Document:

EX-10.1

 Exhibit 10.1 
 Motorola Solutions 
 Management Deferred Compensation Plan 

(As Amended and Restated Effective as of June 1, 2013) 

 ARTICLE 1 
 INTRODUCTION 
 1.1 Purpose. In recognition of the services provided
by certain key employees, Motorola Solutions, Inc. hereby amends and restates the Motorola Solutions Management Deferred Compensation Plan, effective as of June 1, 2013 (the “Plan”) to make available, on a tax-favored basis,
additional retirement benefits and increased financial security. The Plan is intended to comply with Section 409A of the Internal Revenue Code. 
 1.2 History. The Plan was originally effective January 1, 2001 and has been amended from time to time thereafter. The Plan as amended and restated herein is effective as of June 1, 2013.

 1.3 Prior Deferrals. Amounts deferred under the Plan prior to the Effective Date shall be subject to the terms of the
Plan as amended and restated herein, except as provided in Appendix A. 
 ARTICLE 2 

DEFINITIONS 
 Affiliate. “Affiliate” means any entity with which Motorola Solutions, Inc. would be considered a single employer under Sections 414(b) and 414(c) of the Code. 

Affiliated Group. “Affiliated Group” means Motorola Solutions, Inc. and all entities with which Motorola Solutions, Inc.
would be considered a single employer under Sections 414(b) and 414(c) of the Code, provided that in applying Section 1563(a)(1), (2), and (3) for purposes of determining a controlled group of corporations under Section 414(b) of the
Code, the language “at least 50 percent” is used instead of “at least 80 percent” each place it appears in Section 1563(a)(1), (2), and (3), and in applying Treasury Regulation Section 1.414(c)-2 for purposes of
determining trades or businesses (whether or not incorporated) that are under common control for purposes of Section 414(c), “at least 50 percent” is used instead of “at least 80 percent” each place it appears in that
regulation. Such term shall be interpreted in a manner consistent with the definition of “service recipient” contained in Section 409A of the Code. 
 Associate. “Associate” means any individual employed by the Company on a regular, full-time basis that meets the eligibility criteria as determined by the Plan Administrator, including a
citizen of the United States employed outside of his or her home country and a resident alien employed in the United States; provided, however, that to qualify as an “Associate” for purposes of the Plan, the individual must be a member of
a select group of “key management or other highly compensated employees” within the meaning of Sections 201, 301 and 401 of ERISA. 
 Beneficiary. “Beneficiary” means the person or persons designated as such in accordance with Section 11.4. 
 Board. “Board” means the Board of Directors of Motorola Solutions, Inc. 

  
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 Cause. “Cause” means (i) a Participant’s conviction of any
criminal violation involving dishonesty, fraud or breach of trust, (ii) the Participant’s willful engagement in gross misconduct in the performance of the Participant’s duties that materially injures the Company, or (iii) the
Participant’s violation of a material restrictive covenant applicable to the Participant, without regard to whether such violation occurs after the Participant’s termination of employment. 

Code. “Code” means the Internal Revenue Code of 1986, as amended from time to time. 

Committee. “Committee” means the Compensation and Leadership Committee of the Board. 

Company. “Company” means Motorola Solutions, Inc. and each Affiliate listed on Exhibit A hereto or an Affiliate that,
subsequently, is authorized by the Committee to adopt the Plan and cover its Eligible Associates and whose designation as such has become effective upon acceptance of such status by the Affiliate. An Affiliate may revoke its acceptance of such
designation at any time, but until such acceptance has been revoked, all the provisions of the Plan and amendments thereto shall apply to the Eligible Associates of the Affiliate. In the event the designation is revoked by an Affiliate, provisions
of the Plan shall continue to govern Accounts established with respect to such Affiliate. 
 Compensation.
“Compensation” means the earnings eligible for deferral under this Plan, as specified by the Plan Administrator and communicated to the Participants, including base salary and commissions and cash incentive compensation, notwithstanding a
decision by the Committee to pay similar amounts that are not deferred in a form other than cash. “Compensation” under the Plan shall include the amount of a Participant’s deferrals under this Plan and under any other plan of deferred
compensation maintained by the Company, but shall not take into account any Company contributions to benefit plans, fringe benefits, moving and relocation expenses and other forms of welfare benefits. 

Compensation Deferral. “Compensation Deferral” means that portion of Compensation as to which a Participant has made an
irrevocable election to defer receipt until the date specified under the Flexible Distribution Option or the Retirement Distribution Option. Any such election shall be in accordance with the terms and conditions set forth by the Plan Administrator
from time to time. 
 Deemed Investment Options. “Deemed Investment Options” means the deemed investment
options described in Sections 5.2 and 5.3 selected by the Participant from time to time pursuant to which deemed earnings are credited to the Participant’s Distribution Accounts. 

Distribution Account. “Distribution Account” or “Accounts” means, with respect to a Participant, the
Retirement Distribution Account and each Flexible Distribution Account established on the books of account of Motorola Solutions, Inc., pursuant to Section 5.1. A Participant’s Distribution Account also will include any Prior Deferral
Accounts, as applicable. 
 Distribution Option. “Distribution Option” means each of the distribution options
that are available under the Plan, consisting of the Retirement Distribution Option and the Flexible Distribution Option. 

  
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 Effective Date. “Effective Date” means the effective date of the Plan, as
amended and restated herein, which is June 1, 2013. 
 Eligible Associate. “Eligible Associate” means any
Associate who is designated by the Plan Administrator as eligible to participate in the Plan. 
 Enrollment Agreement.
“Enrollment Agreement” means the authorization form which an Eligible Associate files with the Plan Administrator to participate in the Plan. 
 ERISA. “ERISA” means the Employee Retirement Income Security Act of 1974, as amended. 
 Flexible Distribution Account. “Flexible Distribution Account” means an Account maintained for a Participant to which Compensation Deferrals are credited pursuant to the Flexible
Distribution Option. 
 Flexible Distribution Option. “Flexible Distribution Option” means the Distribution
Option pursuant to which benefits are payable in accordance with Section 7.2. 
 401(k) Plan. “401(k)
Plan” means the Motorola Solutions 401(k) Plan, as amended and restated effective January 1, 2011, and as may be further amended from time to time, or a successor qualified retirement plan into which such plan is merged. 

Motorola Solutions, Inc. “Motorola Solutions, Inc.” means Motorola Solutions, Inc., a Delaware corporation. 

Participant. “Participant” means an Eligible Associate who has filed a completed and executed an effective and
irrevocable Enrollment Agreement with the Plan Administrator and is participating in the Plan in accordance with the provisions of Article 4 or an individual who has a Prior Deferral Account. An individual shall remain a Participant until that
individual has received full distribution of any amount credited to the Participant’s Account. 
 Plan.
“Plan” means this plan, called the Motorola Solutions, Inc. Management Deferred Compensation Plan, as amended and restated effective as of June 1, 2013, and as may be amended further from time to time. 

Plan Administrator. “Plan Administrator” means a committee of one or more individuals designated by the Committee to act
as administrator of the Plan. 
 Plan Distribution Date. “Plan Distribution Date” means a date listed below on
which a scheduled distribution may be made under the Plan, with valuation of the distribution to be determined, notwithstanding any provision of the Plan to the contrary, on the applicable “Valuation Date” shown, as follows: 

 

			
	 Plan Distribution Date
	 	 Valuation Date

	 June 30
	 	May 31
	 December 31
	 	November 30

  
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 Plan Year. “Plan Year” means the 12-month period beginning on each
January 1 and ending on the following December 31. 
 Prior Deferral Account. “Prior Deferral
Account” means an Account maintained for a Participant to which Prior Deferrals, as adjusted for earnings and losses, are credited and distributed in accordance with the terms of the Plan and Appendix A. 

Prior Deferrals. “Prior Deferrals” means any deferral of compensation made under the Plan prior to the Effective Date,
as adjusted for earnings and losses. Appendix A to the Plan sets forth certain provisions that apply to Prior Deferrals. 

Retirement Distribution Account. “Retirement Distribution Account” means the Account maintained for a Participant to
which Compensation Deferrals and any Supplemental Contributions are credited pursuant to the Retirement Distribution Option. 

Retirement Distribution Option. “Retirement Distribution Option” means the Distribution Option pursuant to which
benefits are payable in accordance with Section 7.1. 
 Section 409A. “Section 409A” means
Section 409A of the Code and any applicable authority promulgated thereunder. 
 Separation from Service.
“Separation from Service” means a termination of employment with the Affiliated Group in a manner such as to constitute a separation from service as defined under Section 409A. For this purpose, the employment relationship is treated
as continuing intact while a Participant is on military leave, sick leave, or other bona fide leave of absence if the period of such leave does not exceed six months, or if longer, so long as the individual retains a right to reemployment with the
Company or an Affiliate under an applicable statute or by contract. For purposes of this definition, a leave of absence constitutes a bona fide leave of absence only if there is a reasonable expectation that the Participant will return to perform
services for the Company or an Affiliate. If the period of leave exceeds six months and the Participant does not retain a right to reemployment under an applicable statute or by contract, the employment relationship is deemed to terminate on the
first date immediately following such six-month period. Notwithstanding the foregoing, where a leave of absence is due to any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for
a continuous period of not less than six months, where such impairment causes the Participant to be unable to perform the duties of his or her position of employment or any substantially similar position of employment, a 29-month period of absence
may be substituted for such six-month period. 
 Supplemental Contributions. “Supplemental Contributions” are
those amounts credited to the Participant’s Retirement Distribution Account by the Company as described in Section 4.3. 

  
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 ARTICLE 3 
 ADMINISTRATION OF THE PLAN AND DISCRETION 
 3.1 Plan Administrator
Authority. The Plan Administrator shall have full discretionary power and authority to interpret the Plan, to prescribe, amend and rescind any rules, forms and procedures as it deems necessary or appropriate for the proper administration of the
Plan and to make any other determinations and to take any other such actions as it deems necessary or advisable in carrying out its duties under the Plan. All action taken by the Plan Administrator arising out of, or in connection with, the
administration of the Plan or any rules adopted thereunder, shall, in each case, lie within its sole discretion, and shall be final, conclusive and binding upon the Company, the Board, the Committee, all Associates, all Beneficiaries of Associates
and all persons and entities having an interest therein and the Enrollment Agreement of each Participant shall constitute that Participant’s acknowledgement and acceptance of the Plan Administrator’s authority and discretion. The Plan
Administrator shall have the authority to delegate its powers and duties under the Plan. 
 3.2 Compensation and Plan
Expenses. The Plan Administrator shall serve without compensation for its services unless otherwise determined by the Board. All expenses of administering the Plan shall be paid by the Company. 

