Exhibit 10.16

CME Group Inc.
SEVERANCE PLAN
for Eligible Executives
(As amended and restated effective January 1, 2013)

December 2013

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TABLE OF CONTENTS
Page

I. Purpose, Intent, and Effective
Date...............................................................................1
II.
Definitions.....................................................................................................................1
2.1
“Administrator”................................................................................................1
2.2
“Cause”...........................................................................................................1
2.3
"Code".............................................................................................................1
2.4 “Continuation
Coverage”.................................................................................1
2.5 “Controlled
Group”..........................................................................................1
2.6 “Eligible
Executive”.........................................................................................1
2.7
“Employee”......................................................................................................2
2.8
“Employer”......................................................................................................2
2.9 “Involuntary
Termination”.................................................................................2
2.10 “Qualifying
Termination”................................................................................2
2.11 “Severance
Benefit”.......................................................................................2
2.12 “Severance
Pay”...........................................................................................2
2.13 “Severance
Period”.......................................................................................2
2.14 “Severance
Schedule”..................................................................................2
2.15 “Supplemental Severance
Benefits”.............................................................2
2.16 “Termination of
Employment”........................................................................3
III. Eligibility for
Benefits....................................................................................................3
3.1 Severance
Benefits.........................................................................................3
3.2 Supplemental Severance
Benefits..................................................................3
3.3 Ineligible
Employees.......................................................................................3
IV. General
Provisions......................................................................................................3
4.1 Timing of Severance
Pay................................................................................3
4.2
Withholding.....................................................................................................4
4.3 Amendment and
Termination..........................................................................4
4.4 Payments Conditioned on
Release.................................................................4
4.5 Return of
Property...........................................................................................4
4.6 Breach of Obligations to
Employer..................................................................4
4.7
Offsets.............................................................................................................4
4.8 Governing
Law................................................................................................5
4.9
Nonassignability..............................................................................................5
4.10 Severance Pay Not
Compensation...............................................................5
4.11 Right of
Offset...............................................................................................5
4.12
Severability....................................................................................................5
4.13 Recovery of Payments Made by
Mistake......................................................5
4.14 Representations Contrary to
Plan.................................................................5
4.15 Plan
Funding.................................................................................................5
4.16 Written
Agreement........................................................................................5
4.17 No Right to Other
Claims..............................................................................6
4.18 Code Section
409A.......................................................................................6
V. Plan
Administration.......................................................................................................6
5.1 Operation and Administration of Plan by
Administrator...................................6
5.2 Reliance on Documents, Instruments,
Etc......................................................6
5.3 Administrative
Expenses.................................................................................6
5.4 Bond, Compensation, Indemnification of
Administrator..................................6
5.5 More Than One Fiduciary
Capacity.................................................................7
5.6 Denial of Claims;
Appeals...............................................................................7
Appendix
A........................................................................................................................A

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CME Group Inc. Severance Plan for Eligible Executives

I.
Purpose, Intent, and Effective Date.

CME Group Inc. (the “Company”) previously adopted the CME Group Inc. Severance
Plan for Corporate Officers (the “Plan”) as a component of the Chicago
Mercantile Exchange Inc. Employee Benefit Plan. The Company hereby amends,
restates and renames the Plan as the CME Group Inc. Severance Plan for Eligible
Executives, effective January 1, 2013 (the “Restatement Effective Date”).
The provisions of this Plan supersede any prior Employer severance benefit plan
documents, policies, and programs (regardless of whether such policies and
programs were written). The Board of Directors of the Company, or its designee,
may designate one or more officers (by office or by name) to perform any act
specified to be done by “the Company” under this Plan.
The purpose of the Plan is to provide severance benefits to certain employees of
the Employer in the event that their employment is terminated in specified
circumstances.
The Plan is intended to constitute an unfunded welfare benefit plan for purposes
of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”).
II.
Definitions.

2.1
“Administrator” means the person(s) or committee designated by the Company to
administer the Plan. The Administrator shall be the “administrator” and the
“named fiduciary” of the Plan for purposes of ERISA. Unless there is another
designation by the Company, the Administrator is the Compensation Committee of
the Board of Directors of the Company.
2.2
“Cause” means engaging in conduct that violates any of the Employer’s policies
and/or is harmful to the Employer. Whether a Termination of Employment is for
Cause will be determined in each case by the Administrator in its sole
discretion.
2.3
“Code” means the Internal Revenue Code of 1986, as amended.
2.4
“Continuation Coverage” means (i) the continuation of health plan coverage under
Part 6 of Title I of ERISA (“COBRA”) and (ii) the COBRA-like continuation of
health plan coverage of an Employee’s domestic partner under the terms of the
Employer’s group health plan.
2.5
“Controlled Group” means the Company and any other employer that, together with
the Company, would be considered a single employer under Section 414(b) or
414(c) of the Code.
2.6
“Eligible Executive” means an Employee on the U.S. payroll holding the position
of Executive Director, Managing Director, Senior Managing Director or any other
position on the Management Team of the Company.
2.7
“Employee” means an Eligible Executive of the Employer who provides personal
services to the Employer for compensation, exclusive of individuals who are (a)

