTHORIZED USER, OR TO ANY OTHER PERSON FOR ANY INDIRECT, SPECIAL, INCIDENTAL, PUNITIVE, EXEMPLARY OR CONSEQUENTIAL DAMAGES OF ANY KIND (COLLECTIVELY, “SPECIAL DAMAGES”) ARISING OUT OF OR RELATED TO, DIRECTLY OR INDIRECTLY, IN
WHOLE OR IN PART, THIS AGREEMENT, ANY GR8TRADE LICENSED TECHNOLOGY OR ANY INTELLECTUAL PROPERTY RIGHTS LICENSED HEREUNDER, OR ANY OTHER PRODUCTS OR SERVICES PROVIDED OR TO BE PROVIDED HEREUNDER, INCLUDING ANY DAMAGES FOR INTERRUPTION OF SERVICE,
LOSS OF DATA, LOSS OF REVENUE OR PROFIT, LOSS OF GOODWILL, LOSS OF TIME OR BUSINESS, OR ANY SIMILAR LOSS OR DAMAGE, WHETHER LIABILITY IS ASSERTED IN CONTRACT, IN TORT (INCLUDING NEGLIGENCE OR STRICT LIABILITY) OR OTHERWISE, EVEN IF SUCH PARTY OR ANY
SUCH AFFILIATED PERSON HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES, AND REGARDLESS OF THE SUCCESS OR EFFECTIVENESS OR FAILURE OF ESSENTIAL PURPOSE OF ANY REMEDIES POSSESSED BY THE OTHER PARTY OR ANY OTHER PERSON. NOTWITHSTANDING THE
FOREGOING, BUT WITHOUT LIMITATION OF SECTION 8.4, THIS SECTION 8.3 SHALL NOT LIMIT EITHER PARTY’S OBLIGATIONS UNDER SECTION 8.6 WITH RESPECT TO REIMBURSEMENT TO AN INDEMNIFIED PERSON WITH RESPECT TO SPECIAL DAMAGES PAID BY
SUCH INDEMNIFIED PERSON TO, OR PAYMENT ON BEHALF OF AN INDEMNIFIED PERSON OF SPECIAL DAMAGES TO, A THIRD PARTY CLAIMANT WHO HAS BEEN AWARDED SPECIAL DAMAGES. 
  
 8.4 Limitation of Liability. (a) IF, NOTWITHSTANDING THE ABOVE PROVISIONS, THERE SHALL AT ANY TIME BE ANY LIABILITY ON THE PART OF LICENSOR BY
VIRTUE OF THIS AGREEMENT, OR THE PERFORMANCE OR NON-PERFORMANCE OF ANY RESPONSIBILITIES IT MAY HAVE UNDER OR RELATED TO THIS AGREEMENT, THEN, NOTWITHSTANDING ANYTHING TO THE CONTRARY CONTAINED IN THIS AGREEMENT, OTHER THAN FOR LIABILITY ARISING OUT
OF LICENSOR’S GROSS NEGLIGENCE OR WILLFUL MISCONDUCT, IN NO EVENT SHALL THE TOTAL AGGREGATE LIABILITY OF LICENSOR OR ANY PERSON AFFILIATED WITH LICENSOR FOR ANY CLAIMS, LOSSES OR DAMAGES, FOR ANY CAUSE WHATSOEVER, ARISING OUT OF OR RELATED TO,
DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, THIS AGREEMENT OR ANY GR8TRADE LICENSED TECHNOLOGY, ANY INTELLECTUAL PROPERTY RIGHTS THEREIN, OR ANY PRODUCTS OR SERVICES PROVIDED OR TO BE PROVIDED HEREUNDER, AND REGARDLESS OF THE FORM OF ACTION,
WHETHER IN CONTRACT, IN TORT (INCLUDING NEGLIGENCE OR STRICT LIABILITY) OR OTHERWISE, EXCEED TEN THOUSAND AND NO/100 DOLLARS ($10,000). THE FOREGOING LIMITATION OF LIABILITY IS COMPLETE AND EXCLUSIVE, SHALL APPLY EVEN IF LICENSOR HAS 
  

 25 

 BEEN ADVISED OF THE POSSIBILITY OF SUCH POTENTIAL CLAIMS, LOSSES OR DAMAGES, AND SHALL APPLY REGARDLESS OF THE SUCCESS OR
EFFECTIVENESS OR FAILURE OF ESSENTIAL PURPOSE OF ANY OTHER REMEDIES POSSESSED BY LICENSEE OR ANY OTHER PERSON. THIS LIMITATION OF LIABILITY REFLECTS AN ALLOCATION OF RISK BETWEEN LICENSOR AND LICENSEE THAT IS REFLECTED IN THE ROYALTY-FREE NATURE OF
THE LICENSES GRANTED HEREBY. 
  