3.3 Indemnification. The Company shall indemnify and hold harmless the Plan Administrator from any and all claims, losses,
damages, expenses (including counsel fees) and liability (including any amounts paid in settlement of any claim or any other matter with the consent of the Board) arising from any act or omission of such member, except when the same is due to gross
negligence or willful misconduct. 
 3.4 Decisions Final. Any decisions, actions or interpretations to be made under the
Plan by the Company, the Committee, or Plan Administrator shall be made in its respective sole discretion, not as a fiduciary and need not be uniformly applied to similarly situated individuals and shall be final, binding and conclusive on all
persons interested in the Plan. 
 ARTICLE 4 
 PARTICIPATION 
 4.1 Election to Participate. Eligible Associates may
be permitted to make a Compensation Deferral in accordance with the terms and conditions set forth by the Committee or Plan Administrator from time to time. Pursuant to an Enrollment Agreement, the Eligible Associate shall irrevocably elect, except
as provided below, (a) the percentages, in whole percentages, by which (as a result of payroll reduction) an amount equal to any whole percentage of the Participant’s Compensation, in each case after required nondeferrable payroll tax
deductions, will be deferred, and, if permitted by the Plan Administrator, separate elections may be made among various elements of Compensation, and (b) the Distribution Options to which such amounts will be credited as further described in
Article 6, and shall provide such other information as the Plan Administrator shall require. The Plan Administrator may establish minimum or maximum amounts of Compensation Deferrals that may be elected under this Section and may change such
standards on a prospective basis from time to time in accordance with Section 409A. Moreover, the Plan Administrator may permit elections to be levelized throughout the Plan Year, taking into account the Eligible Associate’s anticipated
salary 

  
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reductions under a tax-qualified plan of the Company and/or payroll tax deductions (also referred to as “tiers”), provided that such amounts under the Compensation Deferral may not be
modified during the Plan Year. 
 4.2 Timing of Compensation Deferral Elections. Eligible Associates may enroll in the
Plan for a Plan Year by filing an irrevocable and fully executed Enrollment Agreement in accordance with Section 4.1 no later than December 31 of the calendar year preceding the calendar year in which services giving rise to the applicable
Compensation are rendered. Notwithstanding the foregoing, the Plan Administrator may in its discretion permit Eligible Associates to enroll in the Plan at a later date as provided below: 

(a) Initial Eligibility. Pursuant to Code Section 409A(a)(4)(B)(ii), Associates who first become Eligible
Associates after the beginning of a Plan Year may enroll in the Plan for that Plan Year by filing an irrevocable and fully executed Enrollment Agreement no later than thirty (30) days following the date the Associate becomes an Eligible
Associate; provided, however, that any election by an Eligible Associate pursuant to this Section to defer Compensation shall apply only to such amounts as are earned by the Eligible Associate after the date on which such Enrollment Agreement is
filed. Where a deferral election is made relating to annual bonus compensation in the first year of eligibility but after the commencement of a performance period relating to annual bonus compensation, that deferral election shall only apply to that
portion of annual bonus compensation earned for such performance period equal to the total amount of the annual bonus compensation earned during such performance period multiplied by a fraction, the numerator of which is the number of days beginning
on the day immediately after the date that the deferral election becomes irrevocable in accordance with the provisions hereof and ending on the last day of the performance period, and the denominator of which is the total number of days in the
performance period. 
 (b) Performance-Based Compensation. Pursuant to Code
Section 409A(a)(4)(B)(iii), Eligible Associates may file an irrevocable and fully executed Enrollment Agreement with respect to Compensation that is conditioned upon the satisfaction of pre-established organizational or individual performance
criteria relating to a performance period of at least 12 consecutive months, so long as such Enrollment Agreement is filed no later than six (6) months prior to the end of the applicable performance period. 

(c) Other Permissible Elections. Eligible Associates may file an irrevocable and fully executed Enrollment
Agreement with respect to Compensation at such other times as are permitted under Section 409A, including but not limited to the deferral timing rules that apply to certain forfeitable rights as described in Treasury Regulation
Section 1.409A-2(a)(5) and to commissions as described in Treasury Regulation Section 1.409A-2(a)(12). 
 4.3
Supplemental Contributions. For each Plan Year, the Plan Administrator in its discretion may credit each Participant’s Retirement Distribution Account with additional amounts described in this Section 4.3. Any Supplemental
Contributions shall be credited at least annually, as soon as administratively feasible following the close of each Plan Year. 

  
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 (a) Excess Match. The Plan Administrator may credit each
Participant’s Retirement Distribution Account with an amount equal to 100% of the Participant’s Compensation Deferrals in such Plan Year with respect to the first 4% of Compensation that would be included as deferrable compensation in the
401(k) Plan if there were no limitations on annual compensation under Section 401(a)(17) of the Code; provided, however, that the matching contributions under this Section 4.3(a) shall not exceed $50,000 for any Plan Year with respect to a
Participant who is a “Board Officer” as elected by the Board. 
 (b) Restorative Match. The Plan
Administrator may credit each Participant’s Retirement Distribution Account with an amount equal to the Company matching contributions the Company would have made to the 401(k) Plan on the Participant’s behalf had such Participant not
chosen to participate in this Plan. 
 (c) Discretionary Contributions. The Plan Administrator may credit
an Eligible Associate’s Retirement Distribution Account with an amount designated from time to time by the Committee or, with respect to the Chief Executive Officer of Motorola Solutions, Inc., the Board. 

Supplemental Contributions will become vested upon the Participant completing one (1) year of continuous service with the Company, as determined by
the Plan Administrator. A Participant who has a Separation from Service prior to full vesting shall irrevocably forfeit any Supplemental Contributions that have not vested, unless the Committee determines otherwise. Notwithstanding any provision of
the Plan to the contrary, in the event of Cause, the Participant shall forfeit all Supplemental Contributions (whether or not otherwise vested) and shall be required to repay to the Company any Supplemental Contributions previously distributed to
the Participant. The Company shall retain all forfeitures. 
 ARTICLE 5 

DISTRIBUTION ACCOUNTS 
 5.1 Distribution Accounts. The Plan Administrator shall establish and maintain separate Distribution Accounts with respect to a Participant. In particular, the following shall be established and
maintained for each Participant, as applicable: (i) a Retirement Distribution Account; (ii) up to five Flexible Distribution Accounts; (iii) one or more Prior Deferral Accounts. The amount of Compensation Deferrals pursuant to
Section 4.1 or Section 4.2 shall be credited by the Plan Administrator to the Participant’s Distribution Option Accounts no later than the first day of the month following the month in which such Compensation would otherwise have been
paid, in accordance with the Distribution Option irrevocably elected by the Participant in the applicable Enrollment Agreement. Any amount once taken into account as Compensation for purposes of this Plan shall not again be taken into account
thereafter. The Participant’s Distribution Accounts shall be reduced by the amount of payments made by Motorola Solutions, Inc. to the Participant or the Participant’s Beneficiary pursuant to this Plan. 

5.2 Returns on Distribution Option Accounts. A Participant’s Distribution Accounts shall be credited with returns in
accordance with the Deemed Investment Options elected by the Participant from time to time. Participants may allocate their Retirement Distribution Account, each of their Flexible Distribution Accounts, and/or their Prior Deferrals Account among the

  
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Deemed Investment Options available under the Plan only in whole percentages. The rate of return, positive or negative, credited under each Deemed Investment Option is based upon the actual
investment performance of the investment fund(s) the Plan Administrator may designate from time to time, and shall equal the total return of such investment fund net of asset based charges, including, without limitation, money management fees, fund
expenses and mortality and expense risk insurance contract charges. The Plan Administrator reserves the right, on a prospective basis, to add or delete Deemed Investment Options. 

5.3 Deemed Investment Options. Except as otherwise provided pursuant to Section 5.2, the Deemed Investment Options available
under the Plan shall correspond to certain investment portfolios designated by the Plan Administrator from time to time. Notwithstanding that the rates of return credited to Participants’ Distribution Option Accounts under the Deemed Investment
Options are based upon the actual performance of the corresponding portfolios, the Company shall not be obligated to invest any Compensation Deferral by Participants under this Plan, or any other amounts, in such portfolios or in any other
investment funds. 
 5.4 Changes in Deemed Investment Options. A Participant may change the Deemed Investment Options to
which the Participant’s Distribution Accounts are deemed to be allocated with whatever frequency is determined by the Plan Administrator which shall not be less than four times per Plan Year. Each such change may include (a) reallocation
of the Participant’s existing Accounts in whole percentages, and/or (b) change in investment allocation of amounts to be credited to the Participant’s Accounts in the future, as the Participant may elect. 

5.5 Valuation of Accounts. The value of a Participant’s Distribution Accounts as of any date shall equal the amounts
theretofore credited to such Accounts, including any earnings (positive or negative) deemed to be earned on such Accounts in accordance with Section 5.2 through the day preceding such date, less the amounts theretofore deducted from such
Accounts. 
 5.6 Statement of Accounts. The Plan Administrator shall make available to each Participant, not less
frequently than quarterly, a statement in such form as the Plan Administrator deems desirable setting forth the balance standing to the credit of each Participant in each of his Distribution Accounts. 

5.7 Distributions from Accounts. Any distribution made to or on behalf of a Participant from one or more of his Distribution
Accounts in an amount which is less than the entire balance of any such Account shall be made pro rata from each of the Deemed Investment Options to which such Account is then allocated. 

ARTICLE 6 

DISTRIBUTION OPTIONS 
 6.1 Election of Distribution Option. The first Enrollment Agreement filed by an Eligible Associate must set forth the Participant’s election as to the time and manner of distribution from the
Retirement Distribution Account. An Eligible Associate shall elect the time and manner of payment pursuant to which any Flexible Distribution Account established pursuant to that election will be distributed. The Eligible Associate shall allocate
his or her deferrals between the Distribution Options in increments of five percent or such other increments permitted by the Plan Administrator, provided, however, that 100 percent of such deferrals may be allocated to one or the other of the
Distribution Options. 

  
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 6.2 Retirement Distribution Option. Distribution of the Participant’s Retirement
Distribution Account shall commence following the Participant’s Separation from Service in accordance with the provisions of Section 7.1. 
 6.3 Flexible Distribution Option. Subject to Section 7.2, each Flexible Distribution Account shall be distributed commencing on the first Plan Distribution Date of the Plan Year elected by the
Participant in the Enrollment Agreement pursuant to which such Flexible Distribution Option Account was established. 