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covered by (i) an individual contract of employment that provides severance
benefits, (ii) an individual severance agreement, unless such contract or
agreement is evidenced in writing and makes reference to the terms of this Plan,
or (iii) any other severance plan of the Employer or an affiliate of the
Employer; (b) classified as independent contractors by the Company for
employment tax purposes (whether or not such classification is challenged or
upheld); (c) temporary, seasonal or intern employees; (d) covered by a
collective bargaining agreement which does not provide for participation in this
plan; (e) regularly scheduled to work for the Employer less than 20 hours per
week; (f) not eligible for Employer-provided pension or welfare benefits; or (g)
not on the Employer’s United States payroll. The Administrator shall have the
authority to determine, in its sole and complete discretion and on a
case-by-case basis, whether an individual constitutes an Employee for purposes
of the Plan.
2.8
“Employer” means Chicago Mercantile Exchange Inc. and any other employer that is
a member of the Controlled Group and that is designated by the Company as
eligible to participate in the Plan. As of the Restatement Effective Date, the
Employers include GFX Corporation, New York Mercantile Exchange, Inc. and Pivot,
Inc.
2.9
“Involuntary Termination” means an involuntary Termination of Employment by the
Employer other than by reason of death or disability. In no event will an
Employee be deemed to incur an Involuntary Termination if he or she is offered a
transfer to a position within the Employer or a position with an affiliate of
the Employer, irrespective of whether the Employee elects to accept such offer.
2.10
“Qualifying Termination” means an Involuntary Termination, other than for Cause
that the Administrator determines in its sole discretion is due to the
elimination of Employee’s job or a reduction in force or due to the unacceptable
performance of the Employee’s job duties and responsibilities.
2.11
“Severance Benefit” means any payment or benefit described in the Severance
Schedule to this Plan to which an Employee is entitled upon a Qualifying
Termination.
2.12
“Severance Pay” means the portion of a Severance Benefit consisting of severance
pay.
2.13
“Severance Period” means the period described in the applicable Severance
Schedule for which an Employee is entitled to receive Severance Pay.
2.14
“Severance Schedule” means the applicable schedule attached as an appendix to
this Plan, as such schedule may be modified from time to time by the
Administrator, that describes the Severance Benefits and Supplemental Severance
Benefits that an Employee may be entitled to receive pursuant to this Plan.
2.15
“Supplemental Severance Benefits” means any discretionary supplemental benefits
that are in addition to any Severance Benefits, including, without limitation,
any such discretionary supplemental benefits provided in accordance with the
applicable Severance Schedule.

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2.16
“Termination of Employment” means a "separation from service" within the meaning
of Section 409A of the Code and Treas. Reg. §1.409A-1(h) with the Employer and
all members of the Controlled Group.
III.
Eligibility for Benefits.

3.1
Severance Benefits. Subject to the provisions of Article IV, an Employee who
experiences a Qualifying Termination during the term of this Plan shall be
eligible to receive the benefits set forth in Appendix A.
3.2
Supplemental Severance Benefits. The Administrator may award Supplemental
Severance Benefits to an Employee who experiences a Qualifying Termination in
the Administrator's sole discretion and on a case-by-case basis. The
determination as to which Supplemental Severance Benefits will be offered, if
any, and the amount of such benefit, shall be determined by the Administrator in
its sole discretion; provided, however, that any cash Supplemental Severance
Benefit shall in no event cause an Employee's total cash Severance Benefits and
cash Supplemental Severance Benefits to exceed 52 weeks of Base Salary.
3.3
Ineligible Employees. Except as otherwise provided in this Section 3.3, an
Employee who experiences a Termination of Employment that is not a Qualifying
Termination (a “Nonqualifying Termination”) shall not be entitled to Severance
Benefits or Supplemental Severance Benefits under this Plan. Notwithstanding the
foregoing, the Administrator may determine to provide benefits under the Plan
upon a Nonqualifying Termination in individual cases due to special
circumstances, the amount and nature of such benefits to be determined by the
Administrator in its sole discretion.
IV.
General Provisions.

