NYFIX INC
EXHIBIT 10.6
<DOCUMENT>
<TYPE>EX-10
<SEQUENCE>6
<FILENAME>nyfix-2467588.htm
<DESCRIPTION>EXHIBIT 10.6
<TEXT>

<HTML>
<HEAD>
   <TITLE>nyfix-2467588.htm -- Converted by SEC Publisher, created by BCL Technologies Inc., for SEC Filing</TITLE>
</HEAD>

<BODY bgcolor="#ffffff">


<P align=right>
<TABLE>
<TR>
     <TD noWrap align=right><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Exhibit 10.6</FONT></B></TD></TR></TABLE></P>
<P align=center>
<TABLE>
<TR>
     <TD noWrap align=center><B><U><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">NYFIX, INC.</FONT></U></B><BR>
<B><U><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">2001 STOCK OPTION PLAN</FONT></U></B><BR>
<B><U><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">MODEL</FONT></U></B><BR>
<B><U><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">NON-QUALIFIED STOCK OPTION AGREEMENT</FONT></U></B><BR>
<B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">(TIME VESTING)</FONT></B></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-Qualified Stock Option Agreement (this &#147;</FONT><U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Agreement</FONT></U><FONT face="TimesNewRomanPSMT,Times New &#13;&#10;Roman,Times,serif">&#148;), dated as of October 2,</FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">2007 (the &#147;</FONT><U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Date of Grant</FONT></U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#148;), between NYFIX, Inc. (&#147;</FONT><U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">NYFIX</FONT></U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#148;) and P. Howard Edelstein (the </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#147;</FONT><U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Participant</FONT></U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#148;).</FONT></TD></TR></TABLE></P>
<P align=center>
<TABLE>
<TR>
     <TD noWrap align=center><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">BACKGROUND</FONT></B></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>Pursuant to the terms of the NYFIX, Inc. 2001 Stock Option Plan (the &#147;</FONT><U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Plan</FONT></U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#148;), </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">NYFIX desires to (i) provide an incentive to the Participant, (ii) encourage the Participant to </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">contribute materially to the growth of NYFIX and its subsidiaries (collectively, the &#147;</FONT><U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Company</FONT></U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#148;) </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">and (iii) more closely align the Participant&#146;s economic interests with those of NYFIX stockholders </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">by means of a grant of Nonqualified Options. Whenever capitalized terms are used in this </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Agreement, they shall have the meanings set forth in this Agreement or, if not defined in this </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Agreement, as set forth in the Plan.</FONT><BR>
<BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>The Plan allows the Company to provide rewards and incentives to certain </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">employees of the Company by, among other things, granting them opportunities to purchase shares</FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">of Stock. The Board or the Committee has determined that it would be in the best interest of the </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Company and its stockholders to grant the Options to the Participant under the Plan.</FONT><BR>
<BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>In consideration of the covenants and agreements set forth in this Agreement, the </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Participant and NYFIX hereby agree as follows:</FONT></TD></TR></TABLE></P>
<P align=center>
<TABLE>
<TR>
     <TD noWrap align=center><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">ARTICLE I</FONT></B></TD></TR></TABLE></P>
<P align=center>
<TABLE>
<TR>
     <TD noWrap align=center><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">GRANT OF OPTIONS</FONT></B></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>1.1&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Grant of Options</FONT></U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">. The Participant is hereby granted Nonqualified Options </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">representing the right to purchase 675,069 shares of Stock subject to the restrictions and conditions</FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">set forth in this Agreement. References in this Agreement to &#147;</FONT><U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Option</FONT></U><FONT face="TimesNewRomanPSMT,Times &#13;&#10;New Roman,Times,serif">&#148; and &#147;</FONT><U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Options</FONT></U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#148; mean the </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">options granted hereby, individually and in the aggregate.</FONT><BR>
<BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>1.2&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Option Price</FONT></U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">. The purchase price of each share of Stock underlying the </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Options is $4.60 per share (the &#147;</FONT><U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Option Price</FONT></U><FONT face="TimesNewRomanPSMT,Times New &#13;&#10;Roman,Times,serif">&#148;), which is the same as the Fair Market Value of a </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">share of Stock on the Date of Grant.&nbsp;</FONT><BR>
<BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>1.3&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Grant Information</FONT></U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">. The Options have been granted under the Plan. The</FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Committee authorized the grant of the Options on October 2, 2007.</FONT></TD></TR></TABLE></P>
<BR style="PAGE-BREAK-BEFORE: always" clear=all>


