Common use of SUSPENSION AND MODIFICATION OF MARKET MAKER OBLIGATIONS Clause in Contracts

SUSPENSION AND MODIFICATION OF MARKET MAKER OBLIGATIONS. (a) Market Maker shall not be required to act in accordance with Section 2(a) during the occurrence of any of the following events (“Suspension Events”): (i) The calculation of the Underlying which is the subject of any Designated Class that has been suspended; (ii) If there is no direct Underlying market for a Designated Class or no related market or event upon which to base the prices for a Designated Class, then there is a suspension of the trading of such Designated Class; (iii) There exists in the reasonable opinion of Nadex and/or Market Maker such a change, whether or not foreseeable, in national or international financial, political, or economic conditions as would in Nadex and/or Market Maker’s view make it impossible to accurately price Contracts in the Designated Class; (iv) Where an act of God, war, terrorism, fire, flood, civil disturbance, or act of any governmental authority beyond the control of the Market Maker occurs which prevents the Market Maker from entering bids and offers or prevents Nadex from maintaining an orderly market; or (v) Where any interruption, defect, withdrawal or failure of power supply, trading systems, network, internet connections, computer systems, communications (whether owned or operated by Market Maker, Nadex or any third party) or other similar force majeure event prevents Market Maker from entering bids and offers or prevents Nadex and/or Market Maker from maintaining an orderly market; (vi) The Market Maker has a position in any Designated Class or Contract that equals or exceeds 90% of the applicable position limit for such Designated Class or Contract. (b) The parties will each inform the other by telephone and subsequently by email as soon as practicable after either of them becomes aware that they believe any of the foregoing Suspension Events has occurred, is ongoing, or ceases to exist. (c) Market Maker shall not be required to act in accordance with Section 2(a) during a Fast Market and shall be permitted, at the discretion of the Market Maker, to refrain from quoting binding bid and offer prices during this period. A Market Maker that chooses to submit binding bid and offer prices during a Fast Market will be required to comply with the Defined Spread and Size as set forth in Appendix A. A Fast Market is defined as: (i) for any particular Contract, the period just prior to expiry of that Contract, specifically, (A) the 5 minute period just prior to expiry of any Event Contract; (B) the 2 minute period just prior to expiry of any Intraday, Daily, or Weekly Contract, with the exception of the Intraday 5-Minute and 20-Minute Contracts; (C) the 1 minute period just prior to the expiry of any Intraday 5-Minute or Intraday 20-Minute Contract; (ii) the five (5) minutes prior to the scheduled announcement and the five (5) minutes after the announcement of any major economic indicator; (iii) any unusual market condition or price volatility which is determined by Nadex, acting reasonably and in consultation with Market Maker, to prevent the maintenance of an orderly market. (d) Nadex may amend the definition of a Fast Market and its applicable Rules unilaterally by providing 15 days’ written notice to the Market Maker. To the extent reasonably possible and practicable, Nadex will consult with the Market Maker and other relevant Market Makers prior to amending its Fast Market Rules

SUSPENSION AND MODIFICATION OF MARKET MAKER OBLIGATIONS. (a) Market Maker shall not be required to act in accordance with Section 2(a) during the occurrence of any of the following events (“Suspension Events”): (i) The calculation of the Underlying which is the subject of any Designated Class that has been suspended; (ii) If there is no direct Underlying market for a Designated Class or no related market or event upon which to base the prices for a Designated Class, then there is a suspension of the trading of such Designated Class; (iii) There exists in the reasonable opinion of Nadex and/or Market Maker such a change, whether or not foreseeable, in national or international financial, political, or economic conditions as would in Nadex and/or Market Maker’s view make it impossible to accurately price Contracts in the Designated Class; (iv) Where an act of God, war, terrorism, fire, flood, civil disturbance, or act of any governmental authority beyond the control of the Market Maker occurs which prevents the Market Maker from entering bids and offers or prevents Nadex from maintaining an orderly market; or (v) Where any interruption, defect, withdrawal or failure of power supply, trading systems, network, internet connections, computer systems, communications (whether owned or operated by Market Maker, Nadex or any third party) or other similar force majeure event prevents Market Maker from entering bids and offers or prevents Nadex and/or Market Maker from maintaining an orderly market; (vi) The Market Maker has a position in any Designated Class or Contract that equals or exceeds 90% of the applicable position limit for such Designated Class or Contract.; (vii) The Market Maker is holding a position in certain specified contracts that reaches or exceeds a level set