 (b) EXCEPT AS SET FORTH IN THE
LAST SENTENCE OF THIS SECTION 8.4(b), NOTWITHSTANDING ANYTHING TO THE CONTRARY CONTAINED IN THIS AGREEMENT OR ANY OTHER AGREEMENT (OTHER THAN THE LAST SENTENCE OF THIS SECTION), LICENSOR ACKNOWLEDGES AND AGREES THAT IN NO EVENT SHALL THE
TOTAL AGGREGATE LIABILITY OF LICENSEE OR ANY PERSON AFFILIATED WITH LICENSEE FOR ANY CLAIMS, LOSSES OR DAMAGES, FOR ANY CAUSE WHATSOEVER, ARISING OUT OF OR RELATED TO, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, THIS AGREEMENT, THE CO-LOCATION
AGREEMENT BY AND BETWEEN LICENSOR AND LICENSEE DATED AS THE DATE HEREOF OR THE PURCHASE AGREEMENT, AND REGARDLESS OF THE FORM OF ACTION, WHETHER IN CONTRACT, IN TORT (INCLUDING NEGLIGENCE OR STRICT LIABILITY), PURSUANT TO ANY INDEMNIFICATION
PROVISIONS HEREOF OR THEREOF OR OTHERWISE, EXCEED IN THE AGGREGATE $7,750,000. THE FOREGOING LIMITATION OF LIABILITY IS COMPLETE AND EXCLUSIVE, SHALL APPLY EVEN IF LICENSEE HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH POTENTIAL CLAIMS, LOSSES OR
DAMAGES, AND SHALL APPLY REGARDLESS OF THE SUCCESS OR EFFECTIVENESS OR FAILURE OF ESSENTIAL PURPOSE OF ANY OTHER REMEDIES POSSESSED BY LICENSOR OR ANY OTHER PERSON. THE LIMITATION OF LIABILITY SET FORTH IN THIS SECTION 8.4(b) SHALL NOT APPLY WITH
RESPECT TO (i) ANY AMOUNTS PAYABLE BY A LICENSOR INDEMNIFIED PARTY TO AN AUTHORIZED USER AS A RESULT OF A CLAIM BROUGHT BY SUCH AUTHORIZED USER AGAINST A LICENSOR INDEMNIFIED PARTY AND FOR WHICH LICENSEE IS REQUIRED TO INDEMNIFY SUCH LICENSOR
INDEMNIFIED PARTY UNDER SECTION 8.6(i)(B), (ii) THE REASONABLE ATTORNEYS’ FEES INCURRED BY THE LICENSOR INDEMNIFIED PARTIES IN ACCORDANCE WITH SECTION 8.6 IN CONNECTION WITH SUCH CLAIM OR (iii) LICENSEE’S INDEMNIFICATION OBLIGATIONS UNDER
THE LAST SENTENCE OF SECTION 4.5(b). 
  
 8.5
Infringement Issues. In the event that Licensee becomes aware of any claim or potential claim that any of the Licensed Technology, any of the Gr8Trade Licensed Technology or Licensee’s or any Authorized User’s use of any thereof,
violates the Intellectual Property Rights of any third party, Licensee shall promptly provide Notice of the same to Licensor and, to the extent that Licensor requests in writing, Licensee shall reasonably cooperate with Licensor in the investigation
of any such claim or potential claim (provided that Licensor reimburses Licensee for its reasonable out-of-pocket expenses in connection with the same). 
  

 26 

 8.6 Indemnification. Licensee, at its sole expense, hereby agrees to be liable for and to
indemnify, hold harmless and (at the election of Licensor) defend (with counsel reasonably acceptable to Licensor) Licensor, its Affiliates, and their respective directors, officers, members, partners, employees, agents and representatives
(collectively, the “Licensor Indemnified Parties”), from and against any and all debts, liabilities, losses, costs or expenses, including reasonable attorneys’ fees (collectively, “Losses”) incurred as a result
of any claim brought by a third party, to the extent arising out of or in any way related to, in whole or in part: (i) (A) Licensee’s or any Authorized User’s use of any of the Gr8Trade Licensed Technology (including the marketing or
sublicensing of portions thereof to any Authorized Licensee Subcontractor, Authorized Non-Licensee User, or Existing Gr8Trade Customer, or any warranty, express or implied, made or alleged to have been made by or on behalf of Licensee with respect
to any of the Licensed Technology or any of the Gr8Trade Licensed Technology, or in the conduct of any other business of Licensee with respect to any portion of the Gr8Trade Licensed Technology); (B) any claim by or on behalf of any Authorized User
(or any Person connected with any Authorized User) with respect to any of the Gr8Trade Licensed Technology; (C) any failure by Licensee or any Authorized User to comply with any of the requirements of this Agreement or any applicable Sublicense
Agreement; (ii) any misrepresentation or breach of any representation, warranty or covenant of Licensee contained in this Agreement; or (iii) Licensee’s fraud, gross negligence or willful misconduct; provided, that Licensee shall have no
liability to indemnify any Licensor Indemnified Party hereunder with respect to any Losses arising out of: (x) any claim brought by a third party arising out of or alleging that the Gr8Trade Licensed Technology infringes upon the Intellectual
Property Rights of any Person or (y) Licensor’s gross negligence or willful misconduct; and provided further, that Licensee shall not be required to indemnify any Licensor Indemnified Party under this Agreement to the extent of
any Losses for which it would otherwise be obligated to indemnify (and does indemnify) Licensor and any of its affected Affiliates under the Purchase Agreement. Licensor shall notify Licensee of any matter with respect to which any Licensor
Indemnified Party is entitled to seek indemnification from Licensee under this Section promptly after Licensor becomes aware of such matter; provided, however, that any failure to give prompt notice of such matter shall not relieve
Licensee from any of its liabilities or obligations hereunder with respect to such matter unless (and then only to the extent that) such failure materially and adversely affects the ability of Licensee to indemnify against (or if applicable, defend)
any claim or action arising out of such matter. In the event that Licensor requests that Licensee defend any Licensor Indemnified Party indemnified under this Section with respect to any indemnified matter, such Licensor Indemnified Party shall
nevertheless have the right to participate in the defense with counsel of its own choice (with such counsel’s fees and expenses incurred after the date Licensee initiates the defense to be paid by such Licensor Indemnified Party unless (1) in
Licensor’s reasonable judgment, it is advisable in light of the separate interests of Licensor and Licensee for the Licensor Indemnified Party to be represented by separate counsel or (2) Licensee shall not have employed counsel to defend the
Licensor Indemnified Party within a reasonable time or fails to do so until the matter is resolved; in either such case, the fees and expenses of such separate counsel shall be paid by Licensee) and to approve in writing any settlement or compromise
or any consent to the entry of any judgment that does not include as an unconditional term thereof the giving by the claimant or plaintiff to each Licensor Indemnified Party of a release, reasonably satisfactory to such Licensor 
  

