Document:

Exhibit 10.6

 

PURCHASE AGREEMENT

 

PURCHASE AGREEMENT,
dated [●], 2019 (this “Agreement”), by and among the sellers listed on Schedule I hereto, as sellers
(collectively, the “Sellers” and each, a “Seller”), and Tradeweb Markets Inc., a Delaware
corporation, as purchaser (the “Purchaser”).

 

WHEREAS, the Board
of Directors of the Purchaser has determined to effect an underwritten initial public offering (the “IPO”) of
the Purchaser’s Class A common stock, par value $0.00001 per share (the “Class A Common Stock”);

 

WHEREAS, in connection
with the consummation of the IPO, each Seller wishes to sell to the Purchaser (the “Sale”), and the Purchaser
wishes to purchase from each Seller, the number of common membership units (“Common Units”) of Tradeweb Markets
LLC, a Delaware limited liability company (“TWM LLC”), set forth opposite such Seller’s name on Schedule
I hereto; and

 

WHEREAS, following
the date of this Agreement and prior to the consummation of the IPO and the Sale, the Purchaser and TWM LLC will effect a series
of organizational transactions, pursuant to which, among other things, all Shares (as defined in the Fourth Amended and Restated
Limited Liability Company Agreement of TWM LLC, dated as of June 26, 2014) will be reclassified into Common Units and split (collectively,
the “Recapitalization”) in accordance with the terms of the LLC Agreement (as defined below) and the Purchaser
will issue to the holders of Common Units, including the Sellers, shares of the Purchaser’s Class C common stock, par value
$0.00001 (“Class C Common Stock”), or Class D common stock, par value $0.00001 (“Class D Common Stock”),
or a combination of shares of Class C Common Stock and Class D Common Stock, in each case on a one-for-one basis with the number
of Common Units such holders receive in connection with the Recapitalization in accordance with the terms of that certain subscription
agreement (the “Subscription Agreement”) to be entered into by and among the Purchaser and such holders prior
to the consummation of the IPO and the Sale.

 

NOW, THEREFORE, in
consideration of the mutual covenants and agreements set forth herein and for good and valuable consideration, the receipt and
adequacy of which is hereby acknowledged, the parties hereto agree as follows:

 

ARTICLE 1

DEFINITIONS

 

		1.1	Definitions. As used in this Agreement, and unless
the context requires a different meaning, the following terms shall have the meanings set forth below:

 

“Additional Closing”
means each closing of the purchase of Additional Purchased Units.

 

“Additional Closing Sellers”
means the Sellers listed as “Additional Closing Sellers” on Schedule I hereto.

 

“Additional Common Shares”
means the number of shares of Class C Common Stock and/or Class D Common Stock, as applicable, set forth opposite such Seller’s
name under the heading entitled “Additional Purchased Units” on Schedule I hereto, which shares will be canceled
by the Purchaser upon delivery to the Purchaser of the corresponding Additional Purchased Units to be sold by any Additional Closing
Seller at an Additional Closing.

 

     

     

    

 

“Additional IPO Closing”
means any additional closing of the sale of Class A Common Stock in the IPO pursuant to the exercise of the underwriters’
option to purchase additional shares of Class A Common Stock, which closing may occur on the same date and time as the IPO Closing.

 

“Additional Purchased Units”
means the number of Common Units to be sold by any Additional Closing Seller at an Additional Closing set forth opposite such Additional
Closing Seller’s name under the heading entitled “Additional Purchased Units” on Schedule I hereto.

 

“Additional Shares”
means those Shares owned by such Seller as of the date of this Agreement that, upon the Recapitalization, will correspond to the
Additional Purchased Units.

 

“Class A Common Stock”
has the meaning set forth in the recitals of this Agreement.

 

“Class C Common Stock”
has the meaning set forth in the recitals of this Agreement.

 

“Class D Common Stock”
has the meaning set forth in the recitals of this Agreement.

 

“Closings” means the
Additional Closing together with the Initial Closing.

 

“Common Units” has the
meaning set forth in the recitals of this Agreement.

 

“Custodian” has the
meaning set forth in Section 3.1 hereof.

 

“Custody Agreement”
has the meaning set forth in Section 3.1 hereof.

 

“Initial Closing” means
the closing of the purchase of the Initial Purchased Units.

 

“Initial Closing Sellers”
means the Sellers listed as “Initial Closing Sellers” on Schedule I hereto.

 

“Initial Common Shares”
means the number of shares of Class C Common Stock and/or Class D Common Stock, as applicable, set forth opposite such Seller’s
name under the heading entitled “Initial Purchased Units” on Schedule I hereto, which shares will be canceled
by the Purchaser upon delivery to the Purchaser of the corresponding Initial Purchased Units.

 

     

     

    

 

“Initial Purchased Units”
means the number of Common Units set forth opposite such Seller’s name under the heading entitled “Initial Purchased
Units” on Schedule I hereto.

 

“Initial Shares” means
those Shares owned by such Seller as of the date of this Agreement that, upon the Recapitalization, will correspond to the Initial
Purchased Units.

 

“IPO” has the meaning
set forth in the recitals of this Agreement.

 

“IPO Closing” means
the initial closing of the sale of Class A Common Stock in the IPO.

 

“Lien” means any mortgage,
deed of trust, pledge, hypothecation, assignment, encumbrance, lien (statutory or other) or other security interest of any kind
or nature whatsoever, except for those arising under any Custody Agreement or Power of Attorney.

 

“LLC Agreement” means
the Fifth Amended and Restated Limited Liability Company Agreement of TWM LLC, to be effective prior to the consummation of the
IPO and the Sale, by and among TWM LLC and the other persons party thereto.

 

“Per Share Purchase Price”
means the purchase price per share of Class A Common Stock to be paid by the underwriters to the Purchaser pursuant to the underwriting
agreement for the IPO.

 

“Power of Attorney”
has the meaning set forth in Section 3.2 hereof.

 

“Purchaser” has the
meaning set forth in the preamble of this Agreement.

 

“Recapitalization” has
the meaning set forth in the preamble of this Agreement.

 

“Sellers” has the meaning
set forth in the preamble of this Agreement.

 

“Shares” has the meaning
set forth in the recitals of this Agreement.

 

“Subscription Agreement”
has the meaning set forth in the recitals of this Agreement.

 

“TWM LLC” has the meaning
set forth in the recitals of this Agreement.

 

ARTICLE 2

PURCHASE AND SALE OF COMMON UNITS

 

		2.1	Purchase and Sale.

 

		(a)	Subject to the terms herein set forth, at the Initial
Closing, each Initial Closing Seller agrees (severally and not jointly) to sell, convey, assign and transfer to the Purchaser
the Initial Purchased Units, and the Purchaser agrees to purchase such Initial Purchased Units from such Initial Closing Seller
for a purchase price per unit equal to the Per Share Purchase Price.

