24X Exchange Updates Warrant Incentives for Members
Published Date: 9/30/2025
Notice
Summary
24X National Exchange is updating its parent company’s agreement to tweak the Warrant Performance Incentive Program, which rewards certain company achievements. This change affects 24X US Holdings LLC and kicks in right away, aiming to keep incentives clear and fair without impacting money flow immediately. If you’re involved with 24X, this update is your new playbook for how performance rewards work.
Analyzed Economic Effects
5 provisions identified: 2 benefits, 1 costs, 2 mixed.
Member Participation Requires $500,000 Prepay
If you are a Member of 24X National Exchange and want to join the Warrant Performance Incentive Program, you must prepay $500,000 in Exchange fees to become a Participant and meet the Program's eligibility requirements.
Authorization to Issue 1,100,000 Non‑Voting Units
24X US Holdco is authorized to issue 1,100,000 Non‑Voting Common Units that Participants may be allowed to purchase under the Program. These Non‑Voting Common Units provide no voting rights and may be sold or reserved for issuance under an exemption from registration under the Securities Act of 1933.
Vesting Tied to Volume and Market‑Share Targets
Warrants vest based on each Participant meeting a Target Volume and the Exchange meeting a 24X Minimum Overall Market Share during defined Measurement Periods. The Target Volume is 5% of the Exchange's average daily trading volume; Year 2 market‑share minimum is 0.50% CADV and Year 3 market‑share minimum is 1.00% CADV. Measurement Periods run Sept 29–Dec 31, 2025 (Year 1) and quarterly periods throughout 2026 and 2027.
Early Liquidity Buyback Schedule (2029–2034)
Beginning after January 1, 2029, Qualifying Participants (those who exercised warrants and hold Non‑Voting Common Units) may sell a portion of their units back to 24X US Holdco on a scheduled, discounted basis: in 2029–2030 up to 10% at 50% of Fair Market Value; 2031 up to 30% at 60%; 2032 up to 60% at 70%; 2033 up to 90% at 80%; and 2034 up to 100% at 90% of Fair Market Value.
Valuation, Notice, and Change‑of‑Control Sale Rules
Fair Market Value is determined by a 21‑business‑day average if units are publicly tradable; otherwise the Manager sets value in good faith (a Participant can demand a binding independent appraisal within 15 business days). After FMV is determined, Holdco must notify Participants within 30 days, and a Qualifying Participant has 90 days to elect to sell. In a Change of Control, the Company may buy 100% of Qualifying Participants' units at the then‑applicable percentage of FMV (after 2034 at 100% FMV); the Company must give at least 15 days' notice and Participants have 10 days to elect to sell if the Company declines to purchase all units.
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