# EDGAR Filing Document

**Accession Number:** 0001374310
**File Stem:** 0001628280-26-010013
**Filing Date:** 2026-2
**Character Count:** 2121862
**Document Hash:** d003aa8c14940915f245f44a17079313
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001628280-26-010013.hdr.sgml**: 20260220

**ACCESSION NUMBER**: 0001628280-26-010013

**CONFORMED SUBMISSION TYPE**: 10-K

**PUBLIC DOCUMENT COUNT**: 178

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260220

**DATE AS OF CHANGE**: 20260220

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Cboe Global Markets, Inc.
- **CENTRAL INDEX KEY:** 0001374310
- **STANDARD INDUSTRIAL CLASSIFICATION:** SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES [6200]
- **ORGANIZATION NAME:** 09 Crypto Assets
- **EIN:** 205446972
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-34774
- **FILM NUMBER:** 26656753

**BUSINESS ADDRESS:**
- **STREET 1:** 433 WEST VAN BUREN STREET
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60607
- **BUSINESS PHONE:** 312 786 7200

**MAIL ADDRESS:**
- **STREET 1:** 433 WEST VAN BUREN STREET
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60607

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** CBOE Holdings, Inc.
- **DATE OF NAME CHANGE:** 20060831

?xml version='1.0' encoding='ASCII'? cboe-20251231

<u>[**Table of Contents**](#ic735b6ccda1a481fa4a1f9edfa4f3665_7)</u>

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**Form 10-K**

☒ **ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the fiscal year ended December 31, 2025**

**or**

**☐** **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the transition period from ____________ to ____________**

**Commission file number: 001-34774**

**Cboe Global Markets, Inc.**

(Exact Name of Registrant as Specified in Its Charter)

---

| | |
|:---|:---|
| **Delaware** | **20-5446972** |
| (State or other jurisdiction of<br>incorporation or organization) | (I.R.S. Employer<br>Identification Number) |

---

---

| | |
|:---|:---|
| **433 West Van Buren Street** | |
| **Chicago, Illinois** | **60607** |
| (Address of principal executive offices) | (Zip Code) |

---

Registrant's telephone number, including area code

**(312) 786-5600**

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of Each Class** | **Trading Symbol (s)** | **Name of Exchange on Which Registered** |
| Common Stock, par value $0.01 per share | CBOE | CboeBZX |

---

Securities registered pursuant to Section 12(g) of the Act:

**None**

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☒ No ☐

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No ☒

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☒ Accelerated filer ☐ Non-accelerated filer ☐ Smaller reporting company ☐ Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.&nbsp;&nbsp;&nbsp;&nbsp; ☒

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☒

As of June 30, 2025, the aggregate market value of the Registrant's outstanding voting common equity held by non-affiliates was approximately $24.4 billion based on the closing price of $233.21 per share of common stock.

The number of outstanding shares of the registrant's common stock as of February 13, 2026 was 104,667,696 shares of common stock.

DOCUMENTS INCORPORATED BY REFERENCE

Portions of Cboe Global Markets' Definitive Proxy Statement for the 2026 Annual Meeting of Stockholders, which will be filed no later than 120 days after December 31, 2025, are incorporated by reference in Part III.

------

<u>[**Table of Contents**](#ic735b6ccda1a481fa4a1f9edfa4f3665_7)</u>

**TABLE OF CONTENTS**

**CBOE GLOBAL MARKETS, INC.**

**2025 FORM 10-K**

---

| | | |
|:---|:---|:---|
| **<u>[PART I](#ic735b6ccda1a481fa4a1f9edfa4f3665_19)</u>** | **<u>[PART I](#ic735b6ccda1a481fa4a1f9edfa4f3665_19)</u>** | **<u>[PART I](#ic735b6ccda1a481fa4a1f9edfa4f3665_19)</u>** |
| <u>[Item 1.](#ic735b6ccda1a481fa4a1f9edfa4f3665_22)</u> | <u>[Business](#ic735b6ccda1a481fa4a1f9edfa4f3665_22)</u> | [7](#ic735b6ccda1a481fa4a1f9edfa4f3665_22) |
| <u>[Item 1A.](#ic735b6ccda1a481fa4a1f9edfa4f3665_31)</u> | <u>[Risk Factors](#ic735b6ccda1a481fa4a1f9edfa4f3665_31)</u> | [25](#ic735b6ccda1a481fa4a1f9edfa4f3665_31) |
| <u>[Item 1B.](#ic735b6ccda1a481fa4a1f9edfa4f3665_34)</u> | <u>[Unresolved Staff Comments](#ic735b6ccda1a481fa4a1f9edfa4f3665_34)</u> | [43](#ic735b6ccda1a481fa4a1f9edfa4f3665_34) |
| <u>[Item 1C.](#ic735b6ccda1a481fa4a1f9edfa4f3665_37)</u> | <u>[Cybersecurity](#ic735b6ccda1a481fa4a1f9edfa4f3665_37)</u> | [43](#ic735b6ccda1a481fa4a1f9edfa4f3665_37) |
| <u>[Item 2.](#ic735b6ccda1a481fa4a1f9edfa4f3665_40)</u> | <u>[Properties](#ic735b6ccda1a481fa4a1f9edfa4f3665_40)</u> | [45](#ic735b6ccda1a481fa4a1f9edfa4f3665_40) |
| <u>[Item 3.](#ic735b6ccda1a481fa4a1f9edfa4f3665_43)</u> | <u>[Legal Proceedings](#ic735b6ccda1a481fa4a1f9edfa4f3665_43)</u> | [45](#ic735b6ccda1a481fa4a1f9edfa4f3665_43) |
| <u>[Item 4.](#ic735b6ccda1a481fa4a1f9edfa4f3665_46)</u> | <u>[Mine Safety Disclosures](#ic735b6ccda1a481fa4a1f9edfa4f3665_46)</u> | [46](#ic735b6ccda1a481fa4a1f9edfa4f3665_46) |
| **<u>[PART II](#ic735b6ccda1a481fa4a1f9edfa4f3665_49)</u>**  | **<u>[PART II](#ic735b6ccda1a481fa4a1f9edfa4f3665_49)</u>**  | **<u>[PART II](#ic735b6ccda1a481fa4a1f9edfa4f3665_49)</u>**  |
| <u>[Item 5.](#ic735b6ccda1a481fa4a1f9edfa4f3665_52)</u> | <u>[Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](#ic735b6ccda1a481fa4a1f9edfa4f3665_52)</u> | [47](#ic735b6ccda1a481fa4a1f9edfa4f3665_52) |
| <u>[Item 6.](#ic735b6ccda1a481fa4a1f9edfa4f3665_55)</u> | <u>[\[Reserved\].](#ic735b6ccda1a481fa4a1f9edfa4f3665_55)</u> | [48](#ic735b6ccda1a481fa4a1f9edfa4f3665_55) |
| <u>[Item 7.](#ic735b6ccda1a481fa4a1f9edfa4f3665_58)</u> | <u>[Management's Discussion and Analysis of Financial Condition and Results of Operations](#ic735b6ccda1a481fa4a1f9edfa4f3665_58)</u> | [49](#ic735b6ccda1a481fa4a1f9edfa4f3665_58) |
| <u>[Item 7A.](#ic735b6ccda1a481fa4a1f9edfa4f3665_79)</u> | <u>[Quantitative and Qualitative Disclosures about Market Risk](#ic735b6ccda1a481fa4a1f9edfa4f3665_79)</u> | [82](#ic735b6ccda1a481fa4a1f9edfa4f3665_79) |
| <u>[Item 8.](#ic735b6ccda1a481fa4a1f9edfa4f3665_82)</u> | <u>[Financial Statements and Supplementary Data](#ic735b6ccda1a481fa4a1f9edfa4f3665_82)</u> | [86](#ic735b6ccda1a481fa4a1f9edfa4f3665_82) |
| <u>[Item 9.](#ic735b6ccda1a481fa4a1f9edfa4f3665_187)</u> | <u>[Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](#ic735b6ccda1a481fa4a1f9edfa4f3665_187)</u> | [137](#ic735b6ccda1a481fa4a1f9edfa4f3665_187) |
| <u>[Item 9A.](#ic735b6ccda1a481fa4a1f9edfa4f3665_190)</u> | <u>[Controls and Procedures](#ic735b6ccda1a481fa4a1f9edfa4f3665_190)</u> | [137](#ic735b6ccda1a481fa4a1f9edfa4f3665_190) |
| <u>[Item 9B.](#ic735b6ccda1a481fa4a1f9edfa4f3665_193)</u> | <u>[Other Information](#ic735b6ccda1a481fa4a1f9edfa4f3665_193)</u> | [137](#ic735b6ccda1a481fa4a1f9edfa4f3665_193) |
| <u>[Item 9C.](#ic735b6ccda1a481fa4a1f9edfa4f3665_196)</u> | <u>[Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](#ic735b6ccda1a481fa4a1f9edfa4f3665_196)</u> | [137](#ic735b6ccda1a481fa4a1f9edfa4f3665_196) |
| **<u>[PART III](#ic735b6ccda1a481fa4a1f9edfa4f3665_199)</u>**  | **<u>[PART III](#ic735b6ccda1a481fa4a1f9edfa4f3665_199)</u>**  | **<u>[PART III](#ic735b6ccda1a481fa4a1f9edfa4f3665_199)</u>**  |
| <u>[Item 10.](#ic735b6ccda1a481fa4a1f9edfa4f3665_202)</u> | <u>[Directors, Executive Officers and Corporate Governance](#ic735b6ccda1a481fa4a1f9edfa4f3665_202)</u> | [138](#ic735b6ccda1a481fa4a1f9edfa4f3665_202) |
| <u>[Item 11.](#ic735b6ccda1a481fa4a1f9edfa4f3665_205)</u> | <u>[Executive Compensation](#ic735b6ccda1a481fa4a1f9edfa4f3665_205)</u> | [138](#ic735b6ccda1a481fa4a1f9edfa4f3665_205) |
| <u>[Item 12.](#ic735b6ccda1a481fa4a1f9edfa4f3665_208)</u> | <u>[Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](#ic735b6ccda1a481fa4a1f9edfa4f3665_208)</u> | [138](#ic735b6ccda1a481fa4a1f9edfa4f3665_208) |
| <u>[Item 13.](#ic735b6ccda1a481fa4a1f9edfa4f3665_211)</u> | <u>[Certain Relationships and Related Transactions, and Director Independence](#ic735b6ccda1a481fa4a1f9edfa4f3665_211)</u> | [138](#ic735b6ccda1a481fa4a1f9edfa4f3665_211) |
| <u>[Item 14.](#ic735b6ccda1a481fa4a1f9edfa4f3665_214)</u> | <u>[Principal Accountant Fees and Services](#ic735b6ccda1a481fa4a1f9edfa4f3665_214)</u> | [138](#ic735b6ccda1a481fa4a1f9edfa4f3665_214) |
| **<u>[PART IV](#ic735b6ccda1a481fa4a1f9edfa4f3665_217)</u>**  | **<u>[PART IV](#ic735b6ccda1a481fa4a1f9edfa4f3665_217)</u>**  | **<u>[PART IV](#ic735b6ccda1a481fa4a1f9edfa4f3665_217)</u>**  |
| <u>[Item 15.](#ic735b6ccda1a481fa4a1f9edfa4f3665_220)</u> | <u>[Exhibits, Financial Statement Schedules](#ic735b6ccda1a481fa4a1f9edfa4f3665_220)</u> | [139](#ic735b6ccda1a481fa4a1f9edfa4f3665_220) |
| <u>[Item 16.](#ic735b6ccda1a481fa4a1f9edfa4f3665_223)</u> | <u>[Form 10-K Summary](#ic735b6ccda1a481fa4a1f9edfa4f3665_223)</u> | [144](#ic735b6ccda1a481fa4a1f9edfa4f3665_223) |

---

------

<u>[**Table of Contents**](#ic735b6ccda1a481fa4a1f9edfa4f3665_7)</u>

**CERTAIN DEFINED TERMS**

Throughout this document, unless otherwise specified or the context so requires:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Cboe," "we," "us," "our" or "the Company" refers to Cboe Global Markets, Inc. and its subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "ADV" means average daily volume.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "ADNV" means average daily notional value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "AFM" refers to the Netherlands Authority for the Financial Markets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "ATS" refers to an alternative trading system.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Bats Global Markets" and "Bats" refer to our wholly-owned subsidiary Bats Global Markets, Inc., now known as Cboe Bats, LLC, and its subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "BIDS Holdings" refers to BIDS Holdings L.P., a wholly-owned subsidiary of Cboe Global Markets, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "BIDS Trading" refers to BIDS Trading L.P., a wholly-owned subsidiary of Cboe Global Markets, Inc. The ATS operated by BIDS Trading is not a registered national securities exchange or a facility thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "BYX" refers to Cboe BYX Exchange, Inc., a wholly-owned subsidiary of Cboe Global Markets, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "BZX" refers to Cboe BZX Exchange, Inc., a wholly-owned subsidiary of Cboe Global Markets, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "C2" refers to Cboe C2 Exchange, Inc., a wholly-owned subsidiary of Cboe Global Markets, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "CAT" refers to the Consolidated Audit Trail.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Cboe Asia Pacific" refers to Cboe Asia Pacific Holdings Limited (formerly known as Chi-X Asia Pacific Holdings Limited), a wholly-owned subsidiary of Cboe Global Markets, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Cboe Australia" refers to Cboe Australia Pty Ltd. (formerly known as Chi-X Australia Pty. Ltd.), a wholly-owned subsidiary of Cboe Global Markets, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Cboe Canada" refers to Cboe Canada Inc., a wholly-owned subsidiary of Cboe Global Markets, Inc. and a recognized Canadian securities exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Cboe Chi-X Europe" refers to Cboe Chi-X Europe Limited, a wholly-owned subsidiary of Cboe Global Markets, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Cboe Clear Europe" refers to Cboe Clear Europe N.V., a wholly-owned subsidiary of Cboe Global Markets, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Cboe Clear U.S." refers to Cboe Clear U.S., LLC (formerly known as Cboe Clear Digital, LLC, formerly defined as "Cboe Clear Digital"), a wholly-owned subsidiary of Cboe Global Markets, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Cboe Data Vantage" refers to the Company's Cboe Data Vantage business (subsequently referred to as Data Vantage throughout the remainder of this document).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Cboe Digital" refers to Cboe Digital Intermediate Holdings, LLC (formerly known as Eris Digital Holdings, LLC) and its subsidiaries.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Cboe Digital Exchange" refers to Cboe Digital Exchange, LLC, a wholly-owned subsidiary of Cboe Global Markets, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Cboe Europe Equities and Derivatives" refers to the combined businesses of Cboe Europe and Cboe NL.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Cboe Europe" refers to Cboe Europe Limited, a wholly-owned subsidiary of Cboe Global Markets, Inc., the UK operator of our Multilateral Trading Facility ("MTF"), our Regulated Market ("RM"), and our Approved Publication Arrangement ("APA") under its Recognized Investment Exchange ("RIE") status.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Cboe Fixed Income" refers to Cboe Fixed Income Markets, LLC, a wholly-owned subsidiary of Cboe Global Markets, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Cboe FX" refers to Cboe FX Markets, LLC, a wholly-owned subsidiary of Cboe Global Markets, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Cboe Japan" refers to Cboe Japan Ltd. (formerly known as Chi-X Japan Ltd.), a wholly-owned subsidiary of Cboe Global Markets, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Cboe NL" refers to Cboe Europe B.V., a wholly-owned subsidiary of Cboe Global Markets, Inc., the Netherlands operator of our MTF, RM, and APA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Cboe Options" refers to Cboe Exchange, Inc., a wholly-owned subsidiary of Cboe Global Markets, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Cboe SEF" refers to Cboe SEF, LLC, a wholly-owned subsidiary of Cboe Global Markets, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Cboe Trading" refers to Cboe Trading, Inc., a wholly-owned subsidiary of Cboe Global Markets, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "CEDX" refers to Cboe Europe Derivatives, the Company's fully electronic pan-European derivatives platform operated by Cboe NL.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "CFE" refers to Cboe Futures Exchange, LLC, a wholly-owned subsidiary of Cboe Global Markets, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "CFTC" refers to the U.S. Commodity Futures Trading Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "CSD BR" refers to CSD Central de Serviços de Registro e Depósito aos Mercados Financeiro e de Capitais S.A., a Brazilian trade repository.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "CIRO" refers to the Canadian Investment Regulatory Organization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "EDGA" refers to Cboe EDGA Exchange, Inc., a wholly-owned subsidiary of Cboe Global Markets, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "EDGX" refers to Cboe EDGX Exchange, Inc., a wholly-owned subsidiary of Cboe Global Markets, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "ESMA" refers to the European Securities and Markets Authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Exchanges" refers to Cboe Options, C2, BZX, BYX, EDGX, and EDGA.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "FASB" refers to the Financial Accounting Standards Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "FCA" refers to the UK Financial Conduct Authority.

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<u>[**Table of Contents**](#ic735b6ccda1a481fa4a1f9edfa4f3665_7)</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "FINRA" refers to the Financial Industry Regulatory Authority.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "GAAP" refers to Generally Accepted Accounting Principles in the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "MATCHNow" refers to the former TriAct Canada Marketplace LP, a wholly-owned subsidiary of Cboe Global Markets, Inc., which was the operator of a Canadian ATS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "Merger" refers to our acquisition of Bats Global Markets, completed on February 28, 2017.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "OCC" refers to The Options Clearing Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "OPRA" refers to Options Price Reporting Authority, LLC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "PTS" refers to proprietary trading system.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "SEC" refers to the U.S. Securities and Exchange Commission.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "SFT" refers to Securities Financing Transaction(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "SPX" refers to our S&P 500 Index exchange-traded options products.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "TPH" refers to either a Trading Permit Holder or a Trading Privilege Holder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• "VIX futures" or "VIX options" or "Options on VIX futures" refers, as applicable, to our Cboe Volatility Index exchange-traded options and futures products.

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<u>[**Table of Contents**](#ic735b6ccda1a481fa4a1f9edfa4f3665_7)</u>

**TRADEMARK AND OTHER INFORMATION**

Cboe<sup>®</sup>, Cboe Global Markets<sup>®</sup>, Cboe Volatility Index<sup>®</sup>, Cboe Clear<sup>®</sup>, Cboe Datashop<sup>®</sup>, Cboe Futures Exchange<sup>®</sup>, CFE<sup>®</sup>, Cboe Digital<sup>®</sup>, Cboe Hanweck<sup>®</sup>, Cboe LIS<sup>®</sup>, Bats<sup>®</sup>, BIDS Trading<sup>®</sup>, BYX<sup>®</sup>, BZX<sup>®</sup>, EDGA<sup>®</sup>, EDGX<sup>®</sup>, Hybrid<sup>®</sup>, Life is Better with Options<sup>®</sup>, LiveVol<sup>®</sup>, MATCHNow<sup>®</sup>, NANO<sup>®</sup>, Options Institute<sup>®</sup>, Silexx<sup>®</sup>, VIX<sup>®</sup>, VIX1D<sup>®</sup>, and XSP<sup>®</sup> are registered trademarks, and Cboe BIDS Europe<sup>SM</sup>, C2<sup>SM</sup>, Cboe Data Vantage<sup>SM</sup>, Cboe Titanium<sup>SM</sup>, Cboe Ti<sup>SM</sup>, f(t)options<sup>SM</sup>, Trade Alert<sup>SM</sup>, Mag 10<sup>SM</sup> and Magnificent 10<sup>SM</sup> are service marks of Cboe Global Markets, Inc. and its subsidiaries. Standard & Poor's<sup>®</sup>, S&P<sup>®</sup>, S&P 100<sup>®</sup>, S&P 500<sup>®</sup> and SPX<sup>®</sup> are registered trademarks and DSPX<sup>SM</sup> is a service mark of Standard & Poor's Financial Services LLC and have been licensed for use by Cboe Exchange, Inc. Dow Jones<sup>®</sup>, Dow Jones Industrial Average<sup>®</sup>, DJIA<sup>®</sup> and Dow Jones Indices are registered trademarks or service marks of Dow Jones Trademark Holdings, LLC, used under license. Russell<sup>®</sup> and the Russell index names are registered trademarks of Frank Russell Company, used under license. FTSE<sup>®</sup> and the FTSE indices are trademarks and service marks of FTSE International Limited, used under license. All other trademarks and service marks are the property of their respective owners.

This Annual Report on Form 10-K includes market share and industry data that we obtained from industry publications and surveys, reports of governmental agencies and internal company surveys. Industry publications and surveys generally state that the information they contain has been obtained from sources believed to be reliable, but we cannot assure you that this information is accurate or complete. We have not independently verified any of the data from third-party sources nor have we ascertained the underlying economic assumptions relied upon therein. Statements as to our market position are based on the most currently available market data. While we are not aware of any misstatements regarding industry data presented herein, our estimates involve risks and uncertainties and are subject to change based on various factors. Please refer to the "Risk Factors" in Part I, Item 1A of this Annual Report on Form 10-K and our other filings with the SEC.

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**FORWARD-LOOKING STATEMENTS**

This Annual Report on Form 10-K contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve a number of risks and uncertainties. You can identify these statements by forward-looking words such as "may," "might," "should," "expect," "plan," "anticipate," "believe," "estimate," "predict," "potential," or "continue," and the negative of these terms and other comparable terminology. All statements that reflect our expectations, assumptions, or projections about the future other than statements of historical fact are forward-looking statements, including statements in "Business" and "Management's Discussion and Analysis of Financial Condition and Results of Operations." These forward-looking statements, which are subject to known and unknown risks, uncertainties and assumptions about us, may include projections of our future financial performance based on our growth strategies and anticipated trends in our business. These statements are only predictions based on our current expectations and projections about future events. There are important factors that could cause our actual results, level of activity, performance, or achievements to differ materially from those expressed or implied by the forward-looking statements. In particular, you should consider the risks and uncertainties described under "Risk Factors" in this Annual Report and other filings with the SEC.

While we believe we have identified material risks, these risks and uncertainties are not exhaustive. Moreover, we operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible to predict all risks and uncertainties, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements.

Some factors that could cause actual results to differ include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the loss of our right to exclusively list and trade certain index options and futures products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• economic, political, and market conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• compliance with legal and regulatory obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• price and new products and services competition and consolidation in our industry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• decreases in trading or clearing volumes, market data fees, or a shift in the mix of products traded on our exchanges;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• legislative or regulatory changes or changes in tax regimes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to protect our systems and communication networks from security vulnerabilities and breaches;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to attract and retain skilled management and other personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• increasing competition by foreign and domestic entities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our business and operational dependence on and exposure to risk from third parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• factors that impact the quality and integrity of our and other applicable indices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to manage our global operations, growth, and strategic acquisitions, wind downs, divestitures, or alliances effectively;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• increases in the cost of the products and services we use;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to operate our business without violating the intellectual property rights of others and the costs associated with protecting our intellectual property rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to minimize the risks, including our credit, liquidity, market, investment, counterparty, and default risks, associated with operating our clearinghouses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to accommodate trading and clearing volume and transaction traffic, including significant increases, without failure or degradation of performance of our systems;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• misconduct by those who use our markets or our products or for whom we clear transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• challenges to our use of open source software code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to meet our compliance obligations, including managing our business interests and our regulatory responsibilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the loss of key customers or a significant reduction in trading or clearing volumes by key customers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• damage to our reputation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the ability of our compliance and risk management methods to effectively monitor and manage our risks;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• restrictions imposed by our debt obligations and our ability to make payments on or refinance our debt obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to maintain an investment grade credit rating;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• impairment of our goodwill, long-lived assets, investments, or intangible assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the accuracy of our estimates and expectations; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• litigation risks and other liabilities.

For a detailed discussion of these and other factors that might affect our performance, see Part I, Item 1A of this Report. We do not undertake, and expressly disclaim, any duty to update any forward-looking statement whether as a result of new information, future events or otherwise, except as required by law. We caution you not to place undue reliance on the forward-looking statements, which speak only as of the date of this filing.

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**PART I**

**Item 1. Business**

*The following description of the business should be read in conjunction with the information included elsewhere in this Annual Report on Form 10-K for the year ended December 31, 2025. This description contains forward-looking statements that involve risks and uncertainties. Actual results could differ significantly from the results discussed in the forward-looking statements due to the factors set forth in "Risk Factors" and elsewhere in this Annual Report on Form 10-K.*

**Overview**

Cboe Global Markets, Inc., the world's leading derivatives and securities exchange network, delivers cutting-edge trading, clearing, and investment solutions to people around the world. Cboe provides trading solutions and products in multiple asset classes, including equities, derivatives, and FX, across North America, Europe, and Asia Pacific. Above all, the Company is committed to building a trusted, inclusive global marketplace that enables people to pursue a sustainable financial future.

Cboe's subsidiaries include the largest options exchange and the third largest equities exchange operator in the U.S. In addition, the Company operates Cboe Europe Equities (Cboe Europe and Cboe NL equities exchanges), one of the largest equities exchanges by value traded in Europe, and owns Cboe Clear Europe, a leading pan-European equities and derivatives clearinghouse, BIDS Holdings, which owns a leading block-trading ATS by volume in the U.S., and provides block-trading services with Cboe market operators in Europe and Canada, Cboe Australia, an operator of a regulated stock exchange in Australia, Cboe Clear U.S., an operator of a regulated clearinghouse, and Cboe Canada, a recognized Canadian securities exchange. Cboe subsidiaries also serve collectively as a leading market globally for exchange-traded products ("ETPs") listings and trading.

In 2025, following a comprehensive strategic review of its global business operations, Cboe initiated the wind down of its Japanese equities business, including the cessation of operations of its Cboe Japan proprietary trading system and Cboe BIDS Japan block trading platform, initiated a sales process for its Cboe Australia and Cboe Canada businesses, discontinued its U.S. and European Corporate Listings efforts, and reduced costs associated with its U.S. and European ETP Listings businesses, Cboe Europe Derivatives ("CEDX"), and several of Cboe's smaller Risk and Market Analytics businesses. Subsequent to December 31, 2025, after further review of its global business operations, Cboe initiated the wind down of CEDX.

**Our Business** 

Cboe reports on the following five business segments:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Options.** The Options segment includes options on market indices ("index options"), as well as on the stocks of individual corporations ("equity options") and on ETPs such as exchange-traded funds ("ETFs") and exchange-traded notes ("ETNs"), which are "multi-listed" options and listed on a non-exclusive basis. These options are eligible to trade, as applicable, on Cboe Options, C2, BZX, EDGX, and/or other U.S. national security exchanges. Cboe Options is the Company's primary options market and offers trading in listed options through a single system that integrates electronic trading and traditional open outcry trading on the Cboe Options trading floor in Chicago. C2 Options, BZX Options, and EDGX Options are all-electronic options exchanges, and typically operate with different market models and fee structures than Cboe Options. The Options segment also includes applicable market data fees revenues generated from the consolidated tape plans, the licensing of proprietary options market data, index licensing, routing services, and access and capacity services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **North American Equities.** The North American Equities segment includes U.S. equities and ETP transaction services that occur on fully electronic exchanges owned and operated by BZX, BYX, EDGX, and EDGA, equities transactions that occur on the BIDS Trading platform in the U.S. and the Cboe BIDS Canada platform, and Canadian equities and other transaction services that occur on or through Cboe Canada's order books. The North American Equities segment also includes corporate listing services on Cboe Canada, ETP listings on BZX, the Cboe Global Markets, Inc. common stock listing, and applicable market data fees revenues generated from the consolidated tape plans, the licensing of proprietary equities market data, routing services, and access and capacity services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Europe and Asia Pacific.** The Europe and Asia Pacific segment includes the pan-European derivatives transaction services, ETPs, including exchange traded funds, exchange traded notes, and exchange traded commodities, and international depository receipts that are hosted on MTFs operated by Cboe Europe Equities (Cboe Europe and Cboe NL equities exchanges) and CEDX. It also includes the ETP listings business on RMs and clearing activities of Cboe Clear Europe, as well as the equities services of Cboe Australia, an operator of a trading venue in Australia. Cboe Europe operates lit and dark books, a periodic auctions book, a closing cross book, and

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two BIDS order books; a Large-in-Scale ("LIS") trading negotiation facility and a volume-weighted average price ("VWAP") trajectory crossing facility. Cboe NL, based in Amsterdam, operates similar business functionality to that offered by Cboe Europe (with the exception of Trajectory Crossing), and provides for trading only in European Economic Area ("EEA") symbols. Subsequent to December 31, 2025, Cboe initiated the wind down of CEDX, its pan-European derivatives platform that offered futures and options based on Cboe Europe equity indices, FLEX options, and single stock options. Prior to the wind down, CEDX contributed derivatives transaction services and market data revenues to this segment. Cboe Clear Europe offers the clearing of equity and equity-like instruments for Cboe-operated and other regulated trading venues and clearing SFTs. Prior to the CEDX wind down, Cboe Clear Europe also provided clearing services for derivative transactions executed on CEDX. This segment also includes Cboe Europe, Cboe NL, and Cboe Australia revenue generated from the licensing of proprietary market data and from access and capacity services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Futures.** The Futures segment includes transaction services provided by CFE, a fully electronic futures exchange, which includes offerings for trading of VIX futures and other futures products, the licensing of proprietary market data, as well as access and capacity services. As of January 1, 2025, the Futures segment prospectively includes all Digital operating activity, which includes Cboe Digital Exchange, a regulated futures exchange, and Cboe Clear U.S., a regulated clearinghouse, as well as revenue generated from the licensing of proprietary market data and from access and capacity services. On June 9, 2025, Cboe successfully completed the migration of cash-settled Bitcoin and Ether futures contracts from Cboe Digital Exchange to CFE. There are no products currently listed for trading on the Cboe Digital Exchange.

Comparative-period results for the Digital segment have been presented for historical purposes but have not been recast as the historical results of the Digital segment were not material, nor do they materially impact the financial results, trends, or forecasts of the Futures segment. As a result, for the year ended December 31, 2025, operating results included within the Digital operating segment are presented within the Futures reporting segment. See Note 16 ("Segment Reporting") for more information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Global FX.** The Global FX segment includes institutional FX trading services that occur on the Cboe FX fully electronic trading platform, non-deliverable forward FX transactions ("NDFs") offered for execution on Cboe SEF, as well as revenue generated from the licensing of proprietary market data and from access and capacity services. The segment also includes transaction services for U.S. government securities executed on the Cboe Fixed Income fully electronic trading platform.

Cboe also presents three financial statement revenue captions within the consolidated statements of income that reflect the Company's diversified products, expansive geographical reach, and overall business strategy. Below is a summary of Cboe's financial statement revenue captions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Cash and spot markets.** This includes associated transaction and clearing fees on our equities and FX markets and clearing business, the portion of market data fees relating to associated U.S. tape plan market data fees, associated regulatory fees, and associated other revenue from Cboe's North American Equities, Europe and Asia Pacific, and Global FX segments. The key sources of these revenues are our equities and FX markets, the U.S. tape plans, and our clearing and listings businesses, which are described in more detail below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Cboe Data Vantage.** The Cboe Data Vantage business includes access and capacity fees to our markets, proprietary market data fees from various licensing agreements and proprietary indices, and associated other revenue across Cboe's five segments. The key sources of these revenues are our markets, the proprietary products underlying the market data, the licensing agreements, proprietary indices, and other data and access products and services, which are described in more detail below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Derivatives markets.** This includes associated transaction and clearing fees, the portion of market data fees relating to associated U.S. tape plan market data fees, associated regulatory fees, and associated other revenue from Cboe's Options, Futures, and Europe and Asia Pacific segments. The key sources of these revenues are proprietary products, including our flagship products SPX options and VIX options and futures, our derivatives markets, and U.S. tape plans, which are described in more detail below.

See "Management's Discussion and Analysis of Financial Condition and Results of Operations," Note 4 ("Revenue Recognition"), and Note 16 ("Segment Reporting") in the notes to our consolidated financial statements for discussion of revenues and certain operational and financial metrics, and operating income (or loss) by business segment. Certain activities within our segments operate globally. For information regarding risks related to our international operations see "Risk Factors."

**Competitive Strengths**

Cboe is a leading provider of market infrastructure and tradable products across cash and spot markets, derivatives markets, and Cboe Data Vantage products and services. Cboe delivers cutting-edge trading, clearing, and investment solutions across the globe through a comprehensive ecosystem that helps drive innovation and growth.

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**Strategic Focus**

Our strategic direction is focused on leveraging our core areas of strength and the strong secular growth trends supporting them. This approach aims to unlock growth and earnings potential while reinforcing our competitive position through:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Rationalizing our business portfolio to optimize return on invested capital and potential growth trajectory;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Optimizing our core businesses of Index Options, Multi-Listed Options, Futures, U.S. Equities, European Equities, and Global FX, while expanding Data Vantage offerings that draw upon these businesses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Capitalizing on emerging industry trends that align with our core strengths and potentially unlock new opportunities to create value for our clients; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Maintaining a disciplined and financially rigorous approach to capital allocation.

**Key Business Highlights**

The following is a brief summary of our key 2025 business highlights:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Conducted a comprehensive review of our global business operations, resulting in a strategic realignment of our business portfolio and an enhanced focus on core strengths and emerging growth opportunities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Expanded our derivatives product suite, including the launch of cash-settled futures and options on a new index tracking 10 U.S.-listed large-cap stocks of technology and growth-oriented companies (the "Cboe Magnificent 10 Index"), continuous Bitcoin and Ether futures, Cboe FTSE Bitcoin Index Futures, and options on the S&P 500 Equal Weight Index.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Expanded retail access with the launch of a Pan-European Best Bid and Offer trading solution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Expanded dedicated cores technology offering internationally, enhancing order processing performance and reliability for participants across our global markets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Advanced cloud-based data access with the launch of index datasets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Completed key migrations, including the transition of Cboe Digital Exchange futures to CFE and the migration of Cboe Canada's technology platform.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Unveiled a new brand for our exchange technology platform, Cboe Titanium.

**Derivatives Markets**

We are one of the largest U.S. derivatives market operators, operating four options markets, Cboe Options, BZX Options, EDGX Options and C2 Options, and a futures market, CFE. The key products traded on our derivatives markets are proprietary products, including our flagship products SPX options and VIX options and futures, and multi-listed products.

Our U.S. derivatives options market, Cboe Options, is a hybrid market combining open outcry floor trading with electronic trading. For multi-listed products, depending on the product, we utilize public customer priority, market turner, participation rights, and pro-rata allocation market models, as well as the "classic" pricing model (known as payment for order flow). For proprietary products, we use price-time or pro-rata allocation, alongside public customer priority in certain instances, and market turner, combined with a pricing model where all market participants generally pay fees. Our other three options markets, BZX, EDGX and C2, are fully electronic and utilize a mix of price-time, customer priority, participation rights, pro-rata allocation, maker-taker, and classic pricing market models.

CFE's U.S. derivatives futures market, which is fully electronic, utilizes a price-time market model, combined with a pricing model where all market participants generally pay fees, subject to specified exceptions.

**Proprietary Products**

We are a leader in the volatility space with the volatility-based proprietary products we offer for trading. These volatility-based proprietary products are built through Cboe Labs, a dedicated team centered on the creation, development, and implementation of new ideas and our strategic relationships and license agreements with index providers, including S&P Dow Jones Indices ("S&P") and the Frank Russell Company and FTSE International Limited (together "FTSE Russell"). We offer proprietary products on our proprietary indices and indices owned by other index providers. Our most frequently traded proprietary products include SPX options and VIX options and futures.

We hold exclusive U.S. rights to list options on the S&P 500 Index, S&P 100 Index, S&P 500 ESG Index, and S&P Select Sector Indices. Our license with S&P extends through December 31, 2033, with exclusive rights to trade S&P 500 Index options through December 31, 2032. We use the market data from the trading of options on the S&P 500 Index, S&P 100 Index, the Russell 2000 Index and other indices for the creation of proprietary Cboe volatility indices, variance

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indicators, and BuyWrite Indices (including the Cboe Volatility Index ("VIX Index")), and to create tradable products on such indices.

***SPX Options***

The S&P 500 Index is an index comprised of 500 large-cap U.S. listed companies. It is one of the most commonly followed indices and is considered a bellwether for the U.S. economy. The SPX options we offer on the S&P 500 Index are exclusive to Cboe and contribute substantially to our volumes and transaction fee revenues. Because of the S&P 500 Index's status as a bellwether, SPX options are used in many different trading strategies by customers with different goals, including pension funds hedging their equity exposure by buying put options, asset managers seeking enhanced returns by selling covered call options, and hedge funds using risk-managed strategies to capture so-called "risk premia" embedded in option prices. We also offer zero days to expiry (0-DTE) products, Long Term Equity AnticiPation Securities (LEAPs), Mini- and NANO-SPX options, FLEX- and FLEX micro-SPX options, and SPX Weeklys options, which have settlements on Mondays, Tuesdays, Wednesdays, Thursdays, Fridays, and on the last trading day of each month and nearly 24x5 trading in SPX options. We believe these additional expirations provide customers with more precision when hedging overall portfolio risk.

***Volatility Trading***

Cboe pioneered the trading of exchange-traded volatility products with its introduction of VIX futures in 2004 and VIX options in 2006. The VIX Index, although not directly tradable, is based on the mid-point of real-time quotes of SPX options and is designed to reflect investors' consensus view of future 30-day expected stock market volatility. The VIX Index methodology provides the basis for the creation of VIX options and futures. The final settlement value of VIX options and futures is determined on their expiration date through a Special Opening Quotation ("SOQ") of the VIX Index. The SOQ calculation uses opening trade prices of selected options unless there is no opening price, in which case the opening price used in the SOQ calculation is the midpoint of the highest bid and lowest offer at the time of the opening. Since we started offering these products, we have seen trading from a number of different customer segments utilizing a number of different trading strategies, including hedging extreme stock market declines, also known as "tail risk" hedging, and risk-managed strategies that seek to capture the relative price changes of expected volatility at different times in the future.

To help investors better manage market volatility, we also offer the VIX1D, the U.S. Treasury Market Volatility Index (VIXTLT), VIX Weeklys options and futures, mini VIX futures, nearly 24x5 trading in VIX options and futures, Cboe S&P 500 Variance Futures, and Options on VIX futures.

**Proprietary Indices**

We also calculate and disseminate proprietary indices that are licensed for use by third parties or are used as the basis for Cboe proprietary products. These proprietary indices are built through our in-house Cboe Labs research and development and Cboe Data Vantage business teams, often in connection with our strategic relationships and license agreements with index providers. Our proprietary indices include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• volatility indices based on broad-based market indices, such as the S&P 500 and the Russell 2000;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• volatility indices based on ETFs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• indices based on Bitcoin ETFs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Cboe Magnificent 10 Index; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• options strategy benchmark indices, such as the Cboe BuyWrite, PutWrite, and Collar indices based on the S&P 500 and Russell 2000 and BuyWrite indices based on other broad-based market indices.

In addition to any transaction fee revenue generated from trading of products based on these indices on Cboe exchanges, we distribute these indices through the Cboe Global Indices Feed ("CGIF") data subscription service and a third-party cloud-native data platform and, together with index providers with whom we have strategic relationships, we license proprietary indices for third parties to use to create third-party indices and products. Accordingly, we generate revenue from proprietary indices by distributing them for reference purposes, using them as the basis for proprietary products and licensing them for use for third-party indices and products.

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**Cboe Data Vantage**

The Cboe Data Vantage business provides an offering of market data and information solutions products across multiple asset classes and geographic regions that are designed to suit our customers' diverse needs. The Cboe Data Vantage business consists of three product groups:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Market Data and Access Services.** Data products include real-time depth of book quotation information, auction and complex option information, top of book quotes and trades, last sale information, and consolidated equity feeds. Our market data offerings include proprietary data derived from our derivatives and cash and spot markets as well as data relating to Cboe's proprietary products, such as VIX futures. In addition to market data, access services include all access and capacity products including connectivity, terminal and other equipment rights, maintenance services, trading floor space, permits for the opportunity to trade, and telecommunications services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Cboe Global Indices.** Services include index creation, calculation, licensing, and data dissemination (including indicative net asset values). See above for additional information regarding our proprietary indices.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Risk and Market Analytics.** Services include analytics and historical data with a focus on data and market analytics, front-end platforms, including Cboe Silexx, LiveVol Pro, FT Options and Trade Alert, and connectivity services, including FIX Order Routing, Trade Drop Copy Network, CAT reporting, and broker connectivity.

We provide data services to market participants globally through a number of distribution channels including direct, via our vendor partners and Cboe Global Cloud, which is our global cloud data distribution service.

**U.S. Tape Plans**

We also derive a portion of our revenue from market data fees from U.S. tape plans, including Unlisted Trading Privileges ("UTPs"), the Consolidated Tape Association ("CTA"), and OPRA. Fees, net of plan costs, from UTP, CTA, and OPRA are allocated and distributed to plan participants like us according to their share of tape fees based on a formula, required by Regulation NMS, which may take into account both trading and quoting activity.

**Cash and Spot Markets**

We are one of the largest equities market operators, operating four U.S. equities exchanges, international exchanges in Europe, Canada, and Australia, as well as a number of alternative trading systems and an FX platform.

Our four U.S. equities exchanges, BZX, EDGX, BYX and EDGA, which are fully electronic, operate various market and pricing models including price-time and price-time with retail priority, as well as various pricing models, including maker-taker and taker-maker fee structures. In addition to these market models, each of the U.S. equity exchanges provides numerous specific order types that are designed to enhance their respective market models.

BIDS Trading, the U.S. equities ATS market, which is fully electronic, utilizes a sponsored access model to provide anonymous executions in NMS stocks. Cboe and BIDS Trading collaborate in operating similar venues with our cash and spot markets in Canada and Europe.

Our fully electronic Canadian securities exchange, Cboe Canada Inc., offers four order books, NEO-L, NEO-N, NEO-D, and MATCHNow, which operate various market models including maker-taker, taker-maker, large order priority, and frequent call matches with continuous execution opportunities, among others.

In Europe, we operate a number of market models, including continuous Lit order books, periodic auction order books, dark midpoint order books, a post-closing cross, as well as two BIDS Europe order books.

Cboe Australia is a regulated stock exchange that is fully electronic. Cboe Australia utilizes a model that charges a different ad valorem fee rate depending on whether a participant is making or taking liquidity.

The Cboe FX platform provides institutional FX trading services and utilizes a price-firmness-time priority market model. For our FX NDF markets, Cboe SEF utilizes a price-firmness-time priority market model. Cboe Fixed Income operates an electronic trading platform for U.S. government securities, utilizing a price-firmness-time priority market model.

**Listing**

Cboe operates five listing venues across the globe that are structured and designed, in the U.S. and Canada, for all types of equity instruments, such as ETPs, corporate securities, warrants, and depositary receipts, while in the UK and European Union ("EU") they support ETPs only. In Australia, both ETPs and warrants are supported. Over the course of 2025, Cboe added approximately 1,438 listings across the globe and had approximately 2,952 listings as of December 31, 2025.

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**Clearing**

Our subsidiary Cboe Clear Europe, a European central counterparty ("CCP"), provides post-trade clearing services, to stock exchanges, multilateral trading facilities and for over-the-counter equities trades and exchange-traded derivatives trades. Cboe Clear Europe acts as a central counterparty that, for its clearing members, becomes the buyer to every seller and the seller to every buyer. As a result, it guarantees the timely performance of the settlement obligations of buyers and sellers and takes on the risk of the performance of the transactions that it clears. Additionally, as a Financial Market Infrastructure, Cboe Clear Europe is subject to strict business continuity requirements and regulatory oversight. Cboe Clear Europe clears equities and equity like instruments traded on 47 European trading segments. Cboe Clear Europe also clears equity derivative instruments traded on Cboe NL. Additionally, Cboe Clear Europe clears SFTs in cash equities and ETFs. In 2025, Cboe Clear Europe provided CCP protection for an average of €69 billion of cleared value on a daily basis. Through the process of netting, in 2025, Cboe Clear Europe eliminated 73%, or €50 billion of the average daily cleared value, leaving an average daily settlement value of €19 billion.

Cboe Clear U.S. is a CFTC-registered derivatives clearing organization ("DCO") that provides clearing and settlement for a number of CFE products, including financially settled and continuous futures on Bitcoin and Ether.

**Customers**

Our customers generally include financial institutions, trading platforms, institutional and individual investors, and professional traders. Our equities and options customers in the United States include trading permit holders and members (as applicable) of Cboe Options, C2, BZX, BYX, EDGX, and EDGA, which are SEC-registered broker-dealers, and the customers of those broker-dealers. Our Canadian equities customers include members of Cboe Canada Inc., which are Canadian registered investment dealers. Our Australian customers include trading participants of Cboe Australia, which are Australian registered investment dealers, and certain clients of those dealers. Our ATS equities participants in the United States include subscribers of BIDS Trading, which are SEC-registered broker-dealers, and certain customers of those broker-dealers. Our futures customers include banks, futures commission merchants and their customers, hedge funds, asset managers, proprietary trading firms, and Commodity Trading Advisors. Similarly, our equities customers in Europe are EU regulated brokerage and proprietary trading firms, as well as sponsored access clients of these brokerage firms and certain non-EU regulated and unregulated direct access participants. Cboe Clear Europe clearing members include EEA regulated banks and brokerage trading firms. Our institutional global FX customers include banks, broker-dealers, hedge funds, asset managers, proprietary trading firms, Commodity Trading Advisors, and corporates. Our Cboe Fixed Income customers include SEC-registered broker-dealers that are members of the Depository Trust and Clearing Corporation's ("DTCC") Fixed Income Clearing Corporation ("FICC"), participating in the institutional inter-dealer market for U.S. government securities. Access to our markets and trading rights and privileges depend upon the nature of the customer, such as whether the individual or firm is (or is eligible to become) a trading permit holder, trading privilege holder, member, participant, or subscriber of one of our markets. For information regarding risks related to our customers see "Risk Factors."

**Competition**

The industry in which we operate is intensely competitive. We believe we face competition on a number of factors, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• price, quality, and speed of our trade and clearing execution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• functionality and ease of use of our trading and clearing platforms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reliability, integrity, depth of book, liquidity, range, and functionality of our products and services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• integrity of our marketplaces;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• technological innovation and adoption;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• new product development;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our brand awareness; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our reputation.

We believe that we compete favorably with respect to these factors through a variety of methods, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• offering access to a broad array of products and services, including proprietary products and market data;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• offering a variety of new products and services and focusing on product innovation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• offering fee schedules and pricing models that both attract order flow and provide incentives to liquidity providers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• providing advanced technology that offers broad functionality, low latency, fast execution, ease of use, scalability, reliability, and security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• offering efficient, transparent, and liquid marketplaces;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• offering deep and liquid markets with opportunities for price improvement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• offering broad trading platform access in the EU;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• offering efficient and transparent clearing services designed to help maximize netting opportunities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• maintaining close relationships with customers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• providing customers with a comprehensive source of information on options and ETPs as well as extensive options education.

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In our proprietary products, we compete against other futures exchanges and swap execution facilities that offer similar products, as well as against financial market participants that offer similar over-the-counter derivatives. We also compete against certain multi-listed options products, such as SPY options and cash settled index options, and certain event prediction markets, which may offer similar market exposure of our proprietary products, such as SPX options.

The listed options industry is extremely competitive. As of December 31, 2025, our four options exchanges compete with 14 other U.S. options exchanges, in large part due to existing exchange holding companies opening new exchanges that offer different markets and pricing models on existing technology. The Company anticipates that two additional U.S. options exchanges will come to market in the first half of 2026. Most of the equity and ETP options listed and traded on our exchanges are also listed and traded on the other exchanges. In addition, the options exchanges that we compete with set fees and rebates to attract multi-listed options business to their exchanges, which has historically reduced the net revenue per contract that we generate from multi-listed options, and the options exchanges that we compete with structure their options businesses in partnership with established market participants, such as consolidators, and other order flow providers, to increase their volume traded.

Our U.S. equities and the BIDS Trading ATS compete against 13 other equities exchanges as of December 31, 2025, and over 25 other ATSs and single dealer platforms. Market participants have multiple venues for the execution of orders, including national securities exchanges and numerous off-exchange venues, including other ATSs and broker-dealers that internalize orders off-exchange. Additionally, corporate and ETP issuers have multiple venues they can choose from in the listing of their products. In Canada, our recognized Canadian securities exchange, Cboe Canada, competes with several Canadian exchanges and ATSs. In Australia, our exchange, Cboe Australia, competes with other Australian exchanges, listing markets, and crossing systems.

The market for execution and clearing services in Europe became more competitive following the introduction of MiFID II and the Regulation on Markets in Financial Instruments (Regulation (EU) No 600/2014) ("MiFIR"). Our major competitors in Europe include national stock exchanges, other pan-European MTFs, systematic internalizers, and other European clearinghouses.

The global FX market remains severely fragmented, with transparent automated marketplaces such as Cboe FX challenging a small number of similarly situated competitors. While the global FX market has experienced a shift from competing interbank platforms to electronic communication networks ("ECNs"), the electronification of the spot and NDF FX market may encounter resistance from customers that still prefer to utilize the phone, instant chats, terminals and key banking relationships for price discovery and trading. Furthermore, levels of electronification of the FX market have remained relatively static. The electronic spot FX market is also intensely competitive, with numerous other venues competing for market share as of December 31, 2025.

In addition, Cboe Data Vantage faces competition from other securities exchanges, technology companies, third-party market data providers, and information and software vendors, which have their own substantial market data distribution capabilities that serve as alternative means for receiving open market data feeds instead of connecting directly to our exchanges or trading venues. The sale of our proprietary data products is also under competitive threat from ATSs and trading venues that offer similar products. Distributors and consumers of our market data may also use our market data as an input into a product that competes against one of our traded or cleared products.

**Technology**

***Cboe's Trading Technology***

The trading platform for our equities, options, and futures markets is built upon our Cboe Titanium technology platform. It is developed, owned, and operated in-house and is designed to optimize reliability, speed, scalability, and versatility. Using common protocols and features, Cboe's unified Cboe Titanium technology platform is a high-performance, globally consistent, and locally optimized exchange platform designed to support Cboe's trading operations across options, futures, and equities markets worldwide. Our exchanges provide different market models, appealing to different user bases, and the trading technologies support all of them. Further, the technologies are designed to support many specialized features for each of the markets, such as: dark pools, trade reporting facility, systematic internalizer, Large-in-Scale, smart order routing, FLEX options, 24x5 trading, and hybrid trading (combining electronic and open outcry). In addition, Cboe and its applicable subsidiaries operate separate trading and/or clearing platforms, as applicable, for BIDS Trading, Cboe Clear U.S., Cboe Clear Europe, and Cboe FX.

Our trading platforms have generally experienced very low operational downtime and low latency. We have undertaken significant efforts to upgrade our Cboe Titanium technology platform to help meet increased performance and capacity requirements and help ensure competitiveness, support growth, and advance a consistent world class platform globally. The trading platforms use readily available hardware, thereby minimizing capital outlays required for each new market entry. Also, in order to continue to implement new enhancements to our trading platforms, new releases of software are generally deployed routinely in all of the applicable markets.

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***Disaster Recovery***

We operate and maintain geographically diverse disaster recovery facilities for all of our markets. We expect that, in certain instances, the disaster recovery facilities can be up and running in a short period of time and in certain instances we may also work with our market participants to try to quickly reopen marketplaces. We regularly test our data center recovery plans and periodically carry out weekend tests using our back-up data centers, as well as an annual test with our U.S. trading participants. Cboe Canada, as required by local regulations, conducts internal testing of its disaster recovery data processing capabilities at least annually, and participates in the bi-annual testing coordinated by CIRO. Cboe Australia conducts internal testing of its disaster recovery data processing capabilities at least annually. In Europe, we also regularly test our data center recovery plans and periodically carry out weekend tests which use our back-up data center, as well as an annual test with our European trading participants. We continue to work to improve both the availability of our technology and our disaster recovery facilities.

***Emerging Technologies***

We are currently utilizing certain technologies, such as artificial intelligence ("AI") and the cloud, in limited capacities, including using AI to improve internal processes such as code development, documentation, and operational efficiency, and we continue to explore the potential use of other new technologies, such as machine learning, blockchain, distributed ledger technology, tokenization, quantum computing, atomic settlement, and other emerging technologies to potentially help drive new products, increase productivity, improve our self-regulatory oversight responsibilities, and increase automation of tasks.

**Routing and Clearing**

OCC is the sole provider of clearing on all of our U.S. options exchanges. OCC also provides clearing for a number of CFE products, including VIX futures. National Securities Clearing Corporation ("NSCC"), a subsidiary of the DTCC, is the sole provider of clearing on our U.S. listed equity exchanges. The Canadian Depository for Securities ("CDS") is the sole provider of clearing on all equities transactions occurring on Cboe Canada. With respect to Australian equities and derivatives, Cboe Australia delivers matched trades of its customers to ASX Clear Pty Ltd and ASX Settlement Pty Ltd. ASX Clear Pty Ltd acts as a central counterparty on all transactions occurring on Cboe Australia. BofA Securities, Inc. ("BOA") is the sole provider of clearing on all equities transactions occurring on BIDS Trading. Cboe Europe Equities relies on LCH Limited and LCH SA ("LCH"), Cboe Clear Europe, and SIX x-clear Ltd ("SIX x-clear") to clear trades in exchange traded products as part of an interoperable clearing model. Prior to the wind down of CEDX in 2026, Cboe NL relied on Cboe Clear Europe to clear both index and single stock derivative contracts traded on CEDX. With respect to U.S. government securities transactions executed on Cboe Fixed Income, we use ABN AMRO Clearing USA LLC ("ABN") and/or Mirae Asset Securities (USA) Inc. ("Mirae") to deliver matched trades to the Fixed Income Clearing Corporation ("FICC") Government Securities Division ("GSD"). FICC GSD acts as a central counterparty on all transactions occurring on Cboe Fixed Income and, as such, guarantees clearance and settlement of all of those matched trades. For SFT in cash equities and ETFs, Cboe Clear Europe provides central clearing, settlement, and post-trade lifecycle management. Cboe Clear U.S. provides clearing for a number of CFE products, including financially settled and continuous futures on Bitcoin and Ether.

Cboe Trading is a routing broker-dealer used by our four U.S. equities exchanges and our four U.S. options exchanges, including the electronic platform portion of Cboe Options. Cboe Trading's routing and clearing firms are Wedbush Securities, Inc. ("Wedbush"), Morgan Stanley & Co. LLC ("Morgan Stanley"), The Goldman Sachs Group, Inc. ("Goldman Sachs"), Wolverine Execution Services, LLC ("Wolverine"), and BOA.

**Regulatory Environment and Compliance**

Various aspects of our business are subject to regulation by the SEC, CFTC, FINRA, various state regulators, CIRO, the Canadian Securities Administrators (and, in particular, the Ontario Securities Commission or "OSC"), the Australian Securities & Investments Commission ("ASIC"), JFSA, JSDA, ESMA, FCA, the Central Bank of the Netherlands ("DNB"), AFM, Bank of England, and other international regulatory authorities where our exchanges or Cboe Clear Europe may be authorized to act as foreign exchanges or provide clearing services, and market participants may be subject to regulation by the SEC, CFTC, FINRA, National Futures Association ("NFA"), FCA, Board of Governors of the Federal Reserve, U.S. Department of the Treasury, and/or foreign regulators.

**Recent Developments**

Laws and regulations regarding our business are frequently modified or changed to address perceived problems, new products, or competition or at the request of market participants. The following is a brief discussion of recent regulatory developments that may significantly impact our business.

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***United States***

*Equity Market Structure* 

In December 2022, the SEC released four proposals that could impact equity market structure: (1) Disclosure of Order Execution Information ("Rule 605"); (2) Regulation NMS Amendments: Tick Size, Access Fees, and Transparency ("Tick Size/Access Fee Cap"); (3) Regulation Best Execution; and (4) Proposed Rule to Enhance Order Competition. Each of these proposals has been noticed for public comment, and in 2024, Rule 605 and the Tick Size/Access Fee Cap proposals were approved by the SEC. Rule 605 is expected to be implemented in August 2026 while the Tick Size/Access Fee Cap proposals are expected to be implemented in November 2026. Rule 605 may result in increased technology and compliance costs to Cboe. The Tick Size/Access Fee Cap rule is also likely to result in increased technology and compliance costs to Cboe, as well as potential adverse impact to Cboe's trading volume and transaction fee revenue. The SEC withdrew its Regulation Best Execution and Order Competition proposals on June 12, 2025. However, it is possible that additional proposals or changes to the existing equity market structure, such as potential changes to Regulation NMS Rule 611 ("Order Protection Rule") could have a negative impact on our operations. In addition, bills are sometimes introduced in the U.S. Congress that also could potentially impact equity market structure and adversely impact our volumes and operations. See "Risk Factors" for more information.

***Europe***

*OTC Derivatives, Central Counterparties and Trade Repositories*

Regulation (EU) No 648/2012 of the European Parliament and of the Council of July 4, 2012 on OTC derivatives, central counterparties and trade repositories (the "European Market Infrastructure Regulation" or "EMIR") sets out rules relating to over-the-counter ("OTC") derivatives markets, central counterparties, and trade repositories. EMIR was enhanced and amended by EMIR REFIT and EMIR 2.2. Most recent enhancements are from EMIR 3.0 which entered into force on December 24, 2024. To support EMIR 3.0, approximately sixteen non-legislative acts and guidance are being developed for adoption before coming into force in the next twelve to eighteen months and which may have a material adverse effect on our business, financial condition, and operating results.

*EU Transparency Rules* 

On November 11, 2021, the European Council ("E.C.") published its proposal for a review of EU market structure legislation, including proposed amendments to MiFIR and Directive 2014/65/EU on markets in financial instruments ("MiFID II"). The legislative phase of the review is now complete and revised MiFIR rules and Directive 2024/790/EU on markets in financial instruments came into effect on March 28, 2024, with Member State transposition having been required by September 29, 2025. The final text includes, among other provisions, provision for a consolidated tape for the EU, a ban on payment for order flow (effective June 30, 2026), replacement of the double volume cap with a single volume cap of 7% for trades executed under certain trade waivers (operational as of October 2025), and changes to the transparency regime for equities. These provisions have been implemented through a number of Level 2 measures developed by ESMA, including the selection of consolidated tape providers. The legislation has not had a material adverse effect on our business, financial condition, and operating results. However, there are review clauses contained in the legislation which provide a further opportunity to review the effectiveness of the transparency regime, at which point potential changes may have a material adverse effect on our business, financial condition, and operating results. See "Risk Factors" for more information.

**Compliance**

*U.S. Securities Industry*

Federal securities laws have established a two-tiered system for the regulation of securities exchanges and market participants. The first tier consists of the SEC, which has primary responsibility for enforcing federal securities laws. The second tier consists of self-regulatory organizations ("SROs"), which are non-governmental entities that must register with and are regulated by the SEC. The Exchanges are SROs, each registered under Section 6 of the Exchange Act of 1934, as amended ("Exchange Act") as a "national securities exchange," and are subject to oversight by the SEC.

SROs are an essential component of the regulatory scheme of the Exchange Act for providing fair and orderly markets and protecting investors. To be registered as a national securities exchange, an exchange must successfully undergo an application and review process with the SEC prior to beginning operations. Among other things, the SEC must determine that the SRO has the ability to comply with the Exchange Act and to enforce compliance by its members and persons associated with its members with the provisions of the Exchange Act, the rules and regulations thereunder and the rules of the exchange.

In general, an exchange SRO is responsible for operating its trading platforms consistent with its rules, and regulating its members through the adoption and enforcement of rules governing the business conduct of its members. The rules of the exchange must also assure fair representation of its members in the selection of its directors and administration of its affairs and, among other things, provide that one or more directors be representative of issuers or investors and not be associated

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with a member of the exchange or with a broker or dealer. Additionally, the rules of the exchange must be adequate to ensure fair dealing and to protect investors and may not impose any burden on competition not necessary or appropriate in furtherance of the purposes of the Exchange Act.

As registered national securities exchanges, virtually all facets of our Exchange operations are subject to the SEC's oversight, as prescribed by the Exchange Act. The Exchange Act and the rules thereunder impose on us many regulatory and operational responsibilities, including record keeping and the day-to-day responsibilities for market operations and broker-dealer oversight. Furthermore, as SROs, the Exchanges are potentially subject to regulatory or legal action by the SEC or other interested parties. The SEC also has broad enforcement powers to censure, fine, issue cease-and-desist orders, prohibit us from engaging in some of our businesses, suspend or revoke our designation as a registered securities exchange, or remove or censure any of our officers or directors who violate applicable laws or regulations. For example, in the past we have entered into consent orders with the SEC, under which our subsidiaries were censured, ordered to cease and desist from violating certain sections of the Exchange Act, paid fines, and completed certain undertakings.

As part of its regulatory oversight, the SEC conducts periodic reviews and inspections of exchanges, and the Exchanges have been subject to such routine reviews and inspections. To the extent such reviews and inspections result in regulatory or other changes, we may be required to modify the manner in which we conduct our business, which may adversely affect our business. We collect certain fees to cover Section 31 fees charged to the Exchanges by the SEC and certain fees derived from our regulatory function and fines in connection with our disciplinary proceedings. The Exchanges are responsible for the ultimate payment of Section 31 fees to the SEC. Additionally, under the rules of each of our exchanges, as required by the SEC, any revenue derived from the regulatory fees and fines cannot be used for non-regulatory purposes.

Section 19 of the Exchange Act also provides that we must submit to the SEC proposed changes to any of the Exchanges' rules, including revisions of their certificates of incorporation, bylaws, or other governing documents of the SROs or their parent companies. The SEC will typically publish the proposal for public comment, following which the SEC may approve or disapprove the proposal, as it deems appropriate. Certain categories of rule changes, like fee changes, can be effective on filing, but the SEC retains the ability to suspend or reject such filings within a prescribed period of time.

*Canadian Securities Industry*

Cboe Canada is subject to comprehensive regulation and oversight by its primary provincial securities regulatory authority, the OSC. In addition, Cboe Canada is a Marketplace Member of, and subject to a regulation services agreement with, CIRO. The regulations applicable to Cboe Canada cover a wide array of areas, including, but not limited to, marketplace operations (which include corporate governance, fair access, systems compliance and integrity, and conflict management requirements), trading rules, electronic trading risk management, and financial viability.

*Australian Securities Industry*

Cboe Australia is subject to comprehensive regulation and oversight by ASIC. The regulations applicable to Cboe Australia cover a wide array of areas, including, but not limited to, marketplace operations (which include corporate governance, fair access, systems compliance and integrity, and conflict management requirements), trading rules, electronic trading risk management, and financial viability.

*Japanese Securities Industry*

Cboe Japan is subject to comprehensive regulation and oversight by the JFSA and the JSDA. The regulations applicable to Cboe Japan cover a wide array of areas, including, but not limited to, marketplace operations (which include corporate governance, fair access, systems compliance and integrity, and conflict management requirements), trading rules, electronic trading risk management, and financial viability.

*Futures and Swaps Industry-CFE and Cboe SEF*

The operations of each of CFE and Cboe SEF are subject to regulation by the CFTC under the Commodity Exchange Act ("CEA"). The CEA generally requires that futures trading in the United States be conducted on a designated contract market ("DCM") and, in some cases, requires swaps trading to be conducted on a swap execution facility ("SEF") or DCM. The CEA and CFTC regulations establish criteria for an exchange to be designated as a contract market on which futures and futures options contracts may be traded, and for a trading platform to be designated as a swap execution facility on which swaps may be traded. Designation as a contract market or swap execution facility is non-exclusive with respect to the products traded on that market. This means that the CFTC may permit additional exchanges or trading platforms to be contract markets or swap execution facilities for trading the same or similar contracts.

CFE is a DCM, and Cboe SEF is a swap execution facility, each of which is subject to the oversight of the CFTC and to a variety of ongoing regulatory and reporting responsibilities under the CEA. As a DCM, CFE is required to comply with the applicable core principles and regulations under the CEA, as is Cboe SEF as a swap execution facility. Each of CFE and Cboe SEF has surveillance and regulatory operations and procedures to monitor and enforce compliance by trading

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privilege holders with CFE rules, and by participants with Cboe SEF rules, as applicable. If CFE or Cboe SEF fails to comply with applicable laws, rules or regulations, it may be subject to: censure, fines, cease-and-desist orders, suspension of its business, and removal of personnel or other sanctions, including revocation of CFE's designation as a contract market or Cboe SEF's designation as a swap execution facility.

*Cboe Clear U.S.*

Cboe Clear U.S. is a CFTC-registered DCO subject to the oversight of the CFTC and to a variety of ongoing regulatory and reporting responsibilities under the CEA. As a DCO, Cboe Clear U.S. is required to comply with the applicable core principles and regulations under the CEA. Cboe Clear U.S. has surveillance and regulatory operations and procedures to monitor and enforce compliance by clearing members with Cboe Clear U.S. rules. If Cboe Clear U.S. fails to comply with applicable laws, rules, or regulations, it may be subject to censure, fines, cease-and-desist orders, suspension of its business, removal of personnel, or other sanctions, including revocation of Cboe Clear U.S.'s designation as a DCO.

*Europe*

Cboe Europe is located in London and is subject to regulation in the UK and to certain European regulations. The current UK regulatory system was established by the Financial Services Act 2012 ("FSA12"), which amended the Financial Services and Markets Act 2000. The legislation replaced the previous financial services regulator, the Financial Services Authority, with three new bodies: The Financial Policy Committee ("FPC"), The Prudential Regulation Authority, and the FCA. Financial conduct of markets, including activity on, and the operation of, markets is regulated by the FCA, which is an independent non-governmental body, given statutory powers by the FSA12. The FCA has three statutory objectives: to secure an appropriate degree of protection for consumers; to protect and enhance the integrity of the UK financial system; and to promote effective competition in the interests of consumers in the markets for financial services. The FCA is accountable to His Majesty's Treasury Ministers and, through them, to Parliament.

Cboe Clear Europe and Cboe NL are located in Amsterdam and subject to Dutch law and regulation. The current Dutch regulatory system was established by the Act on Financial Supervision. Financial conduct of markets, including activity on, and the operation of, markets is regulated by the AFM. Financial conduct of CCPs, including clearing activity, is regulated by the AFM and DNB. The AFM is an independent non-governmental body, given statutory powers by the Act on Financial Supervision. The AFM has three strategic objectives: to promote the fair and conscientious provision of financial services, to promote the fair and efficient operation of the capital markets, and to contribute to the stability of the financial system. The AFM is accountable to the Minister of Finance. The DNB is the Dutch central bank, financial sector supervisor and resolution authority. The DNB is committed to a stable financial system: stable prices, solid financial institutions, and properly functioning payment transfers. Cboe Clear Europe is recognized as a non-UK CCP in the United Kingdom, which allows it to provide services to UK clearing members and UK trading venues. Cboe Clear Europe is also recognized as a foreign central counterparty in Switzerland, which allows it to provide services to Swiss clearing members and SIX Swiss Exchange AG. Cboe NL is also subject to regulation by ESMA.

Much of the UK and Dutch financial services regulation originates from the EU. Such regulation includes organizational requirements, capital resources requirements, and the specific requirements for RMs and MTFs and are applicable to both Cboe Europe and Cboe NL. MiFID II and MiFIR set out requirements for RMs and MTFs with respect to the establishment of transparent and non-discretionary rules and procedures governing access and for fair and orderly trading and the efficient execution of orders, as well as to facilitate the efficient settlement of transactions conducted on RMs and MTFs and monitoring compliance with the rules. EMIR governs the CCPs operating in the EU and requires them to meet common risk management, governance and capital adequacy standards. The regulatory functions required of Cboe Europe Equities and Derivatives, including Cboe Clear Europe and Cboe NL, by MiFID II, MiFIR, EMIR, and other relevant legislation and regulations are performed by in-house staff. Cboe Europe Equities and Derivatives utilize the same state-of-the-art, real-time surveillance system that is used in the U.S. to monitor trading and market activities on BZX, BYX, EDGA, and EDGX. Cboe Clear Europe utilizes proprietary risk management software to monitor settlement and funding flows.

*Global FX*

While the global institutional spot FX market remains largely unregulated, the enactment of the Dodd-Frank Act and its related regulations in the United States and the ongoing implementation of MiFID II and MiFIR in Europe have impacted the regulatory landscape for currency derivative products. For example, certain standardized currency derivative products are required to trade on an organized trading venue such as a SEF or DCM in the United States or on an MTF or organized trading facility in Europe. Moreover, even in the largely unregulated spot FX market, this movement towards additional trading standards and norms is highlighted by the publication of the FX Global Code in 2017 by the Global Foreign Exchange Committee, and re-affirmed in 2024, reflecting principles of good conduct for the wholesale FX market, and whose publication may lead to additional oversight in the global FX market. Cboe FX issued a Statement of Commitment declaring its commitment to conduct its FX market activities in a manner consistent with the principles of the FX Global Code. Following the publication of the FX Global Code, regulators continue to take a closer look at the spot FX market, and any decision to impose new regulations may affect our spot FX business line.

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*Broker*-*Dealers*

Cboe Trading, BIDS Trading, and Cboe Fixed Income are registered broker-dealers regulated by the SEC, FINRA, other SROs of which they are members, and various state securities regulators. Cboe Trading currently operates as a routing broker-dealer for sending orders from the Exchanges to other venues for execution, including routing orders among the Exchanges. Cboe Trading is considered a facility of each of the Exchanges and is subject to the rules of the Exchanges. The Exchanges are responsible for enforcing Cboe Trading's compliance with their rules, including to ensure Cboe Trading is not given preferential treatment. BIDS Trading currently operates an ATS, which is designed to bring counterparties together to anonymously trade large blocks of U.S. equities. BIDS Trading is not a member of any of the U.S. national securities exchanges and is not subject to exchange rules. In addition, the ATS operated by BIDS Trading is not a registered national securities exchange or a facility thereof. Cboe Fixed Income, a registered broker-dealer and member of FINRA, operates an electronic trading system for U.S. government securities targeted at the institutional inter-dealer market for trading on-the-run U.S. Treasury bonds and notes in the secondary OTC markets. Cboe Fixed Income's participants are SEC registered broker-dealers that are members of The Depository Trust and Clearing Corporation's Fixed Income Clearing Corporation.

Cboe Trading, BIDS Trading, and Cboe Fixed Income are subject to SEC and SRO rules, as applicable, and, as registered broker-dealers, regulations concerning all aspects of their businesses, including: trading practices, order handling, best execution, anti-money laundering, handling of material non-public information, safeguarding data, reporting, capital adequacy, record retention, market access and the conduct of their officers, employees, and other associated persons. The SEC, SROs and state securities commissions may conduct proceedings which can result in injunctions or other sanctions, censures, fines, the issuance of cease and desist orders, or the suspension or expulsion of a broker-dealer, its officers, or employees. The SEC and FINRA impose certain minimum capital requirement rules that require notification when a broker-dealer's net capital falls below certain predefined criteria, dictate the ratio of debt to equity in the regulatory capital composition of a broker-dealer, constrain the ability of a broker-dealer to expand its business under certain circumstances and impose certain requirements that may have the effect of prohibiting a broker-dealer from distributing or withdrawing capital.

*Cboe Global Markets*

Certain aspects of Cboe Global Markets are also subject to SEC, FCA, and AFM oversight, including certain ownership and voting restrictions on its stockholders. The focus of the SEC's regulation of Cboe Global Markets is to assure fair representation of members in the selection of the directors of the Exchanges, public participation in the governance of the Exchanges, and that the Exchanges can satisfy their regulatory responsibilities under the Exchange Act. Furthermore, the SEC requires that Cboe Global Markets give due regard to the preservation of the independence of the self-regulatory function of the Exchanges and to Cboe Global Markets' obligations to investors and the general public. The SEC also requires that Cboe Global Markets not take any actions that would interfere with the effectuation of any decisions by the Board of Directors of any of the Exchanges relating to its regulatory functions or the structure of the market that it regulates or that would interfere with the ability of such Exchange to carry out its responsibilities under the Exchange Act. To the extent that Cboe Global Markets' business activities involve or relate to the Exchanges, the officers and directors of Cboe Global Markets may be deemed to be officers and directors of the exchanges for purposes of and subject to oversight under the federal securities laws. Accordingly, the SEC may exercise direct supervision and disciplinary authority over certain Cboe Global Markets' activities and those activities may be subject to SEC approval and, in some cases, public notice and comment.

In addition, Cboe Global Markets indirectly holds all of the issued share capital and voting rights in Cboe Chi-X Europe and Cboe Europe, and its wholly-owned subsidiary Cboe NL. As a result, we and any person who holds, or has voting power with respect to, 10% or more of the outstanding shares of Cboe Global Markets common stock may be subject to certain regulatory requirements under UK and Dutch law.

**U.S. Regulatory Responsibilities**

Our U.S.-based exchanges are responsible for assessing the compliance of their TPHs or members, including Cboe Trading, with the respective exchange's rules and the applicable rules of the SEC and/or CFTC. The main activities that the exchanges, as applicable, are required to monitor for the purpose of compliance with these rules include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• surveillance designed to detect violations of exchange trading rules;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• surveillance designed to detect violations of SEC and/or CFTC rules;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• investigation of matters involving potential rule violations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the investigation of complaints about possible rule violations brought by customers, TPHs, members, or other SROs; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the examination of TPHs or members for compliance with rules such as those related to net capital, books and records, market access, and other matters related to the TPHs' or members' exchange business functions.

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In order to ensure market integrity, we regulate and monitor our TPHs' and members' trading activities by using both our employees and/or third parties under regulatory services agreements. See "U.S. Regulatory Agreements" below. Providing effective regulation is important for attracting and retaining the confidence and participation of market-makers, broker-dealers and institutional and retail investors.

We expend considerable time, financial resources, and effort to ensure that the exchanges' rules and regulations conform to regulatory best practices within the securities and futures exchange industries and within the regulatory regime overseen by the SEC and CFTC, our primary U.S. regulators. In order to support our efforts and those of our market participants to comply with applicable law and our exchange rules, we developed a regulatory program to monitor market activity on our exchanges.

All of our Exchanges, and CFE, are participants in various cooperative and regulatory information sharing agreements, including in the Intermarket Surveillance Group ("ISG"). ISG is an international information-sharing cooperative governed by a written agreement that provides for a comprehensive surveillance sharing arrangement. In addition to the agreement for confidential information sharing, the ISG provides a framework for the coordination of regulatory efforts among exchanges trading securities, commodity futures, and related products to address potential intermarket manipulations and trading abuses.

CFE and Cboe SEF are also members of the Joint Audit Committee ("JAC"), which is a representative committee of the U.S. futures exchanges and regulatory organizations which participate in a joint audit and financial surveillance program that has been approved and is overseen by the CFTC. The JAC's primary responsibility is to oversee the implementation and functioning of all terms and conditions of the Joint Audit Agreement and to determine the practices and procedures to be followed by each designated self-regulatory organization in the conduct of regulatory examinations and financial reviews of FCMs.

As part of the regulatory program, each of our Exchanges and CFE have rules pertaining to their respective disciplinary processes.

**U.S. Regulatory Agreements**

The Exchanges and CFE have entered into agreements under which third parties have agreed to perform regulatory functions on behalf of our markets (e.g., regulatory services agreements). As discussed below, in addition, in certain other instances for our Exchanges, a third-party has been allocated the regulatory responsibility under Rule 17d-1 or Rule 17d-2 under the Exchange Act, while in others, we retain the regulatory responsibility for the activities.

*Regulatory Services Agreement with FINRA*

The Exchanges have entered into agreements with FINRA under which FINRA has agreed to provide regulatory services to the Exchanges. Under these agreements, FINRA performs certain regulatory functions on behalf of the Exchanges and, to avoid any potential conflicts of interest concerning the regulation and oversight of Cboe Trading, certain regulatory services specific to Cboe Trading. The Exchanges remain responsible for the regulation of their TPHs, members and marketplaces, and retain the authority for bringing disciplinary actions against their TPHs and members, although FINRA performs certain functions on behalf of the Exchanges. The Exchanges also perform certain regulatory and disciplinary-related functions in-house.

*Regulatory Services Agreement with OCC*

While CFE also performs most regulatory and disciplinary-related functions in-house, the OCC has performed and continues to perform certain regulatory functions on behalf of CFE pursuant to an RSA with CFE. Whether performed under an RSA or in-house, CFE retains overall responsibility for the regulation of its marketplace and for bringing disciplinary actions.

*Rule 17d-1 Designations and Rule 17d-2 Agreements*

Section 17(d) of the Exchange Act and the related Exchange Act rules permit SROs to allocate certain regulatory responsibilities to avoid duplicative oversight and regulation. Under Exchange Act Rule 17d-1, the SEC designates one SRO to be the designated examining authority ("DEA") for each broker-dealer that is a member of more than one SRO. The DEA is responsible for the regulatory oversight of applicable financial responsibility rules pertaining to that broker-dealer. Cboe Options is the DEA for some of its TPHs. Cboe Trading's assigned DEA is FINRA.

Exchange Act Rule 17d-2 permits SROs to enter into agreements, commonly called Rule 17d-2 agreements, which are approved by the SEC and concern the allocation of regulatory responsibility for rules applicable to TPHs and members that those SROs have in common. The Exchanges have entered into certain bilateral Rule 17d-2 agreements under which FINRA is allocated responsibility for enforcing certain federal securities laws and certain exchange rules that are common with FINRA rules. The Exchanges have entered into certain other multi-party Rule 17d-2 agreements that allocate

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responsibility among the participating SROs, which may include the Exchanges, for oversight of their allocated common members' compliance with certain rules governing, among other items, options related sales practices, options related market surveillance, insider trading, NMS and CAT NMS plan compliance.

**National Market System Plans**

We are member participants of several NMS plans including, but not limited to, the following: Cboe Options, C2, BZX, and EDGX are member exchanges in OPRA, which is the designated securities information processor for market information that is generated through the trading of exchange-listed securities options in the United States, and it disseminates certain core trading information, such as last sale reports and quotations. BZX, BYX, EDGA, and EDGX also participate in the CTA/CQ and the UTP Plans, which perform analogous services for the U.S. equities market. In November of 2024, the SEC approved a new Consolidated Tape Plan that, when fully operational, will replace the existing CTA/CQ and UTP Plans. The Securities Industry Automation Corporation acts as the "processor" for OPRA and the CTA/CQ Plans. Nasdaq Stock Market, LLC acts as the processor for the Nasdaq Unlisted Trading Privileges Plan. See "Risk Factors" for more information regarding the consolidated data plan order.

Cboe Options, C2, BZX, and EDGX are also parties to the Options Order Protection and Locked/Crossed Market Plan, which is designed to prohibit trade-throughs and avoid locked/crossed markets. Cboe Options, C2, BZX, and EDGX are also parties to the Options Listing Procedures Plan, which sets forth the procedures that the options exchanges must follow to list new options. Cboe Options, BZX, EDGA, and EDGX are also parties to the NMS plan for the selection and reservation of securities symbols.

Under the Options Regulatory Surveillance Authority Plan ("ORSA Plan"), U.S. securities options exchanges are permitted to act jointly in the administration, operation and maintenance of a regulatory system for the surveillance, investigation and detection of the unlawful use of undisclosed, material information in trading in one or more of their markets. The ORSA Plan is intended to enhance the effectiveness and efficiency with which the exchanges regulate their respective markets and to avoid duplication of certain regulatory efforts. FINRA operates the ORSA Plan facility for options insider trading.

The Consolidated Audit Trail Plan ("CAT Plan") functions as the limited liability company agreement of Consolidated Audit Trail, LLC ("CATLLC"), the limited liability company formed under Delaware state law through which the SROs (the "Plan Participants") conduct the activities of the CAT. The CAT Plan also serves as the national market system plan pertaining to the creation, implementation, and maintenance of a CAT that tracks orders throughout their lifecycle, which strives to enhance regulators' ability to efficiently monitor trading activity in Eligible Securities in the U.S. securities markets. Eligible Securities currently include NMS Stocks, Listed Options, and OTC Equities. Order and trade data is required to be reported to the CAT central repository the following day by each SRO/Plan Participant and broker-dealer (an "Industry Member"), along with certain customer and account information by each Industry Member. On November 15, 2016, the SEC approved the CAT Plan and a phased implementation was originally required to begin in November 2017; however, there were some delays. The first phase of CAT ("Phase 1") ultimately went live in November 2018, at which time we and other SROs/Plan Participants began initial reporting of order and trade file submissions to the CAT. The second phase of CAT ("Phase 2") for Industry Members began with order and trade file submissions in June 2020. The final Phase 2 implementation sub-phase ("Phase 2e"), related to Industry Member submissions to the customer and account information submissions system ("CAIS"), was completed on May 31, 2024.

On September 6, 2023, the SEC issued an order approving an amendment to the CAT Plan to implement a revised funding model ("CAT Funding Model") for CATLLC to fund the CAT. The approved CAT Funding Model contemplated two categories of CAT fees calculated based on the "executed equivalent shares" of transactions in eligible securities: (i) CAT fees assessed by CATLLC to Industry Members who are CAT Executing Brokers (the brokers responsible for executing each side of the transaction) to recover a portion of historical CAT costs previously funded by monies loaned to CATLLC by the Plan Participants; and (ii) CAT fees assessed by CATLLC to CAT Executing Brokers and Plan Participants to fund prospective CAT costs. On October 17, 2023, Citadel Securities, LLC, and the American Securities Association filed a petition for review of the CAT Funding Model in the U.S. Court of Appeals for the 11th Circuit ("11th Circuit"). The 11th Circuit vacated the CAT Funding Model order in July 2025. After the CAT Funding Model order was vacated and the 11th Circuit's order became effective at the end of November 2025, CATLLC could no longer collect the fees that it previously collected. There is currently no funding model in place for CATLLC to fund the CAT. However, on September 5, 2025, CATLLC filed with the SEC a proposed amendment to the CAT Plan to implement a revised funding model for CATLLC to fund the CAT, which proposal is currently pending with the SEC.

Portions of promissory notes related to the funding of the implementation and operation of the CAT may not be collectible. The allowance for notes receivable credit losses associated with the CAT is calculated using a methodology that is primarily based on the structure of the notes and various potential outcomes under the CAT Funding Model. See Note 23 ("Commitments, Contingencies, and Guarantees") for more information.

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**Intellectual Property**

We own or have rights to a number of intellectual property assets, including trademarks, service marks, domain names, trade names, copyrights, trade secrets, and patents. While the majority of our intellectual property is protected under U.S. law, we have many intellectual property assets protected by laws in Europe, Asia and other parts of the world. We license some intellectual property assets to other entities. We attempt to protect our intellectual property rights, while respecting the legitimate intellectual property rights of others.

**Human Capital Management**

Cboe has a robust human capital management program in place focused on equal opportunities including performance and career development, talent management, health and well-being, inclusivity, culture, comprehensive benefits, training, talent acquisition, and succession planning.

*Equal Opportunity and Inclusion*

Cboe believes in an inclusive culture that promotes creativity, collaboration, and innovation, which is critical to the success of our business and defining the markets of tomorrow. Cboe is an equal opportunity employer and provides equal employment opportunities to all qualified persons without regard to sex, gender, race, color, ethnicity, creed, religion, national origin, ancestry, citizenship status, age, veteran or military status, disability, marital status, domestic partnership or civil union status, pregnancy, sexual orientation, genetic status, gender identity or expression, and any other characteristic protected by applicable law (a "Protected Characteristic"). Cboe is committed to applying our Equal Employment Opportunity Policy to all employment practices that impact the terms and conditions of employment including, but not limited to, hiring, evaluation, discipline, promotion, training, compensation, transfer, and termination. Actively nurturing and maintaining an inclusive culture at Cboe is a core imperative. We believe that our collective and unique perspectives fuel our capabilities, enhance our team spirit and enable us to attract and retain top talent as we define the markets of the future. Our commitment and responsibility in this regard starts at the top, with leadership and support from the full Cboe Board of Directors and executive team.

To maintain and strengthen our pledge to inclusion and to keep a level playing field, we regularly review key touchpoints across the employee journey with Cboe, from the talent selection, promotion, compensation, leadership development, and succession planning processes and make adjustments, as necessary, to help ensure opportunity parity across the Company. Our goal is to ensure that fair pay and equal opportunity for all that results in a collaborative, high performing organization bringing new innovations to market and providing superior service to our customers.

*Performance and Career Development*

Cboe expects employees to perform their duties to the best of their ability and to develop their competencies for career growth. We recognize the need to provide ongoing, timely, and constructive performance feedback. Cboe has designed a Performance Management Program that drives the professional development of our employees while also providing fair and equitable rewards and recognition.

The principles of performance management include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• align performance expectations with strategy and goals of the business,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ongoing open dialogue regarding performance and development,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• foster accountability for behaviors and actions which contribute to a positive culture, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• commitment to deliver results which drive our business.

*Employee Health and Well-Being and Comprehensive Benefits Program*

Cboe's vision is to support the overall wellness of employees and their families through education and activities that encourage a healthy lifestyle, resulting in improved health and productivity. Our programs and benefit plans provide a corporate atmosphere of collective well-being and incorporate strategies for physical, emotional, mental and financial wellness. Our programs include enhanced employee assistance programs, wellness programs and challenges (which address both mental and physical well-being), and webinars and classes through our retirement vendor to support the financial health of our employees.

*Employee Engagement Surveys, Town Halls, and an Open-Door Policy*

In 2025, Cboe conducted our eighth annual employee engagement survey and has implemented career, leadership, and culture focused programs in response to the survey findings. Our participation rate exceeds standard benchmarks and a significant majority of our employees would recommend Cboe as a great place to work.

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Our senior management team continues to hold the commitment to an open-door policy and encourages the free flow of information and communication in furtherance of active transparency. Cboe also provided ongoing regular resources and tips to help support the variety of challenges that our employees faced throughout 2025.

Cboe also continues to create an open and frank atmosphere in which any grievance, complaint, suggestion, or question receives a timely response. Cboe offers a whistleblower hotline for complaints, which can be made anonymously. Additionally, employees can raise questions and suggestions to the Cboe Human Resources team either in-person or via a group email address and are either responded to individually or addressed at our Global Town Hall meetings. The objective of these town halls is to provide employees an update on Company news, share updates from major business lines, as well as provide a forum to ask questions and offer feedback. Employees are encouraged to participate in the free flow of information and communication and to offer positive and constructive feedback in furtherance of active transparency.

*Training and Succession Planning*

We believe that the development of all Cboe employees helps drive our collective success. Through skill and competency development we signal our investment in our employees while also enabling enhanced productivity. Through our tuition reimbursement program, our employees receive financial support in their pursuit of specialized university courses and degrees. In addition to our ongoing offering of online courses on diverse topics through our corporate university, CboeU, employees can participate in our "Strive for Growth" programs focused on virtual classroom instruction combined with work application and CboeLive, which is focused on business topics to foster organizational-wide knowledge sharing and education.

Leadership is another critical element of our success at Cboe. Leaders can participate in Lead the Way, Cboe's leadership development hybrid program focused on virtual classroom instruction combined with in-person facilitated workshops and exercises, and individual development plans leveraging insights for a 360-feedback process. This leadership training program has helped to expand on the development of our high potential leaders, further strengthening the leadership bench and accelerating readiness of this key talent pool.

Cboe has held multiple succession planning discussions with the Compensation and Human Capital Committee and Board of Directors to plan for the fulfillment of essential roles, such as the CEO and other senior officers. This process includes investments in advanced development planning for targeted successors to accelerate their readiness through key internal projects and assignments as well as tailored training. One of our CEO's top areas of focus is to develop talent and spend time on succession planning.

*Employees*

As of December 31, 2025, we employed 1,661 individuals in the following locations:

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| | |
|:---|:---|
| **Location** | **Number of Employees** |
| United States | 1,102 |
| United Kingdom | 201 |
| Netherlands | 144 |
| Australia | 77 |
| Canada | 76 |
| Philippines | 28 |
| Japan | 17 |
| Singapore | 8 |
| Hong Kong | 8 |

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Of these employees, 591 were involved in technology operations and 205 were involved in direct support of trading operations. The remaining 865 employees provide business development, financial, regulatory, human resources, compliance, legal, planning and research, administrative, and managerial support.

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**Information about our Executive Officers**

Set forth below is information regarding our executive officers:

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| | | |
|:---|:---|:---|
| **Name** | **Age** | **Position** |
| Craig S. Donohue | 64 | Chief Executive Officer and President |
| Prashant A. Bhatia | 55 | Executive Vice President, Head of Enterprise Strategy & Corporate Development |
| Stephanie Foley  | 44 | Executive Vice President, Chief Human Resources Officer |
| Jill M. Griebenow | 46 | Executive Vice President, Chief Financial Officer |
| Robert A. Hocking | 48 | Executive Vice President, Global Head of Derivatives |
| Christopher A. Isaacson | 47 | Executive Vice President, Chief Operating Officer |
| Timothy Lipscomb | 51 | Executive Vice President, Chief Technology Officer |
| Patrick Sexton | 61 | Executive Vice President, General Counsel and Corporate Secretary |
| Allen L. Wilkinson | 38 | Senior Vice President, Chief Accounting Officer |

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*Craig S. Donohue.* Mr. Donohue is our Chief Executive Officer and President and a member of our board of directors. Mr. Donohue has served as our Chief Executive Officer and as a director since May 2025 and as our President since August 2025. Prior to joining Cboe, Mr. Donohue served as Chairman of the board of directors of OCC from January 2024 to May 2025, as Executive Chairman of OCC from January 2014 to January 2024, and as Chief Executive Officer of OCC from September 2016 to January 2019. Prior to joining OCC, Mr. Donohue spent more than two decades in global financial markets, most recently as Chief Executive Officer of CME Group, Inc. from January 2004 to May 2012. Mr. Donohue holds a Master of Management from Northwestern University's Kellogg Graduate School of Management, a Master of Law in Financial Services Regulation from IIT Chicago-Kent College of Law, a J.D. from The John Marshall Law School and a bachelor's degree in political science and history from Drake University.

*Prashant A. Bhatia*. Mr. Bhatia is our Executive Vice President, Head of Enterprise Strategy & Corporate Development, a position he has held since September 2025. Previously, he advised Cboe's management team and worked closely with the board of directors in a consulting capacity from December 2023 through August 2025. Prior to joining Cboe, Mr. Bhatia served as Head of Enterprise Strategy and Corporate Development at TD Ameritrade Holding Corporation from 2009 to 2020. From 2002 to 2009, he was an Equity Research Analyst at Citigroup. Prior to that, he held various financial roles between 1992 and 2002 for Coopers & Lybrand L.L.P., Morgan Stanley & Co., PaineWebber and UBS Americas. Mr. Bhatia holds Chartered Financial Analyst ("CFA") and Certified Public Accountant ("CPA") designations and has a bachelor's degree in accounting from the University of Connecticut and an M.B.A. degree from Columbia Business School.

*Stephanie Foley*. Ms. Foley is our Executive Vice President, Chief Human Resources Officer, a position she has held since October 2023. Ms. Foley joined Cboe as Senior Vice President in 2022 with nearly two decades of human resources experience in professional services, including finance and management consulting. Before joining Cboe in 2022, Ms. Foley was Chief Human Resources Officer, Americas, of Kearney Holdings Limited from August 2016 to May 2022. Prior to that, she held various positions at TP ICAP Group and The Bank of New York. Ms. Foley holds a bachelor's degree in psychology and sociology from the University at Albany, SUNY, and a master's degree in industrial organizational psychology from New York University.

*Jill M. Griebenow*. Ms. Griebenow is our Executive Vice President, Chief Financial Officer, a position she has held since July 2023. Previously, she served as Executive Vice President, Chief Accounting Officer from July 2023 to February 2024, Treasurer from July 2023 to October 2023 and as Senior Vice President, Chief Accounting Officer from August 2018 to July 2023. She also previously served as Chief Financial Officer of Cboe Europe from 2014 to 2018 and was employed by Bats in the financial area since 2011. Prior to that, she held various positions at Ernst & Young LLP from 2001 to 2011. Ms. Griebenow is a CPA and holds a bachelor's degree in accounting from the University of Northern Iowa.

*Robert A. Hocking.* Mr. Hocking is our Executive Vice President, Global Head of Derivatives, a position he has held since October 2025. Previously, he served as Special Advisor to the Chairman at OCC from March 2025 to October 2025. He also served as our Senior Vice President, Global Head of Product Innovation from October 2022 to April 2025, and as Senior Vice President, Head of Multi-Asset Solutions & Derivatives Strategy from December 2018 to October 2022. Mr. Hocking served as Global Head of Equity Volatility Trading at DRW Trading Group from 2009 to 2018. From 2002 to 2009, he was Vice President and Equity Index Options Portfolio Manager at Goldman Sachs Group, Inc. He began his career at Hull Trading Company in 2000, where he specialized in index derivatives market making. Mr. Hocking previously served on the Board of Directors of OCC. Mr. Hocking holds a bachelor's degree in finance from the University of Illinois Urbana-Champaign.

*Christopher A. Isaacson.* Mr. Isaacson is our Executive Vice President, Chief Operating Officer, a position he has held since January 2019. Mr. Isaacson plans to resign as Executive Vice President, Chief Operating Officer effective as of March 6, 2026 and his last day with the Company is expected to be March 6, 2026. He will provide the Company with consulting services until December 31, 2026. Previously he was our Executive Vice President, Chief Information Officer, a position he

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was appointed to upon the Company's acquisition of Bats. Prior to that, he served as Bats' Executive Vice President and Global Chief Information Officer since February 2014, he served as Bats' Senior Vice President, Chief Operating Officer from 2007 to 2014 and he has held other various senior leadership positions since 2005. Prior to being one of the founders of Bats, Mr. Isaacson was a software developer at Tradebot Systems, Inc. from 2003 to 2005. Mr. Isaacson serves on the Board of Directors of OCC, as the Chairman of the Board of Directors of Cboe Clear U.S., and previously served as the Chairman of the Boards of Directors of CFE and Cboe SEF and on the Boards of Directors of Cboe Japan and Cboe Australia. Mr. Isaacson holds a bachelor's degree in information systems with a minor in math from Nebraska Wesleyan University and an M.B.A. degree from the University of Nebraska-Lincoln.

*Timothy Lipscomb.* Mr. Lipscomb is our Executive Vice President, Chief Technology Officer, a position he has held since March 2025. Previously, Mr. Lipscomb was our Senior Vice President, Chief Technology Officer, from March 2022 to March 2025, and Chief Operating Officer of Cboe Europe from October 2019 to March 2022. Prior to joining Cboe, Mr. Lipscomb held various positions at Bank of America from 1999 to 2019, most recently overseeing Equities Electronic Trading Technology and European Equities Technology. Mr. Lipscomb graduated with a bachelor's degree in engineering from Southampton University.

*Patrick Sexton.* Mr. Sexton is our Executive Vice President, General Counsel and Corporate Secretary, a position he has held since March 2018. Previously, he was Deputy General Counsel of the Company's subsidiary Cboe Exchange, Inc. He served in that capacity from July 2013 to March 2018 and has acted as legal, regulatory and compliance counsel with increasing responsibility and oversight since joining the Company in 1997. Mr. Sexton holds a bachelor's degree from the University of Notre Dame and a juris doctor with honors from the University of Notre Dame Law School.

*Allen L. Wilkinson*. Mr. Wilkinson is our Senior Vice President, Chief Accounting Officer, a position he has held since February 2024. Previously, he served as Vice President, Controller of the Company, from June 2021 to February 2024 and has been employed in the financial area in various roles since April 2018. Prior to that, he also held various positions at PricewaterhouseCoopers LLP from January 2011 to April 2018. Mr. Wilkinson is a CPA and holds master's and bachelor's degrees in accounting from the University of Missouri – Columbia.

**Available Information**

Our website is www.cboe.com. The Company files annual, quarterly and current reports, proxy statements and other information with the SEC under the Exchange Act. The Company makes available, free of charge, on its website its annual report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K and amendments to those reports filed or furnished pursuant to Section 13(a) or 15(d) of the Exchange Act, as soon as reasonably practicable after such reports are electronically filed with, or furnished to, the SEC. The Company's reports filed with, or furnished to, the SEC are also available on the SEC's website at www.sec.gov.

In addition, we have posted on our website the charters for our (i) Audit Committee, (ii) Compensation and Human Capital Committee, and (iii) Nominating and Governance Committee, as well as our Code of Business Conduct and Ethics and Corporate Governance Guidelines. We will provide a copy of these documents without charge to stockholders upon written request to Investor Relations, Cboe Global Markets, Inc., 433 West Van Buren Street, Chicago, Illinois 60607. Our website and information included in or linked to our website are not part of this Form 10-K.

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**Item 1A. &nbsp;&nbsp;&nbsp;&nbsp;Risk Factors.**

The risks and uncertainties described below are those that we believe are material at this time relating to our business. These risks and uncertainties, however, are not the only risks and uncertainties that we face. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial may also significantly impact us. Any of these risks and uncertainties may materially and adversely affect our business, financial condition or results of operations, liquidity, and cash flows.

**Summary of Risk Factors**

The following is a summary of the key risks and uncertainties described below that we believe are material to us at this time:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the loss of our right to exclusively list and trade certain index options and futures products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• economic, political, and market conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• compliance with legal and regulatory obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• price and new products and services competition and consolidation in our industry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• decreases in trading or clearing volumes, market data fees or a shift in the mix of products traded on our exchanges;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• legislative or regulatory changes or changes in tax regimes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to protect our systems and communication networks from security vulnerabilities and breaches;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to attract and retain skilled management and other personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• increasing competition by foreign and domestic entities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our business and operational dependence on and exposure to risk from third parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• factors that impact the quality and integrity of our and other applicable indices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to manage our global operations, growth, and strategic acquisitions, wind downs, divestitures, or alliances effectively;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• increases in the cost of the products and services we use;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to operate our business without violating the intellectual property rights of others and the costs associated with protecting our intellectual property rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to minimize the risks, including our credit, liquidity, market, investment, counterparty, and default risks, associated with operating our clearinghouses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to accommodate trading and clearing volume and transaction traffic, including significant increases, without failure or degradation of performance of our systems;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• misconduct by those who use our markets or our products or for whom we clear transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• challenges to our use of open source software code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to meet our compliance obligations, including managing our business interests and our regulatory responsibilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the loss of key customers or a significant reduction in trading or clearing volumes by key customers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• damage to our reputation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the ability of our compliance and risk management methods to effectively monitor and manage our risks;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• restrictions imposed by our debt obligations and our ability to make payments on or refinance our debt obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our ability to maintain an investment grade credit rating;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• impairment of our goodwill, long-lived assets, investments or intangible assets; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• litigation risks and other liabilities.

**Risks Relating to Our Business**

***Loss of our right to exclusively list and trade certain index options and futures could have a material adverse effect on our financial performance.***

We hold exclusive licenses to list securities index options on the S&P 500 Index, the Russell 2000 Index, and other indices granted to us by the owners of such indices, and additionally hold exclusive rights to our proprietary VIX Index methodology that provides the basis for VIX options and futures. In 2025, approximately 68% of our total revenues less cost of revenues were generated by the options and futures segments, the majority of which was generated by products based on exclusively licensed indices (e.g., SPX options) and products based on our proprietary VIX methodology (e.g., VIX options and futures). The bulk of this revenue is attributable to our SPX options and VIX options and futures. As a result, our revenues less cost of revenues are dependent in large part on the exclusive licenses we hold for these indices and our ability to maintain our exclusive proprietary rights in the VIX Index methodology and related products and indices.

There is a risk, with respect to each of our current exclusive licenses, that the owner of the index may not renew the license with us on an exclusive basis or at all. In the first event, we would be subject to multiple listing in the trading of what is now an index product traded by us on an exclusive basis, which could result in a loss of market share and negatively

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impact our profitability. In the second event, we could lose the right to list the index product entirely. The loss or limited use or change in the commercial terms of any of our exclusive index licenses, especially for the S&P 500 Index, for any reason could have a material adverse effect on our business and profitability.

In addition to the risks related to our exclusive licenses, if we are unable to retain exclusive proprietary rights in the VIX Index methodology and related products and indices, competitors could create substantially similar volatility indices and products or list products based on Cboe volatility indices, which could have a material adverse effect on us.

Emerging or changing regulatory regimes around the world may impact international customers' interest in or ability to trade index-based products listed on our U.S. exchanges, as well as impact our expansion into foreign trading of our index-based products and our ability to license proprietary indices for use outside of the U.S.

Furthermore, our competitors may succeed in developing, offering and providing a market for the trading of financial or investment products, such as new options products on indices or ETFs or certain event prediction market products, that are economically similar to those that we offer and they may become successful and take away volume from our products. It is also possible that a third-party may offer trading in index-based products that are the same as those that are the subject of one of our exclusive licenses, but in a jurisdiction in which the index owner cannot require a license or in a manner otherwise not limited by our exclusive license. In addition, a diminished perceived attractiveness of or change in demand for any of the indices underlying our products and services, especially the S&P 500 Index, for any reason could have a material adverse effect on our business and profitability.

The value of our licenses to exclusively list index options and futures also depends on the continued ability of index owners to require licenses for the trading of options and futures based on their indices. Although we and other index owners have prevailed in legal actions seeking to challenge our rights to exclusively license indices, we may be subject to changes in the law or other actions taken in the future that might impede our ability to exclusively offer trading in certain index options and futures.

***General economic conditions and other factors beyond our control could significantly reduce demand for our products and services and harm our business.***

The volume of trading and clearing transactions and the demand for our products and services are directly affected by macroeconomic and other conditions in the U.S., Europe and elsewhere in the world that are beyond our control, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• economic, political, and geopolitical market conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• broad trends in business and finance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• concerns over inflation levels and recessions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• wavering institutional or retail confidence levels;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• government or central bank actions, such as, but not limited to, tariffs, changes in government fiscal and monetary policy, or foreign currency exchange rates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• other legislative and regulatory changes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the availability of short-term and long-term funding and capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the perceived attractiveness of the U.S., European, Canadian, or Australian capital markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the availability or perceived attractiveness of the indices that we offer proprietary products on, such as the S&P 500 index, or alternative investment or trading opportunities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in the level of trading activity in underlying instruments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes and volatility in the prices of securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in the volume of foreign currency transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in supply and demand for currencies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• movements in currency exchange rates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the level and volatility of interest rates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in the financial strength of market participants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• consolidation among market participants and market data subscribers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• decline in the number of public company listings or an increase in delistings, acquisitions, privatizations, or bankruptcies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• unforeseen market closures, suspensions of open outcry trading, disruptions at other market infrastructure providers or exchanges including upon which we rely for data or connectivity, or other disruptions in trading and clearing; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• disruptions due to terrorism, war, extreme weather events, pandemics, or other catastrophes.

Any of these factors, individually or collectively, could have a material adverse effect on our business, financial condition, and operating results by causing a substantial decline in the financial services markets and reducing trading and clearing volumes and demand for market data.

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***Our business may be adversely affected by price competition.***

The securities industry is characterized by intense price competition, especially with respect to transaction fees. We may be required to adjust pricing to respond to actions by new or existing competitors, which could adversely impact our business, financial condition, and operating results. We also compete with respect to the pricing of market data and value-added market data, such as historical market data.

In our options segment, the pricing model for trade execution has changed in response to competitive market conditions, and our competitors have adjusted transaction fees and fee structures accordingly, including by opening new exchanges, which allow them to offer multiple pricing models that can appeal to different segments of market participants. These changes have resulted in significant pricing pressures on us, especially on transaction fees and incentives for multi-listed products. As a result of these pricing pressures, our average rate per multi-listed options contract may decrease. It is likely that this pressure will continue and even intensify as our competitors continue to seek to increase their share of trading by further reducing their transaction fees or by offering other financial incentives to order providers and liquidity providers to induce them to direct orders to their markets.

In addition, one or more competitors may engage in aggressive pricing strategies and significantly decrease or completely eliminate their profit margin for a period of time in order to capture a greater share of trading volume. Some order-providing firms on our exchanges have taken ownership positions in options exchanges that compete with us and such exchanges have given those firms added economic incentives to direct orders to them.

With respect to our proprietary products, we compete with futures exchanges and swap execution facilities that offer similar products and other financial market participants that offer over-the-counter derivatives. We also compete against certain event prediction market or multi-listed options products, such as SPY options, which offer some of the features of our proprietary products, such as SPX options.

To attract market share, we may offer "inverted" pricing specials or non-transaction fee trading from time to time, per various fee schedules across our equities exchanges. These forms of promotions, along with other supplemental liquidity programs, may adversely affect our profitability.

Further, regulatory and legal developments, including the equity market structure proposals and the Volume Based Proposal, if adopted as-is, could also adversely impact our ability to adjust our equities transaction fee schedules to respond to actions by new or existing competitors, our ability to incentivize on-exchange liquidity provision, as well as our ability to offer members volume-based pricing. Additionally, in the U.S., we are generally required to file with the SEC any changes to the fees that we charge and in recent years the SEC has more heavily scrutinized pricing changes. See "Legal Proceedings" for more information.

If we are unable to compete successfully with respect to the pricing of our services and products, our business, financial condition, and operating results may be materially and adversely affected. We could lose a substantial percentage of our share of trading if we are unable to price transactions in a competitive manner. Also, our profits could decline if competitive pressures or regulatory changes force us to reduce fees.

***A significant portion of our operating revenues is generated by our transaction and clearing-based businesses. If the amount of trading volume on our markets or clearing volume decreases, or the product mix shifts to lower revenue products, our revenues from transaction and clearing fees will most likely decrease.***

In 2025, approximately 74% of our revenues less cost of revenues were generated by our transaction and clearing-based business. which is heavily oriented towards U.S. index and equity options. This business is dependent on our ability to attract and maintain order flow, both in absolute terms and relative to other market centers. If the amount of trading volume on our Exchanges, CFE, BIDS Trading, Cboe Canada Inc., notional value traded on Cboe FX, Cboe SEF, Cboe Europe Equities and Derivatives, and Cboe Australia or clearing volumes at Cboe Clear Europe or Cboe Clear U.S. decrease, we are likely to see a decrease in fees.

Our total trading or clearing volumes could decline if our market participants reduce their trading or clearing activity for any reason, such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• heightened capital or margin requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• transaction, sales, or other tax;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• regulatory or legislative actions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reduced need to trade due to changes in volatility and/or passive investment trends;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reduced access to capital required to fund trading activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• consolidation among market participants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• suspensions of open outcry trading; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• significant market disruptions or system failures.

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Over the past few years, a number of legislative actions have been taken, both domestically and internationally, or actions by other third parties that may cause market participants to be subject to increased capital or margin requirements and additional compliance burdens. These actions, including MiFID II, MiFIR, OCC margin requirements, the equity market structure rules and proposals and potential changes to Rule 611 of Regulation NMS (the Order Protection Rule), may incentivize trading away from our markets or cause market participants to reduce trading activity on or routing to our markets.

In addition, the transaction fees generated are different based on type of product and other factors, including the type of customer and certain volume discounts. If our equities trading volume decreases, including as a result of the Volume Based Proposal's proposed prohibition on volume-based agency tiers in the equities markets, or options trading volume shifts to our lower revenue per contract products, our revenues from transaction fees will most likely decrease. We can offer no assurance that we would be able to reduce our costs to match the amount of any such decrease.

***Revenues from our market data fees and access and capacity fees may be reduced due to declines in our market share, trading volumes or regulatory changes.***

The occurrence of any event that reduces the amount of market data fees that we receive, whether as a result of fee reductions, fewer members subscribing to the U.S. tape plans or other market data offerings, lack of new products, declines in market share, trading volumes, or notional volumes, or regulatory changes may have a direct negative impact on our business, financial condition, and operating results. For example, if our market share of U.S. listed equities and options or Cboe's European equities trading volume were to decline, our share of market data fees could also decline. Moreover, market data fees could decline as a result of a reduction in the number of market data users, for example because of consolidation among market data subscribers or due to a decline in professional subscriptions as a result of staff reductions in the financial services industry or otherwise.

Regulatory and legal developments could also impact the fees we receive from market data and access and capacity, or our cost in providing such services. In the U.S., we are generally required to file with the SEC any changes to the fees that we charge for our securities market data products and access and capacity fees. In recent years, certain industry groups have objected to the ability of exchanges to charge for certain market data products. In addition, the SEC and some media have scrutinized market data and market access products and fees. As discussed above, the implementation of MDIR, the equity market structure rules and proposals, or potential changes to Rule 611 of Regulation NMS (the Order Protection Rule) could cause Cboe's equities exchanges, BZX, BYX, EDGX, and EDGA, to require additional resources to comply with the new rules, and may have a material impact on our business, financial condition, and operating results, including if, for example, there are lower SIP plan revenues or we must reduce the fees or access fee caps we charge. Further, following the SEC's disapproval of our 2024 proposed rule change to adopt a rule providing that our order and execution management systems ("OEMS") that operate independently from our registered national securities exchanges are not "facilities" of those exchanges, we are seeking exemptive relief for our OEMSs from certain exchange regulations, such as rule filing requirements. Being required to continue to follow exchange regulations could reduce our OEMSs' competitiveness, could result in a reduction of the value of OEMSs to us, and is likely to increase our compliance costs. See "Legal Proceedings" for more information.

In addition, the SEC approved a Consolidated Data Plan to replace the three equity data plans that govern the dissemination of real-time, consolidated market data for NMS stocks. If implemented as-is, the Consolidated Data Plan will reduce Cboe's voting share in the Operating Committee for the Securities Information Processors, which in turn, may impact Cboe's ability to influence votes on market data revenue matters.

We believe Cboe Europe Equities and Derivatives currently offers market data to customers on a non-discriminatory basis at a reasonable cost. As European regulators determine how market data should be disaggregated and what is a reasonable commercial basis for providing market data, it could affect our ability to offer market data products in the same manner that we do today thereby causing an adverse effect on our European market data revenues. While MiFID II and MiFIR aim to encourage a commercial solution to a consolidated tape in Europe, should this fail to materialize, policy makers might be encouraged to implement a mandatory solution that could impact our ability to develop our own commercial offering. As discussed above, the E.C. published provisions for a consolidated tape for the EU, which is expected to be implemented in 2026. As proposed, these provisions may have a material impact on our business, financial condition, and operating results if, for example, we must reduce the fees we charge for market data.

***The technology upon which we rely, including that of our service providers, may be susceptible to security vulnerabilities or breaches that could harm our business and our role in the global marketplace puts us at heightened risk relative to other public companies.***

The secure and reliable operation of our technology, including our computer systems and communications networks, and those of our service providers, market participants, investments, and other third parties, is a critical element of our operations or our business, financial condition, or operating results. These systems and networks may be subject to various cybersecurity incidents such as improper or inadvertent access to or disclosure of confidential, commercially sensitive, or personally identifiable information, data theft, corruption or destruction, ransomware, supply chain attack, denial of service attack, malware, and other security problems, as well as acts of terrorism, attacks by threat actors including criminal groups,

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political activist groups and nation-state actors, attacks in connection with geopolitical activity, criminal insider activity, employee error, and service provider, market participant or third-party disruptions or security breaches. Additionally, cyber threats and the techniques used in cyberattacks change, develop and evolve rapidly, including from emerging technologies, such as advanced forms of artificial intelligence ("AI") and quantum computing. Our hybrid work environment, usage of mobile, AI and cloud-based technologies, and ongoing divestitures and wind downs may increase our risk for a cybersecurity incident. Moreover, given our position in the global financial services industry and as critical infrastructure, we may be more likely than other companies to be a direct target, or an indirect casualty, of such events. While we, and the third parties with which we interact, have experienced in the past, and we expect to continue to experience, cybersecurity threats and events of varying degrees, including events impacting personally identifiable information, we are not aware of any of these threats or events having a material impact on our business, financial condition, or operating results to date, however we cannot assure you that we, or the third parties with which we interact, will not experience future threats or events that may be material.

We maintain policies, procedures, and controls designed to safeguard against cybersecurity incidents and unauthorized access by protecting the confidentiality, integrity, availability, and reliability of our systems, networks, and information. These policies, procedures, and controls are subject to monitoring, auditing, and evaluation practices, pursuant to our Enterprise Risk Management program, which is supported by a three lines of defense approach, and our other governance practices. Further, we developed and maintain cybersecurity and data privacy training programs for our employees and our third-party consultants who have access to our systems. We also conduct simulations, tabletop exercises, and response readiness tests and engage independent third parties on a routine basis to perform cybersecurity penetration assessments. Collectively, these safeguards and measures or those of our third-party providers, including any cloud-based technologies, may prove inadequate to prevent the attendant risk posed by cybersecurity incidents, subjecting us to contractual restrictions, liability and damages, loss of business, penalties, unfavorable publicity, increased scrutiny by our regulators, and may materially impact our business, financial condition, and operating results. We may be required to expend significant resources in the event of any real or threatened breaches in security, including to protect against threatened breaches, to alleviate harm caused by an actual breach, and to address any reputational harm or litigation or regulatory liability. Despite our cybersecurity measures, security vulnerabilities or breaches may remain undetected for an extended period of time. As a result of our ongoing risk management and related assurance activities, we have identified, addressed, and continue to address potential security vulnerabilities and/or internal control weaknesses. We are not aware of any of these vulnerabilities having a material impact on our business, financial condition, or operating results to date. However, we cannot provide assurance that any future vulnerabilities, internal control weaknesses, or events that may be experienced will not be material. Such harms also could cause us to lose market participants, experience lower trading volume, and negatively impact our competitive advantage and business, financial condition, and operating results.

Additionally, as threats continue to evolve and increase, as we continue to expand ongoing risk management and related assurance activities, and as the domestic and international regulatory environment related to cybersecurity and data protection becomes increasingly rigorous, we may be required to devote significant additional resources to modify and enhance our security controls and to identify and remediate any security vulnerabilities. Those additional resources could have an adverse effect on our business, financial condition, and operating results.

***If we fail to attract or retain highly skilled management and other employees our business may be harmed.***

Our success largely depends on the skills, experience and continued efforts of management and other key personnel. As a result, to be successful, we must retain and motivate executives and other key employees. However, we have no assurances that these employees will remain with us. The roles and responsibilities of departing executive officers and employees will need to be filled either by existing or new officers and employees, which may require us to devote time and resources to identifying, hiring, and integrating replacements for the departed executives and employees that could otherwise be used to pursue business opportunities, which could have a material adverse effect on our overall business, financial condition, and operating results.

There is substantial competition for qualified and capable personnel which may make it difficult for us to retain and recruit qualified employees in sufficient numbers. We have previously faced and may in the future face increased challenges in retaining and attracting qualified employees, including as we implement a return to office plan and our business review actions. Further, potential negative perceptions of our human capital management related programs, including whether due to perceived over- or under-pursuit of such programs, may result in increased challenges in retaining or attracting qualified employees, as well as potential litigation or other adverse impacts. If we fail to retain our current employees, it would be difficult and costly to identify, recruit, and train replacements needed to continue to conduct and expand our business. In particular, failure to retain and attract qualified technology personnel could result in systems failures. Consequently, our reputation may be harmed, we may incur additional costs and our profitability could decline. There can be no assurance that we will be able to retain and motivate our employees in the same manner as we have historically done.

Additionally, effective succession planning is important to our long-term success. Failure to ensure effective transfer of knowledge and smooth transitions involving our management team and key employees, including the recent transitions of our Chief Executive Officer, our Chief Operating Officer, and our other leaders, could hinder our strategic planning and execution.

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***Intense competition could materially adversely affect our market share and financial performance.***

The market for trade execution services, clearing, and products is intensely competitive in the asset classes and geographies in which we operate. Increased competition may result in a decline in our share of trading activity and a decline in our revenues from transaction and clearing fees and market data fees, thereby materially adversely affecting our operating results. We compete with a number of entities and markets on several different fronts, including the cost, quality, and speed of our trade execution, functionality and ease of use of our trading and clearing platforms, range of our products and services, our technological innovation and adaptation and our reputation. In particular, we have seen increased competition from off-exchange venues, which have increased their share of trading activity. See "Business – Competition" for more information.

Some of our competitors and potential competitors have greater financial, marketing, technological, personnel, and other resources than we do. These factors may enable them to develop similar or more innovative products, to offer lower transaction and clearing fees or better execution to their customers or to execute their business strategies more quickly or efficiently than we can. In addition, our business, financial condition, and operating results may be materially adversely affected if we cannot successfully develop, introduce and/or market new services and products or if we need to adopt costly and customized technology for our services and products.

Emerging technologies, alternative settlement mechanisms, and 24-hour trading may also affect our traditional business models. For example, the adoption of tokenization or other emerging settlement technologies that enable self-clearing may reduce demand for traditional clearing services. New or existing competitors may also develop products or technologies that provide similar economic exposure or functionality to our existing offerings through different mechanisms, which may reduce demand for our products.

Furthermore, new or existing competitors may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• respond more quickly to competitive pressures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• develop products that compete with our products or are preferred by our customers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• offer products and services at prices below ours to gain market share and to promote other businesses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• develop and expand their technology and service offerings more efficiently;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• provide better, more user-friendly, and more reliable technology;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• develop and incorporate more quickly new technologies, such as AI, machine learning, blockchain, atomic settlement, distributed ledger technology, quantum computing, tokenization, the cloud, and other emerging technologies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• take greater advantage of acquisitions, alliances, and other opportunities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• market, promote, bundle, and sell their products and services more effectively;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• leverage existing relationships with customers and alliance partners more effectively or exploit brand names to market and sell their services; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• exploit regulatory disparities between traditional, regulated exchanges and alternative markets, including over-the-counter markets, that benefit from a reduced regulatory burden and lower-cost business model.

If our products, markets, services and technology are not competitive or we fail to anticipate or respond adequately to changes in technology, customer preferences and regulatory requirements or we encounter any significant delays in product development efforts, our business, financial condition, and operating results could be materially harmed.

***Our business and operations are dependent upon a number of third parties. An interruption, significant increase in fees or cessation or impairment of the services provided by or activities performed by any such third-party could have a material adverse effect on our business, financial condition, and operating results.***

Our business and operations are dependent on a number of third parties, including clearing organizations such as OCC, NSCC, the DTCC, the CDS, LCH, ASX Clear Pty Ltd, and SIX x-clear; our wholly-owned subsidiaries, Cboe Clear Europe, and Cboe Clear U.S.; securities information processors such as the CTA, UTP Securities Information Processor and OPRA; regulatory and other service providers such as FINRA and OCC; the hosts of our data and disaster recovery centers; and various vendors of communications and networking products and services. In addition, we also depend on third-party routing and clearing firms that are involved in processing transactions on our behalf. More specifically:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If OCC, NSCC, DTCC, CDS, LCH, Cboe Clear Europe, Cboe Clear U.S., ASX Clear Pty Ltd, and SIX x-clear were unable to allow or perform clearing services for existing or new products, change the terms of their clearing services, their clearing members were unable or unwilling to clear through them, or OCC's technology migration is not successful, fewer transactions could occur on our markets or transactions could likely not occur on our markets or there may be delays, including until clearing is moved to another clearing agency. In 2025, approximately 69% of our net transaction and clearing fees were generated by options and futures that were cleared through OCC. See other Risk Factors for additional information regarding revenue concentration.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• OPRA, UTP Securities Information Processor and the CTA consolidate options and equities market information, respectively, such as last sale reports and quotations. If any of them were unable to provide this information for a sustained period of time, we may be unable to offer trading on our options and equities markets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We are heavily dependent on technology for our markets, including third-party operation of production and disaster recovery data centers, as well as certain communications and networking products and services. If this technology is unavailable, as a result of a number of potential causes, including technical failure, failure to successfully complete technological migrations, natural disasters, extreme weather events, fraud or security attacks that we cannot predict or prevent, and cannot be replaced in a sufficiently short time period, we may be unable to operate our markets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We utilize third-party cloud service providers to maintain secondary offsite backups of our and our customers' data and to distribute real-time data, and we may utilize third-party cloud service providers in the future for additional services. We do not control the operations of third-party cloud service providers or their facilities and may be vulnerable to disruptions in our access to the platform as a result of a number of potential causes, including technical failure, natural disasters, extreme weather events, fraud, or security attacks that we cannot predict or prevent. Additionally, any vulnerability of third-party cloud service providers could expose our or our customers' confidential data, which could result in harm to our business reputation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• FINRA and OCC provide certain regulatory services and functions for our options, equities and futures exchanges, while we retain regulatory responsibilities for such services. If FINRA or OCC stopped providing services, or provided inadequate services, we may be subject to action by the SEC or CFTC, or may have limitations placed upon our markets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• We rely on CATLLC, a subsidiary of FINRA, to provide services for the implementation of the CAT. If CATLLC or its third-party service providers stop providing services or provide inadequate services, we and the other SROs may not be able to recover costs related to the implementation of CAT, incur penalties for delays of implementation, incur related litigation and other expenses, or incur regulatory liability including enforcement action by the SEC or limitations placed upon our markets. In addition, if CATLLC is not able to collect fees again from Industry Members as a result of litigation or regulatory developments, the SROs may not be able to collect on the promissory notes related to the funding of the implementation and operation of the CAT and the SROs may continue to incur additional significant costs related to the historical, current, and future funding of the implementation and operation of the CAT. See Note 8 ("Credit Losses"), Note 9 ("Other Assets, Net"), and Note 23 ("Commitments, Contingencies, and Guarantees — Legal Proceedings") for further information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Trading in certain of our products is dependent on the operational availability of markets operated by third parties. These intermarket dependencies can necessitate coordinated responses to disruptions across multiple market participants and may impact our ability to maintain orderly markets in dependent products. For example, in November 2025, trading of futures and options on the Chicago Mercantile Exchange was halted by a data-center fault, resulting in disruptions to markets across equities, foreign exchange, bonds, and commodities.

We cannot provide assurance that any of these providers will be able to continue to provide these services in an efficient manner or that they will be able to adequately expand their services to meet our needs. An interruption or malfunction in or the cessation or impairment of an important service by a third-party or disruption of a third-party's operations could cause us to halt trading in some or all of our products or our services, make us unable to conduct other aspects of our business, cause us to experience the loss of a significant number of market participants, or cause us to experience a significant reduction in trading activity on our options and futures markets, each of which could have a material adverse effect on our business, financial condition, and operating results. In addition, our inability to make alternative arrangements, such as moving clearing to another clearing agency, in a timely manner, or at all, could have a material adverse impact on our business, financial condition, and operating results.

***If an index provider from which we have a license or a service provider with respect to proprietary products fails to maintain the quality and integrity of their indices or fails to perform under our agreements with them, if we fail to maintain the quality and integrity of our proprietary indices or indices and other values that we calculate or disseminate for customers, or if customer preferences change, the revenues that are generated from the trading of proprietary products or the calculation and dissemination of index values may suffer.***

We are a party to a number of license agreements that permit us to list tradable products related to various indices that are among the most actively traded products on our exchanges. We also enter into agreements pursuant to which we disseminate third-party data or act as an index provider and calculate and disseminate proprietary indices and other values. We believe that demand for our products is based in part on market perception of the quality and integrity of these indices. The quality and integrity of these indices are dependent on the ability of index providers, including us, to properly maintain the indices. Maintenance includes ongoing index calculation and index rebalancing, and depends on data providers for a number of things, including the timely provision of accurate input data. Extended outages or disruptions at these third parties (whether due to technology failures, data center infrastructure issues, such as the cooling system malfunctions that occurred at a third-party exchange in 2025, cyberattacks, or other causes) could impair our ability to calculate indices, provide market data products, or maintain trading operations. We also rely on index providers to enforce intellectual property rights against

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unlicensed uses of the indices and uses of the indices that infringe on our licenses. Some of our agreements concerning our proprietary products obligate the parties to those agreements to provide important services to us. If any of our index providers, including us, are unable to maintain the quality and integrity of indices, or if any of the index providers or service providers, including us, fail to perform their obligations under the agreements, trading in derivative products, and therefore transaction fees we receive, may be materially adversely affected or we may not receive the financial benefits of the agreements that we negotiated.

Differences in the calculations from methodologies described in published materials, incorrect calculations of our indices, errors in the dissemination of data, or the failure to implement any planned remedial changes may result in the loss of perceived quality and integrity of our indices, loss of demand for our products, increased potential for investigations and enforcement proceedings, increased potential for failure to perform our obligations under agreements concerning our products or in our capacity as an index provider, and increased exposure to third-party claims and related litigation expenses, which could have a material adverse effect on our business, financial condition, and operating results.

***We may not effectively manage our growth, which could materially harm our business, financial condition, and operating results.***

We expect that our business will continue to grow, which may place a significant strain on our management, personnel, systems, and resources. We must continually improve our operational, billing, financial, and regulatory systems and managerial controls and procedures, and may need to continue to expand, train, and manage our workforce. We must also maintain close coordination among our technology, legal, accounting, finance, marketing, sales, regulatory, and compliance functions. If we fail to manage our growth effectively, our business, financial condition, and operating results could be materially harmed. For example, from time to time we discover and remediate billing errors, while we are not aware of any of these errors having a material impact on our business, financial condition, or operating results to date, we cannot assure you that we will not experience future errors or events that may be material or result in additional regulatory scrutiny. Furthermore, failure to successfully expand into new asset classes, such as SFT, U.S. Treasuries, or event prediction markets, or new geographies, or if we fail to effectively manage strategic divestitures or wind downs may materially adversely affect our growth strategy and our future profitability.

Our continued growth will require increased investment by us in technology, facilities, personnel, and financial and management systems and controls. It also will require expansion of our procedures for monitoring and assuring our compliance with applicable regulations, and we will need to integrate, train, and manage a growing employee base. The expansion of our existing businesses, any expansion into new businesses and the resulting growth of our employee base will increase our need for internal audit and monitoring processes, which may be more extensive and broader in scope than those we have historically required. We may not be successful in identifying or implementing all of the processes that are necessary. Further, unless our growth results in an increase in our revenues that is proportionally greater than or equal to the increase in our costs associated with this growth, our business, financial condition, and operating results may be materially adversely affected.

***Our global operations are complex and subject us to increased business and economic risks that could adversely affect our financial results.***

In addition to our operations in the U.S., we have operations in the UK, continental Europe, Canada, Hong Kong, Australia, Japan, the Philippines, and Singapore. In connection with our expanded global operations, we face certain risks inherent in doing business globally. These risks include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fluctuations in currency exchange rates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• complying with extensive and complex compliance requirements, regulations and oversight by regulators other than our primary functional regulators;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• difficulties in staffing and associated costs in managing multiple international locations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• general economic, social, and political conditions, including increased political tensions and disagreements, including as a result of tariffs and trade policies, and geopolitical activity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• protectionist laws and business practices that favor local businesses in some countries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• reduced protection for intellectual property rights in some countries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• different technology platforms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• language and cultural differences;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• potentially adverse tax consequences; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• natural disasters and extreme weather events that may impact global operations differently.

If we are unable to manage the complexity of our global operations successfully, or if the risks above become substantial for us, our financial performance and operating results could suffer. Further, any measures we may implement to reduce risks of our global operations may not be effective, may increase our expenses, and may require significant management time and effort.

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More specifically, we have exposure to exchange rate movements between the British pound, the Euro, the Canadian dollar, the Hong Kong dollar, the Australian dollar, the Japanese yen, the Philippine peso, and the Singapore dollar against the U.S. dollar. Significant inflation or changes in foreign exchange rates with respect to one or more of these currencies could occur as a result of increased political tensions and disagreements, including in connection with tariffs and trade policies, general economic or political conditions, acts of war or terrorism, changes in governmental monetary or tax policy, or changes in local interest rates. These exchange rate differences would affect the translation of our non-U.S. results of operations and financial condition into U.S. dollars as part of our consolidated financial statements. See Note 16 ("Segment Reporting") for additional information about the Company's geographic exposure.

***Global trade policies, including the assessment of tariffs and other impositions on imported goods, may have a material adverse impact on our business.***

Countries have announced new or increased tariffs on imported goods and that additional tariffs or increases in tariffs could be assessed in the future. If any such tariffs were to increase the costs of the products and services we use in our business, in particular the technology, communications, cloud, computer, and networking products and services that we use, and we were unable to mitigate the impacts of any such increased costs, it could have a material adverse impact on our business and our results of operations.

***We and our licensors may not be able to protect our respective intellectual property rights.***

We rely on patent, trade secret, copyright and trademark laws, the law of the doctrine of misappropriation and contractual provisions to protect our proprietary technology, proprietary products, index methodologies and other proprietary rights. In addition, we rely on the intellectual property rights of our licensors in connection with our listing of exclusively licensed index options and futures products. We and our licensors may not be able to prevent third parties from copying, or otherwise obtaining and using, our intellectual property without authorization, listing our proprietary or exclusively licensed index products without licenses, or otherwise infringing on our rights. We and our licensors may have to rely on litigation to enforce our intellectual property rights, determine the validity and scope of the proprietary rights of others or defend against claims of infringement or invalidity. We and our licensors may not be successful in this regard. Such litigation, whether successful or unsuccessful, could result in substantial costs to us, diversion of our resources or a reduction in our revenues, any of which could materially adversely affect our business.

***Our clearinghouse operations expose us to associated risks, including credit, liquidity, market and other risks related to the defaults of clearing members and other counterparties, and risks related to investing of collateral.***

We are subject to risks related to operating our European clearinghouse, Cboe Clear Europe, and our U.S. clearinghouse, Cboe Clear U.S. Cboe Clear U.S. facilitates the clearing of financially-settled and continuous Bitcoin and Ether futures listed on CFE and may facilitate the clearing of other product classifications in the future. Cboe Clear Europe clears transactions executed on third-party exchanges and Cboe Clear U.S. may similarly clear transactions executed on third-party exchanges in the future. Operating such clearinghouses subjects us to, among other risks, the risks of failing to meet strict business continuity and financial resources requirements and regulatory oversight, risks of default by clearing members and counterparties, due to bankruptcy, lack of liquidity, operational failure or other reasons, the risks associated with the adequacy of participants' margin, default and interoperable funds, and risks related to investing of such funds. These risks could subject our business to substantial losses, reputational harm, regulatory consequences, including litigation, fines and enforcement actions, and the inability to operate our business.

To mitigate the credit risks related to defaults of clearing members and other counterparties, including the market risk that we would only be able to close out a defaulting participant's positions at a loss, there are minimum participation criteria to become a clearing member and clearing members are required to provide collateral to cover the margin requirement and default fund contributions and, in the case of certain clearing members with SFT without margin or default fund obligations, to grant Cboe Clear Europe title to or security over certain assets covering their obligations. Furthermore, Cboe Clear Europe interoperates with two central counterparties and requires its applicable members to make deposits to an interoperability fund, which are pledged to the interoperable central counterparties. No guarantee can be given that the collateral or other assets provided will at all times be sufficient, maintain its value, or provide absolute assurance against our experiencing financial losses from defaults by the members or counterparties on their obligations. In addition, although such collateral is preferably held in European central banks, Cboe Clear Europe also holds collateral in central securities depositories, in particular in the case of other assets for SFT, and commercial banks, which can expose us to risk of default by those institutions, and invests cash collateral in accordance with its investment policy, such as in securities issued by pre-approved sovereign issuers and reverse repurchase agreements with overnight maturities, which expose us to risk of counterparty default which may result in losses and cause its clearing members to lose confidence in our clearinghouse.

Cboe Clear Europe entered into a €1.2 billion committed syndicated multicurrency revolving and swingline credit facility that is available to be drawn by Cboe Clear Europe towards (a) financing unsettled amounts in connection with the settlement of transactions in securities and other items processed through Cboe Clear Europe's clearing system and (b) financing any other liability or liquidity requirement of Cboe Clear Europe incurred in the operation of its clearing system, however we can give no assurance that this facility will be sufficient to meet all such obligations or sufficiently mitigate Cboe Clear Europe's liquidity risk to meet its payment obligations when due. Substantial amounts of the collateral, and any

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amounts drawn under this facility, may be at risk if a clearing member defaults on its obligations to our clearinghouse and its margin, default and interoperability fund deposits are insufficient to meet its obligations. Additionally, a default of this facility may allow lenders, under certain circumstances, to accelerate any related drawn amounts and may result in the acceleration of the Company's other outstanding debt to which a cross-acceleration or cross-default provision applies, which may limit the Company's liquidity, business, and financing activities. This facility is expected to terminate on June 26, 2026 and we may not be able to enter into a replacement facility on commercially favorable terms, or at all. Additionally, investment losses in excess of capital set aside by Cboe Clear Europe for counterparty risk are allocated back to clearing members.

Additionally, Cboe Clear U.S. could experience losses in excess of the collateral it holds, which may have an adverse effect on our business, if a clearing member defaults on its obligations to Cboe Clear U.S., and its margin and its guaranty fund deposits are insufficient to meet its obligations.

Although our clearinghouses have rules, policies, and procedures that are reasonably designed to help protect them from the aforementioned risks, such policies and procedures may not succeed in preventing losses after a member's or counterparty's default. In addition, although we believe that we have carefully analyzed the process for setting margins and our financial safeguards, it is a complex process and there is no guarantee that our procedures will adequately protect us from the risks related to operating our clearinghouses. For example, we have previously identified and addressed potential procedure enhancement opportunities. We cannot assure you that the mitigating measures, policies, safeguards, and risk management procedures will be sufficient to detect problems or to protect us from a default or that we will not be materially and adversely affected in the event of a significant default.

***Computer and communications systems failures and capacity constraints could harm our reputation and our business.***

Our business depends on the integrity and performance of our computer and communications systems. If our systems cannot expand to cope with increased demand or otherwise fail to perform, as a result of a number of potential causes, including technical failure, data center infrastructure issues such as cooling system malfunctions or hardware maintenance errors, natural disasters, power demands, extreme weather events, flooding, fraud or security attacks that we cannot predict or prevent, and cannot be replaced in a sufficiently short time period, we could experience unanticipated disruptions in service, slower response times, and delays in the introduction of new products and services. These consequences could result in trading outages, lower trading and clearing volumes, financial losses, decreased customer service and satisfaction, and regulatory sanctions and could have a material adverse effect on our ability to conduct our business. Although we have a back-up plan with respect to our significant trading and key corporate systems, the back-up systems or disaster recovery plans may prove to be inadequate in the event of a systems failure or cybersecurity breach. Despite having disaster recovery facilities, there can be no guarantees that we will be able to open an efficient, transparent, and liquid marketplace, if we can open at all, nor can we guarantee that clearing organizations will allow clearing services for existing or new products following a systems failure or cybersecurity breach. Moreover, with extended trading hours, we must operate our systems longer and have fewer non-trading hours to address any potential concerns with the systems on which we rely.

Our markets and clearinghouses have experienced occasional systems failures and delays in the past and in the future our systems may fail, in whole or in part, or may operate slowly, causing one or more of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• unanticipated disruption in trading of our exclusively listed proprietary products or in service to our members and participants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• failures or delays during peak trading times or times of unusual market volatility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• slower response times and delays in trade execution, clearing, and processing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• incomplete or inaccurate accounting, recording, clearing, or processing of trades; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• distribution of inaccurate or untimely market data to participants who rely on this data in their trading activity.

Any of these events may cause:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a loss in transaction, clearing, or other fees due to the inability to provide trading in our exclusively listed proprietary products or provide services for a time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• requests by market participants or others that we reimburse them for financial loss, either within the constraints of the limited liability provisions of our exchanges' rules or in excess of those amounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• trading and clearing volumes to diminish on our markets and clearinghouse due to dissatisfaction with the platforms; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• one or more of our regulators to investigate or take enforcement action against us.

As a consequence of any of these events, our business, financial condition, and results of operations could suffer materially.

In addition to other measures, we test our systems to confirm whether they will be able to handle anticipated present and future peak trading and clearing activity or times of unusual market volatility. However, we cannot assure you that our

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estimates of future trading or clearing volume will be accurate or that our systems will always be able to accommodate actual trading or clearing volume without failure or degradation of performance.

We anticipate that we will need to continue to make significant investments in hardware, software and telecommunications infrastructure and power supply to accommodate the potential increases in traffic, technology migrations, and system updates. Additionally, disruptions to the supply chain may interfere with the ability of our employees, vendors, technology equipment suppliers, data and disaster recovery centers, and other service providers to provide the requested hardware, software, and telecommunications infrastructure. If we cannot migrate, update, or increase the capacity and capabilities of our systems to accommodate increased trading or clearing activity and to execute our business strategy, our ability to maintain or expand our businesses would be materially adversely affected.

***Our use of open source software code may subject our software to general release or require us to re***-***engineer our software, which could harm our business.***

Our technology platform uses open source software code. Companies that incorporate open source software into their products have, from time to time, faced claims challenging the ownership of open source software. As a result, we could be subject to suits by parties claiming ownership of what we believe to be open source software. In addition, some open source software licenses require users who distribute open source software as part of their software to publicly disclose all or part of the source code in their software and make any derivative works of the open source code available on unfavorable terms or at no cost. Open source license terms may be ambiguous, and many of the risks associated with usage of open source software cannot be eliminated. We believe that our use of open source software is in compliance with the relevant open source software licenses and does not require disclosure of any of our source code. However, if we were found to have inappropriately used open source software, we may be required to release our proprietary source code, reengineer or discontinue use of our software or take other remedial action, any or all of which could cause disruptions in, or impose significant costs on, our business.

***Damage to our reputation could have a material adverse effect on our business, financial condition, and operating results.***

We believe one of our competitive strengths is our strong industry reputation. Various issues may give rise to reputational risk, including issues relating to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the representation of our business in the media;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the quality and benefits of using our proprietary products, including the reliability, integrity, and functionality of our transaction-based businesses and index calculations and the accuracy of our market data;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the ability to execute our business plan, key initiatives or new business ventures, and the ability to keep up with changing customer demands and regulatory initiatives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our regulatory compliance and our enforcement of compliance on our customers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the accuracy of our customer billing, financial statements, and other financial and statistical information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the quality of our corporate governance structure;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the quality of our disclosure controls and internal controls over financial reporting, including any failures in supervision;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the integrity and performance of our computer and communications systems;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the ability to successfully complete technology migrations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the failure to successfully expand into new asset classes, such as SFT, or U.S. Treasuries or event prediction markets, or new geographies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• security breaches, including any unauthorized delivery of proprietary data to third parties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• management of our outsourcing relationships, including our relationship with FINRA and NFA;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any misconduct or fraudulent activity by our employees, especially senior management, or other persons formerly or currently associated with us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• our listings business and our enforcement of our listing rules; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any negative publicity surrounding the corporate equities or ETPs that we serve as the listing destination.

Damage to our reputation could cause a reduction in the trading volume of our proprietary products or on our markets or cause us to lose customers. This, in turn, may have a material adverse effect on our business, financial condition, and operating results.

***A limited number of customers comprise a material portion of our revenues, and the loss of key customers or a significant reduction in trading or clearing volumes by key customers could adversely affect our operating results.***

We generate a substantial portion of our revenues from a limited number of customers, which tend to be market makers, liquidity providers, proprietary traders, and global banks. For example, in 2025, our top ten customers accounted for approximately 57% of our revenues. This revenue was spread across various global regions and business segments and our customers are not subject to agreements that prohibit them from reducing or ceasing their transactions with us with little

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or no warning and without penalty. In addition, from time to time, certain customers may represent a significant portion of the open interest in various of our individual products or business segments, and a substantial decrease in their trading activity could have a negative impact on the liquidity of the particular product or business segment. The loss of, or a significant reduction in trading or clearing volumes by, one or more of our key customers could result in a decrease in our transaction and clearing fees, reduce the revenue we generate from sales of market data and negatively impact the liquidity of certain of our products, which could result in a material impact on our business, financial condition, and operating results.

With respect to options, all contracts traded on our exchanges must be cleared through clearing members of OCC. As of December 31, 2025, there were 113 TPHs that are clearing members of OCC. Three clearing members accounted for approximately 71% of transaction and other fees collected through OCC in 2025. Additionally, these three largest clearing members clear the majority of the market-maker sides of transactions at Cboe Options, C2, BZX, EDGX and at all of the options exchanges. Should one of these clearing members or liquidity providers exit the business or withdraw from our options exchanges, impose additional market-maker financial requirements, or if market-makers were unable to transfer to another clearing member or other liquidity providers were unable to provide additional liquidity, this could create a significant disruption to the options markets, including ours, which could result in lower volumes on our exchanges and thereby have a material impact on our business, financial condition, and operating results.

***Financial or other problems experienced by third parties could have an adverse effect on our business.***

We are exposed to credit risk from third parties, including customers, clearing agents, and counterparties. For example, we are exposed to credit risk for transaction fees we bill to customers on a monthly basis in arrears. Our customers and other third parties may default on their obligations to us due to a lack of liquidity, operational failure, bankruptcy, or other reasons. For additional credit risks related to our clearinghouse operations, see the Risk Factor "Our clearinghouse operations expose us to associated risks, including credit, liquidity, market and other risks related to the defaults of clearing members and other counterparties and risks related to investing of collateral."

In addition, with respect to orders Cboe Trading routes to other markets for execution on behalf of our Exchanges, Cboe Trading is exposed to some counterparty credit risk in the case of failure to perform on the part of our routing and clearing firms: Wedbush, Morgan Stanley, Goldman Sachs, Wolverine, and BOA, that are involved in processing equities and options transactions on our behalf, as well as failure on the part of such brokers to pass back any transactional rebates. Wedbush and Morgan Stanley guarantee equity trades until the trade has been submitted to and validated by NSCC, after which time NSCC provides a guarantee until the trade settles (T+1). Thus, Cboe Trading is potentially exposed to credit risk to the counterparty from an equity trade routed to another market center until the trade has been processed and validated by NSCC on the trade date in the event that Wedbush or Morgan Stanley fails to perform. Additionally, BIDS Trading has counterparty credit risk exposure to BOA related to clearing until the trade has been processed and validated by the NSCC on the trade date. With respect to U.S. listed equity options, we deliver matched trades of our customers to the OCC, which acts as a central counterparty for all transactions occurring on Cboe Options, C2, BZX, and EDGX. OCC also acts as a central counterparty for transactions in CFE products that are cleared by OCC. As such, OCC guarantees clearance and settlement of all of our touched options and all of our matched futures and options on futures trades in CFE products cleared by OCC. With respect to Canadian equities, we deliver reports of matched trades of our customers to CDS, which acts as a central counterparty on all transactions occurring on Cboe Canada Inc. and, as such, guarantees clearance and settlement of all of our matched Canadian equities trades. With respect to trades in options and futures occurring on CEDX, Cboe Clear Europe acts as a central counterparty that, for its clearing members, becomes the buyer to every seller and the seller to every buyer. As a result, Cboe Clear Europe guarantees the timely performance of the settlement obligations of buyers and sellers and takes on the risk of the performance of the transactions that it clears. With respect to Australian equities and derivatives, we deliver matched trades of our customers to ASX Clear Pty Ltd and ASX Settlement Pty Ltd. ASX Clear Pty Ltd acts as a central counterparty on all transactions occurring on Cboe Australia and, as such, guarantees clearance and settlement on all of our matched trades in Australia. With respect to trades in CFE products cleared by Cboe Clear U.S., we deliver matched trades of our customers to Cboe Clear U.S., which acts as a central counterparty and guarantees clearance and settlement for those transactions.

With respect to routed U.S. equity transactions, Cboe Trading has counterparty credit risk exposure to Wedbush and Morgan Stanley related to clearing until the trade has been processed and validated by the NSCC on the trade date. Cboe Trading uses Wedbush to clear trades routed through affiliates of Bank of America Corporation as well as for trades routed directly to other exchanges and, optionally, dark pools. Morgan Stanley clears trades routed through the Morgan Stanley routing brokers and also clears executions routed to most dark pools.

Our exposure to credit risk may be further impacted by volatile securities markets that may affect the ability of our customers, counterparties, and other third parties to satisfy their obligations to us. Moreover, we may not be successful in managing our credit risk through mitigating measures, policies, safeguards and risk management procedures, reporting and control procedures, or by maintaining credit standards. Any losses arising from such defaults or other credit losses could materially adversely affect our financial condition and operating results.

While neither Cboe FX nor Cboe SEF has direct counterparty risk, Cboe FX or Cboe SEF may suffer a decrease in transaction volume if a bank or prime broker experiences an event that causes other prime brokers to decrease or revoke the credit available to the prime broker experiencing the event. Therefore, Cboe FX and Cboe SEF may have risk that is

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related to the credit of the banks and prime brokers that trade spot FX on the Cboe FX platform, or NDFs on Cboe SEF. In addition, disruptions at third parties may necessitate coordinated responses across multiple market participants and may impact our ability to maintain orderly markets in dependent products.

***We may be required to assume ownership of a position in securities in connection with our order routing service, which could subject us to trading losses when our broker-dealer disposes of that position.***

We offer a smart-order routing service through our broker-dealer subsidiary, Cboe Trading, which provides its customers with access to other market centers when we route their orders to those market centers for execution. In connection with this service, we may assume ownership of a position in securities. This may occur, for example, when a market center to which we have routed a customer's order experiences systemic issues and is unable to determine the status of that order. When this happens, we may make a business decision to provide a cancellation notice to our customer, relieving our customer of any liability with respect to the order. We may be informed later, however, that the order was executed at the market center to which we routed it, in which case Cboe Trading would be required to take ownership of that securities position. Our third-party clearing brokers maintain error accounts on behalf of Cboe Trading into which such positions settle, and we require the respective clearing broker to trade out of those positions as expeditiously as possible, which could result in our incurring trading losses.

***We selectively explore acquisition opportunities, strategic alliances and divestitures relating to businesses, products, or technologies. We may not be successful in divesting or integrating businesses, products, or technologies. Any such transaction also may not produce the results we anticipate, which could materially adversely affect our business, financial condition, and operating results.***

We selectively explore and pursue acquisitions and other opportunities to strengthen our business and grow our Company. We may enter into business combination transactions, make acquisitions, or enter into strategic partnerships, joint ventures or alliances, any of which may be material. The market for acquisition targets and strategic alliances is highly competitive, which could make it more difficult to find appropriate merger or acquisition opportunities. If we are required to raise capital by incurring debt or issuing additional equity for any reason in connection with a strategic acquisition or investment, financing may not be available or the terms of such financing may not be favorable to us and our stockholders, whose interests may be diluted by the issuance of additional stock.

The process of integration, including in new geographies and asset classes with new regulatory regimes, may expose us to a number of unforeseen risks and operating difficulties, including risks relating to information technology migrations, integrations and security, regulatory issues, and other issues, and may divert the attention of management from the ongoing operation of our business and harm our reputation. We may not successfully achieve the integration objectives, and we may not realize the anticipated cost savings, revenue growth and synergies in full or at all, or it may take longer to realize them than expected, any of which could negatively impact our business, financial condition, and operating results.

Further, the success of acquisitions, integrations, and future operations may also depend in part on our ability to retain key employees following acquisitions or find suitable candidates to replace such key employees who leave. If we are unable to retain such key employees, including management, we could face disruptions in our operations, integrations, loss of customers, loss of key information, expertise or know-how, and unanticipated additional recruitment costs.

In addition to risks associated with acquisitions and integrations, we may also face risks in executing strategic exits, divestitures, or wind downs of businesses. For example, we have announced the wind down of our Japan equities business, initiated sale processes for our Australia and Canada equities businesses and, subsequent to December 31, 2025, announced the wind down of CEDX. These actions may involve transitional disruptions, regulatory complexities, loss of customer relationships, reputational impacts, or challenges in retaining key personnel during the transition. If we are unable to effectively manage these exits or realize the anticipated cost savings and strategic benefits, our business, financial condition, and operating results could be materially adversely affected.

**Risks Relating to Legal and Regulatory Matters**

***We operate in a highly regulated industry and may be subject to censures, fines, and other legal proceedings if we fail to comply with legal and regulatory obligations.***

Cboe Options, C2, BZX, BYX, EDGX, and EDGA are registered national securities exchanges and SROs, and, as such, are subject to comprehensive regulation by the SEC. Cboe Fixed Income is a registered broker-dealer also subject to comprehensive regulation by the SEC and a member of FINRA. CFE and Cboe Digital Exchange are each a DCM, Cboe SEF is a SEF, and Cboe Clear U.S. is a DCO, each registered with the CFTC and subject to comprehensive regulation by the CFTC. In addition to its other SRO responsibilities, BZX, as a listing market, also is responsible for evaluating applications submitted by issuers interested in listing their securities on BZX and monitoring each issuer's compliance with BZX's continued listing standards. The Exchanges may be subject to additional responsibilities in other international jurisdictions where the Exchanges may be authorized to act as foreign exchanges. Failure to comply with these SRO and other regulatory responsibilities could result in potential sanctions or fines and a negative impact on Cboe's reputation and/or branding.

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Our European businesses are subject to regulatory oversight in the UK by the FCA and in the Netherlands by the DNB and the AFM, which, through the "passporting" regime, provides authorization to carry on business in other Member States of the EU and the EEA in accordance with the applicable EU legislation and regulation to which our European business is subject. Cboe Canada Inc. is subject to regulatory oversight in Canada by its primary provincial securities authority, the OSC. In addition, Cboe Canada Inc. is a Marketplace Member of, and subject to a regulation services agreement with, CIRO. Cboe Australia is subject to regulatory oversight in Australia by the ASIC. Cboe Japan is subject to regulatory oversight in Japan by the JFSA and the JSDA. BIDS Trading is a registered broker-dealer subject to regulatory oversight in the U.S. by the SEC and FINRA. BIDS Trading operates an ATS that is not registered as a national securities exchange, and there is risk that the BIDS Trading ATS or certain other Cboe entities could be deemed to be a "facility" of our registered national securities exchanges, which could materially affect our ability to operate these businesses under their current regulatory frameworks. If a regulatory authority makes a finding of non-compliance, or if regulatory interpretations change, conditional fines could be imposed, and our licenses could be revoked. Any such fine or revocation of a license could have a material adverse effect on our business, financial condition, and operating results.

In addition to the requirements related to operating our U.S. markets imposed by the SEC and the CFTC, we also have certain responsibilities for regulating the TPHs and members that trade on our Exchanges. While we have entered into agreements under which FINRA, with respect to our options and equities exchanges provides certain regulatory services, and under which OCC, with respect to CFE provides certain financial surveillance and regulatory services, we retain ultimate responsibility for the regulation of our TPHs and members. We have begun to perform internally more of the regulatory services that FINRA used to handle.

Our ability to comply with applicable laws and rules is largely dependent on the establishment and maintenance of appropriate systems and procedures, our ability to attract and retain qualified personnel, the ability of FINRA and OCC to perform under their respective regulatory services agreements, the ability of FINRA and OCC to transition to us any other potential responsibilities under their respective regulatory services agreements, our ability to complete the new additional responsibilities for regulating our TPHs and members and our oversight of the work done by FINRA and OCC. The SEC and CFTC have broad powers to audit, investigate and enforce compliance and to punish noncompliance by, as applicable, SROs, DCOs, DCMs and SEFs pursuant to applicable laws, rules, and regulations.

If a regulatory authority were to find one of our programs of enforcement or compliance to be deficient, our SROs, DCM, or SEF could be the subject of investigations and enforcement proceedings that may result in substantial sanctions, including revocation of registration as a national securities exchange, DCM, or SEF. Any such investigations or proceedings, whether successful or unsuccessful, could result in substantial costs, the diversion of resources, including management time, and potential harm to our reputation, which could have a material adverse effect on our business, financial condition, and operating results. In addition, our SROs, DCM, or SEF may be required to modify or restructure their regulatory functions in response to any changes in the regulatory environment, or they may be required to rely on third parties to perform regulatory and oversight functions, each of which may require us to incur substantial expenses and may harm our reputation if our regulatory services are deemed inadequate.

In addition, SROs are required by federal law to perform a variety of regulatory functions. In light of these responsibilities, some courts have held that SROs are immune to certain private causes of action relating to the performance of these regulatory functions. There is a risk that some courts may not apply this immunity doctrine to all claims. There is also a risk that legislative or regulatory developments may change the application of this immunity doctrine. Limitations on the application of the immunity doctrine could result in an increased exposure to litigation, and increase liability and/or other legal expenses. Further, under the CEA, CFE, Cboe SEF, Cboe Clear U.S., and Cboe Digital Exchange may be subject to litigation alleging that they have acted in bad faith. We also could be exposed to liability to regulators or other governmental authorities even in situations where immunity would bar a civil claim.

***Legislative or regulatory changes affecting our markets could have a material adverse effect on our business, financial condition, and operating results.***

Changes in regulation by the SEC, CFTC, FCA, DNB, AFM, CIRO, OSC, ASIC, JFSA, JSDA, other domestic and foreign regulators or other government action, including approval by these regulators of rule filings or initiatives by other SROs or entities, including OCC, could materially affect our markets, products and clearinghouse. In recent years, the securities and derivatives industries have been subject to regulatory changes as a result of increasing government and public scrutiny of the securities and derivatives industries. We have also experienced, and we may continue to experience due to changes in administrations in the jurisdictions that we operate and expansion into other asset classes, such as SFT, U.S. Treasuries, or event prediction markets, and geographies, an increase in rulemaking and legislation or changes in regulatory interpretations that could affect our business.

In particular, in December 2022, the SEC released four proposals that could impact equity market structure: (1) Disclosure of Order Execution Information (Rule 605); (2) Regulation NMS Amendments: Tick Size, Access Fees, and Transparency; (3) Regulation Best Execution; and (4) Proposed Rule to Enhance Order Competition. Each of these proposals has been noticed for public comment, and in 2024, Rule 605 and the Tick Size/Access Fee Cap proposals were approved by the SEC and await implementation. Rule 605 and Tick Size/Access Fee Cap rule may result in increased technology and compliance costs to Cboe. The Tick Size/Access Fee Cap rule is also likely to result in increased technology

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and compliance costs to Cboe, as well as potential adverse impact to Cboe's trading volume and transaction fee revenue. In June 2025, the SEC withdrew the Regulation Best Execution and Order Competition proposals. Additionally, in 2025, the SEC held a roundtable to examine potential amendments to Rule 611 (the Order Protection Rule) under Regulation NMS. While no formal proposal has been released, potential changes to Rule 611 could have serious implications for market structure, order routing practices, and the competitive dynamics among trading venues, which could materially impact our business, financial condition, and operating results. See Note 23 ("Commitments, Contingencies, and Guarantees — Legal Proceedings") for more information.

Under EU and UK regulations, European and UK banks and other European and UK financial institutions become subject to punitive capital charges if they transact options or futures through a third country central counterparty ("CCP") that is not recognized in the applicable jurisdiction. OCC is recognized as a third country CCP by the EU and is currently operating under the UK's temporary recognition regime. Although the UK has not issued any equivalency determination with respect to U.S. CCPs, OCC has submitted its application for permanent recognition in the UK. The current deadline for recognition in the UK is December 31, 2027, and may be extended by His Majesty's Treasury in the future in increments of 12 months each. As a prerequisite to ultimately achieving recognition in the UK, it is possible that OCC could be required by the UK to contribute capital to its default waterfall applicable in the event of clearing member default. This capital could be required to be drawn before the default fund contributions of non-defaulting clearing members in the event that a defaulting clearing member's margin and other contributions were to be exhausted. OCC's stockholders, including Cboe Options, could effectively be required to fund this capital. If the UK does not recognize OCC as a third country CCP, then UK market participants that clear through OCC would become subject to punitive capital charges. As a result, we could experience the loss of a significant number of UK market participants and a significant reduction in trading activity on our options and futures markets, which could have a material adverse effect on our business, financial condition, and operating results.

The implementation of MiFID II and MiFIR in Europe at the beginning of 2018 has encouraged competition among market centers in Europe. MiFID II and MiFIR have introduced a number of new rules, including enhanced internal organizational and compliance monitoring requirements, which apply directly to European trading venues such as our MTF and RM. The impact of MiFID II and MiFIR is significant, and the increased competition among market centers could reduce trading fees, while increasing our costs of operating in Europe. Additionally, European authorities are currently undertaking a review of MiFID as a result of which new rules may come into effect that could have a material impact on our business.

In 2021 the E.C. published proposals for the review of EU market structure, including provisions for a consolidated tape for the EU and changes to the transparency regime for equities. These proposals are expected to be implemented during 2026. In 2025, the E.C. published additional proposals that could impact EU market structure and the consolidated tape. These new rules, if amended during the legislative process, may have a material adverse effect on our business, financial condition, and operating results.

The legislative and regulatory environment in which the spot FX market operates is evolving and has undergone significant changes in the recent past, and there may be future regulatory changes in the spot FX industry. The FX Global Code was published in 2017, and re-affirmed in 2024, and sets forth standards of conduct agreed by market participants and central banks on a global basis to apply to the wholesale FX market, and the effect of its publication on conduct and future regulation continues to evolve. Cboe FX issued a Statement of Commitment declaring its commitment to conduct its FX market activities in a manner consistent with the principles of the FX Global Code. Amendments to the FX Global Code, changes in the interpretation or enforcement of existing laws and regulations by applicable governmental bodies and regulatory organizations, or the adoption of new legal or regulatory requirements, may also adversely affect our spot FX business. Further, our FX NDF business may also be adversely affected by proposed regulatory changes to the rules governing swap execution facilities.

It is also possible that there will be additional legislative, regulatory, and enforcement changes, priorities or efforts in the environment in which we operate, or plan to operate, our businesses. Actions on any of the specific regulatory issues currently under review in the U.S. or internationally and other proposals could have a material impact on our business.

In addition, U.S. and foreign legislatures and regulators could impose legislative or regulatory changes that could materially adversely impact the ability of our market participants to use our markets or participate in the securities industry at all. Any such changes could result in the loss of a significant number of market participants or a reduction in trading activity on our markets, either of which could have a material adverse effect on our business, financial condition, and operating results. Changes or proposed changes in regulation may also result in additional costs of compliance and modification of market participants' trading activity on our Exchanges and markets.

***Any infringement by us on intellectual property rights of others could result in litigation and could have a material adverse effect on our operations.***

Our competitors, as well as others, have obtained, or may obtain, patents or may otherwise hold intellectual property rights that are related to our technology or the types of products and services we offer or plan to offer. We may not be aware of all intellectual property that may pose a risk of infringement by our products, services or technologies. In addition, some potential patent applications in the U.S. are confidential until a patent is issued, and therefore we cannot evaluate the extent to which our products, services or technologies may be covered or asserted to be covered in pending patent applications.

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Thus, we cannot be sure that our products, services, or technologies do not infringe on the rights of others or that others will not make claims of infringement against us. Claims of infringement are not uncommon in our industry, and even if we believe that such claims are without merit, they can be time-consuming and costly to defend and divert management resources and attention. If one or more of our products, services, or technologies were determined to infringe a patent or other intellectual property right held by another party, we may be required to pay damages, stop using, developing, or marketing those products, services or technologies, obtain a license from the intellectual property rights holders, or redesign those products, services, or technologies to avoid infringement. If we were required to stop using, developing or marketing certain products, services, or technologies, our business, financial condition, and operating results could be materially harmed. Moreover, if we were unable to obtain required licenses, we may not be able to redesign our products, services or technologies to avoid infringement, which could materially adversely affect our business, financial condition, and operating results.

***Misconduct by our TPHs, members, participants or others could harm us.***

We run the risk that our TPHs, members, participants, other persons who use our markets or our products, other persons for whom we clear transactions, our employees or those with which we have business relationships may engage in fraud, market or product manipulation, or other misconduct, which could result in regulatory and legal sanctions and penalties and serious harm to our reputation, especially because we are the parent company of SROs and other markets. It is not always possible to deter misconduct, or market or product manipulation, and the precautions we take to prevent and detect this activity may not be effective in all cases. In addition, misconduct, or market or product manipulation by, or failures of, participants on our or other markets may discourage trading on our Exchanges, our other markets, or of our products, which could reduce revenues.

***Managing our business interests and our regulatory responsibilities may adversely affect our business.***

As a competitive business with regulatory responsibilities, we are responsible for disciplining TPHs and members for violating our rules, including by imposing fines and sanctions. This may create competing interests between our business interests and our regulatory responsibilities. Any failure by us to fulfill our regulatory obligations could significantly harm our reputation, increase regulatory scrutiny or cause the SEC or CFTC to take action against us, all of which could materially adversely affect our business, results of operations or financial condition.

***If our risk management and compliance methods are not effective, we may suffer adverse consequences, such as investigations and enforcement actions from regulators, our business, financial condition, and operating results may be adversely affected.***

We maintain and continually seek to enhance and improve risk management, compliance and monitoring policies, procedures and programs that are reasonably designed to help with our compliance with applicable laws and rules and to prevent, detect, deter, monitor, and manage our risks, including enterprise risk, compliance, regulatory, and internal audit programs, but such policies, procedures and programs may not be fully effective in their operation. Further, we face the risk of intervention by regulatory authorities, including extensive examination and surveillance activity. In the case of actual or alleged non-compliance with applicable laws or regulations, we could be subject to investigations and judicial or administrative proceedings that may result in penalties, settlements or civil lawsuits, including by customers, or third parties, for damages, which may be substantial. For example, the SEC has previously brought actions against exchange operators, including us, for failing to fulfill their obligations to have an effective regulatory system. Further, as a result of ongoing risk management and related market surveillance review activities, we have identified, addressed, and continue to address potential market surveillance enhancement opportunities. Any failure to comply with applicable laws and rules could materially adversely affect our business, reputation, financial condition, and operating results and, in extreme cases, our ability to conduct our business or portions thereof. As the parent company for SROs, other markets, and clearinghouses, we are responsible for maintaining markets that comply with securities and futures laws, SEC, FCA, AFM, DNB, CIRO, OSC, ASIC, JFSA, JSDA, ESMA, and CFTC regulations and the rules of the respective exchanges, markets, and clearinghouses.

We have methods to identify, monitor, and manage our risks. Management of legal, compliance, and regulatory risk, among other risks, requires policies and procedures to properly monitor and manage risk. Additionally, as we seek to divest or wind down certain businesses, we may not be able to identify additional risks. Further, the practices we utilize to divest or wind down certain businesses may not be effective at identifying or monitoring and managing risks related to ongoing activities. If our policies, procedures, and compliance systems are not effective or we are not successful in monitoring or evaluating the risks to which we are or may be exposed, our business, reputation, financial condition, and operating results could be materially adversely affected. We cannot provide assurance that our policies and procedures will always be effective, or that our management, compliance department, risk department, regulatory department and related enterprise risk management framework, including the three lines of defense approach, and internal audit department would be able to identify any such ineffectiveness. If these departments or the enterprise risk management framework, and related policies and procedures are not effective, we may be subject to monetary or other penalties by our regulators, and our insurance policies may not provide adequate coverage.

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***Our ability to implement or amend rules could be limited or delayed by required regulatory review processes, which could negatively affect our ability to implement needed changes.***

Our Exchanges registered with the SEC must submit proposed rule changes to the SEC for its review and, in many cases, its approval. Even where a proposed rule change may be effective upon filing with the SEC, the SEC retains the right to suspend and disapprove such a rule change. Also, the CFTC may stay or disapprove rules that we file with it for Cboe Clear U.S., Cboe Digital Exchange, CFE, or Cboe SEF. The rule review process can be lengthy and can significantly delay the implementation of proposed rule changes that we believe are necessary to the operation of our markets. If the SEC or CFTC delays, including because of a government shutdown, such as the 2025 government shutdown which resulted in delayed rule implementation and product launches, or does not allow one of our Exchanges to implement a rule change, this could negatively affect our ability to make needed changes or implement business activities.

Similarly, the SEC must approve amendments to our exchange subsidiaries' certificates of incorporation and bylaws as well as certain amendments to the certificate of incorporation and bylaws of Cboe Global Markets. The SEC may decide not to approve a proposed amendment or may delay such approval in a manner that could negatively affect our ability to make a desired change, which could prevent or delay us from improving the operations of our markets or recognizing income from new products.

***Changes in the tax laws and regulations affecting us, our offerings and our market participants could have a material adverse effect on our business.***

Legislation may be enacted or interpretative guidance issued, both domestically and internationally, that could result in transaction, sales, or value added taxes on our offerings or change the way that our market participants are taxed on the products they trade on our markets. A number of federal, state and local jurisdictions in the U.S. and EU Member States have considered a financial transaction tax, but to date such proposals have not resulted in additional legislation in our principal markets or a pan European level tax. Additionally, legislation has been proposed from time to time on a federal level that would introduce in the U.S. mark-to-market tax treatment for all derivatives contracts and require that gains and losses be taxed at ordinary income tax rates. Further, tax authorities have issued interpretive guidance in the U.S. that, if prevailing, could expand the scope of our offerings that are subject to sales tax. Implementation of such taxes could result in a reduction in volumes and liquidity, which would have a negative impact on our operations.

In addition to proposed tax changes that could affect our market participants, like other corporations, we are subject to taxes at federal, state and local levels, as well as in non-U.S. jurisdictions. More specifically, some jurisdictions where we operate have implemented Pillar 2 laws to effectuate a 15% minimum tax. Changes in tax laws, regulations or policies or successful claims by tax authorities could result in our having to pay higher taxes, which would in turn reduce our net income. If this occurs, we may experience a higher effective tax rate.

***We are subject to litigation risks and other liabilities.***

Many aspects of our business involve substantial risks of litigation and other liabilities. Although under current law we expect to be immune from private suits arising from conduct within our regulatory authority and from acts and forbearances incident to the exercise of our regulatory authority, we expect this immunity will only cover certain of our activities in the U.S., and we could be exposed to liability under foreign, national and local laws, court decisions, and rules and regulations promulgated by regulatory agencies.

Some of our other liability risks arise under the laws and regulations relating to the tax, employment, intellectual property, anti-money laundering, technology export, cybersecurity, foreign asset controls, foreign corrupt practices, employee labor and employment areas, including anti-discrimination and fair-pay laws and regulations, and the businesses of companies listed on any of our exchanges. Liability could also result from disputes over the terms of a trade executed on one of our markets, claims that a system failure or delay cost a customer money, claims we entered into an unauthorized transaction or claims that we provided materially false or misleading statements in connection with a transaction.

For example, we are subject to on-going legal and tax disputes that could result in the payment of fines, interest, penalties or damages and could expose us to additional liability in the future. See Item 3 "Legal Proceedings" in this Annual Report for a general description of our legal proceedings and claims, Note 21 ("Income Taxes"), and Note 23 ("Commitments, Contingencies, and Guarantees") to the consolidated financial statements and related notes, which are included elsewhere in this Annual Report, for a summary of specific legal and tax proceedings.

Further, we could incur significant expenses vigorously defending the claims mentioned above (including those found to be barred due to immunity) and any future claims, even those without merit, which could adversely affect our business, financial condition, and operating results. The outcomes of existing claims and any future claims cannot be determined and an adverse resolution of any lawsuit or claim against us may require us to pay substantial damages or impose restrictions on how we conduct business, either of which could adversely affect our business, financial condition, and operating results. In addition, we may have to establish accruals for those matters in circumstances when a loss contingency is considered probable and the related amount is reasonably estimable. Any such accruals may be adjusted as circumstances change.

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**Risks Related to Our Common Stock and Indebtedness** 

***If our goodwill, long-lived assets, investments in non-consolidated subsidiaries, and intangible assets become impaired, the resulting charge to earnings may be significant.***

We are required to assess investments in non-consolidated subsidiaries and intangible assets for impairment at least annually. Goodwill impairment testing is performed annually in the fiscal fourth quarter or more frequently if conditions exist that indicate that the asset may be impaired. In the future, we may take charges against earnings resulting from impairment. For example, in 2022, the Company previously recorded goodwill impairment charges of $460.9 million related to Cboe Digital, resulting in decreases in the carrying value of Cboe Digital. Any determination requiring the write-off of a significant portion of our goodwill, long-lived assets, intangible assets, or investments in non-consolidated subsidiaries could materially adversely affect our results of operations and financial condition.

As a result of the Company's annual impairment analysis, completed in the fourth quarter of 2025, in which all reporting units estimated fair value exceeded their carrying value, we do not consider our goodwill and indefinite-lived intangibles to have a significant risk of impairment.

***We have outstanding indebtedness and commitments, which may decrease our business flexibility and adversely affect our business, financial condition, and operating results.***

As of December 31, 2025, we had $649.3 million of senior unsecured notes due 2027, $496.3 million of senior unsecured notes due 2030, $297.3 million of senior unsecured notes due 2032, no funds outstanding under our revolving credit facility, and no funds outstanding under the Cboe Clear Europe Credit Facility. The financial and other covenants to which we have agreed and our indebtedness may have the effect of reducing our flexibility to respond to changing business and economic conditions, thereby placing us at a competitive disadvantage compared to competitors that have less indebtedness and making us more vulnerable to general adverse economic and industry conditions. Further, we may default on our obligations or violate the covenants, in which case, we may be required to seek a waiver of such default or the debt obligations may be accelerated. A default under any of our indebtedness with cross default provisions could result in a default on our other indebtedness. Our indebtedness may also increase future borrowing costs, and the covenants pertaining thereto may also limit our ability to repurchase shares of our common stock, issue dividends, increase dividends or obtain additional financing to fund working capital, capital expenditures, acquisitions or general corporate requirements. We are also required to dedicate a larger portion of our cash flow from operations to payments on our indebtedness, thereby reducing the availability of our cash flow for other purposes, including working capital, capital expenditures, regulatory capital requirements, and general corporate purposes. Also, our ability to fund capital expenditures and return capital to stockholders may depend on the amount of capital held due to regulatory capital requirements and the amount of capital committed related to lines of credit granted by the Company to our subsidiaries in connection with their regulatory capital requirements.

Our ability to make payments on and to refinance our debt obligations and to fund planned capital expenditures depend on our ability to generate cash from our operations. This, to a certain extent, is subject to general economic, financial, competitive, legislative, regulatory, and other factors that are beyond our control.