 

		(b)	Subject to the terms herein set forth, at each Additional
Closing, each Additional Closing Seller agrees (severally and not jointly) to sell, convey, assign and transfer to the Purchaser
the Additional Purchased Units, and the Purchaser agrees to purchase such Additional Purchased Units from such Seller for a purchase
price per unit equal to the Per Share Purchase Price.

 

     

     

    

 

		2.2	Closing.

 

		(a)	The Initial Closing shall occur at the offices of
Fried, Frank, Harris, Shriver & Jacobson LLP, One New York Plaza, New York, New York, 10004 immediately following the IPO
Closing.

 

		(b)	Each Additional Closing, if any, shall occur at the
offices of Fried, Frank, Harris, Shriver & Jacobson LLP, One New York Plaza, New York, New York, 10004 immediately after the
related Additional IPO Closing.

 

		(c)	At each Closing, (i) the Custodian on behalf of the
Purchaser shall deliver to each Seller the Per Share Purchase Price for each Initial Purchased Unit or Additional Purchased Unit,
as applicable, being purchased by the Purchaser from such Seller as set forth in Section 2.1 hereof, by wire transfer of
immediately available funds to a bank account specified by such Seller in its Custody Agreement, (ii) the Custodian on behalf
of each Seller shall deliver to the Purchaser the number of Initial Purchased Units or Additional Purchased Units, as applicable,
being sold by each Seller to the Purchaser and (iii) the Purchaser shall cancel the corresponding number of Initial Common Shares
or Additional Common Shares, as applicable.

 

		2.3	Conditions to Closing.

 

		(a)	The obligations of the Purchaser and each Seller to
be performed at any Closing shall be conditioned upon the simultaneous or prior completion of the IPO Closing or the applicable
Additional IPO Closing.

 

		(b)	The obligations of the Purchaser to be performed at
any Closing shall be subject to the condition that the representations and warranties set forth in Article 3 shall be true and
correct as of such Closing as if then made.

 

		(c)	The obligations of each Seller to be performed at
any Closing shall be subject to the condition that (i) the representations and warranties of the Purchaser set forth in Article
4 shall be true and correct as of such Closing as if then made and (ii) the Recapitalization shall be complete.

 

ARTICLE 3

REPRESENTATIONS AND WARRANTIES OF THE
SELLERS

 

Each Seller severally and not jointly represents
and warrants to, and agrees with, the Purchaser that (i) as of the date hereof and (ii) as of each Closing:

 

		3.1	Custody Agreement. Such Seller has placed in custody
under a custody agreement (for each Seller, a “Custody Agreement”) with American Stock Transfer & Trust
Company, LLC, as custodian (the “Custodian”), for delivery under this Agreement, security entitlements representing
the shares of Common Units to be sold by such Seller hereunder.

 

		3.2	Power of Attorney. Such Seller has duly and irrevocably
executed and delivered a power of attorney (for each Seller, a “Power of Attorney”) appointing certain individuals
as attorneys-in-fact (the “Attorneys-in-Fact”), with full power of substitution, and with full authority (exercisable
by any one or more of them) to execute and deliver this Agreement as set forth therein, and take any such actions on behalf of
such Seller in accordance with the terms of, and subject to the limitations set forth in, the Power of Attorney as may be necessary
to consummate the transactions contemplated under this Agreement.

 

     

     

    

 

		3.3	Capacity; Authority; Execution and Delivery;
Enforceability. Such Seller has the full power and authority to execute, deliver and perform this Agreement and the Custody
Agreement and Power of Attorney of such Seller and to consummate the transactions contemplated hereby and thereby. The execution
and delivery by or on behalf of such Seller of this Agreement and the Custody Agreement and Power of Attorney of such Seller and
the consummation by such Seller of the transactions contemplated hereby and thereby have been duly authorized by all necessary
action on the part of such Seller and no other proceedings on the part of such Seller are necessary to approve this Agreement
or the Custody Agreement or Power of Attorney of such Seller or to consummate the transactions contemplated hereby and thereby.
This Agreement and the Custody Agreement and the Power of Attorney of such Seller have been duly executed and delivered by or
on behalf of such Seller, and, assuming due execution and delivery by the Purchaser (in the case of this Agreement), constitute
the legal, valid and binding obligations of such Seller, enforceable against such Seller in accordance with their respective terms,
except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, fraudulent conveyance or transfer,
moratorium or similar laws affecting the enforcement of creditors’ rights generally or by equitable principles relating
to enforceability.

 

		3.4	Title. Such Seller has good, valid and marketable
title to, and has full right, power and authority to sell, convey, assign and transfer, free and clear of any Liens, the Initial
Shares and the Additional Shares, as applicable, and, upon the consummation of the Recapitalization as provided in the LLC Agreement,
will have good, valid and marketable title to, and will have full right, power and authority to sell, the Initial Purchased Units
and the Additional Purchased Units, as applicable, set forth opposite its name on Schedule I hereto. Upon such Seller’s
receipt of the applicable purchase price and the transfer of the Initial Purchased Units or Additional Purchased Units at the
Initial Closing or any Additional Closing, as applicable, good, valid and marketable title to the Initial Purchased Units and
any Additional Purchased Units, as applicable, will pass to the Purchaser, free and clear of any Liens.

 

		3.5	No Conflicts. The execution and the delivery of
this Agreement and the Custody Agreement and Power of Attorney of such Seller by or on behalf of such Seller and the consummation
of the transactions contemplated hereby and thereby will not (i) result in any breach of or constitute a default under any term
of any agreement, mortgage, indenture, license, permit, lease, or other instrument, or (ii) conflict with or result in a violation
of any judgment, decree, order, law, or regulation by which such Seller is bound, except as would not reasonably be expected to,
individually or in the aggregate, have a material adverse effect on the ability of such Seller to consummate the transactions
contemplated by this Agreement and the Custody Agreement and Power of Attorney of such Seller.

 

		3.6	Absence of Further Requirements. No consent, approval,
authorization or order of, or filing with, any person (including any governmental agency or body or any court) is required to
be obtained or made by such Seller for the consummation of the transactions contemplated by this Agreement and the Custody Agreement
and the Power of Attorney of such Seller, except where the failure to obtain any such consent, approval, authorization or order
would not reasonably be expected to, individually or in the aggregate, have a material adverse effect on the ability of such Seller
to consummate the transactions contemplated by this Agreement and the Custody Agreement and Power of Attorney of such Seller.

 

     

     

    

 

ARTICLE 4

REPRESENTATIONS AND WARRANTIES OF THE
PURCHASER

 

The Purchaser makes the following representations
and warranties for the benefit of the Sellers (i) as of the date hereof and (ii) as of each Closing:

 

		4.1	Organization, Standing and Power. The Purchaser
is duly organized, validly existing and in good standing under the laws of the jurisdiction in which it is organized.