 27 

 Indemnified Party, from all liability in respect of such matter and there shall be no other terms and conditions as part
of such settlement, compromise, or consent to judgment which could reasonably be expected to materially and adversely affect any such Licensor Indemnified Party. To the extent requested by Licensee, Licensor agrees to reasonably cooperate with
Licensee and its counsel in connection with any such matter, provided that Licensee shall reimburse Licensor for any expenses associated with the same. Each of Licensor and Licensee shall use reasonable efforts to keep the other Party
informed at all times as to the status of its efforts with respect to any matter covered hereby and to consult with the other Party concerning its efforts. 
  
 ARTICLE 9 
  
 MISCELLANEOUS 
  
 9.1 Assignment. Licensee shall not directly or indirectly assign, transfer, sublicense or otherwise dispose of this Agreement or any of its rights or obligations hereunder, in whole or in part, to any Person,
without the prior written consent of Licensor; provided, however, that (i) Licensee may sublicense certain rights under this Agreement pursuant to Sections 2.1 and 2.3; and (ii) such consent shall not be required in
connection with an assignment of all of Licensee’s rights and obligations under this Agreement in connection with the sale of all or substantially all of the assets of Licensee (or all or substantially all of such assets as are associated with
the Portal Software and the Revised Portal Software) to a Person who agrees in writing to assume such obligations (provided that (i) Licensee shall give notice to Licensor at least fifteen (15) days, if reasonably practicable, prior to the
closing of such transaction and (ii) for the avoidance of doubt, in no event shall Primary Licensee or any other person entitled to benefits under Section 2.4(c) retain any rights or benefits under this Agreement following such assignment,
except as an Authorized Non-Licensee User), and any such assignment, transfer or other disposition shall release Licensee from its obligations hereunder, except where such assignment is to a Person that is and remains a controlled Affiliate of
Licensee. Any attempted assignment, transfer, sublicense or other disposition in violation of the foregoing shall be void. Licensor may assign, transfer or otherwise dispose of this Agreement or any of its rights or obligations hereunder, in whole
or in part, without the consent of Licensee and any such assignment, transfer or other disposition shall release Licensor from its obligations hereunder. 
  

 28 

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

			
	 if to Licensor:
	  	Zone Technology Partners, LLC
	 	  	 805 Las Cimas Parkway, Suite 100

	 	  	 Austin, Texas 78746

	 	  	 Attn: Chief Executive Officer

	 	  	 Facsimile: (512) 306-1513

		
	 with copies to:
	  	 Graves, Dougherty, Hearon & Moody

	 	  	 515 Congress Avenue, Suite 230

	 	  	 Austin, Texas 78701

	 	  	 Attn: James M. Laughead

	 	  	 Facsimile: (512) 478-1976

		
	 if to Licensee:
	  	 Instinet Group Incorporated

	 	  	 3 Times Square

	 	  	 New York, New York 10036

	 	  	 Attn: Paul A. Merolla, General Counsel

	 	  	 Facsimile: (212) 593-8040

		
	 with copies to:
	  	 Cleary, Gottlieb, Steen & Hamilton

	 	  	 One Liberty Plaza

	 	  	 New York, New York 10016

	 	  	 Attn: Yvette Teofan

	 	  	 Facsimile: (212) 225-3999

  
 Any such Notice shall be deemed
effective as of the date of delivery (if delivered in the manner set forth above) or three (3) days after the date of mailing (if mailed in the manner set forth above). 
  