ARTICLE 7 

BENEFITS TO PARTICIPANTS 
 7.1 Benefits Under the Retirement Distribution Option. Except as otherwise provided in the Plan, Benefits under the Retirement Distribution Option shall be paid to a Participant as elected by the
Participant in the applicable Enrollment Agreement in one lump sum or in annual installments over a period of years not exceeding twenty (20) years. Distribution shall be made or begin on the first Plan Distribution Date on or immediately
following the thirteen (13) month anniversary of the Participant’s Separation from Service. Any lump-sum benefit payable in accordance with this paragraph shall be in an amount equal to the value of such Retirement Distribution Account as
of the Valuation Date applicable to the Plan Distribution Date. In the case of a benefit payable in installments, the initial annual installment payment shall be equal to (i) the value of such Retirement Distribution Account as of the Valuation
Date applicable to the Plan Distribution Date on which payments begin, divided by (ii) the number of annual installment payments elected by the Participant in the Enrollment Agreement pursuant to which such Retirement Distribution Account was
established. The remaining annual installments shall be paid on the first Plan Distribution Date of each succeeding Plan Year in an amount equal to (i) the value of such Retirement Distribution Account as of the applicable Valuation Date
divided by (ii) the number of installments remaining. If another distribution formula is applicable, the initial and each subsequent distribution shall be calculated with reference to the applicable Valuation Date. 

7.2 Benefits Under Flexible Distribution Option. Except as otherwise provided in the Plan, Benefits under the Flexible
Distribution Option shall be paid to a Participant as elected by the Participant in the Enrollment Agreement in one lump sum or in annual installments over a period of years not exceeding twenty (20) years. Any lump-sum payable in accordance
with this Section 7.2 shall be in an amount equal to the value of such Flexible Distribution Account as of the Valuation Date applicable to the first Plan Distribution Date in the year payment is to be made. The initial annual installment
payment shall be equal to (i) the value of such Flexible Distribution Account as of the Valuation Date applicable to such Plan Distribution Date, divided by (ii) the number of annual installment payments elected by the Participant in the
Enrollment Agreement pursuant to which such Flexible Distribution Account was established. The remaining annual installments shall be paid on the first Plan Distribution Date of each succeeding year in an amount equal to (i) the value of such
Flexible Distribution Account as of Valuation Date applicable to the first Plan Distribution Date in the year of payment divided by (ii) the number of installments remaining. 

  
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 7.3 Subsequent Payment Elections. A Participant or Beneficiary may elect on a form
provided by the Plan Administrator to change the distribution election with respect to one or more of his Distribution Accounts (a “Subsequent Payment Election”). The Subsequent Payment Election shall become irrevocable upon receipt by the
Plan Administrator, may not be made once fifteen (15) years have lapsed since the Participant’s Separation from Service or death, and shall be made in accordance with the following rules: 

(a) In General. The Subsequent Payment Election may not take effect until at least 12 months after the date on
which it is received by the Plan Administrator. The Subsequent Payment Election most recently received by the Plan Administrator that satisfies the requirements of this Section 7.3 shall govern the payout of the Distribution Account
notwithstanding anything contained in Section 7.1 or 7.2 to the contrary. 
 (b) Retirement Distribution
Account. A Participant may make an election to delay the payment date or change the form of payment of his Retirement Distribution Account to a form otherwise permitted under the Plan or as otherwise set forth herein. Except in the event of a
distribution on account of death or Unforeseeable Emergency of the Participant, the payment of such Retirement Distribution Account will be delayed for a period of at least five years after the date that the Retirement Distribution Account would
otherwise have been paid under the Plan if such Subsequent Payment Election had not been made (or, in the case of installment payments, which are treated as a single payment for purposes of the Plan, until at least the fifth anniversary of the date
that the first installment payment was scheduled to be made). 
 (c) Flexible Distribution Account. A
Participant may make one or more elections to delay the payment date or change the form of payment of one or more Flexible Distribution Account(s) to a time or form permitted under the Plan or as otherwise set forth herein. Such Subsequent Payment
Election must be filed with the Plan Administrator at least 12 months prior to the date that the Flexible Distribution Account would otherwise have been paid under the Plan (or, in the case of installment payments, at least 12 months from the date
that the first installment payment was scheduled to be made). On such Subsequent Payment Election, the Participant must delay the payment date for a period of at least five years after the first day of the calendar year that the Flexible
Distribution Account would otherwise have been paid under the Plan (or, in the case of installment payments, which are treated as a single payment for purposes of the Plan, at least five years from the first day of the calendar year that the first
installment payment was scheduled to be made). If the Participant is making a Subsequent Payment Election relating to an amount otherwise payable as a lump sum, he may make such Subsequent Payment Election with respect to all or a portion of such
lump sum. Nothing in this Section 7.3(c) shall delay a distribution on account of death or Unforeseeable Emergency of the Participant. 
 (d) Subsequent Payment Elections by Beneficiaries. In the event of a Participant’s Death, the Participant’s Beneficiary may change the time and form of payment of the Survivor Benefits
payable under Article 8. On such Subsequent Payment Election, the Beneficiary must designate a form of distribution permissible under the Plan. 

  
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 7.4 Acceleration of Installment Distributions. Notwithstanding any provision of this
Article 7 to the contrary, in the event the Participant’s Distribution Account (other than a Prior Deferral Account) is to be distributed in the form of installments (all of which are treated as a single payment under the Plan) and the value of
all such Distribution Accounts (other than Prior Deferral Accounts) does not exceed three (3) times the applicable dollar amount under Section 402(g)(1)(B) of the Code, as measured on the Valuation Date immediately preceding the first Plan
Distribution Date that occurs at least six months after his Separation from Service, such Distribution Account shall be distributed in a lump sum. 
 ARTICLE 8 
 SURVIVOR BENEFITS 

In the event of a Participant’s death, any Distribution Accounts (other than a Prior Deferral Account) or any portion thereof not
yet distributed to the Participant will be distributed to the Participant’s Beneficiary, as determined under Section 11.4, in a lump sum on the first Plan Distribution Date on or immediately following the fifteen (15) month
anniversary of the Participant’s death. The lump-sum benefit payable in accordance with this Article shall be in an amount equal to the value of such Distribution Accounts as of the Valuation Date applicable to such Plan Distribution Date.

 ARTICLE 9 
 EMERGENCY BENEFIT 
 In the event that the Plan Administrator, upon written
request of a Participant, determines, in its sole discretion, that the Participant has suffered an unforeseeable financial emergency, Motorola Solutions, Inc. shall pay to the Participant from the Participant’s Distribution Account(s), as soon
as practicable following such determination, an amount necessary to meet the emergency, after deduction of any and all taxes as may be required pursuant to Section 11.10 (the “Emergency Benefit”). For purposes of this Plan, an
unforeseeable financial emergency is a severe financial hardship of the Participant resulting from an illness or accident of the Participant, his spouse, or his dependent (as defined in Section 152 of the Code without regard to
Section 152(b)(1), (b)(2), or (d)(1)(B)), loss of the Participant’s property due to casualty (including the need to rebuild a home following damage to a home not otherwise covered by insurance, for example, not as a result of a natural
disaster); or other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the Participant. Cash needs arising from foreseeable events such as the purchase of a house or education expenses for
children shall not be considered to be the result of an unforeseeable financial emergency. Emergency Benefits shall be paid first from the Participant’s Prior Deferral Accounts, if any, and second from Flexible Distribution Accounts, if any, to
the extent the balance of one or more of such Prior Deferral Accounts or Flexible Distribution Accounts is sufficient to meet the emergency, in the order in which such Accounts would otherwise be distributed to the Participant. If the distribution
exhausts the Prior Deferral Accounts and Flexible Distribution Accounts, distribution shall next be made from the Participant’s Retirement Distribution Account. With respect to that portion of any Distribution Account that is distributed to a
Participant as an Emergency Benefit, in accordance with this Article, no further benefit shall be payable to the Participant under this Plan. Notwithstanding 

  
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anything in this Plan to the contrary, a Participant who receives an Emergency Benefit in any Plan Year shall not be entitled to make any further deferrals for the remainder of such Plan Year. It
is intended that the Plan Administrator’s determination as to whether a Participant has suffered an “unforeseeable financial emergency” shall be made consistent with the requirements under Section 409A. 

ARTICLE 10 

SPECIAL PAYMENT RULES 
 10.1 Mandatory Six Month Delay. Except as otherwise provided in Sections 10.2, in no event may payments from a Retirement Distribution Account, or payments from a Flexible Distribution Account or
Prior Deferral Account that are triggered by a Separation from Service, commence prior to the first business day of the seventh month following the Participant’s Separation from Service (or if earlier, the Participant’s death.) 

10.2 Discretionary Acceleration of Payments. To the extent permitted by Section 409A, the Committee or the Plan
Administrator, as applicable, may in its sole discretion accelerate the time or schedule of a payment under the Plan as provided in this Section. The provisions of this Section are intended to comply with the exceptions for accelerated payments
under Treasury Regulation Section 1.409A-3(j) and shall be interpreted and administered accordingly. 
 (a)
Domestic Relations Orders. The Plan Administrator may, in its sole discretion, accelerate the time or schedule of a payment under the Plan to an individual other than the Participant as may be necessary to fulfill a domestic relations order
(as defined in Section 414(p)(1)(B) of the Code). 
 (b) Conflicts of Interest. The Plan
Administrator may, in its sole discretion, provide for the acceleration of the time or schedule of a payment under the Plan to the extent necessary for any Federal officer or employee in the executive branch to comply with an ethics agreement with
the Federal government. Additionally, the Plan Administrator may, in its sole discretion, provide for the acceleration of the time or schedule of a payment under the Plan the to the extent reasonably necessary to avoid the violation of an applicable
Federal, state, local, or foreign ethics law or conflicts of interest law (including where such payment is reasonably necessary to permit the Participant to participate in activities in the normal course of his or her position in which the
Participant would otherwise not be able to participate under an applicable rule). 
 (c) Employment Taxes.
The Plan Administrator may, in its sole discretion, provide for the acceleration of the time or schedule of a payment under the Plan to pay the Federal Insurance Contributions Act (FICA) tax imposed under Sections 3101, 3121(a), and 3121(v)(2) of
the Code, or the Railroad Retirement Act (RRTA) tax imposed under Sections 3201, 3211, 3231(e)(1), and 3231(e)(8) of the Code, where applicable, on compensation deferred under the Plan (the FICA or RRTA amount). Additionally, the Plan Administrator
may, in its sole discretion, provide for the acceleration of the time or schedule of a payment, to pay the income tax at source on wages imposed under Section 3401 of the Code or the corresponding withholding provisions of applicable state,
local, or foreign tax laws as a result of the payment of the FICA or RRTA amount, and to pay the additional income tax at source on wages 

  
 13 

 
attributable to the pyramiding Section 3401 of the Code wages and taxes. However, the total payment under this acceleration provision must not exceed the aggregate of the FICA or RRTA
amount, and the income tax withholding related to such FICA or RRTA amount. 
 (d) Limited Cash-Outs. The
Plan Administrator may, in its sole discretion, require a mandatory lump sum payment at any time of amounts deferred under the Plan that do not exceed the applicable dollar amount under Section 402(g)(1)(B) of the Code, provided that the
payment results in the termination and liquidation of the entirety of the Participant’s interest under the Plan, including all agreements, methods, programs, or other arrangements with respect to which deferrals of compensation are treated as
having been deferred under a single nonqualified deferred compensation plan under Section 409A. 
 (e)
Payment Upon Income Inclusion Under Section 409A. The Plan Administrator may, in its sole discretion, provide for the acceleration of the time or schedule of a payment under the Plan at any time the Plan fails to meet the requirements of
Section 409A. The payment may not exceed the amount required to be included in income as a result of the failure to comply with the requirements of Section 409A. 