4.1
Timing of Severance Pay. Any Severance Pay that is due to an eligible Employee
pursuant to Article III shall be paid in a lump sum (unless otherwise determined
by the Plan Administrator) within 30 days of the later of the date on which a
signed Release and Waiver (as described in Section 4.4) received by the Employer
or the date on which the signed Release and Waiver has become irrevocable or, in
the event the Administrator waives the Release and Waiver requirement, within 30
days of the Employee’s Termination of Employment. In any event, all Severance
Pay (including any Supplemental Severance Benefits described in Section 3.2) not
exceeding the “separation pay” limitations of Treas. Reg. 1.409A-1(b)(9)(iii)(A)
shall be paid no later than the end of the second year following the year in
which an Employee’s Termination of Employment occurs in accordance with Treas.
Reg. 1.409A-1(b)(9)(iii)(B). Any Severance Pay in excess of the limitations of
Treas. Reg. 1.409A-1(b)(9)(iii)(A) shall be paid in a lump sum payment on the
90th day following the Employee’s Termination of Employment. If an eligible
Employee is a “Specified Employee” of the Company as defined in 26 C.F.R.
§1.409A-1(i), then payment of amounts exceeding the limitations of Treas. Reg.
1.409A-1(b)(9)(iii)(A) shall be made as soon as administratively practicable on
or after the date that is 6 months from the Employee’s Termination of
Employment.
4.2
Withholding. The Administrator shall withhold from any Severance Benefits and
Supplemental Severance Benefits all federal and state income, FICA, and other

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employment taxes, and any other amounts required or permitted to be withheld
under any agreement with the Employee involved, applicable law or other employee
benefit plans of the Employer.
4.3
Amendment and Termination. The Company may amend or terminate this Plan at any
time and without prior notice; provided, however, that in no event shall any
such amendment or termination affect, in any manner, the entitlement to
Severance Benefits or Supplemental Severance Benefits, if any, of an Employee
who, prior to the date of such amendment or termination, was determined to be
eligible for such payments.
4.4
Payments Conditioned on Release. Eligibility for the receipt of Severance
Benefits or Supplemental Severance Benefits hereunder is expressly conditioned
upon the execution by the Employee of a comprehensive settlement agreement and
release and waiver (“Release and Waiver”), in a form to be determined from time
to time by the Administrator; provided, however, that the Administrator may, in
its sole discretion, waive this requirement, in whole or in part, with respect
to all or a part of an Employee’s benefits under the Plan. Except to the extent
the requirement to execute such an agreement is waived by the Administrator,
Employees who do not execute such an agreement on or before the Release and
Waiver Deadline, or who revoke such an agreement, will not be eligible for
Severance Benefits or Supplemental Severance Benefits, regardless of the reason
for the Termination of Employment. For purposes hereof, the “Release and Waiver
Deadline” means the deadline prescribed by the Administrator for the execution
of such agreement.
4.5
Return of Property. All Employer property, including information and reports,
data, files, memoranda, records, credit cards, keys, passwords, computers,
software, telecommunications equipment, and other physical or personal property
that the eligible Employee received, prepared or helped prepare in connection
with the Employee’s employment with the Employer, must be returned by that
Employee on or before the Employee’s last day of employment in order for such
Employee to commence receiving benefits under the Plan.
4.6
Breach of Obligations to Employer. No otherwise eligible Employee shall be
entitled to any Severance Benefits or Supplemental Severance Benefits under the
Plan if, in the sole discretion of the Administrator, such Employee is in breach
or violation of any contractual or other legal obligation to the Employer,
including, but not limited to, obligations concerning non-disclosure of
confidential information and post-employment restrictions on competition with
the Employer.
4.7
Offsets. Any Severance Benefits or Supplemental Severance Benefits payable under
the Plan shall be reduced dollar-for-dollar by any severance payments or
benefits provided by the Employer under any other plan or arrangement or
pursuant to any applicable federal, state or local law, including without
limitation any payments required pursuant to the Worker Adjustment and
Retraining Notification Act (the “WARN Act”). the Illinois Worker Adjustment and
Retraining Notification Act (“IL WARN Act”) and/or the New York State Worker
Adjustment and Retraining Notification Law (“NY WARN Law”) (collectively the
“WARN LAWS”). If Termination of Employment is deemed to be covered by the WARN
LAWS, any severance benefits that may be payable pursuant to this Plan shall be
considered payment required under the WARN LAWS.