 9.3 Severability. Whenever possible, each provision of this Agreement shall be interpreted in such a manner as to be
effective and valid under Applicable Law, but if any provision of this Agreement, or the application thereof to any Person or any circumstances, shall be invalid or unenforceable to any extent under Applicable Law, and the extent of such invalidity
and unenforceability does not cause substantial deviation from the underlying intent of the Parties as expressed in this Agreement, then such provision shall be deemed severed from this Agreement with respect to such Person or circumstances, without
invalidating the remainder of this Agreement or the application of such provision to other Persons or circumstances, and a new provision shall be deemed to be substituted in lieu of the provision so severed which new provision shall, to the extent
possible, accomplish the intent of the Parties hereto as evidenced by the provision so severed. 
  
 9.4 Entire Agreement. This Agreement represents the entire understanding and agreement of the Parties with regard to the subject matter hereof, and
supersedes any prior understanding, agreement or statement (written or oral) of intent between the Parties with respect to the subject matter of this Agreement. There are no unwritten oral agreements between the Parties regarding the subject matter
of this Agreement. Any exhibits or schedules to this Agreement shall constitute an integral part of this Agreement. 
  

 29 

 9.5 No Agency. This Agreement shall not be construed to create an agency, joint venture,
partnership or other form of business association between the Parties. Each Party shall be considered an independent contractor to the other Party. 
  
 9.6 Governing Law; Jurisdiction. 
  
 (a) This Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware, without regard to principles of conflicts of
laws thereof. Each of the Parties irrevocably and unconditionally agrees (i) to be subject to the jurisdiction of the courts of the State of Delaware and of the federal courts sitting in the State of Delaware, (ii) that, to the extent such Party is
not otherwise subject to service of process in the State of Delaware, it will appoint (and maintain an agreement with respect to) an agent in the State of Delaware as such Party’s agent for acceptance of legal process (provided that any
obligation under this clause (ii) shall terminate six (6) years after the First Closing Date (as defined in the Purchase Agreement)), (iii) that, to the fullest extent permitted by applicable law, service of process may also be made on such Party by
prepaid certified mail with a validated proof of mailing receipt constituting evidence of valid service, and (iv) that service made pursuant to (ii) or (iii) above shall, to the fullest extent permitted by applicable law, have the same legal force
and effect as if served upon such Party personally within the State of Delaware. Each Party irrevocably agrees for the exclusive benefit of the other that the United States District Court for the District of Delaware, the Chancery Court of the State
of Delaware, the Superior Court of the State of Delaware or the Supreme Court of the State of Delaware (the “Chosen Courts”) shall have jurisdiction to hear and determine or settle any dispute which may arise out of or in connection
with this Agreement and that accordingly any suit, action or proceedings arising out of or in connection with this Agreement may be brought in the Chosen Courts. 
  
 (b) Each of Licensor and Licensee irrevocably waives any objection to the venue of the courts designated in this Section
9.6 (whether on the basis of forum non conveniens or otherwise), and accepts and submits to the jurisdiction of such courts in connection with any legal action or proceeding against it arising out of or concerning this Agreement.

  
 9.7 Export Regulation. Licensee shall not export,
directly or indirectly, any technology or information acquired or licensed under this Agreement or any products utilizing any such technology or information to any country for which the U.S. government or any agency thereof at the time of export
requires an export license or other government approval without first obtaining such license or approval. 
  
 9.8 Waiver; Amendment; Certain Notices. No waiver of any provision of this Agreement, or any consent to any departure by any Party therefrom, shall
be effective unless made in writing and signed by the Party to be charged with the waiver or consent. Any waiver or consent shall be effective only in the specific instance and for the specific purpose for which it 
  

 30 

 was given. This Agreement may only be amended by written agreement executed by each of the Parties hereto. No notice to
or demand on any Party in any case shall entitle such Party or any other Party to any other or further notice or demand in similar or other circumstances. 
  
 9.9 Interpretation. When a reference is made in this Agreement to any Schedule or Exhibit, such reference shall be to a schedule or exhibit to this
Agreement unless otherwise indicated. Each instance in this Agreement of the words “include,” “includes,” and “including” shall be deemed to be followed by the words “without limitation.” As used in this
Agreement, the term “days” means calendar days, not business days, unless otherwise specified. Unless otherwise specified, the words “herein,” “hereof,” and “hereunder” and other words of similar import refer
to this Agreement as a whole and not to any particular article, section, paragraph, subparagraph, schedule, exhibit, addendum or other subdivision. Similarly, unless otherwise specified, the words “therein,” “thereof” and
“thereunder” and other words of similar import refer to a particular agreement or other instrument as a whole and not to any particular article, section, paragraph, subparagraph, schedule, exhibit, addendum or other subdivision. Unless
otherwise specified, any reference to articles, sections or clauses are to articles, sections or clauses of this Agreement. Unless otherwise specified, references to any document or agreement, including this Agreement, shall be deemed to include
references to such document or agreement as amended, supplemented or replaced from time to time in accordance with its terms and (where applicable) subject to compliance with the requirements set forth therein. Unless otherwise specified, references
to any Party to this Agreement or any other document or agreement shall include the heirs, successors and permitted assigns of such Party. Unless otherwise specified, any reference to a statute includes and refers to the statute itself, as well as
to any rules and regulations made and duly promulgated pursuant thereto, and all amendments made thereto and in force currently from time to time and any statutes, rules or regulations thereafter duly made, enacted and/or promulgated, as may be
appropriate, and/or any other governmental actions thereafter duly taken from time to time having the effect of supplementing or superseding such statute, rules, and/or regulations. The language in all parts of this Agreement shall be in all cases
construed according to its plain meaning and not strictly for or against one or more of the Parties. Any table of contents or headings contained in this Agreement are for reference purposes only and shall not be construed to affect the meaning or
interpretation of this Agreement. When required by the context, (i) whenever the singular number is used in this Agreement, the same shall include the plural, and the plural shall include the singular; and (ii) the masculine gender shall include the
feminine and neuter genders and vice versa. Unless the context requires otherwise, derivative forms of any capitalized term defined in this Agreement shall have the comparable meaning to that of such term. 
  