(f) Payment of state, local, or foreign taxes. The Plan Administrator may, in its sole discretion, provide for the
acceleration of the time or schedule of a payment under the Plan to reflect payment of state, local, or foreign tax obligations arising from participation in the Plan that apply to an amount deferred under the Plan before the amount is paid or made
available to the participant (the state, local, or foreign tax amount). Such payment may not exceed the amount of such taxes due as a result of participation in the Plan. The payment may be made in the form of withholding pursuant to provisions of
applicable state, local, or foreign law or by payment directly to the participant. Additionally, the Plan Administrator may, in its sole discretion, provide for the acceleration of the time or schedule of a payment under the Plan to pay the income
tax at source on wages imposed under Section 3401 of the Code as a result of such payment and to pay the additional income tax at source on wages imposed under Section 3401 of the Code attributable to such additional wages and taxes.
However, the total payment under this acceleration provision must not exceed the aggregate of the state, local, and foreign tax amount, and the income tax withholding related to such state, local, and foreign tax amount. 

(g) Certain Offsets. The Plan Administrator may, in its sole discretion, provide for the acceleration of the time
or schedule of a payment under the Plan as satisfaction of a debt of the Participant to the Company (or any entity which would be considered to be a single employer with the Company under Section 414(b) or Section 414(c) of the Code),
where such debt is incurred in the ordinary course of the service relationship between the Company (or any entity which would be considered to be a single employer with the Company under Section 414(b) or Section 414(c) of the Code) and
the Participant, the entire amount of reduction in any of the taxable years of the Company (or any entity which would be considered to be a single employer with the Company under Section 414(b) or Section 414(c) of the Code) does not
exceed $5,000, and the reduction is made at the same time and in the same amount as the debt otherwise would have been due and collected from the Participant. 

  
 14 

 (h) Bona fide disputes as to a right to a payment. The Committee may,
in its sole discretion, provide for the acceleration of the time or schedule of a payment under the Plan where such payments occur as part of a settlement between the Participant and the Company (or any entity which would be considered to be a
single employer with the Company under Section 414(b) or Section 414(c) of the Code) of an arm’s length, bona fide dispute as to the Participant’s right to the deferred amount. 

(i) Plan Terminations and Liquidations. The Committee or the Board, as applicable, may in its sole discretion
provide for the acceleration of the time or schedule of a payment under the Plan as provided in Section 10.4. 
 Except as otherwise
specifically provided in this Plan or permitted under Section 409A, the time or schedule of any payment or amount to be paid under the Plan may not be accelerated. 
 10.3 Delay of Payments. To the extent permitted under Section 409A, the Committee may, in its sole discretion, delay payment under any of the following circumstances, provided that the
Committee treats all payments to similarly situated Participants on a reasonably consistent basis: 
 (a)
Payments subject to Section 162(m). A payment may be delayed to the extent that the Committee reasonably anticipates that if the payment were made as scheduled, the Company’s deduction with respect to such payment would not be
permitted due to the application of Section 162(m) of the Code. If a payment is delayed pursuant to this Section 10.3(a), then the payment must be made either (i) during the Company’s first taxable year in which the Committee
reasonably anticipates, or should reasonably anticipate, that if the payment is made during such year, the deduction of such payment will not be barred by application of Section 162(m) of the Code, or (ii) during the period beginning with
the first business day of the seventh month following the Participant’s Separation from Service (the “six month anniversary”) and ending on the later of (x) the last day of the taxable year of the Company in which the six month
anniversary occurs or (y) the 15th day of the third month following the six month anniversary. Where any scheduled payment to a specific Participant in a Company’s taxable year is delayed in accordance with this paragraph, all scheduled
payments to that Participant that could be delayed in accordance with this paragraph must also be delayed. The Committee and Plan Administrator may not provide the Participant an election with respect to the timing of the payment under this
Section 10.3. For purposes of this Section 10.3(a), the term Company includes any entity which would be considered to be a single employer with the Company under Section 414(b) or Section 414(c) of the Code. 

(b) Federal Securities Laws or Other Applicable Law. A Payment may be delayed where the Committee reasonably
anticipates that the making of the payment will violate federal securities laws or other applicable law; provided that the delayed payment is made at the earliest date at which the Committee reasonably anticipates that the making of the payment will
not cause such violation. For purposes of the preceding sentence, the making of a payment that would cause inclusion in gross income or the application of any penalty provision or other provision of the Code is not treated as a violation of
applicable law. 

  
 15 

 (c) Other Events and Conditions. A payment may be delayed upon such
other events and conditions as the Internal Revenue Service may prescribe in generally applicable guidance published in the Internal Revenue Bulletin. 
 10.4 Payments Upon Termination of Plan. In the event that the Plan is terminated, the amounts allocated to a Participant’s Distribution Account(s) shall be paid to the Participant or his
Beneficiary on the dates on which the Participant or his Beneficiary would otherwise receive payments hereunder without regard to the termination of the Plan. Notwithstanding the preceding sentence: 

(a) Liquidation; Bankruptcy. The Board of Directors of Motorola Solutions, Inc. shall have the authority, in its
sole discretion, to terminate the Plan and pay each Participant’s entire Distribution Account(s) to the Participant or, if applicable, his Beneficiary within 12 months of a corporate dissolution taxed under Section 331 of the Code or with
the approval of a bankruptcy court pursuant to 11 U.S.C. 503(b)(1)(a), provided that the amounts are included in the Participant’s gross income in the latest of the following years (or, if earlier, the taxable year in which the amount is
actually or constructively received): (i) the calendar year in which the Plan termination and liquidation occurs; (ii) the first calendar year in which the amount is no longer subject to a substantial risk of forfeiture as defined under
Section 409A; or (iii) the first calendar year in which the payment is administratively practicable. 

(b) Discretionary Terminations. The Board of Directors of Motorola Solutions, Inc. shall have the authority, in its
sole discretion, to terminate the Plan and pay each Participant’s entire Distribution Account(s) to the Participant or, if applicable, his Beneficiary, provided that: (i) the termination and liquidation does not occur proximate to a
downturn in the financial health of the Company (or any entity which would be considered to be a single employer with the Company under Section 414(b) or Section 414(c) of the Code); (ii) the Company (or any entity which would be
considered to be a single employer with the Company under Section 414(b) or Section 414(c) of the Code) terminates and liquidates all agreements, methods, programs, and other arrangements sponsored by the Company (or any entity which would
be considered to be a single employer with the Company under Section 414(b) or Section 414(c) of the Code) that would be aggregated with any terminated and liquidated agreements, methods, programs, and other arrangements under
Section 409A if the same Participant had deferrals of compensation under all of the agreements, methods, programs, and other arrangements that are terminated and liquidated; (iii) no payments in liquidation of the Plan are made within 12
months of the date the Board takes all necessary action to irrevocably terminate and liquidate the Plan other than payments that would be payable under the terms of the Plan if the action to terminate and liquidate the Plan had not occurred;
(iv) all payments are made within 24 months of the date the Board takes all necessary action to irrevocably terminate and liquidate the Plan; and (v) the Company (or any entity which would be considered to be a single employer with the
Company under Section 414(b) or Section 414(c) of the Code) does not adopt a new plan that would be aggregated with any terminated and liquidated plan under Section 409A if the same Participant participated in both plans, at any time
within three (3) years following the date the Board takes all necessary action to irrevocably terminate and liquidate the Plan. 

  
 16 

 (c) Other Events. The Board of Directors of Motorola Solutions, Inc.
shall have the authority, in its sole discretion, to terminate the Plan and pay each Participant’s entire Distribution Account(s) to the Participant or, if applicable, his Beneficiary upon such other events and conditions as the Internal
Revenue Service may prescribe in generally applicable guidance published in the Internal Revenue Bulletin. 
 ARTICLE 11

 MISCELLANEOUS 
 11.1 Amendment. The Plan may be amended, suspended, or discontinued at any time by the Committee; provided, however, that no such amendment, suspension, or discontinuance shall reduce or in any
manner adversely affect the rights of any Participant with respect to benefits that are payable or may become payable under the Plan based upon the balance of the Participant’s Accounts as of the effective date of such amendment, suspension, or
discontinuance; and provided further that any amendment, suspension or discontinuance of the Plan that changes the amount of compensation payable to the Chief Executive Officer of Motorola Solutions, Inc. shall be by action of the Board. Following a
termination of the Plan pursuant to Section 10.4, the Plan Administrator, acting on behalf of the Company, shall determine when amounts shall be distributed from each Participant’s Distribution Accounts notwithstanding any terms of the
Plan to the contrary, to the extent permitted under Section 409A. 
 11.2 Transition Arrangements. The Committee or
the Board may merge or otherwise combine any other non-qualified deferred compensation plan or arrangement maintained by the Company or any Affiliate with the Plan upon such terms and in such manner as the Committee or the Board shall deem
appropriate, with the deferred compensation amounts under such other plan or arrangement to be governed after such merger or other combination by the terms of the Plan or by such other terms as the Committee or the Board may provide in the documents
implementing the merger or other combination. 
 11.3 Claims Procedure. 