 

		4.2	Authority; Execution and Delivery; Enforceability.
The Purchaser has the full power and authority to execute, deliver and perform this Agreement and to consummate the transactions
contemplated hereby. The execution and delivery by the Purchaser of this Agreement and the consummation by the Purchaser of the
transactions contemplated hereby have been duly authorized by all necessary action on the part of the Purchaser and no other proceedings
on the part of the Purchaser are necessary to approve this Agreement and to consummate the transactions contemplated hereby. The
Purchaser has duly executed and delivered this Agreement, and, assuming due execution and delivery by or on behalf of the Sellers,
this Agreement constitutes the legal, valid and binding obligation of the Purchaser, enforceable against the Purchaser in accordance
with its terms, except as enforceability may be limited by applicable bankruptcy, insolvency, reorganization, fraudulent conveyance
or transfer, moratorium or similar laws affecting the enforcement of creditors’ rights generally or by equitable principles
relating to enforceability.

 

		4.3	No Conflicts. The execution and the delivery of
this Agreement and the consummation of the transactions contemplated hereby will not (i) result in any breach of or constitute
a default under any term of any agreement, mortgage, indenture, license, permit, lease, or other instrument or (ii) conflict with
or result in a violation of any judgment, decree, order, law or regulation by which the Purchaser is bound, except as would not
reasonably be expected to, individually or in the aggregate, have a material adverse effect on the ability of the Purchaser to
consummate the transactions contemplated by this Agreement.

 

		4.4	Absence of Further Requirements. No consent, approval,
authorization or order of, or filing with, any person (including any governmental agency or body or any court) is required to
be obtained or made by the Purchaser for the consummation of the transactions contemplated by this Agreement, except where the
failure to obtain any such consent, approval, authorization or order would not reasonably be expected to, individually or in the
aggregate, have a material adverse effect on the ability of the Purchaser to consummate the transactions contemplated by this
Agreement.

 

ARTICLE 5

MISCELLANEOUS

 

		5.1	Adjustments of Numbers. All numbers set forth herein
that refer to unit amounts, including the number of Initial Purchased Units and Additional Purchased Units set forth in Schedule
I hereto, have been adjusted as appropriate to reflect the Recapitalization.

 

		5.2	Notices. All notices and other communications hereunder
shall be in writing and shall be deemed to have been duly given if mailed or transmitted and confirmed by any standard form of
telecommunication. Notices to the Purchaser shall be given to it at Tradeweb Markets Inc., 1177 Avenue of the Americas, New York,
New York 10036, Attention: General Counsel, with a copy to Fried, Frank, Harris, Shriver & Jacobson LLP, One New York Plaza,
New York, New York 10004, Attention: Steven G. Scheinfeld, Andrew B. Barkan and David L. Shaw. Notices to the Sellers shall be
given to [•], on behalf of the Sellers.

 

     

     

    

 

		5.3	Successors and Assigns. This Agreement shall inure
to the benefit of and be binding upon the successors of the parties hereto. No person other than the parties hereto and their
successors is intended to be a beneficiary of this Agreement.

 

		5.4	Amendment and Waiver.

 

		(a)	No failure or delay on the part of the Sellers or
the Purchaser in exercising any right, power or remedy hereunder shall operate as a waiver thereof, nor shall any single or partial
exercise of any such right, power or remedy preclude any other or further exercise thereof or the exercise of any other right,
power or remedy. The remedies provided for herein are cumulative and are not exclusive of any remedies that may be available to
the Sellers or the Purchaser at law, in equity or otherwise.

 

		(b)	Any amendment, supplement or modification of or to
any provision of this Agreement and any waiver of any provision of this Agreement shall be effective only if it is made or given
in writing and signed by or on behalf of each of the Sellers and the Purchaser.

 

		5.5	Counterparts. This Agreement may be executed in
any number of counterparts and in separate counterparts, all of which when so executed shall be deemed to be an original and all
of which when taken together shall constitute one and the same agreement. Facsimile signatures or signatures received as a .pdf
attachment to electronic mail shall be treated as original signatures for all purposes of this Agreement.

 

		5.6	Headings. The headings in this Agreement are for
convenience of reference only and shall not limit or otherwise affect the meaning hereof.

 

		5.7	Governing Law. This Agreement shall be governed
by, and construed in accordance with, the laws of the State of New York. The parties hereto agree that any suit, action or proceeding
seeking to enforce any provision of, or based on any matter arising out of or in connection with, this Agreement or the transactions
contemplated hereby shall be brought in any U.S. District Court for the Southern District of New York or, if that court does not
have subject matter jurisdiction, in any state court located in The City and County of New York, and each of the parties hereby
irrevocably consents to the jurisdiction of such courts in any such suit, action or proceeding and irrevocably waives, to the
fullest extent permitted by law, any objection that it may now or hereafter have to the laying of the venue of any such suit,
action or proceeding in any such court or that any such suit, action or proceeding brought in any such court has been brought
in an inconvenient forum.

 

		5.8	Waiver of Jury Trial. The Purchaser and each of
the Sellers hereby irrevocably waive, to the fullest extent permitted by applicable law, any and all right to trial by jury in
any legal proceeding arising out of or relating to this Agreement or the transactions contemplated hereby.

 

		5.9	Severability. If any one or more of the provisions
contained herein, or the application thereof in any circumstance, is held invalid, illegal or unenforceable in any respect for
any reason, the validity, legality and enforceability of any such provision in every other respect and of the remaining provisions
hereof shall not be in any way impaired, unless the provisions held invalid, illegal or unenforceable shall substantially impair
the benefits of the remaining provisions hereof.

 

     

     

    

 

		5.10	Entire Agreement. This Agreement, together with
the Custody Agreements and Powers of Attorney of the Sellers and the schedules and exhibits hereto and thereto, are intended by
the parties as a final expression of their agreement and are intended to be a complete and exclusive statement of the agreement
and understanding of the parties hereto in respect of the subject matter contained herein and therein. This Agreement supersedes
all prior agreements and understandings between the parties with respect to such subject matter.

 

		5.11	Further Assurances. Each of the parties shall execute
and deliver such documents and perform such further acts as may be reasonably required or desirable to carry out or to perform
the provisions of this Agreement.

 

 

[Remainder of page intentionally left blank]

 

     

     

    

 

IN WITNESS WHEREOF, the parties hereto have
caused this Agreement to be executed and delivered as of the date first above written.

 

	 	TRADEWEB MARKETS INC.
	 	 