 9.10 Counterparts. This Agreement may be executed in multiple
counterparts, each of which shall be deemed an original, but all of which taken together shall constitute one and the same instrument. Execution and delivery of this Agreement by exchange of facsimile copies bearing the facsimile signature of a
Party hereto shall constitute a valid and binding execution and delivery of this Agreement by such Party. Such facsimile copies shall constitute enforceable original documents. 
  

 31 

 9.11 Binding. This Agreement shall be binding on the Parties and their respective successors and
permitted assigns (if any). 
  
 9.12 Licensee Liability and
Applicability of Restrictions to Certain Persons. Notwithstanding anything to the contrary in this Agreement, subject to Section 8.4, Licensee shall at all times be liable to Licensor for the use of any of the Licensed Technology by
Licensee or any Authorized User not in accordance with this Agreement, for any use or disclosure of any Confidential Information by any Recipient not in accordance with Article VI, and for using its commercially reasonable efforts to ensure
the compliance by each Authorized User with their obligations under any applicable Sublicense Agreement. 
  
 9.13 Bankruptcy. All rights and licenses granted to a Party hereunder are, and shall otherwise be deemed to be, for purposes of Section 365(n) of
the U.S. Bankruptcy Code (11 U.S.C. § 101, et seq.), licenses to rights of “intellectual property” as defined thereunder. Notwithstanding any provision contained herein to the contrary, if any Party as licensor of any
such license is under any proceeding under the Bankruptcy Code and the trustee in bankruptcy of such Party or such Party as a debtor in possession rightfully elects to reject this Agreement, the other Parties may, pursuant to 11 U.S.C. §
365(n)(1) and (2), retain any and all rights hereunder granted to it to the maximum extent permitted by law, subject to the payments, if any, specified herein. 
  

9.14 Inspection, Etc. 
  
 (a) At any time and from time to time on a reasonable periodic basis, within seven (7) business days after written request by Licensor, Licensee shall
provide Licensor a written certification, executed by an officer of Licensee, of all locations at which any Source Code of the Licensed Technology is stored, maintained, used or accessed, the number of copies of the Source Code of the Licensed
Technology made by or on behalf of Licensee or any Authorized User, and the number of Persons who were using or have access to any of the same. 
  
 (b) If at any time Licensor should have a bona fide good faith basis to believe that Licensee has not complied with its obligations under this Agreement,
then it may send a written notice to Licensee describing such alleged non-compliance and requesting to inspect such locations and to inspect, audit, verify and copy such records and procedures of Licensee that are relevant to such alleged
non-compliance. Licensee shall reasonably cooperate with such request, and Licensor shall be permitted to perform such inspection and audit within ten (10) business days after such written notice in the manner described in the next two (2)
sentences. Unless otherwise agreed by Licensee in its sole discretion, any such records shall be made available to, and such inspection and audit shall be made by, an independent third party auditor selected by Licensor that is not an Affiliate of
either Party and that has had no material relationship with either Party during the previous two (2) years, at Licensee’s principal place of business or such other location as Licensor and Licensee may agree upon in writing from time to time,
provided that Licensee shall have the right to object to any such third party auditor selected by Licensor in its reasonable discretion, in which case it shall identify to Licensor three (3) independent third 
  

 32 

 party auditors acceptable to it that meet the above criteria that Licensor may select from in order to conduct such
inspection and audit. Such independent third party auditor shall use reasonable efforts to conduct any such inspection or audit in a manner that does not unreasonably interfere with Licensee’s business, and shall limit its inspection or audit
to such records and procedures that are relevant to the alleged non-compliance. In the event that any such inspection or audit identifies any material breach of this Agreement, then without limitation of any other rights or remedies that may be
available to Licensor as a result of such breach, Licensee shall reimburse Licensor for all reasonable costs and expenses of such inspection or audit. Licensor agrees that it shall not exercise its rights of inspection and audit under this
Section 9.14(b) more than once during any one (1) year period unless since the date of the last inspection or audit Licensee has breached this Agreement or in the course of the previous inspection or audit Licensee was found to not be in
compliance with its obligations hereunder. Any Confidential Information of Licensee obtained pursuant to this Section shall be subject to the provisions of Article 6 of this Agreement, and such independent third party auditor shall not be
permitted to share any information learned during the inspection or audit except and only to the extent directly related to the alleged non-compliance by Licensee with this Agreement. 
  