<P align=center>
<TABLE>
<TR>
     <TD noWrap align=center><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">ARTICLE II</FONT></B></TD></TR></TABLE></P>
<P align=center>
<TABLE>
<TR>
     <TD noWrap align=center><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">EXERCISABILITY OF OPTIONS</FONT></B></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>All of the Options are unvested on the Date of Grant. Options shall vest upon, but </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">only upon, the earliest to occur of the events described in Section 2.1, 2.2 or 2.3 and shall become </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">exercisable as described in Section 2.4, in each case subject to the limitations set forth in Section </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">2.5. All unvested Options shall be forfeitable as set forth in Section 2.5 and shall be non-</FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">transferable as set forth in Section 5.2. All shares of Stock issued upon exercise of Options shall be</FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">transferable, although:</FONT><BR>
<BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(a)&nbsp;&nbsp;&nbsp;&nbsp; transferability may be subject to pre-clearance, blackout, registration </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">and other requirements and restrictions under the Company&#146;s insider trading and other compliance </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">policies and procedures; and</FONT><BR>
<BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(b)&nbsp;&nbsp;&nbsp;&nbsp; transfers by executive officers should be reviewed in advance to </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">determine if there would be any potential liability for short-swing profits under Section 16(b) of the</FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Securities Exchange Act of 1934.</FONT><BR>
<BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(i)&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Time Vesting. </FONT></U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">If not sooner vested and unless previously forfeited </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">pursuant to Section 2.5, all of the Options shall vest based on the passage of time as follows:</FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">2.7778% of the Options shall vest on October 4, 2007 and on the fourth day of each month </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">thereafter through and including September 4, 2010.</FONT><BR>
<BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>If a partial Option would vest on any date, the total number of Options vesting </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">on such date shall be rounded up to the nearest whole Option.</FONT><BR>
<BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>2.2&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Accelerated and Continued Vesting</FONT></U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">. If not sooner vested and exercisable, </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">and unless previously cancelled pursuant to Section 2.5 or 4.2,</FONT><BR>
<BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(i)&nbsp;&nbsp;&nbsp; &nbsp;all of the Options shall vest and become immediately exercisable </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">upon a termination of the Participant&#146;s employment (a) by the Company without Cause (as defined </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">in Section 5.1) or (b) by the Participant for Good Reason (as defined in Section 5.1), in either case </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">within one year following a Change in Control (as defined in Section 5.1);&nbsp;</FONT><BR>
<BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(ii)&nbsp;&nbsp;&nbsp;&nbsp;following a termination of the Participant&#146;s employment (a) by the </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Company without Cause or (b) by the Participant for Good Reason, in either case prior to or more </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">than one year following a Change in Control, the Participant&#146;s Options that would have vested </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">through the month that includes the last day of the period for which the Participant receives </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">severance, if any, following such termination (the &#147;Severance Period&#148;), shall immediately vest; and</FONT><BR>
<BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(iii)&nbsp;&nbsp; in the event of a termination of the Participant&#146;s employment by </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">reason of death, the Participant&#146;s Options that would have vested during the nine-month period </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">following such termination may become immediately vested upon such termination in accordance </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">with the terms of Section 5 of the Employment Agreement between the Company and the </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Participant dated September 4, 2006, as amended from time to time (the &#147;</FONT><U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Employment</FONT></U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif"> </FONT><BR>
<U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Agreement</FONT></U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#148;).</FONT></TD></TR></TABLE></P>
<P align=center>
<TABLE>
<TR>
     <TD noWrap align=center><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">2</FONT></TD></TR></TABLE></P>
<BR style="PAGE-BREAK-BEFORE: always" clear=all>