We may not be able to refinance any of our indebtedness on commercially favorable terms, or at all. If we cannot service our indebtedness, we may have to take actions such as selling assets, seeking additional equity or reducing or delaying capital expenditures, strategic acquisitions, investments and alliances, any of which could impede the implementation of our business strategy or prevent us from entering into transactions that would otherwise benefit our business. Additionally, we may not be able to effect such actions, if necessary, on commercially favorable terms, or at all. Any of the foregoing consequences could materially adversely affect our business, financial condition, and operating results.

***Deterioration in our credit profile may increase our costs of borrowing money.***

As of December 31, 2025, we have investment grade credit ratings from S&P Global Ratings (A-) and Moody's Investors Service (A2). Ratings from credit agencies are not recommendations to buy, sell or hold our securities, and each rating should be evaluated independently of any other rating. There is no assurance that we will maintain such credit ratings, since credit ratings may be lowered or withdrawn entirely by a rating agency if, in its judgment, the circumstances warrant. If a rating agency were to downgrade our rating below investment grade, our borrowing costs could increase.

***Any decision to pay dividends on our common stock is at the discretion of our Board of Directors and depends upon the earnings and cash flow of our operating subsidiaries. Accordingly, there can be no guarantee that we will pay dividends to our stockholders.***

Any decision to pay dividends on our common stock in the future will be at the discretion of our Board of Directors, which may determine not to declare dividends at all or at a reduced amount. The board's determination to declare dividends will depend upon our profitability and financial condition, contractual restrictions, restrictions imposed by applicable law and the SEC and other factors that the board deems relevant. As a holding company with no significant business operations of its own, Cboe Global Markets depends entirely on distributions, if any, it may receive from its subsidiaries to meet its

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obligations and pay dividends to its stockholders. If these subsidiaries are not profitable, or even if they are and they determine to retain their profits for use in their businesses, we will be unable to pay dividends to our stockholders.

***Certain provisions in our organizational documents and governing law could prevent or delay a change of control.***

Our organizational documents contain provisions that could block actions that stockholders might find favorable, including discouraging, delaying, or preventing a change of control or any unsolicited acquisition proposals for us. These include provisions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• prohibiting stockholders from acting by written consent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• requiring advance notice of director nominations and of business to be brought before a meeting of stockholders; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• requiring that stockholders collectively hold at least 25% of the outstanding shares of our capital stock before they may request a special meeting.

In addition, our organizational documents include provisions that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• restrict any person from voting or causing the voting of shares of stock representing more than 20% of our outstanding voting capital stock; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• restrict any person from beneficially owning shares of stock representing more than 20% of the outstanding shares of our capital stock.

Furthermore, our Board of Directors has the authority to issue shares of preferred stock in one or more series and to fix the rights and preferences of these shares without stockholder approval. Any series of our preferred stock is likely to be senior to our common stock with respect to dividends, liquidation rights and, possibly, voting rights. The ability of the Board of Directors to issue preferred stock also could have the effect of discouraging unsolicited acquisition proposals, thus materially adversely affecting the market price of our common stock.

Delaware law makes it difficult for stockholders that have recently acquired a large interest in a corporation to cause the merger or acquisition of the corporation against the board's wishes. Under Section 203 of the Delaware General Corporation Law, a Delaware corporation may not engage in any merger or other business combination with an interested stockholder for a period of three years following the date that the stockholder became an interested stockholder except in limited circumstances, including by approval of the corporation's Board of Directors.

Furthermore, the European countries where we operate regulated entities, such as the UK and the Netherlands, may require prior governmental approval before an investor acquires 10% or more of the outstanding shares of our common stock.

**Item 1B. &nbsp;&nbsp;&nbsp;&nbsp;Unresolved Staff Comments**

Not applicable.

**Item 1C. &nbsp;&nbsp;&nbsp;&nbsp;Cybersecurity**

We maintain policies, procedures and controls designed to safeguard against cybersecurity incidents by protecting the confidentiality, integrity, availability, and reliability of our systems, networks and information. These policies, procedures, and controls are subject to monitoring, auditing, and evaluation practices, pursuant to our Enterprise Risk Management program, which is supported by a three-line defense strategy that includes the business lines, the Enterprise Risk Management Committee, the Risk Management and Information Security Department, the Compliance Department and the Internal Audit Department. Further, we have developed and conduct at least annually cybersecurity and data privacy training programs for our employees and our third-party consultants who have access to our systems. At least annually, we also conduct simulations, tabletop exercises, independent third-party cybersecurity penetration assessments, and response readiness tests. In addition, the information technology systems of our self-regulatory organizations are subject to periodic reviews, audits, and inspections by regulatory authorities. We also conduct diligence on cybersecurity practices in connection with our overall risk assessment when evaluating expansion into new regions, strategic opportunities, and new products.

We engage assessors, consultants, auditors, and other third parties in connection with developing and evaluating our overall risk management framework. Additionally, our internal audit team periodically engages third parties to co-source internal audits of our information security processes. We strive to utilize best practices in our information security management and follow applicable industry standards.

In support of our risk management framework, we maintain a vendor management policy and program to manage third-party risk. Embedded in our vendor management policy is a defined process to assess the risks related to new vendors. Vendors deemed to be high risk are re-assessed annually. These assessments include security questionnaires and reviews

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of Service Organization Controls (SOC) Reports, where applicable. Cboe uses a third-party service to help monitor the security posture of our vendors that process and/or store confidential Cboe information.

We have committees, response and management teams, and dedicated positions for managing and assessing cybersecurity risk, including a Chief Information Security Officer, a Chief Risk Officer, an Enterprise Risk Management Committee, Computer Security Incident Response Team, Cyber Crisis Management Team, and a dedicated internal information security team. Our Chief Information Security Officer and Chief Risk Officer have extensive experience in the industry. Our Chief Information Security Officer has over a dozen years of experience leading information security programs including experience in cybersecurity consulting, leading strategy and the implementation of cyber defenses for several of the top online retailers in the United States, as well as serving as Chief Information Security Officer for Cboe Digital Exchange and Cboe Clear U.S. Our Chief Information Security Officer is currently responsible for developing and executing the Company's global security strategy and roadmap along with its long-range plan to meet industry and regional regulatory compliance requirements. We have an information security department with associates who are located around the globe. Our Chief Risk Officer's tenure with Cboe spans 25 years, during which time he has held senior positions in information security and risk management. He is currently responsible for oversight of the Company's risk function including the enterprise risk management, information security, privacy, vendor management, and IT asset management programs.

Our incident response team is responsible for identifying potential cybersecurity incidents and communicating information regarding the nature and severity of the incident to senior management and others as required by the Company's written Incident Response Plan. Cybersecurity incidents are tracked pursuant to our incident monitoring processes defined within the Incident Response Plan. Potential cybersecurity incidents may also be reported to our Disclosure Committee to determine if further action and/or public disclosure is required. We have also put in place a vulnerability management program through which our systems are routinely scanned to help identify vulnerabilities and track remediation activities.

The Board recognizes that our business depends on the confidentiality, integrity, availability, performance, security, and reliability of our data and technology systems and devotes time and attention to the oversight of cybersecurity and information security risk. In particular, the Board's Risk Committee receives recurring updates and reports on information security-related topics from senior management, including from the Company's Chief Compliance Officer, Chief Risk Officer, and Chief Information Security Officer. More specifically, the Risk Committee receives recurring presentations from senior management on cybersecurity, including architecture and resiliency, incident management, business continuity and disaster recovery, significant information technology changes, data privacy, insider threats, physical security, information related to third-party cyber assessments, and risks associated with the use of third-party service providers. The Risk Committee also reviews and approves any changes to the related information security and privacy program charter. Further, summaries of the proceedings from prior Risk Committee meetings are provided to the Board on a routine basis. Additionally, in 2025, the Board, along with senior management, participated in a cybersecurity tabletop exercise.

We, and the third parties with which we interact, have experienced in the past, and we expect to continue to experience, cybersecurity threats and events of varying degrees. However, we are not aware of any of these threats or events having a material impact on our business or our business strategy, results of operations, or financial condition to date. We cannot assure you that we, or the third parties with which we interact, will not experience future threats or events that may be material. Please also refer to the risk factors above for additional information.

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**Item 2. &nbsp;&nbsp;&nbsp;&nbsp; Properties**

The Company is headquartered in Chicago with a network of domestic and global offices across the Americas, Europe, Asia, and Australia, including main hubs in New York, London, Kansas City, and Amsterdam. Our principal properties as of December 31, 2025 are listed in the table below:

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|:---|:---|:---|:---|:---|
| **Location** | **Classification** | **Owned/Leased** | **Lease Expiration** | **Approximate Size** |
| 433 West Van Buren Street, Chicago, Illinois | Global headquarters and office space | Leased | August 2035 | 185,000 sq. ft. |
| 6800 West 115th Street, Overland Park, Kansas | Office space | Leased | May 2035 | 60,000 sq. ft. |
| 141 West Jackson Boulevard, Chicago, Illinois | Trading floor and office space | Leased | October 2032 | 52,000 sq. ft. |
| 1 Farrer Place, Sydney 2000 Australia | Office space | Leased | December 2026 and September 2031 | 40,000 sq. ft. |
| Gustav Mahlerplein 73-83, Amsterdam, Netherlands | Office space | Leased | January 2032 | 29,500 sq. ft. |
| 17 State Street, New York, New York | Office space | Leased | December 2027 | 22,000 sq. ft. |
| 11 Monument Street, London, United Kingdom | Principal UK office space | Leased | March 2027, with one 5 year renewal option | 21,000 sq. ft. |
| Rockwell Business Center Sheridan, Sheridan Street Corner United Street, Highway Hills Mandaluyong City 1550 Philippines | Office space | Leased | November 2028 | 16,000 sq. ft. |
| 65 Queen Street West Toronto, Ontario, Canada | Office space | Leased | April and June 2028 | 11,000 sq. ft. |
| One Liberty Plaza, New York, New York | Office space | Leased | May 2027 | 8,500 sq. ft. |

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We believe that our properties are in good operating condition and adequately serve our current business operations. Generally, our properties are not earmarked for use by a particular segment. Instead, most of our properties are used by two or more segments. We also anticipate that suitable additional or alternative space will be available at commercially reasonable terms for future expansion to the extent necessary.

Our primary data center in the United States is in Secaucus, New Jersey, and its disaster recovery center is in Chicago, Illinois. In Europe, our primary data center is in Slough, England and the secondary data center is in Park Royal, London. In Asia Pacific, our primary data center is in Sydney, Australia and secondary data centers are located in Osaka City and Tokyo, Japan and Sydney, Australia.

See Note 24 ("Leases") to the consolidated financial statements included herein for further information.

**Item 3. &nbsp;&nbsp;&nbsp;&nbsp; Legal Proceedings**

Cboe incorporates herein by reference the discussion set forth in Note 21 ("Income Taxes") and Note 23 ("Commitments, Contingencies, and Guarantees") of the consolidated financial statements included herein.

*OEMS Disapproval Order Challenge*

On February 13, 2024, Cboe Options filed a proposal to adopt a new rule regarding OEMS. The proposed new rule provided that an exchange-affiliated OEMS that satisfies criteria (designed to ensure the OEMS is acting independently from the exchange) is not a facility of the exchange, and therefore not subject to the rule filing requirements of Section 19(b) of the Exchange Act. The objective of the proposed rule was to improve competition within the OEMS market and ultimately benefit investors.

On October 31, 2024, the SEC issued an order disapproving Cboe Options' proposal. On December 26, 2024, Cboe Options filed a Petition for Review ("PFR") of the SEC's disapproval order in the Court of Appeals for the Seventh Circuit (the "7th Circuit"). The briefing on the merits concluded on June 20, 2025, and oral argument was held on November 4, 2025. On November 26, 2025, the parties filed a voluntary stipulation with the 7th Circuit to end the litigation.

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**Item 4. &nbsp;&nbsp;&nbsp;&nbsp; Mine Safety Disclosures**

Not applicable.

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**PART II**

**Item 5. &nbsp;&nbsp;&nbsp;&nbsp; Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities**

**Common Stock**

The Company's common stock is listed on Cboe BZX under the trading symbol CBOE. As of February 13, 2026, there were approximately 98 holders of record of our common stock.

**Dividends**

Each share of common stock, including restricted stock units, is entitled to receive dividend and dividend equivalents, respectively, if, as, and when declared by the Board of Directors of the Company.

The Company's expectation is to continue to pay dividends. The decision to pay a dividend, however, remains within the discretion of the Company's Board of Directors and may be affected by various factors, including our earnings, financial condition, capital requirements, level of indebtedness and other considerations our Board of Directors deems relevant. Future debt obligations and statutory provisions, among other things, may limit or, in some cases, prohibit our ability to issue or pay dividends.

As a holding company, the Company's ability to declare and continue to pay dividends in the future with respect to its common stock will also be dependent upon the ability of its subsidiaries to pay dividends to it under applicable corporate law.

**Recent Sales of Unregistered Securities**

Not applicable.

**Use of Proceeds**

Not applicable.

**Purchases of Equity Securities by the Issuer and Affiliated Purchasers**

***Share Repurchase Program***

In 2011, the Board of Directors approved an initial authorization for the Company to repurchase shares of its outstanding common stock of $100 million and subsequently approved additional authorizations, for a total authorization of $2.3 billion as of December 31, 2025. The program permits the Company to purchase shares, through a variety of methods, including in the open market or through privately negotiated transactions, in accordance with applicable securities laws. It does not obligate the Company to make any repurchases at any specific time or situation.

Under the program, for the year ended December 31, 2025, the Company repurchased 305,317 shares of common stock at an average cost per share of $213.74, totaling $65.3 million. Since inception of the program through December 31, 2025, the Company has repurchased 21,063,700 shares of common stock at an average cost per share of $80.02, totaling $1.7 billion. As of December 31, 2025, the Company had $614.5 million of availability remaining under its existing share repurchase authorizations. The Company did not repurchase shares under the Company's share repurchase program during the three months ended December 31, 2025.

***Purchase of common stock from employees***

During the fiscal quarter ended December 31, 2025, we purchased shares from employees in connection with the settlement of employee tax withholding obligations arising from the vesting of restricted stock units. The table below represents repurchases made by or on behalf of us or any "affiliated purchaser" of our common stock during the fiscal quarter ended December 31, 2025:

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| | | |
|:---|:---|:---|
| **Period** | **Total number of shares<br>purchased** | **Average price paid<br>per share** |
| October 1 to October 31, 2025 | 6564 | $244.71 |
| November 1 to November 30, 2025 | 461 | 254.29 |
| December 1 to December 31, 2025 |  |  |
| Total | 7025 | $245.34 |

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**Stockholder Return Performance Graph** 

The following graph compares the cumulative total return provided to stockholders on our common stock since December 31, 2020 against the return of the S&P 500 Index and a customized peer group that includes CME Group Inc., Intercontinental Exchange Inc., and Nasdaq, Inc.

An investment of $100, with reinvestment of all dividends, is assumed to have been made in our common stock, the index and the peer groups on December 31, 2020, and its performance is tracked on an annual basis through December 31, 2025.

**Comparison of Cumulative Total Return of the**

**Company, Peer Groups, Industry Indices, and/or Broad Markets**

**COMPARISON OF 5 YEAR CUMULATIVE TOTAL RETURN\***

Among Cboe Global Markets, Inc., the S&P 500 Index

and a Peer Group

![3629](cboe-20251231_g1.jpg)

\*$100 invested on 12/31/20 in stock or index, including reinvestment of dividends.

Fiscal year ending December 31.

Data Source: Yahoo Finance, Closing Price(s)

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **12/20** | **12/21** | **12/22** | **12/23** | **12/24** | **12/25** |
| Cboe Global Markets, Inc. | $100.00 | $142.23 | $139.15 | $200.90 | $222.49 | $289.12 |
| S&P 500 | 100.00 | 128.71 | 105.40 | 133.10 | 166.40 | 196.16 |
| Peer Group | 100.00 | 136.51 | 111.10 | 128.01 | 157.42 | 188.11 |

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**Item 6. &nbsp;&nbsp;&nbsp;&nbsp; [Reserved].**

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**Item 7. &nbsp;&nbsp;&nbsp;&nbsp; Management's Discussion and Analysis of Financial Condition and Results of Operations** 

*Management's Discussion and Analysis of Financial Condition and Results of Operations ("MD&A") is provided to assist the reader in understanding the results of operations, liquidity and capital resources, and critical accounting estimates and policies through the eyes of our management team. The following discussion should be read in conjunction with the consolidated financial statements of the Company and the notes thereto included in Item 8 of this Annual Report on Form 10-K. The following discussion contains forward-looking statements. Actual results could differ materially from the results discussed in the forward-looking statements. See "Risk Factors" and "Forward-Looking Statements" above.*

*A detailed comparison of the Company's 2024 operating results to its 2023 operating results can be found in the Management's Discussion and Analysis of Financial Condition and Results of Operations section in the Company's 2024 Annual Report on Form 10-K filed February 21, 2025 at www.sec.gov.*

**INTRODUCTION**

Management's Discussion and Analysis of Financial Condition and Results of Operations is organized as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Executive Summary** – Includes an overview of the Company's business; a description of notable recent developments, current economic, competitive, and regulatory trends relevant to our business; the Company's current business strategy; and the Company's primary sources of operating and non-operating revenues and expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Results of Operations** – Includes an analysis of the Company's 2025 and 2024 financial results and a discussion of any known events or trends which are likely to impact future results.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Liquidity and Capital Resources** – Includes a discussion of the Company's future cash requirements, capital resources, and financing arrangements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Critical Accounting Estimates** – Provides an explanation of accounting estimates which may have a significant impact on the Company's financial results and the judgments, assumptions, and uncertainties associated with those estimates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Recent Accounting Pronouncements** – Includes an evaluation of recent accounting pronouncements and the potential impact of their future adoption on the Company's financial results.

**EXECUTIVE SUMMARY**

**Overview**

Cboe Global Markets, Inc., the world's leading derivatives and securities exchange network, delivers cutting-edge trading, clearing, and investment solutions to people around the world. Cboe provides trading solutions and products in multiple asset classes, including equities, derivatives, and FX, across North America, Europe, and Asia Pacific. Above all, the Company is committed to building a trusted, inclusive global marketplace that enables people to pursue a sustainable financial future.

Cboe's subsidiaries include the largest options exchange and the third largest equities exchange operator in the U.S. In addition, the Company operates Cboe Europe Equities (Cboe Europe and Cboe NL equities exchanges), one of the largest equities exchanges by value traded in Europe, and owns Cboe Clear Europe, a leading pan-European clearinghouse, BIDS Holdings, which owns a leading block-trading ATS by volume in the U.S., and provides block-trading services with Cboe market operators in Europe and Canada, Cboe Australia, an operator of a regulated stock exchange in Australia, Cboe Clear U.S., an operator of a regulated clearinghouse, and Cboe Canada, a recognized Canadian securities exchange. Cboe subsidiaries also serve collectively as a leading market globally for exchange-traded products ("ETPs") listings and trading.

In 2025, following a comprehensive strategic review of its global business operations, Cboe initiated the wind down of its Japanese equities business, including the cessation of operations of its Cboe Japan proprietary trading system and Cboe BIDS Japan block trading platform, initiated a sales process for its Cboe Australia and Cboe Canada businesses, discontinued its U.S. and European Corporate Listings efforts, and reduced costs associated with its U.S. and European ETP Listings businesses, Cboe Europe Derivatives ("CEDX"), and several of Cboe's smaller Risk and Market Analytics businesses. Subsequent to the year ended December 31, 2025, after further review of its global business operations, Cboe initiated the wind down of CEDX.

The Company is headquartered in Chicago with offices in Amsterdam, Belfast, Hong Kong, Kansas City, London, Manila, New York, San Francisco, Sarasota Springs, Singapore, Sydney, Tokyo, and Toronto.

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**Executive Transitions**

On May 1, 2025, the Company announced that its Board of Directors appointed longtime global financial markets executive, Craig S. Donohue, as the Company's new Chief Executive Officer and a member of the Board, effective May 7, 2025. Mr. Donohue succeeded Fredric J. Tomczyk who, as previously announced, has stepped down as Chief Executive Officer and will remain on the Board.

On May 28, 2025, the Company announced that Dave Howson, Executive Vice President and Global President, resigned from the Company, with his employment terminating at the end of the day on August 1, 2025. In connection with Mr. Howson's resignation, the Board appointed Mr. Donohue, Chief Executive Officer of the Company, as President of the Company, effective following August 1, 2025.

On August 18, 2025, the Company announced the appointment of Prashant A. Bhatia as Executive Vice President, Head of Enterprise Strategy & Corporate Development, effective September 2, 2025. Mr. Bhatia has advised the Company since December 2023 and previously led enterprise strategy and corporate development at TD Ameritrade for 11 years.

On September 30, 2025, the Company announced the appointment of two industry veterans to lead its Derivatives and Data Vantage businesses. Effective October 1, 2025, Robert A. Hocking rejoined as Executive Vice President, Global Head of Derivatives, and Brian McElligott joined as Senior Vice President, Global Head of Cboe Data Vantage. Mr. Hocking succeeded Cathy Clay who departed the Company in October 2025.

Subsequent to December 31, 2025, on January 26, 2026, the Company announced the planned appointments of Scott Johnston as Executive Vice President, Chief Operating Officer, and Heidi Fischer as Executive Vice President, Global Head of Equities and Spot Markets. Mr. Johnston will take over chief operating duties from Chris Isaacson, Executive Vice President and Chief Operating Officer, who is retiring from his role effective March 6, 2026. Ms. Fischer will assume oversight of Cboe's global cash equities and spot markets, which Mr. Isaacson also oversaw. Mr. Isaacson will continue to serve as an advisor to Cboe through the end of 2026.

**Business Segments** 

The Company previously operated as six reportable business segments as of December 31, 2024. As of January 1, 2025, the Company operates five reportable business segments: Options, North American Equities, Europe and Asia Pacific, Futures, and Global FX, which is reflective of how the Company's chief operating decision maker ("CODM") reviews and operates the business, as discussed in Note 1 ("Nature of Operations"). The Company's reportable business segments represent strategic business units that offer different products and services across different geographic areas. The Company's CODM is the chief executive officer. The CODM function is supported by business segment management and executive leadership personnel who lead the day-to-day operations of each reportable business segment.

Segment performance is primarily evaluated on operating income (loss). The CODM uses segment operating income (loss) to allocate resources, including but not limited to employees, financial, and capital resources. The Company's CODM does not assess assets or income and expenses below operating income (loss) at the segment-level as key performance metrics. The Company has aggregated all of its corporate costs, as well as other business ventures, within the Corporate Items and Eliminations totals based on the decision that those activities should not be used to evaluate the operating performance of the segments; however, operating expenses that relate to activities of a specific segment have been allocated to that segment. The Company's CODM primarily reviews operating expenses at the consolidated level for purposes of evaluating actual results versus budgets.

On April 25, 2024, the Company announced plans to refocus the digital asset business to leverage its core strengths in derivatives, technology, and product innovation. Effective May 31, 2024, the Cboe Digital spot market closed for all participant and trading purposes. The Company has brought Cboe Clear U.S. under unified leadership with the Global Head of Clearing and continues to facilitate the clearing of cash-settled margin Bitcoin and Ether futures contracts. The Company retained and presented Digital as a reportable segment through December 31, 2024. As of January 1, 2025, the Company prospectively reorganized the Digital operating segment results into the Futures reporting segment as the Company expected to transition its cash-settled margin Bitcoin and Ether futures contracts, formerly available for trading on the Cboe Digital Exchange to CFE, which was completed on June 9, 2025. Cboe Digital Exchange no longer lists or trades any products. Comparative-period results have been presented for historical purposes but have not been recast as the historical results of the Digital segment were not material, nor do they materially impact the financial results, trends, or forecasts of the Futures segment. As a result, for the year ended December 31, 2025, operating results included within the Digital operating segment are presented within the Futures reporting segment.

***Options.*** The Options segment includes options on market indices ("index options"), as well as on the stocks of individual corporations ("equity options") and on ETPs such as exchange-traded funds ("ETFs") and exchange-traded notes ("ETNs"), which are "multi-listed" options and listed on a non-exclusive basis. These options are eligible to trade, as applicable, on Cboe Options, C2, BZX, EDGX, and/or other U.S. national security exchanges. Cboe Options is the Company's primary options market and offers trading in listed options through a single system that integrates electronic trading and traditional open outcry trading on the Cboe Options trading floor in Chicago. C2 Options, BZX Options, and

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EDGX Options are all-electronic options exchanges, and typically operate with different market models and fee structures than Cboe Options. The Options segment also includes applicable market data fees revenues generated from the consolidated tape plans, the licensing of proprietary options market data, index licensing, routing services, and access and capacity services.

***North American Equities.*** The North American Equities segment includes U.S. equities and ETP transaction services that occur on fully electronic exchanges owned and operated by BZX, BYX, EDGX, and EDGA, equities transactions that occur on the BIDS Trading platform in the U.S. and the Cboe BIDS Canada platform, and Canadian equities and other transaction services that occur on or through Cboe Canada's order books. The North American Equities segment also includes corporate listing services on Cboe Canada, ETP listings on BZX, the Cboe Global Markets, Inc. common stock listing, and applicable market data fees revenues generated from the consolidated tape plans, the licensing of proprietary equities market data, routing services, and access and capacity services.

***Europe and Asia Pacific.*** The Europe and Asia Pacific segment includes the pan-European derivatives transaction services, ETPs, including exchange traded funds, exchange traded notes, and exchange traded commodities, and international depository receipts that are hosted on MTFs operated by Cboe Europe Equities (Cboe Europe and Cboe NL equities exchanges) and CEDX. It also includes the ETP listings business on RMs and clearing activities of Cboe Clear Europe, as well as the equities services of Cboe Australia, an operator of a trading venue in Australia. Cboe Europe operates lit and dark books, a periodic auctions book, a closing cross book, and two BIDS order books; a Large-in-Scale ("LIS") trading negotiation facility and a volume-weighted average price ("VWAP") trajectory crossing facility. Cboe NL, based in Amsterdam, operates similar business functionality to that offered by Cboe Europe (with the exception of Trajectory Crossing), and provides for trading only in European Economic Area ("EEA") symbols. Subsequent to December 31, 2025, Cboe initiated the wind down of CEDX, its pan-European derivatives platform that offered futures and options based on Cboe Europe equity indices, FLEX options, and single stock options. Prior to the wind down, CEDX contributed derivatives transaction services and market data revenues to this segment. Cboe Clear Europe offers the clearing of equity and equity-like instruments for Cboe-operated and other regulated trading venues and clearing SFTs. Prior to the CEDX wind down, Cboe Clear Europe also provided clearing services for derivative transactions executed on CEDX. This segment also includes Cboe Europe, Cboe NL, and Cboe Australia revenue generated from the licensing of proprietary market data and from access and capacity services.

***Futures.*** The Futures segment includes transaction services provided by CFE, a fully electronic futures exchange, which includes offerings for trading of VIX futures and other futures products, the licensing of proprietary market data, as well as access and capacity services. As of January 1, 2025, the Futures segment prospectively includes all Digital operating activity, which includes Cboe Digital Exchange, a regulated futures exchange, and Cboe Clear U.S., a regulated clearinghouse, as well as revenue generated from the licensing of proprietary market data and from access and capacity services. On June 9, 2025, Cboe successfully completed the migration of cash-settled Bitcoin and Ether futures contracts from Cboe Digital Exchange to CFE. There are no products currently listed for trading on the Cboe Digital Exchange.

Comparative-period results for the Digital segment have been presented for historical purposes but have not been recast as the historical results of the Digital segment were not material, nor do they materially impact the financial results, trends, or forecasts of the Futures segment. As a result, for the year ended December 31, 2025, operating results included within the Digital operating segment are presented within the Futures reporting segment. See Note 16 ("Segment Reporting") for more information.

***Global FX.*** The Global FX segment includes institutional FX trading services that occur on the Cboe FX fully electronic trading platform, non-deliverable forward FX transactions ("NDFs") offered for execution on Cboe SEF, as well as revenue generated from the licensing of proprietary market data and from access and capacity services. The segment also includes transaction services for U.S. government securities executed on the Cboe Fixed Income fully electronic trading platform.

**General Factors Affecting Results of Operations** 

In broad terms, our business performance is impacted by a number of drivers, including macroeconomic events affecting the risk and return of financial assets, investor sentiment, the regulatory environment for capital markets, geopolitical events, tax policies, central bank policies, and changing technology, particularly in the financial services industry. We believe our future revenues and net income will continue to be influenced by a number of domestic and international economic trends, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• trading volumes on our proprietary products such as VIX options and futures and SPX options;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• trading volumes in listed equity securities, options, futures, and ETPs in North America, Europe, and Asia Pacific, clearing volumes in listed equity securities, options, futures, and ETPs in Europe and volumes in institutional FX trading;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the demand for and pricing structure of the U.S. tape plan market data distributed by the Securities Information Processors ("SIPs"), which determines the pool size of the industry market data fees we receive based on our market share;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• consolidation and expansion of our customers and competitors in the industry;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the potential introduction of new or competing financial products or services by competitors in the industry, including those enabled by new technologies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the demand for information about, or access to, our markets and products, which is dependent on the products we trade, our importance as a liquidity center, quality and integrity of our proprietary indices, and the quality and pricing of our data and access and capacity services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• implementation of the SEC's reduced equity access fee cap and other potential market structure changes may lead to decreased exchange trading, and reduced transaction fee revenue;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• continuing pressure in transaction fee pricing due to intense competition in the North American, European, and Asia Pacific markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• significant fluctuations in foreign currency translation rates or weakened value of currencies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• ongoing costs and uncertainties related to the historical, current, and future funding of the implementation and operation of the CAT, litigation and regulatory developments related to CAT, and the ability to collect on the promissory notes related to the funding of CAT; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• regulatory changes and obligations relating to market structure, increased capital or margin requirements, and those which affect certain types of instruments, transactions, products, pricing structures, capital market participants or reporting or compliance requirements.

A number of significant structural, political, monetary, and global conflicts continue to confront the global economy, and instability could continue, resulting in an increased or subdued level of inflation, market volatility, potential recession, supply chain constraints and costs, trading volumes, uncertainty, expenses, and costs due to potential new tariffs or changes to existing tariffs.

**Components of Revenues**

***Cash and Spot Markets***

Revenue aggregated into cash and spot markets includes associated transaction and clearing fees, the portion of market data fees relating to associated U.S. tape plan market data fees, associated regulatory fees, and associated other revenue from the Company's North American Equities, Europe and Asia Pacific, and Global FX segments.

***Data Vantage***

Revenue aggregated into Data Vantage includes access and capacity fees, proprietary market data fees, and associated other revenue across the Company's five segments.

***Derivatives Markets***

Revenue aggregated into derivatives markets includes associated transaction and clearing fees, the portion of market data fees relating to associated U.S. tape plan market data fees, associated regulatory fees, and associated other fees from the Company's Options, Futures, and Europe and Asia Pacific segments.

**Components of Cost of Revenues**

***Liquidity Payments***

Liquidity payments are primarily correlated to the trading volumes on our markets. As stated above, we record the liquidity rebates paid to market participants providing liquidity, in the case of Cboe Options, C2, BZX, EDGX, Cboe Europe Equities and Derivatives, Cboe Clear U.S., Cboe Digital Exchange, and CFE, as cost of revenue. BYX offers an inverted pricing model where we rebate liquidity takers for executing against an order resting on our book, which is also recorded as a cost of revenue. EDGA offers a maker-taker fee model, effective November 1, 2024, under which liquidity providers receive a rebate, while liquidity takers pay a fee, all within a pricing model that does not include volume-based tiers.

***Routing and Clearing***

Various rules require that U.S. options and equities trade executions occur at the National Best Bid and Offer displayed by any exchange. Linkage order routing consists of the cost incurred to provide a service whereby Cboe equities and options exchanges deliver orders to other execution venues when there is a potential for obtaining a better execution price or when instructed to directly route an order to another venue by the order provider. The service affords exchange order flow providers an opportunity to obtain the best available execution price and may also result in cost benefits to those clients. Such an offering improves our competitive position and provides an opportunity to attract orders which would otherwise bypass our exchanges. We utilize third-party brokers or our broker-dealer, Cboe Trading, to facilitate such delivery. Also included within routing and clearing are the Order Management System ("OMS") and Execution Management System ("EMS") fees incurred for U.S. Equities Off-Exchange order execution, as well as settlement costs incurred for the settlement processes executed by Cboe Clear Europe and Cboe Clear U.S.

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***Regulatory Fees Cost of Revenues***

Regulatory fees cost of revenues, previously labeled Section 31 fees, include Section 31 fees and other fees imposed by U.S. regulatory agencies. Exchanges under the authority of the SEC (Cboe Options, C2, BZX, BYX, EDGX, and EDGA as well as CFE to the extent that CFE offers trading in security futures products) are assessed fees under Section 31 pursuant to the Exchange Act designed to recover the costs to the U.S. government of supervision and regulation of securities markets and securities professionals. We treat these fees as a pass-through charge to customers executing eligible listed equities and listed equity options trades. Accordingly, we recognize the amount that we are charged under Section 31 as a cost of revenues and the corresponding amount that we charge our customers as regulatory transaction fees revenue. Since the regulatory transaction fees recorded in revenues are equal to the Section 31 fees recorded in cost of revenues, there is no impact on our operating income. Cboe Trading, Cboe Europe, Cboe NL, BIDS, Cboe FX, Cboe Australia, Cboe Clear U.S., Cboe Canada, and (formerly) Cboe Japan are not U.S. national securities exchanges, and, accordingly, are not charged Section 31 fees.

***Royalty Fees and Other Cost of Revenues***

Royalty fees primarily consist of license fees paid by us for the use of underlying indices in our proprietary products, usually based on contracts traded. The Company has licenses with the owners of the S&P 500 Index, S&P 100 Index and certain other S&P indices, FTSE Russell indices, the DJIA, and certain other index products. This category also includes fees related to the dissemination of market data related to S&P indices and other products through CGIF.

Other cost of revenues primarily consists of interest expense from clearing operations, electronic access permit fees, and other miscellaneous costs associated with other revenue.

**Components of Operating Expenses**

***Compensation and Benefits***

Compensation and benefits represent our largest expense category and tend to be driven by our staffing requirements, financial performance, and the general dynamics of the employment market. Stock-based compensation is a non-cash expense related to employee equity awards. Stock-based compensation can vary depending on the quantity and fair value of the award on the grant date and the related service period.

***Depreciation and Amortization***

Depreciation and amortization expense results from the depreciation of long-lived assets purchased, the amortization of purchased and internally developed software, and the amortization of intangible assets.

***Technology Support Services***

Technology support services consist primarily of costs related to the maintenance of computer equipment supporting our system architecture, circuits supporting our wide area network, support for production software, operating system license and support fees, fees paid to information vendors for displaying data and off-site system hosting fees.

***Professional Fees and Outside Services***

Professional fees and outside services consist primarily of consulting services, which include supplemental staff activities primarily related to systems development and maintenance, legal, regulatory and audit, and tax advisory services, as well as compensation paid to non-employee directors, including stock-based compensation and deferred compensation.

***Travel and Promotional Expenses***

Travel and promotional expenses primarily consist of advertising, costs for marketing related special events, sponsorship of industry conferences, options education seminars, and travel-related expenses.

***Facilities Costs***

Facilities costs primarily consist of expenses related to owned and leased properties including rent, maintenance, utilities, real estate taxes, and telecommunications costs.

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***Acquisition-Related Costs***

Acquisition-related costs relate to acquisitions and other strategic opportunities. The acquisition-related costs include fees for investment banking advisors, lawyers, accountants, tax advisors, public relations firms, severance and retention costs, capitalized software and facilities, and other external costs directly related to mergers and acquisitions.

***Impairment of Assets***

Impairment of assets consists of charges to impair indefinite or long-lived assets if the carrying value exceeds the fair value.

***Other Expenses***

Other expenses represent costs necessary to support our operations that are not already included in the above categories, including, but not limited to, bad debt provisions and changes in contingent consideration.

**Non-Operating Income (Expenses)**

Income and expenses incurred through activities outside of our core operations are considered non-operating and are classified as interest expense, interest income, earnings (loss) on investments, net, or other income (expenses), net. These activities primarily include interest earned on the investing of excess cash, commitment fees and interest expense related to outstanding debt facilities, income and unrealized gains and losses related to investments held in a trust for the Company's non-qualified retirement and benefit plans, including non-employee director deferred compensation, unrealized and realized gains or losses or income earned related to the Company's minority investments, exchange gain and loss, and equity earnings or losses from our investments in other business ventures.

**RESULTS OF OPERATIONS**

The following are summaries of changes in financial performance and include certain non-GAAP financial measures. Management uses these non-GAAP measures internally in conjunction with GAAP measures to help evaluate our performance and to help make financial and operational decisions. These non-GAAP financial measures assist management in comparing our performance on a consistent basis for purposes of business decision making by removing the impact of certain items management believes do not reflect our underlying operations.

We believe our presentation of these measures provides additional and comparative information to assess trends in our core operations and a means to evaluate period-to-period comparisons. Non-GAAP financial measures are provided as additional information to investors in order to provide them with an alternative method for assessing our financial condition and operating results. We have presented the following non-GAAP measures because we consider them important supplemental measures of our performance and believe that they are frequently used by analysts, investors, and other interested parties in the evaluation of companies. We use adjusted EBITDA as a measure of operating performance for preparation of our forecasts and evaluating our leverage ratio for the debt to earnings covenant included in our outstanding credit facility. In addition, we have presented adjusted earnings because we consider it an important supplemental measure of our performance and we use it as the basis for monitoring our own core operating financial performance relative to other operators of exchanges. We also believe that it is frequently used by analysts, investors, and other interested parties in the evaluation of companies. We believe that investors may find this non-GAAP measure useful in evaluating our performance compared to that of peer companies in our industry.

These non-GAAP financial measures are not presented in accordance with, or as an alternative to, GAAP financial measures and may be calculated differently from non-GAAP measures used by other companies, which reduces their usefulness as comparative measures. We encourage analysts, investors and other interested parties to use these non-GAAP measures as supplemental information to the GAAP financial measures included herein, including our consolidated financial statements, to enhance their analysis and understanding of our performance and in making comparisons. We note that non-GAAP measures have limitations as analytical tools and they should not be considered in isolation or as substitutes for analysis of our results as reported under GAAP. Please see the footnotes below for definitions, additional information, and reconciliations from the closest GAAP measure.

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<u>[**Table of Contents**](#ic735b6ccda1a481fa4a1f9edfa4f3665_7)</u>

**Comparison of Years Ended December 31, 2025 and 2024** 

***Overview***

The following summarizes changes in financial performance for the year ended December 31, 2025, compared to the year ended December 31, 2024:

![1680](cboe-20251231_g2.jpg)![1681](cboe-20251231_g3.jpg)![549755917304](cboe-20251231_g4.jpg)

![1685](cboe-20251231_g5.jpg)![1686](cboe-20251231_g6.jpg)![549755917307](cboe-20251231_g7.jpg)

![1691](cboe-20251231_g8.jpg)![1692](cboe-20251231_g9.jpg)![1693](cboe-20251231_g10.jpg)

(1)These are Non-GAAP figures for which reconciliations are provided below (in millions, except percentages, earnings per share, and as noted below).

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Year Ended <br>December 31,** | **Year Ended <br>December 31,** | **Increase/**<br>**(Decrease)**  | **Percent** <br>**Change**  |
| | **2025** | **2024** | **Increase/**<br>**(Decrease)**  | **Percent** <br>**Change**  |
| Total revenues | $4714.2 | $4094.5 | $619.7 | 15% |
| Total cost of revenues | 2285.1 | 2022.1 | 263.0 | 13% |
| Revenues less cost of revenues | 2429.1 | 2072.4 | 356.7 | 17% |
| Total operating expenses | 962.0 | 974.0 | (12.0) | (1)% |
| Operating income | 1467.1 | 1098.4 | 368.7 | 34% |
| Operating margin | 60.4% | 53.0% | 7.4% | \* |
| Income before income tax provision | $1566.6 | $1083.8 | $482.8 | 45% |
| Income tax provision | 466.6 | 318.9 | 147.7 | 46% |
| Net income | 1100.0 | 764.9 | 335.1 | 44% |
| Net income allocated to participating securities | (5.2) | (3.9) | (1.3) | 33% |
| Net income allocated to common stockholders | $1094.8 | $761.0 | $333.8 | 44% |
| Net income allocated to common stockholders margin | 45.1% | 36.7% | 8.4% | \* |
| Basic earnings per share | $10.46 | $7.24 | $3.22 | 44% |
| Diluted earnings per share | 10.42 | 7.21 | 3.21 | 45% |
| Adjusted operating income (1) | $1592.6 | $1272.6 | $320.0 | 25% |
| Adjusted operating margin (1) | 65.6% | 61.4% | 4.2% | \* |
| Operating EBITDA (1) | $1589.5 | $1231.4 | $358.1 | 29% |
| Operating EBITDA margin (1) | 65.4% | 59.4% | 6.0% | \* |
| Adjusted operating EBITDA (1) | $1645.1 | $1316.9 | $328.2 | 25% |
| Adjusted operating EBITDA margin (1) | 67.7% | 63.5% | 4.2% | \* |
| EBITDA (2) | $1686.7 | $1237.1 | $449.6 | 36% |
| EBITDA margin (2) | 69.4% | 59.7% | 9.7% | \* |
| Adjusted EBITDA (2) | $1645.5 | $1351.6 | $293.9 | 22% |
| Adjusted EBITDA margin (2) | 67.7% | 65.2% | 2.5% | \* |
| Adjusted earnings (2) | $1121.7 | $908.0 | $213.7 | 24% |
| Diluted weighted average shares outstanding | 105.1 | 105.5 | (0.4) | (0)% |
| Adjusted diluted earnings per share (2) | $10.67 | $8.61 | $2.06 | 24% |

---

________________________________________________________

\* Not meaningful

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<u>[**Table of Contents**](#ic735b6ccda1a481fa4a1f9edfa4f3665_7)</u>

(1)Adjusted operating income is defined as operating income after relevant operating adjustments, which includes revenue, cost of revenues, and operating expense adjustments, as applicable. Adjusted operating margin represents adjusted operating income divided by revenues less cost of revenues. Operating EBITDA is defined as operating income before depreciation and amortization. Operating EBITDA margin represents operating EBITDA divided by revenues less cost of revenues. Adjusted operating EBITDA is calculated by adding back to operating EBITDA relevant operating adjustments, which includes revenue, cost of revenues, and operating expense adjustments, as applicable. Adjusted operating EBITDA margin represents adjusted operating EBITDA divided by revenues less cost of revenues. Relevant adjustments are detailed in the reconciliations that follow.

(2)EBITDA is defined as income before interest, net, income taxes, and depreciation and amortization. EBITDA margin represents EBITDA divided by revenues less cost of revenues. Adjusted EBITDA is calculated by adding back to EBITDA relevant adjustments, which includes revenue, cost of revenues, operating expense, and non-operating adjustments, as applicable. Adjusted EBITDA margin represents adjusted EBITDA divided by revenues less cost of revenues. Adjusted earnings is defined as net income after relevant adjustments, which includes revenue, cost of revenues, operating expense, non-operating adjustments, certain tax adjustments, and net income or loss allocated to participating securities, net of income tax effects of these adjustments, as applicable. Adjusted diluted earnings per share represents adjusted earnings divided by diluted weighted average shares outstanding. Relevant adjustments are detailed in the reconciliations that follow.

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<u>[**Table of Contents**](#ic735b6ccda1a481fa4a1f9edfa4f3665_7)</u>

The following is a reconciliation of operating income to adjusted operating income (in millions) for the year ended December 31, 2025 and 2024, respectively:

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2025** | **2024** |
| Operating income | $1467.1 | $1098.4 |
| Acquisition-related costs (a) | 0.3 | 1.3 |
| Amortization of acquired intangible assets (b) | 69.9 | 88.7 |
| Business realignment costs (c) | 7.0 | 2.1 |
| Cboe Digital syndication wind down (d) |  | (1.0) |
| Change in contingent consideration (e) |  | 2.1 |
| Executive compensation adjustment (g) | 1.6 |  |
| Impairment of assets (j) | 46.7 | 81.0 |
| &nbsp;&nbsp;Adjusted operating income | $1592.6 | $1272.6 |

---

The following is a reconciliation of operating income to operating EBITDA and adjusted operating EBITDA (in millions) for the year ended December 31, 2025 and 2024, respectively:

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2025** | **2024** |
| Operating income | $1467.1 | $1098.4 |
| Depreciation and amortization | 122.4 | 133.0 |
| &nbsp;&nbsp;Operating EBITDA | 1589.5 | 1231.4 |
| Acquisition-related costs (a) | 0.3 | 1.3 |
| Business realignment costs (c) | 7.0 | 2.1 |
| Cboe Digital syndication wind down (d) |  | (1.0) |
| Change in contingent consideration (e) |  | 2.1 |
| Executive compensation adjustment (g) | 1.6 |  |
| Impairment of assets (j) | 46.7 | 81.0 |
| &nbsp;&nbsp;Adjusted operating EBITDA | $1645.1 | $1316.9 |

---

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<u>[**Table of Contents**](#ic735b6ccda1a481fa4a1f9edfa4f3665_7)</u>

The following is a reconciliation of net income (loss) allocated to common stockholders to EBITDA and adjusted EBITDA (in millions) for the year ended December 31, 2025 and 2024, respectively:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** |
| | **Options** | **North American Equities** | **Europe and Asia Pacific** | **Futures** | **Global FX** | **Digital (1)** | **Corporate** | **Total** |
| Net income allocated to common stockholders | $735.8 | $163.1 | $32.4 | $63.1 | $46.2 | $— | $54.2 | $1094.8 |
| Interest (income) expense, net | (1.1) | (3.3) | 4.3 | (2.4) | (0.1) |  | 5.5 | 2.9 |
| Income tax provision (benefit) | 373.7 | 27.2 | 18.7 | 12.9 | (0.1) |  | 34.2 | 466.6 |
| Depreciation and amortization | 29.3 | 47.0 | 32.4 | 2.3 | 11.2 |  | 0.2 | 122.4 |
| &nbsp;&nbsp;EBITDA | 1137.7 | 234.0 | 87.8 | 75.9 | 57.2 |  | 94.1 | 1686.7 |
| Acquisition-related costs (a) |  | 0.2 |  |  |  |  | 0.1 | 0.3 |
| Business realignment costs (c) | 0.1 | 0.2 | 5.7 | 0.6 |  |  | 0.4 | 7.0 |
| Non-operating investment adjustments, net (f) |  | (0.9) |  |  |  |  | (95.9) | (96.8) |
| Executive compensation adjustment (g) |  |  |  |  |  |  | 1.6 | 1.6 |
| Impairment of assets (j) |  | 17.7 | 29.0 |  |  |  |  | 46.7 |
| &nbsp;&nbsp;Adjusted EBITDA | $1137.8 | $251.2 | $122.5 | $76.5 | $57.2 | $— | $0.3 | $1645.5 |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2024** | **2024** | **2024** | **2024** | **2024** | **2024** | **2024** | **2024** |
|  | **Options** | **North American Equities** | **Europe and Asia Pacific** | **Futures** | **Global FX** | **Digital (1)** | **Corporate** | **Total** |
| Net income (loss) allocated to common stockholders | $577.5 | $147.9 | $24.4 | $70.2 | $33.2 | $(78.2) | $(14.0) | $761.0 |
| Interest (income) expense, net | (0.6) | (2.4) | 3.7 |  | (0.1) | (3.7) | 27.3 | 24.2 |
| Income tax provision (benefit) | 299.1 | 23.1 | 13.3 | 28.4 | 0.1 | (28.6) | (16.5) | 318.9 |
| Depreciation and amortization | 27.0 | 58.2 | 29.3 | 2.3 | 13.5 | 2.8 | (0.1) | 133.0 |
| &nbsp;&nbsp;EBITDA | 903.0 | 226.8 | 70.7 | 100.9 | 46.7 | (107.7) | (3.3) | 1237.1 |
| Acquisition-related costs (a) |  | 0.4 | 0.3 |  |  | 0.1 | 0.5 | 1.3 |
| Business realignment costs (c) |  |  |  |  |  | 2.1 |  | 2.1 |
| Cboe Digital syndication wind down (d) |  |  |  |  |  | (1.0) |  | (1.0) |
| Change in contingent consideration (e) |  | (1.0) |  |  |  |  | 3.1 | 2.1 |
| Non-operating investment adjustments, net (f) |  |  |  |  |  |  | 31.4 | 31.4 |
| Gain on Cboe Digital non-recourse notes and warrants wind down (h) |  |  |  |  |  | (1.4) |  | (1.4) |
| Gain on sale of property held for sale (i) | (1.0) |  |  |  |  |  |  | (1.0) |
| Impairment of assets (j) |  |  |  |  |  | 81.0 |  | 81.0 |
| &nbsp;&nbsp;Adjusted EBITDA | $902.0 | $226.2 | $71.0 | $100.9 | $46.7 | $(26.9) | $31.7 | $1351.6 |

---

____________________________________________________________________

(1) The Digital segment results are prospectively included in the Futures segment beginning in the first quarter of 2025. Digital results from 2024 have been retained in the former Digital segment for comparative purposes. See Note 16 ("Segment Reporting") for additional information.

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<u>[**Table of Contents**](#ic735b6ccda1a481fa4a1f9edfa4f3665_7)</u>

The following is a reconciliation of net income allocated to common stockholders to adjusted earnings (in millions) for the year ended December 31, 2025 and 2024, respectively:

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2025** | **2024** |
| Net income allocated to common stockholders | $1094.8 | $761.0 |
| Acquisition-related costs (a) | 0.3 | 1.3 |
| Amortization of acquired intangible assets (b) | 69.9 | 88.7 |
| Business realignment costs (c) | 7.0 | 2.1 |
| Cboe Digital syndication wind down (d) |  | (1.0) |
| Change in contingent consideration (e) |  | 2.1 |
| Non-operating investment adjustments, net (f) | (96.8) | 31.4 |
| Executive compensation adjustment (g) | 1.6 |  |
| Gain on Cboe Digital non-recourse notes and warrants wind down (h) |  | (1.4) |
| Gain on sale of property held for sale (i) |  | (1.0) |
| Impairment of assets (j) | 46.7 | 81.0 |
| Tax effect of adjustments | (8.2) | (52.2) |
| Deferred tax re-measurements (k) | 13.3 |  |
| Release of tax reserves (k) | (6.6) | (8.1) |
| Valuation allowances (l) |  | 5.0 |
| Net income allocated to participating securities | (0.3) | (0.9) |
| &nbsp;&nbsp;Adjusted earnings | $1121.7 | $908.0 |

---

**__________________________________________________________**

(a) This amount includes acquisition-related costs primarily from the company's Cboe Digital, Cboe Canada, and Cboe Asia Pacific acquisitions, which are included in acquisition-related costs on the consolidated statements of income

(b) This amount represents the amortization of acquired intangible assets related to the company's acquisitions, which is included in depreciation and amortization on the consolidated statements of income.

(c) This amount represents certain business realignment costs related to announced business realignment initiatives. For the year ended December 31, 2025, the costs included $5.1 million in compensation and benefits, $0.5 million in professional fees and outside services, and $1.4 million in other expenses, respectively, on the consolidated statements of income. For the year ended December 31, 2024, the costs included $2.1 million in compensation and benefits on the consolidated statements of income.

(d) This amount represents the contra-revenue that was reversed as a result of the Cboe Digital syndication wind down, which is included in transaction and clearing fees on the consolidated statements of income.

(e) This amount represents the gains and losses related to contingent consideration liabilities achieved related to the acquisitions of Cboe Canada and Cboe Asia Pacific, which is included in other expenses on the consolidated statements of income.

(f) This amount represents the net gains associated with the partial sale of PYTH token intangible assets and from the company's various minority investments, as well as the gain associated with the completion of the investment transaction within the company's investment in the 7Ridge Fund (which owned Trading Technologies International Inc.), which included $96.8 million in earnings on investments, net on the consolidated statements of income, for the year ended December 31, 2025, and the net impairments related to the company's minority investments, which included $31.6 million in other income (expense), net on the consolidated statements of income, for the year ended December 31, 2024, and $0.2 million in earnings on investments, net on the consolidated statements of income for the year ended December 31, 2024.

(g) This amount represents the CEO sign-on long-term equity awards with a grant date value of $6.0 million (comprised of a mixture of time and performance-based awards) and subject to a 3-year cliff vesting requirement associated with the hiring of Craig Donohue as Chief Executive Officer, which is included in compensation and benefits on the consolidated statements of income. This amount does not include the CEO's annual long-term equity incentive awards that were prorated for 2025.

(h) This amount represents the revaluation and the gain associated with the wind down of the Cboe Digital non-recourse notes and warrants, which is included in other income (expense), net on the consolidated statements of income.

(i) This amount represents the net gain on the sale of the company's former headquarters, which is included in other income (expense), net on the consolidated statements of income.

(j) This amount represents the impairment of assets related to Cboe Canada, CEDX, and Cboe Japan in 2025, as well as the impairment of assets related to the Cboe Digital wind down in 2024, which are included in impairment of assets on the consolidated statements of income.

(k) These amounts represent the tax impact related to changes in state and local filing positions for the year ended December 31, 2025 and the tax reserves related to Section 199 matters for the year ended December 31, 2024.

(l) This amount represents the valuation allowances related to the impairments of the company's minority investments in Globacap Technology Limited and StratiFi Technologies Inc.

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<u>[**Table of Contents**](#ic735b6ccda1a481fa4a1f9edfa4f3665_7)</u>

The following summarizes changes in certain operational and financial metrics for the year ended December 31, 2025 compared to the year ended December 31, 2024:

![5596](cboe-20251231_g11.jpg)![5597](cboe-20251231_g12.jpg)![5598](cboe-20251231_g13.jpg)

![5600](cboe-20251231_g14.jpg)![5601](cboe-20251231_g15.jpg)![5602](cboe-20251231_g16.jpg)

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<u>[**Table of Contents**](#ic735b6ccda1a481fa4a1f9edfa4f3665_7)</u>

The following summarizes changes in certain operational and financial metrics for the year ended December 31, 2025 compared to the year ended December 31, 2024 (continued from previous page):

![5792](cboe-20251231_g17.jpg)![5793](cboe-20251231_g18.jpg)

![5796](cboe-20251231_g19.jpg)![5802](cboe-20251231_g20.jpg)

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<u>[**Table of Contents**](#ic735b6ccda1a481fa4a1f9edfa4f3665_7)</u>

The following table includes operational and financial metrics for our Options, North American Equities, Europe and Asia Pacific, Futures, and Global FX segments. The following summarizes changes in certain operational and financial metrics for the year ended December 31, 2025 compared to the year ended December 31, 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Increase/**<br>**(Decrease)**  | **Percent<br>Change** |
| | **2025** | **2024** | **Increase/**<br>**(Decrease)**  | **Percent<br>Change** |
| | **(in millions, except percentages, trading days, and as noted below)** | **(in millions, except percentages, trading days, and as noted below)** | **(in millions, except percentages, trading days, and as noted below)** | **(in millions, except percentages, trading days, and as noted below)** |
| **Options:** |  |  |  |  |
| Average daily volume (ADV) (in millions of contracts): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Market ADV | 60.8 | 48.5 | 12.3 | 25% |
| &nbsp;&nbsp;&nbsp;Total touched contracts (1) | 18.4 | 14.9 | 3.5 | 23% |
| &nbsp;&nbsp;&nbsp;Multi-listed contract ADV | 13.5 | 10.9 | 2.6 | 24% |
| &nbsp;&nbsp;&nbsp;Index contract ADV | 4.9 | 4.1 | 0.8 | 21% |
| Trading days | 250 | 252 | (2) | (1)% |
| Total Options revenue per contract (RPC) (2) | $0.297 | $0.293 | $0.004 | 1% |
| &nbsp;&nbsp;&nbsp;Multi-listed options RPC (2) | 0.066 | 0.063 | 0.003 | 4% |
| &nbsp;&nbsp;&nbsp;Index options RPC (2) | 0.924 | 0.902 | 0.022 | 2% |
| Total Options market share | 30.3% | 30.8% | (0.5)% | \* |
| &nbsp;&nbsp;&nbsp;Multi-listed options market share | 24.2% | 24.5% | (0.3)% | \* |
| **North American Equities:** |  |  |  |  |
| **U.S. Equities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**U.S. Equities - Exchange:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;ADV: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total matched shares (in billions) (5) | 1.8 | 1.4 | 0.4 | 26% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Market ADV (in billions) | 17.6 | 12.2 | 5.4 | 45% |
| &nbsp;&nbsp;&nbsp;&nbsp;Market share | 10.0% | 11.4% | (1.4)% | \* |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Equities - Exchange (net capture per one hundred touched shares) (3) | $0.015 | $0.022 | $(0.007) | (32)% |
| &nbsp;&nbsp;&nbsp;U.S. ETPs: launches (number of launches) | 351 | 235 | 116 | 49% |
| &nbsp;&nbsp;&nbsp;U.S. ETPs: listings (number of listings) | 1165 | 871 | 294 | 34% |
| &nbsp;&nbsp;&nbsp;**U.S. Equities - Off-Exchange:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;ADV (touched shares, in millions) (1) | 155.1 | 79.0 | 76.1 | 96% |
| &nbsp;&nbsp;&nbsp;&nbsp;U.S. Equities - Off-Exchange (net capture per one hundred touched shares) (4) | $0.075 | $0.132 | $(0.057) | (43)% |
| &nbsp;&nbsp;&nbsp;Trading days | 250 | 252 | (2) | (1)% |
| **Canadian Equities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;ADV (matched shares, in millions) (5) | 167.5 | 147.6 | 19.9 | 13% |
| &nbsp;&nbsp;&nbsp;Trading days | 251 | 252 | (1) | (0)% |
| &nbsp;&nbsp;&nbsp;Net capture (per 10,000 touched shares, in Canadian dollars) (6) | $4.133 | $4.069 | $0.064 | 2% |
| **Europe and Asia Pacific:** |  |  |  |  |
| **European Equities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;ADNV: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Matched ADNV (Euros - in billions) (7) | 12.8 | 9.8 | 3 | 31% |
| &nbsp;&nbsp;&nbsp;&nbsp;Market ADNV (Euros - in billions) | 51.3 | 41.4 | 9.9 | 24% |
| &nbsp;&nbsp;&nbsp;Trading days | 256 | 257 | (1) | (0)% |
| &nbsp;&nbsp;&nbsp;Market share | 25.0% | 23.6% | 1.4% | \* |
| &nbsp;&nbsp;&nbsp;Net capture (per matched notional value (bps), in Euros) (8) | 0.269 | 0.255 | 0.014 | 6% |
| **Cboe Clear Europe:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Trades cleared, in millions (9) | 1464.6 | 1229.2 | 235.4 | 19% |
| &nbsp;&nbsp;&nbsp;Fee per trade cleared (10) | 0.009 | 0.008 | 0.001 | 9% |
| &nbsp;&nbsp;&nbsp;European Equities market share cleared (11) | 39.4% | 37.4% | 2.0% | \* |
| &nbsp;&nbsp;&nbsp;Net settlement volume, in millions (12) | 13.6 | 11.2 | 2.4 | 22% |
| &nbsp;&nbsp;&nbsp;Net fee per settlement (13) | 1.012 | 1.033 | (0.021) | (2)% |
| **Australian Equities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;ADNV (Australian dollars - in billions) | $0.9 | $0.8 | $0.1 | 20% |
| &nbsp;&nbsp;&nbsp;Trading days | 253 | 254 | (1) | (0)% |
| &nbsp;&nbsp;&nbsp;Market share - Continuous | 20.2% | 20.7% | (0.5)% | \* |
| &nbsp;&nbsp;&nbsp;Net capture (per matched notional value (bps), in Australian dollars) (14) | $0.184 | $0.155 | $0.029 | 19% |
| **Futures:** |  |  |  |  |
| ADV (in thousands) | 227.2 | 238.6 | (11.4) | (5)% |
| Trading days | 250 | 252 | (2) | (1)% |
| RPC | $1.723 | $1.760 | $(0.037) | (2)% |
| **Global FX:** |  |  |  |  |
| ADNV ($- in billions) | $52.8 | $46.7 | $6.1 | 13% |
| Trading days | 259 | 260 | (1) | (0)% |
| Net capture (per one million dollars traded) (15) | $2.85 | $2.68 | $0.17 | 7% |
| Average British pound/U.S. dollar exchange rate | $1.318 | $1.278 | $0.040 | 3% |
| Average Canadian dollar/U.S. dollar exchange rate | $0.716 | $0.730 | $(0.014) | (2)% |
| Average Euro/U.S. dollar exchange rate | $1.130 | $1.082 | $0.048 | 4% |
| Average Euro/British pound exchange rate | £0.857 | £0.847 | £0.010 | 1% |
| Average Australian dollar/U.S. dollar exchange rate | $0.645 | $0.660 | $(0.015) | (2)% |

---

**_______________________________________________________**

\* Not meaningful

Note, the percent change listed represents the change in the unrounded metrics figures.

Note, in the third quarter of 2025, the Company replaced U.S. Equities - Exchange total touched shares with total matched shares for each period presented, aligning the metric with externally reported volume summaries. The impact of this change is immaterial.

Note, the former Digital segment is not included as results were not material for the year ended December 31, 2024. In the second quarter of 2025, Digital futures products were transitioned to Cboe Futures Exchange. Futures metrics prior to the second quarter of 2025 exclude Digital futures products.

Note, as of January 2025, European equities market share cleared excludes market volume not cleared within the Cboe Clear Europe pan-European equities market space. Prior periods have been recast in accordance with this methodology.

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(1)Touched volume represents the total number of shares of equity securities and ETFs internally matched on our exchanges or routed to and executed on an external market center.

(2)Average revenue per contract, for options and futures, represents total net transaction fees recognized for the period divided by total contracts traded during the period.

(3)Net capture per one hundred touched shares refers to transaction fees less liquidity payments and routing and clearing costs divided by the product of one-hundredth ADV of touched shares on BZX, BYX, EDGX, and EDGA and the number of trading days.

(4)Net capture per one hundred touched shares refers to transaction fees less order and execution management system (OMS/EMS) fees and clearing costs divided by the product of one-hundredth ADV of touched shares on BIDS Trading and the number of trading days for the period.

(5)Matched volume represents the total number of shares of equity securities and ETFs activity executed on our exchanges.

(6)Net capture per 10,000 touched shares refers to transaction fees divided by the product of one-ten thousandth ADV of shares of Cboe Canada and the number of trading days.

(7)Matched ADNV represents the average daily notional value of shares or contracts executed on our exchanges.

(8)Net capture per matched notional value refers to transaction fees less liquidity payments in Euros divided by the product of ADNV in Euros of shares matched on Cboe Europe Equities and the number of trading days.

(9)Trades cleared refers to the total number of non-interoperable trades cleared.

(10)Fee per trade cleared refers to clearing fees divided by the number of non-interoperable trades cleared.

(11)European Equities market share cleared represents Cboe Clear Europe's client volume cleared divided by the total volume of the publicly reported European venues.

(12)Net settlement volume refers to the total number of settlements executed after netting.

(13)Net fee per settlement refers to settlement fees less direct costs incurred to settle divided by the number of settlements executed after netting.

(14)Net capture per matched notional value refers to transaction fees less liquidity payments in Australian dollars divided by the product of ADNV in Australian dollars of shares matched on Cboe Australia and the number of Australian Equities trading days.

(15)Net capture per one million dollars traded refers to net transaction fees less liquidity payments, if any, divided by the Spot and SEF products of one-thousandth of ADNV traded on the Cboe FX Markets and the number of trading days, divided by two, which represents the buyer and seller that are both charged on the transaction.

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***Revenues***

Total revenues for the year ended December 31, 2025 increased $619.7 million, or 15%, compared to the year ended December 31, 2024 primarily due to increases across all revenue captions, driven by an increase in transaction and clearing fees as a result of increased volumes traded on the Cboe options, Cboe U.S. equities, and Cboe European equities exchanges, partially offset by a decrease in regulatory fees due to a decrease in the Section 31 fee rate following a rate change in May 2025.

The following summarizes changes in revenues for the year ended December 31, 2025 compared to the year ended December 31, 2024 (in millions, except percentages):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Year Ended<br>December 31,** | **Year Ended<br>December 31,** | **Increase/<br>(Decrease)** | **Percent** <br>**Change**  |
| | **2025** | **2024** | **Increase/<br>(Decrease)** | **Percent** <br>**Change**  |
| Cash and spot markets | $1834.8 | $1670.0 | $164.8 | 10% |
| Data Vantage | 635.5 | 576.6 | 58.9 | 10% |
| Derivatives markets | 2243.9 | 1847.9 | 396.0 | 21% |
| &nbsp;&nbsp;Total revenues | $4714.2 | $4094.5 | $619.7 | 15% |

---

*Cash and Spot Markets*

Cash and spot markets revenue increased for the year ended December 31, 2025 compared to the year ended December 31, 2024 primarily due to an increase in transaction and clearing fees, partially offset by a decrease in regulatory fees. Transaction and clearing fees increased primarily due to a 26% increase in total matched shares on Cboe U.S. equity exchanges and a 31% increase in Cboe European equities exchanges matched ADNV. Regulatory fees decreased primarily due to a 49% decrease in the Section 31 fee rate, from an average of $20.08 per million dollars of covered sales for the year ended December 31, 2024 to an average rate of $10.26 per million dollars of covered sales for the year ended December 31, 2025, following a rate change effective May 2025 to $0 per million dollars of covered sales due to the SEC having collected its entire 2025 appropriated amount. Regulatory fees revenue related to Section 31 fees is directly offset by regulatory fees cost of revenues related to Section 31 fees.

*Data Vantage*

Data Vantage revenue increased for the year ended December 31, 2025 compared to the year ended December 31, 2024 primarily due to increases in access and capacity fees and proprietary market data fees. Access and capacity fees increased primarily due to increased logical and physical port fees in the Options, North American Equities, and Europe and Asia Pacific segments driven by increased customer demand. Proprietary market data fees increased primarily due to increases in proprietary market data fees in the Options, Europe and Asia Pacific, and North American Equities segments driven by increased customer demand.

*Derivatives Markets* 

Derivatives markets revenue increased for the year ended December 31, 2025 compared to the year ended December 31, 2024 primarily due to an increase in transaction and clearing fees, partially offset by a decrease in regulatory fees. Transaction and clearing fees increased primarily due to a 21% increase in index options ADV and a 24% increase in multi-listed options ADV. Regulatory fees decreased primarily due to a 49% decrease in the Section 31 fee rate, from an average of $20.08 per million dollars of covered sales for the year ended December 31, 2024 to an average rate of $10.26 per million dollars of covered sales for the year ended December 31, 2025, following a rate change effective May 2025 to $0 per million dollars of covered sales due to the SEC having collected its entire 2025 appropriated amount. Regulatory fees revenue related to Section 31 fees is directly offset by regulatory fees cost of revenues related to Section 31 fees.

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***Cost of Revenues***

The following tables reconcile the disaggregated cost of revenues captions presented on the consolidated statements of income to the revenue captions presented on the consolidated statements of income for the year ended December 31, 2025 and 2024, respectively (in millions):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Year Ended December 31, <br>2025** | **Year Ended December 31, <br>2025** | **Year Ended December 31, <br>2025** | **Year Ended December 31, <br>2025** |
| | **Cash and Spot Markets** | **Data Vantage** | **Derivatives Markets** | **Total** |
| Liquidity payments | $1073.4 | $— | $636.3 | $1709.7 |
| Routing and clearing fees | 62.7 |  | 17.7 | 80.4 |
| Regulatory fees cost of revenues | 191.6 |  | 47.1 | 238.7 |
| Royalty fees and other cost of revenues | 41.9 | 12.6 | 201.8 | 256.3 |
| Total cost of revenues | $1369.6 | $12.6 | $902.9 | $2285.1 |
|  | **Year Ended December 31, <br>2024** | **Year Ended December 31, <br>2024** | **Year Ended December 31, <br>2024** | **Year Ended December 31, <br>2024** |
|  | **Cash and Spot Markets** | **Data Vantage** | **Derivatives Markets** | **Total** |
| Liquidity payments | $843.5 | $— | $485.6 | $1329.1 |
| Routing and clearing fees | 51.2 |  | 17.1 | 68.3 |
| Regulatory fees cost of revenues | 318.3 |  | 73.1 | 391.4 |
| Royalty fees and other cost of revenues | 53.8 | 10.9 | 168.6 | 233.3 |
| Total cost of revenues | $1266.8 | $10.9 | $744.4 | $2022.1 |

---

Total cost of revenues increased for the year ended December 31, 2025 compared to the year ended December 31, 2024 primarily due to an increase in liquidity payments as a result of volume increases in U.S. equities and multi-listed options, partially offset by a decrease in regulatory fees cost of revenues as a result of a decrease in the Section 31 fee rate.

The following summarizes the changes in the disaggregated cost of revenues for the year ended December 31, 2025 compared to the year ended December 31, 2024 (in millions, except percentages):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Year Ended<br>December 31,** | **Year Ended<br>December 31,** | **Increase/<br>(Decrease)** | **Percent** <br>**Change**  |
| | **2025** | **2024** | **Increase/<br>(Decrease)** | **Percent** <br>**Change**  |
| Liquidity payments | $1709.7 | $1329.1 | $380.6 | 29% |
| Routing and clearing | 80.4 | 68.3 | 12.1 | 18% |
| Regulatory fees cost of revenues | 238.7 | 391.4 | (152.7) | (39)% |
| Royalty fees and other cost of revenues | 256.3 | 233.3 | 23.0 | 10% |
| &nbsp;&nbsp;Total cost of revenues | $2285.1 | $2022.1 | $263.0 | 13% |

---

*Liquidity Payments*

Liquidity payments increased for the year ended December 31, 2025 compared to the year ended December 31, 2024 primarily due to an increase in liquidity payments on the Cboe U.S. equity exchanges as a result of a 26% increase in total matched shares, coupled with an increase in liquidity payments on the Cboe options exchanges as a result of a 24% increase in multi-listed options ADV.

*Routing and Clearing*

Routing and clearing fees increased for the year ended December 31, 2025 compared to the year ended December 31, 2024 primarily due to an increase in routed trades on the Cboe U.S. equity exchanges and Cboe Clear Europe settlement fees.

*Regulatory Fees Cost of Revenues*

Regulatory fees cost of revenues decreased for the year ended December 31, 2025 compared to the year ended December 31, 2024 primarily due to a 49% decrease in the Section 31 fee rate, from an average rate of $20.08 per million dollars of covered sales for the year ended December 31, 2024 to an average rate of $10.26 per million dollars of covered sales for the year ended December 31, 2025, following a rate change effective May 2025 to $0 per million dollars of covered

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sales due to the SEC having collected its entire 2025 appropriated amount. Regulatory fees revenue related to Section 31 fees is directly offset by regulatory fees cost of revenues related to Section 31 fees.

*Royalty Fees and Other Cost of Revenues*

Royalty fees and other cost of revenues increased for the year ended December 31, 2025 compared to the year ended December 31, 2024 primarily due to an increase in trading volumes of licensed products in the Options segment, partially offset by a decrease in operating interest expense attributable to Cboe Clear Europe as a result of the changing interest rate environment resulting in a decrease in interest paid to customers.

***Revenues Less Cost of Revenues***

Revenues less cost of revenues increased $356.7 million, or 17%, for the year ended December 31, 2025 compared to the year ended December 31, 2024 primarily due to an increase in derivatives markets revenues less cost of revenues, driven by an increase in volumes traded on the Cboe options exchanges, an increase in cash and spot markets revenues less cost of revenues driven by an increase in volumes traded on the Cboe European equities exchanges, and an increase in Data Vantage revenues less cost of revenues driven by an increase in access and capacity fees and proprietary market data across segments.

The following summarizes the components of revenues less cost of revenues for the year ended December 31, 2025, presented as a percentage of revenues less cost of revenues and compared to the year ended December 31, 2024 (in millions, except percentages):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | | | **Percentage of <br>Revenues Less <br>Cost of Revenues** | **Percentage of <br>Revenues Less <br>Cost of Revenues** |
| | **Year Ended<br>December 31,** | **Year Ended<br>December 31,** | **Percent<br>Change** | **Year Ended <br>December 31,** | **Year Ended <br>December 31,** |
| | **2025** | **2024** | **Percent<br>Change** | **2025** | **2024** |
| Cash and spot markets | $465.2 | $403.2 | 15% | 19% | 20% |
| Data Vantage | 622.9 | 565.7 | 10% | 26% | 27% |
| Derivatives markets | 1341.0 | 1103.5 | 22% | 55% | 53% |
| &nbsp;&nbsp;Total revenues less cost of revenues | $2429.1 | $2072.4 | 17% | 100% | 100% |

---

*Cash and Spot Markets* 

Cash and spot markets revenues less cost of revenues increased for the year ended December 31, 2025 compared to the year ended December 31, 2024 primarily due to increases in transaction and clearing fees less liquidity payments and routing and clearing costs ("net transaction and clearing fees") in the Europe and Asia Pacific and Global FX segments. Net transaction and clearing fees increased primarily due to a 31% increase in Cboe European equities matched ADNV, a 13% increase in Global FX ADNV, and a 22% increase in Cboe Clear Europe net settlement volumes.

*Data Vantage*

Data Vantage revenues less cost of revenues increased for the year ended December 31, 2025 compared to the year ended December 31, 2024 primarily due to increases in access and capacity fees and proprietary market data fees. Access and capacity fees increased primarily due to increases in logical and physical port fees in the Options, North American Equities, and Europe and Asia Pacific segments driven by increased customer demand. Proprietary market data fees increased primarily due to increases in proprietary market data fees in the Options, Europe and Asia Pacific, and North American Equities segments driven by increased customer demand.

*Derivatives Markets* 

Derivatives markets revenues less cost of revenues increased for the year ended December 31, 2025 compared to the year ended December 31, 2024 primarily due to an increase in net transaction and clearing fees, driven by a 21% increase in index options ADV and a 24% increase in multi-listed options ADV, partially offset by an increase in royalty fees due to an increase in trading volumes of licensed products in the Options segment.

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***Operating Expenses***

Total operating expenses for the year ended December 31, 2025 compared to the year ended December 31, 2024 decreased $12.0 million, or 1%, primarily due to decreases in impairment of assets and depreciation and amortization, partially offset by an increase in compensation and benefits.

The following summarizes changes in operating expenses for the year ended December 31, 2025 compared to the year ended December 31, 2024 (in millions, except percentages):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Year Ended<br>December 31,** | **Year Ended<br>December 31,** | **Increase/<br>(Decrease)** | **Percent <br>Change** |
| | **2025** | **2024** | **Increase/<br>(Decrease)** | **Percent <br>Change** |
| Compensation and benefits | $500.8 | $462.4 | $38.4 | 8% |
| Depreciation and amortization | 122.4 | 133.0 | (10.6) | (8)% |
| Technology support services | 107.6 | 102.8 | 4.8 | 5% |
| Professional fees and outside services | 91.5 | 94.8 | (3.3) | (3)% |
| Travel and promotional expenses | 42.1 | 45.8 | (3.7) | (8)% |
| Facilities costs | 26.2 | 24.6 | 1.6 | 7% |
| Acquisition-related costs | 0.3 | 1.3 | (1.0) | (77)% |
| Impairment of assets | 46.7 | 81.0 | (34.3) | (42)% |
| Other expenses | 24.4 | 28.3 | (3.9) | (14)% |
| &nbsp;&nbsp;Total operating expenses | $962.0 | $974.0 | $(12.0) | (1)% |

---

*Compensation and Benefits*

Compensation and benefits increased for the year ended December 31, 2025 compared to the year ended December 31, 2024 primarily due to a $21.8 million increase in accrued bonuses as a result of strong Company performance, a $10.1 million increase in salaries and wages primarily due to merit increases, a $4.6 million increase in equity compensation related to executive transitions, and a $4.1 million increase in payroll benefits, partially offset by an $8.3 million increase in capitalized wages as a result of an increase in internally developed software.

*Depreciation and Amortization*

Depreciation and amortization decreased for the year ended December 31, 2025 compared to the year ended December 31, 2024 primarily due to declines in amortization under the discounted cash flow method for the intangibles acquired in the Merger and monthly amortization for developed and existing technology ending or being fully impaired since the third quarter of 2024.

*Technology Support Services*

Technology support services costs increased for the year ended December 31, 2025 compared to the year ended December 31, 2024 primarily due to increases in cloud services, secondary data center hosting expenses, market data technology support services, and hardware maintenance, partially offset by decreases in purchased hardware.

*Professional Fees and Outside Services*

Professional and outside services fees decreased for the year ended December 31, 2025 compared to the year ended December 31, 2024 primarily due to a decrease in consulting fees.

*Travel and Promotional Expenses*

Travel and promotional expenses decreased for the year ended December 31, 2025 compared to the year ended December 31, 2024 primarily due to a decrease in marketing and advertising expenses driven by decreases in the Company's advertising campaigns and sponsorships.

*Facilities Costs*

Facilities costs increased for the year ended December 31, 2025 compared to the year ended December 31, 2024 primarily due to an increase in repairs and maintenance related to our leased properties and an increase in office rent.

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*Acquisition-Related Costs*

Acquisition-related costs decreased for the year ended December 31, 2025 compared to the year ended December 31, 2024 primarily due to a decrease in retention-related compensation costs associated with prior acquisitions and professional fees.

*Impairment of Assets*

Impairment of assets decreased for the year ended December 31, 2025 compared to the year ended December 31, 2024 primarily due to the $81.0 million impairment of assets recognized in the former Digital segment during the year ended December 31, 2024. This was partially offset by the impairment of Cboe Japan's assets of $23.4 million as a result of the wind down of the Company's Japanese equities business, $17.7 million in cumulative impairment charges of intangible assets related to Cboe Canada, and a $5.6 million impairment charge of internally developed software and prepaid expenses on Cboe Clear Europe related to the CEDX wind down during the year ended December 31, 2025.

*Other Expenses*

Other expenses decreased for the year ended December 31, 2025 compared to the year ended December 31, 2024 primarily due to a decrease in bad debt expense and change in contingent consideration related to prior acquisitions recorded in 2024, which did not recur in 2025.

***Operating Income***

As a result of the items above, operating income for the year ended December 31, 2025 was $1,467.1 million, compared to operating income of $1,098.4 million for the year ended December 31, 2024, an increase of $368.7 million.

***Interest Expense***

Interest expense increased for the year ended December 31, 2025 compared to the year ended December 31, 2024 primarily due to an increase in Cboe Clear Europe commitment fees on the Cboe Clear Europe Credit Facility.

***Interest Income***

Interest income increased for the year ended December 31, 2025 compared to the year ended December 31, 2024 primarily due to income from U.S. Treasury bills as a result of additional investment of cash and cash equivalents coupled with increases in interest on higher average daily cash and cash equivalents balances.

***Earnings on Investments, Net***

Earnings on investments, net increased for the year ended December 31, 2025 compared to the year ended December 31, 2024 primarily due to $90.8 million in net realized gains on the Company's equity method investment in the 7Ridge Fund (which owned Trading Technologies) recorded in 2025 as a result of Trading Technologies' sale to a third party in November 2025.

***Other Income (Expense), Net***

Other income (expense), net increased for the year ended December 31, 2025 compared to the year ended December 31, 2024 primarily due to a $16.0 million impairment recorded on the Company's minority investment in Globacap Technology Limited recorded in 2024, coupled with a $10.5 million impairment charge on the Company's minority investment in Eris Innovations Holdings, LLC recorded in 2024, which did not recur in 2025.

***Income Before Income Tax Provision***

As a result of the above, income before income tax provision for the year ended December 31, 2025 was $1,566.6 million compared to income before income tax provision of $1,083.8 million for the year ended December 31, 2024, an increase of $482.8 million.

***Income Tax Provision***

For the year ended December 31, 2025, the income tax provision was $466.6 million compared to $318.9 million for the year ended December 31, 2024, an increase of $147.7 million, primarily due to an increase in income before income tax provision. The effective tax rate for the year ended December 31, 2025 was 29.8%, compared to a rate of 29.4% for the year ended December 31, 2024. The higher effective tax rate in the year ended December 31, 2025 compared to the year ended

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December 31, 2024 is primarily due to remeasuring deferred tax assets and liabilities due to changes in state and local filing positions.

***Net Income***

As a result of the items above, net income for the year ended December 31, 2025 was $1,100.0 million, or 45% of revenues less cost of revenues, compared to $764.9 million, or 37%, of revenues less cost of revenues, for the year ended December 31, 2024, an increase of $335.1 million.

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**Segment Operating Results** 

The Company previously operated six reportable business segments as of December 31, 2024. As of January 1, 2025, we report results from our five segments: Options, North American Equities, Europe and Asia Pacific, Futures, and Global FX. Segment performance is primarily based on operating income. We have aggregated all corporate costs, as well as other business ventures, within Corporate Items and Eliminations as those activities should not be used to evaluate a segment's operating performance. All operating expenses that relate to activities of a specific segment have been allocated to that segment. Operating expenses increased or decreased in certain segments for the year ended December 31, 2025 compared to the year ended December 31, 2024 primarily due to changes in the allocation of shared-service expenses.

The following summarizes our total revenues by segment (in millions, except percentages):

![16419](cboe-20251231_g21.jpg)

Note, the chart excludes Digital revenues of $(0.1) million for the year ended December 31, 2024.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | | | **Percentage of <br>Total <br>Revenues** | **Percentage of <br>Total <br>Revenues** |
| | **Year Ended<br>December 31,** | **Year Ended<br>December 31,** | **Percent<br>Change** | **Year Ended <br>December 31,** | **Year Ended <br>December 31,** |
| | **2025** | **2024** | **Percent<br>Change** | **2025** | **2024** |
| Options | $2433.6 | $2002.6 | 22% | 52% | 49% |
| North American Equities | 1672.3 | 1546.8 | 8% | 35% | 38% |
| Europe and Asia Pacific | 378.6 | 324.2 | 17% | 8% | 8% |
| Futures | 135.9 | 141.1 | (4)% | 3% | 3% |
| Global FX | 93.8 | 79.9 | 17% | 2% | 2% |
| Digital (1) |  | (0.1) | 100% | —% | \*% |
| &nbsp;&nbsp;&nbsp;Total revenues | $4714.2 | $4094.5 | 15% | 100% | 100% |

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____________________________________________________________________

(1) The Digital segment results are prospectively included in the Futures segment beginning in the first quarter of 2025. Digital results from 2024 have been retained in the former Digital segment for comparative purposes. See Note 16 ("Segment Reporting") for additional information.

\* Not meaningful

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The following summarizes our revenues less cost of revenues by segment (in millions, except percentages):

![16748](cboe-20251231_g22.jpg)

Note, the chart excludes Digital revenues less cost of revenues of $(2.0) million for the year ended December 31, 2024.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | | | **Percentage of <br>Total Revenues <br>less Cost of Revenues** | **Percentage of <br>Total Revenues <br>less Cost of Revenues** |
| | **Year Ended<br>December 31,** | **Year Ended<br>December 31,** | **Percent<br>Change** | **Year Ended <br>December 31,** | **Year Ended <br>December 31,** |
| | **2025** | **2024** | **Percent<br>Change** | **2025** | **2024** |
| Options | $1531.1 | $1259.3 | 22% | 63% | 61% |
| North American Equities | 407.2 | 383.8 | 6% | 17% | 19% |
| Europe and Asia Pacific | 273.5 | 220.2 | 24% | 11% | 10% |
| Futures | 126.2 | 133.5 | (5)% | 5% | 6% |
| Global FX | 91.1 | 77.6 | 17% | 4% | 4% |
| Digital (1) |  | (2.0) | 100% | —% | \*% |
| &nbsp;&nbsp;Total revenues less cost of revenues | $2429.1 | $2072.4 | 17% | 100% | 100% |

---

____________________________________________________________________

(1) The Digital segment results are prospectively included in the Futures segment beginning in the first quarter of 2025. Digital results from 2024 have been retained in the former Digital segment for comparative purposes. See Note 16 ("Segment Reporting") for additional information.

\* Not meaningful

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***Options***

The following summarizes revenues less cost of revenues, operating expenses, operating income, operating margin, EBITDA, and EBITDA margin for our Options segment (in millions, except percentages):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | | | **Percentage <br>of Total <br>Revenues** | **Percentage <br>of Total <br>Revenues** |
| | **Year Ended<br>December 31,** | **Year Ended<br>December 31,** | **Percent<br>Change** | **Year Ended <br>December 31,** | **Year Ended <br>December 31,** |
| | **2025** | **2024** | **Percent<br>Change** | **2025** | **2024** |
| Revenues less cost of revenues | $1531.1 | $1259.3 | 22% | 63% | 63% |
| Operating expenses | 417.8 | 380.9 | 10% | 17% | 19% |
| Operating income | $1113.3 | $878.4 | 27% | 46% | 44% |
| Operating margin | 72.7% | 69.8% | \* | \* | \* |
| EBITDA (1) | $1137.7 | $903.0 | 26% | 47% | 45% |
| EBITDA margin (2) | 74.3% | 71.7% | \* | \* | \* |

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____________________________________________________________________

\* Not meaningful

(1)See footnote (2) to the table under "Overview" above for a reconciliation of net income to EBITDA, and management's reasons for using such non-GAAP measures.

(2)EBITDA margin represents EBITDA divided by revenues less cost of revenues.

Revenues less cost of revenues increased $271.8 million for the year ended December 31, 2025 compared to the year ended December 31, 2024 primarily due to an increase in net transaction and clearing fees, driven by a 21% increase in index options ADV, and a 24% increase in multi-listed options ADV, partially offset by an increase in royalty fees due to an increase in the trading volumes of licensed products. For the year ended December 31, 2025, operating income for the Options segment increased $234.9 million compared to the year ended December 31, 2024 primarily due to an increase in revenues less cost of revenues, partially offset by an increase in operating expenses. Operating expenses increased $36.9 million for the year ended December 31, 2025 compared to the year ended December 31, 2024 primarily due to increases in compensation and benefits and technology support services.

***North American Equities***

The following summarizes revenues less cost of revenues, operating expenses, operating income, operating margin, EBITDA, and EBITDA margin for our North American Equities segment (in millions, except percentages):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | | | **Percentage <br>of Total <br>Revenues** | **Percentage <br>of Total <br>Revenues** |
| | **Year Ended<br>December 31,** | **Year Ended<br>December 31,** | **Percent<br>Change** | **Year Ended <br>December 31,** | **Year Ended <br>December 31,** |
| | **2025** | **2024** | **Percent<br>Change** | **2025** | **2024** |
| Revenues less cost of revenues | $407.2 | $383.8 | 6% | 24% | 25% |
| Operating expenses | 219.1 | 215.2 | 2% | 13% | 14% |
| Operating income | $188.1 | $168.6 | 12% | 11% | 11% |
| Operating margin | 46.2% | 43.9% | \* | \* | \* |
| EBITDA (1) | $234.0 | $226.8 | 3% | 14% | 15% |
| EBITDA margin (2) | 57.5% | 59.1% | \* | \* | \* |

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____________________________________________________________________

\* Not meaningful

(1)See footnote (2) to the table under "Overview" above for a reconciliation of net income to EBITDA, and management's reasons for using such non-GAAP measures.

(2)EBITDA margin represents EBITDA divided by revenues less cost of revenues.

Revenues less cost of revenues increased $23.4 million for the year ended December 31, 2025 compared to the year ended December 31, 2024 primarily due to an increase in access and capacity fees driven by an increase in logical and physical port fees revenue and an increase in market data revenue as a result of an increase in tape plan revenue and proprietary market data revenue. For the year ended December 31, 2025, operating income for the North American Equities segment increased $19.5 million compared to the year ended December 31, 2024 primarily due to an increase in revenues less cost of revenues, partially offset by an increase in operating expenses. Operating expenses increased $3.9 million for the year ended December 31, 2025 compared to the year ended December 31, 2024 primarily due to an increase in impairment of intangible assets related to $17.7 million in cumulative impairment charges related to Cboe Canada, partially offset by a decrease in depreciation and amortization.

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***Europe and Asia Pacific***

The following summarizes revenues less cost of revenues, operating expenses, operating income, operating margin, EBITDA, and EBITDA margin for our Europe and Asia Pacific segment (in millions, except percentages):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | | | **Percentage <br>of Total <br>Revenues** | **Percentage <br>of Total <br>Revenues** |
| | **Year Ended<br>December 31,** | **Year Ended<br>December 31,** | **Percent<br>Change** | **Year Ended <br>December 31,** | **Year Ended <br>December 31,** |
| | **2025** | **2024** | **Percent<br>Change** | **2025** | **2024** |
| Revenues less cost of revenues | $273.5 | $220.2 | 24% | 72% | 68% |
| Operating expenses | 219.6 | 178.5 | 23% | 58% | 55% |
| Operating income | $53.9 | $41.7 | 29% | 14% | 13% |
| Operating margin | 19.7% | 18.9% | \* | \* | \* |
| EBITDA (1) | $87.8 | $70.7 | 24% | 23% | 22% |
| EBITDA margin (2) | 32.1% | 32.1% | \* | \* | \* |

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____________________________________________________________________

\* Not meaningful

(1)See footnote (2) to the table under "Overview" above for a reconciliation of net income to EBITDA, and management's reasons for using such non-GAAP measures.

(2)EBITDA margin represents EBITDA divided by revenues less cost of revenues.

Revenues less cost of revenues increased $53.3 million for the year ended December 31, 2025 compared to the year ended December 31, 2024 primarily due to an increase in net transaction and clearing fees, driven by a 31% increase in Cboe European Equities matched ADNV and a 22% increase in Cboe Clear Europe net settlement volumes, coupled with a decrease in interest expense attributable to Cboe Clear Europe, driven primarily by a decrease in interest rates. For the year ended December 31, 2025, operating income for the Europe and Asia Pacific segment increased $12.2 million compared to the year ended December 31, 2024 primarily due to an increase in revenues less cost of revenues, partially offset by an increase in operating expenses. Operating expenses increased $41.1 million for the year ended December 31, 2025 compared to the year ended December 31, 2024 primarily due to an increase in impairment of assets primarily related to the wind down of the Company's Japanese equities business and compensation and benefits.

***Futures***

The following summarizes revenues less cost of revenues, operating expenses, operating income, operating margin, EBITDA, and EBITDA margin for our Futures segment (in millions, except percentages):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | | | **Percentage <br>of Total <br>Revenues** | **Percentage <br>of Total <br>Revenues** |
| | **Year Ended<br>December 31,** | **Year Ended<br>December 31,** | **Percent<br>Change** | **Year Ended <br>December 31,** | **Year Ended <br>December 31,** |
| | **2025** | **2024** | **Percent<br>Change** | **2025** | **2024** |
| Revenues less cost of revenues | $126.2 | $133.5 | (5)% | 93% | 95% |
| Operating expenses | 52.3 | 34.6 | 51% | 38% | 25% |
| Operating income | $73.9 | $98.9 | (25)% | 54% | 70% |
| Operating margin | 58.6% | 74.1% | \* | \* | \* |
| EBITDA (1) | $75.9 | $100.9 | (25)% | 56% | 72% |
| EBITDA margin (2) | 60.1% | 75.6% | \* | \* | \* |

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____________________________________________________________________

\* Not meaningful

(1)See footnote (2) to the table under "Overview" above for a reconciliation of net income to EBITDA, and management's reasons for using such non-GAAP measures.

(2)EBITDA margin represents EBITDA divided by revenues less cost of revenues.

Revenues less cost of revenues decreased $7.3 million for the year ended December 31, 2025 compared to the year ended December 31, 2024 primarily due to a decrease in net transaction and clearing fees as a result of a 5% decrease in ADV. For the year ended December 31, 2025, operating income for the Futures segment decreased $25.0 million compared to the year ended December 31, 2024 primarily due to an increase in operating expenses, coupled with a decrease in revenues less cost of revenues. Operating expenses increased $17.7 million for the year ended December 31, 2025 compared to the year ended December 31, 2024 primarily due to increases in compensation and benefits, professional fees and outside services, and technology support services, due, largely, to the Digital results being prospectively included in the Futures segment beginning in the first quarter of 2025.

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***Global FX***

The following summarizes revenues less cost of revenues, operating expenses, operating income, operating margin, EBITDA, and EBITDA margin for our Global FX segment (in millions, except percentages):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | | | **Percentage <br>of Total <br>Revenues** | **Percentage <br>of Total <br>Revenues** |
| | **Year Ended<br>December 31,** | **Year Ended<br>December 31,** | **Percent<br>Change** | **Year Ended <br>December 31,** | **Year Ended <br>December 31,** |
| | **2025** | **2024** | **Percent<br>Change** | **2025** | **2024** |
| Revenues less cost of revenues | $91.1 | $77.6 | 17% | 97% | 97% |
| Operating expenses | 45.1 | 44.4 | 2% | 48% | 56% |
| Operating income | $46.0 | $33.2 | 39% | 49% | 42% |
| Operating margin | 50.5% | 42.8% | \* | \* | \* |
| EBITDA (1) | $57.2 | $46.7 | 22% | 61% | 58% |
| EBITDA margin (2) | 62.8% | 60.2% | \* | \* | \* |

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____________________________________________________________________

\* Not meaningful

(1)See footnote (2) to the table under "Overview" above for a reconciliation of net income to EBITDA, and management's reasons for using such non-GAAP measures.

(2)EBITDA margin represents EBITDA divided by revenues less cost of revenues.

Revenues less cost of revenues increased $13.5 million for the year ended December 31, 2025 compared to the year ended December 31, 2024 primarily due to an increase in net transaction and clearing fees, driven by a 13% increase in ADNV. For the year ended December 31, 2025, operating income for the Global FX segment increased $12.8 million compared to the year ended December 31, 2024 primarily due to an increase in revenues less cost of revenues, partially offset by an increase in operating expenses. Operating expenses increased $0.7 million for the year ended December 31, 2025 compared to the year ended December 31, 2024 primarily due to an increase in compensation and benefits, partially offset by a decrease in depreciation and amortization.

***Digital***

The Digital segment results are prospectively included in the Futures segment beginning in the first quarter of 2025. No table is presented below as there is no comparable financial information. See Note 16 ("Segment Reporting") for additional information.

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**LIQUIDITY AND CAPITAL RESOURCES**

Below are charts that reflect elements of our capital allocation:

![102](cboe-20251231_g23.jpg)

![104](cboe-20251231_g24.jpg)![105](cboe-20251231_g25.jpg)![106](cboe-20251231_g26.jpg)

We expect our cash on hand at December 31, 2025 and other available resources, including cash generated from operations, to be sufficient to continue to meet our cash requirements for the foreseeable future. In the near term, we expect that our cash from operations and availability under the Revolving Credit Facility, and potentially participating in future financing transactions to obtain additional capital will meet our cash needs to fund our operations, capital expenditures, interest payments on debt, any dividends, potential strategic acquisitions, to cover any adjustments arising from tax examinations, and opportunities for common stock repurchases under the previously announced program. See Note 12 ("Debt") and Note 25 ("Subsequent Events") to the consolidated financial statements for further information.

Cboe Clear Europe also has a €1.2 billion committed syndicated multicurrency revolving and swingline credit facility agreement with Cboe Clear Europe as borrower and the Company as guarantor of scheduled interest and fees on borrowings (but not the principal amount of any borrowings) (the "Facility"). The Facility is available to be drawn by Cboe Clear Europe towards (a) financing unsettled amounts in connection with the settlement of transactions in securities and other items processed through Cboe Clear Europe's clearing system and (b) financing any other liability or liquidity requirement of Cboe Clear Europe incurred in the operation of its clearing system. Borrowings under the Facility are secured by cash, eligible bonds and eligible equity assets deposited by Cboe Clear Europe into secured accounts. As a result, should the Facility be drawn by Cboe Clear Europe it could potentially impact Cboe Clear Europe's liquidity, and we can give no assurance that this Facility will be sufficient to meet all of such obligations or sufficiently mitigate Cboe Clear Europe's liquidity risk to meet its payment obligations when due. Additionally, a default of the Facility may allow lenders, under certain circumstances, to accelerate any related drawn amounts and may result in the acceleration of the Company's other outstanding debt to which a cross-acceleration or cross-default provision applies, which may limit the Company's liquidity, business and financing activities. The Facility is expected to terminate on June 26, 2026 and we may not be able to enter into a replacement facility on commercially reasonable terms, or at all. Please refer to Note 12 ("Debt") for further information.

Our long-term cash needs will depend on many factors, including an introduction of new products, enhancements of current products, capital needs of our subsidiaries, the geographic mix of our business, and any potential acquisitions. We believe our cash from operations and the availability under our Revolving Credit Facility will meet any long-term needs unless a significant acquisition or acquisitions are identified, in which case we expect that we would be able to borrow the necessary funds and/or issue additional shares of our common stock to complete such acquisition(s).

Cash and cash equivalents includes cash in banks and all non-restricted, highly liquid investments, including certain short-term repurchase agreements, U.S. and UK Treasury securities, and money market funds, with original maturities of three months or less at the time of purchase. Cash and cash equivalents as of December 31, 2025 increased $1,296.2 million from December 31, 2024 primarily due to the results of operations, the proceeds from our equity method and minority investments, the adjustment for depreciation and amortization, and the change in accounts receivable, partially offset by cash dividends on common stock and the change in Section 31 fees payable. See "Cash Flow" below for further discussion.

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Our cash and cash equivalents held outside of the United States in various foreign subsidiaries totaled $424.4 million and $301.3 million as of December 31, 2025 and 2024, respectively. The remaining balance was held in the United States and totaled $1,792.1 million and $619.0 million as of December 31, 2025 and 2024, respectively. The majority of cash held outside the United States is available for repatriation, but under current law, could subject us to additional United States and foreign income taxes, less applicable foreign tax credits.

Our financial investments include deferred compensation plan assets, as well as investments with original or acquired maturities longer than three months, that mature in less than one year from the balance sheet date and are recorded at fair value. As of December 31, 2025, financial investments primarily consisted of U.S. Treasury securities and deferred compensation plan assets.

***Cash Flow***

The following table summarizes our cash flow data for the years ended December 31, 2025, 2024, and 2023 (in millions):

---

| | | | |
|:---|:---|:---|:---|
| | **For the Year Ended<br>December 31,** | **For the Year Ended<br>December 31,** | **For the Year Ended<br>December 31,** |
| | **2025** | **2024** | **2023** |
| Net cash flows provided by operating activities | $1752.6 | $1100.6 | $1075.6 |
| Net cash flows provided by (used in) investing activities | 450.2 | (141.8) | (55.1) |
| Net cash flows used in financing activities | (371.6) | (495.0) | (656.1) |
| Effect of foreign currency exchange rate changes on cash, cash equivalents, and restricted cash and cash equivalents | 271.8 | (95.1) | 52.8 |
| Increase in cash, cash equivalents, and restricted cash and cash equivalents | $2103.0 | $368.7 | $417.2 |
|  | **As of December 31,** | **As of December 31,** | **As of December 31,** |
|  | **2025** | **2024** | **2023** |
| Reconciliation of cash, cash equivalents, and restricted cash and cash equivalents: |  |  |  |
| Cash and cash equivalents | $2216.5 | $915.3 | $543.2 |
| Restricted cash and cash equivalents (included in margin deposits, clearing funds, and interoperability funds) | 1617.0 | 841.4 | 834.8 |
| Restricted cash and cash equivalents (included in cash and cash equivalents) |  | 5.0 |  |
| Restricted cash and cash equivalents (included in other current assets) | 34.1 |  | 5.1 |
| Customer bank deposits (included in margin deposits, clearing funds, and interoperability funds) | 1.2 | 4.1 | 14.0 |
| Total | $3868.8 | $1765.8 | $1397.1 |

---

 ***Net Cash Flows Provided by Operating Activities***

During the year ended December 31, 2025, net cash flows provided by operating activities were $652.6 million higher than net income. The variance is primarily attributable to the change in margin deposits, clearing funds, and interoperability funds related to Cboe Clear Europe and customer bank deposits of $528.5 million, the adjustment for depreciation and amortization of $122.4 million, the change in accounts receivable of $79.4 million, the adjustment for stock-based compensation expense of $50.4 million, the change in income taxes payable of $48.5 million, and the adjustment for impairment of assets of $46.7 million, partially offset by the change in Section 31 fees payable of $181.8 million and the adjustment for equity earnings on investments of $84.2 million.

Net cash flows provided by operating activities were $1,752.6 million and $1,100.6 million for the years ended December 31, 2025 and 2024, respectively. The change in net cash flows provided by operating activities was primarily due to the change in margin deposits, clearing funds, and interoperability funds related to Cboe Clear Europe and customer bank deposits, an increase in net income, and the change in accounts receivable. This was partially offset by the change in Section 31 fees payable.

Net cash flows provided by operating activities were $335.7 million higher than net income for the year ended December 31, 2024. The variance is primarily attributable to the adjustment for depreciation and amortization of $133.0 million, the change in Section 31 fees payable of $130.1 million, the adjustment for impairment of intangible assets of $81.0

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million, the change in margin deposits, clearing funds, and interoperability funds related to Cboe Clear Europe and customer bank deposits of $76.0 million, and the change in unrecognized tax benefits of $61.2 million, partially offset by changes in accounts receivable and accounts payable and accrued liabilities of $124.3 million and $36.4 million, respectively.

Net cash flows provided by operating activities were $1,100.6 million and $1,075.6 million for the years ended December 31, 2024, and 2023, respectively. The change in net cash flows provided by operating activities was primarily due to the change in Section 31 fees payable, the adjustment for impairment of intangible assets, the change in other assets, the adjustment for impairment of investments, and the change in income taxes receivable. This was partially offset by changes in margin deposits, clearing funds, and interoperability funds, accounts receivable, and the adjustments for depreciation and amortization.

***Net Cash Flows Provided by (Used in) Investing Activities***

During the year ended December 31, 2025, net cash flows provided by investing activities primarily consisted of the proceeds from our equity method and minority investments of $441.8 million and proceeds from maturities of available-for-sale financial investments of $248.1 million, partially offset by purchases of available-for-sale financial investments of $174.8 million and purchases of property and equipment and leasehold improvements, net of $71.0 million.

Net cash flows provided by (used in) investing activities were $450.2 million and $141.8 million for the years ended December 31, 2025 and 2024, respectively. The variance is primarily due to the change in proceeds from our equity method and minority investments and proceeds from maturities of available-for-sale financial investments, partially offset by the change in purchases of available-for-sale financial investments for the year ended December 31, 2025 compared to the year ended December 31, 2024.

During the year ended December 31, 2024, net cash flows used in investing activities primarily consisted of purchases of available-for-sale financial investments of $115.6 million, purchases of property and equipment and leasehold improvements, net of $60.9 million, and contributions to investments of $40.2 million, partially offset by proceeds from maturities of available-for-sale financial investments of $67.9 million.

During the year ended December 31, 2023, net cash flows used in investing activities primarily consisted of purchases of available-for-sale financial investments of $89.8 million, contributions to investments of $57.1 million, and purchases of property and equipment and leasehold improvements, net of $45.0 million, partially offset by proceeds from maturities of available-for-sale financial investments of $135.7 million.

***Net Cash Flows Used in Financing Activities***

During the year ended December 31, 2025, net cash flows used in financing activities primarily consisted of cash dividends on common stock of $284.3 million and share repurchases of $66.7 million.

Net cash flows used in financing activities were $371.6 million and $495.0 million for the years ended December 31, 2025 and 2024, respectively. The variance is primarily due to the decrease in share repurchases, partially offset by the change in cash dividends on common stock.

Net cash flows used in financing activities totaled $495.0 million for the year ended December 31, 2024, and primarily consisted of cash dividends on common stock of $249.4 million and share repurchases of $204.8 million.

Net cash flows used in financing activities totaled $656.1 million for the year ended December 31, 2023, and primarily consisted of principal payments of the current portion of long-term debt of $305.0 million, cash dividends on common stock of $223.5 million, and share repurchases of $83.9 million.

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***Financial Assets***

The following summarizes our financial assets, excluding margin deposits, clearing funds, and interoperability funds as of December 31, 2025, 2024, and 2023 (in millions):

---

| | | | |
|:---|:---|:---|:---|
| | **As of December 31,** | **As of December 31,** | **As of December 31,** |
| | **2025** | **2024** | **2023** |
| Cash and cash equivalents | $2216.5 | $920.3 | $543.2 |
| Financial investments | 36.1 | 110.3 | 57.5 |
| Less deferred compensation plan assets | (35.8) | (40.3) | (36.7) |
| Less cash collected for Section 31 fees |  | (110.8) | (30.5) |
| Adjusted cash (1) | $2216.8 | $879.5 | $533.5 |

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________________________________________________________

(1)Adjusted cash is a non-GAAP measure and represents cash and cash equivalents plus financial investments, minus deferred compensation plan assets and cash collected for Section 31 fees. We have presented adjusted cash because we consider it an important supplemental measure of our liquidity and believe that it is frequently used by analysts, investors, and other interested parties in the evaluation of companies.

***Debt***

The following summarizes our debt obligations as of December 31, 2025, 2024, and 2023 (in millions):

---

| | | | |
|:---|:---|:---|:---|
| | **As of December 31,** | **As of December 31,** | **As of December 31,** |
| | **2025** | **2024** | **2023** |
| 3.650% Senior Notes | $650.0 | $650.0 | $650.0 |
| 1.625% Senior Notes | 500.0 | 500.0 | 500.0 |
| 3.000% Senior Notes | 300.0 | 300.0 | 300.0 |
| Revolving Credit Agreement |  |  |  |
| Cboe Clear Europe Credit Facility |  |  |  |
| Less unamortized discount and debt issuance costs | (7.1) | (9.0) | (10.8) |
| Total debt | $1442.9 | $1441.0 | $1439.2 |

---

At December 31, 2025, we were in compliance with the covenants of our debt agreements.

In addition to the debt outstanding, as of December 31, 2025, we had an additional $400 million available through our revolving credit facility, with the ability to borrow another $200 million by increasing the commitments under the facility, subject to the agreement of the applicable lenders. Together with adjusted cash, we had approximately $2.6 billion available to fund our operations, capital expenditures, potential acquisitions, debt repayments, and any dividends, net of minimum regulatory capital requirements of $189.5 million, which are subject to potential applicable regulatory restrictions and approvals and potential associated tax costs.

***Dividends***

The Company's expectation is to continue to pay dividends. The decision to pay a dividend, however, remains within the discretion of the Company's Board of Directors and may be affected by various factors, including our earnings, financial condition, capital requirements, level of indebtedness, and other considerations our Board of Directors deems relevant. Future debt obligations and statutory provisions, among other things, may limit, or in some cases prohibit, our ability to pay dividends.

***Share Repurchase Program***

In 2011, the Board of Directors approved an initial authorization for the Company to repurchase shares of its outstanding common stock of $100 million and subsequently approved additional authorizations for a total authorization of $2.3 billion as of December 31, 2025. The program permits the Company to purchase shares through a variety of methods, including in the open market or through privately negotiated transactions, in accordance with applicable securities laws. It does not obligate the Company to make any repurchases at any specific time or situation. Shares repurchased are recorded as treasury stock and ultimately retired, or they are available for redistribution.

Under the program, for the year ended December 31, 2025, the Company repurchased 305,317 shares of common stock at an average cost per share of $213.74, totaling $65.3 million. Since inception of the program through December 31, 2025, the Company has repurchased 21,063,700 shares of common stock at an average cost per share of $80.02, totaling $1.7 billion. The Company retired 442,315 and 1,332,430 shares of treasury stock in the years ended December 31, 2025

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and 2024, respectively. As a result of these repurchases, certain direct costs and excise taxes are incurred but do not impact our cost per share or availability. See Note 2 ("Summary of Significant Accounting Policies") for more information.

As of December 31, 2025, the Company had $614.5 million of availability remaining under its existing share repurchase authorizations.

***Leases and Obligations***

The Company currently leases all of its office space, data centers, and its remote network operations center, with lease terms remaining from 3 months to 116 months as of December 31, 2025.

Total rent expense related to current and former lease obligations for the years ended December 31, 2025, 2024, and 2023 totaled $37.9 million, $37.1 million, and $34.5 million, respectively. In addition to our lease obligations, we have contractual obligations related to certain operating leases, data and telecommunications agreements, and our long-term debt outstanding.

Purchase obligations include our estimate of the minimum outstanding obligations under agreements to purchase goods or services that we believe are enforceable and legally binding and that specify all significant terms, including fixed or minimum quantities to be purchased; fixed or minimum and maximum amounts to be paid; and the approximate timing of the transaction. Purchase obligations include certain licensing agreements with various licensors which contain annual minimum fee requirements as well as payments calculated using agreed upon contract rates and reported cleared volumes. Purchase obligations exclude agreements that are cancellable at any time without penalty.

We have excluded from the contractual obligations listed below $1,618.2 million in margin deposits, clearing funds, and interoperability funds related to Cboe Clear Europe and Cboe Clear U.S. Clearing members of Cboe Clear Europe are required to make deposits to a clearing fund. The cash deposits made by clearing members are recorded in the consolidated balance sheets as current assets with equal and offsetting current liabilities. See Note 14 ("Clearing Operations") to the consolidated financial statements for additional information on Cboe Clear Europe and Cboe Clear U.S. and the margin deposits, clearing funds, and interoperability funds.

Future minimum payments under these leases and agreements were as follows as of December 31, 2025:

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| | | | |
|:---|:---|:---|:---|
| | **Payments Due by Period** | **Payments Due by Period** | **Payments Due by Period** |
| **Contractual Obligations** | **Total** | **Less than<br>1 year** | **More than<br>1 year** |
| Operating leases | $167.7 | $31.6 | $136.1 |
| Purchase obligations | 1118.1 | 124.8 | 993.3 |
| Principal payments of debt | 1450.0 |  | 1450.0 |
| Interest payments on debt | 479.9 | 40.9 | 439.0 |
| Total | $3215.7 | $197.3 | $3018.4 |

---

**Commercial Commitments and Contractual Obligations**

As of December 31, 2025, our commercial commitments and contractual obligations included operating leases, data and telecommunications agreements, equipment leases, our long-term debt outstanding, contingent considerations, software development activities and other obligations. See Note 23 ("Commitments, Contingencies, and Guarantees") to the consolidated financial statements for a discussion of commitments and contingencies, Note 12 ("Debt") for a discussion of the outstanding debt, Note 14 ("Clearing Operations") for information on Cboe Clear Europe's and Cboe Clear U.S.'s clearinghouse exposure guarantees, and Note 24 ("Leases") for a discussion of operating leases and equipment leases.

**Guarantees** 

We use Wedbush and Morgan Stanley to clear our routed equities transactions for the Cboe U.S. equity exchanges. Wedbush and Morgan Stanley guarantee the trade until the trade has been submitted to and validated by the National Securities Clearing Corporation ("NSCC"), after which time NSCC provides a guarantee until the trade settles. Thus, Cboe Trading is potentially exposed to credit risk to the counterparty from an equity trade routed to another market center until the trade has been processed and validated by the NSCC on the trade date. The BIDS Trading ATS platform delivers matched trades to BofA Securities, Inc. ("BOA"), which delivers the matched trades to the NSCC. BOA guarantees the trade until one day after the trade date, after which time the NSCC provides a guarantee until the trade settles. In the case of failure to perform on the part of Wedbush or Morgan Stanley on routed transactions for the Cboe U.S. equity exchanges, we provide the guarantee to the counterparty to the trade. In the case of failure to perform on the part of BOA on transactions for the BIDS Trading ATS platform, BIDS has obligations to the counterparties to satisfy the trades.

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OCC acts as a central counterparty on all transactions in listed equity options in our Options segment, and as such, guarantees clearance and settlement of all of our options transactions. We believe that any potential requirement for us to make payments under these guarantees is remote and accordingly, have not recorded any liability in the consolidated financial statements for these guarantees. Similarly, with respect to trades in U.S. listed equity options occurring on Cboe Options, C2, BZX, and EDGX, and to trades in CFE futures products cleared by OCC, we deliver matched trades of our customers to the OCC, which acts as a central counterparty on all transactions occurring on these exchanges and, as such, guarantees clearance and settlement of these matched options and futures trades. With respect to U.S. government securities transactions executed on Cboe Fixed Income, we use ABN and/or Mirae to deliver matched trades to the FICC GSD. FICC GSD acts as a central counterparty on all transactions occurring on Cboe Fixed Income and, as such, guarantees clearance and settlement of all of those matched trades.

With respect to Canadian equities, we deliver matched trades of our customers to The Canadian Depository for Securities, which acts as a central counterparty on all transactions occurring on Cboe Canada and, as such, guarantees clearance and settlement of all of our matched Canadian equities trades. With respect to trades in options and futures occurring on CEDX, we deliver matched trades of our customers to Cboe Clear Europe, which acts as a central counterparty on all transactions occurring on CEDX and, as such, guarantees clearance and settlement of all of those matched options and futures trades. Cboe Clear Europe, with respect to SFT services, utilizes The Bank of New York Mellon Corporation and J.P. Morgan as Tri-Party Collateral Agents for non-cash collateral, central, and correspondent banks for the exchange of cash collateral, while Pirum serves as the transmitter of transactions and post-trade lifecycle events on behalf of our mutual clients. With respect to Australian equities and derivatives, we deliver matched trades of our customers to ASX Clear Pty Ltd and ASX Settlement Pty Ltd. ASX Clear Pty Ltd acts as a central counterparty on all transactions occurring on Cboe Australia and, as such, guarantees clearance and settlement on all of our matched trades in Australia. With respect to Japanese equities, we formerly delivered matched trades of our customers to the Japanese Securities Clearing Corporation, which acted as a central counterparty on all transactions that occurred on Cboe Japan and, as such, guaranteed clearance and settlement on all of our matched trades in Japan.

With respect to trades on CFE in digital asset futures (previously traded on Cboe Digital Exchange), we deliver matched trades of our customers to Cboe Clear U.S., which acts as a central counterparty on these digital asset futures transactions. As the central counterparty, Cboe Clear U.S. guarantees clearance and settlement of all matched digital asset futures trades in digital asset futures previously listed on Cboe Digital Exchange, and now, listed on CFE.

**CRITICAL ACCOUNTING ESTIMATES** 

The preparation of consolidated financial statements in conformity with U.S. GAAP requires our management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of the amounts of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from those estimates. On an ongoing basis, the Company evaluates its estimates, including those related to areas that require a significant level of judgment or are otherwise subject to an inherent degree of uncertainty. The Company bases its estimates on historical experience, observation of trends in particular areas, information available from outside sources and various other assumptions that are believed to be reasonable under the circumstances. Information from these sources forms the basis for making judgments about the carrying values of assets and liabilities that may not be readily apparent from other sources.

We have identified the estimates below as critical to our business operations and the understanding of our results of operations. The impact of, and any associated risks related to, these estimates on our business operations is discussed throughout "Management's Discussion and Analysis of Financial Condition and Results of Operations." For a detailed discussion on these estimates and other accounting policies, see Note 2 ("Summary of Significant Accounting Policies") to the consolidated financial statements and related notes included elsewhere in this Annual Report on Form 10-K.

***Goodwill and Other Intangible Assets***

*Description* 

Our acquisitions of Bats, Silexx Financial Systems, LLC ("Silexx"), Livevol, Inc. ("LiveVol"), Hanweck, FT Options, Trade Alert, BIDS Holdings, Cboe Asia Pacific, Cboe Digital, and Cboe Canada resulted in the recording of goodwill and other intangible assets, while our acquisition of Cboe Clear Europe, resulted in a bargain purchase gain and other intangible assets. In accordance with FASB Accounting Standards Codification ("ASC") 350 – Intangibles – Goodwill and Other, we test the carrying values of goodwill and indefinite-lived intangible assets for impairment at least annually, or more frequently when events or changes in circumstances signal indicators of impairment are present.

*Judgments and Uncertainties*

The estimated fair values of our reporting units are based on the market approach and the income approach (using discounted estimated future cash flows). The estimated fair values of the indefinite-lived intangibles used the income approach. The discounted estimated future cash flow analysis requires judgments about the discount rate, forecasted revenue growth rate, and operating expenses, that are inherent in these fair value estimates over the estimated remaining

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operating period. Additionally, the analysis contains uncertainty surrounding future events. As such, actual results may differ from these estimates and lead to a revaluation of our goodwill, indefinite-lived, and long-lived intangible assets.

*Effect if Actual Results Differ from Assumptions*

If updated estimates indicate that the fair value of goodwill or any indefinite-lived intangibles is less than the carrying value of the asset, an impairment charge is expected to be recorded in the consolidated statements of income in the period of the change in estimate, which could result in a material change to the consolidated financial statements. Due to the results of our impairment analyses completed in 2025, in which all reporting units estimated fair value exceeded their carrying value, we do not consider our goodwill, indefinite-lived, or long-lived intangible assets to have a significant risk of impairment, except as noted below.

In the second quarter of 2025, Cboe Japan experienced declines in its market share as a result of increased market competition. The decline in market share was evaluated as a potential indication of impairment and the Company performed an interim impairment test for the long-lived intangible assets recognized in the Europe and Asia Pacific reporting unit. The Company concluded that the carrying value of Cboe Japan's customer relationships long-lived intangible assets exceeded their estimated fair value, as their projected future cash flows did not support their valuation, and recorded an impairment charge of $17.1 million in the condensed consolidated statements of income for the three and six months ended June 30, 2025. The Company also evaluated the indefinite-lived intangible assets and goodwill of the Europe and Asia Pacific reporting unit and, based on the results of the assessments, determined there was no additional impairment required for the three and six months ended June 30, 2025 as the fair values exceeded the carrying values, respectively.

On July 23, 2025, the Company announced its decision to wind down Cboe's Japanese equities business, including the operations of its Cboe Japan proprietary trading system and Cboe BIDS Japan block trading platform. The Company suspended operations for these businesses on August 29, 2025 and expects to formally close the businesses, subject to consultation with regulators. As a result, the Company recorded an additional impairment charge of $1.8 million related to intangible assets in the Europe and Asia Pacific reporting unit for the year ended December 31, 2025.

In the fourth quarter of 2025, the Company recorded a $17.7 million impairment charge related to Cboe Canada's intangible assets in the North American Equities reporting unit.

***Income Taxes***

*Description*

The Company's consolidated global income tax provision, deferred tax assets and liabilities, valuation allowances, and liabilities for unrecognized tax benefits are determined through the interpretation of tax laws and assumptions of future events to calculate an expectation of future tax consequences.

*Judgments and Uncertainties*

On an ongoing basis, the Company evaluates its tax estimates and judgments. This evaluation is based on factors including historical experience, such as the conclusions of examinations by tax authorities, communications with tax authorities, changes in tax laws or rates, new examination activity, and results of any related legal processes. We use judgment in the evaluation of uncertain tax positions and the estimation of unrecognized tax benefits when determining the largest amount greater than 50% likely to be realized upon ultimate settlement with the taxing authority, assessing the likelihood of the benefit being realized upon settlement, and calculating the expected ultimate settlement amount.

*Effect if Actual Results Differ from Assumptions*

Significant changes in these estimates or judgments may result in an increase or decrease to our tax provision in a future period. Additionally, it is possible that the ultimate settlement may differ from the liabilities for unrecognized tax benefits currently reported if tax authorities ultimately reach a conclusion that differs from the Company's expectation. We believe assumptions made regarding income taxes to be reasonable and do not believe any change in the judgments made by management would result in a material change to the consolidated financial statements.

**RECENT ACCOUNTING PRONOUNCEMENTS**

See Note 3 ("Recent Accounting Pronouncements") to the consolidated financial statements for further discussion of recently adopted and recently issued accounting pronouncements that are applicable to the Company.

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**Item 7A. &nbsp;&nbsp;&nbsp;&nbsp;Quantitative and Qualitative Disclosures about Market Risk**

As a result of our operating activities, we are exposed to market risks such as foreign currency exchange rate risk, equity risk, credit risk, interest rate risk, and liquidity risk. We have implemented policies and procedures to measure, manage, monitor, and report risk exposures, which are reviewed regularly by management and our Board of Directors.

***Foreign Currency Exchange Rate Risk***

Our operations in Europe, Canada, and Asia Pacific are subject to increased currency translation risk as revenues and expenses are denominated in foreign currencies, primarily the Euro, British pound, Canadian dollar, Australian dollar, and Japanese yen. We also have de minimis exposure to other foreign currencies, including the Singapore dollar, Philippine peso, and Hong Kong dollar.

For the year ended December 31, 2025, our exposure to foreign-denominated revenues less cost of revenues and expenses is presented by primary foreign currency in the following table (in millions, except percentages):

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| | | | |
|:---|:---|:---|:---|
| | **Year Ended <br>December 31, 2025** | **Year Ended <br>December 31, 2025** | **Year Ended <br>December 31, 2025** |
| | **Euros (1)** | **British<br>Pounds (1)** | **Canadian<br>Dollars (1)** |
| Foreign denominated % of: |  |  |  |
| &nbsp;&nbsp;Revenues less cost of revenues | 6.6% | 3.1% | 1.4% |
| &nbsp;&nbsp;Operating expenses | 8.4% | 9.6% | 4.8% |
| Impact of 10% adverse currency fluctuation on: |  |  |  |
| &nbsp;&nbsp;Revenues less cost of revenues | $16.0 | $7.6 | $3.3 |
| &nbsp;&nbsp;Operating expenses | 8.1 | 9.3 | 4.6 |

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(1)An average foreign exchange rate to the U.S. dollar for the period was used. See Item 7 ("Management's Discussion and Analysis of Financial Condition and Results of Operations") for the table summarizing the changes in certain operational and financial metrics for more information.

***Equity Risk***

Our investment in European, Canadian, and Asia Pacific operations is exposed to volatility in currency exchange rates through translation of our net assets or equity to U.S. dollars. The assets and liabilities of our European businesses are denominated in British pounds or Euros. The assets and liabilities of our Canadian businesses are denominated in Canadian dollars. The assets and liabilities of our Asia Pacific businesses are denominated in Australian dollars, Japanese yen, Singapore dollars, Philippine pesos, or Hong Kong dollars. Fluctuations in currency exchange rates may create volatility in our reported results as we are required to translate foreign currency reported statements of financial condition and operational results into U.S. dollars for consolidated reporting. The translation of these non-U.S. dollar statements of financial condition into U.S. dollars for consolidated reporting results in a cumulative translation adjustment, which is recorded in accumulated other comprehensive loss, net within stockholders' equity on our consolidated balance sheets.

Our primary exposure to this equity risk as of December 31, 2025 is presented by foreign currency in the following table (in millions):

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|:---|:---|:---|:---|
| | **Euros (1)** | **British<br>Pounds (1)** | **Canadian<br>Dollars (1)** |
| Net equity investment, by foreign currency | $222.5 | $596.3 | $214.7 |
| Impact on consolidated equity of a 10% adverse currency fluctuation | 22.2 | 59.6 | 21.5 |

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(1)Converted to U.S. dollars using the foreign exchange rate of Euros per U.S. dollar, British pounds per U.S. dollar, and Canadian dollars per U.S. dollar, respectively, as of December 31, 2025.

***Credit Risk***

We are exposed to credit risk from third parties, including customers, counterparties, and clearing agents. These parties may default on their obligations due to bankruptcy, lack of liquidity, operational failure, or other reasons. We limit our exposure to credit risk by considering such risk when selecting the counterparties with which we make investments and execute agreements. The Company maintains cash and cash equivalents and financial investments at various regulated financial institutions and brokerage firms which, at times, may be in excess of the depository insurance limits. The Company's management regularly monitors these institutions and believes that the potential for future loss is remote.

We do not have counterparty credit risk with respect to trades matched on our exchanges in the U.S., Canada, and Europe. With respect to listed equities, we deliver matched trades of our customers to the NSCC without taking on

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counterparty risk for those trades. NSCC acts as a central counterparty on all equity transactions occurring on BZX, BYX, EDGX and EDGA and, as such, guarantees clearance and settlement of all of our matched equity trades. Similarly, with respect to U.S. listed equity options and futures, we deliver touched trades of our customers to the OCC, which acts as a central counterparty on all transactions occurring on Cboe Options, C2, BZX, and EDGX, and on transactions in CFE futures products cleared by OCC and, as such, guarantees clearance and settlement of those matched options and futures trades. Additionally, for CFE futures products cleared by Cboe Clear U.S., we deliver matched trades of our customers to Cboe Clear U.S., which acts as a central counterparty to these transactions. With respect to Canadian equities, we deliver matched trades of our customers to The Canadian Depository for Securities, which acts as a central counterparty on all transactions occurring on Cboe Canada and, as such, guarantees clearance and settlement of all of our matched Canadian equities trades. The BIDS Trading ATS platform delivers matched trades to BOA, which delivers the matched trades to the NSCC. BOA guarantees the trade until the trade has been submitted to and validated by the NSCC, after which time NSCC provides a guarantee until the trade settles. Thus, BIDS Trading is potentially exposed to credit risk from the counterparty to an equity trade routed to another market center until the trade has been processed and validated by the NSCC on the trade date. With respect to Australian equities and derivatives, we deliver matched trades of our customers to ASX Clear Pty Ltd and ASX Settlement Pty Ltd. ASX Clear Pty Ltd acts as a central counterparty on all transactions occurring on Cboe Australia and, as such, guarantees clearance and settlement on all of our matched trades in Australia. With respect to Japanese equities, we formerly delivered matched trades of our customers to the Japanese Securities Clearing Corporation, which acted as a central counterparty on all transactions formerly occurring on Cboe Japan and, as such, guaranteed clearance and settlement on all of our matched trades in Japan.

With respect to orders Cboe Trading routes to other markets for execution on behalf of our Exchanges, Cboe Trading is exposed to some counterparty credit risk in the case of failure to perform on the part of our routing and clearing firms that are involved in processing equities and options transactions on our behalf: Wedbush, Morgan Stanley, Goldman Sachs, Wolverine, and BOA, as well as failure on the part of such brokers to pass back any transactional rebates. Morgan Stanley and Wedbush guarantee trades until the trade has been submitted to and validated by NSCC, after which time NSCC provides a guarantee until the trade settles (T+1). Thus, Cboe Trading is potentially exposed to credit risk from the counterparty to a trade routed to another market center until the trade has been processed and validated by the NSCC in the event that Morgan Stanley or Wedbush fails to perform. The BIDS Trading ATS platform is potentially exposed to counterparty credit risk on equities trades between the trade date and one day after the trade date in the event that BOA fails. With respect to U.S. government securities transactions, we use ABN and/or Mirae to deliver matched trades to FICC GSD without taking on counterparty risk for those trades. FICC GSD acts as a central counterparty on all U.S. government securities transactions occurring on Cboe Fixed Income and, as such, guarantees clearance and settlement of all of those matched trades. We believe that any potential requirement for us to make payments under these guarantees is remote and, accordingly, have not recorded any liability in the consolidated financial statements for these guarantees.

Historically, we have not incurred any liability due to a customer's failure to satisfy its contractual obligations as counterparty to a system trade. Credit difficulties or insolvency, or the perceived possibility of credit difficulties or insolvency, of one or more larger or more visible market participants could also result in market-wide credit difficulties or other market disruptions.

We do not have counterparty credit risk with respect to institutional spot FX trades occurring on our platform because Cboe FX is not a counterparty to any FX transactions. All transactions occurring on our platform occur bilaterally between two banks or prime brokers as counterparties to the trade. While Cboe FX does not have direct counterparty risk, Cboe FX may suffer a decrease in transaction volume if a bank or prime broker experiences an event that causes other prime brokers to decrease or revoke the credit available to the prime broker experiencing the event. Therefore, Cboe FX may have risk that is related to the credit of the banks and prime brokers that trade FX on the Cboe FX platform.

We also have credit risk related to transaction fees that are billed in arrears to customers on a monthly basis. Our potential exposure to credit losses on these transactions is represented by the receivable balances in our balance sheet. Our customers are financial institutions whose ability to satisfy their contractual obligations may be impacted by volatile securities markets.

The Company is exposed to further credit and investment risk through our clearing operations. Cboe Clear Europe holds material amounts of clearing member collateral, both cash and non-cash deposits, which are held or invested primarily to provide security of capital while minimizing credit risk as well as liquidity and market risks. Cboe Clear U.S. holds amounts of clearing member collateral in the form of cash. The following is a summary of the risks associated with these deposits and how these risks are mitigated:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Credit Risk* – The credit risk is predominantly in the event a clearing member fails to meet a financial or contractual obligation and relates to custodians and settlement banks. Cboe Clear Europe attempts to mitigate this risk through minimum participant requirements for existing clearing members and SFT's special clearing members and monitoring their financial health. To cover potential loss to Cboe Clear Europe in the event of a clearing member default, collateral is required from clearing members. Besides potential defaults of clearing members, the main credit risk faced by the clearinghouse is exposure to clearing members when a trade fails to settle. To help mitigate this risk, a fail fee is charged to discourage late settlements. This fee covers Cboe Clear Europe's costs but also acts as a deterrent as required by applicable settlement efficiency regulation. Cboe Clear U.S. sets minimum

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financial requirements on settlement banks and any clearing member that may expose the clearinghouse to credit risk. The financial strength of settlement banks and such clearing members is monitored routinely. Furthermore, Cboe Clear U.S. requires clearing members to post full or margined collateral, depending on the product eligible for clearing, and their trading activities are subject to pre-trade checks on CFE. As of December 31, 2025, Cboe Clear U.S. only clears margined products. As of December 31, 2025, Cboe Clear U.S. does not expect a material loss concerning credit risk on any clearing member or settlement bank.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Liquidity Risk* – Liquidity risk is the risk Cboe Clear Europe may not be able to meet its payment obligations in the right currency, in the right place and at the right time. To help mitigate this risk, Cboe Clear Europe monitors its liquidity requirements closely and maintains funds and assets in a manner which attempts to minimize the risk of loss or delay in the access by the clearinghouse to such funds and assets. For example, holding funds with a central bank where possible or making only short-term investments serves to help reduce liquidity risks. Liquidity is mainly required for securities settlement. The payment and settlement obligations generally stem from the function of Cboe Clear Europe as a cash equity clearinghouse: shares are bought and sold by clearing members on a trading platform or OTC, and netted to settle two days later. During the settlement the actual payment for and delivery of the shares take place; this process requires intraday liquidity. If counterparties, which receive shares against payment, are unable to settle, an overnight liquidity need arises. The overnight liquidity is typically very short term, and is usually limited to a few days. Cboe Clear U.S. monitors its liquidity requirements closely and maintains funds and assets in a manner which attempts to minimize the risk of loss or delay in the access by the clearinghouse to such funds and assets. For example, only allowing highly liquid USD denominated assets to be posted as collateral, or other highly liquid USD denominated assets as the clearinghouse may approve. Cboe Clear U.S. may not be able to meet its payment obligations in a timely manner in the event of delay in payment or default by a clearing member.

Cboe Clear Europe entered into a €1.2 billion committed syndicated multicurrency revolving and swingline credit facility that is available to be drawn by Cboe Clear Europe towards (a) financing unsettled amounts in connection with the settlement of transactions in securities and other items processed through Cboe Clear Europe's clearing system and (b) financing any other liability or liquidity requirement of Cboe Clear Europe incurred in the operation of its clearing system, however we can give no assurance that this facility will be sufficient to meet all such obligations or sufficiently mitigate Cboe Clear Europe's liquidity risk to meet its payment obligations when due.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Market Risk* – Cboe Clear Europe is also exposed to market risk in the event that a clearing member defaults and the market prices of the securities in its open positions have moved adversely so the clearinghouse can only close out the participant's obligations at a loss. To help mitigate market risk, Cboe Clear Europe collects collateral on an end of day and intraday basis from clearing members to cover for the probable loss during normal market conditions, together with contributions to the clearing fund to cover losses if a default occurred during extreme but plausible market conditions. Adverse movements in exchange rates affecting the value of obligations and collateral are factored into the calculation of the amount of collateral to be collected. Cboe Clear U.S. is also exposed to market risk in the event that a clearing member defaults and the market prices of its open positions have moved adversely so the clearinghouse can only close out the member's obligations at a loss or the clearing member has already realized trading losses in excess of the collateral at the time of default or the combination of the two. Cboe Clear U.S. collects collateral on an end of day and intraday basis from clearing members that are clearing margin eligible futures contracts. Cboe Clear U.S. only allows collateral in USD at this time. Cboe Clear U.S. maintains pre-funded resources to cover probable losses during normal market conditions due to default of clearing members.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Investment Risk* – Cboe Clear Europe, as of December 31, 2025, held $1,617.0 million of clearing member margin deposits, clearing funds, and interoperability funds which are held or invested primarily to provide security of capital while minimizing credit, market, and liquidity risks. In the event that a sovereign government or reverse repurchase agreement counterparty defaults, the value we hold as collateral might not be sufficient to cover our capital requirements in the event of defaults. While Cboe Clear Europe seeks to achieve a reasonable rate of return which may generate interest income for clearing members, Cboe Clear Europe is primarily concerned with preservation of capital and managing the risks associated with these deposits. As Cboe Clear Europe passes on interest revenues (minus costs) to the clearing members, this could include negative or reduced yield due to market conditions. While Cboe Clear Europe has policies and procedures that strive to help ensure that clearing member collateral is protected, Cboe Clear Europe cannot absolutely assure that these measures and safeguards will be sufficient to protect margin deposits, clearing funds, and interoperability funds from a default or that we will not be materially and adversely affected in the event of a significant default.

On a regular basis, we review and evaluate changes in the status of our counterparties' creditworthiness. Credit losses such as those described above could adversely affect our consolidated financial position and results of operations. Any such effects to date have been minimal.

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***Interest Rate Risk***

We have exposure to market risk for changes in interest rates relating to our cash and cash equivalents, financial investments, and indebtedness. As of December 31, 2025 and 2024, our cash and cash equivalents and financial investments were $2,252.6 million and $1,030.6 million, respectively, of which $424.4 million and $301.3 million is held outside of the United States in various foreign subsidiaries in 2025 and 2024, respectively. The remaining cash and cash equivalents and financial investments are denominated in U.S. dollars. We do not use our investment portfolio for trading or other speculative purposes. Due to the nature of these investments, we have not been exposed to, nor do we anticipate being exposed to, material risks due to changes in interest rates, assuming no change in the amount or composition of our cash and cash equivalents and financial investments.

As of December 31, 2025, we had $1,442.9 million in outstanding debt, all of which relates to our Senior Notes, which bear interest at fixed interest rates. Changes in interest rates will have no impact on the interest we pay on fixed-rate obligations. We are also exposed to changes in interest rates as a result of borrowings under our Revolving Credit Agreement and the Cboe Clear Europe Credit Facility, as these facilities bear interest at fluctuating rates. As of December 31, 2025, there were no outstanding borrowings under our Revolving Credit Agreement or Cboe Clear Europe Credit Facility, respectively. See Note 12 ("Debt") to the consolidated financial statements for a discussion of debt agreements.

***Liquidity Risk***

We are exposed to liquidity risk under certain circumstances in relation to the cross-acceleration and cross-default provisions within the Revolving Credit Agreement as a result of the Company, as guarantor, entering into the Cboe Clear Europe Credit Facility. A default of the Revolving Credit Agreement or the Facility may allow lenders to accelerate any related drawn amounts and may result in the acceleration of the Company's other outstanding debt to which a cross-acceleration or cross-default provision applies, which may limit the Company's liquidity, business, and financing activities. See Note 12 ("Debt") to the consolidated financial statements for a discussion of debt agreements.

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**Item 8. &nbsp;&nbsp;&nbsp;&nbsp; Financial Statements and Supplementary Data**

**INDEX TO CONSOLIDATED FINANCIAL STATEMENTS**

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| | |
|:---|:---|
| **Cboe Global Markets, Inc. and Subsidiaries** | **Cboe Global Markets, Inc. and Subsidiaries** |
| <u>[Reports of Independent Registered Public Accounting Firm](#ic735b6ccda1a481fa4a1f9edfa4f3665_88)</u> (PCAOB ID 185) | [87](#ic735b6ccda1a481fa4a1f9edfa4f3665_88) |
| [Consolidated Financial Statements:](#ic735b6ccda1a481fa4a1f9edfa4f3665_91) |  |
| &nbsp;&nbsp;<u>[Consolidated Balance Sheets](#ic735b6ccda1a481fa4a1f9edfa4f3665_94)</u> | [90](#ic735b6ccda1a481fa4a1f9edfa4f3665_94) |
| &nbsp;&nbsp;<u>[Consolidated Statements of Income](#ic735b6ccda1a481fa4a1f9edfa4f3665_97)</u> | [91](#ic735b6ccda1a481fa4a1f9edfa4f3665_97) |
| &nbsp;&nbsp;<u>[Consolidated Statements of Comprehensive Income](#ic735b6ccda1a481fa4a1f9edfa4f3665_100)</u> | [92](#ic735b6ccda1a481fa4a1f9edfa4f3665_100) |
| &nbsp;&nbsp;<u>[Consolidated Statements of Changes in Stockholders' Equit](#ic735b6ccda1a481fa4a1f9edfa4f3665_103)</u>y | [93](#ic735b6ccda1a481fa4a1f9edfa4f3665_103) |
| &nbsp;&nbsp;<u>[Consolidated Statements of Cash Flows](#ic735b6ccda1a481fa4a1f9edfa4f3665_106)</u> | [94](#ic735b6ccda1a481fa4a1f9edfa4f3665_106) |
| &nbsp;&nbsp;<u>[Notes to Consolidated Financial Statements](#ic735b6ccda1a481fa4a1f9edfa4f3665_109)</u> | [95](#ic735b6ccda1a481fa4a1f9edfa4f3665_109) |

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**Report of Independent Registered Public Accounting Firm**

To the Stockholders and Board of Directors of Cboe Global Markets, Inc.:

*Opinion on the Consolidated Financial Statements*

We have audited the accompanying consolidated balance sheets of Cboe Global Markets, Inc. and subsidiaries (the Company) as of December 31, 2025 and 2024, the related consolidated statements of income, comprehensive income, changes in stockholders' equity, and cash flows for each of the years in the three-year period ended December 31, 2025, and the related notes (collectively, the consolidated financial statements). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the years in the three-year period ended December 31, 2025, in conformity with U.S. generally accepted accounting principles.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission, and our report dated February 20, 2026 expressed an unqualified opinion on the effectiveness of the Company's internal control over financial reporting.

*Basis for Opinion*

These consolidated financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

*Critical Audit Matter*

The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the consolidated financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of a critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

*Evaluation of unrecognized tax benefits*

As discussed in Notes 2 and 21 to the consolidated financial statements, the Company recognizes the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based upon the technical merits of the position. The tax benefit recognized in the consolidated financial statements from such a position is measured based upon the largest benefit that has greater than 50% likelihood of being realized upon ultimate settlement.

We identified the evaluation of unrecognized tax benefits in certain jurisdictions as a critical audit matter. A higher degree of auditor judgment and the involvement of professionals with specialized skills and knowledge was required to evaluate the Company's estimate of tax benefits to be realized upon ultimate settlement of its tax positions.

The following are the primary procedures we performed to address this critical audit matter. We evaluated the design and tested the operating effectiveness of certain internal controls over the Company's unrecognized tax benefits process, including a control over the estimate of tax benefits to be realized upon ultimate settlement of tax positions. We evaluated the Company's ability to estimate its unrecognized tax benefits by comparing historical unrecognized tax benefits to actual results upon the conclusion of examinations by applicable taxing authorities. In addition, we involved tax professionals with specialized skills and knowledge who assisted in:

• analyzing the Company's tax positions, including the measurement of unrecognized tax benefits

• evaluating changes in applicable laws and regulations

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• inspecting settlements and communication with applicable taxing authorities.

*/s/ KPMG LLP*

We have served as the Company's auditor since 2020.

Kansas City, Missouri

February 20, 2026

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**Report of Independent Registered Public Accounting Firm**

To the Stockholders and Board of Directors of

Cboe Global Markets, Inc.:

*Opinion on Internal Control Over Financial Reporting*

We have audited Cboe Global Markets, Inc. and subsidiaries' (the Company) internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of the Company as of December 31, 2025 and 2024, the related consolidated statements of income, comprehensive income, changes in stockholders' equity, and cash flows for each of the years in the three-year period ended December 31, 2025, and the related notes (collectively, the consolidated financial statements), and our report dated February 20, 2026 expressed an unqualified opinion on those consolidated financial statements.

*Basis for Opinion*

The Company's management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management's Annual Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Company's internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audit also included performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

*Definition and Limitations of Internal Control Over Financial Reporting* 

A company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

*/s/ KPMG LLP*

Kansas City, Missouri

February 20, 2026

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<u>[**Table of Contents**](#ic735b6ccda1a481fa4a1f9edfa4f3665_7)</u>

**Cboe Global Markets, Inc. and Subsidiaries**

**Consolidated Balance Sheets**

**December 31, 2025 and 2024**

**(In millions, except share and per share data)**

---

| | | |
|:---|:---|:---|
| | **December 31,<br>2025** | **December 31,<br>2024** |
| **Assets** | **Assets** | **Assets** |
| Current assets: |  |  |
| &nbsp;&nbsp;Cash and cash equivalents | $2216.5 | $920.3 |
| &nbsp;&nbsp;Financial investments | 36.1 | 110.3 |
| &nbsp;&nbsp;Accounts receivable, net of $6.8 allowance for credit losses at December 31, 2025 and $6.6 at December 31, 2024 | 391.4 | 444.6 |
| &nbsp;&nbsp;Margin deposits, clearing funds, and interoperability funds | 1618.2 | 845.5 |
| &nbsp;&nbsp;Income taxes receivable | 67.9 | 73.8 |
| &nbsp;&nbsp;Other current assets (includes restricted cash of $34.1 at December 31, 2025 and $— at December 31, 2024) | 91.3 | 84.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 4421.4 | 2479.1 |
| &nbsp;&nbsp;Investments | 32.4 | 383.7 |
| &nbsp;&nbsp;Property and equipment, net | 133.1 | 118.0 |
| &nbsp;&nbsp;Operating lease right of use assets | 111.0 | 124.5 |
| &nbsp;&nbsp;Goodwill | 3150.5 | 3124.2 |
| &nbsp;&nbsp;Intangible assets, net | 1297.2 | 1376.9 |
| &nbsp;&nbsp;Other assets, net | 159.7 | 182.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total assets | $9305.3 | $7789.1 |
| **Liabilities and Stockholders' Equity** | **Liabilities and Stockholders' Equity** | **Liabilities and Stockholders' Equity** |
| Current liabilities: |  |  |
| &nbsp;&nbsp;Accounts payable and accrued liabilities | $686.9 | $359.7 |
| &nbsp;&nbsp;Section 31 fees payable | 0.2 | 182.0 |
| &nbsp;&nbsp;Deferred revenue | 6.9 | 6.4 |
| &nbsp;&nbsp;Margin deposits, clearing funds, and interoperability funds | 1618.2 | 845.5 |
| &nbsp;&nbsp;Income taxes payable | 50.1 | 1.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 2362.3 | 1395.2 |
| &nbsp;&nbsp;Long-term debt | 1442.9 | 1441.0 |
| &nbsp;&nbsp;Non-current unrecognized tax benefits | 15.8 | 305.0 |
| &nbsp;&nbsp;Deferred income taxes | 185.3 | 186.8 |
| &nbsp;&nbsp;Non-current operating lease liabilities | 120.9 | 138.4 |
| &nbsp;&nbsp;Other non-current liabilities | 39.8 | 43.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 4167.0 | 3509.5 |
| Commitments and contingencies |  |  |
| Stockholders' equity: |  |  |
| &nbsp;&nbsp;Preferred stock, $0.01 par value: 20,000,000 shares authorized, no shares issued and outstanding at December 31, 2025 and December 31, 2024 |  |  |
| &nbsp;&nbsp;Common stock, $0.01 par value: 325,000,000 shares authorized, 104,654,764 and 104,647,739 shares issued and outstanding, respectively at December 31, 2025 and 104,693,373 and 104,686,478 shares issued and outstanding, respectively at December 31, 2024 | 1.0 | 1.0 |
| &nbsp;&nbsp;Common stock in treasury, at cost, 7,025 shares at December 31, 2025 and 6,895 shares at December 31, 2024 | (1.5) | (1.4) |
| &nbsp;&nbsp;Additional paid-in capital | 1565.1 | 1512.5 |
| &nbsp;&nbsp;Retained earnings | 3543.6 | 2815.9 |
| &nbsp;&nbsp;Accumulated other comprehensive income (loss), net | 30.1 | (48.4) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity | 5138.3 | 4279.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and stockholders' equity | $9305.3 | $7789.1 |

---

See accompanying notes to consolidated financial statements.

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<u>[**Table of Contents**](#ic735b6ccda1a481fa4a1f9edfa4f3665_7)</u>

**Cboe Global Markets, Inc. and Subsidiaries**

**Consolidated Statements of Income**

**Years Ended December 31, 2025, 2024, and 2023**

**(In millions, except per share data)**

---

| | | | |
|:---|:---|:---|:---|
| | **2025** | **2024** | **2023** |
| Revenues: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and spot markets | $1834.8 | $1670.0 | $1445.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Data Vantage | 635.5 | 576.6 | 539.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Derivatives markets | 2243.9 | 1847.9 | 1789.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenues | 4714.2 | 4094.5 | 3773.5 |
| Cost of revenues: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Liquidity payments | 1709.7 | 1329.1 | 1385.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Routing and clearing | 80.4 | 68.3 | 79.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Regulatory fees cost of revenues | 238.7 | 391.4 | 185.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royalty fees and other cost of revenues | 256.3 | 233.3 | 204.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total cost of revenues | 2285.1 | 2022.1 | 1855.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revenues less cost of revenues | 2429.1 | 2072.4 | 1918.0 |
| Operating expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compensation and benefits | 500.8 | 462.4 | 425.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 122.4 | 133.0 | 158.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Technology support services | 107.6 | 102.8 | 99.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Professional fees and outside services | 91.5 | 94.8 | 92.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Travel and promotional expenses | 42.1 | 45.8 | 37.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Facilities costs | 26.2 | 24.6 | 25.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acquisition-related costs | 0.3 | 1.3 | 7.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment of assets | 46.7 | 81.0 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other expenses | 24.4 | 28.3 | 13.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 962.0 | 974.0 | 860.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating income | 1467.1 | 1098.4 | 1057.9 |
| Non-operating (expenses) income: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest expense | (52.3) | (51.5) | (62.4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income | 49.4 | 27.3 | 12.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Earnings on investments, net | 92.8 | 29.0 | 39.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other income (expense), net | 9.6 | (19.4) | 0.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income before income tax provision | 1566.6 | 1083.8 | 1047.6 |
| Income tax provision | 466.6 | 318.9 | 286.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income | 1100.0 | 764.9 | 761.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income allocated to participating securities | (5.2) | (3.9) | (3.9) |
| Net income allocated to common stockholders | $1094.8 | $761.0 | $757.5 |
| Basic earnings per share | $10.46 | $7.24 | $7.16 |
| Diluted earnings per share | $10.42 | $7.21 | $7.13 |
| Basic weighted average shares outstanding | 104.7 | 105.1 | 105.8 |
| Diluted weighted average shares outstanding | 105.1 | 105.5 | 106.2 |

---

See accompanying notes to consolidated financial statements.

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<u>[**Table of Contents**](#ic735b6ccda1a481fa4a1f9edfa4f3665_7)</u>

**Cboe Global Markets, Inc. and Subsidiaries**

**Consolidated Statements of Comprehensive Income**

**Years Ended December 31, 2025, 2024, and 2023**

**(In millions)**

---

| | | | |
|:---|:---|:---|:---|
| | **2025** | **2024** | **2023** |
| Net income | $1100.0 | $764.9 | $761.4 |
| Other comprehensive income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translation adjustments | 78.3 | (43.0) | 24.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized holding gains (losses) on financial investments |  | 5.0 | (2.8) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Post-retirement benefit obligations, net of income tax | 0.2 | 0.3 | (0.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Realized gains on available-for-sale financial investments |  | (1.3) |  |
| Comprehensive income | 1178.5 | 725.9 | 783.0 |
| Net income allocated to participating securities | (5.2) | (3.9) | (3.9) |
| Comprehensive income allocated to common stockholders, net of income tax | $1173.3 | $722.0 | $779.1 |

---

See accompanying notes to consolidated financial statements.

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<u>[**Table of Contents**](#ic735b6ccda1a481fa4a1f9edfa4f3665_7)</u>

**Cboe Global Markets, Inc. and Subsidiaries**

**Consolidated Statements of Changes in Stockholders' Equity**

**Years Ended December 31, 2025, 2024, and 2023**

**(In millions)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Preferred <br>Stock** | **Common<br>Stock** | **Treasury<br>Stock** | **Additional<br>paid-in<br>capital** | **Retained<br>earnings** | **Accumulated<br>other comprehensive<br>(loss) income, net** | **Total<br>stockholders'<br>equity** |
| Balance at December 31, 2022 | $— | $1.1 | $(131.0) | $1455.1 | $2171.1 | $(31.0) | $3465.3 |
| Cash dividends on common stock of $2.10 per share |  |  |  |  | (223.5) |  | (223.5) |
| Stock-based compensation |  |  |  | 41.3 |  |  | 41.3 |
| Repurchases of common stock from employee stock plans |  |  | (13.9) |  |  |  | (13.9) |
| Purchase of common stock |  |  | (83.9) |  |  |  | (83.9) |
| Retirement of treasury stock |  |  | 218.3 | (34.5) | (183.8) |  |  |
| Shares issued under employee stock purchase plan |  |  |  | 16.7 |  |  | 16.7 |
| Net income |  |  |  |  | 761.4 |  | 761.4 |
| Other comprehensive income |  |  |  |  |  | 21.6 | 21.6 |
| Balance at December 31, 2023 | $— | $1.1 | $(10.5) | $1478.6 | $2525.2 | $(9.4) | $3985.0 |
| Cash dividends on common stock of $2.36 per share |  |  |  |  | (249.4) |  | (249.4) |
| Stock-based compensation |  |  |  | 41.8 |  |  | 41.8 |
| Repurchases of common stock from employee stock plans |  |  | (29.5) |  |  |  | (29.5) |
| Purchase of common stock |  |  | (205.6) |  |  |  | (205.6) |
| Retirement of treasury stock |  | (0.1) | 244.2 | (19.3) | (224.8) |  |  |
| Shares issued under employee stock purchase plan |  |  |  | 11.4 |  |  | 11.4 |
| Net income |  |  |  |  | 764.9 |  | 764.9 |
| Other comprehensive loss |  |  |  |  |  | (39.0) | (39.0) |
| Balance at December 31, 2024 | $— | $1.0 | $(1.4) | $1512.5 | $2815.9 | $(48.4) | $4279.6 |
| Cash dividends on common stock of $2.70 per share |  |  |  |  | (284.3) |  | (284.3) |
| Stock-based compensation |  |  |  | 50.0 | 0.4 |  | 50.4 |
| Repurchases of common stock from employee stock plans |  |  | (29.8) |  |  |  | (29.8) |
| Purchase of common stock |  |  | (65.3) |  |  |  | (65.3) |
| Retirement of treasury stock |  |  | 95.0 | (6.6) | (88.4) |  |  |
| Shares issued under employee stock purchase plan |  |  |  | 9.2 |  |  | 9.2 |
| Net income |  |  |  |  | 1100.0 |  | 1100.0 |
| Other comprehensive income |  |  |  |  |  | 78.5 | 78.5 |
| Balance at December 31, 2025 | $— | $1.0 | $(1.5) | $1565.1 | $3543.6 | $30.1 | $5138.3 |

---

See accompanying notes to consolidated financial statements.

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<u>[**Table of Contents**](#ic735b6ccda1a481fa4a1f9edfa4f3665_7)</u>

**Cboe Global Markets, Inc. and Subsidiaries**

**Consolidated Statements of Cash Flows**

**Years Ended December 31, 2025, 2024, and 2023**

**(In millions)**

---

| | | | |
|:---|:---|:---|:---|
| | **2025** | **2024** | **2023** |
| Cash flows from operating activities: |  |  |  |
| Net income | $1100.0 | $764.9 | $761.4 |
| Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |
| &nbsp;&nbsp;Depreciation and amortization | 122.4 | 133.0 | 158.0 |
| &nbsp;&nbsp;Impairment of assets | 46.7 | 81.0 |  |
| &nbsp;&nbsp;Stock-based compensation expense | 50.4 | 41.8 | 41.3 |
| &nbsp;&nbsp;(Gain) impairment of minority investments | (5.1) | 31.6 | 1.8 |
| &nbsp;&nbsp;Change in contingent consideration |  | 2.0 | (14.4) |
| &nbsp;&nbsp;Equity earnings on investments | (84.2) | (26.5) | (36.9) |
| &nbsp;&nbsp;Benefit for deferred income taxes | (8.4) | (23.6) | (15.2) |
| &nbsp;&nbsp;Other loss (gain) adjustments, net | 2.2 | (0.7) | 4.0 |
| Changes in assets and liabilities: |  |  |  |
| &nbsp;&nbsp;Accounts receivable | 79.4 | (124.3) | 39.4 |
| &nbsp;&nbsp;Restricted cash and cash equivalents and customer bank deposits (included in margin deposits, clearing funds, and interoperability funds) | 528.5 | 76.0 | 282.6 |
| &nbsp;&nbsp;Income taxes receivable | 6.1 | 0.5 | (26.3) |
| &nbsp;&nbsp;Other current assets | 17.1 | (26.0) | (17.4) |
| &nbsp;&nbsp;Other assets | 24.8 | 17.3 | (26.7) |
| &nbsp;&nbsp;Accounts payable and accrued liabilities | 6.5 | (36.4) | (19.1) |
| &nbsp;&nbsp;Section 31 fees payable | (181.8) | 130.1 | (95.2) |
| &nbsp;&nbsp;Deferred revenue | 0.5 | 0.5 | (5.8) |
| &nbsp;&nbsp;Income taxes payable | 48.5 | 0.8 | (2.8) |
| &nbsp;&nbsp;Unrecognized tax benefits |  | 61.2 | 47.7 |
| &nbsp;&nbsp;Other liabilities | (1.0) | (2.6) | (0.8) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash flows provided by operating activities | 1752.6 | 1100.6 | 1075.6 |
| Cash flows from investing activities: |  |  |  |
| &nbsp;&nbsp;Proceeds from investments | 441.8 |  |  |
| &nbsp;&nbsp;Contributions to investments | (2.5) | (40.2) | (57.1) |
| &nbsp;&nbsp;Purchases of available-for-sale financial investments | (174.8) | (115.6) | (89.8) |
| &nbsp;&nbsp;Proceeds from maturities of available-for-sale financial investments | 248.1 | 67.9 | 135.7 |
| &nbsp;&nbsp;Proceeds from sale of intangible assets | 1.6 | 0.1 | 0.8 |
| &nbsp;&nbsp;Proceeds from sale of property held for sale |  | 3.3 |  |
| &nbsp;&nbsp;Proceeds from sale of property and equipment |  | 0.7 |  |
| &nbsp;&nbsp;Proceeds from notes receivable | 7.0 | 2.8 |  |
| &nbsp;&nbsp;Proceeds from insurance |  | 0.1 | 0.3 |
| &nbsp;&nbsp;Purchases of property and equipment and leasehold improvements, net | (71.0) | (60.9) | (45.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash flows provided by (used in) investing activities | 450.2 | (141.8) | (55.1) |
| Cash flows from financing activities: |  |  |  |
| &nbsp;&nbsp;Principal payments of current portion of long-term debt |  |  | (305.0) |
| &nbsp;&nbsp;Cash dividends on common stock | (284.3) | (249.4) | (223.5) |
| &nbsp;&nbsp;Repurchases of common stock from employee stock plans | (29.8) | (29.5) | (13.9) |
| &nbsp;&nbsp;Shares issued under employee stock purchase plan | 9.2 | 8.6 | (16.7) |
| &nbsp;&nbsp;Payments of contingent consideration related to acquisitions |  | (13.9) | (13.1) |
| &nbsp;&nbsp;Payments for Cboe Digital non-recourse notes and warrants wind down |  | (6.0) |  |
| &nbsp;&nbsp;Purchase of common stock, including commissions and excise taxes | (66.7) | (204.8) | (83.9) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash flows used in financing activities | (371.6) | (495.0) | (656.1) |
| Effect of foreign currency exchange rates on cash, cash equivalents, and restricted cash and cash equivalents | 271.8 | (95.1) | 52.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increase in cash, cash equivalents, and restricted cash and cash equivalents | 2103.0 | 368.7 | 417.2 |
| Cash, cash equivalents, and restricted cash and cash equivalents: |  |  |  |
| &nbsp;&nbsp;Beginning of period | 1765.8 | 1397.1 | 979.9 |
| &nbsp;&nbsp;End of period | $3868.8 | $1765.8 | $1397.1 |
| Reconciliation of cash, cash equivalents, and restricted cash and cash equivalents: |  |  |  |
| &nbsp;&nbsp;Cash and cash equivalents | $2216.5 | $915.3 | $543.2 |
| &nbsp;&nbsp;Restricted cash and cash equivalents (included in margin deposits, clearing funds, and interoperability funds) | 1617.0 | 841.4 | 834.8 |
| &nbsp;&nbsp;Restricted cash and cash equivalents (included in cash and cash equivalents) |  | 5.0 |  |
| &nbsp;&nbsp;Restricted cash and cash equivalents (included in other current assets) | 34.1 |  | 5.1 |
| &nbsp;&nbsp;Customer bank deposits (included in margin deposits, clearing funds, and interoperability funds) | 1.2 | 4.1 | 14.0 |
| &nbsp;&nbsp;Total | $3868.8 | $1765.8 | $1397.1 |
| Supplemental disclosure of cash transactions: |  |  |  |
| &nbsp;&nbsp;Cash paid for income taxes, net | $391.6 | $362.4 | $286.4 |
| &nbsp;&nbsp;Cash paid for interest | 91.7 | 100.1 | 56.7 |
| Supplemental disclosure of noncash investing activities: |  |  |  |
| &nbsp;&nbsp;Intangible assets earned or acquired | $— | $1.2 | $— |
| &nbsp;&nbsp;Note receivable from property held for sale |  | 6.4 |  |
| Supplemental disclosure of noncash financing activities: |  |  |  |
| &nbsp;&nbsp;Excise tax on purchases of common stock | $— | $1.3 | $— |
| &nbsp;&nbsp;Cboe Digital investor member revenue asset |  | 16.2 | (3.2) |
| &nbsp;&nbsp;Cboe Digital non-recourse notes and warrants |  | (16.2) | 3.2 |

---

See accompanying notes to consolidated financial statements.

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<u>[**Table of Contents**](#ic735b6ccda1a481fa4a1f9edfa4f3665_7)</u>

**Cboe Global Markets, Inc. and Subsidiaries**

**Notes to Consolidated Financial Statements**

**As of December 31, 2025 and 2024 and for the**

**Years Ended December 31, 2025, 2024, and 2023**

**1. NATURE OF OPERATIONS**

Cboe Global Markets, Inc., the world's leading derivatives and securities exchange network, delivers cutting-edge trading, clearing, and investment solutions to people around the world. Cboe provides trading solutions and products in multiple asset classes, including equities, derivatives, and FX, across North America, Europe, and Asia Pacific. Above all, the Company is committed to building a trusted, inclusive global marketplace that enables people to pursue a sustainable financial future.

Cboe's subsidiaries include the largest options exchange and the third largest equities exchange operator in the U.S. In addition, the Company operates Cboe Europe Equities (Cboe Europe and Cboe NL equities exchanges), one of the largest equities exchanges by value traded in Europe, and owns Cboe Clear Europe, a leading pan-European equities and derivatives clearinghouse, BIDS Holdings, which owns a leading block-trading ATS by volume in the U.S., and provides block-trading services with Cboe market operators in Europe and Canada, Cboe Australia, an operator of a regulated stock exchange in Australia, Cboe Clear U.S., an operator of a regulated clearinghouse, and Cboe Canada, a recognized Canadian securities exchange. Cboe subsidiaries also serve collectively as a leading market globally for exchange-traded products ("ETPs") listings and trading.

In 2025, following a comprehensive strategic review of its global business operations, Cboe initiated the wind down of its Japanese equities business, including the cessation of operations of its Cboe Japan proprietary trading system and Cboe BIDS Japan block trading platform, initiated a sales process for its Cboe Australia and Cboe Canada businesses, discontinued its U.S. and European Corporate Listings efforts, and reduced costs associated with its U.S. and European ETP Listings businesses, Cboe Europe Derivatives ("CEDX"), and several of Cboe's smaller Risk and Market Analytics businesses. Subsequent to December 31, 2025, after further review of its global business operations, Cboe initiated the wind down of CEDX.

The Company is headquartered in Chicago with offices in Amsterdam, Belfast, Hong Kong, Kansas City, London, Manila, New York, San Francisco, Sarasota Springs, Singapore, Sydney, Tokyo, and Toronto.

**2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**

***(a) Principles of Accounting***

These consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States ("GAAP") as established by FASB.

*(****b) Basis of Presentation***

The accompanying financial statements are presented on a consolidated basis to include the accounts and transactions of Cboe Global Markets, Inc. and its majority owned subsidiaries and all significant intercompany accounts and transactions have been eliminated.

The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities, and reported amounts of revenues and expenses. On an ongoing basis, management evaluates its estimates based upon historical experience, observance of trends, information available from outside sources and various other assumptions that management believes to be reasonable under the circumstances. Actual results may differ from these estimates under different conditions or assumptions.

In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation of financial position, results of operations, and cash flows at the dates and for the periods presented have been included.

*Segment Information*

The Company previously operated six reportable business segments as of December 31, 2024. As of January 1, 2025, the Company operates five reportable business segments: Options, North American Equities, Europe and Asia Pacific, Futures, and Global FX, which are further described below and are reflective of how the Company's Chief Operating Decision Maker ("CODM") reviews and operates the business. See Note 16 ("Segment Reporting") for more information.

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***(c) Use of Estimates***

The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as well as disclosure of the amounts of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from those estimates. Material estimates that are particularly susceptible to significant change in the near term include the valuation of goodwill, indefinite-lived intangible assets, and unrecognized tax benefits.

***(d) Cash and Cash Equivalents***

The Company's cash and cash equivalents are exposed to concentrations of credit risk. The Company maintains cash at various regulated financial institutions and brokerage firms which, at times, may be in excess of the depository insurance limits. The Company's management regularly monitors these institutions and believes that the potential for future loss is remote. The Company considers liquid investments, including certain short-term repurchase agreements and U.S. and UK Treasury securities, with original or acquired maturities of three months or less, and money market funds, to be cash equivalents.

***(e) Financial Investments***

Financial investments are classified as trading or available-for-sale.

Trading financial investments represent financial investments held by Cboe Trading that retain the industry-specific accounting classification required for broker-dealers, and marketable securities held in a rabbi trust for the Company's non-qualified retirement and benefit plans. The investments held by the broker-dealer subsidiary are recorded at fair value with changes in unrealized gains and losses reflected within interest income or interest expense in the consolidated statements of income. The investments held in a trust are recorded at fair value with changes in unrealized gains or losses recorded within other income (expense), net and the equal and offsetting charges in the related liability are recorded in compensation and benefits expense in the consolidated statements of income as it relates to employee compensation plans and recorded in professional fees and outside services expense in the consolidated statements of income as it relates to non-employee director compensation plans.

Available-for-sale financial investments are comprised of the financial investments not held by Cboe Trading, including highly liquid U.S. Treasury securities.

Interest on financial investments, including amortization of premiums and accretion of discounts, is recognized as income when earned. Realized gains and losses on financial investments are calculated using the specific identification method and are included in interest income and interest expense in the accompanying consolidated statements of income.

***(f) Accounts Receivable, Net***

Accounts receivable are concentrated with the Company's member firms and market data distributors and are carried at amortized cost. The Company nets transaction fees and liquidity payments for each member firm on a monthly basis and recognizes the total owed from a member firm as accounts receivable, net and the total owed to a member firm as accounts payable and accrued liabilities in the consolidated balance sheets. On a periodic basis, management evaluates the Company's accounts receivable and records an allowance for expected credit losses using an aging schedule. The aging schedule applies loss rates based on historical loss information and, as deemed necessary, is adjusted for differences in the nature of the receivables that exist at the reporting date from the historical period. Due to the short-term nature of the accounts receivable, changes in future economic conditions are not expected to have a significant impact on the expected credit losses.

The accounts receivable are presented net of allowance for credit losses on the consolidated balance sheets and the associated losses are presented in other operating expenses on the consolidated statements of income.

***(g) Property and Equipment, Net***

Property and equipment, net is stated at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated lives of the assets, generally ranging from three to seven years. Expenditures for repairs and maintenance are charged to expense as incurred. Depreciation of leasehold improvements is calculated using the straight-line method over the shorter of the related lease term or the estimated useful life of the assets.

Long-lived assets to be held and used are reviewed to determine whether any events or changes in circumstances indicate that the carrying values of the assets may not be recoverable. The Company bases this evaluation on such impairment indicators as the nature of the assets, the future economic benefit of the assets, any historical or future profitability measurements, as well as other external market conditions or factors that may be present. If such impairment

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indicators are present that would indicate that the carrying value of any asset may not be recoverable, the Company determines whether an impairment has occurred through the use of an undiscounted cash flow analysis of the asset at the lowest level for which identifiable cash flows exist. In the event of impairment, the Company recognizes a loss for the difference between the carrying value and the estimated value of the asset as measured using quoted market prices or, in the absence of quoted market prices, a discounted cash flow analysis. Impairment charges concerning long-lived assets were made during the periods presented. See Note 9 ("Other Assets, Net") for additional information.

The Company expenses software development costs as incurred during the preliminary project stage, while capitalizing costs incurred during the application development stage, which includes design, coding, installation, and testing activities.

***(h) Goodwill and Intangible Assets, Net***

Goodwill represents the excess of purchase price over the value assigned to the net tangible and identifiable intangible assets of a business acquired. Goodwill is allocated to the Company's reporting units based on the assignment of the fair values of each reporting unit of the acquired company. The Company tests goodwill for impairment at the reporting unit level annually, or in interim periods if certain events occur indicating that the carrying value may be impaired.

Intangible assets, net, primarily include acquired trademarks and trade names, customer relationships, strategic alliance agreements, licenses and registrations, and non-compete agreements. Intangible assets with finite lives are amortized based on the discounted cash flow method applied over the estimated useful lives of the intangible assets and are tested for impairment if certain events occur indicating that the carrying value may be impaired.

Intangible assets deemed to have indefinite useful lives are not amortized, but instead are tested for impairment at least annually, usually concurrently with goodwill. Impairment exists if the fair value of the asset is less than the carrying value, and in that case, an impairment loss is recorded.

Impairment charges concerning intangible assets were made during the periods presented. See Note 10 ("Goodwill, Intangible Assets, Net and Digital Assets Held") for additional information.

***(i) Treasury Stock***

The Company accounts for the purchase of treasury stock under the cost method with the shares of stock repurchased, plus any direct costs and excise taxes, reflected as a reduction to Cboe stockholders' equity and included in common stock in treasury, at cost in the consolidated balance sheets. Shares repurchased under the Company's share repurchase program are either available to be redistributed or they are retired. The Company accounts for the retirement of treasury stock by deducting its par value from common stock and reflecting any excess of cost over par value as a deduction from additional paid-in-capital or retained earnings on the consolidated balance sheets.

***(j) Foreign Currency***

The financial statements of foreign subsidiaries where the functional currency is not the U.S. dollar are translated into U.S. dollars using the exchange rate in effect as of each balance sheet date. Statements of income and cash flow amounts are translated using the average exchange rate during the period. The cumulative effects of translating the balance sheet accounts from the functional currency into the U.S. dollar at the applicable exchange rates are included in accumulated other comprehensive loss, net in the accompanying consolidated balance sheets. Foreign currency gains and losses are recorded as other (expense) income, net in the consolidated statements of income. The Company's operations in the United Kingdom, the Netherlands, Canada, Australia, Japan, Singapore, the Philippines, and Hong Kong are recorded in Pounds sterling, Euros, Canadian dollars, Australian dollars, Japanese yen, Singapore dollars, Philippine pesos, and Hong Kong dollars, respectively.

***(k) Income Taxes***

Deferred taxes are recorded on a liability method whereby deferred tax assets are recognized for deductible temporary differences and operating loss and tax credit carryforwards, and deferred tax liabilities are recognized for taxable temporary differences. Temporary differences are the differences between the reported amounts of assets and liabilities and their tax bases. Deferred tax assets are reduced by valuation allowances when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of enactment.

The Company recognizes the tax benefit from an unrecognized tax benefit only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based upon the technical merits of the position. The tax benefit recognized in the consolidated financial statements from such a position is measured based on the largest benefit that has a greater than 50% likelihood of being realized upon ultimate settlement. Also, interest and penalties expense is recognized on the full amount of deferred benefits for unrecognized tax benefits. The Company's policy is to include interest and penalties related to unrecognized tax benefits in the income tax provision within the consolidated statements of income.

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The Company has elected to account for net controlled foreign corporation tested income ("NCTI"), formerly global intangible low-taxed income ("GILTI"), in the period in which it is incurred, and therefore has not provided any deferred tax impacts of NCTI in the consolidated financial statements.

***(l) Revenue Recognition***

For further discussion related to revenue recognition of fees, such as transaction and clearing fees and liquidity payments, access and capacity fees, market data fees, and regulatory transaction and Section 31 fees, see Note 4 ("Revenue Recognition").