	 	By:	                  
	 	Name:	 
	 	Title:	 
	 	 	 
	 	SELLERS	 
	 	 
	 	As Attorney-in-Fact acting on behalf of each Seller named in Schedule I hereto
	 	 	 
	 	By:	         
	 	Name:	 
	 	Title:	Attorney-in-Fact

 

[Signature Page to Purchase Agreement]

 

     

     

    

 

Schedule I

 

Initial Purchased Units

 

	Name of Initial Closing Sellers	 	Number of Common Units	 	Number of Common Shares
	 	 	 	 	
        ____ shares of Class C Common Stock to be canceled

        ____ shares of Class D Common Stock to be canceled

 

Additional Purchased Units

 

	Name of Additional Closing Sellers	 	Number of Common Units	 	Number of Common Shares
	 	 	 	 	
        ____ shares of Class C Common Stock to be canceled

        ____ shares of Class D Common Stock to be canceledExhibit 10.8

 

Execution Copy

 

TRADEWEB MARKETS LLC

 

January 31, 2019

 

Mr. Lee Olesky

c/o Tradeweb Markets LLC

1177 Avenue of the Americas

New York, NY 10036

 

Dear Lee:

 

It is my
pleasure to confirm the terms and conditions under which you will continue your employment with Tradeweb Markets LLC (the “Company”),
which terms and conditions hereby amend and restate the employment agreement by and between you and the Company dated as of December
11, 2015 and amended on February 2, 2018 in its entirety.

 

Set forth
below are the terms of your employment with the Company:

 

1.           You
will be employed to serve on a full-time basis pursuant to the terms of this agreement (the “Agreement”) as
Chief Executive Officer (the “CEO”) of the Company and the term of your employment hereunder shall commence
on the date hereof and shall continue until December 31, 2020, unless sooner terminated pursuant to Section 5 of this Agreement
(the “Term”). The Term shall automatically renew on January 1, 2021 and each subsequent anniversary thereof
and shall continue on the same terms hereunder for additional periods of one (1) year each, unless terminated by either party by
receipt of written notice by the other at least ninety (90) days prior to the end of the Term. For so long as you are the CEO,
you will report directly and exclusively to the Board of Managers of the Company and to the Chief Revenue Officer, or similar role,
of Refinitiv, and, following any “Initial Public Offering” (as defined in Section 10 of this Agreement), to the board
of directors of Tradeweb Markets Inc. (in each case, the applicable board, the “Board”). As CEO of the Company
you shall at all times be the senior most executive officer and have duties, powers and authorities customarily associated with
such position in a company the size and nature of the Company. Your principal place of employment will be the New York metropolitan
area, subject to reasonable and customary travel on behalf of the Company. For so long as you are the CEO you will also be a member
of the Board. You shall be allowed, to the extent that such activities do not materially interfere with the performance of your
duties and responsibilities hereunder, to manage your personal and family financial and legal affairs and to serve on corporate,
civic, not-for-profit, charitable or industry boards and advisory committees, provided that you shall serve on for-profit corporate
boards of directors and advisory committees only if approved in advance by the Board, in any case, notwithstanding any more restrictive
provision in the Company Code of Business Conduct and Ethics or Company Employee Handbook referenced in Section 9 below. The Board
hereby approves your service on the boards of directors of Credit Benchmark Limited so long as such service does not materially
interfere with your obligations to the Company under this Agreement.

 

2.           Effective
as of January 1, 2019, your base salary will be at the rate of $770,000. As determined by the Board, your salary may continue at
such same or higher rate, but not lower rate, less applicable deductions, and payable in accordance with the Company’s normal
payroll practices.

 

    	 	1	 

     

    

 

3.           You
will be eligible to participate in an annual bonus plan for each calendar year ending during the Term. Your annual target bonus
for 2019 and thereafter will be $3.5 million, subject to adjustment upward (but not downward) as determined by the Board. The actual
amount of your bonus for 2019 will be dependent on the Company attaining certain annual revenue growth (0% to 12% range, with 9%
growth relative to 2018 results at target; 200% maximum payout and straight-line interpolation between threshold, target and maximum
results) and adjusted EBITDA margin targets (40.5% to 46% range, with 44% at target; 200% maximum payout and straight-line interpolation
between threshold, target and maximum results). For 2019, performance metrics will be equally weighted and adjusted EBITDA refers
to EBITDA excluding option grant expense and one-time Initial Public Offering advisor fee expense, and further adjustments to financial
metrics for any year will be made on a basis consistent with the Company’s past practice in connection with your bonus determinations.
The Company will provide you with a schedule illustrating the payout formula no later than March 30 of each calendar year to which
its provisions apply. If the Company fails to provide you with updated metric/payout curves by March 30 of the applicable calendar
year after 2019, then the prior year’s metric/payout curves will be adjusted based on the current year’s budgeted revenue
and apply with respect to the year in which such updated curves were not timely provided. Subject to Section 5 hereof, you must
be an active employee at the end of the applicable calendar year in order to receive the annual bonus. Any bonus payable hereunder
shall be paid by March 14 of the calendar year immediately following the applicable performance year.

 

4.           You
will continue to be entitled to participate in the executive employee benefit programs, policies, plans and arrangements of affiliates
of the Company. You will be entitled to receive six (6) weeks’ paid vacation per full calendar year in accordance with the
Company’s vacation policy as in effect from time to time.

 

    	 	2	 

     

    

 

