Service Uses in Week of Base Pay Clause

Week of Base Pay

MarketAxess Holdings, Inc. (the Company) hereby establishes the MarketAxess Severance Pay Plan (the Plan), effective as of November 21, 2016, to provide severance benefits to certain employees of the Company and its participating affiliates who suffer a loss of employment under the terms and conditions set forth in the Plan. The Plan replaces and supersedes any and all severance plans, policies and/or practices of the Company and its participating affiliates in effect for covered employees prior to November 21, 2016. The Plan is intended to fall within the definition of an employee welfare benefit plan under Section 3(1) of the Employee Retirement Income Security Act of 1974, as amended. No employee or representative of the Company, the Employers or any of their affiliates is authorized to modify, add to or subtract from these terms and conditions, except in accordance with the amendment and termination procedures described herein.

Week of Base Pay. The Employees weekly base salary (prior to tax withholding) at the time of his or her Termination Date, excluding bonuses, overtime pay, commissions, non-cash compensation, employer contributions to employee benefit plans, incentive or deferred compensation or any other additional compensation. However, it will include salary reduction contributions made on an Employees behalf to any plan of the Employer under Section 125, 132(f) or 401(k) of the Internal Revenue Code of 1986, as amended. A Week of Base Pay for a part-time Employee shall mean the average weekly pay for the six-month period of payroll immediately preceding the Employees Termination Date (with the same inclusions as for full-time Employees).

Week of Base Pay

MarketAxess Holdings, Inc. (the Company) hereby establishes the MarketAxess Severance Pay Plan (the Plan), effective as of August 1, 2006, to provide severance benefits to certain employees of the Company and its participating affiliates who suffer a loss of employment under the terms and conditions set forth in the Plan. The Plan replaces and supersedes any and all severance plans, policies and/or practices of the Company and its participating affiliates in effect for covered employees prior to August 1, 2006. The Plan is intended to fall within the definition of an employee welfare benefit plan under Section 3(1) of the Employee Retirement Income Security Act of 1974, as amended. No employee or representative of the Company, the Employers or any of their affiliates is authorized to modify, add to or subtract from these terms and conditions, except in accordance with the amendment and termination procedures described herein.

Week of Base Pay. The Employees weekly base salary (prior to tax withholding) at the time of his or her Termination Date, excluding bonuses, overtime pay, commissions, non-cash compensation, employer contributions to employee benefit plans, incentive or deferred compensation or any other additional compensation. However, it will include salary reduction contributions made on an Employees behalf to any plan of the Employer under Section 125, 132(f) or 401(k) of the Internal Revenue Code of 1986, as amended. A Week of Base Pay for a part-time Employee shall mean the average weekly pay for the six-month period of payroll immediately preceding the Employees Termination Date (with the same inclusions as for full-time Employees).