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4.8
Governing Law. This Plan, to the extent not preempted by ERISA or any other
federal law, shall be governed by and construed in accordance with the laws of
the State of Illinois.
4.9
Nonassignability. Payments that are made under this Plan may not be assigned by
any Employee, except as required by federal or non-preempted state law.
4.10
Severance Pay Not Compensation. The period for which Severance Pay may be
computed and the payments provided under this Plan shall not constitute
employment, compensation or salary for purposes of determining participation in,
or other benefits under, any other benefit plan of the Employer. Severance
payments shall also not be considered wages for work performed by the Employee
for any purpose under state or federal law.
4.11
Right of Offset. By accepting Severance Benefits or Supplemental Severance
Benefits under the Plan, the Employee agrees that the Administrator, in its sole
discretion, may withhold from any amounts payable under this Plan any amounts
that are owed to the Employer by the Employee.
4.12
Severability. Any provision herein that may be unenforceable will be deemed to
be severed from the remainder hereof, with such remaining provisions being given
full force and effect.
4.13
Recovery of Payments Made by Mistake. An eligible Employee shall be required to
return to the Employer any Plan severance benefit payment, or portion thereof,
made by a mistake of fact or law.
4.14
Representations Contrary to Plan. Except as otherwise provided herein, no
employee, officer, or director of the Employer has the authority to alter, vary
or modify the terms of the Plan, except by means of an authorized written
amendment to the Plan. No verbal or written representations contrary to the
terms of the Plan and its written amendments shall be binding upon the Plan, the
Administrator or the Employer.
4.15
Plan Funding. No eligible Employee shall acquire by reason of the Plan any right
in or title to any assets, funds or property of the Employer. Any Severance
Benefits or Supplemental Severance Benefits that become payable under the Plan
are unfunded obligations of the Employer and shall be paid from the general
assets of the Employer. No employee, officer, director or agent of the Employer
guarantees, in any manner, the payment of Plan benefits.
4.16
Written Agreement. Any severance benefits to which an eligible Employee may be
entitled to receive under the Plan shall be communicated to such Employee in
writing. An eligible Employee shall not be entitled to receive any severance
benefits under this Plan other than those benefits that are specifically
communicated to that Employee in such writing.
4.17
No Right to Other Claims. Neither an eligible Employee, his or her dependents,

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his or her beneficiaries, nor anyone else has the right or claim to benefits
under this Plan, other than those described in the Plan.
4.18
Code Section 409A. All benefits under this Plan are intended either to be exempt
from, or to comply with, the requirements of Section 409A of the Code, and the
Plan shall be interpreted and administered in a manner consistent with such
intent. If payment of any benefit that is 'deferred compensation' subject to
Section 409A of the Code at the time specified in this Plan would subject such
compensation to additional tax pursuant to Section 409A, the payment thereof
shall be postponed to the earliest commencement date on which such amount could
be paid without incurring such additional tax.
V.
Plan Administration.

5.1
Operation and Administration of Plan by Administrator. The Administrator has
complete authority to control and manage the operation and administration of the
Plan. The Administrator shall have full and exclusive discretionary authority
to:
(a)
construe and interpret the provisions of the Plan;

(b)
adopt any rules, procedures, and forms that are necessary for the operation and
administration of the Plan that are consistent with its provisions;

(c)
determine eligibility for and the amount of Severance Benefits or Supplemental
Severance Benefits for any Employee, as well as all other questions relating to
the eligibility, benefits, and other rights of Employees under the Plan;

(d)
keep all records necessary for the operation and administration of the Plan;

(e)
designate or employ agents (who may also be employees of the Employer) and
delegate to them the exercise of one or more specific powers of the
Administrator; and, to the extent that the exercise of such powers involves
fiduciary responsibility, such agents will be fiduciaries of the Plan; and

(f)
retain any legal, accounting or other expert advisers (who may also be advisers
to the Employer) in connection with the Administrator’s operation and
administration of the Plan.

5.2
Reliance on Documents, Instruments, Etc. The Administrator may rely on any
certificate, statement or other representation that is made on behalf of the
Employer or any Employee that it believes, in good faith, to be genuine, and on
any certificate, statement, report or other representation that is made to it by
any agent or any attorney, accountant or other expert retained by it or the
Employer in connection with the operation and administration of the Plan.
5.3
Administrative Expenses. All expenses of operating and administering the Plan,
including, but not limited to, fees of any agents and experts retained by the
Administrator under Section 5.2, will be paid by the Employer.
5.4
Bond, Compensation, Indemnification of Administrator. No bond or other security
will be required of the Administrator, except as provided by law. No
compensation will be paid to any person for performing his or her duties as
Administrator. The Administrator will be indemnified by the Employer for any
liabilities (including legal expenses) arising from any act or failure to act
that is done in good faith in accordance with the Plan’s provisions.