<P align=left>
<TABLE>
<TR>
     <TD noWrap>
<P><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>2.3&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Discretionary Vesting and Exercisability</FONT></U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">. The Committee or the Board may </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">accelerate the vesting of any or all of the Options at any time and for any reason.</FONT><BR>
<BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>2.4&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Exercise; Restriction on Exercise</FONT></U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">. No unvested Options shall be exercisable.</FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">All vested Options shall become exercisable at the time they first vest and shall cease to be </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">exercisable at the time they expire and are forfeited as provided in Section 2.5 or Article IV.</FONT><BR>
<BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>2.5&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Effect of Termination of Employment on Vesting; Expiration of Unvested</FONT></U><FONT face="TimesNewRomanPSMT,Times &#13;&#10;New Roman,Times,serif"> </FONT><BR>
<U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Options</FONT></U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">. All unvested Options expire upon the earliest to occur of:&nbsp;</FONT><BR>
<BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(i)&nbsp;&nbsp;&nbsp;&nbsp; the time of notification of the termination of the Participant&#146;s </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">employment by the Company for Cause;</FONT><BR>
<BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>(ii)&nbsp;&nbsp;&nbsp; termination of the Participant&#146;s employment for any reason other than</FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Cause or, if later, the expiration of the Severance Period, if applicable; and </FONT></P>
<P><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>(iii)&nbsp;&nbsp; expiration as provided in Section 4.1.</FONT></P>
</TD></TR></TABLE></P>
<P align=center>
<TABLE>
<TR>
     <TD noWrap align=center><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">ARTICLE III</FONT></B></TD></TR></TABLE></P>
<P align=center>
<TABLE>
<TR>
     <TD noWrap align=center><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">EXERCISE OF OPTIONS</FONT></B></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>3.1&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Person Who Can Exercise</FONT></U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">. Exercisable Options may only be exercised by the</FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Participant, except that, in the event of the Disability of the Participant, those Options may be </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">exercised by the Participant&#146;s legal guardian or legal representative and, in the event of death, those </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Options may be exercised by the executor or administrator of the Participant&#146;s estate or the person </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">or persons to whom the Participant&#146;s rights under those Options pass by will or the laws of descent </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">and distribution.</FONT><BR>
<BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>3.2&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Procedure for Exercise</FONT></U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">. Exercisable Options may be exercised in whole or in </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">part with respect to any portion thereof that is exercisable. To exercise an exercisable Option, the </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Participant (or such other person who shall be permitted to exercise that Option as set forth in</FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Section 3.1) must complete, sign and deliver to the Company an exercise notice in a form to be </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">provided by the Company together with payment in full of the Option Price multiplied by the </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">number of shares of Stock with respect to which that Option is exercised, in accordance with the </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">option exercise procedures of the Company as in effect from time to time. The right to exercise any</FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Option shall be subject to the satisfaction of all conditions set forth in such form of exercise notice.</FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Payment of the Option Price shall be made in cash (including check, bank draft or money order).</FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">The Participant&#146;s right to exercise the Option shall be subject to the satisfaction of all conditions set </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">forth in such exercise notice.</FONT></TD></TR></TABLE></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR>
     <TD vAlign=top noWrap><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>3.3</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Withholding of Taxes</FONT></U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">.</FONT> </TD></TR></TABLE>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>(i)&nbsp;&nbsp;&nbsp;&nbsp; The Company shall withhold or deduct from any or all payments or</FONT>amounts <BR>
due to or held for the Participant (or such other person who may be permitted to exercise</FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Options as set forth in Section 3.1), whether due from the Company or held in the account of the </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Participant (or such other person) at any broker facilitating the exercise of Options, or secure </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">payment from the Participant of, an amount (the &#147;</FONT><U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Withholding Amount</FONT></U><FONT face="TimesNewRomanPSMT,Times &#13;&#10;New Roman,Times,serif">&#148;) equal to all taxes</FONT></TD></TR></TABLE></P>
<P align=center>
<TABLE>
<TR>
     <TD noWrap align=center><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">3</FONT></TD></TR></TABLE></P>
<BR style="PAGE-BREAK-BEFORE: always" clear=all>


