Document:

Document

Exhibit 10.24

CERTAIN CONFIDENTIAL INFORMATION CONTAINED IN THIS DOCUMENT, MARKED BY [**], HAS BEEN OMITTED BECAUSE IT IS NOT MATERIAL AND WOULD LIKELY CAUSE COMPETITIVE HARM TO LPL FINANCIAL HOLDINGS INC. IF PUBLICLY DISCLOSED
Thomson Transaction Services
MASTER SUBSCRIPTION AGREEMENT
This Master Subscription Agreement (this “Agreement”) is entered into by and between Thomson Transaction Services (“TTS”), a division of Thomson Financial LLC, a Thomson Reuters company, 350 North Sunny Slope Road, Brookfield, WI 53005, and LPL Financial Corporation (“Subscriber”), 9785 Towne Centre Drive, San Diego, CA 92121, this __ day of _______________, 2008.
WHEREAS, TTS owns the following proprietary computer programs:
TTS HostTM - provides back office processing support for securities brokerage firms
TTS LinkTM - provides complete front-office integration with TTS Host
BL ServerTM - provides electronic access to TTS Link core applications
TTS AccessTM - provides data delivery of mainframe data
XT Server - provides ability to receive real-time TTS Host transaction messages
(collectively, “the TTS System”)
WHEREAS, Subscriber desires to subscribe to this data processing service called the TTS System offered by TTS, and to have the TTS System installed at certain offices of Subscriber;
NOW, THEREFORE, in consideration of the mutual promises and covenants exchanged herein, TTS and Subscriber agree as follows:
1.Purpose of Agreement.  The purpose of this Agreement is to set forth the terms and conditions governing the mutual rights, duties and obligations of the parties hereto.
2.Services Provided.
(a)TTS will provide Subscriber with the TTS System services which are set forth, together with their charges, on Schedule A attached hereto and incorporated herein by reference.
(b)TTS Host and TTS Link service provided hereunder shall be available on each day that the New York Stock Exchange is open for trading. On such days TTS shall make reasonable efforts to provide all TTS Host and TTS Link service hereunder from 6:00 a.m. to 8:00 p.m., CST, and limited inquiry functions from 8:00 p.m. to 11:30 p.m., CST. TTS shall also make reasonable efforts to provide limited inquiry functions on Saturdays from 6:00 a.m. to 6:00 p.m., CST, except that TTS reserves the right to limit or curtail holiday or weekend availability when necessary for system upgrades, adjustments, maintenance, or other operational considerations.
74384936_1
80663144_2

Exhibit 10.24

BL Server service provided hereunder shall be available on each day that the New York Stock Exchange is open for trading. On such days, TTS shall make reasonable efforts to provide BL Server service hereunder from 6:00 a.m. to 6:00 p.m. CT and inquiry and order entry functions from 6:15 p.m. to 6:00 a.m. CT. TTS shall also make reasonable efforts to provide inquiry and order entry functions on weekends except for 8:00 p.m. CT Saturday evening until 6:00 a.m. CT Sunday morning during which time TTS will be performing maintenance on its mainframe computer systems.
(c)General enhancements to existing TTS Host service provided hereunder shall be made available to Subscriber at no additional cost, but any new features or services that may be developed by TTS during the term of this Agreement may, at TTS’s option, and subject to Subscribers’ acceptance, be made available to Subscriber at TTS’s then-current prices for such new features or services, and upon such other terms as TTS may reasonably deem appropriate. Enhancements to existing TTS Host services requested by Subscriber and which benefit less than a majority of TTS’s Subscribers at the time such enhancements are put into service may, at TTS option, be billed to such benefiting Subscribers at TTS standard rates for programming after discussion with Subscriber. All enhancements to the TTS Host service, and any new features or services introduced by TTS, shall remain the exclusive proprietary property of TTS.
3.Equipment and Hardware.  Subscriber shall be responsible for obtaining, installing at its premises, and maintaining all equipment and hardware, including telecommunications equipment, necessary for using the TTS System. TTS will assist Subscriber in developing an acceptable equipment list, and Subscriber shall, prior to installation, submit its equipment configuration to TTS for approval, which shall not be unreasonably withheld. TTS shall also provide reasonable prior written notice to Subscriber of any scheduled enhancements or modifications to hardware, software, databases, network protocols, security recovery efforts, and similar items that impact Subscriber or its users use of the products or services. TTS shall also provide to Subscriber, upon Subscriber’s request, a copy of TTS’s change control process document.
4.Subscriber Data.
(a)Subscriber will timely supply TTS, in a form acceptable to TTS, with all data necessary for TTS to perform the ongoing services to be provided hereunder. It is the sole responsibility of Subscriber to insure the completeness and accuracy of such data.
(b)TTS acknowledges that all records, data, files and other input material relating to Subscriber are confidential and shall take reasonable steps to protect the confidentiality of such records, data, files and other materials. TTS will provide reasonable security safeguards to limit access to Subscriber’s files and records to Subscriber and other authorized parties.
(c)TTS will take reasonable steps to protect against the loss or alteration of Subscriber’s files, records and data retained by TTS, but Subscriber recognizes that events beyond the control of TTS may cause such loss or alteration. TTS will 
74384936_1
80663144_2

Exhibit 10.24

maintain backup file(s) containing all of the data, files and records related to Subscriber in accordance with the terms of TTS’s Disaster Recovery arrangement. Subscriber’s file(s), records and data shall be released to Subscriber upon termination of this Agreement or in the event of an occurrence that renders TTS unable to perform hereunder.
(d)TTS acknowledges that all records, data, files and other input material relating to Subscriber are the exclusive property of the Subscriber.
5.Charges and Payments.
(a)General.  In addition to reimbursements required elsewhere in this Agreement, Subscriber shall pay for services in accordance with Schedule A attached hereto and as may be adjusted as provided herein, Charges for any partial month of service shall be prorated on the basis of a 30-day month. Upon each twelve (12) month anniversary of this Agreement, TTS may adjust its fees for trade charges, charges for non-trade services and the TTS Host and TTS Fixed Income monthly services minimums in accordance with the cumulative net change in the consumer price index over the prior year. TTS agrees that it will continue to offer to and maintain for Subscriber the HOLD module as currently utilized by Subscriber through October 15, 2011 at the same fees as contained in this Agreement.
(b)Billing.  TTS shall invoice Subscriber monthly for all applicable charges. If payment is not received by TTS within forty-five (45) days of the invoice date, Subscriber agrees to pay TTS interest on the unpaid balance at the rate of 8% per annum from the date of the invoice until paid in full. If payment in full is not received within ninety (90) days of the date of the invoice, TTS may, at its option, terminate this Agreement upon thirty (30) days written notice. If Subscriber disputes all or a portion of an invoice in good faith, Subscriber may withhold the disputed portion of the payment pending resolution of the disputed amount pursuant to Paragraph 13 of this Agreement.
(c)Taxes.  Utilities and Exclusions. All charges shall be exclusive of any federal, state or local sales, use, excise, ad valorem or personal property taxes levied, or any fines, forfeitures or penalties assessed in connection therewith, as a result of this Agreement or the installation or use of TTS Host hereunder. Any such taxes which may be applicable will be paid by Subscriber or by TTS for Subscriber’s account, in which case Subscriber shall reimburse TTS for amounts so paid. All electrical utility service necessary to operate TTS Host at Subscriber’s offices shall be maintained in Subscriber’s own account with such utility or service, and all charges for such services, including installation charges in connection therewith, shall be paid by Subscriber. TTS shall arrange for the installation of all telecommunications services necessary for Subscriber’s use of the TTS System, which will be maintained in TTS’s account for Subscriber’s exclusive use. Subscriber shall promptly remit payment to TTS, at TTS standard rates, for all charges in connection with such installation and Subscriber’s use thereof.
74384936_1
80663144_2

Exhibit 10.24

6.Term of Agreement.
(a)This Agreement will be effective in the month following the month of execution and will terminate sixty (60) months from January 1, 2009. TTS or Subscriber shall give the other party twelve (12) months written notice of its intent not to renew this Agreement upon its expiration. If such notice is given less than six (6) months prior to the expiration date, then this Agreement shall remain in effect for twelve (12) months from the giving of such notice.
(b)Unless TTS or Subscriber shall have given notice of non-renewal as provided in Paragraph 7(a), in the event that no renewal, continuation or successor agreement is signed by the parties prior to the expiration of this Agreement, this Agreement may be extended automatically for successive periods of six (6) months until a successor, renewal or continuation agreement is signed by the parties or until Subscriber, upon six (6) months written notice to TTS, or TTS, upon six (6) months written notice to Subscriber, elects to terminate this Agreement. During any period of extension described in this subparagraph 7(b), the charge for the services provided to Subscriber hereunder may, at TTS’s option, be 105% of TTS’s then-current non-discounted rates.
7.Termination.
(a)If Subscriber cancels this Agreement after the effective date and prior to the end of the term, Subscriber will pay a termination fee as set forth in Schedule A equal to the monthly minimum per month times by the remaining months to end of term. Such termination fee will be paid in one lump sum payment
(b)In addition to termination rights as provided elsewhere herein, either party may terminate this Agreement in the event that the other party commits a material breach of any provision of this Agreement, provided the breaching party fails to cure such material breach within sixty (60) days of its receipt of written notification thereof from the other party.
(c)Subscriber shall have the right to terminate this Agreement for a “Chronic Service Failure” as set forth in Schedule 5 of the SLA, in which event all fees for early termination of this Agreement will be waived, TTS will assist the Subscriber in identifying any deconversion data files that are required, and TTS will deliver those data files electronically without charge to Subscriber.:
8.Representations and Warranties
(a)Title and Non-Infringement.
(i)TTS hereby represents, warrants and covenants to Subscriber that it has and at all times will have the full legal right to provide the TTS System and all TTS Services provided by under this Agreement, and TTS has no knowledge of any claim, litigation or proceeding pending or threatened against TTS with respect to such TTS Services or the TTS System, or any component thereof, alleging infringement of any patent or copyright or violation of any trade secret or any other proprietary right of any person.
74384936_1
80663144_2

