Common use of Industry Advisory Board Clause in Contracts

Industry Advisory Board. (a) The Board may, upon a determination to do so by Supermajority Board Vote, establish an advisory board with industry representation (the “Industry Advisory Board”). If such Industry Advisory Board is established, it shall be comprised of (i) one representative of each Member which is a Nominating Member, for so long as such Member remains a Nominating Member or is entitled to appoint a Board Observer pursuant to the terms of this Agreement, in each case if such Member desires to appoint a representative to the Industry Advisory Board, and (ii) if so determined by the Board, representatives of such other members of the national securities exchange operated by MEMX LLC as determined by the Board (each such representative referred to herein as an “Industry Advisory Board Member”). With respect to Members which appoint an Industry Advisory Board Member pursuant to the immediately preceding clause (i), if such Member no longer has the right to nominate at least one (1) Director hereunder, unless the Board determines otherwise by Supermajority Board Vote, such Member shall no longer have the right to nominate an Industry Advisory Board Member and the Industry Advisory Board Member nominated by such Member shall automatically and immediately be removed from the Industry Advisory Board.

Industry Advisory Board. (a) The Board may, upon a determination to do so by Supermajority Board Vote, establish an advisory board with industry representation (the “Industry Advisory Board”). If such Industry Advisory Board is established, it shall be comprised of (i) one representative of (A) each Class A Member which is a Nominating Class A Member, for so long as such Member it remains a Nominating Class A Member or is entitled to appoint a Board Observer pursuant to the terms of this Agreement, and (B) each Excluded Class A Member, for so long as it is entitled to appoint a Board Observer pursuant to the terms of this Agreement, in each case if such Member any of the foregoing desires to appoint a representative to the Industry Advisory Board, and (ii) if so determined by the Board, representatives of such other members Members of the national securities exchange operated by MEMX LLC as determined by the Board (each such representative referred to herein as an “Industry Advisory Board Member”). With respect to the Class A Members which appoint an Industry Advisory Board Member pursuant to the immediately preceding clause (i), if such Class A Member no longer has the right to nominate at least one (1) Director hereunder, unless the Board determines otherwise by Supermajority Board Vote, such Class A Member shall no longer have the right to nominate an Industry Advisory Board Member and the Industry Advisory Board Member nominated by such Class A Member shall automatically and immediately be removed from the Industry Advisory Board.

Industry Advisory Board. (a) The Board may, upon a determination to do so by Supermajority Board Vote, establish an advisory board with industry representation (the “Industry Advisory Board”). If such Industry Advisory Board is established, it shall be comprised of (i) one representative of (A) each Class A Member which is a Nominating Class A Member, for so long as such Member it remains a Nominating Class A Member or is entitled to appoint a Board Observer pursuant to the terms of this Agreement, and (B) each Excluded Class A Member, for so long as it is entitled to appoint a Board Observer pursuant to the terms of this Agreement, in each case if such Member any of the foregoing desires to appoint a representative to the Industry Advisory Board, and (ii) if so determined by the Board, representatives of such other members of the national securities exchange operated by MEMX LLC as determined by the Board (each such representative referred to herein as an “Industry Advisory Board Member”). With respect to the Class A Members which appoint an Industry Advisory Board Member pursuant to the immediately preceding clause (i), if such Class A Member no longer has the right to nominate at least one (1) Director hereunder, unless the Board determines otherwise by Supermajority Board Vote, such Class A Member shall no longer have the right to nominate an Industry Advisory Board Member and the Industry Advisory Board Member nominated by such Class A Member shall automatically and immediately be removed from the Industry Advisory Board.