forth in the applicable contract specifications in the Nadex Rules. (b) The parties will each inform the other by telephone and subsequently by email as soon as practicable after either of them becomes aware that they believe any of the foregoing Suspension Events has occurred, is ongoing, or ceases to exist. (c) Market Maker shall not be required to act in accordance with Section 2(a) during a Fast Market and shall be permitted, at the discretion of the Market Maker, to refrain from quoting binding bid and offer prices during this period. A Market Maker that chooses to submit binding bid and offer prices during a Fast Market will be required to comply with the Defined Spread and Size as set forth in Appendix A. A Fast Market is defined as: (i) for any particular Contract, the period just prior to expiry of that Contract, specifically, (A) the 5 minute period just prior to expiry of any Event Contract; (B) the 2 minute period just prior to expiry of any Intraday, Daily, or Weekly Contract, with the exception of the Intraday 5-Minute and 20-Minute Contracts; (C) the 1 minute period just prior to the expiry of any Intraday 5-Minute or Intraday 20-Minute Contract; (ii) the five (5) minutes prior to the scheduled announcement and the five (5) minutes after the announcement of any major economic indicator; (iii) any unusual market condition or price volatility which is determined by Nadex, acting reasonably and in consultation with Market Maker, to prevent the maintenance of an orderly market. . (d) Nadex may amend the definition of a Fast Market and its applicable Rules unilaterally by providing 15 days’ written notice to the Market Maker. To the extent reasonably possible and practicable, Nadex will consult with the Market Maker and other relevant Market Makers prior to amending its Fast Market Rules (e) Market Maker will not be required to price a two-sided market, and will be permitted to reduce its size below the Defined Size (including to 0) ; (i) in any Binary Contract within a Designated Class that is so deep in-the-money as to be valued at $100 offer or so deep out-of-the- money as to be valued at zero bid, and (ii) in any Variable Payout Contract within a Designated Class when the underlying for that Variable Payout Contract is outside the range of the Variable Payout Contract.; (iii) during the first 30 seconds and last 30 seconds of any Intraday 5-Minute Binary Contract.; (iv) When the Market Maker is holding a particular position level in certain specified contracts that reaches or exceeds a level set forth in the applicable contract specifications in the Nadex Rules.

SUSPENSION AND MODIFICATION OF MARKET MAKER OBLIGATIONS. (a) Market Maker shall not be required to act in accordance with Section 2(a) 2 during the occurrence of any of the following events (“Suspension Events”): (i1) The calculation of the Underlying which is the subject of any Designated Class that has been suspended; (ii2) If there is no direct Underlying underlying market for a Designated Class or no related market or event upon which to base the prices for a Designated Class, then there is a suspension of the trading of such Designated Class;. (iii3) There exists in the reasonable opinion of Nadex and/or Market Maker such a change, whether or not foreseeable, in national or international financial, political, or economic conditions as would in Nadex and/or Market Maker’s view make it impossible to accurately price Contracts in the Designated Class; (iv4) Where an act of God, war, terrorism, fire, flood, civil disturbance, or act of any governmental authority beyond the control of the Market Maker occurs which prevents the Market Maker from entering bids and offers or prevents Nadex from maintaining an orderly market; or (v5) Where any interruption, defect, withdrawal or failure of power supply, trading systems, network, internet connections, computer systems, communications (whether owned or operated by Market Maker, Nadex or any third party) or other similar force majeure event prevents Market Maker from entering bids and offers or prevents Nadex and/or Market Maker from maintaining an orderly market; (vi6) The Market Maker has a position in any Designated Class or Contract that equals or exceeds 90% of the applicable position limit for such Designated Class or Contract. (b) The parties will each inform the other by telephone and subsequently by email as soon as practicable after either of them becomes aware that they believe any of the foregoing Suspension Events has occurred, is ongoing, or ceases to exist. (c) Market Maker shall not be required to act in accordance with Section 2(a) 2 during a Fast Market and shall be permitted, at the discretion of the Market Maker, to refrain from quoting quote binding bid and offer prices during this period. A Market Maker that chooses to submit binding bid and offer prices during at a Fast Market will be required to comply with wider spread than the Defined Spread and Size as set forth in Appendix A. Spread. A Fast Market is defined as: (i1) for any particular Contract, the period just fifteen (15) minutes prior to expiry of that Contract, specifically, (A) the 5 minute period just prior to expiry of any Event Contract; (B2) the 2 minute period just prior to expiry of any Intraday, Daily, or Weekly Contract, with the exception