 9.15 U.S. Government Restricted Rights. Licensee shall include the following provision (and/or such other provisions
as may be required under Applicable Law from time to time to accomplish substantially the same result) in each Sublicense Agreement, on the first screen of any software utilizing any of the Gr8Trade Licensed Technology, and on any related media and
software documentation: 
  
 “The software provided hereunder
is commercial computer software developed exclusively at private expense and is provided with RESTRICTED RIGHTS. Use, duplication or disclosure by civilian agencies of the U.S. Government shall be in accordance with FAR 52.227-19(c) or other agency
data rights provisions, as may be applicable. Use, duplication and disclosure by DOD agencies is subject solely to the terms of a standard software License Agreement as stated in DFAR 227.7202. “Unpublished-All Rights Reserved under the
Copyright Laws of the United States.” Contractor/Licensor is Instinet Group Incorporated, 3 Times Square, New York, New York 10036. 
  
 [Remainder of Page Intentionally Left Blank] 
  

 33 

 IN WITNESS WHEREOF, the Parties have executed this Agreement as of the date above first written to be
effective as of the Effective Date. 
  

			
	 LICENSOR:

	
	 ZONE TECHNOLOGY PARTNERS, LLC

		
	 By:
	 	 /s/ Jane Harvey

		
	 	 	 Name: Jane Harvey

	 	 	 Title: President

	
	 LICENSEE:

	
	 INSTINET GROUP INCORPORATED

		
	 By:
	 	 /s/ John F. Fay

	 	 	 Name: John F. Fay

	 	 	 Title: Chief Financial Officer

  

 34 

 SCHEDULE 1.1(c) 
  
 Portal Software 

 SCHEDULE 2.3(d) 
  
 Existing Gr8Trade Users and Sublicense Agreements 

 EXHIBIT 2.3(b) 
  
 Form of Authorized Licensee Contractor Sublicense Agreement 
  
 EXHIBIT 1 
  
 FORM OF AGREEMENT REGARDING OWNERSHIP OF INTELLECTUAL 
 PROPERTY AND PROPRIETARY INFORMATION 

 EXHIBIT 2.3(c) 
  
 Form of Authorized Non-Licensee User Sublicense Agreement 
  
 Instinet LLC Client Agreement 
  
 Schedule A 
 Fees and Services 

 EXHIBIT 2.3(d) 
  
 Form of Gr8Trade Sublicense AgreementOffer Letter

 Exhibit 10.1 
  
 June 30, 2004 
  
 Edward J. Borey 
 11818 Preswick Place 
 Mukilteo, WA 98275 
  
 Dear Mr. Borey: 
  
 On behalf of
WatchGuard Technologies, Inc. (the “Company”), I am pleased to offer you the position of Chairman and Chief Executive Officer, and a member of the Board of Directors, of the Company. Your employment is subject to the following
terms: 
  
 1. Compensation. 
  
 a. Base Wage. In this exempt position, you will earn a
starting salary of approximately $33,333.33 per month, which is equivalent to $400,000.00 on an annualized basis (the “Base Salary”). Payment of your salary hereunder shall be made in accordance with the relevant Company policies in effect
from time to time, including normal payroll practices, and shall be subject to all applicable employment and withholding taxes. The Company will review the Base Salary on a yearly basis. 
  
 b. Incentive Compensation. For the year 2004, you will be eligible to earn an incentive bonus based on a Bonus
Target of $200,000, subject to the conditions set forth in the Executive Bonus Program attached as Exhibit A and based on the second half 2004 performance objectives attached as Exhibit B. For each year thereafter, you will be eligible to earn an
incentive bonus based on a Bonus Target equal to your annualized base salary for that year, subject to the conditions set forth in the Executive Bonus Program adopted by the Board of Directors for that year. Subsequent to 2004, your incentive bonus
will be capped at 150% of your Bonus Target. 
  
 2. Employee
Benefits. The Company will provide you with the opportunity to participate in the standard benefits plans currently available to other senior Company executives, subject to any eligibility requirements imposed by such plans. You will be
subject to the Company’s standard vacation policy for executive officers. 
  
 3. Equity Award. 
  
 a. Stock Option. In connection with the commencement of your employment, the Company will recommend that the Compensation Committee of the Board of Directors grant you a stock option (the “Option”) under the
WatchGuard Technologies, Inc. 