5.           If
the Company terminates your employment without Cause or you resign for Good Reason or the Company elects not to renew this Agreement
prior to the expiration of this or any subsequent renewal term and the Agreement and your employment is terminated by the Company
or, prior to an Initial Public Offering, your employment ends due to your death or Disability (as each such term is defined below),
you will receive the following: (i) eighteen (18) months of your base salary, payable in equal monthly installments in accordance
with the Company’s normal payroll cycle following the date of termination; (ii) 100% of the average annual bonus earned by
you for the two calendar years ending immediately prior to the year of termination, payable in eighteen (18) equal monthly installments
in accordance with the Company’s normal payroll cycle following the date of termination (the amounts and benefits specified
in subsection (i) and this subsection (ii) are collectively referred to herein as the “Severance Amount”); (iii)
a pro rata annual bonus for the year of termination (payable at the time your bonus would otherwise have been paid), calculated
based on the actual results of the Company during the year of termination and the number of days prior to termination you were
employed by the Company during the year, (iv) (A) to the extent permitted by the applicable plan and applicable law, continuation
of the healthcare benefits provided by the Company generally to its active senior executive officers, and on the same terms and
conditions as apply to them, from time to time, including employee contributions, for the period from the date of such termination
until you reach age 65 or (B) if not permitted, private health insurance for you on substantially similar terms and conditions
set forth in (A) (together, the “Health Benefits”); and (v) earned but unpaid base salary, accrued vacation
pay and unreimbursed business expenses payable pursuant to the policies of the Company and any other benefits you are entitled
to under the employee plans of the Company (the amounts and benefits specified in this subsection (v) are collectively referred
to herein as the “Accrued Amounts”). You will not have the right to receive any other payments or benefits under
this Agreement. To receive your severance payments and benefits after termination of your employment, you will be required to continue
to comply with the nondisclosure, noncompetition and non-solicitation provisions in Sections 7 and 8 below. The payments and benefits
in this Section 5 are subject to the condition that you have delivered to the Company an executed and effective copy of a release
substantially in the form attached hereto as Exhibit A (with such changes as may be required under applicable law), and you have
not revoked such release, within thirty (30) days after your separation from service and any payment that otherwise would be made
within such thirty (30) day period shall be paid at the expiration of such thirty (30) day period. “Cause” means
any of the following that remains uncured (if curable) for ten (10) days after your receipt of written notice thereof from the
Company: (a) you have engaged in dishonesty, gross negligence or willful misconduct of more than a de minimis nature, in each case,
with regard to the Company that is demonstrably injurious to the Company, (b) you have failed to attempt, in good faith, to substantially
perform your duties with the Company (other than as a result of your physical or mental incapacity), (c) you have failed to attempt,
in good faith, to follow the lawful written direction of the Board or (d) you have been convicted of, or entered a plea of guilty
or no contest to, a felony (other than as a result of vicarious liability or a traffic infraction). “Good Reason”
means any of the following that remains uncured (if curable) for ten (10) days after the Company’s receipt of written notice
thereof from you not later than sixty (60) days following the later of the occurrence of such event or the date you should reasonably
have knowledge thereof: (a) you are serving in a position below CEO or are not reporting directly to the Board, (b) a material
diminution of your duties, responsibilities or authority or the assignment to you of duties or responsibilities that are materially
adversely inconsistent with your then position, (c) the Company has reduced your annual salary or your annual bonus target, (d)
the Company has required you to relocate your principal place of employment by more than fifty (50) miles, (e) a “Change
of Control” (as defined in the Company’s 2018 Share Option Plan) has occurred (which, for the avoidance of doubt, shall
not include an Initial Public Offering) or (f) any material breach by the Company of this Agreement. In the event that your employment
is terminated for Cause or you resign without Good Reason during the Term, the Company shall have no obligation to pay any compensation
or provide any benefits to you for any period after the effective date of your termination or resignation except for the Accrued
Amounts. “Disability” means that you have been unable to perform your duties under this Agreement as a result
of a physical or mental illness or incapacity for a period of one hundred-eighty (l80) consecutive days.

 

If your
employment ends by reason of your Retirement (as defined in the Company’s 2018 Share Option Plan), then you shall be entitled
to continuation of the Health Benefits from the date of such termination until you reach age 65 and the Accrued Amounts, and you
will not have the right to receive any other payments or benefits under this Agreement (but you shall be entitled to any rights
that you have under outstanding option or other incentive award agreements).

 

6.           You
will receive a grant of PRSUs or other similar equity-based awards in January 2019 with a grant value of $3.392 million. For this
purpose, “grant value” shall be determined consistent with the Company’s prior practice in communicating to you
the value of your PRSU awards. You shall not be entitled to any additional grants of PRSUs.

 

    	 	3	 

     

    

 

7.           You
agree and understand that in your position with the Company, you have been and will be exposed to and will receive confidential
and proprietary information relating to the affairs of the Company and its affiliates, including, without limitation, technical
information, intellectual property, business and marketing plans, strategies, customer information, software, other information
concerning the products, promotions, development, financing, and expansion plans of the Company and its affiliates (including,
without limitation, confidential and proprietary ideas, research and development, know how, formulas, technical data, designs,
drawings, specifications, customer and supplier lists, pricing and cost information and business and marketing-plans and proposals)
(collectively, the “Confidential Information”); provided, however, that the term “Confidential Information”
shall not apply to information which is of public record, disclosed or available to the industry generally. You agree that at all
times during your employment with the Company and thereafter, except as you determine in good faith to be appropriate in the discharge
of your duties with the Company and its affiliates, you shall not disclose such Confidential Information, either directly or indirectly,
to any individual, corporation, partnership, limited liability company, association, trust or other entity or organization, including
a government or political subdivision or an agency or instrumentality thereof (each a “Person”) without the
prior written consent of the Company and shall not use or attempt to use any such information in any manner other than in connection
with your employment with the Company, unless required by law to disclose such information, in which case you shall, to the extent
permitted, provide the Company with written notice of such requirement as far in advance of such anticipated disclosure as possible.
This confidentiality covenant has no temporal, geographical or territorial restriction. Upon termination of your employment with
the Company, you shall promptly supply to the Company all property, keys, notes, memoranda, writings, lists, files, reports, customer
lists, correspondence, tapes, disks, cards, surveys, maps, logs, machines, technical data and any other tangible product or document
which has been produced by, received by or otherwise submitted to you during or prior to your employment with the Company, and
any copies thereof in your (or capable of being reduced to your) possession; provided, that you shall be entitled to retain (a)
personal items, (b) your rolodex or other list of contacts, and (c) information relating to your compensation, employee benefits
and tax records. Notwithstanding the foregoing, nothing herein shall prevent you from disclosing Confidential Information to the
extent required by law. Additionally, nothing herein shall preclude your right to communicate, cooperate or file a complaint with
any U.S. federal, state or local governmental or law enforcement branch, agency or entity (each, a “Governmental Entity”)
with respect to possible violations of any U.S. federal, state or local law or regulation, or otherwise make disclosures to any
Governmental Entity, in each case, that are protected under the whistleblower or similar provisions of any such law or regulation;
provided that in each case such communications and disclosures are consistent with applicable law. Nothing herein shall
preclude your right to receive an award from a Governmental Entity for information provided under any whistleblower or similar
program. You shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a
trade secret that is made in confidence to a federal, state or local government official or to an attorney solely for the purpose
of reporting or investigating a suspected violation of law. You shall not be held criminally or civilly liable under any federal
or state trade secret law for the disclosure of a trade secret that is made in a complaint or other document filed in a lawsuit
or other proceeding, provided that such filing is made under seal. If you file a lawsuit for retaliation by the Company for reporting
a suspected violation of law, you may disclose the trade secret to your attorney and use the trade secret information in any related
court proceeding, provided that you file any document containing the trade secret under seal and does not disclose the trade secret
except pursuant to court order.