<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">(including unemployment (including FUTA), social security and medical (including FICA), and</FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">other governmental charges of any kind as well as income and other taxes) required under any </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">applicable law to be withheld or deducted with respect to any and all taxable income and other </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">amounts attributable to the Options.</FONT></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap>
<P><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">The Withholding Amount shall be determined by the Company.</FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></FONT></P>
<P><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp; <FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Immediately upon request by the Company, the Participant agrees to</FONT> <FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">pay <BR>
all, or a portion if so requested by the Company, of the Withholding Amount to the Company in c</FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">ash.</FONT></FONT></FONT></FONT></FONT></P>
<P><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT>(iv)&nbsp;&nbsp;&nbsp;&nbsp; The timing of withholding or deduction from such payments or </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">amounts shall be determined by the Company.</FONT></P>
</TD></TR></TABLE></P>
<P align=center>
<TABLE>
<TR>
     <TD noWrap align=center><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">ARTICLE IV</FONT></B></TD></TR></TABLE></P>
<P align=center>
<TABLE>
<TR>
     <TD noWrap align=center><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">EXPIRATION OF OPTIONS</FONT></B></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>4.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Expiration</FONT></U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">. Vested and unvested Options shall expire at 5:00 p.m., Eastern </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Daylight Time on October 2, 2017.</FONT><BR>
<BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT>4.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Earlier Expiration</FONT></U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">. Notwithstanding Section 4.1, unless otherwise </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">determined by the Committee, Options shall be forfeited and shall expire on the earliest to occur of</FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">the following:</FONT></TD></TR></TABLE></P>
<TABLE cellSpacing=0 cellPadding=0 rules=none border=0>
<TR>
     <TD vAlign=top noWrap><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT></FONT>(i)</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">all unvested Options shall expire as provided in Section 2.5;</FONT> </TD></TR></TABLE>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT></FONT>(ii)&nbsp;&nbsp;&nbsp;&nbsp; upon the Participant&#146;s termination of employment by the Company</FONT> for Cause, <BR>
all vested Options shall expire immediately at the time notice of such termination is </FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">given (unless <BR>
otherwise determined by the Company in its sole discretion);</FONT><BR>
<BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT></FONT>(iii)&nbsp;&nbsp;&nbsp; upon the Participant&#146;s termination of employment by the Company </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">without Cause or the Participant&#146;s resignation from employment with the Company other than in </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">connection with death or Disability, all vested Options shall expire upon the earlier of (a) the </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">ninetieth day following the date of such termination or (b) the expiration of the Options under </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Section 4.1; and</FONT><BR>
<BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT></FONT>(iv)&nbsp;&nbsp;&nbsp;&nbsp; upon the Participant&#146;s termination of employment due to the </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Participant&#146;s death or Disability, all vested Options shall expire upon the earlier of (a) the 12 month </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">anniversary of the date of such termination or (b) the expiration of the Options under Section 4.1.</FONT><BR>
<BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT>4.3&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Cancellation</FONT></U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">. Vested and unvested Options which expire unexercised shall </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">be treated as cancelled.</FONT><BR>
<BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT>4.4&nbsp;&nbsp;&nbsp; &nbsp;</FONT><U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Effective Date</FONT></U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">. For purposes hereof, except as otherwise set forth in Sections</FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">2.5 and 4.2, the date of resignation or termination of employment means the last date of actual </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">employment, even if a different date is used for administrative convenience in connection with </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">employee retirement, benefit or welfare plans.</FONT></TD></TR></TABLE></P>
<P align=center>
<TABLE>
<TR>
     <TD noWrap align=center><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">4</FONT></TD></TR></TABLE></P>
<BR style="PAGE-BREAK-BEFORE: always" clear=all>