Exhibit 10.24

(ii)Subscriber hereby represents, warrants and covenants to TTS that it has and at all times will have the full legal right to provide the data to TTS as contemplated herein and Subscriber has no knowledge of any claim, litigation or proceeding pending or threatened against Subscriber with respect to data, alleging infringement of any patent or copyright or violation of any trade secret or any other proprietary right of any person.
(b)Compliance with Law.
(i)TTS hereby represents, warrants and covenants to Subscriber that in performing its obligations and exercising its rights under this Agreement, TTS will comply (and shall require all of its personnel providing Services hereunder or otherwise involved in TTS’s performance under this Agreement to comply) with all applicable Laws (and all changes in Laws) applicable to TTS and the Services it provides hereunder, and that TTS will obtain and maintain all permits, licenses, and consents required in connection therewith. For the purposes of this Agreement, “Law” shall mean a declaration, decree, directive, legislative enactment, statute, order, ordinance, regulation, rule or other binding action of or by an Federal, state, municipal, local, territorial or other government department, regulatory authority, judicial or administrative body.
(ii)Subscriber hereby represents warrants and covenants to TTS that Subscriber is in compliance with all Laws applicable to it and will obtain and maintain all permits, licenses, and consents required in connection with its obligations under this Agreement.
(c)Business Continuation.  TTS hereby represents, warrants and covenants to Subscriber that it has and shall maintain a disaster recovery plan (including designating specific protocols for declaring a disaster) and business continuation plan (including recovery time objectives) that shall enable TTS to provide the Services and the System in accordance with this Agreement and that it shall test the operability of such plan at least once every 12 months and revise such plan as necessary to ensure continued operability. TTS shall permit Subscriber to participate in such testing and shall provide the results of such annual testing to Subscriber. TTS’s agrees that its business continuation plan shall be reviewed and approved by the TTS senior management team annually. Subscriber may request a summary of TTS’s disaster recovery plan on a quarterly basis. Twice per year Subscriber may review at TTS a current copy of the full TTS disaster recovery plan which includes confidential information and which may not be removed from the premises.
(d)Audit. Controls.  Security. All passwords and all Subscriber Confidential Information stored, cached, or otherwise maintained on TTS’s laptops or other portable media shall be stored in an encrypted format. At any time during the term of this Agreement, but no more than once per year, Subscriber may request copies of Privacy and Security Policies and Procedures, and SAS-70, including a Type II SAS-70. Subscriber may recommend to TTS additional reasonable controls to be added to the SAS-70. TTS shall use its best efforts to deliver to Subscriber the 
74384936_1
80663144_2

Exhibit 10.24

SAS-70 by December 15 of each year of the term of this Agreement. If TTS agrees with such recommendations and its other subscribers consent, TTS will implement the recommendations. TTS shall annually complete Subscriber’s Standardized Information Gathering Questionnaire. TTS agrees that it shall perform periodic penetration testing of all internet facing applications.
9.Confidentiality
(a)Confidentiality Obligation.  Each party (in such capacity the “Receiving Party”) shall hold the Confidential Information (as defined below) of the other party (in such capacity the “Disclosing Party”) in strict confidence. The Receiving Party shall have the limited right to use the Confidential Information only for the purposes of fulfilling its commitments and obligations to the Disclosing Party under this Agreement and for no other purpose. Except as permitted in the foregoing sentence or by prior written consent of the Disclosing Party, the Receiving Party shall not use, disclose or distribute to any person, firm or entity any Confidential Information and shall not permit any person, firm or entity to use, disclose or distribute any Confidential Information; provided that the Receiving Party may disclose or distribute such Confidential Information to the following: (i) its officers, employees and directors who have a business need to know such Confidential Information; and (ii) its attorneys, accountants, consultants, agents, independent contractors or professional advisors (the “Receiving Party Agents”) who (x) have a business need to know such Confidential Information and (y) are subject to fiduciary, professional or written obligations of confidentiality substantially similar to, and no less restrictive than, the obligations set forth herein. The Receiving Party shall be responsible for ensuring that the Receiving Party Agents comply with the terms of this Agreement and shall remain ultimately responsible for the use, disclosure or distribution of Confidential Information by the Receiving Party Agents. Any failure by the Receiving Party Agents to comply with the terms hereof shall constitute a material breach of this Agreement by the Receiving Party. Except in connection with the purposes identified above, the Receiving Party shall not copy or otherwise reproduce, or permit to be copied or otherwise reproduced, all or any part of Confidential Information without the prior written consent of the Disclosing Party.
TTS agrees that all information related to Subscriber’s customers that it becomes aware of as a result of this Agreement is confidential and proprietary in nature, that by law this information must be protected and kept confidential, and that said information shall not be divulged by TTS to any third parties (except as may be required by Law or pursuant to an order of any court or administrative body in accordance with the proviso set forth in Section 9(c) below) or used in any manner other than in connection with the terms of this Agreement. Vendor shall (1) establish procedures to protect the security and confidentiality of this information, (2) protect against any anticipated threats or hazards to the security or integrity of the customer information, (3) protect against unauthorized access to or use of such information that could result in substantial harm or inconvenience to customers; and (4) otherwise comply with Laws applicable to TTS and the Services it provides hereunder.
74384936_1
80663144_2

Exhibit 10.24

(b)Confidential Information.  As used in this Agreement, “Confidential Information” shall mean (i) the subject and terms of any and all potential or binding business transactions between the parties, and (ii) all oral or written information, of whatever kind and in whatever form, and whether or not marked as “confidential,” of the Disclosing Party, its employees, suppliers, or customers, including the identities thereof, that may be obtained from any source as a result of or in connection with this Agreement, as well as all such other information designated by the Disclosing Party as confidential including past, present or future business and business activities, financial or technical information; products, services, research and development; processes, techniques; designs; financial planning practices; client information (including clients’ identities and any client related data or information); and marketing plans.
(c)Exceptions.  As used in this Agreement, the term “Confidential Information” shall not include any information which the Receiving Party can demonstrate (i) is in the public domain through no fault or breach of confidentiality by such Receiving Party, (ii) was known by the Receiving Party prior to its disclosure by the Disclosing Party and was not obtained in such circumstances subject to a requirement of confidentiality, or (iii) was developed independently of, and without the use of or access to, any Confidential Information exchanged pursuant to this Agreement. Despite the obligations of this Section 9, the Receiving Party may disclose the Confidential Information of the Disclosing Party to the limited extent such Confidential Information is required to be disclosed by the Receiving Party by Law or pursuant to an order of any court or administrative body; provided that the Receiving Party (i) shall provide the Disclosing Party with prompt notice of such request or order, including copies of subpoenas or orders requesting such Confidential Information, (ii) shall cooperate reasonably with the Disclosing Party in resisting the disclosure of such Confidential Information via a protective order or other appropriate legal action, and (iii) shall not make disclosure pursuant thereto until the Disclosing Party has had a reasonable opportunity to resist such disclosure, unless the Receiving Party is ordered otherwise. Notwithstanding the foregoing, TTS may review and use Confidential Information internally on an aggregated anonymous basis to improve the System and its Services.
(d)Ownership.  All Confidential Information shall be and remain the sole and exclusive property of the Disclosing Party or its employees, suppliers or customers, as the case may be. Except as otherwise set forth in this Agreement, neither Party acquires any Intellectual Property Rights, including any rights to create derivative works of any Confidential Information, under this Agreement, except the limited right to use such Confidential Information in accordance with this Agreement. For the purposes of this Agreement, “Intellectual Property” shall mean a party’s patents, trade marks, service marks, trade and service names, copyrights, database rights and design rights (whether or not any of them are registered and including applications for registration of any of them), rights in know-how, moral rights, trade secrets and all rights or forms of protection of a similar nature or having similar or equivalent effect to any of them which may subsist anywhere in the world now existing or hereafter arising. Except as expressly provided herein, without Subscriber’s prior written approval (in its sole discretion), Subscriber Confidential Information shall not be (i) used by TTS other than is necessary for TTS’s performance of its 
74384936_1
80663144_2

Exhibit 10.24

obligations under this Agreement, (ii) disclosed, sold, assigned, leased or otherwise provided to third parties by TTS, or (iii) commercially exploited by or on behalf of TTS.
(e)Unauthorized Disclosure.  The Receiving Party shall (i) promptly notify the Disclosing Party’s Chief Security Officer if the Receiving Party discovers or is notified of an unauthorized disclosure or release of, or access to, the Disclosing Party’s Confidential Information (each, an “Unauthorized Disclosure”) to or by any person obtaining or reasonably believed to have obtained such Confidential Information, or access to such Confidential Information, from or through the Receiving Party, (ii) reasonably assist the Disclosing Party in any action taken against the person(s) responsible for such Unauthorized Disclosure, and (iii) take immediate corrective action to cease the existing Unauthorized Disclosure and prevent any other or future Unauthorized Disclosures. In the event of a breach of confidentiality under this Section 9, TTS and Licensee will negotiate appropriate remediation efforts in good faith.
(f)Return of Confidential Information.  Upon written request by the Disclosing Party at any time, the Receiving Party shall: (i) turn over to the Disclosing Party all Confidential Information, all documents or media containing the Confidential Information, and any and all copies or extracts thereof, or (ii) destroy the Confidential Information, and any and all copies or extracts thereof, and provide the Disclosing Party with written certification of such destruction signed by an authorized representative of the Receiving Party. Notwithstanding the foregoing, each Party acknowledges that the Receiving Party shall not be required to comply with the foregoing to the extent that (i) the Confidential Information resides on the Receiving Party’s backup, disaster recovery or business continuity systems, or (ii) the Receiving Party is obligated by applicable Law or industry or governmental regulations to retain such Confidential Information, or (iii) with respect to Subscriber, any such Confidential Information is licensed to Subscriber. In addition, upon termination or expiration of this Agreement, TTS shall (i) shred all documents containing Customer Data prior to disposal and (ii) destroy all copies of the Customer Data and certify in writing to Subscriber that TTS has complied with the requirements contained herein.
(g)Trademarks.  Trade Names, and Publicity. Except as is reasonably necessary to provide or utilize the Services hereunder, TTS agrees not to use the name(s), trademarks, trade names, service marks, and other marks (collectively, “Marks”) of Subscriber, whether registered or not, in publicity releases or advertising or in any other manner, including company lists, marketing lists or client lists, without securing the prior written approval of a managing director or higher ranking officer of Subscriber. Further, TTS shall not provide any Subscriber contact or key person information to any Affiliate of TTS or any third party, unless Subscriber has approved such in advance. For the purposes of this Agreement, “Affiliate” means (i) any entity that, from time to time, directly or indirectly controls, is controlled by, or is under common control with either TTS or Subscriber, or that is a successor (whether by change of name, dissolution, merger, consolidation, reorganization, sale or other disposition) to any such entity or its business and assets; or Thomson Reuters Corporation, Thomson Reuters PLC and any of their current parent entities 
74384936_1
80663144_2