(a) Claim. A person who believes that he is being denied a benefit to which he is entitled under the Plan
(hereinafter referred to as a “Claimant”) may file a written request for such benefit with the Plan Administrator, setting forth the claim. 
 (b) Claim Decision. Upon receipt of a claim, the Plan Administrator shall advise the Claimant that a reply will be forthcoming within 90 days and shall, in fact, deliver such reply within such
period. The Plan Administrator may, however, extend the reply period for an additional 90 days for reasonable cause. 
 If the claim is denied in whole or in part, the Claimant shall be provided a written opinion, using language calculated to be understood by the Claimant, setting forth: 

(i) The specific reason or reasons for such denial; 

  
 17 

 (ii) The specific reference to relevant provisions of the Plan on which such
denial is based; 
 (iii) A description of any additional material or information necessary for the Claimant to
perfect the claim and an explanation why such material or such information is necessary; 
 (iv) Appropriate
information as to the steps to be taken if the Claimant wishes to submit the claim for review; 
 (v) The time
limits for requesting a review under subparagraph (iii) and for review under subparagraph (iv); and 
 (vi)
The Participant’s right to bring an action for benefits under Section 502 of ERISA. 
 (c) Request
for Review. Within 60 days after the receipt by the Claimant of the written opinion described above, the Claimant may request in writing that the Plan Administrator, along with the Senior Vice President, Human Resources of Motorola Solutions,
Inc., (collectively, the “Appeals Committee”) review the initial determination. The Claimant or his duly authorized representative may, but need not, review the pertinent documents and submit issues and comment in writing for consideration
by the Appeals Committee. If the Claimant does not request a review of the initial determination within such 60 day period, the Claimant shall be barred and estopped from challenging the determination. 

(d) Review of Decision. Within 60 days after the Appeals Committee’s receipt of a request for review, it will
review the initial determination. After considering all materials presented by the Claimant, the Appeals Committee will render a written opinion, written in a manner calculated to be understood by the Claimant, setting forth the specific reasons for
the decision and containing specific references to the relevant provisions of this Plan on which the decision is based and the Participant’s right to bring an action for benefits under Section 502 of ERISA. If special circumstances require
that the 60 day time period be extended, the Appeals Committee will so notify the Claimant and will render the decision as soon as possible, but no later than 120 days after receipt of the request for review. A Claimant’s compliance with the
foregoing provisions of this Section 11.3 is a mandatory prerequisite to a Claimant’s right to commence any legal action with respect to any claim for benefits under this Plan. Any further legal action taken by a Participant against the
Plan, the Company (and its employees or directors), the Plan Administrator or the Appeals Committee must be filed in a court of law no later than 6 months after the Appeals Committee’s final decision on review of an appealed claim. 

11.4 Designation of Beneficiary. Each Participant may designate a Beneficiary or Beneficiaries (which Beneficiary may be an entity
other than a natural person) to receive any payments which may be made following the Participant’s death. Such designation may be changed or canceled at any time without the consent of any such Beneficiary. Any such designation, change or
cancellation must be made in a form approved by the Plan Administrator and shall not be effective until received by the Plan Administrator, or its designee. If no Beneficiary has been named, or the designated Beneficiary or Beneficiaries shall have

  
 18 

 
predeceased the Participant, the Beneficiary shall be the Participant’s estate. If a Participant designates more than one Beneficiary, the interests of such Beneficiaries shall be paid in
equal shares, unless the Participant has specifically designated otherwise. Any payment to a Participant or the Participant’s Beneficiary in accordance with the provisions of the Plan shall, to the extent thereof, be in full satisfaction of all
claims against the Plan Administrator, the Committee, the Board and the Company. The Plan Administrator may require such Participant or Beneficiary, as a condition precedent to such payment, to execute a receipt and release to such effect.

 11.5 Limitation of Participant’s Right. Nothing in this Plan shall be construed as conferring upon any
Participant any right to continue in the employment of the Company, nor shall it interfere with the rights of the Company to terminate the employment of any Participant and/or to take any personnel action affecting any Participant without regard to
the effect which such action may have upon such Participant as a recipient or prospective recipient of benefits under the Plan. Any amounts payable hereunder shall not be deemed salary or other compensation to a Participant for the purposes of
computing benefits to which the Participant may be entitled under any other arrangement established by the Company for the benefit of its employees. 
 11.6 No Limitation on Company Actions. Nothing contained in the Plan shall be construed to prevent the Company from taking any action which is deemed by it to be appropriate or in its best
interest. No Participant, Beneficiary, or other person shall have any claim against the Company as a result of such action. 

11.7 Obligations to Company. If a Participant becomes entitled to a distribution of benefits under the Plan, and if at such time
the Participant has outstanding any debt, obligation, or other liability representing an amount owing to the Company, then Motorola Solutions, Inc. may offset such amount owed to it against the amount of benefits otherwise distributable in a manner
consistent with Section 409A. Such determination shall be made by the Plan Administrator. 
 11.8 Nonalienation of
Benefits. Except as expressly provided herein, no Participant or Beneficiary shall have the power or right to transfer (otherwise than by will or the laws of descent and distribution), alienate, or otherwise encumber the Participant’s
interest under the Plan. The obligations of Motorola Solutions, Inc. under this Plan are not assignable or transferable except to (a) any corporation or partnership which acquires all or substantially all of the assets of Motorola Solutions,
Inc. or (b) any corporation or partnership into which Motorola Solutions, Inc. may be merged or consolidated. The provisions of the Plan shall inure to the benefit of each Participant and the Participant’s Beneficiaries, heirs, executors,
administrators or successors in interest. 
 11.9 Protective Provisions. Each Participant shall cooperate with the Plan
Administrator, the Committee and the Company by furnishing any and all information requested by Plan Administrator, the Committee and the Company in order to facilitate the payment of benefits hereunder, taking such physical examinations as Plan
Administrator, the Committee and the Company may deem necessary and taking such other relevant action as may be requested by Plan Administrator, the Committee and the Company. If a Participant refuses to cooperate, the Company shall have no further
obligation to the Participant under the Plan, other than payment to such Participant of the then current balance of the Participant’s Distribution Accounts in accordance with his prior elections. 

  
 19 

 11.10 Withholding Taxes. The Company or Plan Administrator may make such provisions
and take such action as it may deem necessary or appropriate for the withholding of any taxes which the Company is required by any law or regulation of any governmental authority, whether Federal, state or local, to withhold in connection with any
benefits under the Plan, including, but not limited to, the withholding of appropriate sums from any amount otherwise payable to the Participant (or his Beneficiary). Each Participant, however, shall be responsible for the payment of all individual
tax liabilities relating to any such benefits. 
 11.11 Unfunded Status of Plan. The Plan is intended to constitute an
“unfunded” plan of deferred compensation for Participants. Benefits payable hereunder shall be payable out of the general assets of Motorola Solutions, Inc., and no segregation of any assets whatsoever for such benefits shall be made.
Notwithstanding any segregation of assets or transfer to a grantor trust, with respect to any payments not yet made to a Participant, nothing contained herein shall give any such Participant any rights to assets that are greater than those of a
general creditor of Motorola Solutions, Inc. 
 11.12 Severability. If any provision of this Plan is held unenforceable,
the remainder of the Plan shall continue in full force and effect without regard to such unenforceable provision and shall be applied as though the unenforceable provision were not contained in the Plan. 

11.13 Governing Law. The Plan shall be construed in accordance with and governed by the laws of the State of Illinois, without
reference to the principles of conflict of laws. Any legal action related to this Plan shall be brought only in a federal or state court located in Illinois. 
 11.14 Headings. Headings are inserted in this Plan for convenience of reference only and are to be ignored in the construction of the provisions of the Plan. 

11.15 Gender, Singular and Plural. All pronouns and any variations thereof shall be deemed to refer to the masculine, feminine, or
neuter, as the identity of the person or persons may require. As the context may require, the singular may read as the plural and the plural as the singular. 
 11.16 Notice. Any notice or filing required or permitted to be given to the Plan Administrator under the Plan shall be sufficient if in writing and hand delivered, or sent by registered or
certified mail, to the Human Resources Department, or to such other entity as the Plan Administrator may designate from time to time. Such notice shall be deemed given as to the date of delivery, or, if delivery is made by mail, as of the date shown
on the postmark on the receipt for registration or certification. 
 11.17 Asset Purchase Transactions. Where as part of
a sale or other disposition of assets by the Company to an unrelated buyer (an “Asset Purchase Transaction”), a Participant would otherwise experience a Separation from Service, the [Board or Committee] hereby retains the discretion to
specify whether a Participant providing services to the Company immediately before the Asset Purchase Transaction and providing services to the buyer after and in connection with the Asset Purchase Transaction has experienced a Separation from
Service for purposes of the Plan, provided that the Asset Purchase Transaction results from bona fide, arm’s 

  
 20 

 
length negotiations, all Participants providing services to the Company immediately before the Asset Purchase Transaction and providing services to the buyer after and in connection with the
Asset Purchase Transaction are treated consistently (regardless of position at the Company) for purposes of applying the provisions of any nonqualified deferred compensation plan, and such treatment is specified in writing no later than the closing
date of the Asset Purchase Transaction, as permitted under Section 409A. 
 11.18 Payments on Behalf of Persons Under
Incapacity. In the event that any amount becomes payable under the Plan to a person who, in the sole judgment of the Plan Administrator, is considered by reason of physical or mental condition to be unable to give a valid receipt therefore, the
Plan Administrator may direct that such payment be made to any person found by the Plan Administrator, in its sole judgment, to have assumed the care of such person. Any payment made pursuant to such determination shall constitute a full release and
discharge of the Plan Administrator, the Committee, the Board and the Company. 
 11.19 Section 409A. The Plan is
intended to comply with Section 409A and shall be interpreted in a manner consistent with such intent. To the extent any provision of the Plan should violate Section 409A, such provision shall be rescinded and immediately reformed to the
extent necessary to avoid the imposition of taxes or interest under Section 409A. The Plan may be amended to the extent necessary (including retroactively) by the Plan Administrator to preserve compliance with Section 409A. The preceding
shall not be construed as a guarantee of any particular tax effect for Participants. 

  
 21 

 Appendix A 
 Provisions Relating to Prior Deferrals 
 This Appendix A sets forth certain
provisions that apply to Prior Deferrals. Any capitalized term used herein that is not otherwise defined in this Appendix A shall have the meaning ascribed to such term in the Plan. 

