The rules contained in Nasdaq ISE Options 5, as such rules may be in effect from time to time (the "Options 5 Rules"), are hereby incorporated by reference into this Nasdaq GEMX Options 5, and are thus Nasdaq GEMX Rules and thereby applicable to Nasdaq GEMX Members. Nasdaq GEMX Members shall comply with the Options 5 Rules as though such rules were fully-set forth herein. All defined terms, including any variations thereof, contained in the Options 5 Rules shall be read to refer to the Nasdaq GEMX related meaning of such term. Solely by way of example, and not in limitation or in exhaustion: the defined term "Exchange" in the Options 5 Rules shall be read to refer to the Nasdaq GEMX Exchange; the defined term "Rule" in the Options 5 Rules shall be read to refer to the Nasdaq GEMX Rule; the defined term "Bid" in the Options 5 Rules shall be read to refer to the Nasdaq GEMX Bid; and the defined term "Member" in the Options 5 Rules shall be read to refer to the Nasdaq GEMX Member.

Adopted June 27, 2019 (SR-GEMX-2019-08); amended Feb. 28, 2023 (SR-GEMX-2023-04), operative Mar. 30, 2023.