Exhibit 10.24

or subsidiaries from time to time. An entity will be deemed to control another entity if it has the power to direct or cause the direction of the management or policies of such entity, whether through the ownership of voting securities, by contract, or otherwise.
(h)Additional Remedies.  The Receiving Party acknowledges and agrees that due to the unique nature of the Confidential Information and the Marks, there may be no adequate remedy at Law for a breach by the Receiving Party of its obligations under this Section 9 and that such breach may cause irreparable harm to the Disclosing Party. Therefore, upon any such breach or any threat thereof, the Disclosing Party shall be entitled to seek appropriate equitable relief in addition to whatever remedies it may have at Law.
10.Indemnification
(a)Obligation to Defend and Indemnify.  TTS shall defend Subscriber, its Affiliates, and their respective directors, officers, employees, agents, contractors, successors, and assigns (each, an “Indemnified Party’’) from and against any and all claims, demands, investigations, and causes of actions by third parties (each, a “Claim”) to the extent such Claims are based on or arise from (i) any allegations that any of the System or the Services infringes upon or misappropriates the Intellectual Property Rights of a third party, (ii) any bodily injury (including death) or damage to or loss of any tangible personal or real property caused by the actions or omissions of TTS, its Affiliates, or any of their respective directors, officers, employees, agents, contractors, successors, or assigns, (iii) any allegation that any of TTS’s personnel is an employee of Subscriber by virtue of performing any Services under this Agreement or otherwise, or (iv) any expenses, including any taxes, which were the responsibility of TTS hereunder. In addition, TTS shall indemnify and hold each Indemnified Party harmless from and against any and all damages, losses, fines, penalties, costs, and other amounts (including reasonable attorney’s fees and expenses) incurred or suffered by any such Indemnified Party in connection with any such Claims. Notwithstanding the foregoing TTS shall not be liable nor have any obligation to indemnify if such Claims were caused by Subscriber.
(b)Additional Remedy.  If Subscriber is enjoined or otherwise prohibited, or is reasonably likely in the opinion of Subscriber’s counsel to be enjoined or otherwise prohibited, from using any of the System, the Services or any portion thereof, based on a Claim covered by TTS’s indemnification obligations under Section 10(a) above, then TTS shall, at its sole expense and option and in addition to fulfilling its obligations under Section 10(a): (i) obtain for Subscriber the right to use the infringing portion(s) of the System or affected Services (as applicable), (ii) modify the infringing portion(s) of the System or affected Services so as to render them non-infringing without substantially diminishing or impairing their functionality, (iii) replace the infringing portion of the System or affected Services with non-infringing items of substantially similar functionality, or (d) promptly refund to Subscriber an equitable amount paid by
(c)Subscriber’s Indemnity Obligation. Subscriber shall defend TTS, its Affiliates, and their respective directors, officers, employees, agents, contractors, successors, and 
74384936_1
80663144_2

Exhibit 10.24

assigns (each, an “Indemnified Party”) from and against any and all Claims to the extent such Claims are based on or arise from (i) any allegations that any of any Subscriber tools or services provided by Subscriber to TTS infringes upon or misappropriates the Intellectual Property Rights of a third party, (ii) any bodily injury (including death) or damage to or loss of any tangible personal or real property caused by the actions or omissions of Subscriber, its Affiliates or any of their respective directors, officers, employees, agents, contractors, successors, or assigns, (iii) any allegation that any of Subscriber’s personnel is an employee of TTS by virtue of receiving any Services under this Agreement or otherwise, or (iv) any expenses, including any taxes, which were the responsibility of Subscriber hereunder. In addition, Subscriber shall indemnify and hold each Indemnified Party harmless from and against any and all damages, losses, fines, penalties, costs, and other amounts (including reasonable attorney’s fees and expenses) incurred or suffered by any such Indemnified Party in connection with any such Claims. Notwithstanding the foregoing, Subscriber shall not be liable nor have any obligation to indemnify if such Claims were caused by TTS.
11.Disclaimer of Warranties and Limitations of Liability.
(a)Disclaimer of Warranty.  EXCEPT AS SPECIFICALLY PROVIDED HEREIN, THERE ARE NO, AND TTS SYSTEMS EXPRESSLY DENIES, REJECTS AND DISCLAIMS ANY, WARRANTIES, EXPRESSED OR IMPLIED, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR WARRANTIES OF THE CORRECTNESS, ACCURACY, PRECISION, TIMELINESS OR COMPLETENESS OF ANY INFORMATION OR SERVICES PROVIDED THROUGH THE TTS SYSTEM.
(b)Limitation of Liability.  TTS SYSTEMS, ITS AFFILIATES, EMPLOYEES, OFFICERS AND AGENTS SHALL NOT BE LIABLE TO SUBSCRIBER OR TO ANY THIRD PARTY FOR ANY LOSS OR DAMAGE, WHETHER DIRECT OR INDIRECT, RESULTING FROM DELAYS OR INTERRUPTIONS OF SERVICE DUE TO MECHANICAL, ELECTRICAL OR WIRE DEFECTS OR DIFFICULTIES, STORMS, STRIKES, WALK-OUTS, EQUIPMENT OR SYSTEMS FAILURES, OR OTHER CAUSES OVER WHICH TTS SYSTEMS, ITS AFFILIATES, EMPLOYEES, OFFICERS, OR AGENTS AGAINST WHOM LIABILITY IS SOUGHT, HAVE NO REASONABLE CONTROL, OR FOR LOSS OR DAMAGE, DIRECT OR INDIRECT, RESULTING FROM INACCURACIES, ERRONEOUS STATEMENTS, ERRORS OF FACT, OMISSIONS, OR ERRORS IN THE TRANSMISSION OR DELIVERY OF THE TTS SYSTEM, OR ANY DATA PROVIDED AS A PART OF THE TTS SYSTEM PURSUANT TO THIS AGREEMENT. IN ALL OTHER CASES, THE LIABILITY OF TTS SYSTEMS SHALL BE LIMITED TO, AND SUBSCRIBER AGREES NOT TO MAKE ANY CLAIM EXCEEDING, TTS SYSTEMS’ ACTUAL CHARGE TO SUBSCRIBER FOR THE PARTICULAR TRANSACTION OR TRANSACTIONS FOR WHICH ANY CLAIM OF DAMAGE IS BEING MADE. IN NO EVENT, SHALL EITHER PARTY SHALL BE LIABLE TO THE OTHER PARTY FOR ANY SPECIAL, INDIRECT, INCIDENTAL, CONSEQUENTIAL, EXEMPLARY, OR PUNITIVE DAMAGES 
74384936_1
80663144_2

Exhibit 10.24

(INCLUDING, WITHOUT LIMITATION, LOST PROFITS, LOST SAVINGS, OR LOSS OF GOOD WILL) ARISING UNDER OR IN CONNECTION WITH A BREACH OR ALLEGED BREACH OF THIS AGREEMENT, EVEN IF SUCH OTHER PARTY HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.
(c)Time for Making Claims.  ANY SUIT OR ACTION BY SUBSCRIBER AGAINST TTS SYSTEMS, IT AFFILIATES, OFFICERS, DIRECTORS, AGENTS, EMPLOYEES, SUCCESSORS OR ASSIGNS, BASED UPON ANY ACT OR OMISSION ARISING OUT OF OR RELATING TO THIS AGREEMENT, OR SERVICES PERFORMED HEREUNDER, OR ANY ALLEGED BREACH THEREOF, SHALL BE COMMENCED WITHIN ONE (1) YEAR OF THE FIRST OCCURRENCE GIVING RISE TO SUCH CLAIM OR BE FOREVER BARRED. THIS PROVISION DOES NOT MODIFY OR OTHERWISE AFFECT THE LIMITATION OF TTS SYSTEMS’ LIABILITY SET FORTH IN PARAGRAPH 11(b) OR ELSEWHERE IN THIS AGREEMENT.
12.Use of the TTS System.
(a)Subscriber acknowledges that the software systems utilized by TTS hereunder, including all enhancements thereto, and all screens and formats used in connection therewith, are the exclusive proprietary property of TTS, and Subscriber shall not publish, disclose, display, provide access to or otherwise make available any of the TTS Systems’ software or products thereof, or any screens, formats, reports or printouts used, provided, produced or supplied from or in connection therewith, to any person or entity other than an employees or consultants or vendors of Subscriber without the prior written consent of, and on terms acceptable to, TTS, which consent shall not be unreasonably withheld; provided, however, that Subscriber may disclose to a governmental or regulatory agency or to customers of Subscriber any information expressly prepared and acknowledged in writing by TTS as having been prepared for disclosure to such governmental or regulatory agency or to such customers. Neither party shall disclose Subscriber’s use of the TTS System in any advertising or promotional materials without the prior written consent to such use, and approval of such materials, by the other. For so long as TTS operates the TTS System for Subscriber, all methods of data access to, or interactive or batch file transfer of, data on TTS System’s mainframe computer must be authorized by TTS, and any unauthorized interactive or batch file transfer of data on TTS System’s mainframe computer via a program automated workstation or computer is explicitly prohibited.
(b)Subscriber agrees that it will use the services provided hereunder only in connection with its own or its Affiliates brokerage business and it will not, without the express written permission of TTS, sell, lease, or otherwise provide or make available the TTS System to any third party. For purposes of the foregoing, Subscriber’s “own brokerage business” shall include Subscriber’s bona fide correspondents.
(c)The obligations of this Paragraph 12 shall survive termination of this Agreement. Subscriber understands that the unauthorized publication or disclosure of any of TTS’s software or copies thereof, or the unauthorized use of the TTS System would 
74384936_1
80663144_2