1. Directors. Prior to the Effective Date, members of the Board of Directors (“Directors”) were eligible to participate
in the Plan. Any reference to a Participant in the Plan or this Appendix A shall include a Director who has a Prior Deferral Account; provided, however, that no Director shall be permitted to make any Compensation Deferrals or Subsequent Payment
Elections described in Section 7.3 on or after the Effective Date. A Director’s “Separation from Service” will be based upon his services as a director within the Affiliated Group. 

2. Prior Deferral Accounts and Existing Distribution Elections. One or more Prior Deferral Accounts shall be established with
respect to each Participant who deferred compensation under the Plan prior to the Effective Date and who has not received a full distribution of such related account(s). The “Withdrawal Dates” specified pursuant to the Participant’s
deferral election and those distribution provisions set forth in the Plan prior to the Effective Date shall remain in effect with respect to the Prior Deferral Accounts (or related subaccounts) established under the Plan. 

  
 22 

 Exhibit A 
 Participating Affiliates on the Effective Date 
 NONE 

  
 23EX-10.1

 Exhibit 10.1 
 EMPLOYMENT AGREEMENT 
 THIS EMPLOYMENT AGREEMENT (this
“Agreement”) is dated as of June 3, 2013, by and among IFMI, LLC (the “Company”), a subsidiary of Institutional Financial Markets, Inc. (“Parent”), Parent, each of which has its principal place
of business at Cira Centre, 2929 Arch Street, 17th Floor,
Philadelphia, PA 19104, and Lester R. Brafman (the “Executive”). 
 WHEREAS, the Company wishes to employ the
Executive as its President, and the Executive wishes to accept such employment, on the terms set forth below, effective as of the date hereof (the “Effective Date”); 

NOW THEREFORE, the parties hereto agree as follows: 
 1. Term. The Company hereby employs the Executive, and the Executive hereby accepts such employment, for an initial term commencing as of the Effective Date and continuing through February 28,
2014, unless sooner terminated in accordance with the provisions of Section 4 or Section 5 (the period during which the Executive is employed hereunder being hereinafter referred to as the “Term”). 

2. Duties; Positions. During the Term, the Executive shall (a) be employed by the Company as its President, (b) serve as
the President of Parent, and (c) have and perform all duties and responsibilities that are commensurate with such positions, including those that are assigned to Executive by the Board of Directors of Parent (the “Board”). The
Board may appoint the Executive as Chief Executive Officer of the Company and Parent at any time. 
 3. Compensation.

 3.1 Base Salary. The Company shall pay the Executive during the Term a base salary at a minimum rate of $600,000.00
per annum beginning on the Effective Date (the “Base Salary”), in accordance with the customary payroll practices of the Company applicable to senior executives. The Compensation Committee of the Board may periodically review the
Executive’s Base Salary and may provide for such increases therein as it may, in its discretion, deem appropriate. (Any such increased base salary shall constitute the “Base Salary” as of the time of the increase.) 

3.2 Performance Bonus. During the Term, in addition to the Base Salary, for each fiscal year of the Company ending during the
Term, the Executive shall have the opportunity to receive an annual bonus in an amount and on such terms to be determined by the Compensation Committee of the Board (“Performance Bonus”). The Compensation Committee of the Board shall
further have the discretion to grant Executive other bonuses in such amounts and on such terms as it shall determine in its sole discretion. Nothing contained in the foregoing shall limit the Executive’s eligibility to receive any other bonus
under any other bonus plan, stock option or equity–based plan, or other policy or program of Parent or the Company. 

 3.3 Equity Incentive Compensation. Executive shall be entitled to participate in any
equity compensation plan of Parent or the Company in which he is eligible to participate, and may, without limitation, be granted in accordance with any such plan options to purchase units of Company membership interest, options to purchase shares
of Parent’s common stock (“Common Stock”), shares of restricted stock, and/or other equity awards in the discretion of the Compensation Committee of the Board. 
 3.4 Benefits-In General. The Executive shall be permitted during the Term to participate in any group life, hospitalization or disability insurance plans, health programs, retirement plans, fringe
benefit programs and other benefits and perquisites that may be available to other senior executives of the Company generally, in each case to the extent that the Executive is eligible under the terms of such plans or programs (collectively, the
“Benefits Plans”). 
 3.5 Vacation. The Executive shall be entitled to vacation of no less than 20
business days per year, to be credited in accordance with ordinary Company policies. 
 3.6 Expenses-In General. The
Company shall pay or reimburse the Executive for all ordinary and reasonable out-of-pocket expenses actually incurred (and, in the case of reimbursement, paid) by the Executive during the Term in the performance of the Executive’s services
under this Agreement, in accordance with the Company’s policies regarding such reimbursements. The Company shall also pay or reimburse the Executive for all attorneys’ fees and other charges of counsel reasonably incurred by the Executive
in connection with the negotiation and execution of this Agreement, prior agreements, and related agreements and arrangements, promptly upon presentation of appropriate supporting documentation and in accordance with the expense reimbursement policy
of the Company, up to a cap of $15,000. 
 4. Termination upon Death or Disability. If the Executive dies during the
Term, the Term shall terminate as of the date of death, and the obligations of the Company to or with respect to the Executive shall terminate in their entirety upon such date except as otherwise provided under this Section 4. If the Executive
is unable to perform substantially and continuously the duties assigned to him due to a disability (as defined for purposes of the Company’s long-term disability plan then in effect or, if no such plan is in effect, by virtue of ill health or
other disability) for more than 180 consecutive or non-consecutive days out of any consecutive 12-month period, the Company shall have the right, to the extent permitted by law, to terminate the employment of the Executive upon notice in writing to
the Executive. Upon termination of employment due to death or disability, (i) the Executive (or the Executive’s estate or beneficiaries in the case of the death of the Executive) shall be entitled to receive (A) any Base Salary earned
through the date of termination, (B) all other rights and benefits earned and accrued or vested under this Agreement or under any plan, program, agreement, corporate 

  
 2 

 
governance document or arrangement of the Company (“Company Arrangements”) prior to the date of termination, and (C) reimbursement under this Agreement for expenses incurred
prior to the date of termination, in each case in accordance with the terms and conditions applicable thereto (clauses (A) through (C) collectively, the “Accrued Benefits”); (ii) the Executive (or the Executive’s
estate or beneficiaries in the case of the death of the Executive) shall be entitled to receive a single-sum payment by wire transfer of immediately available funds in an amount equal to the value of his Base Salary that would have been paid to him
for the remainder of the year in which the termination occurs; (iii) the Executive (or the Executive’s estate or beneficiaries in the case of the death of the Executive) shall receive a single-sum payment by wire transfer of immediately
available funds in an amount equal to (x) $900,000, multiplied by (y) a fraction, the numerator of which is the number of days in the calendar year through the date of termination and the denominator of which is 365; (iv) all
outstanding unvested equity-based awards held by the Executive shall fully vest and become immediately exercisable, as applicable, subject to the terms of such awards; and (v) the Executive (or the Executive’s estate or beneficiaries in
the case of the death of the Executive) shall have no further rights to any other compensation or benefits hereunder, or any other rights hereunder (but, for the avoidance of doubt, shall receive such disability and death benefits as may be provided
under the Company Arrangements in accordance with their terms). Unless the payment is required to be delayed pursuant to Section 7.14(b) below, the cash amounts payable pursuant to clauses (i), (ii) and (iii) above shall be paid to
the Executive (or the Executive’s estate or beneficiaries in the case of the death of the Executive) within 60 days following the date of his termination of employment on account of death or disability. In the event that the 60 day period
following such termination spans two calendar years, the amounts payable to the Executive under this Section 4 shall be paid in the later calendar year. 
 5. Certain Terminations of Employment; Certain Benefits. 
 5.1
Termination by the Company for Cause; Termination by the Executive without Good Reason. 
 (a) For purposes of this
Agreement, “Cause” shall mean the Executive’s: 
 (i) commission of and indictment for (or formal admission to)
a felony, or commission of and indictment for (or formal admission to) any crime of moral turpitude, dishonesty, breach of trust or unethical business conduct, or any crime involving the Company; 

(ii) engagement in fraud, misappropriation or embezzlement; 
 (iii) continued failure to materially adhere to the directions of the Board or Parent’s or the Company’s written policies and practices; or 

(iv) material breach of any of the provisions of Section 6; 

  
 3 

 provided, that the Company shall not be permitted to terminate the Executive for Cause pursuant to
clauses (iii) or (iv) above, except (A) on written notice given to the Executive following the occurrence of any event described in clauses (iii) or (iv) above, and (B) upon the Board making a determination that Cause
exists after the Executive has been provided with an opportunity (with counsel of his choice) to contest the determination at a meeting of the Board. 
 (b) The Company may terminate this Agreement and the Executive’s employment hereunder for Cause, and the Executive may terminate his employment other than for Good Reason on at least 30 days’
written notice given to the Company. If the Company terminates the Executive for Cause, or the Executive terminates his employment and the termination by the Executive is not for Good Reason in accordance with Section 5.2, (i) the
Executive shall receive Base Salary and other benefits (including any bonus for a fiscal year completed before termination and awarded but not yet paid) earned and accrued under this Agreement prior to the termination of employment (and
reimbursement under this Agreement for expenses incurred prior to the termination of employment); and (ii) the Executive shall have no further rights to any other compensation or benefits under this Agreement on or after the termination of
employment. Unless the payment is required to be delayed pursuant to Section 7.14(b) below, the cash amounts payable to the Executive under this Section 5.1(b) shall be paid to the Executive in a single-sum payment by wire transfer of
immediately available funds within 60 days following the date of his termination of employment with the Company pursuant to this Section 5.1(b). 
 5.2 Termination by the Company without Cause; Termination by the Executive for Good Reason. 
 (a) For purposes of this Agreement, “Good Reason” shall mean, unless otherwise consented to by the Executive: 
 (i) the material reduction of the Executive’s title, authority, duties and responsibilities, the assignment to the Executive of duties materially inconsistent with the Executive’s position or
positions as President of Parent and the Company, or, in the event that the Executive becomes the Chief Executive Officer of Parent and the Company, the assignment to the Executive of duties materially inconsistent with the Executive’s position
or positions as Chief Executive Officer of Parent and the Company; 
 (ii) a reduction in Base Salary to a rate of less than
$600,000 per annum; 
 (iii) the Company’s material breach of this Agreement; 