of the Intraday 5-Minute and 20-Minute Contracts; fifteen (C) the 1 minute period just prior to the expiry of any Intraday 5-Minute or Intraday 20-Minute Contract; (ii) the five (515) minutes prior to the scheduled announcement and the five fifteen (515) minutes after the announcement of any major economic indicator; (iii3) any unusual market condition or price volatility which is determined by Nadex, acting reasonably and in consultation with Market Maker, to prevent the maintenance of an orderly market. (. d) Nadex may amend the definition of a Fast Market and its applicable Rules unilaterally by providing 15 days’ written notice to the Market Maker. To the extent reasonably possible and practicable, Nadex will consult with the Market Maker also will be permitted to reduce its size below the Defined Size and/or widen its bid and other relevant Market Makers prior offer prices beyond the Defined Spread: (1) in any Binary Contract within a Designated Class that is so deep in-the-money as to amending its Fast Market Rulesbe valued at $100 offer or so deep out-of-the-money as to be valued at zero bid, and (2) in any Variable Payout Contract within a Designated Class when the underlying for that Variable Payout Contract is outside the range of the Variable Payout Contract.

SUSPENSION AND MODIFICATION OF MARKET MAKER OBLIGATIONS. (a) Market Maker shall not be required to act in accordance with Section 2(a) during the occurrence of any of the following events (“Suspension Events”): (i) The calculation of the Underlying which is the subject of any Designated Class that has been suspended; (ii) If there is no direct Underlying uUnderlying market for a Designated Class or no related market or event upon which to base the prices for a Designated Class, then there is a suspension of the trading of such Designated Class; (iii) There exists in the reasonable opinion of Nadex and/or Market Maker such a change, whether or not foreseeable, in national or international financial, political, or economic conditions as would in Nadex and/or Market Maker’s view make it impossible to accurately price Contracts in the Designated Class; (iv) Where an act of God, war, terrorism, fire, flood, civil disturbance, or act of any governmental authority beyond the control of the Market Maker occurs which prevents the Market Maker from entering bids and offers or prevents Nadex from maintaining an orderly market; or (v) Where any interruption, defect, withdrawal or failure of power supply, trading systems, network, internet connections, computer systems, communications (whether owned or operated by Market Maker, Nadex or any third party) or other similar force majeure event prevents Market Maker from entering bids and offers or prevents Nadex and/or Market Maker from maintaining an orderly market; (vi) The Market Maker has a position in any Designated Class or Contract that equals or exceeds 90% of the applicable position limit for such Designated Class or Contract. (b) The parties will each inform the other by telephone and subsequently by email as soon as practicable after either of them becomes aware that they believe any of the foregoing Suspension Events has occurred, is ongoing, or ceases to exist. (c) Market Maker shall not be required to act in accordance with Section 2(a) during a Fast Market and shall be permitted, at the discretion of the Market Maker, to refrain from quoting quotingquote binding bid and offer prices during this period. A Market Maker that chooses to submit binding bid and offer prices during a Fast Market market will be required to comply with the Defined Spread and Size as set forth in Appendix A. at a wider spread than the Defined Spread. A Fast Market is defined as: (i) for any particular Contract, the period just fifteen (15) two (2) minutes prior to expiry of that Contract, specifically, (A) the 5 minute period just prior to expiry of any Event Contract; (B) the 2 minute period just prior to expiry of any Intraday, Daily, or Weekly Contract, with the exception of the Intraday 5-Minute and 20-Minute Contracts; (C) the 1 minute period just prior to the expiry of any Intraday 5-Minute or Intraday 20-Minute Contract; (ii) the fifteen (15) five (5) minutes prior to the scheduled announcement and the fifteen (15) five (5) minutes after the announcement of any major economic indicator; (iii) any unusual market condition or price volatility which is determined by Nadex, acting reasonably and in consultation with Market Maker, to prevent the maintenance of an orderly market. . (d) Nadex may amend the definition of a Fast Market and its applicable Rules unilaterally by providing 15 days’ written notice to the Market Maker. To the extent reasonably possible and practicable, Nadex will consult with the Market Maker also will be permitted to reduce its size below the Defined Size:and/or widen its bid and other relevant Market Makers prior offer prices beyond the Defined Spread: (i) in any Binary Contract within a Designated Class that is so deep in-the money as to amending its Fast Market Rulesbe valued at $100 offer or so deep out-of-the-money as to be valued at zero bid, and (ii) in any Variable Payout Contract within a Designated Class when the underlying for that Variable Payout Contract is outside the range of the Variable Payout Contract.