Exhibit 10.24

cause irreparable harm to TTS for which there is no adequate remedy at law. Subscriber therefore agrees that in the event of such unauthorized disclosure or use, TTS may, at its discretion and at Subscriber’s expense, terminate this Agreement, obtain immediate injunctive relief in a court of competent jurisdiction, or take such other steps as it deems necessary to protect its rights. If TTS, in its reasonable, good faith judgment, determines that there is a material risk of such unauthorized disclosure or use, it may demand immediate assurances, satisfactory to TTS, that there will be no such unauthorized disclosure or use. In the absence of such assurance, TTS may immediately terminate this Agreement and take such other steps as it deems necessary. The rights of TTS hereunder are in addition to any other remedies provided by law.
13.Dispute Resolution.  The parties shall initially attempt to resolve informally any dispute arising out of or relating to this Agreement, including with respect to the interpretation of any provision of this Agreement and with respect to the performance by TTS hereunder, in accordance with this Section.
(a)Upon the written notice by a party to the other party of a dispute hereunder (“Dispute Date”), each party shall appoint a designated representative with authority to resolve the dispute (who, if the parties so mutually agree, does not devote substantially all of his or her time to performance under this Agreement), whose task it will be to meet for the purpose of endeavoring to resolve such dispute.
(i)The designated representatives shall meet as often as the parties reasonably deem necessary in order to gather and furnish to the other party all information with respect to the dispute which information the parties believe to be appropriate and germane in connection with its resolution. The representatives shall discuss the problem and attempt to resolve the dispute without the necessity of any formal proceeding. The specific format for the discussions shall be left to the discretion of the designated representatives. During the course of discussion, all reasonable requests made by a party to the other party for non-legally privileged information reasonably related to this Agreement shall be honored in order that a party may be fully advised of the other party’s position.
(ii)If the parties are unable to resolve a dispute informally within sixty (60) days of the applicable Dispute Date, either party may commence any litigation in accordance with the terms of paragraph 14(a).
14.Applicable Law, Venue and Severability.
(a)This Agreement shall be construed and enforced in accordance with the law of the State of New York without giving effect to any choice of law or conflict of law provisions. Any disputes arising under this Agreement will be brought and heard in the appropriate Federal or state court located in New York County in the State of New York and each of the parties hereby irrevocably consents to the jurisdiction of such courts.
74384936_1
80663144_2

Exhibit 10.24

15.In the event that any court having competent jurisdiction over the interpretation of this Agreement shall determine that one or more of the provisions contained in this Agreement shall be unenforceable in any respect, then such provision shall be deemed limited and restricted to the extent that such court shall deem it to be enforceable, and, as so limited or restricted, shall remain in full force and effect. In the event that any such provision or provisions shall be deemed wholly unenforceable, such provision shall be deemed deleted from this Agreement, and the remaining provisions shall remain in full force and effect. Any such judicial interpretation requiring limitation or deletion of a provision shall be valid only in the jurisdiction in which such interpretation is made.
16.General.
(a)Waiver of Breach.  The fact that one (1) party excuses or overlooks a breach of any provision of this Agreement by the other party does not mean that that party excuses any other breach or waives its right to remedy any other breach by the other party.
(b)TTS shall not assign this Agreement (by operation of law or otherwise), or any of its rights or obligations hereunder, without the prior written consent of Subscriber, provided that, notwithstanding the foregoing, upon prior written notice, TTS may assign this Agreement to an Affiliate. In addition, TTS shall not delegate or subcontract any of its rights or obligations hereunder to a third party without the prior written consent of Subscriber. In the event such delegation or subcontracting is consented to by Subscriber, the third party to which such rights or obligations are delegated or subcontracted shall be bound by the terms and conditions of this Agreement applicable to TTS (including, but not limited to, the terms of Section 9, Confidentiality, hereof), and any failure by such third party to comply with the terms hereof shall constitute a breach of this Agreement by TTS. TTS shall also be solely responsible for all payments due to such third party. Any assignment, transfer, delegation or subcontracting of rights or obligations hereunder in contravention of this Section 16(b) shall be null and void. All terms and conditions of this Agreement shall be binding upon and shall inure to the benefit of and be enforceable by the parties hereto and their respective successors and permitted assigns.
(c)Any notice required to be given under this Agreement shall be in writing and shall be deemed to have been given if served personally, or if sent by certified mail, postage prepaid, to the parties at the address shown below, or such other address as either party may hereafter designate by notice to the other.

To TTS, a division of Thomson Financial, LLC:
Thomson Transaction Services
350 North Sunny Slope Road
Brookfield, Wisconsin 53005
Attn: Mr. Jeffrey D. Vorpahl
To Subscriber:
74384936_1
80663144_2

Exhibit 10.24

LPL Financial Corporation
One Beacon Street, 22nd Floor
Boston, Massachusetts 02108
Attn:  Stephanie L. Brown
Managing Director General Counsel
(d)Contact information for the Subscriber’s Chief Security Officer is set forth below for the purposes of Section 9(e) of this Agreement:

Marc Loewenthal
SVP, Chief Security Officer
9785 Towne Centre Drive
San Diego, CA 92121
marc.loewenthal@Jpl.com
858-450-9606
(e)The headings in this Agreement are for convenience only and shall not be used to alter or limit the interpretation of any provision hereof.
(f)This Agreement, together with all Schedules, Exhibits and amendments hereto, constitute the entire agreement of the parties and supersede all prior discussion and correspondence between them with respect to the subject matter hereof. No modification of this Agreement shall be effective unless the same is in writing and signed by both parties.
(g)This Agreement, all schedules attached hereto, and all terms and conditions herein, are confidential and shall not be disclosed by Subscriber except as required by law.
[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK
SIGNATURE PAGE FOLLOWS]

74384936_1
80663144_2

Exhibit 10.24

IN WITNESS WHEREOF, we have set our hand as of the date first noted above.
THOMSON TRANSACTION SERVICES, a division of Thomson Financial LLC, a Thomson Reuters company

By: /s/ Gordon J. Fox        Date: 1/5/09
Title: Managing Director
Name: Gordon J. Fox

By: /s/ Jeffrey Vorpahl    Date: 1/5/09
Title: CFO
Name: Jeffrey Vorpahl

LPL Financial Corporation
By: /s/ Stephanie L. Brown    Date: 1/5/09
Title: Managing Director, General Counsel
Name: Stephanie L. Brown

74384936_1
80663144_2

Exhibit 10.24

FIRST AMENDMENT
TO
MASTER SUBSCRIPTION AGREEMENT
THIS FIRST AMENDMENT (the “Amendment”), made effective this 1st day of December, 2013 to that certain BETAHost Master Subscription Agreement by and between Thomson Reuters BETA Systems (“BETA”), a division of Thomson Financial LLC, a Thomson Reuters company, and LPL Financial LLC (formerly, LPL Financial Corporation and hereinafter “Subscriber”) dated December 30, 2008 (the “Agreement”).
WITNESSETH THAT:
WHEREAS, the parties hereto have entered into the Agreement for BETA to provide to Subscriber, a data processing service called BETAHost; and,
WHEREAS, BETA and Subscriber desire to amend the Agreement to provide a revised processing charge schedule and other related revisions;
NOW THEREFORE, in consideration of the mutual covenants hereinafter set forth, and other good and valuable consideration, the receipt and adequacy of which is hereby acknowledged, the parties hereto agree to amend the Agreement as follows:
Paragraph 2 (b) of the Agreement will be deleted in its entirety and replaced with the following: “Provided Subscriber adheres to BETA’S reasonable recommendations regarding system use and equipment configuration, BETA will provide the Services in accordance with the service level standards (each, a “Performance Standard”) as set forth in Service Level Agreement schedule of the Agreement.”
Paragraph 5 (a) of the Agreement will be deleted in its entirety and replaced with the following; “General. In addition to reimbursements required elsewhere in this Agreement, Subscriber shall pay for services in accordance Schedule A attached hereto and as may be adjusted as provided herein. Charges for any partial month of service shall be prorated on the basis of a 30-day month.”
The first sentence of paragraph 6 (a) of the Agreement will be deleted and replaced with the following: “This Agreement will be effective in the month executed and will terminate five (5) years from that date.”
Paragraph 6 (b) will be deleted in its entirety and replaced with the following: “Unless notice of non-renewal has been provided, this Agreement shall be extended automatically for successive periods of one year until a successor agreement is signed by the parties or until the Agreement, upon 180 days prior written notice, is terminated. During any period of extension the charges for services provided shall be equal to those in effect in the last year of the term or the immediately preceding extension period, whichever is applicable, plus 5%.”
74384936_1
80663144_2

Exhibit 10.24

The following will be added as Paragraph 12 (d) of the Agreement:
“Third party providers whose information is included in the Services may impose additional restrictions on usage of their information or materials and those restrictions may change from time to time. These restrictions may include prohibiting certain types of usage or requiring Subscriber to report its usage to obtain agreement from, or pay additional fees either through BETA or directly to, the relevant third party provider. Subscriber can view restrictions that third party providers have supplied to BETA at www.thomsonreuters.com/3ptvterms (the “Third Party Terms Site”), or alternatively, in some cases, within the relevant Service. BETA will use commercially reasonable efforts to ensure that the Third Party Terms Site or the Service (as relevant) is maintained with the latest policies of each relevant third party provider. Changes to the Third Party Terms Site will be published on the Thomson Reuters Customer Portal quarterly, where BETA will endeavor to provide Subscriber 30 days’ notice before a change goes into effect, but may not be able to do so if BETA does not receive sufficient prior notice from such third parties.
These restrictions are binding on Subscriber in the same way as any other provision in this Agreement Third party providers may have the right to require that BETA restrict, suspend or terminate Subscriber’s access to that third Party provider’s information or materials., if BETA takes any such action, it will use reasonable efforts to provide Subscriber with prior notice and not be liable for any resulting damages Subscriber may suffer. BETA may provide third party providers with details of Subscriber’s usage of and any suspected breach of this Agreement relating to, that third party provider’s information or materials.”
Schedule A to the Agreement will be deleted in its entirety and replaced with the attached Schedule A.
Schedule B to the Agreement will be deleted in its entirety.

Made and executed this 30th day of December, 2013.