 

8.           You
hereby agree that during the Restriction Period (as defined below) you will not, whether acting individually or through any person,
firm, corporation or any other entity:

 

(i)          directly
or indirectly, own, manage, operate, join, control, be employed by, or participate in the ownership, management, operation or control
of, or be connected in any manner with, including, without limitation, holding any position as a stockholder, director, officer,
consultant, independent contractor, employee, partner, or investor in, any Restricted Enterprise (as defined below); provided,
that in no event shall ownership of five percent (5%) or less of the outstanding securities of any class of any issuer whose securities
are registered under the Securities Exchange Act of 1934, as amended, or are otherwise listed on an internationally recognized
stock exchange, standing alone, be prohibited by this Section 8(i), so long as you do not have, or exercise, any rights to manage
or operate the business of such issuer other than rights as a stockholder thereof. For purposes of this paragraph, “Restricted
Enterprise” shall mean any Person that is engaged in any geographic area in any business conducted by or proposed to
be conducted by the Company or any of its subsidiaries in the Company’s business plans as in effect at that time;

 

(ii)         directly
or indirectly contact, induce or solicit (or assist any Person to contact, induce or solicit) for employment any person who is,
or within six (6) months prior to the date of such solicitation was, an employee of the Company or any of its affiliates; or

 

    	 	4	 

     

    

 

(iii)        directly
or indirectly contact, induce or solicit (or assist any Person to contact, induce or solicit) any customer or client of the Company
or its subsidiaries to terminate its relationship or otherwise cease doing business in whole or in part with the Company or its
subsidiaries, or directly or indirectly interfere with (or assist any Person to interfere with) any material relationship between
the Company or its subsidiaries and any of their customers or clients so as to cause harm to the Company or its affiliates.

 

For purposes of this Section 8, the “Restriction
Period” shall mean, the period of your employment with the Company, as well as, (x) the eighteen (18) month period following
termination of your employment by the Company without Cause or by you with Good Reason and (y) the twelve (12) month period following
the termination of your employment for any other reason; provided, however that if the termination of your employment is by you
without Good Reason your service as a non-executive director or in a similar capacity with respect to a Restricted Enterprise shall
not be deemed to violate clause (i) unless such Restricted Enterprise is ICAP, IHS Markit, MarketAxess or Bloomberg, in which case
your service as a non-executive director shall be not be permitted during the six (6) month period following your termination of
employment.

 

9.           You
agree that the provisions of Sections 7 and 8 hereof shall survive a non-renewal of the Agreement. You and we agree that you have
executed the following documents (and will execute any updates applicable to employees of the Company generally) but that any provisions
in the following documents with respect to termination of employment shall not apply to you (it being understood that this Section
9 is not intended to impact your obligation to comply post-termination with business conduct, ethics, confidentiality, intellectual
property and other similar policies as set forth therein):

 

		(i)	Company Code of Business
Conduct and Ethics,

 

		(ii)	Company Employee Handbook,
and

 

		(iii)	Company Confidential Information
and Invention Assignment Agreement.

 

10.         You
hereby agree to the terms set forth in Exhibit B to this Agreement, which terms shall apply only on and after the first trading
date in connection with an Initial Public Offering. For this purpose, an “Initial Public Offering” means (i)
the initial bonafide underwritten public offering and sale of equity interests of Tradeweb Markets Inc. through a registration
statement (other than a Form S-4 or Form S-8 or any similar or successor forms) filed with, and declared effective by, the Securities
and Exchange Commission and pursuant to which such interests are authorized and approved for listing on a national securities exchange,
or (ii) a direct listing of the equity interests of Tradeweb Markets Inc. on a national securities exchange.

 

11.         If
you are a “specified employee” for purposes of Section 409A of the Internal Revenue Code of 1986, as amended, and the
regulations and guidance thereunder (“Section 409A”), to the extent required by Section 409A, payment of the
Severance Amount shall be delayed until the day after the first to occur of (i) the day which is six months from the date of your
termination and (ii) the date of your death, with any delayed amounts being paid in a lump sum on such date and any remaining payments
being made in the normal course. For purposes of this Agreement, the terms “terminate,” “terminated” and
“termination” mean a termination of your employment that constitutes a “separation from service” within
the meaning of the default rules under Section 409A. For purposes of Section 409A, the right to a series of installment payments
under this Agreement shall be treated as a right to a series of separate payments.

 

    	 	5	 

     

    

 

12.         This
Agreement contains the entire understanding of the parties with respect to your employment by the Company and shall supersede any
prior employment agreements between you, the Company and any predecessor. You represent that you are not bound by any employment
contract, restrictive covenant or other restriction preventing you from continuing employment with or carrying out your responsibilities
for the Company, or which is in any way inconsistent with the terms of this Agreement. This Agreement may not be altered, modified
or amended except by written instrument signed by the parties hereto.

 

13.         Notwithstanding
any of the foregoing to the contrary, in no event will the transfer of your employment from the Company to an affiliate of the
Company at any time be deemed a termination of employment with the Company, provided that you shall have the right to resign with
Good Reason after any such transfer (unless such transfer is to a subsidiary of the Company, provided that the transfer to the
subsidiary does not have an effect described in the definition of Good Reason).

 

14.         In
the event of any termination of employment hereunder, you shall be under no obligation to seek other employment and there shall
be no offset against any amounts due under this Agreement on account of any compensation attributable to any subsequent employment
that you may obtain.

 

15.         This
Agreement shall be governed by and construed in accordance with the laws of New York without reference to principles of conflict
of laws.

 

16.         The
Company will provide indemnification to you in respect of your service to the Company to the same extent the Company provides indemnification
to its directors and officers generally.

 

17.         This
Agreement shall not be assignable by you, provided that any amount due to you hereunder shall, in the event of your death, be paid
to your estate or your designated beneficiary. This Agreement shall be assignable by the Company only to an acquirer of all or
substantially all of the assets of the Company, provided that such acquirer assumes all of the obligations of the Company hereunder
in a writing delivered to you. This Agreement shall inure to the benefit of and be binding upon the personal or legal representatives,
executors, administrators, successors, heirs, distributes, devisees, legatees and permitted assignees of the parties hereto.

 

18.         Any
controversy or claim arising out of or relating to this Agreement shall be settled by binding arbitration by an arbitrator, selected
in accordance with the then-current arbitrator selection procedures of the American Arbitration Association. Such arbitration shall
be conducted within twenty-five (25) miles of your most recent primary office location (absent mutual agreement by the parties
to do otherwise) pursuant to the national rules for the resolution of employment disputes of the American Arbitration Association
then in effect or in New York. The decision or award in any such arbitration will be final and binding upon the parties and judgment
upon such decision or award may be entered in any court of competent jurisdiction or application may be made to any such court
for judicial acceptance of such decision or award and an order of enforcement. In the event that any procedural matter is not covered
by the aforesaid rules, the procedural law of New York will govern. The parties shall each bear their own costs in the arbitration,
except that to the extent any dispute relates to whether your employment was terminated for “Cause,” “Good Reason”
or by reason of your “Disability,” the Company will pay your legal fees if you prevail on the merits of such issue.

 

19.         This
Agreement may be signed in counterparts, each of which shall be an original, with the same effect as if the signatures thereto
and hereto were upon the same instrument.