SUSPENSION AND MODIFICATION OF MARKET MAKER OBLIGATIONS. (a) Market Maker shall not be required to act in accordance with Section 2(a) during the occurrence of any of the following events (“Suspension Events”): (i) The calculation of the Underlying which is the subject of any Designated Class that has been suspended; (ii) If there is no direct Underlying market for a Designated Class or no related market or event upon which to base the prices for a Designated Class, then there is a suspension of the trading of such Designated Class; (iii) There exists in the reasonable opinion of Nadex and/or Market Maker such a change, whether or not foreseeable, in national or international financialinancial, political, or economic conditions as would in Nadex and/or Market Maker’s view make it impossible to accurately price Contracts in the Designated Class; (iv) Where an act of God, war, terrorism, fireire, floodlood, civil disturbance, or act of any governmental authority beyond the control of the Market Maker occurs which prevents the Market Maker from entering bids and offers or prevents Nadex from maintaining an orderly market; or (v) Where any interruption, defect, withdrawal or failure of power supply, trading systems, network, internet connections, computer systems, communications (whether owned or operated by Market Maker, Nadex or any third party) or other similar force majeure event prevents Market Maker from entering bids and offers or prevents Nadex and/or Market Maker from maintaining an orderly market; (vi) The Market Maker has a position in any Designated Class or Contract that equals or exceeds 90% of the applicable position limit for such Designated Class or Contract. (b) The parties will each inform the other by telephone and subsequently by email as soon as practicable after either of them becomes aware that they believe any of the foregoing Suspension Events has occurred, is ongoing, or ceases to exist. (c) Market Maker shall not be required to act in accordance with Section 2(a) during a Fast Market and shall be permitted, at the discretion of the Market Maker, to refrain from quoting binding bid and offer prices during this period. A Market Maker that chooses to submit binding bid and offer prices during a Fast Market will be required to comply with the Defined Deined Spread and Size as set forth in Appendix A. A Fast Market is defined deined as: (i) for any particular Contract, the period just prior to expiry of that Contract, specifically, (A) the 5 minute period just prior to expiry Contract as set forth in Appendix A of any Event Contract; (B) the 2 minute period just prior to expiry of any Intraday, Daily, or Weekly Contract, with the exception of the Intraday 5-Minute and 20-Minute Contracts; (C) the 1 minute period just prior to the expiry of any Intraday 5-Minute or Intraday 20-Minute Contractthis Agreement; (ii) the five ive (5) minutes prior to the scheduled announcement and the five (5) minutes after the announcement of any major economic indicator; (iii) any unusual market condition or price volatility which is determined by Nadex, acting reasonably and in consultation with Market Maker, to prevent the maintenance of an orderly market. (d) Nadex may amend the definition of a Fast Market and its applicable Rules unilaterally by providing 15 days’ written notice to the Market Maker. To the extent reasonably possible and practicable, Nadex will consult with the Market Maker and other relevant Market Makers prior to amending its Fast Market Rulesive