***Concentrations of Revenue***

For each of the years ended December 31, 2025, 2024, and 2023, one customer accounted for approximately 10% of the Company's total revenue. The revenues associated with this customer are included in the Options, North American Equities, Europe and Asia Pacific, Global FX and Futures segments and totaled $480.0 million, $403.1 million, and $389.4 million for the years ended December 31, 2025, 2024, and 2023, respectively.

No customer is contractually or otherwise obligated to continue to use the Company's services. The loss of, or a significant reduction of, participation by these customers may have a material adverse effect on the Company's business, financial position, results of operations, and cash flows. The three largest clearing members clear approximately 71% of the market-maker sides of transactions at all of the Company's U.S. options exchanges. If any of these clearing members were to withdraw from the business of market-maker clearing and market-makers were unable to transfer to another clearing member, this could create significant disruption to the U.S. options markets, including Cboe's.

***(m) Earnings Per Share***

The computation of basic earnings per share is calculated by reducing net income for the period by dividends paid or declared and undistributed net income for the period that are allocated to participating securities to arrive at net income allocated to common stockholders. Net income allocated to common stockholders is divided by the weighted average number of common shares outstanding during the period to determine net income per share allocated to common stockholders.

The computation of diluted earnings per share is calculated by dividing net income allocated to common stockholders by the sum of the weighted average number of common shares outstanding plus all additional common shares that would have been outstanding if the potentially dilutive common shares had been issued. The dilutive effect is calculated using the more dilutive of the two-class or treasury stock method.

***(n) Stock-Based Compensation***

The Company grants stock-based compensation to its employees and directors through restricted stock units ("RSUs") and performance-based restricted stock units ("PSUs"). The Company records stock-based compensation expense for all stock-based compensation granted based on the grant-date fair value. The Company recognizes stock-based compensation expense related to stock-based compensation awards with graded vesting that have a service condition on a straight-line basis over the requisite service period of the entire award.

For RSUs, the amount of stock-based compensation expense is based on the fair value of Cboe Global Markets, Inc. common stock at the date of grant. The fair value is based on a current market-based transaction of the Company's common stock. For PSUs, the Company uses a Monte Carlo valuation model to estimate the fair value of awards tied to total shareholder return applying a grant-date fair value approach, contingent on the achievement of performance conditions. See Note 19 ("Stock-Based Compensation") for additional information.

***(o) Business Combinations***

The Company records identifiable assets, liabilities and goodwill acquired in a business combination at fair value at the acquisition date. Additionally, transaction-related costs are expensed in the period incurred.

***(p) Debt Issuance Costs***

All costs incurred to issue debt are capitalized as a contra-liability and amortized over the life of the debt using the interest method.

***(q) Investments***

The Company generally accounts for investments using the measurement alternative when it owns less than 20% of the outstanding voting stock of a company, there is an absence of readily determinable fair value for the respective investment,

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and the Company has an inability to exercise significant influence over the investment based upon the respective ownership interests held. The Company recognizes dividend income when declared.

In general, the equity method of accounting is used when the Company owns 20% to 50% of the outstanding voting stock of a company and when it is able to exercise significant influence over the operating and financial policies of a company. For equity method investments, the Company records the pro rata share of earnings or losses each period and records any dividends received as a reduction in the investment balance. The equity method investment is inclusive of other-than-temporary declines in value, recognized by the investee, who considers a variety of factors such as the earnings capacity of the investment and the fair value of the investment compared to its carrying value. If the estimated fair value of the investment is less than the carrying value and the decline in value is considered to be other than temporary, the excess of the carrying value over the estimated fair value is recognized in the financial statements as an impairment.

The Company's investment in 7Ridge Investments 3 LP ("7Ridge Fund") represents a nonconsolidated variable interest entity ("VIE") and is accounted for under the equity method of accounting. The Company has determined that consolidation of the VIE is not required as the Company is not the primary beneficiary of the 7Ridge Fund, as it does not have controlling financial interest and lacks the ability to unilaterally remove the general partner, 7Ridge Investments 3 GP Limited, direct material strategic decisions, or dissolve the entity (i.e. the Company does not have unilateral substantive "kick-out" or "liquidation" rights). See Note 6 ("Investments") for additional information.

***(r) Leases***

The Company determines if an arrangement contains a lease at inception. For arrangements where the Company is the lessee, operating leases are included in operating lease right of use ("ROU") assets, accrued liabilities, and non-current operating lease liabilities on the balance sheet as of December 31, 2025. The Company does not have any finance leases as of December 31, 2025.

ROU assets and operating lease liabilities are recognized based on the present value of the future lease payments over the lease term at commencement date. ROU assets also include any initial direct costs incurred and any lease payments made at or before the lease commencement date, less lease incentives received. The Company uses its incremental borrowing rate based on the information available at the lease commencement date in determining the lease liabilities, as the rate implicit in the Company's leases is generally not reasonably determinable. Lease terms may include options to extend or terminate when the Company is reasonably certain that the option will be exercised. Lease expense is recognized on a straight-line basis over the lease term.

The Company also has lease arrangements with lease and non-lease components. The Company elected the practical expedient not to separate non-lease components from lease components for the Company's leases. The Company elected to apply the short-term lease measurement and recognition exemption in which ROU assets and lease liabilities are not recognized for short-term leases. For short-term operating leases, lease expense is recognized on a straight-line basis over the lease term.

Leases with an initial term of 12 months or less are not recorded on the consolidated balance sheets and the Company recognizes lease expense in facilities costs within the consolidated statements of income for these leases on a straight-line basis over the lease term. Certain leases include one or more options to renew, with renewal terms that can extend the lease term from one to five years or more, and some of which include the Company's option to terminate the leases within one year. When the implicit rate in the Company's lease is not reasonably determinable, the Company applies an incremental borrowing rate based on the information available at the lease commencement date in determining the present value of lease payments.

***(s) Margin Deposits, Clearing Funds, and Interoperability Funds***

Margin deposits, clearing funds, and interoperability funds in the form of cash contributions by Cboe Clear Europe's clearing members where title has transferred to Cboe Clear Europe are included as current assets with equal and offsetting current liabilities in the consolidated balance sheets. Changes in margin deposits, clearing funds, and interoperability funds, are presented net in the "restricted cash and cash equivalents and customer bank deposits (included in margin deposits, clearing funds, and interoperability funds)" line in the operating section of the consolidated statement of cash flows. Similarly, cash flows associated with related investment agreements as well as interest income earned on such investments will be classified as cash flows from operating activities in the consolidated statement of cash flows. Both activities are part of Cboe Clear Europe's principal operating activities and are presented within the operating section of the consolidated statement of cash flows.

When investments are made in accordance with its investment policy, Cboe Clear Europe receives the amount of investment earnings and pays clearing members those earnings minus a set basis point cost of collateral. Related interest income and interest expense are presented gross in the consolidated statement of income in other revenue and other cost of revenue, respectively, as it relates to a core operating activity of Cboe Clear Europe.

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Cboe Clear U.S. holds cash on behalf of its customers for the purposes of supporting clearing transactions. Customer cash may be invested in approved investments and any interest or gain received, or loss incurred on invested funds is recorded in the consolidated statements of income. The Company includes customer cash related to the clearing activity on the consolidated balance sheets in margin deposits, clearing funds, and interoperability funds, with a corresponding liability.

Restricted cash within other current assets represents cash not available for general corporate purposes and either i) outside of the sole control of the Company or ii) legally restricted as to its use and is included in other current assets in the consolidated balance sheets. See Note 14 ("Clearing Operations") for more information.

***(t) Digital Assets Held***

The Company determined that digital assets held should be accounted for under ASC 350 – Intangibles – Goodwill and Other, and included on the consolidated balance sheets within intangibles, net. As there is no inherent limit imposed on the useful life of the digital assets, they are classified as indefinite-lived intangible assets and are not subject to amortization. Instead, they are tested for impairment annually or more frequently if events or circumstances change that indicate it is more likely than not that the asset is impaired (i.e., if an impairment indicator exists). The Company will not record any increases in value during the period the digital assets are held; the only gains that are recorded are upon disposition (if the proceeds exceed the carrying value at the time of the disposition).

**3. RECENT ACCOUNTING PRONOUNCEMENTS**

***Recent Accounting Pronouncements – Adopted***

On January 23, 2025, the SEC issued Staff Accounting Bulletin 122 ("SAB 122"), which rescinds the interpretive guidance included in the Staff Accounting Bulletin 121 ("SAB 121"). SAB 121, issued March 31, 2022, provided interpretive guidance from the SEC regarding the accounting for obligations to safeguard digital assets that an entity holds on behalf of customers. For public entities, SAB 122 is effective on a fully retrospective basis in annual periods beginning after December 15, 2024. Additionally, SAB 122 was codified by the FASB in March 2025, under Accounting Standards Update ("ASU") 2025-02, Liabilities (405): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 122. The Company adopted the guidance for the consolidated financial statements issued for the year ended December 31, 2025 and, therefore, no longer discloses safeguarded digital assets within Note 8 ("Goodwill, Intangible Assets, Net, and Digital Assets Held"), Note 13 ("Fair Value Measurement"), and the consolidated balance sheets. The adoption had no material impact on the previously reported condensed consolidated financial statements as the Company liquidated all digital assets held on behalf of customers in the third quarter of 2024.

In December 2023, the FASB issued ASU 2023-08, Intangibles – Goodwill and Other – Crypto Assets (Subtopic 350-60): Accounting for and Disclosure of Crypto Assets. This ASU addresses the accounting and disclosure requirements for certain crypto assets and requires entities to subsequently measure certain crypto assets at fair value, with changes in fair value recorded in earnings in each reporting period. In addition, entities are required to provide additional disclosures about the holdings of certain crypto assets. For public entities, the update is effective for fiscal years and interim periods within those fiscal years, beginning after December 15, 2024. The Company adopted the update for the consolidated financial statements issued for the year ended December 31, 2025, and it does not have a material impact on the consolidated financial statements as the Company does not hold a material amount of crypto assets at December 31, 2025.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This ASU addresses investor requests for more transparency about income tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information. For public entities, the update is effective for fiscal years beginning after December 15, 2024. The Company adopted the update for the consolidated financial statements issued for the year ending December 31, 2025. The Company elected to apply the standard retrospectively to enhance comparability across periods. The required disclosures, as applicable, are included in Note 21 ("Income Taxes"), and reflect the extent of the impact of the adoption of ASU 2023-09 on the consolidated financial statement disclosures.

***Recent Accounting Pronouncements – Issued, not yet Adopted***

In September 2025, the FASB issued ASU 2025-06 – Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software. ASU 2025-06 eliminates the traditional stages for internal use software (preliminary, development, post-implementation) used to determine when to capitalize costs. Instead, capitalization begins when both management has authorized and committed funding for the project and it is probable the project will be completed and the software will be used as intended. The amendments will be effective for all entities for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods. Early adoption is permitted as of the beginning of an annual reporting period. The Company expects to adopt the update for the annual financial statements issued for the year ending December 31, 2027, and is currently reviewing the impact that the adoption of ASU 2025-06 may have on the consolidated financial statement disclosures.

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In November 2024, the FASB issued ASU 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. This ASU requires disaggregated disclosure of certain income statement expenses for public entities. For public entities, the update is effective for fiscal years beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. The Company expects to adopt the update for the annual financial statements issued for the year ending December 31, 2027, and is currently reviewing the impact that the adoption of ASU 2024-03 may have on the consolidated financial statement disclosures.

On March 6, 2024, the SEC adopted new Climate Disclosure Rules, which require companies to publish information that describes the climate-related risks that are reasonably likely to have a material impact on a company's business or consolidated financial statements. The final rules would require companies to disclose material climate-related risks, activities to mitigate or adapt to such risks, information about the companies' board of directors' oversight of climate-related risks and management's role in managing climate-related risks, and information on any climate-related targets or goals that are material to the companies' business, results of operations or financial condition. On March 15, 2024, the U.S. Court of Appeals for the Fifth Circuit granted an administrative stay of the SEC's final Climate Disclosure Rules, in response to legal challenges unaffiliated with the Company. On February 11, 2025, the acting Chairman of the SEC directed the SEC staff to notify the court of changed circumstances and requested that the Court not schedule the case for argument. On March 27, 2025, the SEC voted to end its defense of its Climate Disclosure Rules. On April 24, 2025, the U.S. Court of Appeals for the Eighth Circuit (the "Court") granted an order to hold in abeyance the cases regarding the validity of the SEC's final Climate Disclosure Rules. On July 23, 2025, the SEC replied to the Court's request for a status report. The SEC informed the Court that it does not intend to review or reconsider the Climate Disclosure Rules at this time and requests that the Court decide the case as briefed. On September 12, 2025, the Court issued an order continuing the abeyance until the SEC reconsiders the Climate Disclosure Rules via notice-and-comment or renews its defense of the Climate Disclosure Rules. The Company will continue to monitor updates to the Climate Disclosure Rules and potential impacts on the consolidated financial statements.

There were no other recent applicable material accounting pronouncements that have been issued, but not yet adopted as of December 31, 2025.

**4. REVENUE RECOGNITION**

The Company presents three financial statement revenue captions within its consolidated statements of income that reflect the Company's diversified products, expansive geographical reach, and overall business strategy. Below is a summary of the Company's financial statement revenue captions:

*Revenues*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*• Cash and spot markets* – includes associated transaction and clearing fees, the portion of market data fees relating to associated U.S. tape plan market data fees, associated regulatory fees, and associated other revenue from Cboe's North American Equities, Europe and Asia Pacific, and Global FX segments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Data Vantage* – includes access and capacity fees, proprietary market data fees, and associated other revenue across Cboe's five segments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Derivatives markets* – includes associated transaction and clearing fees, the portion of market data fees relating to associated U.S. tape plan market data fees, associated regulatory fees, and associated other revenue from Cboe's Options, Futures, and Europe and Asia Pacific segments.

The Company's main types of revenue contracts consist of the following, which are disaggregated from the consolidated statements of income.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Transaction and clearing fees* – Transaction fees represent fees charged by the Company for meeting the point-in-time performance obligation of executing a trade on its markets. These fees can be variable based on trade volume tiered discounts; however, as all tiered discounts are calculated monthly, the actual discount is recorded on a monthly basis. Transaction fees are recognized across all segments. Clearing fees, which include settlement fees, represent fees charged by the Company for meeting the point-in-time performance obligation for transactions cleared and settled by Cboe Clear Europe and Cboe Clear U.S. Clearing fees can be variable based on trade volume tiered discounts; however, as all tiered discounts are calculated monthly, the actual discount is recorded on a monthly basis. Clearing fees attributable to Cboe Clear Europe are recognized in the Europe and Asia Pacific segment, and clearing fees attributable to Cboe Clear U.S. are recognized in the Futures segment. Transaction and clearing fees, as well as any tiered volume discounts, are calculated and billed monthly in accordance with the Company's published fee schedules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Access and capacity fees* – Access and capacity fees represent fees assessed for the opportunity to trade, including fees for trading-related functionality across all segments, terminal and other equipment rights, maintenance services, trading floor space, and telecommunications services. Facilities, systems services, and

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other fees are generally monthly fee-based. These fees are billed monthly in accordance with the Company's published fee schedules and recognized on a monthly basis when the performance obligations are met. All access and capacity fees associated with the trading floor are recognized over time in the Options segment, as the performance obligations are met.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Market data fees* – Market data fees represent the fees received by the Company from the U.S. tape plans and fees charged to customers for proprietary market data. Fees from the U.S. tape plans are recognized monthly based on published fee schedules and distributed quarterly to the Exchanges based on a known formula. A contract for proprietary market data is entered into and charged on a monthly basis in accordance with the Company's published fee schedules as the service is provided. Proprietary market data also includes revenue from various licensing agreements. Both types of market data are satisfied over time, and revenue is recognized on a monthly basis as the customer receives and consumes the benefit as the Company provides the data to meet its performance obligation. U.S. tape plan market data is recognized in the North American Equities and Options segments. Proprietary market data fees are recognized across all segments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Regulatory fees* – There are two types of regulatory fees that the Company recognizes. The first type represents fees collected by the Company to cover the Section 31 fees charged to the Exchanges by the SEC for meeting the point-in-time performance obligation of executing a trade on its markets. The fees charged to customers are based on the fee set by the SEC per notional value of U.S. Equities exchange transactions and per round turn of Options transactions executed on the Company's U.S. securities markets. These fees are calculated and billed monthly and are recognized in the North American Equities and Options segments. As the Exchanges are responsible for the ultimate payment to the SEC, the Exchanges are considered the principal in these transactions. Regulatory fees also include the options regulatory fee ("ORF"), which supports the Company's regulatory oversight function in the Options segment, along with other miscellaneous regulatory fees, and neither can be used for non-regulatory purposes. The ORF and miscellaneous fees are recognized when the performance obligation is fulfilled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• *Other revenue* – Other revenue primarily includes interest income from investments (including from investments of margin deposits, clearing funds, and interoperability fund deposits) from clearing operations, all fees related to the trade reporting facility operated in the Europe and Asia Pacific segment, and listing fees.

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All revenue recognized in the consolidated statements of income is considered to be revenue from contracts with customers, with the exception of interest income from clearing operations. The following table depicts the disaggregated revenue contract types listed above within each respective financial statement caption in the consolidated statements of income (in millions):

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Cash and Spot<br>Markets** | **Data Vantage** | **Derivatives<br>Markets** | **Total** |
| **Year Ended December 31, 2025** | | | | |
| &nbsp;&nbsp;Transaction and clearing fees | $1483.1 | $— | $2114.5 | $3597.6 |
| &nbsp;&nbsp;Access and capacity fees |  | 408.7 |  | 408.7 |
| &nbsp;&nbsp;Market data fees | 66.2 | 223.9 | 36.5 | 326.6 |
| &nbsp;&nbsp;Regulatory fees | 196.0 |  | 89.4 | 285.4 |
| &nbsp;&nbsp;Other revenue | 89.5 | 2.9 | 3.5 | 95.9 |
|  | $1834.8 | $635.5 | $2243.9 | $4714.2 |
|  | **Cash and Spot<br>Markets** | **Data Vantage** | **Derivatives<br>Markets** | **Total** |
| **Year Ended December 31, 2024** |  |  |  |  |
| &nbsp;&nbsp;Transaction and clearing fees | $1196.3 | $— | $1708.3 | $2904.6 |
| &nbsp;&nbsp;Access and capacity fees |  | 369.8 |  | 369.8 |
| &nbsp;&nbsp;Market data fees | 60.4 | 203.9 | 30.5 | 294.8 |
| &nbsp;&nbsp;Regulatory fees | 320.2 |  | 106.1 | 426.3 |
| &nbsp;&nbsp;Other revenue | 93.1 | 2.9 | 3.0 | 99.0 |
|  | $1670.0 | $576.6 | $1847.9 | $4094.5 |
|  | **Cash and Spot<br>Markets** | **Data Vantage** | **Derivatives<br>Markets** | **Total** |
| **Year Ended December 31, 2023** |  |  |  |  |
| &nbsp;&nbsp;Transaction and clearing fees | $1149.7 | $— | $1681.6 | $2831.3 |
| &nbsp;&nbsp;Access and capacity fees |  | 347.5 |  | 347.5 |
| &nbsp;&nbsp;Market data fees | 71.3 | 188.7 | 33.7 | 293.7 |
| &nbsp;&nbsp;Regulatory fees | 153.8 |  | 69.9 | 223.7 |
| &nbsp;&nbsp;Other revenue | 70.3 | 3.0 | 4.0 | 77.3 |
|  | $1445.1 | $539.2 | $1789.2 | $3773.5 |

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The following table depicts the disaggregation of revenue according to segment (in millions):

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Options** | **North<br>American<br>Equities** | **Europe<br>and Asia<br>Pacific** | **Futures** | **Global FX** | **Digital (1)** | **Total** |
| **Year Ended December 31, 2025** | | | | | | | |
| &nbsp;&nbsp;Transaction and clearing fees | $2011.5 | $1193.3 | $209.9 | $103.0 | $79.9 | $— | $3597.6 |
| &nbsp;&nbsp;Access and capacity fees | 184.8 | 144.4 | 45.8 | 22.6 | 11.1 |  | 408.7 |
| &nbsp;&nbsp;Market data fees | 142.2 | 129.7 | 43.0 | 10.0 | 1.7 |  | 326.6 |
| &nbsp;&nbsp;Regulatory fees | 89.3 | 196.0 |  | 0.1 |  |  | 285.4 |
| &nbsp;&nbsp;Other revenue | 5.8 | 8.9 | 79.9 | 0.2 | 1.1 |  | 95.9 |
|  | $2433.6 | $1672.3 | $378.6 | $135.9 | $93.8 | $— | $4714.2 |
| **Timing of revenue recognition** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Services transferred at a point in time | $2106.6 | $1398.2 | $289.8 | $103.3 | $81.0 | $— | $3978.9 |
| &nbsp;&nbsp;Services transferred over time | 327.0 | 274.1 | 88.8 | 32.6 | 12.8 |  | 735.3 |
|  | $2433.6 | $1672.3 | $378.6 | $135.9 | $93.8 | $— | $4714.2 |
| **Year Ended December 31, 2024** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Transaction and clearing fees | $1599.0 | $970.5 | $159.6 | $109.2 | $66.6 | $(0.3) | $2904.6 |
| &nbsp;&nbsp;Access and capacity fees | 168.4 | 127.7 | 40.3 | 22.4 | 11.0 |  | 369.8 |
| &nbsp;&nbsp;Market data fees | 123.8 | 120.8 | 39.4 | 9.3 | 1.5 |  | 294.8 |
| &nbsp;&nbsp;Regulatory fees | 105.9 | 320.2 |  | 0.2 |  |  | 426.3 |
| &nbsp;&nbsp;Other revenue | 5.5 | 7.6 | 84.9 |  | 0.8 | 0.2 | 99.0 |
|  | $2002.6 | $1546.8 | $324.2 | $141.1 | $79.9 | $(0.1) | $4094.5 |
| **Timing of revenue recognition** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Services transferred at a point in time | $1710.4 | $1298.3 | $244.5 | $109.4 | $67.4 | $(0.1) | $3429.9 |
| &nbsp;&nbsp;Services transferred over time | 292.2 | 248.5 | 79.7 | 31.7 | 12.5 |  | 664.6 |
|  | $2002.6 | $1546.8 | $324.2 | $141.1 | $79.9 | $(0.1) | $4094.5 |
| **Year Ended December 31, 2023** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Transaction and clearing fees | $1583.7 | $946.3 | $145.6 | $98.0 | $62.2 | $(4.5) | $2831.3 |
| &nbsp;&nbsp;Access and capacity fees | 161.0 | 117.1 | 36.3 | 22.0 | 10.7 | 0.4 | 347.5 |
| &nbsp;&nbsp;Market data fees | 118.8 | 128.3 | 36.7 | 8.5 | 1.4 |  | 293.7 |
| &nbsp;&nbsp;Regulatory fees | 69.6 | 153.8 |  | 0.3 |  |  | 223.7 |
| &nbsp;&nbsp;Other revenue | 6.4 | 7.5 | 62.6 | 0.2 | 0.6 |  | 77.3 |
|  | $1939.5 | $1353.0 | $281.2 | $129.0 | $74.9 | $(4.1) | $3773.5 |
| **Timing of revenue recognition** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Services transferred at a point in time | $1659.7 | $1107.6 | $208.2 | $98.5 | $62.8 | $(4.5) | $3132.3 |
| &nbsp;&nbsp;Services transferred over time | 279.8 | 245.4 | 73.0 | 30.5 | 12.1 | 0.4 | 641.2 |
|  | $1939.5 | $1353.0 | $281.2 | $129.0 | $74.9 | $(4.1) | $3773.5 |

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**________________________________________________________**

(1)The Digital segment results are prospectively included in the Futures segment beginning in the first quarter of 2025. Digital results from 2024 and 2023 have been retained in the former Digital segment for comparative purposes. See Note 16 ("Segment Reporting") for additional information.

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Contract liabilities as of December 31, 2025 primarily represent prepayments of transaction fees and certain access and capacity and market data fees to the Exchanges. The revenue recognized from contract liabilities and the remaining balance is shown below (in millions):

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Balance at<br>December 31, 2024** | **Cash<br>Additions** | **Revenue<br>Recognized** | **Balance at<br>December 31, 2025** |
| Liquidity provider sliding scale (1) | $2.4 | $7.2 | $(7.2) | $2.4 |
| Other, net (2) | 4.2 | 17.0 | (16.7) | 4.5 |
| Total deferred revenue | $6.6 | $24.2 | $(23.9) | $6.9 |

---

**________________________________________________________**

(1)Liquidity providers are eligible to participate in the sliding scale program, which involves prepayment of transaction fees, and to receive reduced fees based on the achievement of certain volume thresholds within a calendar month. These transaction fees are amortized and recorded ratably as the transactions occur over the period.

(2)Other, net deferred revenue represents cash received for unsatisfied performance obligations of liability classified contract liabilities that have yet to be recognized as revenue in the consolidated statements of income, which include but are not limited to: licensing fees, listing fees, adjustments related to ORF, membership fees, and data subscription fees.

**5. ACQUISITIONS**

Acquisition-related costs relate to acquisitions and other strategic opportunities. The Company expensed $0.3 million of acquisition-related costs during the year ended December 31, 2025, all of which related to compensation, professional fees, and other expenses. These acquisition-related expenses are included in acquisition-related costs in the consolidated statements of income.

The Company expensed $1.3 million of acquisition-related costs during the year ended December 31, 2024, all of which related to compensation, professional fees, and other expenses. These acquisition-related expenses are included in acquisition-related costs in the consolidated statements of income.

The Company expensed $7.4 million of acquisition-related costs during the year ended December 31, 2023, all of which related to professional fees and other expenses. These acquisition-related expenses are included in acquisition-related costs in the consolidated statements of income.

**6. INVESTMENTS**

As of December 31, 2025 and 2024, the Company's investments were comprised of the following (in millions):

---

| | | |
|:---|:---|:---|
| | **December 31,<br>2025** | **December 31,<br>2024** |
| Equity method investments: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment in 7Ridge Investments 3 LP | $1.5 | $321.3 |
| Total equity method investments | 1.5 | 321.3 |
| Other equity investments: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment in Japannext Co., Ltd. |  | 36.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment in Eris Innovations Holdings, LLC | 9.5 | 9.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment in CSD BR | 10.3 | 5.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment in Talos Global, Inc. | 5.0 | 4.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment in Vest Group Inc. | 2.9 | 2.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment in OCC | 0.3 | 0.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other equity investments | 2.9 | 2.9 |
| Total other equity investments | 30.9 | 62.4 |
| Total investments | $32.4 | $383.7 |

---

*Equity Method Investments*

The Company's investment in 7Ridge Investments 3 LP ("7Ridge Fund"), as a limited partner, represents a nonconsolidated variable interest entity ("VIE"). The Company has determined that consolidation of the VIE is not required as the Company is not the primary beneficiary of the 7Ridge Fund, as it does not have controlling financial interest and lacks the ability to unilaterally remove the general partner, 7Ridge Investments 3 GP Limited, direct material strategic decisions, or dissolve the entity (i.e., the Company does not have unilateral substantive "kick-out" or "liquidation" rights).

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The Company's interest in the 7Ridge Fund is equal to the carrying value of the investment as of December 31, 2025, or $1.5 million, inclusive of the Company's share of 7Ridge Fund's profit or loss. The carrying value of the investment is included in investments within the consolidated balance sheets. The Company's maximum loss exposure, in the unlikely event that all of the VIE's assets become worthless, is limited to the carrying value of the Company's investment.

On July 30, 2025, Trading Technologies International Inc. ("Trading Technologies"), which was wholly-owned by the 7Ridge Fund, announced an investment transaction that would result in its sale to a third-party. The investment transaction closed in November 2025 and Cboe received $406.6 million in proceeds from its investment in the 7Ridge Fund, resulting in an $84.2 million gain recorded to earnings on investments, net on the consolidated statements of income for the year ended December 31, 2025. The remaining interest in the 7Ridge Fund is intended to cover closing proceedings and we expect a full liquidation from the fund in 2026.

*Other Equity Investments*

The carrying value of other equity investments is included in investments in the consolidated balance sheets. The Company accounts for these investments using the measurement alternative given the absence of readily determinable fair values for the respective investments and due to the Company's inability to exercise significant influence over the investments based upon the respective ownership interests held.

In the fourth quarter of 2024, the Company invested $36.5 million in Japannext Co., Ltd. ("Japannext"), a Japanese PTS and alternative trading venue. On December 12, 2025, the Company sold its minority investment in Japannext for its original investment amount.

Additionally, in the fourth quarter of 2024, the Company recorded an impairment charge of $11.1 million on its minority investments in Eris Innovations Holdings, LLC and Coin Metrics, Inc., based on management's assessment of the fair value of the investments. The loss was recorded in other income (expense), net in the consolidated statements of income.

In the third quarter of 2025, the Company recorded a gain of $5.0 million related to the Company's investments in CSD BR and Talos Global, Inc. (following Talos Global's acquisition of Coin Metrics, Inc.). The gain was recorded based on management's assessment of the fair value of the investments due to observable transactions. The gain was recorded to earnings on investments, net on the consolidated statements of income.

**7. PROPERTY AND EQUIPMENT, NET**

Property and equipment, net consisted of the following as of December 31, 2025 and 2024 (in millions):

---

| | | |
|:---|:---|:---|
| | **December 31,<br>2025** | **December 31,<br>2024** |
| Construction in progress | $1.6 | $3.3 |
| Furniture, equipment, and leasehold improvements | 347.9 | 306.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total property and equipment | 349.5 | 309.6 |
| Less accumulated depreciation | (216.4) | (191.6) |
| &nbsp;&nbsp;&nbsp;&nbsp;Property and equipment, net | $133.1 | $118.0 |

---

Depreciation expense using the straight-line method was $42.0 million, $34.0 million, and $33.0 million for the years ended December 31, 2025, 2024, and 2023, respectively.

On July 23, 2025, the Company announced its decision to wind down Cboe's Japanese equities business, including the operations of its Cboe Japan proprietary trading system and Cboe BIDS Japan block trading platform. The Company suspended operations for these businesses on August 29, 2025, and expects to formally close the businesses, subject to consultation with regulators. As a result, the Company recorded an impairment charge of $1.8 million related to fixed assets in the consolidated statements of income for the year ended December 31, 2025.

**8. CREDIT LOSSES**

Current expected credit losses are estimated for accounts receivable and certain notes receivable.

Accounts receivable represent amounts due from the Company's member firms. The allowance for accounts receivable credit losses is calculated using an aging schedule.

The allowance for notes receivable credit losses is associated with notes receivable included within other assets, net on the consolidated balance sheets and relates to promissory notes to fund the implementation and operation of the CAT, a portion of which notes are expected to be repaid by Consolidated Audit Trail, LLC ("CATLLC"). CAT involves the creation, implementation, and maintenance of an audit trail that is required by Rule 613 under the Exchange Act ("Rule 613"), and it

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On September 6, 2023, the SEC issued an order approving an amendment to the CAT Plan to implement a revised funding model ("CAT Funding Model") for CATLLC to fund the CAT. The CAT Funding Model contemplated two categories of CAT fees calculated based on the "executed equivalent shares" of transactions in eligible securities: (i) CAT fees assessed by CATLLC to Industry Members who are CAT Executing Brokers (the brokers responsible for executing each side of the transaction) to recover a portion of historical CAT costs previously funded by monies loaned to CATLLC by the Plan Participants; and (ii) CAT fees assessed by CATLLC to CAT Executing Brokers and Plan Participants to fund prospective CAT costs. On October 17, 2023, Citadel Securities, LLC, and the American Securities Association filed a petition for review of the CAT Funding Model in the U.S. Court of Appeals for the 11th Circuit ("11th Circuit"). The 11th Circuit vacated the CAT Funding Model order in July 2025. After the CAT Funding Model order was vacated and the 11th Circuit's order became effective at the end of November 2025, CATLLC could no longer collect the fees that it previously collected. There is currently no funding model in place for CATLLC to fund the CAT. However, on September 5, 2025, CATLLC filed with the SEC a proposed amendment to the CAT Plan to implement a revised funding model for CATLLC to fund the CAT, which proposal is currently pending with the SEC. If the SEC does not approve this proposal for a revised funding model, or any other funding mechanism for CATLLC, the Plan Participants may continue to incur additional significant costs related to the historical, current, and future funding of the implementation and operation of the CAT, and/or it may result in them not being able to collect on the promissory notes related to the funding of the implementation and operation of the CAT. The Company plans to continue to explore potential applicable avenues to recoup historical and potential future CAT costs if the SEC does not approve the pending proposed funding model or other funding mechanism, and to reduce the costs of operating the CAT while maintaining core regulatory functionality.

The allowance for notes receivable credit losses associated with the CAT is calculated using a methodology that is primarily based on the structure of the notes and various potential outcomes under the CAT Funding Model. See Note 23 ("Commitments, Contingencies, and Guarantees") for more information.

The following represents the changes in allowance for credit losses during the years ended December 31, 2025 and 2024 (in millions):

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| | | | |
|:---|:---|:---|:---|
| | **Allowance for** <br>**notes receivable** <br>**credit losses** | **Allowance for** <br>**accounts receivable** <br>**credit losses** | **Total** <br>**allowance for** <br>**credit losses** |
| Balance at December 31, 2023 | $30.1 | $4.5 | $34.6 |
| &nbsp;&nbsp;Current period provision for expected credit losses |  | 3.1 | 3.1 |
| &nbsp;&nbsp;Write-offs charged against the allowance |  | (0.7) | (0.7) |
| &nbsp;&nbsp;Recoveries collected |  | (0.3) | (0.3) |
| Balance at December 31, 2024 | $30.1 | $6.6 | $36.7 |
| &nbsp;&nbsp;Current period provision for expected credit losses |  | 0.8 | 0.8 |
| &nbsp;&nbsp;Write-offs charged against the allowance |  | (0.7) | (0.7) |
| &nbsp;&nbsp;Recoveries collected |  |  |  |
| &nbsp;&nbsp;Foreign currency translation |  | 0.1 | 0.1 |
| Balance at December 31, 2025 | $30.1 | $6.8 | $36.9 |

---

**9. OTHER ASSETS, NET**

Other assets, net consisted of the following as of December 31, 2025 and 2024 (in millions):

---

| | | |
|:---|:---|:---|
| | **December 31,<br>2025** | **December 31,<br>2024** |
| Software development work in progress | $12.0 | $18.7 |
| Data processing software | 137.0 | 126.4 |
| Less accumulated depreciation and amortization | (101.9) | (98.3) |
| &nbsp;&nbsp;Data processing software, net | 47.1 | 46.8 |
| &nbsp;&nbsp;Long-term notes receivable, net (1) | 102.1 | 124.2 |
| &nbsp;&nbsp;Other assets (2) | 10.5 | 11.7 |
| Other assets, net | $159.7 | $182.7 |

---

**________________________________________________________**

(1)This balance primarily consists of the long-term notes receivable related to the CAT, net of allowance. See Note 8 ("Credit Losses") for more information.

(2)The balance consists primarily of deferred tax assets and long-term prepaid assets.

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Amortization expense related to data processing software was $10.2 million, $10.3 million, and $8.4 million for the years ended December 31, 2025, 2024, and 2023, respectively.

On July 23, 2025, the Company announced its decision to wind down Cboe's Japanese equities business, including the operations of its Cboe Japan proprietary trading system and Cboe BIDS Japan block trading platform. The Company suspended operations for these businesses on August 29, 2025, and expects to formally close the businesses subject to consultation with regulators. As a result, the Company recorded an impairment charge of $2.7 million related to data processing software in the consolidated statements of income for the three and nine months ended September 30, 2025.

Subsequent to December 31, 2025, Cboe initiated the wind down of CEDX following a comprehensive strategic review of its global operations. As a result, the Company recorded an impairment charge of $5.6 million related to data processing software and prepaid expenses in the consolidated statements of income for the year ended December 31, 2025.

**10. GOODWILL, INTANGIBLE ASSETS, NET, AND DIGITAL ASSETS HELD** 

The following table presents the details of goodwill by segment (in millions):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Options** | **North American<br>Equities** | **Europe and<br>Asia Pacific** | **Global FX** | **Total** |
| Balance as of December 31, 2023 | $305.8 | $2004.4 | $563.2 | $267.2 | $3140.6 |
| Adjustments | 0.2 | (0.8) | 0.4 | 0.2 |  |
| Changes in foreign currency exchange rates |  | (12.8) | (3.6) |  | (16.4) |
| Balance as of December 31, 2024 | $306.0 | $1990.8 | $560.0 | $267.4 | $3124.2 |
| Changes in foreign currency exchange rates |  | 7.3 | 19.0 |  | 26.3 |
| Balance as of December 31, 2025 | $306.0 | $1998.1 | $579.0 | $267.4 | $3150.5 |

---

Goodwill has been allocated to specific reporting units for purposes of impairment testing - Options, North American Equities, Europe and Asia Pacific, and Global FX. No goodwill has been allocated to the Futures segment. Goodwill impairment testing is performed annually in the fiscal fourth quarter or more frequently if conditions exist that indicate that the asset may be impaired.

The following table presents the details of the intangible assets by segment (in millions):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Options** | **North American<br>Equities** | **Europe and<br>Asia Pacific** | **Global FX** | **Digital** | **Total** |
| Balance as of December 31, 2023 | $134.1 | $935.3 | $352.5 | $56.2 | $83.4 | $1561.5 |
| &nbsp;&nbsp;Additions |  | 1.2 |  |  |  | 1.2 |
| &nbsp;&nbsp;Sales |  |  |  |  | (0.1) | (0.1) |
| &nbsp;&nbsp;Amortization | (7.7) | (50.6) | (16.1) | (12.0) | (2.3) | (88.7) |
| &nbsp;&nbsp;Changes in foreign currency exchange rates |  | (6.3) | (9.7) |  |  | (16.0) |
| &nbsp;&nbsp;Impairment |  |  |  |  | (81.0) | (81.0) |
| Balance as of December 31, 2024 | $126.4 | $879.6 | $326.7 | $44.2 | $— | $1376.9 |
| &nbsp;&nbsp;Sales |  | (0.7) |  |  |  | (0.7) |
| &nbsp;&nbsp;Amortization | (6.5) | (39.9) | (14.2) | (9.6) |  | (70.2) |
| &nbsp;&nbsp;Changes in foreign currency exchange rates |  | 3.3 | 24.5 |  |  | 27.8 |
| &nbsp;&nbsp;Impairment |  | (17.7) | (18.9) |  |  | (36.6) |
| Balance as of December 31, 2025 | $119.9 | $824.6 | $318.1 | $34.6 | $— | $1297.2 |

---

Following the April 2024 announcement of the Cboe Digital spot market wind down and unwinding of the minority ownership structure in the holding company parent of the Cboe Digital entities, the Company performed an interim impairment test for the intangible assets recognized in the Digital reporting unit as the announcement was considered a potential indication of impairment. The Company concluded that the carrying value of the trading registrations and licenses and technology exceeded their estimated fair value, as their projected future cash flows, subsequent to the decision to wind down the business, did not support their valuation, and recorded an impairment charge of $81.0 million in the consolidated statements of income during the three months ended June 30, 2024.

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In the second quarter of 2025, Cboe Japan experienced declines in its market share as a result of increased market competition. The decline in market share was evaluated as a potential indication of impairment and the Company performed an interim impairment test for the long-lived intangible assets recognized in the Europe and Asia Pacific reporting unit. The Company concluded that the carrying value of Cboe Japan's customer relationships long-lived intangible assets exceeded their estimated fair value, as their projected future cash flows did not support their valuation, and recorded an impairment charge of $17.1 million in the consolidated statements of income for the three and six months ended June 30, 2025. The Company also evaluated the indefinite-lived intangible assets and goodwill of the Europe and Asia Pacific reporting unit and, based on the results of the assessments, determined there was no additional impairment required at that time.

On July 23, 2025, the Company announced its decision to wind down Cboe's Japanese equities business, including the operations of its Cboe Japan proprietary trading system and Cboe BIDS Japan block trading platform. The Company suspended operations for these businesses on August 29, 2025, and expects to formally close the businesses, subject to consultation with regulators. As a result, the Company recorded an additional impairment charge of $1.8 million related to indefinite-lived intangible assets for the three months ended September 30, 2025. The Company recorded impairment charges totaling $18.9 million related to intangible assets in the Europe and Asia Pacific reporting unit for the year ended December 31, 2025.

In the fourth quarter of 2025, the Company recorded a $17.7 million impairment charge related to Cboe Canada's intangible assets in the North American Equities reporting unit.

For the years ended December 31, 2025, 2024, and 2023, amortization expense was $70.2 million, $88.7 million, and $116.6 million, respectively. The estimated future amortization expense is $62.7 million for 2026, $55.9 million for 2027, $50.3 million for 2028, $45.7 million for 2029, and $40.5 million for 2030.

Intangible assets have been allocated to specific reporting units for purposes of impairment testing - Options, North American Equities, Europe and Asia Pacific, and Global FX. No intangible assets have been allocated to the Futures segment. Indefinite-lived intangibles impairment testing is performed annually in the fiscal fourth quarter or more frequently if conditions exist that indicate that the asset may be impaired. The following tables present the categories of intangible assets by segment as of December 31, 2025 and 2024 (in millions, except as stated):

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **Weighted<br>Average<br>Amortization<br>Period (in years)** |
| | **Options** | **North American<br>Equities** | **Europe and<br>Asia Pacific** | **Global FX** | **Weighted<br>Average<br>Amortization<br>Period (in years)** |
| Trading registrations and licenses | $95.5 | $586.9 | $219.4 | $— | Indefinite |
| Customer relationships | 46.6 | 412.1 | 204.7 | 140.0 | 13 |
| Market data customer relationships | 53.6 | 322.0 | 65.1 | 64.4 | 6 |
| Technology | 27.9 | 55.5 | 35.7 | 22.5 | 6 |
| Trademarks and tradenames | 12.9 | 8.2 | 2.5 | 1.2 | 4 |
| Digital assets held |  | 0.7 |  |  | Indefinite |
| Accumulated amortization | (116.6) | (560.8) | (209.3) | (193.5) |  |
|  | $119.9 | $824.6 | $318.1 | $34.6 |  |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **Weighted<br>Average<br>Amortization<br>Period (in years)** |
| | **Options** | **North American<br>Equities** | **Europe and<br>Asia Pacific** | **Global FX** | **Weighted<br>Average<br>Amortization<br>Period (in years)** |
| Trading registrations and licenses | $95.5 | $603.4 | $205.2 | $— | Indefinite |
| Customer relationships | 46.6 | 409.7 | 209.2 | 140.0 | 14 |
| Market data customer relationships | 53.6 | 322.0 | 60.8 | 64.4 | 7 |
| Technology | 28.1 | 55.5 | 33.6 | 22.5 | 7 |
| Trademarks and tradenames | 12.9 | 8.1 | 2.3 | 1.2 | 5 |
| Digital assets held |  | 1.2 |  |  | Indefinite |
| Accumulated amortization | (110.3) | (520.3) | (184.4) | (183.9) |  |
|  | $126.4 | $879.6 | $326.7 | $44.2 |  |

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In October 2022, the Company, through its wholly-owned subsidiary Cboe Netherlands Services Company B.V., entered into a Data Provider Agreement with Pyth Data Association ("Pyth") to create a data feed and begin publishing limited derived equities market data for certain symbols from EDGA on the Pyth Network, a decentralized financial market data distribution platform for aggregated data. In exchange, Pyth granted Cboe Netherlands Services Company B.V. 16,666,666 restricted PYTH tokens which unlock annually over a four-year period in equal tranches; the first and second 25% tranches of PYTH tokens unlocked in May 2024 and 2025, respectively. The PYTH tokens, which are included within intangible assets, net in the consolidated balance sheets and digital assets held within the categories of intangible assets by segment

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tables above, are carried at their historical value of $0.06 per token and are reviewed each reporting period for potential impairment. In May 2024, the Company recorded $1.0 million in market data fees revenue on the consolidated statements of income, which represents the historical value of the grant of 16,666,666 restricted PYTH tokens earned for satisfying the performance obligations outlined in the Data Provider Agreement. The Company has earned additional PYTH tokens by continuing to provide data to the Pyth Network through various Pyth Reward Programs that have run since May 2023. During the year ended December 31, 2025, the Company sold 8.7 million PYTH tokens and recognized a $0.9 million gain within earnings on investments, net on the consolidated statements of income. Through December 31, 2025, the Company earned approximately 990,000 additional PYTH tokens via the Pyth Reward Programs. The Company recorded additional intangible assets and immaterial revenue based on the token's fair value when earned.

**11. ACCOUNTS PAYABLE AND ACCRUED LIABILITIES**

Accounts payable and accrued liabilities consisted of the following as of December 31, 2025 and 2024 (in millions):

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| | | |
|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2024** |
| Compensation and benefit-related liabilities | $109.7 | $89.8 |
| Royalties | 59.0 | 44.4 |
| Accrued liabilities | 56.6 | 74.4 |
| Current operating lease liabilities | 26.9 | 19.9 |
| Rebates payable | 85.2 | 93.5 |
| Marketing fee payable | 16.1 | 19.7 |
| Current unrecognized tax benefits | 317.3 | 0.1 |
| Accounts payable | 16.1 | 17.9 |
| Total accounts payable and accrued liabilities | $686.9 | $359.7 |

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**12. DEBT**

The Company's debt consisted of the following as of December 31, 2025 and 2024 (in millions):

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| | | |
|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2024** |
| $650 million fixed rate Senior Notes due January 2027, stated rate of 3.650% | $649.3 | $648.6 |
| $500 million fixed rate Senior Notes due December 2030, stated rate of 1.625% | 496.3 | 495.5 |
| $300 million fixed rate Senior Notes due March 2032, stated rate of 3.000% | 297.3 | 296.9 |
| Revolving Credit Agreement |  |  |
| Cboe Clear Europe Credit Facility |  |  |
| Total debt | $1442.9 | $1441.0 |

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***Senior Notes***

On January 12, 2017, the Company entered into an indenture (the "Indenture"), by and between the Company and Computershare Trust Company, N.A. (as successor to Wells Fargo Bank, National Association), as trustee, in connection with the issuance of $650 million aggregate principal amount of the Company's 3.650% Senior Notes due 2027 ("3.650% Senior Notes"). The form and terms of the 3.650% Senior Notes were established pursuant to an Officer's Certificate, dated as of January 12, 2017, supplementing the Indenture. The Company used a portion of the net proceeds from the 3.650% Senior Notes to fund, in part, the Merger, including the payment of related fees and expenses and the repayment of Bats' existing indebtedness, and the remainder for general corporate purposes. The 3.650% Senior Notes mature on January 12, 2027 and bear interest at the rate of 3.650% per annum, payable semi-annually in arrears on January 12 and July 12 of each year, commencing July 12, 2017.

On December 15, 2020, the Company issued $500 million aggregate principal amount of 1.625% Senior Notes due 2030 ("1.625% Senior Notes"). The form and terms of the 1.625% Senior Notes were established pursuant to an Officer's Certificate, dated as of December 15, 2020, supplementing the Indenture. The Company used the net proceeds from the 1.625% Senior Notes to finance the acquisition of BIDS Trading, repay a portion of amounts outstanding under the term loan facility and all outstanding indebtedness under the revolving credit facility and the remainder for general corporate purposes, which may include the financing of future acquisitions or the repayment of other outstanding indebtedness. The 1.625% Senior Notes mature on December 15, 2030 and bear interest at the rate of 1.625% per annum, payable semi-annually in arrears on June 15 and December 15 of each year, commencing June 15, 2021.

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On March 16, 2022, the Company issued $300 million aggregate principal amount of 3.000% Senior Notes due 2032 ("3.000% Senior Notes" and, together with the 1.625% Senior Notes and the 3.650% Senior Notes, the "Senior Notes"). The form and terms of the 3.000% Senior Notes were established pursuant to an Officer's Certificate, dated as of March 16, 2022, supplementing the Indenture. The Company used the net proceeds from the 3.000% Senior Notes, together with cash on hand, and the proceeds of additional borrowings, to partially fund its acquisition of Cboe Digital. The 3.000% Senior Notes mature on March 16, 2032 and bear interest at the rate of 3.000% per annum, payable semi-annually in arrears on March 16 and September 16 of each year, commencing September 16, 2022.

The Senior Notes are unsecured obligations of the Company and rank equally with all of the Company's other existing and future unsecured, senior indebtedness, but are effectively junior to the Company's secured indebtedness, to the extent of the value of the assets securing such indebtedness, and will be structurally subordinated to the secured and unsecured indebtedness of the Company's subsidiaries.

The Company has the option to redeem some or all of the Senior Notes, at any time in whole or from time to time in part, at the redemption prices set forth in the applicable Officer's Certificate. The Company may also be required to offer to repurchase the Senior Notes upon the occurrence of a Change of Control Triggering Event (as such term is defined in the applicable Officer's Certificate) at a repurchase price equal to 101 percent of the aggregate principal amount of Senior Notes to be repurchased.

***Indenture***

Under the Indenture, the Company may issue debt securities, which includes the Senior Notes, at any time and from time to time, in one or more series without limitation on the aggregate principal amount. The Indenture governing the Senior Notes contains customary restrictions, including a limitation that restricts the Company's ability and the ability of certain of the Company's subsidiaries to create or incur secured debt. Such Indenture also limits certain sale and leaseback transactions and contains customary events of default. At December 31, 2025, the Company was in compliance with these covenants.

***Revolving Credit Agreement***

On February 25, 2022, the Company entered into a Second Amended and Restated Credit Agreement (the "Revolving Credit Agreement"), which amended and restated the prior revolving credit agreement.

The Revolving Credit Agreement provides for a senior unsecured $400 million five-year revolving credit facility (the "Revolving Credit Facility") that includes a $25 million swing line sub-facility. The Company may also, subject to the agreement of the applicable lenders, increase the commitments under the Revolving Credit Facility by up to $200 million, for a total of $600 million. Subject to specified conditions, the Company may designate one or more of its subsidiaries as additional borrowers under the Revolving Credit Agreement provided that the Company guarantees all borrowings and other obligations of any such subsidiaries under the Revolving Credit Agreement. As of December 31, 2025, no subsidiaries were designated as additional borrowers.

Funds borrowed under the Revolving Credit Agreement may be used to fund working capital and for other general corporate purposes, including the making of any acquisitions the Company may pursue in the ordinary course of its business. As of December 31, 2025, no borrowings were outstanding under the Revolving Credit Agreement. Accordingly, at December 31, 2025, $400 million of borrowing capacity was available for the purposes permitted by the Revolving Credit Agreement.

Loans under the Revolving Credit Agreement will bear interest, at the Company's option, at either (i) the Relevant Rate (defined herein) plus a margin (based on the Company's public debt ratings) ranging from 0.75 percent per annum to 1.25 percent per annum or (ii) a daily fluctuating rate based on the administrative agent's prime rate (subject to certain minimums based upon the federal funds effective rate or Term SOFR), which is subject to a 1 percent floor, plus a margin (based on the Company's public debt ratings) ranging from zero percent per annum to 0.25 percent per annum. "Relevant Rate" means with respect to any committed borrowing or swingline borrowing denominated in (a) Dollars, Term SOFR plus a spread adjustment of 0.10 percent per annum, (b) Sterling, SONIA plus a spread adjustment of 0.0326 percent per annum and (c) Euros, EURIBOR, as applicable, provided that each Relevant Rate is subject to a zero percent floor.

Subject to certain conditions stated in the Revolving Credit Agreement, the Company and any subsidiaries designated as additional borrowers may borrow, prepay and reborrow amounts under the Revolving Credit Facility at any time during the term of the Revolving Credit Agreement. The Revolving Credit Agreement will terminate and all amounts owing thereunder will be due and payable on February 25, 2027, unless the commitments are terminated earlier, either at the request of the Company or, if an event of default occurs, by the lenders (or automatically in the case of certain bankruptcy-related events). The Revolving Credit Agreement contains customary representations, warranties, and affirmative and negative covenants for facilities of its type, including financial covenants, events of default and indemnification provisions in favor of the lenders. The negative covenants include restrictions regarding the incurrence of liens, the incurrence of indebtedness by the Company's subsidiaries, and fundamental changes, subject to certain exceptions in each case. The financial covenants require the Company to meet a quarterly financial test with respect to a minimum consolidated interest

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coverage ratio of not less than 4.00 to 1.00 and a maximum consolidated leverage ratio of not greater than 3.50 to 1.00; provided that the consolidated leverage ratio may, subject to certain triggering events set forth in the Revolving Credit Agreement, be increased to 4.25 to 1.00 on one occasion and 4.00 to 1.00 on another occasion, in each case, for four consecutive fiscal quarters; provided that, prior to the exercise of the second such financial covenant step-up, the maximum consolidated leverage ratio shall have returned to a level of 3.50 to 1.00 for at least two consecutive fiscal quarters. At December 31, 2025, the Company was in compliance with these covenants and did not exercise financial covenant step-up.

***Cboe Clear Europe Credit Facility***

On July 1, 2020, Cboe Clear Europe, as borrower, and the Company, as guarantor, entered into a Facility Agreement (as subsequently amended and restated, the "Facility" or "Cboe Clear Europe Credit Facility") with Bank of America Merrill Lynch International Designated Activity Company, as coordinator, facility agent, lender, sole lead arranger and sole bookrunner, Citibank N.A., as security agent, and certain other lenders named therein. The Facility was amended and restated on July 1, 2021, June 30, 2022, June 29, 2023, June 25, 2024 (effective as of June 28, 2024), and June 24, 2025 (effective as of June 27, 2025), as described below.

The Facility provides for a €1.2 billion committed syndicated multicurrency revolving and swingline credit facility (i) that is available to be drawn by Cboe Clear Europe towards (a) financing unsettled amounts in connection with the settlement of transactions in securities and other items processed through Cboe Clear Europe's clearing system and (b) financing any other liability or liquidity requirement that Cboe Clear Europe incurred in the operation of its clearing system and (ii) under which the scheduled interest and fees on borrowings (but not the principal amount of any borrowings) are guaranteed by the Company. Subject to certain conditions, Cboe Clear Europe is able to increase the commitments under the Facility by up to €500 million, to a total of €1.70 billion.

Borrowings under the Facility are secured by cash, eligible government bonds and eligible equity assets deposited by Cboe Clear Europe into secured accounts. In addition, Cboe Clear Europe must ensure that at all times the aggregate of (a) each clearing member's contribution to the relevant clearing fund, (b) each clearing member's margin amount and (c) any cash equities purchased using the proceeds of the assets described in (a) and (b), less the amount of any such clearing member contribution, margin amount or cash equities which have been transferred to (or secured in favor of) any provider of settlement or custody services to Cboe Clear Europe, is not less than €500 million.

Borrowings under the Facility's revolving loans and non-U.S. dollar swingline loans bear interest at the relevant floating base rate plus a margin of 1.60 percent per annum and (subject to certain conditions) borrowings under the Facility's U.S. dollar swingline loans bear interest at the higher of the relevant agent's prime commercial lending rate for U.S. dollars and 0.5 percent per annum over the federal funds effective rate. A commitment fee of 0.35 percent per annum is payable on the unused and uncalled amount of the Facility during the availability period.

Subject to certain conditions stated in the Facility, Cboe Clear Europe may borrow, prepay, and reborrow amounts under the Facility at any time during the term of the Facility. The Facility will terminate and all amounts owing thereunder will be due and payable on June 26, 2026, unless the commitments are terminated earlier, either at the request of Cboe Clear Europe or, if an event of default occurs, by the Lenders (or automatically in the case of certain bankruptcy-related events).

The Facility contains customary representations, warranties, and covenants for facilities of its type, including events of default of the Company and Cboe Clear Europe and indemnification provisions in favor of the Lenders. In particular, the covenants include restrictions regarding the incurrence of liens by Cboe Clear Europe and its subsidiaries, and an event of default will be triggered if Cboe Clear Europe ceases its business, subject to certain exceptions in each case. There is also a requirement for the net worth of (a) the Company (on a consolidated basis) to be no less than $1.75 billion on the date of each drawdown and delivery of compliance certificates and (b) Cboe Clear Europe to be the higher of €30 million and any such amount required for Cboe Clear Europe to meet minimum liquidity regulations under applicable regulation at all times.

As of December 31, 2025, no borrowings were outstanding under the Facility. Accordingly, at December 31, 2025, €1.2 billion of borrowing capacity was available for the purposes permitted by the Facility. At December 31, 2025, the Company and Cboe Clear Europe were in compliance with applicable covenants.

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***Notes Payments and Contractual Interest***

The future expected repayments related to the Senior Notes as of December 31, 2025 are as follows (in millions):

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| | |
|:---|:---|
| 2026 | $— |
| 2027 | 650.0 |
| 2028 |  |
| 2029 |  |
| Thereafter | 800.0 |
| Principal amounts repayable | 1450.0 |
| Debt issuance costs | (4.2) |
| Unamortized discounts on notes | (2.9) |
| Total debt outstanding | $1442.9 |

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Interest, commitment, and other relevant fees, subject to the specific terms of the debt obligation, are recognized as incurred in interest expense in the consolidated statements of income.

Components of interest expense, net recognized in the consolidated statements of income for the years ended December 31, 2025, 2024, and 2023 are as follows (in millions):

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| | | | |
|:---|:---|:---|:---|
| | **Year Ended<br>December 31,<br>2025** | **Year Ended<br>December 31,<br>2024** | **Year Ended<br>December 31,<br>2023** |
| Components of interest expense: |  |  |  |
| &nbsp;&nbsp;Contractual interest | $49.9 | $49.2 | $59.8 |
| &nbsp;&nbsp;Amortization of debt discount and issuance costs | 2.4 | 2.3 | 2.6 |
| Interest expense | $52.3 | $51.5 | $62.4 |
| Interest income | (49.4) | (27.3) | (12.0) |
| Interest expense, net | $2.9 | $24.2 | $50.4 |

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**13. ACCUMULATED OTHER COMPREHENSIVE (LOSS) INCOME, NET**

The following represents the changes in accumulated other comprehensive (loss) income, net by component (in millions):

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Foreign Currency<br>Translation<br>Adjustment** | **Available-for-sale<br>Financial<br>Investments** | **Post-Retirement<br>Benefits, Net** | **Total Accumulated<br>Other Comprehensive<br>(Loss) Income, Net** |
| Balance at December 31, 2023 | $(5.6) | $(3.7) | $(0.1) | $(9.4) |
| &nbsp;&nbsp;Other comprehensive (loss) income | (43.0) | 3.7 | 0.3 | (39.0) |
| Balance at December 31, 2024 | $(48.6) | $— | $0.2 | $(48.4) |
| &nbsp;&nbsp;Other comprehensive income | 78.3 |  | 0.2 | 78.5 |
| Balance at December 31, 2025 | $29.7 | $— | $0.4 | $30.1 |

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**14. CLEARING OPERATIONS**

Cboe operates two clearinghouses, Cboe Clear Europe and Cboe Clear U.S., each of which acts as a central counterparty that provides clearing and settlement services.

**Cboe Clear Europe**

Cboe Clear Europe is a European equities central counterparty that provides post-trade services to stock exchanges, MTFs, over-the-counter ("OTC") equities trades and an equity derivatives exchange. Cboe Clear Europe clears equities from nineteen European markets, as well as Depositary Receipts, ETFs, and equity-like instruments. In addition, Cboe Clear Europe clears equity derivatives in twelve European markets, including on index futures, index options, and single stock options.

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In November 2024, Cboe Clear Europe received regulatory approval to offer access to its market participants to engage in SFT clearing. Cboe Clear Europe introduced a service for European SFT in cash equities and ETFs, which includes central clearing, settlement, and post-trade lifecycle management. This service aims to enhance the current bilateral SFT process between securities lenders and borrowers into a centrally cleared model, with Cboe Clear Europe acting as the counterparty to both sides of each SFT. In March 2025, the first SFT was processed on the Cboe Clear Europe platform.

Cboe Clear Europe only assumes the guarantor role if it has an equal and offsetting claim against a clearing member. Cboe Clear Europe, with respect to SFT services, utilizes The Bank of New York Mellon Corporation and J.P. Morgan as Tri-Party Collateral Agents for non-cash collateral, central, and correspondent banks for the exchange of cash collateral, while Pirum serves as the transmitter of transactions and post-trade lifecycle events on behalf of our mutual clients. For the period ended December 31, 2025, there have been no events of default for which a liability is required to be recognized in accordance with GAAP.

***Cboe Clear Europe Clearing Member Deposits***

Cboe Clear Europe generally requires all clearing members to deposit collateral to help mitigate Cboe Clear Europe's exposure to credit risk in the event that a clearing member fails to meet a financial or contractual obligation.

*Margin Deposits*

Margin deposits, which are predominantly in the form of cash and cash equivalents, are deposits made by each clearing member to Cboe Clear Europe to cover the credit risk of its failure to fulfill its obligations in the trade. Cboe Clear Europe maintains and manages all cash deposits related to margin deposits. Substantially all risks and rewards of cash and cash equivalents margin deposit ownership, including net interest income, belong to Cboe Clear Europe and are recorded in cash and spot markets on the consolidated statements of income. In the event of a default, Cboe Clear Europe can access the defaulting participant's margin deposits to cover the defaulting participant's losses. For more information, see "Default and Liquidity Waterfalls" below.

*Clearing Funds*

The clearing fund mutualizes the risk of default among all clearing members. Depending on their membership, clearing members contribute to the cash-equity and/or derivatives segment of the clearing fund. Although the entire clearing fund is available to cover potential losses in the event that the margin deposits and the clearing fund deposits of a defaulting clearing member are inadequate to fulfill that clearing member's outstanding financial obligations, the clearing fund first uses the product class segment of the Clearing Fund in which the defaulting participants were active (see "Default and Liquidity Waterfalls" below). In the event of a default, Cboe Clear Europe is generally required to liquidate the defaulting clearing member's open positions. To the extent that the positions remain open, Cboe Clear Europe is required to assume the defaulting clearing member's obligations related to the open positions. Clearing members are required to make contributions to the clearing fund that are proportional to their risk exposure in the form of cash or non-cash contributions, which generally consist of highly liquid securities.

*Interoperability Fund*

For the cash equity business line, Cboe Clear Europe has entered interoperable arrangements with two other central counterparties ("CCPs"). Under these arrangements, margin is pledged to and from interoperable CCPs. The interoperability fund consists of collateral provided by clearing members that is pledged by Cboe Clear Europe to the other interoperable CCPs, to cover margin calls Cboe Clear Europe receives from such interoperable CCPs.

Cboe Clear Europe is able to invest the cash collateral received in the form of interoperability fund deposits from clearing members in certain investments, typically securities issued by pre-approved sovereign issuers and reverse repurchase agreements with overnight maturities. When investments are made in accordance with Cboe Clear Europe's investment policy, Cboe Clear Europe receives the amount of investment earnings and pays clearing members those earnings minus a set basis point cost of collateral. As Cboe Clear Europe is able to direct the investment of the cash interoperability fund deposits received from the clearing members within the program parameters and receives an economic benefit from those investments; these amounts are included in the margin deposits, clearing funds, and interoperability funds captions in the consolidated balance sheets and the related interest income and expense is recorded in other revenue and other cost of revenue, respectively, on the consolidated statements of income.

***Cboe Clear Europe Default and Liquidity Waterfalls***

The default waterfall is the priority order in which the capital resources are expected to be utilized in the event of a default where the defaulting clearing member's collateral would not be sufficient to cover the cost to liquidate its portfolio. If a

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default occurs and the defaulting clearing member's collateral, including margin deposits and clearing fund deposits, are depleted, then additional capital is utilized in the following order:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cboe Clear Europe's dedicated own resources: The Cboe Clear Europe default waterfall first utilizes its dedicated own resources in two forms and totaling 35%-50% of Cboe Clear Europe capital requirements; the 'first skin in the game', equal to 25% of Cboe Clear Europe capital requirements before the use of clearing fund contributions described below and the 'second skin in the game', an amount between 10-25% of capital requirements as discussed in Note 18 ("Regulatory Capital").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Clearing fund: Second, the Cboe Clear Europe default waterfall utilizes traditional CCP risk mutualization, in the event that default losses fully exhaust Cboe Clear Europe's dedicated own resources amount, whereby contributions applicable to a particular product class are applied first to any loss attributable to that product class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Pro rata contributions: Third, if the default losses caused cannot be covered by the first two layers, the non-defaulting clearing members shall on demand make additional payments to Cboe Clear Europe on a pro rata basis in proportion to the amount of their clearing fund contributions to cover any such remaining losses, which is limited to an amount equal to twice their clearing fund contribution as established under Cboe Clear Europe's rules and regulations. In this scenario, contributions applicable to a particular product class are first applied to any losses attributable to that product class.

In addition to the default waterfall, the liquidity waterfall is the priority order in which the liquidity resources are expected to be utilized for Cboe Clear Europe's ordinary course business operations and in situations when additional liquidity resources and liquidity measures may be activated in case of a potential liquidity shortfall. Liquidity, intraday or overnight, is mainly required for securities settlement. In ordinary course business circumstances, liquidity resources include the collateral directly deposited with Cboe Clear Europe, FX swap arrangements, and reverse repurchase agreements, as well as the use of the Facility.

**Cboe Clear U.S.**

Cboe Clear U.S. is a derivatives clearinghouse and central counterparty that provides clearing and settlement of digital asset derivatives trades, such as cash-settled Bitcoin and Ether futures contracts that are available for trading on CFE (and were formerly available for trading on Cboe Digital Exchange). Cboe Clear U.S. is registered as a Derivatives Clearing Organization ("DCO") regulated by the CFTC. As of March 10, 2025, Cboe Clear U.S. surrendered all of its previously held state licenses for operating the Cboe Digital spot market, which is now closed. Cboe Clear U.S.'s registration with the U.S. Treasury Financial Crimes Enforcement Network ("FinCEN") as a money services business ("MSB") expired on July 12, 2025.

Cboe Clear U.S. performs a guarantee function whereby Cboe Clear U.S. helps to ensure that the obligations of the transactions it clears are fulfilled. Cboe Clear U.S. attempts to mitigate this risk by performing internal compliance and due diligence procedures as well as implementing internal risk controls. Cboe Clear U.S.'s due diligence procedures include, among other things: review of the corporate information, financial position of clearing members, and risk management reviews, including monitoring of Cboe Clear U.S.'s risk exposure thresholds. A clearing member is required to deposit collateral, which is in the form of cash, for futures products to cover the credit risk in the case of a failure to fulfill its obligations. As of December 31, 2025, Cboe Clear U.S. held $25.0 million as a clearinghouse contribution to default financial resources, to be utilized in the event a clearing member is declared in default. The clearinghouse corporate contribution is considered restricted cash and is included in other current assets on the consolidated balance sheet. As of December 31, 2025, Cboe Clear U.S. does not expect a material loss concerning credit risk on any clearing member.

***Cboe Clear U.S. Clearing Member Deposits***

*Customer Bank Deposits*

Cboe Clear U.S. holds cash on behalf of its customers for the purposes of supporting clearing transactions. Customer cash may be invested in approved investments in accordance with its investment policy. Related interest income and expense is recorded in other revenue and other cost of revenue, respectively, on the consolidated statements of income. The Company includes customer cash related to the clearing activity in margin deposits, clearing funds, and interoperability funds, with a corresponding liability, on the consolidated balance sheets. Cboe Clear U.S. maintains its own operating funds in separate bank accounts from its customer funds.

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**Margin Deposits, Clearing Funds, and Interoperability Funds**

The details of margin deposits, clearing funds, and interoperability funds as of December 31, 2025 and December 31, 2024, are as follows (in millions):

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| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| | **Margin Deposits** | **Clearing Funds** | **Interoperability Funds** | **Total** |
| Cboe Clear Europe central bank account | $755.3 | $146.8 | $254.4 | $1156.5 |
| Cboe Clear Europe reverse repurchase and other (1) | 137.1 | 135.2 | 188.2 | 460.5 |
| Cboe Clear U.S. customer bank deposits | 1.2 |  |  | 1.2 |
| Total cash margin deposits, clearing funds, and interoperability funds | $893.6 | $282.0 | $442.6 | $1618.2 |
|  | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
|  | **Margin Deposits** | **Clearing Funds** | **Interoperability Funds** | **Total** |
| Cboe Clear Europe non-cash contributions (2) | $601.3 | $70.1 | $277.6 | $949.0 |
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Margin Deposits** | **Clearing Funds** | **Interoperability Funds** | **Total** |
| Cboe Clear Europe central bank account | $378.4 | $173.7 | $289.3 | $841.4 |
| Cboe Clear U.S. customer bank deposits | 4.1 |  |  | 4.1 |
| Total cash margin deposits, clearing funds, and interoperability funds | $382.5 | $173.7 | $289.3 | $845.5 |
|  | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
|  | **Margin Deposits** | **Clearing Funds** | **Interoperability Funds** | **Total** |
| Cboe Clear Europe non-cash contributions (2) | $691.4 | $80.1 | $225.9 | $997.4 |

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(1)These amounts consist of reverse repurchase transactions with overnight maturities. Reverse repurchase transactions are valued daily and are subject to collateral provisions based on which the counterparty must provide additional collateral if the underlying securities decrease in value, in an amount sufficient to maintain collateralization of at least 102%. Collateral received from the respective counterparties consists of sovereign bonds, consistent with Cboe Clear Europe's investment policy.

(2)These amounts are not reflected in the consolidated balance sheets, as Cboe Clear Europe does not have the ability to sell or repledge the amounts absent a clearing member default.

**15. FAIR VALUE MEASUREMENT**

Fair value is the price that would be received upon the sale of an asset or paid upon the transfer of a liability in an orderly transaction between market participants at the measurement date and in the principal or most advantageous market for that asset or liability. The fair value should be calculated based on assumptions that market participants would use in pricing the asset or liability, not on assumptions specific to the entity. In addition, the fair value of liabilities should include consideration of non-performance risk, including the Company's own credit risk.

The Company applied FASB Accounting Standards Codification ("ASC") 820 — Fair Value Measurement, which provides guidance for using fair value to measure assets and liabilities by defining fair value and establishing the framework for measuring fair value. ASC 820 applies to financial and nonfinancial instruments that are measured and reported on a fair value basis. The three-level hierarchy of fair value measurements is based on whether the inputs to those measurements are observable or unobservable. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company's market assumptions.

The fair value hierarchy requires the use of observable market data when available and consists of the following levels:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1—Unadjusted inputs based on quoted markets for identical assets or liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2—Observable inputs, either direct or indirect, not including Level 1 measurements, corroborated by market data or based upon quoted prices in non-active markets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3—Unobservable inputs that reflect management's best assumptions of what market participants would use in valuing the asset or liability.

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The Company has included a tabular disclosure for financial assets and liabilities that are measured at fair value on a recurring basis in the consolidated balance sheets as of December 31, 2025 and 2024, respectively.

**Assets and Liabilities Measured at Fair Value on a Recurring Basis**

The following tables present the Company's fair value hierarchy for those assets and liabilities measured at fair value on a recurring basis as of December 31, 2025 and 2024 (in millions):

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| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| | **Total** | **Level 1** | **Level 2** | **Level 3** |
| Assets: |  |  |  |  |
| &nbsp;&nbsp;U.S. and UK Treasury securities (1) | $1294.1 | $1294.1 | $— | $— |
| &nbsp;&nbsp;Money market funds (1) | 248.1 | 248.1 |  |  |
| &nbsp;&nbsp;U.S. Treasury securities (2) | 0.3 | 0.3 |  |  |
| &nbsp;&nbsp;Marketable securities (2): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mutual funds | 28.5 | 28.5 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Money market funds | 7.3 | 7.3 |  |  |
| Total assets | $1578.3 | $1578.3 | $— | $— |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | **Total** | **Level 1** | **Level 2** | **Level 3** |
| Assets: |  |  |  |  |
| &nbsp;&nbsp;U.S. Treasury securities (2) | $70.0 | $70.0 | $— | $— |
| &nbsp;&nbsp;Marketable securities (2): |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mutual funds | 23.8 | 23.8 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Money market funds | 16.5 | 16.5 |  |  |
| &nbsp;&nbsp;Note receivable - building sale (3) | 6.2 |  |  | 6.2 |
| Total assets | $116.5 | $110.3 | $— | $6.2 |

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**________________________________________________________**

(1)These amounts are reflected within cash and cash equivalents in the consolidated balance sheets.

(2)These amounts are reflected within financial investments in the consolidated balance sheets.

(3)This amount is reflected within other assets, net in the consolidated balance sheets.

The following is a description of the Company's valuation methodologies used for instruments measured at fair value on a recurring basis:

***Cash Equivalents***

Cash equivalents consist of cash investments of highly liquid U.S. and UK Treasury securities and money market funds. These securities are valued by obtaining feeds from a number of live data sources, including active market makers and inter-dealer brokers, and therefore categorized as Level 1.

***Financial Investments***

Financial investments consist of highly liquid U.S. Treasury securities and marketable securities held in a trust for the Company's non-qualified retirement and benefit plans, also referred to as deferred compensation plan assets. The deferred compensation plan assets have an equal and offsetting deferred compensation plan liability based on the value of the deferred compensation plan assets. These securities are valued by obtaining feeds from a number of live data sources, including active market makers and inter-dealer brokers, and therefore categorized as Level 1. No material adjustments were made to the carrying value of financial investments for the period ended December 31, 2025. See Note 17 ("Employee Benefit Plans") for more information.

***Note Receivable – Building Sale***

The sale of the Company's former headquarters, including associated land, building, and certain furniture and equipment of the former headquarters location (the "Property"), was completed on June 28, 2024. In connection with the sale, the Company provided seller financing to the purchaser of the Property (the "Purchaser") in the form of a secured promissory note for a portion of the purchase price of the Property. The total purchase price of the Property was $12.0 million and was comprised of $5.0 million cash and $7.0 million of seller financing. The $7.0 million in seller financing was in the form of a secured promissory note receivable to be repaid with an interest rate of 4.0% per annum, payable quarterly in arrears. The Company accrued interest income monthly based on the agreed upon principal amount and interest rate. The Company elected the fair value option available under ASC 825 – Financial Instruments for this note. The initial

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adjustment in fair value was recognized in other income (expense), net and subsequent changes in fair value were reported in interest income on the consolidated statements of income. The fair value was calculated using the initial projected amortization schedule, credit risk assumptions, and implied interest rates for similar instruments. These inputs were considered Level 3 in the fair value hierarchy. The note was included within other assets, net on the consolidated balance sheet as of December 31, 2024 and was zero as of December 31, 2025. In October 2025, the total principal of $7.0 million was repaid to the Company by the Purchaser, resulting from the Purchaser selling the property to a third-party who was not related to the Purchaser. The fair value option was not elected for other notes receivable described in Note 9 ("Other Assets, Net") due to uncertain payment terms and credit and legal risks as described in Note 8 ("Credit Losses").

**Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis**

Certain assets, such as goodwill and intangible assets, are measured at fair value on a non-recurring basis. For goodwill, the process involves using a market approach and income approach (using discounted estimated cash flows) to determine the fair value of each reporting unit on a stand-alone basis. That fair value is compared to the carrying value of the reporting unit, including its recorded goodwill. In connection with the annual impairment evaluation of goodwill and indefinite-lived intangibles, impairment is considered to have occurred if the fair value of the reporting unit is lower than the carrying value of the reporting unit. For equity method investments and intangible assets, other than digital assets held, the process also involves using a discounted cash flow method to determine the fair value of each asset. Impairment is considered to have occurred if the fair value of the asset is lower than its carrying value. These measurements are considered Level 3 and these assets are recognized at fair value if they are deemed to be impaired.

Equity investments without readily determinable fair values that are valued using the measurement alternative are measured at fair value on a non-recurring basis. No observable transactions or impairments impacted the measurements of the investments accounted for as other equity investments, other than those described in Note 6 ("Investments"). These measurements are considered Level 3 and these assets are recognized at fair value.

**Fair Value of Assets and Liabilities**

The following tables present the Company's fair value hierarchy for certain assets and liabilities held by the Company as of December 31, 2025 and 2024 (in millions):

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| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** | **December 31, 2025** |
| | **Total** | **Level 1** | **Level 2** | **Level 3** |
| Assets: |  |  |  |  |
| &nbsp;&nbsp;U.S. and UK Treasury securities (1) | $1294.1 | $1294.1 | $— | $— |
| &nbsp;&nbsp;Money market funds (1) | 248.1 | 248.1 |  |  |
| &nbsp;&nbsp;U.S. Treasury securities (2) | 0.3 | 0.3 |  |  |
| &nbsp;&nbsp;Deferred compensation plan assets (2) | 35.8 | 35.8 |  |  |
| Total assets | $1578.3 | $1578.3 | $— | $— |
| Liabilities: |  |  |  |  |
| &nbsp;&nbsp;Deferred compensation plan liabilities (4) | $35.8 | $35.8 | $— | $— |
| &nbsp;&nbsp;Debt (5) | 1371.8 |  | 1371.8 |  |
| Total liabilities | $1407.6 | $35.8 | $1371.8 | $— |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| | **Total** | **Level 1** | **Level 2** | **Level 3** |
| Assets: |  |  |  |  |
| &nbsp;&nbsp;U.S. Treasury securities (2) | $70.0 | $70.0 | $— | $— |
| &nbsp;&nbsp;Deferred compensation plan assets (2) | 40.3 | 40.3 |  |  |
| &nbsp;&nbsp;Note receivable - building sale (3) | 6.2 |  |  | 6.2 |
| Total assets | $116.5 | $110.3 | $— | $6.2 |
| Liabilities: |  |  |  |  |
| &nbsp;&nbsp;Deferred compensation plan liabilities (4) | $40.3 | $40.3 | $— | $— |
| &nbsp;&nbsp;Debt (5) | 1317.0 |  | 1317.0 |  |
| Total liabilities | $1357.3 | $40.3 | $1317.0 | $— |

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**________________________________________________________**

(1)These amounts are reflected within cash and cash equivalents in the consolidated balance sheets.

(2)These amounts are reflected within financial investments in the consolidated balance sheets.

(3)This amount is reflected within other assets, net in the consolidated balance sheets.

(4)These amounts are reflected within other non-current liabilities in the consolidated balance sheets.

(5)These balances are presented at fair value in this table, but are carried at their historical value within the consolidated balance sheets.

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Certain financial assets and liabilities, including cash and cash equivalents, income tax receivable, margin deposits, clearing funds, and interoperability funds, other assets, Section 31 fees payable, and notes receivable are not measured at fair value on a recurring basis, but the carrying values approximate fair value due to their liquid or short-term nature.

***Debt***

The debt balance consists of fixed rate Senior Notes. The fair values of the Senior Notes are classified as Level 2 under the fair value hierarchy and are estimated using prevailing market quotes.

At December 31, 2025 and 2024, the fair values of the Company's debt obligations were as follows (in millions):

---

| | | |
|:---|:---|:---|
| | **December 31, 2025** | **December 31, 2024** |
| 3.650% Senior Notes | $648.9 | $638.4 |
| 1.625% Senior Notes | 444.6 | 416.2 |
| 3.000% Senior Notes | 278.3 | 262.4 |

---

***Information on Level 3 Financial Assets and Liabilities***

The following table sets forth a summary of changes in the fair value of the Company's Level 3 financial assets and liabilities during the year ended December 31, 2025 and 2024 (in millions):

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Level 3 Financial Assets and Liabilities for the Year Ended December 31, 2025** | **Level 3 Financial Assets and Liabilities for the Year Ended December 31, 2025** | **Level 3 Financial Assets and Liabilities for the Year Ended December 31, 2025** | **Level 3 Financial Assets and Liabilities for the Year Ended December 31, 2025** | **Level 3 Financial Assets and Liabilities for the Year Ended December 31, 2025** | **Level 3 Financial Assets and Liabilities for the Year Ended December 31, 2025** | **Level 3 Financial Assets and Liabilities for the Year Ended December 31, 2025** |
| | **Balance at<br>Beginning of<br>Period** | **(Losses) Gains<br>during Period** | **Adjustments** | **Additions** | **Settlements** | **Foreign<br>Currency<br>Translation** | **Balance at<br>End of Period** |
| Assets: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Note receivable - building sale | $6.2 | $0.8 | $— | $— | $(7.0) | $— | $— |
| Total assets | $6.2 | $0.8 | $— | $— | $(7.0) | $— | $— |

---

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Level 3 Financial Assets and Liabilities for the Year Ended December 31, 2024** | **Level 3 Financial Assets and Liabilities for the Year Ended December 31, 2024** | **Level 3 Financial Assets and Liabilities for the Year Ended December 31, 2024** | **Level 3 Financial Assets and Liabilities for the Year Ended December 31, 2024** | **Level 3 Financial Assets and Liabilities for the Year Ended December 31, 2024** | **Level 3 Financial Assets and Liabilities for the Year Ended December 31, 2024** | **Level 3 Financial Assets and Liabilities for the Year Ended December 31, 2024** |
| | **Balance at<br>Beginning of<br>Period** | **(Losses) Gains<br>during Period** | **Adjustments** | **Additions** | **Settlements** | **Foreign<br>Currency<br>Translation** | **Balance at<br>End of Period** |
| Assets: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Note receivable - building sale | $— | $(0.8) | $— | $7.0 | $— | $— | $6.2 |
| Total assets | $— | $(0.8) | $— | $7.0 | $— | $— | $6.2 |
|  | **Balance at<br>Beginning of<br>Period** | **Losses (Gains) <br>during Period** | **Adjustments** | **Additions** | **Settlements** | **Foreign<br>Currency<br>Translation** | **Balance at<br>End of Period** |
| Liabilities: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Contingent consideration liabilities | $11.8 | $2.0 | $— | $— | $(13.9) | $0.1 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Cboe Digital restricted common units liability | 18.7 | (1.0) | (12.1) |  | (5.6) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cboe Digital warrant liability | 5.9 | (1.4) | (4.1) |  | (0.4) |  |  |
| Total liabilities | $36.4 | $(0.4) | $(16.2) | $— | $(19.9) | $0.1 | $— |

---

**16. SEGMENT REPORTING**

The Company previously operated six reportable business segments as of December 31, 2024. As of January 1, 2025, the Company operates five reportable business segments: Options, North American Equities, Europe and Asia Pacific, Futures, and Global FX, which are further described below and is reflective of how the Company's CODM reviews and

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operates the business, as discussed in Note 1 ("Nature of Operations"). The Company's reportable business segments represent strategic business units that offer different products and services across different geographic areas. The Company's CODM is the chief executive officer. The CODM function is supported by business segment management and leadership personnel who lead the day-to-day operations of each reportable business segment.

The accounting policies of the reportable business segments are the same as those described in Note 2 ("Summary of Significant Accounting Policies").

Segment performance is primarily evaluated on operating income (loss). The CODM uses segment operating income (loss) to allocate resources (which includes, but is not limited to: employees, financial, or capital resources). The Company's CODM does not assess assets or income and expenses below operating income (loss) at the segment-level as key performance metrics. The Company has aggregated all of its corporate costs, as well as other business ventures, within the Corporate Items and Eliminations totals based on the decision that those activities should not be used to evaluate the operating performance of the segments; however, operating expenses that relate to activities of a specific segment have been allocated to that segment. The Company's CODM primarily reviews operating expenses at the consolidated level for purposes of evaluating actual results versus budgets.

The tables below represent the primary measure of segment performance evaluated by the CODM, as well as additional measures that are regularly provided to the CODM on a segment-level.

***Options.*** The Options segment includes options on market indices ("index options"), as well as on the stocks of individual corporations ("equity options") and on ETPs such as exchange-traded funds ("ETFs") and exchange-traded notes ("ETNs"), which are "multi-listed" options and listed on a non-exclusive basis. These options are eligible to trade, as applicable, on Cboe Options, C2, BZX, EDGX, and/or other U.S. national security exchanges. Cboe Options is the Company's primary options market and offers trading in listed options through a single system that integrates electronic trading and traditional open outcry trading on the Cboe Options trading floor in Chicago. C2 Options, BZX Options, and EDGX Options are all-electronic options exchanges, and typically operate with different market models and fee structures than Cboe Options. The Options segment also includes applicable market data fees revenues generated from the consolidated tape plans, the licensing of proprietary options market data, index licensing, routing services, and access and capacity services.

***North American Equities.*** The North American Equities segment includes U.S. equities and ETP transaction services that occur on fully electronic exchanges owned and operated by BZX, BYX, EDGX, and EDGA, equities transactions that occur on the BIDS Trading platform in the U.S. and the Cboe BIDS Canada platform, and Canadian equities and other transaction services that occur on or through Cboe Canada's order books. The North American Equities segment also includes corporate listing services on Cboe Canada, ETP listings on BZX, the Cboe Global Markets, Inc. common stock listing, and applicable market data fees revenues generated from the consolidated tape plans, the licensing of proprietary equities market data, routing services, and access and capacity services.

***Europe and Asia Pacific.*** The Europe and Asia Pacific segment includes the pan-European derivatives transaction services, ETPs, including exchange traded funds, exchange traded notes, and exchange traded commodities, and international depository receipts that are hosted on MTFs operated by Cboe Europe Equities (Cboe Europe and Cboe NL equities exchanges) and CEDX. It also includes the ETP listings business on RMs and clearing activities of Cboe Clear Europe, as well as the equities services of Cboe Australia, an operator of a trading venue in Australia. Cboe Europe operates lit and dark books, a periodic auctions book, a closing cross book, and two BIDS order books; a Large-in-Scale ("LIS") trading negotiation facility and a volume-weighted average price ("VWAP") trajectory crossing facility. Cboe NL, based in Amsterdam, operates similar business functionality to that offered by Cboe Europe (with the exception of Trajectory Crossing), and provides for trading only in European Economic Area ("EEA") symbols. Subsequent to December 31, 2025, Cboe initiated the wind down of CEDX, its pan-European derivatives platform that offered futures and options based on Cboe Europe equity indices, FLEX options, and single stock options. Prior to the wind down, CEDX contributed derivatives transaction services and market data revenues to this segment. Cboe Clear Europe offers the clearing of equity and equity-like instruments for Cboe-operated and other regulated trading venues and clearing SFTs. Prior to the CEDX wind down, Cboe Clear Europe also provided clearing services for derivative transactions executed on CEDX. This segment also includes Cboe Europe, Cboe NL, and Cboe Australia revenue generated from the licensing of proprietary market data and from access and capacity services.

***Futures.*** The Futures segment includes transaction services provided by CFE, a fully electronic futures exchange, which includes offerings for trading of VIX futures and other futures products, the licensing of proprietary market data, as well as access and capacity services. As of January 1, 2025, the Futures segment prospectively includes all Digital operating activity, which includes Cboe Digital Exchange, a regulated futures exchange, and Cboe Clear U.S., a regulated clearinghouse, as well as revenue generated from the licensing of proprietary market data and from access and capacity services. On June 9, 2025, Cboe successfully completed the migration of cash-settled Bitcoin and Ether futures contracts from Cboe Digital Exchange to CFE. There are no products currently listed for trading on the Cboe Digital Exchange.

Comparative-period results for the Digital segment have been presented for historical purposes but have not been recast as the historical results of the Digital segment were not material, nor do they materially impact the financial results,

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trends, or forecasts of the Futures segment. As a result, for the year ended December 31, 2025, operating results included within the Digital operating segment are presented within the Futures reporting segment.

***Global FX.*** The Global FX segment includes institutional FX trading services that occur on the Cboe FX fully electronic trading platform, non-deliverable forward FX transactions ("NDFs") offered for execution on Cboe SEF, as well as revenue generated from the licensing of proprietary market data and from access and capacity services. The segment also includes transaction services for U.S. government securities executed on the Cboe Fixed Income fully electronic trading platform.

Summarized financial data of reportable segments were as follows (in millions):

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** | **2025** |
| | **Options** | **North American Equities** | **Europe and Asia Pacific** | **Futures** | **Global FX** | **Digital (e)** | **Corporate Items and Eliminations** | **Total** |
| Revenues | $2433.6 | $1672.3 | $378.6 | $135.9 | $93.8 | $— | $— | $4714.2 |
| Cost of revenues | 902.5 | 1265.1 | 105.1 | 9.7 | 2.7 |  |  | 2285.1 |
| Revenues less cost of revenues | 1531.1 | 407.2 | 273.5 | 126.2 | 91.1 |  |  | 2429.1 |
| Depreciation and amortization | 29.3 | 47.0 | 32.4 | 2.3 | 11.2 |  | 0.2 | 122.4 |
| Other segment operating expenses (a) | 388.5 | 172.1 | 187.2 | 50.0 | 33.9 |  | 7.9 | 839.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating income (loss) | $1113.3 | $188.1 | $53.9 | $73.9 | $46.0 | $— | $(8.1) | $1467.1 |
| Non-operating income (expenses): |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense (b) | $— | $— | $(8.6) | $— | $— | $— | $(43.7) | $(52.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income (b) | 1.1 | 3.3 | 4.3 | 2.4 | 0.1 |  | 38.2 | 49.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Earnings on investments, net (b) |  | 0.9 |  |  |  |  | 91.9 | 92.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other (expense) income, net (b) | (1.4) | (1.2) | 1.7 |  | 0.2 |  | 10.3 | 9.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income before income tax provision (benefit) | 1113.0 | 191.1 | 51.3 | 76.3 | 46.3 |  | 88.6 | 1566.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax provision (benefit) (c) | 373.7 | 27.2 | 18.7 | 12.9 | (0.1) |  | 34.2 | 466.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income (d) | $739.3 | $163.9 | $32.6 | $63.4 | $46.4 | $— | $54.4 | $1100.0 |
|  | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
|  | **2024** | **2024** | **2024** | **2024** | **2024** | **2024** | **2024** | **2024** |
|  | **Options** | **North American Equities** | **Europe and Asia Pacific** | **Futures** | **Global FX** | **Digital (e)** | **Corporate Items and Eliminations** | **Total** |
| Revenues | $2002.6 | $1546.8 | $324.2 | $141.1 | $79.9 | $(0.1) | $— | $4094.5 |
| Cost of revenues | 743.3 | 1163.0 | 104.0 | 7.6 | 2.3 | 1.9 |  | 2022.1 |
| Revenues less cost of revenues | 1259.3 | 383.8 | 220.2 | 133.5 | 77.6 | (2.0) |  | 2072.4 |
| Depreciation and amortization | 27.0 | 58.2 | 29.3 | 2.3 | 13.5 | 2.8 | (0.1) | 133.0 |
| Other segment operating expenses (a) | 353.9 | 157.0 | 149.2 | 32.3 | 30.9 | 107.6 | 10.1 | 841.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating income (loss) | $878.4 | $168.6 | $41.7 | $98.9 | $33.2 | $(112.4) | $(10.0) | $1098.4 |
| Non-operating (expenses) income: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense (b) | $0.1 | $— | $(7.8) | $— | $— | $— | $(43.8) | $(51.5) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income (b) | 0.5 | 2.4 | 4.1 |  | 0.1 | 3.7 | 16.5 | 27.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Earnings on investments, net (b) |  |  |  |  |  |  | 29.0 | 29.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income (expense), net (b) | 0.8 | 0.7 | (0.1) |  |  | 1.5 | (22.3) | (19.4) |
| &nbsp;&nbsp;&nbsp;&nbsp;Income (loss) before income tax provision (benefit) | 879.8 | 171.7 | 37.9 | 98.9 | 33.3 | (107.2) | (30.6) | 1083.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax provision (benefit) (c) | 299.1 | 23.1 | 13.3 | 28.4 | 0.1 | (28.6) | (16.5) | 318.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) (d) | $580.7 | $148.6 | $24.6 | $70.5 | $33.2 | $(78.6) | $(14.1) | $764.9 |

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Summarized financial data of reportable segments were as follows (in millions) (continued from previous page):

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2023** | **2023** | **2023** | **2023** | **2023** | **2023** | **2023** | **2023** |
| | **Options** | **North American Equities** | **Europe and Asia Pacific** | **Futures** | **Global FX** | **Digital (e)** | **Corporate Items and Eliminations** | **Total** |
| Revenues | $1939.5 | $1353.0 | $281.2 | $129.0 | $74.9 | $(4.1) | $— | $3773.5 |
| Cost of revenues | 770.3 | 987.7 | 91.0 | 3.9 | 1.4 | 1.2 |  | 1855.5 |
| Revenues less cost of revenues | 1169.2 | 365.3 | 190.2 | 125.1 | 73.5 | (5.3) |  | 1918.0 |
| Depreciation and amortization | 30.1 | 69.4 | 30.7 | 2.0 | 18.4 | 7.4 |  | 158.0 |
| Other segment operating expenses (a) | 287.8 | 177.9 | 126.8 | 37.0 | 30.4 | 34.0 | 8.2 | 702.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating income (loss) | $851.3 | $118.0 | $32.7 | $86.1 | $24.7 | $(46.7) | $(8.2) | $1057.9 |
| Non-operating (expenses) income: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense (b) | $0.2 | $— | $(7.8) | $— | $— | $— | $(54.8) | $(62.4) |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income (b) | (0.1) | 1.4 | 3.0 |  |  | 2.0 | 5.7 | 12.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Earnings on investments, net (b) |  |  |  |  |  |  | 39.5 | 39.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other (expense) income, net (b) | (0.1) |  | (0.6) |  | (0.2) |  | 1.5 | 0.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income (loss) before income tax provision (benefit) | 851.3 | 119.4 | 27.3 | 86.1 | 24.5 | (44.7) | (16.3) | 1047.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax provision (benefit) (c) | 275.7 | 14.8 | 6.8 | 33.4 | 0.5 | (10.4) | (34.6) | 286.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) (d) | $575.6 | $104.6 | $20.5 | $52.7 | $24.0 | $(34.3) | $18.3 | $761.4 |

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**__________________________________________________________**

(a) Other segment operating expenses include compensation and benefits, technology support services, professional fees and outside services, travel and promotional expenses, facilities costs, acquisition-related costs, impairment of assets, and other expenses. The disaggregation of expenses is not regularly provided to the CODM at the segment-level.

(b) Non-operating income (expenses) at the segment-level is not regularly provided to the CODM, however non-operating income (expenses) is a component of a measure that is regularly provided to the CODM, and therefore has been disclosed separately.

(c) Income tax provision (benefit) at the segment-level is not regularly provided to the CODM, however income tax provision (benefit) is a component of a measure that is regularly provided to the CODM, and therefore has been disclosed separately.

(d) Net income (loss) at the segment-level is not regularly provided to the CODM, however net income (loss) is a component of a measure that is regularly provided to the CODM, and therefore has been disclosed separately.

(e) The Digital segment results are prospectively included in the Futures segment beginning in the first quarter of 2025. Digital results from 2024 and 2023 have been retained in the former Digital segment for comparative purposes.

***Geographical Information***

The following summarizes revenues less cost of revenues based on primary jurisdiction (in millions):

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| | | | |
|:---|:---|:---|:---|
| | **United States** | **Non-U.S.** | **Total** |
| Revenues less cost of revenues: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year ended December 31, 2025 | $2119.3 | $309.8 | $2429.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year ended December 31, 2024 | 1817.6 | 254.8 | 2072.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Year ended December 31, 2023 | 1681.8 | 236.2 | 1918.0 |

---

Long-lived assets by geographic area represent property and equipment, net, and operating lease right of use assets by geographic area, respectively. The following summarizes long-lived assets by geographic area (in millions):

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| | | |
|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2025** | **2024** |
| United States | $184.5 | $182.7 |
| United Kingdom | 30.0 | 23.8 |
| Other | 29.6 | 36.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total long-lived assets by geographic area | $244.1 | $242.5 |

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**17. EMPLOYEE BENEFIT PLANS**

Eligible U.S. employees are eligible to participate in the Cboe Options SMART Plan ("SMART Plan"). The SMART Plan is a defined contribution plan, which is qualified under Internal Revenue Code Section 401(k). In addition, eligible employees may participate in the Supplemental Executive Retirement Plan and the Deferred Compensation Plan, which are defined contribution plans that are non-qualified under the Internal Revenue Code. Directors may contribute a percentage of their cash and equity compensation to cash and equity deferred compensation plans that are maintained by the Company and defer income taxes thereon. The non-qualified plans' assets, held in a trust, are subject to the claims of general creditors of the Company and totaled $35.8 million at December 31, 2025. Although the value of the plans is recorded in financial

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investments, there is an equal and offsetting liability in other non-current liabilities on the consolidated balance sheets, respectively. The investment results of the non-qualified plans have no impact on net income as the investment results are recorded in equal amounts to both compensation and benefits expense and other (expense) income, net in the consolidated statements of income. The Company matches a portion of employee contributions made to the SMART Plan and Supplemental Executive Retirement Plan. The Company contributed $16.8 million, $15.9 million, and $15.0 million to the defined contribution plans for the years ended December 31, 2025, 2024, and 2023, respectively.

Eligible employees outside of the U.S., which includes employees of Cboe Europe, Cboe NL, Cboe Clear Europe, BIDS, Cboe Asia Pacific, and Cboe Canada are eligible to participate in various employee-selected stakeholder contribution plans or plans covered by local jurisdictions or by applicable laws. The Company's contribution to these plans amounted to $5.6 million, $4.8 million, and $4.3 million for the years ended December 31, 2025, 2024, and 2023, respectively. This expense is included in compensation and benefits in the consolidated statements of income.

**18. REGULATORY CAPITAL**

As broker-dealers registered with the SEC, Cboe Trading, BIDS Trading, and Cboe Fixed Income are subject to the SEC's Uniform Net Capital Rule ("Rule 15c3-1"), which requires the maintenance of minimum net capital, as defined therein. The SEC's requirement also provides that equity capital may not be withdrawn or a cash dividend paid if certain minimum net capital requirements are not met. Cboe Trading, BIDS Trading, and Cboe Fixed Income compute the net capital requirements under the basic method provided for in Rule 15c3-1. As of December 31, 2025, Cboe Trading and BIDS Trading were required to maintain net capital equal to the greater of 6.67% of aggregate indebtedness items, as defined, or $0.1 million. Cboe Fixed Income was required to maintain net capital equal to the greater of 6.67% of aggregate indebtedness items, as defined, or $5.0 thousand.

As entities regulated by the FCA, Cboe Europe is subject to the Financial Resource Requirement ("FRR") and Cboe Chi-X Europe is subject to the Capital Resources Requirement ("CRR"). As a RIE, Cboe Europe computes its FRR in accordance with its Financial Risk Assessment, as agreed by the FCA. In accordance with the Markets in Financial Instruments Directive of the FCA requirements, Cboe Chi-X Europe computes its CRR as the greater of the base requirement of $0.1 million as of December 31, 2025, or the summation of the credit risk, market risk, and fixed overhead requirements, as defined.

Cboe NL has approval from the Dutch Ministry of Finance to operate an RM, an MTF, and an approved publication arrangement in the Netherlands. As an RM, Cboe NL is subject to minimum capital requirements, as established by the Dutch Ministry of Finance in the license dated March 8, 2019.

Cboe Clear Europe was granted authorization under European Market Infrastructure Regulation ("EMIR") by the National Competent Authority, De Nederlandsche Bank ("DNB"). Cboe Clear Europe is required by the EMIR to maintain a minimum amount of capital to reflect an estimate of the capital required to wind down or restructure the activities of the clearinghouse, cover operational, legal, and business risks and to reserve capital to meet credit, counterparty, and market risks not covered by the clearing members' collateral and clearing funds.

As a designated contract market regulated by the CFTC, CFE is required to meet two capital adequacy tests: (i) its financial resources must be equal to at least twelve months of its projected operating costs and (ii) its unencumbered, liquid financial assets, which may include a line of credit, must be equal to at least six months of its projected operating costs. The amounts presented below represent the greater of the two capital adequacy requirements.

As a swap execution facility regulated by the CFTC, Cboe SEF is required to meet two capital adequacy tests: (i) its financial resources must exceed at least twelve months of its projected operating costs and (ii) its unencumbered, liquid financial assets must be equal to the greater of: (a) three months of projected operating costs or (b) its projected wind down costs. The amounts presented below represent the greater of the two capital adequacy requirements.

As of December 31, 2025, Cboe Digital Exchange is subject to regulatory capital requirements. As a designated contract market regulated by the CFTC, Cboe Digital Exchange is required to meet two capital adequacy tests: (i) its financial resources must be equal to at least twelve months of its projected operating costs and (ii) its unencumbered, liquid financial assets, which may include a line of credit, must be equal to at least six months of its projected operating costs. The amounts presented below represent the greater of the two capital adequacy requirements.

As a derivatives clearing organization regulated by the CFTC, Cboe Clear U.S. is required to meet two capital adequacy tests: (i) its financial resources must be equal to at least twelve months of its projected operating costs and (ii) its unencumbered, liquid financial assets, which may include a line of credit, must be equal to at least six months of its projected operating costs. The amounts presented below represent the greater of the two capital adequacy requirements.

Cboe Canada is regulated by the Ontario Securities Commission ("OSC"). Cboe Canada is required to maintain sufficient financial resources for the proper performance of its functions and to meet its responsibilities, but it has no prescribed minimum capital requirement. Cboe Canada must calculate the following financial ratios monthly: (i) current ratio,

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(ii) a debt to cash flow ratio, and (iii) a financial leverage ratio. Cboe Canada must report the monthly calculations to the OSC on a quarterly basis.

Cboe Australia is regulated by the Australian Securities and Investments Commission ("ASIC"). Cboe Australia is required to maintain sufficient financial resources to operate the market properly in accordance with Section 794A(d) of the Corporations Act, which Cboe Australia satisfies by maintaining a prudent cash reserve, which must be equal to at least six months of its projected operating expenses.

As of December 31, 2025, Cboe Japan is subject to regulatory capital requirements, but any capital requirements are expected to cease when formal closure with regulators is complete. Cboe Japan is regulated by the Japanese Financial Services Agency ("JFSA") and the Japan Securities Dealers Association ("JSDA"). Cboe Japan is required to maintain a minimum level of regulatory capital ratio of 120% in accordance with such requirements prescribed by the JFSA and JSDA.

The following table presents the Company's subsidiaries with regulatory capital requirements discussed above, as well as the actual and minimum regulatory capital requirements of the subsidiary as of December 31, 2025 (in millions):

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| | | | |
|:---|:---|:---|:---|
| **Subsidiary** | **Regulatory Authority** | **Actual** | **Minimum<br>Requirement** |
| Cboe Trading | FINRA/SEC | $16.9 | $0.8 |
| BIDS Trading | FINRA/SEC | 11.7 | 0.2 |
| Cboe Fixed Income | FINRA/SEC | 2.4 | 0.1 |
| Cboe Europe | FCA | 71.2 | 36.6 |
| Cboe Chi-X Europe | FCA | 0.1 | 0.1 |
| Cboe NL | Dutch Authority for Financial Markets | 21.1 | 10.3 |
| Cboe Clear Europe | DNB | 128.1 | 76.0 |
| CFE | CFTC | 104.5 | 40.3 |
| Cboe SEF | CFTC | 10.8 | 2.5 |
| Cboe Digital Exchange | CFTC | 21.6 |  |
| Cboe Clear U.S. | CFTC | 35.1 | 12.1 |
| Cboe Australia | ASIC | 17.9 | 5.9 |
| Cboe Japan | JFSA | 6.8 | 4.6 |

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**19. STOCK-BASED COMPENSATION**

Stock-based compensation is based on the fair value of the award on the date of grant, which is recognized over the related service period, net of actual forfeitures. The service period is the period over which the related service is performed, which is generally the same as the vesting period. Vesting of certain awards may be accelerated for certain officers and employees as a result of attaining certain age and service-based requirements in the Company's long-term incentive plan and award agreements.

Stock-based compensation expense relating to employee awards is included in compensation and benefits and acquisition-related costs in the consolidated statements of income. The Company recognized stock-based compensation expense related to employee awards of $45.2 million, $40.2 million, and $33.9 million for the years ended December 31, 2025, 2024, and 2023, respectively. Stock-based compensation expense relating to non-employee director awards is included in professional fees and outside services in the consolidated statements of income. The Company recognized stock-based compensation expense related to non-employee director awards of $2.0 million, $1.8 million, and $1.9 million for the years ended December 31, 2025, 2024, and 2023, respectively.

On May 28, 2025, the Company announced that Dave Howson, Executive Vice President and Global President, resigned from the Company, with his employment terminating at the end of the day on August 1, 2025. In connection with his resignation, Mr. Howson was allowed to (i) retain a pro rata portion of certain of his outstanding time-based restricted stock units that would vest in February 2026 based on the number of days worked through and including August 1, 2025 and forfeited the remainder and other outstanding time-based restricted stock units and (ii) retain a pro rata portion of the outstanding performance-based restricted stock units that would vest in February 2026 based on the number of days worked through and including August 1, 2025, which was paid out based on target performance through the end of the applicable performance period for each award, and forfeited the remainder and other outstanding performance-based restricted stock units.

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The activity in the Company's restricted stock, consisting of RSUs and PSUs, was as follows:

***RSUs***

The following table summarizes RSU activity during the years ended December 31, 2025, 2024, and 2023:

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| | | |
|:---|:---|:---|
| | **Number of<br>shares** | **Weighted<br>average grant <br>date fair value** |
| Nonvested stock at January 1, 2023 | 556062 | $112.07 |
| &nbsp;&nbsp;&nbsp;&nbsp;Granted | 401685 | 132.58 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vested | (237315) | 108.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;Forfeited | (82251) | 121.02 |
| Nonvested stock at December 31, 2023 | 638181 | $125.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;Granted | 226061 | 183.27 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vested | (298023) | 117.28 |
| &nbsp;&nbsp;&nbsp;&nbsp;Forfeited | (43484) | 145.53 |
| Nonvested stock at December 31, 2024 | 522735 | $153.20 |
| &nbsp;&nbsp;&nbsp;&nbsp;Granted | 282381 | 212.46 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vested | (267636) | 141.67 |
| &nbsp;&nbsp;&nbsp;&nbsp;Forfeited | (78671) | 188.27 |
| Nonvested stock at December 31, 2025 | 458809 | $190.38 |

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RSUs entitle the holder to one share of common stock upon vesting, with the exception of certain jurisdictions where the RSUs are settled in cash, typically vest over a three-year period, and vesting accelerates upon death, disability, or the occurrence of a qualified termination following a change in control. Where applicable and permitted, vesting will also accelerate upon a qualified retirement. Where applicable and permitted, qualified retirement eligibility generally occurs once achieving 55 years of age and 10 years of service, although service requirements vary. Starting in 2024, the award agreements provide that in the event of a participant's retirement, all unvested outstanding RSUs and a pro rata portion of unvested outstanding PSUs will continue to vest and be distributed in accordance with the award's original vesting and settlement schedule, even after the applicable retirement date. Retirement eligibility will require, in addition to attaining the age and service requirements, submission of 6 months' advance written notice of retirement, as applicable, and submission, approval, and satisfactory completion of a transition plan. Unvested RSUs will be forfeited if the officer or employee leaves the Company prior to the applicable vesting date, except in limited circumstances.

RSUs granted to non-employee members of the Board of Directors have a one-year vesting period and vesting accelerates upon the occurrence of a change in control of the Company. Unvested portions of the RSUs will be forfeited if the director leaves the Board of Directors prior to the applicable vesting date.

The RSUs have no voting rights but entitle the holder to receive dividend equivalents.

In the year ended December 31, 2025, to satisfy employees' tax obligations upon the vesting of restricted stock units, the Company purchased 102,061 shares of common stock totaling $22.3 million as the result of the vesting of 260,506 shares of restricted stock.

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***PSUs***

The following table summarizes restricted stock units contingent upon achievement of performance conditions, also known as PSUs, activity during the years ended December 31, 2025, 2024, and 2023:

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| | | |
|:---|:---|:---|
| | **Number of<br>Shares** | **Weighted<br>average grant <br>date fair value** |
| Nonvested stock at January 1, 2023 | 166702 | $125.08 |
| &nbsp;&nbsp;&nbsp;&nbsp;Granted | 87146 | 144.35 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vested | (55399) | 130.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;Forfeited | (63965) | 141.49 |
| Nonvested stock at December 31, 2023 | 134484 | $127.72 |
| &nbsp;&nbsp;&nbsp;&nbsp;Granted | 86996 | 145.21 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vested | (110376) | 100.50 |
| &nbsp;&nbsp;&nbsp;&nbsp;Forfeited |  |  |
| Nonvested stock at December 31, 2024 | 111104 | $168.45 |
| &nbsp;&nbsp;&nbsp;&nbsp;Granted | 93599 | 232.82 |
| &nbsp;&nbsp;&nbsp;&nbsp;Vested | (85901) | 143.95 |
| &nbsp;&nbsp;&nbsp;&nbsp;Forfeited | (29842) | 234.29 |
| Nonvested stock at December 31, 2025 | 88960 | $237.75 |

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PSUs include awards related to earnings per share during the performance period as well as awards related to total shareholder return during the performance period. The Company used the Monte Carlo valuation model method to estimate the fair value of the total shareholder return PSUs which incorporated the following assumptions for awards granted in 2025: risk-free interest rate (3.52 to 4.25%), volatility (20.53 to 21.11%) and a 2.25-2.86-year correlation with S&P 500 Index (-0.14 to 0.19). Each of these performance shares has a performance condition under which the number of units ultimately awarded will vary from 0% to 200% of the original grant, with each unit representing the contingent right to receive one share of the Company's common stock. The performance period for the PSUs contingent on the achievement of performance conditions is three years. For each of the performance awards, the PSUs will be settled in shares of the Company's common stock following vesting of the PSU assuming that the participant has been continuously employed during the vesting period, subject to acceleration upon death, disability, or the occurrence of a qualified termination following a change in control. Participants have no voting rights with respect to the PSUs until the issuance of the shares of common stock. Dividend equivalents are accrued by the Company and will be paid once the PSUs, contingent on the achievement of performance conditions, vest.

In the year ended December 31, 2025, to satisfy employees' tax obligations upon the vesting of performance stock, the Company purchased 35,067 shares of common stock totaling $7.5 million as the result of the vesting of 85,901 shares of performance stock.

As of December 31, 2025, there were $62.7 million in total unrecognized compensation costs related to restricted stock, restricted stock units, and performance stock units. These costs are expected to be recognized over a weighted average period of 1.8 years.

***Employee Stock Purchase Plan***

In May 2018, the Company's stockholders approved an Employee Stock Purchase Plan ("ESPP"), under which a total of 750,000 shares of the Company's common stock will be made available for purchase to employees. The ESPP is a broad-based plan that permits employees to contribute up to 10% of wages and base salary to purchase shares of the Company's common stock at a discount, subject to applicable annual Internal Revenue Service ("IRS") limitations. Under the ESPP, a participant may not purchase more than a maximum of 312 shares of the Company's common stock during any single offering period. No participant may accrue options to purchase shares of the Company's common stock at a rate that exceeds $25,000 in fair market value of the Company's common stock (determined at the time such options are granted) for each calendar year in which such rights are outstanding at any time. The exercise price per share of common stock shall be 85% (for eligible U.S. and international employees) of the lesser of the fair value of the stock on the first day of the applicable offering period or the applicable exercise date.

The Company records stock-based compensation expense over the offering period related to the discount that is given to employees, which totaled $2.4 million, $2.8 million, and $2.7 million for the years ended December 31, 2025, 2024, and 2023, respectively. This expense is included in compensation and benefits in the consolidated statements of income. As of December 31, 2025, 441,140 shares were reserved for future issuance under the ESPP.

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**20. EQUITY**

***Common Stock***

The Company's common stock is listed on Cboe BZX under the trading symbol CBOE.

As of December 31, 2025, 325,000,000 shares of the Company's common stock were authorized, $0.01 par value, and 104,654,764 and 104,647,739 shares were issued and outstanding, respectively. The holders of common stock are entitled to one vote per share.

***Common Stock in Treasury, at Cost***

The Company accounts for the purchase of treasury stock under the cost method with the shares of stock repurchased reflected as a reduction to Cboe stockholders' equity and included in common stock in treasury, at cost in the consolidated balance sheets. Shares repurchased under the Company's share repurchase program are retired or they are available to be redistributed. When treasury shares are redistributed, they are recorded at the average cost of the treasury shares acquired. When treasury shares are retired, they are removed from the common stock in treasury balance. The Company held 7,025 and 6,895 shares of common stock in treasury as of December 31, 2025 and December 31, 2024, respectively.

On December 16, 2025, the Board of Directors approved the retirement of 442,315 shares of treasury stock. These shares represent shares that were repurchased as part of the Company's share repurchase program since October 2024, and shares purchased from employees to cover payroll withholding taxes in connection with the vesting of RSUs and PSUs. The retirement was recorded as a decrease to treasury stock, common stock, retained earnings, and additional paid-in capital on the consolidated balance sheets.

***Share Repurchase Program***

In 2011, the Board of Directors approved an initial authorization for the Company to repurchase shares of its outstanding common stock of $100 million and subsequently approved additional authorizations for a total authorization of $2.3 billion as of December 31, 2025. The Company expects to fund repurchases primarily through the use of existing cash balances. The program permits the Company to purchase shares, through a variety of methods, including in the open market or through privately negotiated transactions, in accordance with applicable securities laws. It does not obligate the Company to make any repurchases at any specific time or situation.

Under the program, for the year ended December 31, 2025, the Company has repurchased 305,317 shares of common stock at an average cost per share, excluding commissions and excise taxes, of $213.74, totaling $65.3 million. Since inception of the program through December 31, 2025, the Company has repurchased 21,063,700 shares of common stock at an average cost per share, excluding commissions and excise taxes, of $80.02, totaling $1.7 billion. As a result of these repurchases, certain direct costs and excise taxes are incurred but do not impact our cost per share or availability. See Note 2 ("Summary of Significant Accounting Policies") for more information.

As of December 31, 2025, the Company had $614.5 million of availability remaining under its existing share repurchase authorizations.

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The table below shows the repurchased shares of common stock under the Company's share repurchase program during the periods presented as follows:

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| | | | |
|:---|:---|:---|:---|
| | **Shares Repurchased** | **Average Repurchase<br>Price Per Share** | **Amount of Repurchases<br>(in millions)** |
| **2025** |  |  |  |
| Fourth quarter |  | $— | $— |
| Third quarter |  |  |  |
| Second quarter | 160564 | 219.77 | 35.3 |
| First quarter | 144753 | 207.04 | 30.0 |
| Total open market common stock repurchases | 305317 |  | $65.3 |
| **2024** |  |  |  |
| Fourth quarter |  | $— | $— |
| Third quarter | 144370 | 170.45 | 24.6 |
| Second quarter | 514239 | 175.76 | 90.4 |
| First quarter | 489686 | 182.26 | 89.3 |
| Total open market common stock repurchases | 1148295 |  | $204.3 |
| **2023** |  |  |  |
| Fourth quarter | 33507 | $173.59 | $5.8 |
| Third quarter |  |  |  |
| Second quarter | 61141 | 132.45 | 8.1 |
| First quarter | 567073 | 123.42 | 70.0 |
| Total open market common stock repurchases | 661721 |  | $83.9 |

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***Purchase of Common Stock from Employees***

The Company purchased 137,128 and 157,228 shares that were not part of the publicly announced share repurchase authorization from employees for an average price paid per share of $217.04 and $187.07 during the years ended December 31, 2025 and 2024, respectively. These shares consisted of shares retained to cover payroll withholding taxes or costs in connection with the vesting of restricted stock units and performance share awards.

***Preferred Stock***

The Company has authorized the issuance of 20,000,000 shares of preferred stock, par value $0.01 per share, issuable from time to time in one or more series. For the years ended December 31, 2025, and 2024, the Company had no shares of preferred stock issued or outstanding.

***Dividends***

During the year ended December 31, 2025, the Company declared and paid cash dividends per share of $2.70, for an aggregate payout of $284.3 million. During the year ended December 31, 2024, the Company declared and paid cash dividends per share of $2.36, for an aggregate payout of $249.4 million.

Each share of common stock, including RSUs and PSUs, is entitled to receive dividends and dividend equivalents, respectively, if, as, and when declared by the Board of Directors of the Company. The Company's expectation is to continue to pay dividends. The decision to pay a dividend, however, remains within the discretion of the Company's Board of Directors and may be affected by various factors, including earnings, financial condition, capital requirements, level of indebtedness, and other considerations the Board of Directors deems relevant. Future debt obligations and statutory provisions, among other things, may limit, or in some cases, prohibit, the Company's ability to pay dividends.

As a holding company, the Company's ability to declare and continue to pay dividends in the future with respect to its common stock will also be dependent upon the ability of its subsidiaries to pay dividends to it under applicable corporate law.

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**21. INCOME TAXES**

Net deferred tax assets and liabilities consist of the following as of December 31, 2025 and 2024 (in millions):

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| | | |
|:---|:---|:---|
| | **As of December 31,** | **As of December 31,** |
| | **2025** | **2024** |
| Deferred tax assets: |  |  |
| &nbsp;&nbsp;Accrued compensation and benefits | $23.3 | $20.2 |
| &nbsp;&nbsp;Property, equipment and technology, net | 7.3 | 14.6 |
| &nbsp;&nbsp;Operating leases | 40.3 | 40.4 |
| &nbsp;&nbsp;Other | 99.9 | 88.7 |
| Subtotal | 170.8 | 163.9 |
| &nbsp;&nbsp;Valuation allowances | (23.1) | (17.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total deferred tax assets | 147.7 | 146.9 |
| Deferred tax liabilities: |  |  |
| &nbsp;&nbsp;Intangibles | (256.4) | (240.2) |
| &nbsp;&nbsp;Property, equipment and technology, net | (30.9) | (19.0) |
| &nbsp;&nbsp;Investments | (4.7) | (33.8) |
| &nbsp;&nbsp;Prepaid expenses or assets | (5.1) | (4.5) |
| &nbsp;&nbsp;Operating leases | (30.4) | (31.9) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total deferred tax liabilities | (327.5) | (329.4) |
| Net deferred tax liabilities | $(179.8) | $(182.5) |

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The Company provides a valuation allowance against deferred tax assets if, based on management's assessment of historical and projected future operating results and other available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. A valuation allowance of $23.1 million and $17.0 million was recorded against gross deferred tax assets for certain investments and net operating losses as of December 31, 2025 and 2024, respectively.

As of December 31, 2025, the Company no longer has capital loss carryforwards as amounts either expired in 2025 or were utilized against capital gains generated in the current year. The Company has net operating loss carryforwards of $15.6 million, most of which have an indefinite carryforward period.

The Company considers its non-U.S. earnings to be indefinitely reinvested outside of the U.S. to the extent these earnings are not subject to U.S. income tax under an anti-deferral tax regime. As of December 31, 2025, the cumulative amount of undistributed earnings in these subsidiaries is $163.4 million. Given our intent to reinvest these earnings for an indefinite period of time, the Company has not accrued a deferred tax liability on these earnings. A determination of an unrecognized deferred tax liability related to these earnings is not practicable.

For the years ended December 31, 2025, 2024, and 2023, income before taxes consists of the following (in millions):

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| | | | |
|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2025** | **2024** | **2023** |
| U.S. operations | $1520.4 | $1060.2 | $1010.5 |
| Foreign operations | 46.2 | 23.6 | 37.1 |
| &nbsp;&nbsp;Total | $1566.6 | $1083.8 | $1047.6 |

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The provision for income taxes for the years ended December 31, 2025, 2024, and 2023 consists of the following (in millions):

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| | | | |
|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2025** | **2024** | **2023** |
| Current tax expense: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal | $287.6 | $208.8 | $188.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;State | 162.9 | 117.7 | 97.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign | 24.5 | 16.0 | 15.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current tax expense | 475.0 | 342.5 | 301.4 |
| Deferred income tax (benefit) expense: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal | (7.9) | (19.5) | (3.4) |
| &nbsp;&nbsp;&nbsp;&nbsp;State | 8.4 | (2.4) | 1.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign | (8.9) | (1.7) | (13.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total deferred income tax benefit | (8.4) | (23.6) | (15.2) |
| Total | $466.6 | $318.9 | $286.2 |

---

Cash paid for income taxes, net for the years ended December 31, 2025, 2024, and 2023 were as follows (in millions):

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2025** | **2024** | **2023** |
| Federal | $284.1 | $276.4 | $211.0 |
| State | 81.2 | 72.8 | 60.5 |
| Foreign | 26.3 | 13.2 | 14.9 |
| &nbsp;&nbsp;Total cash paid for income taxes, net | $391.6 | $362.4 | $286.4 |

---

Cash paid for state and foreign income taxes, net for the years ended December 31, 2025, 2024, and 2023 are disaggregated by jurisdiction as follows (in millions):

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2025** | **2024** | **2023** |
| **State** |  |  |  |
| &nbsp;&nbsp;Illinois | $45.0 | $40.9 | $36.1 |
| **Foreign** |  |  |  |
| &nbsp;&nbsp;United Kingdom | $23.7 | \* | \* |

---

**__________________________________________________________**

\* Jurisdiction is immaterial for the period presented

A reconciliation of the statutory federal income tax rate to the effective income tax rate for the years ended December 31, 2025, 2024, and 2023 is as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2025** | **2025** | **2024** | **2024** | **2023** | **2023** |
| Statutory U.S. federal income tax rate | $329 | 21.0% | $227.6 | 21.0% | $220 | 21.0% |
| Impact of federal, state, and local tax law and rate changes, net (a) | 105.6 | 6.7% | 48.7 | 4.5% | 45.2 | 4.3% |
| Foreign tax effects | 0.2 | —% | 1.2 | 0.1% |  | —% |
| Effect of changes in tax laws or rates | 12.6 | 0.8% | 1.0 | 0.1% |  | —% |
| Effect of cross-border tax laws | (6.9) | (0.4)% | (4.9) | (0.4)% | (4.7) | (0.4)% |
| Tax credits | (1.1) | (0.1)% | (1.0) | (0.1)% | (1.6) | (0.2)% |
| Valuation allowances | 5.1 | 0.3% | 4.8 | 0.4% | (5.1) | (0.5)% |
| Nontaxable or nondeductible items | 7.6 | 0.5% | 8.1 | 0.7% | 0.9 | 0.1% |
| Changes in unrecognized tax benefits | 21.1 | 1.3% | 42.4 | 3.9% | 30.8 | 2.9% |
| Other adjustments | (6.6) | (0.3)% | (9.0) | (0.8)% | 0.7 | 0.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Effective tax rate | $466.6 | 29.8% | $318.9 | 29.4% | $286.2 | 27.3% |

---

**__________________________________________________________**

(a) State taxes in Illinois, New York State, and New York City made up the majority of the tax effect of this category.

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A reconciliation of the beginning and ending unrecognized tax benefits, excluding interest and penalties, is as follows (in millions):

---

| | | | |
|:---|:---|:---|:---|
| | **2025** | **2024** | **2023** |
| Balance as of January 1 | $219.1 | $237.5 | $212.1 |
| &nbsp;&nbsp;Gross increases related to prior year tax positions | 13.5 | 0.2 |  |
| &nbsp;&nbsp;Gross decreases related to prior year tax positions | (12.4) | (3.1) | (1.5) |
| &nbsp;&nbsp;Gross increases related to current year tax positions | 1.7 | 34.4 | 31.1 |
| &nbsp;&nbsp;Settlements | (0.6) | (49.9) | (2.5) |
| &nbsp;&nbsp;Lapse of statute of limitations |  |  | (1.7) |
| Balance as of December 31 | $221.3 | $219.1 | $237.5 |

---

As of December 31, 2025, 2024 and 2023, the Company had $174.9 million, $173.1 million, and $196.6 million, respectively, of unrecognized tax benefits, net of federal benefit, which, if recognized in the future, would affect the effective income tax rate. No reductions to unrecognized tax benefits, other than those classified as current liabilities as discussed below, from the lapse of the applicable statutes of limitations and potential audit settlements are expected during the next twelve months.

Estimated interest costs (income) and penalties (benefits) are classified as part of the provision for income taxes in the Company's consolidated statements of income and were $25.8 million, $(2.5) million, and $14.3 million, for the periods ended December 31, 2025, 2024, and 2023, respectively. Accrued interest and penalties were $111.8 million, $86.0 million, and $88.5 million as of December 31, 2025, 2024 and 2023, respectively.

The following table summarizes the tax years that are either currently under audit or remain open and subject to examination by the tax authorities in the most significant jurisdictions in which Cboe operates:

---

| | |
|:---|:---|
| U.S. Federal | 2022-2025 |
| California | 2017-2025 |
| Illinois | 2022-2025 |
| New York | 2015-2025 |
| New York City | 2015-2025 |
| Pennsylvania | 2021-2024 |
| United Kingdom | 2022-2025 |
| Netherlands | 2019-2025 |

---

The Company is currently undergoing audit examinations by various taxing jurisdictions in the ordinary course. It is reasonably possible that these audits will be concluded with agreed upon adjustments which would result in additional tax payments for prior periods within the next twelve months. The Company believes that sufficient reserves have been established to cover any adjustments arising from tax examinations. However, the outcomes of these examinations remain uncertain. The Company has classified a portion of these amounts as accounts payable and accrued liabilities on its consolidated balance sheet as of December 31, 2025. This classification and the associated amount may change over the next twelve months, depending on when the Company finalizes agreements.

On July 4, 2025, President Trump signed into law "An Act to provide for reconciliation pursuant to title II of H. Con. Res. 14," commonly referred to as the One Big Beautiful Bill Act ("OBBBA"). The OBBBA extends many of the Tax Cuts and Jobs Act provisions beyond 2025. The corporate provisions impacting the Company include repealing the phase out of bonus depreciation and reverting to 100% expensing of fixed asset additions, making the 33.34% deduction against foreign-derived eligible income permanent and repealing the requirement to capitalize and amortize U.S. research and development costs. The legislation has several effective dates, with some provisions taking effect in 2025 and others being implemented by 2027. These changes resulted in current year cash tax savings while having no significant impact to the effective tax rate for the year ended December 31, 2025.

**22. EARNINGS PER SHARE**

The computation of basic net income per common share is calculated by reducing net income for the period by dividends paid or declared and undistributed net income for the period that are allocated to participating securities to arrive at net income allocated to common stockholders. Net income allocated to common stockholders is divided by the weighted average number of common shares outstanding during the period to determine net income per share allocated to common stockholders.

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The computation of diluted net income per share is calculated by dividing net income allocated to common stockholders by the sum of the weighted average number of common shares outstanding plus all additional common shares that would have been outstanding if the potentially dilutive common shares had been issued. The dilutive effect is calculated using the more dilutive of the two-class or treasury stock method.

The following table sets forth the computation of basic and diluted earnings per share for the years ended December 31, 2025, 2024, and 2023 (in millions, except per share data):

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2025** | **2024** | **2023** |
| Basic earnings per share numerator: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income | $1100.0 | $764.9 | $761.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income allocated to participating securities | (5.2) | (3.9) | (3.9) |
| &nbsp;&nbsp;Net income allocated to common stockholders | $1094.8 | $761.0 | $757.5 |
| Basic earnings per share denominator: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted average shares outstanding | 104.7 | 105.1 | 105.8 |
| Basic earnings per share | $10.46 | $7.24 | $7.16 |
| Diluted earnings per share numerator: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income | $1100.0 | $764.9 | $761.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income allocated to participating securities | (5.2) | (3.9) | (3.9) |
| &nbsp;&nbsp;Net income allocated to common stockholders | $1094.8 | $761.0 | $757.5 |
| Diluted earnings per share denominator: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted average shares outstanding | 104.7 | 105.1 | 105.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Dilutive common shares issued under stock program | 0.4 | 0.4 | 0.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total dilutive weighted average shares | 105.1 | 105.5 | 106.2 |
| Diluted earnings per share | $10.42 | $7.21 | $7.13 |

---

For the periods presented, the Company did not have shares of stock-based compensation that would have an anti-dilutive effect on the computation of diluted earnings per share.

**23. COMMITMENTS, CONTINGENCIES, AND GUARANTEES**

*Legal Proceedings*

As of December 31, 2025, the Company was subject to the various legal proceedings and claims discussed below, as well as certain other legal proceedings and claims that have not been fully resolved and that have arisen in the ordinary course of business.

The Company reviews its legal proceedings and claims, regulatory reviews and inspections, and other legal proceedings on an ongoing basis and follows appropriate accounting guidance when making accrual and disclosure decisions. The Company establishes accruals for those contingencies where the incurrence of a loss is probable and can be reasonably estimated, and the Company discloses the amount accrued and the amount of a reasonably possible loss in excess of the amount accrued, if such disclosure is necessary for the consolidated financial statements to not be misleading. The Company does not record liabilities when the likelihood of the liability being incurred is probable, but the amount cannot be reasonably estimated, or when the liability is believed to be only reasonably possible or remote. The Company's assessment of whether a loss is remote, reasonably possible, or probable is based on its assessment of the ultimate outcome of the matter following all appeals.

As of December 31, 2025, the Company does not believe that there is a reasonable possibility that any material loss exceeding the amounts already recognized for these legal proceedings and claims, regulatory reviews, inspections, or other legal proceedings, if any, has been incurred. While the consequences of certain unresolved proceedings are not presently determinable, the outcome of any proceeding is inherently uncertain and an adverse outcome from certain matters could have a material effect on the financial position, results of operations, or cash flows of the Company in any given reporting period.

*CAT Putative Class Action*

A putative class action was filed on April 16, 2024 captioned *Erik A. Davidson, John Restivo and National Center for Public Policy Research vs. Gary Gensler, SEC and CATLLC*. Cboe and the Plan Participants are not parties to this litigation. The complaint alleges, among other things, that the SEC engaged in unlawful agency action and violated multiple provisions

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of the U.S. Constitution when it promulgated Rule 613 in 2012 mandating the creation and funding of the CAT. Plaintiffs' motion for a preliminary injunction and stay was denied. On July 7, 2025, the U.S. District Court for the Western District of Texas ("Texas Federal District Court") granted the SEC's opposed motion to hold the case in abeyance and stay all deadlines until January 15, 2026. On January 15, 2026, the SEC filed a status report and an opposed Motion to Continue the Abeyance for an additional six months. On January 23, 2026, Plaintiffs filed a motion for class certification. On January 30, 2026, Plaintiffs filed a Renewed Motion for a Preliminary Injunction. On February 4, 2026, the Texas Federal District Court granted the SEC's opposed Motion to Continue the Abeyance until July 15, 2026. This challenge or any other challenge to the constitutionality of the CAT may delay CATLLC's assessment of CAT fees to recover a portion of CAT costs. As a result, the Plan Participants may continue to incur additional significant costs, and/or it may result in them not being able to collect on the promissory notes related to the funding of the implementation and operation of the CAT.

*Citadel Petition for Review of SEC Temporary Conditional Exemptive Order*

On July 17, 2024, Citadel filed a Petition for Review ("PFR") of the SEC's May 20, 2024 Order Granting A Temporary Conditional Exemption Pursuant to Section 36(a)(1) of the Exchange Act and Rule 608(e) of Regulation NMS Under the Exchange Act, Relating to the Reporting of Responses to Requests for Quotes and Other Solicitation Responses Provided in a Standard Electronic Format, as Required by Section 6.4(d) of the NMS Plan Governing the CAT ("CAT RFQ Exemptive Order") in the 11th Circuit. The PFR does not identify any requested relief. On August 1, 2024, the 11th Circuit granted Citadel's July 19, 2024 unopposed motion to stay the PFR until a decision is issued in the CAT Funding Model Order litigation, which was also before the 11th Circuit. On September 11, 2024, the 11th Circuit granted motions filed by the Cboe U.S. national securities exchanges, the Nasdaq U.S. national securities exchanges, and CATLLC to intervene on behalf of the SEC. On July 25, 2025, the 11th Circuit issued an opinion in the CAT Funding Model Order litigation. The case has been removed from the 11th Circuit's mediation program and the parties are free to continue the litigation. This challenge or any other challenge to SEC Orders concerning the CAT may delay the CATLLC's assessment of CAT fees to recover a portion of CAT costs. As a result, the Plan Participants may continue to incur additional significant costs, and/or it may result in them not being able to collect on the promissory notes related to the funding of the implementation and operation of the CAT.

*Citadel vs. CATLLC*

On January 15, 2026, Citadel filed a Petition for Rulemaking ("PFRM") asking the SEC to address the question of how CATLLC may (or may not) use reserve funds. On January 16, 2026, Citadel filed a Complaint for Declaratory and Injunctive Relief against CATLLC in the U.S. District Court for the District of Columbia ("D.C. federal district court") asserting a claim for relief based on an alleged violation of the private non-delegation doctrine. On January 16, 2026, Citadel also filed a motion for a preliminary injunction asking the D.C. federal district court to bar CATLLC from using reserves to fund its operations until the SEC has ruled on Citadel's PFRM. A hearing on Citadel's motion for a preliminary injunction was scheduled for February 19, 2026, which was continued in response to a letter that the SEC sent to Citadel in response to its PFRM. This challenge or any other challenge to the use of CATLLC reserves to fund its operations creates uncertainty about how CATLLC's ongoing operations will be funded and the Plan Participants may continue to incur significant costs until an amended funding model is in place, and/or it may result in them not being able to collect on promissory notes relating to the funding of the ongoing operation of the CAT.

*Former Employee Litigation*

On January 26, 2026, a former employee filed a complaint against the Company in the United States District Court for the District of Kansas (Jacqueline Craine v. Cboe Global Markets, Inc., Case No. 2:26-cv-2046) alleging wrongful termination, violations of the Family and Medical Leave Act of 1993, as well as the Sarbanes-Oxley Act for alleged retaliation for being a purported whistleblower of alleged accounting and operational control issues. The complaint seeks back pay, reinstatement or front pay, compensatory damages, punitive, liquidated, and/or special damages, pre- and post-judgment interest, and fees and costs. The Company previously investigated the allegations with the assistance of outside legal advisers and forensic consultants, and the investigation concluded that the allegations lacked merit. The Company disputes the complaint's allegations and claims, and the Company plans to vigorously defend itself.

*Other*

As self-regulatory organizations under the jurisdiction of the SEC, Cboe Options, C2, BZX, BYX, EDGX, and EDGA are subject to routine reviews and inspections by the SEC. As designated contract markets under the jurisdiction of the CFTC, CFE and Cboe Digital Exchange are subject to routine rule enforcement reviews and examinations by the CFTC. As a derivatives clearing organization under the jurisdiction of the CFTC, Cboe Clear U.S. is also subject to routine audits and examinations by the CFTC. Cboe SEF, LLC is a swap execution facility registered with the CFTC and subject to routine rule enforcement reviews and examinations by the CFTC. Cboe Trading, BIDS Trading and Cboe Fixed Income are subject to reviews and inspections by FINRA. The Company has from time to time received inquiries and investigative requests from the SEC's Division of Examinations, CFTC's Division of Market Oversight, the CFTC's Division of Clearing and Risk, as well as the SEC Division of Enforcement and CFTC Division of Enforcement seeking information about the Company's or its subsidiaries' compliance with their respective obligations as self-regulatory organizations, as applicable under the federal securities laws and/or Commodity Exchange Act as well as members' compliance with the federal securities laws and/or Commodity Exchange Act.

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In addition, Cboe Europe, Cboe Chi-X Europe, Cboe Clear Europe, Cboe NL, Cboe Australia, Cboe Japan, and Cboe Canada may be subject to routine reviews, audits, examinations, investigations, or inspections, as applicable, by their respective regulators, and while they have not been the subject of any litigation or regulatory investigation in the past that resulted in a material impact on the Company's financial position, results of operations, liquidity or capital resources, there is always the possibility of such action in the future. As Cboe Europe and Cboe Chi-X Europe are domiciled in the UK, it is likely that any action would be taken in the UK courts in relation to litigation or by the FCA in relation to any regulatory enforcement action. As Cboe Clear Europe is domiciled in the Netherlands, it is likely that any action would be taken in the Dutch courts in relation to litigation or by the DNB or Dutch Authority for Financial Markets in relation to any regulatory enforcement action. For Cboe NL, also domiciled in the Netherlands, it is likely that any actions would be taken in the Dutch courts in relation to litigation or Dutch Authority for Financial Markets in relation to any regulatory enforcement action. As Cboe Australia is domiciled in Australia, it is likely that any action would be taken in the Australian courts in relation to litigation or by the ASIC, in relation to any regulatory enforcement action. As Cboe Japan is domiciled in Japan, it is likely that any action would be taken in the Japanese courts in relation to litigation or by the JFSA or the JSDA in relation to any regulatory enforcement action. As Cboe Canada is domiciled in Canada, it is likely that any action would be taken in the Canadian courts in relation to litigation or by the OSC and/or CIRO in relation to any regulatory enforcement action.

The Company is also currently a party to various other legal and regulatory proceedings in addition to those already mentioned. Management does not believe that the likely outcome of any of these other reviews, inspections, investigations, or other legal proceedings is expected to have a material impact on the Company's financial position, results of operations, liquidity, or capital resources.

See Note 8 ("Credit Losses") for information on promissory notes related to the CAT. See also Note 21 ("Income Taxes") for information on tax examinations.

*Contractual Obligations*

The Company has contractual obligations related to licensing agreements with various licensors, some of which included fixed fees and/or variable fees calculated using agreed upon contracted rates and reported cleared volumes. Certain licensing agreements contain annual minimum fee requirements that total $14.6 million (excluding estimated variable fees) each year for the next five years. The Company is subject to annual minimum fee requirements under the January 29, 2024 addendum to its cloud services agreement, totaling $5.8 million to $6.9 million each year over the next four years.

See Note 14 ("Clearing Operations") for information on the clearinghouse exposure guarantees for Cboe Clear Europe and Cboe Clear U.S. See Note 24 ("Leases") for information on lease obligations.

**24. LEASES**

The Company currently leases office space, data centers, remote network operations centers, and equipment under non-cancelable operating leases with third parties as of December 31, 2025. Certain leases include one or more options to renew, with renewal terms that can extend the lease term from one to five years or more, and some of which include the Company's option to terminate the leases within one year. During the year ended December 31, 2025, $8.3 million of right of use assets and $8.3 million of lease liabilities were added related to new operating leases and existing lease extensions.

In May 2024, the Company entered into an agreement to amend its lease agreement for its Lenexa, Kansas office space. As part of the agreement, the lease term was reduced and ended on September 30, 2025. In consideration for the reduction in lease term, the Company agreed to pay a reduction fee totaling $1.3 million to be paid in two equal installments in May 2024 and September 2025. The amended lease agreement was treated as a full termination without an embedded option to terminate included in the original agreement. Upon the termination, the Company considered the present value of future lease payments and adjusted its right of use assets and lease liabilities balances accordingly based on the percentage reduction in the remaining lease term; the right of use assets decreased $10.3 million and the lease liabilities decreased $11.0 million, with the $0.7 million difference recorded as a gain on lease termination in other income (expense), net in the consolidated statements of income during the year ended December 31, 2024. The $1.3 million lease reduction payments are included in the present value of the lease liability balance along with normal rent payments and will be recognized through straight-line lease expense over the remaining term of the lease.

Additionally, in September 2024, the Company signed a new lease to secure approximately 60,000 square feet of office space in Overland Park, Kansas. The initial term of the lease is 129 months from the accounting commencement date, September 1, 2024. The Company has the option to renew the lease for two additional terms of 60 months each. The total legally binding minimum lease payments for the lease are approximately $12.0 million, net of allowance incentives.

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The following table presents the supplemental balance sheet information related to leases as of December 31, 2025 and 2024 (in millions):

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| | | |
|:---|:---|:---|
| | **December 31,<br>2025** | **December 31,<br>2024** |
| Operating lease right of use assets | $111.0 | $124.5 |
| Total leased assets | $111.0 | $124.5 |
| Current operating lease liabilities (1) | $26.9 | $19.9 |
| Non-current operating lease liabilities | 120.9 | 138.4 |
| Total leased liabilities | $147.8 | $158.3 |

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**________________________________________________________**

(1)These amounts are reflected within accounts payable and accrued liabilities in the consolidated balance sheets.

The following table presents operating lease costs and other information as of and for the years ended December 31, 2025 and 2024 (in millions, except as stated):

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| | | |
|:---|:---|:---|
| | **December 31, <br>2025** | **December 31, <br>2024** |
| Operating lease costs (1) | $37.9 | $37.1 |
| Lease term and discount rate information: |  |  |
| &nbsp;&nbsp;Weighted average remaining lease term (years) | 6.9 | 7.6 |
| &nbsp;&nbsp;Weighted average discount rate | 3.6% | 3.6% |
| Supplemental disclosure of cash transactions: |  |  |
| &nbsp;&nbsp;Cash paid for amounts included in the measurement of lease liabilities | $27.7 | $27.2 |
| &nbsp;&nbsp;Lease incentive for leasehold improvements | 2.6 |  |
| Supplemental disclosure of noncash activities: |  |  |
| &nbsp;&nbsp;Right of use assets obtained in exchange for lease liabilities | 8.3 | 26.7 |
| &nbsp;&nbsp;Reduction in lease liability due to remeasurement | (0.4) | (18.5) |

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**________________________________________________________**

(1)Includes short-term lease and variable lease costs, which are immaterial.

The total rent expense related to lease obligations, reflected in technology support services and facilities costs line items on the consolidated statements of income, for the years ended December 31, 2025, 2024, and 2023 were $37.9 million, $37.1 million, and $34.5 million, respectively.

The maturities of the lease liabilities are as follows as of December 31, 2025 (in millions):

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| | |
|:---|:---|
| | **December 31,<br>2025** |
| 2026 | $31.6 |
| 2027 | 28.1 |
| 2028 | 25.9 |
| 2029 | 14.5 |
| 2030 | 14.8 |
| After 2030 | 52.8 |
| Total lease payments | $167.7 |
| Less: Interest | (19.9) |
| Present value of lease liabilities | $147.8 |

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**25. SUBSEQUENT EVENTS**

In January 2026, the Company formally initiated the wind down of the CEDX exchange service following a comprehensive strategic review of its global operations. On January 9, 2026, CEDX issued a release to its market participants that Cboe NL is planning to wind down its CEDX exchange service. The CEDX exchange service will be decommissioned effective February 23, 2026.

On January 26, 2026, the Company announced the planned appointments of Scott Johnston as Executive Vice President, Chief Operating Officer, and Heidi Fischer as Executive Vice President, Global Head of Equities and Spot Markets. Mr. Johnston will take over chief operating duties from Chris Isaacson, Executive Vice President and Chief Operating Officer, who is retiring from his role effective March 6, 2026. Ms. Fischer will assume oversight of Cboe's global cash equities and spot markets, which Mr. Isaacson also oversaw. Mr. Isaacson will continue to serve as an advisor to Cboe through the end of 2026.

On February 12 and 13, 2026, the Company's Board of Directors and Compensation and Human Capital Committee, as applicable, approved granting $37.8 million of RSUs and $6.4 million of PSUs, with an effective date of February 19, 2026, to certain officers and employees at a fair value, based on the closing price of the Company's stock on the pricing date of February 19, 2026. The shares will have a three year vesting period based on achievement of certain service, performance and/or market conditions and vesting accelerates upon the occurrence of a termination of employment following a change in control of the Company or in the event of earlier death, or disability.

On February 13, 2026, the Company's Board of Directors declared a quarterly cash dividend of $0.72 per share. The dividend is payable on March 13, 2026 to stockholders of record at the close of business on February 27, 2026.

Subsequent to the year ended December 31, 2025, from January 1, 2026 through February 18, 2026, the Company repurchased 11,500 shares of its common stock under its share repurchase program at an average cost per share of $269.59, for a total value of $3.1 million. As of February 18, 2026, the Company had $611.4 million of availability remaining under its existing share repurchase authorizations.

There have been no other subsequent events that would require disclosure in, or adjustment to, the consolidated financial statements as of and for the year ended December 31, 2025.

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**Item 9. &nbsp;&nbsp;&nbsp;&nbsp; Changes in and Disagreements with Accountants on Accounting and Financial Disclosure**

Not applicable.

**Item 9A. Controls and Procedures**

***(a)Evaluation of Disclosure Controls and Procedures***

The Company's management, with the participation of its Chief Executive Officer and Chief Financial Officer, has evaluated the effectiveness of the Company's disclosure controls and procedures (as defined in Rule 13a-15(e) and Rule 15d-15(e) under the Securities Exchange Act of 1934 (the "Exchange Act")) as of the end of the period covered by this report. Based upon that evaluation, the Company's Chief Executive Officer and Chief Financial Officer have concluded that, as of the end of such period, the Company's disclosure controls and procedures are effective.

***(b)Management's Annual Report on Internal Control over Financial Reporting***

Management is responsible for establishing and maintaining adequate internal control over financial reporting. The Company's internal control system has been designed to provide reasonable assurance to management and the Board of Directors regarding the preparation and fair presentation of published financial statements.

Management assessed the effectiveness of the Company's internal control over financial reporting as of December 31, 2025. Management based its assessment on criteria for effective internal control over financial reporting described in Internal Control-Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. Management's assessment included evaluating the design of our internal control over financial reporting and testing the operational effectiveness of our internal control over financial reporting. The results of its assessment were reviewed with the audit committee of the Board of Directors.

No changes occurred in the Company's internal control over financial reporting during the fourth quarter of 2025 that have materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting. Based on its assessment of the Company's internal control over financial reporting, management believes that, as of December 31, 2025, internal control over financial reporting is effective.

The effectiveness of the Company's internal control over financial reporting as of December 31, 2025 has been audited by KPMG LLP, an independent registered public accounting firm, as stated in their report on page <u>[89](#i4408e71d9c8c4fe5ab1b16531a3b4ccc_9909)</u>.

**Item 9B. Other Information**

None of our directors or executive officers adopted or terminated a Rule 10b5-1 trading agreement (as defined in Item 408(c) of Regulation S-K) during the quarter ended December 31, 2025.

**Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections**

Not applicable.

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**PART III**

**Item 10. Directors, Executive Officers and Corporate Governance**

Information relating to our directors, including our audit committee and audit committee financial experts and the procedures by which stockholders can recommend director nominees, and our executive officers will be in our definitive Proxy Statement for our 2026 Annual Meeting of Stockholders planned to be held on May 14, 2026, which will be filed within 120 days of the end of our fiscal year ended December 31, 2025 ("2026 Proxy Statement") and is incorporated herein by reference. Information relating to our executive officers is included on pages <u>[23](#i4b7f1239ed37468fbc67bd6bf6d7ee81_9480)</u> and <u>[24](#i4b7f1239ed37468fbc67bd6bf6d7ee81_9481)</u> of this Annual Report on Form 10-K.

**Code of Ethics**

We have adopted a Code of Business Conduct and Ethics that applies to our Chief Executive Officer, Chief Financial Officer, and Chief Accounting Officer, as well as all other employees and directors. Our Code of Business Conduct and Ethics is available on our website at https://ir.cboe.com/corporate-governance/code-of-business-conduct-and-ethics. We will also provide a copy of the Code of Business Conduct and Ethics to stockholders at no charge upon written request.

**Insider Trading Arrangements and Policies**

We have adopted insider trading policies and procedures governing the purchase, sale, and/or other dispositions of the Company's securities by directors, officers and employees that are reasonably designed to promote compliance with insider trading laws, rules and regulations, and any listing standards applicable to the Company. A copy of the Company's insider trading policy has been filed as Exhibit 19.1 to this Annual Report on Form 10-K.

**Item 11. Executive Compensation**

Information relating to our executive officer and director compensation and the Compensation and Human Capital Committee of our Board of Directors will be in the 2026 Proxy Statement and is incorporated herein by reference.

**Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters**

Information relating to security ownership of certain beneficial owners of our common stock, information relating to the security ownership of our management, and equity compensation plan information will be in the 2026 Proxy Statement and is incorporated herein by reference.

**Item 13. Certain Relationships and Related Transactions, and Director Independence**

Information regarding certain relationships and related transactions and director independence will be in the 2026 Proxy Statement and is incorporated herein by reference.

**Item 14. Principal Accountant Fees and Services**

Information regarding principal accountant fees and services will be in the 2026 Proxy Statement and is incorporated herein by reference.