 

(remainder of page intentionally blank)

 

    	 	6	 

     

    

 

If you find this Agreement
correctly sets forth the terms under which you agree to continue your employment with the Company, please sign the enclosed duplicate
of this letter in the space provided below and return it to the Company.

 

	 	Very truly yours,
	 	 
	 	TRADEWEB MARKETS LLC
	 	 	 
	 	/s/ Douglas Friedman	 
	 	Name: Douglas Friedman	 
	 	Title: General Counsel	 

 

The foregoing
correctly sets forth the terms of my employment with the Company following the date hereof. I acknowledge that this Agreement supersedes
any and all prior employment-related understandings, offers or agreements, whether oral or written, with the Company or its affiliates
and that there are no other terms express, or implied. I am not relying on any representations other than as set out above.

 

	 	/s/ Lee Olesky	 
	 	Lee Olesky	 
	 	 	 
	 	Acknowledged and agreed:	 
	 	 	 
	 	TRADEWEB MARKETS INC.	 
	 	 	 
	 	/s/ Douglas Friedman	 
	 	Name: Douglas Friedman	 
	 	Title: General Counsel	 

 

     

     

    

 

EXHIBIT A

 

GENERAL RELEASE

 

1.           General
Release. In consideration of the payments required to be made pursuant to Section 5 of that certain Agreement dated January
31, 2019 (the “Severance Payments”), the sufficiency of which Lee Olesky (the “Employee”) acknowledges,
the Employee, with the intention of binding himself and his heirs, executors, administrators and assigns, does hereby release,
remise, acquit and forever discharge Tradeweb Markets LLC (the “Company”), Refinitiv, Thomson Reuters and each of their
present and former subsidiaries and affiliates (the “Company Affiliated Group”), their present and former officers,
directors, executives, agents, attorneys, employees and employee benefit plans (and the fiduciaries thereof), and the successors,
predecessors and assigns of each of the foregoing (collectively, the “Company Released Parties”), of and from any and
all claims, actions, causes of action, complaints, charges, demands, rights, damages, debts, sums of money, accounts, financial
obligations, suits, expenses, attorneys’ fees and liabilities of whatever kind or nature in law, equity or otherwise, whether
accrued, absolute, contingent, unliquidated or otherwise and whether now known or unknown, suspected or unsuspected, which the
Employee, individually or as a member of a class, now has, owns or holds, or has at any time heretofore had, owned or held, against
any Company Released Party in any capacity arising prior to the date hereof, including, without limitation, any and all claims
(i) arising out of or in any way connected with the Employee’s service to any member of the Company Affiliated Group (or
the predecessors thereof) in any capacity, or the termination of such service in any such capacity, (ii) for severance or vacation
benefits, unpaid wages, salary or incentive payments, (iii) for breach of contract, wrongful discharge, impairment of economic
opportunity, defamation, intentional infliction of emotional harm or other tort, (iv) for any violation of applicable state and
local labor and employment laws (including, without limitation, all laws concerning unlawful and unfair labor and employment practices)
and (v) for employment discrimination under any applicable federal, state or local statute, provision, order or regulation, and
including, without limitation, any claim under Title VII of the Civil Rights Act of 1964 (“Title VII”), the Civil Rights
Act of 1988, the New York State Human Rights Act, the Fair Labor Standards Act, the Americans with Disabilities Act (“ADA”),
the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), the Age Discrimination in Employment Act
(“ADEA”) and any similar or analogous state or local statute, excepting only:

 

		(i)	rights of the Employee to the Severance Payments;

 

		(ii)	the right of the Employee to receive COBRA continuation coverage
in accordance with applicable law;

 

		(iii)	rights to indemnification the Employee may have (i) under applicable
corporate law, (ii) under the by-laws or certificate of incorporation of the Company or (iii) as an insured under any of the Company’s
director’s and officer’s liability insurance policy now or previously in force;

 

		(iv)	claims (i) for benefits under any health, disability, retirement,
life insurance or other, similar employee benefit plan (within the meaning of Section 3(3) of ERISA) of the Company Affiliated
Group and (ii) for earned but unused vacation pay through the date of termination in accordance with applicable Company policy;

 

		(v)	claims for the reimbursement of unreimbursed business expenses incurred
prior to the date of termination pursuant to applicable Company policy; and

 

		(vi)	as a holder of equity interests of the Company.

 

    	 	A-1	 

     

    

 

2.           Restrictive
Covenants. The Employee acknowledges and agrees that Employee remains subject to any restrictive covenants between the Employee
and the Company Released Parties set forth in Section 7 and 8 of the Agreement, which are incorporated herein by reference.

 

3.           No
Admissions. The Employee acknowledges and agrees that this General Release is not to be construed in any way as an admission
of any liability whatsoever by any Company Released Party, any such liability being expressly denied.

 

4.           Application
to All Forms of Relief. This General Release applies to any relief no matter how called, including, without limitation, wages,
back pay, front pay, compensatory damages, liquidated damages, punitive damages, damages for pain or suffering, costs, and attorney’s
fees and expenses.

 

5.           Specific
Waiver. The Employee specifically acknowledges that his acceptance of the terms of this General Release is, among other things,
a specific waiver of his rights, claims and causes of action under Title VII, ADEA, ADA and any state or local law or regulation
in respect of discrimination of any kind; provided, however, that nothing herein shall be deemed, nor does anything contained herein
purport, to be a waiver of any right or claim or cause of action which by law the Employee is not permitted to waive. The Employee
specifically acknowledges that he has been advised to review the terms of this General Release with an attorney and that he was
given an opportunity to do so.

 

6.           Revocation.
The Employee shall have a period of twenty-one (21) days following the date of termination to consider whether to execute this
General Release. If the Employee accepts the terms hereof and executes this General Release prior to the expiration of such twenty-one
(21) day period, he may thereafter, for a period of seven (7) days following (and not including) the date of execution, revoke
this General Release. If no such revocation occurs, this General Release shall become irrevocable in its entirety, and binding
and enforceable against the Employee, on the day next following the day on which the foregoing seven (7) day period has elapsed
(the “Effective Date”).

 

7.           No
Complaints or Other Claims. The Employee acknowledges and agrees that he has not, with respect to any transaction or state
of facts existing prior to the date hereof, filed any complaints, charges or lawsuits against any Company Released Party with any
governmental agency, court or tribunal.

 

8.           Governing
Law. Except for issues or matters as to which federal law is applicable, this General Release shall be governed by and construed
and enforced in accordance with the laws of the State of New York without giving effect to the conflicts of law principles thereof

 

9.           Third
Party Beneficiaries. Each Company Released Party is a third party beneficiary of this General Release and may directly enforce
its terms.