  
 4 

 (iv) Executive is required to relocate his office more than 30 miles outside of the Borough
of Manhattan, New York; or 
 (v) the Board does not appoint the Executive to the position of Chief Executive Officer of the
Company and Parent by February 28, 2014. 
 Notwithstanding the foregoing, (i) Good Reason shall not be deemed to exist unless notice
of termination on account thereof (specifying a termination date no later than 30 days from the date of such notice) is given no later than 30 days after the time at which the event or condition purportedly giving rise to Good Reason first occurs or
arises and (ii) if there exists (without regard to this clause (ii)) an event or condition that constitutes Good Reason, the Company shall have 15 days from the date notice of such a termination is given to cure such event or condition and, if
the Company does so, such event or condition shall not constitute Good Reason hereunder. 
 (b) The Company may terminate the
Executive’s employment and the Executive may terminate the Executive’s employment with the Company at any time for any reason or no reason. If the Company terminates the Executive’s employment (and the termination is not covered by
Section 4 or 5.1), or the Executive terminates his employment for Good Reason, then, in either such case, without duplication: 
 (i) the Executive shall receive the Accrued Benefits; 
 (ii) the Executive shall
receive a single-sum payment by wire transfer of immediately available funds in an amount equal to $950,000; 
 (iii) all
outstanding unvested equity-based awards (including without limitation stock options and restricted stock) held by the Executive shall fully vest and shall become immediately exercisable, as applicable; and 

(iv) Unless otherwise prohibited by the Employee Retirement Income Security Act of 1974 (ERISA), the Internal Revenue Code of 1986, as
amended (the “Code”) or applicable law, the Executive and his eligible dependents shall continue to be covered under the Benefits Plans as described in Section 3.4 for the 12-month period following the termination of the
Executive’s employment. The above notwithstanding, in no event shall coverage be continued under such Benefit Plan if the benefit is provided pursuant to insurance and the Executive is not eligible for coverage as a result of his termination of
employment or otherwise. To the extent the Executive or his eligible dependents are only eligible for coverage under any such Benefits Plans by reason of law commonly known as COBRA, the Company will pay the employer’s portion of the COBRA
premiums and will pay or reimburse the Executive for Executive’s portion of such COBRA premiums, so that collectively Executive and his eligible dependents are fully covered under all such Benefits Plans for no cost, such payments (or
reimbursements) to be made for the 12-month period following the termination of the Executive’s employment. 

  
 5 

 Unless the payment is required to be delayed pursuant to Section 7.14(b) below, the cash amounts
payable to the Executive under this Section 5.2(b) (other than Section 5.2(b)(iv)) shall be paid to the Executive within 60 days following the date of his termination of employment with the Company pursuant to this Section 5.2(b). In
the event that the 60 day period following such termination spans two calendar years, the amounts payable to the Executive under this Section 5.2(b) shall be paid in the later calendar year. 

5.3 Change of Control. In the event of a “Change of Control” (as defined below) during the Term, all outstanding
unvested equity-based awards then held by the Executive shall fully vest and shall become immediately exercisable, as applicable. In addition, if the Executive terminates his employment with Company within six months following the date of a Change
of Control, such termination shall be deemed a termination by Executive for Good Reason covered by Section 5.2. For purposes of this Agreement, “Change of Control” shall mean the happening of any of the following: 

(a) any “person,” including a “group” (as such terms are used in Sections 13(d) and 14(d) of the Securities Exchange
Act of 1934, as amended (the “Exchange Act”), but excluding Daniel G. Cohen, any Family Member of Mr. Cohen, Mead Park Capital Partners LLC, the Company, any entity or person controlling, controlled by or under common control
with Mr. Cohen, Mead Park Capital Partners LLC, any Family Member of Mr. Cohen, the Company, any employee benefit plan of the Company or any such entity, and any “group” (as such term is used in Section 13(d)(3) of the
Exchange Act) of which any of the foregoing persons or entities is a member), is or becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of Parent representing 50% or more
of either (i) the combined voting power of Parent’s then outstanding securities or (ii) the then outstanding Common Stock (in either such case other than as a result of an acquisition of securities directly from Parent or the
Company); provided, however, that, in no event shall a Change of Control be deemed to have occurred upon a public offering of the Common Stock under the Securities Act of 1933, as amended (for purposes hereof, “Family Member” means
(x) a person’s spouse, parent, sibling and descendants (whether natural or adopted), (y) any family limited partnership, limited liability company or other entity wholly owned, directly or indirectly, by such person and/or such
person’s spouse, parent, sibling and/or descendants (whether natural or adopted), and (z) any estate or trust for the benefit of such person and/or such person’s spouse, parent, sibling and/or descendants (whether natural or
adopted)); or 
 (b) any consolidation or merger of Parent where the stockholders of Parent, immediately prior to the
consolidation or merger, would not, immediately after the consolidation or merger, beneficially own (as such term is defined in Rule 13d-3 under the 

  
 6 

 
Exchange Act), directly or indirectly, shares representing in the aggregate 50% or more of the combined voting power of the securities of the entity issuing cash or securities in the
consolidation or merger (or of its ultimate parent entity, if any); 
 (c) there shall occur (i) any sale, lease, exchange
or other transfer (in one transaction or a series of transactions contemplated or arranged by any party as a single plan) of all or substantially all of the assets of Parent, other than a sale or disposition by Parent of all or substantially all of
Parent’s assets to an entity, at least 50% of the combined voting power of the voting securities of which are owned by “persons” (as defined above) who beneficially hold shares of Common Stock immediately prior to such sale or
(ii) the approval by stockholders of Parent of any plan or proposal for the liquidation or dissolution of Parent, as applicable; or 
 (d) the members of the Board at the beginning of any consecutive 24-calendar-month period (the “Incumbent Directors”) cease for any reason other than due to death to constitute at least a
majority of the members of the Board; provided that any director whose election, or nomination for election by Parent’s stockholders, was approved by a vote of at least a majority of the members of the Board then still in office who were
members of the Board at the beginning of such 24-calendar-month period, shall be deemed to be an Incumbent Director; 
 provided,
however, Executive’s right to terminate this Agreement for Good Reason under this Section 5.3 shall be conditioned on Executive’s providing transition services for up to six months following such termination, to the extent
reasonably requested by the Company.  
 5.4 Parachutes. If any amount payable to or other benefit receivable by
the Executive pursuant to this Agreement would be deemed to constitute a Parachute Payment (as defined below), alone or when added to any other amount payable or paid to or other benefit receivable or received by the Executive which is deemed to
constitute a Parachute Payment (whether or not under an existing plan, arrangement or other agreement), and would result in the imposition on the Executive of an excise tax under Section 4999 of the Code, then the Parachute Payments shall be
reduced (but not below zero) so that the maximum amount of the Parachute Payments (after reduction) shall be one dollar ($1.00) less than the amount which would cause the Parachute Payments to be subject to the excise tax imposed by
Section 4999 of the Code. Any such reduction shall be made by first reducing severance benefits (if any). “Parachute Payment” shall mean a “parachute payment” as defined in Section 280G of the Code. The calculation
under this Section 5.4 shall be as determined by the Company’s accountants. Unless the payment is required to be delayed pursuant to Section 7.14(b) below, any additional payment payable to the Executive pursuant to this Section shall
be paid by the Company to the Executive within 5 days of receipt of the Company’s accountants’ determination, which such determination shall be made to the Company within 30 days of any event requiring payment to the Executive hereunder.

  
 7 

 5.5 Execution of Release. The Executive acknowledges that all payments and benefits
due under Section 4 or this Section 5 (other than the Accrued Benefits) are subject to his (or the Executive’s estate or beneficiaries in the case of the death of the Executive) execution of a general release from liability of the
Company, Parent, and their respective Officers (including his successor), Directors/Managers and employees, in a form reasonably satisfactory to the Company, Parent, and the Executive, and such release becoming irrevocable by its terms. Such release
shall be provided by the Company and/or Parent, as applicable, within 30 days following the date of termination of the Executive’s employment. Notwithstanding anything to the contrary contained in this Agreement, there shall be no restrictions
on the Executive’s post-employment activities in any such release, other than as expressly set forth in this Agreement. If Executive fails to execute such release, or such release does not become irrevocable, all such payments and benefits set
forth in this Section 5 shall be forfeited. 
 5.6 No Mitigation. The Executive shall be under no obligation to seek
other employment or to otherwise mitigate the obligations of the Company and/or Parent under this Agreement. 
 6. Covenants
of the Executive. 
 6.1 Confidentiality. The Executive acknowledges that (i) the primary businesses of the
Company are its asset management business (managing assets through listed and private companies, funds, managed accounts and collateralized debt obligations) and its capital markets business (credit-related fixed income sales and trading as well as
new issue placements in corporate and securitized products) (the “Businesses”); (ii) the Company is one of the limited number of persons who have such a business; (iii) the Company’s Businesses are, in part, national and
international in scope; (iv) the Executive’s work for the Company has given and will continue to give him access to the confidential affairs and proprietary information of the Company; (v) the covenants and agreements of the Executive
contained in this Section 6 are essential to the business and goodwill of the Company; and (vi) the Company would not have entered into this Agreement but for the covenants and agreements set forth in this Section 6. Accordingly, the
Executive covenants and agrees during and after the period of the Executive’s employment with the Company and its affiliates, the Executive (x) shall keep secret and retain in strictest confidence all confidential matters relating to the
Company’s Business and the business of any of its affiliates and to the Company and any of its affiliates, learned by the Executive heretofore or hereafter directly or indirectly from the Company or any of its affiliates (the “Confidential
Company Information”), and (y) shall not disclose such Confidential Company Information to anyone outside of the Company except with the Company’s express written consent and except for Confidential Company Information which is at the
time of receipt or thereafter becomes publicly known through no wrongful act of the Executive or is received from a third party not under an obligation to keep such information confidential and without breach of this Agreement. 

  
 8 

 6.2 Noncompetition/Nonsolicitation. 

(a) For a period of three months following the end of the Term (the “Non-Compete Period”), regardless of the reason the Term
of this Agreement ends, Executive shall not, directly or indirectly, engage or participate in, or become employed by, or affiliated with, or render advisory or any other services to, any person or business entity or organization, of whatever form,
that competes with the Company or any of its subsidiaries (collectively, the “Company Affiliates”) anywhere in North America or Europe. 
 (b) For a period of six months following the end of the Term, regardless of the reason the Term of this Agreement ends, Executive shall not, directly or indirectly, (i) solicit, induce, cause or
otherwise attempt to solicit, induce or cause any person who is employed or engaged by any of the Company Affiliates to (A) end his or her employment or engagement with any of the Company Affiliates, (B) accept employment or other
engagement with any person or entity other than any of the Company Affiliates, or (C) in any manner interfere with the business of any of the Company Affiliates, or (ii) hire any person who was an employee of any of the Company Affiliates
at the time of such termination or within the six-month period prior to such termination (provided, that this clause (ii) shall not apply to any employee who has been terminated by any of the Company Affiliates). 