<P align=center>
<TABLE>
<TR>
     <TD noWrap align=center><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">ARTICLE V</FONT></B><BR>
<BR>
<B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">MISCELLANEOUS</FONT></B></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT>5.1&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Definitions</FONT></U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">. The terms &#147;</FONT><U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Cause</FONT></U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#148;, &#147;</FONT><U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Change in Control</FONT></U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#148;, &#147;</FONT><U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Disability</FONT></U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#148; and </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#147;</FONT><U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Good Reason</FONT></U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#148; shall each have the meaning ascribed to such term in the Employment Agreement.</FONT><BR>
<BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT>5.2&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Options Not Transferable</FONT></U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">. Options may not be transferred (other than by will</FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">or laws of descent and distribution). Any attempt to effect a transfer of Options that is not permitted </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">by the Plan or this Agreement shall be null and void.</FONT><BR>
<BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT>5.3&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Section 409A of the Code</FONT></U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">. The parties recognize that certain provisions of </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">this Agreement may be affected by Section 409A of the Code and agree to negotiate in good faith to</FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">amend this Agreement with respect to any changes necessary or advisable to comply with Section </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">409A of the Code.</FONT><BR>
<BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT>5.4&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Section 162(m) of the Code</FONT></U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">. The Options were granted in a manner intended </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">to meet the requirements of &#147;qualified performance based compensation&#148; under Section 162(m) of </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">the Code.</FONT><BR>
<BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT>5.5&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Notices</FONT></U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">. All notices, requests and demands to or upon the parties hereto to be</FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">effective shall be in writing (including by telecopy), and, unless otherwise expressly provided </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">herein, shall be deemed to have been duly given or made when delivered by hand, or three days </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">after being deposited in the mail, postage prepaid, or, in the case of telecopy or email notice, when </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">received, addressed as follows to the Company and the Participant, or to such other address as may </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">be hereafter notified by the parties hereto:</FONT></TD></TR></TABLE></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR>
     <TD vAlign=top noWrap><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT>(i)</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">If to the Company, to it at the following address:</FONT> </TD></TR>
<TR>
     <TD colSpan=2>&nbsp;</TD></TR>
<TR>
     <TD>&nbsp;</TD>
     <TD width="100%"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">NYFIX, Inc.</FONT> <BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">100 Wall Street - 26th Floor <BR>
New York, NY 10005 <BR>
Attn: General Counsel</FONT></TD></TR></TABLE>
<P align=left>
<TABLE>
<TR>
     <TD noWrap>
<P><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT></FONT></FONT>If to the Participant, to his or her most recent primary residential a</FONT>ddress or <BR>
business telecopy or email address as shown on the records of the Company.</FONT><BR>
<BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT></FONT>5.6&nbsp;&nbsp;&nbsp; &nbsp;</FONT><U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">No Right To Continued Employment</FONT></U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">. The Participant acknowledges and </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">agrees that, notwithstanding the fact that the vesting of the Options is contingent upon his or her </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">continued employment by the Company, this Agreement does not constitute an express or implied</FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">promise of continued employment or confer upon the Participant any rights with respect to </FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">continued employment by the Company.</FONT></P>
</TD></TR></TABLE></P>
<TABLE cellSpacing=0 cellPadding=0 border=0>
<TR>
     <TD vAlign=top noWrap><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT></FONT>5.7</FONT>&nbsp; &nbsp; &nbsp; </TD>
     <TD width="100%"><U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Amendments and Conflicting Agreements</FONT></U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">.</FONT> </TD></TR></TABLE>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT></FONT></FONT><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif"><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></FONT></FONT></FONT></FONT>(a)&nbsp;&nbsp;&nbsp;&nbsp; This Agreement may be amended by a written instrument</FONT>&nbsp;executed by <BR>
the parties which specifically states that it is amending this Agreement or by a written</FONT></TD></TR></TABLE></P>
<P align=center>
<TABLE>
<TR>
     <TD noWrap align=center><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">5</FONT></TD></TR></TABLE></P>
<BR style="PAGE-BREAK-BEFORE: always" clear=all>