Thomson Reuters BETA Systems
By: /s/ Jeffrey Vorpahl
Name: Jeffrey Vorpahl
Title: CFO

LPL Financial LLC
By: /s/ Steve Morrison
Name: Steve Morrison
Title: Senior Vice President
74384936_1
80663144_2

Exhibit 10.24

SECOND AMENDMENT
TO
MASTER SUBSCRIPTION AGREEMENT
THIS SECOND AMENDMENT (the “Amendment”), made effective this 1st day of January, 2016 to that certain BETAHost Master Subscription Agreement by and between Thomson Reuters BETA Systems (“), a division of Thomson Financial LLC (and now known as Thomson Reuters (Markets) LLC (“TR”), and LPL Financial Corporation (“Subscriber”) dated December 30, 2008 (the “Agreement”).
WITNESSETH THAT:
WHEREAS, the parties hereto have entered into the Agreement for TR to provide to Subscriber, a data processing service called BETAHost; and,
WHEREAS, TR and Subscriber desire to amend the Agreement to provide a revised processing charge schedule and other related revisions;
NOW THEREFORE, in consideration of the mutual covenants hereinafter set forth, and other good and valuable consideration, the receipt and adequacy of which is hereby acknowledged, the parties hereto agree to amend the Agreement as follows:
1.All references to BETA Systems, a division of Thomson Financial LLC (“BETA”) shall hereinafter be referred to as Thomson Reuters (Markets) LLC. All references to the BETAHost Services shall mean the services provided to Subscriber by TR.
2.Schedule A, [**], is amended by adding the following: [**]
3.Schedule A, [**], is amended by adding the following: [**]
4.Schedule A, [**], is amended by adding the following: [**]
5.Except as expressly amended hereby, the Agreement shall continue in full force and effect in accordance with its terms. All references in the Agreement to the “Agreement” shall be deemed to be references to the Agreement as amended hereby.
6.This Amendment may be executed in any number of counterparts and/or by facsimile, each of which shall be deemed to be an original agreement but such counterparts shall together constitute one and the same instrument.

Made and executed this 19th day of January, 2016.
Thomson Reuters (Markets) LLC
By: /s/ David P. Akellian
Name: David P. Akellian
Title: Managing Director
74384936_1
80663144_2

Exhibit 10.24

LPL Financial Corporation
By: /s/ Gregory M. Woods
Name: Gregory M. Woods
Title: Executive Vice President, Deputy General Counsel

74384936_1
80663144_2

Exhibit 10.24

THIRD AMENDMENT
TO
MASTER SUBSCRIPTION AGREEMENT
THIS THIRD AMENDMENT (the “Amendment”) is made by and between Thomson Reuters (Markets) LLC (“BETA”) and LPL Financial LLC (“Subscriber”) effective this 1st day of March, 2018 to that certain BETAHost Master Subscription Agreement dated December 30, 2008 (the “Agreement”).
WITNESSETH THAT:
WHEREAS, the parties hereto have entered into the Agreement for BETA to provide to Subscriber, a data processing service called BETAHost; and,
WHEREAS, BETA and Subscriber desire to amend the Agreement to provide an additional service called BETA ODS;
NOW THEREFORE, in consideration of the mutual covenants hereinafter set forth, and other good and valuable consideration, the receipt and adequacy of which is hereby acknowledged, the parties hereto agree to amend the Agreement as follows:
1.    Schedule A, [**], is amended by adding the following to [**]: [**]
The parties have made and executed this Third Amendment this ___ day of March, 2018.
Thomson Reuters (Markets) LLC
By: /s/ Tim Rutka
Name: Tim Rutka
Title: Head of Technology & Ops - WM

LPL Financial LLC
By: /s/ Peggy Ho
Name: Peggy Ho
Title: EVP Chief of Staff

74384936_1
80663144_2

Exhibit 10.24

SECOND AMENDMENT
TO
MASTER SUBSCRIPTION AGREEMENT
THIS SECOND AMENDMENT (the “Amendment”), made effective this 8th day of October, 2018 to that certain BETAHost Master Subscription Agreement by and between Thomson Reuters (Markets) LLC (“TR”), at 350 North Sunny Slope Road, Brookfield, WI 53005, and LPL Financial LLC (“Subscriber”), at 75 State Street, 22nd Floor, Boston, MA 02109 dated December 30, 2008 (the “Agreement”).
WITNESSETH THAT:
WHEREAS, the parties hereto have entered into the Agreement for TR to provide to Subscriber a data processing service called BETAHost:  and
WHEREAS, TR and Subscriber desire to extend the terms of the Agreement through March 30, 2019, to enable the parties to negotiate a new Agreement and new set of schedules with an extended term and other revised terms and conditions;
NOW THEREFORE, in consideration of the mutual covenants hereinafter set forth, and other good and valuable consideration, the receipt and adequacy of which is hereby acknowledged, the parties hereto agree to amend the Agreement as follows:
1.The term of the Agreement shall continue and remain in effect through March 30, 2019 without a change in Fees.
2.Provided that the parties renew the Agreement for a period mutually agreed upon between the Parties on or before March 30, 2019. TR hereby waives its right to auto extend the Agreement to November 30, 2019, at charges equal to 105% of the current charges now in effect, in accordance with Paragraph 6(b) of the Agreement, as revised by the First Amendment to the Agreement dated December 1, 2013, and executed on December 30, 2013 (the “First Amendment”).
If the parties do not enter into such extension by or before March 30, 2019, (i) the waiver set forth in the prior paragraph shall be void, (ii) the Agreement shall continue in accordance with Paragraph 6(b) of the Agreement, as revised by the First Amendment, without regard to this Amendment, and (iii) as of April 1, 2019, Subscriber shall be obligated to pay the contractually required charges (105% of current charges as of November 30, 2018) for the period between December 1, 2018, and March 30, 2019, and thereafter in accordance with the Agreement.
3.As amended hereby, the Agreement remains in full force and effect.

74384936_1
80663144_2

Exhibit 10.24

IN WITNESS WHEREOF, the parties have executed this Amendment as of the date first noted above.
Made and executed this ___ day of October, 2018.

Thomson Reuters (Markets) LLC
By: /s/ Tim Rutka
Name: Tim Rutka
Title: Head of Technology & Ops - WM

LPL Financial LLC
By: /s/ Peggy Ho
Name: Peggy Ho
Title: EVP, Government Relations

74384936_1
80663144_2

Exhibit 10.24

FIFTH AMENDMENT
TO
MASTER SUBSCRIPTION AGREEMENT
THIS FIFTH AMENDMENT (the “Amendment”), made effective this 22nd day of January, 2019 to that certain BETAHost Master Subscription Agreement by and between Thomson Reuters (Markets) LLC (“TR”), at 350 North Sunny Slope Road, Brookfield, WI 53005, and LPL Financial LLC (“Subscriber”), at 75 State Street, 22nd Floor, Boston, MA 02109 dated December 30, 2008 (the “Agreement”).
WITNESSETH THAT:
WHEREAS, the parties hereto have entered into the Agreement for TR to provide to Subscriber a data processing service called BETAHost; and
WHEREAS, the parties desire to amend the Agreement to modify previous amendment numbers;
WHEREAS, TR and Subscriber desire to extend the terms of the Agreement through June 30, 2019, to enable the parties to negotiate a new Agreement and new set of schedules with an extended term and other revised terms and conditions,
NOW THEREFORE, in consideration of the mutual covenants hereinafter set forth, and other good and valuable consideration, the receipt and adequacy of which is hereby acknowledged, the parties hereto agree to amend the Agreement as follows:
1.The parties agree that the previous Second Amendment with effective date October 8, 2018 should have been labeled as follows:
•FOURTH AMENDMENT with effective date October 8, 2018
2.The term of the Agreement shall continue and remain in effect through June 30, 2019, without a change in Fees.
3.Provided that the parties renew the Agreement for a period mutually agreed upon between the Parties on or before June 30, 2019, TR hereby waives its right to auto extend the Agreement to November 30, 2019, at charges equal to 105% of the current charges now in effect, in accordance with Paragraph 6(b) of the Agreement, as revised by the First Amendment to the Agreement dated December 1, 2013, and executed on December 30, 2013 (the “First Amendment”).
If the parties do not enter into such extension by or before June 30, 2019, (i) the waiver set forth in the prior paragraph shall be void, (ii) the Agreement shall continue in accordance with Paragraph 6(b) of the Agreement, as revised by the First Amendment, without regard to this Amendment, and (iii) as of July 1, 2019, Subscriber shall be obligated to pay the contractually required charges (105% of current charges as of November 30, 2018) for the period between December 1, 2018, and June 30, 2019, and thereafter in accordance with the Agreement.
4.As amended hereby, the Agreement remains in full force and effect.
74384936_1
80663144_2

Exhibit 10.24

IN WITNESS WHEREOF, the parties have executed this Amendment as of the date first noted above.
Made and executed this ___ day of January, 2019.
Thomson Reuters (Markets) LLC
By: /s/ Tim Rutka
Name: Tim Rutka
Title: Head of BETA

LPL Financial LLC
By: /s/ Peggy Ho
Name: Peggy Ho
Title: EVP Chief of Staff

74384936_1
80663144_2

Exhibit 10.24

SIXTH AMENDMENT
TO
MASTER SUBSCRIPTION AGREEMENT

THIS SIXTH AMENDMENT (the “Amendment”), made effective this 31st day of May, 2019 to that certain BETAHost Master Subscription Agreement by and between Thomson Reuters (Markets) LLC (“TR”), at 350 North Sunny Slope Road, Brookfield, WI 53005, and LPL Financial LLC (“Subscriber”), at 75 State Street, 22nd Floor, Boston, MA 02109 dated December 30, 2008 (the “Agreement”).