 Edward J. Borey 
 June 30,
2004 
 Page 2 
  
 Amended and Restated 1996 Stock Incentive Compensation Plan, a copy of which is attached as Exhibit C (the “Plan”) to purchase one million (1,000,000) shares of the Company’s Common Stock with an
exercise price equal to the fair market value on your Start Date (as defined below). “Fair market value” shall equal the average of the high and low sales price of the Common Stock on the Start Date as quoted on the Nasdaq National Market.
The Option shares will vest and become exercisable at the rate of 1/4th of the total number of shares on the twelve
(12) month anniversary of your Grant Date (as defined in the Plan) and 1/48th of the total number of shares each
month thereafter on the monthly anniversary of the Grant Date. Vesting will, of course, depend on your continued employment with the Company. The Option will be a nonqualified stock option and will be subject to the Stock Option Letter Agreement to
be entered into between you and the Company. In addition, the Company confirms to you that the reference to “Successor Corporation” in Section 2.11 of the Plan includes the Company if a Corporate Transaction (as defined in the Plan) has
not occurred. 
  
 b. Acceleration Benefit. If
the Company is subject to a Corporate Transaction (as defined in the Plan) and if your employment is terminated without Cause (as defined in the Plan, provided, however, that “Cause” shall include any breach of this letter agreement), and
other than as a result of your death or disability, or you voluntarily terminate your employment for Good Reason (as defined in the Plan, provided, however, that “Good Reason” shall include any breach of this letter agreement by the
Company), then you will receive the benefits set forth in sections 9.a.i., 9.a.ii., 9.a.iii. and 9.b., below, provided, however, that you execute the Company’s standard form of release of all claims agreement. 
  
 4. Pre-employment Conditions. 
  
 a. Confidentiality Agreement; Policies. Your acceptance of this
offer and commencement of employment with the Company is contingent upon (a) the execution, and delivery to an officer of the Company, of the Company’s Confidential Information and Invention Assignment Agreement, a copy of which is enclosed for
your review and execution (the “Confidentiality Agreement”), prior to or on your Start Date and (b) your acknowledgment of and agreement with all of the Company’s corporate policies, codes and procedures as in effect at the
time of your hire. 
  
 b. Right to Work. For
purposes of federal immigration law, you will be required to provide to the Company documentary evidence of your identity and eligibility for employment in the United States. Such documentation must be provided to us within three (3) business days
of your Start Date, or our employment relationship with you may be terminated. 
  
 c. Verification of Information. This offer of employment is also contingent upon the successful verification of the information you provided to the Company during your application process, as well as a
general background check performed by the Company to confirm your suitability for employment. By accepting this offer of employment, you warrant that all information provided by you is true and correct to the best of your knowledge, and you
expressly release the Company from any claim or cause of action arising out of the Company’s verification of such information. 

 Edward J. Borey 
 June 30,
2004 
 Page 3 
  
 5. No Conflicting Obligations. You understand and agree that by accepting this offer of employment, you represent to the Company that your
performance will not breach any other agreement to which you are a party and that you have not, and will not during the term of your employment with the Company, enter into any oral or written agreement in conflict with any of the provisions of this
letter or the Company’s policies. You are not to bring with you to the Company, or use or disclose to any person associated with the Company, any confidential or proprietary information belonging to any former employer or other person or entity
with respect to which you owe an obligation of confidentiality under any agreement or otherwise. The Company does not need and will not use such information and we will assist you in any way possible to preserve and protect the confidentiality of
proprietary information belonging to third parties. Also, we expect you to abide by any obligations to refrain from soliciting any person employed by or otherwise associated with any former employer and suggest that you refrain from having any
contact with such persons until such time as any non-solicitation obligation expires. 
  
 6. General Obligations. As an employee, you will be expected to adhere to the Company’s standards of professionalism, loyalty, integrity, honesty, reliability and respect for all. In addition, you
shall acknowledge, agree to, and comply with all of the Company’s corporate policies, codes and procedures as in effect at the time of your hire and as modified or introduced from time to time. Please note that the Company is an equal
opportunity employer. The Company does not permit, and will not tolerate, the unlawful discrimination or harassment of any employees, consultants, or related third parties on the basis of sex, race, color, religion, age, national origin or ancestry,
marital status, veteran status, mental or physical disability or medical condition, sexual orientation, pregnancy, childbirth or related medical condition, or any other status protected by applicable law. Any questions regarding this EEO statement
should be directed to Human Resources. 
  
 7. At-Will
Employment. Your employment with the Company will be on an “at will” basis, meaning that either you or the Company may terminate your employment at any time for any reason or no reason, without further obligation or liability,
except as provided herein and in the Plan. The Company also reserves the right to modify or amend the terms of your employment at any time for any reason. This policy of at-will employment is the entire agreement as to the duration of your
employment and may only be modified in an express written agreement signed by the Executive Director of the Board of Directors. 
  
 8. Outside Activities. While you render services to the Company, you agree that you will not engage in any other employment, consulting or
other business activity without the prior written consent of the Company, it being understood that (a) you may undertake civic, charitable and other similar duties so long as, in the opinion of the Company’s Board of Directors, they do not
interfere with the performance of your duties hereunder and (b) you may serve on the board 

 Edward J. Borey 
 June 30,
2004 
 Page 4 
  
 of directors of one other public or private company so long as doing so, in the opinion of the Company’s Board of Directors, does not give rise to a conflict of interest with the Company. While you render
services to the Company, you also will not assist any person or entity in competing with the Company, in preparing to compete with the Company or in hiring any employees or consultants of the Company. 
  