<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">instrument executed by the Company which so states if such amendment is not adverse to the</FONT> <BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Participant or relates to administrative matters.</FONT><BR>
<BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp; To the extent the provisions of this Agreement relating to</FONT> <BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">vesting, execisability or termination of the Options are inconsistent with the terms of the</FONT> <BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Employment Agreement, the terms of this Agreement shall control and the Employment Agreement</FONT> <BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">is hereby deemed amended to the extent of such inconsistency to conform to the terms of this</FONT> <BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Agreement.</FONT><BR>
<BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.8&nbsp;&nbsp;&nbsp;&nbsp;</FONT> <U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Governing Law and Interpretation</FONT></U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">. This Agreement shall be governed by and</FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">construed and enforced in accordance with the laws of the State of Delaware applicable to contracts</FONT> <BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">made and to be performed therein without regard to the conflicts of law principles thereof.</FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Whenever the word &#147;including&#148; is used herein, it shall be deemed to be followed by the phrase</FONT> <BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&#147;without limitation.&#148; Unless otherwise specified herein, all determinations, consents, elections and</FONT> <BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">other decisions by the Committee may be made, withheld or delayed in its sole and absolute</FONT> <BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">discretion.</FONT></TD></TR></TABLE></P>
<P align=left>
<TABLE>
<TR>
     <TD noWrap><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.9&nbsp;&nbsp;&nbsp;&nbsp; <U>Titles</U>. Titles are provided herein for convenience only and are not to serve as <BR>
a basis for interpretation or construction of this Agreement.</FONT><BR>
<BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.10&nbsp;&nbsp;&nbsp;</FONT> <U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Counterparts</FONT></U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">. This Agreement may be executed in counterparts, which</FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">together shall constitute one and the same instrument and which will be deemed effective whether</FONT> <BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">received in original form or by telecopy or other electronic means. Facsimile signatures shall be as</FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">effective as original signatures.</FONT><BR>
<BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.11&nbsp;&nbsp;&nbsp;</FONT> <U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Construction</FONT></U><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">. The construction of this Agreement is vested in the</FONT> <BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Committee, and the Committee&#146;s construction shall be final and conclusive on all persons.</FONT></TD></TR></TABLE></P>
<P align=center>* *&nbsp;*</P>
<P align=center>6</P>
<BR style="PAGE-BREAK-BEFORE: always" clear=all>


<P align=left><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IN WITNESS WHEREOF</FONT></B><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">, the Company has caused this Agreement to be</FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">executed by a duly authorized officer.</FONT></P>
<P style="MARGIN-LEFT: 50%" align=left>
<TABLE>
<TR>
     <TD noWrap align=center>
<P align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">NYFIX, INC.<BR>
</FONT></B><BR>
By:<U>&nbsp; /s/ Scott A. Bloom&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Name:<U>&nbsp; Scott A. Bloom&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U></FONT></P>
</TD></TR></TABLE></P>
<P align=center>
<TABLE>
<TR>
     <TD noWrap align=center><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">PARTICIPANT&#146;S ACCEPTANCE</FONT></B></TD></TR></TABLE></P>
<TABLE>
<TR>
     <TD noWrap>
<P><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></B> The Participant acknowledges that he or she has read this Agreement, has received</FONT><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">and read the Plan, and understands the terms and conditions of this Agreement and the Plan and</FONT> <BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">hereby accepts the foregoing Options and agrees to be bound by the terms and conditions of this</FONT> <BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Agreement and the Plan.</FONT></P>
<P></P>
</TD></TR></TABLE>
<P style="MARGIN-LEFT: 50%" align=left>
<TABLE>
<TR>
     <TD noWrap align=center>
<P align=left><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif"><B><FONT face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">PARTICIPANT<BR>
</FONT></B><BR>
</FONT><U>&nbsp; /s/ P. Howard Edelstein&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U><BR>
<FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">Signed</FONT></P>
</TD></TR></TABLE></P>
<P align=left></P>
<P align=left>&nbsp;</P>
<P align=center>
<TABLE>
<TR>
     <TD noWrap align=center><FONT face="TimesNewRomanPSMT,Times New Roman,Times,serif">7</FONT></TD></TR></TABLE></P>

&nbsp;

&nbsp;

&nbsp;

&nbsp;

</BODY>

</HTML>

</TEXT>
</DOCUMENT>