WITNESSETH THAT:

WHEREAS, the parties hereto have entered into the Agreement for TR to provide to Subscriber a data processing service called BETAHost; and
WHEREAS, TR and Subscriber desire to extend the terms of the Agreement through September 30, 2019, to enable the parties to negotiate a new Agreement and new set of schedules with an extended term and other revised terms and conditions;
NOW THEREFORE, in consideration of the mutual covenants hereinafter set forth, and other good and valuable consideration, the receipt and adequacy of which is hereby acknowledged, the parties hereto agree to amend the Agreement as follows:
1.The term of the Agreement shall continue and remain in effect through September 30, 2019, without a change in Fees.
2.Provided that the parties renew the Agreement for a period mutually agreed upon between the Parties on or before September 30, 2019, TR hereby waives its right to auto extend the Agreement to November 30, 2019, at charges equal to 105% of the current charges now in effect, in accordance with Paragraph 6(b) of the Agreement, as revised by the First Amendment to the Agreement dated December 1, 2013, and executed on December 30, 2013 (the “First Amendment”).
If the parties do not enter into such extension by or before September 30, 2019, (i) the waiver set forth in the prior paragraph shall be void, (ii) the Agreement shall continue in accordance with Paragraph 6(b) of the Agreement, as revised by the First Amendment, without regard to this Amendment, and (iii) as of October 1, 2019, Subscriber shall be obligated to pay the contractually required charges (105% of current charges as of November 30, 2018) for the period between December 1, 2018, and September 30, 2019, and thereafter in accordance with the Agreement.
3.As amended hereby, the Agreement remains in full force and effect.

74384936_1
80663144_2

Exhibit 10.24

IN WITNESS WHEREOF, the parties have executed this Amendment as of the date first noted above.
Made and executed this ___ day of May, 2019.

Thomson Reuters (Markets) LLC

By: /s/ Tim Rutka
Name: Tim Rutka
Title: Head of BETA

LPL Financial LLC
By: /s/ Peggy Ho
Name: Peggy Ho
Title: EVP Chief of Staff

74384936_1
80663144_2

Exhibit 10.24

SEVENTH AMENDMENT
TO
MASTER SUBSCRIPTION AGREEMENT

THIS SEVENTH AMENDMENT (the “Amendment”), effective as of this 27th day of September, 2019 is made by LPL Financial LLC (“Subscriber”), at 75 State Street, 22nd Floor, Boston, MA 02109 and Refinitiv US LLC (“Refinitiv”), at 3 Times Square, New York, NY 10036 to that certain BETAHost Master Subscription Agreement by and between the parties dated December 30, 2008, (as amended, the “Agreement”).
WITNESSETH THAT:
WHEREAS, the parties entered into the Agreement for Refinitiv to provide to Subscriber a data processing service called BETAHost; and
WHEREAS, Refinitiv and Subscriber desire to extend the terms of the Agreement through November 29, 2019, to enable the parties to negotiate a new Agreement and new set of schedules with an extended term and other revised terms and conditions;
NOW THEREFORE, in consideration of the mutual covenants hereinafter set forth, and other good and valuable consideration, the receipt and adequacy of which is hereby acknowledged, the parties hereto agree to amend the Agreement as follows:
1.The term of the Agreement shall continue and remain in effect through November 29, 2019, without a change in Fees.Provided that the parties renew the Agreement for a period mutually agreed upon between the Parties on or before November 29, 2019, TR hereby waives its right to auto extend the Agreement from December 1, 2018 to November 30, 2019, at charges equal to 105% of the current charges now in effect, in accordance with the Agreement.
If the parties do not enter into such extension by or before November 29, 2019, (i) the waiver set forth in the prior paragraph shall be void, (ii) the Agreement shall continue without regard to this Amendment, and (iii) as of November 30, 2019, Subscriber shall be obligated to pay the contractually required charges (105% of current charges as of November 30, 2018) for the period between December 1, 2018, and November 29, 2019, and thereafter in accordance with the Agreement.
2.As amended hereby, the Agreement remains in full force and effect.

74384936_1
80663144_2

Exhibit 10.24

IN WITNESS WHEREOF, the parties have executed this Amendment as of the date first noted above.
Made and executed this ___ day of September 2019.

Refinitiv US LLC
By: /s/ Tim Rutka
Name: Tim Rutka
Title: Head of BETA

LPL Financial LLC
By: /s/ Peggy Ho
Name: Peggy Ho
Title: EVP Chief of Staff

74384936_1
80663144_2

Exhibit 10.24

EIGHTH AMENDMENT
TO
MASTER SUBSCRIPTION AGREEMENT

THIS EIGHTH AMENDMENT (the “Amendment”), effective as of this 19th day of November, 2019 is made by LPL Financial LLC (“Subscriber”), at 75 State Street, 22nd Floor, Boston, MA 02109 and Refinitiv US LLC (“Refinitiv”), at 3 Times Square, New York, NY 10036 to that certain BETAHost Master Subscription Agreement by and between the parties dated December 30, 2008, (as amended, the “Agreement”).
WITNESSETH THAT:
WHEREAS, the parties entered into the Agreement for Refinitiv to provide to Subscriber a data processing service called BETAHost; and
WHEREAS, Refinitiv and Subscriber desire to extend the terms of the Agreement through March 31, 2020, to enable the parties to negotiate a new Agreement and new set of schedules with an extended term and other revised terms and conditions;
NOW THEREFORE, in consideration of the mutual covenants hereinafter set forth, and other good and valuable consideration, the receipt and adequacy of which is hereby acknowledged, the parties hereto agree to amend the Agreement as follows:
1.The term of the Agreement shall continue and remain in effect through March 31, 2020, without a change in Fees.
2.Provided that the parties renew the Agreement for a period mutually agreed upon between the Parties on or before March 31, 2020, Refinitiv hereby waives its right to auto extend the Agreement from December 1, 2018 to March 31, 2020, at charges equal to 105% of the current charges now in effect, in accordance with the Agreement.
If the parties do not enter into such extension by or before March 31, 2020, (i) the waiver set forth in the prior paragraph shall be void, (ii) the Agreement shall continue without regard to this Amendment, and (iii) as of March 31, 2020, Subscriber shall be obligated to pay the contractually required charges (105% of current charges as of November 30, 2018) for the period between December 1, 2018, and March 31, 2020, and thereafter in accordance with the Agreement.
3.As amended hereby, the Agreement remains in full force and effect.

74384936_1
80663144_2

Exhibit 10.24

IN WITNESS WHEREOF, the parties have executed this Amendment as of the date first noted above.
Made and executed this ___ day of ______
Refinitiv US LLC
By: /s/ Tim Rutka
Name: Tim Rutka
Title: Head of BETA

LPL Financial LLC
By: /s/ Peggy Ho
Name: Peggy Ho
Title: EVP Chief of Staff
74384936_1
80663144_2

Exhibit 10.24

NINTH AMENDMENT 
TO
MASTER SUBSCRIPTION AGREEMENT

THIS NINTH  AMENDMENT (the “Amendment”), effective as of this _24th__ day of March, 2020 is made by LPL Financial LLC (“Subscriber”), at 75 State Street, 22nd Floor, Boston, MA 02109 and Refinitiv US LLC  (“Refinitiv”), at 3 Times Square, New York, NY 10036 to that certain BETAHost Master Subscription Agreement by and between the parties dated December 30, 2008,  ( as amended, the “Agreement”).

WITNESSETH THAT:

WHEREAS, the parties entered into the Agreement for Refinitiv to provide to Subscriber a data processing service called BETAHost; and

WHEREAS, Refinitiv and Subscriber desire to extend the terms of the Agreement through September 30, 2020, to enable the parties to negotiate a new Agreement and new set of schedules with an extended term and other revised terms and conditions;

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

1.The term of the Agreement shall continue and remain in effect through September 30, 2020, without a change in Fees.

2.   Provided that the parties renew the Agreement for a period mutually agreed upon between the Parties on or before September 30, 2020, Refinitiv hereby waives its right to auto extend the Agreement from December 1, 2018 to September 30, 2020, at charges equal to 105% of the current charges now in effect, in accordance with the Agreement.

If the parties do not enter into such extension by or before September 30, 2020, (i) the waiver set forth in the prior paragraph shall be void, (ii) the Agreement shall continue  without regard to this Amendment, and (iii) as of September 30, 2020, Subscriber shall be obligated to pay the contractually required charges (105% of current charges as of November 30, 2018) for the period between December 1, 2018, and September 30, 2020, and thereafter in accordance with the Agreement.

3.   As amended hereby, the Agreement remains in full force and effect.

74384936_1
80663144_2

Exhibit 10.24

IN WITNESS WHEREOF, the parties have executed this Amendment as of the date first noted above.
Made and executed this ___ day of ______

Refinitiv US LLC

By: /s/ Tim Rutka                             

Name: Tim Rutka                            

Title: Head of BETA Platform          

LPL Financial LLC

By: /s/ Peggy Ho                           

Name: Peggy Ho                          

Title: EVP Chief of Staff         
74384936_1
80663144_2

Exhibit 10.24

TENTH AMENDMENT
TO
MASTER SUBSCRIPTION AGREEMENT

THIS TENTH  AMENDMENT (the “Amendment”), effective as of this _18th__ day of September, 2020 is made by LPL Financial LLC (“Subscriber”), at 75 State Street, 22nd Floor, Boston, MA 02109 and Refinitiv US LLC  (“Refinitiv”), at 3 Times Square, New York, NY 10036 to that certain BETAHost Master Subscription Agreement by and between the parties dated December 30, 2008,  ( as amended, the “Agreement”).

WITNESSETH THAT:

WHEREAS, the parties entered into the Agreement for Refinitiv to provide to Subscriber a data processing service called BETAHost; and

WHEREAS, Refinitiv and Subscriber desire to extend the terms of the Agreement through December 31, 2020, to enable the parties to negotiate a new Agreement and new set of schedules with an extended term and other revised terms and conditions;

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

1.The term of the Agreement shall continue and remain in effect through December 31, 2020, without a change in Fees.

2.Provided that the parties renew the Agreement for a period mutually agreed upon between the Parties on or before December 31, 2020, Refinitiv hereby waives its right to auto extend the Agreement from December 1, 2018 to December 31, 2020, at charges equal to 105% of the current charges now in effect, in accordance with the Agreement.

If the parties do not enter into such extension by or before December 31, 2020, (i) the waiver set forth in the prior paragraph shall be void, (ii) the Agreement shall continue  without regard to this Amendment, and (iii) as of December 31, 2020, Subscriber shall be obligated to pay the contractually required charges (105% of current charges as of November 30, 2018) for the period between December 1, 2018, and December 31, 2020, and thereafter in accordance with the Agreement.

3.As amended hereby, the Agreement remains in full force and effect.