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5.5
More Than One Fiduciary Capacity. Person(s) may serve in more than one fiduciary
capacity under the Plan.
5.6
Denial of Claims; Appeals. If any person (the “claimant”) claims payments under
the Plan and the claim is wholly or partially denied, the following procedures
will apply to resolve it:
(a)
Within 90 days after the receipt of the claim, the Administrator will provide
the claimant with written or electronic notice of its decision on the claim. If
the Administrator cannot render a decision on the claim within the 90-day period
because of special circumstances, the Administrator may extend the period in
which to render the decision by an additional 90 days, up to a total of 180 days
after its receipt of the written claim. The Administrator will provide the
claimant with a written notice of any extension before the end of the initial
90-day period, which indicates the special circumstances that require the
extension and the expected decision date. If the claim is deemed denied in whole
or in part (an “adverse benefit determination”), the written or electronic
notice of the decision will inform the claimant of (i) the specific reasons for
the adverse benefit determination; (ii) the specific provisions of the Plan upon
which the adverse benefit determination is based; (iii) any additional
information or material that is necessary to perfect the claim and the reasons
why such information or material is necessary; and (iv) the right to request a
review of the adverse benefit determination, the procedures for requesting such
review, and the claimant’s right to bring a civil action under Section 502(a) of
ERISA.

(b)
A claimant who wishes to use the Plan’s claim appeal procedure must notify the
Administrator that he or she wishes to appeal within 60 days of receiving the
Administrator’s written or electronic notice of an adverse benefit
determination. The claimant may review all relevant documents relating to the
claim, including the Plan document, and may submit issues and comments in
writing. The Administrator will undertake a full and fair review of the record
of the appeal of the adverse benefit determination and prepare its decision. The
Administrator will give the claimant written or electronic notice of the
decision of the appeal within 60 days after the receipt of the claimant’s notice
of appeal. If special circumstances require an extension of time for processing,
the Administrator may be given 120 days after the receipt of the claimant’s
notice of appeal to render its decision. The Administrator will provide the
claimant with a written notice of the extension, before the end of the 60-day
period, which indicates the special circumstances that require the extension and
the expected decision date. The written or electronic notice of the decision of
the appeal will be written in a manner calculated to be understood by the
claimant and will include the specific reasons for the decision, specific
references to any facts or any provisions of the Plan on which the decision is
based, and a statement regarding the claimant’s right to bring a civil action
under Section 502(a) of ERISA. The decision of the Administrator on review is
binding on all parties, subject to any determination by a court in an action
under Section 502(a) of ERISA.

(c)
A claimant cannot file an action under Section 502(a) of ERISA until he or she
has exhausted these procedures.

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IN WITNESS WHEREOF, the Company has caused this amended and restated Plan to be
executed by its duly authorized officer on this 20th day of December, 2013.

CME GROUP INC.

By: /s/ Hilda Harris Piell
Its: Senior Managing Director & Chief Human Resources Officer

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1    APPENDIX A

SEVERANCE SCHEDULE FOR
QUALIFYING TERMINATIONS
Severance Benefits and Supplemental Severance Benefits, as described below, are
conditioned on and will only be paid after an eligible Employee (i) executes a
Release and Waiver as described in Section 4.4 (unless such agreement is waived
in accordance with that Section), and such agreement (if applicable) becomes
effective after the applicable waiting period, and (ii) is determined by the
Administrator to have satisfied all other conditions to receive benefits under
this Plan and this Appendix A.

A.    Amount of Severance Pay.

1.    Eligible Employees

Severance Pay will equal two (2) weeks of Base Salary per Year of Service,
subject to a minimum of six (6) weeks of Base Salary and a maximum of 39 weeks
of Base Salary.

For purposes of this Appendix A:

“Base Salary” means the annual base rate of pay of an eligible Employee, as in
effect on the date on which such Employee is notified of his or her Qualifying
Termination.

“Year of Service” means each twelve (12)-consecutive-month period, which is
measured from an eligible Employee’s most recent date of hire.

B.    Supplemental Severance Benefits.

Supplemental Severance Benefits awarded by the Administrator in its sole
discretion pursuant to Section 3.2 may include any of the following:

1.
Continuation Coverage. Payment of part or all of the cost of Continuation
Coverage for an eligible Employee for a specified period of time.

2.
Outplacement Services. Outplacement assistance through a firm selected by the
Employer.

3.
Stock Options and Restricted Stock. Acceleration of the vesting of stock options
and restricted stock held by the Employee, but only to the extent such stock
options and restricted stock would have vested had the Employee remained
employed by the Employer throughout the Severance Period.

A