------

<u>[**Table of Contents**](#ic735b6ccda1a481fa4a1f9edfa4f3665_7)</u>

**PART IV**

**Item 15. Exhibits, Financial Statement Schedules**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)*Documents filed as part of this report*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)*Financial Statements*

Our consolidated financial statements and the related reports of management and our independent registered public accounting firm which are required to be filed as part of this report are included in this Annual Report on Form 10-K beginning at page <u>[87](#i4408e71d9c8c4fe5ab1b16531a3b4ccc_9908)</u>. These consolidated financial statements are as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• [Consolidated Balance Sheets as of](#ic735b6ccda1a481fa4a1f9edfa4f3665_94)December 31, 2025[and](#ic735b6ccda1a481fa4a1f9edfa4f3665_94)2024

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• [Consolidated Statements of Income for the years ended](#ic735b6ccda1a481fa4a1f9edfa4f3665_97)December 31, 2025[,](#ic735b6ccda1a481fa4a1f9edfa4f3665_97)2024,[and](#ic735b6ccda1a481fa4a1f9edfa4f3665_97)2023

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• [Consolidated Statements of Comprehensive Income for the years ended](#ic735b6ccda1a481fa4a1f9edfa4f3665_100)December 31, 2025[,](#ic735b6ccda1a481fa4a1f9edfa4f3665_97)2024,[and](#ic735b6ccda1a481fa4a1f9edfa4f3665_97)2023

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• [Consolidated Statements of Changes in Stockholders' Equity for the years ended](#ic735b6ccda1a481fa4a1f9edfa4f3665_103)December 31, 2025[,](#ic735b6ccda1a481fa4a1f9edfa4f3665_97)2024,[and](#ic735b6ccda1a481fa4a1f9edfa4f3665_97)2023

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• [Consolidated Statements of Cash Flows for the years ended](#ic735b6ccda1a481fa4a1f9edfa4f3665_106)December 31, 2025[,](#ic735b6ccda1a481fa4a1f9edfa4f3665_97)2024,[and](#ic735b6ccda1a481fa4a1f9edfa4f3665_97)2023

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• [Notes to Consolidated Financial Statements](#ic735b6ccda1a481fa4a1f9edfa4f3665_109)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)*Financial Statement Schedules*

The Company has not included any financial statement schedules because they are not applicable or the required information is included in the consolidated financial statements or notes thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)*List of Exhibits*

See (b) Exhibits below

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Exhibits

---

| | |
|:---|:---|
| **Exhibit**<br>**No.** | **Description of Exhibit** |
| 3.1 | <u>[Third Amended and Restated Certificate of Incorporation, incorporated by reference to Exhibit 3.1 to the Company's Current Report on Form 8-K (File No. 001-34774) filed on October 17, 2017.](https://www.sec.gov/Archives/edgar/data/1374310/000137431017000027/exhibit31-charter.htm)</u>  |
| 3.2 | <u>[Eighth](https://www.sec.gov/Archives/edgar/data/1374310/000162828024050040/cboe-20241126xperiodicxex31.htm)[Amended and Restated Bylaws, incorporated by reference to Exhibit 3.1 to the Company's](https://www.sec.gov/Archives/edgar/data/1374310/000162828024050040/cboe-20241126xperiodicxex31.htm)[Amended](https://www.sec.gov/Archives/edgar/data/1374310/000162828024050040/cboe-20241126xperiodicxex31.htm)[Current Report on Form 8-K (File No. 001-34774) filed on](https://www.sec.gov/Archives/edgar/data/1374310/000162828024050040/cboe-20241126xperiodicxex31.htm)[December 5](https://www.sec.gov/Archives/edgar/data/1374310/000162828024050040/cboe-20241126xperiodicxex31.htm)[, 202](https://www.sec.gov/Archives/edgar/data/1374310/000162828024050040/cboe-20241126xperiodicxex31.htm)[4](https://www.sec.gov/Archives/edgar/data/1374310/000162828024050040/cboe-20241126xperiodicxex31.htm)[.](https://www.sec.gov/Archives/edgar/data/1374310/000162828024050040/cboe-20241126xperiodicxex31.htm)</u> |
| 4.1 | <u>[Indenture, dated as of January 12, 2017, by and between the Cboe Global Markets, Inc. (f/k/a CBOE Holdings, Inc.) and Wells Fargo Bank National Association, as trustee, incorporated by reference to Exhibit 4.1 to the Company's Current Report on Form 8-K (File No. 001-34774) filed on January 12, 2017.](https://www.sec.gov/Archives/edgar/data/1374310/000110465917002136/a16-24004_5ex4d1.htm)</u> |
| 4.2 | <u>[Officer's Certificate, dated as of January 12, 2017, establishing the 3.650% Senior Notes due 2027 of Cboe Global Markets, Inc. (f/k/a CBOE Holdings, Inc.), incorporated by reference to Exhibit 4.2 to the Company's Current Report on Form 8-K (File No. 001-34774) filed on January 12, 2017.](https://www.sec.gov/Archives/edgar/data/1374310/000110465917002136/a16-24004_5ex4d2.htm)</u> |
| 4.3 | <u>[Form of 3.650% Senior Notes due 2027 (included in Exhibit 4.2 hereto).](https://www.sec.gov/Archives/edgar/data/1374310/000110465917002136/a16-24004_5ex4d2.htm)</u> |
| 4.4 | <u>[Officer's Certificate, dated as of December 15, 2020, establishing the 1.625% Senior Notes due 2030 of Cboe Global Markets, Inc., incorporated by reference to Exhibit 4.2 to the Company's Current Report on Form 8-K (File No. 001-34774) filed on December 15, 2020.](https://www.sec.gov/Archives/edgar/data/1374310/000110465920135728/tm2038487d1_ex4-2.htm)</u> |
| 4.5 | <u>[Form of 1.625% Senior Notes due 2030 (included in Exhibit 4.4 hereto).](https://www.sec.gov/Archives/edgar/data/1374310/000110465920135728/tm2038487d1_ex4-2.htm)</u> |
| 4.6 | <u>[Officers' Certificate, dated as of March 16, 2022, establishing the 3.000% Senior Notes due 2032 of Cboe Global Markets, Inc., incorporated by reference to Exhibit 4.2 to the Company's Current Report on Form 8-K (File No. 001-34774) filed on March 16, 2022.](https://www.sec.gov/Archives/edgar/data/1374310/000110465922034520/tm229342d1_ex4-2.htm)</u> |
| 4.7 | <u>[Form of 3.000% Senior Notes due 2032 (included in Exhibit 4.6 hereto).](https://www.sec.gov/Archives/edgar/data/1374310/000110465922034520/tm229342d1_ex4-2.htm)</u> |
| 4.8 | <u>[Description of Securities Registered Pursuant to Section 12 of the Securities Exchange Act of 1934, incorporated by reference to Exhibit 4.8 to the Company's Annual Report on Form 10-K for the year ended December 31, 2024 (File No. 001-34774) filed on February 21, 2025.](https://www.sec.gov/Archives/edgar/data/1374310/000162828025006984/cboe-20241231xex48.htm)</u> |

---

------

<u>[**Table of Contents**](#ic735b6ccda1a481fa4a1f9edfa4f3665_7)</u>

10.1 <u>[Second Amended and Restated Credit Agreement, dated as of February 25, 2022, by and among Cboe Global Markets, Inc., with Bank of America, N.A., as administrative agent and as swing line lender, certain lenders named therein, BofA Securities, Inc., as sole lead arranger and sole bookrunner and certain syndication agents named therein, incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K (File No. 001-34774) filed on February 28, 2022.](https://www.sec.gov/Archives/edgar/data/1374310/000110465922028175/tm227719d2_ex10-1.htm)</u>

10.2 <u>[Amendment and Restatement](https://www.sec.gov/Archives/edgar/data/1374310/000110465925063674/tm2519024d1_ex10-1.htm) [Agreement, dated](https://www.sec.gov/Archives/edgar/data/1374310/000110465925063674/tm2519024d1_ex10-1.htm) [June 24](https://www.sec.gov/Archives/edgar/data/1374310/000110465925063674/tm2519024d1_ex10-1.htm) [,](https://www.sec.gov/Archives/edgar/data/1374310/000110465925063674/tm2519024d1_ex10-1.htm) [2025](https://www.sec.gov/Archives/edgar/data/1374310/000110465925063674/tm2519024d1_ex10-1.htm) [, by and among](https://www.sec.gov/Archives/edgar/data/1374310/000110465925063674/tm2519024d1_ex10-1.htm) [Cboe Clear Europe](https://www.sec.gov/Archives/edgar/data/1374310/000110465925063674/tm2519024d1_ex10-1.htm) [N.V.](https://www.sec.gov/Archives/edgar/data/1374310/000110465925063674/tm2519024d1_ex10-1.htm) [,](https://www.sec.gov/Archives/edgar/data/1374310/000110465925063674/tm2519024d1_ex10-1.htm) [as borrower, Cboe Global Markets, Inc.](https://www.sec.gov/Archives/edgar/data/1374310/000110465925063674/tm2519024d1_ex10-1.htm) [,](https://www.sec.gov/Archives/edgar/data/1374310/000110465925063674/tm2519024d1_ex10-1.htm) [as guarantor, Bank of America](https://www.sec.gov/Archives/edgar/data/1374310/000110465925063674/tm2519024d1_ex10-1.htm) [Europe](https://www.sec.gov/Archives/edgar/data/1374310/000110465925063674/tm2519024d1_ex10-1.htm) [Designated Activity Company, as co-ordinator](https://www.sec.gov/Archives/edgar/data/1374310/000110465925063674/tm2519024d1_ex10-1.htm) [and](https://www.sec.gov/Archives/edgar/data/1374310/000110465925063674/tm2519024d1_ex10-1.htm) [facility agent](https://www.sec.gov/Archives/edgar/data/1374310/000110465925063674/tm2519024d1_ex10-1.htm) [and Citibank N.A.](https://www.sec.gov/Archives/edgar/data/1374310/000110465925063674/tm2519024d1_ex10-1.htm) [,](https://www.sec.gov/Archives/edgar/data/1374310/000110465925063674/tm2519024d1_ex10-1.htm) [London Branch as security agent relating to a Facility Agreement originally dated July 1](https://www.sec.gov/Archives/edgar/data/1374310/000110465925063674/tm2519024d1_ex10-1.htm) [,](https://www.sec.gov/Archives/edgar/data/1374310/000110465925063674/tm2519024d1_ex10-1.htm) [2020, by and among the same parties (as previously amended](https://www.sec.gov/Archives/edgar/data/1374310/000110465925063674/tm2519024d1_ex10-1.htm) [and](https://www.sec.gov/Archives/edgar/data/1374310/000110465925063674/tm2519024d1_ex10-1.htm) [restated by way of an amendment and restatement agreement dated July 1](https://www.sec.gov/Archives/edgar/data/1374310/000110465925063674/tm2519024d1_ex10-1.htm) [,](https://www.sec.gov/Archives/edgar/data/1374310/000110465925063674/tm2519024d1_ex10-1.htm) [2021, June 30](https://www.sec.gov/Archives/edgar/data/1374310/000110465925063674/tm2519024d1_ex10-1.htm) [,](https://www.sec.gov/Archives/edgar/data/1374310/000110465925063674/tm2519024d1_ex10-1.htm) [2022, June 29](https://www.sec.gov/Archives/edgar/data/1374310/000110465925063674/tm2519024d1_ex10-1.htm) [,](https://www.sec.gov/Archives/edgar/data/1374310/000110465925063674/tm2519024d1_ex10-1.htm) [2023,](https://www.sec.gov/Archives/edgar/data/1374310/000110465925063674/tm2519024d1_ex10-1.htm) [and](https://www.sec.gov/Archives/edgar/data/1374310/000110465925063674/tm2519024d1_ex10-1.htm) [June 25, 2024, respectively, and further amended and restated)](https://www.sec.gov/Archives/edgar/data/1374310/000110465925063674/tm2519024d1_ex10-1.htm) [, incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K (File No.](https://www.sec.gov/Archives/edgar/data/1374310/000110465925063674/tm2519024d1_ex10-1.htm) [001-34771)](https://www.sec.gov/Archives/edgar/data/1374310/000110465925063674/tm2519024d1_ex10-1.htm) [filed on](https://www.sec.gov/Archives/edgar/data/1374310/000110465925063674/tm2519024d1_ex10-1.htm) [June 27](https://www.sec.gov/Archives/edgar/data/1374310/000110465925063674/tm2519024d1_ex10-1.htm) [,](https://www.sec.gov/Archives/edgar/data/1374310/000110465925063674/tm2519024d1_ex10-1.htm) [2025](https://www.sec.gov/Archives/edgar/data/1374310/000110465925063674/tm2519024d1_ex10-1.htm) [.](https://www.sec.gov/Archives/edgar/data/1374310/000110465925063674/tm2519024d1_ex10-1.htm)</u>

10.3 <u>[Restated License](https://www.sec.gov/Archives/edgar/data/1374310/000104746910003628/a2197659zex-10_1.htm) [Agreement, dated](https://www.sec.gov/Archives/edgar/data/1374310/000104746910003628/a2197659zex-10_1.htm) [November](https://www.sec.gov/Archives/edgar/data/1374310/000104746910003628/a2197659zex-10_1.htm) [1,](https://www.sec.gov/Archives/edgar/data/1374310/000104746910003628/a2197659zex-10_1.htm) [1994](https://www.sec.gov/Archives/edgar/data/1374310/000104746910003628/a2197659zex-10_1.htm) [, by and](https://www.sec.gov/Archives/edgar/data/1374310/000104746910003628/a2197659zex-10_1.htm) [between Standard & Poor's Financial Services LLC (as successor-in-interest to Standard & Poor's, a division of McGraw-Hill](https://www.sec.gov/Archives/edgar/data/1374310/000104746910003628/a2197659zex-10_1.htm) [,](https://www.sec.gov/Archives/edgar/data/1374310/000104746910003628/a2197659zex-10_1.htm) [Inc.)](https://www.sec.gov/Archives/edgar/data/1374310/000104746910003628/a2197659zex-10_1.htm) [and](https://www.sec.gov/Archives/edgar/data/1374310/000104746910003628/a2197659zex-10_1.htm) [Cboe Exchange, Inc](https://www.sec.gov/Archives/edgar/data/1374310/000104746910003628/a2197659zex-10_1.htm) [.](https://www.sec.gov/Archives/edgar/data/1374310/000104746910003628/a2197659zex-10_1.htm) [(f/k/a Chicago Board Options Exchange, Incorporated) (the "S&P License Agreement")](https://www.sec.gov/Archives/edgar/data/1374310/000104746910003628/a2197659zex-10_1.htm) [, incorporated by reference to Exhibit 10.1 to](https://www.sec.gov/Archives/edgar/data/1374310/000104746910003628/a2197659zex-10_1.htm) [Amendment No. 6 to](https://www.sec.gov/Archives/edgar/data/1374310/000104746910003628/a2197659zex-10_1.htm) [the Company's](https://www.sec.gov/Archives/edgar/data/1374310/000104746910003628/a2197659zex-10_1.htm) [Registration Statement](https://www.sec.gov/Archives/edgar/data/1374310/000104746910003628/a2197659zex-10_1.htm) [on Form](https://www.sec.gov/Archives/edgar/data/1374310/000104746910003628/a2197659zex-10_1.htm) [S-4](https://www.sec.gov/Archives/edgar/data/1374310/000104746910003628/a2197659zex-10_1.htm) [(File No.](https://www.sec.gov/Archives/edgar/data/1374310/000104746910003628/a2197659zex-10_1.htm) [333-140574)](https://www.sec.gov/Archives/edgar/data/1374310/000104746910003628/a2197659zex-10_1.htm) [filed on](https://www.sec.gov/Archives/edgar/data/1374310/000104746910003628/a2197659zex-10_1.htm) [April 12](https://www.sec.gov/Archives/edgar/data/1374310/000104746910003628/a2197659zex-10_1.htm) [,](https://www.sec.gov/Archives/edgar/data/1374310/000104746910003628/a2197659zex-10_1.htm) [2010.+](https://www.sec.gov/Archives/edgar/data/1374310/000104746910003628/a2197659zex-10_1.htm)</u>

10.4 <u>[Amendment](https://www.sec.gov/Archives/edgar/data/1374310/000104746910003628/a2197659zex-10_2.htm) [No](https://www.sec.gov/Archives/edgar/data/1374310/000104746910003628/a2197659zex-10_2.htm) [.](https://www.sec.gov/Archives/edgar/data/1374310/000104746910003628/a2197659zex-10_2.htm) [1 to the S&P License Agreement](https://www.sec.gov/Archives/edgar/data/1374310/000104746910003628/a2197659zex-10_2.htm) [,](https://www.sec.gov/Archives/edgar/data/1374310/000104746910003628/a2197659zex-10_2.htm) [dated January 15](https://www.sec.gov/Archives/edgar/data/1374310/000104746910003628/a2197659zex-10_2.htm) [,](https://www.sec.gov/Archives/edgar/data/1374310/000104746910003628/a2197659zex-10_2.htm) [1995](https://www.sec.gov/Archives/edgar/data/1374310/000104746910003628/a2197659zex-10_2.htm) [,](https://www.sec.gov/Archives/edgar/data/1374310/000104746910003628/a2197659zex-10_2.htm) [incorporated by reference to Exhibit 10.2](https://www.sec.gov/Archives/edgar/data/1374310/000104746910003628/a2197659zex-10_2.htm) [to](https://www.sec.gov/Archives/edgar/data/1374310/000104746910003628/a2197659zex-10_2.htm) [Amendment No. 6](https://www.sec.gov/Archives/edgar/data/1374310/000104746910003628/a2197659zex-10_2.htm) [to](https://www.sec.gov/Archives/edgar/data/1374310/000104746910003628/a2197659zex-10_2.htm) [the Company's](https://www.sec.gov/Archives/edgar/data/1374310/000104746910003628/a2197659zex-10_2.htm) [Registration Statement](https://www.sec.gov/Archives/edgar/data/1374310/000104746910003628/a2197659zex-10_2.htm) [on Form](https://www.sec.gov/Archives/edgar/data/1374310/000104746910003628/a2197659zex-10_2.htm) [S-4](https://www.sec.gov/Archives/edgar/data/1374310/000104746910003628/a2197659zex-10_2.htm) [(File No.](https://www.sec.gov/Archives/edgar/data/1374310/000104746910003628/a2197659zex-10_2.htm) [333-140574)](https://www.sec.gov/Archives/edgar/data/1374310/000104746910003628/a2197659zex-10_2.htm) [filed on](https://www.sec.gov/Archives/edgar/data/1374310/000104746910003628/a2197659zex-10_2.htm) [April 12](https://www.sec.gov/Archives/edgar/data/1374310/000104746910003628/a2197659zex-10_2.htm) [,](https://www.sec.gov/Archives/edgar/data/1374310/000104746910003628/a2197659zex-10_2.htm) [2010.+](https://www.sec.gov/Archives/edgar/data/1374310/000104746910003628/a2197659zex-10_2.htm)</u>

10.5 <u>[Amendment](https://www.sec.gov/Archives/edgar/data/1374310/000104746910003628/a2197659zex-10_3.htm) [No](https://www.sec.gov/Archives/edgar/data/1374310/000104746910003628/a2197659zex-10_3.htm) [.](https://www.sec.gov/Archives/edgar/data/1374310/000104746910003628/a2197659zex-10_3.htm) [2](https://www.sec.gov/Archives/edgar/data/1374310/000104746910003628/a2197659zex-10_3.htm) [to](https://www.sec.gov/Archives/edgar/data/1374310/000104746910003628/a2197659zex-10_3.htm) [the S&P License Agreement](https://www.sec.gov/Archives/edgar/data/1374310/000104746910003628/a2197659zex-10_3.htm) [,](https://www.sec.gov/Archives/edgar/data/1374310/000104746910003628/a2197659zex-10_3.htm) [dated](https://www.sec.gov/Archives/edgar/data/1374310/000104746910003628/a2197659zex-10_3.htm) [April](https://www.sec.gov/Archives/edgar/data/1374310/000104746910003628/a2197659zex-10_3.htm) [1,](https://www.sec.gov/Archives/edgar/data/1374310/000104746910003628/a2197659zex-10_3.htm) [1998](https://www.sec.gov/Archives/edgar/data/1374310/000104746910003628/a2197659zex-10_3.htm) [,](https://www.sec.gov/Archives/edgar/data/1374310/000104746910003628/a2197659zex-10_3.htm) [incorporated by reference to Exhibit](https://www.sec.gov/Archives/edgar/data/1374310/000104746910003628/a2197659zex-10_3.htm) [10.3](https://www.sec.gov/Archives/edgar/data/1374310/000104746910003628/a2197659zex-10_3.htm) [to](https://www.sec.gov/Archives/edgar/data/1374310/000104746910003628/a2197659zex-10_3.htm) [Amendment No. 6 to](https://www.sec.gov/Archives/edgar/data/1374310/000104746910003628/a2197659zex-10_3.htm) [the Company's](https://www.sec.gov/Archives/edgar/data/1374310/000104746910003628/a2197659zex-10_3.htm) [Registration Statement](https://www.sec.gov/Archives/edgar/data/1374310/000104746910003628/a2197659zex-10_3.htm) [on Form](https://www.sec.gov/Archives/edgar/data/1374310/000104746910003628/a2197659zex-10_3.htm) [S-4](https://www.sec.gov/Archives/edgar/data/1374310/000104746910003628/a2197659zex-10_3.htm) [(File No.](https://www.sec.gov/Archives/edgar/data/1374310/000104746910003628/a2197659zex-10_3.htm) [333-140574)](https://www.sec.gov/Archives/edgar/data/1374310/000104746910003628/a2197659zex-10_3.htm) [filed on](https://www.sec.gov/Archives/edgar/data/1374310/000104746910003628/a2197659zex-10_3.htm) [April 12](https://www.sec.gov/Archives/edgar/data/1374310/000104746910003628/a2197659zex-10_3.htm) [,](https://www.sec.gov/Archives/edgar/data/1374310/000104746910003628/a2197659zex-10_3.htm) [2010.+](https://www.sec.gov/Archives/edgar/data/1374310/000104746910003628/a2197659zex-10_3.htm)</u>

10.6 <u>[Amendment](https://www.sec.gov/Archives/edgar/data/1374310/000104746910003628/a2197659zex-10_4.htm) [No](https://www.sec.gov/Archives/edgar/data/1374310/000104746910003628/a2197659zex-10_4.htm) [.](https://www.sec.gov/Archives/edgar/data/1374310/000104746910003628/a2197659zex-10_4.htm) [3](https://www.sec.gov/Archives/edgar/data/1374310/000104746910003628/a2197659zex-10_4.htm) [to](https://www.sec.gov/Archives/edgar/data/1374310/000104746910003628/a2197659zex-10_4.htm) [the S&P License Agreement](https://www.sec.gov/Archives/edgar/data/1374310/000104746910003628/a2197659zex-10_4.htm) [,](https://www.sec.gov/Archives/edgar/data/1374310/000104746910003628/a2197659zex-10_4.htm) [dated July](https://www.sec.gov/Archives/edgar/data/1374310/000104746910003628/a2197659zex-10_4.htm) [28](https://www.sec.gov/Archives/edgar/data/1374310/000104746910003628/a2197659zex-10_4.htm) [,](https://www.sec.gov/Archives/edgar/data/1374310/000104746910003628/a2197659zex-10_4.htm) [2000](https://www.sec.gov/Archives/edgar/data/1374310/000104746910003628/a2197659zex-10_4.htm) [,](https://www.sec.gov/Archives/edgar/data/1374310/000104746910003628/a2197659zex-10_4.htm) [incorporated by reference to Exhibit](https://www.sec.gov/Archives/edgar/data/1374310/000104746910003628/a2197659zex-10_4.htm) [10.4](https://www.sec.gov/Archives/edgar/data/1374310/000104746910003628/a2197659zex-10_4.htm) [to](https://www.sec.gov/Archives/edgar/data/1374310/000104746910003628/a2197659zex-10_4.htm) [Amendment No. 6 to](https://www.sec.gov/Archives/edgar/data/1374310/000104746910003628/a2197659zex-10_4.htm) [the Company's](https://www.sec.gov/Archives/edgar/data/1374310/000104746910003628/a2197659zex-10_4.htm) [Registration Statement](https://www.sec.gov/Archives/edgar/data/1374310/000104746910003628/a2197659zex-10_4.htm) [on Form](https://www.sec.gov/Archives/edgar/data/1374310/000104746910003628/a2197659zex-10_4.htm) [S-4](https://www.sec.gov/Archives/edgar/data/1374310/000104746910003628/a2197659zex-10_4.htm) [(File No.](https://www.sec.gov/Archives/edgar/data/1374310/000104746910003628/a2197659zex-10_4.htm) [333-140574)](https://www.sec.gov/Archives/edgar/data/1374310/000104746910003628/a2197659zex-10_4.htm) [filed on](https://www.sec.gov/Archives/edgar/data/1374310/000104746910003628/a2197659zex-10_4.htm) [April 12](https://www.sec.gov/Archives/edgar/data/1374310/000104746910003628/a2197659zex-10_4.htm) [,](https://www.sec.gov/Archives/edgar/data/1374310/000104746910003628/a2197659zex-10_4.htm) [2010.+](https://www.sec.gov/Archives/edgar/data/1374310/000104746910003628/a2197659zex-10_4.htm)</u>

10.7 <u>[Amendment No. 4](https://www.sec.gov/Archives/edgar/data/1374310/000104746910003628/a2197659zex-10_5.htm) [to](https://www.sec.gov/Archives/edgar/data/1374310/000104746910003628/a2197659zex-10_5.htm) [the S&P License Agreement](https://www.sec.gov/Archives/edgar/data/1374310/000104746910003628/a2197659zex-10_5.htm) [,](https://www.sec.gov/Archives/edgar/data/1374310/000104746910003628/a2197659zex-10_5.htm) [dated October 27](https://www.sec.gov/Archives/edgar/data/1374310/000104746910003628/a2197659zex-10_5.htm) [,](https://www.sec.gov/Archives/edgar/data/1374310/000104746910003628/a2197659zex-10_5.htm) [2000](https://www.sec.gov/Archives/edgar/data/1374310/000104746910003628/a2197659zex-10_5.htm) [,](https://www.sec.gov/Archives/edgar/data/1374310/000104746910003628/a2197659zex-10_5.htm) [incorporated by reference to Exhibit](https://www.sec.gov/Archives/edgar/data/1374310/000104746910003628/a2197659zex-10_5.htm) [10.5](https://www.sec.gov/Archives/edgar/data/1374310/000104746910003628/a2197659zex-10_5.htm) [to Amendment No. 6 to the](https://www.sec.gov/Archives/edgar/data/1374310/000104746910003628/a2197659zex-10_5.htm) [Company's](https://www.sec.gov/Archives/edgar/data/1374310/000104746910003628/a2197659zex-10_5.htm) [Registration Statement on Form S-4 (File No. 333-140574) filed on April 12, 2010.+](https://www.sec.gov/Archives/edgar/data/1374310/000104746910003628/a2197659zex-10_5.htm)</u>

10.8 <u>[Amendment No.](https://www.sec.gov/Archives/edgar/data/1374310/000104746910003628/a2197659zex-10_6.htm) [5](https://www.sec.gov/Archives/edgar/data/1374310/000104746910003628/a2197659zex-10_6.htm) [to the S&P License Agreement, dated](https://www.sec.gov/Archives/edgar/data/1374310/000104746910003628/a2197659zex-10_6.htm) [March 1](https://www.sec.gov/Archives/edgar/data/1374310/000104746910003628/a2197659zex-10_6.htm) [,](https://www.sec.gov/Archives/edgar/data/1374310/000104746910003628/a2197659zex-10_6.htm) [2003](https://www.sec.gov/Archives/edgar/data/1374310/000104746910003628/a2197659zex-10_6.htm) [, incorporated by reference to Exhibit](https://www.sec.gov/Archives/edgar/data/1374310/000104746910003628/a2197659zex-10_6.htm) [10.6](https://www.sec.gov/Archives/edgar/data/1374310/000104746910003628/a2197659zex-10_6.htm) [to Amendment No. 6 to the](https://www.sec.gov/Archives/edgar/data/1374310/000104746910003628/a2197659zex-10_6.htm) [Company's](https://www.sec.gov/Archives/edgar/data/1374310/000104746910003628/a2197659zex-10_6.htm) [Registration Statement on Form S-4 (File No. 333-140574) filed on April 12, 2010.+](https://www.sec.gov/Archives/edgar/data/1374310/000104746910003628/a2197659zex-10_6.htm)</u>

10.9 <u>[Amended and Restated](https://www.sec.gov/Archives/edgar/data/1374310/000104746910003628/a2197659zex-10_7.htm) [Amendment No.](https://www.sec.gov/Archives/edgar/data/1374310/000104746910003628/a2197659zex-10_7.htm) [6](https://www.sec.gov/Archives/edgar/data/1374310/000104746910003628/a2197659zex-10_7.htm) [to the S&P License Agreement, dated](https://www.sec.gov/Archives/edgar/data/1374310/000104746910003628/a2197659zex-10_7.htm) [February 24](https://www.sec.gov/Archives/edgar/data/1374310/000104746910003628/a2197659zex-10_7.htm) [,](https://www.sec.gov/Archives/edgar/data/1374310/000104746910003628/a2197659zex-10_7.htm) [2009](https://www.sec.gov/Archives/edgar/data/1374310/000104746910003628/a2197659zex-10_7.htm) [, incorporated by reference to Exhibit](https://www.sec.gov/Archives/edgar/data/1374310/000104746910003628/a2197659zex-10_7.htm) [10.7](https://www.sec.gov/Archives/edgar/data/1374310/000104746910003628/a2197659zex-10_7.htm) [to Amendment No. 6 to the](https://www.sec.gov/Archives/edgar/data/1374310/000104746910003628/a2197659zex-10_7.htm) [Company's](https://www.sec.gov/Archives/edgar/data/1374310/000104746910003628/a2197659zex-10_7.htm) [Registration Statement on Form S-4 (File No. 333-140574) filed on April 12, 2010.+](https://www.sec.gov/Archives/edgar/data/1374310/000104746910003628/a2197659zex-10_7.htm)</u>

10.10 <u>[Amended and Restated](https://www.sec.gov/Archives/edgar/data/1374310/000104746910003628/a2197659zex-10_8.htm) [Amendment No.](https://www.sec.gov/Archives/edgar/data/1374310/000104746910003628/a2197659zex-10_8.htm) [7](https://www.sec.gov/Archives/edgar/data/1374310/000104746910003628/a2197659zex-10_8.htm) [to the S&P License Agreement, dated](https://www.sec.gov/Archives/edgar/data/1374310/000104746910003628/a2197659zex-10_8.htm) [February 24](https://www.sec.gov/Archives/edgar/data/1374310/000104746910003628/a2197659zex-10_8.htm) [,](https://www.sec.gov/Archives/edgar/data/1374310/000104746910003628/a2197659zex-10_8.htm) [2009](https://www.sec.gov/Archives/edgar/data/1374310/000104746910003628/a2197659zex-10_8.htm) [, incorporated by reference to Exhibit](https://www.sec.gov/Archives/edgar/data/1374310/000104746910003628/a2197659zex-10_8.htm) [10.8](https://www.sec.gov/Archives/edgar/data/1374310/000104746910003628/a2197659zex-10_8.htm) [to Amendment No. 6 to the](https://www.sec.gov/Archives/edgar/data/1374310/000104746910003628/a2197659zex-10_8.htm) [Company's](https://www.sec.gov/Archives/edgar/data/1374310/000104746910003628/a2197659zex-10_8.htm) [Registration Statement on Form S-4 (File No. 333-140574) filed on April 12, 2010.+](https://www.sec.gov/Archives/edgar/data/1374310/000104746910003628/a2197659zex-10_8.htm)</u>

10.11 <u>[Amendment No.](https://www.sec.gov/Archives/edgar/data/1374310/000104746910003628/a2197659zex-10_9.htm) [8](https://www.sec.gov/Archives/edgar/data/1374310/000104746910003628/a2197659zex-10_9.htm) [to the S&P License Agreement, dated](https://www.sec.gov/Archives/edgar/data/1374310/000104746910003628/a2197659zex-10_9.htm) [January 9](https://www.sec.gov/Archives/edgar/data/1374310/000104746910003628/a2197659zex-10_9.htm) [,](https://www.sec.gov/Archives/edgar/data/1374310/000104746910003628/a2197659zex-10_9.htm) [2005](https://www.sec.gov/Archives/edgar/data/1374310/000104746910003628/a2197659zex-10_9.htm) [, incorporated by reference to Exhibit](https://www.sec.gov/Archives/edgar/data/1374310/000104746910003628/a2197659zex-10_9.htm) [10.9](https://www.sec.gov/Archives/edgar/data/1374310/000104746910003628/a2197659zex-10_9.htm) [to Amendment No. 6 to the](https://www.sec.gov/Archives/edgar/data/1374310/000104746910003628/a2197659zex-10_9.htm) [Company's](https://www.sec.gov/Archives/edgar/data/1374310/000104746910003628/a2197659zex-10_9.htm) [Registration Statement on Form S-4 (File No. 333-140574) filed on April 12, 2010.+](https://www.sec.gov/Archives/edgar/data/1374310/000104746910003628/a2197659zex-10_9.htm)</u>

10.12 <u>[Amendment No.](https://www.sec.gov/Archives/edgar/data/1374310/000104746910003628/a2197659zex-10_10.htm) [10](https://www.sec.gov/Archives/edgar/data/1374310/000104746910003628/a2197659zex-10_10.htm) [to the S&P License Agreement, dated](https://www.sec.gov/Archives/edgar/data/1374310/000104746910003628/a2197659zex-10_10.htm) [June 19](https://www.sec.gov/Archives/edgar/data/1374310/000104746910003628/a2197659zex-10_10.htm) [,](https://www.sec.gov/Archives/edgar/data/1374310/000104746910003628/a2197659zex-10_10.htm) [2009](https://www.sec.gov/Archives/edgar/data/1374310/000104746910003628/a2197659zex-10_10.htm) [, incorporated by reference to Exhibit](https://www.sec.gov/Archives/edgar/data/1374310/000104746910003628/a2197659zex-10_10.htm) [10.10](https://www.sec.gov/Archives/edgar/data/1374310/000104746910003628/a2197659zex-10_10.htm) [to Amendment No. 6 to the](https://www.sec.gov/Archives/edgar/data/1374310/000104746910003628/a2197659zex-10_10.htm) [Company's](https://www.sec.gov/Archives/edgar/data/1374310/000104746910003628/a2197659zex-10_10.htm) [Registration Statement on Form S-4 (File No. 333-140574) filed on April 12, 2010.+](https://www.sec.gov/Archives/edgar/data/1374310/000104746910003628/a2197659zex-10_10.htm)</u>

10.13 <u>[Amendment No.](https://www.sec.gov/Archives/edgar/data/1374310/000110465910027664/a10-9933_1ex10.htm) [11](https://www.sec.gov/Archives/edgar/data/1374310/000110465910027664/a10-9933_1ex10.htm) [to the S&P License Agreement, dated](https://www.sec.gov/Archives/edgar/data/1374310/000110465910027664/a10-9933_1ex10.htm) [as of April 29](https://www.sec.gov/Archives/edgar/data/1374310/000110465910027664/a10-9933_1ex10.htm) [,](https://www.sec.gov/Archives/edgar/data/1374310/000110465910027664/a10-9933_1ex10.htm) [2010](https://www.sec.gov/Archives/edgar/data/1374310/000110465910027664/a10-9933_1ex10.htm) [, incorporated by reference to Exhibit](https://www.sec.gov/Archives/edgar/data/1374310/000110465910027664/a10-9933_1ex10.htm) [10](https://www.sec.gov/Archives/edgar/data/1374310/000110465910027664/a10-9933_1ex10.htm) [to](https://www.sec.gov/Archives/edgar/data/1374310/000110465910027664/a10-9933_1ex10.htm) [the](https://www.sec.gov/Archives/edgar/data/1374310/000110465910027664/a10-9933_1ex10.htm) [Company's Current Report](https://www.sec.gov/Archives/edgar/data/1374310/000110465910027664/a10-9933_1ex10.htm) [on Form](https://www.sec.gov/Archives/edgar/data/1374310/000110465910027664/a10-9933_1ex10.htm) [8-K](https://www.sec.gov/Archives/edgar/data/1374310/000110465910027664/a10-9933_1ex10.htm) [(File No.](https://www.sec.gov/Archives/edgar/data/1374310/000110465910027664/a10-9933_1ex10.htm) [001-34774)](https://www.sec.gov/Archives/edgar/data/1374310/000110465910027664/a10-9933_1ex10.htm) [filed on](https://www.sec.gov/Archives/edgar/data/1374310/000110465910027664/a10-9933_1ex10.htm) [May 11](https://www.sec.gov/Archives/edgar/data/1374310/000110465910027664/a10-9933_1ex10.htm) [,](https://www.sec.gov/Archives/edgar/data/1374310/000110465910027664/a10-9933_1ex10.htm) [2010.](https://www.sec.gov/Archives/edgar/data/1374310/000110465910027664/a10-9933_1ex10.htm)</u>

10.14 <u>[Amendment No.](https://www.sec.gov/Archives/edgar/data/1374310/000137431013000030/spcboeamendment12-executio.htm) [12](https://www.sec.gov/Archives/edgar/data/1374310/000137431013000030/spcboeamendment12-executio.htm) [to the S&P License Agreement, dated](https://www.sec.gov/Archives/edgar/data/1374310/000137431013000030/spcboeamendment12-executio.htm) [March 9](https://www.sec.gov/Archives/edgar/data/1374310/000137431013000030/spcboeamendment12-executio.htm) [,](https://www.sec.gov/Archives/edgar/data/1374310/000137431013000030/spcboeamendment12-executio.htm) [2013](https://www.sec.gov/Archives/edgar/data/1374310/000137431013000030/spcboeamendment12-executio.htm) [, incorporated by reference to Exhibit](https://www.sec.gov/Archives/edgar/data/1374310/000137431013000030/spcboeamendment12-executio.htm) [10.1](https://www.sec.gov/Archives/edgar/data/1374310/000137431013000030/spcboeamendment12-executio.htm) [to](https://www.sec.gov/Archives/edgar/data/1374310/000137431013000030/spcboeamendment12-executio.htm) [the](https://www.sec.gov/Archives/edgar/data/1374310/000137431013000030/spcboeamendment12-executio.htm) [Company's Quarterly Report](https://www.sec.gov/Archives/edgar/data/1374310/000137431013000030/spcboeamendment12-executio.htm) [on Form](https://www.sec.gov/Archives/edgar/data/1374310/000137431013000030/spcboeamendment12-executio.htm) [10-Q](https://www.sec.gov/Archives/edgar/data/1374310/000137431013000030/spcboeamendment12-executio.htm) [(File No.](https://www.sec.gov/Archives/edgar/data/1374310/000137431013000030/spcboeamendment12-executio.htm) [001-34774)](https://www.sec.gov/Archives/edgar/data/1374310/000137431013000030/spcboeamendment12-executio.htm) [filed on](https://www.sec.gov/Archives/edgar/data/1374310/000137431013000030/spcboeamendment12-executio.htm) [May 7](https://www.sec.gov/Archives/edgar/data/1374310/000137431013000030/spcboeamendment12-executio.htm) [,](https://www.sec.gov/Archives/edgar/data/1374310/000137431013000030/spcboeamendment12-executio.htm) [2013.+](https://www.sec.gov/Archives/edgar/data/1374310/000137431013000030/spcboeamendment12-executio.htm)</u>

10.15 <u>[Amendment No.](https://www.sec.gov/Archives/edgar/data/1374310/000155837023013313/cboe-20230630xex10d1.htm) [12](https://www.sec.gov/Archives/edgar/data/1374310/000155837023013313/cboe-20230630xex10d1.htm) [to the S&P License Agreement, dated](https://www.sec.gov/Archives/edgar/data/1374310/000155837023013313/cboe-20230630xex10d1.htm) [March](https://www.sec.gov/Archives/edgar/data/1374310/000155837023013313/cboe-20230630xex10d1.htm) [9,](https://www.sec.gov/Archives/edgar/data/1374310/000155837023013313/cboe-20230630xex10d1.htm) [2013](https://www.sec.gov/Archives/edgar/data/1374310/000155837023013313/cboe-20230630xex10d1.htm) [incorporated by reference to Exhibit](https://www.sec.gov/Archives/edgar/data/1374310/000155837023013313/cboe-20230630xex10d1.htm) [10.1](https://www.sec.gov/Archives/edgar/data/1374310/000155837023013313/cboe-20230630xex10d1.htm) [to](https://www.sec.gov/Archives/edgar/data/1374310/000155837023013313/cboe-20230630xex10d1.htm) [the](https://www.sec.gov/Archives/edgar/data/1374310/000155837023013313/cboe-20230630xex10d1.htm) [Company's Quarterly Report](https://www.sec.gov/Archives/edgar/data/1374310/000155837023013313/cboe-20230630xex10d1.htm) [on Form](https://www.sec.gov/Archives/edgar/data/1374310/000155837023013313/cboe-20230630xex10d1.htm) [10-Q](https://www.sec.gov/Archives/edgar/data/1374310/000155837023013313/cboe-20230630xex10d1.htm) [(File No.](https://www.sec.gov/Archives/edgar/data/1374310/000155837023013313/cboe-20230630xex10d1.htm) [001-34774)](https://www.sec.gov/Archives/edgar/data/1374310/000155837023013313/cboe-20230630xex10d1.htm) [filed on](https://www.sec.gov/Archives/edgar/data/1374310/000155837023013313/cboe-20230630xex10d1.htm) [August 4](https://www.sec.gov/Archives/edgar/data/1374310/000155837023013313/cboe-20230630xex10d1.htm) [,](https://www.sec.gov/Archives/edgar/data/1374310/000155837023013313/cboe-20230630xex10d1.htm) [2023.+](https://www.sec.gov/Archives/edgar/data/1374310/000155837023013313/cboe-20230630xex10d1.htm)</u>

10.16 <u>[Amendment No.](https://www.sec.gov/Archives/edgar/data/1374310/000137431017000041/amendmentno13no2.htm) [13](https://www.sec.gov/Archives/edgar/data/1374310/000137431017000041/amendmentno13no2.htm) [to the S&P License Agreement, dated](https://www.sec.gov/Archives/edgar/data/1374310/000137431017000041/amendmentno13no2.htm) [as of December 21](https://www.sec.gov/Archives/edgar/data/1374310/000137431017000041/amendmentno13no2.htm) [,](https://www.sec.gov/Archives/edgar/data/1374310/000137431017000041/amendmentno13no2.htm) [2017](https://www.sec.gov/Archives/edgar/data/1374310/000137431017000041/amendmentno13no2.htm) [, incorporated by reference to Exhibit](https://www.sec.gov/Archives/edgar/data/1374310/000137431017000041/amendmentno13no2.htm) [10.1](https://www.sec.gov/Archives/edgar/data/1374310/000137431017000041/amendmentno13no2.htm) [to](https://www.sec.gov/Archives/edgar/data/1374310/000137431017000041/amendmentno13no2.htm) [the](https://www.sec.gov/Archives/edgar/data/1374310/000137431017000041/amendmentno13no2.htm) [Company's Current Report](https://www.sec.gov/Archives/edgar/data/1374310/000137431017000041/amendmentno13no2.htm) [on Form](https://www.sec.gov/Archives/edgar/data/1374310/000137431017000041/amendmentno13no2.htm) [8-K](https://www.sec.gov/Archives/edgar/data/1374310/000137431017000041/amendmentno13no2.htm) [(File No.](https://www.sec.gov/Archives/edgar/data/1374310/000137431017000041/amendmentno13no2.htm) [001-34774)](https://www.sec.gov/Archives/edgar/data/1374310/000137431017000041/amendmentno13no2.htm) [filed on](https://www.sec.gov/Archives/edgar/data/1374310/000137431017000041/amendmentno13no2.htm) [December 22](https://www.sec.gov/Archives/edgar/data/1374310/000137431017000041/amendmentno13no2.htm) [,](https://www.sec.gov/Archives/edgar/data/1374310/000137431017000041/amendmentno13no2.htm) [2017.+](https://www.sec.gov/Archives/edgar/data/1374310/000137431017000041/amendmentno13no2.htm)</u>

10.17 <u>[Amendment No.](https://www.sec.gov/Archives/edgar/data/1374310/000155837019000884/cboe-20181231ex10174405e.htm) [14](https://www.sec.gov/Archives/edgar/data/1374310/000155837019000884/cboe-20181231ex10174405e.htm) [to the S&P License Agreement, dated](https://www.sec.gov/Archives/edgar/data/1374310/000155837019000884/cboe-20181231ex10174405e.htm) [December 20](https://www.sec.gov/Archives/edgar/data/1374310/000155837019000884/cboe-20181231ex10174405e.htm) [,](https://www.sec.gov/Archives/edgar/data/1374310/000155837019000884/cboe-20181231ex10174405e.htm) [2018](https://www.sec.gov/Archives/edgar/data/1374310/000155837019000884/cboe-20181231ex10174405e.htm) [, incorporated by reference to Exhibit](https://www.sec.gov/Archives/edgar/data/1374310/000155837019000884/cboe-20181231ex10174405e.htm) [10.17](https://www.sec.gov/Archives/edgar/data/1374310/000155837019000884/cboe-20181231ex10174405e.htm) [to the](https://www.sec.gov/Archives/edgar/data/1374310/000155837019000884/cboe-20181231ex10174405e.htm) [Company's Annual](https://www.sec.gov/Archives/edgar/data/1374310/000155837019000884/cboe-20181231ex10174405e.htm) [Report on Form](https://www.sec.gov/Archives/edgar/data/1374310/000155837019000884/cboe-20181231ex10174405e.htm) [10-K for the year ended December 31, 2018](https://www.sec.gov/Archives/edgar/data/1374310/000155837019000884/cboe-20181231ex10174405e.htm) [(File No. 001-34774) filed on](https://www.sec.gov/Archives/edgar/data/1374310/000155837019000884/cboe-20181231ex10174405e.htm) [February 22](https://www.sec.gov/Archives/edgar/data/1374310/000155837019000884/cboe-20181231ex10174405e.htm) [,](https://www.sec.gov/Archives/edgar/data/1374310/000155837019000884/cboe-20181231ex10174405e.htm) [2019](https://www.sec.gov/Archives/edgar/data/1374310/000155837019000884/cboe-20181231ex10174405e.htm) [.](https://www.sec.gov/Archives/edgar/data/1374310/000155837019000884/cboe-20181231ex10174405e.htm)</u>

10.18 <u>[Amendment No.](https://www.sec.gov/Archives/edgar/data/1374310/000155837019000884/cboe-20181231ex1018e28f2.htm) [15](https://www.sec.gov/Archives/edgar/data/1374310/000155837019000884/cboe-20181231ex1018e28f2.htm) [to the S&P License Agreement, dated](https://www.sec.gov/Archives/edgar/data/1374310/000155837019000884/cboe-20181231ex1018e28f2.htm) [January 25](https://www.sec.gov/Archives/edgar/data/1374310/000155837019000884/cboe-20181231ex1018e28f2.htm) [,](https://www.sec.gov/Archives/edgar/data/1374310/000155837019000884/cboe-20181231ex1018e28f2.htm) [2019](https://www.sec.gov/Archives/edgar/data/1374310/000155837019000884/cboe-20181231ex1018e28f2.htm) [, incorporated by reference to Exhibit](https://www.sec.gov/Archives/edgar/data/1374310/000155837019000884/cboe-20181231ex1018e28f2.htm) [10.18](https://www.sec.gov/Archives/edgar/data/1374310/000155837019000884/cboe-20181231ex1018e28f2.htm) [to the](https://www.sec.gov/Archives/edgar/data/1374310/000155837019000884/cboe-20181231ex1018e28f2.htm) [Company's Annual](https://www.sec.gov/Archives/edgar/data/1374310/000155837019000884/cboe-20181231ex1018e28f2.htm) [Report on Form](https://www.sec.gov/Archives/edgar/data/1374310/000155837019000884/cboe-20181231ex1018e28f2.htm) [10-K for the year ended December 31, 2018](https://www.sec.gov/Archives/edgar/data/1374310/000155837019000884/cboe-20181231ex1018e28f2.htm) [(File No. 001-34774) filed on](https://www.sec.gov/Archives/edgar/data/1374310/000155837019000884/cboe-20181231ex1018e28f2.htm) [February 22](https://www.sec.gov/Archives/edgar/data/1374310/000155837019000884/cboe-20181231ex1018e28f2.htm) [,](https://www.sec.gov/Archives/edgar/data/1374310/000155837019000884/cboe-20181231ex1018e28f2.htm) [2019](https://www.sec.gov/Archives/edgar/data/1374310/000155837019000884/cboe-20181231ex1018e28f2.htm) [.](https://www.sec.gov/Archives/edgar/data/1374310/000155837019000884/cboe-20181231ex1018e28f2.htm)</u>

------

<u>[**Table of Contents**](#ic735b6ccda1a481fa4a1f9edfa4f3665_7)</u>

10.19 <u>[Amendment No.](https://www.sec.gov/Archives/edgar/data/1374310/000155837020008849/cboe-20200630xex10d4.htm) [16](https://www.sec.gov/Archives/edgar/data/1374310/000155837020008849/cboe-20200630xex10d4.htm) [to the S&P License Agreement,](https://www.sec.gov/Archives/edgar/data/1374310/000155837020008849/cboe-20200630xex10d4.htm) [made as of April 1](https://www.sec.gov/Archives/edgar/data/1374310/000155837020008849/cboe-20200630xex10d4.htm) [,](https://www.sec.gov/Archives/edgar/data/1374310/000155837020008849/cboe-20200630xex10d4.htm) [2020,](https://www.sec.gov/Archives/edgar/data/1374310/000155837020008849/cboe-20200630xex10d4.htm) [incorporated by reference to Exhibit](https://www.sec.gov/Archives/edgar/data/1374310/000155837020008849/cboe-20200630xex10d4.htm) [10.4](https://www.sec.gov/Archives/edgar/data/1374310/000155837020008849/cboe-20200630xex10d4.htm) [to the Company's Quarterly Report on Form 10-Q](https://www.sec.gov/Archives/edgar/data/1374310/000155837020008849/cboe-20200630xex10d4.htm) [for the quarter ended June 30, 2020](https://www.sec.gov/Archives/edgar/data/1374310/000155837020008849/cboe-20200630xex10d4.htm) [(File No. 001-34774) filed on](https://www.sec.gov/Archives/edgar/data/1374310/000155837020008849/cboe-20200630xex10d4.htm) [July 31](https://www.sec.gov/Archives/edgar/data/1374310/000155837020008849/cboe-20200630xex10d4.htm) [,](https://www.sec.gov/Archives/edgar/data/1374310/000155837020008849/cboe-20200630xex10d4.htm) [2020.](https://www.sec.gov/Archives/edgar/data/1374310/000155837020008849/cboe-20200630xex10d4.htm)</u>

10.20 <u>[Amendment No.](https://www.sec.gov/Archives/edgar/data/1374310/000155837020012101/cboe-20200930xex10d1.htm) [17](https://www.sec.gov/Archives/edgar/data/1374310/000155837020012101/cboe-20200930xex10d1.htm) [to the S&P License Agreement,](https://www.sec.gov/Archives/edgar/data/1374310/000155837020012101/cboe-20200930xex10d1.htm) [made](https://www.sec.gov/Archives/edgar/data/1374310/000155837020012101/cboe-20200930xex10d1.htm) [as of](https://www.sec.gov/Archives/edgar/data/1374310/000155837020012101/cboe-20200930xex10d1.htm) [August 1](https://www.sec.gov/Archives/edgar/data/1374310/000155837020012101/cboe-20200930xex10d1.htm) [,](https://www.sec.gov/Archives/edgar/data/1374310/000155837020012101/cboe-20200930xex10d1.htm) [2020](https://www.sec.gov/Archives/edgar/data/1374310/000155837020012101/cboe-20200930xex10d1.htm) [, incorporated by reference to Exhibit 10.1 to the Company's](https://www.sec.gov/Archives/edgar/data/1374310/000155837020012101/cboe-20200930xex10d1.htm) [Quarterly](https://www.sec.gov/Archives/edgar/data/1374310/000155837020012101/cboe-20200930xex10d1.htm) [Report on Form](https://www.sec.gov/Archives/edgar/data/1374310/000155837020012101/cboe-20200930xex10d1.htm) [10-Q for the quarter ended September 30, 2020](https://www.sec.gov/Archives/edgar/data/1374310/000155837020012101/cboe-20200930xex10d1.htm) [(File No. 001-34774) filed on](https://www.sec.gov/Archives/edgar/data/1374310/000155837020012101/cboe-20200930xex10d1.htm) [October 30](https://www.sec.gov/Archives/edgar/data/1374310/000155837020012101/cboe-20200930xex10d1.htm) [,](https://www.sec.gov/Archives/edgar/data/1374310/000155837020012101/cboe-20200930xex10d1.htm) [2020.+](https://www.sec.gov/Archives/edgar/data/1374310/000155837020012101/cboe-20200930xex10d1.htm)</u>

10.21 <u>[Amendment No.](https://www.sec.gov/Archives/edgar/data/1374310/000155837021013795/cboe-20210930xex10d1.htm) [18](https://www.sec.gov/Archives/edgar/data/1374310/000155837021013795/cboe-20210930xex10d1.htm) [to the S&P License Agreement,](https://www.sec.gov/Archives/edgar/data/1374310/000155837021013795/cboe-20210930xex10d1.htm) [made as of October 26](https://www.sec.gov/Archives/edgar/data/1374310/000155837021013795/cboe-20210930xex10d1.htm) [,](https://www.sec.gov/Archives/edgar/data/1374310/000155837021013795/cboe-20210930xex10d1.htm) [2021](https://www.sec.gov/Archives/edgar/data/1374310/000155837021013795/cboe-20210930xex10d1.htm) [, incorporated by reference to Exhibit](https://www.sec.gov/Archives/edgar/data/1374310/000155837021013795/cboe-20210930xex10d1.htm) [10.1](https://www.sec.gov/Archives/edgar/data/1374310/000155837021013795/cboe-20210930xex10d1.htm) [to the](https://www.sec.gov/Archives/edgar/data/1374310/000155837021013795/cboe-20210930xex10d1.htm) [Company's Quarterly](https://www.sec.gov/Archives/edgar/data/1374310/000155837021013795/cboe-20210930xex10d1.htm) [Report on Form](https://www.sec.gov/Archives/edgar/data/1374310/000155837021013795/cboe-20210930xex10d1.htm) [10-Q](https://www.sec.gov/Archives/edgar/data/1374310/000155837021013795/cboe-20210930xex10d1.htm) [for the](https://www.sec.gov/Archives/edgar/data/1374310/000155837021013795/cboe-20210930xex10d1.htm) [quarter](https://www.sec.gov/Archives/edgar/data/1374310/000155837021013795/cboe-20210930xex10d1.htm) [ended](https://www.sec.gov/Archives/edgar/data/1374310/000155837021013795/cboe-20210930xex10d1.htm) [September 30](https://www.sec.gov/Archives/edgar/data/1374310/000155837021013795/cboe-20210930xex10d1.htm) [,](https://www.sec.gov/Archives/edgar/data/1374310/000155837021013795/cboe-20210930xex10d1.htm) [2021](https://www.sec.gov/Archives/edgar/data/1374310/000155837021013795/cboe-20210930xex10d1.htm) [(File No. 001-34774) filed on](https://www.sec.gov/Archives/edgar/data/1374310/000155837021013795/cboe-20210930xex10d1.htm) [October 29](https://www.sec.gov/Archives/edgar/data/1374310/000155837021013795/cboe-20210930xex10d1.htm) [,](https://www.sec.gov/Archives/edgar/data/1374310/000155837021013795/cboe-20210930xex10d1.htm) [2021.+](https://www.sec.gov/Archives/edgar/data/1374310/000155837021013795/cboe-20210930xex10d1.htm)</u>

10.22 <u>[Amendment No.](https://www.sec.gov/Archives/edgar/data/1374310/000155837022006377/cboe-20220331xex10d1.htm) [19](https://www.sec.gov/Archives/edgar/data/1374310/000155837022006377/cboe-20220331xex10d1.htm) [to the S&P License Agreement,](https://www.sec.gov/Archives/edgar/data/1374310/000155837022006377/cboe-20220331xex10d1.htm) [effective as of February 23](https://www.sec.gov/Archives/edgar/data/1374310/000155837022006377/cboe-20220331xex10d1.htm) [,](https://www.sec.gov/Archives/edgar/data/1374310/000155837022006377/cboe-20220331xex10d1.htm) [2022](https://www.sec.gov/Archives/edgar/data/1374310/000155837022006377/cboe-20220331xex10d1.htm) [, incorporated by reference to Exhibit](https://www.sec.gov/Archives/edgar/data/1374310/000155837022006377/cboe-20220331xex10d1.htm) [10.1](https://www.sec.gov/Archives/edgar/data/1374310/000155837022006377/cboe-20220331xex10d1.htm) [to the](https://www.sec.gov/Archives/edgar/data/1374310/000155837022006377/cboe-20220331xex10d1.htm) [Company's Quarterly](https://www.sec.gov/Archives/edgar/data/1374310/000155837022006377/cboe-20220331xex10d1.htm) [Report on Form](https://www.sec.gov/Archives/edgar/data/1374310/000155837022006377/cboe-20220331xex10d1.htm) [10-Q](https://www.sec.gov/Archives/edgar/data/1374310/000155837022006377/cboe-20220331xex10d1.htm) [for the](https://www.sec.gov/Archives/edgar/data/1374310/000155837022006377/cboe-20220331xex10d1.htm) [quarter](https://www.sec.gov/Archives/edgar/data/1374310/000155837022006377/cboe-20220331xex10d1.htm) [ended](https://www.sec.gov/Archives/edgar/data/1374310/000155837022006377/cboe-20220331xex10d1.htm) [March](https://www.sec.gov/Archives/edgar/data/1374310/000155837022006377/cboe-20220331xex10d1.htm) [31,](https://www.sec.gov/Archives/edgar/data/1374310/000155837022006377/cboe-20220331xex10d1.htm) [2022](https://www.sec.gov/Archives/edgar/data/1374310/000155837022006377/cboe-20220331xex10d1.htm) [(File No. 001-34774) filed on](https://www.sec.gov/Archives/edgar/data/1374310/000155837022006377/cboe-20220331xex10d1.htm) [April 29](https://www.sec.gov/Archives/edgar/data/1374310/000155837022006377/cboe-20220331xex10d1.htm) [,](https://www.sec.gov/Archives/edgar/data/1374310/000155837022006377/cboe-20220331xex10d1.htm) [2022](https://www.sec.gov/Archives/edgar/data/1374310/000155837022006377/cboe-20220331xex10d1.htm) [.](https://www.sec.gov/Archives/edgar/data/1374310/000155837022006377/cboe-20220331xex10d1.htm)</u>

10.23 <u>[Amendment No.](https://www.sec.gov/Archives/edgar/data/1374310/000155837022011344/cboe-20220630xex10d2.htm) [20](https://www.sec.gov/Archives/edgar/data/1374310/000155837022011344/cboe-20220630xex10d2.htm) [to the S&P License Agreement,](https://www.sec.gov/Archives/edgar/data/1374310/000155837022011344/cboe-20220630xex10d2.htm) [effective](https://www.sec.gov/Archives/edgar/data/1374310/000155837022011344/cboe-20220630xex10d2.htm) [as of April](https://www.sec.gov/Archives/edgar/data/1374310/000155837022011344/cboe-20220630xex10d2.htm) [25](https://www.sec.gov/Archives/edgar/data/1374310/000155837022011344/cboe-20220630xex10d2.htm) [,](https://www.sec.gov/Archives/edgar/data/1374310/000155837022011344/cboe-20220630xex10d2.htm) [2022](https://www.sec.gov/Archives/edgar/data/1374310/000155837022011344/cboe-20220630xex10d2.htm) [, incorporated by reference to Exhibit](https://www.sec.gov/Archives/edgar/data/1374310/000155837022011344/cboe-20220630xex10d2.htm) [10.2](https://www.sec.gov/Archives/edgar/data/1374310/000155837022011344/cboe-20220630xex10d2.htm) [to the Company's Quarterly Report on Form 10-Q](https://www.sec.gov/Archives/edgar/data/1374310/000155837022011344/cboe-20220630xex10d2.htm) [for the quarter ended June 30, 2022](https://www.sec.gov/Archives/edgar/data/1374310/000155837022011344/cboe-20220630xex10d2.htm) [(File No. 001-34774) filed on July](https://www.sec.gov/Archives/edgar/data/1374310/000155837022011344/cboe-20220630xex10d2.htm) [29](https://www.sec.gov/Archives/edgar/data/1374310/000155837022011344/cboe-20220630xex10d2.htm) [,](https://www.sec.gov/Archives/edgar/data/1374310/000155837022011344/cboe-20220630xex10d2.htm) [2022.+](https://www.sec.gov/Archives/edgar/data/1374310/000155837022011344/cboe-20220630xex10d2.htm)</u>

10.24 <u>[Amendment No.](https://www.sec.gov/Archives/edgar/data/1374310/000155837022016342/cboe-20220930xex10d1.htm) [21](https://www.sec.gov/Archives/edgar/data/1374310/000155837022016342/cboe-20220930xex10d1.htm) [to the S&P License Agreement,](https://www.sec.gov/Archives/edgar/data/1374310/000155837022016342/cboe-20220930xex10d1.htm) [effective](https://www.sec.gov/Archives/edgar/data/1374310/000155837022016342/cboe-20220930xex10d1.htm) [as of](https://www.sec.gov/Archives/edgar/data/1374310/000155837022016342/cboe-20220930xex10d1.htm) [October 20](https://www.sec.gov/Archives/edgar/data/1374310/000155837022016342/cboe-20220930xex10d1.htm) [,](https://www.sec.gov/Archives/edgar/data/1374310/000155837022016342/cboe-20220930xex10d1.htm) [2022](https://www.sec.gov/Archives/edgar/data/1374310/000155837022016342/cboe-20220930xex10d1.htm) [, incorporated by reference to Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q](https://www.sec.gov/Archives/edgar/data/1374310/000155837022016342/cboe-20220930xex10d1.htm) [for the quarter ended September 30, 2022](https://www.sec.gov/Archives/edgar/data/1374310/000155837022016342/cboe-20220930xex10d1.htm) [(File No. 001-34774) filed on](https://www.sec.gov/Archives/edgar/data/1374310/000155837022016342/cboe-20220930xex10d1.htm) [November 4](https://www.sec.gov/Archives/edgar/data/1374310/000155837022016342/cboe-20220930xex10d1.htm) [,](https://www.sec.gov/Archives/edgar/data/1374310/000155837022016342/cboe-20220930xex10d1.htm) [2022](https://www.sec.gov/Archives/edgar/data/1374310/000155837022016342/cboe-20220930xex10d1.htm) [.](https://www.sec.gov/Archives/edgar/data/1374310/000155837022016342/cboe-20220930xex10d1.htm)</u>

10.25 <u>[Amendment No.](https://www.sec.gov/Archives/edgar/data/1374310/000155837022016342/cboe-20220930xex10d2.htm) [22](https://www.sec.gov/Archives/edgar/data/1374310/000155837022016342/cboe-20220930xex10d2.htm) [to the S&P License Agreement,](https://www.sec.gov/Archives/edgar/data/1374310/000155837022016342/cboe-20220930xex10d2.htm) [effective](https://www.sec.gov/Archives/edgar/data/1374310/000155837022016342/cboe-20220930xex10d2.htm) [as of](https://www.sec.gov/Archives/edgar/data/1374310/000155837022016342/cboe-20220930xex10d2.htm) [September 1](https://www.sec.gov/Archives/edgar/data/1374310/000155837022016342/cboe-20220930xex10d2.htm) [,](https://www.sec.gov/Archives/edgar/data/1374310/000155837022016342/cboe-20220930xex10d2.htm) [2022](https://www.sec.gov/Archives/edgar/data/1374310/000155837022016342/cboe-20220930xex10d2.htm) [, incorporated by reference to Exhibit](https://www.sec.gov/Archives/edgar/data/1374310/000155837022016342/cboe-20220930xex10d2.htm) [10.2](https://www.sec.gov/Archives/edgar/data/1374310/000155837022016342/cboe-20220930xex10d2.htm) [to the Company's Quarterly Report on Form 10-Q](https://www.sec.gov/Archives/edgar/data/1374310/000155837022016342/cboe-20220930xex10d2.htm) [for the quarter ended September 30, 2022](https://www.sec.gov/Archives/edgar/data/1374310/000155837022016342/cboe-20220930xex10d2.htm) [(File No. 001-34774) filed on](https://www.sec.gov/Archives/edgar/data/1374310/000155837022016342/cboe-20220930xex10d2.htm) [November 4](https://www.sec.gov/Archives/edgar/data/1374310/000155837022016342/cboe-20220930xex10d2.htm) [,](https://www.sec.gov/Archives/edgar/data/1374310/000155837022016342/cboe-20220930xex10d2.htm) [2022.+](https://www.sec.gov/Archives/edgar/data/1374310/000155837022016342/cboe-20220930xex10d2.htm)</u>

10.26 <u>[Amendment No.](https://www.sec.gov/Archives/edgar/data/1374310/000155837024010654/cboe-20240630xex10d1.htm) [23](https://www.sec.gov/Archives/edgar/data/1374310/000155837024010654/cboe-20240630xex10d1.htm) [to the S&P License Agreement, effective as of](https://www.sec.gov/Archives/edgar/data/1374310/000155837024010654/cboe-20240630xex10d1.htm) [May 31](https://www.sec.gov/Archives/edgar/data/1374310/000155837024010654/cboe-20240630xex10d1.htm) [,](https://www.sec.gov/Archives/edgar/data/1374310/000155837024010654/cboe-20240630xex10d1.htm) [2024](https://www.sec.gov/Archives/edgar/data/1374310/000155837024010654/cboe-20240630xex10d1.htm) [, incorporated by reference to Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q](https://www.sec.gov/Archives/edgar/data/1374310/000155837024010654/cboe-20240630xex10d1.htm) [for the quarter ended June 30, 2024](https://www.sec.gov/Archives/edgar/data/1374310/000155837024010654/cboe-20240630xex10d1.htm) [(File No. 001-34774) filed on](https://www.sec.gov/Archives/edgar/data/1374310/000155837024010654/cboe-20240630xex10d1.htm) [August 2](https://www.sec.gov/Archives/edgar/data/1374310/000155837024010654/cboe-20240630xex10d1.htm) [,](https://www.sec.gov/Archives/edgar/data/1374310/000155837024010654/cboe-20240630xex10d1.htm) [2024.+](https://www.sec.gov/Archives/edgar/data/1374310/000155837024010654/cboe-20240630xex10d1.htm)</u>

10.27 <u>[Amendment No.](https://www.sec.gov/Archives/edgar/data/1374310/000162828024044657/cboe-20240930xex103.htm) [24](https://www.sec.gov/Archives/edgar/data/1374310/000162828024044657/cboe-20240930xex103.htm) [to the S&P License Agreement, effective as of](https://www.sec.gov/Archives/edgar/data/1374310/000162828024044657/cboe-20240930xex103.htm) [September 1](https://www.sec.gov/Archives/edgar/data/1374310/000162828024044657/cboe-20240930xex103.htm) [,](https://www.sec.gov/Archives/edgar/data/1374310/000162828024044657/cboe-20240930xex103.htm) [2024](https://www.sec.gov/Archives/edgar/data/1374310/000162828024044657/cboe-20240930xex103.htm) [, incorporated by reference to Exhibit](https://www.sec.gov/Archives/edgar/data/1374310/000162828024044657/cboe-20240930xex103.htm) [10.3](https://www.sec.gov/Archives/edgar/data/1374310/000162828024044657/cboe-20240930xex103.htm) [to the Company's Quarterly Report on Form 10-Q](https://www.sec.gov/Archives/edgar/data/1374310/000162828024044657/cboe-20240930xex103.htm) [for the quarter ended September 30, 2024](https://www.sec.gov/Archives/edgar/data/1374310/000162828024044657/cboe-20240930xex103.htm) [(File No. 001-34774) filed on](https://www.sec.gov/Archives/edgar/data/1374310/000162828024044657/cboe-20240930xex103.htm) [November 1](https://www.sec.gov/Archives/edgar/data/1374310/000162828024044657/cboe-20240930xex103.htm) [,](https://www.sec.gov/Archives/edgar/data/1374310/000162828024044657/cboe-20240930xex103.htm) [2024.+](https://www.sec.gov/Archives/edgar/data/1374310/000162828024044657/cboe-20240930xex103.htm)</u>

10.28 <u>[Amendment No.](https://www.sec.gov/Archives/edgar/data/1374310/000162828025021680/cboe-20250331xex101.htm) [25](https://www.sec.gov/Archives/edgar/data/1374310/000162828025021680/cboe-20250331xex101.htm) [to the S&P License Agreement, effective as of](https://www.sec.gov/Archives/edgar/data/1374310/000162828025021680/cboe-20250331xex101.htm) [February 21](https://www.sec.gov/Archives/edgar/data/1374310/000162828025021680/cboe-20250331xex101.htm) [,](https://www.sec.gov/Archives/edgar/data/1374310/000162828025021680/cboe-20250331xex101.htm) [2025](https://www.sec.gov/Archives/edgar/data/1374310/000162828025021680/cboe-20250331xex101.htm) [, incorporated by reference to Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q](https://www.sec.gov/Archives/edgar/data/1374310/000162828025021680/cboe-20250331xex101.htm) [for the quarter ended March 31, 2025](https://www.sec.gov/Archives/edgar/data/1374310/000162828025021680/cboe-20250331xex101.htm) [(File No. 001-34774) filed on](https://www.sec.gov/Archives/edgar/data/1374310/000162828025021680/cboe-20250331xex101.htm) [May 2](https://www.sec.gov/Archives/edgar/data/1374310/000162828025021680/cboe-20250331xex101.htm) [,](https://www.sec.gov/Archives/edgar/data/1374310/000162828025021680/cboe-20250331xex101.htm) [2025](https://www.sec.gov/Archives/edgar/data/1374310/000162828025021680/cboe-20250331xex101.htm) [.](https://www.sec.gov/Archives/edgar/data/1374310/000162828025021680/cboe-20250331xex101.htm)</u>

10.29 <u>[Form of Amended and Restated Director Indemnification](https://www.sec.gov/Archives/edgar/data/1374310/000137431017000022/exhbit101-63017.htm) [Agreement,](https://www.sec.gov/Archives/edgar/data/1374310/000137431017000022/exhbit101-63017.htm) [incorporated by reference to Exhibit](https://www.sec.gov/Archives/edgar/data/1374310/000137431017000022/exhbit101-63017.htm) [10.1](https://www.sec.gov/Archives/edgar/data/1374310/000137431017000022/exhbit101-63017.htm) [to the](https://www.sec.gov/Archives/edgar/data/1374310/000137431017000022/exhbit101-63017.htm) [Company's](https://www.sec.gov/Archives/edgar/data/1374310/000137431017000022/exhbit101-63017.htm) [Quarterly Report on Form 10-Q](https://www.sec.gov/Archives/edgar/data/1374310/000137431017000022/exhbit101-63017.htm) [for the quarter ended June 30, 2017](https://www.sec.gov/Archives/edgar/data/1374310/000137431017000022/exhbit101-63017.htm) [(File No. 001-34774) filed on](https://www.sec.gov/Archives/edgar/data/1374310/000137431017000022/exhbit101-63017.htm) [August](https://www.sec.gov/Archives/edgar/data/1374310/000137431017000022/exhbit101-63017.htm) [4,](https://www.sec.gov/Archives/edgar/data/1374310/000137431017000022/exhbit101-63017.htm) [2017.](https://www.sec.gov/Archives/edgar/data/1374310/000137431017000022/exhbit101-63017.htm)</u>

10.30 <u>[Form of Second Amended and Restated Director Indemnification](https://www.sec.gov/Archives/edgar/data/1374310/000155837024001277/cboe-20231231xex10d32.htm) [Agreement,](https://www.sec.gov/Archives/edgar/data/1374310/000155837024001277/cboe-20231231xex10d32.htm) [incorporated by reference to Exhibit](https://www.sec.gov/Archives/edgar/data/1374310/000155837024001277/cboe-20231231xex10d32.htm) [10.32](https://www.sec.gov/Archives/edgar/data/1374310/000155837024001277/cboe-20231231xex10d32.htm) [to the](https://www.sec.gov/Archives/edgar/data/1374310/000155837024001277/cboe-20231231xex10d32.htm) [Company's Annual](https://www.sec.gov/Archives/edgar/data/1374310/000155837024001277/cboe-20231231xex10d32.htm) [Report on Form](https://www.sec.gov/Archives/edgar/data/1374310/000155837024001277/cboe-20231231xex10d32.htm) [10-K for the year ended December 31, 2023](https://www.sec.gov/Archives/edgar/data/1374310/000155837024001277/cboe-20231231xex10d32.htm) [(File No. 001-34774) filed on](https://www.sec.gov/Archives/edgar/data/1374310/000155837024001277/cboe-20231231xex10d32.htm) [February 16](https://www.sec.gov/Archives/edgar/data/1374310/000155837024001277/cboe-20231231xex10d32.htm) [,](https://www.sec.gov/Archives/edgar/data/1374310/000155837024001277/cboe-20231231xex10d32.htm) [2024.](https://www.sec.gov/Archives/edgar/data/1374310/000155837024001277/cboe-20231231xex10d32.htm)</u>

10.31 <u>[Offer Letter, dated September 18, 2023, between Cboe Global Markets](https://www.sec.gov/Archives/edgar/data/1374310/000110465923101775/tm2326345d1_ex10-2.htm) [,](https://www.sec.gov/Archives/edgar/data/1374310/000110465923101775/tm2326345d1_ex10-2.htm) [Inc. and Fredric J. Tomczyk](https://www.sec.gov/Archives/edgar/data/1374310/000110465923101775/tm2326345d1_ex10-2.htm) [,](https://www.sec.gov/Archives/edgar/data/1374310/000110465923101775/tm2326345d1_ex10-2.htm) [incorporated by reference to Exhibit](https://www.sec.gov/Archives/edgar/data/1374310/000110465923101775/tm2326345d1_ex10-2.htm) [10.2](https://www.sec.gov/Archives/edgar/data/1374310/000110465923101775/tm2326345d1_ex10-2.htm) [to the](https://www.sec.gov/Archives/edgar/data/1374310/000110465923101775/tm2326345d1_ex10-2.htm) [Company's Current](https://www.sec.gov/Archives/edgar/data/1374310/000110465923101775/tm2326345d1_ex10-2.htm) [Report on Form](https://www.sec.gov/Archives/edgar/data/1374310/000110465923101775/tm2326345d1_ex10-2.htm) [8-K](https://www.sec.gov/Archives/edgar/data/1374310/000110465923101775/tm2326345d1_ex10-2.htm) [(File No. 001-34774) filed on](https://www.sec.gov/Archives/edgar/data/1374310/000110465923101775/tm2326345d1_ex10-2.htm) [September 19](https://www.sec.gov/Archives/edgar/data/1374310/000110465923101775/tm2326345d1_ex10-2.htm) [,](https://www.sec.gov/Archives/edgar/data/1374310/000110465923101775/tm2326345d1_ex10-2.htm) [2023.\*](https://www.sec.gov/Archives/edgar/data/1374310/000110465923101775/tm2326345d1_ex10-2.htm)</u>

10.32 <u>[Relocation Benefits for Fredric J. Tomczyk](https://www.sec.gov/Archives/edgar/data/1374310/000155837024001277/cboe-20231231xex10d34.htm) [, incorporated by reference to Exhibit](https://www.sec.gov/Archives/edgar/data/1374310/000155837024001277/cboe-20231231xex10d34.htm) [10.34](https://www.sec.gov/Archives/edgar/data/1374310/000155837024001277/cboe-20231231xex10d34.htm) [to the](https://www.sec.gov/Archives/edgar/data/1374310/000155837024001277/cboe-20231231xex10d34.htm) [Company's Annual](https://www.sec.gov/Archives/edgar/data/1374310/000155837024001277/cboe-20231231xex10d34.htm) [Report on Form](https://www.sec.gov/Archives/edgar/data/1374310/000155837024001277/cboe-20231231xex10d34.htm) [10-K](https://www.sec.gov/Archives/edgar/data/1374310/000155837024001277/cboe-20231231xex10d34.htm) [for the](https://www.sec.gov/Archives/edgar/data/1374310/000155837024001277/cboe-20231231xex10d34.htm) [year](https://www.sec.gov/Archives/edgar/data/1374310/000155837024001277/cboe-20231231xex10d34.htm) [ended](https://www.sec.gov/Archives/edgar/data/1374310/000155837024001277/cboe-20231231xex10d34.htm) [December 31](https://www.sec.gov/Archives/edgar/data/1374310/000155837024001277/cboe-20231231xex10d34.htm) [,](https://www.sec.gov/Archives/edgar/data/1374310/000155837024001277/cboe-20231231xex10d34.htm) [2023](https://www.sec.gov/Archives/edgar/data/1374310/000155837024001277/cboe-20231231xex10d34.htm) [(File No. 001-34774) filed on](https://www.sec.gov/Archives/edgar/data/1374310/000155837024001277/cboe-20231231xex10d34.htm) [February 16](https://www.sec.gov/Archives/edgar/data/1374310/000155837024001277/cboe-20231231xex10d34.htm) [,](https://www.sec.gov/Archives/edgar/data/1374310/000155837024001277/cboe-20231231xex10d34.htm) [2024.\*](https://www.sec.gov/Archives/edgar/data/1374310/000155837024001277/cboe-20231231xex10d34.htm)</u>

10.33 <u>[Employment Agreement, dated May 1, 2025, by](https://www.sec.gov/Archives/edgar/data/1374310/000162828025037149/cboe-20250630xex101.htm) [and](https://www.sec.gov/Archives/edgar/data/1374310/000162828025037149/cboe-20250630xex101.htm) [between Cboe Global Markets, Inc. and Craig S. Donohue](https://www.sec.gov/Archives/edgar/data/1374310/000162828025037149/cboe-20250630xex101.htm) [, incorporated by reference to Exhibit](https://www.sec.gov/Archives/edgar/data/1374310/000162828025037149/cboe-20250630xex101.htm) [10.1](https://www.sec.gov/Archives/edgar/data/1374310/000162828025037149/cboe-20250630xex101.htm) [to the](https://www.sec.gov/Archives/edgar/data/1374310/000162828025037149/cboe-20250630xex101.htm) [Company's Quarterly](https://www.sec.gov/Archives/edgar/data/1374310/000162828025037149/cboe-20250630xex101.htm) [Report on Form](https://www.sec.gov/Archives/edgar/data/1374310/000162828025037149/cboe-20250630xex101.htm) [10-Q](https://www.sec.gov/Archives/edgar/data/1374310/000162828025037149/cboe-20250630xex101.htm) [for the](https://www.sec.gov/Archives/edgar/data/1374310/000162828025037149/cboe-20250630xex101.htm) [quarter](https://www.sec.gov/Archives/edgar/data/1374310/000162828025037149/cboe-20250630xex101.htm) [ended](https://www.sec.gov/Archives/edgar/data/1374310/000162828025037149/cboe-20250630xex101.htm) [June 30](https://www.sec.gov/Archives/edgar/data/1374310/000162828025037149/cboe-20250630xex101.htm) [,](https://www.sec.gov/Archives/edgar/data/1374310/000162828025037149/cboe-20250630xex101.htm) [2025](https://www.sec.gov/Archives/edgar/data/1374310/000162828025037149/cboe-20250630xex101.htm) [(File No. 001-34774) filed on](https://www.sec.gov/Archives/edgar/data/1374310/000162828025037149/cboe-20250630xex101.htm) [August 1](https://www.sec.gov/Archives/edgar/data/1374310/000162828025037149/cboe-20250630xex101.htm) [,](https://www.sec.gov/Archives/edgar/data/1374310/000162828025037149/cboe-20250630xex101.htm) [2025.\*](https://www.sec.gov/Archives/edgar/data/1374310/000162828025037149/cboe-20250630xex101.htm)</u>

10.34 <u>[Letter Agreement](https://www.sec.gov/Archives/edgar/data/1374310/000162828025037149/cboe-20250630xex102.htm) [, dated](https://www.sec.gov/Archives/edgar/data/1374310/000162828025037149/cboe-20250630xex102.htm) [May 1](https://www.sec.gov/Archives/edgar/data/1374310/000162828025037149/cboe-20250630xex102.htm) [,](https://www.sec.gov/Archives/edgar/data/1374310/000162828025037149/cboe-20250630xex102.htm) [2025](https://www.sec.gov/Archives/edgar/data/1374310/000162828025037149/cboe-20250630xex102.htm) [, between Cboe Global Markets, Inc. and Fredric J. Tomczyk, incorporated by reference to Exhibit 10.2 to the Company's](https://www.sec.gov/Archives/edgar/data/1374310/000162828025037149/cboe-20250630xex102.htm) [Quarterly](https://www.sec.gov/Archives/edgar/data/1374310/000162828025037149/cboe-20250630xex102.htm) [Report on Form](https://www.sec.gov/Archives/edgar/data/1374310/000162828025037149/cboe-20250630xex102.htm) [10-Q for the quarter ended June 30, 2025](https://www.sec.gov/Archives/edgar/data/1374310/000162828025037149/cboe-20250630xex102.htm) [(File No. 001-34774) filed on](https://www.sec.gov/Archives/edgar/data/1374310/000162828025037149/cboe-20250630xex102.htm) [August 1](https://www.sec.gov/Archives/edgar/data/1374310/000162828025037149/cboe-20250630xex102.htm) [,](https://www.sec.gov/Archives/edgar/data/1374310/000162828025037149/cboe-20250630xex102.htm) [2025.\*](https://www.sec.gov/Archives/edgar/data/1374310/000162828025037149/cboe-20250630xex102.htm)</u>

10.35 <u>[Letter Agreement, dated May 27, 2025, between Cboe Global Markets, Inc](https://www.sec.gov/Archives/edgar/data/1374310/000110465925053355/tm2516070d1_ex10-1.htm) [.](https://www.sec.gov/Archives/edgar/data/1374310/000110465925053355/tm2516070d1_ex10-1.htm) [and David Howson](https://www.sec.gov/Archives/edgar/data/1374310/000110465925053355/tm2516070d1_ex10-1.htm) [, incorporated by reference to Exhibit](https://www.sec.gov/Archives/edgar/data/1374310/000110465925053355/tm2516070d1_ex10-1.htm) [10.1](https://www.sec.gov/Archives/edgar/data/1374310/000110465925053355/tm2516070d1_ex10-1.htm) [to the](https://www.sec.gov/Archives/edgar/data/1374310/000110465925053355/tm2516070d1_ex10-1.htm) [Company's Current](https://www.sec.gov/Archives/edgar/data/1374310/000110465925053355/tm2516070d1_ex10-1.htm) [Report on Form](https://www.sec.gov/Archives/edgar/data/1374310/000110465925053355/tm2516070d1_ex10-1.htm) [8-K](https://www.sec.gov/Archives/edgar/data/1374310/000110465925053355/tm2516070d1_ex10-1.htm) [(File No. 001-34774) filed on](https://www.sec.gov/Archives/edgar/data/1374310/000110465925053355/tm2516070d1_ex10-1.htm) [May 28](https://www.sec.gov/Archives/edgar/data/1374310/000110465925053355/tm2516070d1_ex10-1.htm) [,](https://www.sec.gov/Archives/edgar/data/1374310/000110465925053355/tm2516070d1_ex10-1.htm) [2025.\*](https://www.sec.gov/Archives/edgar/data/1374310/000110465925053355/tm2516070d1_ex10-1.htm)</u>

10.36 <u>[Cboe Global Markets, Inc.](https://www.sec.gov/Archives/edgar/data/1374310/000162828024044657/cboe-20240930xex101.htm) [Supplemental Retirement Plan](https://www.sec.gov/Archives/edgar/data/1374310/000162828024044657/cboe-20240930xex101.htm) [,](https://www.sec.gov/Archives/edgar/data/1374310/000162828024044657/cboe-20240930xex101.htm) [incorporated by reference to Exhibit 10.1 to the Company's](https://www.sec.gov/Archives/edgar/data/1374310/000162828024044657/cboe-20240930xex101.htm) [Quarterly](https://www.sec.gov/Archives/edgar/data/1374310/000162828024044657/cboe-20240930xex101.htm) [Report on Form](https://www.sec.gov/Archives/edgar/data/1374310/000162828024044657/cboe-20240930xex101.htm) [10-Q for the quarter ended September 30, 2024](https://www.sec.gov/Archives/edgar/data/1374310/000162828024044657/cboe-20240930xex101.htm) [(File No. 001-34774) filed on](https://www.sec.gov/Archives/edgar/data/1374310/000162828024044657/cboe-20240930xex101.htm) [November 1](https://www.sec.gov/Archives/edgar/data/1374310/000162828024044657/cboe-20240930xex101.htm) [,](https://www.sec.gov/Archives/edgar/data/1374310/000162828024044657/cboe-20240930xex101.htm) [2024.\*](https://www.sec.gov/Archives/edgar/data/1374310/000162828024044657/cboe-20240930xex101.htm)</u>

10.37 <u>[Cboe Global Markets, Inc.](https://www.sec.gov/Archives/edgar/data/1374310/000162828024044657/cboe-20240930xex102.htm) [Deferred Compensation Plan for Officers](https://www.sec.gov/Archives/edgar/data/1374310/000162828024044657/cboe-20240930xex102.htm) [, incorporated by reference to Exhibit](https://www.sec.gov/Archives/edgar/data/1374310/000162828024044657/cboe-20240930xex102.htm) [10.2](https://www.sec.gov/Archives/edgar/data/1374310/000162828024044657/cboe-20240930xex102.htm) [to the Company's](https://www.sec.gov/Archives/edgar/data/1374310/000162828024044657/cboe-20240930xex102.htm) [Quarterly](https://www.sec.gov/Archives/edgar/data/1374310/000162828024044657/cboe-20240930xex102.htm) [Report on Form](https://www.sec.gov/Archives/edgar/data/1374310/000162828024044657/cboe-20240930xex102.htm) [10-Q for the quarter ended September 30, 2024](https://www.sec.gov/Archives/edgar/data/1374310/000162828024044657/cboe-20240930xex102.htm) [(File No. 001-34774) filed on](https://www.sec.gov/Archives/edgar/data/1374310/000162828024044657/cboe-20240930xex102.htm) [November 1](https://www.sec.gov/Archives/edgar/data/1374310/000162828024044657/cboe-20240930xex102.htm) [,](https://www.sec.gov/Archives/edgar/data/1374310/000162828024044657/cboe-20240930xex102.htm) [2024.\*](https://www.sec.gov/Archives/edgar/data/1374310/000162828024044657/cboe-20240930xex102.htm)</u>

------

<u>[**Table of Contents**](#ic735b6ccda1a481fa4a1f9edfa4f3665_7)</u>

10.38 <u>[Cboe Global Markets, Inc. Amended](https://www.sec.gov/Archives/edgar/data/1374310/000155837021000972/cboe-20210211xex10d1.htm) [and](https://www.sec.gov/Archives/edgar/data/1374310/000155837021000972/cboe-20210211xex10d1.htm) [Restated](https://www.sec.gov/Archives/edgar/data/1374310/000155837021000972/cboe-20210211xex10d1.htm) [Executive Severance Plan,](https://www.sec.gov/Archives/edgar/data/1374310/000155837021000972/cboe-20210211xex10d1.htm) [incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K (File No. 001-34774) filed on](https://www.sec.gov/Archives/edgar/data/1374310/000155837021000972/cboe-20210211xex10d1.htm) [February 12](https://www.sec.gov/Archives/edgar/data/1374310/000155837021000972/cboe-20210211xex10d1.htm) [,](https://www.sec.gov/Archives/edgar/data/1374310/000155837021000972/cboe-20210211xex10d1.htm) [2021.\*](https://www.sec.gov/Archives/edgar/data/1374310/000155837021000972/cboe-20210211xex10d1.htm)</u>

10.39 <u>[First Amendment to the](https://www.sec.gov/Archives/edgar/data/1374310/000110465923101775/tm2326345d1_ex10-3.htm) [Cboe](https://www.sec.gov/Archives/edgar/data/1374310/000110465923101775/tm2326345d1_ex10-3.htm) [Global Markets](https://www.sec.gov/Archives/edgar/data/1374310/000110465923101775/tm2326345d1_ex10-3.htm) [, Inc.](https://www.sec.gov/Archives/edgar/data/1374310/000110465923101775/tm2326345d1_ex10-3.htm) [Amended & Restated Executive Severance Plan](https://www.sec.gov/Archives/edgar/data/1374310/000110465923101775/tm2326345d1_ex10-3.htm) [,](https://www.sec.gov/Archives/edgar/data/1374310/000110465923101775/tm2326345d1_ex10-3.htm) [dated September 18, 2023](https://www.sec.gov/Archives/edgar/data/1374310/000110465923101775/tm2326345d1_ex10-3.htm) [, incorporated by reference to Exhibit](https://www.sec.gov/Archives/edgar/data/1374310/000110465923101775/tm2326345d1_ex10-3.htm) [10.3](https://www.sec.gov/Archives/edgar/data/1374310/000110465923101775/tm2326345d1_ex10-3.htm) [to](https://www.sec.gov/Archives/edgar/data/1374310/000110465923101775/tm2326345d1_ex10-3.htm) [the](https://www.sec.gov/Archives/edgar/data/1374310/000110465923101775/tm2326345d1_ex10-3.htm) [Company's Current Report](https://www.sec.gov/Archives/edgar/data/1374310/000110465923101775/tm2326345d1_ex10-3.htm) [on Form](https://www.sec.gov/Archives/edgar/data/1374310/000110465923101775/tm2326345d1_ex10-3.htm) [8-K](https://www.sec.gov/Archives/edgar/data/1374310/000110465923101775/tm2326345d1_ex10-3.htm) [(File No.](https://www.sec.gov/Archives/edgar/data/1374310/000110465923101775/tm2326345d1_ex10-3.htm) [001-34774)](https://www.sec.gov/Archives/edgar/data/1374310/000110465923101775/tm2326345d1_ex10-3.htm) [filed on](https://www.sec.gov/Archives/edgar/data/1374310/000110465923101775/tm2326345d1_ex10-3.htm) [September 19](https://www.sec.gov/Archives/edgar/data/1374310/000110465923101775/tm2326345d1_ex10-3.htm) [,](https://www.sec.gov/Archives/edgar/data/1374310/000110465923101775/tm2326345d1_ex10-3.htm) [2023.\*](https://www.sec.gov/Archives/edgar/data/1374310/000110465923101775/tm2326345d1_ex10-3.htm)</u>

10.40 <u>[Cboe Global Markets](https://www.sec.gov/Archives/edgar/data/1374310/000155837018004867/ex-10d1.htm) [, Inc.](https://www.sec.gov/Archives/edgar/data/1374310/000155837018004867/ex-10d1.htm) [Employee Stock Purchase](https://www.sec.gov/Archives/edgar/data/1374310/000155837018004867/ex-10d1.htm) [Plan, incorporated by reference to Exhibit](https://www.sec.gov/Archives/edgar/data/1374310/000155837018004867/ex-10d1.htm) [10.1](https://www.sec.gov/Archives/edgar/data/1374310/000155837018004867/ex-10d1.htm) [to the](https://www.sec.gov/Archives/edgar/data/1374310/000155837018004867/ex-10d1.htm) [Company's Current](https://www.sec.gov/Archives/edgar/data/1374310/000155837018004867/ex-10d1.htm) [Report on Form](https://www.sec.gov/Archives/edgar/data/1374310/000155837018004867/ex-10d1.htm) [8-K](https://www.sec.gov/Archives/edgar/data/1374310/000155837018004867/ex-10d1.htm) [(File No. 001-34774) filed on](https://www.sec.gov/Archives/edgar/data/1374310/000155837018004867/ex-10d1.htm) [May 18](https://www.sec.gov/Archives/edgar/data/1374310/000155837018004867/ex-10d1.htm) [,](https://www.sec.gov/Archives/edgar/data/1374310/000155837018004867/ex-10d1.htm) [2018.\*](https://www.sec.gov/Archives/edgar/data/1374310/000155837018004867/ex-10d1.htm)</u>

10.41 <u>[Second Amended and Restated](https://www.sec.gov/Archives/edgar/data/1374310/000137431016000047/ltip.htm) [Cboe Global Markets, Inc.](https://www.sec.gov/Archives/edgar/data/1374310/000137431016000047/ltip.htm) [(f/k/a CBOE Holdings, Inc.) Long-Term Incentive](https://www.sec.gov/Archives/edgar/data/1374310/000137431016000047/ltip.htm) [Plan, incorporated by reference to Exhibit 10.1 to the](https://www.sec.gov/Archives/edgar/data/1374310/000137431016000047/ltip.htm) [Company's Current](https://www.sec.gov/Archives/edgar/data/1374310/000137431016000047/ltip.htm) [Report on Form](https://www.sec.gov/Archives/edgar/data/1374310/000137431016000047/ltip.htm) [8-K](https://www.sec.gov/Archives/edgar/data/1374310/000137431016000047/ltip.htm) [(File No. 001-34774) filed on](https://www.sec.gov/Archives/edgar/data/1374310/000137431016000047/ltip.htm) [May 24](https://www.sec.gov/Archives/edgar/data/1374310/000137431016000047/ltip.htm) [,](https://www.sec.gov/Archives/edgar/data/1374310/000137431016000047/ltip.htm) [2016.\*](https://www.sec.gov/Archives/edgar/data/1374310/000137431016000047/ltip.htm)</u>

10.42 <u>[Third Amended and Restated](https://www.sec.gov/Archives/edgar/data/1374310/000110465925045577/tm2514232d1_ex10-1.htm) [Cboe Global Markets, Inc.](https://www.sec.gov/Archives/edgar/data/1374310/000110465925045577/tm2514232d1_ex10-1.htm) [Long-Term Incentive](https://www.sec.gov/Archives/edgar/data/1374310/000110465925045577/tm2514232d1_ex10-1.htm) [Plan](https://www.sec.gov/Archives/edgar/data/1374310/000110465925045577/tm2514232d1_ex10-1.htm) [, incorporated by reference to Exhibit](https://www.sec.gov/Archives/edgar/data/1374310/000110465925045577/tm2514232d1_ex10-1.htm) [10.1](https://www.sec.gov/Archives/edgar/data/1374310/000110465925045577/tm2514232d1_ex10-1.htm) [to the](https://www.sec.gov/Archives/edgar/data/1374310/000110465925045577/tm2514232d1_ex10-1.htm) [Company's Current](https://www.sec.gov/Archives/edgar/data/1374310/000110465925045577/tm2514232d1_ex10-1.htm) [Report on Form](https://www.sec.gov/Archives/edgar/data/1374310/000110465925045577/tm2514232d1_ex10-1.htm) [8-K](https://www.sec.gov/Archives/edgar/data/1374310/000110465925045577/tm2514232d1_ex10-1.htm) [(File No. 001-34774) filed on](https://www.sec.gov/Archives/edgar/data/1374310/000110465925045577/tm2514232d1_ex10-1.htm) [May 7](https://www.sec.gov/Archives/edgar/data/1374310/000110465925045577/tm2514232d1_ex10-1.htm) [,](https://www.sec.gov/Archives/edgar/data/1374310/000110465925045577/tm2514232d1_ex10-1.htm) [2025.\*](https://www.sec.gov/Archives/edgar/data/1374310/000110465925045577/tm2514232d1_ex10-1.htm)</u>

10.43 <u>[Cboe Global Markets, Inc.](https://www.sec.gov/Archives/edgar/data/1374310/000155837024001277/cboe-20231231xex10d55.htm) [Director Equity Deferral Plan, as amended and restated](https://www.sec.gov/Archives/edgar/data/1374310/000155837024001277/cboe-20231231xex10d55.htm) [, incorporated by reference to Exhibit](https://www.sec.gov/Archives/edgar/data/1374310/000155837024001277/cboe-20231231xex10d55.htm) [10.55](https://www.sec.gov/Archives/edgar/data/1374310/000155837024001277/cboe-20231231xex10d55.htm) [to the Company's](https://www.sec.gov/Archives/edgar/data/1374310/000155837024001277/cboe-20231231xex10d55.htm) [Annual](https://www.sec.gov/Archives/edgar/data/1374310/000155837024001277/cboe-20231231xex10d55.htm) [Report on Form](https://www.sec.gov/Archives/edgar/data/1374310/000155837024001277/cboe-20231231xex10d55.htm) [10-K for the year ended December 31, 2023](https://www.sec.gov/Archives/edgar/data/1374310/000155837024001277/cboe-20231231xex10d55.htm) [(File No. 001-34774) filed on February](https://www.sec.gov/Archives/edgar/data/1374310/000155837024001277/cboe-20231231xex10d55.htm) [16](https://www.sec.gov/Archives/edgar/data/1374310/000155837024001277/cboe-20231231xex10d55.htm) [,](https://www.sec.gov/Archives/edgar/data/1374310/000155837024001277/cboe-20231231xex10d55.htm) [2024.\*](https://www.sec.gov/Archives/edgar/data/1374310/000155837024001277/cboe-20231231xex10d55.htm)</u>

10.44 <u>[Form of 2023 Restricted Stock Unit Award Agreement (for](https://www.sec.gov/Archives/edgar/data/1374310/000155837023001489/cboe-20221231xex10d83.htm) [Executive](https://www.sec.gov/Archives/edgar/data/1374310/000155837023001489/cboe-20221231xex10d83.htm) [Officers)](https://www.sec.gov/Archives/edgar/data/1374310/000155837023001489/cboe-20221231xex10d83.htm) [,](https://www.sec.gov/Archives/edgar/data/1374310/000155837023001489/cboe-20221231xex10d83.htm) [incorporated by reference to Exhibit](https://www.sec.gov/Archives/edgar/data/1374310/000155837023001489/cboe-20221231xex10d83.htm) [10.83](https://www.sec.gov/Archives/edgar/data/1374310/000155837023001489/cboe-20221231xex10d83.htm) [to the Company's](https://www.sec.gov/Archives/edgar/data/1374310/000155837023001489/cboe-20221231xex10d83.htm) [Annual](https://www.sec.gov/Archives/edgar/data/1374310/000155837023001489/cboe-20221231xex10d83.htm) [Report on Form](https://www.sec.gov/Archives/edgar/data/1374310/000155837023001489/cboe-20221231xex10d83.htm) [10-K for the year ended December 31, 2022](https://www.sec.gov/Archives/edgar/data/1374310/000155837023001489/cboe-20221231xex10d83.htm) [(File No. 001-34774) filed on](https://www.sec.gov/Archives/edgar/data/1374310/000155837023001489/cboe-20221231xex10d83.htm) [February 17](https://www.sec.gov/Archives/edgar/data/1374310/000155837023001489/cboe-20221231xex10d83.htm) [, 2023.\*](https://www.sec.gov/Archives/edgar/data/1374310/000155837023001489/cboe-20221231xex10d83.htm)</u>

10.45 <u>[Form of 2023 Restricted](https://www.sec.gov/Archives/edgar/data/1374310/000155837023001489/cboe-20221231xex10d84.htm) [Stock](https://www.sec.gov/Archives/edgar/data/1374310/000155837023001489/cboe-20221231xex10d84.htm) [Unit Award Agreement (relative total shareholder return)](https://www.sec.gov/Archives/edgar/data/1374310/000155837023001489/cboe-20221231xex10d84.htm) [, incorporated by reference to Exhibit](https://www.sec.gov/Archives/edgar/data/1374310/000155837023001489/cboe-20221231xex10d84.htm) [10.84](https://www.sec.gov/Archives/edgar/data/1374310/000155837023001489/cboe-20221231xex10d84.htm) [to the Company's](https://www.sec.gov/Archives/edgar/data/1374310/000155837023001489/cboe-20221231xex10d84.htm) [Annual](https://www.sec.gov/Archives/edgar/data/1374310/000155837023001489/cboe-20221231xex10d84.htm) [Report on Form](https://www.sec.gov/Archives/edgar/data/1374310/000155837023001489/cboe-20221231xex10d84.htm) [10-K for the year ended December 31, 2022](https://www.sec.gov/Archives/edgar/data/1374310/000155837023001489/cboe-20221231xex10d84.htm) [(File No. 001-34774) filed on](https://www.sec.gov/Archives/edgar/data/1374310/000155837023001489/cboe-20221231xex10d84.htm) [February 17](https://www.sec.gov/Archives/edgar/data/1374310/000155837023001489/cboe-20221231xex10d84.htm) [,](https://www.sec.gov/Archives/edgar/data/1374310/000155837023001489/cboe-20221231xex10d84.htm) [2023.\*](https://www.sec.gov/Archives/edgar/data/1374310/000155837023001489/cboe-20221231xex10d84.htm)</u>

10.46 <u>[Form of 2023 Restricted Stock Unit Award Agreement (earnings per share)](https://www.sec.gov/Archives/edgar/data/1374310/000155837023001489/cboe-20221231xex10d85.htm) [,](https://www.sec.gov/Archives/edgar/data/1374310/000155837023001489/cboe-20221231xex10d85.htm) [incorporated by reference to Exhibit](https://www.sec.gov/Archives/edgar/data/1374310/000155837023001489/cboe-20221231xex10d85.htm) [10.85](https://www.sec.gov/Archives/edgar/data/1374310/000155837023001489/cboe-20221231xex10d85.htm) [to the Company's](https://www.sec.gov/Archives/edgar/data/1374310/000155837023001489/cboe-20221231xex10d85.htm) [Annual](https://www.sec.gov/Archives/edgar/data/1374310/000155837023001489/cboe-20221231xex10d85.htm) [Report on Form](https://www.sec.gov/Archives/edgar/data/1374310/000155837023001489/cboe-20221231xex10d85.htm) [10-K for the year ended December 31, 2022](https://www.sec.gov/Archives/edgar/data/1374310/000155837023001489/cboe-20221231xex10d85.htm) [(File No. 001-34774) filed on](https://www.sec.gov/Archives/edgar/data/1374310/000155837023001489/cboe-20221231xex10d85.htm) [February 17](https://www.sec.gov/Archives/edgar/data/1374310/000155837023001489/cboe-20221231xex10d85.htm) [,](https://www.sec.gov/Archives/edgar/data/1374310/000155837023001489/cboe-20221231xex10d85.htm) [2023.\*](https://www.sec.gov/Archives/edgar/data/1374310/000155837023001489/cboe-20221231xex10d85.htm)</u>

10.47 <u>[Form of 2023 Restricted Stock Unit Award Agreement without Retirement Vesting (relative total shareholder return)](https://www.sec.gov/Archives/edgar/data/1374310/000155837023001489/cboe-20221231xex10d86.htm) [, incorporated by reference to Exhibit](https://www.sec.gov/Archives/edgar/data/1374310/000155837023001489/cboe-20221231xex10d86.htm) [10.86](https://www.sec.gov/Archives/edgar/data/1374310/000155837023001489/cboe-20221231xex10d86.htm) [to the Company's Annual Report on Form 10-K for the year ended December 31, 2022 (File No. 001-34774) filed on February 17,](https://www.sec.gov/Archives/edgar/data/1374310/000155837023001489/cboe-20221231xex10d86.htm) [2023.\*](https://www.sec.gov/Archives/edgar/data/1374310/000155837023001489/cboe-20221231xex10d86.htm)</u>

10.48 <u>[Form of 2023 Restricted Stock Unit Award Agreement without Retirement Vesting (earnings per share)](https://www.sec.gov/Archives/edgar/data/1374310/000155837023001489/cboe-20221231xex10d87.htm) [, incorporated by reference to Exhibit](https://www.sec.gov/Archives/edgar/data/1374310/000155837023001489/cboe-20221231xex10d87.htm) [10.87](https://www.sec.gov/Archives/edgar/data/1374310/000155837023001489/cboe-20221231xex10d87.htm) [to the](https://www.sec.gov/Archives/edgar/data/1374310/000155837023001489/cboe-20221231xex10d87.htm) [Company's](https://www.sec.gov/Archives/edgar/data/1374310/000155837023001489/cboe-20221231xex10d87.htm) [Annual Report on Form 10-K for the year ended December 31,](https://www.sec.gov/Archives/edgar/data/1374310/000155837023001489/cboe-20221231xex10d87.htm) [2022](https://www.sec.gov/Archives/edgar/data/1374310/000155837023001489/cboe-20221231xex10d87.htm) [(File No. 001-34774) filed on February](https://www.sec.gov/Archives/edgar/data/1374310/000155837023001489/cboe-20221231xex10d87.htm) [17](https://www.sec.gov/Archives/edgar/data/1374310/000155837023001489/cboe-20221231xex10d87.htm) [,](https://www.sec.gov/Archives/edgar/data/1374310/000155837023001489/cboe-20221231xex10d87.htm) [2023.\*](https://www.sec.gov/Archives/edgar/data/1374310/000155837023001489/cboe-20221231xex10d87.htm)</u>

10.49 <u>[Restricted Stock Unit Award Agreement](https://www.sec.gov/Archives/edgar/data/1374310/000155837023017503/cboe-20230930xex10d4.htm) [, dated October 12, 2023, for Fredric J. Tomczyk](https://www.sec.gov/Archives/edgar/data/1374310/000155837023017503/cboe-20230930xex10d4.htm) [, incorporated by reference to Exhibit](https://www.sec.gov/Archives/edgar/data/1374310/000155837023017503/cboe-20230930xex10d4.htm) [10.4](https://www.sec.gov/Archives/edgar/data/1374310/000155837023017503/cboe-20230930xex10d4.htm) [to the Company's](https://www.sec.gov/Archives/edgar/data/1374310/000155837023017503/cboe-20230930xex10d4.htm) [Quarterly](https://www.sec.gov/Archives/edgar/data/1374310/000155837023017503/cboe-20230930xex10d4.htm) [Report on Form](https://www.sec.gov/Archives/edgar/data/1374310/000155837023017503/cboe-20230930xex10d4.htm) [10-Q](https://www.sec.gov/Archives/edgar/data/1374310/000155837023017503/cboe-20230930xex10d4.htm) [(File No. 001-34774) filed on](https://www.sec.gov/Archives/edgar/data/1374310/000155837023017503/cboe-20230930xex10d4.htm) [November 3](https://www.sec.gov/Archives/edgar/data/1374310/000155837023017503/cboe-20230930xex10d4.htm) [, 2023.\*](https://www.sec.gov/Archives/edgar/data/1374310/000155837023017503/cboe-20230930xex10d4.htm)</u>

10.50 <u>[Form of](https://www.sec.gov/Archives/edgar/data/1374310/000155837023015106/cboe-20230815xex10d1.htm) [2023](https://www.sec.gov/Archives/edgar/data/1374310/000155837023015106/cboe-20230815xex10d1.htm) [Restricted Stock Unit Award Agreement](https://www.sec.gov/Archives/edgar/data/1374310/000155837023015106/cboe-20230815xex10d1.htm) [with Vesting Dates](https://www.sec.gov/Archives/edgar/data/1374310/000155837023015106/cboe-20230815xex10d1.htm) [, incorporated by reference to Exhibit](https://www.sec.gov/Archives/edgar/data/1374310/000155837023015106/cboe-20230815xex10d1.htm) [10.1](https://www.sec.gov/Archives/edgar/data/1374310/000155837023015106/cboe-20230815xex10d1.htm) [to the Company's](https://www.sec.gov/Archives/edgar/data/1374310/000155837023015106/cboe-20230815xex10d1.htm) [Current](https://www.sec.gov/Archives/edgar/data/1374310/000155837023015106/cboe-20230815xex10d1.htm) [Report on Form](https://www.sec.gov/Archives/edgar/data/1374310/000155837023015106/cboe-20230815xex10d1.htm) [8-K](https://www.sec.gov/Archives/edgar/data/1374310/000155837023015106/cboe-20230815xex10d1.htm) [(File No. 001-34774) filed on](https://www.sec.gov/Archives/edgar/data/1374310/000155837023015106/cboe-20230815xex10d1.htm) [August 18](https://www.sec.gov/Archives/edgar/data/1374310/000155837023015106/cboe-20230815xex10d1.htm) [, 2023.\*](https://www.sec.gov/Archives/edgar/data/1374310/000155837023015106/cboe-20230815xex10d1.htm)</u>

10.51 <u>[Form of](https://www.sec.gov/Archives/edgar/data/1374310/000155837023015106/cboe-20230815xex10d2.htm) [2023](https://www.sec.gov/Archives/edgar/data/1374310/000155837023015106/cboe-20230815xex10d2.htm) [Restricted Stock Unit Award Agreement](https://www.sec.gov/Archives/edgar/data/1374310/000155837023015106/cboe-20230815xex10d2.htm) [without Retirement Vesting (3 Year Cliff Vest)](https://www.sec.gov/Archives/edgar/data/1374310/000155837023015106/cboe-20230815xex10d2.htm) [, incorporated by reference to Exhibit](https://www.sec.gov/Archives/edgar/data/1374310/000155837023015106/cboe-20230815xex10d2.htm) [10.2](https://www.sec.gov/Archives/edgar/data/1374310/000155837023015106/cboe-20230815xex10d2.htm) [to the](https://www.sec.gov/Archives/edgar/data/1374310/000155837023015106/cboe-20230815xex10d2.htm) [Company's Current](https://www.sec.gov/Archives/edgar/data/1374310/000155837023015106/cboe-20230815xex10d2.htm) [Report on Form](https://www.sec.gov/Archives/edgar/data/1374310/000155837023015106/cboe-20230815xex10d2.htm) [8-K](https://www.sec.gov/Archives/edgar/data/1374310/000155837023015106/cboe-20230815xex10d2.htm) [(File No. 001-34774) filed on](https://www.sec.gov/Archives/edgar/data/1374310/000155837023015106/cboe-20230815xex10d2.htm) [August](https://www.sec.gov/Archives/edgar/data/1374310/000155837023015106/cboe-20230815xex10d2.htm) [18,](https://www.sec.gov/Archives/edgar/data/1374310/000155837023015106/cboe-20230815xex10d2.htm) [2023.\*](https://www.sec.gov/Archives/edgar/data/1374310/000155837023015106/cboe-20230815xex10d2.htm)</u>

10.52 <u>[Form of](https://www.sec.gov/Archives/edgar/data/1374310/000155837024001277/cboe-20231231xex10d89.htm) [2024](https://www.sec.gov/Archives/edgar/data/1374310/000155837024001277/cboe-20231231xex10d89.htm) [Restricted Stock Unit Award Agreement](https://www.sec.gov/Archives/edgar/data/1374310/000155837024001277/cboe-20231231xex10d89.htm) [(for Executive Officers)](https://www.sec.gov/Archives/edgar/data/1374310/000155837024001277/cboe-20231231xex10d89.htm) [, incorporated by reference to Exhibit](https://www.sec.gov/Archives/edgar/data/1374310/000155837024001277/cboe-20231231xex10d89.htm) [10.89](https://www.sec.gov/Archives/edgar/data/1374310/000155837024001277/cboe-20231231xex10d89.htm) [to the](https://www.sec.gov/Archives/edgar/data/1374310/000155837024001277/cboe-20231231xex10d89.htm) [Company's](https://www.sec.gov/Archives/edgar/data/1374310/000155837024001277/cboe-20231231xex10d89.htm) [Annual Report on Form 10-K for the year ended December 31,](https://www.sec.gov/Archives/edgar/data/1374310/000155837024001277/cboe-20231231xex10d89.htm) [2023](https://www.sec.gov/Archives/edgar/data/1374310/000155837024001277/cboe-20231231xex10d89.htm) [(File No. 001-34774) filed on February](https://www.sec.gov/Archives/edgar/data/1374310/000155837024001277/cboe-20231231xex10d89.htm) [16](https://www.sec.gov/Archives/edgar/data/1374310/000155837024001277/cboe-20231231xex10d89.htm) [,](https://www.sec.gov/Archives/edgar/data/1374310/000155837024001277/cboe-20231231xex10d89.htm) [2024.\*](https://www.sec.gov/Archives/edgar/data/1374310/000155837024001277/cboe-20231231xex10d89.htm)</u>

10.53 <u>[Form of](https://www.sec.gov/Archives/edgar/data/1374310/000155837024001277/cboe-20231231xex10d90.htm) [2024](https://www.sec.gov/Archives/edgar/data/1374310/000155837024001277/cboe-20231231xex10d90.htm) [Restricted Stock Unit Award Agreement](https://www.sec.gov/Archives/edgar/data/1374310/000155837024001277/cboe-20231231xex10d90.htm) [(relative total shareholder return)](https://www.sec.gov/Archives/edgar/data/1374310/000155837024001277/cboe-20231231xex10d90.htm) [, incorporated by reference to Exhibit](https://www.sec.gov/Archives/edgar/data/1374310/000155837024001277/cboe-20231231xex10d90.htm) [10.90](https://www.sec.gov/Archives/edgar/data/1374310/000155837024001277/cboe-20231231xex10d90.htm) [to the](https://www.sec.gov/Archives/edgar/data/1374310/000155837024001277/cboe-20231231xex10d90.htm) [Company's](https://www.sec.gov/Archives/edgar/data/1374310/000155837024001277/cboe-20231231xex10d90.htm) [Annual Report on Form 10-K for the year ended December 31,](https://www.sec.gov/Archives/edgar/data/1374310/000155837024001277/cboe-20231231xex10d90.htm) [2023](https://www.sec.gov/Archives/edgar/data/1374310/000155837024001277/cboe-20231231xex10d90.htm) [(File No. 001-34774) filed on February](https://www.sec.gov/Archives/edgar/data/1374310/000155837024001277/cboe-20231231xex10d90.htm) [16](https://www.sec.gov/Archives/edgar/data/1374310/000155837024001277/cboe-20231231xex10d90.htm) [,](https://www.sec.gov/Archives/edgar/data/1374310/000155837024001277/cboe-20231231xex10d90.htm) [2024.\*](https://www.sec.gov/Archives/edgar/data/1374310/000155837024001277/cboe-20231231xex10d90.htm)</u>

10.54 <u>[Form of](https://www.sec.gov/Archives/edgar/data/1374310/000155837024001277/cboe-20231231xex10d91.htm) [2024](https://www.sec.gov/Archives/edgar/data/1374310/000155837024001277/cboe-20231231xex10d91.htm) [Restricted Stock Unit Award Agreement](https://www.sec.gov/Archives/edgar/data/1374310/000155837024001277/cboe-20231231xex10d91.htm) [(earnings per share)](https://www.sec.gov/Archives/edgar/data/1374310/000155837024001277/cboe-20231231xex10d91.htm) [, incorporated by reference to Exhibit](https://www.sec.gov/Archives/edgar/data/1374310/000155837024001277/cboe-20231231xex10d91.htm) [10.91](https://www.sec.gov/Archives/edgar/data/1374310/000155837024001277/cboe-20231231xex10d91.htm) [to the](https://www.sec.gov/Archives/edgar/data/1374310/000155837024001277/cboe-20231231xex10d91.htm) [Company's](https://www.sec.gov/Archives/edgar/data/1374310/000155837024001277/cboe-20231231xex10d91.htm) [Annual Report on Form 10-K for the year ended December 31,](https://www.sec.gov/Archives/edgar/data/1374310/000155837024001277/cboe-20231231xex10d91.htm) [2023](https://www.sec.gov/Archives/edgar/data/1374310/000155837024001277/cboe-20231231xex10d91.htm) [(File No. 001-34774) filed on February](https://www.sec.gov/Archives/edgar/data/1374310/000155837024001277/cboe-20231231xex10d91.htm) [16](https://www.sec.gov/Archives/edgar/data/1374310/000155837024001277/cboe-20231231xex10d91.htm) [,](https://www.sec.gov/Archives/edgar/data/1374310/000155837024001277/cboe-20231231xex10d91.htm) [2024.\*](https://www.sec.gov/Archives/edgar/data/1374310/000155837024001277/cboe-20231231xex10d91.htm)</u>

10.55 <u>[Form of](https://www.sec.gov/Archives/edgar/data/1374310/000155837024001277/cboe-20231231xex10d92.htm) [2024](https://www.sec.gov/Archives/edgar/data/1374310/000155837024001277/cboe-20231231xex10d92.htm) [Restricted Stock Unit Award Agreement without Retirement Vesting](https://www.sec.gov/Archives/edgar/data/1374310/000155837024001277/cboe-20231231xex10d92.htm) [(relative total shareholder return)](https://www.sec.gov/Archives/edgar/data/1374310/000155837024001277/cboe-20231231xex10d92.htm) [, incorporated by reference to Exhibit](https://www.sec.gov/Archives/edgar/data/1374310/000155837024001277/cboe-20231231xex10d92.htm) [10.92](https://www.sec.gov/Archives/edgar/data/1374310/000155837024001277/cboe-20231231xex10d92.htm) [to the](https://www.sec.gov/Archives/edgar/data/1374310/000155837024001277/cboe-20231231xex10d92.htm) [Company's](https://www.sec.gov/Archives/edgar/data/1374310/000155837024001277/cboe-20231231xex10d92.htm) [Annual Report on Form 10-K for the year ended December 31,](https://www.sec.gov/Archives/edgar/data/1374310/000155837024001277/cboe-20231231xex10d92.htm) [2023](https://www.sec.gov/Archives/edgar/data/1374310/000155837024001277/cboe-20231231xex10d92.htm) [(File No. 001-34774) filed on February](https://www.sec.gov/Archives/edgar/data/1374310/000155837024001277/cboe-20231231xex10d92.htm) [16](https://www.sec.gov/Archives/edgar/data/1374310/000155837024001277/cboe-20231231xex10d92.htm) [,](https://www.sec.gov/Archives/edgar/data/1374310/000155837024001277/cboe-20231231xex10d92.htm) [2024.\*](https://www.sec.gov/Archives/edgar/data/1374310/000155837024001277/cboe-20231231xex10d92.htm)</u>

10.56 <u>[Form of](https://www.sec.gov/Archives/edgar/data/1374310/000155837024001277/cboe-20231231xex10d93.htm) [2024](https://www.sec.gov/Archives/edgar/data/1374310/000155837024001277/cboe-20231231xex10d93.htm) [Restricted Stock Unit Award Agreement](https://www.sec.gov/Archives/edgar/data/1374310/000155837024001277/cboe-20231231xex10d93.htm) [without Retirement Vesting (earnings per share)](https://www.sec.gov/Archives/edgar/data/1374310/000155837024001277/cboe-20231231xex10d93.htm) [, incorporated by reference to Exhibit](https://www.sec.gov/Archives/edgar/data/1374310/000155837024001277/cboe-20231231xex10d93.htm) [10.93](https://www.sec.gov/Archives/edgar/data/1374310/000155837024001277/cboe-20231231xex10d93.htm) [to the Company's](https://www.sec.gov/Archives/edgar/data/1374310/000155837024001277/cboe-20231231xex10d93.htm) [Annual](https://www.sec.gov/Archives/edgar/data/1374310/000155837024001277/cboe-20231231xex10d93.htm) [Report on Form](https://www.sec.gov/Archives/edgar/data/1374310/000155837024001277/cboe-20231231xex10d93.htm) [10-K for the year ended December 31, 2023](https://www.sec.gov/Archives/edgar/data/1374310/000155837024001277/cboe-20231231xex10d93.htm) [(File No. 001-34774) filed on](https://www.sec.gov/Archives/edgar/data/1374310/000155837024001277/cboe-20231231xex10d93.htm) [February 16](https://www.sec.gov/Archives/edgar/data/1374310/000155837024001277/cboe-20231231xex10d93.htm) [,](https://www.sec.gov/Archives/edgar/data/1374310/000155837024001277/cboe-20231231xex10d93.htm) [2024.\*](https://www.sec.gov/Archives/edgar/data/1374310/000155837024001277/cboe-20231231xex10d93.htm)</u>

10.57 <u>[Form of](https://www.sec.gov/Archives/edgar/data/1374310/000155837024001277/cboe-20231231xex10d94.htm) [2024](https://www.sec.gov/Archives/edgar/data/1374310/000155837024001277/cboe-20231231xex10d94.htm) [Restricted Stock Unit Award Agreement](https://www.sec.gov/Archives/edgar/data/1374310/000155837024001277/cboe-20231231xex10d94.htm) [without Retirement Vesting (3 Year Cliff Vest)](https://www.sec.gov/Archives/edgar/data/1374310/000155837024001277/cboe-20231231xex10d94.htm) [, incorporated by reference to Exhibit](https://www.sec.gov/Archives/edgar/data/1374310/000155837024001277/cboe-20231231xex10d94.htm) [10.94](https://www.sec.gov/Archives/edgar/data/1374310/000155837024001277/cboe-20231231xex10d94.htm) [to the Company's Annual Report on Form 10-K for the year ended December 31,](https://www.sec.gov/Archives/edgar/data/1374310/000155837024001277/cboe-20231231xex10d94.htm) [2023](https://www.sec.gov/Archives/edgar/data/1374310/000155837024001277/cboe-20231231xex10d94.htm) [(File No. 001-34774) filed on February](https://www.sec.gov/Archives/edgar/data/1374310/000155837024001277/cboe-20231231xex10d94.htm) [16](https://www.sec.gov/Archives/edgar/data/1374310/000155837024001277/cboe-20231231xex10d94.htm) [,](https://www.sec.gov/Archives/edgar/data/1374310/000155837024001277/cboe-20231231xex10d94.htm) [2024.\*](https://www.sec.gov/Archives/edgar/data/1374310/000155837024001277/cboe-20231231xex10d94.htm)</u>

------

<u>[**Table of Contents**](#ic735b6ccda1a481fa4a1f9edfa4f3665_7)</u>

10.58 <u>[Form of](https://www.sec.gov/Archives/edgar/data/1374310/000162828025006984/cboe-20241231xex1071.htm) [Restricted Stock Unit Award Agreement](https://www.sec.gov/Archives/edgar/data/1374310/000162828025006984/cboe-20241231xex1071.htm) [(for Non-employee US and CDN Directors)](https://www.sec.gov/Archives/edgar/data/1374310/000162828025006984/cboe-20241231xex1071.htm) [, incorporated by reference to Exhibit](https://www.sec.gov/Archives/edgar/data/1374310/000162828025006984/cboe-20241231xex1071.htm) [10.71](https://www.sec.gov/Archives/edgar/data/1374310/000162828025006984/cboe-20241231xex1071.htm) [to the Company's Annual Report on Form 10-K for the year ended December 31,](https://www.sec.gov/Archives/edgar/data/1374310/000162828025006984/cboe-20241231xex1071.htm) [2024](https://www.sec.gov/Archives/edgar/data/1374310/000162828025006984/cboe-20241231xex1071.htm) [(File No. 001-34774) filed on February](https://www.sec.gov/Archives/edgar/data/1374310/000162828025006984/cboe-20241231xex1071.htm) [21](https://www.sec.gov/Archives/edgar/data/1374310/000162828025006984/cboe-20241231xex1071.htm) [,](https://www.sec.gov/Archives/edgar/data/1374310/000162828025006984/cboe-20241231xex1071.htm) [2025.\*](https://www.sec.gov/Archives/edgar/data/1374310/000162828025006984/cboe-20241231xex1071.htm)</u>

10.59 <u>[Form of](https://www.sec.gov/Archives/edgar/data/1374310/000162828025006984/cboe-20241231xex1072.htm) [Restricted Stock Unit Award Agreement](https://www.sec.gov/Archives/edgar/data/1374310/000162828025006984/cboe-20241231xex1072.htm) [(for Non-employee CDN Directors)](https://www.sec.gov/Archives/edgar/data/1374310/000162828025006984/cboe-20241231xex1072.htm) [, incorporated by reference to Exhibit](https://www.sec.gov/Archives/edgar/data/1374310/000162828025006984/cboe-20241231xex1072.htm) [10.72](https://www.sec.gov/Archives/edgar/data/1374310/000162828025006984/cboe-20241231xex1072.htm) [to the Company's Annual Report on Form 10-K for the year ended December 31,](https://www.sec.gov/Archives/edgar/data/1374310/000162828025006984/cboe-20241231xex1072.htm) [2024](https://www.sec.gov/Archives/edgar/data/1374310/000162828025006984/cboe-20241231xex1072.htm) [(File No. 001-34774) filed on February](https://www.sec.gov/Archives/edgar/data/1374310/000162828025006984/cboe-20241231xex1072.htm) [21](https://www.sec.gov/Archives/edgar/data/1374310/000162828025006984/cboe-20241231xex1072.htm) [,](https://www.sec.gov/Archives/edgar/data/1374310/000162828025006984/cboe-20241231xex1072.htm) [2025.\*](https://www.sec.gov/Archives/edgar/data/1374310/000162828025006984/cboe-20241231xex1072.htm)</u>

10.60 <u>[Form of](https://www.sec.gov/Archives/edgar/data/1374310/000162828025006984/cboe-20241231xex1073.htm) [2025](https://www.sec.gov/Archives/edgar/data/1374310/000162828025006984/cboe-20241231xex1073.htm) [Restricted Stock Unit Award Agreement](https://www.sec.gov/Archives/edgar/data/1374310/000162828025006984/cboe-20241231xex1073.htm) [(for Executive Officers)](https://www.sec.gov/Archives/edgar/data/1374310/000162828025006984/cboe-20241231xex1073.htm) [, incorporated by reference to Exhibit](https://www.sec.gov/Archives/edgar/data/1374310/000162828025006984/cboe-20241231xex1073.htm) [10.73](https://www.sec.gov/Archives/edgar/data/1374310/000162828025006984/cboe-20241231xex1073.htm) [to the Company's Annual Report on Form 10-K for the year ended December 31,](https://www.sec.gov/Archives/edgar/data/1374310/000162828025006984/cboe-20241231xex1073.htm) [2024](https://www.sec.gov/Archives/edgar/data/1374310/000162828025006984/cboe-20241231xex1073.htm) [(File No. 001-34774) filed on February](https://www.sec.gov/Archives/edgar/data/1374310/000162828025006984/cboe-20241231xex1073.htm) [21](https://www.sec.gov/Archives/edgar/data/1374310/000162828025006984/cboe-20241231xex1073.htm) [,](https://www.sec.gov/Archives/edgar/data/1374310/000162828025006984/cboe-20241231xex1073.htm) [2025.\*](https://www.sec.gov/Archives/edgar/data/1374310/000162828025006984/cboe-20241231xex1073.htm)</u>

10.61 <u>[Form of](https://www.sec.gov/Archives/edgar/data/1374310/000162828025006984/cboe-20241231xex1074.htm) [2025](https://www.sec.gov/Archives/edgar/data/1374310/000162828025006984/cboe-20241231xex1074.htm) [Restricted Stock Unit Award Agreement](https://www.sec.gov/Archives/edgar/data/1374310/000162828025006984/cboe-20241231xex1074.htm) [(relative total shareholder return)](https://www.sec.gov/Archives/edgar/data/1374310/000162828025006984/cboe-20241231xex1074.htm) [, incorporated by reference to Exhibit](https://www.sec.gov/Archives/edgar/data/1374310/000162828025006984/cboe-20241231xex1074.htm) [10.74](https://www.sec.gov/Archives/edgar/data/1374310/000162828025006984/cboe-20241231xex1074.htm) [to the Company's Annual Report on Form 10-K for the year ended December 31,](https://www.sec.gov/Archives/edgar/data/1374310/000162828025006984/cboe-20241231xex1074.htm) [2024](https://www.sec.gov/Archives/edgar/data/1374310/000162828025006984/cboe-20241231xex1074.htm) [(File No. 001-34774) filed on February](https://www.sec.gov/Archives/edgar/data/1374310/000162828025006984/cboe-20241231xex1074.htm) [21](https://www.sec.gov/Archives/edgar/data/1374310/000162828025006984/cboe-20241231xex1074.htm) [,](https://www.sec.gov/Archives/edgar/data/1374310/000162828025006984/cboe-20241231xex1074.htm) [2025.\*](https://www.sec.gov/Archives/edgar/data/1374310/000162828025006984/cboe-20241231xex1074.htm)</u>

10.62 <u>[Form of 2025](https://www.sec.gov/Archives/edgar/data/1374310/000162828025006984/cboe-20241231xex1075.htm) [Restricted Stock Unit Award Agreement](https://www.sec.gov/Archives/edgar/data/1374310/000162828025006984/cboe-20241231xex1075.htm) [(earnings per share)](https://www.sec.gov/Archives/edgar/data/1374310/000162828025006984/cboe-20241231xex1075.htm) [,](https://www.sec.gov/Archives/edgar/data/1374310/000162828025006984/cboe-20241231xex1075.htm) [incorporated by reference to Exhibit](https://www.sec.gov/Archives/edgar/data/1374310/000162828025006984/cboe-20241231xex1075.htm) [10.75](https://www.sec.gov/Archives/edgar/data/1374310/000162828025006984/cboe-20241231xex1075.htm) [to the](https://www.sec.gov/Archives/edgar/data/1374310/000162828025006984/cboe-20241231xex1075.htm) [Company's Annual](https://www.sec.gov/Archives/edgar/data/1374310/000162828025006984/cboe-20241231xex1075.htm) [Report on Form](https://www.sec.gov/Archives/edgar/data/1374310/000162828025006984/cboe-20241231xex1075.htm) [10-K for the year ended December 31, 2024](https://www.sec.gov/Archives/edgar/data/1374310/000162828025006984/cboe-20241231xex1075.htm) [(File No. 001-34774) filed on](https://www.sec.gov/Archives/edgar/data/1374310/000162828025006984/cboe-20241231xex1075.htm) [February 21](https://www.sec.gov/Archives/edgar/data/1374310/000162828025006984/cboe-20241231xex1075.htm) [,](https://www.sec.gov/Archives/edgar/data/1374310/000162828025006984/cboe-20241231xex1075.htm) [2025.\*](https://www.sec.gov/Archives/edgar/data/1374310/000162828025006984/cboe-20241231xex1075.htm)</u>

10.63 <u>[Form of 2025 Restricted Stock Unit Award Agreement without Retirement Vesting (relative total shareholder return), incorporated by reference to Exhibit 10.76 to the Company's Annual Report on Form 10-K for the year ended December 31, 2024 (File No. 001-34774) filed on February 21, 2025.\*](https://www.sec.gov/Archives/edgar/data/1374310/000162828025006984/cboe-20241231xex1076.htm)</u>

10.64 <u>[Form of 2025 Restricted Stock Unit Award Agreement without Retirement Vesting (earnings per share), incorporated by reference to Exhibit 10.77 to the Company's Annual Report on Form 10-K for the year ended December 31, 2024 (File No. 001-34774) filed on February 21, 2025.\*](https://www.sec.gov/Archives/edgar/data/1374310/000162828025006984/cboe-20241231xex1077.htm)</u>

10.65 <u>[Form of 2025 Restricted Stock Unit Award Agreement without Retirement Vesting (3 Year Cliff Vest), incorporated by reference to Exhibit 10.78 to the Company's Annual Report on Form 10-K for the year ended December 31, 2024 (File No. 001-34774) filed on February 21, 2025.\*](https://www.sec.gov/Archives/edgar/data/1374310/000162828025006984/cboe-20241231xex1078.htm)</u>

10.66 <u>[Form of 2025 Restricted Stock Unit Award Agreement for Fredric J. Tomczyk, incorporated by reference to Exhibit 10.79 to the Company's Annual Report on Form 10-K for the year ended December 31, 2024 (File No. 001-34774) filed on February 21, 2025.\*](https://www.sec.gov/Archives/edgar/data/1374310/000162828025006984/cboe-20241231xex1079.htm)</u>

10.67 <u>[Form of](https://www.sec.gov/Archives/edgar/data/1374310/000162828025037149/cboe-20250630xex103.htm) [2025 Annual](https://www.sec.gov/Archives/edgar/data/1374310/000162828025037149/cboe-20250630xex103.htm) [Restricted Stock Unit Award Agreement](https://www.sec.gov/Archives/edgar/data/1374310/000162828025037149/cboe-20250630xex103.htm) [for Craig S. Donohue](https://www.sec.gov/Archives/edgar/data/1374310/000162828025037149/cboe-20250630xex103.htm) [, incorporated by reference to Exhibit](https://www.sec.gov/Archives/edgar/data/1374310/000162828025037149/cboe-20250630xex103.htm) [10.3](https://www.sec.gov/Archives/edgar/data/1374310/000162828025037149/cboe-20250630xex103.htm) [to the](https://www.sec.gov/Archives/edgar/data/1374310/000162828025037149/cboe-20250630xex103.htm) [Company's Quarterly](https://www.sec.gov/Archives/edgar/data/1374310/000162828025037149/cboe-20250630xex103.htm) [Report on Form](https://www.sec.gov/Archives/edgar/data/1374310/000162828025037149/cboe-20250630xex103.htm) [10-Q](https://www.sec.gov/Archives/edgar/data/1374310/000162828025037149/cboe-20250630xex103.htm) [for the](https://www.sec.gov/Archives/edgar/data/1374310/000162828025037149/cboe-20250630xex103.htm) [quarter](https://www.sec.gov/Archives/edgar/data/1374310/000162828025037149/cboe-20250630xex103.htm) [ended](https://www.sec.gov/Archives/edgar/data/1374310/000162828025037149/cboe-20250630xex103.htm) [June 30](https://www.sec.gov/Archives/edgar/data/1374310/000162828025037149/cboe-20250630xex103.htm) [,](https://www.sec.gov/Archives/edgar/data/1374310/000162828025037149/cboe-20250630xex103.htm) [2025](https://www.sec.gov/Archives/edgar/data/1374310/000162828025037149/cboe-20250630xex103.htm) [(File No. 001-34774) filed on](https://www.sec.gov/Archives/edgar/data/1374310/000162828025037149/cboe-20250630xex103.htm) [August 1](https://www.sec.gov/Archives/edgar/data/1374310/000162828025037149/cboe-20250630xex103.htm) [,](https://www.sec.gov/Archives/edgar/data/1374310/000162828025037149/cboe-20250630xex103.htm) [2025.\*](https://www.sec.gov/Archives/edgar/data/1374310/000162828025037149/cboe-20250630xex103.htm)</u>

10.68 <u>[Form of](https://www.sec.gov/Archives/edgar/data/1374310/000162828025037149/cboe-20250630xex104.htm) [2025 Annual](https://www.sec.gov/Archives/edgar/data/1374310/000162828025037149/cboe-20250630xex104.htm) [Restricted Stock Unit Award Agreement](https://www.sec.gov/Archives/edgar/data/1374310/000162828025037149/cboe-20250630xex104.htm) [for Craig S. Donohue](https://www.sec.gov/Archives/edgar/data/1374310/000162828025037149/cboe-20250630xex104.htm) [(relative total shareholder return), incorporated by reference to Exhibit](https://www.sec.gov/Archives/edgar/data/1374310/000162828025037149/cboe-20250630xex104.htm) [10.4](https://www.sec.gov/Archives/edgar/data/1374310/000162828025037149/cboe-20250630xex104.htm) [to the](https://www.sec.gov/Archives/edgar/data/1374310/000162828025037149/cboe-20250630xex104.htm) [Company's Quarterly](https://www.sec.gov/Archives/edgar/data/1374310/000162828025037149/cboe-20250630xex104.htm) [Report on Form](https://www.sec.gov/Archives/edgar/data/1374310/000162828025037149/cboe-20250630xex104.htm) [10-Q](https://www.sec.gov/Archives/edgar/data/1374310/000162828025037149/cboe-20250630xex104.htm) [for the](https://www.sec.gov/Archives/edgar/data/1374310/000162828025037149/cboe-20250630xex104.htm) [quarter](https://www.sec.gov/Archives/edgar/data/1374310/000162828025037149/cboe-20250630xex104.htm) [ended](https://www.sec.gov/Archives/edgar/data/1374310/000162828025037149/cboe-20250630xex104.htm) [June 30](https://www.sec.gov/Archives/edgar/data/1374310/000162828025037149/cboe-20250630xex104.htm) [,](https://www.sec.gov/Archives/edgar/data/1374310/000162828025037149/cboe-20250630xex104.htm) [2025](https://www.sec.gov/Archives/edgar/data/1374310/000162828025037149/cboe-20250630xex104.htm) [(File No. 001-34774) filed on](https://www.sec.gov/Archives/edgar/data/1374310/000162828025037149/cboe-20250630xex104.htm) [August 1](https://www.sec.gov/Archives/edgar/data/1374310/000162828025037149/cboe-20250630xex104.htm) [,](https://www.sec.gov/Archives/edgar/data/1374310/000162828025037149/cboe-20250630xex104.htm) [2025.\*](https://www.sec.gov/Archives/edgar/data/1374310/000162828025037149/cboe-20250630xex104.htm)</u>

10.69 <u>[Form of](https://www.sec.gov/Archives/edgar/data/1374310/000162828025037149/cboe-20250630xex105.htm) [2025 Annual](https://www.sec.gov/Archives/edgar/data/1374310/000162828025037149/cboe-20250630xex105.htm) [Restricted Stock Unit Award Agreement](https://www.sec.gov/Archives/edgar/data/1374310/000162828025037149/cboe-20250630xex105.htm) [for Craig S. Donohue](https://www.sec.gov/Archives/edgar/data/1374310/000162828025037149/cboe-20250630xex105.htm) [(earnings per share), incorporated by reference to Exhibit](https://www.sec.gov/Archives/edgar/data/1374310/000162828025037149/cboe-20250630xex105.htm) [10.5](https://www.sec.gov/Archives/edgar/data/1374310/000162828025037149/cboe-20250630xex105.htm) [to the](https://www.sec.gov/Archives/edgar/data/1374310/000162828025037149/cboe-20250630xex105.htm) [Company's Quarterly](https://www.sec.gov/Archives/edgar/data/1374310/000162828025037149/cboe-20250630xex105.htm) [Report on Form](https://www.sec.gov/Archives/edgar/data/1374310/000162828025037149/cboe-20250630xex105.htm) [10-Q](https://www.sec.gov/Archives/edgar/data/1374310/000162828025037149/cboe-20250630xex105.htm) [for the](https://www.sec.gov/Archives/edgar/data/1374310/000162828025037149/cboe-20250630xex105.htm) [quarter](https://www.sec.gov/Archives/edgar/data/1374310/000162828025037149/cboe-20250630xex105.htm) [ended](https://www.sec.gov/Archives/edgar/data/1374310/000162828025037149/cboe-20250630xex105.htm) [June 30](https://www.sec.gov/Archives/edgar/data/1374310/000162828025037149/cboe-20250630xex105.htm) [,](https://www.sec.gov/Archives/edgar/data/1374310/000162828025037149/cboe-20250630xex105.htm) [2025](https://www.sec.gov/Archives/edgar/data/1374310/000162828025037149/cboe-20250630xex105.htm) [(File No. 001-34774) filed on](https://www.sec.gov/Archives/edgar/data/1374310/000162828025037149/cboe-20250630xex105.htm) [August 1](https://www.sec.gov/Archives/edgar/data/1374310/000162828025037149/cboe-20250630xex105.htm) [,](https://www.sec.gov/Archives/edgar/data/1374310/000162828025037149/cboe-20250630xex105.htm) [2025.\*](https://www.sec.gov/Archives/edgar/data/1374310/000162828025037149/cboe-20250630xex105.htm)</u>

10.70 <u>[Form of](https://www.sec.gov/Archives/edgar/data/1374310/000162828025037149/cboe-20250630xex106.htm) [2025 Sign-On](https://www.sec.gov/Archives/edgar/data/1374310/000162828025037149/cboe-20250630xex106.htm) [Restricted Stock Unit Award Agreement](https://www.sec.gov/Archives/edgar/data/1374310/000162828025037149/cboe-20250630xex106.htm) [for Craig S. Donohue](https://www.sec.gov/Archives/edgar/data/1374310/000162828025037149/cboe-20250630xex106.htm) [(3](https://www.sec.gov/Archives/edgar/data/1374310/000162828025037149/cboe-20250630xex106.htm) [year cliff vest)](https://www.sec.gov/Archives/edgar/data/1374310/000162828025037149/cboe-20250630xex106.htm) [, incorporated by reference to Exhibit](https://www.sec.gov/Archives/edgar/data/1374310/000162828025037149/cboe-20250630xex106.htm) [10.6](https://www.sec.gov/Archives/edgar/data/1374310/000162828025037149/cboe-20250630xex106.htm) [to the](https://www.sec.gov/Archives/edgar/data/1374310/000162828025037149/cboe-20250630xex106.htm) [Company's Quarterly](https://www.sec.gov/Archives/edgar/data/1374310/000162828025037149/cboe-20250630xex106.htm) [Report on Form](https://www.sec.gov/Archives/edgar/data/1374310/000162828025037149/cboe-20250630xex106.htm) [10-Q](https://www.sec.gov/Archives/edgar/data/1374310/000162828025037149/cboe-20250630xex106.htm) [for the](https://www.sec.gov/Archives/edgar/data/1374310/000162828025037149/cboe-20250630xex106.htm) [quarter](https://www.sec.gov/Archives/edgar/data/1374310/000162828025037149/cboe-20250630xex106.htm) [ended](https://www.sec.gov/Archives/edgar/data/1374310/000162828025037149/cboe-20250630xex106.htm) [June 30](https://www.sec.gov/Archives/edgar/data/1374310/000162828025037149/cboe-20250630xex106.htm) [,](https://www.sec.gov/Archives/edgar/data/1374310/000162828025037149/cboe-20250630xex106.htm) [2025](https://www.sec.gov/Archives/edgar/data/1374310/000162828025037149/cboe-20250630xex106.htm) [(File No. 001-34774) filed on](https://www.sec.gov/Archives/edgar/data/1374310/000162828025037149/cboe-20250630xex106.htm) [August 1](https://www.sec.gov/Archives/edgar/data/1374310/000162828025037149/cboe-20250630xex106.htm) [,](https://www.sec.gov/Archives/edgar/data/1374310/000162828025037149/cboe-20250630xex106.htm) [2025.\*](https://www.sec.gov/Archives/edgar/data/1374310/000162828025037149/cboe-20250630xex106.htm)</u>

10.71 <u>[Form of](https://www.sec.gov/Archives/edgar/data/1374310/000162828025037149/cboe-20250630xex107.htm) [2025 Sign-On](https://www.sec.gov/Archives/edgar/data/1374310/000162828025037149/cboe-20250630xex107.htm) [Restricted Stock Unit Award Agreement](https://www.sec.gov/Archives/edgar/data/1374310/000162828025037149/cboe-20250630xex107.htm) [for Craig S. Donohue (relative total shareholder return), incorporated by reference to Exhibit 10.7 to the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2025 (File No. 001-34774) filed on August 1, 2025.\*](https://www.sec.gov/Archives/edgar/data/1374310/000162828025037149/cboe-20250630xex107.htm)</u>

10.72 <u>[Form of](https://www.sec.gov/Archives/edgar/data/1374310/000162828025037149/cboe-20250630xex108.htm) [2025 Sign-On](https://www.sec.gov/Archives/edgar/data/1374310/000162828025037149/cboe-20250630xex108.htm) [Restricted Stock Unit Award Agreement](https://www.sec.gov/Archives/edgar/data/1374310/000162828025037149/cboe-20250630xex108.htm) [for Craig S. Donohue (earnings per share), incorporated by reference to Exhibit 10.8 to the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2025 (File No. 001-34774) filed on August 1, 2025.\*](https://www.sec.gov/Archives/edgar/data/1374310/000162828025037149/cboe-20250630xex108.htm)</u>

10.73 <u>[Form of 2025 Restricted Stock Unit Award Agreement](https://www.sec.gov/Archives/edgar/data/1374310/000162828025037149/cboe-20250630xex109.htm) [with Vesting Dates, incorporated by reference to Exhibit 10.9 to the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2025 (File No. 001-34774) filed on August 1, 2025.\*](https://www.sec.gov/Archives/edgar/data/1374310/000162828025037149/cboe-20250630xex109.htm)</u>

10.74 <u>[Retirement and Consulting Agreement, effective as](https://www.sec.gov/Archives/edgar/data/1374310/000110465926006416/tm263772d1_ex10-1.htm) [of](https://www.sec.gov/Archives/edgar/data/1374310/000110465926006416/tm263772d1_ex10-1.htm) [January 26, 2026, between Cboe Global Markets, Inc. and Christopher A. Isaacson, incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K (File No. 001-34774) filed on January 26, 2026.\*](https://www.sec.gov/Archives/edgar/data/1374310/000110465926006416/tm263772d1_ex10-1.htm)</u>

10.75 <u>[Offer Letter to Scott Johnston, dated January 26, 2026 (filed herewith).\*](cboe-20251231xex1075.htm)</u>

10.76 <u>[Form of Restricted Stock Unit Award Agreement (for Non-employee US and CDN Directors) (filed herewith).\*](cboe-20251231xex1076.htm)</u>

10.77 <u>[Form of Restricted Stock Unit Award Agreement (for Non-employee CDN Directors) (filed herewith).\*](cboe-20251231xex1077.htm)</u>

10.78 <u>[Offer Letter to Robert Hocking, dated September 25, 2025 (filed herewith).\*](cboe-20251231xex1078.htm)</u>

10.79 <u>[Form of 2025 Restricted Stock Unit Award Agreement for Robert Hocking (filed herewith).\*](cboe-20251231xex1079.htm)</u>

------

<u>[**Table of Contents**](#ic735b6ccda1a481fa4a1f9edfa4f3665_7)</u>

---

| | |
|:---|:---|
| 10.80 | <u>[Form of 2025 Restricted Stock Unit Award Agreement for Robert Hocking (relative total shareholder return) (filed herewith).\*](cboe-20251231xex1080.htm)</u> |
| 10.81 | <u>[Form of 2025 Restricted Stock Unit Award Agreement for Robert Hocking (earnings per share) (filed herewith).\*](cboe-20251231xex1081.htm)</u> |
| 10.82 | <u>[Offer Letter to Prashant Bhatia, dated August 19, 2025 (filed herewith).\*](cboe-20251231xex1082.htm)</u> |
| 10.83 | <u>[Form of 2025 Restricted Stock Unit Award Agreement for Prashant Bhatia (filed herewith).\*](cboe-20251231xex1083.htm)</u> |
| 10.84 | <u>[Form of 2025 Restricted Stock Unit Award Agreement for Prashant Bhatia (relative total shareholder return) (filed herewith).\*](cboe-20251231xex1084.htm)</u> |
| 10.85 | <u>[Form of 2025 Restricted Stock Unit Award Agreement for Prashant Bhatia (earnings per share) (filed herewith).\*](cboe-20251231xex1085.htm)</u> |
| 10.86 | <u>[Form of 2026 Restricted Stock Unit Award Agreement for Craig S. Donohue (filed herewith).\*](cboe-20251231xex1086.htm)</u> |
| 10.87 | <u>[Form of 2026 Restricted Stock Unit Award Agreement for Craig S. Donohue (relative total shareholder return) (filed herewith).\*](cboe-20251231xex1087.htm)</u> |
| 10.88 | <u>[Form of 2026 Restricted Stock Unit Award Agreement for Craig S. Donohue (earnings per share) (filed herewith).\*](cboe-20251231xex1088.htm)</u> |
| 10.89 | <u>[Form of 2026 Restricted Stock Unit Award Agreement (for Executive Officers) (filed herewith).\*](cboe-20251231xex1089.htm)</u> |
| 10.90 | <u>[Form of 2026 Restricted Stock Unit Award Agreement (relative total shareholder return) (filed herewith).\*](cboe-20251231xex1090.htm)</u> |
| 10.91 | <u>[Form of 2026 Restricted Stock Unit Award Agreement (earnings per share) (filed herewith).\*](cboe-20251231xex1091.htm)</u> |
| 10.92 | <u>[Form of 2026 Restricted Stock Unit Award Agreement without Retirement Vesting (relative total shareholder return) (filed herewith).\*](cboe-20251231xex1092.htm)</u> |
| 10.93 | <u>[Form of 2026 Restricted Stock Unit Award Agreement without Retirement Vesting (earnings per share) (filed herewith).\*](cboe-20251231xex1093.htm)</u> |
| 10.94 | <u>[Form of 2026 Restricted Stock Unit Award Agreement without Retirement Vesting (3 Year Cliff Vest) (filed herewith).\*](cboe-20251231xex1094.htm)</u> |
| 10.95 | <u>[Form of 2026 Restricted Stock Unit Award Agreement with shortened vesting (for Executive Officers) (filed herewith).\*](cboe-20251231xex1095.htm)</u> |
| 19.1 | <u>[Cboe Global Markets, Inc. and Subsidiaries Insider Trading Policy (filed herewith).](cboe-20251231xex191.htm)</u> |
| 21.1 | <u>[Subsidiaries of Cboe Global Markets, Inc. (filed herewith).](cboe-20251231xex211.htm)</u> |
| 23.1 | <u>[Consent of Independent Registered Public Accounting Firm (filed herewith).](cboe-20251231xex231.htm)</u> |
| 24.1 | <u>[Powers of Attorney (incorporated by reference to the signature page of this Annual Report on Form 10-K).](#idcb66264a7a84d56b87842099cacdf1d_1415)</u> |
| 31.1 | <u>[Certification of Chief Executive Officer pursuant to Rule 13a-14 (filed herewith).](cboe-20251231xex311.htm)</u> |
| 31.2 | <u>[Certification of Chief Financial Officer pursuant to Rule 13a-14 (filed herewith).](cboe-20251231xex312.htm)</u> |
| 32.1 | <u>[Certificate of Chief Executive Officer pursuant to Rule 13a-14(b) and Section 1350 of Chapter 63 of Title 18 of the United States Code (filed herewith).](cboe-20251231xex321.htm)</u> |
| 32.2 | <u>[Certificate of Chief Financial Officer pursuant to Rule 13a-14(b) and Section 1350 of Chapter 63 of Title 18 of the United States Code (filed herewith).](cboe-20251231xex322.htm)</u> |
| 97.1 | <u>[Cboe Global Markets, Inc. Executive Officer Incentive Compensation Clawback Policy, incorporated by reference to Exhibit 97.1 to the Company's Annual Report on Form 10-K for the year ended December 31, 2023 (File No. 001-34774) filed on February 16, 2024.\*](https://www.sec.gov/Archives/edgar/data/1374310/000155837024001277/cboe-20231231xex97d1.htm)</u> |
| 101.INS | iXBRL Instance Document (filed herewith). |
| 101.SCH | iXBRL Taxonomy Extension Schema Document (filed herewith). |
| 101.CAL | iXBRL Taxonomy Extension Calculation Linkbase Document (filed herewith). |
| 101.DEF | iXBRL Taxonomy Extension Definition Linkbase (filed herewith). |
| 101.LAB | iXBRL Taxonomy Extension Label Linkbase Document (filed herewith). |
| 101.PRE | iXBRL Taxonomy Extension Presentation Linkbase Document (filed herewith). |
| 104 | Cover Page Interactive Data File (embedded as Inline XBRL document). |

---

**________________________________________________________**

\*Indicates Management Compensatory Plan, Contract, or Arrangement.

+Certain confidential portions (as indicated therein) of this exhibit have been omitted.

**Item 16. Form 10-K Summary**

None.

------

<u>[**Table of Contents**](#ic735b6ccda1a481fa4a1f9edfa4f3665_7)</u>

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | |
|:---|:---|:---|
| | Cboe Global Markets, Inc. | Cboe Global Markets, Inc. |
| | (Registrant) | (Registrant) |
| Date: February 20, 2026 | By: | /s/ Jill M. Griebenow |
|  | Name: | **Jill M. Griebenow** |
|  | Title: | **Executive Vice President, Chief Financial** |
|  |  | **Officer (Principal Financial Officer)** |

---

**POWERS OF ATTORNEY**

KNOW ALL PERSONS BY THESE PRESENTS, that each person whose signature appears below constitutes and appoints Craig S. Donohue and Jill M. Griebenow, each as attorney-in-fact and agent, with full power of substitution and re-substitution, to sign on his or her behalf, individually and in any and all capacities, including the capacities stated below, any and all amendments to this Annual Report on Form 10-K for the year ended December 31, 2025 and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, granting to said attorney-in-fact and agent, full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorney-in-fact and agent, or his or her substitute, may lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities on the dates indicated.

---

| | | |
|:---|:---|:---|
| **<u>SIGNATURE</u>** | **<u>TITLE</u>** | **<u>DATE</u>** |
| /s/ CRAIG S. DONOHUE | Chief Executive Officer, President and Director | February 20, 2026 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Craig S. Donohue | (Principal Executive Officer) |  |
| /s/ JILL M. GRIEBENOW | Executive Vice President, Chief Financial Officer | February 20, 2026 |
| Jill M. Griebenow | (Principal Financial Officer) |  |
| /s/ ALLEN L. WILKINSON | Senior Vice President, Chief Accounting Officer | February 20, 2026 |
| Allen L. Wilkinson | (Principal Accounting Officer) |  |
| /s/ WILLIAM M. FARROW III | Chairman | February 20, 2026 |
| William M. Farrow III |  |  |
| /s/ EDWARD J. FITZPATRICK | Director | February 20, 2026 |
| Edward J. Fitzpatrick |  |  |
| /s/ IVAN K. FONG | Director | February 20, 2026 |
| Ivan K. Fong |  |  |
| /s/ JANET P. FROETSCHER | Director | February 20, 2026 |
| Janet P. Froetscher |  |  |
| /s/ JILL R. GOODMAN | Director | February 20, 2026 |
| Jill R. Goodman |  |  |
| /s/ ERIN A. MANSFIELD | Director | February 20, 2026 |
| Erin A. Mansfield |  |  |
| /s/ CECILIA H. MAO | Director | February 20, 2026 |
| Cecilia H. Mao |  |  |

---

------

<u>[**Table of Contents**](#ic735b6ccda1a481fa4a1f9edfa4f3665_7)</u>

---

| | | |
|:---|:---|:---|
| **<u>SIGNATURE</u>** | **<u>TITLE</u>** | **<u>DATE</u>** |
| /s/ ALEXANDER J. MATTURRI, JR. | Director | February 20, 2026 |
| Alexander J. Matturri, Jr. |  |  |
| /s/ JENNIFER J. McPEEK | Director | February 20, 2026 |
| Jennifer J. McPeek |  |  |
| /s/ RODERICK A. PALMORE | Director | February 20, 2026 |
| Roderick A. Palmore |  |  |
| /s/ JAMES E. PARISI | Director | February 20, 2026 |
| James E. Parisi |  |  |
| /s/ FREDRIC J. TOMCZYK | Director | February 20, 2026 |
| Fredric J. Tomczyk |  |  |

---

## Exhibit 10.75

**Exhibit 10.75**

![headerb.jpg](headerb.jpg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

January 26, 2026

Scott Johnston

Dear Scott,

I am very pleased to confirm our offer to you of employment with a start date to be February 17, 2026 ("Start Date").

Your salary will be at the rate of $550,000 per year. You will be paid on a semi-monthly basis on the 15th and last day of each month via direct deposit in accordance with our regular payroll practices. This position is a Full-time and Exempt position. You will receive unlimited vacation.

You will be eligible for an annual short-term discretionary incentive (STI) payment (bonus). STI award amounts are based upon the financial performance of the Company as well as your individual performance. Your annual STI target is expected to be 130% of your base salary, and pro-rated based on your Start Date. Additionally, you must be actively employed on the date the bonus awards are paid (typically in February of the year following the bonus plan year and in no event later than March 15 of such year) in order to receive a bonus payout.

You will be recommended for a long-term incentive equity award in an annualized target amount of $2,735,000, which will be split evenly between restricted stock units and performance stock units. Your award will be prorated based on your Start Date. The restricted stock units are subject to a 3-year vesting period, with 1/3 vesting each year (based on a February 19 vesting schedule). The performance stock units vest following a 3-year performance period. Additional terms of the award will be provided at the time of the grant. Ongoing participation is not guaranteed, and awards are reviewed and approved by the Compensation and Human Capital Committee on an annual basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

You will be recommended for a one-time long-term equity award in a target amount of USD $1,000,000, which will be split evenly between restricted stock units and performance stock units. The restricted stock units will vest three years from the award anniversary date. The performance stock units vest following a 3-year performance period. Additional terms of the award will be provided at the time of the grant. The award will be recommended for approval at the next available Compensation and Human Capital Committee meeting date following your Start Date with Cboe, typically quarterly.

------

![headera.jpg](headera.jpg)

In addition, you will receive a one-time cash sign-on bonus in the amount of $627,200, less applicable withholdings, to be paid within 30 days of your Start Date and return of this signed offer letter and the attached Sign-On Bonus Repayment Agreement. If you leave the Company, voluntarily or involuntary for cause, within 12 months of your Start Date, you will be required to repay the gross sign-on bonus to the Company in full (within 90 days of the date of separation). Refer to the full terms which are outlined in the attached Sign-On Bonus Repayment Agreement. If you do not, within 90 days of your separation date, tender repayment, the Company may seek a court order against you for such repayment.

On your Start Date, you are expected to be eligible to participate in the medical, dental and vision plans offered under Cboe's benefits program. You will also be eligible to participate in Cboe's SMART (401(k)) Plan upon your Start Date. Information on these and other plans for which you are or may become eligible will be provided to you during New Hire Orientation. The attached Benefit Highlights provides an overview of all other current benefit programs. Additional information regarding these and other plans for which you are or may become eligible will be reviewed during New Hire Orientation.

Employment with Cboe is contingent upon verification of work eligibility and your review and acknowledgement of the Cboe U.S. Handbook for employees and the associate policy for privacy of information. To comply with current immigration law, we must verify your authorization to work in the United States. Please bring acceptable documentation with you on your first day of work. A social security card and a current driver's license or state I.D., or a U.S. Passport, are some of the acceptable documents to satisfy this requirement. This offer of employment is also contingent upon Cboe obtaining verification, to the sole satisfaction of Cboe, of information regarding your previous employment, education and references. Additionally, Cboe requires that all employees are fingerprinted prior to hire, and this offer is contingent upon the successful completion of fingerprint results and the results of a background check being satisfactory to Cboe in its sole discretion. Immediately upon accepting this offer, the fingerprinting and background check process should be initiated.

Your acceptance of this offer and your employment with Cboe must not violate any agreement, obligation, or restriction (including but not limited to non-compete, non-solicitation, or confidentiality agreements) you may have with any current or former employer or other third party. You agree to provide Cboe with a copy of any such agreement upon request. If you are subject to any restrictive covenants that you believe might possibly be violated by your acceptance of this offer and your employment with Cboe, you must disclose them to Cboe prior to your Start Date. Cboe expects all employees to comply with any continuing obligations to former employers and will not require or permit you to use, disclose, or induce Cboe to use any confidential or proprietary information or trade secrets belonging to any former employer or third

------

![headera.jpg](headera.jpg)

party. **Your employment with Cboe is contingent upon your ability to perform your job duties without breaching any such obligations.** 

We are looking forward to having you join us and hope you will find Cboe to be an exciting, challenging, and rewarding place to build your career. Please note that this letter is solely informational in nature and is not to be construed as an employment contract. Your status with Cboe will be as an employee at will and either you or Cboe may end your employment at any time with or without reason or notice.

Sincerely,

/s/ Craig S. Donohue

Craig Donohue

------

![headera.jpg](headera.jpg)

\*\*\*

By signing below, the undersigned accepts the offer of employment as outlined above.

Signature: _<u>/s/ Scott Johnston</u>___________

Printed Name: _<u>Scott Johnston</u>___________

Date: __<u>January 26, 2025</u>_______________

------

![headera.jpg](headera.jpg)

**ATTACHMENT**

**Re: &nbsp;&nbsp;&nbsp;&nbsp;Sign-On Bonus Repayment Agreement (this "Agreement")**

To Whom It May Concern at Cboe Services Company:

Reference is made to the sign-on bonus payable to me pursuant to the offer letter dated January 26, 2026 in connection with the commencement of my employment with Cboe Services Company (the "Company"). I understand that upon completion of twelve (12) months of employment with the Company (the "Retention Period"), I will earn a one-time bonus in the amount of $627,200 (the "Sign-On Bonus"), less applicable tax withholdings. In exchange for the Company's agreement to advance the Sign-On Bonus to me within thirty (30) days following the commencement of my employment, and for other good and valuable consideration, the adequacy, sufficiency and receipt of which are hereby acknowledged, I hereby understand and agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;The Sign-On Bonus will be earned by me only if I remain continuously employed with the Company through the Retention Period. The payment of the Sign-On Bonus to me prior to the completion of the Retention Period is an advance that will be subject to repayment as described below. I must be employed by the Company on the day the Sign-On Bonus is paid in order to receive it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.&nbsp;&nbsp;&nbsp;&nbsp;If I resign from my employment with the Company, or if the Company terminates my employment due to "cause", as defined in the Cboe Global Markets, Inc. Amended and Restated Executive Severance Plan, at any time during the Retention Period, I will repay the gross amount of the Sign-On Bonus advanced to me by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;I will repay any amount due from me under this Agreement within ninety (90) days following the termination of my employment with the Company. The Company may (without limitation of the Company's rights to other remedies or methods of recovery permitted by law) offset against any amounts owed by the Company to me to the extent permitted by applicable law. The acceptance by the Company of partial or delinquent payments, or the failure of the Company to exercise any rights under this Agreement, shall not waive any of my obligations or the rights of the Company, modify this Agreement, or waive any other similar breach of this Agreement by me.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.&nbsp;&nbsp;&nbsp;&nbsp;I will not be required to repay any portion of the Sign-On Bonus advanced to me if I remain employed with the Company for the full Retention Period or if the Company terminates my employment for reasons other than for "cause", except as may be

------

![headera.jpg](headera.jpg)

required pursuant to any Company compensation recovery policies, including (i) the Company's Executive Officer Incentive Compensation Clawback Policy (as amended from time to time, or any successor policy), (ii) the Company's Supplemental Discretionary Clawback Policy (as amended from time to time, or any successor policy), (iii) any recoupment, clawback or similar requirements made applicable by law, regulation or listing standards to the Company from time to time (to the extent contemplated by such requirements), or (iv) as may be adopted by the Company to help facilitate the Corporation's objectives, including, without limitation, related to eliminating or reducing fraud, misconduct, wrongdoing, or violations of law by an employee or similar considerations and, in each case, as may be amended from time to time (the "Policies") with the provisions contained in such Policies deemed incorporated into this Agreement without my additional or separate consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp;I am solely responsible for any tax consequences arising out of or relating to the receipt and/or repayment of the Sign-On Bonus advanced to me.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.&nbsp;&nbsp;&nbsp;&nbsp;This Agreement does not constitute, and may not be construed as, a commitment by the Company to employ me for any specific duration. My employment with the Company will be at will, which means that I may leave the Company, or the Company may terminate my employment, for any reason, at any time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.&nbsp;&nbsp;&nbsp;&nbsp;I have not relied on any representations or statements, whether oral or written, regarding the repayment of the Sign-On Bonus advanced to me hereunder, other than as contained in this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.&nbsp;&nbsp;&nbsp;&nbsp;This Agreement represents my entire understanding with the Company, and supersedes all prior oral or written agreements or understandings, with respect to the advancement and repayment of the Sign-On Bonus. It may be changed only by a written agreement signed by me and the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.&nbsp;&nbsp;&nbsp;&nbsp;I may not assign any of my rights or obligations under this Agreement. This Agreement shall be binding upon and inure to the benefit of the Company's successors and assigns. Without limiting the foregoing, the Company may assign its rights and delegate its duties hereunder in whole or in part to any affiliate of the Company or to any transferee of all or a portion of the assets or business to which my employment relates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.&nbsp;&nbsp;&nbsp;&nbsp;This Agreement is governed by the laws of the State of Illinois, without regard to the principles of conflicts of law.

------

![headera.jpg](headera.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.&nbsp;&nbsp;&nbsp;&nbsp;I acknowledge that I have had a reasonable amount of time in which to read and consider the terms of this Agreement prior to signing it.

Sincerely,

<u>/s/ Scott Johnston&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

Scott Johnston

Date: 1/26/2026

## Exhibit 10.76

**Exhibit 10.76**

(For Non-Employee Directors - all US and CDN no defer)

**<u>CBOE GLOBAL MARKETS, INC. LONG-TERM INCENTIVE PLAN</u>** 

**<u>RESTRICTED STOCK UNIT AWARD AGREEMENT</u>**

This RESTRICTED STOCK UNIT AWARD AGREEMENT (the "Agreement") is dated effective __________ (the "Award Date"), and is between Cboe Global Markets, Inc. (the "Corporation") and __________ ("Participant"). Any term capitalized but not defined in this Agreement will have the meaning set forth in the Third Amended and Restated Cboe Global Markets, Inc. Long-Term Incentive Plan (as may be amended from time to time, the "Plan").

1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Award</u>. The Corporation hereby awards to Participant __________ Restricted Stock Units (the "<u>Restricted Stock Units</u>"). The Restricted Stock Units will be subject to the terms and conditions of the Plan and this Agreement. Each Restricted Stock Unit is a notional amount that represents one unvested share of Stock and entitles Participant, subject to the terms of this Agreement, to receive a share of Stock if and when the Restricted Stock Unit vests.

2.&nbsp;&nbsp;&nbsp;&nbsp;<u>No Rights as Stockholder; Dividend Equivalents</u>. Participant shall have no voting rights with respect to shares of Stock represented by Restricted Stock Units until the date of the issuance of the shares of Stock (as evidenced by the appropriate entry on the books of the Corporation or of a duly authorized transfer agent of the Corporation). Notwithstanding the foregoing, in the event that the Corporation declares a cash dividend on shares of Stock, on the payment date of the dividend, Participant will be credited with Dividend Equivalent Rights equal to the amount of the cash dividend per share multiplied by the number of Restricted Stock Units held by Participant on the dividend's record date. The Dividend Equivalent Rights credited to Participant under the preceding sentence will be distributed to Participant at the same time as the underlying cash dividend is distributed to shareholders of the Corporation.

3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Vesting; Effect of Termination of Service; Change in Control</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Subject to Section 3(b) below, Participant's Restricted Stock Units will vest in full on the first anniversary of the Award Date, provided that Participant has remained in Service continuously through such date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The Restricted Stock Units, if not sooner vested pursuant to Section 3(a), will vest in full upon the earliest of (i) Participant's death, (ii) Participant's becoming Disabled, (iii) a Change in Control, or (iv) upon the Participant's termination due to the completion of his or her term of service on the Board, which shall mean the term of service on the Board commencing on the Participant's most recent election or re-election to the Board and ending on the first anniversary thereafter unless the Director was elected for a longer or shorter period, in which event the longer or shorter period shall be the term, in each case if prior to any forfeiture event under Section 3(c) below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;If Participant terminates Service for any reason except as set forth in Section 3(b) above, and before his or her Restricted Stock Units have become fully vested under this Agreement, Participant's Restricted Stock Units will be forfeited on and after the effective date of such termination. Neither the Corporation nor any Affiliate will have any further obligations to Participant under this Agreement if Participant's Restricted Stock Units are forfeited.

4.&nbsp;&nbsp;&nbsp;&nbsp;<u>Terms and Conditions of Distribution</u>.&nbsp;&nbsp;&nbsp;&nbsp;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Distribution of a share of Stock that corresponds to a vested Restricted Stock Unit shall be made to Participant as soon as practicable after all the Restricted Stock Units vest, but not later than two and a half (2 1/2) months after the end of the calendar year in which such vesting occurs, subject to such additional time as may be permitted under Section 409A in the event of Participant's death and to any elections the Participant may make pursuant to the Cboe Global Markets, Inc. Director Equity Deferral Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Reserved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;If Participant dies before the date on which the Corporation would have distributed shares of Stock in satisfaction of vested Restricted Stock Units, the Corporation will distribute such shares of Stock to Participant's designated beneficiary(ies) or, if none are designated or surviving, to Participant's estate or personal representative. The Corporation is not required to issue or deliver any shares of Stock before completing the steps necessary to comply with applicable Federal and state securities laws (including any registration requirements) and applicable stock exchange rules and practices. The Corporation will use commercially reasonable efforts to cause compliance with those laws, rules and practices. The foregoing provisions are subject in all cases to the requirements of Section 409A.

5.&nbsp;&nbsp;&nbsp;&nbsp;<u>Nontransferability</u>.&nbsp;&nbsp;&nbsp;&nbsp;Unvested Restricted Stock Units may not be sold, transferred, exchanged, pledged, assigned, garnished, or otherwise alienated or hypothecated, other than by will or by the laws of descent and distribution. Any effort to assign or transfer the rights under this Agreement will be wholly ineffective, and will be grounds for termination by the Committee of all rights of Participant under this Agreement.

6.&nbsp;&nbsp;&nbsp;&nbsp;<u>Administration</u>.&nbsp;&nbsp;&nbsp;&nbsp;The Committee administers the Plan.&nbsp;&nbsp;&nbsp;&nbsp;Participant's rights under this Agreement are expressly subject to the terms and conditions of the Plan and to any guidelines the Committee adopts from time to time. The interpretation and construction by the Committee of the Plan and this Agreement, and such rules and regulations as may be adopted by the Committee for purposes of administering the Plan and this Agreement, will be final and binding upon Participant.

7.&nbsp;&nbsp;&nbsp;&nbsp;<u>Securities Law Requirements</u>. If at any time the Board or Committee determines that issuing Stock pursuant to this Agreement would violate applicable securities laws, the Corporation will not be required to issue such Stock. The Board or Committee may declare any provision of this Agreement or action of its own null and void, if it determines the provision or action fails to comply with applicable securities laws. The Corporation may require Participant to make written representations it deems necessary or desirable to comply with applicable securities laws.

8.&nbsp;&nbsp;&nbsp;&nbsp;<u>Payment of Withholding Taxes</u>. Participant acknowledges that, regardless of any action taken by the Corporation, the liability for all income tax, social contributions, payroll tax, fringe benefits tax, payment on account or other tax-related items related to Participant's participation in the Plan and legally applicable to Participant ("Tax-Related Items"), is and remains Participant's responsibility. Participant further acknowledges that the Corporation (a) makes no representations or undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of the Restricted Stock Units, including, but not limited to, the grant, vesting or settlement of the Restricted Stock Units, or the subsequent sale of shares of Stock acquired pursuant to such settlement; and (b) does not commit to and is under no obligation to structure the terms of the grant

------

or any aspect of the Restricted Stock Units to reduce or eliminate Participant's liability for Tax-Related Items or achieve any particular tax result. Solely to the extent that withholding of Tax-Related Items is required by applicable law, the Corporation will withhold from the shares of Stock to be delivered upon settlement of the Restricted Stock Units. Participant will have no further rights with respect to any shares of Stock that are retained by the Corporation pursuant to this provision. The Corporation may refuse to issue or deliver shares of Stock until arrangements satisfactory to the Corporation have been made in connection with the Tax-Related Items.

9.&nbsp;&nbsp;&nbsp;&nbsp;<u>Representations and Warranties</u>. Participant represents and warrants to the Corporation that Participant has received a copy of the Plan and this Agreement, has read and understands the terms of the Plan and this Agreement, and agrees to be bound by their terms and conditions in all respects.

10.&nbsp;&nbsp;&nbsp;&nbsp;<u>No Limitation on the Corporation's Rights</u>. This granting of Restricted Stock Units under this Agreement shall not and will not in any way affect the Corporation's right or power to make adjustments, reclassifications or changes in its capital or business structure or to merge, consolidate, reincorporate, dissolve, liquidate or sell or transfer all or any part of its business or assets.

11.&nbsp;&nbsp;&nbsp;&nbsp;<u>Plan and Agreement Not a Contract of Service</u>. Neither the Plan nor this Agreement is a contract of Service, and no terms of Participant's Service will be affected in any way by the Plan, this Agreement or related instruments, except to the extent specifically expressed therein. Neither the Plan nor this Agreement will be construed as conferring any legal rights on Participant to continue to remain in Service, nor will it interfere with the Corporation's or any Affiliate's right to discharge Participant or to deal with Participant regardless of the existence of the Plan or this Agreement.

12.&nbsp;&nbsp;&nbsp;&nbsp;<u>Entire Agreement and Amendment</u>. This Agreement and the Plan constitute the entire agreement between the parties hereto with respect to the Restricted Stock Units, and all prior oral and written representations are merged in this Agreement and the Plan. Notwithstanding the preceding sentence, this Agreement shall not in any way affect the terms and provisions of the Plan. This Agreement may be amended, modified, or terminated only in accordance with the Plan. The headings in this Agreement are inserted for convenience and identification only and are not intended to describe, interpret, define or limit the scope, extent, or intent of this Agreement or any provision hereof.

13.&nbsp;&nbsp;&nbsp;&nbsp;<u>Notice</u>. Any notice or other communication required or permitted under this Agreement must be in writing (including electronic) and must be delivered personally, sent by certified, registered or express mail, or sent by overnight courier, at the sender's expense, or (if from the Corporation or the Corporation's stock plan administrator) by electronic mail. Notice will be deemed given (a) when delivered personally or, (b) if mailed, three days after the date of deposit in the United States mail or, (c) if sent by overnight courier, on the regular business day following the date sent, or (d) when electronically mailed. Notice to the Corporation should be sent to Cboe Global Markets, Inc., 433 West Van Buren Street, Chicago, Illinois 60607, Attention: General Counsel. Notice to Participant should be sent to the mailing address and/or electronic mailing address set forth on the Corporation's records. Either party may change the address to which the other party must give notice under this Section 13 by giving the other party written notice of such change, in accordance with the procedures described above or otherwise established by the Corporation or its stock plan administrator.

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14.&nbsp;&nbsp;&nbsp;&nbsp;<u>Successors and Assigns</u>. The terms of this Agreement will be binding upon the Corporation and its successors and assigns.

15.&nbsp;&nbsp;&nbsp;&nbsp;<u>Governing Law</u>. To the extent not preempted by Federal law, the Plan, this Agreement, and documents evidencing rights relating to the Plan or this Agreement will be construed, administered and governed in all respects under and by the laws of the State of Delaware, without giving effect to its conflict of laws principles. If any provision of this Agreement will be held by a court of competent jurisdiction to be invalid or unenforceable, the remaining provisions hereof will continue to be fully effective. The jurisdiction and venue for any disputes arising under, or any action brought to enforce (or otherwise relating to), this Agreement will be exclusively in the courts in the State of Illinois, County of Cook, including the Federal Courts located therein (should Federal jurisdiction exist).

16.&nbsp;&nbsp;&nbsp;&nbsp;<u>Plan Document Controls</u>. The rights granted under this Agreement are in all respects subject to the provisions set forth in the Plan to the same extent and with the same effect as if set forth fully in this Agreement. If the terms of this Agreement conflict with the terms of the Plan document, the Plan document will control.

17.&nbsp;&nbsp;&nbsp;&nbsp;<u>Counterparts</u>.&nbsp;&nbsp;&nbsp;&nbsp;This Agreement may be executed simultaneously in two or more counterparts, each of which shall be deemed an original and all of which together shall constitute but one and the same instrument.

18.&nbsp;&nbsp;&nbsp;&nbsp;<u>Waiver; Cumulative Rights</u>. The failure or delay of either party to require performance by the other party of any provision of this Agreement will not affect its right to require performance of such provision unless and until such performance has been waived in writing. Each right under this Agreement is cumulative and may be exercised in part or in whole from time to time.

19.&nbsp;&nbsp;&nbsp;&nbsp;<u>Tax Consequences</u>.&nbsp;&nbsp;&nbsp;&nbsp;Participant agrees to determine and be responsible for all tax consequences to Participant with respect to the Restricted Stock Units.

20.&nbsp;&nbsp;&nbsp;&nbsp;<u>Section 409A</u>*.* The Restricted Stock Units granted hereunder are intended to comply with, or otherwise be exempt from, Section 409A, including the exceptions and exemptions for short term deferrals, stock rights, and separation pay arrangements. This Agreement and all Restricted Stock Units shall be administered, interpreted, and construed in a manner consistent with Section 409A. Should any provision of this Agreement, or any other agreement or arrangement contemplated by this Agreement, be found not to comply with, or otherwise be exempt from, the provisions of Section 409A, such provision shall be modified and given effect (retroactively if necessary), in the sole discretion of the Corporation, and without the consent of Participant, in such manner as the Corporation determines to be necessary or appropriate to comply with, or to effectuate an exemption from, Section 409A. Notwithstanding the forgoing, no provision of this Agreement, or any other agreement or arrangement contemplated by this Agreement shall be construed as a guarantee by the Corporation of any particular tax effect to Participant. Each payment made under this Agreement shall be designated as a separate payment within the meaning of Section 409A. Any payment that is subject to Section 409A and payable upon Participant's termination of employment or other similar event shall not be made unless Participant has experienced a "separation from service" as defined under Section 409A. Any payment subject to Section 409A that is to be made upon a "separation from service" to Participant on any date when he or she is a "specified employee" as defined under Section 409A shall not be paid before the date

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that is six (6) months following Participant's "separation from service" or, if earlier, Participant's death.

21.&nbsp;&nbsp;&nbsp;&nbsp;<u>Addendum to Agreement.</u> Notwithstanding any provision of this Agreement to the contrary, if Participant resides or is employed outside the U.S. or transfers residence or employment outside the U.S., the Restricted Stock Units shall be subject to such special terms and conditions as are set forth in the addendum to this agreement (the "<u>Addendum</u>"). Further, if Participant transfers residency and/or service to another country, any special terms and conditions for such country will apply to the Restricted Stock Units to the extent the Corporation determines, in its sole discretion, that the application of such terms and conditions is necessary or advisable in order to comply with local law or to facilitate the operation and administration of the Restricted Stock Units and the Plan (or the Corporation may establish alternative terms and conditions as may be necessary or advisable to accommodate Participant's transfer). In all circumstances, the Addendum shall constitute part of this Agreement.

IN WITNESS WHEREOF, the Corporation and Participant have duly executed this Agreement as of the date first written above.

**Cboe Global Markets, Inc.**

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| | |
|:---|:---|
| _________________________________ | By: |
| Participant's Name |  |
| _________________________________ | Its: |
| Participant's Signature |  |

---

Participant's Address for notices

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ACCEPTANCE DATE

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**<u>ADDENDUM</u>**

**<u>CBOE GLOBAL MARKETS, INC. LONG-TERM INCENTIVE PLAN RESTRICTED STOCK UNIT AWARD AGREEMENT</u>**

This Addendum to the Agreement includes additional terms and conditions that govern the Restricted Stock Units if Participant resides outside of the United States or transfers residence outside the United States. Certain capitalized terms used but not defined in this Addendum have the meanings set forth in the Agreement or the Plan.

1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Nature of Grant</u>. In accepting the Restricted Stock Units, Participant acknowledges that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;the Plan is established voluntarily by the Corporation, is discretionary in nature and may be modified, amended, suspended or terminated by the Corporation at any time, to the extent permitted by the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;the award of the Restricted Stock Units is exceptional, discretionary, voluntary and occasional and does not create any contractual or other right to receive future grants of Restricted Stock Units, or benefits in lieu of Restricted Stock Units, even if Restricted Stock Units have been granted in the past;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;all decisions with respect to future Restricted Stock Unit awards, if any, will be at the sole discretion of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;Participant is voluntarily participating in the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;the Restricted Stock Unit Award will not be interpreted to form a Service or employment contract or relationship with the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;the future value of the underlying shares of Stock is unknown, indeterminable and cannot be predicted with certainty;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;the Corporation shall not be liable for any foreign exchange rate fluctuation between Participant's local currency and the United States Dollar that may affect the value of the Restricted Stock Units or of any amounts due to Participant pursuant to the settlement of the Restricted Stock Units or the sale of any shares of Stock Participant may acquire upon such settlement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;the Restricted Stock Units and the benefits evidenced by this Agreement do not create any entitlement not otherwise specifically provided for in the Plan or provided by the Corporation in its discretion, to have the Restricted Stock Units or any such benefits transferred to, or assumed by, another company or to be exchanged, cashed out or substituted for, in connection with any corporate transaction affecting the shares of the Corporation.

2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Data Privacy</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Data Collection and Usage</u>. The Corporation will collect, process and use certain personal information about Participant, specifically, Participant's name, home address, email address and telephone number, date of birth, social security or insurance number, passport number or other identification number, salary, nationality, title, any shares of Stock or directorships held in the Corporation, details of all Restricted Stock Units or any other entitlement to shares of Stock awarded, canceled, exercised, vested, unvested or outstanding in Participant's favor ("<u>Data</u>"), for the exclusive purpose of implementing, administering and managing the Plan.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Recipients of Data</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.&nbsp;&nbsp;&nbsp;&nbsp;<u>Stock Plan Administration Service Providers</u>. The Corporation transfers Data to Fidelity Stock Plan Services, LLC (and/or its affiliates, collectively "<u>Fidelity</u>"), the designated broker assisting in the implementation, administration and management of the Plan. In the future, the Corporation may select a different service provider and share Data with such other provider serving in a similar manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.&nbsp;&nbsp;&nbsp;&nbsp;<u>Other Service Provider Data Recipients</u>. The Corporation also may transfer Data to other third party service providers, if necessary to ensure compliance with applicable tax, exchange control, securities and labor law. Such third party service providers may include the Corporation's legal counsel as well as its auditor, human resources consultant and payroll vendor. Wherever possible, the Corporation will anonymize data, but Participant understands that his or her Data may need to be transferred to such providers to ensure compliance with applicable law and/or tax requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.&nbsp;&nbsp;&nbsp;&nbsp;<u>Securities or Other Regulatory Authorities</u>. In addition to the recipients identified herein and where required under applicable law, Data also may be disclosed to certain securities or other regulatory authorities, including where the Corporation's securities are listed or traded or regulatory filings are made. The legal basis, where required, for such disclosure is compliance with applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>International Data Transfers</u>. The Corporation, Fidelity and other service providers described above are located in the United States. The United States may have different data privacy laws and protections than Participant's country of residence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;<u>Legal Basis for Collection, Processing and Transfer of Data</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.&nbsp;&nbsp;&nbsp;&nbsp;<u>Participants within the EU / European Economic Area ("EEA"), Switzerland and the United Kingdom</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.&nbsp;&nbsp;&nbsp;&nbsp;The collection, processing and transfer of Data is necessary for the legitimate purpose of the Corporation's administration of the Plan and Participant's participation in the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.&nbsp;&nbsp;&nbsp;&nbsp;When transferring Data to potential recipients outside the EU/EEA, Switzerland and/or the United Kingdom, the Corporation strives to provide appropriate safeguards in accordance with Standard Contractual Clauses or other legally binding and permissible arrangements. For further information on the transfer of the Participant's personal data outside of the EU/EEA, Switzerland and/or the United Kingdom, the Participant may contact the Corporation's human resources department.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.&nbsp;&nbsp;&nbsp;&nbsp;<u>Participants outside the EU / EEA, Switzerland and the United Kingdom</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.&nbsp;&nbsp;&nbsp;&nbsp;Participant hereby explicitly and unambiguously consents to the collection, processing and use, in electronic or other form, of Participant's Data by the Corporation and the transfer of Data to the recipients mentioned above, including recipients located in

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countries which do not adduce an adequate level of protection from a non-U.S. data protection law perspective, for the purposes described above. Upon transfer of Participant's Data to Fidelity, Participant may be asked to agree to separate terms and data processing practices with Fidelity, with such agreement being a condition of the ability to participate in the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.&nbsp;&nbsp;&nbsp;&nbsp;Participation in the Plan is voluntary and Participant understands that Participant is providing the consent herein on a purely voluntary basis. If Participant does not consent, or later seeks to revoke his or her consent, Participant's Service with the Corporation will not be adversely affected. The only consequence of refusing or withdrawing consent is that the Corporation would not be able to grant the Restricted Stock Units or other equity awards to Participant or administer or maintain such awards. Therefore, Participant understands that refusing or withdrawing his or her consent may affect Participant's ability to participate in the Plan. For more information on the consequences of Participant's refusal to consent or withdrawal of consent, Participant understands that Participant may contact the Corporation's human resources department.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;<u>Data Retention</u>. Participant understands that Data will be held only as long as is necessary to implement, administer and manage his or her participation in the Plan or comply with applicable laws. When the Corporation no longer needs the Data, the Corporation will remove it from its systems.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;<u>Data Subject Rights</u>. Participant understands that Participant may have the right under applicable law to (i) access or copy Data that the Corporation possesses, (ii) rectify incorrect Data, (iii) delete Data, (iv) restrict processing of Data, (v) opt out of the Plan, or (vi) lodge complaints with the competent supervisory authorities in Participant's jurisdiction. To receive clarification regarding these rights or to exercise these rights, Participant understands that Participant can contact the Corporation's human resources department.

3.&nbsp;&nbsp;&nbsp;&nbsp;<u>No Advice Regarding Grant</u>. The Corporation is not providing any tax, legal or financial advice, nor is the Corporation making any recommendations regarding Participant's participation in the Plan, or Participant's acquisition or sale of the underlying shares of Stock. Participant should consult with his or her own personal tax, legal and financial advisors regarding Participant's participation in the Plan before taking any action related to the Plan.

4.&nbsp;&nbsp;&nbsp;&nbsp;<u>Imposition of Other Requirements</u>. The Corporation reserves the right to impose other requirements on Participant's participation in the Plan, on the Restricted Stock Units and on any shares of Stock acquired under the Plan, to the extent the Corporation determines it is necessary or advisable for legal or administrative reasons. Such requirements may include (but are not limited to) requiring Participant to sign any agreements or undertakings that may be necessary to accomplish the foregoing.

5.&nbsp;&nbsp;&nbsp;&nbsp;<u>Insider Trading/Market Abuse Laws</u>. By participating in the Plan, Participant agrees to comply with the Corporation's policy on insider trading (to the extent that it is applicable to Participant). Participant further acknowledges that, depending on Participant's or the broker's country of residence or where the shares of Stock are listed, Participant may be

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subject to insider trading restrictions and/or market abuse laws, which may affect Participant's ability to accept, acquire, sell or otherwise dispose of shares of Stock, rights to shares of Stock (e.g., Restricted Stock Units) or rights linked to the value of shares of Stock, during such times Participant is considered to have "inside information" regarding the Corporation as defined by the laws or regulations in Participant's country. Local insider trading laws and regulations may prohibit the cancellation or amendment of orders Participant places before Participant possessed inside information. Furthermore, Participant could be prohibited from (i) disclosing the inside information to any third party (other than on a "need to know" basis) and (ii) "tipping" third parties or causing them otherwise to buy or sell securities. Any restrictions under these laws or regulations are separate from and in addition to any restrictions that may be imposed under any applicable Corporation insider trading policy. Participant acknowledges that it is Participant's responsibility to comply with any applicable restrictions, and that Participant should therefore consult Participant's personal advisor on this matter.

6.&nbsp;&nbsp;&nbsp;&nbsp;<u>Foreign Asset/Account Reporting; Exchange Controls</u>. Participant's country may have certain foreign asset and/or account reporting requirements and/or exchange controls which may affect Participant's ability to acquire or hold shares of Stock under the Plan or cash received from participating in the Plan (including from any dividends received or sale proceeds arising from the sale of shares of Stock) in a brokerage or bank account outside Participant's country. Participant may be required to report such accounts, assets or transactions to the tax or other authorities in his or her country. Participant also may be required to repatriate sale proceeds or other funds received as a result of Participant's participation in the Plan to his or her country through a designated bank or broker and/or within a certain time after receipt. Participant acknowledges that it is his or her responsibility to be compliant with such regulations, and Participant should consult his or her personal legal advisor for any details.

7.&nbsp;&nbsp;&nbsp;&nbsp;<u>Language</u>. If Participant is resident in a country where English is not an official language, Participant acknowledges that the Participant is sufficiently proficient in English to understand the terms and conditions of the Agreement or has had the ability to consult with an advisor who is sufficiently proficient in the English language. The Participant further acknowledges and agrees that it is Participant's express intent that the Agreement, the Addendum and the Plan and all other documents, notices and legal proceedings entered into, given or instituted pursuant to the Restricted Stock Units be drawn up in English. If Participant has received the Agreement, the Addendum or any other document related to the Plan translated into a language other than English and if the meaning of the translated version is different than the English version, the English version will control.

8.&nbsp;&nbsp;&nbsp;&nbsp;<u>Annex to Addendum</u>. Notwithstanding any provision of the Agreement or Addendum to the contrary, the Restricted Stock Units shall be subject to such special terms and conditions for Participant's country of residence, as are set forth in the annex to this Addendum (the "<u>Annex</u>"). Further, if Participant transfers residency to another country, the Corporation may establish alternative terms and conditions as may be necessary or advisable to accommodate Participant's transfer. In all circumstances, the Annex shall constitute part of this Addendum.

**<u>ANNEX</u>**

This Annex to the Addendum includes additional terms and conditions that govern the Restricted Stock Units if Participant resides in the country addressed herein or transfers

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residence or employment to the country addressed herein. If Participant transfers residence to another country, the Corporation may establish alternative terms and conditions as may be necessary or advisable to accommodate Participant's transfer. Certain capitalized terms used but not defined in this Annex have the meanings set forth in the Agreement (including the Addendum) or the Plan.

**<u>Canada</u>**

<u>Securities Law Notification</u>: Participant acknowledges and agrees that he or she is permitted to sell shares of Stock acquired under the Plan through the designated broker appointed under the Plan, provided the resale of shares of Stock takes place outside of Canada through facilities of a stock exchange on which the shares of Stock are listed. The shares of Stock currently are listed on Cboe BZX in the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## Exhibit 10.77

**Exhibit 10.77**

(For Non-Employee Directors – CDN defer)

**<u>CBOE GLOBAL MARKETS, INC. LONG-TERM INCENTIVE PLAN</u>** 

**<u>RESTRICTED STOCK UNIT AWARD AGREEMENT</u>**

This RESTRICTED STOCK UNIT AWARD AGREEMENT (the "Agreement") is dated effective __________ (the "Award Date"), and is between Cboe Global Markets, Inc. (the "Corporation") and __________ ("Participant"). Any term capitalized but not defined in this Agreement will have the meaning set forth in the Third Amended and Restated Cboe Global Markets, Inc. Long-Term Incentive Plan (as may be amended from time to time, the "Plan").

1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Award</u>. The Corporation hereby awards to Participant __________ Restricted Stock Units (the "<u>Restricted Stock Units</u>"). The Restricted Stock Units will be subject to the terms and conditions of the Plan and this Agreement. Each Restricted Stock Unit is a notional amount that represents one unvested share of Stock and entitles Participant, subject to the terms of this Agreement, to receive a share of Stock if and when the Restricted Stock Unit vests.

2.&nbsp;&nbsp;&nbsp;&nbsp;<u>No Rights as Stockholder; Dividend Equivalents</u>. Participant shall have no voting rights with respect to shares of Stock represented by Restricted Stock Units until the date of the issuance of the shares of Stock (as evidenced by the appropriate entry on the books of the Corporation or of a duly authorized transfer agent of the Corporation). Notwithstanding the foregoing, in the event that the Corporation declares a cash dividend on shares of Stock, on the payment date of the dividend, Participant will be credited with Dividend Equivalent Rights equal to the amount of the cash dividend per share multiplied by the number of Restricted Stock Units held by Participant on the dividend's record date. Upon distribution of the underlying Restricted Stock Units, the total accumulated Dividend Equivalent Rights credited to Participant under the preceding sentence will be deemed to be additional Restricted Stock Units (not subject to reinvestment) and, prior to distribution, will be subject to the same terms regarding vesting, forfeiture, and distribution as the underlying Restricted Stock Units awarded to the Participant under this Agreement.