74384936_1
80663144_2

Exhibit 10.24

IN WITNESS WHEREOF, the parties have executed this Amendment as of the date first noted above.
Made and executed this ___ day of ______

Refinitiv US LLC

By: /s/ Tim Rutka                              

Name: Tim Rutka                             

Title: Head of BETA                         

LPL Financial LLC

By: /s/ Peggy Ho                           

Name: Peggy Ho                           

Title: EVP Chief of Staff                 
 

74384936_1
80663144_2

Exhibit 10.24

ELEVENTH AMENDMENT
TO
MASTER SUBSCRIPTION AGREEMENT

THIS ELEVENTH  AMENDMENT (the “Amendment”), effective as of this _22th__ day of December, 2020 is made by LPL Financial LLC (“Subscriber”), at 75 State Street, 22nd Floor, Boston, MA 02109 and Refinitiv US LLC  (“Refinitiv”), at 3 Times Square, New York, NY 10036 to that certain BETAHost Master Subscription Agreement by and between the parties dated December 30, 2008,  ( as amended, the “Agreement”).

WITNESSETH THAT:

WHEREAS, the parties entered into the Agreement for Refinitiv to provide to Subscriber a data processing service called BETAHost; and

WHEREAS, Refinitiv and Subscriber desire to extend the terms of the Agreement through March 1st , 2021, to enable the parties to negotiate a new Agreement and new set of schedules with an extended term and other revised terms and conditions;

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

1.The term of the Agreement shall continue and remain in effect through March 1st , 2021, without a change in Fees.

2.Provided that the parties renew the Agreement for a period mutually agreed upon between the Parties on or before March 1st , 2021, Refinitiv hereby waives its right to auto extend the Agreement from December 1, 2018 to March 1st , 2021, at charges equal to 105% of the current charges now in effect, in accordance with the Agreement.

If the parties do not enter into such extension by or before March 1st , 2021, (i) the waiver set forth in the prior paragraph shall be void, (ii) the Agreement shall continue  without regard to this Amendment, and (iii) as of March 1st , 2021, Subscriber shall be obligated to pay the contractually required charges (105% of current charges as of November 30, 2018) for the period between December 1, 2018, and March 1st , 2021, and thereafter in accordance with the Agreement.

3.As amended hereby, the Agreement remains in full force and effect.

74384936_1
80663144_2

Exhibit 10.24

IN WITNESS WHEREOF, the parties have executed this Amendment as of the date first noted above.
Made and executed this ___ day of ______

Refinitiv US LLC

By: /s/ Tim Rutka                             

Name: Tim Rutka                            

Title: Head of BETA                       

LPL Financial LLC

By: /s/ Amy Evins                          

Name: Amy Evins                          

Title: Evp                                     

74384936_1
80663144_2Document

Exhibit 10.25

LPL FINANCIAL HOLDINGS INC.
2012 EMPLOYEE STOCK PURCHASE PLAN
(as amended and restated effective as of October 29, 2019) 
Section 1. Defined Terms
Exhibit A, which is incorporated by reference, defines the terms used in the Plan and sets forth certain operational rules related to those terms.
Section 2. Purpose of Plan
The Plan is intended to enable Eligible Employees of LPL and its Subsidiaries to use payroll deductions to purchase shares of Stock, and thereby acquire an interest in the future of LPL. The Plan is intended to qualify under Code Section 423 and to be exempt from the application and requirements of Code Section 409A, and is to be construed accordingly.
Section 3. Options to Purchase Stock
Subject to adjustment pursuant to Section 15 of this Plan, the maximum aggregate number of shares of Stock available for sale pursuant to the exercise of Options granted under the Plan to Eligible Employees shall be 1,000,000 shares of Stock, increased annually by a number of shares of Stock equal to the lesser of (a) 200,000 shares of Stock or (b) a number determined by the Board. Subject to the terms of the Plan, any amendments made to the Plan, or termination of the Plan by the Board, such annual increases shall occur automatically on January 1 of each year the Plan is in effect, beginning in 2013 and ending in 2021.
The shares of Stock to be delivered upon exercise of Options under the Plan may be either shares of authorized but unissued Stock, Treasury Stock, or Stock acquired in an open-market transaction, all as the Board may determine. If any Option granted under the Plan shall expire or terminate for any reason without having been exercised in full or shall cease for any reason to be exercisable in whole or in part, the unpurchased shares of Stock subject to such Option shall again be available for sale pursuant to the exercise of Options under the Plan.
Section 4. Eligibility
Subject to Section 12, and any exceptions and limitations set forth in (a) and (b) below, or as may be provided elsewhere in the Plan, each Employee who is employed by the Company as of the first day of an Enrollment Period will be eligible to participate in the Plan; provided, that no Employee will be eligible to participate in the Plan if:
(a) Such Employee’s regular earnings (i.e., base salary) from the Company for the prior year exceeded $200,000 (or, if higher, the “compensation” taken into account for purposes of determining that the Employee is a highly compensated employee under Code Section 414(q)); or
(b) Such Employee is subject to the disclosure requirements of Section 16(a) of the Exchange Act.

Section 5. Method of Participation
The Plan shall generally be implemented by a series of “Offering Periods.” Unless otherwise determined by the Administrator, the Offering Periods shall be three (3) month periods and will commence on the first day of the payroll period occurring on or near February 10, May 19, August 11 and November 3 of each year provided, that the Initial Offering Period under the Plan may commence on some other date, as the Administrator may specify, and provided further, that the next Offering Period following the Initial Offering Period will commence on such date as the Administrator may specify, and may or may not follow immediately after the Initial Offering Period ends. Each Offering Period will have only one Purchase Date, which will occur on the payroll date that occurs after last day of each Offering Period.
Preceding each Offering Period there will be an Enrollment Period specified by the Administrator, during which Eligible Employees (determined as of the first date of an Enrollment Period) may elect to become a Participant in the Plan by executing and delivering a payroll deduction authorization in accordance with Section 7 by the last day of an Enrollment Period (the “Enrollment Deadline”). Any Eligible Employee who so elects will thereby become a Participant on the first day of such Offering Period and shall remain a Participant with respect to subsequent Offering Periods until his or her participation is terminated as provided in the Plan.

‒1‒
218369-3

Exhibit 10.25

The Administrator may change the Offering Periods, Purchase Dates, Purchase Price, and Enrollment Periods and may change the duration of any Offering Periods or Enrollment Periods without shareholder approval.
Section 6. Option Grant
Each person who is a Participant on the first day of an Offering Period will automatically be granted as of such day and for such Offering Period an Option entitling the Participant to acquire that number of shares of Stock (which number may include a fractional share) that equals the aggregate amount of his or her withholding account at the end of an Offering Period divided by the Purchase Price, but not more than one hundred (100) shares of Stock (or such other number as the Administrator may prescribe); provided, that:
(a) No Participant shall be granted an Option under the Plan who, immediately after the Option is granted would own (or pursuant to Code Section 424(d) would be deemed to own) stock possessing five percent (5%) or more of the total combined voting power or value of all classes of stock of LPL or of its Parent or Subsidiaries, if any; and
(b) No Participant shall be granted an Option under the Plan that would permit his or her rights to purchase shares of Stock under all employee stock purchase plans of LPL and its Parent and Subsidiaries, if any, to accrue at a rate that exceeds $25,000 (or such other maximum as may be prescribed from time to time by the Code) of the Fair Market Value of such shares of Stock for each calendar year during which any such Option granted to such Participant is outstanding at any time, as determined in accordance with Code Section 423(b)(8).

The Administrator will reduce, on a substantially proportionate basis, the number of shares of Stock purchasable by each Participant upon exercise of his or her Option for an Offering Period in the event that the number of shares of Stock then available under the Plan is insufficient.
Section 7. Method of Payment
Participants must pay for shares of Stock purchased upon exercise of an Option through regular payroll deductions. Each payroll deduction authorization will request withholding at a specified dollar amount per payroll period, subject to such minimum and maximum amounts determined by the Administrator in a manner consistent with the requirements of Section 423(b)(5) of the Code relating to rights and privileges. Withholding will be accomplished by means of payroll deductions from payroll dates relating to payroll periods occurring in the Offering Period. A payroll deduction authorization will remain in effect for subsequent Offering Periods until it is changed or revoked in accordance with this Section 7 or Section 12, as the case may be. A Participant may change his or her withholding rate for subsequent Offering Periods by filing a new payroll deduction authorization with the Administrator during the Enrollment Period for the Offering Period for which the change is to be effective. A Participant may, at any time up to fifteen (15) days prior to the applicable Purchase Date, reduce his or her withholding rate for future payroll periods during an ongoing Offering Period by filing a new payroll deduction authorization with the Administrator; provided, such authorization will become effective for the next payroll period beginning after such request as soon as administratively possible after the deduction authorization is received.
All payroll deductions made pursuant to this Section 7 will be credited to a withholding account maintained in the Participant’s name on the books of the Company or maintained by the Administrator. Amounts credited to the withholding account will not be required to be set aside in trust or otherwise segregated from the Company’s general assets.
Section 8. Exercise of Options
Subject to the limitations set forth below in this Section 8, each Employee who is a Participant in the Plan on the Purchase Date for an Offering Period shall be deemed to have exercised the Option granted to him or her during that Offering Period on the Purchase Date for such Offering Period. Upon such exercise, the Company (or the Administrator) will apply the balance of the Participant’s withholding account to the purchase of the number of shares of Stock determined under Section 6 and as soon as practicable thereafter will evidence the transfer of shares of Stock in book-entry.

‒2‒
218369-3

Exhibit 10.25

Any amounts contributed by a Participant or withheld from the Participant’s compensation that are not used for the purchase of shares of Stock, whether because of such Participant’s withdrawal from participation in an Offering Period or for any other reason, shall be repaid without interest to the Participant or his or her designated beneficiary or legal representative, as applicable, within a reasonable time thereafter.
Notwithstanding any provision of the Plan to the contrary, no Option may be exercised after twenty-seven (27) months from its grant date.
Section 9. Restrictions on Transfer
By electing to participate in the Plan, each Participant agrees to be subject to the transfer restrictions set forth in this Section 9.
All shares of Stock purchased under the Plan will be subject to a restriction prohibiting the transfer of such shares of Stock from the account where such shares of Stock are initially held until such shares are sold through the Plan’s custodian and record keeper. For the avoidance of doubt, this restriction will remain in effect following the termination of a Participant’s employment with the Company.
Section 10. Interest
No interest shall be payable on withholding accounts.
Section 11. Taxes
Payroll deductions shall be made on an after-tax basis. The Administrator shall have the right, as a condition to exercising an Option, to make such provision as it deems necessary to satisfy its obligations to withhold federal, state, local income or other taxes incurred by reason of the purchase or disposition of shares of Stock under the Plan. In the Administrator’s discretion and subject to applicable law, such tax obligations may be paid in whole or in part by delivery of shares of Stock to the Company, including shares of Stock purchased under the Plan, valued at Fair Market Value. The Administrator may, to the extent permitted by law, deduct any tax obligations from any payment of any kind due to the Participant.