 

    	 	A-2	 

     

    

 

IN WITNESS WHEREOF, this General Release has
been signed by or on behalf of each of the parties, all as of [________].

 

	Lee Olesky	 	TRADEWEB MARKETS LLC	 
	 	 	 	 	 	 
	Dated:	   	 	By:	          	 
	 	 	 	 	 	 
	 	 	 	Name:	 	 
	 	 	 	 	 	 
	 	 	 	Dated:	 	 

 

    	 	A-3	 

     

    

 

EXHIBIT B

 

PARACHUTE TAX PROVISIONS

 

This Exhibit B sets forth the terms and provisions
applicable to you (the “Employee”) as referenced in Section 10 of the Agreement. This Exhibit B shall be subject
in all respects to the terms and conditions of the Agreement.

 

(a)          To
the extent that the Employee would otherwise be eligible to receive a payment or benefit pursuant to the terms of the Agreement
or any equity compensation or other agreement with the Company or any subsidiary or otherwise in connection with, or arising out
of, the Employee’s employment with the Company or a change in ownership or effective control of the Company or of a substantial
portion of its assets (any such payment or benefit, a “Parachute Payment”), that a nationally recognized United
States public accounting firm selected by the Company (the “Accountants”) and reasonably acceptable to the Employee
determines, but for this sentence, would be subject to excise tax imposed by Section 4999 of the Internal Revenue Code of 1986,
as amended (the “Code”) (the “Excise Tax”), subject to clause (c) below, then the Company
shall pay to the Employee whichever of the following two alternative forms of payment would result in the Employee’s receipt,
on an after-tax basis, of the greater amount of the Parachute Payment notwithstanding that all or some portion of the Parachute
Payment may be subject to the Excise Tax: (1) payment in full of the entire amount of the Parachute Payment (a “Full Payment”),
or (2) payment of only a part of the Parachute Payment so that the Employee receives the largest payment possible without the imposition
of the Excise Tax (a “Reduced Payment”). The Company and Employee agree to make all reasonable efforts to avoid
(or minimize) any reduction pursuant to a Reduced Payment, through modification of the terms or conditions or compensatory payments
or arrangements or otherwise.

 

(b)          If
a reduction in the Parachute Payment is necessary pursuant to clause (a), then the reduction shall occur in the following order:
(1) reduction of acceleration of vesting on any equity awards for which the exercise price exceeds the then fair market value of
the underlying equity; (2) reduction of cash payments (with such reduction being applied to the payments in the reverse order in
which they would otherwise be made, that is, later payments shall be reduced before earlier payments); and (3) reduction of acceleration
of vesting of equity awards not covered under (1) above; provided, however, that in the event that acceleration of vesting of equity
awards is to be reduction, acceleration of vesting of full value awards shall be made before acceleration of options and stock
appreciation rights and within each class such acceleration of vesting shall be reduced in the reverse order of the date of grant
of such equity awards, that is, later equity awards shall be reduced before earlier equity awards; and provided, further, that
to the extent permitted by Code Section 409A and Sections 280G and 4999 of the Code, if a different reduction procedure would be
permitted without violating Code Section 409A or losing the benefit of the reduction under Sections 280G and 4999 of the Code,
the Employee may designate a different order of reduction.

 

(c)          For
purposes of determining whether any of the Parachute Payments (collectively the “Total Payments”) will be subject
to the Excise Tax and the amount of such Excise Tax, (i) the Total Payments shall be treated as “parachute payments”
within the meaning of Section 280G(b)(2) of the Code, and all “parachute payments” in excess of the “base amount”
(as defined under Section 280G(b)(3) of the Code) shall be treated as subject to the Excise Tax, unless and except to the extent
that, in the opinion of the Accountants, such Total Payments (in whole or in part): more likely than not (1) do not constitute
“parachute payments,” including giving effect to the recalculation of stock options in accordance with Treasury Regulation
Section 1.280G-1, Q&A 33, (2) represent reasonable compensation for services actually rendered within the meaning of Section
280G(b)(4) of the Code in excess of the “base amount” or (3) are otherwise not subject to the Excise Tax, and (ii)
the value of any non-cash benefits or any deferred payment or benefit shall be determined by the Accountants in accordance with
the principles of Section 280G of the Code.

 

    	 	B-1	 

     

    

 

(d)          All
determinations hereunder shall be made by the Accountants, which determinations shall be final and binding upon the Company and
the Employee.

 

(e)          In
the event of a Full Payment, the federal tax returns filed by the Employee (and any filing made by a consolidated tax group which
includes the Company) shall be prepared and filed on a basis consistent with the determination of the Accountants with respect
to the Excise Tax payable by the Employee. The Employee shall make proper payment of the amount of any Excise Tax, and at the request
of the Company, provide to the Company true and correct copies (with any amendments) of his or her federal income tax return as
filed with the Internal Revenue Service, and such other documents reasonably requested by the Company, evidencing such payment
(provided that the Employee may delete information unrelated to the Parachute Payment or Excise Tax and provided, further that
the Company at all times shall treat such returns as confidential and use such return only for purpose contemplated by this paragraph).

 

(f)          In
the event of any controversy with the Internal Revenue Service (or other taxing authority) with regard to the Excise Tax, the Employee
shall permit the Company to control issues related to the Excise Tax (at its expense), provided that such issues do not potentially
materially adversely affect the Employee but the Employee shall control any other issues. In the event that the issues are interrelated,
the Employee and the Company shall in good faith cooperate so as not to jeopardize resolution of either issue. In the event of
any conference with any taxing authority as to the Excise Tax or associated income taxes, the Employee shall permit the representative
of the Company to accompany the Employee, and the Employee and his representative shall cooperate with the Company and its representative.

 

(g)          The
Company shall be responsible for all charges of the Accountants.

 

(h)          The
Company and the Employee shall promptly deliver to each other copies of any written communications, and summaries of any verbal
communications, with any taxing authority regarding the Excise Tax covered by this Exhibit B.

 

(i)          Nothing
in this Exhibit B is intended to violate the Sarbanes-Oxley Act of 2002 and to the extent that any advance or repayment obligation
hereunder would do so, such obligation shall be modified so as to make the advance a nonrefundable payment to the Employee and
the repayment obligation null and void.

 

(j)          Notwithstanding
the foregoing, any payment or reimbursement made pursuant to this Exhibit B shall be paid to the Employee promptly and in no event
later than the end of the calendar year next following the calendar year in which the related tax is paid by the Employee or where
no taxes are required to be remitted, the end of the Employee’s calendar year following the Employee’s calendar year
in which the audit is completed or there is a final and nonappealable settlement or other resolution of the litigation.

 

(k)          The
provisions of this Exhibit B shall survive the termination of the Employee’s employment with the Company for any reason and
the termination of the Agreement.

 

    	 	B-2

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