3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Vesting; Effect of Termination of Service; Change in Control</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Subject to Section 3(b) below, Participant's Restricted Stock Units will vest in full on the first anniversary of the Award Date, provided that Participant has remained in Service continuously through such date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The Restricted Stock Units, if not sooner vested pursuant to Section 3(a), will vest in full upon the earliest of (i) Participant's death, (ii) Participant's becoming Disabled, (iii) a Change in Control, or (iv) upon the Participant's termination due to the completion of his or her term of service on the Board, which shall mean the term of service on the Board commencing on the Participant's most recent election or re-election to the Board and ending on the first anniversary thereafter unless the Director was elected for a longer or shorter period, in which event the longer or shorter period shall be the term, in each case if prior to any forfeiture event under Section 3(c) below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;If Participant terminates Service for any reason except as set forth in Section 3(b) above, and before his or her Restricted Stock Units have become fully vested under this Agreement, Participant's Restricted Stock Units will be forfeited on and after the effective date of such termination. Neither the Corporation nor any Affiliate will

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have any further obligations to Participant under this Agreement if Participant's Restricted Stock Units are forfeited.

4.&nbsp;&nbsp;&nbsp;&nbsp;<u>Terms and Conditions of Distribution</u>.&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Distribution of a share of Stock that corresponds to a vested Restricted Stock Unit shall be made to Participant as soon as practicable after all the Restricted Stock Units vest, but not later than two and a half (2 1/2) months after the end of the calendar year in which such vesting occurs, subject to such additional time as may be permitted under Section 409A in the event of Participant's death and to any elections the Participant may make pursuant to the Cboe Global Markets, Inc. Director Equity Deferral Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Reserved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;If Participant dies before the date on which the Corporation would have distributed shares of Stock in satisfaction of vested Restricted Stock Units, the Corporation will distribute such shares of Stock to Participant's designated beneficiary(ies) or, if none are designated or surviving, to Participant's estate or personal representative. The Corporation is not required to issue or deliver any shares of Stock before completing the steps necessary to comply with applicable Federal and state securities laws (including any registration requirements) and applicable stock exchange rules and practices. The Corporation will use commercially reasonable efforts to cause compliance with those laws, rules and practices. The foregoing provisions are subject in all cases to the requirements of Section 409A.

5.&nbsp;&nbsp;&nbsp;&nbsp;<u>Nontransferability</u>.&nbsp;&nbsp;&nbsp;&nbsp;Unvested Restricted Stock Units may not be sold, transferred, exchanged, pledged, assigned, garnished, or otherwise alienated or hypothecated, other than by will or by the laws of descent and distribution. Any effort to assign or transfer the rights under this Agreement will be wholly ineffective, and will be grounds for termination by the Committee of all rights of Participant under this Agreement.

6.&nbsp;&nbsp;&nbsp;&nbsp;<u>Administration</u>.&nbsp;&nbsp;&nbsp;&nbsp;The Committee administers the Plan.&nbsp;&nbsp;&nbsp;&nbsp;Participant's rights under this Agreement are expressly subject to the terms and conditions of the Plan and to any guidelines the Committee adopts from time to time. The interpretation and construction by the Committee of the Plan and this Agreement, and such rules and regulations as may be adopted by the Committee for purposes of administering the Plan and this Agreement, will be final and binding upon Participant.

7.&nbsp;&nbsp;&nbsp;&nbsp;<u>Securities Law Requirements</u>. If at any time the Board or Committee determines that issuing Stock pursuant to this Agreement would violate applicable securities laws, the Corporation will not be required to issue such Stock. The Board or Committee may declare any provision of this Agreement or action of its own null and void, if it determines the provision or action fails to comply with applicable securities laws. The Corporation may require Participant to make written representations it deems necessary or desirable to comply with applicable securities laws.

8.&nbsp;&nbsp;&nbsp;&nbsp;<u>Payment of Withholding Taxes</u>. Participant acknowledges that, regardless of any action taken by the Corporation, the liability for all income tax, social contributions, payroll tax, fringe benefits tax, payment on account or other tax-related items related to Participant's participation in the Plan and legally applicable to Participant ("Tax-Related Items"), is and remains Participant's responsibility. Participant further acknowledges that the Corporation (a) makes no representations or undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of the Restricted Stock Units,

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including, but not limited to, the grant, vesting or settlement of the Restricted Stock Units, or the subsequent sale of shares of Stock acquired pursuant to such settlement; and (b) does not commit to and is under no obligation to structure the terms of the grant or any aspect of the Restricted Stock Units to reduce or eliminate Participant's liability for Tax-Related Items or achieve any particular tax result. Solely to the extent that withholding of Tax-Related Items is required by applicable law, the Corporation will withhold from the shares of Stock to be delivered upon settlement of the Restricted Stock Units. Participant will have no further rights with respect to any shares of Stock that are retained by the Corporation pursuant to this provision. The Corporation may refuse to issue or deliver shares of Stock until arrangements satisfactory to the Corporation have been made in connection with the Tax-Related Items.

9.&nbsp;&nbsp;&nbsp;&nbsp;<u>Representations and Warranties</u>. Participant represents and warrants to the Corporation that Participant has received a copy of the Plan and this Agreement, has read and understands the terms of the Plan and this Agreement, and agrees to be bound by their terms and conditions in all respects.

10.&nbsp;&nbsp;&nbsp;&nbsp;<u>No Limitation on the Corporation's Rights</u>. This granting of Restricted Stock Units under this Agreement shall not and will not in any way affect the Corporation's right or power to make adjustments, reclassifications or changes in its capital or business structure or to merge, consolidate, reincorporate, dissolve, liquidate or sell or transfer all or any part of its business or assets.

11.&nbsp;&nbsp;&nbsp;&nbsp;<u>Plan and Agreement Not a Contract of Service</u>. Neither the Plan nor this Agreement is a contract of Service, and no terms of Participant's Service will be affected in any way by the Plan, this Agreement or related instruments, except to the extent specifically expressed therein. Neither the Plan nor this Agreement will be construed as conferring any legal rights on Participant to continue to remain in Service, nor will it interfere with the Corporation's or any Affiliate's right to discharge Participant or to deal with Participant regardless of the existence of the Plan or this Agreement.

12.&nbsp;&nbsp;&nbsp;&nbsp;<u>Entire Agreement and Amendment</u>. This Agreement and the Plan constitute the entire agreement between the parties hereto with respect to the Restricted Stock Units, and all prior oral and written representations are merged in this Agreement and the Plan. Notwithstanding the preceding sentence, this Agreement shall not in any way affect the terms and provisions of the Plan. This Agreement may be amended, modified, or terminated only in accordance with the Plan. The headings in this Agreement are inserted for convenience and identification only and are not intended to describe, interpret, define or limit the scope, extent, or intent of this Agreement or any provision hereof.

13.&nbsp;&nbsp;&nbsp;&nbsp;<u>Notice</u>. Any notice or other communication required or permitted under this Agreement must be in writing (including electronic) and must be delivered personally, sent by certified, registered or express mail, or sent by overnight courier, at the sender's expense, or (if from the Corporation or the Corporation's stock plan administrator) by electronic mail. Notice will be deemed given (a) when delivered personally or, (b) if mailed, three days after the date of deposit in the United States mail or, (c) if sent by overnight courier, on the regular business day following the date sent, or (d) when electronically mailed. Notice to the Corporation should be sent to Cboe Global Markets, Inc., 433 West Van Buren Street, Chicago, Illinois 60607, Attention: General Counsel. Notice to Participant should be sent to the mailing address and/or electronic mailing address set forth on the Corporation's records. Either party may change the address to

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which the other party must give notice under this Section 13 by giving the other party written notice of such change, in accordance with the procedures described above or otherwise established by the Corporation or its stock plan administrator.

14.&nbsp;&nbsp;&nbsp;&nbsp;<u>Successors and Assigns</u>. The terms of this Agreement will be binding upon the Corporation and its successors and assigns.

15.&nbsp;&nbsp;&nbsp;&nbsp;<u>Governing Law</u>. To the extent not preempted by Federal law, the Plan, this Agreement, and documents evidencing rights relating to the Plan or this Agreement will be construed, administered and governed in all respects under and by the laws of the State of Delaware, without giving effect to its conflict of laws principles. If any provision of this Agreement will be held by a court of competent jurisdiction to be invalid or unenforceable, the remaining provisions hereof will continue to be fully effective. The jurisdiction and venue for any disputes arising under, or any action brought to enforce (or otherwise relating to), this Agreement will be exclusively in the courts in the State of Illinois, County of Cook, including the Federal Courts located therein (should Federal jurisdiction exist).

16.&nbsp;&nbsp;&nbsp;&nbsp;<u>Plan Document Controls</u>. The rights granted under this Agreement are in all respects subject to the provisions set forth in the Plan to the same extent and with the same effect as if set forth fully in this Agreement. If the terms of this Agreement conflict with the terms of the Plan document, the Plan document will control.

17.&nbsp;&nbsp;&nbsp;&nbsp;<u>Counterparts</u>.&nbsp;&nbsp;&nbsp;&nbsp;This Agreement may be executed simultaneously in two or more counterparts, each of which shall be deemed an original and all of which together shall constitute but one and the same instrument.

18.&nbsp;&nbsp;&nbsp;&nbsp;<u>Waiver; Cumulative Rights</u>. The failure or delay of either party to require performance by the other party of any provision of this Agreement will not affect its right to require performance of such provision unless and until such performance has been waived in writing. Each right under this Agreement is cumulative and may be exercised in part or in whole from time to time.

19.&nbsp;&nbsp;&nbsp;&nbsp;<u>Tax Consequences</u>.&nbsp;&nbsp;&nbsp;&nbsp;Participant agrees to determine and be responsible for all tax consequences to Participant with respect to the Restricted Stock Units.

20.&nbsp;&nbsp;&nbsp;&nbsp;<u>Section 409A</u>*.* The Restricted Stock Units granted hereunder are intended to comply with, or otherwise be exempt from, Section 409A, including the exceptions and exemptions for short term deferrals, stock rights, and separation pay arrangements. This Agreement and all Restricted Stock Units shall be administered, interpreted, and construed in a manner consistent with Section 409A. Should any provision of this Agreement, or any other agreement or arrangement contemplated by this Agreement, be found not to comply with, or otherwise be exempt from, the provisions of Section 409A, such provision shall be modified and given effect (retroactively if necessary), in the sole discretion of the Corporation, and without the consent of Participant, in such manner as the Corporation determines to be necessary or appropriate to comply with, or to effectuate an exemption from, Section 409A. Notwithstanding the forgoing, no provision of this Agreement, or any other agreement or arrangement contemplated by this Agreement shall be construed as a guarantee by the Corporation of any particular tax effect to Participant. Each payment made under this Agreement shall be designated as a separate payment within the meaning of Section 409A. Any payment that is subject to Section 409A and payable upon Participant's termination of employment or other similar event shall not be made unless Participant has experienced a "separation from service"

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as defined under Section 409A. Any payment subject to Section 409A that is to be made upon a "separation from service" to Participant on any date when he or she is a "specified employee" as defined under Section 409A shall not be paid before the date that is six (6) months following Participant's "separation from service" or, if earlier, Participant's death.

21.&nbsp;&nbsp;&nbsp;&nbsp;<u>Addendum to Agreement.</u> Notwithstanding any provision of this Agreement to the contrary, if Participant resides or is employed outside the U.S. or transfers residence or employment outside the U.S., the Restricted Stock Units shall be subject to such special terms and conditions as are set forth in the addendum to this agreement (the "<u>Addendum</u>"). Further, if Participant transfers residency and/or service to another country, any special terms and conditions for such country will apply to the Restricted Stock Units to the extent the Corporation determines, in its sole discretion, that the application of such terms and conditions is necessary or advisable in order to comply with local law or to facilitate the operation and administration of the Restricted Stock Units and the Plan (or the Corporation may establish alternative terms and conditions as may be necessary or advisable to accommodate Participant's transfer). In all circumstances, the Addendum shall constitute part of this Agreement.

IN WITNESS WHEREOF, the Corporation and Participant have duly executed this Agreement as of the date first written above.

**Cboe Global Markets, Inc.**

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| | |
|:---|:---|
| _________________________________ | By: |
| Participant's Name |  |
| _________________________________ | Its: |
| Participant's Signature |  |

---

Participant's Address for notices

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

ACCEPTANCE DATE

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**<u>ADDENDUM</u>**

**<u>CBOE GLOBAL MARKETS, INC. LONG-TERM INCENTIVE PLAN RESTRICTED STOCK UNIT AWARD AGREEMENT</u>**

This Addendum to the Agreement includes additional terms and conditions that govern the Restricted Stock Units if Participant resides outside of the United States or transfers residence outside the United States. Certain capitalized terms used but not defined in this Addendum have the meanings set forth in the Agreement or the Plan.

1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Nature of Grant</u>. In accepting the Restricted Stock Units, Participant acknowledges that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;the Plan is established voluntarily by the Corporation, is discretionary in nature and may be modified, amended, suspended or terminated by the Corporation at any time, to the extent permitted by the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;the award of the Restricted Stock Units is exceptional, discretionary, voluntary and occasional and does not create any contractual or other right to receive future grants of Restricted Stock Units, or benefits in lieu of Restricted Stock Units, even if Restricted Stock Units have been granted in the past;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;all decisions with respect to future Restricted Stock Unit awards, if any, will be at the sole discretion of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;Participant is voluntarily participating in the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;the Restricted Stock Unit Award will not be interpreted to form a Service or employment contract or relationship with the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;the future value of the underlying shares of Stock is unknown, indeterminable and cannot be predicted with certainty;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;the Corporation shall not be liable for any foreign exchange rate fluctuation between Participant's local currency and the United States Dollar that may affect the value of the Restricted Stock Units or of any amounts due to Participant pursuant to the settlement of the Restricted Stock Units or the sale of any shares of Stock Participant may acquire upon such settlement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;the Restricted Stock Units and the benefits evidenced by this Agreement do not create any entitlement not otherwise specifically provided for in the Plan or provided by the Corporation in its discretion, to have the Restricted Stock Units or any such benefits transferred to, or assumed by, another company or to be exchanged, cashed out or substituted for, in connection with any corporate transaction affecting the shares of the Corporation.

2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Data Privacy</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;<u>Data Collection and Usage</u>. The Corporation will collect, process and use certain personal information about Participant, specifically, Participant's name, home address, email address and telephone number, date of birth, social security or insurance number, passport number or other identification number, salary, nationality, title, any shares of Stock or directorships held in the Corporation, details of all Restricted Stock Units or any other entitlement to shares of Stock awarded, canceled, exercised, vested, unvested or outstanding in Participant's favor ("<u>Data</u>"), for the exclusive purpose of implementing, administering and managing the Plan.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Recipients of Data</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.&nbsp;&nbsp;&nbsp;&nbsp;<u>Stock Plan Administration Service Providers</u>. The Corporation transfers Data to Fidelity Stock Plan Services, LLC (and/or its affiliates, collectively "<u>Fidelity</u>"), the designated broker assisting in the implementation, administration and management of the Plan. In the future, the Corporation may select a different service provider and share Data with such other provider serving in a similar manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.&nbsp;&nbsp;&nbsp;&nbsp;<u>Other Service Provider Data Recipients</u>. The Corporation also may transfer Data to other third party service providers, if necessary to ensure compliance with applicable tax, exchange control, securities and labor law. Such third party service providers may include the Corporation's legal counsel as well as its auditor, human resources consultant and payroll vendor. Wherever possible, the Corporation will anonymize data, but Participant understands that his or her Data may need to be transferred to such providers to ensure compliance with applicable law and/or tax requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.&nbsp;&nbsp;&nbsp;&nbsp;<u>Securities or Other Regulatory Authorities</u>. In addition to the recipients identified herein and where required under applicable law, Data also may be disclosed to certain securities or other regulatory authorities, including where the Corporation's securities are listed or traded or regulatory filings are made. The legal basis, where required, for such disclosure is compliance with applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;<u>International Data Transfers</u>. The Corporation, Fidelity and other service providers described above are located in the United States. The United States may have different data privacy laws and protections than Participant's country of residence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;<u>Legal Basis for Collection, Processing and Transfer of Data</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.&nbsp;&nbsp;&nbsp;&nbsp;<u>Participants within the EU / European Economic Area ("EEA"), Switzerland and the United Kingdom</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.&nbsp;&nbsp;&nbsp;&nbsp;The collection, processing and transfer of Data is necessary for the legitimate purpose of the Corporation's administration of the Plan and Participant's participation in the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.&nbsp;&nbsp;&nbsp;&nbsp;When transferring Data to potential recipients outside the EU/EEA, Switzerland and/or the United Kingdom, the Corporation strives to provide appropriate safeguards in accordance with Standard Contractual Clauses or other legally binding and permissible arrangements. For further information on the transfer of the Participant's personal data outside of the EU/EEA, Switzerland and/or the United Kingdom, the Participant may contact the Corporation's human resources department.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.&nbsp;&nbsp;&nbsp;&nbsp;<u>Participants outside the EU / EEA, Switzerland and the United Kingdom</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.&nbsp;&nbsp;&nbsp;&nbsp;Participant hereby explicitly and unambiguously consents to the collection, processing and use, in electronic or other form, of Participant's Data by the Corporation and the transfer of Data to the recipients mentioned above, including recipients located in

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countries which do not adduce an adequate level of protection from a non-U.S. data protection law perspective, for the purposes described above. Upon transfer of Participant's Data to Fidelity, Participant may be asked to agree to separate terms and data processing practices with Fidelity, with such agreement being a condition of the ability to participate in the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.&nbsp;&nbsp;&nbsp;&nbsp;Participation in the Plan is voluntary and Participant understands that Participant is providing the consent herein on a purely voluntary basis. If Participant does not consent, or later seeks to revoke his or her consent, Participant's Service with the Corporation will not be adversely affected. The only consequence of refusing or withdrawing consent is that the Corporation would not be able to grant the Restricted Stock Units or other equity awards to Participant or administer or maintain such awards. Therefore, Participant understands that refusing or withdrawing his or her consent may affect Participant's ability to participate in the Plan. For more information on the consequences of Participant's refusal to consent or withdrawal of consent, Participant understands that Participant may contact the Corporation's human resources department.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;<u>Data Retention</u>. Participant understands that Data will be held only as long as is necessary to implement, administer and manage his or her participation in the Plan or comply with applicable laws. When the Corporation no longer needs the Data, the Corporation will remove it from its systems.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;<u>Data Subject Rights</u>. Participant understands that Participant may have the right under applicable law to (i) access or copy Data that the Corporation possesses, (ii) rectify incorrect Data, (iii) delete Data, (iv) restrict processing of Data, (v) opt out of the Plan, or (vi) lodge complaints with the competent supervisory authorities in Participant's jurisdiction. To receive clarification regarding these rights or to exercise these rights, Participant understands that Participant can contact the Corporation's human resources department.

3.&nbsp;&nbsp;&nbsp;&nbsp;<u>No Advice Regarding Grant</u>. The Corporation is not providing any tax, legal or financial advice, nor is the Corporation making any recommendations regarding Participant's participation in the Plan, or Participant's acquisition or sale of the underlying shares of Stock. Participant should consult with his or her own personal tax, legal and financial advisors regarding Participant's participation in the Plan before taking any action related to the Plan.

4.&nbsp;&nbsp;&nbsp;&nbsp;<u>Imposition of Other Requirements</u>. The Corporation reserves the right to impose other requirements on Participant's participation in the Plan, on the Restricted Stock Units and on any shares of Stock acquired under the Plan, to the extent the Corporation determines it is necessary or advisable for legal or administrative reasons. Such requirements may include (but are not limited to) requiring Participant to sign any agreements or undertakings that may be necessary to accomplish the foregoing.

5.&nbsp;&nbsp;&nbsp;&nbsp;<u>Insider Trading/Market Abuse Laws</u>. By participating in the Plan, Participant agrees to comply with the Corporation's policy on insider trading (to the extent that it is applicable to Participant). Participant further acknowledges that, depending on Participant's or the broker's country of residence or where the shares of Stock are listed, Participant may be

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subject to insider trading restrictions and/or market abuse laws, which may affect Participant's ability to accept, acquire, sell or otherwise dispose of shares of Stock, rights to shares of Stock (e.g., Restricted Stock Units) or rights linked to the value of shares of Stock, during such times Participant is considered to have "inside information" regarding the Corporation as defined by the laws or regulations in Participant's country. Local insider trading laws and regulations may prohibit the cancellation or amendment of orders Participant places before Participant possessed inside information. Furthermore, Participant could be prohibited from (i) disclosing the inside information to any third party (other than on a "need to know" basis) and (ii) "tipping" third parties or causing them otherwise to buy or sell securities. Any restrictions under these laws or regulations are separate from and in addition to any restrictions that may be imposed under any applicable Corporation insider trading policy. Participant acknowledges that it is Participant's responsibility to comply with any applicable restrictions, and that Participant should therefore consult Participant's personal advisor on this matter.

6.&nbsp;&nbsp;&nbsp;&nbsp;<u>Foreign Asset/Account Reporting; Exchange Controls</u>. Participant's country may have certain foreign asset and/or account reporting requirements and/or exchange controls which may affect Participant's ability to acquire or hold shares of Stock under the Plan or cash received from participating in the Plan (including from any dividends received or sale proceeds arising from the sale of shares of Stock) in a brokerage or bank account outside Participant's country. Participant may be required to report such accounts, assets or transactions to the tax or other authorities in his or her country. Participant also may be required to repatriate sale proceeds or other funds received as a result of Participant's participation in the Plan to his or her country through a designated bank or broker and/or within a certain time after receipt. Participant acknowledges that it is his or her responsibility to be compliant with such regulations, and Participant should consult his or her personal legal advisor for any details.

7.&nbsp;&nbsp;&nbsp;&nbsp;<u>Language</u>. If Participant is resident in a country where English is not an official language, Participant acknowledges that the Participant is sufficiently proficient in English to understand the terms and conditions of the Agreement or has had the ability to consult with an advisor who is sufficiently proficient in the English language. The Participant further acknowledges and agrees that it is Participant's express intent that the Agreement, the Addendum and the Plan and all other documents, notices and legal proceedings entered into, given or instituted pursuant to the Restricted Stock Units be drawn up in English. If Participant has received the Agreement, the Addendum or any other document related to the Plan translated into a language other than English and if the meaning of the translated version is different than the English version, the English version will control.

8.&nbsp;&nbsp;&nbsp;&nbsp;<u>Annex to Addendum</u>. Notwithstanding any provision of the Agreement or Addendum to the contrary, the Restricted Stock Units shall be subject to such special terms and conditions for Participant's country of residence, as are set forth in the annex to this Addendum (the "<u>Annex</u>"). Further, if Participant transfers residency to another country, the Corporation may establish alternative terms and conditions as may be necessary or advisable to accommodate Participant's transfer. In all circumstances, the Annex shall constitute part of this Addendum.

**<u>ANNEX</u>**

This Annex to the Addendum includes additional terms and conditions that govern the Restricted Stock Units if Participant resides in the country addressed herein or transfers

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residence or employment to the country addressed herein. If Participant transfers residence to another country, the Corporation may establish alternative terms and conditions as may be necessary or advisable to accommodate Participant's transfer. Certain capitalized terms used but not defined in this Annex have the meanings set forth in the Agreement (including the Addendum) or the Plan.

**<u>Canada</u>**

<u>Securities Law Notification</u>: Participant acknowledges and agrees that he or she is permitted to sell shares of Stock acquired under the Plan through the designated broker appointed under the Plan, provided the resale of shares of Stock takes place outside of Canada through facilities of a stock exchange on which the shares of Stock are listed. The shares of Stock currently are listed on Cboe BZX in the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## Exhibit 10.78

**Exhibit 10.78**

![image_01.jpg](image_01.jpg)

September 25, 2025

Robert Hocking

Dear Rob,

I am very pleased to confirm our offer to you of employment as EVP, Global Head of Derivatives, reporting to Craig Donohue with a start date to be mutually agreed but not later than October 31, 2025 ("Start Date"). For seniority and benefits eligibility, your original hire date of December 11, 2018, will apply.

Your salary will be at the rate of $500,000.00 per year. You will be paid on a semi-monthly basis on the 15th and last day of each month via direct deposit in accordance with our regular payroll practices. This position is a Full-time and Exempt position. You will receive unlimited vacation.

You will be eligible for an annual short-term discretionary incentive (STI) payment (bonus). STI award amounts are based upon the financial performance of the Company as well as your individual performance. Your annual STI target is expected to be 100% of your base salary, and pro-rated based on your Start Date. Additionally, you must be actively employed on the date the bonus awards are paid (typically in February of the year following the bonus plan year and in no event later than March 15 of such year) in order to receive a bonus payout.

You will be recommended for a long-term incentive equity award in an annualized target amount of $2,000,000.00, which will be split evenly between restricted stock units and performance stock units. Your award will be prorated based on your Start Date. The restricted stock units are subject to a 3-year vesting period, with 1/3 vesting each year (based on a February 19 vesting schedule). The performance stock units vest following a 3-year performance period. Additional terms of the award will be provided at the time of the grant. Ongoing participation is not guaranteed, and awards are reviewed and approved by the Compensation and Human Capital Committee on an annual basis.

On your Start Date, you are expected to be eligible to participate in the medical, dental and vision plans offered under Cboe's benefits program. You will also be eligible to participate in Cboe's SMART (401(k)) Plan upon your Start Date. Information on these and other plans for which you are or may become eligible will be provided to you during New Hire Orientation. The attached Benefit Highlights provides an overview of all other current benefit programs. Additional information regarding these and other plans for which you are or may become eligible will be reviewed during New Hire Orientation.

Employment with Cboe is contingent upon verification of work eligibility and your review and acknowledgement of the Cboe U.S. Handbook for employees and the associate policy for privacy of information. To comply with current immigration law, we must verify your authorization to work in the United States. Please bring acceptable documentation with you on your first day of work. A social security card and a current driver's license or state I.D., or a U.S. Passport, are some of the acceptable documents to satisfy this requirement. This offer of employment is also contingent upon Cboe obtaining verification, to the sole satisfaction of Cboe, of information regarding your previous employment, education and references. Additionally, Cboe requires that all employees are fingerprinted prior to hire, and this offer is contingent upon the successful completion of fingerprint results and conducting a background check to the sole satisfaction of Cboe. Immediately upon accepting this offer, the fingerprinting and background check process should be initiated.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

As of the Start Date, this offer letter shall supersede any other agreement between you and the Company or affiliate of the Company concerning the terms of your employment, except that any prior agreement concerning waiver and release of claims, confidentiality, protection of trade secrets, non-competition, non-solicitation, or assignment of inventions shall not be superseded.

We are looking forward to having you join us and hope you will find Cboe to be an exciting, challenging, and rewarding place to build your career. Please note that this letter is solely informational in nature and is not to be construed as an employment contract. Your status with Cboe will be as an employee at will and either you or Cboe may end your employment at any time with or without reason or notice.

Sincerely,

/s/ Craig S. Donohue

Craig Donohue

## Exhibit 10.79

**Exhibit 10.79**

<u>CBOE GLOBAL MARKETS, INC. LONG-TERM INCENTIVE PLAN</u>

**<u>RESTRICTED STOCK UNIT AWARD AGREEMENT</u>**

This Restricted Stock Unit Award Agreement (this "<u>Agreement</u>") is dated effective _______________________ (the "<u>Award Date</u>"), and is between Cboe Global Markets, Inc. (the "<u>Corporation</u>") and ___________________ ("<u>Participant</u>"). Any term capitalized but not defined in this Agreement will have the meaning set forth in the Second Amended and Restated Cboe Global Markets, Inc. (formerly CBOE Holdings, Inc.) Long-Term Incentive Plan (as may be amended from time to time, the "<u>Plan</u>").

1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Award</u>. The Corporation hereby awards to Participant __________ Restricted Stock Units (the "<u>Restricted Stock Units</u>"). The Restricted Stock Units will be subject to the terms and conditions of the Plan and this Agreement. Each Restricted Stock Unit is a notional amount that represents one unvested share of Stock and entitles Participant, subject to the terms of this Agreement, to receive a share of Stock if and when the Restricted Stock Unit vests.

2.&nbsp;&nbsp;&nbsp;&nbsp;<u>No Rights as Stockholder; Dividend Equivalents</u>. Participant shall have no voting rights with respect to shares of Stock represented by Restricted Stock Units until the date of the issuance of the shares of Stock (as evidenced by the appropriate entry on the books of the Corporation or of a duly authorized transfer agent of the Corporation). Notwithstanding the foregoing, in the event that the Corporation declares a cash dividend on shares of Stock, on the payment date of the dividend, Participant will be credited with Dividend Equivalent Rights equal to the amount of the cash dividend per share multiplied by the number of Restricted Stock Units held by Participant on the dividend's record date. The Dividend Equivalent Rights credited to Participant under the preceding sentence will be distributed to Participant at the same time as the underlying cash dividend is distributed to shareholders of the Corporation.

3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Vesting; Effect of Termination of Service; Change in Control</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Subject to Sections 3(b), 3(c) and 3(d) below, Participant's Restricted Stock Units will vest (i) thirty-three percent (33%) on __________, provided that Participant has remained in Service continuously through such date, (ii) thirty-three percent (33%) on __________, provided that Participant has remained in Service continuously through such date, and (iii) thirty-four percent (34%) on __________, provided that Participant has remained in Service continuously through such date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The Restricted Stock Units will vest in full upon the earlier to occur of (i) Participant's death or (ii) Participant's becoming Disabled, provided that such condition qualifies as a "disability" as defined under Section 409A, in each case, if prior to any forfeiture event under Section 3(d) below.

In the event of Participant's Retirement (as defined below) and satisfaction of the terms thereof, the Restricted Stock Units shall remain outstanding upon Participant's Retirement and be distributed as if Participant remained in Service continuously through each vesting date pursuant to Section 3(a), in accordance with the terms of this Agreement. For purposes of this Agreement, "<u>Retirement</u>" means a determination by the Corporation or its Affiliate in their sole discretion, that Participant: (i) has completed a minimum of ten (10) full years of aggregate Service as of their Retirement date, (ii) has

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attained the age of fifty-five (55) as of their Retirement date, (iii) has provided the Corporation's Board, CEO, President, and/or COO with at least six (6) months' advance written revocable notice of their Retirement date (unless the notice period is waived by the Corporation or their Affiliate in its sole discretion), (iv) has their Retirement date and transition plan approved and not revoked by the Corporation's Board, CEO, President, and/or COO through their Retirement date, (v) remains in Service continuously and in good standing until their Retirement date, (vi) has successfully transitioned responsibilities, as determined at the sole discretion of the Corporation's Board, CEO, President, and/or COO, and (vii) has a separation from Service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;This subsection 3(c) shall apply to this Agreement, this Award and any Replacement Award provided to Participant to replace this Award in lieu of Section 8.2(b) of the Plan. Upon a termination of Participant's Service by the Corporation or its Affiliate without Cause or by Participant for "Good Reason" (as defined below), in each case, upon or within two years after a Change in Control and prior to any forfeiture event under Section 3(d) below, this Award or any Replacement Award held by Participant shall become fully vested and free of restrictions and shall be distributed upon or within 60 days of such termination of Service. Notwithstanding the foregoing, if this Award or the Replacement Award, as applicable, is considered deferred compensation subject to Section 409A, payment shall be made pursuant to the Award's original schedule if necessary to comply with Section 409A.

For purposes of this Award "Good Reason" shall be deemed to exist if, and only if, without Participant's express written consent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Corporation or its Affiliate assigns to Participant authorities, duties or responsibilities (including titles) that are inconsistent in any material and adverse respect with Participant's immediately preceding authorities, duties or responsibilities with the Corporation or its Affiliate (including any material and adverse diminution of such immediately preceding authorities, duties or responsibilities);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Corporation or its Affiliate materially reduces Participant's base compensation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Corporation or its Affiliate requires Participant to relocate his or her principal business office or principal place of residence outside the metropolitan area in which Participant worked or resided at the time the Restricted Stock Units were awarded (or outside the immediately preceding location of Participant's principal business office with the Corporation or its Affiliate), or assigns to Participant duties that would reasonably require such relocation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The Corporation or its Affiliate materially breaches the terms of any agreement pursuant to which services are provided to the Corporation or its Affiliate by Participant; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The Corporation or its Affiliate terminates, reduces or limits Participant's participation in any bonus or incentive compensation arrangement relative to the level of participation of other employees of similar rank for a reason that is not reasonably related to Participant's level of job performance or local requirements and provided that such action results in a material reduction in the aggregate value of Participant's incentive compensation below the aggregate value as of the immediately preceding

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bonus or incentive compensation performance period and provided further that a mere change in the form of payment of the award (whether cash or shares of Stock) without a reduction in the aggregate grant value of the award shall not be considered a reduction of Participant's participation.

Participant's voluntary termination of Service shall not be considered a termination of Service for Good Reason unless Participant terminates his or her Service within 120 days after the initial existence of the condition constituting Good Reason; provided, Participant provides written notice to the Corporation or its Affiliate of Participant's intention to resign for Good Reason, which notice specifies in reasonable detail the breach or action giving rise thereto within 90 days of its initial existence, and the Corporation or its Affiliate does not cure such breach or action within 30 days after the date of Participant's notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;If Participant's Service is terminated for any reason before all of Participant's Restricted Stock Units have vested under this Agreement (including before the Restricted Stock Units qualify for vesting pursuant to an event described in Section 3(b) or 3(c) above), Participant's unvested Restricted Stock Units will be forfeited upon the effective date of such termination of Service. Notwithstanding anything herein to the contrary, any outstanding Restricted Stock Units not previously settled shall be cancelled and forfeited immediately if, in the sole opinion and discretion of the Committee or its delegate, Participant engages in any activity that constitutes Cause, whether or not Participant experiences a separation from Service, is no longer in Service, or remains in Service. Neither the Corporation nor any Affiliate will have any further obligations to Participant under this Agreement if Participant's Restricted Stock Units are forfeited pursuant to this Section 3(d).

4.&nbsp;&nbsp;&nbsp;&nbsp;<u>Terms and Conditions of Distribution</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Distribution of a share of Stock that corresponds to a vested Restricted Stock Unit shall be made to Participant as soon as practicable after the Restricted Stock Unit vests, but in any case by December 31st of the calendar year in which the applicable vesting date or event occurs, subject to such additional time as may be permitted under Section 409A in the event of Participant's death. Notwithstanding the foregoing, if this Award or any Replacement Award, as applicable, does not constitute deferred compensation subject to Section 409A, then the distribution of a share of Stock that corresponds to a vested Restricted Stock Unit will be made to Participant no later than two and a half (2½) months after the end of the calendar year in which such vesting occurs, subject to such additional time as may be permitted under Section 409A in the event of Participant's death.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Reserved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;If Participant dies before the date on which the Corporation would have distributed shares of Stock in satisfaction of vested Restricted Stock Units, the Corporation will distribute such shares of Stock to Participant's designated beneficiary(ies) or, if none are designated or surviving, to Participant's estate or personal representative. The Corporation is not required to issue or deliver any shares of Stock before completing the steps necessary to comply with applicable Federal and state securities laws (including any registration requirements) and applicable stock exchange

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rules and practices. The Corporation will use commercially reasonable efforts to cause compliance with those laws, rules and practices. The foregoing provisions are subject in all cases to the requirements of Section 409A.

5.&nbsp;&nbsp;&nbsp;&nbsp;<u>Nontransferability</u>. Unvested Restricted Stock Units may not be sold, transferred, exchanged, pledged, assigned, garnished, or otherwise alienated or hypothecated, other than by will or by the laws of descent and distribution. Any effort to assign or transfer the rights under this Agreement will be wholly ineffective, and will be grounds for termination by the Committee of all rights of Participant under this Agreement.

6.&nbsp;&nbsp;&nbsp;&nbsp;<u>Administration</u>. The Committee administers the Plan. Participant's rights under this Agreement are expressly subject to the terms and conditions of the Plan and to any guidelines the Committee adopts from time to time. The interpretation and construction by the Committee of the Plan and this Agreement, and such rules and regulations as may be adopted by the Committee for purposes of administering the Plan and this Agreement, will be final and binding upon Participant.

7.&nbsp;&nbsp;&nbsp;&nbsp;<u>Securities Law Requirements</u>. If at any time the Board or Committee determines that issuing Stock pursuant to this Agreement would violate applicable securities laws, the Corporation will not be required to issue such Stock. The Board or Committee may declare any provision of this Agreement or action of its own null and void, if it determines the provision or action fails to comply with applicable securities laws. The Corporation may require Participant to make written representations it deems necessary or desirable to comply with applicable securities laws.

8.&nbsp;&nbsp;&nbsp;&nbsp;<u>Payment of Withholding Taxes</u>. Participant acknowledges that, regardless of any action taken by the Corporation or, if different, the Affiliate of the Corporation that employs Participant (the "Employer"), the ultimate liability for all income tax, social contributions, payroll tax, fringe benefits tax, payment on account or other tax-related items related to Participant's participation in the Plan and legally applicable to Participant or deemed by the Corporation or the Employer in their sole discretion to be an appropriate charge to Participant even if legally applicable to the Corporation or the Employer ("<u>Tax-Related Items</u>"), is and remains Participant's responsibility and may exceed the amount actually withheld by the Corporation or the Employer, if any. Participant further acknowledges that the Corporation and/or the Employer (a) make no representations or undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of the Restricted Stock Units, including, but not limited to, the grant, vesting or settlement of the Restricted Stock Units, or the subsequent sale of shares of Stock acquired pursuant to such settlement; and (b) do not commit to and is under no obligation to structure the terms of the grant or any aspect of the Restricted Stock Units to reduce or eliminate Participant's liability for Tax-Related Items or achieve any particular tax result. Further, if Participant is subject to Tax-Related Items in more than one jurisdiction between the Award Date and the date of any relevant taxable or tax withholding event, as applicable, Participant acknowledges that the Corporation and/or the Employer (or former employer, as applicable) may be required to withhold or account for Tax-Related Items in more than one jurisdiction.

Prior to the relevant taxable or tax withholding event, as applicable, Participant agrees to make adequate arrangements satisfactory to the Corporation and/or the Employer to satisfy all Tax-Related Items. In this regard, Participant authorizes the Corporation, or its

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respective agents, at their discretion, to satisfy the obligations with regard to all Tax-Related Items by one or a combination of the following: (i) withholding from Participant's wages or other cash compensation paid to Participant by the Corporation and/or the Employer; (ii) withholding from the shares of Stock to be delivered upon settlement of the Restricted Stock Units or other awards granted to Participant or (iii) permitting Participant to tender to the Corporation or the Employer cash or, if allowed by the Committee, shares of Stock to the Corporation.

Notwithstanding the foregoing, if Participant is subject to Section 16 of the Exchange Act, pursuant to Rule 16a-2 promulgated thereunder, any tax withholding obligations shall be satisfied by having the Corporation withhold from the shares of Stock to be delivered upon settlement of the Restricted Stock Units.

Depending on the withholding method, the Corporation may withhold or account for Tax-Related Items by considering applicable statutory withholding rates (as determined by the Corporation in good faith and in its sole discretion) or other applicable withholding rates, including maximum applicable rates, in which case Participant will receive a refund of any over-withheld amount in cash and will have no entitlement to the share equivalent. If the obligation for Tax-Related Items is satisfied by withholding from the shares of Stock to be delivered upon settlement of the Restricted Stock Units, for tax purposes, Participant is deemed to have been issued the full number of shares of Stock subject to the Restricted Stock Units, notwithstanding that a number of shares of Stock are held back solely for the purpose of paying the Tax-Related Items. Participant will have no further rights with respect to any shares of Stock that are retained by the Corporation pursuant to this provision.

Participant agrees to pay to the Corporation or the Employer any amount of Tax-Related Items that the Corporation or the Employer may be required to withhold or account for as a result of Participant's participation in the Plan that cannot be satisfied by the means previously described. The Corporation may refuse to issue or deliver shares of Stock or proceeds from the sale of shares of Stock until arrangements satisfactory to the Corporation have been made in connection with the Tax-Related Items.

9.&nbsp;&nbsp;&nbsp;&nbsp;<u>Restrictive Covenants</u>. Participant understands the global nature of the Corporation's businesses and the effort the Corporation and its Affiliates (collectively referred to in this Section as "<u>Cboe</u>") undertake to develop and protect their business and their competitive advantage. Accordingly, Participant agrees that the scope and duration of the restrictions described in this Agreement are reasonable and necessary to protect the legitimate business interests of Cboe. Participant further agrees that during the period of Participant's Service and for a period of two (2) years following Participant's separation from Service, Participant shall not, without the express written approval of the Chief Executive Officer:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;singly, jointly, or in any other capacity, in a manner that contributes to any research, technology, development, account, trading, marketing, promotion, or sales and that relates to Participant's Service with Cboe, directly or beneficially, manage, join, participate in the management, operation or control of, or work for (as an employee, consultant or independent contractor), or permit the use of his or her name by, or provide financial or other assistance to, or be connected in any manner with (i) any exchange, facility, clearinghouse, electronic communications network ("ECN"), electronic foreign

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currency exchange market ("FX") matching platform, multilateral trading facility, or alternative trading system ("ATS"); (ii) the ECN, ATS or FX business lines of any full service broker dealer or any digital asset or data and access solutions business line of any company; or (iii) any business line of any company that is substantially similar to any additional business line developed or entered into by Cboe during Participant's Service, provided that, in the case of clauses (i), (ii) and (iii), such entity or business line that directly competes with Cboe;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;provide any service or assistance that (i) is of the general type of service or assistance provided by Participant to Cboe, (ii) relates to any technology, account, product, project or piece of work with which Participant was involved during his Service, and (iii) contributes to causing an entity to come within the definition described in Section 9(a) above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;solicit or accept if offered to Participant, with or without solicitation, on his or her own behalf or on behalf of any other person, the services of any person who is a then-current employee of Cboe (or was an employee of Cboe during the year preceding such solicitation), nor solicit any of Cboe's then-current employees (or an individual who was employed by or engaged by Cboe during the year preceding such solicitation) to terminate employment or an engagement with Cboe, nor agree to hire any then-current employee (or an individual who was an employee of Cboe during the year preceding such hire) of Cboe into employment with Participant or any company, individual or other entity; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;directly or indirectly divert or attempt to divert from Cboe any business in which Cboe has been actively engaged during Participant's Service, nor interfere with the relationships of Cboe or with their sources of business.

10.&nbsp;&nbsp;&nbsp;&nbsp;<u>Confidentiality</u>. Participant acknowledges that the Corporation or an Affiliate may disclose secret or confidential information to Participant during the period of Participant's Service to enable Participant to perform his or her duties. Participant agrees that, subject to the following sentence, Participant shall not during his or her Service (except in connection with the proper performance of his or her duties) and thereafter, without the prior written consent of the Corporation, disclose to any person or entity any material or significant secret or confidential information concerning the business of the Corporation or an Affiliate that was obtained by Participant in the course of Participant's Service. This paragraph shall not be applicable if and to the extent Participant is required to testify in a legislative, judicial or regulatory proceeding pursuant to an order of Congress, any state or local legislature, a judge, or an administrative law judge, or if such secret or confidential information is required to be disclosed by Participant by any law, regulation or order of any court or regulatory commission, department or agency. Participant further agrees that if Participant's Service is terminated for any reason, Participant will not take, but will leave with the Corporation or an Affiliate, all records and papers and all matter of whatever nature that bears secret or confidential information of the Corporation or an Affiliate. For purposes of this Agreement, the term "secret or confidential information" shall include, but not be limited to, any and all records, notes, memoranda, data, writings, research, personnel information, customer information, clearing members' information, the Corporation's and any Affiliate's financial information and plans, processes, methods, techniques, systems, formulas, patents, models, devices, compilations or any other information of whatever nature in the possession or

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control of the Corporation or an Affiliate, that has not been published or disclosed to the general public, the options industry, the equities industry, the foreign currency exchange industry or the commodities futures industry, provided that such term shall not include knowledge, skills, and information that is common to the trade or profession of Participant.

Notwithstanding anything in this Agreement to the contrary, nothing in this Agreement prohibits Participant from confidentially or otherwise communicating or filing a charge or complaint with a governmental or regulatory entity, participating in a governmental or regulatory entity investigation, or giving truthful testimony or making other disclosures to a governmental or regulatory entity (in each case, without having to disclose any such conduct to the Corporation or an Affiliate), or from responding if properly subpoenaed or otherwise required to do so under applicable law. In addition, nothing in this Agreement limits Participant's right to receive an award from a governmental or regulatory entity for information provided to such an entity (and not as compensation for actual or alleged personal injury or damages to Participant).

Pursuant to the Defend Trade Secrets Act of 2016 (18 U.S.C. 1833(b)), Participant shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that is made in confidence either directly or indirectly to a federal, state, or local government official, or to an attorney, solely for the purpose of reporting or investigating a violation of law. Participant shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret made in a complaint, or other document filed in a lawsuit or other proceeding, if such filing is made under seal. If Participant files a lawsuit or other action alleging retaliation by the Corporation or an Affiliate for reporting a suspected violation of law, Participant may disclose the trade secret to his or her attorney and use the trade secret in the court proceeding or other action, if Participant files any document containing the trade secret under seal and does not disclose the trade secret, except pursuant to court order. This paragraph will govern to the extent it may conflict with any other provision of this Agreement.

11.&nbsp;&nbsp;&nbsp;&nbsp;<u>Judicial Modification</u>. If the final judgment of a court of competent jurisdiction declares that any term or provision of Section 9 or 10 is invalid or unenforceable, the parties agree that (a) the court making the determination of invalidity or unenforceability shall have the power to reduce the scope, duration, or geographic area of the term or provision, to delete specific words or phrases, or to replace any invalid or unenforceable term or provision with a term or provision that is valid and enforceable and that comes closest to expressing the intention of the invalid or unenforceable term or provision, (b) the parties shall request that the court exercise that power, and (c) this Agreement shall be enforceable as so modified after the expiration of the time within which the judgment or decision may be appealed.

12.&nbsp;&nbsp;&nbsp;&nbsp;<u>Remedies</u>. Participant agrees that in the event of a breach or threatened breach of any of the covenants contained in Sections 9 or 10 of this Agreement, in addition to any other penalties or restrictions that may apply under any employment agreement, state law, or otherwise, Participant shall forfeit, upon written notice to such effect from the Corporation, any and all Awards granted to him or her under the Plan and this Agreement, including vested Awards. The forfeiture provisions of this Section 12 shall continue to apply, in accordance with their terms, after the provisions of any employment

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or other agreement between the Corporation and Participant have lapsed. Participant consents and agrees that if Participant violates or threatens to violate any provisions of Sections 9 or 10 of this Agreement, the Corporation or its successors in interest shall be entitled, in addition to any other remedies that they may have, including money damages, to an injunction to be issued by a court of competent jurisdiction restraining Participant from committing or continuing any violation of Sections 9 or 10. In the event that Participant is found to have breached any provision set forth in Section 9 of this Agreement, the time period provided for in that provision shall be deemed tolled (*i.e.*, it will not begin to run) for as long as Participant was in violation of that provision. The provisions of Sections 9 and 10 of this Agreement shall continue to apply, in accordance with their terms, after Participant's service has terminated and after provisions of any employment or other agreement between the Corporation and Participant have lapsed.

13.&nbsp;&nbsp;&nbsp;&nbsp;<u>Representations and Warranties</u>. Participant represents and warrants to the Corporation that Participant has received a copy of the Plan and this Agreement, has read and understands the terms of the Plan and this Agreement, and agrees to be bound by their terms and conditions in all respects.

14.&nbsp;&nbsp;&nbsp;&nbsp;<u>No Limitation on the Corporation's Rights</u>. The granting of Restricted Stock Units under this Agreement shall not and will not in any way affect the Corporation's right or power to make adjustments, reclassifications or changes in its capital or business structure or to merge, consolidate, reincorporate, dissolve, liquidate or sell or transfer all or any part of its business or assets.

15.&nbsp;&nbsp;&nbsp;&nbsp;<u>Plan and Agreement Not a Contract of Employment or Service</u>. Neither the Plan nor this Agreement is a contract of employment or Service, and no terms of Participant's employment or Service will be affected in any way by the Plan, this Agreement or related instruments, except to the extent specifically expressed therein. Neither the Plan nor this Agreement will be construed as conferring any legal rights on Participant to continue to be employed or remain in Service, nor will it interfere with the Corporation's or any Affiliate's right to discharge Participant or to deal with Participant regardless of the existence of the Plan or this Agreement.

16.&nbsp;&nbsp;&nbsp;&nbsp;<u>Entire Agreement and Amendment</u>. This Agreement and the Plan constitute the entire agreement between the parties hereto with respect to the Restricted Stock Units, and all prior oral and written representations are merged in this Agreement and the Plan. Notwithstanding the preceding sentence, this Agreement shall not in any way affect the terms and provisions of the Plan. This Agreement may be amended, modified, or terminated only in accordance with the Plan. The headings in this Agreement are inserted for convenience and identification only and are not intended to describe, interpret, define or limit the scope, extent, or intent of this Agreement or any provision hereof.

17.&nbsp;&nbsp;&nbsp;&nbsp;<u>Notice</u>. Any notice or other communication required or permitted under this Agreement must be in writing and must be delivered personally, sent by certified, registered or express mail, sent by overnight courier (at the sender's expense), or (if from the Corporation or the Corporation's stock plan administrator) by electronic mail. Notice will be deemed given (a) when delivered personally, (b) if mailed, three days after the date of deposit in the U.S. mail, (c) if sent by overnight courier, on the regular business day following the date sent, or (d) when electronically mailed. Notice to the Corporation

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should be sent to Cboe Global Markets, Inc., 433 West Van Buren Street, Chicago, Illinois 60607, Attention: General Counsel. Notice to Participant should be sent to the mailing address and/or electronic mailing address set forth on the Corporation's records. Either party may change the address to which the other party must give notice under this Section 17 by giving the other party written notice of such change, in accordance with the procedures described above or otherwise established by the Corporation or its stock plan administrator.

18.&nbsp;&nbsp;&nbsp;&nbsp;<u>Successors and Assigns</u>. The terms of this Agreement will be binding upon the Corporation and its successors and assigns.

19.&nbsp;&nbsp;&nbsp;&nbsp;<u>Governing Law</u>. To the extent not preempted by Federal law, the Plan, this Agreement, and documents evidencing rights relating to the Plan or this Agreement will be construed, administered and governed in all respects under and by the laws of the State of Delaware, without giving effect to its conflict of laws principles. If any provision of this Agreement will be held by a court of competent jurisdiction to be invalid or unenforceable, the remaining provisions hereof will continue to be fully effective. The jurisdiction and venue for any disputes arising under, or any action brought to enforce (or otherwise relating to), this Agreement will be exclusively in the courts in the State of Illinois, County of Cook, including the Federal Courts located therein (should Federal jurisdiction exist).

20.&nbsp;&nbsp;&nbsp;&nbsp;<u>Plan Document Controls</u>. The rights granted under this Agreement are in all respects subject to the provisions set forth in the Plan to the same extent and with the same effect as if set forth fully in this Agreement. If the terms of this Agreement conflict with the terms of the Plan document, the Plan document will control.

21.&nbsp;&nbsp;&nbsp;&nbsp;<u>Counterparts</u>. This Agreement may be executed simultaneously in two or more counterparts, each of which shall be deemed an original and all of which together shall constitute but one and the same instrument.

22.&nbsp;&nbsp;&nbsp;&nbsp;<u>Waiver; Cumulative Rights</u>. The failure or delay of either party to require performance by the other party of any provision of this Agreement will not affect its right to require performance of such provision unless and until such performance has been waived in writing. Each right under this Agreement is cumulative and may be exercised in part or in whole from time to time.

23.&nbsp;&nbsp;&nbsp;&nbsp;<u>Tax Consequences</u>.&nbsp;&nbsp;&nbsp;&nbsp;Participant agrees to determine and be responsible for all tax consequences to Participant with respect to the Restricted Stock Units.

24.&nbsp;&nbsp;&nbsp;&nbsp;<u>Section 409A</u>*.* The Restricted Stock Units granted hereunder are intended to comply with, or otherwise be exempt from, Section 409A, including the exceptions and exemptions for short term deferrals, stock rights, and separation pay arrangements. This Agreement and all Restricted Stock Units shall be administered, interpreted, and construed in a manner consistent with Section 409A. Should any provision of this Agreement, or any other agreement or arrangement contemplated by this Agreement, be found not to comply with, or otherwise be exempt from, the provisions of Section 409A, such provision shall be modified and given effect (retroactively if necessary), in the sole discretion of the Corporation, and without the consent of Participant, in such manner as the Corporation determines to be necessary or appropriate to comply with, or to effectuate an exemption from, Section 409A. Notwithstanding the forgoing, no provision

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of this Agreement, or any other agreement or arrangement contemplated by this Agreement shall be construed as a guarantee by the Corporation of any particular tax effect to Participant. Each payment made under this Agreement shall be designated as a separate payment within the meaning of Section 409A. Any payment that is subject to Section 409A and payable upon Participant's termination of employment or other similar event shall not be made unless Participant has experienced a "separation from service" as defined under Section 409A. Except as provided in Section 4(c), any payment subject to Section 409A that is to be made upon a "separation from service" to Participant on any date when he or she is a "specified employee" as defined under Section 409A shall not be paid before the date that is six (6) months following Participant's "separation from service" or, if earlier, Participant's death.

25.&nbsp;&nbsp;&nbsp;&nbsp;<u>Compensation Recovery</u>. Notwithstanding anything in this Agreement to the contrary, the Restricted Stock Units, Dividend Equivalent Rights and any shares of Stock issued pursuant to the Restricted Stock Units and any proceeds therefrom shall be subject to and remain subject to any compensation recovery policies of the Corporation, including (i) the Corporation's Executive Officer Incentive Compensation Clawback Policy (as amended from time to time, or any successor policy), (ii) the Corporation's Supplemental Discretionary Clawback Policy (as amended from time to time, or any successor policy), (iii) any recoupment, clawback or similar requirements made applicable by law, regulation or listing standards to the Corporation from time to time (to the extent contemplated by such requirements), or (iv) as may be adopted by the Corporation to help facilitate the Corporation's objectives, including, without limitation, related to eliminating or reducing fraud, misconduct, wrongdoing, or violations of law by an employee or similar considerations and, in each case, as may be amended from time to time (the "Policies"), with the provisions contained in such Policies deemed incorporated into this Agreement without Participant's additional or separate consent. For purposes of the foregoing, Participant expressly and explicitly authorizes the Corporation to cancel any unpaid portion of the Restricted Stock Units (whether vested or unvested) and to issue instructions, on Participant's behalf, to any brokerage firm and/or third-party administrator engaged by the Corporation to hold any shares of Stock and other amounts acquired pursuant to the Restricted Stock Units to re-convey, transfer or otherwise return such shares of Stock and/or other amounts to the Corporation upon the Corporation's enforcement of the Policies. Participant acknowledges and agrees that the Corporation's rights hereunder shall not be affected in any way by any subsequent change in status, including retirement or termination of employment (including due to death or Disability). Participant expressly agrees to indemnify and hold the Corporation and its Affiliates harmless from any loss, cost, damage, or expense (including attorneys' fees) that the Corporation or any Affiliate may incur as a result of Participant's actions or in the Corporation and any Affiliate's efforts to recover such previously made payments or value pursuant to this provision. No recovery of compensation as described herein will be an event giving rise to a right to resign for "Good Reason" or "constructive termination" (or similar term) under any plan of, or agreement with, the Corporation, the Employer and/or Participant.

26.&nbsp;&nbsp;&nbsp;&nbsp;<u>Addendum to Agreement.</u> Notwithstanding any provision of this Agreement to the contrary, if Participant resides or is employed outside the U.S. or transfers residence or employment outside the U.S., the Restricted Stock Units shall be subject to such special terms and conditions as are set forth in the addendum to this agreement (the

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"<u>Addendum</u>"). Further, if Participant transfers residency and/or employment to another country, any special terms and conditions for such country will apply to the Restricted Stock Units to the extent the Corporation determines, in its sole discretion, that the application of such terms and conditions is necessary or advisable in order to comply with local law or to facilitate the operation and administration of the Restricted Stock Units and the Plan (or the Corporation may establish alternative terms and conditions as may be necessary or advisable to accommodate Participant's transfer). In all circumstances, the Addendum shall constitute part of this Agreement.

IN WITNESS WHEREOF, the Corporation and Participant have duly executed this Agreement as of the date first written above.

**Cboe Global Markets, Inc.**

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| | |
|:---|:---|
| _________________________________ | By: |
| Participant's Name |  |
| _________________________________ | Its: |
| Participant's Signature |  |

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**<u>ADDENDUM</u>**

**<u>CBOE GLOBAL MARKETS, INC. LONG-TERM INCENTIVE PLAN<br>RESTRICTED STOCK UNIT AWARD AGREEMENT</u>**

This Addendum to the Agreement includes additional terms and conditions that govern the Restricted Stock Units if Participant resides and/or is employed outside of the United States or transfers residence or employment outside the United States. Certain capitalized terms used but not defined in this Addendum have the meanings set forth in the Agreement or the Plan.

1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Nature of Grant</u>. In accepting the Restricted Stock Units, Participant acknowledges that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;the Plan is established voluntarily by the Corporation, is discretionary in nature and may be modified, amended, suspended or terminated by the Corporation at any time, to the extent permitted by the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;the award of the Restricted Stock Units is exceptional, discretionary, voluntary and occasional and does not create any contractual or other right to receive future grants of Restricted Stock Units, or benefits in lieu of Restricted Stock Units, even if Restricted Stock Units have been granted in the past;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;all decisions with respect to future Restricted Stock Unit awards, if any, will be at the sole discretion of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;Participant is voluntarily participating in the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;the Restricted Stock Units and any shares of Stock that may be received in settlement of the Restricted Stock Units, and the income and value of same, (i) are an extraordinary item that does not constitute compensation of any kind for services of any kind rendered to the Corporation or the Employer, and which is outside the scope of Participant's employment contract, if any, (ii) are not intended to replace any pension rights or compensation, and (iii) are not part of normal or expected compensation or salary for any purpose, including, but not limited to, calculating any severance, resignation, termination, redundancy, dismissal, end-of-service payments, holiday pay, bonuses, long-service awards, leave-related payments, pension or retirement or welfare benefits or similar payments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;the Restricted Stock Unit award will not be interpreted to form an employment or non-employee director contract or relationship with the Corporation or any Affiliate, nor does it amend any legal relationship or legal entitlement between Participant and the Employer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;this Agreement, the transactions contemplated hereunder and the vesting schedule set forth herein do not constitute an express or implied promise of Participant's further employment for the vesting period, for any period, or at all, and will not interfere with Participant's right or the right of the Corporation or the Employer to terminate Participant's employment relationship at any time with or without cause;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;unless otherwise agreed with the Corporation, the Restricted Stock Units and the shares of Stock underlying the Restricted Stock Units, and the income and value

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of same, are not granted as consideration for, or in connection with, the service Participant may provide as a director of an Affiliate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;the future value of the underlying shares of Stock is unknown, indeterminable and cannot be predicted with certainty;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;neither the Corporation, the Employer nor any Affiliate shall be liable for any foreign exchange rate fluctuation between Participant's local currency and the United States Dollar that may affect the value of the Restricted Stock Units or of any amounts due to Participant pursuant to the settlement of the Restricted Stock Units or the sale of any shares of Stock Participant may acquire upon such settlement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;in consideration of the grant of the Restricted Stock Units, no claim or entitlement to compensation or damages shall arise from termination of the Restricted Stock Units or diminution in value of the Restricted Stock Units or shares of Stock acquired upon vesting of the Restricted Stock Units resulting from Participant's termination of Service (for any reason whatsoever and whether or not later found to be invalid or in breach of employment laws in the jurisdiction where Participant is employed or the terms of Participant's employment agreement, if any) or from the application of any clawback or recoupment policy adopted by the Corporation or imposed by applicable law, and Participant irrevocably releases the Corporation and the Employer from any such claim that may arise; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;the Restricted Stock Units and the benefits evidenced by this Agreement do not create any entitlement not otherwise specifically provided for in the Plan or provided by the Corporation in its discretion, to have the Restricted Stock Units or any such benefits transferred to, or assumed by, another company or to be exchanged, cashed out or substituted for, in connection with any corporate transaction affecting the shares of the Corporation.

2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Participants in the European Union</u>. If Participant resides and/or is employed in a European Union ("<u>EU</u>") member state, the following provision shall replace Section 3(b) of the Agreement in its entirety and any other provisions regarding Retirement shall be disregarded and of no effect:

&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The Restricted Stock Units will vest in full upon the earlier to occur of (i) Participant's death or (ii) Participant's becoming Disabled, provided that such condition qualifies as a "disability" as defined under Section 409A, in each case, if prior to any forfeiture event under Section 3(d) below.

3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Payment of Withholding Taxes</u>. Participant acknowledges and agrees that if Participant is subject to tax and/or social contributions in more than one jurisdiction, the Corporation or its Affiliate(s) may be required to withhold or account for taxes and/or social contributions in more than one jurisdiction, in accordance with the methods of withholding described in Section 8 of the Agreement.

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4.&nbsp;&nbsp;&nbsp;&nbsp;<u>Data Privacy</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Data Collection and Usage</u>. The Corporation and the Employer will collect, process and use certain personal information about Participant, specifically, Participant's name, home address, email address and telephone number, date of birth, social security or insurance number, passport number or other identification number, salary, nationality, job title, any shares of Stock or directorships held in the Corporation, details of all Restricted Stock Units or any other entitlement to shares of Stock awarded, canceled, exercised, vested, unvested or outstanding in Participant's favor ("<u>Data</u>"), for the exclusive purpose of implementing, administering and managing the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Recipients of Data</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.&nbsp;&nbsp;&nbsp;&nbsp;<u>Stock Plan Administration Service Providers</u>. The Corporation and the Employer transfer Data to Fidelity Stock Plan Services, LLC (and/or its affiliates, collectively "<u>Fidelity</u>"), the designated broker assisting in the implementation, administration and management of the Plan. In the future, the Corporation may select a different service provider and share Data with such other provider serving in a similar manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.&nbsp;&nbsp;&nbsp;&nbsp;<u>Other Service Provider Data Recipients</u>. The Corporation also may transfer Data to other third party service providers, if necessary to ensure compliance with applicable tax, exchange control, securities and labor law. Such third party service providers may include the Corporation's legal counsel as well as its auditor, human resources consultant and payroll vendor. Wherever possible, the Corporation will anonymize data, but Participant understands that his or her Data may need to be transferred to such providers to ensure compliance with applicable law and/or tax requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.&nbsp;&nbsp;&nbsp;&nbsp;<u>Securities or Other Regulatory Authorities</u>. In addition to the recipients identified herein and where required under applicable law, Data also may be disclosed to certain securities or other regulatory authorities, including where the Corporation's securities are listed or traded or regulatory filings are made. The legal basis, where required, for such disclosure is compliance with applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>International Data Transfers</u>. The Corporation, Fidelity and other service providers described above are located in the United States. The United States may have different data privacy laws and protections than Participant's country of residence (or country of employment, if different).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;<u>Legal Basis for Collection, Processing and Transfer of Data</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.&nbsp;&nbsp;&nbsp;&nbsp;<u>Participants within the EU / European Economic Area ("EEA"), Switzerland and the United Kingdom</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.&nbsp;&nbsp;&nbsp;&nbsp;The collection, processing and transfer of Data is necessary for the legitimate purpose of the Corporation and Employer's administration of the Plan and Participant's participation in the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.&nbsp;&nbsp;&nbsp;&nbsp;When transferring Data to potential recipients outside the EU/EEA, Switzerland and/or the United Kingdom, the Corporation and the

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Employer strive to provide appropriate safeguards in accordance with Standard Contractual Clauses or other legally binding and permissible arrangements. For further information on the transfer of Participant's personal data outside of the EU/EEA, Switzerland and/or the United Kingdom, Participant may contact his or her human resources representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.&nbsp;&nbsp;&nbsp;&nbsp;<u>Participants outside the EU / EEA, Switzerland and the United Kingdom</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.&nbsp;&nbsp;&nbsp;&nbsp;Participant hereby explicitly and unambiguously consents to the collection, processing and use, in electronic or other form, of Participant's Data by the Corporation and the transfer of Data to the recipients mentioned above, including recipients located in countries which do not adduce an adequate level of protection from a non-U.S. data protection law perspective, for the purposes described above. Upon transfer of Participant's Data to Fidelity, Participant may be asked to agree to separate terms and data processing practices with Fidelity, with such agreement being a condition of the ability to participate in the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.&nbsp;&nbsp;&nbsp;&nbsp;Participation in the Plan is voluntary and Participant understands that Participant is providing the consent herein on a purely voluntary basis. If Participant does not consent, or later seeks to revoke his or her consent, Participant's employment status or Service and career with the Employer will not be adversely affected. The only consequence of refusing or withdrawing consent is that the Corporation would not be able to grant Restricted Stock Units or other equity awards to Participant or administer or maintain such awards. Therefore, Participant understands that refusing or withdrawing his or her consent may affect Participant's ability to participate in the Plan. For more information on the consequences of Participant's refusal to consent or withdrawal of consent, Participant understands that Participant may contact his or her human resources representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;<u>Data Retention</u>. Participant understands that Data will be held only as long as is necessary to implement, administer and manage his or her participation in the Plan or comply with applicable laws. When the Corporation no longer needs the Data, the Corporation will remove it from its systems.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) &nbsp;&nbsp;&nbsp;&nbsp;<u>Data Subject Rights</u>. Participant understands that Participant may have the right under applicable law to (i) access or copy Data that the Corporation possesses, (ii) rectify incorrect Data, (iii) delete Data, (iv) restrict processing of Data, (v) opt out of the Plan, or (vi) lodge complaints with the competent supervisory authorities in Participant's jurisdiction. To receive clarification regarding these rights or to exercise these rights, Participant understands that Participant can contact his or her local human resources representative.

5.&nbsp;&nbsp;&nbsp;&nbsp;<u>No Advice Regarding Grant</u>. The Corporation is not providing any tax, legal or financial advice, nor is the Corporation making any recommendations regarding Participant's participation in the Plan, or Participant's acquisition or sale of the underlying shares of

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Stock. Participant should consult with his or her own personal tax, legal and financial advisors regarding Participant's participation in the Plan before taking any action related to the Plan.

6.&nbsp;&nbsp;&nbsp;&nbsp;<u>Imposition of Other Requirements</u>. The Corporation reserves the right to impose other requirements on Participant's participation in the Plan, on the Restricted Stock Units and on any shares of Stock acquired under the Plan, to the extent the Corporation determines it is necessary or advisable for legal or administrative reasons. Such requirements may include (but are not limited to) requiring Participant to sign any agreements or undertakings that may be necessary to accomplish the foregoing.

7.&nbsp;&nbsp;&nbsp;&nbsp;<u>Insider Trading/Market Abuse Laws</u>. By participating in the Plan, Participant agrees to comply with the Corporation's policy on insider trading (to the extent that it is applicable to Participant). Participant further acknowledges that, depending on Participant's or the broker's country of residence or where the shares of Stock are listed, Participant may be subject to insider trading restrictions and/or market abuse laws, which may affect Participant's ability to accept, acquire, sell or otherwise dispose of shares of Stock, rights to shares of Stock (e.g., Restricted Stock Units) or rights linked to the value of shares of Stock, during such times Participant is considered to have "inside information" regarding the Corporation as defined by the laws or regulations in Participant's country. Local insider trading laws and regulations may prohibit the cancellation or amendment of orders Participant places before Participant possessed inside information. Furthermore, Participant could be prohibited from (i) disclosing the inside information to any third party (other than on a "need to know" basis) and (ii) "tipping" third parties or causing them otherwise to buy or sell securities. Participant understands that third parties include fellow employees. Any restrictions under these laws or regulations are separate from and in addition to any restrictions that may be imposed under any applicable Corporation insider trading policy. Participant acknowledges that it is Participant's responsibility to comply with any applicable restrictions, and that Participant should therefore consult Participant's personal advisor on this matter.

8.&nbsp;&nbsp;&nbsp;&nbsp;<u>Foreign Asset/Account Reporting; Exchange Controls</u>. Participant's country may have certain foreign asset and/or account reporting requirements and/or exchange controls which may affect Participant's ability to acquire or hold shares of Stock under the Plan or cash received from participating in the Plan (including from any dividends received or sale proceeds arising from the sale of shares of Stock) in a brokerage or bank account outside Participant's country. Participant may be required to report such accounts, assets or transactions to the tax or other authorities in his or her country. Participant also may be required to repatriate sale proceeds or other funds received as a result of Participant's participation in the Plan to his or her country through a designated bank or broker and/or within a certain time after receipt. Participant acknowledges that it is his or her responsibility to be compliant with such regulations, and Participant should consult his or her personal legal advisor for any details.

9.&nbsp;&nbsp;&nbsp;&nbsp;<u>Language</u>. If Participant is resident in a country where English is not an official language, Participant acknowledges that Participant is sufficiently proficient in English to understand the terms and conditions of the Agreement or has had the ability to consult with an advisor who is sufficiently proficient in the English language. Participant further acknowledges and agrees that it is Participant's express intent that the Agreement, the

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Addendum and the Plan and all other documents, notices and legal proceedings entered into, given or instituted pursuant to the Restricted Stock Units be drawn up in English. If Participant has received the Agreement, the Addendum or any other document related to the Plan translated into a language other than English and if the meaning of the translated version is different than the English version, the English version will control.

10.&nbsp;&nbsp;&nbsp;&nbsp;<u>Annex to Addendum</u>. Notwithstanding any provision of the Agreement or Addendum to the contrary, the Restricted Stock Units shall be subject to such special terms and conditions for Participant's country of residence (and country of employment, if different), as are set forth in the annex to this Addendum (the "<u>Annex</u>"). Further, if Participant transfers residency and/or employment to another country, the Corporation may establish alternative terms and conditions as may be necessary or advisable to accommodate Participant's transfer. In all circumstances, the Annex shall constitute part of this Addendum.

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**<u>ANNEX</u>**

This Annex to the Addendum includes additional terms and conditions that govern the Restricted Stock Units if Participant resides and/or is employed in the country addressed herein or transfers residence or employment to the country addressed herein. If Participant transfers residence and/or employment to another country, the Corporation may establish alternative terms and conditions as may be necessary or advisable to accommodate Participant's transfer. Certain capitalized terms used but not defined in this Annex have the meanings set forth in the Agreement (including the Addendum) or the Plan.

**<u>Australia</u>**

1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Tax Notification</u>. The Plan is a plan to which Subdivision 83A-C of the Income Tax Assessment Act 1997 (Cth) (the "<u>Act</u>") applies (subject to conditions in the Act).

2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Securities Law Notification</u>. This grant of Restricted Stock Units is being made under Division 1A, Part 7.12 of the Corporations Act 2001 (Cth).

**<u>Canada</u>**

1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Settlement of Restricted Stock Units</u>: Notwithstanding anything to the contrary in the Agreement or any related document, if Participant is resident or employed in Canada, the Corporation shall have absolute discretion to settle the Restricted Stock Units in shares of Stock or in the form of a cash payment or in any combination of the foregoing.

2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Securities Law Notification</u>: Participant acknowledges and agrees that he or she is permitted to sell shares of Stock acquired under the Plan through the designated broker appointed under the Plan, provided the resale of shares of Stock takes place outside of Canada through facilities of a stock exchange on which the shares of Stock are listed. The shares of Stock currently are listed on Cboe BZX in the United States.

3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Termination of Employment</u>: Except as may be determined by the Committee and except as otherwise provided in Section 3 of the Agreement, for purposes of Section 3(d) of the Agreement, Participant's Service will be considered terminated as of the date Participant ceases to be an employee of the Corporation (or, if different, the Affiliate to which Participant provides Service) for any reason, whether lawful or otherwise (including, without limitation, by reason of resignation, death, frustration of contract, termination for Cause, termination without Cause, or constructive dismissal), without regard to any pay in lieu of notice (whether by way of lump sum or salary continuance), benefits continuance, or other termination related payments or benefits, whether pursuant to the common law or otherwise, to which Participant may then be entitled (the "<u>Termination Date</u>"). In the event that the Termination Date cannot reasonably be determined under the terms of the Plan and the Agreement, the Committee and its delegate shall have the exclusive discretion to determine when the Termination Date occurs for purposes of the Plan (including whether Participant may still be considered to be providing Service while on any leave of absence).

Unless otherwise extended by the Corporation, or as may be required to satisfy the minimum requirements of applicable employment or labour standards legislation, any

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portion of the award that is not vested on the Termination Date shall terminate immediately and be null and void, and Participant will have no entitlement to further vesting in the Restricted Stock Units or compensation in lieu thereof following the Termination Date, and Participant waives any claim to damages in respect thereof whether related or attributable to any contractual or common law termination entitlements or otherwise. For additional clarity, if applicable employment or labour standards legislation specifically requires continued entitlement to vesting during a statutory notice period, Participant's right to vest in the Restricted Stock Units, if any, will be allowed to continue for that minimum notice period but then immediately terminate effective as of the last day of Participant's minimum statutory notice period.

**<u>Hong Kong</u>**

1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Settlement in Shares of Stock</u>. Notwithstanding anything to the contrary in the Agreement, the Addendum or the Plan, the Restricted Stock Units shall be settled only in shares of Stock (and may not be settled in cash).

2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Disposal of Shares of Stock</u>. If, for any reason, shares of Stock are issued to Participant within six (6) months after the Award Date, Participant agrees that Participant will not sell or otherwise dispose of any such shares of Stock prior to the six (6) month anniversary of the Award Date.

3.&nbsp;&nbsp;&nbsp;&nbsp;<u>IMPORTANT NOTICE/WARNING</u>. *The contents of this document have not been reviewed by any regulatory authority in Hong Kong. Participant is advised to exercise caution in relation to the offer. If Participant is in any doubt about any of the contents of the documents, Participant should obtain independent professional advice. The Restricted Stock Units and shares of Stock issued in settlement of the Restricted Stock Units do not constitute a public offering of securities under Hong Kong law and are available only to employees of the Corporation or its Affiliates. The Agreement, the Plan and other incidental communication materials have not been prepared in accordance with and are not intended to constitute a "prospectus" for a public offering of securities under the applicable securities legislation in Hong Kong. The Restricted Stock Units are intended only for the personal use of each eligible employee of the Employer, the Corporation or an Affiliate and may not be distributed to any other person.*

4.&nbsp;&nbsp;&nbsp;&nbsp;<u>Wages</u>. The Restricted Stock Units and shares of Stock subject to the Restricted Stock Units do not form part of Participant's wages for purposes of calculating any statutory or contractual payments under Hong Kong law.

**<u>Japan</u>**

&nbsp;&nbsp;&nbsp;&nbsp;No country-specific provisions.

**<u>Netherlands</u>**

1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Exclusion of Claim</u>: Participant acknowledges and agrees that Participant will have no entitlement to compensation or damages insofar as such entitlement arises or may arise from Participant ceasing to have rights under the Plan, whether or not as a result of termination of Participant's Service (whether such termination is in breach of contract or otherwise), or from the loss of diminution in value of the shares of Stock underlying the

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Restricted Stock Units. Upon the grant of the Restricted Stock Units, Participant shall be deemed to have waived irrevocably such entitlement.

**<u>Philippines</u>**

1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Settlement in Cash</u>. Notwithstanding anything to the contrary in the Agreement, the Addendum or the Plan, the Restricted Stock Units shall be settled only in cash (and shall not be settled in shares of Stock), unless otherwise determined by the Corporation.

**<u>Singapore</u>**

1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Securities Law Information</u>. The grant of the Restricted Stock Units under the Plan is being made pursuant to the "Qualifying Person" exemption under section 273(1)(f) of the Securities and Futures Act (Chapter 289, 2006 Ed.) ("<u>SFA</u>"). The Plan has not been and will not be lodged or registered as a prospectus with the Monetary Authority of Singapore and is not regulated by any financial supervisory authority pursuant to any legislation in Singapore. Accordingly, statutory liability under the SFA in relation to the content of prospectuses would not apply. Participant should note that the Restricted Stock Units are subject to section 257 of the SFA and Participant will not be able to make any subsequent sale of shares of Stock in Singapore, or any offer of such subsequent sale of shares of Stock subject to the Restricted Stock Units in Singapore, unless such sale or offer is made (i) after six (6) months from the Award Date or (ii) pursuant to the exemptions under Part XIII Division (1) Subdivision (4) (other than section 280) of the SFA.

**<u>Switzerland</u>**

1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Securities Law Information</u>. Neither the Agreement nor any other materials relating to the grant of Restricted Stock Units (a) constitutes a prospectus according to articles 35 et seq. of the Swiss Federal Act on Financial Services ("<u>FinSA</u>"), (b) may be publicly distributed or otherwise made publicly available in Switzerland to any person other than an employee of the Corporation or one of its Affiliates or (c) has been or will be filed with, approved or supervised by any Swiss reviewing body according to article 51 FinSA or any Swiss regulatory authority, including the Swiss Financial Market Supervisory Authority, FINMA.

**<u>United Kingdom (Including Northern Ireland)</u>**

1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Payment of Withholding Taxes</u>. The following provision supplements the section of the Agreement titled "Payment of Withholding Taxes":

Without limitation to the section of the Agreement titled 'Payment of Withholding Taxes', Participant agrees that Participant is liable for all income tax and employee national insurance contributions or other social contributions or withholding taxes ("<u>Tax-Related Items</u>") and hereby covenants to pay all such Tax-Related Items, as and when requested by the Corporation, the Employer or by HM Revenue and Customs ("<u>HMRC</u>") (or any other tax authority or any other relevant authority). Participant also agrees to indemnify and keep indemnified the Corporation and the Employer against any Tax-Related Items that they are required to pay or

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withhold or have paid or will pay on Participant's behalf to HMRC (or any other tax authority or any other relevant authority).

Notwithstanding the foregoing, if Participant is a director or executive officer (as within the meaning of Section 13(k) of the U.S. Securities Exchange Act of 1934, as amended), the terms of the immediately foregoing provision will not apply. In the event that Participant is a director or executive officer and income tax due is not collected from or paid by Participant within 90 days after the U.K. tax year in which an event giving rise to the indemnification described above occurs, the amount of any uncollected tax may constitute a benefit to Participant on which additional income tax and national insurance contributions may be payable. Participant acknowledges that Participant ultimately will be responsible for reporting and paying any income tax due on this additional benefit directly to HMRC under the self-assessment regime and for reimbursing the Corporation or the Employer (as applicable) for the value of any employee national insurance contributions due on this additional benefit, which the Corporation and/or the Employer may recover from Participant at any time thereafter by any of the means referred to in section of the Agreement titled "Payment of Withholding Taxes".

2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Exclusion of Claim</u>. Participant acknowledges and agrees that Participant will have no entitlement to compensation or damages insofar as such entitlement arises or may arise from Participant's ceasing to have rights under or to be entitled to the Restricted Stock Units, whether or not as a result of termination of Service (whether such termination is in breach of contract or otherwise), or from the loss or diminution in value of the Restricted Stock Units. Upon the award of the Restricted Stock Units, Participant shall be deemed irrevocably to have waived any such entitlement.

3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Section 2 of the Addendum</u>. Section 2 of the Addendum (Participants in the European Union) shall not apply to the Restricted Stock Units.

## Exhibit 10.80

**Exhibit 10.80**

**For Robert Hocking – With Restrictive Covenants**

<u>CBOE GLOBAL MARKETS, INC. LONG-TERM INCENTIVE PLAN</u>

**<u>RESTRICTED STOCK UNIT AWARD AGREEMENT – PERFORMANCE BASED</u>**

This Restricted Stock Unit Award Agreement (this "<u>Agreement</u>") is dated effective _______________________(the "<u>Award Date</u>"), and is between Cboe Global Markets, Inc. (the "<u>Corporation</u>") and _______________ ("<u>Participant</u>"). Any term capitalized but not defined in this Agreement will have the meaning set forth in the Second Amended and Restated Cboe Global Markets, Inc. (formerly CBOE Holdings, Inc.) Long-Term Incentive Plan (as may be amended from time to time, the "<u>Plan</u>").

1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Award</u>. The Corporation hereby awards to Participant ___ Restricted Stock Units (the "<u>Restricted Stock Units</u>"). The Restricted Stock Units will be subject to the terms and conditions of the Plan and this Agreement. Each Restricted Stock Unit is a notional amount that represents one unvested share of Stock and entitles Participant, subject to the terms of this Agreement, to receive a share of Stock if and when the Restricted Stock Unit vests.

2.&nbsp;&nbsp;&nbsp;&nbsp;<u>No Rights as Stockholder; Dividend Equivalents</u>. Participant shall have no voting rights with respect to shares of Stock represented by Restricted Stock Units until the date of the issuance of the shares of Stock (as evidenced by the appropriate entry on the books of the Corporation or of a duly authorized transfer agent of the Corporation). Notwithstanding the foregoing, in the event that the Corporation declares a cash dividend on shares of Stock, on the payment date of the dividend, Participant will be credited with Dividend Equivalent Rights equal to the amount of the cash dividend per share multiplied by the number of Restricted Stock Units held by Participant on the dividend's record date. The Dividend Equivalent Rights credited to Participant under the preceding sentence will be deemed to be reinvested in additional Restricted Stock Units, which will be subject to the same terms regarding vesting, forfeiture, and distribution as Restricted Stock Units awarded to Participant under this Agreement.

3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Performance Period</u>. The Performance Period for the Restricted Stock Units shall be the three (3) year period commencing on __________ and ending on __________.

4.&nbsp;&nbsp;&nbsp;&nbsp;<u>Vesting; Effect of Termination of Service; Change in Control</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Subject to Sections 4(b), 4(c) and 4(d) below, Participant's Restricted Stock Units will become eligible to vest upon the date that achievement of the Performance Goal described in <u>Exhibit A</u> hereto is certified, subject to and contingent upon Participant's continued Service through the date of distribution of shares of Stock. Notwithstanding the foregoing, in the event of Participant's Retirement (as defined below), and satisfaction of the terms thereof, prior to the date of distribution, the Restricted Stock Units shall remain outstanding as if Participant remained in Service continuously through the date of distribution and shall vest upon the expiration of the Performance Period, subject to and contingent upon achievement of the Performance Goal, and Participant shall be entitled to receive (i) the number of Restricted Stock Units that would have vested in accordance with the preceding sentence based on the level of achievement of the Performance Goal actually achieved if Participant had continued Service through the date of distribution, multiplied by (ii) a fraction, the numerator of which is the number of days during the Performance Period on which Participant was

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providing Service, and the denominator of which is 1,095. For purposes of this Agreement, "<u>Retirement</u>" means a determination by the Corporation or its Affiliate in their sole discretion, that Participant: (i) has completed a minimum of ten (10) full years of aggregate service as an Employee as of their Retirement date, (ii) has attained the age of fifty-five (55) as of their Retirement date, (iii) has provided the Corporation's Board, CEO, President, and/or COO with at least six (6) months' advance written revocable notice of their Retirement date (unless the notice period is waived by the Corporation or its Affiliate in their sole discretion), (iv) has their Retirement date and transition plan approved and not revoked by the Corporation's Board, CEO, President, and/or COO through their Retirement date, (v) remains in Service continuously and in good standing until their Retirement date, (vi) has successfully transitioned responsibilities, as determined at the sole discretion of the Corporation's Board, CEO, President, and/or COO, and (vii) has a separation from Service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The Restricted Stock Units will vest at the Target level of achievement of the Performance Goal (as described in <u>Exhibit A</u>), upon the earlier to occur of (i) Participant's death or (ii) Participant's becoming Disabled, provided that such condition qualifies as a "disability" as defined under Section 409A, in each case, if prior to any forfeiture event under Section 4(d) below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;This subsection 4(c) shall apply to this Agreement, this Award and any Replacement Award provided to Participant to replace this Award in lieu of Section 8.2(b) of the Plan. Upon a termination of Participant's Service by the Corporation or its Affiliate without Cause or by Participant for "Good Reason" (as defined below), in each case, upon or within two years after a Change in Control and prior to any forfeiture event under Section 4(d) below, this Award or any Replacement Award held by Participant shall become fully vested and free of restrictions at the Target level of achievement of the Performance Goal (as described in <u>Exhibit A</u>, as amended by the Replacement Award, if any), except that vesting shall be, to the extent determinable, at the level of achievement of the Performance Goal actually achieved as of the date of termination of Service (with similar performance assumed to be achieved through the remainder of the Performance Period) if greater than the Target level of achievement, and shall be distributed upon or within 60 days of such termination of Service. Notwithstanding the foregoing, if this Award or the Replacement Award, as applicable, is considered deferred compensation subject to Section 409A, payment shall be made pursuant to the Award's original schedule if necessary to comply with Section 409A.

For purposes of this Award "Good Reason" shall be deemed to exist if, and only if, without Participant's express written consent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Corporation or its Affiliate assigns to Participant authorities, duties or responsibilities (including titles) that are inconsistent in any material and adverse respect with Participant's immediately preceding authorities, duties or responsibilities with the Corporation or its Affiliate (including any material and adverse diminution of such immediately preceding authorities, duties or responsibilities);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Corporation or its Affiliate materially reduces Participant's base compensation;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Corporation or its Affiliate requires Participant to relocate his or her principal business office or principal place of residence outside the metropolitan area in which Participant worked or resided at the time the Restricted Stock Units were awarded (or outside the immediately preceding location of Participant's principal business office with the Corporation or its Affiliate), or assigns to Participant duties that would reasonably require such relocation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The Corporation or its Affiliate materially breaches the terms of any agreement pursuant to which services are provided to the Corporation or its Affiliate by Participant; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The Corporation or its Affiliate terminates, reduces or limits Participant's participation in any bonus or incentive compensation arrangement relative to the level of participation of other employees of similar rank for a reason that is not reasonably related to Participant's level of job performance or local requirements and provided that such action results in a material reduction in the aggregate value of Participant's incentive compensation below the aggregate value as of the immediately preceding bonus or incentive compensation performance period and provided further that a mere change in the form of payment of the award (whether cash or shares of Stock) without a reduction in the aggregate grant value of the award shall not be considered a reduction of Participant's participation.

Participant's voluntary termination of Service shall not be considered a termination of Service for Good Reason unless Participant terminates his or her Service within 120 days after the initial existence of the condition constituting Good Reason; provided, Participant provides written notice to the Corporation or its Affiliate of Participant's intention to resign for Good Reason, which notice specifies in reasonable detail the breach or action giving rise thereto within 90 days of its initial existence, and the Corporation or its Affiliate does not cure such breach or action within 30 days after the date of Participant's notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;If Participant's Service is terminated for any reason before all of Participant's Restricted Stock Units have vested under this Agreement (including before the Restricted Stock Units qualify for vesting pursuant to an event described in Section 4(a), 4(b) or 4(c) above), Participant's unvested Restricted Stock Units will be forfeited upon the effective date of such termination of Service. Notwithstanding anything herein to the contrary, any outstanding Restricted Stock Units not previously settled shall be cancelled and forfeited immediately if, in the sole opinion and discretion of the Committee or its delegate, Participant engages in any activity that constitutes Cause, whether or not Participant experiences a separation from Service, is no longer in Service, or remains in Service. Neither the Corporation nor any Affiliate will have any further obligations to Participant under this Agreement if Participant's Restricted Stock Units are forfeited pursuant to this Section 4(d).

5.&nbsp;&nbsp;&nbsp;&nbsp;<u>Terms and Conditions of Distribution</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Distribution of a share of Stock that corresponds to a vested Restricted Stock Unit shall be made to Participant as soon as practicable after the Restricted Stock Unit vests, but not later than two and a half (2½) months after the end of the calendar year in which the Restricted Stock Unit vests for purposes of Section 409A, subject to

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such additional time as may be permitted under Section 409A in the event of Participant's death.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Reserved

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;If Participant dies before the date on which the Corporation would have distributed shares of Stock in satisfaction of vested Restricted Stock Units, the Corporation will distribute such shares of Stock to Participant's designated beneficiary(ies) or, if none are designated or surviving, to Participant's estate or personal representative. The Corporation is not required to issue or deliver any shares of Stock before completing the steps necessary to comply with applicable Federal and state securities laws (including any registration requirements) and applicable stock exchange rules and practices. The Corporation will use commercially reasonable efforts to cause compliance with those laws, rules and practices. The foregoing provisions are subject in all cases to the requirements of Section 409A.

6.&nbsp;&nbsp;&nbsp;&nbsp;<u>Nontransferability</u>. Unvested Restricted Stock Units may not be sold, transferred, exchanged, pledged, assigned, garnished, or otherwise alienated or hypothecated, other than by will or by the laws of descent and distribution. Any effort to assign or transfer the rights under this Agreement will be wholly ineffective, and will be grounds for termination by the Committee of all rights of Participant under this Agreement.

7.&nbsp;&nbsp;&nbsp;&nbsp;<u>Administration</u>. The Committee administers the Plan. Participant's rights under this Agreement are expressly subject to the terms and conditions of the Plan and to any guidelines the Committee adopts from time to time. The interpretation and construction by the Committee of the Plan and this Agreement, and such rules and regulations as may be adopted by the Committee for purposes of administering the Plan and this Agreement, will be final and binding upon Participant.

8.&nbsp;&nbsp;&nbsp;&nbsp;<u>Securities Law Requirements</u>. If at any time the Board or Committee determines that issuing Stock pursuant to this Agreement would violate applicable securities laws, the Corporation will not be required to issue such Stock. The Board or Committee may declare any provision of this Agreement or action of its own null and void, if it determines the provision or action fails to comply with applicable securities laws. The Corporation may require Participant to make written representations it deems necessary or desirable to comply with applicable securities laws.

9.&nbsp;&nbsp;&nbsp;&nbsp;<u>Payment of Withholding Taxes</u>. Participant acknowledges that, regardless of any action taken by the Corporation or, if different, the Affiliate of the Corporation that employs Participant (the "Employer"), the ultimate liability for all income tax, social contributions, payroll tax, fringe benefits tax, payment on account or other tax-related items related to Participant's participation in the Plan and legally applicable to Participant or deemed by the Corporation or the Employer in their sole discretion to be an appropriate charge to Participant even if legally applicable to the Corporation or the Employer ("<u>Tax-Related Items</u>"), is and remains Participant's responsibility and may exceed the amount actually withheld by the Corporation or the Employer, if any. Participant further acknowledges that the Corporation and/or the Employer (a) make no representations or undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of the Restricted Stock Units, including, but not limited to, the grant, vesting or settlement of the Restricted Stock Units, or the subsequent sale of shares of Stock acquired pursuant to

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such settlement; and (b) do not commit to and is under no obligation to structure the terms of the grant or any aspect of the Restricted Stock Units to reduce or eliminate Participant's liability for Tax-Related Items or achieve any particular tax result. Further, if Participant is subject to Tax-Related Items in more than one jurisdiction between the Award Date and the date of any relevant taxable or tax withholding event, as applicable, Participant acknowledges that the Corporation and/or the Employer (or former employer, as applicable) may be required to withhold or account for Tax-Related Items in more than one jurisdiction.

Prior to the relevant taxable or tax withholding event, as applicable, Participant agrees to make adequate arrangements satisfactory to the Corporation and/or the Employer to satisfy all Tax-Related Items. In this regard, Participant authorizes the Corporation, or its respective agents, at their discretion, to satisfy the obligations with regard to all Tax-Related Items by one or a combination of the following: (i) withholding from Participant's wages or other cash compensation paid to Participant by the Corporation and/or the Employer; (ii) withholding from the shares of Stock to be delivered upon settlement of the Restricted Stock Units or other awards granted to Participant or (iii) permitting Participant to tender to the Corporation or to the Employer cash or, if allowed by the Committee, shares of Stock to the Corporation.

Notwithstanding the foregoing, if Participant is subject to Section 16 of the Exchange Act, pursuant to Rule 16a-2 promulgated thereunder, any tax withholding obligations shall be satisfied by having the Corporation withhold from the shares of Stock to be delivered upon settlement of the Restricted Stock Units.

Depending on the withholding method, the Corporation may withhold or account for Tax-Related Items by considering applicable statutory withholding rates (as determined by the Corporation in good faith and in its sole discretion) or other applicable withholding rates, including maximum applicable rates, in which case Participant will receive a refund of any over-withheld amount in cash and will have no entitlement to the share equivalent. If the obligation for Tax-Related Items is satisfied by withholding from the shares of Stock to be delivered upon settlement of the Restricted Stock Units, for tax purposes, Participant is deemed to have been issued the full number of shares of Stock subject to the Restricted Stock Units, notwithstanding that a number of shares of Stock are held back solely for the purpose of paying the Tax-Related Items. Participant will have no further rights with respect to any shares of Stock that are retained by the Corporation pursuant to this provision.

Participant agrees to pay to the Corporation or the Employer any amount of Tax-Related Items that the Corporation or the Employer may be required to withhold or account for as a result of Participant's participation in the Plan that cannot be satisfied by the means previously described. The Corporation may refuse to issue or deliver shares of Stock or proceeds from the sale of shares of Stock until arrangements satisfactory to the Corporation have been made in connection with the Tax-Related Items.

10.&nbsp;&nbsp;&nbsp;&nbsp;<u>Restrictive Covenants</u>. Participant understands the global nature of the Corporation's businesses and the effort the Corporation and its Affiliates (collectively referred to in this Section as "<u>Cboe</u>") undertake to develop and protect their business and their competitive advantage. Accordingly, Participant agrees that the scope and duration of the restrictions described in this Agreement are reasonable and necessary to protect the

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legitimate business interests of Cboe. Participant further agrees that during the period of Participant's Service and for a period of two (2) years following Participant's separation from Service, Participant shall not, without the express written approval of the Chief Executive Officer:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;singly, jointly, or in any other capacity, in a manner that contributes to any research, technology, development, account, trading, marketing, promotion, or sales and that relates to Participant's Service with Cboe, directly or beneficially, manage, join, participate in the management, operation or control of, or work for (as an employee, consultant or independent contractor), or permit the use of his or her name by, or provide financial or other assistance to, or be connected in any manner with (i) any exchange, facility, clearinghouse, electronic communications network ("ECN"), electronic foreign currency exchange market ("FX") matching platform, multilateral trading facility, or alternative trading system ("ATS"); (ii) the ECN, ATS or FX business lines of any full service broker dealer or any digital asset or data and access solutions business line of any company; or (iii) any business line of any company that is substantially similar to any additional business line developed or entered into by Cboe during Participant's Service, provided that, in the case of clauses (i), (ii) and (iii), such entity or business line that directly competes with Cboe;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;provide any service or assistance that (i) is of the general type of service or assistance provided by Participant to Cboe, (ii) relates to any technology, account, product, project or piece of work with which Participant was involved during his Service, and (iii) contributes to causing an entity to come within the definition described in Section 10(a) above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;solicit or accept if offered to Participant, with or without solicitation, on his or her own behalf or on behalf of any other person, the services of any person who is a then-current employee of Cboe (or was an employee of Cboe during the year preceding such solicitation), nor solicit any of Cboe's then-current employees (or an individual who was employed by or engaged by Cboe during the year preceding such solicitation) to terminate employment or an engagement with Cboe, nor agree to hire any then-current employee (or an individual who was an employee of Cboe during the year preceding such hire) of Cboe into employment with Participant or any company, individual or other entity; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;directly or indirectly divert or attempt to divert from Cboe any business in which Cboe has been actively engaged during Participant's Service, nor interfere with the relationships of Cboe or with their sources of business.

11.&nbsp;&nbsp;&nbsp;&nbsp;<u>Confidentiality</u>. Participant acknowledges that the Corporation or an Affiliate may disclose secret or confidential information to Participant during the period of Participant's Service to enable Participant to perform his or her duties. Participant agrees that, subject to the following sentence, Participant shall not during his or her Service (except in connection with the proper performance of his or her duties) and thereafter, without the prior written consent of the Corporation, disclose to any person or entity any material or significant secret or confidential information concerning the business of the Corporation or an Affiliate that was obtained by Participant in the course of Participant's Service. This paragraph shall not be applicable if and to the extent Participant is required to testify in a legislative, judicial or regulatory proceeding pursuant to an order

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of Congress, any state or local legislature, a judge, or an administrative law judge, or if such secret or confidential information is required to be disclosed by Participant by any law, regulation or order of any court or regulatory commission, department or agency. Participant further agrees that if Participant's Service is terminated for any reason, Participant will not take, but will leave with the Corporation or an Affiliate, all records and papers and all matter of whatever nature that bears secret or confidential information of the Corporation or an Affiliate. For purposes of this Agreement, the term "secret or confidential information" shall include, but not be limited to, any and all records, notes, memoranda, data, writings, research, personnel information, customer information, clearing members' information, the Corporation's and any Affiliate's financial information and plans, processes, methods, techniques, systems, formulas, patents, models, devices, compilations or any other information of whatever nature in the possession or control of the Corporation or an Affiliate, that has not been published or disclosed to the general public, the options industry, the equities industry, the foreign currency exchange industry or the commodities futures industry, provided that such term shall not include knowledge, skills, and information that is common to the trade or profession of Participant.

Notwithstanding anything in this Agreement to the contrary, nothing in this Agreement prohibits Participant from confidentially or otherwise communicating or filing a charge or complaint with a governmental or regulatory entity, participating in a governmental or regulatory entity investigation, or giving truthful testimony or making other disclosures to a governmental or regulatory entity (in each case, without having to disclose any such conduct to the Corporation or an Affiliate), or from responding if properly subpoenaed or otherwise required to do so under applicable law. In addition, nothing in this Agreement limits Participant's right to receive an award from a governmental or regulatory entity for information provided to such an entity (and not as compensation for actual or alleged personal injury or damages to Participant).

Pursuant to the Defend Trade Secrets Act of 2016 (18 U.S.C. 1833(b)), Participant shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that is made in confidence either directly or indirectly to a federal, state, or local government official, or to an attorney, solely for the purpose of reporting or investigating a violation of law. Participant shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret made in a complaint, or other document filed in a lawsuit or other proceeding, if such filing is made under seal. If Participant files a lawsuit or other action alleging retaliation by the Corporation or an Affiliate for reporting a suspected violation of law, Participant may disclose the trade secret to his or her attorney and use the trade secret in the court proceeding or other action, if Participant files any document containing the trade secret under seal and does not disclose the trade secret, except pursuant to court order. This paragraph will govern to the extent it may conflict with any other provision of this Agreement.

12.&nbsp;&nbsp;&nbsp;&nbsp;<u>Judicial Modification</u>. If the final judgment of a court of competent jurisdiction declares that any term or provision of Section 10 or 11 is invalid or unenforceable, the parties agree that (a) the court making the determination of invalidity or unenforceability shall have the power to reduce the scope, duration, or geographic area of the term or provision, to delete specific words or phrases, or to replace any invalid or unenforceable term or provision with a term or provision that is valid and enforceable and that comes

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closest to expressing the intention of the invalid or unenforceable term or provision, (b) the parties shall request that the court exercise that power, and (c) this Agreement shall be enforceable as so modified after the expiration of the time within which the judgment or decision may be appealed.

13.&nbsp;&nbsp;&nbsp;&nbsp;<u>Remedies</u>. Participant agrees that in the event of a breach or threatened breach of any of the covenants contained in Sections 10 or 11 of this Agreement, in addition to any other penalties or restrictions that may apply under any employment agreement, state law, or otherwise, Participant shall forfeit, upon written notice to such effect from the Corporation, any and all Awards granted to him or her under the Plan and this Agreement, including vested Awards. The forfeiture provisions of this Section 13 shall continue to apply, in accordance with their terms, after the provisions of any employment or other agreement between the Corporation and Participant have lapsed. Participant consents and agrees that if Participant violates or threatens to violate any provisions of Sections 10 or 11 of this Agreement, the Corporation or its successors in interest shall be entitled, in addition to any other remedies that they may have, including money damages, to an injunction to be issued by a court of competent jurisdiction restraining Participant from committing or continuing any violation of Sections 10 or 11. In the event that Participant is found to have breached any provision set forth in Section 10 of this Agreement, the time period provided for in that provision shall be deemed tolled (*i.e.*, it will not begin to run) for as long as Participant was in violation of that provision. The provisions of Sections 10 and 11 of this Agreement shall continue to apply, in accordance with their terms, after Participant's service has terminated and after provisions of any employment or other agreement between the Corporation and Participant have lapsed.

14.&nbsp;&nbsp;&nbsp;&nbsp;<u>Representations and Warranties</u>. Participant represents and warrants to the Corporation that Participant has received a copy of the Plan and this Agreement, has read and understands the terms of the Plan and this Agreement, and agrees to be bound by their terms and conditions in all respects.

15.&nbsp;&nbsp;&nbsp;&nbsp;<u>No Limitation on the Corporation's Rights</u>. The granting of Restricted Stock Units under this Agreement shall not and will not in any way affect the Corporation's right or power to make adjustments, reclassifications or changes in its capital or business structure or to merge, consolidate, reincorporate, dissolve, liquidate or sell or transfer all or any part of its business or assets.

16.&nbsp;&nbsp;&nbsp;&nbsp;<u>Plan and Agreement Not a Contract of Employment or Service</u>. Neither the Plan nor this Agreement is a contract of employment or Service, and no terms of Participant's employment or Service will be affected in any way by the Plan, this Agreement or related instruments, except to the extent specifically expressed therein. Neither the Plan nor this Agreement will be construed as conferring any legal rights on Participant to continue to be employed or remain in Service, nor will it interfere with the Corporation's or any Affiliate's right to discharge Participant or to deal with Participant regardless of the existence of the Plan or this Agreement.

17.&nbsp;&nbsp;&nbsp;&nbsp;<u>Entire Agreement and Amendment</u>. This Agreement and the Plan constitute the entire agreement between the parties hereto with respect to the Restricted Stock Units, and all prior oral and written representations are merged in this Agreement and the Plan. Notwithstanding the preceding sentence, this Agreement shall not in any way affect the

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terms and provisions of the Plan. This Agreement may be amended, modified, or terminated only in accordance with the Plan. The headings in this Agreement are inserted for convenience and identification only and are not intended to describe, interpret, define or limit the scope, extent, or intent of this Agreement or any provision hereof.

18.&nbsp;&nbsp;&nbsp;&nbsp;<u>Notice</u>. Any notice or other communication required or permitted under this Agreement must be in writing and must be delivered personally, sent by certified, registered or express mail, sent by overnight courier (at the sender's expense), or (if from the Corporation or the Corporation's stock plan administrator) by electronic mail. Notice will be deemed given (a) when delivered personally, (b) if mailed, three days after the date of deposit in the U.S. mail, (c) if sent by overnight courier, on the regular business day following the date sent, or (d) when electronically mailed. Notice to the Corporation should be sent to Cboe Global Markets, Inc., 433 West Van Buren Street, Chicago, Illinois 60607, Attention: General Counsel. Notice to Participant should be sent to the mailing address and/or electronic mailing address set forth on the Corporation's records. Either party may change the address to which the other party must give notice under this Section 18 by giving the other party written notice of such change, in accordance with the procedures described above or otherwise established by the Corporation or its stock plan administrator.

19.&nbsp;&nbsp;&nbsp;&nbsp;<u>Successors and Assigns</u>. The terms of this Agreement will be binding upon the Corporation and its successors and assigns.

20.&nbsp;&nbsp;&nbsp;&nbsp;<u>Governing Law</u>. To the extent not preempted by Federal law, the Plan, this Agreement, and documents evidencing rights relating to the Plan or this Agreement will be construed, administered and governed in all respects under and by the laws of the State of Delaware, without giving effect to its conflict of laws principles. If any provision of this Agreement will be held by a court of competent jurisdiction to be invalid or unenforceable, the remaining provisions hereof will continue to be fully effective. The jurisdiction and venue for any disputes arising under, or any action brought to enforce (or otherwise relating to), this Agreement will be exclusively in the courts in the State of Illinois, County of Cook, including the Federal Courts located therein (should Federal jurisdiction exist).

21.&nbsp;&nbsp;&nbsp;&nbsp;<u>Plan Document Controls</u>. The rights granted under this Agreement are in all respects subject to the provisions set forth in the Plan to the same extent and with the same effect as if set forth fully in this Agreement. If the terms of this Agreement conflict with the terms of the Plan document, the Plan document will control.

22.&nbsp;&nbsp;&nbsp;&nbsp;<u>Counterparts</u>. This Agreement may be executed simultaneously in two or more counterparts, each of which shall be deemed an original and all of which together shall constitute but one and the same instrument.

23.&nbsp;&nbsp;&nbsp;&nbsp;<u>Waiver; Cumulative Rights</u>. The failure or delay of either party to require performance by the other party of any provision of this Agreement will not affect its right to require performance of such provision unless and until such performance has been waived in writing. Each right under this Agreement is cumulative and may be exercised in part or in whole from time to time.

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24.&nbsp;&nbsp;&nbsp;&nbsp;<u>Tax Consequences</u>.&nbsp;&nbsp;&nbsp;&nbsp;Participant agrees to determine and be responsible for all tax consequences to Participant with respect to the Restricted Stock Units.

25.&nbsp;&nbsp;&nbsp;&nbsp;<u>Section 409A</u>*.* The Restricted Stock Units granted hereunder are intended to comply with, or otherwise be exempt from, Section 409A, including the exceptions and exemptions for short term deferrals, stock rights, and separation pay arrangements. This Agreement and all Restricted Stock Units shall be administered, interpreted, and construed in a manner consistent with Section 409A. Should any provision of this Agreement, or any other agreement or arrangement contemplated by this Agreement, be found not to comply with, or otherwise be exempt from, the provisions of Section 409A, such provision shall be modified and given effect (retroactively if necessary), in the sole discretion of the Corporation, and without the consent of Participant, in such manner as the Corporation determines to be necessary or appropriate to comply with, or to effectuate an exemption from, Section 409A. Notwithstanding the forgoing, no provision of this Agreement, or any other agreement or arrangement contemplated by this Agreement shall be construed as a guarantee by the Corporation of any particular tax effect to Participant. Each payment made under this Agreement shall be designated as a separate payment within the meaning of Section 409A. Any payment that is subject to Section 409A and payable upon Participant's termination of employment or other similar event shall not be made unless Participant has experienced a "separation from service" as defined under Section 409A. Except as provided in Section 4(c), any payment subject to Section 409A that is to be made upon a "separation from service" to Participant on any date when he or she is a "specified employee" as defined under Section 409A shall not be paid before the date that is six (6) months following Participant's "separation from service" or, if earlier, Participant's death.

26.&nbsp;&nbsp;&nbsp;&nbsp;<u>Compensation Recovery</u>. Notwithstanding anything in this Agreement to the contrary, the Restricted Stock Units, Dividend Equivalent Rights and any shares of Stock issued pursuant to the Restricted Stock Units and any proceeds therefrom shall be subject to and remain subject to any compensation recovery policies of the Corporation, including (i) the Corporation's Executive Officer Incentive Compensation Clawback Policy (as amended from time to time, or any successor policy), (ii) the Corporation's Supplemental Discretionary Clawback Policy (as amended from time to time, or any successor policy), (iii) any recoupment, clawback or similar requirements made applicable by law, regulation or listing standards to the Corporation from time to time (to the extent contemplated by such requirements), or (iv) as may be adopted by the Corporation to help facilitate the Corporation's objectives, including, without limitation, related to eliminating or reducing fraud, misconduct, wrongdoing, or violations of law by an employee or similar considerations and, in each case, as may be amended from time to time (the "Policies"), with the provisions contained in such Policies deemed incorporated into this Agreement without Participant's additional or separate consent. For purposes of the foregoing, Participant expressly and explicitly authorizes the Corporation to cancel any unpaid portion of the Restricted Stock Units (whether vested or unvested) and to issue instructions, on Participant's behalf, to any brokerage firm and/or third-party administrator engaged by the Corporation to hold any shares of Stock and other amounts acquired pursuant to the Restricted Stock Units to re-convey, transfer or otherwise return such shares of Stock and/or other amounts to the Corporation upon the Corporation's enforcement of the Policies. Participant acknowledges and agrees that the Corporation's rights hereunder shall not be affected in any way by any subsequent

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change in status, including retirement or termination of employment (including due to death or Disability). Participant expressly agrees to indemnify and hold the Corporation and its Affiliates harmless from any loss, cost, damage, or expense (including attorneys' fees) that the Corporation or any Affiliate may incur as a result of Participant's actions or in the Corporation and any Affiliate's efforts to recover such previously made payments or value pursuant to this provision. No recovery of compensation as described herein will be an event giving rise to a right to resign for "Good Reason" or "constructive termination" (or similar term) under any plan of, or agreement with, the Corporation, the Employer and/or Participant.

27.&nbsp;&nbsp;&nbsp;&nbsp;<u>Addendum to Agreement.</u> Notwithstanding any provision of this Agreement to the contrary, if Participant resides or is employed outside the U.S. or transfers residence or employment outside the U.S., the Restricted Stock Units shall be subject to such special terms and conditions as are set forth in the addendum to this agreement (the "<u>Addendum</u>"). Further, if Participant transfers residency and/or employment to another country, any special terms and conditions for such country will apply to the Restricted Stock Units to the extent the Corporation determines, in its sole discretion, that the application of such terms and conditions is necessary or advisable in order to comply with local law or to facilitate the operation and administration of the Restricted Stock Units and the Plan (or the Corporation may establish alternative terms and conditions as may be necessary or advisable to accommodate Participant's transfer). In all circumstances, the Addendum shall constitute part of this Agreement.

IN WITNESS WHEREOF, the Corporation and Participant have duly executed this Agreement as of the date first written above.

**Cboe Global Markets, Inc.**

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| | |
|:---|:---|
| _________________________________ | By: |
| Participant's Name |  |
| _________________________________ | Its: |
| Participant's Signature |  |

---

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**<u>Exhibit A</u>**

&nbsp;&nbsp;&nbsp;&nbsp;Vesting of the Restricted Stock Units is contingent on achievement of a Performance Goal tied to Total Shareholder Return of the Corporation as compared to the Total Shareholder Return of the S&P 500 Index during the Performance Period. The number of Restricted Stock Units that may vest shall be determined as set forth below:

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| | |
|:---|:---|
| **TSR Percentile Attained** | **Percentage of Restricted Stock Units That Vest** |
| ___<sup>th</sup> percentile ("<u>Maximum</u>") or greater  | ___% |
| ___<sup>th</sup> percentile ("<u>Target</u>") | ___% |
| ___<sup>th</sup> percentile ("<u>Threshold</u>")  | &nbsp;&nbsp;&nbsp;&nbsp;___% |

---

**&nbsp;&nbsp;&nbsp;&nbsp;**For TSR Percentile performance levels that fall between the values shown above, the percentage of Restricted Stock Units that vest will be determined by straight line interpolation, provided that no Restricted Stock Units will vest if the Corporation's TSR Percentile does not equal or exceed the Threshold amount.

&nbsp;&nbsp;&nbsp;&nbsp;"<u>Total Shareholder Return</u>" means, with respect to any corporation, the increase in its stock price over the Performance Period plus reinvested dividends, divided by its stock price at the beginning of the Performance Period. For purposes of this definition, the beginning stock price will be the average closing price over the twenty (20) trading days up to and including __________, and the ending stock price will be the average closing price over the twenty (20) trading days up to and including __________.

&nbsp;&nbsp;&nbsp;&nbsp;"<u>TSR Percentile</u>" means the Corporation's Total Shareholder Return during the Performance Period relative to the Total Shareholder Returns for the S&P 500 Index during the Performance Period.

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**<u>ADDENDUM</u>**

**<u>CBOE GLOBAL MARKETS, INC. LONG-TERM INCENTIVE PLAN<br>RESTRICTED STOCK UNIT AWARD AGREEMENT - PERFORMANCE BASED</u>**

This Addendum to the Agreement includes additional terms and conditions that govern the Restricted Stock Units if Participant resides and/or is employed outside of the United States or transfers residence or employment outside the United States. Certain capitalized terms used but not defined in this Addendum have the meanings set forth in the Agreement or the Plan.

1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Nature of Grant</u>. In accepting the Restricted Stock Units, Participant acknowledges that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;the Plan is established voluntarily by the Corporation, is discretionary in nature and may be modified, amended, suspended or terminated by the Corporation at any time, to the extent permitted by the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;the award of the Restricted Stock Units is exceptional, discretionary, voluntary and occasional and does not create any contractual or other right to receive future grants of Restricted Stock Units, or benefits in lieu of Restricted Stock Units, even if Restricted Stock Units have been granted in the past;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;all decisions with respect to future Restricted Stock Unit awards, if any, will be at the sole discretion of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;Participant is voluntarily participating in the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;the Restricted Stock Units and any shares of Stock that may be received in settlement of the Restricted Stock Units, and the income and value of same, (i) are an extraordinary item that does not constitute compensation of any kind for services of any kind rendered to the Corporation or the Employer, and which is outside the scope of Participant's employment contract, if any, (ii) are not intended to replace any pension rights or compensation, and (iii) are not part of normal or expected compensation or salary for any purpose, including, but not limited to, calculating any severance, resignation, termination, redundancy, dismissal, end-of-service payments, holiday pay, bonuses, long-service awards, leave-related payments, pension or retirement or welfare benefits or similar payments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;the Restricted Stock Unit award will not be interpreted to form an employment or non-employee director contract or relationship with the Corporation or any Affiliate, nor does it amend any legal relationship or legal entitlement between Participant and the Employer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;this Agreement, the transactions contemplated hereunder and the vesting schedule set forth herein do not constitute an express or implied promise of Participant's further employment for the vesting period, for any period, or at all, and will not interfere with Participant's right or the right of the Corporation or the Employer to terminate Participant's employment relationship at any time with or without cause;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;unless otherwise agreed with the Corporation, the Restricted Stock Units and the shares of Stock underlying the Restricted Stock Units, and the income and value of same, are

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not granted as consideration for, or in connection with, the service Participant may provide as a director of an Affiliate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;the future value of the underlying shares of Stock is unknown, indeterminable and cannot be predicted with certainty;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;neither the Corporation, the Employer nor any Affiliate shall be liable for any foreign exchange rate fluctuation between Participant's local currency and the United States Dollar that may affect the value of the Restricted Stock Units or of any amounts due to Participant pursuant to the settlement of the Restricted Stock Units or the sale of any shares of Stock Participant may acquire upon such settlement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;in consideration of the grant of the Restricted Stock Units, no claim or entitlement to compensation or damages shall arise from termination of the Restricted Stock Units or diminution in value of the Restricted Stock Units or shares of Stock acquired upon vesting of the Restricted Stock Units resulting from Participant's termination of Service (for any reason whatsoever and whether or not later found to be invalid or in breach of employment laws in the jurisdiction where Participant is employed or the terms of Participant's employment agreement, if any) or from the application of any clawback or recoupment policy adopted by the Corporation or imposed by applicable law, and Participant irrevocably releases the Corporation and the Employer from any such claim that may arise; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;the Restricted Stock Units and the benefits evidenced by this Agreement do not create any entitlement not otherwise specifically provided for in the Plan or provided by the Corporation in its discretion, to have the Restricted Stock Units or any such benefits transferred to, or assumed by, another company or to be exchanged, cashed out or substituted for, in connection with any corporate transaction affecting the shares of the Corporation.

2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Participants in the European Union</u>. If Participant resides and/or is employed in a European Union ("<u>EU</u>") member state, the following provision shall replace Section 4(a) of the Agreement in its entirety and any other provisions regarding Retirement shall be disregarded and of no effect:

&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Subject to Sections 4(b), 4(c) and 4(d) below, Participant's Restricted Stock Units will become eligible to vest upon the date that achievement of the Performance Goal described in <u>Exhibit A</u> hereto is certified, subject to and contingent upon Participant's continued Service through the date of distribution of shares of Stock.

3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Payment of Withholding Taxes</u>. Participant acknowledges and agrees that if Participant is subject to tax and/or social contributions in more than one jurisdiction, the Corporation or its Affiliate(s) may be required to withhold or account for taxes and/or social contributions in more than one jurisdiction, in accordance with the methods of withholding described in Section 9 of the Agreement.

4.&nbsp;&nbsp;&nbsp;&nbsp;<u>Data Privacy</u>.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Data Collection and Usage</u>. The Corporation and the Employer will collect, process and use certain personal information about Participant, specifically, Participant's name, home address, email address and telephone number, date of birth, social security or insurance number, passport number or other identification number, salary, nationality, job title, any shares of Stock or directorships held in the Corporation, details of all Restricted Stock Units or any other entitlement to shares of Stock awarded, canceled, exercised, vested, unvested or outstanding in Participant's favor ("<u>Data</u>"), for the exclusive purpose of implementing, administering and managing the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Recipients of Data</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.&nbsp;&nbsp;&nbsp;&nbsp;<u>Stock Plan Administration Service Providers</u>. The Corporation and the Employer transfer Data to Fidelity Stock Plan Services, LLC (and/or its affiliates, collectively "<u>Fidelity</u>"), the designated broker assisting in the implementation, administration and management of the Plan. In the future, the Corporation may select a different service provider and share Data with such other provider serving in a similar manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.&nbsp;&nbsp;&nbsp;&nbsp;<u>Other Service Provider Data Recipients</u>. The Corporation also may transfer Data to other third party service providers, if necessary to ensure compliance with applicable tax, exchange control, securities and labor law. Such third party service providers may include the Corporation's legal counsel as well as its auditor, human resources consultant and payroll vendor. Wherever possible, the Corporation will anonymize data, but Participant understands that his or her Data may need to be transferred to such providers to ensure compliance with applicable law and/or tax requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.&nbsp;&nbsp;&nbsp;&nbsp;<u>Securities or Other Regulatory Authorities</u>. In addition to the recipients identified herein and where required under applicable law, Data also may be disclosed to certain securities or other regulatory authorities, including where the Corporation's securities are listed or traded or regulatory filings are made. The legal basis, where required, for such disclosure is compliance with applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>International Data Transfers</u>. The Corporation, Fidelity and other service providers described above are located in the United States. The United States may have different data privacy laws and protections than Participant's country of residence (or country of employment, if different).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;<u>Legal Basis for Collection, Processing and Transfer of Data</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.&nbsp;&nbsp;&nbsp;&nbsp;<u>Participants within the EU / European Economic Area ("EEA"), Switzerland and the United Kingdom</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.&nbsp;&nbsp;&nbsp;&nbsp;The collection, processing and transfer of Data is necessary for the legitimate purpose of the Corporation and Employer's administration of the Plan and Participant's participation in the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.&nbsp;&nbsp;&nbsp;&nbsp;When transferring Data to potential recipients outside the EU/EEA, Switzerland and/or the United Kingdom, the Corporation and the Employer strive to provide appropriate safeguards in accordance with Standard Contractual Clauses or other legally binding and

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permissible arrangements. For further information on the transfer of Participant's personal data outside of the EU/EEA, Switzerland and/or the United Kingdom, Participant may contact his or her human resources representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.&nbsp;&nbsp;&nbsp;&nbsp;<u>Participants outside the EU / EEA, Switzerland and the United Kingdom</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.&nbsp;&nbsp;&nbsp;&nbsp;Participant hereby explicitly and unambiguously consents to the collection, processing and use, in electronic or other form, of Participant's Data by the Corporation and the transfer of Data to the recipients mentioned above, including recipients located in countries which do not adduce an adequate level of protection from a non-U.S. data protection law perspective, for the purposes described above. Upon transfer of Participant's Data to Fidelity, Participant may be asked to agree to separate terms and data processing practices with Fidelity, with such agreement being a condition of the ability to participate in the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.&nbsp;&nbsp;&nbsp;&nbsp;Participation in the Plan is voluntary and Participant understands that Participant is providing the consent herein on a purely voluntary basis. If Participant does not consent, or later seeks to revoke his or her consent, Participant's employment status or Service and career with the Employer will not be adversely affected. The only consequence of refusing or withdrawing consent is that the Corporation would not be able to grant Restricted Stock Units or other equity awards to Participant or administer or maintain such awards. Therefore, Participant understands that refusing or withdrawing his or her consent may affect Participant's ability to participate in the Plan. For more information on the consequences of Participant's refusal to consent or withdrawal of consent, Participant understands that Participant may contact his or her human resources representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;<u>Data Retention</u>. Participant understands that Data will be held only as long as is necessary to implement, administer and manage his or her participation in the Plan or comply with applicable laws. When the Corporation no longer needs the Data, the Corporation will remove it from its systems.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) &nbsp;&nbsp;&nbsp;&nbsp;<u>Data Subject Rights</u>. Participant understands that Participant may have the right under applicable law to (i) access or copy Data that the Corporation possesses, (ii) rectify incorrect Data, (iii) delete Data, (iv) restrict processing of Data, (v) opt out of the Plan, or (vi) lodge complaints with the competent supervisory authorities in Participant's jurisdiction. To receive clarification regarding these rights or to exercise these rights, Participant understands that Participant can contact his or her local human resources representative.

5.&nbsp;&nbsp;&nbsp;&nbsp;<u>No Advice Regarding Grant</u>. The Corporation is not providing any tax, legal or financial advice, nor is the Corporation making any recommendations regarding Participant's participation in the Plan, or Participant's acquisition or sale of the underlying shares of Stock. Participant should consult with his or her own personal tax, legal and financial

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advisors regarding Participant's participation in the Plan before taking any action related to the Plan.

6.&nbsp;&nbsp;&nbsp;&nbsp;<u>Imposition of Other Requirements</u>. The Corporation reserves the right to impose other requirements on Participant's participation in the Plan, on the Restricted Stock Units and on any shares of Stock acquired under the Plan, to the extent the Corporation determines it is necessary or advisable for legal or administrative reasons. Such requirements may include (but are not limited to) requiring Participant to sign any agreements or undertakings that may be necessary to accomplish the foregoing.

7.&nbsp;&nbsp;&nbsp;&nbsp;<u>Insider Trading/Market Abuse Laws</u>. By participating in the Plan, Participant agrees to comply with the Corporation's policy on insider trading (to the extent that it is applicable to Participant). Participant further acknowledges that, depending on Participant's or the broker's country of residence or where the shares of Stock are listed, Participant may be subject to insider trading restrictions and/or market abuse laws, which may affect Participant's ability to accept, acquire, sell or otherwise dispose of shares of Stock, rights to shares of Stock (e.g., Restricted Stock Units) or rights linked to the value of shares of Stock, during such times Participant is considered to have "inside information" regarding the Corporation as defined by the laws or regulations in Participant's country. Local insider trading laws and regulations may prohibit the cancellation or amendment of orders Participant places before Participant possessed inside information. Furthermore, Participant could be prohibited from (i) disclosing the inside information to any third party (other than on a "need to know" basis) and (ii) "tipping" third parties or causing them otherwise to buy or sell securities. Participant understands that third parties include fellow employees. Any restrictions under these laws or regulations are separate from and in addition to any restrictions that may be imposed under any applicable Corporation insider trading policy. Participant acknowledges that it is Participant's responsibility to comply with any applicable restrictions, and that Participant should therefore consult Participant's personal advisor on this matter.

8.&nbsp;&nbsp;&nbsp;&nbsp;<u>Foreign Asset/Account Reporting; Exchange Controls</u>. Participant's country may have certain foreign asset and/or account reporting requirements and/or exchange controls which may affect Participant's ability to acquire or hold shares of Stock under the Plan or cash received from participating in the Plan (including from any dividends received or sale proceeds arising from the sale of shares of Stock) in a brokerage or bank account outside Participant's country. Participant may be required to report such accounts, assets or transactions to the tax or other authorities in his or her country. Participant also may be required to repatriate sale proceeds or other funds received as a result of Participant's participation in the Plan to his or her country through a designated bank or broker and/or within a certain time after receipt. Participant acknowledges that it is his or her responsibility to be compliant with such regulations, and Participant should consult his or her personal legal advisor for any details.

9.&nbsp;&nbsp;&nbsp;&nbsp;<u>Language</u>. If Participant is resident in a country where English is not an official language, Participant acknowledges that Participant is sufficiently proficient in English to understand the terms and conditions of the Agreement or has had the ability to consult with an advisor who is sufficiently proficient in the English language. Participant further acknowledges and agrees that it is Participant's express intent that the Agreement, the Addendum and the Plan and all other documents, notices and legal proceedings entered

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into, given or instituted pursuant to the Restricted Stock Units be drawn up in English. If Participant has received the Agreement, the Addendum or any other document related to the Plan translated into a language other than English and if the meaning of the translated version is different than the English version, the English version will control.

10.&nbsp;&nbsp;&nbsp;&nbsp;<u>Annex to Addendum</u>. Notwithstanding any provision of the Agreement or Addendum to the contrary, the Restricted Stock Units shall be subject to such special terms and conditions for Participant's country of residence (and country of employment, if different), as are set forth in the annex to this Addendum (the "<u>Annex</u>"). Further, if Participant transfers residency and/or employment to another country, the Corporation may establish alternative terms and conditions as may be necessary or advisable to accommodate Participant's transfer. In all circumstances, the Annex shall constitute part of this Addendum.

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**<u>ANNEX</u>**

This Annex to the Addendum includes additional terms and conditions that govern the Restricted Stock Units if Participant resides and/or is employed in the country addressed herein or transfers residence or employment to the country addressed herein. If Participant transfers residence and/or employment to another country, the Corporation may establish alternative terms and conditions as may be necessary or advisable to accommodate Participant's transfer. Certain capitalized terms used but not defined in this Annex have the meanings set forth in the Agreement (including the Addendum) or the Plan.

**<u>Australia</u>**

1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Tax Notification</u>. The Plan is a plan to which Subdivision 83A-C of the Income Tax Assessment Act 1997 (Cth) (the "<u>Act</u>") applies (subject to conditions in the Act).

2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Securities Law Notification</u>. This grant of Restricted Stock Units is being made under Division 1A, Part 7.12 of the Corporations Act 2001 (Cth).

**<u>Canada</u>**

1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Settlement of Restricted Stock Units</u>: Notwithstanding anything to the contrary in the Agreement or any related document, if Participant is resident or employed in Canada, the Corporation shall have absolute discretion to settle the Restricted Stock Units in shares of Stock or in the form of a cash payment or in any combination of the foregoing.

2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Securities Law Notification</u>: Participant acknowledges and agrees that he or she is permitted to sell shares of Stock acquired under the Plan through the designated broker appointed under the Plan, provided the resale of shares of Stock takes place outside of Canada through facilities of a stock exchange on which the shares of Stock are listed. The shares of Stock currently are listed on Cboe BZX in the United States.

3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Termination of Employment</u>: Except as may be determined by the Committee and except as otherwise provided in Section 4 of the Agreement, for purposes of Section 4(d) of the Agreement, Participant's Service will be considered terminated as of the date Participant ceases to be an employee of the Corporation (or, if different, the Affiliate to which Participant provides Service) for any reason, whether lawful or otherwise (including, without limitation, by reason of resignation, death, frustration of contract, termination for Cause, termination without Cause, or constructive dismissal), without regard to any pay in lieu of notice (whether by way of lump sum or salary continuance), benefits continuance, or other termination related payments or benefits, whether pursuant to the common law or otherwise, to which Participant may then be entitled (the "<u>Termination Date</u>"). In the event that the Termination Date cannot reasonably be determined under the terms of the Plan and the Agreement, the Committee and its delegate shall have the exclusive discretion to determine when the Termination Date occurs for purposes of the Plan (including whether Participant may still be considered to be providing Service while on any leave of absence).

Unless otherwise extended by the Corporation, or as may be required to satisfy the minimum requirements of applicable employment or labour standards legislation, any portion of the award that is not vested on the Termination Date shall terminate immediately and be

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null and void, and Participant will have no entitlement to further vesting in the Restricted Stock Units or compensation in lieu thereof following the Termination Date, and Participant waives any claim to damages in respect thereof whether related or attributable to any contractual or common law termination entitlements or otherwise. For additional clarity, if applicable employment or labour standards legislation specifically requires continued entitlement to vesting during a statutory notice period, Participant's right to vest in the Restricted Stock Units, if any, will be allowed to continue for that minimum notice period but then immediately terminate effective as of the last day of Participant's minimum statutory notice period.

**<u>Hong Kong</u>**

1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Settlement in Shares of Stock</u>. Notwithstanding anything to the contrary in the Agreement, the Addendum or the Plan, the Restricted Stock Units shall be settled only in shares of Stock (and may not be settled in cash).

2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Disposal of Shares of Stock</u>. If, for any reason, shares of Stock are issued to Participant within six (6) months after the Award Date, Participant agrees that Participant will not sell or otherwise dispose of any such shares of Stock prior to the six (6) month anniversary of the Award Date.

3.&nbsp;&nbsp;&nbsp;&nbsp;<u>IMPORTANT NOTICE/WARNING</u>. *The contents of this document have not been reviewed by any regulatory authority in Hong Kong. Participant is advised to exercise caution in relation to the offer. If Participant is in any doubt about any of the contents of the documents, Participant should obtain independent professional advice. The Restricted Stock Units and shares of Stock issued in settlement of the Restricted Stock Units do not constitute a public offering of securities under Hong Kong law and are available only to employees of the Corporation or its Affiliates. The Agreement, the Plan and other incidental communication materials have not been prepared in accordance with and are not intended to constitute a "prospectus" for a public offering of securities under the applicable securities legislation in Hong Kong. The Restricted Stock Units are intended only for the personal use of each eligible employee of the Employer, the Corporation or an Affiliate and may not be distributed to any other person.*

4.&nbsp;&nbsp;&nbsp;&nbsp;<u>Wages</u>. The Restricted Stock Units and shares of Stock subject to the Restricted Stock Units do not form part of Participant's wages for purposes of calculating any statutory or contractual payments under Hong Kong law.

**<u>Japan</u>**

No country-specific provisions.

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**<u>Netherlands</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Exclusion of Claim</u>: Participant acknowledges and agrees that Participant will have no entitlement to compensation or damages insofar as such entitlement arises or may arise from Participant ceasing to have rights under the Plan, whether or not as a result of termination of Participant's Service (whether such termination is in breach of contract or otherwise), or from the loss of diminution in value of the shares of Stock underlying the Restricted Stock Units. Upon the grant of the Restricted Stock Units, Participant shall be deemed to have waived irrevocably such entitlement.

**<u>Philippines</u>**

1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Settlement in Cash</u>. Notwithstanding anything to the contrary in the Agreement, the Addendum or the Plan, the Restricted Stock Units shall be settled only in cash (and shall not be settled in shares of Stock), unless otherwise determined by the Corporation.

**<u>Singapore</u>**

1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Securities Law Information</u>. The grant of the Restricted Stock Units under the Plan is being made pursuant to the "Qualifying Person" exemption under section 273(1)(f) of the Securities and Futures Act (Chapter 289, 2006 Ed.) ("<u>SFA</u>"). The Plan has not been and will not be lodged or registered as a prospectus with the Monetary Authority of Singapore and is not regulated by any financial supervisory authority pursuant to any legislation in Singapore. Accordingly, statutory liability under the SFA in relation to the content of prospectuses would not apply. Participant should note that the Restricted Stock Units are subject to section 257 of the SFA and Participant will not be able to make any subsequent sale of shares of Stock in Singapore, or any offer of such subsequent sale of shares of Stock subject to the Restricted Stock Units in Singapore, unless such sale or offer is made (i) after six (6) months from the Award Date or (ii) pursuant to the exemptions under Part XIII Division (1) Subdivision (4) (other than section 280) of the SFA.

**<u>Switzerland</u>**

1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Securities Law Information</u>. Neither the Agreement nor any other materials relating to the grant of Restricted Stock Units (a) constitutes a prospectus according to articles 35 et seq. of the Swiss Federal Act on Financial Services ("<u>FinSA</u>"), (b) may be publicly distributed or otherwise made publicly available in Switzerland to any person other than an employee of the Corporation or one of its Affiliates or (c) has been or will be filed with, approved or supervised by any Swiss reviewing body according to article 51 FinSA or any Swiss regulatory authority, including the Swiss Financial Market Supervisory Authority, FINMA.

**<u>United Kingdom (Including Northern Ireland)</u>**

1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Payment of Withholding Taxes</u>. The following provision supplements the section of the Agreement titled "Payment of Withholding Taxes":

Without limitation to the section of the Agreement titled 'Payment of Withholding Taxes', Participant agrees that Participant is liable for all

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income tax and employee national insurance contributions or other social contributions or withholding taxes ("<u>Tax-Related Items</u>") and hereby covenants to pay all such Tax-Related Items, as and when requested by the Corporation, the Employer or by HM Revenue and Customs ("<u>HMRC</u>") (or any other tax authority or any other relevant authority). Participant also agrees to indemnify and keep indemnified the Corporation and the Employer against any Tax-Related Items that they are required to pay or withhold or have paid or will pay on Participant's behalf to HMRC (or any other tax authority or any other relevant authority).

Notwithstanding the foregoing, if Participant is a director or executive officer (as within the meaning of Section 13(k) of the U.S. Securities Exchange Act of 1934, as amended), the terms of the immediately foregoing provision will not apply. In the event that Participant is a director or executive officer and income tax due is not collected from or paid by Participant within 90 days after the U.K. tax year in which an event giving rise to the indemnification described above occurs, the amount of any uncollected tax may constitute a benefit to Participant on which additional income tax and national insurance contributions may be payable. Participant acknowledges that Participant ultimately will be responsible for reporting and paying any income tax due on this additional benefit directly to HMRC under the self-assessment regime and for reimbursing the Corporation or the Employer (as applicable) for the value of any employee national insurance contributions due on this additional benefit, which the Corporation and/or the Employer may recover from Participant at any time thereafter by any of the means referred to in section of the Agreement titled "Payment of Withholding Taxes".

2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Exclusion of Claim</u>. Participant acknowledges and agrees that Participant will have no entitlement to compensation or damages insofar as such entitlement arises or may arise from Participant's ceasing to have rights under or to be entitled to the Restricted Stock Units, whether or not as a result of termination of Service (whether such termination is in breach of contract or otherwise), or from the loss or diminution in value of the Restricted Stock Units. Upon the award of the Restricted Stock Units, Participant shall be deemed irrevocably to have waived any such entitlement.

3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Section 2 of the Addendum</u>. Section 2 of the Addendum (Participants in the European Union) shall not apply to the Restricted Stock Units.

## Exhibit 10.81

**Exhibit 10.81**

For Robert Hocking – With Restrictive Covenants

<u>CBOE GLOBAL MARKETS, INC. LONG-TERM INCENTIVE PLAN</u>

**<u>RESTRICTED STOCK UNIT AWARD AGREEMENT – PERFORMANCE BASED</u>**

This Restricted Stock Unit Award Agreement (this "<u>Agreement</u>") is dated effective _______________________, (the "<u>Award Date</u>"), and is between Cboe Global Markets, Inc. (the "<u>Corporation</u>") and ____________________ ("<u>Participant</u>"). Any term capitalized but not defined in this Agreement will have the meaning set forth in the Second Amended and Restated Cboe Global Markets, Inc. (formerly CBOE Holdings, Inc.) Long-Term Incentive Plan (as may be amended from time to time, the "<u>Plan</u>").

1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Award</u>. The Corporation hereby awards to Participant __________ Restricted Stock Units (the "<u>Restricted Stock Units</u>"). The Restricted Stock Units will be subject to the terms and conditions of the Plan and this Agreement. Each Restricted Stock Unit is a notional amount that represents one unvested share of Stock and entitles Participant, subject to the terms of this Agreement, to receive a share of Stock if and when the Restricted Stock Unit vests.

2.&nbsp;&nbsp;&nbsp;&nbsp;<u>No Rights as Stockholder; Dividend Equivalents</u>. Participant shall have no voting rights with respect to shares of Stock represented by Restricted Stock Units until the date of the issuance of the shares of Stock (as evidenced by the appropriate entry on the books of the Corporation or of a duly authorized transfer agent of the Corporation). Notwithstanding the foregoing, in the event that the Corporation declares a cash dividend on shares of Stock, on the payment date of the dividend, Participant will be credited with Dividend Equivalent Rights equal to the amount of the cash dividend per share multiplied by the number of Restricted Stock Units held by Participant on the dividend's record date. The Dividend Equivalent Rights credited to Participant under the preceding sentence will be deemed to be reinvested in additional Restricted Stock Units, which will be subject to the same terms regarding vesting, forfeiture, and distribution as Restricted Stock Units awarded to Participant under this Agreement.

3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Performance Period</u>. The Performance Period for the Restricted Stock Units shall be the three (3) year period commencing on __________ and ending on __________.

4.&nbsp;&nbsp;&nbsp;&nbsp;<u>Vesting; Effect of Termination of Service; Change in Control</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Subject to Sections 4(b), 4(c) and 4(d) below, Participant's Restricted Stock Units will become eligible to vest upon the date that achievement of the Performance Goal described in <u>Exhibit A</u> hereto is certified, subject to and contingent upon Participant's continued Service through the date of distribution of shares of Stock. Notwithstanding the foregoing, in the event of Participant's Retirement (as defined below), and satisfaction of the terms thereof, prior to the date of distribution, the Restricted Stock Units shall remain outstanding as if Participant remained in Service continuously through the date of distribution and shall vest upon the expiration of the Performance Period, subject to and contingent upon achievement of the Performance Goal, and Participant shall be entitled to receive (i) the number of Restricted Stock Units that would have vested in accordance with the preceding sentence based on the level of achievement of the Performance Goal actually achieved if Participant had continued Service through the date of distribution, multiplied by (ii) a fraction, the numerator of which is the number of days during the Performance Period on which Participant was

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providing Service, and the denominator of which is 1,095. For purposes of this Agreement, "<u>Retirement</u>" means a determination by the Corporation or its Affiliate in their sole discretion, that Participant: (i) has completed a minimum of ten (10) full years of aggregate Service as of their Retirement date, (ii) has attained the age of fifty-five (55) as of their Retirement date, (iii) has provided the Corporation's Board, CEO, President, and/or COO with at least six (6) months' advance written revocable notice of their Retirement date (unless the notice period is waived by the Corporation or its Affiliate in their sole discretion), (iv) has their Retirement date and transition plan approved and not revoked by the Corporation's Board, CEO, President, and/or COO through their Retirement date, (v) remains in Service continuously and in good standing until their Retirement date, (vi) has successfully transitioned responsibilities, as determined at the sole discretion of the Corporation's Board, CEO, President, and/or COO, and (vii) has a separation from Service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The Restricted Stock Units will vest at the Target level of achievement of the Performance Goal (as described in <u>Exhibit A</u>), upon the earlier to occur of (i) Participant's death or (ii) Participant's becoming Disabled, provided that such condition qualifies as a "disability" as defined under Section 409A, in each case, if prior to any forfeiture event under Section 4(d) below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;This subsection 4(c) shall apply to this Agreement, this Award and any Replacement Award provided to Participant to replace this Award in lieu of Section 8.2(b) of the Plan. Upon a termination of Participant's Service by the Corporation or its Affiliate without Cause or by Participant for "Good Reason" (as defined below), in each case, upon or within two years after a Change in Control and prior to any forfeiture event under Section 4(d) below, this Award or any Replacement Award held by Participant shall become fully vested and free of restrictions at the Target level of achievement of the Performance Goal (as described in <u>Exhibit A</u>, as amended by the Replacement Award, if any), except that vesting shall be, to the extent determinable, at the level of achievement of the Performance Goal actually achieved as of the date of termination of Service (with similar performance assumed to be achieved through the remainder of the Performance Period) if greater than the Target level of achievement, and shall be distributed upon or within 60 days of such termination of Service. Notwithstanding the foregoing, if this Award or the Replacement Award, as applicable, is considered deferred compensation subject to Section 409A, payment shall be made pursuant to the Award's original schedule if necessary to comply with Section 409A.

For purposes of this Award "Good Reason" shall be deemed to exist if, and only if, without Participant's express written consent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Corporation or its Affiliate assigns to Participant authorities, duties or responsibilities (including titles) that are inconsistent in any material and adverse respect with Participant's immediately preceding authorities, duties or responsibilities with the Corporation or its Affiliate (including any material and adverse diminution of such immediately preceding authorities, duties or responsibilities);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Corporation or its Affiliate materially reduces Participant's base compensation;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Corporation or its Affiliate requires Participant to relocate his or her principal business office or principal place of residence outside the metropolitan area in which Participant worked or resided at the time the Restricted Stock Units were awarded (or outside the immediately preceding location of Participant's principal business office with the Corporation or its Affiliate), or assigns to Participant duties that would reasonably require such relocation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The Corporation or its Affiliate materially breaches the terms of any agreement pursuant to which services are provided to the Corporation or its Affiliate by Participant; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The Corporation or its Affiliate terminates, reduces or limits Participant's participation in any bonus or incentive compensation arrangement relative to the level of participation of other employees of similar rank for a reason that is not reasonably related to Participant's level of job performance or local requirements and provided that such action results in a material reduction in the aggregate value of Participant's incentive compensation below the aggregate value as of the immediately preceding bonus or incentive compensation performance period and provided further that a mere change in the form of payment of the award (whether cash or shares of Stock) without a reduction in the aggregate grant value of the award shall not be considered a reduction of Participant's participation.

Participant's voluntary termination of Service shall not be considered a termination of Service for Good Reason unless Participant terminates his or her Service within 120 days after the initial existence of the condition constituting Good Reason; provided, Participant provides written notice to the Corporation or its Affiliate of Participant's intention to resign for Good Reason, which notice specifies in reasonable detail the breach or action giving rise thereto within 90 days of its initial existence, and the Corporation or its Affiliate does not cure such breach or action within 30 days after the date of Participant's notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;If Participant's Service is terminated for any reason before all of Participant's Restricted Stock Units have vested under this Agreement (including before the Restricted Stock Units qualify for vesting pursuant to an event described in Section 4(a), 4(b) or 4(c) above), Participant's unvested Restricted Stock Units will be forfeited upon the effective date of such termination of Service. Notwithstanding anything herein to the contrary, any outstanding Restricted Stock Units not previously settled shall be cancelled and forfeited immediately if, in the sole opinion and discretion of the Committee or its delegate, Participant engages in any activity that constitutes Cause, whether or not Participant experiences a separation from Service, is no longer in Service, or remains in Service. Neither the Corporation nor any Affiliate will have any further obligations to Participant under this Agreement if Participant's Restricted Stock Units are forfeited pursuant to this Section 4(d).

5.&nbsp;&nbsp;&nbsp;&nbsp;<u>Terms and Conditions of Distribution</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Distribution of a share of Stock that corresponds to a vested Restricted Stock Unit shall be made to Participant as soon as practicable after the Restricted Stock Unit vests, but not later than two and a half (2½) months after the end of the calendar year in which the Restricted Stock Unit vests for purposes of Section 409A, subject to

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such additional time as may be permitted under Section 409A in the event of Participant's death.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Reserved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;If Participant dies before the date on which the Corporation would have distributed shares of Stock in satisfaction of vested Restricted Stock Units, the Corporation will distribute such shares of Stock to Participant's designated beneficiary(ies) or, if none are designated or surviving, to Participant's estate or personal representative. The Corporation is not required to issue or deliver any shares of Stock before completing the steps necessary to comply with applicable Federal and state securities laws (including any registration requirements) and applicable stock exchange rules and practices. The Corporation will use commercially reasonable efforts to cause compliance with those laws, rules and practices. The foregoing provisions are subject in all cases to the requirements of Section 409A.

6.&nbsp;&nbsp;&nbsp;&nbsp;<u>Nontransferability</u>. Unvested Restricted Stock Units may not be sold, transferred, exchanged, pledged, assigned, garnished, or otherwise alienated or hypothecated, other than by will or by the laws of descent and distribution. Any effort to assign or transfer the rights under this Agreement will be wholly ineffective, and will be grounds for termination by the Committee of all rights of Participant under this Agreement.

7.&nbsp;&nbsp;&nbsp;&nbsp;<u>Administration</u>. The Committee administers the Plan. Participant's rights under this Agreement are expressly subject to the terms and conditions of the Plan and to any guidelines the Committee adopts from time to time. The interpretation and construction by the Committee of the Plan and this Agreement, and such rules and regulations as may be adopted by the Committee for purposes of administering the Plan and this Agreement, will be final and binding upon Participant.

8.&nbsp;&nbsp;&nbsp;&nbsp;<u>Securities Law Requirements</u>. If at any time the Board or Committee determines that issuing Stock pursuant to this Agreement would violate applicable securities laws, the Corporation will not be required to issue such Stock. The Board or Committee may declare any provision of this Agreement or action of its own null and void, if it determines the provision or action fails to comply with applicable securities laws. The Corporation may require Participant to make written representations it deems necessary or desirable to comply with applicable securities laws.

9.&nbsp;&nbsp;&nbsp;&nbsp;<u>Payment of Withholding Taxes</u>. Participant acknowledges that, regardless of any action taken by the Corporation or, if different, the Affiliate of the Corporation that employs Participant (the "Employer"), the ultimate liability for all income tax, social contributions, payroll tax, fringe benefits tax, payment on account or other tax-related items related to Participant's participation in the Plan and legally applicable to Participant or deemed by the Corporation or the Employer in their sole discretion to be an appropriate charge to Participant even if legally applicable to the Corporation or the Employer ("<u>Tax-Related Items</u>"), is and remains Participant's responsibility and may exceed the amount actually withheld by the Corporation or the Employer, if any. Participant further acknowledges that the Corporation and/or the Employer (a) make no representations or undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of the Restricted Stock Units, including, but not limited to, the grant, vesting or settlement of the Restricted Stock Units, or the subsequent sale of shares of Stock acquired pursuant to

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such settlement; and (b) do not commit to and is under no obligation to structure the terms of the grant or any aspect of the Restricted Stock Units to reduce or eliminate Participant's liability for Tax-Related Items or achieve any particular tax result. Further, if Participant is subject to Tax-Related Items in more than one jurisdiction between the Award Date and the date of any relevant taxable or tax withholding event, as applicable, Participant acknowledges that the Corporation and/or the Employer (or former employer, as applicable) may be required to withhold or account for Tax-Related Items in more than one jurisdiction.

Prior to the relevant taxable or tax withholding event, as applicable, Participant agrees to make adequate arrangements satisfactory to the Corporation and/or the Employer to satisfy all Tax-Related Items. In this regard, Participant authorizes the Corporation, or its respective agents, at their discretion, to satisfy the obligations with regard to all Tax-Related Items by one or a combination of the following: (i) withholding from Participant's wages or other cash compensation paid to Participant by the Corporation and/or the Employer; (ii) withholding from the shares of Stock to be delivered upon settlement of the Restricted Stock Units or other awards granted to Participant or (iii) permitting Participant to tender to the Corporation or to the Employer cash or, if allowed by the Committee, shares of Stock to the Corporation.

Notwithstanding the foregoing, if Participant is subject to Section 16 of the Exchange Act, pursuant to Rule 16a-2 promulgated thereunder, any tax withholding obligations shall be satisfied by having the Corporation withhold from the shares of Stock to be delivered upon settlement of the Restricted Stock Units.

Depending on the withholding method, the Corporation may withhold or account for Tax-Related Items by considering applicable statutory withholding rates (as determined by the Corporation in good faith and in its sole discretion) or other applicable withholding rates, including maximum applicable rates, in which case Participant will receive a refund of any over-withheld amount in cash and will have no entitlement to the share equivalent. If the obligation for Tax-Related Items is satisfied by withholding from the shares of Stock to be delivered upon settlement of the Restricted Stock Units, for tax purposes, Participant is deemed to have been issued the full number of shares of Stock subject to the Restricted Stock Units, notwithstanding that a number of shares of Stock are held back solely for the purpose of paying the Tax-Related Items. Participant will have no further rights with respect to any shares of Stock that are retained by the Corporation pursuant to this provision.

Participant agrees to pay to the Corporation or the Employer any amount of Tax-Related Items that the Corporation or the Employer may be required to withhold or account for as a result of Participant's participation in the Plan that cannot be satisfied by the means previously described. The Corporation may refuse to issue or deliver shares of Stock or proceeds from the sale of shares of Stock until arrangements satisfactory to the Corporation have been made in connection with the Tax-Related Items.

10.&nbsp;&nbsp;&nbsp;&nbsp;<u>Restrictive Covenants</u>. Participant understands the global nature of the Corporation's businesses and the effort the Corporation and its Affiliates (collectively referred to in this Section as "<u>Cboe</u>") undertake to develop and protect their business and their competitive advantage. Accordingly, Participant agrees that the scope and duration of the restrictions described in this Agreement are reasonable and necessary to protect the

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legitimate business interests of Cboe. Participant further agrees that during the period of Participant's Service and for a period of two (2) years following Participant's separation from Service, Participant shall not, without the express written approval of the Chief Executive Officer:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;singly, jointly, or in any other capacity, in a manner that contributes to any research, technology, development, account, trading, marketing, promotion, or sales and that relates to Participant's Service with Cboe, directly or beneficially, manage, join, participate in the management, operation or control of, or work for (as an employee, consultant or independent contractor), or permit the use of his or her name by, or provide financial or other assistance to, or be connected in any manner with (i) any exchange, facility, clearinghouse, electronic communications network ("ECN"), electronic foreign currency exchange market ("FX") matching platform, multilateral trading facility, or alternative trading system ("ATS"); (ii) the ECN, ATS or FX business lines of any full service broker dealer or any digital asset or data and access solutions business line of any company; or (iii) any business line of any company that is substantially similar to any additional business line developed or entered into by Cboe during Participant's Service, provided that, in the case of clauses (i), (ii) and (iii), such entity or business line that directly competes with Cboe;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;provide any service or assistance that (i) is of the general type of service or assistance provided by Participant to Cboe, (ii) relates to any technology, account, product, project or piece of work with which Participant was involved during his Service, and (iii) contributes to causing an entity to come within the definition described in Section 10(a) above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;solicit or accept if offered to Participant, with or without solicitation, on his or her own behalf or on behalf of any other person, the services of any person who is a then-current employee of Cboe (or was an employee of Cboe during the year preceding such solicitation), nor solicit any of Cboe's then-current employees (or an individual who was employed by or engaged by Cboe during the year preceding such solicitation) to terminate employment or an engagement with Cboe, nor agree to hire any then-current employee (or an individual who was an employee of Cboe during the year preceding such hire) of Cboe into employment with Participant or any company, individual or other entity; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;directly or indirectly divert or attempt to divert from Cboe any business in which Cboe has been actively engaged during Participant's Service, nor interfere with the relationships of Cboe or with their sources of business.

11.&nbsp;&nbsp;&nbsp;&nbsp;<u>Confidentiality</u>. Participant acknowledges that the Corporation or an Affiliate may disclose secret or confidential information to Participant during the period of Participant's Service to enable Participant to perform his or her duties. Participant agrees that, subject to the following sentence, Participant shall not during his or her Service (except in connection with the proper performance of his or her duties) and thereafter, without the prior written consent of the Corporation, disclose to any person or entity any material or significant secret or confidential information concerning the business of the Corporation or an Affiliate that was obtained by Participant in the course of Participant's Service. This paragraph shall not be applicable if and to the extent Participant is required to testify in a legislative, judicial or regulatory proceeding pursuant to an order

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of Congress, any state or local legislature, a judge, or an administrative law judge, or if such secret or confidential information is required to be disclosed by Participant by any law, regulation or order of any court or regulatory commission, department or agency. Participant further agrees that if Participant's Service is terminated for any reason, Participant will not take, but will leave with the Corporation or an Affiliate, all records and papers and all matter of whatever nature that bears secret or confidential information of the Corporation or an Affiliate. For purposes of this Agreement, the term "secret or confidential information" shall include, but not be limited to, any and all records, notes, memoranda, data, writings, research, personnel information, customer information, clearing members' information, the Corporation's and any Affiliate's financial information and plans, processes, methods, techniques, systems, formulas, patents, models, devices, compilations or any other information of whatever nature in the possession or control of the Corporation or an Affiliate, that has not been published or disclosed to the general public, the options industry, the equities industry, the foreign currency exchange industry or the commodities futures industry, provided that such term shall not include knowledge, skills, and information that is common to the trade or profession of Participant.

Notwithstanding anything in this Agreement to the contrary, nothing in this Agreement prohibits Participant from confidentially or otherwise communicating or filing a charge or complaint with a governmental or regulatory entity, participating in a governmental or regulatory entity investigation, or giving truthful testimony or making other disclosures to a governmental or regulatory entity (in each case, without having to disclose any such conduct to the Corporation or an Affiliate), or from responding if properly subpoenaed or otherwise required to do so under applicable law. In addition, nothing in this Agreement limits Participant's right to receive an award from a governmental or regulatory entity for information provided to such an entity (and not as compensation for actual or alleged personal injury or damages to Participant).

Pursuant to the Defend Trade Secrets Act of 2016 (18 U.S.C. 1833(b)), Participant shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that is made in confidence either directly or indirectly to a federal, state, or local government official, or to an attorney, solely for the purpose of reporting or investigating a violation of law. Participant shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret made in a complaint, or other document filed in a lawsuit or other proceeding, if such filing is made under seal. If Participant files a lawsuit or other action alleging retaliation by the Corporation or an Affiliate for reporting a suspected violation of law, Participant may disclose the trade secret to his or her attorney and use the trade secret in the court proceeding or other action, if Participant files any document containing the trade secret under seal and does not disclose the trade secret, except pursuant to court order. This paragraph will govern to the extent it may conflict with any other provision of this Agreement.

12.&nbsp;&nbsp;&nbsp;&nbsp;<u>Judicial Modification</u>. If the final judgment of a court of competent jurisdiction declares that any term or provision of Section 10 or 11 is invalid or unenforceable, the parties agree that (a) the court making the determination of invalidity or unenforceability shall have the power to reduce the scope, duration, or geographic area of the term or provision, to delete specific words or phrases, or to replace any invalid or unenforceable term or provision with a term or provision that is valid and enforceable and that comes

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closest to expressing the intention of the invalid or unenforceable term or provision, (b) the parties shall request that the court exercise that power, and (c) this Agreement shall be enforceable as so modified after the expiration of the time within which the judgment or decision may be appealed.

13.&nbsp;&nbsp;&nbsp;&nbsp;<u>Remedies</u>. Participant agrees that in the event of a breach or threatened breach of any of the covenants contained in Sections 10 or 11 of this Agreement, in addition to any other penalties or restrictions that may apply under any employment agreement, state law, or otherwise, Participant shall forfeit, upon written notice to such effect from the Corporation, any and all Awards granted to him or her under the Plan and this Agreement, including vested Awards. The forfeiture provisions of this Section 13 shall continue to apply, in accordance with their terms, after the provisions of any employment or other agreement between the Corporation and Participant have lapsed. Participant consents and agrees that if Participant violates or threatens to violate any provisions of Sections 10 or 11 of this Agreement, the Corporation or its successors in interest shall be entitled, in addition to any other remedies that they may have, including money damages, to an injunction to be issued by a court of competent jurisdiction restraining Participant from committing or continuing any violation of Sections 10 or 11. In the event that Participant is found to have breached any provision set forth in Section 10 of this Agreement, the time period provided for in that provision shall be deemed tolled (*i.e.*, it will not begin to run) for as long as Participant was in violation of that provision. The provisions of Sections 10 and 11 of this Agreement shall continue to apply, in accordance with their terms, after Participant's service has terminated and after provisions of any employment or other agreement between the Corporation and Participant have lapsed.

14.&nbsp;&nbsp;&nbsp;&nbsp;<u>Representations and Warranties</u>. Participant represents and warrants to the Corporation that Participant has received a copy of the Plan and this Agreement, has read and understands the terms of the Plan and this Agreement, and agrees to be bound by their terms and conditions in all respects.

15.&nbsp;&nbsp;&nbsp;&nbsp;<u>No Limitation on the Corporation's Rights</u>. The granting of Restricted Stock Units under this Agreement shall not and will not in any way affect the Corporation's right or power to make adjustments, reclassifications or changes in its capital or business structure or to merge, consolidate, reincorporate, dissolve, liquidate or sell or transfer all or any part of its business or assets.

16.&nbsp;&nbsp;&nbsp;&nbsp;<u>Plan and Agreement Not a Contract of Employment or Service</u>. Neither the Plan nor this Agreement is a contract of employment or Service, and no terms of Participant's employment or Service will be affected in any way by the Plan, this Agreement or related instruments, except to the extent specifically expressed therein. Neither the Plan nor this Agreement will be construed as conferring any legal rights on Participant to continue to be employed or remain in Service, nor will it interfere with the Corporation's or any Affiliate's right to discharge Participant or to deal with Participant regardless of the existence of the Plan or this Agreement.

17.&nbsp;&nbsp;&nbsp;&nbsp;<u>Entire Agreement and Amendment</u>. This Agreement and the Plan constitute the entire agreement between the parties hereto with respect to the Restricted Stock Units, and all prior oral and written representations are merged in this Agreement and the Plan. Notwithstanding the preceding sentence, this Agreement shall not in any way affect the

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terms and provisions of the Plan. This Agreement may be amended, modified, or terminated only in accordance with the Plan. The headings in this Agreement are inserted for convenience and identification only and are not intended to describe, interpret, define or limit the scope, extent, or intent of this Agreement or any provision hereof.

18.&nbsp;&nbsp;&nbsp;&nbsp;<u>Notice</u>. Any notice or other communication required or permitted under this Agreement must be in writing and must be delivered personally, sent by certified, registered or express mail, sent by overnight courier (at the sender's expense), or (if from the Corporation or the Corporation's stock plan administrator) by electronic mail. Notice will be deemed given (a) when delivered personally, (b) if mailed, three days after the date of deposit in the U.S. mail, (c) if sent by overnight courier, on the regular business day following the date sent, or (d) when electronically mailed. Notice to the Corporation should be sent to Cboe Global Markets, Inc., 433 West Van Buren Street, Chicago, Illinois 60607, Attention: General Counsel. Notice to Participant should be sent to the mailing address and/or electronic mailing address set forth on the Corporation's records. Either party may change the address to which the other party must give notice under this Section 18 by giving the other party written notice of such change, in accordance with the procedures described above or otherwise established by the Corporation or its stock plan administrator.

19.&nbsp;&nbsp;&nbsp;&nbsp;<u>Successors and Assigns</u>. The terms of this Agreement will be binding upon the Corporation and its successors and assigns.

20.&nbsp;&nbsp;&nbsp;&nbsp;<u>Governing Law</u>. To the extent not preempted by Federal law, the Plan, this Agreement, and documents evidencing rights relating to the Plan or this Agreement will be construed, administered and governed in all respects under and by the laws of the State of Delaware, without giving effect to its conflict of laws principles. If any provision of this Agreement will be held by a court of competent jurisdiction to be invalid or unenforceable, the remaining provisions hereof will continue to be fully effective. The jurisdiction and venue for any disputes arising under, or any action brought to enforce (or otherwise relating to), this Agreement will be exclusively in the courts in the State of Illinois, County of Cook, including the Federal Courts located therein (should Federal jurisdiction exist).

21.&nbsp;&nbsp;&nbsp;&nbsp;<u>Plan Document Controls</u>. The rights granted under this Agreement are in all respects subject to the provisions set forth in the Plan to the same extent and with the same effect as if set forth fully in this Agreement. If the terms of this Agreement conflict with the terms of the Plan document, the Plan document will control.

22.&nbsp;&nbsp;&nbsp;&nbsp;<u>Counterparts</u>. This Agreement may be executed simultaneously in two or more counterparts, each of which shall be deemed an original and all of which together shall constitute but one and the same instrument.

23.&nbsp;&nbsp;&nbsp;&nbsp;<u>Waiver; Cumulative Rights</u>. The failure or delay of either party to require performance by the other party of any provision of this Agreement will not affect its right to require performance of such provision unless and until such performance has been waived in writing. Each right under this Agreement is cumulative and may be exercised in part or in whole from time to time.

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24.&nbsp;&nbsp;&nbsp;&nbsp;<u>Tax Consequences</u>.&nbsp;&nbsp;&nbsp;&nbsp;Participant agrees to determine and be responsible for all tax consequences to Participant with respect to the Restricted Stock Units.

25.&nbsp;&nbsp;&nbsp;&nbsp;<u>Section 409A</u>*.* The Restricted Stock Units granted hereunder are intended to comply with, or otherwise be exempt from, Section 409A, including the exceptions and exemptions for short term deferrals, stock rights, and separation pay arrangements. This Agreement and all Restricted Stock Units shall be administered, interpreted, and construed in a manner consistent with Section 409A. Should any provision of this Agreement, or any other agreement or arrangement contemplated by this Agreement, be found not to comply with, or otherwise be exempt from, the provisions of Section 409A, such provision shall be modified and given effect (retroactively if necessary), in the sole discretion of the Corporation, and without the consent of Participant, in such manner as the Corporation determines to be necessary or appropriate to comply with, or to effectuate an exemption from, Section 409A. Notwithstanding the forgoing, no provision of this Agreement, or any other agreement or arrangement contemplated by this Agreement shall be construed as a guarantee by the Corporation of any particular tax effect to Participant. Each payment made under this Agreement shall be designated as a separate payment within the meaning of Section 409A. Any payment that is subject to Section 409A and payable upon Participant's termination of employment or other similar event shall not be made unless Participant has experienced a "separation from service" as defined under Section 409A. Except as provided in Section 4(c), any payment subject to Section 409A that is to be made upon a "separation from service" to Participant on any date when he or she is a "specified employee" as defined under Section 409A shall not be paid before the date that is six (6) months following Participant's "separation from service" or, if earlier, Participant's death.

26.&nbsp;&nbsp;&nbsp;&nbsp;<u>Compensation Recovery</u>. Notwithstanding anything in this Agreement to the contrary, the Restricted Stock Units, Dividend Equivalent Rights and any shares of Stock issued pursuant to the Restricted Stock Units and any proceeds therefrom shall be subject to and remain subject to any compensation recovery policies of the Corporation, including (i) the Corporation's Executive Officer Incentive Compensation Clawback Policy (as amended from time to time, or any successor policy), (ii) the Corporation's Supplemental Discretionary Clawback Policy (as amended from time to time, or any successor policy), (iii) any recoupment, clawback or similar requirements made applicable by law, regulation or listing standards to the Corporation from time to time (to the extent contemplated by such requirements), or (iv) as may be adopted by the Corporation to help facilitate the Corporation's objectives, including, without limitation, related to eliminating or reducing fraud, misconduct, wrongdoing, or violations of law by an employee or similar considerations and, in each case, as may be amended from time to time (the "Policies"), with the provisions contained in such Policies deemed incorporated into this Agreement without Participant's additional or separate consent. For purposes of the foregoing, Participant expressly and explicitly authorizes the Corporation to cancel any unpaid portion of the Restricted Stock Units (whether vested or unvested) and to issue instructions, on Participant's behalf, to any brokerage firm and/or third-party administrator engaged by the Corporation to hold any shares of Stock and other amounts acquired pursuant to the Restricted Stock Units to re-convey, transfer or otherwise return such shares of Stock and/or other amounts to the Corporation upon the Corporation's enforcement of the Policies. Participant acknowledges and agrees that the Corporation's rights hereunder shall not be affected in any way by any subsequent

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change in status, including retirement or termination of employment (including due to death or Disability). Participant expressly agrees to indemnify and hold the Corporation and its Affiliates harmless from any loss, cost, damage, or expense (including attorneys' fees) that the Corporation or any Affiliate may incur as a result of Participant's actions or in the Corporation and any Affiliate's efforts to recover such previously made payments or value pursuant to this provision. No recovery of compensation as described herein will be an event giving rise to a right to resign for "Good Reason" or "constructive termination" (or similar term) under any plan of, or agreement with, the Corporation, the Employer and/or Participant.

27.&nbsp;&nbsp;&nbsp;&nbsp;<u>Addendum to Agreement.</u> Notwithstanding any provision of this Agreement to the contrary, if Participant resides or is employed outside the U.S. or transfers residence or employment outside the U.S., the Restricted Stock Units shall be subject to such special terms and conditions as are set forth in the addendum to this agreement (the "<u>Addendum</u>"). Further, if Participant transfers residency and/or employment to another country, any special terms and conditions for such country will apply to the Restricted Stock Units to the extent the Corporation determines, in its sole discretion, that the application of such terms and conditions is necessary or advisable in order to comply with local law or to facilitate the operation and administration of the Restricted Stock Units and the Plan (or the Corporation may establish alternative terms and conditions as may be necessary or advisable to accommodate Participant's transfer). In all circumstances, the Addendum shall constitute part of this Agreement.

IN WITNESS WHEREOF, the Corporation and Participant have duly executed this Agreement as of the date first written above.

**Cboe Global Markets, Inc.**

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| | |
|:---|:---|
| _________________________________ | By: |
| Participant's Name |  |
| _________________________________ | Its: |
| Participant's Signature |  |

---

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**<u>Exhibit A</u>**

&nbsp;&nbsp;&nbsp;&nbsp;Vesting of the Restricted Stock Units is contingent upon achievement of a Performance Goal tied to Earnings Per Share for the Performance Period. The number of Restricted Stock Units that may vest shall be determined as set forth below:

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| | |
|:---|:---|
| **Earnings Per Share Attained** | **Percentage of Restricted Stock Units That Vest** |
| $__________ ("<u>Maximum</u>") or greater  | __________% |
| $__________ ("<u>Target</u>") | __________% |
| $__________ ("<u>Threshold</u>")  | &nbsp;&nbsp;&nbsp;&nbsp;__________% |

---

**&nbsp;&nbsp;&nbsp;&nbsp;**For Earnings Per Share levels that fall between the values shown above, the percentage of Restricted Stock Units that vest will be determined by straight line interpolation, provided that no Restricted Stock Units will vest if the Corporation's Earnings Per Share does not equal or exceed the Threshold amount.

&nbsp;&nbsp;&nbsp;&nbsp;"<u>Earnings Per Share</u>" means earnings per share calculated in accordance with generally accepted accounting principles, except that certain adjustments shall be made to eliminate the impact of infrequent, unusual, and/or non-recurring items, such as non-consolidated equity method investments, restructuring charges, significant share repurchase activity, significant income tax credits or charges, acquisitions and divestitures of businesses, asset impairments, and significant litigation settlements.

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**<u>ADDENDUM</u>**

**<u>CBOE GLOBAL MARKETS, INC. LONG-TERM INCENTIVE PLAN<br>RESTRICTED STOCK UNIT AWARD AGREEMENT - PERFORMANCE BASED</u>**

This Addendum to the Agreement includes additional terms and conditions that govern the Restricted Stock Units if Participant resides and/or is employed outside of the United States or transfers residence or employment outside the United States. Certain capitalized terms used but not defined in this Addendum have the meanings set forth in the Agreement or the Plan.

1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Nature of Grant</u>. In accepting the Restricted Stock Units, Participant acknowledges that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;the Plan is established voluntarily by the Corporation, is discretionary in nature and may be modified, amended, suspended or terminated by the Corporation at any time, to the extent permitted by the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;the award of the Restricted Stock Units is exceptional, discretionary, voluntary and occasional and does not create any contractual or other right to receive future grants of Restricted Stock Units, or benefits in lieu of Restricted Stock Units, even if Restricted Stock Units have been granted in the past;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;all decisions with respect to future Restricted Stock Unit awards, if any, will be at the sole discretion of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;Participant is voluntarily participating in the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;the Restricted Stock Units and any shares of Stock that may be received in settlement of the Restricted Stock Units, and the income and value of same, (i) are an extraordinary item that does not constitute compensation of any kind for services of any kind rendered to the Corporation or the Employer, and which is outside the scope of Participant's employment contract, if any, (ii) are not intended to replace any pension rights or compensation, and (iii) are not part of normal or expected compensation or salary for any purpose, including, but not limited to, calculating any severance, resignation, termination, redundancy, dismissal, end-of-service payments, holiday pay, bonuses, long-service awards, leave-related payments, pension or retirement or welfare benefits or similar payments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;the Restricted Stock Unit award will not be interpreted to form an employment or non-employee director contract or relationship with the Corporation or any Affiliate, nor does it amend any legal relationship or legal entitlement between Participant and the Employer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;this Agreement, the transactions contemplated hereunder and the vesting schedule set forth herein do not constitute an express or implied promise of Participant's further employment for the vesting period, for any period, or at all, and will not interfere with Participant's right or the right of the Corporation or the Employer to terminate Participant's employment relationship at any time with or without cause;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;unless otherwise agreed with the Corporation, the Restricted Stock Units and the shares of Stock underlying the Restricted Stock Units, and the income and value of same, are

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not granted as consideration for, or in connection with, the service Participant may provide as a director of an Affiliate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;the future value of the underlying shares of Stock is unknown, indeterminable and cannot be predicted with certainty;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;neither the Corporation, the Employer nor any Affiliate shall be liable for any foreign exchange rate fluctuation between Participant's local currency and the United States Dollar that may affect the value of the Restricted Stock Units or of any amounts due to Participant pursuant to the settlement of the Restricted Stock Units or the sale of any shares of Stock Participant may acquire upon such settlement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;in consideration of the grant of the Restricted Stock Units, no claim or entitlement to compensation or damages shall arise from termination of the Restricted Stock Units or diminution in value of the Restricted Stock Units or shares of Stock acquired upon vesting of the Restricted Stock Units resulting from Participant's termination of Service (for any reason whatsoever and whether or not later found to be invalid or in breach of employment laws in the jurisdiction where Participant is employed or the terms of Participant's employment agreement, if any) or from the application of any clawback or recoupment policy adopted by the Corporation or imposed by applicable law, and Participant irrevocably releases the Corporation and the Employer from any such claim that may arise; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;the Restricted Stock Units and the benefits evidenced by this Agreement do not create any entitlement not otherwise specifically provided for in the Plan or provided by the Corporation in its discretion, to have the Restricted Stock Units or any such benefits transferred to, or assumed by, another company or to be exchanged, cashed out or substituted for, in connection with any corporate transaction affecting the shares of the Corporation.