(c) For a period of six months following the end of the Term, regardless of the reason the Term of this Agreement ends, the Executive
shall not, directly or indirectly, solicit, induce, direct or do any act or thing which interferes with or adversely affects the relationship of any of the Company Affiliates with any person or entity who was a material customer or client of such
entities or with whom such entities were actively seeking to form a business relationship either at the time of the termination of the Executive’s employment or within the six-month period immediately preceding such termination, or otherwise
induce or attempt to induce any such person or entity to cease doing business, reduce or otherwise limit its business with any of the Company Affiliates. For purposes hereof, “material customer or client” means a customer or client that is
one of the 25 largest customers or clients of such entity. 
 The Executive specifically acknowledges that the temporal and geographical
limitations hereof, in view of the nature of the Businesses, are reasonable and necessary to protect the Company’s legitimate business interests. 
 6.3 Rights and Remedies upon Breach. The Executive acknowledges and agrees that any breach by him of any of the provisions of Sections 6.1 and 6.2 (the “Restrictive Covenants”) would
result in irreparable injury and damage for which money damages would not provide an adequate remedy. Therefore, if the Executive breaches, or threatens to commit a breach of, any of the provisions of Sections 6.1 or 6.2, the Company and its
affiliates, in addition to, and not in lieu of, any other rights and remedies available to the Company and its affiliates under law or in equity (including, without limitation, the recovery of damages), shall have the

  
 9 

 
right and remedy to have the Restrictive Covenants specifically enforced by any court having equity jurisdiction, including, without limitation, the right to an entry against the Executive of
restraining orders and injunctions (preliminary, mandatory, temporary and permanent), without posting a bond, against violations, threatened or actual, and whether or not then continuing, of such covenants. 

7. Other Provisions. 
 7.1 Severability. The Executive acknowledges and agrees that (i) he has had an opportunity to seek advice of counsel in connection with this Agreement and (ii) the Restrictive Covenants
are reasonable in geographical and temporal scope and in all other respects. If it is determined that any of the provisions of this Agreement, including, without limitation, any of the Restrictive Covenants, or any part thereof, is invalid or
unenforceable, the remainder of the provisions of this Agreement shall not thereby be affected and shall be given full effect, without regard to the invalid portions. 
 7.2 Duration and Scope of Covenants. If any court or other decision-maker of competent jurisdiction determines that any of the Executive’s covenants contained in this Agreement, including,
without limitation, any of the Restrictive Covenants, or any part thereof, is unenforceable because of the duration or geographical scope of such provision, then, after such determination has become final and unappealable, the duration or scope of
such provision, as the case may be, shall be reduced so that such provision becomes enforceable and, in its reduced form, such provision shall then be enforceable and shall be enforced. 

7.3 Enforceability; Jurisdiction; Arbitration. Any controversy or claim arising out of or relating to this Agreement or the breach
of this Agreement (other than a controversy or claim arising under Section 6, to the extent necessary for the Company (or its affiliates, where applicable) to avail itself of the rights and remedies referred to in Section 6.2) that is not
resolved by the Executive and the Company (or its affiliates, where applicable) shall be submitted to arbitration in New York, New York in accordance with the law of the State of New York and the procedures of the American Arbitration Association.
The determination of the arbitrator(s) shall be conclusive and binding on the Company (or its affiliates, where applicable) and the Executive and judgment may be entered on the arbitrator(s)’ award in any court having jurisdiction. 

  
 10 

 7.4 Notices. Any notice or other communication required or permitted hereunder shall
be in writing and shall be delivered personally, telegraphed, telexed, sent by facsimile transmission or sent by certified, registered or express mail, postage prepaid. Any such notice shall be deemed given when so delivered personally, telegraphed,
telexed or sent by facsimile transmission or, if mailed, five days after the date of deposit in the United States mails as follows: 
  

	 	(i)	If to the Company, to: 

 IFMI,
LLC 
 Cira Centre 
 2929 Arch Street, 17th Floor 
 Philadelphia, PA 19104 

Attention: General Counsel 
  

	 	(ii)	If to the Executive, to the most recent home address on file; 

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

 909 Third Avenue 
 New York, NY 10022 
 Attn: Jeff Laska 

Any such person may by notice given in accordance with this Section 7.4 to the other parties hereto designate another address or person for receipt
by such person of notices hereunder. 
 7.5 Entire Agreement. This Agreement contains the entire agreement between the
parties with respect to the subject matter hereof and supersedes all prior agreements, written or oral, with respect thereto. 

7.6 Waivers and Amendments. This Agreement may be amended, superseded, canceled, renewed or extended, and the terms hereof may be
waived, only by a written instrument signed by all parties. No delay on the part of any party in exercising any right, power or privilege hereunder shall operate as a waiver thereof, nor shall any waiver on the part of any party of any such right,
power or privilege nor any single or partial exercise of any such right, power or privilege, preclude any other or further exercise thereof or the exercise of any other such right, power or privilege. 

7.7 GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT
REGARD TO ANY PRINCIPLES OF CONFLICTS OF LAW WHICH COULD CAUSE THE APPLICATION OF THE LAWS OF ANY JURISDICTION OTHER THAN THE STATE OF NEW YORK. 
 7.8 Assignment. This Agreement shall be binding upon and inure to the benefit of the parties and their respective successors, heirs (in the case of the Executive) and assigns. No rights or
obligations of the Company under this Agreement may be assigned or transferred by the Company except that such rights or obligations may be assigned or transferred 

  
 11 

 
pursuant to a merger or consolidation in which the Company is not the continuing entity, or the sale or liquidation of all or substantially all of the assets of the Company; provided, however,
that the assignee or transferee is the successor to all or substantially all of the assets of the Company and such assignee or transferee assumes the liabilities, obligations and duties of the Company, as contained in this Agreement, either
contractually or as a matter of law. 
 7.9 Withholding. The Company shall be entitled to withhold from any payments or
deemed payments any amount of tax withholding it determines to be required by law. 
 7.10 Binding Effect. This Agreement
shall be binding upon and inure to the benefit of the parties and their respective successors, permitted assigns, heirs, executors and legal representatives. 
 7.11 Counterparts. This Agreement may be executed by the parties hereto in separate counterparts, each of which when so executed and delivered shall be an original but all such counterparts
together shall constitute one and the same instrument. Each counterpart may consist of two copies hereof each signed by one of the parties hereto. 
 7.12 Survival. Anything contained in this Agreement to the contrary notwithstanding, the provisions of Sections 5 and 6 and any other provisions of this Agreement expressly imposing obligations
that survive termination of Executive’s employment hereunder, and the other provisions of this Section 7 to the extent necessary to effectuate the survival of such provisions, shall survive termination of this Agreement and any termination
of the Executive’s employment hereunder. 
 7.13 Existing Agreements. The Executive represents to the Company that
he is not subject or a party to any employment or consulting agreement, non-competition covenant or other agreement, covenant or understanding which might prohibit him from executing this Agreement or limit in any manner whatsoever his ability to
fulfill his responsibilities hereunder. 
 7.14 Section 409A. 

(a) Interpretation. Notwithstanding the other provisions hereof, this Agreement is intended to comply with the requirements of
section 409A of the Code, to the extent applicable, and this Agreement shall be interpreted to avoid any penalty sanctions under section 409A of the Code. Accordingly, all provisions herein, or incorporated by reference, shall be construed and
interpreted to comply with section 409A. If any payment or benefit cannot be provided or made at the time specified herein without incurring sanctions under section 409A of the Code, then such benefit or payment shall be provided in full at the
earliest time thereafter when such sanctions will not be imposed. For purposes of section 409A of the Code, each payment made under this Agreement shall be treated as a separate payment. In no event may the Executive, directly or indirectly,
designate the calendar year of payment. 

  
 12 

 (b) Payment Delay. Notwithstanding any provision to the contrary in this Agreement,
if on the date of the Executive’s termination of employment, the Executive is a “specified employee” (as such term is defined in section 409A(a)(2)(B)(i) of the Code and its corresponding regulations) as determined by the Board (or
its delegate) in its sole discretion in accordance with its “specified employee” determination policy, then all cash severance payments payable to the Executive under this Agreement that are deemed as deferred compensation subject to the
requirements of section 409A of the Code shall be postponed for a period of six months following the Executive’s “separation from service” with the Company (or any successor thereto). The postponed amounts shall be paid to the
Executive in a lump sum within 30 days after the date that is 6 months following the Executive’s “separation from service” with the Company (or any successor thereto). If the Executive dies during such six-month period and prior to
payment of the postponed cash amounts hereunder, the amounts delayed on account of section 409A of the Code shall be paid to the personal representative of the Executive’s estate within 60 days after Executive’s death. If any of the cash
payments payable pursuant to this Agreement are delayed due to the requirements of section 409A of the Code, there shall be added to such payments interest during the deferral period at an annualized rate of interest equal to 5%. 

(c) Reimbursements. All reimbursements provided under this Agreement shall be made or provided in accordance with the
requirements of section 409A, including, where applicable, the requirement that (i) any reimbursement is for expenses incurred during the Executive’s lifetime (or during a short period of time specified in this Agreement), (ii) the
amount of expenses eligible for reimbursement during a calendar year may not affect the expenses eligible for reimbursement in any other calendar year, (iii) the reimbursement of all eligible expense will be made on or before the last day of
the taxable year following the year in which the expense is incurred, and (iv) the right to reimbursement is not subject to the liquidation or exchange for another benefit. Any tax gross up payments to be made hereunder shall be made not later
than the end of the Executive’s taxable year next following the Executive’s taxable year in which the related taxes are remitted to the taxing authority. 
 7.15 Headings. The headings in this Agreement are for reference only and shall not affect the interpretation of this Agreement. 

[Signature page follows] 

  
 13 

 IN WITNESS WHEREOF, the parties hereto have signed their names as of the day and year first above written.

  

			
	IFMI, LLC
		
	By:	 	 /s/ Daniel G. Cohen

	Name:	 	Daniel G. Cohen
	Title:	 	Chief Executive Officer & Chief Investment Officer
	
	INSTITUTIONAL FINANCIAL MARKETS, INC.
		
	By:	 	 /s/ Daniel G. Cohen

	Name:	 	Daniel G. Cohen
	Title:	 	Chief Executive Officer & Chief Investment Officer
	
	 /s/ Lester R. Brafman

	Lester R. Brafman

  
 14

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