Section 12. Cancellation and Withdrawal
A Participant who holds an Option under the Plan may, at any time up to fifteen (15) days prior to the applicable Purchase Date, cancel all (but not less than all) of his or her Option by written notice delivered to the Administrator. Upon such cancellation, the balance in the Participant’s withholding account shall be returned to the Participant without interest.
A Participant may terminate his or her payroll deduction authorization in accordance with Section 7. Any Participant who voluntarily terminates his or her payroll deduction authorization at any time up to fifteen (15) days prior to the applicable Purchase Date will be deemed to have canceled his or her Option; provided, that a Participant who reduces his or her withholding rate for future payroll periods to zero pursuant to Section 7, but does not elect to revoke his or her payroll deduction authorization, will not be deemed to have canceled his or her Option.
A Participant who makes a hardship withdrawal from a 401(k) Plan will be deemed to have terminated his or her payroll deduction authorization for subsequent payroll dates relating to the then current Offering Period as of the date of such hardship withdrawal. 
Section 13. Termination of Employment; Death of Participant
Upon the termination of a Participant’s employment with the Company for any reason or the death of a Participant during an Offering Period prior to a Purchase Date, the Participant will cease to be a Participant, any Option held by him or her under the Plan will be deemed canceled, the balance of his or her withholding account will be returned to the Participant (or his or her estate or designated beneficiary in the event of the Participant’s death) without interest, and he or she will have no further rights under the Plan.
‒3‒
218369-3

Exhibit 10.25

Section 14. Equal Rights; Participant’s Rights Not Transferable
All Participants granted Options under the Plan shall have the same rights and privileges. Any Option granted under the Plan will be exercisable during the Participant’s lifetime only by him or her and may not be sold, pledged, assigned, or transferred in any manner. In the event any Participant violates or attempts to violate the terms of this Section 14, as determined by the Company in its sole discretion, any Options held by him or her may be terminated by the Company and, upon return to the Participant of the balance of his or her withholding account without interest, all of the Participant’s rights under the Plan will terminate.
Section 15. Change in Capitalization; Merger
In the event of any change in the outstanding Stock by reason of a stock dividend, split-up, recapitalization, merger, consolidation, reorganization, or other capital change, the aggregate number and type of shares of Stock available under the Plan, the number and type of shares of Stock under any Options granted but not exercised, the maximum number and type of shares of Stock purchasable under an Option, and the Purchase Price will be appropriately adjusted; provided, that no such adjustment shall be made unless the Company is satisfied that it will not constitute a modification of the rights granted under the Plan or otherwise disqualify the Plan as an employee stock purchase plan under the provisions of Code Section 423 and any regulations thereunder.
In the event of a sale of all or substantially all of the Stock or a sale of all or substantially all of the assets of LPL, or a merger or similar transaction in which LPL is not the surviving corporation or which results in the acquisition of LPL by another person, the Administrator may, in its discretion, (a) if LPL is merged with or acquired by another corporation, provide that each outstanding Option will be assumed or a substitute Option granted by the acquiror or successor corporation or a parent or subsidiary of the acquiror or successor corporation, (b) cancel each Option and return the balances in Participants’ withholding accounts to the Participants, and/or (c) pursuant to Section 17, end the Offering Period on or before the date of the proposed sale or merger.
Section 16. Administration of Plan
The Plan will be administered by the Administrator, which will have the right to determine any questions which may arise regarding the interpretation and application of the provisions of the Plan and to make, administer, and interpret such rules and regulations as it will deem necessary or advisable.
The Administrator may specify the manner in which Employees are to provide notices and payroll deduction authorizations. Notwithstanding any requirement of “written notice” herein, the Administrator may permit Employees to provide notices and payroll deduction authorizations electronically.
Section 17. Amendment and Termination of Plan
LPL reserves the right at any time or times to amend the Plan to any extent and in any manner it may deem advisable, by action of the Board; provided, that any amendment that would be treated as the adoption of a new plan for purposes of Code Section 423 and the regulations thereunder will have no force or effect unless approved by the shareholders of LPL within twelve (12) months before or after its adoption.
The Plan may be suspended or terminated at any time by LPL, by action of the Board. In connection therewith, the Board may provide, in its sole discretion, either that outstanding Options will be exercisable either at the Purchase Date for the applicable Offering Period or on such earlier date as the Board may specify (in which case such earlier date will be treated as the Purchase Date for the applicable Offering Period), or that the balance of each Participant’s withholding account shall be returned to the Participant without interest.
Section 18. Approvals
Shareholder approval of the Plan, as originally adopted by the Board on July 30, 2012, was obtained on May 8, 2013.

Notwithstanding anything herein to the contrary, LPL’s obligation to issue and deliver shares of Stock under the Plan will be subject to the approval required of any governmental authority in connection with the authorization, issuance, sale or transfer of said shares of Stock, to any requirements of any national securities exchange applicable thereto, and to compliance by the Company with other applicable legal requirements in effect from time to time.
‒4‒
218369-3

Exhibit 10.25

Section 19. Participants’ Rights as Shareholders and Employees
A Participant shall have no rights or privileges as a shareholder of LPL and shall not receive any dividends in respect of any shares of Stock covered by an Option granted hereunder until such Option has been exercised, full payment has been made for such shares of Stock, and the shares of Stock have been issued.
Nothing contained in the provisions of the Plan will be construed as giving to any Employee the right to be retained in the employ of the Company or as interfering with the right of the Company to discharge, promote, demote or otherwise re-assign any Employee from one position to another within the Company at any time.
Section 20. Governing Law
Subject to overriding federal law, the Plan shall be governed by and interpreted consistently with the laws of the State of Delaware.
Section 21. Effective Date and Term
This Plan originally became effective on July 30, 2012. This Plan, as amended and restated, became effective as of July 26, 2019.
No rights shall be granted hereunder after the earliest to occur of (a) the Plan’s termination by LPL, (b) the issuance of all shares of Stock available for issuance under the Plan or (c) the day before the ten year anniversary of the date the Board approves the Plan. 

‒5‒
218369-3

Exhibit 10.25

EXHIBIT A
Definition of Terms
The following terms, when used in the Plan, will have the meanings and be subject to the provisions set forth below:
“401(k) Plan”: A savings plan qualifying under Code Section 401(k) that is sponsored by the Company for the benefit of its employees. 
“Account Shares”: Shares of Stock (including fractional shares) acquired in accordance with the terms of the Plan, which are held in an account maintained by the Plan’s custodian and record keeper.
“Administrator”: The Compensation and Human Resources Committee of the Board and its delegates, except that the Committee may delegate its authority under the Plan to a sub-committee comprised of one or more of its members, members of the Board, or officers or employees of the Company. In each case references herein to the Administrator shall refer, as applicable, to such persons or groups so delegated to the extent of such delegation.
“Board”: The Board of Directors of LPL.
“Code”: The U.S. Internal Revenue Code of 1986 as from time to time amended and in effect, or any successor statute as from time to time in effect.
“Company”: LPL Financial Holdings Inc. and any of its Subsidiaries that have been designated by the Board to participate in the Plan.
“Effective Date”: The date set forth in Section 21 of the Plan.
“Eligible Employee”: Any Employee who meets the eligibility requirements set forth in Section 4 of the Plan.
“Employee”: Any person who is employed by the Company. For the avoidance of doubt, independent consultants and independent contractors are not “Employees.”
“Enrollment Deadline”: The last day of an Enrollment Period.
“Enrollment Period”: The period preceding each Offering Period, as specified by the Administrator, during which an Eligible Employee for such Offering Period may elect to participate in the Plan.
“Exchange Act”: The Securities Exchange Act of 1934, as from time to time amended and in effect, or any successor statute as from time to time in effect.

“Fair Market Value”:
(a) If the Stock is readily traded on an established national exchange or trading system (including the Nasdaq Global Market), the closing price of the Stock as reported by the principal exchange on which such Stock is traded for; provided, that if such day is not a trading day, Fair Market Value will mean the reported closing price of the Stock for the next preceding day which is a trading day.
(b) If the Stock is not traded on an established national exchange or trading system, the average of the bid and ask prices for such Stock where the bid and ask prices are quoted.
(c) If the Stock cannot be valued pursuant to clauses (a) or (b), the value as determined in good faith by the Board in its sole discretion.
“Initial Offering Period”: The first Offering Period after the Effective Date, commencing on a date to be specified by the Administrator.
“LPL”: LPL Financial Holdings Inc.
“Option”: An option granted pursuant to the Plan entitling the holder to acquire shares of Stock upon payment of the Purchase Price.

‒6‒
218369-3

Exhibit 10.25

“Offering Period”: An offering period established in accordance with Section 5.
“Parent”: As defined in Code Section 424(e).
“Participant”: An Eligible Employee who elects to enroll in the Plan.
“Plan”: The LPL Financial Holdings Inc. 2012 Employee Stock Purchase Plan as from time to time amended and in effect.
“Purchase Date”: The date designated by the Administrator with respect to a particular Offering Period on which a Participant shall be deemed to have exercised the Option granted to him or her for such Offering Period.
“Purchase Price”: The lower of (a) the Fair Market Value of a share of Stock on the date on which the Option was granted pursuant to Section 6 and (b) the Fair Market Value of a share of Stock on the date on which the Option is deemed exercised pursuant to Section 8, in each case multiplied by a specified discount. The initial specified discount shall be fifteen percent (15%) and may be changed from time to time by the Administrator, provided the specified discount may never be greater than fifteen percent (15%).
“Stock”: Common Stock of LPL, par value $0.001 per share.
“Subsidiary”: Any corporation that would be treated as a subsidiary of LPL under Section 424(f) of the Code.
‒7‒
218369-3

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00321-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00321-of-00352.parquet"}]]