2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Participants in the European Union</u>. If Participant resides and/or is employed in a European Union ("<u>EU</u>") member state, the following provision shall replace Section 4(a) of the Agreement in its entirety and any other provisions regarding Retirement shall be disregarded and of no effect:

&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Subject to Sections 4(b), 4(c) and 4(d) below, Participant's Restricted Stock Units will become eligible to vest upon the date that achievement of the Performance Goal described in <u>Exhibit A</u> hereto is certified, subject to and contingent upon Participant's continued Service through the date of distribution of shares of Stock.

3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Payment of Withholding Taxes</u>. Participant acknowledges and agrees that if Participant is subject to tax and/or social contributions in more than one jurisdiction, the Corporation or its Affiliate(s) may be required to withhold or account for taxes and/or social contributions in more than one jurisdiction, in accordance with the methods of withholding described in Section 9 of the Agreement.

4.&nbsp;&nbsp;&nbsp;&nbsp;<u>Data Privacy</u>.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Data Collection and Usage</u>. The Corporation and the Employer will collect, process and use certain personal information about Participant, specifically, Participant's name, home address, email address and telephone number, date of birth, social security or insurance number, passport number or other identification number, salary, nationality, job title, any shares of Stock or directorships held in the Corporation, details of all Restricted Stock Units or any other entitlement to shares of Stock awarded, canceled, exercised, vested, unvested or outstanding in Participant's favor ("<u>Data</u>"), for the exclusive purpose of implementing, administering and managing the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Recipients of Data</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.&nbsp;&nbsp;&nbsp;&nbsp;<u>Stock Plan Administration Service Providers</u>. The Corporation and the Employer transfer Data to Fidelity Stock Plan Services, LLC (and/or its affiliates, collectively "<u>Fidelity</u>"), the designated broker assisting in the implementation, administration and management of the Plan. In the future, the Corporation may select a different service provider and share Data with such other provider serving in a similar manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.&nbsp;&nbsp;&nbsp;&nbsp;<u>Other Service Provider Data Recipients</u>. The Corporation also may transfer Data to other third party service providers, if necessary to ensure compliance with applicable tax, exchange control, securities and labor law. Such third party service providers may include the Corporation's legal counsel as well as its auditor, human resources consultant and payroll vendor. Wherever possible, the Corporation will anonymize data, but Participant understands that his or her Data may need to be transferred to such providers to ensure compliance with applicable law and/or tax requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.&nbsp;&nbsp;&nbsp;&nbsp;<u>Securities or Other Regulatory Authorities</u>. In addition to the recipients identified herein and where required under applicable law, Data also may be disclosed to certain securities or other regulatory authorities, including where the Corporation's securities are listed or traded or regulatory filings are made. The legal basis, where required, for such disclosure is compliance with applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>International Data Transfers</u>. The Corporation, Fidelity and other service providers described above are located in the United States. The United States may have different data privacy laws and protections than Participant's country of residence (or country of employment, if different).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;<u>Legal Basis for Collection, Processing and Transfer of Data</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.&nbsp;&nbsp;&nbsp;&nbsp;<u>Participants within the EU / European Economic Area ("EEA"), Switzerland and the United Kingdom</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.&nbsp;&nbsp;&nbsp;&nbsp;The collection, processing and transfer of Data is necessary for the legitimate purpose of the Corporation and Employer's administration of the Plan and Participant's participation in the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.&nbsp;&nbsp;&nbsp;&nbsp;When transferring Data to potential recipients outside the EU/EEA, Switzerland and/or the United Kingdom, the Corporation and the Employer strive to provide appropriate safeguards in accordance with Standard Contractual Clauses or other legally binding and

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permissible arrangements. For further information on the transfer of Participant's personal data outside of the EU/EEA, Switzerland and/or the United Kingdom, Participant may contact his or her human resources representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.&nbsp;&nbsp;&nbsp;&nbsp;<u>Participants outside the EU / EEA, Switzerland and the United Kingdom</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.&nbsp;&nbsp;&nbsp;&nbsp;Participant hereby explicitly and unambiguously consents to the collection, processing and use, in electronic or other form, of Participant's Data by the Corporation and the transfer of Data to the recipients mentioned above, including recipients located in countries which do not adduce an adequate level of protection from a non-U.S. data protection law perspective, for the purposes described above. Upon transfer of Participant's Data to Fidelity, Participant may be asked to agree to separate terms and data processing practices with Fidelity, with such agreement being a condition of the ability to participate in the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.&nbsp;&nbsp;&nbsp;&nbsp;Participation in the Plan is voluntary and Participant understands that Participant is providing the consent herein on a purely voluntary basis. If Participant does not consent, or later seeks to revoke his or her consent, Participant's employment status or Service and career with the Employer will not be adversely affected. The only consequence of refusing or withdrawing consent is that the Corporation would not be able to grant Restricted Stock Units or other equity awards to Participant or administer or maintain such awards. Therefore, Participant understands that refusing or withdrawing his or her consent may affect Participant's ability to participate in the Plan. For more information on the consequences of Participant's refusal to consent or withdrawal of consent, Participant understands that Participant may contact his or her human resources representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;<u>Data Retention</u>. Participant understands that Data will be held only as long as is necessary to implement, administer and manage his or her participation in the Plan or comply with applicable laws. When the Corporation no longer needs the Data, the Corporation will remove it from its systems.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) &nbsp;&nbsp;&nbsp;&nbsp;<u>Data Subject Rights</u>. Participant understands that Participant may have the right under applicable law to (i) access or copy Data that the Corporation possesses, (ii) rectify incorrect Data, (iii) delete Data, (iv) restrict processing of Data, (v) opt out of the Plan, or (vi) lodge complaints with the competent supervisory authorities in Participant's jurisdiction. To receive clarification regarding these rights or to exercise these rights, Participant understands that Participant can contact his or her local human resources representative.

5.&nbsp;&nbsp;&nbsp;&nbsp;<u>No Advice Regarding Grant</u>. The Corporation is not providing any tax, legal or financial advice, nor is the Corporation making any recommendations regarding Participant's participation in the Plan, or Participant's acquisition or sale of the underlying shares of Stock. Participant should consult with his or her own personal tax, legal and financial

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advisors regarding Participant's participation in the Plan before taking any action related to the Plan.

6.&nbsp;&nbsp;&nbsp;&nbsp;<u>Imposition of Other Requirements</u>. The Corporation reserves the right to impose other requirements on Participant's participation in the Plan, on the Restricted Stock Units and on any shares of Stock acquired under the Plan, to the extent the Corporation determines it is necessary or advisable for legal or administrative reasons. Such requirements may include (but are not limited to) requiring Participant to sign any agreements or undertakings that may be necessary to accomplish the foregoing.

7.&nbsp;&nbsp;&nbsp;&nbsp;<u>Insider Trading/Market Abuse Laws</u>. By participating in the Plan, Participant agrees to comply with the Corporation's policy on insider trading (to the extent that it is applicable to Participant). Participant further acknowledges that, depending on Participant's or the broker's country of residence or where the shares of Stock are listed, Participant may be subject to insider trading restrictions and/or market abuse laws, which may affect Participant's ability to accept, acquire, sell or otherwise dispose of shares of Stock, rights to shares of Stock (e.g., Restricted Stock Units) or rights linked to the value of shares of Stock, during such times Participant is considered to have "inside information" regarding the Corporation as defined by the laws or regulations in Participant's country. Local insider trading laws and regulations may prohibit the cancellation or amendment of orders Participant places before Participant possessed inside information. Furthermore, Participant could be prohibited from (i) disclosing the inside information to any third party (other than on a "need to know" basis) and (ii) "tipping" third parties or causing them otherwise to buy or sell securities. Participant understands that third parties include fellow employees. Any restrictions under these laws or regulations are separate from and in addition to any restrictions that may be imposed under any applicable Corporation insider trading policy. Participant acknowledges that it is Participant's responsibility to comply with any applicable restrictions, and that Participant should therefore consult Participant's personal advisor on this matter.

8.&nbsp;&nbsp;&nbsp;&nbsp;<u>Foreign Asset/Account Reporting; Exchange Controls</u>. Participant's country may have certain foreign asset and/or account reporting requirements and/or exchange controls which may affect Participant's ability to acquire or hold shares of Stock under the Plan or cash received from participating in the Plan (including from any dividends received or sale proceeds arising from the sale of shares of Stock) in a brokerage or bank account outside Participant's country. Participant may be required to report such accounts, assets or transactions to the tax or other authorities in his or her country. Participant also may be required to repatriate sale proceeds or other funds received as a result of Participant's participation in the Plan to his or her country through a designated bank or broker and/or within a certain time after receipt. Participant acknowledges that it is his or her responsibility to be compliant with such regulations, and Participant should consult his or her personal legal advisor for any details.

9.&nbsp;&nbsp;&nbsp;&nbsp;<u>Language</u>. If Participant is resident in a country where English is not an official language, Participant acknowledges that Participant is sufficiently proficient in English to understand the terms and conditions of the Agreement or has had the ability to consult with an advisor who is sufficiently proficient in the English language. Participant further acknowledges and agrees that it is Participant's express intent that the Agreement, the Addendum and the Plan and all other documents, notices and legal proceedings entered

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into, given or instituted pursuant to the Restricted Stock Units be drawn up in English. If Participant has received the Agreement, the Addendum or any other document related to the Plan translated into a language other than English and if the meaning of the translated version is different than the English version, the English version will control.

10.&nbsp;&nbsp;&nbsp;&nbsp;<u>Annex to Addendum</u>. Notwithstanding any provision of the Agreement or Addendum to the contrary, the Restricted Stock Units shall be subject to such special terms and conditions for Participant's country of residence (and country of employment, if different), as are set forth in the annex to this Addendum (the "<u>Annex</u>"). Further, if Participant transfers residency and/or employment to another country, the Corporation may establish alternative terms and conditions as may be necessary or advisable to accommodate Participant's transfer. In all circumstances, the Annex shall constitute part of this Addendum.

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**<u>ANNEX</u>**

This Annex to the Addendum includes additional terms and conditions that govern the Restricted Stock Units if Participant resides and/or is employed in the country addressed herein or transfers residence or employment to the country addressed herein. If Participant transfers residence and/or employment to another country, the Corporation may establish alternative terms and conditions as may be necessary or advisable to accommodate Participant's transfer. Certain capitalized terms used but not defined in this Annex have the meanings set forth in the Agreement (including the Addendum) or the Plan.

**<u>Australia</u>**

1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Tax Notification</u>. The Plan is a plan to which Subdivision 83A-C of the Income Tax Assessment Act 1997 (Cth) (the "<u>Act</u>") applies (subject to conditions in the Act).

2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Securities Law Notification</u>. This grant of Restricted Stock Units is being made under Division 1A, Part 7.12 of the Corporations Act 2001 (Cth).

**<u>Canada</u>**

1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Settlement of Restricted Stock Units</u>: Notwithstanding anything to the contrary in the Agreement or any related document, if Participant is resident or employed in Canada, the Corporation shall have absolute discretion to settle the Restricted Stock Units in shares of Stock or in the form of a cash payment or in any combination of the foregoing.

2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Securities Law Notification</u>: Participant acknowledges and agrees that he or she is permitted to sell shares of Stock acquired under the Plan through the designated broker appointed under the Plan, provided the resale of shares of Stock takes place outside of Canada through facilities of a stock exchange on which the shares of Stock are listed. The shares of Stock currently are listed on Cboe BZX in the United States.

3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Termination of Employment</u>: Except as may be determined by the Committee and except as otherwise provided in Section 4 of the Agreement, for purposes of Section 4(d) of the Agreement, Participant's Service will be considered terminated as of the date Participant ceases to be an employee of the Corporation (or, if different, the Affiliate to which Participant provides Service) for any reason, whether lawful or otherwise (including, without limitation, by reason of resignation, death, frustration of contract, termination for Cause, termination without Cause, or constructive dismissal), without regard to any pay in lieu of notice (whether by way of lump sum or salary continuance), benefits continuance, or other termination related payments or benefits, whether pursuant to the common law or otherwise, to which Participant may then be entitled (the "<u>Termination Date</u>"). In the event that the Termination Date cannot reasonably be determined under the terms of the Plan and the Agreement, the Committee and its delegate shall have the exclusive discretion to determine when the Termination Date occurs for purposes of the Plan (including whether Participant may still be considered to be providing Service while on any leave of absence).

Unless otherwise extended by the Corporation, or as may be required to satisfy the minimum requirements of applicable employment or labour standards legislation, any portion of the award that is not vested on the Termination Date shall terminate immediately and be

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null and void, and Participant will have no entitlement to further vesting in the Restricted Stock Units or compensation in lieu thereof following the Termination Date, and Participant waives any claim to damages in respect thereof whether related or attributable to any contractual or common law termination entitlements or otherwise. For additional clarity, if applicable employment or labour standards legislation specifically requires continued entitlement to vesting during a statutory notice period, Participant's right to vest in the Restricted Stock Units, if any, will be allowed to continue for that minimum notice period but then immediately terminate effective as of the last day of Participant's minimum statutory notice period.

**<u>Hong Kong</u>**

1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Settlement in Shares of Stock</u>. Notwithstanding anything to the contrary in the Agreement, the Addendum or the Plan, the Restricted Stock Units shall be settled only in shares of Stock (and may not be settled in cash).

2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Disposal of Shares of Stock</u>. If, for any reason, shares of Stock are issued to Participant within six (6) months after the Award Date, Participant agrees that Participant will not sell or otherwise dispose of any such shares of Stock prior to the six (6) month anniversary of the Award Date.

3.&nbsp;&nbsp;&nbsp;&nbsp;<u>IMPORTANT NOTICE/WARNING</u>. *The contents of this document have not been reviewed by any regulatory authority in Hong Kong. Participant is advised to exercise caution in relation to the offer. If Participant is in any doubt about any of the contents of the documents, Participant should obtain independent professional advice. The Restricted Stock Units and shares of Stock issued in settlement of the Restricted Stock Units do not constitute a public offering of securities under Hong Kong law and are available only to employees of the Corporation or its Affiliates. The Agreement, the Plan and other incidental communication materials have not been prepared in accordance with and are not intended to constitute a "prospectus" for a public offering of securities under the applicable securities legislation in Hong Kong. The Restricted Stock Units are intended only for the personal use of each eligible employee of the Employer, the Corporation or an Affiliate and may not be distributed to any other person.*

4.&nbsp;&nbsp;&nbsp;&nbsp;<u>Wages</u>. The Restricted Stock Units and shares of Stock subject to the Restricted Stock Units do not form part of Participant's wages for purposes of calculating any statutory or contractual payments under Hong Kong law.

**<u>Japan</u>**

No country-specific provisions.

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**<u>Netherlands</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Exclusion of Claim</u>: Participant acknowledges and agrees that Participant will have no entitlement to compensation or damages insofar as such entitlement arises or may arise from Participant ceasing to have rights under the Plan, whether or not as a result of termination of Participant's Service (whether such termination is in breach of contract or otherwise), or from the loss of diminution in value of the shares of Stock underlying the Restricted Stock Units. Upon the grant of the Restricted Stock Units, Participant shall be deemed to have waived irrevocably such entitlement.

**<u>Philippines</u>**

1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Settlement in Cash</u>. Notwithstanding anything to the contrary in the Agreement, the Addendum or the Plan, the Restricted Stock Units shall be settled only in cash (and shall not be settled in shares of Stock), unless otherwise determined by the Corporation.

**<u>Singapore</u>**

1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Securities Law Information</u>. The grant of the Restricted Stock Units under the Plan is being made pursuant to the "Qualifying Person" exemption under section 273(1)(f) of the Securities and Futures Act (Chapter 289, 2006 Ed.) ("<u>SFA</u>"). The Plan has not been and will not be lodged or registered as a prospectus with the Monetary Authority of Singapore and is not regulated by any financial supervisory authority pursuant to any legislation in Singapore. Accordingly, statutory liability under the SFA in relation to the content of prospectuses would not apply. Participant should note that the Restricted Stock Units are subject to section 257 of the SFA and Participant will not be able to make any subsequent sale of shares of Stock in Singapore, or any offer of such subsequent sale of shares of Stock subject to the Restricted Stock Units in Singapore, unless such sale or offer is made (i) after six (6) months from the Award Date or (ii) pursuant to the exemptions under Part XIII Division (1) Subdivision (4) (other than section 280) of the SFA.

**<u>Switzerland</u>**

1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Securities Law Information</u>. Neither the Agreement nor any other materials relating to the grant of Restricted Stock Units (a) constitutes a prospectus according to articles 35 et seq. of the Swiss Federal Act on Financial Services ("<u>FinSA</u>"), (b) may be publicly distributed or otherwise made publicly available in Switzerland to any person other than an employee of the Corporation or one of its Affiliates or (c) has been or will be filed with, approved or supervised by any Swiss reviewing body according to article 51 FinSA or any Swiss regulatory authority, including the Swiss Financial Market Supervisory Authority, FINMA.

**<u>United Kingdom (Including Northern Ireland)</u>**

1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Payment of Withholding Taxes</u>. The following provision supplements the section of the Agreement titled "Payment of Withholding Taxes":

Without limitation to the section of the Agreement titled 'Payment of Withholding Taxes', Participant agrees that Participant is liable for all

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income tax and employee national insurance contributions or other social contributions or withholding taxes ("<u>Tax-Related Items</u>") and hereby covenants to pay all such Tax-Related Items, as and when requested by the Corporation, the Employer or by HM Revenue and Customs ("<u>HMRC</u>") (or any other tax authority or any other relevant authority). Participant also agrees to indemnify and keep indemnified the Corporation and the Employer against any Tax-Related Items that they are required to pay or withhold or have paid or will pay on Participant's behalf to HMRC (or any other tax authority or any other relevant authority).

Notwithstanding the foregoing, if Participant is a director or executive officer (as within the meaning of Section 13(k) of the U.S. Securities Exchange Act of 1934, as amended), the terms of the immediately foregoing provision will not apply. In the event that Participant is a director or executive officer and income tax due is not collected from or paid by Participant within 90 days after the U.K. tax year in which an event giving rise to the indemnification described above occurs, the amount of any uncollected tax may constitute a benefit to Participant on which additional income tax and national insurance contributions may be payable. Participant acknowledges that Participant ultimately will be responsible for reporting and paying any income tax due on this additional benefit directly to HMRC under the self-assessment regime and for reimbursing the Corporation or the Employer (as applicable) for the value of any employee national insurance contributions due on this additional benefit, which the Corporation and/or the Employer may recover from Participant at any time thereafter by any of the means referred to in section of the Agreement titled "Payment of Withholding Taxes".

2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Exclusion of Claim</u>. Participant acknowledges and agrees that Participant will have no entitlement to compensation or damages insofar as such entitlement arises or may arise from Participant's ceasing to have rights under or to be entitled to the Restricted Stock Units, whether or not as a result of termination of Service (whether such termination is in breach of contract or otherwise), or from the loss or diminution in value of the Restricted Stock Units. Upon the award of the Restricted Stock Units, Participant shall be deemed irrevocably to have waived any such entitlement.

3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Section 2 of the Addendum</u>. Section 2 of the Addendum (Participants in the European Union) shall not apply to the Restricted Stock Units.

## Exhibit 10.82

**Exhibit 10.82**

![image_02.jpg](image_02.jpg)

August 19<sup>th</sup>, 2025

Prashant Bhatia

New Jersey

Dear Prashant,

I am very pleased to confirm our offer to you of employment as Chief Strategy Officer, EVP, Head of Enterprise Strategy and Corporate Development, reporting to Craig Donohue with a start date of 09/02/2025.

Your salary will be at the rate of $500,000.00 per year. You will be paid on a semi-monthly basis on the 15th and last day of each month via direct deposit in accordance with our regular payroll practices. This position is a Full-time and Exempt position. You will receive unlimited vacation.

You will be eligible for an annual short-term discretionary incentive (STI) payment (bonus). STI award amounts are based upon the financial performance of the Company as well as your individual performance. Your annual STI target is expected to be 100% of your base salary, and pro-rated based on your start date. Additionally, you must be actively employed on the date the bonus awards are paid (typically in February of the year following the bonus plan year and in no event later than March 15 of such year) in order to receive a bonus payout.

You will be recommended for a long-term incentive equity award in an annualized target amount of $1,000,000.00, which will be split evenly between restricted stock units and performance stock units, subject to approval by the Compensation and Human Capital Committee of the Cboe Global Markets Board of Directors. Your award will be prorated based on your start date The restricted stock units are subject to a 3-year vesting period, with 1/3 vesting each year (based on a February 19 vesting schedule). The performance stock units vest following a 3-year performance period. Additional terms of the award will be provided at the time of the grant. Ongoing participation is not guaranteed, and awards are reviewed and approved by the Compensation and Human Capital Committee on an annual basis.

You will be entitled to receive certain relocation benefits in accordance with the Company's relocation program. In addition, the Company will pay you a monthly housing stipend if and while you rent an apartment in the Chicago metropolitan area.

On your first day of employment, you are expected to be eligible to participate in the medical, dental and vision plans offered under Cboe's benefits program. You will also be eligible to participate in Cboe's SMART (401(k)) Plan upon your hire date. Information on these and other plans for which you are or may become eligible will be provided to you during New Hire Orientation. The attached Benefit Highlights provides an overview of all other current benefit programs. Additional information regarding these and other plans for which you are or may become eligible will be reviewed during New Hire Orientation.

Employment with Cboe is contingent upon verification of work eligibility and your review and acknowledgement of the Cboe U.S. Handbook for employees and the associate policy for privacy of information. To comply with current immigration law, we must verify your authorization to work in the United States. Please bring acceptable documentation with you on your first day of work. A social security card and a current driver's license or state I.D., or a U.S. Passport, are some of the acceptable documents to satisfy this requirement. This offer of employment is also contingent upon Cboe obtaining verification, to the sole satisfaction of

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Cboe, of information regarding your previous employment, education and references. Additionally, Cboe requires that all employees are fingerprinted prior to hire, and this offer is contingent upon the successful completion of fingerprint results and conducting a background check to the sole satisfaction of Cboe. Immediately upon accepting this offer, the fingerprinting and background check process should be initiated.

We are looking forward to having you join us and hope you will find Cboe to be an exciting, challenging, and rewarding place to build your career. Please note that this letter is solely informational in nature and is not to be construed as an employment contract. Your status with Cboe will be as an employee at will and either you or Cboe may end your employment at any time with or without reason or notice.

Sincerely,

/s/ Craig S. Donohue

Craig Donohue

## Exhibit 10.83

**Exhibit 10.83**

<u>CBOE GLOBAL MARKETS, INC. LONG-TERM INCENTIVE PLAN</u>

**<u>RESTRICTED STOCK UNIT AWARD AGREEMENT</u>**

This Restricted Stock Unit Award Agreement (this "<u>Agreement</u>") is dated effective _______________________ (the "<u>Award Date</u>"), and is between Cboe Global Markets, Inc. (the "<u>Corporation</u>") and ___________________ ("<u>Participant</u>"). Any term capitalized but not defined in this Agreement will have the meaning set forth in the Second Amended and Restated Cboe Global Markets, Inc. (formerly CBOE Holdings, Inc.) Long-Term Incentive Plan (as may be amended from time to time, the "<u>Plan</u>").

1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Award</u>. The Corporation hereby awards to Participant __________ Restricted Stock Units (the "<u>Restricted Stock Units</u>"). The Restricted Stock Units will be subject to the terms and conditions of the Plan and this Agreement. Each Restricted Stock Unit is a notional amount that represents one unvested share of Stock and entitles Participant, subject to the terms of this Agreement, to receive a share of Stock if and when the Restricted Stock Unit vests.

2.&nbsp;&nbsp;&nbsp;&nbsp;<u>No Rights as Stockholder; Dividend Equivalents</u>. Participant shall have no voting rights with respect to shares of Stock represented by Restricted Stock Units until the date of the issuance of the shares of Stock (as evidenced by the appropriate entry on the books of the Corporation or of a duly authorized transfer agent of the Corporation). Notwithstanding the foregoing, in the event that the Corporation declares a cash dividend on shares of Stock, on the payment date of the dividend, Participant will be credited with Dividend Equivalent Rights equal to the amount of the cash dividend per share multiplied by the number of Restricted Stock Units held by Participant on the dividend's record date. The Dividend Equivalent Rights credited to Participant under the preceding sentence will be distributed to Participant at the same time as the underlying cash dividend is distributed to shareholders of the Corporation.

3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Vesting; Effect of Termination of Service; Change in Control</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Subject to Sections 3(b), 3(c) and 3(d) below, Participant's Restricted Stock Units will vest (i) thirty-three percent (33%) on __________, provided that Participant has remained in Service continuously through such date, (ii) thirty-three percent (33%) on __________, provided that Participant has remained in Service continuously through such date, and (iii) thirty-four percent (34%) on __________, provided that Participant has remained in Service continuously through such date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The Restricted Stock Units will vest in full upon the earlier to occur of (i) Participant's death or (ii) Participant's becoming Disabled, provided that such condition qualifies as a "disability" as defined under Section 409A, in each case, if prior to any forfeiture event under Section 3(d) below.

In the event of Participant's Retirement (as defined below) and satisfaction of the terms thereof, the Restricted Stock Units shall remain outstanding upon Participant's Retirement and be distributed as if Participant remained in Service continuously through each vesting date pursuant to Section 3(a), in accordance with the terms of this Agreement. For purposes of this Agreement, "<u>Retirement</u>" means a determination by the Corporation or its Affiliate in their sole discretion, that Participant: (i) has completed a minimum of five (5) full years of continuous and unbroken service as an Employee as of

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their Retirement date, (ii) has attained the age of fifty-five (55) as of their Retirement date, (iii) has provided the Corporation's Board, CEO, President, and/or COO with at least six (6) months' advance written revocable notice of their Retirement date (unless the notice period is waived by the Corporation or their Affiliate in its sole discretion), (iv) has their Retirement date and transition plan approved and not revoked by the Corporation's Board, CEO, President, and/or COO through their Retirement date, (v) remains in Service continuously and in good standing until their Retirement date, (vi) has successfully transitioned responsibilities, as determined at the sole discretion of the Corporation's Board, CEO, President, and/or COO, and (vii) has a separation from Service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;This subsection 3(c) shall apply to this Agreement, this Award and any Replacement Award provided to Participant to replace this Award in lieu of Section 8.2(b) of the Plan. Upon a termination of Participant's Service by the Corporation or its Affiliate without Cause or by Participant for "Good Reason" (as defined below), in each case, upon or within two years after a Change in Control and prior to any forfeiture event under Section 3(d) below, this Award or any Replacement Award held by Participant shall become fully vested and free of restrictions and shall be distributed upon or within 60 days of such termination of Service. Notwithstanding the foregoing, if this Award or the Replacement Award, as applicable, is considered deferred compensation subject to Section 409A, payment shall be made pursuant to the Award's original schedule if necessary to comply with Section 409A.

For purposes of this Award "Good Reason" shall be deemed to exist if, and only if, without Participant's express written consent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Corporation or its Affiliate assigns to Participant authorities, duties or responsibilities (including titles) that are inconsistent in any material and adverse respect with Participant's immediately preceding authorities, duties or responsibilities with the Corporation or its Affiliate (including any material and adverse diminution of such immediately preceding authorities, duties or responsibilities);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Corporation or its Affiliate materially reduces Participant's base compensation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Corporation or its Affiliate requires Participant to relocate his or her principal business office or principal place of residence outside the metropolitan area in which Participant worked or resided at the time the Restricted Stock Units were awarded (or outside the immediately preceding location of Participant's principal business office with the Corporation or its Affiliate), or assigns to Participant duties that would reasonably require such relocation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The Corporation or its Affiliate materially breaches the terms of any agreement pursuant to which services are provided to the Corporation or its Affiliate by Participant; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The Corporation or its Affiliate terminates, reduces or limits Participant's participation in any bonus or incentive compensation arrangement relative to the level of participation of other employees of similar rank for a reason that is not reasonably related to Participant's level of job performance or local requirements and provided that such action results in a material reduction in the aggregate value of Participant's

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incentive compensation below the aggregate value as of the immediately preceding bonus or incentive compensation performance period and provided further that a mere change in the form of payment of the award (whether cash or shares of Stock) without a reduction in the aggregate grant value of the award shall not be considered a reduction of Participant's participation.

Participant's voluntary termination of Service shall not be considered a termination of Service for Good Reason unless Participant terminates his or her Service within 120 days after the initial existence of the condition constituting Good Reason; provided, Participant provides written notice to the Corporation or its Affiliate of Participant's intention to resign for Good Reason, which notice specifies in reasonable detail the breach or action giving rise thereto within 90 days of its initial existence, and the Corporation or its Affiliate does not cure such breach or action within 30 days after the date of Participant's notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;If Participant's Service is terminated for any reason before all of Participant's Restricted Stock Units have vested under this Agreement (including before the Restricted Stock Units qualify for vesting pursuant to an event described in Section 3(b) or 3(c) above), Participant's unvested Restricted Stock Units will be forfeited upon the effective date of such termination of Service. Notwithstanding anything herein to the contrary, any outstanding Restricted Stock Units not previously settled shall be cancelled and forfeited immediately if, in the sole opinion and discretion of the Committee or its delegate, Participant engages in any activity that constitutes Cause, whether or not Participant experiences a separation from Service, is no longer in Service, or remains in Service. Neither the Corporation nor any Affiliate will have any further obligations to Participant under this Agreement if Participant's Restricted Stock Units are forfeited pursuant to this Section 3(d).

4.&nbsp;&nbsp;&nbsp;&nbsp;<u>Terms and Conditions of Distribution</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Distribution of a share of Stock that corresponds to a vested Restricted Stock Unit shall be made to Participant as soon as practicable after the Restricted Stock Unit vests, but in any case by December 31st of the calendar year in which the applicable vesting date or event occurs, subject to such additional time as may be permitted under Section 409A in the event of Participant's death. Notwithstanding the foregoing, if this Award or any Replacement Award, as applicable, does not constitute deferred compensation subject to Section 409A, then the distribution of a share of Stock that corresponds to a vested Restricted Stock Unit will be made to Participant no later than two and a half (2½) months after the end of the calendar year in which such vesting occurs, subject to such additional time as may be permitted under Section 409A in the event of Participant's death.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Reserved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;If Participant dies before the date on which the Corporation would have distributed shares of Stock in satisfaction of vested Restricted Stock Units, the Corporation will distribute such shares of Stock to Participant's designated beneficiary(ies) or, if none are designated or surviving, to Participant's estate or personal

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representative. The Corporation is not required to issue or deliver any shares of Stock before completing the steps necessary to comply with applicable Federal and state securities laws (including any registration requirements) and applicable stock exchange rules and practices. The Corporation will use commercially reasonable efforts to cause compliance with those laws, rules and practices. The foregoing provisions are subject in all cases to the requirements of Section 409A.

5.&nbsp;&nbsp;&nbsp;&nbsp;<u>Nontransferability</u>. Unvested Restricted Stock Units may not be sold, transferred, exchanged, pledged, assigned, garnished, or otherwise alienated or hypothecated, other than by will or by the laws of descent and distribution. Any effort to assign or transfer the rights under this Agreement will be wholly ineffective, and will be grounds for termination by the Committee of all rights of Participant under this Agreement.

6.&nbsp;&nbsp;&nbsp;&nbsp;<u>Administration</u>. The Committee administers the Plan. Participant's rights under this Agreement are expressly subject to the terms and conditions of the Plan and to any guidelines the Committee adopts from time to time. The interpretation and construction by the Committee of the Plan and this Agreement, and such rules and regulations as may be adopted by the Committee for purposes of administering the Plan and this Agreement, will be final and binding upon Participant.

7.&nbsp;&nbsp;&nbsp;&nbsp;<u>Securities Law Requirements</u>. If at any time the Board or Committee determines that issuing Stock pursuant to this Agreement would violate applicable securities laws, the Corporation will not be required to issue such Stock. The Board or Committee may declare any provision of this Agreement or action of its own null and void, if it determines the provision or action fails to comply with applicable securities laws. The Corporation may require Participant to make written representations it deems necessary or desirable to comply with applicable securities laws.

8.&nbsp;&nbsp;&nbsp;&nbsp;<u>Payment of Withholding Taxes</u>. Participant acknowledges that, regardless of any action taken by the Corporation or, if different, the Affiliate of the Corporation that employs Participant (the "Employer"), the ultimate liability for all income tax, social contributions, payroll tax, fringe benefits tax, payment on account or other tax-related items related to Participant's participation in the Plan and legally applicable to Participant or deemed by the Corporation or the Employer in their sole discretion to be an appropriate charge to Participant even if legally applicable to the Corporation or the Employer ("<u>Tax-Related Items</u>"), is and remains Participant's responsibility and may exceed the amount actually withheld by the Corporation or the Employer, if any. Participant further acknowledges that the Corporation and/or the Employer (a) make no representations or undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of the Restricted Stock Units, including, but not limited to, the grant, vesting or settlement of the Restricted Stock Units, or the subsequent sale of shares of Stock acquired pursuant to such settlement; and (b) do not commit to and is under no obligation to structure the terms of the grant or any aspect of the Restricted Stock Units to reduce or eliminate Participant's liability for Tax-Related Items or achieve any particular tax result. Further, if Participant is subject to Tax-Related Items in more than one jurisdiction between the Award Date and the date of any relevant taxable or tax withholding event, as applicable, Participant acknowledges that the Corporation and/or the Employer (or former employer, as applicable) may be required to withhold or account for Tax-Related Items in more than one jurisdiction.

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Prior to the relevant taxable or tax withholding event, as applicable, Participant agrees to make adequate arrangements satisfactory to the Corporation and/or the Employer to satisfy all Tax-Related Items. In this regard, Participant authorizes the Corporation, or its respective agents, at their discretion, to satisfy the obligations with regard to all Tax-Related Items by one or a combination of the following: (i) withholding from Participant's wages or other cash compensation paid to Participant by the Corporation and/or the Employer; (ii) withholding from the shares of Stock to be delivered upon settlement of the Restricted Stock Units or other awards granted to Participant or (iii) permitting Participant to tender to the Corporation or the Employer cash or, if allowed by the Committee, shares of Stock to the Corporation.

Notwithstanding the foregoing, if Participant is subject to Section 16 of the Exchange Act, pursuant to Rule 16a-2 promulgated thereunder, any tax withholding obligations shall be satisfied by having the Corporation withhold from the shares of Stock to be delivered upon settlement of the Restricted Stock Units.

Depending on the withholding method, the Corporation may withhold or account for Tax-Related Items by considering applicable statutory withholding rates (as determined by the Corporation in good faith and in its sole discretion) or other applicable withholding rates, including maximum applicable rates, in which case Participant will receive a refund of any over-withheld amount in cash and will have no entitlement to the share equivalent. If the obligation for Tax-Related Items is satisfied by withholding from the shares of Stock to be delivered upon settlement of the Restricted Stock Units, for tax purposes, Participant is deemed to have been issued the full number of shares of Stock subject to the Restricted Stock Units, notwithstanding that a number of shares of Stock are held back solely for the purpose of paying the Tax-Related Items. Participant will have no further rights with respect to any shares of Stock that are retained by the Corporation pursuant to this provision.

Participant agrees to pay to the Corporation or the Employer any amount of Tax-Related Items that the Corporation or the Employer may be required to withhold or account for as a result of Participant's participation in the Plan that cannot be satisfied by the means previously described. The Corporation may refuse to issue or deliver shares of Stock or proceeds from the sale of shares of Stock until arrangements satisfactory to the Corporation have been made in connection with the Tax-Related Items.

9.&nbsp;&nbsp;&nbsp;&nbsp;<u>Restrictive Covenants</u>. Participant understands the global nature of the Corporation's businesses and the effort the Corporation and its Affiliates (collectively referred to in this Section as "<u>Cboe</u>") undertake to develop and protect their business and their competitive advantage. Accordingly, Participant agrees that the scope and duration of the restrictions described in this Agreement are reasonable and necessary to protect the legitimate business interests of Cboe. Participant further agrees that during the period of Participant's Service and for a period of two (2) years following Participant's separation from Service, Participant shall not, without the express written approval of the Chief Executive Officer:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;singly, jointly, or in any other capacity, in a manner that contributes to any research, technology, development, account, trading, marketing, promotion, or sales and that relates to Participant's Service with Cboe, directly or beneficially, manage, join, participate in the management, operation or control of, or work for (as an employee,

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consultant or independent contractor), or permit the use of his or her name by, or provide financial or other assistance to, or be connected in any manner with (i) any exchange, facility, clearinghouse, electronic communications network ("ECN"), electronic foreign currency exchange market ("FX") matching platform, multilateral trading facility, or alternative trading system ("ATS"); (ii) the ECN, ATS or FX business lines of any full service broker dealer or any digital asset or data and access solutions business line of any company; or (iii) any business line of any company that is substantially similar to any additional business line developed or entered into by Cboe during Participant's Service, provided that, in the case of clauses (i), (ii) and (iii), such entity or business line that directly competes with Cboe;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;provide any service or assistance that (i) is of the general type of service or assistance provided by Participant to Cboe, (ii) relates to any technology, account, product, project or piece of work with which Participant was involved during his Service, and (iii) contributes to causing an entity to come within the definition described in Section 9(a) above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;solicit or accept if offered to Participant, with or without solicitation, on his or her own behalf or on behalf of any other person, the services of any person who is a then-current employee of Cboe (or was an employee of Cboe during the year preceding such solicitation), nor solicit any of Cboe's then-current employees (or an individual who was employed by or engaged by Cboe during the year preceding such solicitation) to terminate employment or an engagement with Cboe, nor agree to hire any then-current employee (or an individual who was an employee of Cboe during the year preceding such hire) of Cboe into employment with Participant or any company, individual or other entity; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;directly or indirectly divert or attempt to divert from Cboe any business in which Cboe has been actively engaged during Participant's Service, nor interfere with the relationships of Cboe or with their sources of business.

10.&nbsp;&nbsp;&nbsp;&nbsp;<u>Confidentiality</u>. Participant acknowledges that the Corporation or an Affiliate may disclose secret or confidential information to Participant during the period of Participant's Service to enable Participant to perform his or her duties. Participant agrees that, subject to the following sentence, Participant shall not during his or her Service (except in connection with the proper performance of his or her duties) and thereafter, without the prior written consent of the Corporation, disclose to any person or entity any material or significant secret or confidential information concerning the business of the Corporation or an Affiliate that was obtained by Participant in the course of Participant's Service. This paragraph shall not be applicable if and to the extent Participant is required to testify in a legislative, judicial or regulatory proceeding pursuant to an order of Congress, any state or local legislature, a judge, or an administrative law judge, or if such secret or confidential information is required to be disclosed by Participant by any law, regulation or order of any court or regulatory commission, department or agency. Participant further agrees that if Participant's Service is terminated for any reason, Participant will not take, but will leave with the Corporation or an Affiliate, all records and papers and all matter of whatever nature that bears secret or confidential information of the Corporation or an Affiliate. For purposes of this Agreement, the term "secret or confidential information" shall include, but not be limited to, any and all records, notes, memoranda, data, writings, research, personnel information, customer information,

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clearing members' information, the Corporation's and any Affiliate's financial information and plans, processes, methods, techniques, systems, formulas, patents, models, devices, compilations or any other information of whatever nature in the possession or control of the Corporation or an Affiliate, that has not been published or disclosed to the general public, the options industry, the equities industry, the foreign currency exchange industry or the commodities futures industry, provided that such term shall not include knowledge, skills, and information that is common to the trade or profession of Participant.

Notwithstanding anything in this Agreement to the contrary, nothing in this Agreement prohibits Participant from confidentially or otherwise communicating or filing a charge or complaint with a governmental or regulatory entity, participating in a governmental or regulatory entity investigation, or giving truthful testimony or making other disclosures to a governmental or regulatory entity (in each case, without having to disclose any such conduct to the Corporation or an Affiliate), or from responding if properly subpoenaed or otherwise required to do so under applicable law. In addition, nothing in this Agreement limits Participant's right to receive an award from a governmental or regulatory entity for information provided to such an entity (and not as compensation for actual or alleged personal injury or damages to Participant).

Pursuant to the Defend Trade Secrets Act of 2016 (18 U.S.C. 1833(b)), Participant shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that is made in confidence either directly or indirectly to a federal, state, or local government official, or to an attorney, solely for the purpose of reporting or investigating a violation of law. Participant shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret made in a complaint, or other document filed in a lawsuit or other proceeding, if such filing is made under seal. If Participant files a lawsuit or other action alleging retaliation by the Corporation or an Affiliate for reporting a suspected violation of law, Participant may disclose the trade secret to his or her attorney and use the trade secret in the court proceeding or other action, if Participant files any document containing the trade secret under seal and does not disclose the trade secret, except pursuant to court order. This paragraph will govern to the extent it may conflict with any other provision of this Agreement.

11.&nbsp;&nbsp;&nbsp;&nbsp;<u>Judicial Modification</u>. If the final judgment of a court of competent jurisdiction declares that any term or provision of Section 9 or 10 is invalid or unenforceable, the parties agree that (a) the court making the determination of invalidity or unenforceability shall have the power to reduce the scope, duration, or geographic area of the term or provision, to delete specific words or phrases, or to replace any invalid or unenforceable term or provision with a term or provision that is valid and enforceable and that comes closest to expressing the intention of the invalid or unenforceable term or provision, (b) the parties shall request that the court exercise that power, and (c) this Agreement shall be enforceable as so modified after the expiration of the time within which the judgment or decision may be appealed.

12.&nbsp;&nbsp;&nbsp;&nbsp;<u>Remedies</u>. Participant agrees that in the event of a breach or threatened breach of any of the covenants contained in Sections 9 or 10 of this Agreement, in addition to any other penalties or restrictions that may apply under any employment agreement, state law, or otherwise, Participant shall forfeit, upon written notice to such effect from the

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Corporation, any and all Awards granted to him or her under the Plan and this Agreement, including vested Awards. The forfeiture provisions of this Section 12 shall continue to apply, in accordance with their terms, after the provisions of any employment or other agreement between the Corporation and Participant have lapsed. Participant consents and agrees that if Participant violates or threatens to violate any provisions of Sections 9 or 10 of this Agreement, the Corporation or its successors in interest shall be entitled, in addition to any other remedies that they may have, including money damages, to an injunction to be issued by a court of competent jurisdiction restraining Participant from committing or continuing any violation of Sections 9 or 10. In the event that Participant is found to have breached any provision set forth in Section 9 of this Agreement, the time period provided for in that provision shall be deemed tolled (*i.e.*, it will not begin to run) for as long as Participant was in violation of that provision. The provisions of Sections 9 and 10 of this Agreement shall continue to apply, in accordance with their terms, after Participant's service has terminated and after provisions of any employment or other agreement between the Corporation and Participant have lapsed.

13.&nbsp;&nbsp;&nbsp;&nbsp;<u>Representations and Warranties</u>. Participant represents and warrants to the Corporation that Participant has received a copy of the Plan and this Agreement, has read and understands the terms of the Plan and this Agreement, and agrees to be bound by their terms and conditions in all respects.

14.&nbsp;&nbsp;&nbsp;&nbsp;<u>No Limitation on the Corporation's Rights</u>. The granting of Restricted Stock Units under this Agreement shall not and will not in any way affect the Corporation's right or power to make adjustments, reclassifications or changes in its capital or business structure or to merge, consolidate, reincorporate, dissolve, liquidate or sell or transfer all or any part of its business or assets.

15.&nbsp;&nbsp;&nbsp;&nbsp;<u>Plan and Agreement Not a Contract of Employment or Service</u>. Neither the Plan nor this Agreement is a contract of employment or Service, and no terms of Participant's employment or Service will be affected in any way by the Plan, this Agreement or related instruments, except to the extent specifically expressed therein. Neither the Plan nor this Agreement will be construed as conferring any legal rights on Participant to continue to be employed or remain in Service, nor will it interfere with the Corporation's or any Affiliate's right to discharge Participant or to deal with Participant regardless of the existence of the Plan or this Agreement.

16.&nbsp;&nbsp;&nbsp;&nbsp;<u>Entire Agreement and Amendment</u>. This Agreement and the Plan constitute the entire agreement between the parties hereto with respect to the Restricted Stock Units, and all prior oral and written representations are merged in this Agreement and the Plan. Notwithstanding the preceding sentence, this Agreement shall not in any way affect the terms and provisions of the Plan. This Agreement may be amended, modified, or terminated only in accordance with the Plan. The headings in this Agreement are inserted for convenience and identification only and are not intended to describe, interpret, define or limit the scope, extent, or intent of this Agreement or any provision hereof.

17.&nbsp;&nbsp;&nbsp;&nbsp;<u>Notice</u>. Any notice or other communication required or permitted under this Agreement must be in writing and must be delivered personally, sent by certified, registered or express mail, sent by overnight courier (at the sender's expense), or (if from the Corporation or the Corporation's stock plan administrator) by electronic mail. Notice will

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be deemed given (a) when delivered personally, (b) if mailed, three days after the date of deposit in the U.S. mail, (c) if sent by overnight courier, on the regular business day following the date sent, or (d) when electronically mailed. Notice to the Corporation should be sent to Cboe Global Markets, Inc., 433 West Van Buren Street, Chicago, Illinois 60607, Attention: General Counsel. Notice to Participant should be sent to the mailing address and/or electronic mailing address set forth on the Corporation's records. Either party may change the address to which the other party must give notice under this Section 17 by giving the other party written notice of such change, in accordance with the procedures described above or otherwise established by the Corporation or its stock plan administrator.

18.&nbsp;&nbsp;&nbsp;&nbsp;<u>Successors and Assigns</u>. The terms of this Agreement will be binding upon the Corporation and its successors and assigns.

19.&nbsp;&nbsp;&nbsp;&nbsp;<u>Governing Law</u>. To the extent not preempted by Federal law, the Plan, this Agreement, and documents evidencing rights relating to the Plan or this Agreement will be construed, administered and governed in all respects under and by the laws of the State of Delaware, without giving effect to its conflict of laws principles. If any provision of this Agreement will be held by a court of competent jurisdiction to be invalid or unenforceable, the remaining provisions hereof will continue to be fully effective. The jurisdiction and venue for any disputes arising under, or any action brought to enforce (or otherwise relating to), this Agreement will be exclusively in the courts in the State of Illinois, County of Cook, including the Federal Courts located therein (should Federal jurisdiction exist).

20.&nbsp;&nbsp;&nbsp;&nbsp;<u>Plan Document Controls</u>. The rights granted under this Agreement are in all respects subject to the provisions set forth in the Plan to the same extent and with the same effect as if set forth fully in this Agreement. If the terms of this Agreement conflict with the terms of the Plan document, the Plan document will control.

21.&nbsp;&nbsp;&nbsp;&nbsp;<u>Counterparts</u>. This Agreement may be executed simultaneously in two or more counterparts, each of which shall be deemed an original and all of which together shall constitute but one and the same instrument.

22.&nbsp;&nbsp;&nbsp;&nbsp;<u>Waiver; Cumulative Rights</u>. The failure or delay of either party to require performance by the other party of any provision of this Agreement will not affect its right to require performance of such provision unless and until such performance has been waived in writing. Each right under this Agreement is cumulative and may be exercised in part or in whole from time to time.

23.&nbsp;&nbsp;&nbsp;&nbsp;<u>Tax Consequences</u>.&nbsp;&nbsp;&nbsp;&nbsp;Participant agrees to determine and be responsible for all tax consequences to Participant with respect to the Restricted Stock Units.

24.&nbsp;&nbsp;&nbsp;&nbsp;<u>Section 409A</u>*.* The Restricted Stock Units granted hereunder are intended to comply with, or otherwise be exempt from, Section 409A, including the exceptions and exemptions for short term deferrals, stock rights, and separation pay arrangements. This Agreement and all Restricted Stock Units shall be administered, interpreted, and construed in a manner consistent with Section 409A. Should any provision of this Agreement, or any other agreement or arrangement contemplated by this Agreement, be found not to comply with, or otherwise be exempt from, the provisions of Section 409A, such provision shall be modified and given effect (retroactively if necessary), in the sole

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discretion of the Corporation, and without the consent of Participant, in such manner as the Corporation determines to be necessary or appropriate to comply with, or to effectuate an exemption from, Section 409A. Notwithstanding the forgoing, no provision of this Agreement, or any other agreement or arrangement contemplated by this Agreement shall be construed as a guarantee by the Corporation of any particular tax effect to Participant. Each payment made under this Agreement shall be designated as a separate payment within the meaning of Section 409A. Any payment that is subject to Section 409A and payable upon Participant's termination of employment or other similar event shall not be made unless Participant has experienced a "separation from service" as defined under Section 409A. Except as provided in Section 4(c), any payment subject to Section 409A that is to be made upon a "separation from service" to Participant on any date when he or she is a "specified employee" as defined under Section 409A shall not be paid before the date that is six (6) months following Participant's "separation from service" or, if earlier, Participant's death.

25.&nbsp;&nbsp;&nbsp;&nbsp;<u>Compensation Recovery</u>. Notwithstanding anything in this Agreement to the contrary, the Restricted Stock Units, Dividend Equivalent Rights and any shares of Stock issued pursuant to the Restricted Stock Units and any proceeds therefrom shall be subject to and remain subject to any compensation recovery policies of the Corporation, including (i) the Corporation's Executive Officer Incentive Compensation Clawback Policy (as amended from time to time, or any successor policy), (ii) the Corporation's Supplemental Discretionary Clawback Policy (as amended from time to time, or any successor policy), (iii) any recoupment, clawback or similar requirements made applicable by law, regulation or listing standards to the Corporation from time to time (to the extent contemplated by such requirements), or (iv) as may be adopted by the Corporation to help facilitate the Corporation's objectives, including, without limitation, related to eliminating or reducing fraud, misconduct, wrongdoing, or violations of law by an employee or similar considerations and, in each case, as may be amended from time to time (the "Policies"), with the provisions contained in such Policies deemed incorporated into this Agreement without Participant's additional or separate consent. For purposes of the foregoing, Participant expressly and explicitly authorizes the Corporation to cancel any unpaid portion of the Restricted Stock Units (whether vested or unvested) and to issue instructions, on Participant's behalf, to any brokerage firm and/or third-party administrator engaged by the Corporation to hold any shares of Stock and other amounts acquired pursuant to the Restricted Stock Units to re-convey, transfer or otherwise return such shares of Stock and/or other amounts to the Corporation upon the Corporation's enforcement of the Policies. Participant acknowledges and agrees that the Corporation's rights hereunder shall not be affected in any way by any subsequent change in status, including retirement or termination of employment (including due to death or Disability). Participant expressly agrees to indemnify and hold the Corporation and its Affiliates harmless from any loss, cost, damage, or expense (including attorneys' fees) that the Corporation or any Affiliate may incur as a result of Participant's actions or in the Corporation and any Affiliate's efforts to recover such previously made payments or value pursuant to this provision. No recovery of compensation as described herein will be an event giving rise to a right to resign for "Good Reason" or "constructive termination" (or similar term) under any plan of, or agreement with, the Corporation, the Employer and/or Participant.

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26.&nbsp;&nbsp;&nbsp;&nbsp;<u>Addendum to Agreement.</u> Notwithstanding any provision of this Agreement to the contrary, if Participant resides or is employed outside the U.S. or transfers residence or employment outside the U.S., the Restricted Stock Units shall be subject to such special terms and conditions as are set forth in the addendum to this agreement (the "<u>Addendum</u>"). Further, if Participant transfers residency and/or employment to another country, any special terms and conditions for such country will apply to the Restricted Stock Units to the extent the Corporation determines, in its sole discretion, that the application of such terms and conditions is necessary or advisable in order to comply with local law or to facilitate the operation and administration of the Restricted Stock Units and the Plan (or the Corporation may establish alternative terms and conditions as may be necessary or advisable to accommodate Participant's transfer). In all circumstances, the Addendum shall constitute part of this Agreement.

IN WITNESS WHEREOF, the Corporation and Participant have duly executed this Agreement as of the date first written above.

**Cboe Global Markets, Inc.**

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| | |
|:---|:---|
| _________________________________ | By: |
| Participant's Name |  |
| _________________________________ | Its: |
| Participant's Signature |  |

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**<u>ADDENDUM</u>**

**<u>CBOE GLOBAL MARKETS, INC. LONG-TERM INCENTIVE PLAN<br>RESTRICTED STOCK UNIT AWARD AGREEMENT</u>**

This Addendum to the Agreement includes additional terms and conditions that govern the Restricted Stock Units if Participant resides and/or is employed outside of the United States or transfers residence or employment outside the United States. Certain capitalized terms used but not defined in this Addendum have the meanings set forth in the Agreement or the Plan.

1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Nature of Grant</u>. In accepting the Restricted Stock Units, Participant acknowledges that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;the Plan is established voluntarily by the Corporation, is discretionary in nature and may be modified, amended, suspended or terminated by the Corporation at any time, to the extent permitted by the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;the award of the Restricted Stock Units is exceptional, discretionary, voluntary and occasional and does not create any contractual or other right to receive future grants of Restricted Stock Units, or benefits in lieu of Restricted Stock Units, even if Restricted Stock Units have been granted in the past;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;all decisions with respect to future Restricted Stock Unit awards, if any, will be at the sole discretion of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;Participant is voluntarily participating in the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;the Restricted Stock Units and any shares of Stock that may be received in settlement of the Restricted Stock Units, and the income and value of same, (i) are an extraordinary item that does not constitute compensation of any kind for services of any kind rendered to the Corporation or the Employer, and which is outside the scope of Participant's employment contract, if any, (ii) are not intended to replace any pension rights or compensation, and (iii) are not part of normal or expected compensation or salary for any purpose, including, but not limited to, calculating any severance, resignation, termination, redundancy, dismissal, end-of-service payments, holiday pay, bonuses, long-service awards, leave-related payments, pension or retirement or welfare benefits or similar payments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;the Restricted Stock Unit award will not be interpreted to form an employment or non-employee director contract or relationship with the Corporation or any Affiliate, nor does it amend any legal relationship or legal entitlement between Participant and the Employer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;this Agreement, the transactions contemplated hereunder and the vesting schedule set forth herein do not constitute an express or implied promise of Participant's further employment for the vesting period, for any period, or at all, and will not interfere with Participant's right or the right of the Corporation or the Employer to terminate Participant's employment relationship at any time with or without cause;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;unless otherwise agreed with the Corporation, the Restricted Stock Units and the shares of Stock underlying the Restricted Stock Units, and the income and value

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of same, are not granted as consideration for, or in connection with, the service Participant may provide as a director of an Affiliate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;the future value of the underlying shares of Stock is unknown, indeterminable and cannot be predicted with certainty;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;neither the Corporation, the Employer nor any Affiliate shall be liable for any foreign exchange rate fluctuation between Participant's local currency and the United States Dollar that may affect the value of the Restricted Stock Units or of any amounts due to Participant pursuant to the settlement of the Restricted Stock Units or the sale of any shares of Stock Participant may acquire upon such settlement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;in consideration of the grant of the Restricted Stock Units, no claim or entitlement to compensation or damages shall arise from termination of the Restricted Stock Units or diminution in value of the Restricted Stock Units or shares of Stock acquired upon vesting of the Restricted Stock Units resulting from Participant's termination of Service (for any reason whatsoever and whether or not later found to be invalid or in breach of employment laws in the jurisdiction where Participant is employed or the terms of Participant's employment agreement, if any) or from the application of any clawback or recoupment policy adopted by the Corporation or imposed by applicable law, and Participant irrevocably releases the Corporation and the Employer from any such claim that may arise; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;the Restricted Stock Units and the benefits evidenced by this Agreement do not create any entitlement not otherwise specifically provided for in the Plan or provided by the Corporation in its discretion, to have the Restricted Stock Units or any such benefits transferred to, or assumed by, another company or to be exchanged, cashed out or substituted for, in connection with any corporate transaction affecting the shares of the Corporation.

2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Participants in the European Union</u>. If Participant resides and/or is employed in a European Union ("<u>EU</u>") member state, the following provision shall replace Section 3(b) of the Agreement in its entirety and any other provisions regarding Retirement shall be disregarded and of no effect:

&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The Restricted Stock Units will vest in full upon the earlier to occur of (i) Participant's death or (ii) Participant's becoming Disabled, provided that such condition qualifies as a "disability" as defined under Section 409A, in each case, if prior to any forfeiture event under Section 3(d) below.

3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Payment of Withholding Taxes</u>. Participant acknowledges and agrees that if Participant is subject to tax and/or social contributions in more than one jurisdiction, the Corporation or its Affiliate(s) may be required to withhold or account for taxes and/or social contributions in more than one jurisdiction, in accordance with the methods of withholding described in Section 8 of the Agreement.

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4.&nbsp;&nbsp;&nbsp;&nbsp;<u>Data Privacy</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Data Collection and Usage</u>. The Corporation and the Employer will collect, process and use certain personal information about Participant, specifically, Participant's name, home address, email address and telephone number, date of birth, social security or insurance number, passport number or other identification number, salary, nationality, job title, any shares of Stock or directorships held in the Corporation, details of all Restricted Stock Units or any other entitlement to shares of Stock awarded, canceled, exercised, vested, unvested or outstanding in Participant's favor ("<u>Data</u>"), for the exclusive purpose of implementing, administering and managing the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Recipients of Data</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.&nbsp;&nbsp;&nbsp;&nbsp;<u>Stock Plan Administration Service Providers</u>. The Corporation and the Employer transfer Data to Fidelity Stock Plan Services, LLC (and/or its affiliates, collectively "<u>Fidelity</u>"), the designated broker assisting in the implementation, administration and management of the Plan. In the future, the Corporation may select a different service provider and share Data with such other provider serving in a similar manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.&nbsp;&nbsp;&nbsp;&nbsp;<u>Other Service Provider Data Recipients</u>. The Corporation also may transfer Data to other third party service providers, if necessary to ensure compliance with applicable tax, exchange control, securities and labor law. Such third party service providers may include the Corporation's legal counsel as well as its auditor, human resources consultant and payroll vendor. Wherever possible, the Corporation will anonymize data, but Participant understands that his or her Data may need to be transferred to such providers to ensure compliance with applicable law and/or tax requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.&nbsp;&nbsp;&nbsp;&nbsp;<u>Securities or Other Regulatory Authorities</u>. In addition to the recipients identified herein and where required under applicable law, Data also may be disclosed to certain securities or other regulatory authorities, including where the Corporation's securities are listed or traded or regulatory filings are made. The legal basis, where required, for such disclosure is compliance with applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>International Data Transfers</u>. The Corporation, Fidelity and other service providers described above are located in the United States. The United States may have different data privacy laws and protections than Participant's country of residence (or country of employment, if different).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;<u>Legal Basis for Collection, Processing and Transfer of Data</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.&nbsp;&nbsp;&nbsp;&nbsp;<u>Participants within the EU / European Economic Area ("EEA"), Switzerland and the United Kingdom</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.&nbsp;&nbsp;&nbsp;&nbsp;The collection, processing and transfer of Data is necessary for the legitimate purpose of the Corporation and Employer's administration of the Plan and Participant's participation in the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.&nbsp;&nbsp;&nbsp;&nbsp;When transferring Data to potential recipients outside the EU/EEA, Switzerland and/or the United Kingdom, the Corporation and the

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Employer strive to provide appropriate safeguards in accordance with Standard Contractual Clauses or other legally binding and permissible arrangements. For further information on the transfer of Participant's personal data outside of the EU/EEA, Switzerland and/or the United Kingdom, Participant may contact his or her human resources representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.&nbsp;&nbsp;&nbsp;&nbsp;<u>Participants outside the EU / EEA, Switzerland and the United Kingdom</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.&nbsp;&nbsp;&nbsp;&nbsp;Participant hereby explicitly and unambiguously consents to the collection, processing and use, in electronic or other form, of Participant's Data by the Corporation and the transfer of Data to the recipients mentioned above, including recipients located in countries which do not adduce an adequate level of protection from a non-U.S. data protection law perspective, for the purposes described above. Upon transfer of Participant's Data to Fidelity, Participant may be asked to agree to separate terms and data processing practices with Fidelity, with such agreement being a condition of the ability to participate in the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.&nbsp;&nbsp;&nbsp;&nbsp;Participation in the Plan is voluntary and Participant understands that Participant is providing the consent herein on a purely voluntary basis. If Participant does not consent, or later seeks to revoke his or her consent, Participant's employment status or Service and career with the Employer will not be adversely affected. The only consequence of refusing or withdrawing consent is that the Corporation would not be able to grant Restricted Stock Units or other equity awards to Participant or administer or maintain such awards. Therefore, Participant understands that refusing or withdrawing his or her consent may affect Participant's ability to participate in the Plan. For more information on the consequences of Participant's refusal to consent or withdrawal of consent, Participant understands that Participant may contact his or her human resources representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;<u>Data Retention</u>. Participant understands that Data will be held only as long as is necessary to implement, administer and manage his or her participation in the Plan or comply with applicable laws. When the Corporation no longer needs the Data, the Corporation will remove it from its systems.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) &nbsp;&nbsp;&nbsp;&nbsp;<u>Data Subject Rights</u>. Participant understands that Participant may have the right under applicable law to (i) access or copy Data that the Corporation possesses, (ii) rectify incorrect Data, (iii) delete Data, (iv) restrict processing of Data, (v) opt out of the Plan, or (vi) lodge complaints with the competent supervisory authorities in Participant's jurisdiction. To receive clarification regarding these rights or to exercise these rights, Participant understands that Participant can contact his or her local human resources representative.

5.&nbsp;&nbsp;&nbsp;&nbsp;<u>No Advice Regarding Grant</u>. The Corporation is not providing any tax, legal or financial advice, nor is the Corporation making any recommendations regarding Participant's participation in the Plan, or Participant's acquisition or sale of the underlying shares of

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Stock. Participant should consult with his or her own personal tax, legal and financial advisors regarding Participant's participation in the Plan before taking any action related to the Plan.

6.&nbsp;&nbsp;&nbsp;&nbsp;<u>Imposition of Other Requirements</u>. The Corporation reserves the right to impose other requirements on Participant's participation in the Plan, on the Restricted Stock Units and on any shares of Stock acquired under the Plan, to the extent the Corporation determines it is necessary or advisable for legal or administrative reasons. Such requirements may include (but are not limited to) requiring Participant to sign any agreements or undertakings that may be necessary to accomplish the foregoing.

7.&nbsp;&nbsp;&nbsp;&nbsp;<u>Insider Trading/Market Abuse Laws</u>. By participating in the Plan, Participant agrees to comply with the Corporation's policy on insider trading (to the extent that it is applicable to Participant). Participant further acknowledges that, depending on Participant's or the broker's country of residence or where the shares of Stock are listed, Participant may be subject to insider trading restrictions and/or market abuse laws, which may affect Participant's ability to accept, acquire, sell or otherwise dispose of shares of Stock, rights to shares of Stock (e.g., Restricted Stock Units) or rights linked to the value of shares of Stock, during such times Participant is considered to have "inside information" regarding the Corporation as defined by the laws or regulations in Participant's country. Local insider trading laws and regulations may prohibit the cancellation or amendment of orders Participant places before Participant possessed inside information. Furthermore, Participant could be prohibited from (i) disclosing the inside information to any third party (other than on a "need to know" basis) and (ii) "tipping" third parties or causing them otherwise to buy or sell securities. Participant understands that third parties include fellow employees. Any restrictions under these laws or regulations are separate from and in addition to any restrictions that may be imposed under any applicable Corporation insider trading policy. Participant acknowledges that it is Participant's responsibility to comply with any applicable restrictions, and that Participant should therefore consult Participant's personal advisor on this matter.

8.&nbsp;&nbsp;&nbsp;&nbsp;<u>Foreign Asset/Account Reporting; Exchange Controls</u>. Participant's country may have certain foreign asset and/or account reporting requirements and/or exchange controls which may affect Participant's ability to acquire or hold shares of Stock under the Plan or cash received from participating in the Plan (including from any dividends received or sale proceeds arising from the sale of shares of Stock) in a brokerage or bank account outside Participant's country. Participant may be required to report such accounts, assets or transactions to the tax or other authorities in his or her country. Participant also may be required to repatriate sale proceeds or other funds received as a result of Participant's participation in the Plan to his or her country through a designated bank or broker and/or within a certain time after receipt. Participant acknowledges that it is his or her responsibility to be compliant with such regulations, and Participant should consult his or her personal legal advisor for any details.

9.&nbsp;&nbsp;&nbsp;&nbsp;<u>Language</u>. If Participant is resident in a country where English is not an official language, Participant acknowledges that Participant is sufficiently proficient in English to understand the terms and conditions of the Agreement or has had the ability to consult with an advisor who is sufficiently proficient in the English language. Participant further acknowledges and agrees that it is Participant's express intent that the Agreement, the

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Addendum and the Plan and all other documents, notices and legal proceedings entered into, given or instituted pursuant to the Restricted Stock Units be drawn up in English. If Participant has received the Agreement, the Addendum or any other document related to the Plan translated into a language other than English and if the meaning of the translated version is different than the English version, the English version will control.

10.&nbsp;&nbsp;&nbsp;&nbsp;<u>Annex to Addendum</u>. Notwithstanding any provision of the Agreement or Addendum to the contrary, the Restricted Stock Units shall be subject to such special terms and conditions for Participant's country of residence (and country of employment, if different), as are set forth in the annex to this Addendum (the "<u>Annex</u>"). Further, if Participant transfers residency and/or employment to another country, the Corporation may establish alternative terms and conditions as may be necessary or advisable to accommodate Participant's transfer. In all circumstances, the Annex shall constitute part of this Addendum.

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**<u>ANNEX</u>**

This Annex to the Addendum includes additional terms and conditions that govern the Restricted Stock Units if Participant resides and/or is employed in the country addressed herein or transfers residence or employment to the country addressed herein. If Participant transfers residence and/or employment to another country, the Corporation may establish alternative terms and conditions as may be necessary or advisable to accommodate Participant's transfer. Certain capitalized terms used but not defined in this Annex have the meanings set forth in the Agreement (including the Addendum) or the Plan.

**<u>Australia</u>**

1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Tax Notification</u>. The Plan is a plan to which Subdivision 83A-C of the Income Tax Assessment Act 1997 (Cth) (the "<u>Act</u>") applies (subject to conditions in the Act).

2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Securities Law Notification</u>. This grant of Restricted Stock Units is being made under Division 1A, Part 7.12 of the Corporations Act 2001 (Cth).

**<u>Canada</u>**

1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Settlement of Restricted Stock Units</u>: Notwithstanding anything to the contrary in the Agreement or any related document, if Participant is resident or employed in Canada, the Corporation shall have absolute discretion to settle the Restricted Stock Units in shares of Stock or in the form of a cash payment or in any combination of the foregoing.

2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Securities Law Notification</u>: Participant acknowledges and agrees that he or she is permitted to sell shares of Stock acquired under the Plan through the designated broker appointed under the Plan, provided the resale of shares of Stock takes place outside of Canada through facilities of a stock exchange on which the shares of Stock are listed. The shares of Stock currently are listed on Cboe BZX in the United States.

3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Termination of Employment</u>: Except as may be determined by the Committee and except as otherwise provided in Section 3 of the Agreement, for purposes of Section 3(d) of the Agreement, Participant's Service will be considered terminated as of the date Participant ceases to be an employee of the Corporation (or, if different, the Affiliate to which Participant provides Service) for any reason, whether lawful or otherwise (including, without limitation, by reason of resignation, death, frustration of contract, termination for Cause, termination without Cause, or constructive dismissal), without regard to any pay in lieu of notice (whether by way of lump sum or salary continuance), benefits continuance, or other termination related payments or benefits, whether pursuant to the common law or otherwise, to which Participant may then be entitled (the "<u>Termination Date</u>"). In the event that the Termination Date cannot reasonably be determined under the terms of the Plan and the Agreement, the Committee and its delegate shall have the exclusive discretion to determine when the Termination Date occurs for purposes of the Plan (including whether Participant may still be considered to be providing Service while on any leave of absence).

Unless otherwise extended by the Corporation, or as may be required to satisfy the minimum requirements of applicable employment or labour standards legislation, any

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portion of the award that is not vested on the Termination Date shall terminate immediately and be null and void, and Participant will have no entitlement to further vesting in the Restricted Stock Units or compensation in lieu thereof following the Termination Date, and Participant waives any claim to damages in respect thereof whether related or attributable to any contractual or common law termination entitlements or otherwise. For additional clarity, if applicable employment or labour standards legislation specifically requires continued entitlement to vesting during a statutory notice period, Participant's right to vest in the Restricted Stock Units, if any, will be allowed to continue for that minimum notice period but then immediately terminate effective as of the last day of Participant's minimum statutory notice period.

**<u>Hong Kong</u>**

1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Settlement in Shares of Stock</u>. Notwithstanding anything to the contrary in the Agreement, the Addendum or the Plan, the Restricted Stock Units shall be settled only in shares of Stock (and may not be settled in cash).

2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Disposal of Shares of Stock</u>. If, for any reason, shares of Stock are issued to Participant within six (6) months after the Award Date, Participant agrees that Participant will not sell or otherwise dispose of any such shares of Stock prior to the six (6) month anniversary of the Award Date.

3.&nbsp;&nbsp;&nbsp;&nbsp;<u>IMPORTANT NOTICE/WARNING</u>. *The contents of this document have not been reviewed by any regulatory authority in Hong Kong. Participant is advised to exercise caution in relation to the offer. If Participant is in any doubt about any of the contents of the documents, Participant should obtain independent professional advice. The Restricted Stock Units and shares of Stock issued in settlement of the Restricted Stock Units do not constitute a public offering of securities under Hong Kong law and are available only to employees of the Corporation or its Affiliates. The Agreement, the Plan and other incidental communication materials have not been prepared in accordance with and are not intended to constitute a "prospectus" for a public offering of securities under the applicable securities legislation in Hong Kong. The Restricted Stock Units are intended only for the personal use of each eligible employee of the Employer, the Corporation or an Affiliate and may not be distributed to any other person.*

4.&nbsp;&nbsp;&nbsp;&nbsp;<u>Wages</u>. The Restricted Stock Units and shares of Stock subject to the Restricted Stock Units do not form part of Participant's wages for purposes of calculating any statutory or contractual payments under Hong Kong law.

**<u>Japan</u>**

&nbsp;&nbsp;&nbsp;&nbsp;No country-specific provisions.

**<u>Netherlands</u>**

1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Exclusion of Claim</u>: Participant acknowledges and agrees that Participant will have no entitlement to compensation or damages insofar as such entitlement arises or may arise from Participant ceasing to have rights under the Plan, whether or not as a result of termination of Participant's Service (whether such termination is in breach of contract or otherwise), or from the loss of diminution in value of the shares of Stock underlying the

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Restricted Stock Units. Upon the grant of the Restricted Stock Units, Participant shall be deemed to have waived irrevocably such entitlement.

**<u>Philippines</u>**

1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Settlement in Cash</u>. Notwithstanding anything to the contrary in the Agreement, the Addendum or the Plan, the Restricted Stock Units shall be settled only in cash (and shall not be settled in shares of Stock), unless otherwise determined by the Corporation.

**<u>Singapore</u>**

1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Securities Law Information</u>. The grant of the Restricted Stock Units under the Plan is being made pursuant to the "Qualifying Person" exemption under section 273(1)(f) of the Securities and Futures Act (Chapter 289, 2006 Ed.) ("<u>SFA</u>"). The Plan has not been and will not be lodged or registered as a prospectus with the Monetary Authority of Singapore and is not regulated by any financial supervisory authority pursuant to any legislation in Singapore. Accordingly, statutory liability under the SFA in relation to the content of prospectuses would not apply. Participant should note that the Restricted Stock Units are subject to section 257 of the SFA and Participant will not be able to make any subsequent sale of shares of Stock in Singapore, or any offer of such subsequent sale of shares of Stock subject to the Restricted Stock Units in Singapore, unless such sale or offer is made (i) after six (6) months from the Award Date or (ii) pursuant to the exemptions under Part XIII Division (1) Subdivision (4) (other than section 280) of the SFA.

**<u>Switzerland</u>**

1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Securities Law Information</u>. Neither the Agreement nor any other materials relating to the grant of Restricted Stock Units (a) constitutes a prospectus according to articles 35 et seq. of the Swiss Federal Act on Financial Services ("<u>FinSA</u>"), (b) may be publicly distributed or otherwise made publicly available in Switzerland to any person other than an employee of the Corporation or one of its Affiliates or (c) has been or will be filed with, approved or supervised by any Swiss reviewing body according to article 51 FinSA or any Swiss regulatory authority, including the Swiss Financial Market Supervisory Authority, FINMA.

**<u>United Kingdom (Including Northern Ireland)</u>**

1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Payment of Withholding Taxes</u>. The following provision supplements the section of the Agreement titled "Payment of Withholding Taxes":

Without limitation to the section of the Agreement titled 'Payment of Withholding Taxes', Participant agrees that Participant is liable for all income tax and employee national insurance contributions or other social contributions or withholding taxes ("<u>Tax-Related Items</u>") and hereby covenants to pay all such Tax-Related Items, as and when requested by the Corporation, the Employer or by HM Revenue and Customs ("<u>HMRC</u>") (or any other tax authority or any other relevant authority). Participant also agrees to indemnify and keep indemnified the Corporation and the Employer against any Tax-Related Items that they are required to pay or

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withhold or have paid or will pay on Participant's behalf to HMRC (or any other tax authority or any other relevant authority).

Notwithstanding the foregoing, if Participant is a director or executive officer (as within the meaning of Section 13(k) of the U.S. Securities Exchange Act of 1934, as amended), the terms of the immediately foregoing provision will not apply. In the event that Participant is a director or executive officer and income tax due is not collected from or paid by Participant within 90 days after the U.K. tax year in which an event giving rise to the indemnification described above occurs, the amount of any uncollected tax may constitute a benefit to Participant on which additional income tax and national insurance contributions may be payable. Participant acknowledges that Participant ultimately will be responsible for reporting and paying any income tax due on this additional benefit directly to HMRC under the self-assessment regime and for reimbursing the Corporation or the Employer (as applicable) for the value of any employee national insurance contributions due on this additional benefit, which the Corporation and/or the Employer may recover from Participant at any time thereafter by any of the means referred to in section of the Agreement titled "Payment of Withholding Taxes".

2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Exclusion of Claim</u>. Participant acknowledges and agrees that Participant will have no entitlement to compensation or damages insofar as such entitlement arises or may arise from Participant's ceasing to have rights under or to be entitled to the Restricted Stock Units, whether or not as a result of termination of Service (whether such termination is in breach of contract or otherwise), or from the loss or diminution in value of the Restricted Stock Units. Upon the award of the Restricted Stock Units, Participant shall be deemed irrevocably to have waived any such entitlement.

3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Section 2 of the Addendum</u>. Section 2 of the Addendum (Participants in the European Union) shall not apply to the Restricted Stock Units.

## Exhibit 10.84

**Exhibit 10.84**

For Prashant Bhatia – With Restrictive Covenants

<u>CBOE GLOBAL MARKETS, INC. LONG-TERM INCENTIVE PLAN</u>

**<u>RESTRICTED STOCK UNIT AWARD AGREEMENT – PERFORMANCE BASED</u>**

This Restricted Stock Unit Award Agreement (this "<u>Agreement</u>") is dated effective _______________________(the "<u>Award Date</u>"), and is between Cboe Global Markets, Inc. (the "<u>Corporation</u>") and _______________ ("<u>Participant</u>"). Any term capitalized but not defined in this Agreement will have the meaning set forth in the Second Amended and Restated Cboe Global Markets, Inc. (formerly CBOE Holdings, Inc.) Long-Term Incentive Plan (as may be amended from time to time, the "<u>Plan</u>").

1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Award</u>. The Corporation hereby awards to Participant __________ Restricted Stock Units (the "<u>Restricted Stock Units</u>"). The Restricted Stock Units will be subject to the terms and conditions of the Plan and this Agreement. Each Restricted Stock Unit is a notional amount that represents one unvested share of Stock and entitles Participant, subject to the terms of this Agreement, to receive a share of Stock if and when the Restricted Stock Unit vests.

2.&nbsp;&nbsp;&nbsp;&nbsp;<u>No Rights as Stockholder; Dividend Equivalents</u>. Participant shall have no voting rights with respect to shares of Stock represented by Restricted Stock Units until the date of the issuance of the shares of Stock (as evidenced by the appropriate entry on the books of the Corporation or of a duly authorized transfer agent of the Corporation). Notwithstanding the foregoing, in the event that the Corporation declares a cash dividend on shares of Stock, on the payment date of the dividend, Participant will be credited with Dividend Equivalent Rights equal to the amount of the cash dividend per share multiplied by the number of Restricted Stock Units held by Participant on the dividend's record date. The Dividend Equivalent Rights credited to Participant under the preceding sentence will be deemed to be reinvested in additional Restricted Stock Units, which will be subject to the same terms regarding vesting, forfeiture, and distribution as Restricted Stock Units awarded to Participant under this Agreement.

3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Performance Period</u>. The Performance Period for the Restricted Stock Units shall be the three (3) year period commencing on __________ and ending on __________.

4.&nbsp;&nbsp;&nbsp;&nbsp;<u>Vesting; Effect of Termination of Service; Change in Control</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Subject to Sections 4(b), 4(c) and 4(d) below, Participant's Restricted Stock Units will become eligible to vest upon the date that achievement of the Performance Goal described in <u>Exhibit A</u> hereto is certified, subject to and contingent upon Participant's continued Service through the date of distribution of shares of Stock. Notwithstanding the foregoing, in the event of Participant's Retirement (as defined below), and satisfaction of the terms thereof, prior to the date of distribution, the Restricted Stock Units shall remain outstanding as if Participant remained in Service continuously through the date of distribution and shall vest upon the expiration of the Performance Period, subject to and contingent upon achievement of the Performance Goal, and Participant shall be entitled to receive (i) the number of Restricted Stock Units that would have vested in accordance with the preceding sentence based on the level of achievement of the Performance Goal actually achieved if Participant had continued Service through the date of distribution, multiplied by (ii) a fraction, the numerator of which is the number of days during the Performance Period on which Participant was

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providing Service, and the denominator of which is 1,095. For purposes of this Agreement, "<u>Retirement</u>" means a determination by the Corporation or its Affiliate in their sole discretion, that Participant: (i) has completed a minimum of five (5) full years of continuous and unbroken service as an Employee as of their Retirement date, (ii) has attained the age of fifty-five (55) as of their Retirement date, (iii) has provided the Corporation's Board, CEO, President, and/or COO with at least six (6) months' advance written revocable notice of their Retirement date (unless the notice period is waived by the Corporation or its Affiliate in their sole discretion), (iv) has their Retirement date and transition plan approved and not revoked by the Corporation's Board, CEO, President, and/or COO through their Retirement date, (v) remains in Service continuously and in good standing until their Retirement date, (vi) has successfully transitioned responsibilities, as determined at the sole discretion of the Corporation's Board, CEO, President, and/or COO, and (vii) has a separation from Service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The Restricted Stock Units will vest at the Target level of achievement of the Performance Goal (as described in <u>Exhibit A</u>), upon the earlier to occur of (i) Participant's death or (ii) Participant's becoming Disabled, provided that such condition qualifies as a "disability" as defined under Section 409A, in each case, if prior to any forfeiture event under Section 4(d) below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;This subsection 4(c) shall apply to this Agreement, this Award and any Replacement Award provided to Participant to replace this Award in lieu of Section 8.2(b) of the Plan. Upon a termination of Participant's Service by the Corporation or its Affiliate without Cause or by Participant for "Good Reason" (as defined below), in each case, upon or within two years after a Change in Control and prior to any forfeiture event under Section 4(d) below, this Award or any Replacement Award held by Participant shall become fully vested and free of restrictions at the Target level of achievement of the Performance Goal (as described in <u>Exhibit A</u>, as amended by the Replacement Award, if any), except that vesting shall be, to the extent determinable, at the level of achievement of the Performance Goal actually achieved as of the date of termination of Service (with similar performance assumed to be achieved through the remainder of the Performance Period) if greater than the Target level of achievement, and shall be distributed upon or within 60 days of such termination of Service. Notwithstanding the foregoing, if this Award or the Replacement Award, as applicable, is considered deferred compensation subject to Section 409A, payment shall be made pursuant to the Award's original schedule if necessary to comply with Section 409A.

For purposes of this Award "Good Reason" shall be deemed to exist if, and only if, without Participant's express written consent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Corporation or its Affiliate assigns to Participant authorities, duties or responsibilities (including titles) that are inconsistent in any material and adverse respect with Participant's immediately preceding authorities, duties or responsibilities with the Corporation or its Affiliate (including any material and adverse diminution of such immediately preceding authorities, duties or responsibilities);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Corporation or its Affiliate materially reduces Participant's base compensation;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Corporation or its Affiliate requires Participant to relocate his or her principal business office or principal place of residence outside the metropolitan area in which Participant worked or resided at the time the Restricted Stock Units were awarded (or outside the immediately preceding location of Participant's principal business office with the Corporation or its Affiliate), or assigns to Participant duties that would reasonably require such relocation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The Corporation or its Affiliate materially breaches the terms of any agreement pursuant to which services are provided to the Corporation or its Affiliate by Participant; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The Corporation or its Affiliate terminates, reduces or limits Participant's participation in any bonus or incentive compensation arrangement relative to the level of participation of other employees of similar rank for a reason that is not reasonably related to Participant's level of job performance or local requirements and provided that such action results in a material reduction in the aggregate value of Participant's incentive compensation below the aggregate value as of the immediately preceding bonus or incentive compensation performance period and provided further that a mere change in the form of payment of the award (whether cash or shares of Stock) without a reduction in the aggregate grant value of the award shall not be considered a reduction of Participant's participation.

Participant's voluntary termination of Service shall not be considered a termination of Service for Good Reason unless Participant terminates his or her Service within 120 days after the initial existence of the condition constituting Good Reason; provided, Participant provides written notice to the Corporation or its Affiliate of Participant's intention to resign for Good Reason, which notice specifies in reasonable detail the breach or action giving rise thereto within 90 days of its initial existence, and the Corporation or its Affiliate does not cure such breach or action within 30 days after the date of Participant's notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;If Participant's Service is terminated for any reason before all of Participant's Restricted Stock Units have vested under this Agreement (including before the Restricted Stock Units qualify for vesting pursuant to an event described in Section 4(a), 4(b) or 4(c) above), Participant's unvested Restricted Stock Units will be forfeited upon the effective date of such termination of Service. Notwithstanding anything herein to the contrary, any outstanding Restricted Stock Units not previously settled shall be cancelled and forfeited immediately if, in the sole opinion and discretion of the Committee or its delegate, Participant engages in any activity that constitutes Cause, whether or not Participant experiences a separation from Service, is no longer in Service, or remains in Service. Neither the Corporation nor any Affiliate will have any further obligations to Participant under this Agreement if Participant's Restricted Stock Units are forfeited pursuant to this Section 4(d).

5.&nbsp;&nbsp;&nbsp;&nbsp;<u>Terms and Conditions of Distribution</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Distribution of a share of Stock that corresponds to a vested Restricted Stock Unit shall be made to Participant as soon as practicable after the Restricted Stock Unit vests, but not later than two and a half (2½) months after the end of the calendar year in which the Restricted Stock Unit vests for purposes of Section 409A, subject to

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such additional time as may be permitted under Section 409A in the event of Participant's death.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Reserved

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;If Participant dies before the date on which the Corporation would have distributed shares of Stock in satisfaction of vested Restricted Stock Units, the Corporation will distribute such shares of Stock to Participant's designated beneficiary(ies) or, if none are designated or surviving, to Participant's estate or personal representative. The Corporation is not required to issue or deliver any shares of Stock before completing the steps necessary to comply with applicable Federal and state securities laws (including any registration requirements) and applicable stock exchange rules and practices. The Corporation will use commercially reasonable efforts to cause compliance with those laws, rules and practices. The foregoing provisions are subject in all cases to the requirements of Section 409A.

6.&nbsp;&nbsp;&nbsp;&nbsp;<u>Nontransferability</u>. Unvested Restricted Stock Units may not be sold, transferred, exchanged, pledged, assigned, garnished, or otherwise alienated or hypothecated, other than by will or by the laws of descent and distribution. Any effort to assign or transfer the rights under this Agreement will be wholly ineffective, and will be grounds for termination by the Committee of all rights of Participant under this Agreement.

7.&nbsp;&nbsp;&nbsp;&nbsp;<u>Administration</u>. The Committee administers the Plan. Participant's rights under this Agreement are expressly subject to the terms and conditions of the Plan and to any guidelines the Committee adopts from time to time. The interpretation and construction by the Committee of the Plan and this Agreement, and such rules and regulations as may be adopted by the Committee for purposes of administering the Plan and this Agreement, will be final and binding upon Participant.

8.&nbsp;&nbsp;&nbsp;&nbsp;<u>Securities Law Requirements</u>. If at any time the Board or Committee determines that issuing Stock pursuant to this Agreement would violate applicable securities laws, the Corporation will not be required to issue such Stock. The Board or Committee may declare any provision of this Agreement or action of its own null and void, if it determines the provision or action fails to comply with applicable securities laws. The Corporation may require Participant to make written representations it deems necessary or desirable to comply with applicable securities laws.

9.&nbsp;&nbsp;&nbsp;&nbsp;<u>Payment of Withholding Taxes</u>. Participant acknowledges that, regardless of any action taken by the Corporation or, if different, the Affiliate of the Corporation that employs Participant (the "Employer"), the ultimate liability for all income tax, social contributions, payroll tax, fringe benefits tax, payment on account or other tax-related items related to Participant's participation in the Plan and legally applicable to Participant or deemed by the Corporation or the Employer in their sole discretion to be an appropriate charge to Participant even if legally applicable to the Corporation or the Employer ("<u>Tax-Related Items</u>"), is and remains Participant's responsibility and may exceed the amount actually withheld by the Corporation or the Employer, if any. Participant further acknowledges that the Corporation and/or the Employer (a) make no representations or undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of the Restricted Stock Units, including, but not limited to, the grant, vesting or settlement of the Restricted Stock Units, or the subsequent sale of shares of Stock acquired pursuant to

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such settlement; and (b) do not commit to and is under no obligation to structure the terms of the grant or any aspect of the Restricted Stock Units to reduce or eliminate Participant's liability for Tax-Related Items or achieve any particular tax result. Further, if Participant is subject to Tax-Related Items in more than one jurisdiction between the Award Date and the date of any relevant taxable or tax withholding event, as applicable, Participant acknowledges that the Corporation and/or the Employer (or former employer, as applicable) may be required to withhold or account for Tax-Related Items in more than one jurisdiction.

Prior to the relevant taxable or tax withholding event, as applicable, Participant agrees to make adequate arrangements satisfactory to the Corporation and/or the Employer to satisfy all Tax-Related Items. In this regard, Participant authorizes the Corporation, or its respective agents, at their discretion, to satisfy the obligations with regard to all Tax-Related Items by one or a combination of the following: (i) withholding from Participant's wages or other cash compensation paid to Participant by the Corporation and/or the Employer; (ii) withholding from the shares of Stock to be delivered upon settlement of the Restricted Stock Units or other awards granted to Participant or (iii) permitting Participant to tender to the Corporation or to the Employer cash or, if allowed by the Committee, shares of Stock to the Corporation.

Notwithstanding the foregoing, if Participant is subject to Section 16 of the Exchange Act, pursuant to Rule 16a-2 promulgated thereunder, any tax withholding obligations shall be satisfied by having the Corporation withhold from the shares of Stock to be delivered upon settlement of the Restricted Stock Units.

Depending on the withholding method, the Corporation may withhold or account for Tax-Related Items by considering applicable statutory withholding rates (as determined by the Corporation in good faith and in its sole discretion) or other applicable withholding rates, including maximum applicable rates, in which case Participant will receive a refund of any over-withheld amount in cash and will have no entitlement to the share equivalent. If the obligation for Tax-Related Items is satisfied by withholding from the shares of Stock to be delivered upon settlement of the Restricted Stock Units, for tax purposes, Participant is deemed to have been issued the full number of shares of Stock subject to the Restricted Stock Units, notwithstanding that a number of shares of Stock are held back solely for the purpose of paying the Tax-Related Items. Participant will have no further rights with respect to any shares of Stock that are retained by the Corporation pursuant to this provision.

Participant agrees to pay to the Corporation or the Employer any amount of Tax-Related Items that the Corporation or the Employer may be required to withhold or account for as a result of Participant's participation in the Plan that cannot be satisfied by the means previously described. The Corporation may refuse to issue or deliver shares of Stock or proceeds from the sale of shares of Stock until arrangements satisfactory to the Corporation have been made in connection with the Tax-Related Items.

10.&nbsp;&nbsp;&nbsp;&nbsp;<u>Restrictive Covenants</u>. Participant understands the global nature of the Corporation's businesses and the effort the Corporation and its Affiliates (collectively referred to in this Section as "<u>Cboe</u>") undertake to develop and protect their business and their competitive advantage. Accordingly, Participant agrees that the scope and duration of the restrictions described in this Agreement are reasonable and necessary to protect the

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legitimate business interests of Cboe. Participant further agrees that during the period of Participant's Service and for a period of two (2) years following Participant's separation from Service, Participant shall not, without the express written approval of the Chief Executive Officer:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;singly, jointly, or in any other capacity, in a manner that contributes to any research, technology, development, account, trading, marketing, promotion, or sales and that relates to Participant's Service with Cboe, directly or beneficially, manage, join, participate in the management, operation or control of, or work for (as an employee, consultant or independent contractor), or permit the use of his or her name by, or provide financial or other assistance to, or be connected in any manner with (i) any exchange, facility, clearinghouse, electronic communications network ("ECN"), electronic foreign currency exchange market ("FX") matching platform, multilateral trading facility, or alternative trading system ("ATS"); (ii) the ECN, ATS or FX business lines of any full service broker dealer or any digital asset or data and access solutions business line of any company; or (iii) any business line of any company that is substantially similar to any additional business line developed or entered into by Cboe during Participant's Service, provided that, in the case of clauses (i), (ii) and (iii), such entity or business line that directly competes with Cboe;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;provide any service or assistance that (i) is of the general type of service or assistance provided by Participant to Cboe, (ii) relates to any technology, account, product, project or piece of work with which Participant was involved during his Service, and (iii) contributes to causing an entity to come within the definition described in Section 10(a) above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;solicit or accept if offered to Participant, with or without solicitation, on his or her own behalf or on behalf of any other person, the services of any person who is a then-current employee of Cboe (or was an employee of Cboe during the year preceding such solicitation), nor solicit any of Cboe's then-current employees (or an individual who was employed by or engaged by Cboe during the year preceding such solicitation) to terminate employment or an engagement with Cboe, nor agree to hire any then-current employee (or an individual who was an employee of Cboe during the year preceding such hire) of Cboe into employment with Participant or any company, individual or other entity; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;directly or indirectly divert or attempt to divert from Cboe any business in which Cboe has been actively engaged during Participant's Service, nor interfere with the relationships of Cboe or with their sources of business.

11.&nbsp;&nbsp;&nbsp;&nbsp;<u>Confidentiality</u>. Participant acknowledges that the Corporation or an Affiliate may disclose secret or confidential information to Participant during the period of Participant's Service to enable Participant to perform his or her duties. Participant agrees that, subject to the following sentence, Participant shall not during his or her Service (except in connection with the proper performance of his or her duties) and thereafter, without the prior written consent of the Corporation, disclose to any person or entity any material or significant secret or confidential information concerning the business of the Corporation or an Affiliate that was obtained by Participant in the course of Participant's Service. This paragraph shall not be applicable if and to the extent Participant is required to testify in a legislative, judicial or regulatory proceeding pursuant to an order

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of Congress, any state or local legislature, a judge, or an administrative law judge, or if such secret or confidential information is required to be disclosed by Participant by any law, regulation or order of any court or regulatory commission, department or agency. Participant further agrees that if Participant's Service is terminated for any reason, Participant will not take, but will leave with the Corporation or an Affiliate, all records and papers and all matter of whatever nature that bears secret or confidential information of the Corporation or an Affiliate. For purposes of this Agreement, the term "secret or confidential information" shall include, but not be limited to, any and all records, notes, memoranda, data, writings, research, personnel information, customer information, clearing members' information, the Corporation's and any Affiliate's financial information and plans, processes, methods, techniques, systems, formulas, patents, models, devices, compilations or any other information of whatever nature in the possession or control of the Corporation or an Affiliate, that has not been published or disclosed to the general public, the options industry, the equities industry, the foreign currency exchange industry or the commodities futures industry, provided that such term shall not include knowledge, skills, and information that is common to the trade or profession of Participant.

Notwithstanding anything in this Agreement to the contrary, nothing in this Agreement prohibits Participant from confidentially or otherwise communicating or filing a charge or complaint with a governmental or regulatory entity, participating in a governmental or regulatory entity investigation, or giving truthful testimony or making other disclosures to a governmental or regulatory entity (in each case, without having to disclose any such conduct to the Corporation or an Affiliate), or from responding if properly subpoenaed or otherwise required to do so under applicable law. In addition, nothing in this Agreement limits Participant's right to receive an award from a governmental or regulatory entity for information provided to such an entity (and not as compensation for actual or alleged personal injury or damages to Participant).

Pursuant to the Defend Trade Secrets Act of 2016 (18 U.S.C. 1833(b)), Participant shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that is made in confidence either directly or indirectly to a federal, state, or local government official, or to an attorney, solely for the purpose of reporting or investigating a violation of law. Participant shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret made in a complaint, or other document filed in a lawsuit or other proceeding, if such filing is made under seal. If Participant files a lawsuit or other action alleging retaliation by the Corporation or an Affiliate for reporting a suspected violation of law, Participant may disclose the trade secret to his or her attorney and use the trade secret in the court proceeding or other action, if Participant files any document containing the trade secret under seal and does not disclose the trade secret, except pursuant to court order. This paragraph will govern to the extent it may conflict with any other provision of this Agreement.

12.&nbsp;&nbsp;&nbsp;&nbsp;<u>Judicial Modification</u>. If the final judgment of a court of competent jurisdiction declares that any term or provision of Section 10 or 11 is invalid or unenforceable, the parties agree that (a) the court making the determination of invalidity or unenforceability shall have the power to reduce the scope, duration, or geographic area of the term or provision, to delete specific words or phrases, or to replace any invalid or unenforceable term or provision with a term or provision that is valid and enforceable and that comes

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closest to expressing the intention of the invalid or unenforceable term or provision, (b) the parties shall request that the court exercise that power, and (c) this Agreement shall be enforceable as so modified after the expiration of the time within which the judgment or decision may be appealed.

13.&nbsp;&nbsp;&nbsp;&nbsp;<u>Remedies</u>. Participant agrees that in the event of a breach or threatened breach of any of the covenants contained in Sections 10 or 11 of this Agreement, in addition to any other penalties or restrictions that may apply under any employment agreement, state law, or otherwise, Participant shall forfeit, upon written notice to such effect from the Corporation, any and all Awards granted to him or her under the Plan and this Agreement, including vested Awards. The forfeiture provisions of this Section 13 shall continue to apply, in accordance with their terms, after the provisions of any employment or other agreement between the Corporation and Participant have lapsed. Participant consents and agrees that if Participant violates or threatens to violate any provisions of Sections 10 or 11 of this Agreement, the Corporation or its successors in interest shall be entitled, in addition to any other remedies that they may have, including money damages, to an injunction to be issued by a court of competent jurisdiction restraining Participant from committing or continuing any violation of Sections 10 or 11. In the event that Participant is found to have breached any provision set forth in Section 10 of this Agreement, the time period provided for in that provision shall be deemed tolled (*i.e.*, it will not begin to run) for as long as Participant was in violation of that provision. The provisions of Sections 10 and 11 of this Agreement shall continue to apply, in accordance with their terms, after Participant's service has terminated and after provisions of any employment or other agreement between the Corporation and Participant have lapsed.

14.&nbsp;&nbsp;&nbsp;&nbsp;<u>Representations and Warranties</u>. Participant represents and warrants to the Corporation that Participant has received a copy of the Plan and this Agreement, has read and understands the terms of the Plan and this Agreement, and agrees to be bound by their terms and conditions in all respects.

15.&nbsp;&nbsp;&nbsp;&nbsp;<u>No Limitation on the Corporation's Rights</u>. The granting of Restricted Stock Units under this Agreement shall not and will not in any way affect the Corporation's right or power to make adjustments, reclassifications or changes in its capital or business structure or to merge, consolidate, reincorporate, dissolve, liquidate or sell or transfer all or any part of its business or assets.

16.&nbsp;&nbsp;&nbsp;&nbsp;<u>Plan and Agreement Not a Contract of Employment or Service</u>. Neither the Plan nor this Agreement is a contract of employment or Service, and no terms of Participant's employment or Service will be affected in any way by the Plan, this Agreement or related instruments, except to the extent specifically expressed therein. Neither the Plan nor this Agreement will be construed as conferring any legal rights on Participant to continue to be employed or remain in Service, nor will it interfere with the Corporation's or any Affiliate's right to discharge Participant or to deal with Participant regardless of the existence of the Plan or this Agreement.

17.&nbsp;&nbsp;&nbsp;&nbsp;<u>Entire Agreement and Amendment</u>. This Agreement and the Plan constitute the entire agreement between the parties hereto with respect to the Restricted Stock Units, and all prior oral and written representations are merged in this Agreement and the Plan. Notwithstanding the preceding sentence, this Agreement shall not in any way affect the

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terms and provisions of the Plan. This Agreement may be amended, modified, or terminated only in accordance with the Plan. The headings in this Agreement are inserted for convenience and identification only and are not intended to describe, interpret, define or limit the scope, extent, or intent of this Agreement or any provision hereof.

18.&nbsp;&nbsp;&nbsp;&nbsp;<u>Notice</u>. Any notice or other communication required or permitted under this Agreement must be in writing and must be delivered personally, sent by certified, registered or express mail, sent by overnight courier (at the sender's expense), or (if from the Corporation or the Corporation's stock plan administrator) by electronic mail. Notice will be deemed given (a) when delivered personally, (b) if mailed, three days after the date of deposit in the U.S. mail, (c) if sent by overnight courier, on the regular business day following the date sent, or (d) when electronically mailed. Notice to the Corporation should be sent to Cboe Global Markets, Inc., 433 West Van Buren Street, Chicago, Illinois 60607, Attention: General Counsel. Notice to Participant should be sent to the mailing address and/or electronic mailing address set forth on the Corporation's records. Either party may change the address to which the other party must give notice under this Section 18 by giving the other party written notice of such change, in accordance with the procedures described above or otherwise established by the Corporation or its stock plan administrator.

19.&nbsp;&nbsp;&nbsp;&nbsp;<u>Successors and Assigns</u>. The terms of this Agreement will be binding upon the Corporation and its successors and assigns.

20.&nbsp;&nbsp;&nbsp;&nbsp;<u>Governing Law</u>. To the extent not preempted by Federal law, the Plan, this Agreement, and documents evidencing rights relating to the Plan or this Agreement will be construed, administered and governed in all respects under and by the laws of the State of Delaware, without giving effect to its conflict of laws principles. If any provision of this Agreement will be held by a court of competent jurisdiction to be invalid or unenforceable, the remaining provisions hereof will continue to be fully effective. The jurisdiction and venue for any disputes arising under, or any action brought to enforce (or otherwise relating to), this Agreement will be exclusively in the courts in the State of Illinois, County of Cook, including the Federal Courts located therein (should Federal jurisdiction exist).

21.&nbsp;&nbsp;&nbsp;&nbsp;<u>Plan Document Controls</u>. The rights granted under this Agreement are in all respects subject to the provisions set forth in the Plan to the same extent and with the same effect as if set forth fully in this Agreement. If the terms of this Agreement conflict with the terms of the Plan document, the Plan document will control.

22.&nbsp;&nbsp;&nbsp;&nbsp;<u>Counterparts</u>. This Agreement may be executed simultaneously in two or more counterparts, each of which shall be deemed an original and all of which together shall constitute but one and the same instrument.

23.&nbsp;&nbsp;&nbsp;&nbsp;<u>Waiver; Cumulative Rights</u>. The failure or delay of either party to require performance by the other party of any provision of this Agreement will not affect its right to require performance of such provision unless and until such performance has been waived in writing. Each right under this Agreement is cumulative and may be exercised in part or in whole from time to time.

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24.&nbsp;&nbsp;&nbsp;&nbsp;<u>Tax Consequences</u>.&nbsp;&nbsp;&nbsp;&nbsp;Participant agrees to determine and be responsible for all tax consequences to Participant with respect to the Restricted Stock Units.

25.&nbsp;&nbsp;&nbsp;&nbsp;<u>Section 409A</u>*.* The Restricted Stock Units granted hereunder are intended to comply with, or otherwise be exempt from, Section 409A, including the exceptions and exemptions for short term deferrals, stock rights, and separation pay arrangements. This Agreement and all Restricted Stock Units shall be administered, interpreted, and construed in a manner consistent with Section 409A. Should any provision of this Agreement, or any other agreement or arrangement contemplated by this Agreement, be found not to comply with, or otherwise be exempt from, the provisions of Section 409A, such provision shall be modified and given effect (retroactively if necessary), in the sole discretion of the Corporation, and without the consent of Participant, in such manner as the Corporation determines to be necessary or appropriate to comply with, or to effectuate an exemption from, Section 409A. Notwithstanding the forgoing, no provision of this Agreement, or any other agreement or arrangement contemplated by this Agreement shall be construed as a guarantee by the Corporation of any particular tax effect to Participant. Each payment made under this Agreement shall be designated as a separate payment within the meaning of Section 409A. Any payment that is subject to Section 409A and payable upon Participant's termination of employment or other similar event shall not be made unless Participant has experienced a "separation from service" as defined under Section 409A. Except as provided in Section 4(c), any payment subject to Section 409A that is to be made upon a "separation from service" to Participant on any date when he or she is a "specified employee" as defined under Section 409A shall not be paid before the date that is six (6) months following Participant's "separation from service" or, if earlier, Participant's death.

26.&nbsp;&nbsp;&nbsp;&nbsp;<u>Compensation Recovery</u>. Notwithstanding anything in this Agreement to the contrary, the Restricted Stock Units, Dividend Equivalent Rights and any shares of Stock issued pursuant to the Restricted Stock Units and any proceeds therefrom shall be subject to and remain subject to any compensation recovery policies of the Corporation, including (i) the Corporation's Executive Officer Incentive Compensation Clawback Policy (as amended from time to time, or any successor policy), (ii) the Corporation's Supplemental Discretionary Clawback Policy (as amended from time to time, or any successor policy), (iii) any recoupment, clawback or similar requirements made applicable by law, regulation or listing standards to the Corporation from time to time (to the extent contemplated by such requirements), or (iv) as may be adopted by the Corporation to help facilitate the Corporation's objectives, including, without limitation, related to eliminating or reducing fraud, misconduct, wrongdoing, or violations of law by an employee or similar considerations and, in each case, as may be amended from time to time (the "Policies"), with the provisions contained in such Policies deemed incorporated into this Agreement without Participant's additional or separate consent. For purposes of the foregoing, Participant expressly and explicitly authorizes the Corporation to cancel any unpaid portion of the Restricted Stock Units (whether vested or unvested) and to issue instructions, on Participant's behalf, to any brokerage firm and/or third-party administrator engaged by the Corporation to hold any shares of Stock and other amounts acquired pursuant to the Restricted Stock Units to re-convey, transfer or otherwise return such shares of Stock and/or other amounts to the Corporation upon the Corporation's enforcement of the Policies. Participant acknowledges and agrees that the Corporation's rights hereunder shall not be affected in any way by any subsequent

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change in status, including retirement or termination of employment (including due to death or Disability). Participant expressly agrees to indemnify and hold the Corporation and its Affiliates harmless from any loss, cost, damage, or expense (including attorneys' fees) that the Corporation or any Affiliate may incur as a result of Participant's actions or in the Corporation and any Affiliate's efforts to recover such previously made payments or value pursuant to this provision. No recovery of compensation as described herein will be an event giving rise to a right to resign for "Good Reason" or "constructive termination" (or similar term) under any plan of, or agreement with, the Corporation, the Employer and/or Participant.

27.&nbsp;&nbsp;&nbsp;&nbsp;<u>Addendum to Agreement.</u> Notwithstanding any provision of this Agreement to the contrary, if Participant resides or is employed outside the U.S. or transfers residence or employment outside the U.S., the Restricted Stock Units shall be subject to such special terms and conditions as are set forth in the addendum to this agreement (the "<u>Addendum</u>"). Further, if Participant transfers residency and/or employment to another country, any special terms and conditions for such country will apply to the Restricted Stock Units to the extent the Corporation determines, in its sole discretion, that the application of such terms and conditions is necessary or advisable in order to comply with local law or to facilitate the operation and administration of the Restricted Stock Units and the Plan (or the Corporation may establish alternative terms and conditions as may be necessary or advisable to accommodate Participant's transfer). In all circumstances, the Addendum shall constitute part of this Agreement.

IN WITNESS WHEREOF, the Corporation and Participant have duly executed this Agreement as of the date first written above.

**Cboe Global Markets, Inc.**

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| | |
|:---|:---|
| _________________________________ | By: |
| Participant's Name |  |
| _________________________________ | Its: |
| Participant's Signature |  |

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**<u>Exhibit A</u>**

&nbsp;&nbsp;&nbsp;&nbsp;Vesting of the Restricted Stock Units is contingent on achievement of a Performance Goal tied to Total Shareholder Return of the Corporation as compared to the Total Shareholder Return of the S&P 500 Index during the Performance Period. The number of Restricted Stock Units that may vest shall be determined as set forth below:

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| | |
|:---|:---|
| **TSR Percentile Attained** | **Percentage of Restricted Stock Units That Vest** |
| __________<sup>th</sup> percentile ("<u>Maximum</u>") or greater  | __________% |
| __________<sup>th</sup> percentile ("<u>Target</u>") | __________% |
| __________<sup>th</sup> percentile ("<u>Threshold</u>")  | &nbsp;&nbsp;&nbsp;&nbsp;__________% |

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**&nbsp;&nbsp;&nbsp;&nbsp;**For TSR Percentile performance levels that fall between the values shown above, the percentage of Restricted Stock Units that vest will be determined by straight line interpolation, provided that no Restricted Stock Units will vest if the Corporation's TSR Percentile does not equal or exceed the Threshold amount.

&nbsp;&nbsp;&nbsp;&nbsp;"<u>Total Shareholder Return</u>" means, with respect to any corporation, the increase in its stock price over the Performance Period plus reinvested dividends, divided by its stock price at the beginning of the Performance Period. For purposes of this definition, the beginning stock price will be the average closing price over the twenty (20) trading days up to and including __________, and the ending stock price will be the average closing price over the twenty (20) trading days up to and including __________.

&nbsp;&nbsp;&nbsp;&nbsp;"<u>TSR Percentile</u>" means the Corporation's Total Shareholder Return during the Performance Period relative to the Total Shareholder Returns for the S&P 500 Index during the Performance Period.

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**<u>ADDENDUM</u>**

**<u>CBOE GLOBAL MARKETS, INC. LONG-TERM INCENTIVE PLAN<br>RESTRICTED STOCK UNIT AWARD AGREEMENT - PERFORMANCE BASED</u>**

This Addendum to the Agreement includes additional terms and conditions that govern the Restricted Stock Units if Participant resides and/or is employed outside of the United States or transfers residence or employment outside the United States. Certain capitalized terms used but not defined in this Addendum have the meanings set forth in the Agreement or the Plan.

1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Nature of Grant</u>. In accepting the Restricted Stock Units, Participant acknowledges that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;the Plan is established voluntarily by the Corporation, is discretionary in nature and may be modified, amended, suspended or terminated by the Corporation at any time, to the extent permitted by the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;the award of the Restricted Stock Units is exceptional, discretionary, voluntary and occasional and does not create any contractual or other right to receive future grants of Restricted Stock Units, or benefits in lieu of Restricted Stock Units, even if Restricted Stock Units have been granted in the past;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;all decisions with respect to future Restricted Stock Unit awards, if any, will be at the sole discretion of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;Participant is voluntarily participating in the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;the Restricted Stock Units and any shares of Stock that may be received in settlement of the Restricted Stock Units, and the income and value of same, (i) are an extraordinary item that does not constitute compensation of any kind for services of any kind rendered to the Corporation or the Employer, and which is outside the scope of Participant's employment contract, if any, (ii) are not intended to replace any pension rights or compensation, and (iii) are not part of normal or expected compensation or salary for any purpose, including, but not limited to, calculating any severance, resignation, termination, redundancy, dismissal, end-of-service payments, holiday pay, bonuses, long-service awards, leave-related payments, pension or retirement or welfare benefits or similar payments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;the Restricted Stock Unit award will not be interpreted to form an employment or non-employee director contract or relationship with the Corporation or any Affiliate, nor does it amend any legal relationship or legal entitlement between Participant and the Employer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;this Agreement, the transactions contemplated hereunder and the vesting schedule set forth herein do not constitute an express or implied promise of Participant's further employment for the vesting period, for any period, or at all, and will not interfere with Participant's right or the right of the Corporation or the Employer to terminate Participant's employment relationship at any time with or without cause;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;unless otherwise agreed with the Corporation, the Restricted Stock Units and the shares of Stock underlying the Restricted Stock Units, and the income and value of same, are

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not granted as consideration for, or in connection with, the service Participant may provide as a director of an Affiliate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;the future value of the underlying shares of Stock is unknown, indeterminable and cannot be predicted with certainty;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;neither the Corporation, the Employer nor any Affiliate shall be liable for any foreign exchange rate fluctuation between Participant's local currency and the United States Dollar that may affect the value of the Restricted Stock Units or of any amounts due to Participant pursuant to the settlement of the Restricted Stock Units or the sale of any shares of Stock Participant may acquire upon such settlement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;in consideration of the grant of the Restricted Stock Units, no claim or entitlement to compensation or damages shall arise from termination of the Restricted Stock Units or diminution in value of the Restricted Stock Units or shares of Stock acquired upon vesting of the Restricted Stock Units resulting from Participant's termination of Service (for any reason whatsoever and whether or not later found to be invalid or in breach of employment laws in the jurisdiction where Participant is employed or the terms of Participant's employment agreement, if any) or from the application of any clawback or recoupment policy adopted by the Corporation or imposed by applicable law, and Participant irrevocably releases the Corporation and the Employer from any such claim that may arise; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;the Restricted Stock Units and the benefits evidenced by this Agreement do not create any entitlement not otherwise specifically provided for in the Plan or provided by the Corporation in its discretion, to have the Restricted Stock Units or any such benefits transferred to, or assumed by, another company or to be exchanged, cashed out or substituted for, in connection with any corporate transaction affecting the shares of the Corporation.

2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Participants in the European Union</u>. If Participant resides and/or is employed in a European Union ("<u>EU</u>") member state, the following provision shall replace Section 4(a) of the Agreement in its entirety and any other provisions regarding Retirement shall be disregarded and of no effect:

&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Subject to Sections 4(b), 4(c) and 4(d) below, Participant's Restricted Stock Units will become eligible to vest upon the date that achievement of the Performance Goal described in <u>Exhibit A</u> hereto is certified, subject to and contingent upon Participant's continued Service through the date of distribution of shares of Stock.

3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Payment of Withholding Taxes</u>. Participant acknowledges and agrees that if Participant is subject to tax and/or social contributions in more than one jurisdiction, the Corporation or its Affiliate(s) may be required to withhold or account for taxes and/or social contributions in more than one jurisdiction, in accordance with the methods of withholding described in Section 9 of the Agreement.

4.&nbsp;&nbsp;&nbsp;&nbsp;<u>Data Privacy</u>.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Data Collection and Usage</u>. The Corporation and the Employer will collect, process and use certain personal information about Participant, specifically, Participant's name, home address, email address and telephone number, date of birth, social security or insurance number, passport number or other identification number, salary, nationality, job title, any shares of Stock or directorships held in the Corporation, details of all Restricted Stock Units or any other entitlement to shares of Stock awarded, canceled, exercised, vested, unvested or outstanding in Participant's favor ("<u>Data</u>"), for the exclusive purpose of implementing, administering and managing the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Recipients of Data</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.&nbsp;&nbsp;&nbsp;&nbsp;<u>Stock Plan Administration Service Providers</u>. The Corporation and the Employer transfer Data to Fidelity Stock Plan Services, LLC (and/or its affiliates, collectively "<u>Fidelity</u>"), the designated broker assisting in the implementation, administration and management of the Plan. In the future, the Corporation may select a different service provider and share Data with such other provider serving in a similar manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.&nbsp;&nbsp;&nbsp;&nbsp;<u>Other Service Provider Data Recipients</u>. The Corporation also may transfer Data to other third party service providers, if necessary to ensure compliance with applicable tax, exchange control, securities and labor law. Such third party service providers may include the Corporation's legal counsel as well as its auditor, human resources consultant and payroll vendor. Wherever possible, the Corporation will anonymize data, but Participant understands that his or her Data may need to be transferred to such providers to ensure compliance with applicable law and/or tax requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.&nbsp;&nbsp;&nbsp;&nbsp;<u>Securities or Other Regulatory Authorities</u>. In addition to the recipients identified herein and where required under applicable law, Data also may be disclosed to certain securities or other regulatory authorities, including where the Corporation's securities are listed or traded or regulatory filings are made. The legal basis, where required, for such disclosure is compliance with applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>International Data Transfers</u>. The Corporation, Fidelity and other service providers described above are located in the United States. The United States may have different data privacy laws and protections than Participant's country of residence (or country of employment, if different).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;<u>Legal Basis for Collection, Processing and Transfer of Data</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.&nbsp;&nbsp;&nbsp;&nbsp;<u>Participants within the EU / European Economic Area ("EEA"), Switzerland and the United Kingdom</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.&nbsp;&nbsp;&nbsp;&nbsp;The collection, processing and transfer of Data is necessary for the legitimate purpose of the Corporation and Employer's administration of the Plan and Participant's participation in the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.&nbsp;&nbsp;&nbsp;&nbsp;When transferring Data to potential recipients outside the EU/EEA, Switzerland and/or the United Kingdom, the Corporation and the Employer strive to provide appropriate safeguards in accordance with Standard Contractual Clauses or other legally binding and

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permissible arrangements. For further information on the transfer of Participant's personal data outside of the EU/EEA, Switzerland and/or the United Kingdom, Participant may contact his or her human resources representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.&nbsp;&nbsp;&nbsp;&nbsp;<u>Participants outside the EU / EEA, Switzerland and the United Kingdom</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.&nbsp;&nbsp;&nbsp;&nbsp;Participant hereby explicitly and unambiguously consents to the collection, processing and use, in electronic or other form, of Participant's Data by the Corporation and the transfer of Data to the recipients mentioned above, including recipients located in countries which do not adduce an adequate level of protection from a non-U.S. data protection law perspective, for the purposes described above. Upon transfer of Participant's Data to Fidelity, Participant may be asked to agree to separate terms and data processing practices with Fidelity, with such agreement being a condition of the ability to participate in the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.&nbsp;&nbsp;&nbsp;&nbsp;Participation in the Plan is voluntary and Participant understands that Participant is providing the consent herein on a purely voluntary basis. If Participant does not consent, or later seeks to revoke his or her consent, Participant's employment status or Service and career with the Employer will not be adversely affected. The only consequence of refusing or withdrawing consent is that the Corporation would not be able to grant Restricted Stock Units or other equity awards to Participant or administer or maintain such awards. Therefore, Participant understands that refusing or withdrawing his or her consent may affect Participant's ability to participate in the Plan. For more information on the consequences of Participant's refusal to consent or withdrawal of consent, Participant understands that Participant may contact his or her human resources representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;<u>Data Retention</u>. Participant understands that Data will be held only as long as is necessary to implement, administer and manage his or her participation in the Plan or comply with applicable laws. When the Corporation no longer needs the Data, the Corporation will remove it from its systems.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) &nbsp;&nbsp;&nbsp;&nbsp;<u>Data Subject Rights</u>. Participant understands that Participant may have the right under applicable law to (i) access or copy Data that the Corporation possesses, (ii) rectify incorrect Data, (iii) delete Data, (iv) restrict processing of Data, (v) opt out of the Plan, or (vi) lodge complaints with the competent supervisory authorities in Participant's jurisdiction. To receive clarification regarding these rights or to exercise these rights, Participant understands that Participant can contact his or her local human resources representative.

5.&nbsp;&nbsp;&nbsp;&nbsp;<u>No Advice Regarding Grant</u>. The Corporation is not providing any tax, legal or financial advice, nor is the Corporation making any recommendations regarding Participant's participation in the Plan, or Participant's acquisition or sale of the underlying shares of Stock. Participant should consult with his or her own personal tax, legal and financial

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advisors regarding Participant's participation in the Plan before taking any action related to the Plan.

6.&nbsp;&nbsp;&nbsp;&nbsp;<u>Imposition of Other Requirements</u>. The Corporation reserves the right to impose other requirements on Participant's participation in the Plan, on the Restricted Stock Units and on any shares of Stock acquired under the Plan, to the extent the Corporation determines it is necessary or advisable for legal or administrative reasons. Such requirements may include (but are not limited to) requiring Participant to sign any agreements or undertakings that may be necessary to accomplish the foregoing.

7.&nbsp;&nbsp;&nbsp;&nbsp;<u>Insider Trading/Market Abuse Laws</u>. By participating in the Plan, Participant agrees to comply with the Corporation's policy on insider trading (to the extent that it is applicable to Participant). Participant further acknowledges that, depending on Participant's or the broker's country of residence or where the shares of Stock are listed, Participant may be subject to insider trading restrictions and/or market abuse laws, which may affect Participant's ability to accept, acquire, sell or otherwise dispose of shares of Stock, rights to shares of Stock (e.g., Restricted Stock Units) or rights linked to the value of shares of Stock, during such times Participant is considered to have "inside information" regarding the Corporation as defined by the laws or regulations in Participant's country. Local insider trading laws and regulations may prohibit the cancellation or amendment of orders Participant places before Participant possessed inside information. Furthermore, Participant could be prohibited from (i) disclosing the inside information to any third party (other than on a "need to know" basis) and (ii) "tipping" third parties or causing them otherwise to buy or sell securities. Participant understands that third parties include fellow employees. Any restrictions under these laws or regulations are separate from and in addition to any restrictions that may be imposed under any applicable Corporation insider trading policy. Participant acknowledges that it is Participant's responsibility to comply with any applicable restrictions, and that Participant should therefore consult Participant's personal advisor on this matter.

8.&nbsp;&nbsp;&nbsp;&nbsp;<u>Foreign Asset/Account Reporting; Exchange Controls</u>. Participant's country may have certain foreign asset and/or account reporting requirements and/or exchange controls which may affect Participant's ability to acquire or hold shares of Stock under the Plan or cash received from participating in the Plan (including from any dividends received or sale proceeds arising from the sale of shares of Stock) in a brokerage or bank account outside Participant's country. Participant may be required to report such accounts, assets or transactions to the tax or other authorities in his or her country. Participant also may be required to repatriate sale proceeds or other funds received as a result of Participant's participation in the Plan to his or her country through a designated bank or broker and/or within a certain time after receipt. Participant acknowledges that it is his or her responsibility to be compliant with such regulations, and Participant should consult his or her personal legal advisor for any details.

9.&nbsp;&nbsp;&nbsp;&nbsp;<u>Language</u>. If Participant is resident in a country where English is not an official language, Participant acknowledges that Participant is sufficiently proficient in English to understand the terms and conditions of the Agreement or has had the ability to consult with an advisor who is sufficiently proficient in the English language. Participant further acknowledges and agrees that it is Participant's express intent that the Agreement, the Addendum and the Plan and all other documents, notices and legal proceedings entered

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into, given or instituted pursuant to the Restricted Stock Units be drawn up in English. If Participant has received the Agreement, the Addendum or any other document related to the Plan translated into a language other than English and if the meaning of the translated version is different than the English version, the English version will control.

10.&nbsp;&nbsp;&nbsp;&nbsp;<u>Annex to Addendum</u>. Notwithstanding any provision of the Agreement or Addendum to the contrary, the Restricted Stock Units shall be subject to such special terms and conditions for Participant's country of residence (and country of employment, if different), as are set forth in the annex to this Addendum (the "<u>Annex</u>"). Further, if Participant transfers residency and/or employment to another country, the Corporation may establish alternative terms and conditions as may be necessary or advisable to accommodate Participant's transfer. In all circumstances, the Annex shall constitute part of this Addendum.

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**<u>ANNEX</u>**

This Annex to the Addendum includes additional terms and conditions that govern the Restricted Stock Units if Participant resides and/or is employed in the country addressed herein or transfers residence or employment to the country addressed herein. If Participant transfers residence and/or employment to another country, the Corporation may establish alternative terms and conditions as may be necessary or advisable to accommodate Participant's transfer. Certain capitalized terms used but not defined in this Annex have the meanings set forth in the Agreement (including the Addendum) or the Plan.

**<u>Australia</u>**

1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Tax Notification</u>. The Plan is a plan to which Subdivision 83A-C of the Income Tax Assessment Act 1997 (Cth) (the "<u>Act</u>") applies (subject to conditions in the Act).

**2.&nbsp;&nbsp;&nbsp;&nbsp;**<u>Securities Law Notification</u>. This grant of Restricted Stock Units is being made under Division 1A, Part 7.12 of the Corporations Act 2001 (Cth).

**<u>Canada</u>**

1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Settlement of Restricted Stock Units</u>: Notwithstanding anything to the contrary in the Agreement or any related document, if Participant is resident or employed in Canada, the Corporation shall have absolute discretion to settle the Restricted Stock Units in shares of Stock or in the form of a cash payment or in any combination of the foregoing.

2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Securities Law Notification</u>: Participant acknowledges and agrees that he or she is permitted to sell shares of Stock acquired under the Plan through the designated broker appointed under the Plan, provided the resale of shares of Stock takes place outside of Canada through facilities of a stock exchange on which the shares of Stock are listed. The shares of Stock currently are listed on Cboe BZX in the United States.

3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Termination of Employment</u>: Except as may be determined by the Committee and except as otherwise provided in Section 4 of the Agreement, for purposes of Section 4(d) of the Agreement, Participant's Service will be considered terminated as of the date Participant ceases to be an employee of the Corporation (or, if different, the Affiliate to which Participant provides Service) for any reason, whether lawful or otherwise (including, without limitation, by reason of resignation, death, frustration of contract, termination for Cause, termination without Cause, or constructive dismissal), without regard to any pay in lieu of notice (whether by way of lump sum or salary continuance), benefits continuance, or other termination related payments or benefits, whether pursuant to the common law or otherwise, to which Participant may then be entitled (the "<u>Termination Date</u>"). In the event that the Termination Date cannot reasonably be determined under the terms of the Plan and the Agreement, the Committee and its delegate shall have the exclusive discretion to determine when the Termination Date occurs for purposes of the Plan (including whether Participant may still be considered to be providing Service while on any leave of absence).

Unless otherwise extended by the Corporation, or as may be required to satisfy the minimum requirements of applicable employment or labour standards legislation, any portion of the award that is not vested on the Termination Date shall terminate immediately and be

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null and void, and Participant will have no entitlement to further vesting in the Restricted Stock Units or compensation in lieu thereof following the Termination Date, and Participant waives any claim to damages in respect thereof whether related or attributable to any contractual or common law termination entitlements or otherwise. For additional clarity, if applicable employment or labour standards legislation specifically requires continued entitlement to vesting during a statutory notice period, Participant's right to vest in the Restricted Stock Units, if any, will be allowed to continue for that minimum notice period but then immediately terminate effective as of the last day of Participant's minimum statutory notice period.

**<u>Hong Kong</u>**

1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Settlement in Shares of Stock</u>. Notwithstanding anything to the contrary in the Agreement, the Addendum or the Plan, the Restricted Stock Units shall be settled only in shares of Stock (and may not be settled in cash).

2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Disposal of Shares of Stock</u>. If, for any reason, shares of Stock are issued to Participant within six (6) months after the Award Date, Participant agrees that Participant will not sell or otherwise dispose of any such shares of Stock prior to the six (6) month anniversary of the Award Date.

3.&nbsp;&nbsp;&nbsp;&nbsp;<u>IMPORTANT NOTICE/WARNING</u>. *The contents of this document have not been reviewed by any regulatory authority in Hong Kong. Participant is advised to exercise caution in relation to the offer. If Participant is in any doubt about any of the contents of the documents, Participant should obtain independent professional advice. The Restricted Stock Units and shares of Stock issued in settlement of the Restricted Stock Units do not constitute a public offering of securities under Hong Kong law and are available only to employees of the Corporation or its Affiliates. The Agreement, the Plan and other incidental communication materials have not been prepared in accordance with and are not intended to constitute a "prospectus" for a public offering of securities under the applicable securities legislation in Hong Kong. The Restricted Stock Units are intended only for the personal use of each eligible employee of the Employer, the Corporation or an Affiliate and may not be distributed to any other person.*

4.&nbsp;&nbsp;&nbsp;&nbsp;<u>Wages</u>. The Restricted Stock Units and shares of Stock subject to the Restricted Stock Units do not form part of Participant's wages for purposes of calculating any statutory or contractual payments under Hong Kong law.

**<u>Japan</u>**

No country-specific provisions.

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**<u>Netherlands</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Exclusion of Claim</u>: Participant acknowledges and agrees that Participant will have no entitlement to compensation or damages insofar as such entitlement arises or may arise from Participant ceasing to have rights under the Plan, whether or not as a result of termination of Participant's Service (whether such termination is in breach of contract or otherwise), or from the loss of diminution in value of the shares of Stock underlying the Restricted Stock Units. Upon the grant of the Restricted Stock Units, Participant shall be deemed to have waived irrevocably such entitlement.

**<u>Philippines</u>**

1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Settlement in Cash</u>. Notwithstanding anything to the contrary in the Agreement, the Addendum or the Plan, the Restricted Stock Units shall be settled only in cash (and shall not be settled in shares of Stock), unless otherwise determined by the Corporation.

**<u>Singapore</u>**

1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Securities Law Information</u>. The grant of the Restricted Stock Units under the Plan is being made pursuant to the "Qualifying Person" exemption under section 273(1)(f) of the Securities and Futures Act (Chapter 289, 2006 Ed.) ("<u>SFA</u>"). The Plan has not been and will not be lodged or registered as a prospectus with the Monetary Authority of Singapore and is not regulated by any financial supervisory authority pursuant to any legislation in Singapore. Accordingly, statutory liability under the SFA in relation to the content of prospectuses would not apply. Participant should note that the Restricted Stock Units are subject to section 257 of the SFA and Participant will not be able to make any subsequent sale of shares of Stock in Singapore, or any offer of such subsequent sale of shares of Stock subject to the Restricted Stock Units in Singapore, unless such sale or offer is made (i) after six (6) months from the Award Date or (ii) pursuant to the exemptions under Part XIII Division (1) Subdivision (4) (other than section 280) of the SFA.

**<u>Switzerland</u>**

1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Securities Law Information</u>. Neither the Agreement nor any other materials relating to the grant of Restricted Stock Units (a) constitutes a prospectus according to articles 35 et seq. of the Swiss Federal Act on Financial Services ("<u>FinSA</u>"), (b) may be publicly distributed or otherwise made publicly available in Switzerland to any person other than an employee of the Corporation or one of its Affiliates or (c) has been or will be filed with, approved or supervised by any Swiss reviewing body according to article 51 FinSA or any Swiss regulatory authority, including the Swiss Financial Market Supervisory Authority, FINMA.

**<u>United Kingdom (Including Northern Ireland)</u>**

1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Payment of Withholding Taxes</u>. The following provision supplements the section of the Agreement titled "Payment of Withholding Taxes":

Without limitation to the section of the Agreement titled 'Payment of Withholding Taxes', Participant agrees that Participant is liable for all

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income tax and employee national insurance contributions or other social contributions or withholding taxes ("<u>Tax-Related Items</u>") and hereby covenants to pay all such Tax-Related Items, as and when requested by the Corporation, the Employer or by HM Revenue and Customs ("<u>HMRC</u>") (or any other tax authority or any other relevant authority). Participant also agrees to indemnify and keep indemnified the Corporation and the Employer against any Tax-Related Items that they are required to pay or withhold or have paid or will pay on Participant's behalf to HMRC (or any other tax authority or any other relevant authority).

Notwithstanding the foregoing, if Participant is a director or executive officer (as within the meaning of Section 13(k) of the U.S. Securities Exchange Act of 1934, as amended), the terms of the immediately foregoing provision will not apply. In the event that Participant is a director or executive officer and income tax due is not collected from or paid by Participant within 90 days after the U.K. tax year in which an event giving rise to the indemnification described above occurs, the amount of any uncollected tax may constitute a benefit to Participant on which additional income tax and national insurance contributions may be payable. Participant acknowledges that Participant ultimately will be responsible for reporting and paying any income tax due on this additional benefit directly to HMRC under the self-assessment regime and for reimbursing the Corporation or the Employer (as applicable) for the value of any employee national insurance contributions due on this additional benefit, which the Corporation and/or the Employer may recover from Participant at any time thereafter by any of the means referred to in section of the Agreement titled "Payment of Withholding Taxes".

2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Exclusion of Claim</u>. Participant acknowledges and agrees that Participant will have no entitlement to compensation or damages insofar as such entitlement arises or may arise from Participant's ceasing to have rights under or to be entitled to the Restricted Stock Units, whether or not as a result of termination of Service (whether such termination is in breach of contract or otherwise), or from the loss or diminution in value of the Restricted Stock Units. Upon the award of the Restricted Stock Units, Participant shall be deemed irrevocably to have waived any such entitlement.

3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Section 2 of the Addendum</u>. Section 2 of the Addendum (Participants in the European Union) shall not apply to the Restricted Stock Units.

## Exhibit 10.85

**Exhibit 10.85**

For Prashant Bhatia – With Restrictive Covenants

<u>CBOE GLOBAL MARKETS, INC. LONG-TERM INCENTIVE PLAN</u>

**<u>RESTRICTED STOCK UNIT AWARD AGREEMENT – PERFORMANCE BASED</u>**

This Restricted Stock Unit Award Agreement (this "<u>Agreement</u>") is dated effective _______________________, (the "<u>Award Date</u>"), and is between Cboe Global Markets, Inc. (the "<u>Corporation</u>") and ____________________ ("<u>Participant</u>"). Any term capitalized but not defined in this Agreement will have the meaning set forth in the Second Amended and Restated Cboe Global Markets, Inc. (formerly CBOE Holdings, Inc.) Long-Term Incentive Plan (as may be amended from time to time, the "<u>Plan</u>").

1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Award</u>. The Corporation hereby awards to Participant ________ Restricted Stock Units (the "<u>Restricted Stock Units</u>"). The Restricted Stock Units will be subject to the terms and conditions of the Plan and this Agreement. Each Restricted Stock Unit is a notional amount that represents one unvested share of Stock and entitles Participant, subject to the terms of this Agreement, to receive a share of Stock if and when the Restricted Stock Unit vests.

2.&nbsp;&nbsp;&nbsp;&nbsp;<u>No Rights as Stockholder; Dividend Equivalents</u>. Participant shall have no voting rights with respect to shares of Stock represented by Restricted Stock Units until the date of the issuance of the shares of Stock (as evidenced by the appropriate entry on the books of the Corporation or of a duly authorized transfer agent of the Corporation). Notwithstanding the foregoing, in the event that the Corporation declares a cash dividend on shares of Stock, on the payment date of the dividend, Participant will be credited with Dividend Equivalent Rights equal to the amount of the cash dividend per share multiplied by the number of Restricted Stock Units held by Participant on the dividend's record date. The Dividend Equivalent Rights credited to Participant under the preceding sentence will be deemed to be reinvested in additional Restricted Stock Units, which will be subject to the same terms regarding vesting, forfeiture, and distribution as Restricted Stock Units awarded to Participant under this Agreement.

3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Performance Period</u>. The Performance Period for the Restricted Stock Units shall be the three (3) year period commencing on ________ and ending on ________.

4.&nbsp;&nbsp;&nbsp;&nbsp;<u>Vesting; Effect of Termination of Service; Change in Control</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Subject to Sections 4(b), 4(c) and 4(d) below, Participant's Restricted Stock Units will become eligible to vest upon the date that achievement of the Performance Goal described in <u>Exhibit A</u> hereto is certified, subject to and contingent upon Participant's continued Service through the date of distribution of shares of Stock. Notwithstanding the foregoing, in the event of Participant's Retirement (as defined below), and satisfaction of the terms thereof, prior to the date of distribution, the Restricted Stock Units shall remain outstanding as if Participant remained in Service continuously through the date of distribution and shall vest upon the expiration of the Performance Period, subject to and contingent upon achievement of the Performance Goal, and Participant shall be entitled to receive (i) the number of Restricted Stock Units that would have vested in accordance with the preceding sentence based on the level of achievement of the Performance Goal actually achieved if Participant had continued Service through the date of distribution, multiplied by (ii) a fraction, the numerator of which is the number of days during the Performance Period on which Participant was

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providing Service, and the denominator of which is 1,095. For purposes of this Agreement, "<u>Retirement</u>" means a determination by the Corporation or its Affiliate in their sole discretion, that Participant: (i) has completed a minimum of five (5) full years of continuous and unbroken service as an Employee as of their Retirement date, (ii) has attained the age of fifty-five (55) as of their Retirement date, (iii) has provided the Corporation's Board, CEO, President, and/or COO with at least six (6) months' advance written revocable notice of their Retirement date (unless the notice period is waived by the Corporation or its Affiliate in their sole discretion), (iv) has their Retirement date and transition plan approved and not revoked by the Corporation's Board, CEO, President, and/or COO through their Retirement date, (v) remains in Service continuously and in good standing until their Retirement date, (vi) has successfully transitioned responsibilities, as determined at the sole discretion of the Corporation's Board, CEO, President, and/or COO, and (vii) has a separation from Service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The Restricted Stock Units will vest at the Target level of achievement of the Performance Goal (as described in <u>Exhibit A</u>), upon the earlier to occur of (i) Participant's death or (ii) Participant's becoming Disabled, provided that such condition qualifies as a "disability" as defined under Section 409A, in each case, if prior to any forfeiture event under Section 4(d) below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;This subsection 4(c) shall apply to this Agreement, this Award and any Replacement Award provided to Participant to replace this Award in lieu of Section 8.2(b) of the Plan. Upon a termination of Participant's Service by the Corporation or its Affiliate without Cause or by Participant for "Good Reason" (as defined below), in each case, upon or within two years after a Change in Control and prior to any forfeiture event under Section 4(d) below, this Award or any Replacement Award held by Participant shall become fully vested and free of restrictions at the Target level of achievement of the Performance Goal (as described in <u>Exhibit A</u>, as amended by the Replacement Award, if any), except that vesting shall be, to the extent determinable, at the level of achievement of the Performance Goal actually achieved as of the date of termination of Service (with similar performance assumed to be achieved through the remainder of the Performance Period) if greater than the Target level of achievement, and shall be distributed upon or within 60 days of such termination of Service. Notwithstanding the foregoing, if this Award or the Replacement Award, as applicable, is considered deferred compensation subject to Section 409A, payment shall be made pursuant to the Award's original schedule if necessary to comply with Section 409A.

For purposes of this Award "Good Reason" shall be deemed to exist if, and only if, without Participant's express written consent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Corporation or its Affiliate assigns to Participant authorities, duties or responsibilities (including titles) that are inconsistent in any material and adverse respect with Participant's immediately preceding authorities, duties or responsibilities with the Corporation or its Affiliate (including any material and adverse diminution of such immediately preceding authorities, duties or responsibilities);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Corporation or its Affiliate materially reduces Participant's base compensation;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Corporation or its Affiliate requires Participant to relocate his or her principal business office or principal place of residence outside the metropolitan area in which Participant worked or resided at the time the Restricted Stock Units were awarded (or outside the immediately preceding location of Participant's principal business office with the Corporation or its Affiliate), or assigns to Participant duties that would reasonably require such relocation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The Corporation or its Affiliate materially breaches the terms of any agreement pursuant to which services are provided to the Corporation or its Affiliate by Participant; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The Corporation or its Affiliate terminates, reduces or limits Participant's participation in any bonus or incentive compensation arrangement relative to the level of participation of other employees of similar rank for a reason that is not reasonably related to Participant's level of job performance or local requirements and provided that such action results in a material reduction in the aggregate value of Participant's incentive compensation below the aggregate value as of the immediately preceding bonus or incentive compensation performance period and provided further that a mere change in the form of payment of the award (whether cash or shares of Stock) without a reduction in the aggregate grant value of the award shall not be considered a reduction of Participant's participation.

Participant's voluntary termination of Service shall not be considered a termination of Service for Good Reason unless Participant terminates his or her Service within 120 days after the initial existence of the condition constituting Good Reason; provided, Participant provides written notice to the Corporation or its Affiliate of Participant's intention to resign for Good Reason, which notice specifies in reasonable detail the breach or action giving rise thereto within 90 days of its initial existence, and the Corporation or its Affiliate does not cure such breach or action within 30 days after the date of Participant's notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;If Participant's Service is terminated for any reason before all of Participant's Restricted Stock Units have vested under this Agreement (including before the Restricted Stock Units qualify for vesting pursuant to an event described in Section 4(a), 4(b) or 4(c) above), Participant's unvested Restricted Stock Units will be forfeited upon the effective date of such termination of Service. Notwithstanding anything herein to the contrary, any outstanding Restricted Stock Units not previously settled shall be cancelled and forfeited immediately if, in the sole opinion and discretion of the Committee or its delegate, Participant engages in any activity that constitutes Cause, whether or not Participant experiences a separation from Service, is no longer in Service, or remains in Service. Neither the Corporation nor any Affiliate will have any further obligations to Participant under this Agreement if Participant's Restricted Stock Units are forfeited pursuant to this Section 4(d).

5.&nbsp;&nbsp;&nbsp;&nbsp;<u>Terms and Conditions of Distribution</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Distribution of a share of Stock that corresponds to a vested Restricted Stock Unit shall be made to Participant as soon as practicable after the Restricted Stock Unit vests, but not later than two and a half (2½) months after the end of the calendar year in which the Restricted Stock Unit vests for purposes of Section 409A, subject to

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such additional time as may be permitted under Section 409A in the event of Participant's death.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Reserved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;If Participant dies before the date on which the Corporation would have distributed shares of Stock in satisfaction of vested Restricted Stock Units, the Corporation will distribute such shares of Stock to Participant's designated beneficiary(ies) or, if none are designated or surviving, to Participant's estate or personal representative. The Corporation is not required to issue or deliver any shares of Stock before completing the steps necessary to comply with applicable Federal and state securities laws (including any registration requirements) and applicable stock exchange rules and practices. The Corporation will use commercially reasonable efforts to cause compliance with those laws, rules and practices. The foregoing provisions are subject in all cases to the requirements of Section 409A.

6.&nbsp;&nbsp;&nbsp;&nbsp;<u>Nontransferability</u>. Unvested Restricted Stock Units may not be sold, transferred, exchanged, pledged, assigned, garnished, or otherwise alienated or hypothecated, other than by will or by the laws of descent and distribution. Any effort to assign or transfer the rights under this Agreement will be wholly ineffective, and will be grounds for termination by the Committee of all rights of Participant under this Agreement.

7.&nbsp;&nbsp;&nbsp;&nbsp;<u>Administration</u>. The Committee administers the Plan. Participant's rights under this Agreement are expressly subject to the terms and conditions of the Plan and to any guidelines the Committee adopts from time to time. The interpretation and construction by the Committee of the Plan and this Agreement, and such rules and regulations as may be adopted by the Committee for purposes of administering the Plan and this Agreement, will be final and binding upon Participant.

8.&nbsp;&nbsp;&nbsp;&nbsp;<u>Securities Law Requirements</u>. If at any time the Board or Committee determines that issuing Stock pursuant to this Agreement would violate applicable securities laws, the Corporation will not be required to issue such Stock. The Board or Committee may declare any provision of this Agreement or action of its own null and void, if it determines the provision or action fails to comply with applicable securities laws. The Corporation may require Participant to make written representations it deems necessary or desirable to comply with applicable securities laws.

9.&nbsp;&nbsp;&nbsp;&nbsp;<u>Payment of Withholding Taxes</u>. Participant acknowledges that, regardless of any action taken by the Corporation or, if different, the Affiliate of the Corporation that employs Participant (the "Employer"), the ultimate liability for all income tax, social contributions, payroll tax, fringe benefits tax, payment on account or other tax-related items related to Participant's participation in the Plan and legally applicable to Participant or deemed by the Corporation or the Employer in their sole discretion to be an appropriate charge to Participant even if legally applicable to the Corporation or the Employer ("<u>Tax-Related Items</u>"), is and remains Participant's responsibility and may exceed the amount actually withheld by the Corporation or the Employer, if any. Participant further acknowledges that the Corporation and/or the Employer (a) make no representations or undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of the Restricted Stock Units, including, but not limited to, the grant, vesting or settlement of the Restricted Stock Units, or the subsequent sale of shares of Stock acquired pursuant to

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such settlement; and (b) do not commit to and is under no obligation to structure the terms of the grant or any aspect of the Restricted Stock Units to reduce or eliminate Participant's liability for Tax-Related Items or achieve any particular tax result. Further, if Participant is subject to Tax-Related Items in more than one jurisdiction between the Award Date and the date of any relevant taxable or tax withholding event, as applicable, Participant acknowledges that the Corporation and/or the Employer (or former employer, as applicable) may be required to withhold or account for Tax-Related Items in more than one jurisdiction.

Prior to the relevant taxable or tax withholding event, as applicable, Participant agrees to make adequate arrangements satisfactory to the Corporation and/or the Employer to satisfy all Tax-Related Items. In this regard, Participant authorizes the Corporation, or its respective agents, at their discretion, to satisfy the obligations with regard to all Tax-Related Items by one or a combination of the following: (i) withholding from Participant's wages or other cash compensation paid to Participant by the Corporation and/or the Employer; (ii) withholding from the shares of Stock to be delivered upon settlement of the Restricted Stock Units or other awards granted to Participant or (iii) permitting Participant to tender to the Corporation or to the Employer cash or, if allowed by the Committee, shares of Stock to the Corporation.

Notwithstanding the foregoing, if Participant is subject to Section 16 of the Exchange Act, pursuant to Rule 16a-2 promulgated thereunder, any tax withholding obligations shall be satisfied by having the Corporation withhold from the shares of Stock to be delivered upon settlement of the Restricted Stock Units.

Depending on the withholding method, the Corporation may withhold or account for Tax-Related Items by considering applicable statutory withholding rates (as determined by the Corporation in good faith and in its sole discretion) or other applicable withholding rates, including maximum applicable rates, in which case Participant will receive a refund of any over-withheld amount in cash and will have no entitlement to the share equivalent. If the obligation for Tax-Related Items is satisfied by withholding from the shares of Stock to be delivered upon settlement of the Restricted Stock Units, for tax purposes, Participant is deemed to have been issued the full number of shares of Stock subject to the Restricted Stock Units, notwithstanding that a number of shares of Stock are held back solely for the purpose of paying the Tax-Related Items. Participant will have no further rights with respect to any shares of Stock that are retained by the Corporation pursuant to this provision.

Participant agrees to pay to the Corporation or the Employer any amount of Tax-Related Items that the Corporation or the Employer may be required to withhold or account for as a result of Participant's participation in the Plan that cannot be satisfied by the means previously described. The Corporation may refuse to issue or deliver shares of Stock or proceeds from the sale of shares of Stock until arrangements satisfactory to the Corporation have been made in connection with the Tax-Related Items.

10.&nbsp;&nbsp;&nbsp;&nbsp;<u>Restrictive Covenants</u>. Participant understands the global nature of the Corporation's businesses and the effort the Corporation and its Affiliates (collectively referred to in this Section as "<u>Cboe</u>") undertake to develop and protect their business and their competitive advantage. Accordingly, Participant agrees that the scope and duration of the restrictions described in this Agreement are reasonable and necessary to protect the

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legitimate business interests of Cboe. Participant further agrees that during the period of Participant's Service and for a period of two (2) years following Participant's separation from Service, Participant shall not, without the express written approval of the Chief Executive Officer:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;singly, jointly, or in any other capacity, in a manner that contributes to any research, technology, development, account, trading, marketing, promotion, or sales and that relates to Participant's Service with Cboe, directly or beneficially, manage, join, participate in the management, operation or control of, or work for (as an employee, consultant or independent contractor), or permit the use of his or her name by, or provide financial or other assistance to, or be connected in any manner with (i) any exchange, facility, clearinghouse, electronic communications network ("ECN"), electronic foreign currency exchange market ("FX") matching platform, multilateral trading facility, or alternative trading system ("ATS"); (ii) the ECN, ATS or FX business lines of any full service broker dealer or any digital asset or data and access solutions business line of any company; or (iii) any business line of any company that is substantially similar to any additional business line developed or entered into by Cboe during Participant's Service, provided that, in the case of clauses (i), (ii) and (iii), such entity or business line that directly competes with Cboe;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;provide any service or assistance that (i) is of the general type of service or assistance provided by Participant to Cboe, (ii) relates to any technology, account, product, project or piece of work with which Participant was involved during his Service, and (iii) contributes to causing an entity to come within the definition described in Section 10(a) above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;solicit or accept if offered to Participant, with or without solicitation, on his or her own behalf or on behalf of any other person, the services of any person who is a then-current employee of Cboe (or was an employee of Cboe during the year preceding such solicitation), nor solicit any of Cboe's then-current employees (or an individual who was employed by or engaged by Cboe during the year preceding such solicitation) to terminate employment or an engagement with Cboe, nor agree to hire any then-current employee (or an individual who was an employee of Cboe during the year preceding such hire) of Cboe into employment with Participant or any company, individual or other entity; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;directly or indirectly divert or attempt to divert from Cboe any business in which Cboe has been actively engaged during Participant's Service, nor interfere with the relationships of Cboe or with their sources of business.

11.&nbsp;&nbsp;&nbsp;&nbsp;<u>Confidentiality</u>. Participant acknowledges that the Corporation or an Affiliate may disclose secret or confidential information to Participant during the period of Participant's Service to enable Participant to perform his or her duties. Participant agrees that, subject to the following sentence, Participant shall not during his or her Service (except in connection with the proper performance of his or her duties) and thereafter, without the prior written consent of the Corporation, disclose to any person or entity any material or significant secret or confidential information concerning the business of the Corporation or an Affiliate that was obtained by Participant in the course of Participant's Service. This paragraph shall not be applicable if and to the extent Participant is required to testify in a legislative, judicial or regulatory proceeding pursuant to an order

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of Congress, any state or local legislature, a judge, or an administrative law judge, or if such secret or confidential information is required to be disclosed by Participant by any law, regulation or order of any court or regulatory commission, department or agency. Participant further agrees that if Participant's Service is terminated for any reason, Participant will not take, but will leave with the Corporation or an Affiliate, all records and papers and all matter of whatever nature that bears secret or confidential information of the Corporation or an Affiliate. For purposes of this Agreement, the term "secret or confidential information" shall include, but not be limited to, any and all records, notes, memoranda, data, writings, research, personnel information, customer information, clearing members' information, the Corporation's and any Affiliate's financial information and plans, processes, methods, techniques, systems, formulas, patents, models, devices, compilations or any other information of whatever nature in the possession or control of the Corporation or an Affiliate, that has not been published or disclosed to the general public, the options industry, the equities industry, the foreign currency exchange industry or the commodities futures industry, provided that such term shall not include knowledge, skills, and information that is common to the trade or profession of Participant.

Notwithstanding anything in this Agreement to the contrary, nothing in this Agreement prohibits Participant from confidentially or otherwise communicating or filing a charge or complaint with a governmental or regulatory entity, participating in a governmental or regulatory entity investigation, or giving truthful testimony or making other disclosures to a governmental or regulatory entity (in each case, without having to disclose any such conduct to the Corporation or an Affiliate), or from responding if properly subpoenaed or otherwise required to do so under applicable law. In addition, nothing in this Agreement limits Participant's right to receive an award from a governmental or regulatory entity for information provided to such an entity (and not as compensation for actual or alleged personal injury or damages to Participant).

Pursuant to the Defend Trade Secrets Act of 2016 (18 U.S.C. 1833(b)), Participant shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that is made in confidence either directly or indirectly to a federal, state, or local government official, or to an attorney, solely for the purpose of reporting or investigating a violation of law. Participant shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret made in a complaint, or other document filed in a lawsuit or other proceeding, if such filing is made under seal. If Participant files a lawsuit or other action alleging retaliation by the Corporation or an Affiliate for reporting a suspected violation of law, Participant may disclose the trade secret to his or her attorney and use the trade secret in the court proceeding or other action, if Participant files any document containing the trade secret under seal and does not disclose the trade secret, except pursuant to court order. This paragraph will govern to the extent it may conflict with any other provision of this Agreement.

12.&nbsp;&nbsp;&nbsp;&nbsp;<u>Judicial Modification</u>. If the final judgment of a court of competent jurisdiction declares that any term or provision of Section 10 or 11 is invalid or unenforceable, the parties agree that (a) the court making the determination of invalidity or unenforceability shall have the power to reduce the scope, duration, or geographic area of the term or provision, to delete specific words or phrases, or to replace any invalid or unenforceable term or provision with a term or provision that is valid and enforceable and that comes

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closest to expressing the intention of the invalid or unenforceable term or provision, (b) the parties shall request that the court exercise that power, and (c) this Agreement shall be enforceable as so modified after the expiration of the time within which the judgment or decision may be appealed.

13.&nbsp;&nbsp;&nbsp;&nbsp;<u>Remedies</u>. Participant agrees that in the event of a breach or threatened breach of any of the covenants contained in Sections 10 or 11 of this Agreement, in addition to any other penalties or restrictions that may apply under any employment agreement, state law, or otherwise, Participant shall forfeit, upon written notice to such effect from the Corporation, any and all Awards granted to him or her under the Plan and this Agreement, including vested Awards. The forfeiture provisions of this Section 13 shall continue to apply, in accordance with their terms, after the provisions of any employment or other agreement between the Corporation and Participant have lapsed. Participant consents and agrees that if Participant violates or threatens to violate any provisions of Sections 10 or 11 of this Agreement, the Corporation or its successors in interest shall be entitled, in addition to any other remedies that they may have, including money damages, to an injunction to be issued by a court of competent jurisdiction restraining Participant from committing or continuing any violation of Sections 10 or 11. In the event that Participant is found to have breached any provision set forth in Section 10 of this Agreement, the time period provided for in that provision shall be deemed tolled (*i.e.*, it will not begin to run) for as long as Participant was in violation of that provision. The provisions of Sections 10 and 11 of this Agreement shall continue to apply, in accordance with their terms, after Participant's service has terminated and after provisions of any employment or other agreement between the Corporation and Participant have lapsed.

14.&nbsp;&nbsp;&nbsp;&nbsp;<u>Representations and Warranties</u>. Participant represents and warrants to the Corporation that Participant has received a copy of the Plan and this Agreement, has read and understands the terms of the Plan and this Agreement, and agrees to be bound by their terms and conditions in all respects.

15.&nbsp;&nbsp;&nbsp;&nbsp;<u>No Limitation on the Corporation's Rights</u>. The granting of Restricted Stock Units under this Agreement shall not and will not in any way affect the Corporation's right or power to make adjustments, reclassifications or changes in its capital or business structure or to merge, consolidate, reincorporate, dissolve, liquidate or sell or transfer all or any part of its business or assets.

16.&nbsp;&nbsp;&nbsp;&nbsp;<u>Plan and Agreement Not a Contract of Employment or Service</u>. Neither the Plan nor this Agreement is a contract of employment or Service, and no terms of Participant's employment or Service will be affected in any way by the Plan, this Agreement or related instruments, except to the extent specifically expressed therein. Neither the Plan nor this Agreement will be construed as conferring any legal rights on Participant to continue to be employed or remain in Service, nor will it interfere with the Corporation's or any Affiliate's right to discharge Participant or to deal with Participant regardless of the existence of the Plan or this Agreement.

17.&nbsp;&nbsp;&nbsp;&nbsp;<u>Entire Agreement and Amendment</u>. This Agreement and the Plan constitute the entire agreement between the parties hereto with respect to the Restricted Stock Units, and all prior oral and written representations are merged in this Agreement and the Plan. Notwithstanding the preceding sentence, this Agreement shall not in any way affect the

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terms and provisions of the Plan. This Agreement may be amended, modified, or terminated only in accordance with the Plan. The headings in this Agreement are inserted for convenience and identification only and are not intended to describe, interpret, define or limit the scope, extent, or intent of this Agreement or any provision hereof.

18.&nbsp;&nbsp;&nbsp;&nbsp;<u>Notice</u>. Any notice or other communication required or permitted under this Agreement must be in writing and must be delivered personally, sent by certified, registered or express mail, sent by overnight courier (at the sender's expense), or (if from the Corporation or the Corporation's stock plan administrator) by electronic mail. Notice will be deemed given (a) when delivered personally, (b) if mailed, three days after the date of deposit in the U.S. mail, (c) if sent by overnight courier, on the regular business day following the date sent, or (d) when electronically mailed. Notice to the Corporation should be sent to Cboe Global Markets, Inc., 433 West Van Buren Street, Chicago, Illinois 60607, Attention: General Counsel. Notice to Participant should be sent to the mailing address and/or electronic mailing address set forth on the Corporation's records. Either party may change the address to which the other party must give notice under this Section 18 by giving the other party written notice of such change, in accordance with the procedures described above or otherwise established by the Corporation or its stock plan administrator.

19.&nbsp;&nbsp;&nbsp;&nbsp;<u>Successors and Assigns</u>. The terms of this Agreement will be binding upon the Corporation and its successors and assigns.

20.&nbsp;&nbsp;&nbsp;&nbsp;<u>Governing Law</u>. To the extent not preempted by Federal law, the Plan, this Agreement, and documents evidencing rights relating to the Plan or this Agreement will be construed, administered and governed in all respects under and by the laws of the State of Delaware, without giving effect to its conflict of laws principles. If any provision of this Agreement will be held by a court of competent jurisdiction to be invalid or unenforceable, the remaining provisions hereof will continue to be fully effective. The jurisdiction and venue for any disputes arising under, or any action brought to enforce (or otherwise relating to), this Agreement will be exclusively in the courts in the State of Illinois, County of Cook, including the Federal Courts located therein (should Federal jurisdiction exist).

21.&nbsp;&nbsp;&nbsp;&nbsp;<u>Plan Document Controls</u>. The rights granted under this Agreement are in all respects subject to the provisions set forth in the Plan to the same extent and with the same effect as if set forth fully in this Agreement. If the terms of this Agreement conflict with the terms of the Plan document, the Plan document will control.

22.&nbsp;&nbsp;&nbsp;&nbsp;<u>Counterparts</u>. This Agreement may be executed simultaneously in two or more counterparts, each of which shall be deemed an original and all of which together shall constitute but one and the same instrument.

23.&nbsp;&nbsp;&nbsp;&nbsp;<u>Waiver; Cumulative Rights</u>. The failure or delay of either party to require performance by the other party of any provision of this Agreement will not affect its right to require performance of such provision unless and until such performance has been waived in writing. Each right under this Agreement is cumulative and may be exercised in part or in whole from time to time.

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24.&nbsp;&nbsp;&nbsp;&nbsp;<u>Tax Consequences</u>.&nbsp;&nbsp;&nbsp;&nbsp;Participant agrees to determine and be responsible for all tax consequences to Participant with respect to the Restricted Stock Units.

25.&nbsp;&nbsp;&nbsp;&nbsp;<u>Section 409A</u>*.* The Restricted Stock Units granted hereunder are intended to comply with, or otherwise be exempt from, Section 409A, including the exceptions and exemptions for short term deferrals, stock rights, and separation pay arrangements. This Agreement and all Restricted Stock Units shall be administered, interpreted, and construed in a manner consistent with Section 409A. Should any provision of this Agreement, or any other agreement or arrangement contemplated by this Agreement, be found not to comply with, or otherwise be exempt from, the provisions of Section 409A, such provision shall be modified and given effect (retroactively if necessary), in the sole discretion of the Corporation, and without the consent of Participant, in such manner as the Corporation determines to be necessary or appropriate to comply with, or to effectuate an exemption from, Section 409A. Notwithstanding the forgoing, no provision of this Agreement, or any other agreement or arrangement contemplated by this Agreement shall be construed as a guarantee by the Corporation of any particular tax effect to Participant. Each payment made under this Agreement shall be designated as a separate payment within the meaning of Section 409A. Any payment that is subject to Section 409A and payable upon Participant's termination of employment or other similar event shall not be made unless Participant has experienced a "separation from service" as defined under Section 409A. Except as provided in Section 4(c), any payment subject to Section 409A that is to be made upon a "separation from service" to Participant on any date when he or she is a "specified employee" as defined under Section 409A shall not be paid before the date that is six (6) months following Participant's "separation from service" or, if earlier, Participant's death.

26.&nbsp;&nbsp;&nbsp;&nbsp;<u>Compensation Recovery</u>. Notwithstanding anything in this Agreement to the contrary, the Restricted Stock Units, Dividend Equivalent Rights and any shares of Stock issued pursuant to the Restricted Stock Units and any proceeds therefrom shall be subject to and remain subject to any compensation recovery policies of the Corporation, including (i) the Corporation's Executive Officer Incentive Compensation Clawback Policy (as amended from time to time, or any successor policy), (ii) the Corporation's Supplemental Discretionary Clawback Policy (as amended from time to time, or any successor policy), (iii) any recoupment, clawback or similar requirements made applicable by law, regulation or listing standards to the Corporation from time to time (to the extent contemplated by such requirements), or (iv) as may be adopted by the Corporation to help facilitate the Corporation's objectives, including, without limitation, related to eliminating or reducing fraud, misconduct, wrongdoing, or violations of law by an employee or similar considerations and, in each case, as may be amended from time to time (the "Policies"), with the provisions contained in such Policies deemed incorporated into this Agreement without Participant's additional or separate consent. For purposes of the foregoing, Participant expressly and explicitly authorizes the Corporation to cancel any unpaid portion of the Restricted Stock Units (whether vested or unvested) and to issue instructions, on Participant's behalf, to any brokerage firm and/or third-party administrator engaged by the Corporation to hold any shares of Stock and other amounts acquired pursuant to the Restricted Stock Units to re-convey, transfer or otherwise return such shares of Stock and/or other amounts to the Corporation upon the Corporation's enforcement of the Policies. Participant acknowledges and agrees that the Corporation's rights hereunder shall not be affected in any way by any subsequent

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change in status, including retirement or termination of employment (including due to death or Disability). Participant expressly agrees to indemnify and hold the Corporation and its Affiliates harmless from any loss, cost, damage, or expense (including attorneys' fees) that the Corporation or any Affiliate may incur as a result of Participant's actions or in the Corporation and any Affiliate's efforts to recover such previously made payments or value pursuant to this provision. No recovery of compensation as described herein will be an event giving rise to a right to resign for "Good Reason" or "constructive termination" (or similar term) under any plan of, or agreement with, the Corporation, the Employer and/or Participant.

27.&nbsp;&nbsp;&nbsp;&nbsp;<u>Addendum to Agreement.</u> Notwithstanding any provision of this Agreement to the contrary, if Participant resides or is employed outside the U.S. or transfers residence or employment outside the U.S., the Restricted Stock Units shall be subject to such special terms and conditions as are set forth in the addendum to this agreement (the "<u>Addendum</u>"). Further, if Participant transfers residency and/or employment to another country, any special terms and conditions for such country will apply to the Restricted Stock Units to the extent the Corporation determines, in its sole discretion, that the application of such terms and conditions is necessary or advisable in order to comply with local law or to facilitate the operation and administration of the Restricted Stock Units and the Plan (or the Corporation may establish alternative terms and conditions as may be necessary or advisable to accommodate Participant's transfer). In all circumstances, the Addendum shall constitute part of this Agreement.

IN WITNESS WHEREOF, the Corporation and Participant have duly executed this Agreement as of the date first written above.

**Cboe Global Markets, Inc.**

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|:---|:---|
| _________________________________ | By: |
| Participant's Name |  |
| _________________________________ | Its: |
| Participant's Signature |  |

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**<u>Exhibit A</u>**

&nbsp;&nbsp;&nbsp;&nbsp;Vesting of the Restricted Stock Units is contingent upon achievement of a Performance Goal tied to Earnings Per Share for the Performance Period. The number of Restricted Stock Units that may vest shall be determined as set forth below:

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| | |
|:---|:---|
| **Earnings Per Share Attained** | **Percentage of Restricted Stock Units That Vest** |
| $________ ("<u>Maximum</u>") or greater  | ________% |
| $________ ("<u>Target</u>") | ________% |
| $________ ("<u>Threshold</u>")  | &nbsp;&nbsp;&nbsp;&nbsp;________% |

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**&nbsp;&nbsp;&nbsp;&nbsp;**For Earnings Per Share levels that fall between the values shown above, the percentage of Restricted Stock Units that vest will be determined by straight line interpolation, provided that no Restricted Stock Units will vest if the Corporation's Earnings Per Share does not equal or exceed the Threshold amount.

&nbsp;&nbsp;&nbsp;&nbsp;"<u>Earnings Per Share</u>" means earnings per share calculated in accordance with generally accepted accounting principles, except that certain adjustments shall be made to eliminate the impact of infrequent, unusual, and/or non-recurring items, such as non-consolidated equity method investments, restructuring charges, significant share repurchase activity, significant income tax credits or charges, acquisitions and divestitures of businesses, asset impairments, and significant litigation settlements.

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**<u>ADDENDUM</u>**

**<u>CBOE GLOBAL MARKETS, INC. LONG-TERM INCENTIVE PLAN<br>RESTRICTED STOCK UNIT AWARD AGREEMENT - PERFORMANCE BASED</u>**

This Addendum to the Agreement includes additional terms and conditions that govern the Restricted Stock Units if Participant resides and/or is employed outside of the United States or transfers residence or employment outside the United States. Certain capitalized terms used but not defined in this Addendum have the meanings set forth in the Agreement or the Plan.

1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Nature of Grant</u>. In accepting the Restricted Stock Units, Participant acknowledges that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;the Plan is established voluntarily by the Corporation, is discretionary in nature and may be modified, amended, suspended or terminated by the Corporation at any time, to the extent permitted by the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;the award of the Restricted Stock Units is exceptional, discretionary, voluntary and occasional and does not create any contractual or other right to receive future grants of Restricted Stock Units, or benefits in lieu of Restricted Stock Units, even if Restricted Stock Units have been granted in the past;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;all decisions with respect to future Restricted Stock Unit awards, if any, will be at the sole discretion of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;Participant is voluntarily participating in the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;the Restricted Stock Units and any shares of Stock that may be received in settlement of the Restricted Stock Units, and the income and value of same, (i) are an extraordinary item that does not constitute compensation of any kind for services of any kind rendered to the Corporation or the Employer, and which is outside the scope of Participant's employment contract, if any, (ii) are not intended to replace any pension rights or compensation, and (iii) are not part of normal or expected compensation or salary for any purpose, including, but not limited to, calculating any severance, resignation, termination, redundancy, dismissal, end-of-service payments, holiday pay, bonuses, long-service awards, leave-related payments, pension or retirement or welfare benefits or similar payments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;the Restricted Stock Unit award will not be interpreted to form an employment or non-employee director contract or relationship with the Corporation or any Affiliate, nor does it amend any legal relationship or legal entitlement between Participant and the Employer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;this Agreement, the transactions contemplated hereunder and the vesting schedule set forth herein do not constitute an express or implied promise of Participant's further employment for the vesting period, for any period, or at all, and will not interfere with Participant's right or the right of the Corporation or the Employer to terminate Participant's employment relationship at any time with or without cause;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;unless otherwise agreed with the Corporation, the Restricted Stock Units and the shares of Stock underlying the Restricted Stock Units, and the income and value of same, are

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not granted as consideration for, or in connection with, the service Participant may provide as a director of an Affiliate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;the future value of the underlying shares of Stock is unknown, indeterminable and cannot be predicted with certainty;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;neither the Corporation, the Employer nor any Affiliate shall be liable for any foreign exchange rate fluctuation between Participant's local currency and the United States Dollar that may affect the value of the Restricted Stock Units or of any amounts due to Participant pursuant to the settlement of the Restricted Stock Units or the sale of any shares of Stock Participant may acquire upon such settlement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;in consideration of the grant of the Restricted Stock Units, no claim or entitlement to compensation or damages shall arise from termination of the Restricted Stock Units or diminution in value of the Restricted Stock Units or shares of Stock acquired upon vesting of the Restricted Stock Units resulting from Participant's termination of Service (for any reason whatsoever and whether or not later found to be invalid or in breach of employment laws in the jurisdiction where Participant is employed or the terms of Participant's employment agreement, if any) or from the application of any clawback or recoupment policy adopted by the Corporation or imposed by applicable law, and Participant irrevocably releases the Corporation and the Employer from any such claim that may arise; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;the Restricted Stock Units and the benefits evidenced by this Agreement do not create any entitlement not otherwise specifically provided for in the Plan or provided by the Corporation in its discretion, to have the Restricted Stock Units or any such benefits transferred to, or assumed by, another company or to be exchanged, cashed out or substituted for, in connection with any corporate transaction affecting the shares of the Corporation.

2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Participants in the European Union</u>. If Participant resides and/or is employed in a European Union ("<u>EU</u>") member state, the following provision shall replace Section 4(a) of the Agreement in its entirety and any other provisions regarding Retirement shall be disregarded and of no effect:

&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Subject to Sections 4(b), 4(c) and 4(d) below, Participant's Restricted Stock Units will become eligible to vest upon the date that achievement of the Performance Goal described in <u>Exhibit A</u> hereto is certified, subject to and contingent upon Participant's continued Service through the date of distribution of shares of Stock.

3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Payment of Withholding Taxes</u>. Participant acknowledges and agrees that if Participant is subject to tax and/or social contributions in more than one jurisdiction, the Corporation or its Affiliate(s) may be required to withhold or account for taxes and/or social contributions in more than one jurisdiction, in accordance with the methods of withholding described in Section 9 of the Agreement.

4.&nbsp;&nbsp;&nbsp;&nbsp;<u>Data Privacy</u>.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Data Collection and Usage</u>. The Corporation and the Employer will collect, process and use certain personal information about Participant, specifically, Participant's name, home address, email address and telephone number, date of birth, social security or insurance number, passport number or other identification number, salary, nationality, job title, any shares of Stock or directorships held in the Corporation, details of all Restricted Stock Units or any other entitlement to shares of Stock awarded, canceled, exercised, vested, unvested or outstanding in Participant's favor ("<u>Data</u>"), for the exclusive purpose of implementing, administering and managing the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Recipients of Data</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.&nbsp;&nbsp;&nbsp;&nbsp;<u>Stock Plan Administration Service Providers</u>. The Corporation and the Employer transfer Data to Fidelity Stock Plan Services, LLC (and/or its affiliates, collectively "<u>Fidelity</u>"), the designated broker assisting in the implementation, administration and management of the Plan. In the future, the Corporation may select a different service provider and share Data with such other provider serving in a similar manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.&nbsp;&nbsp;&nbsp;&nbsp;<u>Other Service Provider Data Recipients</u>. The Corporation also may transfer Data to other third party service providers, if necessary to ensure compliance with applicable tax, exchange control, securities and labor law. Such third party service providers may include the Corporation's legal counsel as well as its auditor, human resources consultant and payroll vendor. Wherever possible, the Corporation will anonymize data, but Participant understands that his or her Data may need to be transferred to such providers to ensure compliance with applicable law and/or tax requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.&nbsp;&nbsp;&nbsp;&nbsp;<u>Securities or Other Regulatory Authorities</u>. In addition to the recipients identified herein and where required under applicable law, Data also may be disclosed to certain securities or other regulatory authorities, including where the Corporation's securities are listed or traded or regulatory filings are made. The legal basis, where required, for such disclosure is compliance with applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>International Data Transfers</u>. The Corporation, Fidelity and other service providers described above are located in the United States. The United States may have different data privacy laws and protections than Participant's country of residence (or country of employment, if different).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;<u>Legal Basis for Collection, Processing and Transfer of Data</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.&nbsp;&nbsp;&nbsp;&nbsp;<u>Participants within the EU / European Economic Area ("EEA"), Switzerland and the United Kingdom</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.&nbsp;&nbsp;&nbsp;&nbsp;The collection, processing and transfer of Data is necessary for the legitimate purpose of the Corporation and Employer's administration of the Plan and Participant's participation in the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.&nbsp;&nbsp;&nbsp;&nbsp;When transferring Data to potential recipients outside the EU/EEA, Switzerland and/or the United Kingdom, the Corporation and the Employer strive to provide appropriate safeguards in accordance with Standard Contractual Clauses or other legally binding and

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permissible arrangements. For further information on the transfer of Participant's personal data outside of the EU/EEA, Switzerland and/or the United Kingdom, Participant may contact his or her human resources representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.&nbsp;&nbsp;&nbsp;&nbsp;<u>Participants outside the EU / EEA, Switzerland and the United Kingdom</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.&nbsp;&nbsp;&nbsp;&nbsp;Participant hereby explicitly and unambiguously consents to the collection, processing and use, in electronic or other form, of Participant's Data by the Corporation and the transfer of Data to the recipients mentioned above, including recipients located in countries which do not adduce an adequate level of protection from a non-U.S. data protection law perspective, for the purposes described above. Upon transfer of Participant's Data to Fidelity, Participant may be asked to agree to separate terms and data processing practices with Fidelity, with such agreement being a condition of the ability to participate in the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.&nbsp;&nbsp;&nbsp;&nbsp;Participation in the Plan is voluntary and Participant understands that Participant is providing the consent herein on a purely voluntary basis. If Participant does not consent, or later seeks to revoke his or her consent, Participant's employment status or Service and career with the Employer will not be adversely affected. The only consequence of refusing or withdrawing consent is that the Corporation would not be able to grant Restricted Stock Units or other equity awards to Participant or administer or maintain such awards. Therefore, Participant understands that refusing or withdrawing his or her consent may affect Participant's ability to participate in the Plan. For more information on the consequences of Participant's refusal to consent or withdrawal of consent, Participant understands that Participant may contact his or her human resources representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;<u>Data Retention</u>. Participant understands that Data will be held only as long as is necessary to implement, administer and manage his or her participation in the Plan or comply with applicable laws. When the Corporation no longer needs the Data, the Corporation will remove it from its systems.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) &nbsp;&nbsp;&nbsp;&nbsp;<u>Data Subject Rights</u>. Participant understands that Participant may have the right under applicable law to (i) access or copy Data that the Corporation possesses, (ii) rectify incorrect Data, (iii) delete Data, (iv) restrict processing of Data, (v) opt out of the Plan, or (vi) lodge complaints with the competent supervisory authorities in Participant's jurisdiction. To receive clarification regarding these rights or to exercise these rights, Participant understands that Participant can contact his or her local human resources representative.