 9. Severance Benefits. 
  
 a. General Terms. In no way limiting the Company’s policy
of employment at-will, if your employment is terminated by the Company without Cause (as defined in the Plan, provided, however, that “Cause” shall include any breach of this letter agreement), and other than as a result of your death or
disability, or you voluntarily terminate your employment for Good Reason (as defined in the Plan, provided, however, that “Good Reason” shall include any breach of this letter agreement by the Company), the Company will offer certain
severance benefits to you as set forth in sections 9.a.i., 9.a.ii., 9.a.iii. and 9.b. As a condition to your receipt of such benefits, you are required to comply with your continuing obligations (including the return of any Company property), resign
from all positions you hold with the Company, and execute the Company’s standard form of release agreement releasing any claims you may have against the Company. 
  
 i Cash Payments. The Company will provide you with severance equal to 200% of your then-current annualized
base salary, paid out on a pro rata basis over the Company’s regular payroll schedule over the year following the effective date of your release, provided, however, that in the case of a Corporate Transaction such payment will be made in a lump
sum on the effective date of the release. 
  
 ii.
Accelerated Options. The vesting of the Option will accelerate (and any repurchase right applicable to the Option shares shall lapse) as to the number of shares that would otherwise have vested and been exercisable as of the date that
is twelve (12) months from the date of termination; provided, however, that in the event of acceleration as the result of a Corporate Transaction, acceleration shall be for twenty-four (24) months instead of twelve (12). 
  
 iii. Continued Benefits. As further consideration, you will
continue to receive all benefits specified in Section 2 of this letter agreement to the maximum allowed by the Company’s benefit plans, for a period not to exceed twelve (12) months following the effective date of your release. If you elect
continued group medical insurance coverage pursuant to COBRA, the Company will reimburse you for the applicable premiums for you and your eligible dependents for the first twelve (12) month(s) of such coverage, up to a maximum of $10,000.00.

  
 b. Excise Tax Liability. In the event that it is
determined that any payment, distribution or benefit of any type to or for the benefit of you made by the Company, by any of 

 Edward J. Borey 
 June 30,
2004 
 Page 5 
  
 its affiliates, by any person who acquires ownership or effective control or ownership of a substantial portion of the Company’s assets (within the meaning of section 280G of the Internal Revenue Code of 1986, as
amended (the “IRC”) and the regulations thereunder) or by any affiliate of such person, whether paid or payable or distributed or distributable or otherwise made available pursuant to the terms of an employment agreement or otherwise,
including the accelerated vesting of stock options or other equity-based awards (the “Total Payments”), would be subject to the excise tax imposed by section 4999 of the IRC or any interest or penalties with respect to such excise tax
(such excise tax, together with any such interest or penalties, are collectively referred to as the “Excise Tax”), then you shall be entitled to receive an additional payment (an “Excise Tax Restoration Payment”) in an amount
that shall fund the payment by you of any Excise Tax on the Total Payments as well as all income taxes imposed on the Excise Tax Restoration Payment, any Excise Tax imposed on the Excise Tax Restoration Payment and any interest or penalties imposed
with respect to taxes on the Excise Tax Restoration or any Excise Tax. The Excise Tax Restoration Payment shall be calculated applying the then highest marginal tax rates. 
  
 10. Termination For Cause. Upon termination of your employment with the Company for Cause (as defined in the
Plan, provided, however, that “Cause” shall include any breach of this letter agreement), the Company shall be under no further obligation to you, except to pay all accrued but unpaid base salary to the date of termination thereof.

  
 11. Payment of Legal Fees. The Company will pay
the fees and expenses of your counsel incurred in connection with the negotiation and execution of this letter agreement, up to a maximum of $5,000. 
  
 * * * 
  
 We are all delighted to be able to extend you this offer and look forward to working with you. To indicate your acceptance of the Company’s offer,
please sign and date this letter in the space provided below and return it to me, along with a signed and dated original copy of the Confidentiality Agreement, on or before the close of business on Wednesday, June 30, 2004. The Company requests that
you begin work in this new position on June 30, 2004 (the “Start Date”). This letter, together with the Confidentiality Agreement and Executive Bonus Program, set forth the terms of your employment with the Company and supersede any
prior representations or agreements, whether written or oral. This letter will be governed by the laws of Washington. This letter may not be modified or amended except by a written agreement, signed by the Executive Director of the Board of
Directors. 

 Edward J. Borey 
 June 30,
2004 
 Page 6 
  

			
	 Very truly yours,

	
	 WATCHGUARD TECHNOLOGIES, INC.

		
	 By:
	 	 /s/ STEVEN N. MOORE

	 	 	 (Signature)

		
	 Name:
	 	 Steven N. Moore

	 Title:
	 	 CEO

  

	
	 ACCEPTED AND AGREED:

	
	 EDWARD J. BOREY

	
	 /s/ EDWARD J. BOREY

	 (Signature)

	
	 6/30/04

	 Date

	
	 Anticipated Start Date: June 30, 2004

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