5.&nbsp;&nbsp;&nbsp;&nbsp;<u>No Advice Regarding Grant</u>. The Corporation is not providing any tax, legal or financial advice, nor is the Corporation making any recommendations regarding Participant's participation in the Plan, or Participant's acquisition or sale of the underlying shares of Stock. Participant should consult with his or her own personal tax, legal and financial

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advisors regarding Participant's participation in the Plan before taking any action related to the Plan.

6.&nbsp;&nbsp;&nbsp;&nbsp;<u>Imposition of Other Requirements</u>. The Corporation reserves the right to impose other requirements on Participant's participation in the Plan, on the Restricted Stock Units and on any shares of Stock acquired under the Plan, to the extent the Corporation determines it is necessary or advisable for legal or administrative reasons. Such requirements may include (but are not limited to) requiring Participant to sign any agreements or undertakings that may be necessary to accomplish the foregoing.

7.&nbsp;&nbsp;&nbsp;&nbsp;<u>Insider Trading/Market Abuse Laws</u>. By participating in the Plan, Participant agrees to comply with the Corporation's policy on insider trading (to the extent that it is applicable to Participant). Participant further acknowledges that, depending on Participant's or the broker's country of residence or where the shares of Stock are listed, Participant may be subject to insider trading restrictions and/or market abuse laws, which may affect Participant's ability to accept, acquire, sell or otherwise dispose of shares of Stock, rights to shares of Stock (e.g., Restricted Stock Units) or rights linked to the value of shares of Stock, during such times Participant is considered to have "inside information" regarding the Corporation as defined by the laws or regulations in Participant's country. Local insider trading laws and regulations may prohibit the cancellation or amendment of orders Participant places before Participant possessed inside information. Furthermore, Participant could be prohibited from (i) disclosing the inside information to any third party (other than on a "need to know" basis) and (ii) "tipping" third parties or causing them otherwise to buy or sell securities. Participant understands that third parties include fellow employees. Any restrictions under these laws or regulations are separate from and in addition to any restrictions that may be imposed under any applicable Corporation insider trading policy. Participant acknowledges that it is Participant's responsibility to comply with any applicable restrictions, and that Participant should therefore consult Participant's personal advisor on this matter.

8.&nbsp;&nbsp;&nbsp;&nbsp;<u>Foreign Asset/Account Reporting; Exchange Controls</u>. Participant's country may have certain foreign asset and/or account reporting requirements and/or exchange controls which may affect Participant's ability to acquire or hold shares of Stock under the Plan or cash received from participating in the Plan (including from any dividends received or sale proceeds arising from the sale of shares of Stock) in a brokerage or bank account outside Participant's country. Participant may be required to report such accounts, assets or transactions to the tax or other authorities in his or her country. Participant also may be required to repatriate sale proceeds or other funds received as a result of Participant's participation in the Plan to his or her country through a designated bank or broker and/or within a certain time after receipt. Participant acknowledges that it is his or her responsibility to be compliant with such regulations, and Participant should consult his or her personal legal advisor for any details.

9.&nbsp;&nbsp;&nbsp;&nbsp;<u>Language</u>. If Participant is resident in a country where English is not an official language, Participant acknowledges that Participant is sufficiently proficient in English to understand the terms and conditions of the Agreement or has had the ability to consult with an advisor who is sufficiently proficient in the English language. Participant further acknowledges and agrees that it is Participant's express intent that the Agreement, the Addendum and the Plan and all other documents, notices and legal proceedings entered

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into, given or instituted pursuant to the Restricted Stock Units be drawn up in English. If Participant has received the Agreement, the Addendum or any other document related to the Plan translated into a language other than English and if the meaning of the translated version is different than the English version, the English version will control.

10.&nbsp;&nbsp;&nbsp;&nbsp;<u>Annex to Addendum</u>. Notwithstanding any provision of the Agreement or Addendum to the contrary, the Restricted Stock Units shall be subject to such special terms and conditions for Participant's country of residence (and country of employment, if different), as are set forth in the annex to this Addendum (the "<u>Annex</u>"). Further, if Participant transfers residency and/or employment to another country, the Corporation may establish alternative terms and conditions as may be necessary or advisable to accommodate Participant's transfer. In all circumstances, the Annex shall constitute part of this Addendum.

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**<u>ANNEX</u>**

This Annex to the Addendum includes additional terms and conditions that govern the Restricted Stock Units if Participant resides and/or is employed in the country addressed herein or transfers residence or employment to the country addressed herein. If Participant transfers residence and/or employment to another country, the Corporation may establish alternative terms and conditions as may be necessary or advisable to accommodate Participant's transfer. Certain capitalized terms used but not defined in this Annex have the meanings set forth in the Agreement (including the Addendum) or the Plan.

**<u>Australia</u>**

1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Tax Notification</u>. The Plan is a plan to which Subdivision 83A-C of the Income Tax Assessment Act 1997 (Cth) (the "<u>Act</u>") applies (subject to conditions in the Act).

**2.&nbsp;&nbsp;&nbsp;&nbsp;**<u>Securities Law Notification</u>. This grant of Restricted Stock Units is being made under Division 1A, Part 7.12 of the Corporations Act 2001 (Cth).

**<u>Canada</u>**

1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Settlement of Restricted Stock Units</u>: Notwithstanding anything to the contrary in the Agreement or any related document, if Participant is resident or employed in Canada, the Corporation shall have absolute discretion to settle the Restricted Stock Units in shares of Stock or in the form of a cash payment or in any combination of the foregoing.

2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Securities Law Notification</u>: Participant acknowledges and agrees that he or she is permitted to sell shares of Stock acquired under the Plan through the designated broker appointed under the Plan, provided the resale of shares of Stock takes place outside of Canada through facilities of a stock exchange on which the shares of Stock are listed. The shares of Stock currently are listed on Cboe BZX in the United States.

3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Termination of Employment</u>: Except as may be determined by the Committee and except as otherwise provided in Section 4 of the Agreement, for purposes of Section 4(d) of the Agreement, Participant's Service will be considered terminated as of the date Participant ceases to be an employee of the Corporation (or, if different, the Affiliate to which Participant provides Service) for any reason, whether lawful or otherwise (including, without limitation, by reason of resignation, death, frustration of contract, termination for Cause, termination without Cause, or constructive dismissal), without regard to any pay in lieu of notice (whether by way of lump sum or salary continuance), benefits continuance, or other termination related payments or benefits, whether pursuant to the common law or otherwise, to which Participant may then be entitled (the "<u>Termination Date</u>"). In the event that the Termination Date cannot reasonably be determined under the terms of the Plan and the Agreement, the Committee and its delegate shall have the exclusive discretion to determine when the Termination Date occurs for purposes of the Plan (including whether Participant may still be considered to be providing Service while on any leave of absence).

Unless otherwise extended by the Corporation, or as may be required to satisfy the minimum requirements of applicable employment or labour standards legislation, any portion of the award that is not vested on the Termination Date shall terminate immediately and be

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null and void, and Participant will have no entitlement to further vesting in the Restricted Stock Units or compensation in lieu thereof following the Termination Date, and Participant waives any claim to damages in respect thereof whether related or attributable to any contractual or common law termination entitlements or otherwise. For additional clarity, if applicable employment or labour standards legislation specifically requires continued entitlement to vesting during a statutory notice period, Participant's right to vest in the Restricted Stock Units, if any, will be allowed to continue for that minimum notice period but then immediately terminate effective as of the last day of Participant's minimum statutory notice period.

**<u>Hong Kong</u>**

1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Settlement in Shares of Stock</u>. Notwithstanding anything to the contrary in the Agreement, the Addendum or the Plan, the Restricted Stock Units shall be settled only in shares of Stock (and may not be settled in cash).

2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Disposal of Shares of Stock</u>. If, for any reason, shares of Stock are issued to Participant within six (6) months after the Award Date, Participant agrees that Participant will not sell or otherwise dispose of any such shares of Stock prior to the six (6) month anniversary of the Award Date.

3.&nbsp;&nbsp;&nbsp;&nbsp;<u>IMPORTANT NOTICE/WARNING</u>. *The contents of this document have not been reviewed by any regulatory authority in Hong Kong. Participant is advised to exercise caution in relation to the offer. If Participant is in any doubt about any of the contents of the documents, Participant should obtain independent professional advice. The Restricted Stock Units and shares of Stock issued in settlement of the Restricted Stock Units do not constitute a public offering of securities under Hong Kong law and are available only to employees of the Corporation or its Affiliates. The Agreement, the Plan and other incidental communication materials have not been prepared in accordance with and are not intended to constitute a "prospectus" for a public offering of securities under the applicable securities legislation in Hong Kong. The Restricted Stock Units are intended only for the personal use of each eligible employee of the Employer, the Corporation or an Affiliate and may not be distributed to any other person.*

4.&nbsp;&nbsp;&nbsp;&nbsp;<u>Wages</u>. The Restricted Stock Units and shares of Stock subject to the Restricted Stock Units do not form part of Participant's wages for purposes of calculating any statutory or contractual payments under Hong Kong law.

**<u>Japan</u>**

No country-specific provisions.

\

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**<u>Netherlands</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Exclusion of Claim</u>: Participant acknowledges and agrees that Participant will have no entitlement to compensation or damages insofar as such entitlement arises or may arise from Participant ceasing to have rights under the Plan, whether or not as a result of termination of Participant's Service (whether such termination is in breach of contract or otherwise), or from the loss of diminution in value of the shares of Stock underlying the Restricted Stock Units. Upon the grant of the Restricted Stock Units, Participant shall be deemed to have waived irrevocably such entitlement.

**<u>Philippines</u>**

1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Settlement in Cash</u>. Notwithstanding anything to the contrary in the Agreement, the Addendum or the Plan, the Restricted Stock Units shall be settled only in cash (and shall not be settled in shares of Stock), unless otherwise determined by the Corporation.

**<u>Singapore</u>**

1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Securities Law Information</u>. The grant of the Restricted Stock Units under the Plan is being made pursuant to the "Qualifying Person" exemption under section 273(1)(f) of the Securities and Futures Act (Chapter 289, 2006 Ed.) ("<u>SFA</u>"). The Plan has not been and will not be lodged or registered as a prospectus with the Monetary Authority of Singapore and is not regulated by any financial supervisory authority pursuant to any legislation in Singapore. Accordingly, statutory liability under the SFA in relation to the content of prospectuses would not apply. Participant should note that the Restricted Stock Units are subject to section 257 of the SFA and Participant will not be able to make any subsequent sale of shares of Stock in Singapore, or any offer of such subsequent sale of shares of Stock subject to the Restricted Stock Units in Singapore, unless such sale or offer is made (i) after six (6) months from the Award Date or (ii) pursuant to the exemptions under Part XIII Division (1) Subdivision (4) (other than section 280) of the SFA.

**<u>Switzerland</u>**

1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Securities Law Information</u>. Neither the Agreement nor any other materials relating to the grant of Restricted Stock Units (a) constitutes a prospectus according to articles 35 et seq. of the Swiss Federal Act on Financial Services ("<u>FinSA</u>"), (b) may be publicly distributed or otherwise made publicly available in Switzerland to any person other than an employee of the Corporation or one of its Affiliates or (c) has been or will be filed with, approved or supervised by any Swiss reviewing body according to article 51 FinSA or any Swiss regulatory authority, including the Swiss Financial Market Supervisory Authority, FINMA.

**<u>United Kingdom (Including Northern Ireland)</u>**

1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Payment of Withholding Taxes</u>. The following provision supplements the section of the Agreement titled "Payment of Withholding Taxes":

Without limitation to the section of the Agreement titled 'Payment of Withholding Taxes', Participant agrees that Participant is liable for all

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income tax and employee national insurance contributions or other social contributions or withholding taxes ("<u>Tax-Related Items</u>") and hereby covenants to pay all such Tax-Related Items, as and when requested by the Corporation, the Employer or by HM Revenue and Customs ("<u>HMRC</u>") (or any other tax authority or any other relevant authority). Participant also agrees to indemnify and keep indemnified the Corporation and the Employer against any Tax-Related Items that they are required to pay or withhold or have paid or will pay on Participant's behalf to HMRC (or any other tax authority or any other relevant authority).

Notwithstanding the foregoing, if Participant is a director or executive officer (as within the meaning of Section 13(k) of the U.S. Securities Exchange Act of 1934, as amended), the terms of the immediately foregoing provision will not apply. In the event that Participant is a director or executive officer and income tax due is not collected from or paid by Participant within 90 days after the U.K. tax year in which an event giving rise to the indemnification described above occurs, the amount of any uncollected tax may constitute a benefit to Participant on which additional income tax and national insurance contributions may be payable. Participant acknowledges that Participant ultimately will be responsible for reporting and paying any income tax due on this additional benefit directly to HMRC under the self-assessment regime and for reimbursing the Corporation or the Employer (as applicable) for the value of any employee national insurance contributions due on this additional benefit, which the Corporation and/or the Employer may recover from Participant at any time thereafter by any of the means referred to in section of the Agreement titled "Payment of Withholding Taxes".

2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Exclusion of Claim</u>. Participant acknowledges and agrees that Participant will have no entitlement to compensation or damages insofar as such entitlement arises or may arise from Participant's ceasing to have rights under or to be entitled to the Restricted Stock Units, whether or not as a result of termination of Service (whether such termination is in breach of contract or otherwise), or from the loss or diminution in value of the Restricted Stock Units. Upon the award of the Restricted Stock Units, Participant shall be deemed irrevocably to have waived any such entitlement.

3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Section 2 of the Addendum</u>. Section 2 of the Addendum (Participants in the European Union) shall not apply to the Restricted Stock Units.

## Exhibit 10.86

**Exhibit 10.86**

**<u>CBOE GLOBAL MARKETS, INC. LONG-TERM INCENTIVE PLAN</u>**

**<u>RESTRICTED STOCK UNIT AWARD AGREEMENT</u>**

This Restricted Stock Unit Award Agreement (this "<u>Agreement</u>") is dated effective _______________________ (the "<u>Award Date</u>"), and is between Cboe Global Markets, Inc. (the "<u>Corporation</u>") and Craig S. Donohue ("<u>Participant</u>"). Any term capitalized but not defined in this Agreement will have the meaning set forth in the Third Amended and Restated Cboe Global Markets, Inc. Long-Term Incentive Plan (as may be amended from time to time, the "<u>Plan</u>").

1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Award</u>. The Corporation hereby awards to Participant ________ Restricted Stock Units (the "<u>Restricted Stock Units</u>"). The Restricted Stock Units will be subject to the terms and conditions of the Plan and this Agreement. Each Restricted Stock Unit is a notional amount that represents one unvested share of Stock and entitles Participant, subject to the terms of this Agreement, to receive a share of Stock if and when the Restricted Stock Unit vests.

2.&nbsp;&nbsp;&nbsp;&nbsp;<u>No Rights as Stockholder; Dividend Equivalents</u>. Participant shall have no voting rights with respect to shares of Stock represented by Restricted Stock Units until the date of the issuance of the shares of Stock (as evidenced by the appropriate entry on the books of the Corporation or of a duly authorized transfer agent of the Corporation). Notwithstanding the foregoing, in the event that the Corporation declares a cash dividend on shares of Stock, on the payment date of the dividend, Participant will be credited with Dividend Equivalent Rights equal to the amount of the cash dividend per share multiplied by the number of Restricted Stock Units held by Participant on the dividend's record date. The Dividend Equivalent Rights credited to Participant under the preceding sentence will be distributed to Participant at the same time as the underlying cash dividend is distributed to shareholders of the Corporation.

3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Vesting; Effect of Termination of Service; Change in Control</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Subject to Sections 3(b), 3(c) and 3(d) below, Participant's Restricted Stock Units will vest (i) thirty-three percent (33%) on the twelve (12) month anniversary of the Award Date, provided that Participant has remained in Service continuously through such date, (ii) thirty-three percent (33%) on the twenty-four (24) month anniversary of the Award Date, provided that Participant has remained in Service continuously through such date, and (iii) thirty-four percent (34%) on the thirty-six (36) month anniversary of the Award Date, provided that Participant has remained in Service continuously through such date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The Restricted Stock Units will vest in full upon the earlier to occur of (i) Participant's death or (ii) Participant's becoming Disabled, provided that such condition qualifies as a "disability" as defined under Section 409A, in each case, if prior to any forfeiture event under Section 3(d) below.

In the event of Participant's Retirement (as defined below) and satisfaction of the terms thereof, the Restricted Stock Units shall remain outstanding upon Participant's Retirement and be distributed as if Participant remained in Service continuously through each vesting date pursuant to Section 3(a), in accordance with the terms of this Agreement. For purposes of this Agreement, "Retirement" means a determination by the Corporation or its Affiliate in their sole discretion, that Participant: (i) has completed a

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minimum of five (5) full years of continuous and unbroken Service as of their Retirement date, (ii) has attained the age of fifty-five (55) as of their Retirement date, (iii) has provided the Corporation's Board with at least twelve (12) months' advance written revocable notice of their Retirement date (unless the notice period is waived by the Corporation or their Affiliate in its sole discretion), (iv) has their Retirement date and transition plan approved and not revoked by the Corporation's Board through their Retirement date, (v) remains in Service continuously and in good standing until their Retirement date, (vi) has successfully transitioned responsibilities, as determined at the sole discretion of the Corporation's Board, and (vii) has a separation from Service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;This subsection 3(c) shall apply to this Agreement, this Award and any Replacement Award provided to Participant to replace this Award in lieu of Section 8.2(b) of the Plan. Upon a termination of Participant's Service by the Corporation or its Affiliate without Cause or by Participant for "Good Reason" (as defined below), in each case, upon or within two years after a Change in Control and prior to any forfeiture event under Section 3(d) below, this Award or any Replacement Award held by Participant shall become fully vested and free of restrictions and shall be distributed upon or within 60 days of such termination of Service. Notwithstanding the foregoing, if this Award or the Replacement Award, as applicable, is considered deferred compensation subject to Section 409A, payment shall be made pursuant to the Award's original schedule if necessary to comply with Section 409A.

For purposes of this Award "Good Reason" shall be deemed to exist if, and only if, without Participant's express written consent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Corporation or its Affiliate assigns to Participant authorities, duties or responsibilities (including titles) that are inconsistent in any material and adverse respect with Participant's immediately preceding authorities, duties or responsibilities with the Corporation or its Affiliate (including any material and adverse diminution of such immediately preceding authorities, duties or responsibilities);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Corporation or its Affiliate materially reduces Participant's base compensation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Corporation or its Affiliate requires Participant to relocate his or her principal business office or principal place of residence outside the metropolitan area in which Participant worked or resided at the time the Restricted Stock Units were awarded (or outside the immediately preceding location of Participant's principal business office with the Corporation or its Affiliate), or assigns to Participant duties that would reasonably require such relocation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The Corporation or its Affiliate materially breaches the terms of any agreement pursuant to which services are provided to the Corporation or its Affiliate by Participant; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The Corporation or its Affiliate terminates, reduces or limits Participant's participation in any bonus or incentive compensation arrangement relative to the level of participation of other employees of similar rank for a reason that is not reasonably related to Participant's level of job performance or local requirements and provided that such action results in a material reduction in the aggregate value of Participant's incentive compensation below the aggregate value as of the immediately preceding

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bonus or incentive compensation performance period and provided further that a mere change in the form of payment of the award (whether cash or shares of Stock) without a reduction in the aggregate grant value of the award shall not be considered a reduction of Participant's participation.

Participant's voluntary termination of Service shall not be considered a termination of Service for Good Reason unless Participant terminates his or her Service within 120 days after the initial existence of the condition constituting Good Reason; provided, Participant provides written notice to the Corporation or its Affiliate of Participant's intention to resign for Good Reason, which notice specifies in reasonable detail the breach or action giving rise thereto within 90 days of its initial existence, and the Corporation or its Affiliate does not cure such breach or action within 30 days after the date of Participant's notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;If Participant's Service is terminated for any reason before all of Participant's Restricted Stock Units have vested under this Agreement (including before the Restricted Stock Units qualify for vesting pursuant to an event described in Section 3(b) or 3(c) above), Participant's unvested Restricted Stock Units will be forfeited upon the effective date of such termination of Service. Notwithstanding anything herein to the contrary, any outstanding Restricted Stock Units not previously settled shall be cancelled and forfeited immediately if, in the sole opinion and discretion of the Committee or its delegate, Participant engages in any activity that constitutes Cause, whether or not Participant experiences a separation from Service, is no longer in Service, or remains in Service. Neither the Corporation nor any Affiliate will have any further obligations to Participant under this Agreement if Participant's Restricted Stock Units are forfeited pursuant to this Section 3(d).

4.&nbsp;&nbsp;&nbsp;&nbsp;<u>Terms and Conditions of Distribution</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Distribution of a share of Stock that corresponds to a vested Restricted Stock Unit shall be made to Participant as soon as practicable after the Restricted Stock Unit vests, but in any case by December 31st of the calendar year in which the applicable vesting date or event occurs, subject to such additional time as may be permitted under Section 409A in the event of Participant's death. Notwithstanding the foregoing, if this Award or any Replacement Award, as applicable, does not constitute deferred compensation subject to Section 409A, then the distribution of a share of Stock that corresponds to a vested Restricted Stock Unit will be made to Participant no later than two and a half (2½) months after the end of the calendar year in which such vesting occurs, subject to such additional time as may be permitted under Section 409A in the event of Participant's death.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Reserved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;If Participant dies before the date on which the Corporation would have distributed shares of Stock in satisfaction of vested Restricted Stock Units, the Corporation will distribute such shares of Stock to Participant's designated beneficiary(ies) or, if none are designated or surviving, to Participant's estate or personal representative. The Corporation is not required to issue or deliver any shares of Stock before completing the steps necessary to comply with applicable Federal and state securities laws (including any registration requirements) and applicable stock exchange

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rules and practices. The Corporation will use commercially reasonable efforts to cause compliance with those laws, rules and practices. The foregoing provisions are subject in all cases to the requirements of Section 409A.

5.&nbsp;&nbsp;&nbsp;&nbsp;<u>Nontransferability</u>. Unvested Restricted Stock Units may not be sold, transferred, exchanged, pledged, assigned, garnished, or otherwise alienated or hypothecated, other than by will or by the laws of descent and distribution. Any effort to assign or transfer the rights under this Agreement will be wholly ineffective, and will be grounds for termination by the Committee of all rights of Participant under this Agreement.

6.&nbsp;&nbsp;&nbsp;&nbsp;<u>Administration</u>. The Committee administers the Plan. Participant's rights under this Agreement are expressly subject to the terms and conditions of the Plan and to any guidelines the Committee adopts from time to time. The interpretation and construction by the Committee of the Plan and this Agreement, and such rules and regulations as may be adopted by the Committee for purposes of administering the Plan and this Agreement, will be final and binding upon Participant.

7.&nbsp;&nbsp;&nbsp;&nbsp;<u>Securities Law Requirements</u>. If at any time the Board or Committee determines that issuing Stock pursuant to this Agreement would violate applicable securities laws, the Corporation will not be required to issue such Stock. The Board or Committee may declare any provision of this Agreement or action of its own null and void, if it determines the provision or action fails to comply with applicable securities laws. The Corporation may require Participant to make written representations it deems necessary or desirable to comply with applicable securities laws.

8.&nbsp;&nbsp;&nbsp;&nbsp;<u>Payment of Withholding Taxes</u>. Participant acknowledges that, regardless of any action taken by the Corporation or, if different, the Affiliate of the Corporation that employs Participant (the "Employer"), the ultimate liability for all income tax, social contributions, payroll tax, fringe benefits tax, payment on account or other tax-related items related to Participant's participation in the Plan and legally applicable to Participant or deemed by the Corporation or the Employer in their sole discretion to be an appropriate charge to Participant even if legally applicable to the Corporation or the Employer ("<u>Tax-Related Items</u>"), is and remains Participant's responsibility and may exceed the amount actually withheld by the Corporation or the Employer, if any. Participant further acknowledges that the Corporation and/or the Employer (a) make no representations or undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of the Restricted Stock Units, including, but not limited to, the grant, vesting or settlement of the Restricted Stock Units, or the subsequent sale of shares of Stock acquired pursuant to such settlement; and (b) do not commit to and is under no obligation to structure the terms of the grant or any aspect of the Restricted Stock Units to reduce or eliminate Participant's liability for Tax-Related Items or achieve any particular tax result. Further, if Participant is subject to Tax-Related Items in more than one jurisdiction between the Award Date and the date of any relevant taxable or tax withholding event, as applicable, Participant acknowledges that the Corporation and/or the Employer (or former employer, as applicable) may be required to withhold or account for Tax-Related Items in more than one jurisdiction.

Prior to the relevant taxable or tax withholding event, as applicable, Participant agrees to make adequate arrangements satisfactory to the Corporation and/or the Employer to satisfy all Tax-Related Items. In this regard, Participant authorizes the Corporation, or its

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respective agents, at their discretion, to satisfy the obligations with regard to all Tax-Related Items by one or a combination of the following: (i) withholding from Participant's wages or other cash compensation paid to Participant by the Corporation and/or the Employer; (ii) withholding from the shares of Stock to be delivered upon settlement of the Restricted Stock Units or other awards granted to Participant or (iii) permitting Participant to tender to the Corporation or the Employer cash or, if allowed by the Committee, shares of Stock to the Corporation.

Notwithstanding the foregoing, if Participant is subject to Section 16 of the Exchange Act, pursuant to Rule 16a-2 promulgated thereunder, any tax withholding obligations shall be satisfied by having the Corporation withhold from the shares of Stock to be delivered upon settlement of the Restricted Stock Units.

Depending on the withholding method, the Corporation may withhold or account for Tax-Related Items by considering applicable statutory withholding rates (as determined by the Corporation in good faith and in its sole discretion) or other applicable withholding rates, including maximum applicable rates, in which case Participant will receive a refund of any over-withheld amount in cash and will have no entitlement to the share equivalent. If the obligation for Tax-Related Items is satisfied by withholding from the shares of Stock to be delivered upon settlement of the Restricted Stock Units, for tax purposes, Participant is deemed to have been issued the full number of shares of Stock subject to the Restricted Stock Units, notwithstanding that a number of shares of Stock are held back solely for the purpose of paying the Tax-Related Items. Participant will have no further rights with respect to any shares of Stock that are retained by the Corporation pursuant to this provision.

Participant agrees to pay to the Corporation or the Employer any amount of Tax-Related Items that the Corporation or the Employer may be required to withhold or account for as a result of Participant's participation in the Plan that cannot be satisfied by the means previously described. The Corporation may refuse to issue or deliver shares of Stock or proceeds from the sale of shares of Stock until arrangements satisfactory to the Corporation have been made in connection with the Tax-Related Items.

9.&nbsp;&nbsp;&nbsp;&nbsp;<u>Restrictive Covenants</u>. Participant understands the global nature of the Corporation's businesses and the effort the Corporation and its Affiliates (collectively referred to in this Section as "<u>Cboe</u>") undertake to develop and protect their business and their competitive advantage. Accordingly, Participant agrees that the scope and duration of the restrictions described in this Agreement are reasonable and necessary to protect the legitimate business interests of Cboe. Participant further agrees that during the period of Participant's Service and for a period of two (2) years following Participant's separation from Service, Participant shall not, without the express written approval of the Chief Executive Officer:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;singly, jointly, or in any other capacity, in a manner that contributes to any research, technology, development, account, trading, marketing, promotion, or sales and that relates to Participant's Service with Cboe, directly or beneficially, manage, join, participate in the management, operation or control of, or work for (as an employee, consultant or independent contractor), or permit the use of his or her name by, or provide financial or other assistance to, or be connected in any manner with (i) any exchange, facility, clearinghouse, electronic communications network ("ECN"), electronic foreign

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currency exchange market ("FX") matching platform, multilateral trading facility, or alternative trading system ("ATS"); (ii) the ECN, ATS or FX business lines of any full service broker dealer or any digital asset or data and access solutions business line of any company; or (iii) any business line of any company that is substantially similar to any additional business line developed or entered into by Cboe during Participant's Service, provided that, in the case of clauses (i), (ii) and (iii), such entity or business line that directly competes with Cboe;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;provide any service or assistance that (i) is of the general type of service or assistance provided by Participant to Cboe, (ii) relates to any technology, account, product, project or piece of work with which Participant was involved during his Service, and (iii) contributes to causing an entity to come within the definition described in Section 9(a) above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;solicit or accept if offered to Participant, with or without solicitation, on his or her own behalf or on behalf of any other person, the services of any person who is a then-current employee of Cboe (or was an employee of Cboe during the year preceding such solicitation), nor solicit any of Cboe's then-current employees (or an individual who was employed by or engaged by Cboe during the year preceding such solicitation) to terminate employment or an engagement with Cboe, nor agree to hire any then-current employee (or an individual who was an employee of Cboe during the year preceding such hire) of Cboe into employment with Participant or any company, individual or other entity; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;directly or indirectly divert or attempt to divert from Cboe any business in which Cboe has been actively engaged during Participant's Service, nor interfere with the relationships of Cboe or with their sources of business.

10.&nbsp;&nbsp;&nbsp;&nbsp;<u>Confidentiality</u>. Participant acknowledges that the Corporation or an Affiliate may disclose secret or confidential information to Participant during the period of Participant's Service to enable Participant to perform his or her duties. Participant agrees that, subject to the following sentence, Participant shall not during his or her Service (except in connection with the proper performance of his or her duties) and thereafter, without the prior written consent of the Corporation, disclose to any person or entity any material or significant secret or confidential information concerning the business of the Corporation or an Affiliate that was obtained by Participant in the course of Participant's Service. This paragraph shall not be applicable if and to the extent Participant is required to testify in a legislative, judicial or regulatory proceeding pursuant to an order of Congress, any state or local legislature, a judge, or an administrative law judge, or if such secret or confidential information is required to be disclosed by Participant by any law, regulation or order of any court or regulatory commission, department or agency. Participant further agrees that if Participant's Service is terminated for any reason, Participant will not take, but will leave with the Corporation or an Affiliate, all records and papers and all matter of whatever nature that bears secret or confidential information of the Corporation or an Affiliate. For purposes of this Agreement, the term "secret or confidential information" shall include, but not be limited to, any and all records, notes, memoranda, data, writings, research, personnel information, customer information, clearing members' information, the Corporation's and any Affiliate's financial information and plans, processes, methods, techniques, systems, formulas, patents, models, devices, compilations or any other information of whatever nature in the possession or

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control of the Corporation or an Affiliate, that has not been published or disclosed to the general public, the options industry, the equities industry, the foreign currency exchange industry or the commodities futures industry, provided that such term shall not include knowledge, skills, and information that is common to the trade or profession of Participant.

Notwithstanding anything in this Agreement to the contrary, nothing in this Agreement prohibits Participant from confidentially or otherwise communicating or filing a charge or complaint with a governmental or regulatory entity, participating in a governmental or regulatory entity investigation, or giving truthful testimony or making other disclosures to a governmental or regulatory entity (in each case, without having to disclose any such conduct to the Corporation or an Affiliate), or from responding if properly subpoenaed or otherwise required to do so under applicable law. In addition, nothing in this Agreement limits Participant's right to receive an award from a governmental or regulatory entity for information provided to such an entity (and not as compensation for actual or alleged personal injury or damages to Participant).

Pursuant to the Defend Trade Secrets Act of 2016 (18 U.S.C. 1833(b)), Participant shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that is made in confidence either directly or indirectly to a federal, state, or local government official, or to an attorney, solely for the purpose of reporting or investigating a violation of law. Participant shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret made in a complaint, or other document filed in a lawsuit or other proceeding, if such filing is made under seal. If Participant files a lawsuit or other action alleging retaliation by the Corporation or an Affiliate for reporting a suspected violation of law, Participant may disclose the trade secret to his or her attorney and use the trade secret in the court proceeding or other action, if Participant files any document containing the trade secret under seal and does not disclose the trade secret, except pursuant to court order. This paragraph will govern to the extent it may conflict with any other provision of this Agreement.

11.&nbsp;&nbsp;&nbsp;&nbsp;<u>Judicial Modification</u>. If the final judgment of a court of competent jurisdiction declares that any term or provision of Section 9 or 10 is invalid or unenforceable, the parties agree that (a) the court making the determination of invalidity or unenforceability shall have the power to reduce the scope, duration, or geographic area of the term or provision, to delete specific words or phrases, or to replace any invalid or unenforceable term or provision with a term or provision that is valid and enforceable and that comes closest to expressing the intention of the invalid or unenforceable term or provision, (b) the parties shall request that the court exercise that power, and (c) this Agreement shall be enforceable as so modified after the expiration of the time within which the judgment or decision may be appealed.

12.&nbsp;&nbsp;&nbsp;&nbsp;<u>Remedies</u>. Participant agrees that in the event of a breach or threatened breach of any of the covenants contained in Sections 10 or 11 of this Agreement, in addition to any other penalties or restrictions that may apply under any employment agreement, state law, or otherwise, Participant shall forfeit, upon written notice to such effect from the Corporation, any and all Awards granted to him or her under the Plan and this Agreement, including vested Awards. The forfeiture provisions of this Section 13 shall continue to apply, in accordance with their terms, after the provisions of any employment

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or other agreement between the Corporation and Participant have lapsed. Participant consents and agrees that if Participant violates or threatens to violate any provisions of Sections 10 or 11 of this Agreement, the Corporation or its successors in interest shall be entitled, in addition to any other remedies that they may have, including money damages, to an injunction to be issued by a court of competent jurisdiction restraining Participant from committing or continuing any violation of Sections 10 or 11. In the event that Participant is found to have breached any provision set forth in Section 10 of this Agreement, the time period provided for in that provision shall be deemed tolled (*i.e.*, it will not begin to run) for as long as Participant was in violation of that provision. The provisions of Sections 9 and 10 of this Agreement shall continue to apply, in accordance with their terms, after Participant's service has terminated and after provisions of any employment or other agreement between the Corporation and Participant have lapsed.

13.&nbsp;&nbsp;&nbsp;&nbsp;<u>Representations and Warranties</u>. Participant represents and warrants to the Corporation that Participant has received a copy of the Plan and this Agreement, has read and understands the terms of the Plan and this Agreement, and agrees to be bound by their terms and conditions in all respects.

14.&nbsp;&nbsp;&nbsp;&nbsp;<u>No Limitation on the Corporation's Rights</u>. The granting of Restricted Stock Units under this Agreement shall not and will not in any way affect the Corporation's right or power to make adjustments, reclassifications or changes in its capital or business structure or to merge, consolidate, reincorporate, dissolve, liquidate or sell or transfer all or any part of its business or assets.

15.&nbsp;&nbsp;&nbsp;&nbsp;<u>Plan and Agreement Not a Contract of Employment or Service</u>. Neither the Plan nor this Agreement is a contract of employment or Service, and no terms of Participant's employment or Service will be affected in any way by the Plan, this Agreement or related instruments, except to the extent specifically expressed therein. Neither the Plan nor this Agreement will be construed as conferring any legal rights on Participant to continue to be employed or remain in Service, nor will it interfere with the Corporation's or any Affiliate's right to discharge Participant or to deal with Participant regardless of the existence of the Plan or this Agreement.

16.&nbsp;&nbsp;&nbsp;&nbsp;<u>Entire Agreement and Amendment</u>. This Agreement and the Plan constitute the entire agreement between the parties hereto with respect to the Restricted Stock Units, and all prior oral and written representations are merged in this Agreement and the Plan. Notwithstanding the preceding sentence, this Agreement shall not in any way affect the terms and provisions of the Plan. This Agreement may be amended, modified, or terminated only in accordance with the Plan. The headings in this Agreement are inserted for convenience and identification only and are not intended to describe, interpret, define or limit the scope, extent, or intent of this Agreement or any provision hereof.

17.&nbsp;&nbsp;&nbsp;&nbsp;<u>Notice</u>. Any notice or other communication required or permitted under this Agreement must be in writing and must be delivered personally, sent by certified, registered or express mail, sent by overnight courier (at the sender's expense), or (if from the Corporation or the Corporation's stock plan administrator) by electronic mail. Notice will be deemed given (a) when delivered personally, (b) if mailed, three days after the date of deposit in the U.S. mail, (c) if sent by overnight courier, on the regular business day following the date sent, or (d) when electronically mailed. Notice to the Corporation

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should be sent to Cboe Global Markets, Inc., 433 West Van Buren Street, Chicago, Illinois 60607, Attention: General Counsel. Notice to Participant should be sent to the mailing address and/or electronic mailing address set forth on the Corporation's records. Either party may change the address to which the other party must give notice under this Section 17 by giving the other party written notice of such change, in accordance with the procedures described above or otherwise established by the Corporation or its stock plan administrator.

18.&nbsp;&nbsp;&nbsp;&nbsp;<u>Successors and Assigns</u>. The terms of this Agreement will be binding upon the Corporation and its successors and assigns.

19.&nbsp;&nbsp;&nbsp;&nbsp;<u>Governing Law</u>. To the extent not preempted by Federal law, the Plan, this Agreement, and documents evidencing rights relating to the Plan or this Agreement will be construed, administered and governed in all respects under and by the laws of the State of Delaware, without giving effect to its conflict of laws principles. If any provision of this Agreement will be held by a court of competent jurisdiction to be invalid or unenforceable, the remaining provisions hereof will continue to be fully effective. The jurisdiction and venue for any disputes arising under, or any action brought to enforce (or otherwise relating to), this Agreement will be exclusively in the courts in the State of Illinois, County of Cook, including the Federal Courts located therein (should Federal jurisdiction exist).

20.&nbsp;&nbsp;&nbsp;&nbsp;<u>Plan Document Controls</u>. The rights granted under this Agreement are in all respects subject to the provisions set forth in the Plan to the same extent and with the same effect as if set forth fully in this Agreement. If the terms of this Agreement conflict with the terms of the Plan document, the Plan document will control.

21.&nbsp;&nbsp;&nbsp;&nbsp;<u>Counterparts</u>. This Agreement may be executed simultaneously in two or more counterparts, each of which shall be deemed an original and all of which together shall constitute but one and the same instrument.

22.&nbsp;&nbsp;&nbsp;&nbsp;<u>Waiver; Cumulative Rights</u>. The failure or delay of either party to require performance by the other party of any provision of this Agreement will not affect its right to require performance of such provision unless and until such performance has been waived in writing. Each right under this Agreement is cumulative and may be exercised in part or in whole from time to time.

23.&nbsp;&nbsp;&nbsp;&nbsp;<u>Tax Consequences</u>.&nbsp;&nbsp;&nbsp;&nbsp;Participant agrees to determine and be responsible for all tax consequences to Participant with respect to the Restricted Stock Units.

24.&nbsp;&nbsp;&nbsp;&nbsp;<u>Section 409A</u>*.* The Restricted Stock Units granted hereunder are intended to comply with, or otherwise be exempt from, Section 409A, including the exceptions and exemptions for short term deferrals, stock rights, and separation pay arrangements. This Agreement and all Restricted Stock Units shall be administered, interpreted, and construed in a manner consistent with Section 409A. Should any provision of this Agreement, or any other agreement or arrangement contemplated by this Agreement, be found not to comply with, or otherwise be exempt from, the provisions of Section 409A, such provision shall be modified and given effect (retroactively if necessary), in the sole discretion of the Corporation, and without the consent of Participant, in such manner as the Corporation determines to be necessary or appropriate to comply with, or to effectuate an exemption from, Section 409A. Notwithstanding the forgoing, no provision

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of this Agreement, or any other agreement or arrangement contemplated by this Agreement shall be construed as a guarantee by the Corporation of any particular tax effect to Participant. Each payment made under this Agreement shall be designated as a separate payment within the meaning of Section 409A. Any payment that is subject to Section 409A and payable upon Participant's termination of employment or other similar event shall not be made unless Participant has experienced a "separation from service" as defined under Section 409A. Except as provided in the provisions of Section 3(c) referencing Section 409A, any payment subject to Section 409A that is to be made upon a "separation from service" to Participant on any date when he or she is a "specified employee" as defined under Section 409A shall not be paid before the date that is six (6) months following Participant's "separation from service" or, if earlier, Participant's death.

25.&nbsp;&nbsp;&nbsp;&nbsp;<u>Compensation Recovery</u>. Notwithstanding anything in this Agreement to the contrary, the Restricted Stock Units, Dividend Equivalent Rights and any shares of Stock issued pursuant to the Restricted Stock Units and any proceeds therefrom shall be subject to and remain subject to any compensation recovery policies of the Corporation, including (i) the Corporation's Executive Officer Incentive Compensation Clawback Policy (as amended from time to time, or any successor policy), (ii) the Corporation's Supplemental Discretionary Clawback Policy (as amended from time to time, or any successor policy), (iii) any recoupment, clawback or similar requirements made applicable by law, regulation or listing standards to the Corporation from time to time (to the extent contemplated by such requirements), or (iv) as may be adopted by the Corporation to help facilitate the Corporation's objectives, including, without limitation, related to eliminating or reducing fraud, misconduct, wrongdoing, or violations of law by an employee or similar considerations and, in each case, as may be amended from time to time (the "Policies"), with the provisions contained in such Policies deemed incorporated into this Agreement without Participant's additional or separate consent. For purposes of the foregoing, Participant expressly and explicitly authorizes the Corporation to cancel any unpaid portion of the Restricted Stock Units (whether vested or unvested) and to issue instructions, on Participant's behalf, to any brokerage firm and/or third-party administrator engaged by the Corporation to hold any shares of Stock and other amounts acquired pursuant to the Restricted Stock Units to re-convey, transfer or otherwise return such shares of Stock and/or other amounts to the Corporation upon the Corporation's enforcement of the Policies. Participant acknowledges and agrees that the Corporation's rights hereunder shall not be affected in any way by any subsequent change in status, including retirement or termination of employment (including due to death or Disability). Participant expressly agrees to indemnify and hold the Corporation and its Affiliates harmless from any loss, cost, damage, or expense (including attorneys' fees) that the Corporation or any Affiliate may incur as a result of Participant's actions or in the Corporation and any Affiliate's efforts to recover such previously made payments or value pursuant to this provision. No recovery of compensation as described herein will be an event giving rise to a right to resign for "Good Reason" or "constructive termination" (or similar term) under any plan of, or agreement with, the Corporation, the Employer and/or Participant.

26.&nbsp;&nbsp;&nbsp;&nbsp;<u>Addendum to Agreement.</u> Notwithstanding any provision of this Agreement to the contrary, if Participant resides or is employed outside the U.S. or transfers residence or employment outside the U.S., the Restricted Stock Units shall be subject to such special terms and conditions as are set forth in the addendum to this agreement (the

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"<u>Addendum</u>"). Further, if Participant transfers residency and/or employment to another country, any special terms and conditions for such country will apply to the Restricted Stock Units to the extent the Corporation determines, in its sole discretion, that the application of such terms and conditions is necessary or advisable in order to comply with local law or to facilitate the operation and administration of the Restricted Stock Units and the Plan (or the Corporation may establish alternative terms and conditions as may be necessary or advisable to accommodate Participant's transfer). In all circumstances, the Addendum shall constitute part of this Agreement.

IN WITNESS WHEREOF, the Corporation and Participant have duly executed this Agreement as of the date first written above.

**Cboe Global Markets, Inc.**

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| | |
|:---|:---|
| _________________________________ | By: |
| Craig S. Donohue |  |
| _________________________________ | Its: |
| Participant's Signature |  |

---

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**<u>ADDENDUM</u>**

**<u>CBOE GLOBAL MARKETS, INC. LONG-TERM INCENTIVE PLAN<br>RESTRICTED STOCK UNIT AWARD AGREEMENT</u>**

This Addendum to the Agreement includes additional terms and conditions that govern the Restricted Stock Units if Participant resides and/or is employed outside of the United States or transfers residence or employment outside the United States. Certain capitalized terms used but not defined in this Addendum have the meanings set forth in the Agreement or the Plan.

1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Nature of Grant</u>. In accepting the Restricted Stock Units, Participant acknowledges that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;the Plan is established voluntarily by the Corporation, is discretionary in nature and may be modified, amended, suspended or terminated by the Corporation at any time, to the extent permitted by the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;the award of the Restricted Stock Units is exceptional, discretionary, voluntary and occasional and does not create any contractual or other right to receive future grants of Restricted Stock Units, or benefits in lieu of Restricted Stock Units, even if Restricted Stock Units have been granted in the past;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;all decisions with respect to future Restricted Stock Unit awards, if any, will be at the sole discretion of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;Participant is voluntarily participating in the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;the Restricted Stock Units and any shares of Stock that may be received in settlement of the Restricted Stock Units, and the income and value of same, (i) are an extraordinary item that does not constitute compensation of any kind for services of any kind rendered to the Corporation or the Employer, and which is outside the scope of Participant's employment contract, if any, (ii) are not intended to replace any pension rights or compensation, and (iii) are not part of normal or expected compensation or salary for any purpose, including, but not limited to, calculating any severance, resignation, termination, redundancy, dismissal, end-of-service payments, holiday pay, bonuses, long-service awards, leave-related payments, pension or retirement or welfare benefits or similar payments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;the Restricted Stock Unit award will not be interpreted to form an employment or non-employee director contract or relationship with the Corporation or any Affiliate, nor does it amend any legal relationship or legal entitlement between Participant and the Employer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;this Agreement, the transactions contemplated hereunder and the vesting schedule set forth herein do not constitute an express or implied promise of Participant's further employment for the vesting period, for any period, or at all, and will not interfere with Participant's right or the right of the Corporation or the Employer to terminate Participant's employment relationship at any time with or without cause;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;unless otherwise agreed with the Corporation, the Restricted Stock Units and the shares of Stock underlying the Restricted Stock Units, and the income and value of same, are not granted as consideration for, or in connection with, the service Participant may provide as a director of an Affiliate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;the future value of the underlying shares of Stock is unknown, indeterminable and cannot be predicted with certainty;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;neither the Corporation, the Employer nor any Affiliate shall be liable for any foreign exchange rate fluctuation between Participant's local currency and the United States Dollar that may affect the value of the Restricted Stock Units or of any amounts due to Participant pursuant to the settlement of the Restricted Stock Units or the sale of any shares of Stock Participant may acquire upon such settlement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;in consideration of the grant of the Restricted Stock Units, no claim or entitlement to compensation or damages shall arise from termination of the Restricted Stock Units or diminution in value of the Restricted Stock Units or shares of Stock acquired upon vesting of the Restricted Stock Units resulting from Participant's termination of Service (for any reason whatsoever and whether or not later found to be invalid or in breach of employment laws in the jurisdiction where Participant is employed or the terms of Participant's employment agreement, if any) or from the application of any clawback or recoupment policy adopted by the Corporation or imposed by applicable law, and Participant irrevocably releases the Corporation and the Employer from any such claim that may arise; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;the Restricted Stock Units and the benefits evidenced by this Agreement do not create any entitlement not otherwise specifically provided for in the Plan or provided by the Corporation in its discretion, to have the Restricted Stock Units or any such benefits transferred to, or assumed by, another company or to be exchanged, cashed out or substituted for, in connection with any corporate transaction affecting the shares of the Corporation.

2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Participants in the European Union</u>. If Participant resides and/or is employed in a European Union ("<u>EU</u>") member state, the following provision shall replace Section 3(b) of the Agreement in its entirety and any other provisions regarding Retirement shall be disregarded and of no effect:

&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The Restricted Stock Units will vest in full upon the earlier to occur of (i) Participant's death or (ii) Participant's becoming Disabled, provided that such condition qualifies as a "disability" as defined under Section 409A, in each case, if prior to any forfeiture event under Section 3(d) below.

3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Payment of Withholding Taxes</u>. Participant acknowledges and agrees that if Participant is subject to tax and/or social contributions in more than one jurisdiction, the Corporation or its Affiliate(s) may be required to withhold or account for taxes and/or social contributions in more than one jurisdiction, in accordance with the methods of withholding described in Section 8 of the Agreement.

4.&nbsp;&nbsp;&nbsp;&nbsp;<u>Data Privacy</u>.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Data Collection and Usage</u>. The Corporation and the Employer will collect, process and use certain personal information about Participant, specifically, Participant's name, home address, email address and telephone number, date of birth, social security or insurance number, passport number or other identification number, salary, nationality, job title, any shares of Stock or directorships held in the Corporation, details of all Restricted Stock Units or any other entitlement to shares of Stock awarded, canceled, exercised, vested, unvested or outstanding in Participant's favor ("<u>Data</u>"), for the exclusive purpose of implementing, administering and managing the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Recipients of Data</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.&nbsp;&nbsp;&nbsp;&nbsp;<u>Stock Plan Administration Service Providers</u>. The Corporation and the Employer transfer Data to Fidelity Stock Plan Services, LLC (and/or its affiliates, collectively "<u>Fidelity</u>"), the designated broker assisting in the implementation, administration and management of the Plan. In the future, the Corporation may select a different service provider and share Data with such other provider serving in a similar manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.&nbsp;&nbsp;&nbsp;&nbsp;<u>Other Service Provider Data Recipients</u>. The Corporation also may transfer Data to other third party service providers, if necessary to ensure compliance with applicable tax, exchange control, securities and labor law. Such third party service providers may include the Corporation's legal counsel as well as its auditor, human resources consultant and payroll vendor. Wherever possible, the Corporation will anonymize data, but Participant understands that his or her Data may need to be transferred to such providers to ensure compliance with applicable law and/or tax requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.&nbsp;&nbsp;&nbsp;&nbsp;<u>Securities or Other Regulatory Authorities</u>. In addition to the recipients identified herein and where required under applicable law, Data also may be disclosed to certain securities or other regulatory authorities, including where the Corporation's securities are listed or traded or regulatory filings are made. The legal basis, where required, for such disclosure is compliance with applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>International Data Transfers</u>. The Corporation, Fidelity and other service providers described above are located in the United States. The United States may have different data privacy laws and protections than Participant's country of residence (or country of employment, if different).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;<u>Legal Basis for Collection, Processing and Transfer of Data</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.&nbsp;&nbsp;&nbsp;&nbsp;<u>Participants within the EU / European Economic Area ("EEA"), Switzerland and the United Kingdom</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.&nbsp;&nbsp;&nbsp;&nbsp;The collection, processing and transfer of Data is necessary for the legitimate purpose of the Corporation and Employer's administration of the Plan and Participant's participation in the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.&nbsp;&nbsp;&nbsp;&nbsp;When transferring Data to potential recipients outside the EU/EEA, Switzerland and/or the United Kingdom, the Corporation and the Employer strive to provide appropriate safeguards in accordance with Standard Contractual Clauses or other legally binding and

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permissible arrangements. For further information on the transfer of Participant's personal data outside of the EU/EEA, Switzerland and/or the United Kingdom, Participant may contact his or her human resources representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.&nbsp;&nbsp;&nbsp;&nbsp;<u>Participants outside the EU / EEA, Switzerland and the United Kingdom</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.&nbsp;&nbsp;&nbsp;&nbsp;Participant hereby explicitly and unambiguously consents to the collection, processing and use, in electronic or other form, of Participant's Data by the Corporation and the transfer of Data to the recipients mentioned above, including recipients located in countries which do not adduce an adequate level of protection from a non-U.S. data protection law perspective, for the purposes described above. Upon transfer of Participant's Data to Fidelity, Participant may be asked to agree to separate terms and data processing practices with Fidelity, with such agreement being a condition of the ability to participate in the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.&nbsp;&nbsp;&nbsp;&nbsp;Participation in the Plan is voluntary and Participant understands that Participant is providing the consent herein on a purely voluntary basis. If Participant does not consent, or later seeks to revoke his or her consent, Participant's employment status or Service and career with the Employer will not be adversely affected. The only consequence of refusing or withdrawing consent is that the Corporation would not be able to grant Restricted Stock Units or other equity awards to Participant or administer or maintain such awards. Therefore, Participant understands that refusing or withdrawing his or her consent may affect Participant's ability to participate in the Plan. For more information on the consequences of Participant's refusal to consent or withdrawal of consent, Participant understands that Participant may contact his or her human resources representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;<u>Data Retention</u>. Participant understands that Data will be held only as long as is necessary to implement, administer and manage his or her participation in the Plan or comply with applicable laws. When the Corporation no longer needs the Data, the Corporation will remove it from its systems.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) &nbsp;&nbsp;&nbsp;&nbsp;<u>Data Subject Rights</u>. Participant understands that Participant may have the right under applicable law to (i) access or copy Data that the Corporation possesses, (ii) rectify incorrect Data, (iii) delete Data, (iv) restrict processing of Data, (v) opt out of the Plan, or (vi) lodge complaints with the competent supervisory authorities in Participant's jurisdiction. To receive clarification regarding these rights or to exercise these rights, Participant understands that Participant can contact his or her local human resources representative.

5.&nbsp;&nbsp;&nbsp;&nbsp;<u>No Advice Regarding Grant</u>. The Corporation is not providing any tax, legal or financial advice, nor is the Corporation making any recommendations regarding Participant's participation in the Plan, or Participant's acquisition or sale of the underlying shares of Stock. Participant should consult with his or her own personal tax, legal and financial

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advisors regarding Participant's participation in the Plan before taking any action related to the Plan.

6.&nbsp;&nbsp;&nbsp;&nbsp;<u>Imposition of Other Requirements</u>. The Corporation reserves the right to impose other requirements on Participant's participation in the Plan, on the Restricted Stock Units and on any shares of Stock acquired under the Plan, to the extent the Corporation determines it is necessary or advisable for legal or administrative reasons. Such requirements may include (but are not limited to) requiring Participant to sign any agreements or undertakings that may be necessary to accomplish the foregoing.

7.&nbsp;&nbsp;&nbsp;&nbsp;<u>Insider Trading/Market Abuse Laws</u>. By participating in the Plan, Participant agrees to comply with the Corporation's policy on insider trading (to the extent that it is applicable to Participant). Participant further acknowledges that, depending on Participant's or the broker's country of residence or where the shares of Stock are listed, Participant may be subject to insider trading restrictions and/or market abuse laws, which may affect Participant's ability to accept, acquire, sell or otherwise dispose of shares of Stock, rights to shares of Stock (e.g., Restricted Stock Units) or rights linked to the value of shares of Stock, during such times Participant is considered to have "inside information" regarding the Corporation as defined by the laws or regulations in Participant's country. Local insider trading laws and regulations may prohibit the cancellation or amendment of orders Participant places before Participant possessed inside information. Furthermore, Participant could be prohibited from (i) disclosing the inside information to any third party (other than on a "need to know" basis) and (ii) "tipping" third parties or causing them otherwise to buy or sell securities. Participant understands that third parties include fellow employees. Any restrictions under these laws or regulations are separate from and in addition to any restrictions that may be imposed under any applicable Corporation insider trading policy. Participant acknowledges that it is Participant's responsibility to comply with any applicable restrictions, and that Participant should therefore consult Participant's personal advisor on this matter.

8.&nbsp;&nbsp;&nbsp;&nbsp;<u>Foreign Asset/Account Reporting; Exchange Controls</u>. Participant's country may have certain foreign asset and/or account reporting requirements and/or exchange controls which may affect Participant's ability to acquire or hold shares of Stock under the Plan or cash received from participating in the Plan (including from any dividends received or sale proceeds arising from the sale of shares of Stock) in a brokerage or bank account outside Participant's country. Participant may be required to report such accounts, assets or transactions to the tax or other authorities in his or her country. Participant also may be required to repatriate sale proceeds or other funds received as a result of Participant's participation in the Plan to his or her country through a designated bank or broker and/or within a certain time after receipt. Participant acknowledges that it is his or her responsibility to be compliant with such regulations, and Participant should consult his or her personal legal advisor for any details.

9.&nbsp;&nbsp;&nbsp;&nbsp;<u>Language</u>. If Participant is resident in a country where English is not an official language, Participant acknowledges that Participant is sufficiently proficient in English to understand the terms and conditions of the Agreement or has had the ability to consult with an advisor who is sufficiently proficient in the English language. Participant further acknowledges and agrees that it is Participant's express intent that the Agreement, the Addendum and the Plan and all other documents, notices and legal proceedings entered

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into, given or instituted pursuant to the Restricted Stock Units be drawn up in English. If Participant has received the Agreement, the Addendum or any other document related to the Plan translated into a language other than English and if the meaning of the translated version is different than the English version, the English version will control, unless otherwise required by applicable law.

10.&nbsp;&nbsp;&nbsp;&nbsp;<u>Annex to Addendum</u>. Notwithstanding any provision of the Agreement or Addendum to the contrary, the Restricted Stock Units shall be subject to such terms and conditions for Participant's country of residence (and country of employment, if different), as are set forth in the annex to this Addendum (the "<u>Annex</u>"). Further, if Participant transfers residency and/or employment to another country, or otherwise becomes the subject to the local laws, rules and/or regulations in one of the countries included in the Annex, the Corporation may establish alternative terms and conditions as may be necessary or advisable to accommodate Participant's transfer. In all circumstances, the Annex shall constitute part of this Addendum.

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**<u>ANNEX</u>**

This Annex to the Addendum includes additional (or different, if so specified) terms and conditions that govern the Restricted Stock Units if Participant resides and/or is employed in the country addressed herein or transfers residence or employment to the country addressed herein. If Participant transfers residence and/or employment to another country, the Corporation may establish alternative terms and conditions as may be necessary or advisable to accommodate Participant's transfer. Certain capitalized terms used but not defined in this Annex have the meanings set forth in the Agreement (including the Addendum) or the Plan.

**<u>Australia</u>**

1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Tax Notification</u>. The Plan is a plan to which Subdivision 83A-C of the Income Tax Assessment Act 1997 (Cth) (the "<u>Act</u>") applies (subject to conditions in the Act).

2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Securities Law Notification</u>. This grant of Restricted Stock Units is being made under Division 1A, Part 7.12 of the Corporations Act 2001 (Cth).

**<u>Canada</u>**

1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Settlement of Restricted Stock Units</u>: Notwithstanding anything to the contrary in the Agreement or any related document, if Participant is resident or employed in Canada, the Corporation shall have absolute discretion to settle the Restricted Stock Units in shares of Stock or in the form of a cash payment or in any combination of the foregoing.

2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Securities Law Notification</u>: Participant acknowledges and agrees that he or she is permitted to sell shares of Stock acquired under the Plan through the designated broker appointed under the Plan, provided the resale of shares of Stock takes place outside of Canada through facilities of a stock exchange on which the shares of Stock are listed. The shares of Stock currently are listed on Cboe BZX in the United States.

3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Termination of Employment</u>: This provision replaces Section 3(d) of the Agreement:

For purposes of the Restricted Stock Units, except as explicitly and minimally required under applicable legislation, (A) Participant's Service will be considered terminated (regardless of the reason for such termination and whether or not later found to be invalid or in breach of employment or other laws or the terms of Participant's employment or service contract, if any), and (B) Participant's right (if any) to earn, seek damages in lieu of, vest in the Restricted Stock Units, or otherwise benefit from or participate in the Plan, and any portion of the Restricted Stock Units and the shares of Stock subject to the Restricted Stock Units granted to Participant under the Plan, will be measured by and terminated, effective as of the date that is the earlier of: (i) the date Participant is no longer actively providing Service to the Company, the Employer or any Affiliate, and (ii) the date Participant receives written notice of termination (the "<u>Termination Date</u>").

Except to the extent explicitly and minimally required under applicable legislation, the Termination Date shall exclude any period during which notice, pay in lieu of notice or related payments or damages are provided or required to be provided under applicable law (including, but not limited to, statutory law, contract, common/civil law or otherwise) in the

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jurisdiction where Participant is employed or otherwise providing Services or the terms of Participant's employment or other service agreement, if any. Participant will not earn or be entitled to any pro-rated vesting or other participation in the Plan for that portion of time before the Termination Date (as determined by this provision), nor will Participant be entitled to any compensation for lost vesting or other participation. Subject to applicable legislation, the Corporation shall have the exclusive discretion to determine when Participant is no longer actively providing services for purposes of the Restricted Stock Units (including whether Participant may still be considered to be providing services while on a leave of absence).

Notwithstanding the foregoing, however, if applicable employment standards legislation, explicitly requires continued entitlement to vesting or other participation during a statutory notice period, Participant's right to vest in the Restricted Stock Units or otherwise participate in or benefit from the Plan, if any, will terminate effective as of the last day of Participant's minimum statutory notice period, but Participant will not earn or be entitled to pro-rated vesting or other participation if the vesting or payment date falls after the end of Participant's statutory notice period, nor will Participant be entitled to any compensation for lost vesting or other participation. For clarity, any reference to a Termination Date, termination of Service or termination of employment under the Agreement or the Plan will be interpreted to mean the Termination Date as defined herein.

**<u>Hong Kong</u>**

1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Settlement in Shares of Stock</u>. Notwithstanding anything to the contrary in the Agreement, the Addendum or the Plan, the Restricted Stock Units shall be settled only in shares of Stock (and may not be settled in cash).

2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Disposal of Shares of Stock</u>. If, for any reason, shares of Stock are issued to Participant within six (6) months after the Award Date, Participant agrees that Participant will not sell or otherwise dispose of any such shares of Stock prior to the six (6) month anniversary of the Award Date.

3.&nbsp;&nbsp;&nbsp;&nbsp;<u>IMPORTANT NOTICE/WARNING</u>. *The contents of this document have not been reviewed by any regulatory authority in Hong Kong. Participant is advised to exercise caution in relation to the offer. If Participant is in any doubt about any of the contents of the documents, Participant should obtain independent professional advice. The Restricted Stock Units and shares of Stock issued in settlement of the Restricted Stock Units do not constitute a public offering of securities under Hong Kong law and are available only to employees of the Corporation or its Affiliates. The Agreement, the Plan and other incidental communication materials have not been prepared in accordance with and are not intended to constitute a "prospectus" for a public offering of securities under the applicable securities legislation in Hong Kong. The Restricted Stock Units are intended only for the personal use of each eligible employee of the Employer, the Corporation or an Affiliate and may not be distributed to any other person.*

4.&nbsp;&nbsp;&nbsp;&nbsp;<u>Wages</u>. The Restricted Stock Units and shares of Stock subject to the Restricted Stock Units do not form part of Participant's wages for purposes of calculating any statutory or contractual payments under Hong Kong law.

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**<u>Japan</u>**

No country-specific provisions.

**<u>Netherlands</u>**

1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Exclusion of Claim.</u> Participant acknowledges and agrees that Participant will have no entitlement to compensation or damages insofar as such entitlement arises or may arise from Participant ceasing to have rights under the Plan, whether or not as a result of termination of Participant's Service (whether such termination is in breach of contract or otherwise), or from the loss of diminution in value of the shares of Stock underlying the Restricted Stock Units. Upon the grant of the Restricted Stock Units, Participant shall be deemed to have waived irrevocably such entitlement.

**<u>Philippines</u>**

1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Settlement in Cash</u>. Notwithstanding anything to the contrary in the Agreement, the Addendum or the Plan, the Restricted Stock Units shall be settled only in cash (and shall not be settled in shares of Stock), unless otherwise determined by the Corporation.

**<u>Singapore</u>**

1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Securities Law Information</u>. The grant of the Restricted Stock Units under the Plan is being made pursuant to the "Qualifying Person" exemption under section 273(1)(f) of the Securities and Futures Act (Chapter 289, 2006 Ed.) ("<u>SFA</u>"). The Plan has not been and will not be lodged or registered as a prospectus with the Monetary Authority of Singapore and is not regulated by any financial supervisory authority pursuant to any legislation in Singapore. Accordingly, statutory liability under the SFA in relation to the content of prospectuses would not apply. Participant should note that the Restricted Stock Units are subject to section 257 of the SFA and Participant will not be able to make any subsequent sale of shares of Stock in Singapore, or any offer of such subsequent sale of shares of Stock subject to the Restricted Stock Units in Singapore, unless such sale or offer is made (i) after six (6) months from the Award Date or (ii) pursuant to the exemptions under Part XIII Division (1) Subdivision (4) (other than section 280) of the SFA.

**<u>Switzerland</u>**

1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Securities Law Information</u>. Neither the Agreement nor any other materials relating to the grant of Restricted Stock Units (a) constitutes a prospectus according to articles 35 et seq. of the Swiss Federal Act on Financial Services ("<u>FinSA</u>"), (b) may be publicly distributed or otherwise made publicly available in Switzerland to any person other than an employee of the Corporation or one of its Affiliates or (c) has been or will be filed with, approved or supervised by any Swiss reviewing body according to article 51 FinSA or any Swiss regulatory authority, including the Swiss Financial Market Supervisory Authority, FINMA.

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**<u>United Kingdom (Including Northern Ireland)</u>**

1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Payment of Withholding Taxes</u>. The following provision supplements the section of the Agreement titled "Payment of Withholding Taxes":

Without limitation to the section of the Agreement titled 'Payment of Withholding Taxes', Participant agrees that Participant is liable for all income tax and employee national insurance contributions or other social contributions or withholding taxes ("<u>Tax-Related Items</u>") and hereby covenants to pay all such Tax-Related Items, as and when requested by the Corporation, the Employer or by HM Revenue and Customs ("<u>HMRC</u>") (or any other tax authority or any other relevant authority). Participant also agrees to indemnify and keep indemnified the Corporation and the Employer against any Tax-Related Items that they are required to pay or withhold or have paid or will pay on Participant's behalf to HMRC (or any other tax authority or any other relevant authority).

Notwithstanding the foregoing, if Participant is a director or executive officer (as within the meaning of Section 13(k) of the U.S. Securities Exchange Act of 1934, as amended), the terms of the immediately foregoing provision will not apply. In the event that Participant is a director or executive officer and income tax due is not collected from or paid by Participant, the amount of any uncollected tax may constitute a benefit to Participant on which additional income tax and national insurance contributions may be payable. Participant acknowledges that Participant ultimately will be responsible for reporting and paying any income tax due on this additional benefit directly to HMRC under the self-assessment regime and for reimbursing the Corporation or the Employer (as applicable) for the value of any employee national insurance contributions due on this additional benefit, which the Corporation and/or the Employer may recover from Participant at any time thereafter by any of the means referred to in section of the Agreement titled "Payment of Withholding Taxes".

2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Exclusion of Claim</u>. Participant acknowledges and agrees that Participant will have no entitlement to compensation or damages insofar as such entitlement arises or may arise from Participant's ceasing to have rights under or to be entitled to the Restricted Stock Units, whether or not as a result of termination of Service (whether such termination is in breach of contract or otherwise), or from the loss or diminution in value of the Restricted Stock Units. Upon the award of the Restricted Stock Units, Participant shall be deemed irrevocably to have waived any such entitlement.

3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Section 2 of the Addendum</u>. Section 2 of the Addendum (Participants in the European Union) shall not apply to the Restricted Stock Units.

## Exhibit 10.87

**Exhibit 10.87**

**<u>CBOE GLOBAL MARKETS, INC. LONG-TERM INCENTIVE PLAN</u>**

**<u>RESTRICTED STOCK UNIT AWARD AGREEMENT – PERFORMANCE BASED</u>**

This Restricted Stock Unit Award Agreement (this "<u>Agreement</u>") is dated effective _______________________, (the "<u>Award Date</u>"), and is between Cboe Global Markets, Inc. (the "<u>Corporation</u>") and Craig S. Donohue ("<u>Participant</u>"). Any term capitalized but not defined in this Agreement will have the meaning set forth in the Third Amended and Restated Cboe Global Markets, Inc. Long-Term Incentive Plan (as may be amended from time to time, the "<u>Plan</u>").

1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Award</u>. The Corporation hereby awards to Participant **___________** Restricted Stock Units (the "<u>Restricted Stock Units</u>"). The Restricted Stock Units will be subject to the terms and conditions of the Plan and this Agreement. Each Restricted Stock Unit is a notional amount that represents one unvested share of Stock and entitles Participant, subject to the terms of this Agreement, to receive a share of Stock if and when the Restricted Stock Unit vests.

2.&nbsp;&nbsp;&nbsp;&nbsp;<u>No Rights as Stockholder; Dividend Equivalents</u>. Participant shall have no voting rights with respect to shares of Stock represented by Restricted Stock Units until the date of the issuance of the shares of Stock (as evidenced by the appropriate entry on the books of the Corporation or of a duly authorized transfer agent of the Corporation). Notwithstanding the foregoing, in the event that the Corporation declares a cash dividend on shares of Stock, on the payment date of the dividend, Participant will be credited with Dividend Equivalent Rights equal to the amount of the cash dividend per share multiplied by the number of Restricted Stock Units held by Participant on the dividend's record date. The Dividend Equivalent Rights credited to Participant under the preceding sentence will be deemed to be reinvested in additional Restricted Stock Units, which will be subject to the same terms regarding vesting, forfeiture, and distribution as Restricted Stock Units awarded to Participant under this Agreement.

3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Performance Period</u>. The Performance Period for the Restricted Stock Units shall be the three (3) year period commencing on ___________ and ending on ___________.

4.&nbsp;&nbsp;&nbsp;&nbsp;<u>Vesting; Effect of Termination of Service; Change in Control</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Subject to Sections 4(b), 4(c) and 4(d) below, Participant's Restricted Stock Units will become eligible to vest upon the date that achievement of the Performance Goal described in <u>Exhibit A</u> hereto is certified, subject to and contingent upon Participant's continued Service through the date of distribution of shares of Stock. Notwithstanding the foregoing, in the event of Participant's Retirement (as defined below), and satisfaction of the terms thereof, prior to the date of distribution, the Restricted Stock Units shall remain outstanding as if Participant remained in Service continuously through the date of distribution and shall vest upon the expiration of the Performance Period, subject to and contingent upon achievement of the Performance Goal, and Participant shall be entitled to receive (i) the number of Restricted Stock Units that would have vested in accordance with the preceding sentence based on the level of achievement of the Performance Goal actually achieved if Participant had continued Service through the date of distribution. For purposes of this Agreement, "<u>Retirement</u>" means a determination by the Corporation or its Affiliate in their sole discretion, that Participant: (i) has completed a minimum of five (5) full years of continuous and

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unbroken Service as of their Retirement date, (ii) has attained the age of fifty-five (55) as of their Retirement date, (iii) has provided the Corporation's Board with at least twelve (12) months' advance written revocable notice of their Retirement date (unless the notice period is waived by the Corporation or its Affiliate in their sole discretion), (iv) has their Retirement date and transition plan approved and not revoked by the Corporation's Board through their Retirement date, (v) remains in Service continuously and in good standing until their Retirement date, (vi) has successfully transitioned responsibilities, as determined at the sole discretion of the Corporation's Board, and (vii) has a separation from Service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The Restricted Stock Units will vest at the Target level of achievement of the Performance Goal (as described in <u>Exhibit A</u>), upon the earlier to occur of (i) Participant's death or (ii) Participant's becoming Disabled, provided that such condition qualifies as a "disability" as defined under Section 409A, in each case, if prior to any forfeiture event under Section 4(d) below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;This subsection 4(c) shall apply to this Agreement, this Award and any Replacement Award provided to Participant to replace this Award in lieu of Section 8.2(b) of the Plan. Upon a termination of Participant's Service by the Corporation or its Affiliate without Cause or by Participant for "Good Reason" (as defined below), in each case, upon or within two years after a Change in Control and prior to any forfeiture event under Section 4(d) below, this Award or any Replacement Award held by Participant shall become fully vested and free of restrictions at the Target level of achievement of the Performance Goal (as described in <u>Exhibit A</u>, as amended by the Replacement Award, if any), except that vesting shall be, to the extent determinable, at the level of achievement of the Performance Goal actually achieved as of the date of termination of Service (with similar performance assumed to be achieved through the remainder of the Performance Period) if greater than the Target level of achievement, and shall be distributed upon or within 60 days of such termination of Service. Notwithstanding the foregoing, if this Award or the Replacement Award, as applicable, is considered deferred compensation subject to Section 409A, payment shall be made pursuant to the Award's original schedule if necessary to comply with Section 409A.

For purposes of this Award "Good Reason" shall be deemed to exist if, and only if, without Participant's express written consent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp; The Corporation or its Affiliate assigns to Participant authorities, duties or responsibilities (including titles) that are inconsistent in any material and adverse respect with Participant's immediately preceding authorities, duties or responsibilities with the Corporation or its Affiliate (including any material and adverse diminution of such immediately preceding authorities, duties or responsibilities);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;The Corporation or its Affiliate materially reduces Participant's base compensation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;The Corporation or its Affiliate requires Participant to relocate his or her principal business office or principal place of residence outside the metropolitan area in which Participant worked or resided at the time the Restricted Stock Units were awarded (or outside the immediately preceding location of Participant's principal business office

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with the Corporation or its Affiliate), or assigns to Participant duties that would reasonably require such relocation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;The Corporation or its Affiliate materially breaches the terms of any agreement pursuant to which services are provided to the Corporation or its Affiliate by Participant; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;The Corporation or its Affiliate terminates, reduces or limits Participant's participation in any bonus or incentive compensation arrangement relative to the level of participation of other employees of similar rank for a reason that is not reasonably related to Participant's level of job performance or local requirements and provided that such action results in a material reduction in the aggregate value of Participant's incentive compensation below the aggregate value as of the immediately preceding bonus or incentive compensation performance period and provided further that a mere change in the form of payment of the award (whether cash or shares of Stock) without a reduction in the aggregate grant value of the award shall not be considered a reduction of Participant's participation.

Participant's voluntary termination of Service shall not be considered a termination of Service for Good Reason unless Participant terminates his or her Service within 120 days after the initial existence of the condition constituting Good Reason; provided, Participant provides written notice to the Corporation or its Affiliate of Participant's intention to resign for Good Reason, which notice specifies in reasonable detail the breach or action giving rise thereto within 90 days of its initial existence, and the Corporation or its Affiliate does not cure such breach or action within 30 days after the date of Participant's notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;If Participant's Service is terminated for any reason before all of Participant's Restricted Stock Units have vested under this Agreement (including before the Restricted Stock Units qualify for vesting pursuant to an event described in Section 4(a), 4(b) or 4(c) above), Participant's unvested Restricted Stock Units will be forfeited upon the effective date of such termination of Service. Notwithstanding anything herein to the contrary, any outstanding Restricted Stock Units not previously settled shall be cancelled and forfeited immediately if, in the sole opinion and discretion of the Committee or its delegate, Participant engages in any activity that constitutes Cause, whether or not Participant experiences a separation from Service, is no longer in Service, or remains in Service. Neither the Corporation nor any Affiliate will have any further obligations to Participant under this Agreement if Participant's Restricted Stock Units are forfeited pursuant to this Section 4(d).

5.&nbsp;&nbsp;&nbsp;&nbsp;<u>Terms and Conditions of Distribution</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Distribution of a share of Stock that corresponds to a vested Restricted Stock Unit shall be made to Participant as soon as practicable after the Restricted Stock Unit vests, but not later than two and a half (2½) months after the end of the calendar year in which the Restricted Stock Unit vests for purposes of Section 409A, subject to such additional time as may be permitted under Section 409A in the event of Participant's death.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Reserved.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;If Participant dies before the date on which the Corporation would have distributed shares of Stock in satisfaction of vested Restricted Stock Units, the Corporation will distribute such shares of Stock to Participant's designated beneficiary(ies) or, if none are designated or surviving, to Participant's estate or personal representative. The Corporation is not required to issue or deliver any shares of Stock before completing the steps necessary to comply with applicable Federal and state securities laws (including any registration requirements) and applicable stock exchange rules and practices. The Corporation will use commercially reasonable efforts to cause compliance with those laws, rules and practices. The foregoing provisions are subject in all cases to the requirements of Section 409A.

6.&nbsp;&nbsp;&nbsp;&nbsp;<u>Nontransferability</u>. Unvested Restricted Stock Units may not be sold, transferred, exchanged, pledged, assigned, garnished, or otherwise alienated or hypothecated, other than by will or by the laws of descent and distribution. Any effort to assign or transfer the rights under this Agreement will be wholly ineffective, and will be grounds for termination by the Committee of all rights of Participant under this Agreement.

7.&nbsp;&nbsp;&nbsp;&nbsp;<u>Administration</u>. The Committee administers the Plan. Participant's rights under this Agreement are expressly subject to the terms and conditions of the Plan and to any guidelines the Committee adopts from time to time. The interpretation and construction by the Committee of the Plan and this Agreement, and such rules and regulations as may be adopted by the Committee for purposes of administering the Plan and this Agreement, will be final and binding upon Participant.

8.&nbsp;&nbsp;&nbsp;&nbsp;<u>Securities Law Requirements</u>. If at any time the Board or Committee determines that issuing Stock pursuant to this Agreement would violate applicable securities laws, the Corporation will not be required to issue such Stock. The Board or Committee may declare any provision of this Agreement or action of its own null and void, if it determines the provision or action fails to comply with applicable securities laws. The Corporation may require Participant to make written representations it deems necessary or desirable to comply with applicable securities laws.

9.&nbsp;&nbsp;&nbsp;&nbsp;<u>Payment of Withholding Taxes</u>. Participant acknowledges that, regardless of any action taken by the Corporation or, if different, the Affiliate of the Corporation that employs Participant (the "Employer"), the ultimate liability for all income tax, social contributions, payroll tax, fringe benefits tax, payment on account or other tax-related items related to Participant's participation in the Plan and legally applicable to Participant or deemed by the Corporation or the Employer in their sole discretion to be an appropriate charge to Participant even if legally applicable to the Corporation or the Employer ("<u>Tax-Related Items</u>"), is and remains Participant's responsibility and may exceed the amount actually withheld by the Corporation or the Employer, if any. Participant further acknowledges that the Corporation and/or the Employer (a) make no representations or undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of the Restricted Stock Units, including, but not limited to, the grant, vesting or settlement of the Restricted Stock Units, or the subsequent sale of shares of Stock acquired pursuant to such settlement; and (b) do not commit to and is under no obligation to structure the terms of the grant or any aspect of the Restricted Stock Units to reduce or eliminate Participant's liability for Tax-Related Items or achieve any particular tax result. Further, if Participant is subject to Tax-Related Items in more than one jurisdiction between the Award Date and the date of any relevant taxable or tax withholding event, as applicable,

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Participant acknowledges that the Corporation and/or the Employer (or former employer, as applicable) may be required to withhold or account for Tax-Related Items in more than one jurisdiction.

Prior to the relevant taxable or tax withholding event, as applicable, Participant agrees to make adequate arrangements satisfactory to the Corporation and/or the Employer to satisfy all Tax-Related Items. In this regard, Participant authorizes the Corporation, or its respective agents, at their discretion, to satisfy the obligations with regard to all Tax-Related Items by one or a combination of the following: (i) withholding from Participant's wages or other cash compensation paid to Participant by the Corporation and/or the Employer; (ii) withholding from the shares of Stock to be delivered upon settlement of the Restricted Stock Units or other awards granted to Participant or (iii) permitting Participant to tender to the Corporation or to the Employer cash or, if allowed by the Committee, shares of Stock to the Corporation.

Notwithstanding the foregoing, if Participant is subject to Section 16 of the Exchange Act, pursuant to Rule 16a-2 promulgated thereunder, any tax withholding obligations shall be satisfied by having the Corporation withhold from the shares of Stock to be delivered upon settlement of the Restricted Stock Units.

Depending on the withholding method, the Corporation may withhold or account for Tax-Related Items by considering applicable statutory withholding rates (as determined by the Corporation in good faith and in its sole discretion) or other applicable withholding rates, including maximum applicable rates, in which case Participant will receive a refund of any over-withheld amount in cash and will have no entitlement to the share equivalent. If the obligation for Tax-Related Items is satisfied by withholding from the shares of Stock to be delivered upon settlement of the Restricted Stock Units, for tax purposes, Participant is deemed to have been issued the full number of shares of Stock subject to the Restricted Stock Units, notwithstanding that a number of shares of Stock are held back solely for the purpose of paying the Tax-Related Items. Participant will have no further rights with respect to any shares of Stock that are retained by the Corporation pursuant to this provision.

Participant agrees to pay to the Corporation or the Employer any amount of Tax-Related Items that the Corporation or the Employer may be required to withhold or account for as a result of Participant's participation in the Plan that cannot be satisfied by the means previously described. The Corporation may refuse to issue or deliver shares of Stock or proceeds from the sale of shares of Stock until arrangements satisfactory to the Corporation have been made in connection with the Tax-Related Items.

10.&nbsp;&nbsp;&nbsp;&nbsp;<u>Restrictive Covenants</u>. Participant understands the global nature of the Corporation's businesses and the effort the Corporation and its Affiliates (collectively referred to in this Section as "<u>Cboe</u>") undertake to develop and protect their business and their competitive advantage. Accordingly, Participant agrees that the scope and duration of the restrictions described in this Agreement are reasonable and necessary to protect the legitimate business interests of Cboe. Participant further agrees that during the period of Participant's Service and for a period of two (2) years following Participant's separation from Service, Participant shall not, without the express written approval of the Chief Executive Officer:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;singly, jointly, or in any other capacity, in a manner that contributes to any research, technology, development, account, trading, marketing, promotion, or sales and that relates to Participant's Service with Cboe, directly or beneficially, manage, join, participate in the management, operation or control of, or work for (as an employee, consultant or independent contractor), or permit the use of his or her name by, or provide financial or other assistance to, or be connected in any manner with (i) any exchange, facility, clearinghouse, electronic communications network ("ECN"), electronic foreign currency exchange market ("FX") matching platform, multilateral trading facility, or alternative trading system ("ATS"); (ii) the ECN, ATS or FX business lines of any full service broker dealer or any digital asset or data and access solutions business line of any company; or (iii) any business line of any company that is substantially similar to any additional business line developed or entered into by Cboe during Participant's Service, provided that, in the case of clauses (i), (ii) and (iii), such entity or business line that directly competes with Cboe;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;provide any service or assistance that (i) is of the general type of service or assistance provided by Participant to Cboe, (ii) relates to any technology, account, product, project or piece of work with which Participant was involved during his Service, and (iii) contributes to causing an entity to come within the definition described in Section 10(a) above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;solicit or accept if offered to Participant, with or without solicitation, on his or her own behalf or on behalf of any other person, the services of any person who is a then-current employee of Cboe (or was an employee of Cboe during the year preceding such solicitation), nor solicit any of Cboe's then-current employees (or an individual who was employed by or engaged by Cboe during the year preceding such solicitation) to terminate employment or an engagement with Cboe, nor agree to hire any then-current employee (or an individual who was an employee of Cboe during the year preceding such hire) of Cboe into employment with Participant or any company, individual or other entity; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;directly or indirectly divert or attempt to divert from Cboe any business in which Cboe has been actively engaged during Participant's Service, nor interfere with the relationships of Cboe or with their sources of business.

11.&nbsp;&nbsp;&nbsp;&nbsp;<u>Confidentiality</u>. Participant acknowledges that the Corporation or an Affiliate may disclose secret or confidential information to Participant during the period of Participant's Service to enable Participant to perform his or her duties. Participant agrees that, subject to the following sentence, Participant shall not during his or her Service (except in connection with the proper performance of his or her duties) and thereafter, without the prior written consent of the Corporation, disclose to any person or entity any material or significant secret or confidential information concerning the business of the Corporation or an Affiliate that was obtained by Participant in the course of Participant's Service. This paragraph shall not be applicable if and to the extent Participant is required to testify in a legislative, judicial or regulatory proceeding pursuant to an order of Congress, any state or local legislature, a judge, or an administrative law judge, or if such secret or confidential information is required to be disclosed by Participant by any law, regulation or order of any court or regulatory commission, department or agency. Participant further agrees that if Participant's Service is terminated for any reason, Participant will not take, but will leave with the Corporation or an Affiliate, all records and

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papers and all matter of whatever nature that bears secret or confidential information of the Corporation or an Affiliate. For purposes of this Agreement, the term "secret or confidential information" shall include, but not be limited to, any and all records, notes, memoranda, data, writings, research, personnel information, customer information, clearing members' information, the Corporation's and any Affiliate's financial information and plans, processes, methods, techniques, systems, formulas, patents, models, devices, compilations or any other information of whatever nature in the possession or control of the Corporation or an Affiliate, that has not been published or disclosed to the general public, the options industry, the equities industry, the foreign currency exchange industry or the commodities futures industry, provided that such term shall not include knowledge, skills, and information that is common to the trade or profession of Participant.

Notwithstanding anything in this Agreement to the contrary, nothing in this Agreement prohibits Participant from confidentially or otherwise communicating or filing a charge or complaint with a governmental or regulatory entity, participating in a governmental or regulatory entity investigation, or giving truthful testimony or making other disclosures to a governmental or regulatory entity (in each case, without having to disclose any such conduct to the Corporation or an Affiliate), or from responding if properly subpoenaed or otherwise required to do so under applicable law. In addition, nothing in this Agreement limits Participant's right to receive an award from a governmental or regulatory entity for information provided to such an entity (and not as compensation for actual or alleged personal injury or damages to Participant).

Pursuant to the Defend Trade Secrets Act of 2016 (18 U.S.C. 1833(b)), Participant shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that is made in confidence either directly or indirectly to a federal, state, or local government official, or to an attorney, solely for the purpose of reporting or investigating a violation of law. Participant shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret made in a complaint, or other document filed in a lawsuit or other proceeding, if such filing is made under seal. If Participant files a lawsuit or other action alleging retaliation by the Corporation or an Affiliate for reporting a suspected violation of law, Participant may disclose the trade secret to his or her attorney and use the trade secret in the court proceeding or other action, if Participant files any document containing the trade secret under seal and does not disclose the trade secret, except pursuant to court order. This paragraph will govern to the extent it may conflict with any other provision of this Agreement.

12.&nbsp;&nbsp;&nbsp;&nbsp;<u>Judicial Modification</u>. If the final judgment of a court of competent jurisdiction declares that any term or provision of Section 10 or 11 is invalid or unenforceable, the parties agree that (a) the court making the determination of invalidity or unenforceability shall have the power to reduce the scope, duration, or geographic area of the term or provision, to delete specific words or phrases, or to replace any invalid or unenforceable term or provision with a term or provision that is valid and enforceable and that comes closest to expressing the intention of the invalid or unenforceable term or provision, (b) the parties shall request that the court exercise that power, and (c) this Agreement shall be enforceable as so modified after the expiration of the time within which the judgment or decision may be appealed.

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13.&nbsp;&nbsp;&nbsp;&nbsp;<u>Remedies</u>. Participant agrees that in the event of a breach or threatened breach of any of the covenants contained in Sections 10 or 11 of this Agreement, in addition to any other penalties or restrictions that may apply under any employment agreement, state law, or otherwise, Participant shall forfeit, upon written notice to such effect from the Corporation, any and all Awards granted to him or her under the Plan and this Agreement, including vested Awards. The forfeiture provisions of this Section 13 shall continue to apply, in accordance with their terms, after the provisions of any employment or other agreement between the Corporation and Participant have lapsed. Participant consents and agrees that if Participant violates or threatens to violate any provisions of Sections 10 or 11 of this Agreement, the Corporation or its successors in interest shall be entitled, in addition to any other remedies that they may have, including money damages, to an injunction to be issued by a court of competent jurisdiction restraining Participant from committing or continuing any violation of Sections 10 or 11. In the event that Participant is found to have breached any provision set forth in Section 10 of this Agreement, the time period provided for in that provision shall be deemed tolled (*i.e.*, it will not begin to run) for as long as Participant was in violation of that provision. The provisions of Sections 10 and 11 of this Agreement shall continue to apply, in accordance with their terms, after Participant's service has terminated and after provisions of any employment or other agreement between the Corporation and Participant have lapsed.

14.&nbsp;&nbsp;&nbsp;&nbsp;<u>Representations and Warranties</u>. Participant represents and warrants to the Corporation that Participant has received a copy of the Plan and this Agreement, has read and understands the terms of the Plan and this Agreement, and agrees to be bound by their terms and conditions in all respects.

15.&nbsp;&nbsp;&nbsp;&nbsp;<u>No Limitation on the Corporation's Rights</u>. The granting of Restricted Stock Units under this Agreement shall not and will not in any way affect the Corporation's right or power to make adjustments, reclassifications or changes in its capital or business structure or to merge, consolidate, reincorporate, dissolve, liquidate or sell or transfer all or any part of its business or assets.

16.&nbsp;&nbsp;&nbsp;&nbsp;<u>Plan and Agreement Not a Contract of Employment or Service</u>. Neither the Plan nor this Agreement is a contract of employment or Service, and no terms of Participant's employment or Service will be affected in any way by the Plan, this Agreement or related instruments, except to the extent specifically expressed therein. Neither the Plan nor this Agreement will be construed as conferring any legal rights on Participant to continue to be employed or remain in Service, nor will it interfere with the Corporation's or any Affiliate's right to discharge Participant or to deal with Participant regardless of the existence of the Plan or this Agreement.

17.&nbsp;&nbsp;&nbsp;&nbsp;<u>Entire Agreement and Amendment</u>. This Agreement and the Plan constitute the entire agreement between the parties hereto with respect to the Restricted Stock Units, and all prior oral and written representations are merged in this Agreement and the Plan. Notwithstanding the preceding sentence, this Agreement shall not in any way affect the terms and provisions of the Plan. This Agreement may be amended, modified, or terminated only in accordance with the Plan. The headings in this Agreement are inserted for convenience and identification only and are not intended to describe, interpret, define or limit the scope, extent, or intent of this Agreement or any provision hereof.

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18.&nbsp;&nbsp;&nbsp;&nbsp;<u>Notice</u>. Any notice or other communication required or permitted under this Agreement must be in writing and must be delivered personally, sent by certified, registered or express mail, sent by overnight courier (at the sender's expense), or (if from the Corporation or the Corporation's stock plan administrator) by electronic mail. Notice will be deemed given (a) when delivered personally, (b) if mailed, three days after the date of deposit in the U.S. mail, (c) if sent by overnight courier, on the regular business day following the date sent, or (d) when electronically mailed. Notice to the Corporation should be sent to Cboe Global Markets, Inc., 433 West Van Buren Street, Chicago, Illinois 60607, Attention: General Counsel. Notice to Participant should be sent to the mailing address and/or electronic mailing address set forth on the Corporation's records. Either party may change the address to which the other party must give notice under this Section 18 by giving the other party written notice of such change, in accordance with the procedures described above or otherwise established by the Corporation or its stock plan administrator.

19.&nbsp;&nbsp;&nbsp;&nbsp;<u>Successors and Assigns</u>. The terms of this Agreement will be binding upon the Corporation and its successors and assigns.

20.&nbsp;&nbsp;&nbsp;&nbsp;<u>Governing Law</u>. To the extent not preempted by Federal law, the Plan, this Agreement, and documents evidencing rights relating to the Plan or this Agreement will be construed, administered and governed in all respects under and by the laws of the State of Delaware, without giving effect to its conflict of laws principles. If any provision of this Agreement will be held by a court of competent jurisdiction to be invalid or unenforceable, the remaining provisions hereof will continue to be fully effective. The jurisdiction and venue for any disputes arising under, or any action brought to enforce (or otherwise relating to), this Agreement will be exclusively in the courts in the State of Illinois, County of Cook, including the Federal Courts located therein (should Federal jurisdiction exist).

21.&nbsp;&nbsp;&nbsp;&nbsp;<u>Plan Document Controls</u>. The rights granted under this Agreement are in all respects subject to the provisions set forth in the Plan to the same extent and with the same effect as if set forth fully in this Agreement. If the terms of this Agreement conflict with the terms of the Plan document, the Plan document will control.

22.&nbsp;&nbsp;&nbsp;&nbsp;<u>Counterparts</u>. This Agreement may be executed simultaneously in two or more counterparts, each of which shall be deemed an original and all of which together shall constitute but one and the same instrument.

23.&nbsp;&nbsp;&nbsp;&nbsp;<u>Waiver; Cumulative Rights</u>. The failure or delay of either party to require performance by the other party of any provision of this Agreement will not affect its right to require performance of such provision unless and until such performance has been waived in writing. Each right under this Agreement is cumulative and may be exercised in part or in whole from time to time.

24.&nbsp;&nbsp;&nbsp;&nbsp;<u>Tax Consequences</u>.&nbsp;&nbsp;&nbsp;&nbsp;Participant agrees to determine and be responsible for all tax consequences to Participant with respect to the Restricted Stock Units.

25.&nbsp;&nbsp;&nbsp;&nbsp;<u>Section 409A</u>*.* The Restricted Stock Units granted hereunder are intended to comply with, or otherwise be exempt from, Section 409A, including the exceptions and exemptions for short term deferrals, stock rights, and separation pay arrangements. This Agreement and all Restricted Stock Units shall be administered, interpreted, and

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construed in a manner consistent with Section 409A. Should any provision of this Agreement, or any other agreement or arrangement contemplated by this Agreement, be found not to comply with, or otherwise be exempt from, the provisions of Section 409A, such provision shall be modified and given effect (retroactively if necessary), in the sole discretion of the Corporation, and without the consent of Participant, in such manner as the Corporation determines to be necessary or appropriate to comply with, or to effectuate an exemption from, Section 409A. Notwithstanding the forgoing, no provision of this Agreement, or any other agreement or arrangement contemplated by this Agreement shall be construed as a guarantee by the Corporation of any particular tax effect to Participant. Each payment made under this Agreement shall be designated as a separate payment within the meaning of Section 409A. Any payment that is subject to Section 409A and payable upon Participant's termination of employment or other similar event shall not be made unless Participant has experienced a "separation from service" as defined under Section 409A. Except as provided in the provisions of Section 4(c),referencing Section 409A, any payment subject to Section 409A that is to be made upon a "separation from service" to Participant on any date when he or she is a "specified employee" as defined under Section 409A shall not be paid before the date that is six (6) months following Participant's "separation from service" or, if earlier, Participant's death.

26.&nbsp;&nbsp;&nbsp;&nbsp;<u>Compensation Recovery</u>. Notwithstanding anything in this Agreement to the contrary, the Restricted Stock Units, Dividend Equivalent Rights and any shares of Stock issued pursuant to the Restricted Stock Units and any proceeds therefrom shall be subject to and remain subject to any compensation recovery policies of the Corporation, including (i) the Corporation's Executive Officer Incentive Compensation Clawback Policy (as amended from time to time, or any successor policy), (ii) the Corporation's Supplemental Discretionary Clawback Policy (as amended from time to time, or any successor policy), (iii) any recoupment, clawback or similar requirements made applicable by law, regulation or listing standards to the Corporation from time to time (to the extent contemplated by such requirements), or (iv) as may be adopted by the Corporation to help facilitate the Corporation's objectives, including, without limitation, related to eliminating or reducing fraud, misconduct, wrongdoing, or violations of law by an employee or similar considerations and, in each case, as may be amended from time to time (the "Policies"), with the provisions contained in such Policies deemed incorporated into this Agreement without Participant's additional or separate consent. For purposes of the foregoing, Participant expressly and explicitly authorizes the Corporation to cancel any unpaid portion of the Restricted Stock Units (whether vested or unvested) and to issue instructions, on Participant's behalf, to any brokerage firm and/or third-party administrator engaged by the Corporation to hold any shares of Stock and other amounts acquired pursuant to the Restricted Stock Units to re-convey, transfer or otherwise return such shares of Stock and/or other amounts to the Corporation upon the Corporation's enforcement of the Policies. Participant acknowledges and agrees that the Corporation's rights hereunder shall not be affected in any way by any subsequent change in status, including retirement or termination of employment (including due to death or Disability). Participant expressly agrees to indemnify and hold the Corporation and its Affiliates harmless from any loss, cost, damage, or expense (including attorneys' fees) that the Corporation or any Affiliate may incur as a result of Participant's actions or in the Corporation and any Affiliate's efforts to recover such previously made payments or value pursuant to this provision. No recovery of compensation as described herein will

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be an event giving rise to a right to resign for "Good Reason" or "constructive termination" (or similar term) under any plan of, or agreement with, the Corporation, the Employer and/or Participant.

27.&nbsp;&nbsp;&nbsp;&nbsp;<u>Addendum to Agreement.</u> Notwithstanding any provision of this Agreement to the contrary, if Participant resides or is employed outside the U.S. or transfers residence or employment outside the U.S., the Restricted Stock Units shall be subject to such special terms and conditions as are set forth in the addendum to this agreement (the "<u>Addendum</u>"). Further, if Participant transfers residency and/or employment to another country, any special terms and conditions for such country will apply to the Restricted Stock Units to the extent the Corporation determines, in its sole discretion, that the application of such terms and conditions is necessary or advisable in order to comply with local law or to facilitate the operation and administration of the Restricted Stock Units and the Plan (or the Corporation may establish alternative terms and conditions as may be necessary or advisable to accommodate Participant's transfer). In all circumstances, the Addendum shall constitute part of this Agreement.

IN WITNESS WHEREOF, the Corporation and Participant have duly executed this Agreement as of the date first written above.

**Cboe Global Markets, Inc.**

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| | |
|:---|:---|
| _________________________________ | By: |
| Craig S. Donohue |  |
| _________________________________ | Its: |
| Participant's Signature |  |

---

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**<u>Exhibit A</u>**

&nbsp;&nbsp;&nbsp;&nbsp;Vesting of the Restricted Stock Units is contingent on achievement of a Performance Goal tied to Total Shareholder Return of the Corporation as compared to the Total Shareholder Return of the S&P 500 Index during the Performance Period. The number of Restricted Stock Units that may vest shall be determined as set forth below:

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| | |
|:---|:---|
| **TSR Percentile Attained** | **Percentage of Restricted Stock Units That Vest** |
| ___________<sup>th</sup> percentile ("<u>Maximum</u>") or greater  | ___________% |
| ___________<sup>th</sup> percentile ("<u>Target</u>") | ___________% |
| ___________<sup>th</sup> percentile ("<u>Threshold</u>")  | &nbsp;&nbsp;&nbsp;&nbsp;___________% |

---

**&nbsp;&nbsp;&nbsp;&nbsp;**For TSR Percentile performance levels that fall between the values shown above, the percentage of Restricted Stock Units that vest will be determined by straight line interpolation, provided that no Restricted Stock Units will vest if the Corporation's TSR Percentile does not equal or exceed the Threshold amount.

&nbsp;&nbsp;&nbsp;&nbsp;"<u>Total Shareholder Return</u>" means, with respect to any corporation, the increase in its stock price over the Performance Period plus reinvested dividends, divided by its stock price at the beginning of the Performance Period. For purposes of this definition, the beginning stock price will be the average closing price over the twenty (20) trading days up to and including ___________, and the ending stock price will be the average closing price over the twenty (20) trading days up to and including ___________.

&nbsp;&nbsp;&nbsp;&nbsp;"<u>TSR Percentile</u>" means the Corporation's Total Shareholder Return during the Performance Period relative to the Total Shareholder Returns for the S&P 500 Index during the Performance Period.

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**<u>ADDENDUM</u>**

**<u>CBOE GLOBAL MARKETS, INC. LONG-TERM INCENTIVE PLAN<br>RESTRICTED STOCK UNIT AWARD AGREEMENT - PERFORMANCE BASED</u>**

This Addendum to the Agreement includes additional terms and conditions that govern the Restricted Stock Units if Participant resides and/or is employed outside of the United States or transfers residence or employment outside the United States. Certain capitalized terms used but not defined in this Addendum have the meanings set forth in the Agreement or the Plan.

1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Nature of Grant</u>. In accepting the Restricted Stock Units, Participant acknowledges that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;the Plan is established voluntarily by the Corporation, is discretionary in nature and may be modified, amended, suspended or terminated by the Corporation at any time, to the extent permitted by the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;the award of the Restricted Stock Units is exceptional, discretionary, voluntary and occasional and does not create any contractual or other right to receive future grants of Restricted Stock Units, or benefits in lieu of Restricted Stock Units, even if Restricted Stock Units have been granted in the past;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;all decisions with respect to future Restricted Stock Unit awards, if any, will be at the sole discretion of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;Participant is voluntarily participating in the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;the Restricted Stock Units and any shares of Stock that may be received in settlement of the Restricted Stock Units, and the income and value of same, (i) are an extraordinary item that does not constitute compensation of any kind for services of any kind rendered to the Corporation or the Employer, and which is outside the scope of Participant's employment contract, if any, (ii) are not intended to replace any pension rights or compensation, and (iii) are not part of normal or expected compensation or salary for any purpose, including, but not limited to, calculating any severance, resignation, termination, redundancy, dismissal, end-of-service payments, holiday pay, bonuses, long-service awards, leave-related payments, pension or retirement or welfare benefits or similar payments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;the Restricted Stock Unit award will not be interpreted to form an employment or non-employee director contract or relationship with the Corporation or any Affiliate, nor does it amend any legal relationship or legal entitlement between Participant and the Employer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;this Agreement, the transactions contemplated hereunder and the vesting schedule set forth herein do not constitute an express or implied promise of Participant's further employment for the vesting period, for any period, or at all, and will not interfere with Participant's right or the right of the Corporation or the Employer to terminate Participant's employment relationship at any time with or without cause;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;unless otherwise agreed with the Corporation, the Restricted Stock Units and the shares of Stock underlying the Restricted Stock Units, and the income and value of same, are

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not granted as consideration for, or in connection with, the service Participant may provide as a director of an Affiliate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;the future value of the underlying shares of Stock is unknown, indeterminable and cannot be predicted with certainty;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;neither the Corporation, the Employer nor any Affiliate shall be liable for any foreign exchange rate fluctuation between Participant's local currency and the United States Dollar that may affect the value of the Restricted Stock Units or of any amounts due to Participant pursuant to the settlement of the Restricted Stock Units or the sale of any shares of Stock Participant may acquire upon such settlement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;in consideration of the grant of the Restricted Stock Units, no claim or entitlement to compensation or damages shall arise from termination of the Restricted Stock Units or diminution in value of the Restricted Stock Units or shares of Stock acquired upon vesting of the Restricted Stock Units resulting from Participant's termination of Service (for any reason whatsoever and whether or not later found to be invalid or in breach of employment laws in the jurisdiction where Participant is employed or the terms of Participant's employment agreement, if any) or from the application of any clawback or recoupment policy adopted by the Corporation or imposed by applicable law, and Participant irrevocably releases the Corporation and the Employer from any such claim that may arise; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;the Restricted Stock Units and the benefits evidenced by this Agreement do not create any entitlement not otherwise specifically provided for in the Plan or provided by the Corporation in its discretion, to have the Restricted Stock Units or any such benefits transferred to, or assumed by, another company or to be exchanged, cashed out or substituted for, in connection with any corporate transaction affecting the shares of the Corporation.

2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Participants in the European Union</u>. If Participant resides and/or is employed in a European Union ("<u>EU</u>") member state, the following provision shall replace Section 4(a) of the Agreement in its entirety and any other provisions regarding Retirement shall be disregarded and of no effect:

&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Subject to Sections 4(b), 4(c) and 4(d) below, Participant's Restricted Stock Units will become eligible to vest upon the date that achievement of the Performance Goal described in <u>Exhibit A</u> hereto is certified, subject to and contingent upon Participant's continued Service through the date of distribution of shares of Stock.

3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Payment of Withholding Taxes</u>. Participant acknowledges and agrees that if Participant is subject to tax and/or social contributions in more than one jurisdiction, the Corporation or its Affiliate(s) may be required to withhold or account for taxes and/or social contributions in more than one jurisdiction, in accordance with the methods of withholding described in Section 9 of the Agreement.

4.&nbsp;&nbsp;&nbsp;&nbsp;<u>Data Privacy</u>.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Data Collection and Usage</u>. The Corporation and the Employer will collect, process and use certain personal information about Participant, specifically, Participant's name, home address, email address and telephone number, date of birth, social security or insurance number, passport number or other identification number, salary, nationality, job title, any shares of Stock or directorships held in the Corporation, details of all Restricted Stock Units or any other entitlement to shares of Stock awarded, canceled, exercised, vested, unvested or outstanding in Participant's favor ("<u>Data</u>"), for the exclusive purpose of implementing, administering and managing the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Recipients of Data</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.&nbsp;&nbsp;&nbsp;&nbsp;<u>Stock Plan Administration Service Providers</u>. The Corporation and the Employer transfer Data to Fidelity Stock Plan Services, LLC (and/or its affiliates, collectively "<u>Fidelity</u>"), the designated broker assisting in the implementation, administration and management of the Plan. In the future, the Corporation may select a different service provider and share Data with such other provider serving in a similar manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.&nbsp;&nbsp;&nbsp;&nbsp;<u>Other Service Provider Data Recipients</u>. The Corporation also may transfer Data to other third party service providers, if necessary to ensure compliance with applicable tax, exchange control, securities and labor law. Such third party service providers may include the Corporation's legal counsel as well as its auditor, human resources consultant and payroll vendor. Wherever possible, the Corporation will anonymize data, but Participant understands that his or her Data may need to be transferred to such providers to ensure compliance with applicable law and/or tax requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.&nbsp;&nbsp;&nbsp;&nbsp;<u>Securities or Other Regulatory Authorities</u>. In addition to the recipients identified herein and where required under applicable law, Data also may be disclosed to certain securities or other regulatory authorities, including where the Corporation's securities are listed or traded or regulatory filings are made. The legal basis, where required, for such disclosure is compliance with applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>International Data Transfers</u>. The Corporation, Fidelity and other service providers described above are located in the United States. The United States may have different data privacy laws and protections than Participant's country of residence (or country of employment, if different).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;<u>Legal Basis for Collection, Processing and Transfer of Data</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.&nbsp;&nbsp;&nbsp;&nbsp;<u>Participants within the EU / European Economic Area ("EEA"), Switzerland and the United Kingdom</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.&nbsp;&nbsp;&nbsp;&nbsp;The collection, processing and transfer of Data is necessary for the legitimate purpose of the Corporation and Employer's administration of the Plan and Participant's participation in the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.&nbsp;&nbsp;&nbsp;&nbsp;When transferring Data to potential recipients outside the EU/EEA, Switzerland and/or the United Kingdom, the Corporation and the Employer strive to provide appropriate safeguards in accordance with Standard Contractual Clauses or other legally binding and

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permissible arrangements. For further information on the transfer of Participant's personal data outside of the EU/EEA, Switzerland and/or the United Kingdom, Participant may contact his or her human resources representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.&nbsp;&nbsp;&nbsp;&nbsp;<u>Participants outside the EU / EEA, Switzerland and the United Kingdom</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.&nbsp;&nbsp;&nbsp;&nbsp;Participant hereby explicitly and unambiguously consents to the collection, processing and use, in electronic or other form, of Participant's Data by the Corporation and the transfer of Data to the recipients mentioned above, including recipients located in countries which do not adduce an adequate level of protection from a non-U.S. data protection law perspective, for the purposes described above. Upon transfer of Participant's Data to Fidelity, Participant may be asked to agree to separate terms and data processing practices with Fidelity, with such agreement being a condition of the ability to participate in the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.&nbsp;&nbsp;&nbsp;&nbsp;Participation in the Plan is voluntary and Participant understands that Participant is providing the consent herein on a purely voluntary basis. If Participant does not consent, or later seeks to revoke his or her consent, Participant's employment status or Service and career with the Employer will not be adversely affected. The only consequence of refusing or withdrawing consent is that the Corporation would not be able to grant Restricted Stock Units or other equity awards to Participant or administer or maintain such awards. Therefore, Participant understands that refusing or withdrawing his or her consent may affect Participant's ability to participate in the Plan. For more information on the consequences of Participant's refusal to consent or withdrawal of consent, Participant understands that Participant may contact his or her human resources representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;<u>Data Retention</u>. Participant understands that Data will be held only as long as is necessary to implement, administer and manage his or her participation in the Plan or comply with applicable laws. When the Corporation no longer needs the Data, the Corporation will remove it from its systems.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) &nbsp;&nbsp;&nbsp;&nbsp;<u>Data Subject Rights</u>. Participant understands that Participant may have the right under applicable law to (i) access or copy Data that the Corporation possesses, (ii) rectify incorrect Data, (iii) delete Data, (iv) restrict processing of Data, (v) opt out of the Plan, or (vi) lodge complaints with the competent supervisory authorities in Participant's jurisdiction. To receive clarification regarding these rights or to exercise these rights, Participant understands that Participant can contact his or her local human resources representative.

5.&nbsp;&nbsp;&nbsp;&nbsp;<u>No Advice Regarding Grant</u>. The Corporation is not providing any tax, legal or financial advice, nor is the Corporation making any recommendations regarding Participant's participation in the Plan, or Participant's acquisition or sale of the underlying shares of Stock. Participant should consult with his or her own personal tax, legal and financial

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advisors regarding Participant's participation in the Plan before taking any action related to the Plan.

6.&nbsp;&nbsp;&nbsp;&nbsp;<u>Imposition of Other Requirements</u>. The Corporation reserves the right to impose other requirements on Participant's participation in the Plan, on the Restricted Stock Units and on any shares of Stock acquired under the Plan, to the extent the Corporation determines it is necessary or advisable for legal or administrative reasons. Such requirements may include (but are not limited to) requiring Participant to sign any agreements or undertakings that may be necessary to accomplish the foregoing.

7.&nbsp;&nbsp;&nbsp;&nbsp;<u>Insider Trading/Market Abuse Laws</u>. By participating in the Plan, Participant agrees to comply with the Corporation's policy on insider trading (to the extent that it is applicable to Participant). Participant further acknowledges that, depending on Participant's or the broker's country of residence or where the shares of Stock are listed, Participant may be subject to insider trading restrictions and/or market abuse laws, which may affect Participant's ability to accept, acquire, sell or otherwise dispose of shares of Stock, rights to shares of Stock (e.g., Restricted Stock Units) or rights linked to the value of shares of Stock, during such times Participant is considered to have "inside information" regarding the Corporation as defined by the laws or regulations in Participant's country. Local insider trading laws and regulations may prohibit the cancellation or amendment of orders Participant places before Participant possessed inside information. Furthermore, Participant could be prohibited from (i) disclosing the inside information to any third party (other than on a "need to know" basis) and (ii) "tipping" third parties or causing them otherwise to buy or sell securities. Participant understands that third parties include fellow employees. Any restrictions under these laws or regulations are separate from and in addition to any restrictions that may be imposed under any applicable Corporation insider trading policy. Participant acknowledges that it is Participant's responsibility to comply with any applicable restrictions, and that Participant should therefore consult Participant's personal advisor on this matter.

8.&nbsp;&nbsp;&nbsp;&nbsp;<u>Foreign Asset/Account Reporting; Exchange Controls</u>. Participant's country may have certain foreign asset and/or account reporting requirements and/or exchange controls which may affect Participant's ability to acquire or hold shares of Stock under the Plan or cash received from participating in the Plan (including from any dividends received or sale proceeds arising from the sale of shares of Stock) in a brokerage or bank account outside Participant's country. Participant may be required to report such accounts, assets or transactions to the tax or other authorities in his or her country. Participant also may be required to repatriate sale proceeds or other funds received as a result of Participant's participation in the Plan to his or her country through a designated bank or broker and/or within a certain time after receipt. Participant acknowledges that it is his or her responsibility to be compliant with such regulations, and Participant should consult his or her personal legal advisor for any details.

9.&nbsp;&nbsp;&nbsp;&nbsp;<u>Language</u>. If Participant is resident in a country where English is not an official language, Participant acknowledges that Participant is sufficiently proficient in English to understand the terms and conditions of the Agreement or has had the ability to consult with an advisor who is sufficiently proficient in the English language. Participant further acknowledges and agrees that it is Participant's express intent that the Agreement, the Addendum and the Plan and all other documents, notices and legal proceedings entered

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into, given or instituted pursuant to the Restricted Stock Units be drawn up in English. If Participant has received the Agreement, the Addendum or any other document related to the Plan translated into a language other than English and if the meaning of the translated version is different than the English version, the English version will control, unless otherwise required by applicable law.

10.&nbsp;&nbsp;&nbsp;&nbsp;<u>Annex to Addendum</u>. Notwithstanding any provision of the Agreement or Addendum to the contrary, the Restricted Stock Units shall be subject to such terms and conditions for Participant's country of residence (and country of employment, if different), as are set forth in the annex to this Addendum (the "<u>Annex</u>"). Further, if Participant transfers residency and/or employment to another country, or otherwise becomes the subject to the local laws, rules and/or regulations in one of the countries included in the Annex, the Corporation may establish alternative terms and conditions as may be necessary or advisable to accommodate Participant's transfer. In all circumstances, the Annex shall constitute part of this Addendum.

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**<u>ANNEX</u>**

This Annex to the Addendum includes additional (or different, if so specified) terms and conditions that govern the Restricted Stock Units if Participant resides and/or is employed in the country addressed herein or transfers residence or employment to the country addressed herein. If Participant transfers residence and/or employment to another country, the Corporation may establish alternative terms and conditions as may be necessary or advisable to accommodate Participant's transfer. Certain capitalized terms used but not defined in this Annex have the meanings set forth in the Agreement (including the Addendum) or the Plan.

**<u>Australia</u>**

1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Tax Notification</u>. The Plan is a plan to which Subdivision 83A-C of the Income Tax Assessment Act 1997 (Cth) (the "<u>Act</u>") applies (subject to conditions in the Act).

2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Securities Law Notification</u>. This grant of Restricted Stock Units is being made under Division 1A, Part 7.12 of the Corporations Act 2001 (Cth).

**<u>Canada</u>**

1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Settlement of Restricted Stock Units</u>: Notwithstanding anything to the contrary in the Agreement or any related document, if Participant is resident or employed in Canada, the Corporation shall have absolute discretion to settle the Restricted Stock Units in shares of Stock or in the form of a cash payment or in any combination of the foregoing.

2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Securities Law Notification</u>: Participant acknowledges and agrees that he or she is permitted to sell shares of Stock acquired under the Plan through the designated broker appointed under the Plan, provided the resale of shares of Stock takes place outside of Canada through facilities of a stock exchange on which the shares of Stock are listed. The shares of Stock currently are listed on Cboe BZX in the United States.

3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Termination of Employment</u>: This provision replaces Section 4(d) of the Agreement:

For purposes of the Restricted Stock Units, except as explicitly and minimally required under applicable legislation, (A) Participant's Service will be considered terminated (regardless of the reason for such termination and whether or not later found to be invalid or in breach of employment or other laws or the terms of Participant's employment or service contract, if any), and (B) Participant's right (if any) to earn, seek damages in lieu of, vest in the Restricted Stock Units, or otherwise benefit from or participate in the Plan, and any portion of the Restricted Stock Units and the shares of Stock subject to the Restricted Stock Units granted to Participant under the Plan, will be measured by and terminated, effective as of the date that is the earlier of: (i) the date Participant is no longer actively providing Service to the Company, the Employer or any Affiliate, and (ii) the date Participant receives written notice of termination (the "<u>Termination Date</u>").

Except to the extent explicitly and minimally required under applicable legislation, the Termination Date shall exclude any period during which notice, pay in lieu of notice or related payments or damages are provided or required to be provided under applicable law (including, but not limited to, statutory law, contract, common/civil law or otherwise) in the

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jurisdiction where Participant is employed or otherwise providing Services or the terms of Participant's employment or other service agreement, if any. Participant will not earn or be entitled to any pro-rated vesting or other participation in the Plan for that portion of time before the Termination Date (as determined by this provision), nor will Participant be entitled to any compensation for lost vesting or other participation. Subject to applicable legislation, the Corporation shall have the exclusive discretion to determine when Participant is no longer actively providing services for purposes of the Restricted Stock Units (including whether Participant may still be considered to be providing services while on a leave of absence).

Notwithstanding the foregoing, however, if applicable employment standards legislation, explicitly requires continued entitlement to vesting or other participation during a statutory notice period, Participant's right to vest in the Restricted Stock Units or otherwise participate in or benefit from the Plan, if any, will terminate effective as of the last day of Participant's minimum statutory notice period, but Participant will not earn or be entitled to pro-rated vesting or other participation if the vesting or payment date falls after the end of Participant's statutory notice period, nor will Participant be entitled to any compensation for lost vesting or other participation. For clarity, any reference to a Termination Date, termination of Service or termination of employment under the Agreement or the Plan will be interpreted to mean the Termination Date as defined herein.

**<u>Hong Kong</u>**

1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Settlement in Shares of Stock</u>. Notwithstanding anything to the contrary in the Agreement, the Addendum or the Plan, the Restricted Stock Units shall be settled only in shares of Stock (and may not be settled in cash).

2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Disposal of Shares of Stock</u>. If, for any reason, shares of Stock are issued to Participant within six (6) months after the Award Date, Participant agrees that Participant will not sell or otherwise dispose of any such shares of Stock prior to the six (6) month anniversary of the Award Date.

3.&nbsp;&nbsp;&nbsp;&nbsp;<u>IMPORTANT NOTICE/WARNING</u>. *The contents of this document have not been reviewed by any regulatory authority in Hong Kong. Participant is advised to exercise caution in relation to the offer. If Participant is in any doubt about any of the contents of the documents, Participant should obtain independent professional advice. The Restricted Stock Units and shares of Stock issued in settlement of the Restricted Stock Units do not constitute a public offering of securities under Hong Kong law and are available only to employees of the Corporation or its Affiliates. The Agreement, the Plan and other incidental communication materials have not been prepared in accordance with and are not intended to constitute a "prospectus" for a public offering of securities under the applicable securities legislation in Hong Kong. The Restricted Stock Units are intended only for the personal use of each eligible employee of the Employer, the Corporation or an Affiliate and may not be distributed to any other person.*

4.&nbsp;&nbsp;&nbsp;&nbsp;<u>Wages</u>. The Restricted Stock Units and shares of Stock subject to the Restricted Stock Units do not form part of Participant's wages for purposes of calculating any statutory or contractual payments under Hong Kong law.

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**<u>Japan</u>**

No country-specific provisions.

**<u>Netherlands</u>**

1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Exclusion of Claim.</u> Participant acknowledges and agrees that Participant will have no entitlement to compensation or damages insofar as such entitlement arises or may arise from Participant ceasing to have rights under the Plan, whether or not as a result of termination of Participant's Service (whether such termination is in breach of contract or otherwise), or from the loss of diminution in value of the shares of Stock underlying the Restricted Stock Units. Upon the grant of the Restricted Stock Units, Participant shall be deemed to have waived irrevocably such entitlement.

**<u>Philippines</u>**

1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Settlement in Cash</u>. Notwithstanding anything to the contrary in the Agreement, the Addendum or the Plan, the Restricted Stock Units shall be settled only in cash (and shall not be settled in shares of Stock), unless otherwise determined by the Corporation.

**<u>Singapore</u>**

1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Securities Law Information</u>. The grant of the Restricted Stock Units under the Plan is being made pursuant to the "Qualifying Person" exemption under section 273(1)(f) of the Securities and Futures Act (Chapter 289, 2006 Ed.) ("<u>SFA</u>"). The Plan has not been and will not be lodged or registered as a prospectus with the Monetary Authority of Singapore and is not regulated by any financial supervisory authority pursuant to any legislation in Singapore. Accordingly, statutory liability under the SFA in relation to the content of prospectuses would not apply. Participant should note that the Restricted Stock Units are subject to section 257 of the SFA and Participant will not be able to make any subsequent sale of shares of Stock in Singapore, or any offer of such subsequent sale of shares of Stock subject to the Restricted Stock Units in Singapore, unless such sale or offer is made (i) after six (6) months from the Award Date or (ii) pursuant to the exemptions under Part XIII Division (1) Subdivision (4) (other than section 280) of the SFA.

**<u>Switzerland</u>**

1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Securities Law Information</u>. Neither the Agreement nor any other materials relating to the grant of Restricted Stock Units (a) constitutes a prospectus according to articles 35 et seq. of the Swiss Federal Act on Financial Services ("<u>FinSA</u>"), (b) may be publicly distributed or otherwise made publicly available in Switzerland to any person other than an employee of the Corporation or one of its Affiliates or (c) has been or will be filed with, approved or supervised by any Swiss reviewing body according to article 51 FinSA or any Swiss regulatory authority, including the Swiss Financial Market Supervisory Authority, FINMA.

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**<u>United Kingdom (Including Northern Ireland)</u>**

1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Payment of Withholding Taxes</u>. The following provision supplements the section of the Agreement titled "Payment of Withholding Taxes":

Without limitation to the section of the Agreement titled 'Payment of Withholding Taxes', Participant agrees that Participant is liable for all income tax and employee national insurance contributions or other social contributions or withholding taxes ("<u>Tax-Related Items</u>") and hereby covenants to pay all such Tax-Related Items, as and when requested by the Corporation, the Employer or by HM Revenue and Customs ("<u>HMRC</u>") (or any other tax authority or any other relevant authority). Participant also agrees to indemnify and keep indemnified the Corporation and the Employer against any Tax-Related Items that they are required to pay or withhold or have paid or will pay on Participant's behalf to HMRC (or any other tax authority or any other relevant authority).

Notwithstanding the foregoing, if Participant is a director or executive officer (as within the meaning of Section 13(k) of the U.S. Securities Exchange Act of 1934, as amended), the terms of the immediately foregoing provision will not apply. In the event that Participant is a director or executive officer and income tax due is not collected from or paid by Participant, the amount of any uncollected tax may constitute a benefit to Participant on which additional income tax and national insurance contributions may be payable. Participant acknowledges that Participant ultimately will be responsible for reporting and paying any income tax due on this additional benefit directly to HMRC under the self-assessment regime and for reimbursing the Corporation or the Employer (as applicable) for the value of any employee national insurance contributions due on this additional benefit, which the Corporation and/or the Employer may recover from Participant at any time thereafter by any of the means referred to in section of the Agreement titled "Payment of Withholding Taxes".

2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Exclusion of Claim</u>. Participant acknowledges and agrees that Participant will have no entitlement to compensation or damages insofar as such entitlement arises or may arise from Participant's ceasing to have rights under or to be entitled to the Restricted Stock Units, whether or not as a result of termination of Service (whether such termination is in breach of contract or otherwise), or from the loss or diminution in value of the Restricted Stock Units. Upon the award of the Restricted Stock Units, Participant shall be deemed irrevocably to have waived any such entitlement.

3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Section 2 of the Addendum</u>. Section 2 of the Addendum (Participants in the European Union) shall not apply to the Restricted Stock Units.

## Exhibit 10.88

**Exhibit 10.88**

**<u>CBOE GLOBAL MARKETS, INC. LONG-TERM INCENTIVE PLAN</u>**

**<u>RESTRICTED STOCK UNIT AWARD AGREEMENT – PERFORMANCE BASED</u>**

This Restricted Stock Unit Award Agreement (this "<u>Agreement</u>") is dated effective _______________________, (the "<u>Award Date</u>"), and is between Cboe Global Markets, Inc. (the "<u>Corporation</u>") and Craig S. Donohue ("<u>Participant</u>"). Any term capitalized but not defined in this Agreement will have the meaning set forth in the Third Amended and Restated Cboe Global Markets, Inc. Long-Term Incentive Plan (as may be amended from time to time, the "<u>Plan</u>").

1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Award</u>. The Corporation hereby awards to Participant ___________Restricted Stock Units (the "<u>Restricted Stock Units</u>"). The Restricted Stock Units will be subject to the terms and conditions of the Plan and this Agreement. Each Restricted Stock Unit is a notional amount that represents one unvested share of Stock and entitles Participant, subject to the terms of this Agreement, to receive a share of Stock if and when the Restricted Stock Unit vests.

2.&nbsp;&nbsp;&nbsp;&nbsp;<u>No Rights as Stockholder; Dividend Equivalents</u>. Participant shall have no voting rights with respect to shares of Stock represented by Restricted Stock Units until the date of the issuance of the shares of Stock (as evidenced by the appropriate entry on the books of the Corporation or of a duly authorized transfer agent of the Corporation). Notwithstanding the foregoing, in the event that the Corporation declares a cash dividend on shares of Stock, on the payment date of the dividend, Participant will be credited with Dividend Equivalent Rights equal to the amount of the cash dividend per share multiplied by the number of Restricted Stock Units held by Participant on the dividend's record date. The Dividend Equivalent Rights credited to Participant under the preceding sentence will be deemed to be reinvested in additional Restricted Stock Units, which will be subject to the same terms regarding vesting, forfeiture, and distribution as Restricted Stock Units awarded to Participant under this Agreement.

3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Performance Period</u>. The Performance Period for the Restricted Stock Units shall be the three (3) year period commencing on ___________ and ending on ___________.

4.&nbsp;&nbsp;&nbsp;&nbsp;<u>Vesting; Effect of Termination of Service; Change in Control</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Subject to Sections 4(b), 4(c) and 4(d) below, Participant's Restricted Stock Units will become eligible to vest upon the date that achievement of the Performance Goal described in <u>Exhibit A</u> hereto is certified, subject to and contingent upon Participant's continued Service through the date of distribution of shares of Stock. Notwithstanding the foregoing, in the event of Participant's Retirement (as defined below), and satisfaction of the terms thereof, prior to the date of distribution, the Restricted Stock Units shall remain outstanding as if Participant remained in Service continuously through the date of distribution and shall vest upon the expiration of the Performance Period, subject to and contingent upon achievement of the Performance Goal, and Participant shall be entitled to receive (i) the number of Restricted Stock Units that would have vested in accordance with the preceding sentence based on the level of achievement of the Performance Goal actually achieved if Participant had continued Service through the date of distribution. For purposes of this Agreement, "<u>Retirement</u>" means a determination by the Corporation or its Affiliate in their sole discretion, that Participant: (i) has completed a minimum of five (5) full years of continuous and

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unbroken Service as of their Retirement date, (ii) has attained the age of fifty-five (55) as of their Retirement date, (iii) has provided the Corporation's Board with at least twelve (12) months' advance written revocable notice of their Retirement date (unless the notice period is waived by the Corporation or its Affiliate in their sole discretion), (iv) has their Retirement date and transition plan approved and not revoked by the Corporation's Board through their Retirement date, (v) remains in Service continuously and in good standing until their Retirement date, (vi) has successfully transitioned responsibilities, as determined at the sole discretion of the Corporation's Board, and (vii) has a separation from Service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The Restricted Stock Units will vest at the Target level of achievement of the Performance Goal (as described in <u>Exhibit A</u>), upon the earlier to occur of (i) Participant's death or (ii) Participant's becoming Disabled, provided that such condition qualifies as a "disability" as defined under Section 409A, in each case, if prior to any forfeiture event under Section 4(d) below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;This subsection 4(c) shall apply to this Agreement, this Award and any Replacement Award provided to Participant to replace this Award in lieu of Section 8.2(b) of the Plan. Upon a termination of Participant's Service by the Corporation or its Affiliate without Cause or by Participant for "Good Reason" (as defined below), in each case, upon or within two years after a Change in Control and prior to any forfeiture event under Section 4(d) below, this Award or any Replacement Award held by Participant shall become fully vested and free of restrictions at the Target level of achievement of the Performance Goal (as described in <u>Exhibit A</u>, as amended by the Replacement Award, if any), except that vesting shall be, to the extent determinable, at the level of achievement of the Performance Goal actually achieved as of the date of termination of Service (with similar performance assumed to be achieved through the remainder of the Performance Period) if greater than the Target level of achievement, and shall be distributed upon or within 60 days of such termination of Service. Notwithstanding the foregoing, if this Award or the Replacement Award, as applicable, is considered deferred compensation subject to Section 409A, payment shall be made pursuant to the Award's original schedule if necessary to comply with Section 409A.

For purposes of this Award "Good Reason" shall be deemed to exist if, and only if, without Participant's express written consent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;The Corporation or its Affiliate assigns to Participant authorities, duties or responsibilities (including titles) that are inconsistent in any material and adverse respect with Participant's immediately preceding authorities, duties or responsibilities with the Corporation or its Affiliate (including any material and adverse diminution of such immediately preceding authorities, duties or responsibilities);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;The Corporation or its Affiliate materially reduces Participant's base compensation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp; The Corporation or its Affiliate requires Participant to relocate his or her principal business office or principal place of residence outside the metropolitan area in which Participant worked or resided at the time the Restricted Stock Units were awarded (or outside the immediately preceding location of Participant's principal business office

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with the Corporation or its Affiliate), or assigns to Participant duties that would reasonably require such relocation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp; The Corporation or its Affiliate materially breaches the terms of any agreement pursuant to which services are provided to the Corporation or its Affiliate by Participant; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp; The Corporation or its Affiliate terminates, reduces or limits Participant's participation in any bonus or incentive compensation arrangement relative to the level of participation of other employees of similar rank for a reason that is not reasonably related to Participant's level of job performance or local requirements and provided that such action results in a material reduction in the aggregate value of Participant's incentive compensation below the aggregate value as of the immediately preceding bonus or incentive compensation performance period and provided further that a mere change in the form of payment of the award (whether cash or shares of Stock) without a reduction in the aggregate grant value of the award shall not be considered a reduction of Participant's participation.

Participant's voluntary termination of Service shall not be considered a termination of Service for Good Reason unless Participant terminates his or her Service within 120 days after the initial existence of the condition constituting Good Reason; provided, Participant provides written notice to the Corporation or its Affiliate of Participant's intention to resign for Good Reason, which notice specifies in reasonable detail the breach or action giving rise thereto within 90 days of its initial existence, and the Corporation or its Affiliate does not cure such breach or action within 30 days after the date of Participant's notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;If Participant's Service is terminated for any reason before all of Participant's Restricted Stock Units have vested under this Agreement (including before the Restricted Stock Units qualify for vesting pursuant to an event described in Section 4(a), 4(b) or 4(c) above), Participant's unvested Restricted Stock Units will be forfeited upon the effective date of such termination of Service. Notwithstanding anything herein to the contrary, any outstanding Restricted Stock Units not previously settled shall be cancelled and forfeited immediately if, in the sole opinion and discretion of the Committee or its delegate, Participant engages in any activity that constitutes Cause, whether or not Participant experiences a separation from Service, is no longer in Service, or remains in Service. Neither the Corporation nor any Affiliate will have any further obligations to Participant under this Agreement if Participant's Restricted Stock Units are forfeited pursuant to this Section 4(d).

5.&nbsp;&nbsp;&nbsp;&nbsp;<u>Terms and Conditions of Distribution</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Distribution of a share of Stock that corresponds to a vested Restricted Stock Unit shall be made to Participant as soon as practicable after the Restricted Stock Unit vests, but not later than two and a half (2½) months after the end of the calendar year in which the Restricted Stock Unit vests for purposes of Section 409A, subject to such additional time as may be permitted under Section 409A in the event of Participant's death.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Reserved.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;If Participant dies before the date on which the Corporation would have distributed shares of Stock in satisfaction of vested Restricted Stock Units, the Corporation will distribute such shares of Stock to Participant's designated beneficiary(ies) or, if none are designated or surviving, to Participant's estate or personal representative. The Corporation is not required to issue or deliver any shares of Stock before completing the steps necessary to comply with applicable Federal and state securities laws (including any registration requirements) and applicable stock exchange rules and practices. The Corporation will use commercially reasonable efforts to cause compliance with those laws, rules and practices. The foregoing provisions are subject in all cases to the requirements of Section 409A.

6.&nbsp;&nbsp;&nbsp;&nbsp;<u>Nontransferability</u>. Unvested Restricted Stock Units may not be sold, transferred, exchanged, pledged, assigned, garnished, or otherwise alienated or hypothecated, other than by will or by the laws of descent and distribution. Any effort to assign or transfer the rights under this Agreement will be wholly ineffective, and will be grounds for termination by the Committee of all rights of Participant under this Agreement.

7.&nbsp;&nbsp;&nbsp;&nbsp;<u>Administration</u>. The Committee administers the Plan. Participant's rights under this Agreement are expressly subject to the terms and conditions of the Plan and to any guidelines the Committee adopts from time to time. The interpretation and construction by the Committee of the Plan and this Agreement, and such rules and regulations as may be adopted by the Committee for purposes of administering the Plan and this Agreement, will be final and binding upon Participant.

8.&nbsp;&nbsp;&nbsp;&nbsp;<u>Securities Law Requirements</u>. If at any time the Board or Committee determines that issuing Stock pursuant to this Agreement would violate applicable securities laws, the Corporation will not be required to issue such Stock. The Board or Committee may declare any provision of this Agreement or action of its own null and void, if it determines the provision or action fails to comply with applicable securities laws. The Corporation may require Participant to make written representations it deems necessary or desirable to comply with applicable securities laws.

9.&nbsp;&nbsp;&nbsp;&nbsp;<u>Payment of Withholding Taxes</u>. Participant acknowledges that, regardless of any action taken by the Corporation or, if different, the Affiliate of the Corporation that employs Participant (the "Employer"), the ultimate liability for all income tax, social contributions, payroll tax, fringe benefits tax, payment on account or other tax-related items related to Participant's participation in the Plan and legally applicable to Participant or deemed by the Corporation or the Employer in their sole discretion to be an appropriate charge to Participant even if legally applicable to the Corporation or the Employer ("<u>Tax-Related Items</u>"), is and remains Participant's responsibility and may exceed the amount actually withheld by the Corporation or the Employer, if any. Participant further acknowledges that the Corporation and/or the Employer (a) make no representations or undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of the Restricted Stock Units, including, but not limited to, the grant, vesting or settlement of the Restricted Stock Units, or the subsequent sale of shares of Stock acquired pursuant to such settlement; and (b) do not commit to and is under no obligation to structure the terms of the grant or any aspect of the Restricted Stock Units to reduce or eliminate Participant's liability for Tax-Related Items or achieve any particular tax result. Further, if Participant is subject to Tax-Related Items in more than one jurisdiction between the Award Date and the date of any relevant taxable or tax withholding event, as applicable,

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Participant acknowledges that the Corporation and/or the Employer (or former employer, as applicable) may be required to withhold or account for Tax-Related Items in more than one jurisdiction.

Prior to the relevant taxable or tax withholding event, as applicable, Participant agrees to make adequate arrangements satisfactory to the Corporation and/or the Employer to satisfy all Tax-Related Items. In this regard, Participant authorizes the Corporation, or its respective agents, at their discretion, to satisfy the obligations with regard to all Tax-Related Items by one or a combination of the following: (i) withholding from Participant's wages or other cash compensation paid to Participant by the Corporation and/or the Employer; (ii) withholding from the shares of Stock to be delivered upon settlement of the Restricted Stock Units or other awards granted to Participant or (iii) permitting Participant to tender to the Corporation or to the Employer cash or, if allowed by the Committee, shares of Stock to the Corporation.

Notwithstanding the foregoing, if Participant is subject to Section 16 of the Exchange Act, pursuant to Rule 16a-2 promulgated thereunder, any tax withholding obligations shall be satisfied by having the Corporation withhold from the shares of Stock to be delivered upon settlement of the Restricted Stock Units.

Depending on the withholding method, the Corporation may withhold or account for Tax-Related Items by considering applicable statutory withholding rates (as determined by the Corporation in good faith and in its sole discretion) or other applicable withholding rates, including maximum applicable rates, in which case Participant will receive a refund of any over-withheld amount in cash and will have no entitlement to the share equivalent. If the obligation for Tax-Related Items is satisfied by withholding from the shares of Stock to be delivered upon settlement of the Restricted Stock Units, for tax purposes, Participant is deemed to have been issued the full number of shares of Stock subject to the Restricted Stock Units, notwithstanding that a number of shares of Stock are held back solely for the purpose of paying the Tax-Related Items. Participant will have no further rights with respect to any shares of Stock that are retained by the Corporation pursuant to this provision.

Participant agrees to pay to the Corporation or the Employer any amount of Tax-Related Items that the Corporation or the Employer may be required to withhold or account for as a result of Participant's participation in the Plan that cannot be satisfied by the means previously described. The Corporation may refuse to issue or deliver shares of Stock or proceeds from the sale of shares of Stock until arrangements satisfactory to the Corporation have been made in connection with the Tax-Related Items.

10.&nbsp;&nbsp;&nbsp;&nbsp;<u>Restrictive Covenants</u>. Participant understands the global nature of the Corporation's businesses and the effort the Corporation and its Affiliates (collectively referred to in this Section as "<u>Cboe</u>") undertake to develop and protect their business and their competitive advantage. Accordingly, Participant agrees that the scope and duration of the restrictions described in this Agreement are reasonable and necessary to protect the legitimate business interests of Cboe. Participant further agrees that during the period of Participant's Service and for a period of two (2) years following Participant's separation from Service, Participant shall not, without the express written approval of the Chief Executive Officer:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;singly, jointly, or in any other capacity, in a manner that contributes to any research, technology, development, account, trading, marketing, promotion, or sales and that relates to Participant's Service with Cboe, directly or beneficially, manage, join, participate in the management, operation or control of, or work for (as an employee, consultant or independent contractor), or permit the use of his or her name by, or provide financial or other assistance to, or be connected in any manner with (i) any exchange, facility, clearinghouse, electronic communications network ("ECN"), electronic foreign currency exchange market ("FX") matching platform, multilateral trading facility, or alternative trading system ("ATS"); (ii) the ECN, ATS or FX business lines of any full service broker dealer or any digital asset or data and access solutions business line of any company; or (iii) any business line of any company that is substantially similar to any additional business line developed or entered into by Cboe during Participant's Service, provided that, in the case of clauses (i), (ii) and (iii), such entity or business line that directly competes with Cboe;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;provide any service or assistance that (i) is of the general type of service or assistance provided by Participant to Cboe, (ii) relates to any technology, account, product, project or piece of work with which Participant was involved during his Service, and (iii) contributes to causing an entity to come within the definition described in Section 10(a) above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;solicit or accept if offered to Participant, with or without solicitation, on his or her own behalf or on behalf of any other person, the services of any person who is a then-current employee of Cboe (or was an employee of Cboe during the year preceding such solicitation), nor solicit any of Cboe's then-current employees (or an individual who was employed by or engaged by Cboe during the year preceding such solicitation) to terminate employment or an engagement with Cboe, nor agree to hire any then-current employee (or an individual who was an employee of Cboe during the year preceding such hire) of Cboe into employment with Participant or any company, individual or other entity; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;directly or indirectly divert or attempt to divert from Cboe any business in which Cboe has been actively engaged during Participant's Service, nor interfere with the relationships of Cboe or with their sources of business.

11.&nbsp;&nbsp;&nbsp;&nbsp;<u>Confidentiality</u>. Participant acknowledges that the Corporation or an Affiliate may disclose secret or confidential information to Participant during the period of Participant's Service to enable Participant to perform his or her duties. Participant agrees that, subject to the following sentence, Participant shall not during his or her Service (except in connection with the proper performance of his or her duties) and thereafter, without the prior written consent of the Corporation, disclose to any person or entity any material or significant secret or confidential information concerning the business of the Corporation or an Affiliate that was obtained by Participant in the course of Participant's Service. This paragraph shall not be applicable if and to the extent Participant is required to testify in a legislative, judicial or regulatory proceeding pursuant to an order of Congress, any state or local legislature, a judge, or an administrative law judge, or if such secret or confidential information is required to be disclosed by Participant by any law, regulation or order of any court or regulatory commission, department or agency. Participant further agrees that if Participant's Service is terminated for any reason, Participant will not take, but will leave with the Corporation or an Affiliate, all records and

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papers and all matter of whatever nature that bears secret or confidential information of the Corporation or an Affiliate. For purposes of this Agreement, the term "secret or confidential information" shall include, but not be limited to, any and all records, notes, memoranda, data, writings, research, personnel information, customer information, clearing members' information, the Corporation's and any Affiliate's financial information and plans, processes, methods, techniques, systems, formulas, patents, models, devices, compilations or any other information of whatever nature in the possession or control of the Corporation or an Affiliate, that has not been published or disclosed to the general public, the options industry, the equities industry, the foreign currency exchange industry or the commodities futures industry, provided that such term shall not include knowledge, skills, and information that is common to the trade or profession of Participant.

Notwithstanding anything in this Agreement to the contrary, nothing in this Agreement prohibits Participant from confidentially or otherwise communicating or filing a charge or complaint with a governmental or regulatory entity, participating in a governmental or regulatory entity investigation, or giving truthful testimony or making other disclosures to a governmental or regulatory entity (in each case, without having to disclose any such conduct to the Corporation or an Affiliate), or from responding if properly subpoenaed or otherwise required to do so under applicable law. In addition, nothing in this Agreement limits Participant's right to receive an award from a governmental or regulatory entity for information provided to such an entity (and not as compensation for actual or alleged personal injury or damages to Participant).

Pursuant to the Defend Trade Secrets Act of 2016 (18 U.S.C. 1833(b)), Participant shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that is made in confidence either directly or indirectly to a federal, state, or local government official, or to an attorney, solely for the purpose of reporting or investigating a violation of law. Participant shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret made in a complaint, or other document filed in a lawsuit or other proceeding, if such filing is made under seal. If Participant files a lawsuit or other action alleging retaliation by the Corporation or an Affiliate for reporting a suspected violation of law, Participant may disclose the trade secret to his or her attorney and use the trade secret in the court proceeding or other action, if Participant files any document containing the trade secret under seal and does not disclose the trade secret, except pursuant to court order. This paragraph will govern to the extent it may conflict with any other provision of this Agreement.

12.&nbsp;&nbsp;&nbsp;&nbsp;<u>Judicial Modification</u>. If the final judgment of a court of competent jurisdiction declares that any term or provision of Section 10 or 11 is invalid or unenforceable, the parties agree that (a) the court making the determination of invalidity or unenforceability shall have the power to reduce the scope, duration, or geographic area of the term or provision, to delete specific words or phrases, or to replace any invalid or unenforceable term or provision with a term or provision that is valid and enforceable and that comes closest to expressing the intention of the invalid or unenforceable term or provision, (b) the parties shall request that the court exercise that power, and (c) this Agreement shall be enforceable as so modified after the expiration of the time within which the judgment or decision may be appealed.

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13.&nbsp;&nbsp;&nbsp;&nbsp;<u>Remedies</u>. Participant agrees that in the event of a breach or threatened breach of any of the covenants contained in Sections 10 or 11 of this Agreement, in addition to any other penalties or restrictions that may apply under any employment agreement, state law, or otherwise, Participant shall forfeit, upon written notice to such effect from the Corporation, any and all Awards granted to him or her under the Plan and this Agreement, including vested Awards. The forfeiture provisions of this Section 13 shall continue to apply, in accordance with their terms, after the provisions of any employment or other agreement between the Corporation and Participant have lapsed. Participant consents and agrees that if Participant violates or threatens to violate any provisions of Sections 10 or 11 of this Agreement, the Corporation or its successors in interest shall be entitled, in addition to any other remedies that they may have, including money damages, to an injunction to be issued by a court of competent jurisdiction restraining Participant from committing or continuing any violation of Sections 10 or 11. In the event that Participant is found to have breached any provision set forth in Section 10 of this Agreement, the time period provided for in that provision shall be deemed tolled (*i.e.*, it will not begin to run) for as long as Participant was in violation of that provision. The provisions of Sections 10 and 11 of this Agreement shall continue to apply, in accordance with their terms, after Participant's service has terminated and after provisions of any employment or other agreement between the Corporation and Participant have lapsed.

14.&nbsp;&nbsp;&nbsp;&nbsp;<u>Representations and Warranties</u>. Participant represents and warrants to the Corporation that Participant has received a copy of the Plan and this Agreement, has read and understands the terms of the Plan and this Agreement, and agrees to be bound by their terms and conditions in all respects.

15.&nbsp;&nbsp;&nbsp;&nbsp;<u>No Limitation on the Corporation's Rights</u>. The granting of Restricted Stock Units under this Agreement shall not and will not in any way affect the Corporation's right or power to make adjustments, reclassifications or changes in its capital or business structure or to merge, consolidate, reincorporate, dissolve, liquidate or sell or transfer all or any part of its business or assets.

16.&nbsp;&nbsp;&nbsp;&nbsp;<u>Plan and Agreement Not a Contract of Employment or Service</u>. Neither the Plan nor this Agreement is a contract of employment or Service, and no terms of Participant's employment or Service will be affected in any way by the Plan, this Agreement or related instruments, except to the extent specifically expressed therein. Neither the Plan nor this Agreement will be construed as conferring any legal rights on Participant to continue to be employed or remain in Service, nor will it interfere with the Corporation's or any Affiliate's right to discharge Participant or to deal with Participant regardless of the existence of the Plan or this Agreement.

17.&nbsp;&nbsp;&nbsp;&nbsp;<u>Entire Agreement and Amendment</u>. This Agreement and the Plan constitute the entire agreement between the parties hereto with respect to the Restricted Stock Units, and all prior oral and written representations are merged in this Agreement and the Plan. Notwithstanding the preceding sentence, this Agreement shall not in any way affect the terms and provisions of the Plan. This Agreement may be amended, modified, or terminated only in accordance with the Plan. The headings in this Agreement are inserted for convenience and identification only and are not intended to describe, interpret, define or limit the scope, extent, or intent of this Agreement or any provision hereof.

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18.&nbsp;&nbsp;&nbsp;&nbsp;<u>Notice</u>. Any notice or other communication required or permitted under this Agreement must be in writing and must be delivered personally, sent by certified, registered or express mail, sent by overnight courier (at the sender's expense), or (if from the Corporation or the Corporation's stock plan administrator) by electronic mail. Notice will be deemed given (a) when delivered personally, (b) if mailed, three days after the date of deposit in the U.S. mail, (c) if sent by overnight courier, on the regular business day following the date sent, or (d) when electronically mailed. Notice to the Corporation should be sent to Cboe Global Markets, Inc., 433 West Van Buren Street, Chicago, Illinois 60607, Attention: General Counsel. Notice to Participant should be sent to the mailing address and/or electronic mailing address set forth on the Corporation's records. Either party may change the address to which the other party must give notice under this Section 18 by giving the other party written notice of such change, in accordance with the procedures described above or otherwise established by the Corporation or its stock plan administrator.

19.&nbsp;&nbsp;&nbsp;&nbsp;<u>Successors and Assigns</u>. The terms of this Agreement will be binding upon the Corporation and its successors and assigns.

20.&nbsp;&nbsp;&nbsp;&nbsp;<u>Governing Law</u>. To the extent not preempted by Federal law, the Plan, this Agreement, and documents evidencing rights relating to the Plan or this Agreement will be construed, administered and governed in all respects under and by the laws of the State of Delaware, without giving effect to its conflict of laws principles. If any provision of this Agreement will be held by a court of competent jurisdiction to be invalid or unenforceable, the remaining provisions hereof will continue to be fully effective. The jurisdiction and venue for any disputes arising under, or any action brought to enforce (or otherwise relating to), this Agreement will be exclusively in the courts in the State of Illinois, County of Cook, including the Federal Courts located therein (should Federal jurisdiction exist).

21.&nbsp;&nbsp;&nbsp;&nbsp;<u>Plan Document Controls</u>. The rights granted under this Agreement are in all respects subject to the provisions set forth in the Plan to the same extent and with the same effect as if set forth fully in this Agreement. If the terms of this Agreement conflict with the terms of the Plan document, the Plan document will control.

22.&nbsp;&nbsp;&nbsp;&nbsp;<u>Counterparts</u>. This Agreement may be executed simultaneously in two or more counterparts, each of which shall be deemed an original and all of which together shall constitute but one and the same instrument.

23.&nbsp;&nbsp;&nbsp;&nbsp;<u>Waiver; Cumulative Rights</u>. The failure or delay of either party to require performance by the other party of any provision of this Agreement will not affect its right to require performance of such provision unless and until such performance has been waived in writing. Each right under this Agreement is cumulative and may be exercised in part or in whole from time to time.

24.&nbsp;&nbsp;&nbsp;&nbsp;<u>Tax Consequences</u>.&nbsp;&nbsp;&nbsp;&nbsp;Participant agrees to determine and be responsible for all tax consequences to Participant with respect to the Restricted Stock Units.

25.&nbsp;&nbsp;&nbsp;&nbsp;<u>Section 409A</u>*.* The Restricted Stock Units granted hereunder are intended to comply with, or otherwise be exempt from, Section 409A, including the exceptions and exemptions for short term deferrals, stock rights, and separation pay arrangements. This Agreement and all Restricted Stock Units shall be administered, interpreted, and

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construed in a manner consistent with Section 409A. Should any provision of this Agreement, or any other agreement or arrangement contemplated by this Agreement, be found not to comply with, or otherwise be exempt from, the provisions of Section 409A, such provision shall be modified and given effect (retroactively if necessary), in the sole discretion of the Corporation, and without the consent of Participant, in such manner as the Corporation determines to be necessary or appropriate to comply with, or to effectuate an exemption from, Section 409A. Notwithstanding the forgoing, no provision of this Agreement, or any other agreement or arrangement contemplated by this Agreement shall be construed as a guarantee by the Corporation of any particular tax effect to Participant. Each payment made under this Agreement shall be designated as a separate payment within the meaning of Section 409A. Any payment that is subject to Section 409A and payable upon Participant's termination of employment or other similar event shall not be made unless Participant has experienced a "separation from service" as defined under Section 409A. Except as provided in the provisions of Section 4(c) referencing Section 409A, any payment subject to Section 409A that is to be made upon a "separation from service" to Participant on any date when he or she is a "specified employee" as defined under Section 409A shall not be paid before the date that is six (6) months following Participant's "separation from service" or, if earlier, Participant's death.

26.&nbsp;&nbsp;&nbsp;&nbsp;<u>Compensation Recovery</u>. Notwithstanding anything in this Agreement to the contrary, the Restricted Stock Units, Dividend Equivalent Rights and any shares of Stock issued pursuant to the Restricted Stock Units and any proceeds therefrom shall be subject to and remain subject to any compensation recovery policies of the Corporation, including (i) the Corporation's Executive Officer Incentive Compensation Clawback Policy (as amended from time to time, or any successor policy), (ii) the Corporation's Supplemental Discretionary Clawback Policy (as amended from time to time, or any successor policy), (iii) any recoupment, clawback or similar requirements made applicable by law, regulation or listing standards to the Corporation from time to time (to the extent contemplated by such requirements), or (iv) as may be adopted by the Corporation to help facilitate the Corporation's objectives, including, without limitation, related to eliminating or reducing fraud, misconduct, wrongdoing, or violations of law by an employee or similar considerations and, in each case, as may be amended from time to time (the "Policies"), with the provisions contained in such Policies deemed incorporated into this Agreement without Participant's additional or separate consent. For purposes of the foregoing, Participant expressly and explicitly authorizes the Corporation to cancel any unpaid portion of the Restricted Stock Units (whether vested or unvested) and to issue instructions, on Participant's behalf, to any brokerage firm and/or third-party administrator engaged by the Corporation to hold any shares of Stock and other amounts acquired pursuant to the Restricted Stock Units to re-convey, transfer or otherwise return such shares of Stock and/or other amounts to the Corporation upon the Corporation's enforcement of the Policies. Participant acknowledges and agrees that the Corporation's rights hereunder shall not be affected in any way by any subsequent change in status, including retirement or termination of employment (including due to death or Disability). Participant expressly agrees to indemnify and hold the Corporation and its Affiliates harmless from any loss, cost, damage, or expense (including attorneys' fees) that the Corporation or any Affiliate may incur as a result of Participant's actions or in the Corporation and any Affiliate's efforts to recover such previously made payments or value pursuant to this provision. No recovery of compensation as described herein will be an event giving rise to a right to resign for "Good Reason" or "constructive

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termination" (or similar term) under any plan of, or agreement with, the Corporation, the Employer and/or Participant.

27.&nbsp;&nbsp;&nbsp;&nbsp;<u>Addendum to Agreement.</u> Notwithstanding any provision of this Agreement to the contrary, if Participant resides or is employed outside the U.S. or transfers residence or employment outside the U.S., the Restricted Stock Units shall be subject to such special terms and conditions as are set forth in the addendum to this agreement (the "<u>Addendum</u>"). Further, if Participant transfers residency and/or employment to another country, any special terms and conditions for such country will apply to the Restricted Stock Units to the extent the Corporation determines, in its sole discretion, that the application of such terms and conditions is necessary or advisable in order to comply with local law or to facilitate the operation and administration of the Restricted Stock Units and the Plan (or the Corporation may establish alternative terms and conditions as may be necessary or advisable to accommodate Participant's transfer). In all circumstances, the Addendum shall constitute part of this Agreement.

IN WITNESS WHEREOF, the Corporation and Participant have duly executed this Agreement as of the date first written above.

**Cboe Global Markets, Inc.**

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| | |
|:---|:---|
| _________________________________ | By: |
| Craig S. Donohue |  |
| _________________________________ | Its: |
| Participant's Signature |  |

---

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**<u>Exhibit A</u>**

&nbsp;&nbsp;&nbsp;&nbsp;Vesting of the Restricted Stock Units is contingent upon achievement of a Performance Goal tied to Earnings Per Share for the Performance Period. The number of Restricted Stock Units that may vest shall be determined as set forth below:

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| | |
|:---|:---|
| **Earnings Per Share Attained** | **Percentage of Restricted Stock Units That Vest** |
| $___________ ("<u>Maximum</u>") or greater  | ___________% |
| $___________ ("<u>Target</u>") | ___________% |
| $___________ ("<u>Threshold</u>")  | &nbsp;&nbsp;&nbsp;&nbsp;___________% |

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**&nbsp;&nbsp;&nbsp;&nbsp;**For Earnings Per Share levels that fall between the values shown above, the percentage of Restricted Stock Units that vest will be determined by straight line interpolation, provided that no Restricted Stock Units will vest if the Corporation's Earnings Per Share does not equal or exceed the Threshold amount.

&nbsp;&nbsp;&nbsp;&nbsp;"<u>Earnings Per Share</u>" means earnings per share calculated in accordance with generally accepted accounting principles, except that certain adjustments shall be made to eliminate the impact of infrequent, unusual, and/or non-recurring items, such as non-consolidated equity method investments, restructuring charges, significant share repurchase activity, significant income tax credits or charges, acquisitions and divestitures of businesses, asset impairments, and significant litigation settlements.

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**<u>ADDENDUM</u>**

**<u>CBOE GLOBAL MARKETS, INC. LONG-TERM INCENTIVE PLAN<br>RESTRICTED STOCK UNIT AWARD AGREEMENT - PERFORMANCE BASED</u>**

This Addendum to the Agreement includes additional terms and conditions that govern the Restricted Stock Units if Participant resides and/or is employed outside of the United States or transfers residence or employment outside the United States. Certain capitalized terms used but not defined in this Addendum have the meanings set forth in the Agreement or the Plan.

1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Nature of Grant</u>. In accepting the Restricted Stock Units, Participant acknowledges that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;the Plan is established voluntarily by the Corporation, is discretionary in nature and may be modified, amended, suspended or terminated by the Corporation at any time, to the extent permitted by the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;the award of the Restricted Stock Units is exceptional, discretionary, voluntary and occasional and does not create any contractual or other right to receive future grants of Restricted Stock Units, or benefits in lieu of Restricted Stock Units, even if Restricted Stock Units have been granted in the past;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;all decisions with respect to future Restricted Stock Unit awards, if any, will be at the sole discretion of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;Participant is voluntarily participating in the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;the Restricted Stock Units and any shares of Stock that may be received in settlement of the Restricted Stock Units, and the income and value of same, (i) are an extraordinary item that does not constitute compensation of any kind for services of any kind rendered to the Corporation or the Employer, and which is outside the scope of Participant's employment contract, if any, (ii) are not intended to replace any pension rights or compensation, and (iii) are not part of normal or expected compensation or salary for any purpose, including, but not limited to, calculating any severance, resignation, termination, redundancy, dismissal, end-of-service payments, holiday pay, bonuses, long-service awards, leave-related payments, pension or retirement or welfare benefits or similar payments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;the Restricted Stock Unit award will not be interpreted to form an employment or non-employee director contract or relationship with the Corporation or any Affiliate, nor does it amend any legal relationship or legal entitlement between Participant and the Employer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;this Agreement, the transactions contemplated hereunder and the vesting schedule set forth herein do not constitute an express or implied promise of Participant's further employment for the vesting period, for any period, or at all, and will not interfere with Participant's right or the right of the Corporation or the Employer to terminate Participant's employment relationship at any time with or without cause;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;unless otherwise agreed with the Corporation, the Restricted Stock Units and the shares of Stock underlying the Restricted Stock Units, and the income and value of same, are

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not granted as consideration for, or in connection with, the service Participant may provide as a director of an Affiliate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;the future value of the underlying shares of Stock is unknown, indeterminable and cannot be predicted with certainty;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;neither the Corporation, the Employer nor any Affiliate shall be liable for any foreign exchange rate fluctuation between Participant's local currency and the United States Dollar that may affect the value of the Restricted Stock Units or of any amounts due to Participant pursuant to the settlement of the Restricted Stock Units or the sale of any shares of Stock Participant may acquire upon such settlement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;in consideration of the grant of the Restricted Stock Units, no claim or entitlement to compensation or damages shall arise from termination of the Restricted Stock Units or diminution in value of the Restricted Stock Units or shares of Stock acquired upon vesting of the Restricted Stock Units resulting from Participant's termination of Service (for any reason whatsoever and whether or not later found to be invalid or in breach of employment laws in the jurisdiction where Participant is employed or the terms of Participant's employment agreement, if any) or from the application of any clawback or recoupment policy adopted by the Corporation or imposed by applicable law, and Participant irrevocably releases the Corporation and the Employer from any such claim that may arise; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;the Restricted Stock Units and the benefits evidenced by this Agreement do not create any entitlement not otherwise specifically provided for in the Plan or provided by the Corporation in its discretion, to have the Restricted Stock Units or any such benefits transferred to, or assumed by, another company or to be exchanged, cashed out or substituted for, in connection with any corporate transaction affecting the shares of the Corporation.

2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Participants in the European Union</u>. If Participant resides and/or is employed in a European Union ("<u>EU</u>") member state, the following provision shall replace Section 4(a) of the Agreement in its entirety and any other provisions regarding Retirement shall be disregarded and of no effect:

&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Subject to Sections 4(b), 4(c) and 4(d) below, Participant's Restricted Stock Units will become eligible to vest upon the date that achievement of the Performance Goal described in <u>Exhibit A</u> hereto is certified, subject to and contingent upon Participant's continued Service through the date of distribution of shares of Stock.

3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Payment of Withholding Taxes</u>. Participant acknowledges and agrees that if Participant is subject to tax and/or social contributions in more than one jurisdiction, the Corporation or its Affiliate(s) may be required to withhold or account for taxes and/or social contributions in more than one jurisdiction, in accordance with the methods of withholding described in Section 9 of the Agreement.

4.&nbsp;&nbsp;&nbsp;&nbsp;<u>Data Privacy</u>.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Data Collection and Usage</u>. The Corporation and the Employer will collect, process and use certain personal information about Participant, specifically, Participant's name, home address, email address and telephone number, date of birth, social security or insurance number, passport number or other identification number, salary, nationality, job title, any shares of Stock or directorships held in the Corporation, details of all Restricted Stock Units or any other entitlement to shares of Stock awarded, canceled, exercised, vested, unvested or outstanding in Participant's favor ("<u>Data</u>"), for the exclusive purpose of implementing, administering and managing the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Recipients of Data</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.&nbsp;&nbsp;&nbsp;&nbsp;<u>Stock Plan Administration Service Providers</u>. The Corporation and the Employer transfer Data to Fidelity Stock Plan Services, LLC (and/or its affiliates, collectively "<u>Fidelity</u>"), the designated broker assisting in the implementation, administration and management of the Plan. In the future, the Corporation may select a different service provider and share Data with such other provider serving in a similar manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.&nbsp;&nbsp;&nbsp;&nbsp;<u>Other Service Provider Data Recipients</u>. The Corporation also may transfer Data to other third party service providers, if necessary to ensure compliance with applicable tax, exchange control, securities and labor law. Such third party service providers may include the Corporation's legal counsel as well as its auditor, human resources consultant and payroll vendor. Wherever possible, the Corporation will anonymize data, but Participant understands that his or her Data may need to be transferred to such providers to ensure compliance with applicable law and/or tax requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.&nbsp;&nbsp;&nbsp;&nbsp;<u>Securities or Other Regulatory Authorities</u>. In addition to the recipients identified herein and where required under applicable law, Data also may be disclosed to certain securities or other regulatory authorities, including where the Corporation's securities are listed or traded or regulatory filings are made. The legal basis, where required, for such disclosure is compliance with applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>International Data Transfers</u>. The Corporation, Fidelity and other service providers described above are located in the United States. The United States may have different data privacy laws and protections than Participant's country of residence (or country of employment, if different).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;<u>Legal Basis for Collection, Processing and Transfer of Data</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.&nbsp;&nbsp;&nbsp;&nbsp;<u>Participants within the EU / European Economic Area ("EEA"), Switzerland and the United Kingdom</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.&nbsp;&nbsp;&nbsp;&nbsp;The collection, processing and transfer of Data is necessary for the legitimate purpose of the Corporation and Employer's administration of the Plan and Participant's participation in the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.&nbsp;&nbsp;&nbsp;&nbsp;When transferring Data to potential recipients outside the EU/EEA, Switzerland and/or the United Kingdom, the Corporation and the Employer strive to provide appropriate safeguards in accordance with Standard Contractual Clauses or other legally binding and

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permissible arrangements. For further information on the transfer of Participant's personal data outside of the EU/EEA, Switzerland and/or the United Kingdom, Participant may contact his or her human resources representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.&nbsp;&nbsp;&nbsp;&nbsp;<u>Participants outside the EU / EEA, Switzerland and the United Kingdom</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.&nbsp;&nbsp;&nbsp;&nbsp;Participant hereby explicitly and unambiguously consents to the collection, processing and use, in electronic or other form, of Participant's Data by the Corporation and the transfer of Data to the recipients mentioned above, including recipients located in countries which do not adduce an adequate level of protection from a non-U.S. data protection law perspective, for the purposes described above. Upon transfer of Participant's Data to Fidelity, Participant may be asked to agree to separate terms and data processing practices with Fidelity, with such agreement being a condition of the ability to participate in the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.&nbsp;&nbsp;&nbsp;&nbsp;Participation in the Plan is voluntary and Participant understands that Participant is providing the consent herein on a purely voluntary basis. If Participant does not consent, or later seeks to revoke his or her consent, Participant's employment status or Service and career with the Employer will not be adversely affected. The only consequence of refusing or withdrawing consent is that the Corporation would not be able to grant Restricted Stock Units or other equity awards to Participant or administer or maintain such awards. Therefore, Participant understands that refusing or withdrawing his or her consent may affect Participant's ability to participate in the Plan. For more information on the consequences of Participant's refusal to consent or withdrawal of consent, Participant understands that Participant may contact his or her human resources representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;<u>Data Retention</u>. Participant understands that Data will be held only as long as is necessary to implement, administer and manage his or her participation in the Plan or comply with applicable laws. When the Corporation no longer needs the Data, the Corporation will remove it from its systems.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) &nbsp;&nbsp;&nbsp;&nbsp;<u>Data Subject Rights</u>. Participant understands that Participant may have the right under applicable law to (i) access or copy Data that the Corporation possesses, (ii) rectify incorrect Data, (iii) delete Data, (iv) restrict processing of Data, (v) opt out of the Plan, or (vi) lodge complaints with the competent supervisory authorities in Participant's jurisdiction. To receive clarification regarding these rights or to exercise these rights, Participant understands that Participant can contact his or her local human resources representative.

5.&nbsp;&nbsp;&nbsp;&nbsp;<u>No Advice Regarding Grant</u>. The Corporation is not providing any tax, legal or financial advice, nor is the Corporation making any recommendations regarding Participant's participation in the Plan, or Participant's acquisition or sale of the underlying shares of Stock. Participant should consult with his or her own personal tax, legal and financial

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advisors regarding Participant's participation in the Plan before taking any action related to the Plan.

6.&nbsp;&nbsp;&nbsp;&nbsp;<u>Imposition of Other Requirements</u>. The Corporation reserves the right to impose other requirements on Participant's participation in the Plan, on the Restricted Stock Units and on any shares of Stock acquired under the Plan, to the extent the Corporation determines it is necessary or advisable for legal or administrative reasons. Such requirements may include (but are not limited to) requiring Participant to sign any agreements or undertakings that may be necessary to accomplish the foregoing.

7.&nbsp;&nbsp;&nbsp;&nbsp;<u>Insider Trading/Market Abuse Laws</u>. By participating in the Plan, Participant agrees to comply with the Corporation's policy on insider trading (to the extent that it is applicable to Participant). Participant further acknowledges that, depending on Participant's or the broker's country of residence or where the shares of Stock are listed, Participant may be subject to insider trading restrictions and/or market abuse laws, which may affect Participant's ability to accept, acquire, sell or otherwise dispose of shares of Stock, rights to shares of Stock (e.g., Restricted Stock Units) or rights linked to the value of shares of Stock, during such times Participant is considered to have "inside information" regarding the Corporation as defined by the laws or regulations in Participant's country. Local insider trading laws and regulations may prohibit the cancellation or amendment of orders Participant places before Participant possessed inside information. Furthermore, Participant could be prohibited from (i) disclosing the inside information to any third party (other than on a "need to know" basis) and (ii) "tipping" third parties or causing them otherwise to buy or sell securities. Participant understands that third parties include fellow employees. Any restrictions under these laws or regulations are separate from and in addition to any restrictions that may be imposed under any applicable Corporation insider trading policy. Participant acknowledges that it is Participant's responsibility to comply with any applicable restrictions, and that Participant should therefore consult Participant's personal advisor on this matter.

8.&nbsp;&nbsp;&nbsp;&nbsp;<u>Foreign Asset/Account Reporting; Exchange Controls</u>. Participant's country may have certain foreign asset and/or account reporting requirements and/or exchange controls which may affect Participant's ability to acquire or hold shares of Stock under the Plan or cash received from participating in the Plan (including from any dividends received or sale proceeds arising from the sale of shares of Stock) in a brokerage or bank account outside Participant's country. Participant may be required to report such accounts, assets or transactions to the tax or other authorities in his or her country. Participant also may be required to repatriate sale proceeds or other funds received as a result of Participant's participation in the Plan to his or her country through a designated bank or broker and/or within a certain time after receipt. Participant acknowledges that it is his or her responsibility to be compliant with such regulations, and Participant should consult his or her personal legal advisor for any details.

9.&nbsp;&nbsp;&nbsp;&nbsp;<u>Language</u>. If Participant is resident in a country where English is not an official language, Participant acknowledges that Participant is sufficiently proficient in English to understand the terms and conditions of the Agreement or has had the ability to consult with an advisor who is sufficiently proficient in the English language. Participant further acknowledges and agrees that it is Participant's express intent that the Agreement, the Addendum and the Plan and all other documents, notices and legal proceedings entered

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into, given or instituted pursuant to the Restricted Stock Units be drawn up in English. If Participant has received the Agreement, the Addendum or any other document related to the Plan translated into a language other than English and if the meaning of the translated version is different than the English version, the English version will control, unless otherwise required by applicable law.

10.&nbsp;&nbsp;&nbsp;&nbsp;<u>Annex to Addendum</u>. Notwithstanding any provision of the Agreement or Addendum to the contrary, the Restricted Stock Units shall be subject to such terms and conditions for Participant's country of residence (and country of employment, if different), as are set forth in the annex to this Addendum (the "<u>Annex</u>"). Further, if Participant transfers residency and/or employment to another country, or otherwise becomes the subject to the local laws, rules and/or regulations in one of the countries included in the Annex, the Corporation may establish alternative terms and conditions as may be necessary or advisable to accommodate Participant's transfer. In all circumstances, the Annex shall constitute part of this Addendum.

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**<u>ANNEX</u>**

This Annex to the Addendum includes additional (or different, if so specified) terms and conditions that govern the Restricted Stock Units if Participant resides and/or is employed in the country addressed herein or transfers residence or employment to the country addressed herein. If Participant transfers residence and/or employment to another country, the Corporation may establish alternative terms and conditions as may be necessary or advisable to accommodate Participant's transfer. Certain capitalized terms used but not defined in this Annex have the meanings set forth in the Agreement (including the Addendum) or the Plan.

**<u>Australia</u>**

1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Tax Notification</u>. The Plan is a plan to which Subdivision 83A-C of the Income Tax Assessment Act 1997 (Cth) (the "<u>Act</u>") applies (subject to conditions in the Act).

2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Securities Law Notification</u>. This grant of Restricted Stock Units is being made under Division 1A, Part 7.12 of the Corporations Act 2001 (Cth).

**<u>Canada</u>**

1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Settlement of Restricted Stock Units</u>: Notwithstanding anything to the contrary in the Agreement or any related document, if Participant is resident or employed in Canada, the Corporation shall have absolute discretion to settle the Restricted Stock Units in shares of Stock or in the form of a cash payment or in any combination of the foregoing.

2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Securities Law Notification</u>: Participant acknowledges and agrees that he or she is permitted to sell shares of Stock acquired under the Plan through the designated broker appointed under the Plan, provided the resale of shares of Stock takes place outside of Canada through facilities of a stock exchange on which the shares of Stock are listed. The shares of Stock currently are listed on Cboe BZX in the United States.

3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Termination of Employment</u>: This provision replaces Section 4(d) of the Agreement:

For purposes of the Restricted Stock Units, except as explicitly and minimally required under applicable legislation, (A) Participant's Service will be considered terminated (regardless of the reason for such termination and whether or not later found to be invalid or in breach of employment or other laws or the terms of Participant's employment or service contract, if any), and (B) Participant's right (if any) to earn, seek damages in lieu of, vest in the Restricted Stock Units, or otherwise benefit from or participate in the Plan, and any portion of the Restricted Stock Units and the shares of Stock subject to the Restricted Stock Units granted to Participant under the Plan, will be measured by and terminated, effective as of the date that is the earlier of: (i) the date Participant is no longer actively providing Service to the Company, the Employer or any Affiliate, and (ii) the date Participant receives written notice of termination (the "<u>Termination Date</u>").

Except to the extent explicitly and minimally required under applicable legislation, the Termination Date shall exclude any period during which notice, pay in lieu of notice or related payments or damages are provided or required to be provided under applicable law (including, but not limited to, statutory law, contract, common/civil law or otherwise) in the

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jurisdiction where Participant is employed or otherwise providing Services or the terms of Participant's employment or other service agreement, if any. Participant will not earn or be entitled to any pro-rated vesting or other participation in the Plan for that portion of time before the Termination Date (as determined by this provision), nor will Participant be entitled to any compensation for lost vesting or other participation. Subject to applicable legislation, the Corporation shall have the exclusive discretion to determine when Participant is no longer actively providing services for purposes of the Restricted Stock Units (including whether Participant may still be considered to be providing services while on a leave of absence).

Notwithstanding the foregoing, however, if applicable employment standards legislation, explicitly requires continued entitlement to vesting or other participation during a statutory notice period, Participant's right to vest in the Restricted Stock Units or otherwise participate in or benefit from the Plan, if any, will terminate effective as of the last day of Participant's minimum statutory notice period, but Participant will not earn or be entitled to pro-rated vesting or other participation if the vesting or payment date falls after the end of Participant's statutory notice period, nor will Participant be entitled to any compensation for lost vesting or other participation. For clarity, any reference to a Termination Date, termination of Service or termination of employment under the Agreement or the Plan will be interpreted to mean the Termination Date as defined herein.

**<u>Hong Kong</u>**

1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Settlement in Shares of Stock</u>. Notwithstanding anything to the contrary in the Agreement, the Addendum or the Plan, the Restricted Stock Units shall be settled only in shares of Stock (and may not be settled in cash).

2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Disposal of Shares of Stock</u>. If, for any reason, shares of Stock are issued to Participant within six (6) months after the Award Date, Participant agrees that Participant will not sell or otherwise dispose of any such shares of Stock prior to the six (6) month anniversary of the Award Date.

3.&nbsp;&nbsp;&nbsp;&nbsp;<u>IMPORTANT NOTICE/WARNING</u>. *The contents of this document have not been reviewed by any regulatory authority in Hong Kong. Participant is advised to exercise caution in relation to the offer. If Participant is in any doubt about any of the contents of the documents, Participant should obtain independent professional advice. The Restricted Stock Units and shares of Stock issued in settlement of the Restricted Stock Units do not constitute a public offering of securities under Hong Kong law and are available only to employees of the Corporation or its Affiliates. The Agreement, the Plan and other incidental communication materials have not been prepared in accordance with and are not intended to constitute a "prospectus" for a public offering of securities under the applicable securities legislation in Hong Kong. The Restricted Stock Units are intended only for the personal use of each eligible employee of the Employer, the Corporation or an Affiliate and may not be distributed to any other person.*

4.&nbsp;&nbsp;&nbsp;&nbsp;<u>Wages</u>. The Restricted Stock Units and shares of Stock subject to the Restricted Stock Units do not form part of Participant's wages for purposes of calculating any statutory or contractual payments under Hong Kong law.

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**<u>Japan</u>**

No country-specific provisions.

**<u>Netherlands</u>**

1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Exclusion of Claim.</u> Participant acknowledges and agrees that Participant will have no entitlement to compensation or damages insofar as such entitlement arises or may arise from Participant ceasing to have rights under the Plan, whether or not as a result of termination of Participant's Service (whether such termination is in breach of contract or otherwise), or from the loss of diminution in value of the shares of Stock underlying the Restricted Stock Units. Upon the grant of the Restricted Stock Units, Participant shall be deemed to have waived irrevocably such entitlement.

**<u>Philippines</u>**

1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Settlement in Cash</u>. Notwithstanding anything to the contrary in the Agreement, the Addendum or the Plan, the Restricted Stock Units shall be settled only in cash (and shall not be settled in shares of Stock), unless otherwise determined by the Corporation.

**<u>Singapore</u>**

1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Securities Law Information</u>. The grant of the Restricted Stock Units under the Plan is being made pursuant to the "Qualifying Person" exemption under section 273(1)(f) of the Securities and Futures Act (Chapter 289, 2006 Ed.) ("<u>SFA</u>"). The Plan has not been and will not be lodged or registered as a prospectus with the Monetary Authority of Singapore and is not regulated by any financial supervisory authority pursuant to any legislation in Singapore. Accordingly, statutory liability under the SFA in relation to the content of prospectuses would not apply. Participant should note that the Restricted Stock Units are subject to section 257 of the SFA and Participant will not be able to make any subsequent sale of shares of Stock in Singapore, or any offer of such subsequent sale of shares of Stock subject to the Restricted Stock Units in Singapore, unless such sale or offer is made (i) after six (6) months from the Award Date or (ii) pursuant to the exemptions under Part XIII Division (1) Subdivision (4) (other than section 280) of the SFA.

**<u>Switzerland</u>**

1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Securities Law Information</u>. Neither the Agreement nor any other materials relating to the grant of Restricted Stock Units (a) constitutes a prospectus according to articles 35 et seq. of the Swiss Federal Act on Financial Services ("<u>FinSA</u>"), (b) may be publicly distributed or otherwise made publicly available in Switzerland to any person other than an employee of the Corporation or one of its Affiliates or (c) has been or will be filed with, approved or supervised by any Swiss reviewing body according to article 51 FinSA or any Swiss regulatory authority, including the Swiss Financial Market Supervisory Authority, FINMA.

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**<u>United Kingdom (Including Northern Ireland)</u>**

1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Payment of Withholding Taxes</u>. The following provision supplements the section of the Agreement titled "Payment of Withholding Taxes":

Without limitation to the section of the Agreement titled 'Payment of Withholding Taxes', Participant agrees that Participant is liable for all income tax and employee national insurance contributions or other social contributions or withholding taxes ("<u>Tax-Related Items</u>") and hereby covenants to pay all such Tax-Related Items, as and when requested by the Corporation, the Employer or by HM Revenue and Customs ("<u>HMRC</u>") (or any other tax authority or any other relevant authority). Participant also agrees to indemnify and keep indemnified the Corporation and the Employer against any Tax-Related Items that they are required to pay or withhold or have paid or will pay on Participant's behalf to HMRC (or any other tax authority or any other relevant authority).

Notwithstanding the foregoing, if Participant is a director or executive officer (as within the meaning of Section 13(k) of the U.S. Securities Exchange Act of 1934, as amended), the terms of the immediately foregoing provision will not apply. In the event that Participant is a director or executive officer and income tax due is not collected from or paid by Participant, the amount of any uncollected tax may constitute a benefit to Participant on which additional income tax and national insurance contributions may be payable. Participant acknowledges that Participant ultimately will be responsible for reporting and paying any income tax due on this additional benefit directly to HMRC under the self-assessment regime and for reimbursing the Corporation or the Employer (as applicable) for the value of any employee national insurance contributions due on this additional benefit, which the Corporation and/or the Employer may recover from Participant at any time thereafter by any of the means referred to in section of the Agreement titled "Payment of Withholding Taxes".

2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Exclusion of Claim</u>. Participant acknowledges and agrees that Participant will have no entitlement to compensation or damages insofar as such entitlement arises or may arise from Participant's ceasing to have rights under or to be entitled to the Restricted Stock Units, whether or not as a result of termination of Service (whether such termination is in breach of contract or otherwise), or from the loss or diminution in value of the Restricted Stock Units. Upon the award of the Restricted Stock Units, Participant shall be deemed irrevocably to have waived any such entitlement.

3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Section 2 of the Addendum</u>. Section 2 of the Addendum (Participants in the European Union) shall not apply to the Restricted Stock Units.

## Exhibit 10.89

**Exhibit 10.89**

**<u>CBOE GLOBAL MARKETS, INC. LONG-TERM INCENTIVE PLAN</u>**

**<u>RESTRICTED STOCK UNIT AWARD AGREEMENT</u>**

This Restricted Stock Unit Award Agreement (this "<u>Agreement</u>") is dated effective _______________________ (the "<u>Award Date</u>"), and is between Cboe Global Markets, Inc. (the "<u>Corporation</u>") and ___________________ ("<u>Participant</u>"). Any term capitalized but not defined in this Agreement will have the meaning set forth in the Third Amended and Restated Cboe Global Markets, Inc. Long-Term Incentive Plan (as may be amended from time to time, the "<u>Plan</u>").

1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Award</u>. The Corporation hereby awards to Participant ___________ Restricted Stock Units (the "<u>Restricted Stock Units</u>"). The Restricted Stock Units will be subject to the terms and conditions of the Plan and this Agreement. Each Restricted Stock Unit is a notional amount that represents one unvested share of Stock and entitles Participant, subject to the terms of this Agreement, to receive a share of Stock if and when the Restricted Stock Unit vests.

2.&nbsp;&nbsp;&nbsp;&nbsp;<u>No Rights as Stockholder; Dividend Equivalents</u>. Participant shall have no voting rights with respect to shares of Stock represented by Restricted Stock Units until the date of the issuance of the shares of Stock (as evidenced by the appropriate entry on the books of the Corporation or of a duly authorized transfer agent of the Corporation). Notwithstanding the foregoing, in the event that the Corporation declares a cash dividend on shares of Stock, on the payment date of the dividend, Participant will be credited with Dividend Equivalent Rights equal to the amount of the cash dividend per share multiplied by the number of Restricted Stock Units held by Participant on the dividend's record date. The Dividend Equivalent Rights credited to Participant under the preceding sentence will be distributed to Participant at the same time as the underlying cash dividend is distributed to shareholders of the Corporation.

3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Vesting; Effect of Termination of Service; Change in Control</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Subject to Sections 3(b), 3(c) and 3(d) below, Participant's Restricted Stock Units will vest (i) thirty-three percent (33%) on the twelve (12) month anniversary of the Award Date, provided that Participant has remained in Service continuously through such date, (ii) thirty-three percent (33%) on the twenty-four (24) month anniversary of the Award Date, provided that Participant has remained in Service continuously through such date, and (iii) thirty-four percent (34%) on the thirty-six (36) month anniversary of the Award Date, provided that Participant has remained in Service continuously through such date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The Restricted Stock Units will vest in full upon the earlier to occur of (i) Participant's death or (ii) Participant's becoming Disabled, provided that such condition qualifies as a "disability" as defined under Section 409A, in each case, if prior to any forfeiture event under Section 3(d) below.

In the event of Participant's Retirement (as defined below) and satisfaction of the terms thereof, the Restricted Stock Units shall remain outstanding upon Participant's Retirement and be distributed as if Participant remained in Service continuously through each vesting date pursuant to Section 3(a), in accordance with the terms of this Agreement. For purposes of this Agreement, "<u>Retirement</u>" means a determination by the

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Corporation or its Affiliate in their sole discretion, that Participant: (i) has completed a minimum of [ten (10) full years of continuous and unbroken Service]<sup>1</sup> [ten (10) full years of aggregate Service]<sup>2</sup> [five (5) full years of continuous and unbroken service as an Employee]<sup>3</sup> [five (5) full years of continuous and unbroken Service]<sup>4</sup> as of their Retirement date, (ii) has attained the age of fifty-five (55) as of their Retirement date, (iii) has provided the Corporation's Board, CEO, President, and/or COO with at least six (6) months' advance written revocable notice of their Retirement date (unless the notice period is waived by the Corporation or its Affiliate in its sole discretion), (iv) has their Retirement date and transition plan approved and not revoked by the Corporation's Board, CEO, President, and/or COO through their Retirement Date, (v) remains in Service continuously and in good standing until their Retirement date, (vi) has successfully transitioned responsibilities, as determined at the sole discretion of the Corporation's Board, CEO, President, and/or COO, and (vii) has a separation from Service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;This subsection 3(c) shall apply to this Agreement, this Award and any Replacement Award provided to Participant to replace this Award in lieu of Section 8.2(b) of the Plan. Upon a termination of Participant's Service by the Corporation or its Affiliate without Cause or by Participant for "Good Reason" (as defined below), in each case, upon or within two years after a Change in Control and prior to any forfeiture event under Section 3(d) below, this Award or any Replacement Award held by Participant shall become fully vested and free of restrictions and shall be distributed upon or within 60 days of such termination of Service. Notwithstanding the foregoing, if this Award or the Replacement Award, as applicable, is considered deferred compensation subject to Section 409A, payment shall be made pursuant to the Award's original schedule if necessary to comply with Section 409A.

For purposes of this Award "Good Reason" shall be deemed to exist if, and only if, without Participant's express written consent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Corporation or its Affiliate assigns to Participant authorities, duties or responsibilities (including titles) that are inconsistent in any material and adverse respect with Participant's immediately preceding authorities, duties or responsibilities with the Corporation or its Affiliate (including any material and adverse diminution of such immediately preceding authorities, duties or responsibilities);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Corporation or its Affiliate materially reduces Participant's base compensation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Corporation or its Affiliate requires Participant to relocate his or her principal business office or principal place of residence outside the metropolitan area in which Participant worked or resided at the time the Restricted Stock Units were awarded (or outside the immediately preceding location of Participant's principal business office with the Corporation or its Affiliate), or assigns to Participant duties that would reasonably require such relocation;

<sup>1</sup> For all executive officers except as otherwise stated

<sup>2</sup> For Robert Hocking (executive form) agreements

<sup>3</sup> For Prashant Bhatia (executive form) agreements

<sup>4</sup> For Scott Johnston (executive form) agreements

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The Corporation or its Affiliate materially breaches the terms of any agreement pursuant to which services are provided to the Corporation or its Affiliate by Participant; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The Corporation or its Affiliate terminates, reduces or limits Participant's participation in any bonus or incentive compensation arrangement relative to the level of participation of other employees of similar rank for a reason that is not reasonably related to Participant's level of job performance or local requirements and provided that such action results in a material reduction in the aggregate value of Participant's incentive compensation below the aggregate value as of the immediately preceding bonus or incentive compensation performance period and provided further that a mere change in the form of payment of the award (whether cash or shares of Stock) without a reduction in the aggregate grant value of the award shall not be considered a reduction of Participant's participation.

Participant's voluntary termination of Service shall not be considered a termination of Service for Good Reason unless Participant terminates his or her Service within 120 days after the initial existence of the condition constituting Good Reason; provided, Participant provides written notice to the Corporation or its Affiliate of Participant's intention to resign for Good Reason, which notice specifies in reasonable detail the breach or action giving rise thereto within 90 days of its initial existence, and the Corporation or its Affiliate does not cure such breach or action within 30 days after the date of Participant's notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;If Participant's Service is terminated for any reason (other than Retirement) before all of Participant's Restricted Stock Units have vested under this Agreement (including before the Restricted Stock Units qualify for vesting pursuant to an event described in Section 3(b) or 3(c) above), Participant's unvested Restricted Stock Units will be forfeited upon the effective date of such termination of Service. Notwithstanding anything herein to the contrary, any outstanding Restricted Stock Units not previously settled shall be cancelled and forfeited immediately if, in the sole opinion and discretion of the Committee or its delegate, Participant engages in any activity that constitutes Cause, whether or not Participant experiences a separation from Service, is no longer in Service, or remains in Service. Neither the Corporation nor any Affiliate will have any further obligations to Participant under this Agreement if Participant's Restricted Stock Units are forfeited pursuant to this Section 3(d).

4.&nbsp;&nbsp;&nbsp;&nbsp;<u>Terms and Conditions of Distribution</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Distribution of a share of Stock that corresponds to a vested Restricted Stock Unit shall be made to Participant as soon as practicable after the Restricted Stock Unit vests, but in any case by December 31st of the calendar year in which the applicable vesting date or event occurs, subject to such additional time as may be permitted under Section 409A in the event of Participant's death. Notwithstanding the foregoing, if this Award or any Replacement Award, as applicable, does not constitute deferred compensation subject to Section 409A, then the distribution of a share of Stock that corresponds to a vested Restricted Stock Unit will be made to Participant no later than two and a half (2½) months after the end of the calendar year in which such vesting occurs, subject to such additional time as may be permitted under Section 409A in the event of Participant's death.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Reserved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;If Participant dies before the date on which the Corporation would have distributed shares of Stock in satisfaction of vested Restricted Stock Units, the Corporation will distribute such shares of Stock to Participant's designated beneficiary(ies) or, if none are designated or surviving, to Participant's estate or personal representative. The Corporation is not required to issue or deliver any shares of Stock before completing the steps necessary to comply with applicable Federal and state securities laws (including any registration requirements) and applicable stock exchange rules and practices. The Corporation will use commercially reasonable efforts to cause compliance with those laws, rules and practices. The foregoing provisions are subject in all cases to the requirements of Section 409A.

5.&nbsp;&nbsp;&nbsp;&nbsp;<u>Nontransferability</u>. Unvested Restricted Stock Units may not be sold, transferred, exchanged, pledged, assigned, garnished, or otherwise alienated or hypothecated, other than by will or by the laws of descent and distribution. Any effort to assign or transfer the rights under this Agreement will be wholly ineffective, and will be grounds for termination by the Committee of all rights of Participant under this Agreement.

6.&nbsp;&nbsp;&nbsp;&nbsp;<u>Administration</u>. The Committee administers the Plan. Participant's rights under this Agreement are expressly subject to the terms and conditions of the Plan and to any guidelines the Committee adopts from time to time. The interpretation and construction by the Committee of the Plan and this Agreement, and such rules and regulations as may be adopted by the Committee for purposes of administering the Plan and this Agreement, will be final and binding upon Participant.

7.&nbsp;&nbsp;&nbsp;&nbsp;<u>Securities Law Requirements</u>. If at any time the Board or Committee determines that issuing Stock pursuant to this Agreement would violate applicable securities laws, the Corporation will not be required to issue such Stock. The Board or Committee may declare any provision of this Agreement or action of its own null and void, if it determines the provision or action fails to comply with applicable securities laws. The Corporation may require Participant to make written representations it deems necessary or desirable to comply with applicable securities laws.

8.&nbsp;&nbsp;&nbsp;&nbsp;<u>Payment of Withholding Taxes</u>. Participant acknowledges that, regardless of any action taken by the Corporation or, if different, the Affiliate of the Corporation that employs Participant (the "Employer"), the ultimate liability for all income tax, social contributions, payroll tax, fringe benefits tax, payment on account or other tax-related items related to Participant's participation in the Plan and legally applicable to Participant or deemed by the Corporation or the Employer in their sole discretion to be an appropriate charge to Participant even if legally applicable to the Corporation or the Employer ("<u>Tax-Related Items</u>"), is and remains Participant's responsibility and may exceed the amount actually withheld by the Corporation or the Employer, if any. Participant further acknowledges that the Corporation and/or the Employer (a) make no representations or undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of the Restricted Stock Units, including, but not limited to, the grant, vesting or settlement of the Restricted Stock Units, or the subsequent sale of shares of Stock acquired pursuant to such settlement; and (b) do not commit to and is under no obligation to structure the terms of the grant or any aspect of the Restricted Stock Units to reduce or eliminate Participant's liability for Tax-Related Items or achieve any particular tax result. Further, if

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Participant is subject to Tax-Related Items in more than one jurisdiction between the Award Date and the date of any relevant taxable or tax withholding event, as applicable, Participant acknowledges that the Corporation and/or the Employer (or former employer, as applicable) may be required to withhold or account for Tax-Related Items in more than one jurisdiction.

Prior to the relevant taxable or tax withholding event, as applicable, Participant agrees to make adequate arrangements satisfactory to the Corporation and/or the Employer to satisfy all Tax-Related Items. In this regard, Participant authorizes the Corporation, or its respective agents, at their discretion, to satisfy the obligations with regard to all Tax-Related Items by one or a combination of the following: (i) withholding from Participant's wages or other cash compensation paid to Participant by the Corporation and/or the Employer; (ii) withholding from the shares of Stock to be delivered upon settlement of the Restricted Stock Units or other awards granted to Participant or (iii) permitting Participant to tender to the Corporation or the Employer cash or, if allowed by the Committee, shares of Stock to the Corporation.

Notwithstanding the foregoing, if Participant is subject to Section 16 of the Exchange Act, pursuant to Rule 16a-2 promulgated thereunder, any tax withholding obligations shall be satisfied by having the Corporation withhold from the shares of Stock to be delivered upon settlement of the Restricted Stock Units.

Depending on the withholding method, the Corporation may withhold or account for Tax-Related Items by considering applicable statutory withholding rates (as determined by the Corporation in good faith and in its sole discretion) or other applicable withholding rates, including maximum applicable rates, in which case Participant will receive a refund of any over-withheld amount in cash and will have no entitlement to the share equivalent. If the obligation for Tax-Related Items is satisfied by withholding from the shares of Stock to be delivered upon settlement of the Restricted Stock Units, for tax purposes, Participant is deemed to have been issued the full number of shares of Stock subject to the Restricted Stock Units, notwithstanding that a number of shares of Stock are held back solely for the purpose of paying the Tax-Related Items. Participant will have no further rights with respect to any shares of Stock that are retained by the Corporation pursuant to this provision.

Participant agrees to pay to the Corporation or the Employer any amount of Tax-Related Items that the Corporation or the Employer may be required to withhold or account for as a result of Participant's participation in the Plan that cannot be satisfied by the means previously described. The Corporation may refuse to issue or deliver shares of Stock or proceeds from the sale of shares of Stock until arrangements satisfactory to the Corporation have been made in connection with the Tax-Related Items.

9.&nbsp;&nbsp;&nbsp;&nbsp;<u>Restrictive Covenants</u>. Participant understands the global nature of the Corporation's businesses and the effort the Corporation and its Affiliates (collectively referred to in this Section as "<u>Cboe</u>") undertake to develop and protect their business and their competitive advantage. Accordingly, Participant agrees that the scope and duration of the restrictions described in this Agreement are reasonable and necessary to protect the legitimate business interests of Cboe. Participant further agrees that during the period of Participant's Service and for a period of two (2) years following Participant's separation

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from Service, Participant shall not, without the express written approval of the Chief Executive Officer:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;singly, jointly, or in any other capacity, in a manner that contributes to any research, technology, development, account, trading, marketing, promotion, or sales and that relates to Participant's Service with Cboe, directly or beneficially, manage, join, participate in the management, operation or control of, or work for (as an employee, consultant or independent contractor), or permit the use of his or her name by, or provide financial or other assistance to, or be connected in any manner with (i) any exchange, facility, clearinghouse, electronic communications network ("ECN"), electronic foreign currency exchange market ("FX") matching platform, multilateral trading facility, or alternative trading system ("ATS"); (ii) the ECN, ATS or FX business lines of any full service broker dealer or any digital asset or data and access solutions business line of any company; or (iii) any business line of any company that is substantially similar to any additional business line developed or entered into by Cboe during Participant's Service, provided that, in the case of clauses (i), (ii) and (iii), such entity or business line that directly competes with Cboe;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;provide any service or assistance that (i) is of the general type of service or assistance provided by Participant to Cboe, (ii) relates to any technology, account, product, project or piece of work with which Participant was involved during his Service, and (iii) contributes to causing an entity to come within the definition described in Section (a) above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;solicit or accept if offered to Participant, with or without solicitation, on his or her own behalf or on behalf of any other person, the services of any person who is a then-current employee of Cboe (or was an employee of Cboe during the year preceding such solicitation), nor solicit any of Cboe's then-current employees (or an individual who was employed by or engaged by Cboe during the year preceding such solicitation) to terminate employment or an engagement with Cboe, nor agree to hire any then-current employee (or an individual who was an employee of Cboe during the year preceding such hire) of Cboe into employment with Participant or any company, individual or other entity; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;directly or indirectly divert or attempt to divert from Cboe any business in which Cboe has been actively engaged during Participant's Service, nor interfere with the relationships of Cboe or with their sources of business.

10.&nbsp;&nbsp;&nbsp;&nbsp;<u>Confidentiality</u>. Participant acknowledges that the Corporation or an Affiliate may disclose secret or confidential information to Participant during the period of Participant's Service to enable Participant to perform his or her duties. Participant agrees that, subject to the following sentence, Participant shall not during his or her Service (except in connection with the proper performance of his or her duties) and thereafter, without the prior written consent of the Corporation, disclose to any person or entity any material or significant secret or confidential information concerning the business of the Corporation or an Affiliate that was obtained by Participant in the course of Participant's Service. This paragraph shall not be applicable if and to the extent Participant is required to testify in a legislative, judicial or regulatory proceeding pursuant to an order of Congress, any state or local legislature, a judge, or an administrative law judge, or if such secret or confidential information is required to be disclosed by Participant by any

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law, regulation or order of any court or regulatory commission, department or agency. Participant further agrees that if Participant's Service is terminated for any reason, Participant will not take, but will leave with the Corporation or an Affiliate, all records and papers and all matter of whatever nature that bears secret or confidential information of the Corporation or an Affiliate. For purposes of this Agreement, the term "secret or confidential information" shall include, but not be limited to, any and all records, notes, memoranda, data, writings, research, personnel information, customer information, clearing members' information, the Corporation's and any Affiliate's financial information and plans, processes, methods, techniques, systems, formulas, patents, models, devices, compilations or any other information of whatever nature in the possession or control of the Corporation or an Affiliate, that has not been published or disclosed to the general public, the options industry, the equities industry, the foreign currency exchange industry or the commodities futures industry, provided that such term shall not include knowledge, skills, and information that is common to the trade or profession of Participant.

Notwithstanding anything in this Agreement to the contrary, nothing in this Agreement prohibits Participant from confidentially or otherwise communicating or filing a charge or complaint with a governmental or regulatory entity, participating in a governmental or regulatory entity investigation, or giving truthful testimony or making other disclosures to a governmental or regulatory entity (in each case, without having to disclose any such conduct to the Corporation or an Affiliate), or from responding if properly subpoenaed or otherwise required to do so under applicable law. In addition, nothing in this Agreement limits Participant's right to receive an award from a governmental or regulatory entity for information provided to such an entity (and not as compensation for actual or alleged personal injury or damages to Participant).

Pursuant to the Defend Trade Secrets Act of 2016 (18 U.S.C. 1833(b)), Participant shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that is made in confidence either directly or indirectly to a federal, state, or local government official, or to an attorney, solely for the purpose of reporting or investigating a violation of law. Participant shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret made in a complaint, or other document filed in a lawsuit or other proceeding, if such filing is made under seal. If Participant files a lawsuit or other action alleging retaliation by the Corporation or an Affiliate for reporting a suspected violation of law, Participant may disclose the trade secret to his or her attorney and use the trade secret in the court proceeding or other action, if Participant files any document containing the trade secret under seal and does not disclose the trade secret, except pursuant to court order. This paragraph will govern to the extent it may conflict with any other provision of this Agreement.

11.&nbsp;&nbsp;&nbsp;&nbsp;<u>Judicial Modification</u>. If the final judgment of a court of competent jurisdiction declares that any term or provision of Section 9 or 10 or is invalid or unenforceable, the parties agree that (a) the court making the determination of invalidity or unenforceability shall have the power to reduce the scope, duration, or geographic area of the term or provision, to delete specific words or phrases, or to replace any invalid or unenforceable term or provision with a term or provision that is valid and enforceable and that comes closest to expressing the intention of the invalid or unenforceable term or provision, (b) the parties shall request that the court exercise that power, and (c) this Agreement shall

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be enforceable as so modified after the expiration of the time within which the judgment or decision may be appealed.

12.&nbsp;&nbsp;&nbsp;&nbsp;<u>Remedies</u>. Participant agrees that in the event of a breach or threatened breach of any of the covenants contained in Sections or of this Agreement, in addition to any other penalties or restrictions that may apply under any employment agreement, state law, or otherwise, Participant shall forfeit, upon written notice to such effect from the Corporation, any and all Awards granted to him or her under the Plan and this Agreement, including vested Awards. The forfeiture provisions of this Section shall continue to apply, in accordance with their terms, after the provisions of any employment or other agreement between the Corporation and Participant have lapsed. Participant consents and agrees that if Participant violates or threatens to violate any provisions of Sections or of this Agreement, the Corporation or its successors in interest shall be entitled, in addition to any other remedies that they may have, including money damages, to an injunction to be issued by a court of competent jurisdiction restraining Participant from committing or continuing any violation of Sections or . In the event that Participant is found to have breached any provision set forth in Section of this Agreement, the time period provided for in that provision shall be deemed tolled (*i.e.*, it will not begin to run) for as long as Participant was in violation of that provision. Notwithstanding anything to the contrary herein, nothing in this Agreement shall prohibit or restrict a Participant who is licensed to practice law from providing legal advice and counseling, or other advice and counseling incidental thereto, as an officer, employee, consultant, independent contractor or otherwise, to an exchange, facility, clearinghouse, ECN, FX matching platform, multilateral trading facility, ATS, full service broker dealer, digital asset business, or data and access solutions business, or any other company that directly competes with Cboe. The provisions of Sections 9 and 10 of this Agreement shall continue to apply, in accordance with their terms, after Participant's service has terminated and after provisions of any employment or other agreement between the Corporation and Participant have lapsed.

13.&nbsp;&nbsp;&nbsp;&nbsp;<u>Representations and Warranties</u>. Participant represents and warrants to the Corporation that Participant has received a copy of the Plan and this Agreement, has read and understands the terms of the Plan and this Agreement, and agrees to be bound by their terms and conditions in all respects.

14.&nbsp;&nbsp;&nbsp;&nbsp;<u>No Limitation on the Corporation's Rights</u>. The granting of Restricted Stock Units under this Agreement shall not and will not in any way affect the Corporation's right or power to make adjustments, reclassifications or changes in its capital or business structure or to merge, consolidate, reincorporate, dissolve, liquidate or sell or transfer all or any part of its business or assets.

15.&nbsp;&nbsp;&nbsp;&nbsp;<u>Plan and Agreement Not a Contract of Employment or Service</u>. Neither the Plan nor this Agreement is a contract of employment or Service, and no terms of Participant's employment or Service will be affected in any way by the Plan, this Agreement or related instruments, except to the extent specifically expressed therein. Neither the Plan nor this Agreement will be construed as conferring any legal rights on Participant to continue to be employed or remain in Service, nor will it interfere with the Corporation's or any Affiliate's right to discharge Participant or to deal with Participant regardless of the existence of the Plan or this Agreement.

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16.&nbsp;&nbsp;&nbsp;&nbsp;<u>Entire Agreement and Amendment</u>. This Agreement and the Plan constitute the entire agreement between the parties hereto with respect to the Restricted Stock Units, and all prior oral and written representations are merged in this Agreement and the Plan. Notwithstanding the preceding sentence, this Agreement shall not in any way affect the terms and provisions of the Plan. This Agreement may be amended, modified, or terminated only in accordance with the Plan. The headings in this Agreement are inserted for convenience and identification only and are not intended to describe, interpret, define or limit the scope, extent, or intent of this Agreement or any provision hereof.

17.&nbsp;&nbsp;&nbsp;&nbsp;<u>Notice</u>. Any notice or other communication required or permitted under this Agreement must be in writing and must be delivered personally, sent by certified, registered or express mail, sent by overnight courier (at the sender's expense), or (if from the Corporation or the Corporation's stock plan administrator) by electronic mail. Notice will be deemed given (a) when delivered personally, (b) if mailed, three days after the date of deposit in the U.S. mail, (c) if sent by overnight courier, on the regular business day following the date sent, or (d) when electronically mailed. Notice to the Corporation should be sent to Cboe Global Markets, Inc., 433 West Van Buren Street, Chicago, Illinois 60607, Attention: General Counsel. Notice to Participant should be sent to the mailing address and/or electronic mailing address set forth on the Corporation's records. Either party may change the address to which the other party must give notice under this Section 17 by giving the other party written notice of such change, in accordance with the procedures described above or otherwise established by the Corporation or its stock plan administrator.

18.&nbsp;&nbsp;&nbsp;&nbsp;<u>Successors and Assigns</u>. The terms of this Agreement will be binding upon the Corporation and its successors and assigns.

19.&nbsp;&nbsp;&nbsp;&nbsp;<u>Governing Law</u>. To the extent not preempted by Federal law, the Plan, this Agreement, and documents evidencing rights relating to the Plan or this Agreement will be construed, administered and governed in all respects under and by the laws of the State of Delaware, without giving effect to its conflict of laws principles. If any provision of this Agreement will be held by a court of competent jurisdiction to be invalid or unenforceable, the remaining provisions hereof will continue to be fully effective. The jurisdiction and venue for any disputes arising under, or any action brought to enforce (or otherwise relating to), this Agreement will be exclusively in the courts in the State of Illinois, County of Cook, including the Federal Courts located therein (should Federal jurisdiction exist).

20.&nbsp;&nbsp;&nbsp;&nbsp;<u>Plan Document Controls</u>. The rights granted under this Agreement are in all respects subject to the provisions set forth in the Plan to the same extent and with the same effect as if set forth fully in this Agreement. If the terms of this Agreement conflict with the terms of the Plan document, the Plan document will control.

21.&nbsp;&nbsp;&nbsp;&nbsp;<u>Counterparts</u>. This Agreement may be executed simultaneously in two or more counterparts, each of which shall be deemed an original and all of which together shall constitute but one and the same instrument.

22.&nbsp;&nbsp;&nbsp;&nbsp;<u>Waiver; Cumulative Rights</u>. The failure or delay of either party to require performance by the other party of any provision of this Agreement will not affect its right to require

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performance of such provision unless and until such performance has been waived in writing. Each right under this Agreement is cumulative and may be exercised in part or in whole from time to time.

23.&nbsp;&nbsp;&nbsp;&nbsp;<u>Tax Consequences</u>.&nbsp;&nbsp;&nbsp;&nbsp;Participant agrees to determine and be responsible for all tax consequences to Participant with respect to the Restricted Stock Units.

24.&nbsp;&nbsp;&nbsp;&nbsp;<u>Section 409A</u>*.* The Restricted Stock Units granted hereunder are intended to comply with, or otherwise be exempt from, Section 409A, including the exceptions and exemptions for short term deferrals, stock rights, and separation pay arrangements. This Agreement and all Restricted Stock Units shall be administered, interpreted, and construed in a manner consistent with Section 409A. Should any provision of this Agreement, or any other agreement or arrangement contemplated by this Agreement, be found not to comply with, or otherwise be exempt from, the provisions of Section 409A, such provision shall be modified and given effect (retroactively if necessary), in the sole discretion of the Corporation, and without the consent of Participant, in such manner as the Corporation determines to be necessary or appropriate to comply with, or to effectuate an exemption from, Section 409A. Notwithstanding the forgoing, no provision of this Agreement, or any other agreement or arrangement contemplated by this Agreement shall be construed as a guarantee by the Corporation of any particular tax effect to Participant. Each payment made under this Agreement shall be designated as a separate payment within the meaning of Section 409A. Any payment that is subject to Section 409A and payable upon Participant's termination of employment or other similar event shall not be made unless Participant has experienced a "separation from service" as defined under Section 409A. Except as provided in the provisions of Section 3(c) referencing Section 409A, any payment subject to Section 409A that is to be made upon a "separation from service" to Participant on any date when he or she is a "specified employee" as defined under Section 409A shall not be paid before the date that is six (6) months following Participant's "separation from service" or, if earlier, Participant's death.

25.&nbsp;&nbsp;&nbsp;&nbsp;<u>Compensation Recovery</u>. Notwithstanding anything in this Agreement to the contrary, the Restricted Stock Units, Dividend Equivalent Rights and any shares of Stock issued pursuant to the Restricted Stock Units and any proceeds therefrom shall be subject to and remain subject to any compensation recovery policies of the Corporation, including (i) the Corporation's Executive Officer Incentive Compensation Clawback Policy (as amended from time to time, or any successor policy), (ii) the Corporation's Supplemental Discretionary Clawback Policy (as amended from time to time, or any successor policy), (iii) any recoupment, clawback or similar requirements made applicable by law, regulation or listing standards to the Corporation from time to time (to the extent contemplated by such requirements), or (iv) as may be adopted by the Corporation to help facilitate the Corporation's objectives, including, without limitation, related to eliminating or reducing fraud, misconduct, wrongdoing, or violations of law by an employee or similar considerations and, in each case, as may be amended from time to time (the "Policies"), with the provisions contained in such Policies deemed incorporated into this Agreement without Participant's additional or separate consent. For purposes of the foregoing, Participant expressly and explicitly authorizes the Corporation to cancel any unpaid portion of the Restricted Stock Units (whether vested or unvested) and to issue instructions, on Participant's behalf, to any brokerage firm and/or third-party administrator engaged by the Corporation to hold any shares of Stock and other amounts acquired pursuant to the Restricted Stock Units to re-convey, transfer or

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otherwise return such shares of Stock and/or other amounts to the Corporation upon the Corporation's enforcement of the Policies. Participant acknowledges and agrees that the Corporation's rights hereunder shall not be affected in any way by any subsequent change in status, including retirement or termination of employment (including due to death or Disability). Participant expressly agrees to indemnify and hold the Corporation and its Affiliates harmless from any loss, cost, damage, or expense (including attorneys' fees) that the Corporation or any Affiliate may incur as a result of Participant's actions or in the Corporation and any Affiliate's efforts to recover such previously made payments or value pursuant to this provision. No recovery of compensation as described herein will be an event giving rise to a right to resign for "Good Reason" or "constructive termination" (or similar term) under any plan of, or agreement with, the Corporation, the Employer and/or Participant.

26.&nbsp;&nbsp;&nbsp;&nbsp;<u>Addendum to Agreement.</u> Notwithstanding any provision of this Agreement to the contrary, if Participant resides or is employed outside the U.S. or transfers residence or employment outside the U.S., the Restricted Stock Units shall be subject to such special terms and conditions as are set forth in the addendum to this agreement (the "<u>Addendum</u>"). Further, if Participant transfers residency and/or employment to another country, any special terms and conditions for such country will apply to the Restricted Stock Units to the extent the Corporation determines, in its sole discretion, that the application of such terms and conditions is necessary or advisable in order to comply with local law or to facilitate the operation and administration of the Restricted Stock Units and the Plan (or the Corporation may establish alternative terms and conditions as may be necessary or advisable to accommodate Participant's transfer). In all circumstances, the Addendum shall constitute part of this Agreement.

IN WITNESS WHEREOF, the Corporation and Participant have duly executed this Agreement as of the date first written above.

**Cboe Global Markets, Inc.**

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| | |
|:---|:---|
| _________________________________ | By: |
| Participant's Name |  |
| _________________________________ | Its: |
| Participant's Signature |  |

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**<u>ADDENDUM</u>**

**<u>CBOE GLOBAL MARKETS, INC. LONG-TERM INCENTIVE PLAN<br>RESTRICTED STOCK UNIT AWARD AGREEMENT</u>**

This Addendum to the Agreement includes additional terms and conditions that govern the Restricted Stock Units if Participant resides and/or is employed outside of the United States or transfers residence or employment outside the United States. Certain capitalized terms used but not defined in this Addendum have the meanings set forth in the Agreement or the Plan.

1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Nature of Grant</u>. In accepting the Restricted Stock Units, Participant acknowledges that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;the Plan is established voluntarily by the Corporation, is discretionary in nature and may be modified, amended, suspended or terminated by the Corporation at any time, to the extent permitted by the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;the award of the Restricted Stock Units is exceptional, discretionary, voluntary and occasional and does not create any contractual or other right to receive future grants of Restricted Stock Units, or benefits in lieu of Restricted Stock Units, even if Restricted Stock Units have been granted in the past;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;all decisions with respect to future Restricted Stock Unit awards, if any, will be at the sole discretion of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;Participant is voluntarily participating in the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;the Restricted Stock Units and any shares of Stock that may be received in settlement of the Restricted Stock Units, and the income and value of same, (i) are an extraordinary item that does not constitute compensation of any kind for services of any kind rendered to the Corporation or the Employer, and which is outside the scope of Participant's employment contract, if any, (ii) are not intended to replace any pension rights or compensation, and (iii) are not part of normal or expected compensation or salary for any purpose, including, but not limited to, calculating any severance, resignation, termination, redundancy, dismissal, end-of-service payments, holiday pay, bonuses, long-service awards, leave-related payments, pension or retirement or welfare benefits or similar payments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;the Restricted Stock Unit award will not be interpreted to form an employment or non-employee director contract or relationship with the Corporation or any Affiliate, nor does it amend any legal relationship or legal entitlement between Participant and the Employer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;this Agreement, the transactions contemplated hereunder and the vesting schedule set forth herein do not constitute an express or implied promise of Participant's further employment for the vesting period, for any period, or at all, and will not interfere with Participant's right or the right of the Corporation or the Employer to terminate Participant's employment relationship at any time with or without cause;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;unless otherwise agreed with the Corporation, the Restricted Stock Units and the shares of Stock underlying the Restricted Stock Units, and the income and value

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of same, are not granted as consideration for, or in connection with, the service Participant may provide as a director of an Affiliate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;the future value of the underlying shares of Stock is unknown, indeterminable and cannot be predicted with certainty;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;neither the Corporation, the Employer nor any Affiliate shall be liable for any foreign exchange rate fluctuation between Participant's local currency and the United States Dollar that may affect the value of the Restricted Stock Units or of any amounts due to Participant pursuant to the settlement of the Restricted Stock Units or the sale of any shares of Stock Participant may acquire upon such settlement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;in consideration of the grant of the Restricted Stock Units, no claim or entitlement to compensation or damages shall arise from termination of the Restricted Stock Units or diminution in value of the Restricted Stock Units or shares of Stock acquired upon vesting of the Restricted Stock Units resulting from Participant's termination of Service (for any reason whatsoever and whether or not later found to be invalid or in breach of employment laws in the jurisdiction where Participant is employed or the terms of Participant's employment agreement, if any) or from the application of any clawback or recoupment policy adopted by the Corporation or imposed by applicable law, and Participant irrevocably releases the Corporation and the Employer from any such claim that may arise; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;the Restricted Stock Units and the benefits evidenced by this Agreement do not create any entitlement not otherwise specifically provided for in the Plan or provided by the Corporation in its discretion, to have the Restricted Stock Units or any such benefits transferred to, or assumed by, another company or to be exchanged, cashed out or substituted for, in connection with any corporate transaction affecting the shares of the Corporation.

2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Participants in the European Union</u>. If Participant resides and/or is employed in a European Union ("<u>EU</u>") member state, the following provision shall replace Section 3(b) of the Agreement in its entirety and any other provisions regarding Retirement shall be disregarded and of no effect:

&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The Restricted Stock Units will vest in full upon the earlier to occur of (i) Participant's death or (ii) Participant's becoming Disabled, provided that such condition qualifies as a "disability" as defined under Section 409A, in each case, if prior to any forfeiture event under Section 3(d) below.

3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Payment of Withholding Taxes</u>. Participant acknowledges and agrees that if Participant is subject to tax and/or social contributions in more than one jurisdiction, the Corporation or its Affiliate(s) may be required to withhold or account for taxes and/or social contributions in more than one jurisdiction, in accordance with the methods of withholding described in Section 8 of the Agreement.

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4.&nbsp;&nbsp;&nbsp;&nbsp;<u>Data Privacy</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Data Collection and Usage</u>. The Corporation and the Employer will collect, process and use certain personal information about Participant, specifically, Participant's name, home address, email address and telephone number, date of birth, social security or insurance number, passport number or other identification number, salary, nationality, job title, any shares of Stock or directorships held in the Corporation, details of all Restricted Stock Units or any other entitlement to shares of Stock awarded, canceled, exercised, vested, unvested or outstanding in Participant's favor ("<u>Data</u>"), for the exclusive purpose of implementing, administering and managing the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Recipients of Data</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;<u>Stock Plan Administration Service Providers</u>. The Corporation and the Employer transfer Data to Fidelity Stock Plan Services, LLC (and/or its affiliates, collectively "<u>Fidelity</u>"), the designated broker assisting in the implementation, administration and management of the Plan. In the future, the Corporation may select a different service provider and share Data with such other provider serving in a similar manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;<u>Other Service Provider Data Recipients</u>. The Corporation also may transfer Data to other third party service providers, if necessary to ensure compliance with applicable tax, exchange control, securities and labor law. Such third party service providers may include the Corporation's legal counsel as well as its auditor, human resources consultant and payroll vendor. Wherever possible, the Corporation will anonymize data, but Participant understands that his or her Data may need to be transferred to such providers to ensure compliance with applicable law and/or tax requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;<u>Securities or Other Regulatory Authorities</u>. In addition to the recipients identified herein and where required under applicable law, Data also may be disclosed to certain securities or other regulatory authorities, including where the Corporation's securities are listed or traded or regulatory filings are made. The legal basis, where required, for such disclosure is compliance with applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>International Data Transfers</u>. The Corporation, Fidelity and other service providers described above are located in the United States. The United States may have different data privacy laws and protections than Participant's country of residence (or country of employment, if different).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;<u>Legal Basis for Collection, Processing and Transfer of Data</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;<u>Participants within the EU / European Economic Area ("EEA"), Switzerland and the United Kingdom</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.&nbsp;&nbsp;&nbsp;&nbsp;The collection, processing and transfer of Data is necessary for the legitimate purpose of the Corporation and Employer's administration of the Plan and Participant's participation in the Plan.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.&nbsp;&nbsp;&nbsp;&nbsp;When transferring Data to potential recipients outside the EU/EEA, Switzerland and/or the United Kingdom, the Corporation and the Employer strive to provide appropriate safeguards in accordance with Standard Contractual Clauses or other legally binding and permissible arrangements. For further information on the transfer of Participant's personal data outside of the EU/EEA, Switzerland and/or the United Kingdom, Participant may contact his or her human resources representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;<u>Participants outside the EU / EEA, Switzerland and the United Kingdom</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.&nbsp;&nbsp;&nbsp;&nbsp;Participant hereby explicitly and unambiguously consents to the collection, processing and use, in electronic or other form, of Participant's Data by the Corporation and the transfer of Data to the recipients mentioned above, including recipients located in countries which do not adduce an adequate level of protection from a non-U.S. data protection law perspective, for the purposes described above. Upon transfer of Participant's Data to Fidelity, Participant may be asked to agree to separate terms and data processing practices with Fidelity, with such agreement being a condition of the ability to participate in the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.&nbsp;&nbsp;&nbsp;&nbsp;Participation in the Plan is voluntary and Participant understands that Participant is providing the consent herein on a purely voluntary basis. If Participant does not consent, or later seeks to revoke his or her consent, Participant's employment status or Service and career with the Employer will not be adversely affected. The only consequence of refusing or withdrawing consent is that the Corporation would not be able to grant Restricted Stock Units or other equity awards to Participant or administer or maintain such awards. Therefore, Participant understands that refusing or withdrawing his or her consent may affect Participant's ability to participate in the Plan. For more information on the consequences of Participant's refusal to consent or withdrawal of consent, Participant understands that Participant may contact his or her human resources representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;<u>Data Retention</u>. Participant understands that Data will be held only as long as is necessary to implement, administer and manage his or her participation in the Plan or comply with applicable laws. When the Corporation no longer needs the Data, the Corporation will remove it from its systems.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) &nbsp;&nbsp;&nbsp;&nbsp;<u>Data Subject Rights</u>. Participant understands that Participant may have the right under applicable law to (i) access or copy Data that the Corporation possesses, (ii) rectify incorrect Data, (iii) delete Data, (iv) restrict processing of Data, (v) opt out of the Plan, or (vi) lodge complaints with the competent supervisory authorities in Participant's jurisdiction. To receive clarification regarding these rights or to exercise these rights, Participant understands that Participant can contact his or her local human resources representative.

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5.&nbsp;&nbsp;&nbsp;&nbsp;<u>No Advice Regarding Grant</u>. The Corporation is not providing any tax, legal or financial advice, nor is the Corporation making any recommendations regarding Participant's participation in the Plan, or Participant's acquisition or sale of the underlying shares of Stock. Participant should consult with his or her own personal tax, legal and financial advisors regarding Participant's participation in the Plan before taking any action related to the Plan.

6.&nbsp;&nbsp;&nbsp;&nbsp;<u>Imposition of Other Requirements</u>. The Corporation reserves the right to impose other requirements on Participant's participation in the Plan, on the Restricted Stock Units and on any shares of Stock acquired under the Plan, to the extent the Corporation determines it is necessary or advisable for legal or administrative reasons. Such requirements may include (but are not limited to) requiring Participant to sign any agreements or undertakings that may be necessary to accomplish the foregoing.

7.&nbsp;&nbsp;&nbsp;&nbsp;<u>Insider Trading/Market Abuse Laws</u>. By participating in the Plan, Participant agrees to comply with the Corporation's policy on insider trading (to the extent that it is applicable to Participant). Participant further acknowledges that, depending on Participant's or the broker's country of residence or where the shares of Stock are listed, Participant may be subject to insider trading restrictions and/or market abuse laws, which may affect Participant's ability to accept, acquire, sell or otherwise dispose of shares of Stock, rights to shares of Stock (e.g., Restricted Stock Units) or rights linked to the value of shares of Stock, during such times Participant is considered to have "inside information" regarding the Corporation as defined by the laws or regulations in Participant's country. Local insider trading laws and regulations may prohibit the cancellation or amendment of orders Participant places before Participant possessed inside information. Furthermore, Participant could be prohibited from (i) disclosing the inside information to any third party (other than on a "need to know" basis) and (ii) "tipping" third parties or causing them otherwise to buy or sell securities. Participant understands that third parties include fellow employees. Any restrictions under these laws or regulations are separate from and in addition to any restrictions that may be imposed under any applicable Corporation insider trading policy. Participant acknowledges that it is Participant's responsibility to comply with any applicable restrictions, and that Participant should therefore consult Participant's personal advisor on this matter.

8.&nbsp;&nbsp;&nbsp;&nbsp;<u>Foreign Asset/Account Reporting; Exchange Controls</u>. Participant's country may have certain foreign asset and/or account reporting requirements and/or exchange controls which may affect Participant's ability to acquire or hold shares of Stock under the Plan or cash received from participating in the Plan (including from any dividends received or sale proceeds arising from the sale of shares of Stock) in a brokerage or bank account outside Participant's country. Participant may be required to report such accounts, assets or transactions to the tax or other authorities in his or her country. Participant also may be required to repatriate sale proceeds or other funds received as a result of Participant's participation in the Plan to his or her country through a designated bank or broker and/or within a certain time after receipt. Participant acknowledges that it is his or her responsibility to be compliant with such regulations, and Participant should consult his or her personal legal advisor for any details.

9.&nbsp;&nbsp;&nbsp;&nbsp;<u>Language</u>. If Participant is resident in a country where English is not an official language, Participant acknowledges that Participant is sufficiently proficient in English to

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understand the terms and conditions of the Agreement or has had the ability to consult with an advisor who is sufficiently proficient in the English language. Participant further acknowledges and agrees that it is Participant's express intent that the Agreement, the Addendum and the Plan and all other documents, notices and legal proceedings entered into, given or instituted pursuant to the Restricted Stock Units be drawn up in English. If Participant has received the Agreement, the Addendum or any other document related to the Plan translated into a language other than English and if the meaning of the translated version is different than the English version, the English version will control, unless otherwise required by applicable law.

10.&nbsp;&nbsp;&nbsp;&nbsp;<u>Annex to Addendum</u>. Notwithstanding any provision of the Agreement or Addendum to the contrary, the Restricted Stock Units shall be subject to such terms and conditions for Participant's country of residence (and country of employment, if different), as are set forth in the annex to this Addendum (the "<u>Annex</u>"). Further, if Participant transfers residency and/or employment to another country, or otherwise becomes subject to the local laws, rules and/or regulations in one of the countries included in the Annex, the Corporation may establish alternative terms and conditions as may be necessary or advisable to accommodate Participant's transfer. In all circumstances, the Annex shall constitute part of this Addendum.

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**<u>ANNEX</u>**

This Annex to the Addendum includes additional (or different, if so specified) terms and conditions that govern the Restricted Stock Units if Participant resides and/or is employed in the country addressed herein or transfers residence or employment to the country addressed herein. If Participant transfers residence and/or employment to another country, the Corporation may establish alternative terms and conditions as may be necessary or advisable to accommodate Participant's transfer. Certain capitalized terms used but not defined in this Annex have the meanings set forth in the Agreement (including the Addendum) or the Plan.

**<u>Australia</u>**

1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Tax Notification</u>. The Plan is a plan to which Subdivision 83A-C of the Income Tax Assessment Act 1997 (Cth) (the "<u>Act</u>") applies (subject to conditions in the Act).

2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Securities Law Notification</u>. This grant of Restricted Stock Units is being made under Division 1A, Part 7.12 of the Corporations Act 2001 (Cth).

**<u>Canada</u>**

1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Settlement of Restricted Stock Units</u>: Notwithstanding anything to the contrary in the Agreement or any related document, if Participant is resident or employed in Canada, the Corporation shall have absolute discretion to settle the Restricted Stock Units in shares of Stock or in the form of a cash payment or in any combination of the foregoing.

2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Securities Law Notification</u>: Participant acknowledges and agrees that he or she is permitted to sell shares of Stock acquired under the Plan through the designated broker appointed under the Plan, provided the resale of shares of Stock takes place outside of Canada through facilities of a stock exchange on which the shares of Stock are listed. The shares of Stock currently are listed on Cboe BZX in the United States.

3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Termination of Employment</u>: This provision replaces Section 3(d) of the Agreement:

For purposes of the Restricted Stock Units, except as explicitly and minimally required under applicable legislation, (A) Participant's Service will be considered terminated (regardless of the reason for such termination and whether or not later found to be invalid or in breach of employment or other laws or the terms of Participant's employment or service contract, if any), and (B) Participant's right (if any) to earn, seek damages in lieu of, vest in the Restricted Stock Units, or otherwise benefit from or participate in the Plan, and any portion of the Restricted Stock Units and the shares of Stock subject to the Restricted Stock Units granted to Participant under the Plan, will be measured by and terminated, effective as of the date that is the earlier of: (i) the date Participant is no longer actively providing Service to the Company, the Employer or any Affiliate, and (ii) the date Participant receives written notice of termination (the "<u>Termination Date</u>").

Except to the extent explicitly and minimally required under applicable legislation, the Termination Date shall exclude any period during which notice, pay in lieu of notice or related payments or damages are provided or required to be provided under applicable

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law (including, but not limited to, statutory law, contract, common/civil law or otherwise) in the jurisdiction where Participant is employed or otherwise providing Services or the terms of Participant's employment or other service agreement, if any. Participant will not earn or be entitled to any pro-rated vesting or other participation in the Plan for that portion of time before the Termination Date (as determined by this provision), nor will Participant be entitled to any compensation for lost vesting or other participation. Subject to applicable legislation, the Corporation shall have the exclusive discretion to determine when Participant is no longer actively providing services for purposes of the Restricted Stock Units (including whether Participant may still be considered to be providing services while on a leave of absence).

Notwithstanding the foregoing, however, if applicable employment standards legislation, explicitly requires continued entitlement to vesting or other participation during a statutory notice period, Participant's right to vest in the Restricted Stock Units or otherwise participate in or benefit from the Plan, if any, will terminate effective as of the last day of Participant's minimum statutory notice period, but Participant will not earn or be entitled to pro-rated vesting or other participation if the vesting or payment date falls after the end of Participant's statutory notice period, nor will Participant be entitled to any compensation for lost vesting or other participation. For clarity, any reference to a Termination Date, termination of Service or termination of employment under the Agreement or the Plan will be interpreted to mean the Termination Date as defined herein.

**<u>Hong Kong</u>**

1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Settlement in Shares of Stock</u>. Notwithstanding anything to the contrary in the Agreement, the Addendum or the Plan, the Restricted Stock Units shall be settled only in shares of Stock (and may not be settled in cash).

2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Disposal of Shares of Stock</u>. If, for any reason, shares of Stock are issued to Participant within six (6) months after the Award Date, Participant agrees that Participant will not sell or otherwise dispose of any such shares of Stock prior to the six (6) month anniversary of the Award Date.

3.&nbsp;&nbsp;&nbsp;&nbsp;<u>IMPORTANT NOTICE/WARNING</u>. *The contents of this document have not been reviewed by any regulatory authority in Hong Kong. Participant is advised to exercise caution in relation to the offer. If Participant is in any doubt about any of the contents of the documents, Participant should obtain independent professional advice. The Restricted Stock Units and shares of Stock issued in settlement of the Restricted Stock Units do not constitute a public offering of securities under Hong Kong law and are available only to employees of the Corporation or its Affiliates. The Agreement, the Plan and other incidental communication materials have not been prepared in accordance with and are not intended to constitute a "prospectus" for a public offering of securities under the applicable securities legislation in Hong Kong. The Restricted Stock Units are intended only for the personal use of each eligible employee of the Employer, the Corporation or an Affiliate and may not be distributed to any other person.*

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4.&nbsp;&nbsp;&nbsp;&nbsp;<u>Wages</u>. The Restricted Stock Units and shares of Stock subject to the Restricted Stock Units do not form part of Participant's wages for purposes of calculating any statutory or contractual payments under Hong Kong law.

**<u>Japan</u>**

&nbsp;&nbsp;&nbsp;&nbsp;No country-specific provisions.

**<u>Netherlands</u>**

1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Exclusion of Claim</u>. Participant acknowledges and agrees that Participant will have no entitlement to compensation or damages insofar as such entitlement arises or may arise from Participant ceasing to have rights under the Plan, whether or not as a result of termination of Participant's Service (whether such termination is in breach of contract or otherwise), or from the loss of diminution in value of the shares of Stock underlying the Restricted Stock Units. Upon the grant of the Restricted Stock Units, Participant shall be deemed to have waived irrevocably such entitlement.

**<u>Philippines</u>**

1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Settlement in Cash</u>. Notwithstanding anything to the contrary in the Agreement, the Addendum or the Plan, the Restricted Stock Units shall be settled only in cash (and shall not be settled in shares of Stock), unless otherwise determined by the Corporation.

**<u>Singapore</u>**

1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Securities Law Information</u>. The grant of the Restricted Stock Units under the Plan is being made pursuant to the "Qualifying Person" exemption under section 273(1)(f) of the Securities and Futures Act (Chapter 289, 2006 Ed.) ("<u>SFA</u>"). The Plan has not been and will not be lodged or registered as a prospectus with the Monetary Authority of Singapore and is not regulated by any financial supervisory authority pursuant to any legislation in Singapore. Accordingly, statutory liability under the SFA in relation to the content of prospectuses would not apply. Participant should note that the Restricted Stock Units are subject to section 257 of the SFA and Participant will not be able to make any subsequent sale of shares of Stock in Singapore, or any offer of such subsequent sale of shares of Stock subject to the Restricted Stock Units in Singapore, unless such sale or offer is made (i) after six (6) months from the Award Date or (ii) pursuant to the exemptions under Part XIII Division (1) Subdivision (4) (other than section 280) of the SFA.

**<u>Switzerland</u>**

1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Securities Law Information</u>. Neither the Agreement nor any other materials relating to the grant of Restricted Stock Units (a) constitutes a prospectus according to articles 35 et seq. of the Swiss Federal Act on Financial Services ("<u>FinSA</u>"), (b) may be publicly distributed or otherwise made publicly available in Switzerland to any person other than an employee of the Corporation or one of its Affiliates or (c) has been or will be filed with, approved or supervised by any Swiss reviewing body according to article 51 FinSA or any Swiss regulatory authority, including the Swiss Financial Market Supervisory Authority, FINMA.

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**<u>United Kingdom (Including Northern Ireland)</u>**

1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Payment of Withholding Taxes</u>. The following provision supplements the section of the Agreement titled "Payment of Withholding Taxes":

Without limitation to the section of the Agreement titled 'Payment of Withholding Taxes', Participant agrees that Participant is liable for all income tax and employee national insurance contributions or other social contributions or withholding taxes ("<u>Tax-Related Items</u>") and hereby covenants to pay all such Tax-Related Items, as and when requested by the Corporation, the Employer or by HM Revenue and Customs ("<u>HMRC</u>") (or any other tax authority or any other relevant authority). Participant also agrees to indemnify and keep indemnified the Corporation and the Employer against any Tax-Related Items that they are required to pay or withhold or have paid or will pay on Participant's behalf to HMRC (or any other tax authority or any other relevant authority).

Notwithstanding the foregoing, if Participant is a director or executive officer (as within the meaning of Section 13(k) of the U.S. Securities Exchange Act of 1934, as amended), the terms of the immediately foregoing provision will not apply. In the event that Participant is a director or executive officer and income tax due is not collected from or paid by Participant, the amount of any uncollected tax may constitute a benefit to Participant on which additional income tax and national insurance contributions may be payable. Participant acknowledges that Participant ultimately will be responsible for reporting and paying any income tax due on this additional benefit directly to HMRC under the self-assessment regime and for reimbursing the Corporation or the Employer (as applicable) for the value of any employee national insurance contributions due on this additional benefit, which the Corporation and/or the Employer may recover from Participant at any time thereafter by any of the means referred to in section of the Agreement titled "Payment of Withholding Taxes".

2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Exclusion of Claim</u>. Participant acknowledges and agrees that Participant will have no entitlement to compensation or damages insofar as such entitlement arises or may arise from Participant's ceasing to have rights under or to be entitled to the Restricted Stock Units, whether or not as a result of termination of Service (whether such termination is in breach of contract or otherwise), or from the loss or diminution in value of the Restricted Stock Units. Upon the award of the Restricted Stock Units, Participant shall be deemed irrevocably to have waived any such entitlement.

3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Section 2 of the Addendum</u>. Section 2 of the Addendum (Participants in the European Union) shall not apply to the Restricted Stock Units.

## Exhibit 10.90

**Exhibit 10.90**

**<u>CBOE GLOBAL MARKETS, INC. LONG-TERM INCENTIVE PLAN</u>**

**<u>RESTRICTED STOCK UNIT AWARD AGREEMENT – PERFORMANCE BASED</u>**

This Restricted Stock Unit Award Agreement (this "<u>Agreement</u>") is dated effective _______________________(the "<u>Award Date</u>"), and is between Cboe Global Markets, Inc. (the "<u>Corporation</u>") and _______________ ("<u>Participant</u>"). Any term capitalized but not defined in this Agreement will have the meaning set forth in the Third Amended and Restated Cboe Global Markets, Inc. Long-Term Incentive Plan (as may be amended from time to time, the "<u>Plan</u>").

1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Award</u>. The Corporation hereby awards to Participant __________ Restricted Stock Units (the "<u>Restricted Stock Units</u>"). The Restricted Stock Units will be subject to the terms and conditions of the Plan and this Agreement. Each Restricted Stock Unit is a notional amount that represents one unvested share of Stock and entitles Participant, subject to the terms of this Agreement, to receive a share of Stock if and when the Restricted Stock Unit vests.

2.&nbsp;&nbsp;&nbsp;&nbsp;<u>No Rights as Stockholder; Dividend Equivalents</u>. Participant shall have no voting rights with respect to shares of Stock represented by Restricted Stock Units until the date of the issuance of the shares of Stock (as evidenced by the appropriate entry on the books of the Corporation or of a duly authorized transfer agent of the Corporation). Notwithstanding the foregoing, in the event that the Corporation declares a cash dividend on shares of Stock, on the payment date of the dividend, Participant will be credited with Dividend Equivalent Rights equal to the amount of the cash dividend per share multiplied by the number of Restricted Stock Units held by Participant on the dividend's record date. The Dividend Equivalent Rights credited to Participant under the preceding sentence will be deemed to be reinvested in additional Restricted Stock Units, which will be subject to the same terms regarding vesting, forfeiture, and distribution as Restricted Stock Units awarded to Participant under this Agreement.

3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Performance Period</u>. The Performance Period for the Restricted Stock Units shall be the three (3) year period commencing on __________ and ending on __________.

4.&nbsp;&nbsp;&nbsp;&nbsp;<u>Vesting; Effect of Termination of Service; Change in Control</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Subject to Sections 4(b), 4(c) and 4(d) below, Participant's Restricted Stock Units will become eligible to vest upon the date that achievement of the Performance Goal described in <u>Exhibit A</u> hereto is certified, subject to and contingent upon Participant's continued Service through the date of distribution of shares of Stock. Notwithstanding the foregoing, in the event of Participant's Retirement (as defined below), and satisfaction of the terms thereof, prior to the date of distribution, the Restricted Stock Units shall remain outstanding as if Participant remained in Service continuously through the date of distribution and shall vest upon the expiration of the Performance Period, subject to and contingent upon achievement of the Performance Goal, and Participant shall be entitled to receive (i) the number of Restricted Stock Units that would have vested in accordance with the preceding sentence based on the level of achievement of the Performance Goal actually achieved if Participant had continued Service through the date of distribution, multiplied by (ii) a fraction, the numerator of which is the number of days during the Performance Period on which Participant was providing Service, and the denominator of which is 1,095. For purposes of this

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Agreement, "<u>Retirement</u>" means a determination by the Corporation or its Affiliate in their sole discretion, that Participant: (i) has completed a minimum of [ten (10) full years of continuous and unbroken Service]<sup>1</sup> [ten (10) full years of aggregate Service]<sup>2</sup> [five (5) full years of continuous and unbroken service as an Employee]<sup>3</sup> [five (5) full years of continuous and unbroken Service]<sup>4</sup> as of their Retirement date, (ii) has attained the age of fifty-five (55) as of their Retirement date, (iii) has provided the Corporation's Board, CEO, President, and/or COO with at least six (6) months' advance written revocable notice of their Retirement date (unless the notice period is waived by the Corporation or its Affiliate in their sole discretion), (iv) has their Retirement date and transition plan approved and not revoked by the Corporation's Board, CEO, President, and/or COO through their Retirement date, (v) remains in Service continuously and in good standing until their Retirement date, (vi) has successfully transitioned responsibilities, as determined at the sole discretion of the Corporation's Board, CEO, President, and/or COO, and (vii) has a separation from Service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The Restricted Stock Units will vest at the Target level of achievement of the Performance Goal (as described in <u>Exhibit A</u>), upon the earlier to occur of (i) Participant's death or (ii) Participant's becoming Disabled, provided that such condition qualifies as a "disability" as defined under Section 409A, in each case, if prior to any forfeiture event under Section 4(d) below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;This subsection 4(c) shall apply to this Agreement, this Award and any Replacement Award provided to Participant to replace this Award in lieu of Section 8.2(b) of the Plan. Upon a termination of Participant's Service by the Corporation or its Affiliate without Cause or by Participant for "Good Reason" (as defined below), in each case, upon or within two years after a Change in Control and prior to any forfeiture event under Section 4(d) below, this Award or any Replacement Award held by Participant shall become fully vested and free of restrictions at the Target level of achievement of the Performance Goal (as described in <u>Exhibit A</u>, as amended by the Replacement Award, if any), except that vesting shall be, to the extent determinable, at the level of achievement of the Performance Goal actually achieved as of the date of termination of Service (with similar performance assumed to be achieved through the remainder of the Performance Period) if greater than the Target level of achievement, and shall be distributed upon or within 60 days of such termination of Service. Notwithstanding the foregoing, if this Award or the Replacement Award, as applicable, is considered deferred compensation subject to Section 409A, payment shall be made pursuant to the Award's original schedule if necessary to comply with Section 409A.

For purposes of this Award "Good Reason" shall be deemed to exist if, and only if, without Participant's express written consent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Corporation or its Affiliate assigns to Participant authorities, duties or responsibilities (including titles) that are inconsistent in any material and adverse respect with Participant's immediately preceding authorities, duties or responsibilities with the

<sup>1</sup> For all executive officers except as otherwise stated

<sup>2</sup> For Robert Hocking (executive form) agreements

<sup>3</sup> For Prashant Bhatia (executive form) agreements

<sup>4</sup> For Scott Johnston (executive form) agreements

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Corporation or its Affiliate (including any material and adverse diminution of such immediately preceding authorities, duties or responsibilities);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Corporation or its Affiliate materially reduces Participant's base compensation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Corporation or its Affiliate requires Participant to relocate his or her principal business office or principal place of residence outside the metropolitan area in which Participant worked or resided at the time the Restricted Stock Units were awarded (or outside the immediately preceding location of Participant's principal business office with the Corporation or its Affiliate), or assigns to Participant duties that would reasonably require such relocation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The Corporation or its Affiliate materially breaches the terms of any agreement pursuant to which services are provided to the Corporation or its Affiliate by Participant; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The Corporation or its Affiliate terminates, reduces or limits Participant's participation in any bonus or incentive compensation arrangement relative to the level of participation of other employees of similar rank for a reason that is not reasonably related to Participant's level of job performance or local requirements and provided that such action results in a material reduction in the aggregate value of Participant's incentive compensation below the aggregate value as of the immediately preceding bonus or incentive compensation performance period and provided further that a mere change in the form of payment of the award (whether cash or shares of Stock) without a reduction in the aggregate grant value of the award shall not be considered a reduction of Participant's participation.

Participant's voluntary termination of Service shall not be considered a termination of Service for Good Reason unless Participant terminates his or her Service within 120 days after the initial existence of the condition constituting Good Reason; provided, Participant provides written notice to the Corporation or its Affiliate of Participant's intention to resign for Good Reason, which notice specifies in reasonable detail the breach or action giving rise thereto within 90 days of its initial existence, and the Corporation or its Affiliate does not cure such breach or action within 30 days after the date of Participant's notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;If Participant's Service is terminated for any reason before all of Participant's Restricted Stock Units have vested under this Agreement (including before the Restricted Stock Units qualify for vesting pursuant to an event described in Section 4(a), 4(b) or 4(c) above), Participant's unvested Restricted Stock Units will be forfeited upon the effective date of such termination of Service. Notwithstanding anything herein to the contrary, any outstanding Restricted Stock Units not previously settled shall be cancelled and forfeited immediately if, in the sole opinion and discretion of the Committee or its delegate, Participant engages in any activity that constitutes Cause, whether or not Participant experiences a separation from Service, is no longer in Service, or remains in Service. Neither the Corporation nor any Affiliate will have any further obligations to Participant under this Agreement if Participant's Restricted Stock Units are forfeited pursuant to this Section 4(d).

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5.&nbsp;&nbsp;&nbsp;&nbsp;<u>Terms and Conditions of Distribution</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Distribution of a share of Stock that corresponds to a vested Restricted Stock Unit shall be made to Participant as soon as practicable after the Restricted Stock Unit vests, but not later than two and a half (2½) months after the end of the calendar year in which the Restricted Stock Unit vests for purposes of Section 409A, subject to such additional time as may be permitted under Section 409A in the event of Participant's death.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Reserved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;If Participant dies before the date on which the Corporation would have distributed shares of Stock in satisfaction of vested Restricted Stock Units, the Corporation will distribute such shares of Stock to Participant's designated beneficiary(ies) or, if none are designated or surviving, to Participant's estate or personal representative. The Corporation is not required to issue or deliver any shares of Stock before completing the steps necessary to comply with applicable Federal and state securities laws (including any registration requirements) and applicable stock exchange rules and practices. The Corporation will use commercially reasonable efforts to cause compliance with those laws, rules and practices. The foregoing provisions are subject in all cases to the requirements of Section 409A.

6.&nbsp;&nbsp;&nbsp;&nbsp;<u>Nontransferability</u>. Unvested Restricted Stock Units may not be sold, transferred, exchanged, pledged, assigned, garnished, or otherwise alienated or hypothecated, other than by will or by the laws of descent and distribution. Any effort to assign or transfer the rights under this Agreement will be wholly ineffective, and will be grounds for termination by the Committee of all rights of Participant under this Agreement.

7.&nbsp;&nbsp;&nbsp;&nbsp;<u>Administration</u>. The Committee administers the Plan. Participant's rights under this Agreement are expressly subject to the terms and conditions of the Plan and to any guidelines the Committee adopts from time to time. The interpretation and construction by the Committee of the Plan and this Agreement, and such rules and regulations as may be adopted by the Committee for purposes of administering the Plan and this Agreement, will be final and binding upon Participant.

8.&nbsp;&nbsp;&nbsp;&nbsp;<u>Securities Law Requirements</u>. If at any time the Board or Committee determines that issuing Stock pursuant to this Agreement would violate applicable securities laws, the Corporation will not be required to issue such Stock. The Board or Committee may declare any provision of this Agreement or action of its own null and void, if it determines the provision or action fails to comply with applicable securities laws. The Corporation may require Participant to make written representations it deems necessary or desirable to comply with applicable securities laws.

9.&nbsp;&nbsp;&nbsp;&nbsp;<u>Payment of Withholding Taxes</u>. Participant acknowledges that, regardless of any action taken by the Corporation or, if different, the Affiliate of the Corporation that employs Participant (the "Employer"), the ultimate liability for all income tax, social contributions, payroll tax, fringe benefits tax, payment on account or other tax-related items related to Participant's participation in the Plan and legally applicable to Participant or deemed by the Corporation or the Employer in their sole discretion to be an appropriate charge to Participant even if legally applicable to the Corporation or the Employer ("<u>Tax-Related Items</u>"), is and remains Participant's responsibility and may exceed the amount actually

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withheld by the Corporation or the Employer, if any. Participant further acknowledges that the Corporation and/or the Employer (a) make no representations or undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of the Restricted Stock Units, including, but not limited to, the grant, vesting or settlement of the Restricted Stock Units, or the subsequent sale of shares of Stock acquired pursuant to such settlement; and (b) do not commit to and is under no obligation to structure the terms of the grant or any aspect of the Restricted Stock Units to reduce or eliminate Participant's liability for Tax-Related Items or achieve any particular tax result. Further, if Participant is subject to Tax-Related Items in more than one jurisdiction between the Award Date and the date of any relevant taxable or tax withholding event, as applicable, Participant acknowledges that the Corporation and/or the Employer (or former employer, as applicable) may be required to withhold or account for Tax-Related Items in more than one jurisdiction.

Prior to the relevant taxable or tax withholding event, as applicable, Participant agrees to make adequate arrangements satisfactory to the Corporation and/or the Employer to satisfy all Tax-Related Items. In this regard, Participant authorizes the Corporation, or its respective agents, at their discretion, to satisfy the obligations with regard to all Tax-Related Items by one or a combination of the following: (i) withholding from Participant's wages or other cash compensation paid to Participant by the Corporation and/or the Employer; (ii) withholding from the shares of Stock to be delivered upon settlement of the Restricted Stock Units or other awards granted to Participant or (iii) permitting Participant to tender to the Corporation or to the Employer cash or, if allowed by the Committee, shares of Stock to the Corporation.

Notwithstanding the foregoing, if Participant is subject to Section 16 of the Exchange Act, pursuant to Rule 16a-2 promulgated thereunder, any tax withholding obligations shall be satisfied by having the Corporation withhold from the shares of Stock to be delivered upon settlement of the Restricted Stock Units.

Depending on the withholding method, the Corporation may withhold or account for Tax-Related Items by considering applicable statutory withholding rates (as determined by the Corporation in good faith and in its sole discretion) or other applicable withholding rates, including maximum applicable rates, in which case Participant will receive a refund of any over-withheld amount in cash and will have no entitlement to the share equivalent. If the obligation for Tax-Related Items is satisfied by withholding from the shares of Stock to be delivered upon settlement of the Restricted Stock Units, for tax purposes, Participant is deemed to have been issued the full number of shares of Stock subject to the Restricted Stock Units, notwithstanding that a number of shares of Stock are held back solely for the purpose of paying the Tax-Related Items. Participant will have no further rights with respect to any shares of Stock that are retained by the Corporation pursuant to this provision.

Participant agrees to pay to the Corporation or the Employer any amount of Tax-Related Items that the Corporation or the Employer may be required to withhold or account for as a result of Participant's participation in the Plan that cannot be satisfied by the means previously described. The Corporation may refuse to issue or deliver shares of Stock or proceeds from the sale of shares of Stock until arrangements satisfactory to the Corporation have been made in connection with the Tax-Related Items.

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10.&nbsp;&nbsp;&nbsp;&nbsp;<u>Restrictive Covenants</u>. Participant understands the global nature of the Corporation's businesses and the effort the Corporation and its Affiliates (collectively referred to in this Section as "<u>Cboe</u>") undertake to develop and protect their business and their competitive advantage. Accordingly, Participant agrees that the scope and duration of the restrictions described in this Agreement are reasonable and necessary to protect the legitimate business interests of Cboe. Participant further agrees that during the period of Participant's Service and for a period of two (2) years following Participant's separation from Service, Participant shall not, without the express written approval of the Chief Executive Officer:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;singly, jointly, or in any other capacity, in a manner that contributes to any research, technology, development, account, trading, marketing, promotion, or sales and that relates to Participant's Service with Cboe, directly or beneficially, manage, join, participate in the management, operation or control of, or work for (as an employee, consultant or independent contractor), or permit the use of his or her name by, or provide financial or other assistance to, or be connected in any manner with (i) any exchange, facility, clearinghouse, electronic communications network ("ECN"), electronic foreign currency exchange market ("FX") matching platform, multilateral trading facility, or alternative trading system ("ATS"); (ii) the ECN, ATS or FX business lines of any full service broker dealer or any digital asset or data and access solutions business line of any company; or (iii) any business line of any company that is substantially similar to any additional business line developed or entered into by Cboe during Participant's Service, provided that, in the case of clauses (i), (ii) and (iii), such entity or business line that directly competes with Cboe;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;provide any service or assistance that (i) is of the general type of service or assistance provided by Participant to Cboe, (ii) relates to any technology, account, product, project or piece of work with which Participant was involved during his Service, and (iii) contributes to causing an entity to come within the definition described in Section 10(a) above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;solicit or accept if offered to Participant, with or without solicitation, on his or her own behalf or on behalf of any other person, the services of any person who is a then-current employee of Cboe (or was an employee of Cboe during the year preceding such solicitation), nor solicit any of Cboe's then-current employees (or an individual who was employed by or engaged by Cboe during the year preceding such solicitation) to terminate employment or an engagement with Cboe, nor agree to hire any then-current employee (or an individual who was an employee of Cboe during the year preceding such hire) of Cboe into employment with Participant or any company, individual or other entity; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;directly or indirectly divert or attempt to divert from Cboe any business in which Cboe has been actively engaged during Participant's Service, nor interfere with the relationships of Cboe or with their sources of business.

11.&nbsp;&nbsp;&nbsp;&nbsp;<u>Confidentiality</u>. Participant acknowledges that the Corporation or an Affiliate may disclose secret or confidential information to Participant during the period of Participant's Service to enable Participant to perform his or her duties. Participant agrees that, subject to the following sentence, Participant shall not during his or her Service (except in connection with the proper performance of his or her duties) and thereafter, without

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the prior written consent of the Corporation, disclose to any person or entity any material or significant secret or confidential information concerning the business of the Corporation or an Affiliate that was obtained by Participant in the course of Participant's Service. This paragraph shall not be applicable if and to the extent Participant is required to testify in a legislative, judicial or regulatory proceeding pursuant to an order of Congress, any state or local legislature, a judge, or an administrative law judge, or if such secret or confidential information is required to be disclosed by Participant by any law, regulation or order of any court or regulatory commission, department or agency. Participant further agrees that if Participant's Service is terminated for any reason, Participant will not take, but will leave with the Corporation or an Affiliate, all records and papers and all matter of whatever nature that bears secret or confidential information of the Corporation or an Affiliate. For purposes of this Agreement, the term "secret or confidential information" shall include, but not be limited to, any and all records, notes, memoranda, data, writings, research, personnel information, customer information, clearing members' information, the Corporation's and any Affiliate's financial information and plans, processes, methods, techniques, systems, formulas, patents, models, devices, compilations or any other information of whatever nature in the possession or control of the Corporation or an Affiliate, that has not been published or disclosed to the general public, the options industry, the equities industry, the foreign currency exchange industry or the commodities futures industry, provided that such term shall not include knowledge, skills, and information that is common to the trade or profession of Participant.

Notwithstanding anything in this Agreement to the contrary, nothing in this Agreement prohibits Participant from confidentially or otherwise communicating or filing a charge or complaint with a governmental or regulatory entity, participating in a governmental or regulatory entity investigation, or giving truthful testimony or making other disclosures to a governmental or regulatory entity (in each case, without having to disclose any such conduct to the Corporation or an Affiliate), or from responding if properly subpoenaed or otherwise required to do so under applicable law. In addition, nothing in this Agreement limits Participant's right to receive an award from a governmental or regulatory entity for information provided to such an entity (and not as compensation for actual or alleged personal injury or damages to Participant).

Pursuant to the Defend Trade Secrets Act of 2016 (18 U.S.C. 1833(b)), Participant shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that is made in confidence either directly or indirectly to a federal, state, or local government official, or to an attorney, solely for the purpose of reporting or investigating a violation of law. Participant shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret made in a complaint, or other document filed in a lawsuit or other proceeding, if such filing is made under seal. If Participant files a lawsuit or other action alleging retaliation by the Corporation or an Affiliate for reporting a suspected violation of law, Participant may disclose the trade secret to his or her attorney and use the trade secret in the court proceeding or other action, if Participant files any document containing the trade secret under seal and does not disclose the trade secret, except pursuant to court order. This paragraph will govern to the extent it may conflict with any other provision of this Agreement.

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12.&nbsp;&nbsp;&nbsp;&nbsp;<u>Judicial Modification</u>. If the final judgment of a court of competent jurisdiction declares that any term or provision of Section 10 or 11 is invalid or unenforceable, the parties agree that (a) the court making the determination of invalidity or unenforceability shall have the power to reduce the scope, duration, or geographic area of the term or provision, to delete specific words or phrases, or to replace any invalid or unenforceable term or provision with a term or provision that is valid and enforceable and that comes closest to expressing the intention of the invalid or unenforceable term or provision, (b) the parties shall request that the court exercise that power, and (c) this Agreement shall be enforceable as so modified after the expiration of the time within which the judgment or decision may be appealed.

13.&nbsp;&nbsp;&nbsp;&nbsp;<u>Remedies</u>. Participant agrees that in the event of a breach or threatened breach of any of the covenants contained in Sections 10 or 11 of this Agreement, in addition to any other penalties or restrictions that may apply under any employment agreement, state law, or otherwise, Participant shall forfeit, upon written notice to such effect from the Corporation, any and all Awards granted to him or her under the Plan and this Agreement, including vested Awards. The forfeiture provisions of this Section 13 shall continue to apply, in accordance with their terms, after the provisions of any employment or other agreement between the Corporation and Participant have lapsed. Participant consents and agrees that if Participant violates or threatens to violate any provisions of Sections 10 or 11 of this Agreement, the Corporation or its successors in interest shall be entitled, in addition to any other remedies that they may have, including money damages, to an injunction to be issued by a court of competent jurisdiction restraining Participant from committing or continuing any violation of Sections 10 or 11. In the event that Participant is found to have breached any provision set forth in Section 10 of this Agreement, the time period provided for in that provision shall be deemed tolled (*i.e.*, it will not begin to run) for as long as Participant was in violation of that provision. Notwithstanding anything to the contrary herein, nothing in this Agreement shall prohibit or restrict a Participant who is licensed to practice law from providing legal advice and counseling, or other advice and counseling incidental thereto, as an officer, employee, consultant, independent contractor or otherwise, to an exchange, facility, clearinghouse, ECN, FX matching platform, multilateral trading facility, ATS, full service broker dealer, digital asset business, or data and access solutions business, or any other company that directly competes with Cboe. The provisions of Sections 10 and 11 of this Agreement shall continue to apply, in accordance with their terms, after Participant's service has terminated and after provisions of any employment or other agreement between the Corporation and Participant have lapsed.

14.&nbsp;&nbsp;&nbsp;&nbsp;<u>Representations and Warranties</u>. Participant represents and warrants to the Corporation that Participant has received a copy of the Plan and this Agreement, has read and understands the terms of the Plan and this Agreement, and agrees to be bound by their terms and conditions in all respects.

15.&nbsp;&nbsp;&nbsp;&nbsp;<u>No Limitation on the Corporation's Rights</u>. The granting of Restricted Stock Units under this Agreement shall not and will not in any way affect the Corporation's right or power to make adjustments, reclassifications or changes in its capital or business structure or to merge, consolidate, reincorporate, dissolve, liquidate or sell or transfer all or any part of its business or assets.

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16.&nbsp;&nbsp;&nbsp;&nbsp;<u>Plan and Agreement Not a Contract of Employment or Service</u>. Neither the Plan nor this Agreement is a contract of employment or Service, and no terms of Participant's employment or Service will be affected in any way by the Plan, this Agreement or related instruments, except to the extent specifically expressed therein. Neither the Plan nor this Agreement will be construed as conferring any legal rights on Participant to continue to be employed or remain in Service, nor will it interfere with the Corporation's or any Affiliate's right to discharge Participant or to deal with Participant regardless of the existence of the Plan or this Agreement.

17.&nbsp;&nbsp;&nbsp;&nbsp;<u>Entire Agreement and Amendment</u>. This Agreement and the Plan constitute the entire agreement between the parties hereto with respect to the Restricted Stock Units, and all prior oral and written representations are merged in this Agreement and the Plan. Notwithstanding the preceding sentence, this Agreement shall not in any way affect the terms and provisions of the Plan. This Agreement may be amended, modified, or terminated only in accordance with the Plan. The headings in this Agreement are inserted for convenience and identification only and are not intended to describe, interpret, define or limit the scope, extent, or intent of this Agreement or any provision hereof.

18.&nbsp;&nbsp;&nbsp;&nbsp;<u>Notice</u>. Any notice or other communication required or permitted under this Agreement must be in writing and must be delivered personally, sent by certified, registered or express mail, sent by overnight courier (at the sender's expense), or (if from the Corporation or the Corporation's stock plan administrator) by electronic mail. Notice will be deemed given (a) when delivered personally, (b) if mailed, three days after the date of deposit in the U.S. mail, (c) if sent by overnight courier, on the regular business day following the date sent, or (d) when electronically mailed. Notice to the Corporation should be sent to Cboe Global Markets, Inc., 433 West Van Buren Street, Chicago, Illinois 60607, Attention: General Counsel. Notice to Participant should be sent to the mailing address and/or electronic mailing address set forth on the Corporation's records. Either party may change the address to which the other party must give notice under this Section 18 by giving the other party written notice of such change, in accordance with the procedures described above or otherwise established by the Corporation or its stock plan administrator.

19.&nbsp;&nbsp;&nbsp;&nbsp;<u>Successors and Assigns</u>. The terms of this Agreement will be binding upon the Corporation and its successors and assigns.

20.&nbsp;&nbsp;&nbsp;&nbsp;<u>Governing Law</u>. To the extent not preempted by Federal law, the Plan, this Agreement, and documents evidencing rights relating to the Plan or this Agreement will be construed, administered and governed in all respects under and by the laws of the State of Delaware, without giving effect to its conflict of laws principles. If any provision of this Agreement will be held by a court of competent jurisdiction to be invalid or unenforceable, the remaining provisions hereof will continue to be fully effective. The jurisdiction and venue for any disputes arising under, or any action brought to enforce (or otherwise relating to), this Agreement will be exclusively in the courts in the State of Illinois, County of Cook, including the Federal Courts located therein (should Federal jurisdiction exist).

21.&nbsp;&nbsp;&nbsp;&nbsp;<u>Plan Document Controls</u>. The rights granted under this Agreement are in all respects subject to the provisions set forth in the Plan to the same extent and with the same effect

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as if set forth fully in this Agreement. If the terms of this Agreement conflict with the terms of the Plan document, the Plan document will control.

22.&nbsp;&nbsp;&nbsp;&nbsp;<u>Counterparts</u>. This Agreement may be executed simultaneously in two or more counterparts, each of which shall be deemed an original and all of which together shall constitute but one and the same instrument.

23.&nbsp;&nbsp;&nbsp;&nbsp;<u>Waiver; Cumulative Rights</u>. The failure or delay of either party to require performance by the other party of any provision of this Agreement will not affect its right to require performance of such provision unless and until such performance has been waived in writing. Each right under this Agreement is cumulative and may be exercised in part or in whole from time to time.

24.&nbsp;&nbsp;&nbsp;&nbsp;<u>Tax Consequences</u>.&nbsp;&nbsp;&nbsp;&nbsp;Participant agrees to determine and be responsible for all tax consequences to Participant with respect to the Restricted Stock Units.

25.&nbsp;&nbsp;&nbsp;&nbsp;<u>Section 409A</u>*.* The Restricted Stock Units granted hereunder are intended to comply with, or otherwise be exempt from, Section 409A, including the exceptions and exemptions for short term deferrals, stock rights, and separation pay arrangements. This Agreement and all Restricted Stock Units shall be administered, interpreted, and construed in a manner consistent with Section 409A. Should any provision of this Agreement, or any other agreement or arrangement contemplated by this Agreement, be found not to comply with, or otherwise be exempt from, the provisions of Section 409A, such provision shall be modified and given effect (retroactively if necessary), in the sole discretion of the Corporation, and without the consent of Participant, in such manner as the Corporation determines to be necessary or appropriate to comply with, or to effectuate an exemption from, Section 409A. Notwithstanding the forgoing, no provision of this Agreement, or any other agreement or arrangement contemplated by this Agreement shall be construed as a guarantee by the Corporation of any particular tax effect to Participant. Each payment made under this Agreement shall be designated as a separate payment within the meaning of Section 409A. Any payment that is subject to Section 409A and payable upon Participant's termination of employment or other similar event shall not be made unless Participant has experienced a "separation from service" as defined under Section 409A. Except as provided in the provisions of Section 4(c) referencing Section 409A, any payment subject to Section 409A that is to be made upon a "separation from service" to Participant on any date when he or she is a "specified employee" as defined under Section 409A shall not be paid before the date that is six (6) months following Participant's "separation from service" or, if earlier, Participant's death.

26.&nbsp;&nbsp;&nbsp;&nbsp;<u>Compensation Recovery</u>. Notwithstanding anything in this Agreement to the contrary, the Restricted Stock Units, Dividend Equivalent Rights and any shares of Stock issued pursuant to the Restricted Stock Units and any proceeds therefrom shall be subject to and remain subject to any compensation recovery policies of the Corporation, including (i) the Corporation's Executive Officer Incentive Compensation Clawback Policy (as amended from time to time, or any successor policy), (ii) the Corporation's Supplemental Discretionary Clawback Policy (as amended from time to time, or any successor policy), (iii) any recoupment, clawback or similar requirements made applicable by law, regulation or listing standards to the Corporation from time to time (to the extent contemplated by such requirements), or (iv) as may be adopted by the Corporation to help facilitate the Corporation's objectives, including, without limitation, related to

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eliminating or reducing fraud, misconduct, wrongdoing, or violations of law by an employee or similar considerations and, in each case, as may be amended from time to time (the "Policies"), with the provisions contained in such Policies deemed incorporated into this Agreement without Participant's additional or separate consent. For purposes of the foregoing, Participant expressly and explicitly authorizes the Corporation to cancel any unpaid portion of the Restricted Stock Units (whether vested or unvested) and to issue instructions, on Participant's behalf, to any brokerage firm and/or third-party administrator engaged by the Corporation to hold any shares of Stock and other amounts acquired pursuant to the Restricted Stock Units to re-convey, transfer or otherwise return such shares of Stock and/or other amounts to the Corporation upon the Corporation's enforcement of the Policies. Participant acknowledges and agrees that the Corporation's rights hereunder shall not be affected in any way by any subsequent change in status, including retirement or termination of employment (including due to death or Disability). Participant expressly agrees to indemnify and hold the Corporation and its Affiliates harmless from any loss, cost, damage, or expense (including attorneys' fees) that the Corporation or any Affiliate may incur as a result of Participant's actions or in the Corporation and any Affiliate's efforts to recover such previously made payments or value pursuant to this provision. No recovery of compensation as described herein will be an event giving rise to a right to resign for "Good Reason" or "constructive termination" (or similar term) under any plan of, or agreement with, the Corporation, the Employer and/or Participant.

27.&nbsp;&nbsp;&nbsp;&nbsp;<u>Addendum to Agreement.</u> Notwithstanding any provision of this Agreement to the contrary, if Participant resides or is employed outside the U.S. or transfers residence or employment outside the U.S., the Restricted Stock Units shall be subject to such special terms and conditions as are set forth in the addendum to this agreement (the "<u>Addendum</u>"). Further, if Participant transfers residency and/or employment to another country, any special terms and conditions for such country will apply to the Restricted Stock Units to the extent the Corporation determines, in its sole discretion, that the application of such terms and conditions is necessary or advisable in order to comply with local law or to facilitate the operation and administration of the Restricted Stock Units and the Plan (or the Corporation may establish alternative terms and conditions as may be necessary or advisable to accommodate Participant's transfer). In all circumstances, the Addendum shall constitute part of this Agreement.

IN WITNESS WHEREOF, the Corporation and Participant have duly executed this Agreement as of the date first written above.

**Cboe Global Markets, Inc.**

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| | |
|:---|:---|
| _________________________________ | By: |
| Participant's Name |  |
| _________________________________ | Its: |
| Participant's Signature |  |

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**<u>Exhibit A</u>**

&nbsp;&nbsp;&nbsp;&nbsp;Vesting of the Restricted Stock Units is contingent on achievement of a Performance Goal tied to Total Shareholder Return of the Corporation as compared to the Total Shareholder Return of the S&P 500 Index during the Performance Period. The number of Restricted Stock Units that may vest shall be determined as set forth below:

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| | |
|:---|:---|
| **TSR Percentile Attained** | **Percentage of Restricted Stock Units That Vest** |
| __________<sup>th</sup> percentile ("<u>Maximum</u>") or greater  | __________% |
| __________<sup>th</sup> percentile ("<u>Target</u>") | __________% |
| __________<sup>th</sup> percentile ("<u>Threshold</u>")  | __________% |

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**&nbsp;&nbsp;&nbsp;&nbsp;**For TSR Percentile performance levels that fall between the values shown above, the percentage of Restricted Stock Units that vest will be determined by straight line interpolation, provided that no Restricted Stock Units will vest if the Corporation's TSR Percentile does not equal or exceed the Threshold amount.

&nbsp;&nbsp;&nbsp;&nbsp;"<u>Total Shareholder Return</u>" means, with respect to any corporation, the increase in its stock price over the Performance Period plus reinvested dividends, divided by its stock price at the beginning of the Performance Period. For purposes of this definition, the beginning stock price will be the average closing price over the twenty (20) trading days up to and including __________, and the ending stock price will be the average closing price over the twenty (20) trading days up to and including __________.

&nbsp;&nbsp;&nbsp;&nbsp;"<u>TSR Percentile</u>" means the Corporation's Total Shareholder Return during the Performance Period relative to the Total Shareholder Returns for the S&P 500 Index during the Performance Period.

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**<u>ADDENDUM</u>**

**<u>CBOE GLOBAL MARKETS, INC. LONG-TERM INCENTIVE PLAN<br>RESTRICTED STOCK UNIT AWARD AGREEMENT - PERFORMANCE BASED</u>**

This Addendum to the Agreement includes additional terms and conditions that govern the Restricted Stock Units if Participant resides and/or is employed outside of the United States or transfers residence or employment outside the United States. Certain capitalized terms used but not defined in this Addendum have the meanings set forth in the Agreement or the Plan.

1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Nature of Grant</u>. In accepting the Restricted Stock Units, Participant acknowledges that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;the Plan is established voluntarily by the Corporation, is discretionary in nature and may be modified, amended, suspended or terminated by the Corporation at any time, to the extent permitted by the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;the award of the Restricted Stock Units is exceptional, discretionary, voluntary and occasional and does not create any contractual or other right to receive future grants of Restricted Stock Units, or benefits in lieu of Restricted Stock Units, even if Restricted Stock Units have been granted in the past;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;all decisions with respect to future Restricted Stock Unit awards, if any, will be at the sole discretion of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;Participant is voluntarily participating in the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;the Restricted Stock Units and any shares of Stock that may be received in settlement of the Restricted Stock Units, and the income and value of same, (i) are an extraordinary item that does not constitute compensation of any kind for services of any kind rendered to the Corporation or the Employer, and which is outside the scope of Participant's employment contract, if any, (ii) are not intended to replace any pension rights or compensation, and (iii) are not part of normal or expected compensation or salary for any purpose, including, but not limited to, calculating any severance, resignation, termination, redundancy, dismissal, end-of-service payments, holiday pay, bonuses, long-service awards, leave-related payments, pension or retirement or welfare benefits or similar payments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;the Restricted Stock Unit award will not be interpreted to form an employment or non-employee director contract or relationship with the Corporation or any Affiliate, nor does it amend any legal relationship or legal entitlement between Participant and the Employer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;this Agreement, the transactions contemplated hereunder and the vesting schedule set forth herein do not constitute an express or implied promise of Participant's further employment for the vesting period, for any period, or at all, and will not interfere with Participant's right or the right of the Corporation or the Employer to terminate Participant's employment relationship at any time with or without cause;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;unless otherwise agreed with the Corporation, the Restricted Stock Units and the shares of Stock underlying the Restricted Stock Units, and the income and value of same, are

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not granted as consideration for, or in connection with, the service Participant may provide as a director of an Affiliate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;the future value of the underlying shares of Stock is unknown, indeterminable and cannot be predicted with certainty;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;neither the Corporation, the Employer nor any Affiliate shall be liable for any foreign exchange rate fluctuation between Participant's local currency and the United States Dollar that may affect the value of the Restricted Stock Units or of any amounts due to Participant pursuant to the settlement of the Restricted Stock Units or the sale of any shares of Stock Participant may acquire upon such settlement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;in consideration of the grant of the Restricted Stock Units, no claim or entitlement to compensation or damages shall arise from termination of the Restricted Stock Units or diminution in value of the Restricted Stock Units or shares of Stock acquired upon vesting of the Restricted Stock Units resulting from Participant's termination of Service (for any reason whatsoever and whether or not later found to be invalid or in breach of employment laws in the jurisdiction where Participant is employed or the terms of Participant's employment agreement, if any) or from the application of any clawback or recoupment policy adopted by the Corporation or imposed by applicable law, and Participant irrevocably releases the Corporation and the Employer from any such claim that may arise; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;the Restricted Stock Units and the benefits evidenced by this Agreement do not create any entitlement not otherwise specifically provided for in the Plan or provided by the Corporation in its discretion, to have the Restricted Stock Units or any such benefits transferred to, or assumed by, another company or to be exchanged, cashed out or substituted for, in connection with any corporate transaction affecting the shares of the Corporation.

2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Participants in the European Union</u>. If Participant resides and/or is employed in a European Union ("<u>EU</u>") member state, the following provision shall replace Section 4(a) of the Agreement in its entirety and any other provisions regarding Retirement shall be disregarded and of no effect:

&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Subject to Sections 4(b), 4(c) and 4(d) below, Participant's Restricted Stock Units will become eligible to vest upon the date that achievement of the Performance Goal described in <u>Exhibit A</u> hereto is certified, subject to and contingent upon Participant's continued Service through the date of distribution of shares of Stock.

3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Payment of Withholding Taxes</u>. Participant acknowledges and agrees that if Participant is subject to tax and/or social contributions in more than one jurisdiction, the Corporation or its Affiliate(s) may be required to withhold or account for taxes and/or social contributions in more than one jurisdiction, in accordance with the methods of withholding described in Section 9 of the Agreement.

4.&nbsp;&nbsp;&nbsp;&nbsp;<u>Data Privacy</u>.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Data Collection and Usage</u>. The Corporation and the Employer will collect, process and use certain personal information about Participant, specifically, Participant's name, home address, email address and telephone number, date of birth, social security or insurance number, passport number or other identification number, salary, nationality, job title, any shares of Stock or directorships held in the Corporation, details of all Restricted Stock Units or any other entitlement to shares of Stock awarded, canceled, exercised, vested, unvested or outstanding in Participant's favor ("<u>Data</u>"), for the exclusive purpose of implementing, administering and managing the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Recipients of Data</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.&nbsp;&nbsp;&nbsp;&nbsp;<u>Stock Plan Administration Service Providers</u>. The Corporation and the Employer transfer Data to Fidelity Stock Plan Services, LLC (and/or its affiliates, collectively "<u>Fidelity</u>"), the designated broker assisting in the implementation, administration and management of the Plan. In the future, the Corporation may select a different service provider and share Data with such other provider serving in a similar manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.&nbsp;&nbsp;&nbsp;&nbsp;<u>Other Service Provider Data Recipients</u>. The Corporation also may transfer Data to other third party service providers, if necessary to ensure compliance with applicable tax, exchange control, securities and labor law. Such third party service providers may include the Corporation's legal counsel as well as its auditor, human resources consultant and payroll vendor. Wherever possible, the Corporation will anonymize data, but Participant understands that his or her Data may need to be transferred to such providers to ensure compliance with applicable law and/or tax requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.&nbsp;&nbsp;&nbsp;&nbsp;<u>Securities or Other Regulatory Authorities</u>. In addition to the recipients identified herein and where required under applicable law, Data also may be disclosed to certain securities or other regulatory authorities, including where the Corporation's securities are listed or traded or regulatory filings are made. The legal basis, where required, for such disclosure is compliance with applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>International Data Transfers</u>. The Corporation, Fidelity and other service providers described above are located in the United States. The United States may have different data privacy laws and protections than Participant's country of residence (or country of employment, if different).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;<u>Legal Basis for Collection, Processing and Transfer of Data</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.&nbsp;&nbsp;&nbsp;&nbsp;<u>Participants within the EU / European Economic Area ("EEA"), Switzerland and the United Kingdom</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.&nbsp;&nbsp;&nbsp;&nbsp;The collection, processing and transfer of Data is necessary for the legitimate purpose of the Corporation and Employer's administration of the Plan and Participant's participation in the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.&nbsp;&nbsp;&nbsp;&nbsp;When transferring Data to potential recipients outside the EU/EEA, Switzerland and/or the United Kingdom, the Corporation and the Employer strive to provide appropriate safeguards in accordance with Standard Contractual Clauses or other legally binding and

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permissible arrangements. For further information on the transfer of Participant's personal data outside of the EU/EEA, Switzerland and/or the United Kingdom, Participant may contact his or her human resources representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.&nbsp;&nbsp;&nbsp;&nbsp;<u>Participants outside the EU / EEA, Switzerland and the United Kingdom</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.&nbsp;&nbsp;&nbsp;&nbsp;Participant hereby explicitly and unambiguously consents to the collection, processing and use, in electronic or other form, of Participant's Data by the Corporation and the transfer of Data to the recipients mentioned above, including recipients located in countries which do not adduce an adequate level of protection from a non-U.S. data protection law perspective, for the purposes described above. Upon transfer of Participant's Data to Fidelity, Participant may be asked to agree to separate terms and data processing practices with Fidelity, with such agreement being a condition of the ability to participate in the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.&nbsp;&nbsp;&nbsp;&nbsp;Participation in the Plan is voluntary and Participant understands that Participant is providing the consent herein on a purely voluntary basis. If Participant does not consent, or later seeks to revoke his or her consent, Participant's employment status or Service and career with the Employer will not be adversely affected. The only consequence of refusing or withdrawing consent is that the Corporation would not be able to grant Restricted Stock Units or other equity awards to Participant or administer or maintain such awards. Therefore, Participant understands that refusing or withdrawing his or her consent may affect Participant's ability to participate in the Plan. For more information on the consequences of Participant's refusal to consent or withdrawal of consent, Participant understands that Participant may contact his or her human resources representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;<u>Data Retention</u>. Participant understands that Data will be held only as long as is necessary to implement, administer and manage his or her participation in the Plan or comply with applicable laws. When the Corporation no longer needs the Data, the Corporation will remove it from its systems.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) &nbsp;&nbsp;&nbsp;&nbsp;<u>Data Subject Rights</u>. Participant understands that Participant may have the right under applicable law to (i) access or copy Data that the Corporation possesses, (ii) rectify incorrect Data, (iii) delete Data, (iv) restrict processing of Data, (v) opt out of the Plan, or (vi) lodge complaints with the competent supervisory authorities in Participant's jurisdiction. To receive clarification regarding these rights or to exercise these rights, Participant understands that Participant can contact his or her local human resources representative.

5.&nbsp;&nbsp;&nbsp;&nbsp;<u>No Advice Regarding Grant</u>. The Corporation is not providing any tax, legal or financial advice, nor is the Corporation making any recommendations regarding Participant's participation in the Plan, or Participant's acquisition or sale of the underlying shares of Stock. Participant should consult with his or her own personal tax, legal and financial

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advisors regarding Participant's participation in the Plan before taking any action related to the Plan.

6.&nbsp;&nbsp;&nbsp;&nbsp;<u>Imposition of Other Requirements</u>. The Corporation reserves the right to impose other requirements on Participant's participation in the Plan, on the Restricted Stock Units and on any shares of Stock acquired under the Plan, to the extent the Corporation determines it is necessary or advisable for legal or administrative reasons. Such requirements may include (but are not limited to) requiring Participant to sign any agreements or undertakings that may be necessary to accomplish the foregoing.

7.&nbsp;&nbsp;&nbsp;&nbsp;<u>Insider Trading/Market Abuse Laws</u>. By participating in the Plan, Participant agrees to comply with the Corporation's policy on insider trading (to the extent that it is applicable to Participant). Participant further acknowledges that, depending on Participant's or the broker's country of residence or where the shares of Stock are listed, Participant may be subject to insider trading restrictions and/or market abuse laws, which may affect Participant's ability to accept, acquire, sell or otherwise dispose of shares of Stock, rights to shares of Stock (e.g., Restricted Stock Units) or rights linked to the value of shares of Stock, during such times Participant is considered to have "inside information" regarding the Corporation as defined by the laws or regulations in Participant's country. Local insider trading laws and regulations may prohibit the cancellation or amendment of orders Participant places before Participant possessed inside information. Furthermore, Participant could be prohibited from (i) disclosing the inside information to any third party (other than on a "need to know" basis) and (ii) "tipping" third parties or causing them otherwise to buy or sell securities. Participant understands that third parties include fellow employees. Any restrictions under these laws or regulations are separate from and in addition to any restrictions that may be imposed under any applicable Corporation insider trading policy. Participant acknowledges that it is Participant's responsibility to comply with any applicable restrictions, and that Participant should therefore consult Participant's personal advisor on this matter.

8.&nbsp;&nbsp;&nbsp;&nbsp;<u>Foreign Asset/Account Reporting; Exchange Controls</u>. Participant's country may have certain foreign asset and/or account reporting requirements and/or exchange controls which may affect Participant's ability to acquire or hold shares of Stock under the Plan or cash received from participating in the Plan (including from any dividends received or sale proceeds arising from the sale of shares of Stock) in a brokerage or bank account outside Participant's country. Participant may be required to report such accounts, assets or transactions to the tax or other authorities in his or her country. Participant also may be required to repatriate sale proceeds or other funds received as a result of Participant's participation in the Plan to his or her country through a designated bank or broker and/or within a certain time after receipt. Participant acknowledges that it is his or her responsibility to be compliant with such regulations, and Participant should consult his or her personal legal advisor for any details.

9.&nbsp;&nbsp;&nbsp;&nbsp;<u>Language</u>. If Participant is resident in a country where English is not an official language, Participant acknowledges that Participant is sufficiently proficient in English to understand the terms and conditions of the Agreement or has had the ability to consult with an advisor who is sufficiently proficient in the English language. Participant further acknowledges and agrees that it is Participant's express intent that the Agreement, the Addendum and the Plan and all other documents, notices and legal proceedings entered

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into, given or instituted pursuant to the Restricted Stock Units be drawn up in English. If Participant has received the Agreement, the Addendum or any other document related to the Plan translated into a language other than English and if the meaning of the translated version is different than the English version, the English version will control, unless otherwise required by applicable law.

10.&nbsp;&nbsp;&nbsp;&nbsp;<u>Annex to Addendum</u>. Notwithstanding any provision of the Agreement or Addendum to the contrary, the Restricted Stock Units shall be subject to such terms and conditions for Participant's country of residence (and country of employment, if different), as are set forth in the annex to this Addendum (the "<u>Annex</u>"). Further, if Participant transfers residency and/or employment to another country, or otherwise becomes subject to the local laws, rules and/or regulations in one of the countries included in the Annex, Corporation may establish alternative terms and conditions as may be necessary or advisable to accommodate Participant's transfer. In all circumstances, the Annex shall constitute part of this Addendum.

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**<u>ANNEX</u>**

This Annex to the Addendum includes additional (or different, if so specified) terms and conditions that govern the Restricted Stock Units if Participant resides and/or is employed in the country addressed herein or transfers residence or employment to the country addressed herein. If Participant transfers residence and/or employment to another country, the Corporation may establish alternative terms and conditions as may be necessary or advisable to accommodate Participant's transfer. Certain capitalized terms used but not defined in this Annex have the meanings set forth in the Agreement (including the Addendum) or the Plan.

**<u>Australia</u>**

1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Tax Notification</u>. The Plan is a plan to which Subdivision 83A-C of the Income Tax Assessment Act 1997 (Cth) (the "<u>Act</u>") applies (subject to conditions in the Act).

2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Securities Law Notification</u>. This grant of Restricted Stock Units is being made under Division 1A, Part 7.12 of the Corporations Act 2001 (Cth).

**<u>Canada</u>**

1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Settlement of Restricted Stock Units</u>: Notwithstanding anything to the contrary in the Agreement or any related document, if Participant is resident or employed in Canada, the Corporation shall have absolute discretion to settle the Restricted Stock Units in shares of Stock or in the form of a cash payment or in any combination of the foregoing.

2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Securities Law Notification</u>: Participant acknowledges and agrees that he or she is permitted to sell shares of Stock acquired under the Plan through the designated broker appointed under the Plan, provided the resale of shares of Stock takes place outside of Canada through facilities of a stock exchange on which the shares of Stock are listed. The shares of Stock currently are listed on Cboe BZX in the United States.

3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Termination of Employment</u>: This provision replaces Section 4(d) of the Agreement:

For purposes of the Restricted Stock Units, except as explicitly and minimally required under applicable legislation, (A) Participant's Service will be considered terminated (regardless of the reason for such termination and whether or not later found to be invalid or in breach of employment or other laws or the terms of Participant's employment or service contract, if any), and (B) Participant's right (if any) to earn, seek damages in lieu of, vest in the Restricted Stock Units, or otherwise benefit from or participate in the Plan, and any portion of the Restricted Stock Units and the shares of Stock subject to the Restricted Stock Units granted to Participant under the Plan, will be measured by and terminated, effective as of the date that is the earlier of: (i) the date Participant is no longer actively providing Service to the Company, the Employer or any Affiliate, and (ii) the date Participant receives written notice of termination (the "<u>Termination Date</u>").

Except to the extent explicitly and minimally required under applicable legislation, the Termination Date shall exclude any period during which notice, pay in lieu of notice or related payments or damages are provided or required to be provided under applicable

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law (including, but not limited to, statutory law, contract, common/civil law or otherwise) in the jurisdiction where Participant is employed or otherwise providing Services or the terms of Participant's employment or other service agreement, if any. Participant will not earn or be entitled to any pro-rated vesting or other participation in the Plan for that portion of time before the Termination Date (as determined by this provision), nor will Participant be entitled to any compensation for lost vesting or other participation. Subject to applicable legislation, the Corporation shall have the exclusive discretion to determine when Participant is no longer actively providing services for purposes of the Restricted Stock Units (including whether Participant may still be considered to be providing services while on a leave of absence).

Notwithstanding the foregoing, however, if applicable employment standards legislation, explicitly requires continued entitlement to vesting or other participation during a statutory notice period, Participant's right to vest in the Restricted Stock Units or otherwise participate in or benefit from the Plan, if any, will terminate effective as of the last day of Participant's minimum statutory notice period, but Participant will not earn or be entitled to pro-rated vesting or other participation if the vesting or payment date falls after the end of Participant's statutory notice period, nor will Participant be entitled to any compensation for lost vesting or other participation. For clarity, any reference to a Termination Date, termination of Service or termination of employment under the Agreement or the Plan will be interpreted to mean the Termination Date as defined herein.

**<u>Hong Kong</u>**

1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Settlement in Shares of Stock</u>. Notwithstanding anything to the contrary in the Agreement, the Addendum or the Plan, the Restricted Stock Units shall be settled only in shares of Stock (and may not be settled in cash).

2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Disposal of Shares of Stock</u>. If, for any reason, shares of Stock are issued to Participant within six (6) months after the Award Date, Participant agrees that Participant will not sell or otherwise dispose of any such shares of Stock prior to the six (6) month anniversary of the Award Date.

3.&nbsp;&nbsp;&nbsp;&nbsp;<u>IMPORTANT NOTICE/WARNING</u>. *The contents of this document have not been reviewed by any regulatory authority in Hong Kong. Participant is advised to exercise caution in relation to the offer. If Participant is in any doubt about any of the contents of the documents, Participant should obtain independent professional advice. The Restricted Stock Units and shares of Stock issued in settlement of the Restricted Stock Units do not constitute a public offering of securities under Hong Kong law and are available only to employees of the Corporation or its Affiliates. The Agreement, the Plan and other incidental communication materials have not been prepared in accordance with and are not intended to constitute a "prospectus" for a public offering of securities under the applicable securities legislation in Hong Kong. The Restricted Stock Units are intended only for the personal use of each eligible employee of the Employer, the Corporation or an Affiliate and may not be distributed to any other person.*

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4.&nbsp;&nbsp;&nbsp;&nbsp;<u>Wages</u>. The Restricted Stock Units and shares of Stock subject to the Restricted Stock Units do not form part of Participant's wages for purposes of calculating any statutory or contractual payments under Hong Kong law.

**<u>Japan</u>**

No country-specific provisions.

**<u>Netherlands</u>**

1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Exclusion of Claim.</u> Participant acknowledges and agrees that Participant will have no entitlement to compensation or damages insofar as such entitlement arises or may arise from Participant ceasing to have rights under the Plan, whether or not as a result of termination of Participant's Service (whether such termination is in breach of contract or otherwise), or from the loss of diminution in value of the shares of Stock underlying the Restricted Stock Units. Upon the grant of the Restricted Stock Units, Participant shall be deemed to have waived irrevocably such entitlement.

**<u>Philippines</u>**

1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Settlement in Cash</u>. Notwithstanding anything to the contrary in the Agreement, the Addendum or the Plan, the Restricted Stock Units shall be settled only in cash (and shall not be settled in shares of Stock), unless otherwise determined by the Corporation.

**<u>Singapore</u>**

1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Securities Law Information</u>. The grant of the Restricted Stock Units under the Plan is being made pursuant to the "Qualifying Person" exemption under section 273(1)(f) of the Securities and Futures Act (Chapter 289, 2006 Ed.) ("<u>SFA</u>"). The Plan has not been and will not be lodged or registered as a prospectus with the Monetary Authority of Singapore and is not regulated by any financial supervisory authority pursuant to any legislation in Singapore. Accordingly, statutory liability under the SFA in relation to the content of prospectuses would not apply. Participant should note that the Restricted Stock Units are subject to section 257 of the SFA and Participant will not be able to make any subsequent sale of shares of Stock in Singapore, or any offer of such subsequent sale of shares of Stock subject to the Restricted Stock Units in Singapore, unless such sale or offer is made (i) after six (6) months from the Award Date or (ii) pursuant to the exemptions under Part XIII Division (1) Subdivision (4) (other than section 280) of the SFA.

**<u>Switzerland</u>**

1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Securities Law Information</u>. Neither the Agreement nor any other materials relating to the grant of Restricted Stock Units (a) constitutes a prospectus according to articles 35 et seq. of the Swiss Federal Act on Financial Services ("<u>FinSA</u>"), (b) may be publicly distributed or otherwise made publicly available in Switzerland to any person other than an employee of the Corporation or one of its Affiliates or (c) has been or will be filed with, approved or supervised by any Swiss reviewing body according to article 51 FinSA or

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any Swiss regulatory authority, including the Swiss Financial Market Supervisory Authority, FINMA.

**<u>United Kingdom (Including Northern Ireland)</u>**

1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Payment of Withholding Taxes</u>. The following provision supplements the section of the Agreement titled "Payment of Withholding Taxes":

Without limitation to the section of the Agreement titled 'Payment of Withholding Taxes', Participant agrees that Participant is liable for all income tax and employee national insurance contributions or other social contributions or withholding taxes ("<u>Tax-Related Items</u>") and hereby covenants to pay all such Tax-Related Items, as and when requested by the Corporation, the Employer or by HM Revenue and Customs ("<u>HMRC</u>") (or any other tax authority or any other relevant authority). Participant also agrees to indemnify and keep indemnified the Corporation and the Employer against any Tax-Related Items that they are required to pay or withhold or have paid or will pay on Participant's behalf to HMRC (or any other tax authority or any other relevant authority).

Notwithstanding the foregoing, if Participant is a director or executive officer (as within the meaning of Section 13(k) of the U.S. Securities Exchange Act of 1934, as amended), the terms of the immediately foregoing provision will not apply. In the event that Participant is a director or executive officer and income tax due is not collected from or paid by Participant, the amount of any uncollected tax may constitute a benefit to Participant on which additional income tax and national insurance contributions may be payable. Participant acknowledges that Participant ultimately will be responsible for reporting and paying any income tax due on this additional benefit directly to HMRC under the self-assessment regime and for reimbursing the Corporation or the Employer (as applicable) for the value of any employee national insurance contributions due on this additional benefit, which the Corporation and/or the Employer may recover from Participant at any time thereafter by any of the means referred to in section of the Agreement titled "Payment of Withholding Taxes".

2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Exclusion of Claim</u>. Participant acknowledges and agrees that Participant will have no entitlement to compensation or damages insofar as such entitlement arises or may arise from Participant's ceasing to have rights under or to be entitled to the Restricted Stock Units, whether or not as a result of termination of Service (whether such termination is in breach of contract or otherwise), or from the loss or diminution in value of the Restricted Stock Units. Upon the award of the Restricted Stock Units, Participant shall be deemed irrevocably to have waived any such entitlement.

3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Section 2 of the Addendum</u>. Section 2 of the Addendum (Participants in the European Union) shall not apply to the Restricted Stock Units.

## Exhibit 10.91

**Exhibit 10.91**

**<u>CBOE GLOBAL MARKETS, INC. LONG-TERM INCENTIVE PLAN</u>**

**<u>RESTRICTED STOCK UNIT AWARD AGREEMENT – PERFORMANCE BASED</u>**

This Restricted Stock Unit Award Agreement (this "<u>Agreement</u>") is dated effective _______________________, (the "<u>Award Date</u>"), and is between Cboe Global Markets, Inc. (the "<u>Corporation</u>") and ____________________ ("<u>Participant</u>"). Any term capitalized but not defined in this Agreement will have the meaning set forth in the Third Amended and Restated Cboe Global Markets, Inc. Long-Term Incentive Plan (as may be amended from time to time, the "<u>Plan</u>").

1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Award</u>. The Corporation hereby awards to Participant ___________Restricted Stock Units (the "<u>Restricted Stock Units</u>"). The Restricted Stock Units will be subject to the terms and conditions of the Plan and this Agreement. Each Restricted Stock Unit is a notional amount that represents one unvested share of Stock and entitles Participant, subject to the terms of this Agreement, to receive a share of Stock if and when the Restricted Stock Unit vests.

2.&nbsp;&nbsp;&nbsp;&nbsp;<u>No Rights as Stockholder; Dividend Equivalents</u>. Participant shall have no voting rights with respect to shares of Stock represented by Restricted Stock Units until the date of the issuance of the shares of Stock (as evidenced by the appropriate entry on the books of the Corporation or of a duly authorized transfer agent of the Corporation). Notwithstanding the foregoing, in the event that the Corporation declares a cash dividend on shares of Stock, on the payment date of the dividend, Participant will be credited with Dividend Equivalent Rights equal to the amount of the cash dividend per share multiplied by the number of Restricted Stock Units held by Participant on the dividend's record date. The Dividend Equivalent Rights credited to Participant under the preceding sentence will be deemed to be reinvested in additional Restricted Stock Units, which will be subject to the same terms regarding vesting, forfeiture, and distribution as Restricted Stock Units awarded to Participant under this Agreement.

3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Performance Period</u>. The Performance Period for the Restricted Stock Units shall be the three (3) year period commencing on ___________ and ending on ___________.

4.&nbsp;&nbsp;&nbsp;&nbsp;<u>Vesting; Effect of Termination of Service; Change in Control</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Subject to Sections 4(b), 4(c) and 4(d) below, Participant's Restricted Stock Units will become eligible to vest upon the date that achievement of the Performance Goal described in <u>Exhibit A</u> hereto is certified, subject to and contingent upon Participant's continued Service through the date of distribution of shares of Stock. Notwithstanding the foregoing, in the event of Participant's Retirement (as defined below), and satisfaction of the terms thereof, prior to the date of distribution, the Restricted Stock Units shall remain outstanding as if Participant remained in Service continuously through the date of distribution and shall vest upon the expiration of the Performance Period, subject to and contingent upon achievement of the Performance Goal, and Participant shall be entitled to receive (i) the number of Restricted Stock Units that would have vested in accordance with the preceding sentence based on the level of achievement of the Performance Goal actually achieved if Participant had continued Service through the date of distribution, multiplied by (ii) a fraction, the numerator of which is the number of days during the Performance Period on which Participant was

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providing Service, and the denominator of which is 1,095. For purposes of this Agreement, "<u>Retirement</u>" means a determination by the Corporation or its Affiliate in their sole discretion, that Participant: (i) has completed a minimum of [ten (10) full years of continuous and unbroken Service]<sup>1</sup> [ten (10) full years of aggregate Service]<sup>2</sup> [five (5) full years of continuous and unbroken service as an Employee]<sup>3</sup> [five (5) full years of continuous and unbroken Service]<sup>4</sup> as of their Retirement date, (ii) has attained the age of fifty-five (55) as of their Retirement date, (iii) has provided the Corporation's Board, CEO, President, and/or COO with at least six (6) months' advance written revocable notice of their Retirement date (unless the notice period is waived by the Corporation or its Affiliate in their sole discretion), (iv) has their Retirement date and transition plan approved and not revoked by the Corporation's Board, CEO, President, and/or COO through their Retirement date, (v) remains in Service continuously and in good standing until their Retirement date, (vi) has successfully transitioned responsibilities, as determined at the sole discretion of the Corporation's Board, CEO, President, and/or COO, and (vii) has a separation from Service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The Restricted Stock Units will vest at the Target level of achievement of the Performance Goal (as described in <u>Exhibit A</u>), upon the earlier to occur of (i) Participant's death or (ii) Participant's becoming Disabled, provided that such condition qualifies as a "disability" as defined under Section 409A, in each case, if prior to any forfeiture event under Section 4(d) below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;This subsection 4(c) shall apply to this Agreement, this Award and any Replacement Award provided to Participant to replace this Award in lieu of Section 8.2(b) of the Plan. Upon a termination of Participant's Service by the Corporation or its Affiliate without Cause or by Participant for "Good Reason" (as defined below), in each case, upon or within two years after a Change in Control and prior to any forfeiture event under Section 4(d) below, this Award or any Replacement Award held by Participant shall become fully vested and free of restrictions at the Target level of achievement of the Performance Goal (as described in <u>Exhibit A</u>, as amended by the Replacement Award, if any), except that vesting shall be, to the extent determinable, at the level of achievement of the Performance Goal actually achieved as of the date of termination of Service (with similar performance assumed to be achieved through the remainder of the Performance Period) if greater than the Target level of achievement, and shall be distributed upon or within 60 days of such termination of Service. Notwithstanding the foregoing, if this Award or the Replacement Award, as applicable, is considered deferred compensation subject to Section 409A, payment shall be made pursuant to the Award's original schedule if necessary to comply with Section 409A.

For purposes of this Award "Good Reason" shall be deemed to exist if, and only if, without Participant's express written consent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;The Corporation or its Affiliate assigns to Participant authorities, duties or responsibilities (including titles) that are inconsistent in any material and adverse respect with Participant's immediately preceding authorities, duties or responsibilities with the

<sup>1</sup> For all executive officers except as otherwise stated

<sup>2</sup> For Robert Hocking (executive form) agreements

<sup>3</sup> For Prashant Bhatia (executive form) agreements

<sup>4</sup> For Scott Johnston (executive form) agreements

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Corporation or its Affiliate (including any material and adverse diminution of such immediately preceding authorities, duties or responsibilities);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;The Corporation or its Affiliate materially reduces Participant's base compensation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;The Corporation or its Affiliate requires Participant to relocate his or her principal business office or principal place of residence outside the metropolitan area in which Participant worked or resided at the time the Restricted Stock Units were awarded (or outside the immediately preceding location of Participant's principal business office with the Corporation or its Affiliate), or assigns to Participant duties that would reasonably require such relocation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;The Corporation or its Affiliate materially breaches the terms of any agreement pursuant to which services are provided to the Corporation or its Affiliate by Participant; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;The Corporation or its Affiliate terminates, reduces or limits Participant's participation in any bonus or incentive compensation arrangement relative to the level of participation of other employees of similar rank for a reason that is not reasonably related to Participant's level of job performance or local requirements and provided that such action results in a material reduction in the aggregate value of Participant's incentive compensation below the aggregate value as of the immediately preceding bonus or incentive compensation performance period and provided further that a mere change in the form of payment of the award (whether cash or shares of Stock) without a reduction in the aggregate grant value of the award shall not be considered a reduction of Participant's participation.

Participant's voluntary termination of Service shall not be considered a termination of Service for Good Reason unless Participant terminates his or her Service within 120 days after the initial existence of the condition constituting Good Reason; provided, Participant provides written notice to the Corporation or its Affiliate of Participant's intention to resign for Good Reason, which notice specifies in reasonable detail the breach or action giving rise thereto within 90 days of its initial existence, and the Corporation or its Affiliate does not cure such breach or action within 30 days after the date of Participant's notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;If Participant's Service is terminated for any reason before all of Participant's Restricted Stock Units have vested under this Agreement (including before the Restricted Stock Units qualify for vesting pursuant to an event described in Section 4(a), 4(b) or 4(c) above), Participant's unvested Restricted Stock Units will be forfeited upon the effective date of such termination of Service. Notwithstanding anything herein to the contrary, any outstanding Restricted Stock Units not previously settled shall be cancelled and forfeited immediately if, in the sole opinion and discretion of the Committee or its delegate, Participant engages in any activity that constitutes Cause, whether or not Participant experiences a separation from Service, is no longer in Service, or remains in Service. Neither the Corporation nor any Affiliate will have any further obligations to Participant under this Agreement if Participant's Restricted Stock Units are forfeited pursuant to this Section 4(d).

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5.&nbsp;&nbsp;&nbsp;&nbsp;<u>Terms and Conditions of Distribution</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Distribution of a share of Stock that corresponds to a vested Restricted Stock Unit shall be made to Participant as soon as practicable after the Restricted Stock Unit vests, but not later than two and a half (2½) months after the end of the calendar year in which the Restricted Stock Unit vests for purposes of Section 409A, subject to such additional time as may be permitted under Section 409A in the event of Participant's death.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Reserved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;If Participant dies before the date on which the Corporation would have distributed shares of Stock in satisfaction of vested Restricted Stock Units, the Corporation will distribute such shares of Stock to Participant's designated beneficiary(ies) or, if none are designated or surviving, to Participant's estate or personal representative. The Corporation is not required to issue or deliver any shares of Stock before completing the steps necessary to comply with applicable Federal and state securities laws (including any registration requirements) and applicable stock exchange rules and practices. The Corporation will use commercially reasonable efforts to cause compliance with those laws, rules and practices. The foregoing provisions are subject in all cases to the requirements of Section 409A.

6.&nbsp;&nbsp;&nbsp;&nbsp;<u>Nontransferability</u>. Unvested Restricted Stock Units may not be sold, transferred, exchanged, pledged, assigned, garnished, or otherwise alienated or hypothecated, other than by will or by the laws of descent and distribution. Any effort to assign or transfer the rights under this Agreement will be wholly ineffective, and will be grounds for termination by the Committee of all rights of Participant under this Agreement.

7.&nbsp;&nbsp;&nbsp;&nbsp;<u>Administration</u>. The Committee administers the Plan. Participant's rights under this Agreement are expressly subject to the terms and conditions of the Plan and to any guidelines the Committee adopts from time to time. The interpretation and construction by the Committee of the Plan and this Agreement, and such rules and regulations as may be adopted by the Committee for purposes of administering the Plan and this Agreement, will be final and binding upon Participant.

8.&nbsp;&nbsp;&nbsp;&nbsp;<u>Securities Law Requirements</u>. If at any time the Board or Committee determines that issuing Stock pursuant to this Agreement would violate applicable securities laws, the Corporation will not be required to issue such Stock. The Board or Committee may declare any provision of this Agreement or action of its own null and void, if it determines the provision or action fails to comply with applicable securities laws. The Corporation may require Participant to make written representations it deems necessary or desirable to comply with applicable securities laws.

9.&nbsp;&nbsp;&nbsp;&nbsp;<u>Payment of Withholding Taxes</u>. Participant acknowledges that, regardless of any action taken by the Corporation or, if different, the Affiliate of the Corporation that employs Participant (the "Employer"), the ultimate liability for all income tax, social contributions, payroll tax, fringe benefits tax, payment on account or other tax-related items related to Participant's participation in the Plan and legally applicable to Participant or deemed by the Corporation or the Employer in their sole discretion to be an appropriate charge to Participant even if legally applicable to the Corporation or the Employer ("<u>Tax-Related Items</u>"), is and remains Participant's responsibility and may exceed the amount actually

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withheld by the Corporation or the Employer, if any. Participant further acknowledges that the Corporation and/or the Employer (a) make no representations or undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of the Restricted Stock Units, including, but not limited to, the grant, vesting or settlement of the Restricted Stock Units, or the subsequent sale of shares of Stock acquired pursuant to such settlement; and (b) do not commit to and is under no obligation to structure the terms of the grant or any aspect of the Restricted Stock Units to reduce or eliminate Participant's liability for Tax-Related Items or achieve any particular tax result. Further, if Participant is subject to Tax-Related Items in more than one jurisdiction between the Award Date and the date of any relevant taxable or tax withholding event, as applicable, Participant acknowledges that the Corporation and/or the Employer (or former employer, as applicable) may be required to withhold or account for Tax-Related Items in more than one jurisdiction.

Prior to the relevant taxable or tax withholding event, as applicable, Participant agrees to make adequate arrangements satisfactory to the Corporation and/or the Employer to satisfy all Tax-Related Items. In this regard, Participant authorizes the Corporation, or its respective agents, at their discretion, to satisfy the obligations with regard to all Tax-Related Items by one or a combination of the following: (i) withholding from Participant's wages or other cash compensation paid to Participant by the Corporation and/or the Employer; (ii) withholding from the shares of Stock to be delivered upon settlement of the Restricted Stock Units or other awards granted to Participant or (iii) permitting Participant to tender to the Corporation or to the Employer cash or, if allowed by the Committee, shares of Stock to the Corporation.

Notwithstanding the foregoing, if Participant is subject to Section 16 of the Exchange Act, pursuant to Rule 16a-2 promulgated thereunder, any tax withholding obligations shall be satisfied by having the Corporation withhold from the shares of Stock to be delivered upon settlement of the Restricted Stock Units.

Depending on the withholding method, the Corporation may withhold or account for Tax-Related Items by considering applicable statutory withholding rates (as determined by the Corporation in good faith and in its sole discretion) or other applicable withholding rates, including maximum applicable rates, in which case Participant will receive a refund of any over-withheld amount in cash and will have no entitlement to the share equivalent. If the obligation for Tax-Related Items is satisfied by withholding from the shares of Stock to be delivered upon settlement of the Restricted Stock Units, for tax purposes, Participant is deemed to have been issued the full number of shares of Stock subject to the Restricted Stock Units, notwithstanding that a number of shares of Stock are held back solely for the purpose of paying the Tax-Related Items. Participant will have no further rights with respect to any shares of Stock that are retained by the Corporation pursuant to this provision.

Participant agrees to pay to the Corporation or the Employer any amount of Tax-Related Items that the Corporation or the Employer may be required to withhold or account for as a result of Participant's participation in the Plan that cannot be satisfied by the means previously described. The Corporation may refuse to issue or deliver shares of Stock or proceeds from the sale of shares of Stock until arrangements satisfactory to the Corporation have been made in connection with the Tax-Related Items.

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10.&nbsp;&nbsp;&nbsp;&nbsp;<u>Restrictive Covenants</u>. Participant understands the global nature of the Corporation's businesses and the effort the Corporation and its Affiliates (collectively referred to in this Section as "<u>Cboe</u>") undertake to develop and protect their business and their competitive advantage. Accordingly, Participant agrees that the scope and duration of the restrictions described in this Agreement are reasonable and necessary to protect the legitimate business interests of Cboe. Participant further agrees that during the period of Participant's Service and for a period of two (2) years following Participant's separation from Service, Participant shall not, without the express written approval of the Chief Executive Officer:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;singly, jointly, or in any other capacity, in a manner that contributes to any research, technology, development, account, trading, marketing, promotion, or sales and that relates to Participant's Service with Cboe, directly or beneficially, manage, join, participate in the management, operation or control of, or work for (as an employee, consultant or independent contractor), or permit the use of his or her name by, or provide financial or other assistance to, or be connected in any manner with (i) any exchange, facility, clearinghouse, electronic communications network ("ECN"), electronic foreign currency exchange market ("FX") matching platform, multilateral trading facility, or alternative trading system ("ATS"); (ii) the ECN, ATS or FX business lines of any full service broker dealer or any digital asset or data and access solutions business line of any company; or (iii) any business line of any company that is substantially similar to any additional business line developed or entered into by Cboe during Participant's Service, provided that, in the case of clauses (i), (ii) and (iii), such entity or business line that directly competes with Cboe;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;provide any service or assistance that (i) is of the general type of service or assistance provided by Participant to Cboe, (ii) relates to any technology, account, product, project or piece of work with which Participant was involved during his Service, and (iii) contributes to causing an entity to come within the definition described in Section 10(a) above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;solicit or accept if offered to Participant, with or without solicitation, on his or her own behalf or on behalf of any other person, the services of any person who is a then-current employee of Cboe (or was an employee of Cboe during the year preceding such solicitation), nor solicit any of Cboe's then-current employees (or an individual who was employed by or engaged by Cboe during the year preceding such solicitation) to terminate employment or an engagement with Cboe, nor agree to hire any then-current employee (or an individual who was an employee of Cboe during the year preceding such hire) of Cboe into employment with Participant or any company, individual or other entity; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;directly or indirectly divert or attempt to divert from Cboe any business in which Cboe has been actively engaged during Participant's Service, nor interfere with the relationships of Cboe or with their sources of business.

11.&nbsp;&nbsp;&nbsp;&nbsp;<u>Confidentiality</u>. Participant acknowledges that the Corporation or an Affiliate may disclose secret or confidential information to Participant during the period of Participant's Service to enable Participant to perform his or her duties. Participant agrees that, subject to the following sentence, Participant shall not during his or her Service (except in connection with the proper performance of his or her duties) and thereafter, without

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the prior written consent of the Corporation, disclose to any person or entity any material or significant secret or confidential information concerning the business of the Corporation or an Affiliate that was obtained by Participant in the course of Participant's Service. This paragraph shall not be applicable if and to the extent Participant is required to testify in a legislative, judicial or regulatory proceeding pursuant to an order of Congress, any state or local legislature, a judge, or an administrative law judge, or if such secret or confidential information is required to be disclosed by Participant by any law, regulation or order of any court or regulatory commission, department or agency. Participant further agrees that if Participant's Service is terminated for any reason, Participant will not take, but will leave with the Corporation or an Affiliate, all records and papers and all matter of whatever nature that bears secret or confidential information of the Corporation or an Affiliate. For purposes of this Agreement, the term "secret or confidential information" shall include, but not be limited to, any and all records, notes, memoranda, data, writings, research, personnel information, customer information, clearing members' information, the Corporation's and any Affiliate's financial information and plans, processes, methods, techniques, systems, formulas, patents, models, devices, compilations or any other information of whatever nature in the possession or control of the Corporation or an Affiliate, that has not been published or disclosed to the general public, the options industry, the equities industry, the foreign currency exchange industry or the commodities futures industry, provided that such term shall not include knowledge, skills, and information that is common to the trade or profession of Participant.

Notwithstanding anything in this Agreement to the contrary, nothing in this Agreement prohibits Participant from confidentially or otherwise communicating or filing a charge or complaint with a governmental or regulatory entity, participating in a governmental or regulatory entity investigation, or giving truthful testimony or making other disclosures to a governmental or regulatory entity (in each case, without having to disclose any such conduct to the Corporation or an Affiliate), or from responding if properly subpoenaed or otherwise required to do so under applicable law. In addition, nothing in this Agreement limits Participant's right to receive an award from a governmental or regulatory entity for information provided to such an entity (and not as compensation for actual or alleged personal injury or damages to Participant).

Pursuant to the Defend Trade Secrets Act of 2016 (18 U.S.C. 1833(b)), Participant shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that is made in confidence either directly or indirectly to a federal, state, or local government official, or to an attorney, solely for the purpose of reporting or investigating a violation of law. Participant shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret made in a complaint, or other document filed in a lawsuit or other proceeding, if such filing is made under seal. If Participant files a lawsuit or other action alleging retaliation by the Corporation or an Affiliate for reporting a suspected violation of law, Participant may disclose the trade secret to his or her attorney and use the trade secret in the court proceeding or other action, if Participant files any document containing the trade secret under seal and does not disclose the trade secret, except pursuant to court order. This paragraph will govern to the extent it may conflict with any other provision of this Agreement.

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12.&nbsp;&nbsp;&nbsp;&nbsp;<u>Judicial Modification</u>. If the final judgment of a court of competent jurisdiction declares that any term or provision of Section 10 or 11 is invalid or unenforceable, the parties agree that (a) the court making the determination of invalidity or unenforceability shall have the power to reduce the scope, duration, or geographic area of the term or provision, to delete specific words or phrases, or to replace any invalid or unenforceable term or provision with a term or provision that is valid and enforceable and that comes closest to expressing the intention of the invalid or unenforceable term or provision, (b) the parties shall request that the court exercise that power, and (c) this Agreement shall be enforceable as so modified after the expiration of the time within which the judgment or decision may be appealed.

13.&nbsp;&nbsp;&nbsp;&nbsp;<u>Remedies</u>. Participant agrees that in the event of a breach or threatened breach of any of the covenants contained in Sections 10 or 11 of this Agreement, in addition to any other penalties or restrictions that may apply under any employment agreement, state law, or otherwise, Participant shall forfeit, upon written notice to such effect from the Corporation, any and all Awards granted to him or her under the Plan and this Agreement, including vested Awards. The forfeiture provisions of this Section 13 shall continue to apply, in accordance with their terms, after the provisions of any employment or other agreement between the Corporation and Participant have lapsed. Participant consents and agrees that if Participant violates or threatens to violate any provisions of Sections 10 or 11 of this Agreement, the Corporation or its successors in interest shall be entitled, in addition to any other remedies that they may have, including money damages, to an injunction to be issued by a court of competent jurisdiction restraining Participant from committing or continuing any violation of Sections 10 or 11. In the event that Participant is found to have breached any provision set forth in Section 10 of this Agreement, the time period provided for in that provision shall be deemed tolled (*i.e.*, it will not begin to run) for as long as Participant was in violation of that provision. Notwithstanding anything to the contrary herein, nothing in this Agreement shall prohibit or restrict a Participant who is licensed to practice law from providing legal advice and counseling, or other advice and counseling incidental thereto, as an officer, employee, consultant, independent contractor or otherwise, to an exchange, facility, clearinghouse, ECN, FX matching platform, multilateral trading facility, ATS, full service broker dealer, digital asset business, or data and access solutions business, or any other company that directly competes with Cboe. The provisions of Sections 10 and 11 of this Agreement shall continue to apply, in accordance with their terms, after Participant's service has terminated and after provisions of any employment or other agreement between the Corporation and Participant have lapsed.

14.&nbsp;&nbsp;&nbsp;&nbsp;<u>Representations and Warranties</u>. Participant represents and warrants to the Corporation that Participant has received a copy of the Plan and this Agreement, has read and understands the terms of the Plan and this Agreement, and agrees to be bound by their terms and conditions in all respects.

15.&nbsp;&nbsp;&nbsp;&nbsp;<u>No Limitation on the Corporation's Rights</u>. The granting of Restricted Stock Units under this Agreement shall not and will not in any way affect the Corporation's right or power to make adjustments, reclassifications or changes in its capital or business structure or to merge, consolidate, reincorporate, dissolve, liquidate or sell or transfer all or any part of its business or assets.

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16.&nbsp;&nbsp;&nbsp;&nbsp;<u>Plan and Agreement Not a Contract of Employment or Service</u>. Neither the Plan nor this Agreement is a contract of employment or Service, and no terms of Participant's employment or Service will be affected in any way by the Plan, this Agreement or related instruments, except to the extent specifically expressed therein. Neither the Plan nor this Agreement will be construed as conferring any legal rights on Participant to continue to be employed or remain in Service, nor will it interfere with the Corporation's or any Affiliate's right to discharge Participant or to deal with Participant regardless of the existence of the Plan or this Agreement.

17.&nbsp;&nbsp;&nbsp;&nbsp;<u>Entire Agreement and Amendment</u>. This Agreement and the Plan constitute the entire agreement between the parties hereto with respect to the Restricted Stock Units, and all prior oral and written representations are merged in this Agreement and the Plan. Notwithstanding the preceding sentence, this Agreement shall not in any way affect the terms and provisions of the Plan. This Agreement may be amended, modified, or terminated only in accordance with the Plan. The headings in this Agreement are inserted for convenience and identification only and are not intended to describe, interpret, define or limit the scope, extent, or intent of this Agreement or any provision hereof.

18.&nbsp;&nbsp;&nbsp;&nbsp;<u>Notice</u>. Any notice or other communication required or permitted under this Agreement must be in writing and must be delivered personally, sent by certified, registered or express mail, sent by overnight courier (at the sender's expense), or (if from the Corporation or the Corporation's stock plan administrator) by electronic mail. Notice will be deemed given (a) when delivered personally, (b) if mailed, three days after the date of deposit in the U.S. mail, (c) if sent by overnight courier, on the regular business day following the date sent, or (d) when electronically mailed. Notice to the Corporation should be sent to Cboe Global Markets, Inc., 433 West Van Buren Street, Chicago, Illinois 60607, Attention: General Counsel. Notice to Participant should be sent to the mailing address and/or electronic mailing address set forth on the Corporation's records. Either party may change the address to which the other party must give notice under this Section 18 by giving the other party written notice of such change, in accordance with the procedures described above or otherwise established by the Corporation or its stock plan administrator.

19.&nbsp;&nbsp;&nbsp;&nbsp;<u>Successors and Assigns</u>. The terms of this Agreement will be binding upon the Corporation and its successors and assigns.

20.&nbsp;&nbsp;&nbsp;&nbsp;<u>Governing Law</u>. To the extent not preempted by Federal law, the Plan, this Agreement, and documents evidencing rights relating to the Plan or this Agreement will be construed, administered and governed in all respects under and by the laws of the State of Delaware, without giving effect to its conflict of laws principles. If any provision of this Agreement will be held by a court of competent jurisdiction to be invalid or unenforceable, the remaining provisions hereof will continue to be fully effective. The jurisdiction and venue for any disputes arising under, or any action brought to enforce (or otherwise relating to), this Agreement will be exclusively in the courts in the State of Illinois, County of Cook, including the Federal Courts located therein (should Federal jurisdiction exist).

21.&nbsp;&nbsp;&nbsp;&nbsp;<u>Plan Document Controls</u>. The rights granted under this Agreement are in all respects subject to the provisions set forth in the Plan to the same extent and with the same effect

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as if set forth fully in this Agreement. If the terms of this Agreement conflict with the terms of the Plan document, the Plan document will control.

22.&nbsp;&nbsp;&nbsp;&nbsp;<u>Counterparts</u>. This Agreement may be executed simultaneously in two or more counterparts, each of which shall be deemed an original and all of which together shall constitute but one and the same instrument.

23.&nbsp;&nbsp;&nbsp;&nbsp;<u>Waiver; Cumulative Rights</u>. The failure or delay of either party to require performance by the other party of any provision of this Agreement will not affect its right to require performance of such provision unless and until such performance has been waived in writing. Each right under this Agreement is cumulative and may be exercised in part or in whole from time to time.

24.&nbsp;&nbsp;&nbsp;&nbsp;<u>Tax Consequences</u>.&nbsp;&nbsp;&nbsp;&nbsp;Participant agrees to determine and be responsible for all tax consequences to Participant with respect to the Restricted Stock Units.

25.&nbsp;&nbsp;&nbsp;&nbsp;<u>Section 409A</u>*.* The Restricted Stock Units granted hereunder are intended to comply with, or otherwise be exempt from, Section 409A, including the exceptions and exemptions for short term deferrals, stock rights, and separation pay arrangements. This Agreement and all Restricted Stock Units shall be administered, interpreted, and construed in a manner consistent with Section 409A. Should any provision of this Agreement, or any other agreement or arrangement contemplated by this Agreement, be found not to comply with, or otherwise be exempt from, the provisions of Section 409A, such provision shall be modified and given effect (retroactively if necessary), in the sole discretion of the Corporation, and without the consent of Participant, in such manner as the Corporation determines to be necessary or appropriate to comply with, or to effectuate an exemption from, Section 409A. Notwithstanding the forgoing, no provision of this Agreement, or any other agreement or arrangement contemplated by this Agreement shall be construed as a guarantee by the Corporation of any particular tax effect to Participant. Each payment made under this Agreement shall be designated as a separate payment within the meaning of Section 409A. Any payment that is subject to Section 409A and payable upon Participant's termination of employment or other similar event shall not be made unless Participant has experienced a "separation from service" as defined under Section 409A. Except as provided in the provisions of Section 4(c) referencing Section 409A, any payment subject to Section 409A that is to be made upon a "separation from service" to Participant on any date when he or she is a "specified employee" as defined under Section 409A shall not be paid before the date that is six (6) months following Participant's "separation from service" or, if earlier, Participant's death.

26.&nbsp;&nbsp;&nbsp;&nbsp;<u>Compensation Recovery</u>. Notwithstanding anything in this Agreement to the contrary, the Restricted Stock Units, Dividend Equivalent Rights and any shares of Stock issued pursuant to the Restricted Stock Units and any proceeds therefrom shall be subject to and remain subject to any compensation recovery policies of the Corporation, including (i) the Corporation's Executive Officer Incentive Compensation Clawback Policy (as amended from time to time, or any successor policy), (ii) the Corporation's Supplemental Discretionary Clawback Policy (as amended from time to time, or any successor policy), (iii) any recoupment, clawback or similar requirements made applicable by law, regulation or listing standards to the Corporation from time to time (to the extent contemplated by such requirements), or (iv) as may be adopted by the Corporation to help facilitate the Corporation's objectives, including, without limitation, related to

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eliminating or reducing fraud, misconduct, wrongdoing, or violations of law by an employee or similar considerations and, in each case, as may be amended from time to time (the "Policies"), with the provisions contained in such Policies deemed incorporated into this Agreement without Participant's additional or separate consent. For purposes of the foregoing, Participant expressly and explicitly authorizes the Corporation to cancel any unpaid portion of the Restricted Stock Units (whether vested or unvested) and to issue instructions, on Participant's behalf, to any brokerage firm and/or third-party administrator engaged by the Corporation to hold any shares of Stock and other amounts acquired pursuant to the Restricted Stock Units to re-convey, transfer or otherwise return such shares of Stock and/or other amounts to the Corporation upon the Corporation's enforcement of the Policies. Participant acknowledges and agrees that the Corporation's rights hereunder shall not be affected in any way by any subsequent change in status, including retirement or termination of employment (including due to death or Disability). Participant expressly agrees to indemnify and hold the Corporation and its Affiliates harmless from any loss, cost, damage, or expense (including attorneys' fees) that the Corporation or any Affiliate may incur as a result of Participant's actions or in the Corporation and any Affiliate's efforts to recover such previously made payments or value pursuant to this provision. No recovery of compensation as described herein will be an event giving rise to a right to resign for "Good Reason" or "constructive termination" (or similar term) under any plan of, or agreement with, the Corporation, the Employer and/or Participant.

27.&nbsp;&nbsp;&nbsp;&nbsp;<u>Addendum to Agreement.</u> Notwithstanding any provision of this Agreement to the contrary, if Participant resides or is employed outside the U.S. or transfers residence or employment outside the U.S., the Restricted Stock Units shall be subject to such special terms and conditions as are set forth in the addendum to this agreement (the "<u>Addendum</u>"). Further, if Participant transfers residency and/or employment to another country, any special terms and conditions for such country will apply to the Restricted Stock Units to the extent the Corporation determines, in its sole discretion, that the application of such terms and conditions is necessary or advisable in order to comply with local law or to facilitate the operation and administration of the Restricted Stock Units and the Plan (or the Corporation may establish alternative terms and conditions as may be necessary or advisable to accommodate Participant's transfer). In all circumstances, the Addendum shall constitute part of this Agreement.

IN WITNESS WHEREOF, the Corporation and Participant have duly executed this Agreement as of the date first written above.

**Cboe Global Markets, Inc.**

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| | |
|:---|:---|
| _________________________________ | By: |
| Participant's Name |  |
| _________________________________ | Its: |
| Participant's Signature |  |

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**<u>Exhibit A</u>**

&nbsp;&nbsp;&nbsp;&nbsp;Vesting of the Restricted Stock Units is contingent upon achievement of a Performance Goal tied to Earnings Per Share for the Performance Period. The number of Restricted Stock Units that may vest shall be determined as set forth below:

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| | |
|:---|:---|
| **Earnings Per Share Attained** | **Percentage of Restricted Stock Units That Vest** |
| $___________ ("<u>Maximum</u>") or greater  | ___________% |
| $___________ ("<u>Target</u>") | ___________% |
| $___________ ("<u>Threshold</u>")  | &nbsp;&nbsp;&nbsp;&nbsp;___________% |

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**&nbsp;&nbsp;&nbsp;&nbsp;**For Earnings Per Share levels that fall between the values shown above, the percentage of Restricted Stock Units that vest will be determined by straight line interpolation, provided that no Restricted Stock Units will vest if the Corporation's Earnings Per Share does not equal or exceed the Threshold amount.

&nbsp;&nbsp;&nbsp;&nbsp;"<u>Earnings Per Share</u>" means earnings per share calculated in accordance with generally accepted accounting principles, except that certain adjustments shall be made to eliminate the impact of infrequent, unusual, and/or non-recurring items, such as non-consolidated equity method investments, restructuring charges, significant share repurchase activity, significant income tax credits or charges, acquisitions and divestitures of businesses, asset impairments, and significant litigation settlements.

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**<u>ADDENDUM</u>**

**<u>CBOE GLOBAL MARKETS, INC. LONG-TERM INCENTIVE PLAN<br>RESTRICTED STOCK UNIT AWARD AGREEMENT - PERFORMANCE BASED</u>**

This Addendum to the Agreement includes additional terms and conditions that govern the Restricted Stock Units if Participant resides and/or is employed outside of the United States or transfers residence or employment outside the United States. Certain capitalized terms used but not defined in this Addendum have the meanings set forth in the Agreement or the Plan.

1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Nature of Grant</u>. In accepting the Restricted Stock Units, Participant acknowledges that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;the Plan is established voluntarily by the Corporation, is discretionary in nature and may be modified, amended, suspended or terminated by the Corporation at any time, to the extent permitted by the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;the award of the Restricted Stock Units is exceptional, discretionary, voluntary and occasional and does not create any contractual or other right to receive future grants of Restricted Stock Units, or benefits in lieu of Restricted Stock Units, even if Restricted Stock Units have been granted in the past;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;all decisions with respect to future Restricted Stock Unit awards, if any, will be at the sole discretion of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;Participant is voluntarily participating in the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;the Restricted Stock Units and any shares of Stock that may be received in settlement of the Restricted Stock Units, and the income and value of same, (i) are an extraordinary item that does not constitute compensation of any kind for services of any kind rendered to the Corporation or the Employer, and which is outside the scope of Participant's employment contract, if any, (ii) are not intended to replace any pension rights or compensation, and (iii) are not part of normal or expected compensation or salary for any purpose, including, but not limited to, calculating any severance, resignation, termination, redundancy, dismissal, end-of-service payments, holiday pay, bonuses, long-service awards, leave-related payments, pension or retirement or welfare benefits or similar payments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;the Restricted Stock Unit award will not be interpreted to form an employment or non-employee director contract or relationship with the Corporation or any Affiliate, nor does it amend any legal relationship or legal entitlement between Participant and the Employer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;this Agreement, the transactions contemplated hereunder and the vesting schedule set forth herein do not constitute an express or implied promise of Participant's further employment for the vesting period, for any period, or at all, and will not interfere with Participant's right or the right of the Corporation or the Employer to terminate Participant's employment relationship at any time with or without cause;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;unless otherwise agreed with the Corporation, the Restricted Stock Units and the shares of Stock underlying the Restricted Stock Units, and the income and value of same, are

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not granted as consideration for, or in connection with, the service Participant may provide as a director of an Affiliate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;the future value of the underlying shares of Stock is unknown, indeterminable and cannot be predicted with certainty;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;neither the Corporation, the Employer nor any Affiliate shall be liable for any foreign exchange rate fluctuation between Participant's local currency and the United States Dollar that may affect the value of the Restricted Stock Units or of any amounts due to Participant pursuant to the settlement of the Restricted Stock Units or the sale of any shares of Stock Participant may acquire upon such settlement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;in consideration of the grant of the Restricted Stock Units, no claim or entitlement to compensation or damages shall arise from termination of the Restricted Stock Units or diminution in value of the Restricted Stock Units or shares of Stock acquired upon vesting of the Restricted Stock Units resulting from Participant's termination of Service (for any reason whatsoever and whether or not later found to be invalid or in breach of employment laws in the jurisdiction where Participant is employed or the terms of Participant's employment agreement, if any) or from the application of any clawback or recoupment policy adopted by the Corporation or imposed by applicable law, and Participant irrevocably releases the Corporation and the Employer from any such claim that may arise; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;the Restricted Stock Units and the benefits evidenced by this Agreement do not create any entitlement not otherwise specifically provided for in the Plan or provided by the Corporation in its discretion, to have the Restricted Stock Units or any such benefits transferred to, or assumed by, another company or to be exchanged, cashed out or substituted for, in connection with any corporate transaction affecting the shares of the Corporation.

2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Participants in the European Union</u>. If Participant resides and/or is employed in a European Union ("<u>EU</u>") member state, the following provision shall replace Section 4(a) of the Agreement in its entirety and any other provisions regarding Retirement shall be disregarded and of no effect:

&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Subject to Sections 4(b), 4(c) and 4(d) below, Participant's Restricted Stock Units will become eligible to vest upon the date that achievement of the Performance Goal described in <u>Exhibit A</u> hereto is certified, subject to and contingent upon Participant's continued Service through the date of distribution of shares of Stock.

3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Payment of Withholding Taxes</u>. Participant acknowledges and agrees that if Participant is subject to tax and/or social contributions in more than one jurisdiction, the Corporation or its Affiliate(s) may be required to withhold or account for taxes and/or social contributions in more than one jurisdiction, in accordance with the methods of withholding described in Section 9 of the Agreement.

4.&nbsp;&nbsp;&nbsp;&nbsp;<u>Data Privacy</u>.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Data Collection and Usage</u>. The Corporation and the Employer will collect, process and use certain personal information about Participant, specifically, Participant's name, home address, email address and telephone number, date of birth, social security or insurance number, passport number or other identification number, salary, nationality, job title, any shares of Stock or directorships held in the Corporation, details of all Restricted Stock Units or any other entitlement to shares of Stock awarded, canceled, exercised, vested, unvested or outstanding in Participant's favor ("<u>Data</u>"), for the exclusive purpose of implementing, administering and managing the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Recipients of Data</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.&nbsp;&nbsp;&nbsp;&nbsp;<u>Stock Plan Administration Service Providers</u>. The Corporation and the Employer transfer Data to Fidelity Stock Plan Services, LLC (and/or its affiliates, collectively "<u>Fidelity</u>"), the designated broker assisting in the implementation, administration and management of the Plan. In the future, the Corporation may select a different service provider and share Data with such other provider serving in a similar manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.&nbsp;&nbsp;&nbsp;&nbsp;<u>Other Service Provider Data Recipients</u>. The Corporation also may transfer Data to other third party service providers, if necessary to ensure compliance with applicable tax, exchange control, securities and labor law. Such third party service providers may include the Corporation's legal counsel as well as its auditor, human resources consultant and payroll vendor. Wherever possible, the Corporation will anonymize data, but Participant understands that his or her Data may need to be transferred to such providers to ensure compliance with applicable law and/or tax requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.&nbsp;&nbsp;&nbsp;&nbsp;<u>Securities or Other Regulatory Authorities</u>. In addition to the recipients identified herein and where required under applicable law, Data also may be disclosed to certain securities or other regulatory authorities, including where the Corporation's securities are listed or traded or regulatory filings are made. The legal basis, where required, for such disclosure is compliance with applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>International Data Transfers</u>. The Corporation, Fidelity and other service providers described above are located in the United States. The United States may have different data privacy laws and protections than Participant's country of residence (or country of employment, if different).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;<u>Legal Basis for Collection, Processing and Transfer of Data</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.&nbsp;&nbsp;&nbsp;&nbsp;<u>Participants within the EU / European Economic Area ("EEA"), Switzerland and the United Kingdom</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.&nbsp;&nbsp;&nbsp;&nbsp;The collection, processing and transfer of Data is necessary for the legitimate purpose of the Corporation and Employer's administration of the Plan and Participant's participation in the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.&nbsp;&nbsp;&nbsp;&nbsp;When transferring Data to potential recipients outside the EU/EEA, Switzerland and/or the United Kingdom, the Corporation and the Employer strive to provide appropriate safeguards in accordance with Standard Contractual Clauses or other legally binding and

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permissible arrangements. For further information on the transfer of Participant's personal data outside of the EU/EEA, Switzerland and/or the United Kingdom, Participant may contact his or her human resources representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.&nbsp;&nbsp;&nbsp;&nbsp;<u>Participants outside the EU / EEA, Switzerland and the United Kingdom</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.&nbsp;&nbsp;&nbsp;&nbsp;Participant hereby explicitly and unambiguously consents to the collection, processing and use, in electronic or other form, of Participant's Data by the Corporation and the transfer of Data to the recipients mentioned above, including recipients located in countries which do not adduce an adequate level of protection from a non-U.S. data protection law perspective, for the purposes described above. Upon transfer of Participant's Data to Fidelity, Participant may be asked to agree to separate terms and data processing practices with Fidelity, with such agreement being a condition of the ability to participate in the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.&nbsp;&nbsp;&nbsp;&nbsp;Participation in the Plan is voluntary and Participant understands that Participant is providing the consent herein on a purely voluntary basis. If Participant does not consent, or later seeks to revoke his or her consent, Participant's employment status or Service and career with the Employer will not be adversely affected. The only consequence of refusing or withdrawing consent is that the Corporation would not be able to grant Restricted Stock Units or other equity awards to Participant or administer or maintain such awards. Therefore, Participant understands that refusing or withdrawing his or her consent may affect Participant's ability to participate in the Plan. For more information on the consequences of Participant's refusal to consent or withdrawal of consent, Participant understands that Participant may contact his or her human resources representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;<u>Data Retention</u>. Participant understands that Data will be held only as long as is necessary to implement, administer and manage his or her participation in the Plan or comply with applicable laws. When the Corporation no longer needs the Data, the Corporation will remove it from its systems.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) &nbsp;&nbsp;&nbsp;&nbsp;<u>Data Subject Rights</u>. Participant understands that Participant may have the right under applicable law to (i) access or copy Data that the Corporation possesses, (ii) rectify incorrect Data, (iii) delete Data, (iv) restrict processing of Data, (v) opt out of the Plan, or (vi) lodge complaints with the competent supervisory authorities in Participant's jurisdiction. To receive clarification regarding these rights or to exercise these rights, Participant understands that Participant can contact his or her local human resources representative.

5.&nbsp;&nbsp;&nbsp;&nbsp;<u>No Advice Regarding Grant</u>. The Corporation is not providing any tax, legal or financial advice, nor is the Corporation making any recommendations regarding Participant's participation in the Plan, or Participant's acquisition or sale of the underlying shares of Stock. Participant should consult with his or her own personal tax, legal and financial

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advisors regarding Participant's participation in the Plan before taking any action related to the Plan.

6.&nbsp;&nbsp;&nbsp;&nbsp;<u>Imposition of Other Requirements</u>. The Corporation reserves the right to impose other requirements on Participant's participation in the Plan, on the Restricted Stock Units and on any shares of Stock acquired under the Plan, to the extent the Corporation determines it is necessary or advisable for legal or administrative reasons. Such requirements may include (but are not limited to) requiring Participant to sign any agreements or undertakings that may be necessary to accomplish the foregoing.

7.&nbsp;&nbsp;&nbsp;&nbsp;<u>Insider Trading/Market Abuse Laws</u>. By participating in the Plan, Participant agrees to comply with the Corporation's policy on insider trading (to the extent that it is applicable to Participant). Participant further acknowledges that, depending on Participant's or the broker's country of residence or where the shares of Stock are listed, Participant may be subject to insider trading restrictions and/or market abuse laws, which may affect Participant's ability to accept, acquire, sell or otherwise dispose of shares of Stock, rights to shares of Stock (e.g., Restricted Stock Units) or rights linked to the value of shares of Stock, during such times Participant is considered to have "inside information" regarding the Corporation as defined by the laws or regulations in Participant's country. Local insider trading laws and regulations may prohibit the cancellation or amendment of orders Participant places before Participant possessed inside information. Furthermore, Participant could be prohibited from (i) disclosing the inside information to any third party (other than on a "need to know" basis) and (ii) "tipping" third parties or causing them otherwise to buy or sell securities. Participant understands that third parties include fellow employees. Any restrictions under these laws or regulations are separate from and in addition to any restrictions that may be imposed under any applicable Corporation insider trading policy. Participant acknowledges that it is Participant's responsibility to comply with any applicable restrictions, and that Participant should therefore consult Participant's personal advisor on this matter.

8.&nbsp;&nbsp;&nbsp;&nbsp;<u>Foreign Asset/Account Reporting; Exchange Controls</u>. Participant's country may have certain foreign asset and/or account reporting requirements and/or exchange controls which may affect Participant's ability to acquire or hold shares of Stock under the Plan or cash received from participating in the Plan (including from any dividends received or sale proceeds arising from the sale of shares of Stock) in a brokerage or bank account outside Participant's country. Participant may be required to report such accounts, assets or transactions to the tax or other authorities in his or her country. Participant also may be required to repatriate sale proceeds or other funds received as a result of Participant's participation in the Plan to his or her country through a designated bank or broker and/or within a certain time after receipt. Participant acknowledges that it is his or her responsibility to be compliant with such regulations, and Participant should consult his or her personal legal advisor for any details.

9.&nbsp;&nbsp;&nbsp;&nbsp;<u>Language</u>. If Participant is resident in a country where English is not an official language, Participant acknowledges that Participant is sufficiently proficient in English to understand the terms and conditions of the Agreement or has had the ability to consult with an advisor who is sufficiently proficient in the English language. Participant further acknowledges and agrees that it is Participant's express intent that the Agreement, the Addendum and the Plan and all other documents, notices and legal proceedings entered

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into, given or instituted pursuant to the Restricted Stock Units be drawn up in English. If Participant has received the Agreement, the Addendum or any other document related to the Plan translated into a language other than English and if the meaning of the translated version is different than the English version, the English version will control, unless otherwise required by applicable law.

10.&nbsp;&nbsp;&nbsp;&nbsp;<u>Annex to Addendum</u>. Notwithstanding any provision of the Agreement or Addendum to the contrary, the Restricted Stock Units shall be subject to such terms and conditions for Participant's country of residence (and country of employment, if different), as are set forth in the annex to this Addendum (the "<u>Annex</u>"). Further, if Participant transfers residency and/or employment to another country, or otherwise becomes subject to the local laws, rules and/or regulations in one of the countries included in the Annex, Corporation may establish alternative terms and conditions as may be necessary or advisable to accommodate Participant's transfer. In all circumstances, the Annex shall constitute part of this Addendum.

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**<u>ANNEX</u>**

This Annex to the Addendum includes additional (or different, if so specified) terms and conditions that govern the Restricted Stock Units if Participant resides and/or is employed in the country addressed herein or transfers residence or employment to the country addressed herein. If Participant transfers residence and/or employment to another country, the Corporation may establish alternative terms and conditions as may be necessary or advisable to accommodate Participant's transfer. Certain capitalized terms used but not defined in this Annex have the meanings set forth in the Agreement (including the Addendum) or the Plan.

**<u>Australia</u>**

1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Tax Notification</u>. The Plan is a plan to which Subdivision 83A-C of the Income Tax Assessment Act 1997 (Cth) (the "<u>Act</u>") applies (subject to conditions in the Act).

2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Securities Law Notification</u>. This grant of Restricted Stock Units is being made under Division 1A, Part 7.12 of the Corporations Act 2001 (Cth).

**<u>Canada</u>**

1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Settlement of Restricted Stock Units</u>: Notwithstanding anything to the contrary in the Agreement or any related document, if Participant is resident or employed in Canada, the Corporation shall have absolute discretion to settle the Restricted Stock Units in shares of Stock or in the form of a cash payment or in any combination of the foregoing.

2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Securities Law Notification</u>: Participant acknowledges and agrees that he or she is permitted to sell shares of Stock acquired under the Plan through the designated broker appointed under the Plan, provided the resale of shares of Stock takes place outside of Canada through facilities of a stock exchange on which the shares of Stock are listed. The shares of Stock currently are listed on Cboe BZX in the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>3. Termination of Employment</u>: This provision replaces Section 4(d) of the Agreement:

For purposes of the Restricted Stock Units, except as explicitly and minimally required under applicable legislation, (A) Participant's Service will be considered terminated (regardless of the reason for such termination and whether or not later found to be invalid or in breach of employment or other laws or the terms of Participant's employment or service contract, if any), and (B) Participant's right (if any) to earn, seek damages in lieu of, vest in the Restricted Stock Units, or otherwise benefit from or participate in the Plan, and any portion of the Restricted Stock Units and the shares of Stock subject to the Restricted Stock Units granted to Participant under the Plan, will be measured by and terminated, effective as of the date that is the earlier of: (i) the date Participant is no longer actively providing Service to the Company, the Employer or any Affiliate, and (ii) the date Participant receives written notice of termination (the "<u>Termination Date</u>").

Except to the extent explicitly and minimally required under applicable legislation, the Termination Date shall exclude any period during which notice, pay in lieu of notice or related payments or damages are provided or required to be provided under applicable

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law (including, but not limited to, statutory law, contract, common/civil law or otherwise) in the jurisdiction where Participant is employed or otherwise providing Services or the terms of Participant's employment or other service agreement, if any. Participant will not earn or be entitled to any pro-rated vesting or other participation in the Plan for that portion of time before the Termination Date (as determined by this provision), nor will Participant be entitled to any compensation for lost vesting or other participation. Subject to applicable legislation, the Corporation shall have the exclusive discretion to determine when Participant is no longer actively providing services for purposes of the Restricted Stock Units (including whether Participant may still be considered to be providing services while on a leave of absence).

Notwithstanding the foregoing, however, if applicable employment standards legislation, explicitly requires continued entitlement to vesting or other participation during a statutory notice period, Participant's right to vest in the Restricted Stock Units or otherwise participate in or benefit from the Plan, if any, will terminate effective as of the last day of Participant's minimum statutory notice period, but Participant will not earn or be entitled to pro-rated vesting or other participation if the vesting or payment date falls after the end of Participant's statutory notice period, nor will Participant be entitled to any compensation for lost vesting or other participation. For clarity, any reference to a Termination Date, termination of Service or termination of employment under the Agreement or the Plan will be interpreted to mean the Termination Date as defined herein.

**<u>Hong Kong</u>**

1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Settlement in Shares of Stock</u>. Notwithstanding anything to the contrary in the Agreement, the Addendum or the Plan, the Restricted Stock Units shall be settled only in shares of Stock (and may not be settled in cash).

2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Disposal of Shares of Stock</u>. If, for any reason, shares of Stock are issued to Participant within six (6) months after the Award Date, Participant agrees that Participant will not sell or otherwise dispose of any such shares of Stock prior to the six (6) month anniversary of the Award Date.

3.&nbsp;&nbsp;&nbsp;&nbsp;<u>IMPORTANT NOTICE/WARNING</u>. *The contents of this document have not been reviewed by any regulatory authority in Hong Kong. Participant is advised to exercise caution in relation to the offer. If Participant is in any doubt about any of the contents of the documents, Participant should obtain independent professional advice. The Restricted Stock Units and shares of Stock issued in settlement of the Restricted Stock Units do not constitute a public offering of securities under Hong Kong law and are available only to employees of the Corporation or its Affiliates. The Agreement, the Plan and other incidental communication materials have not been prepared in accordance with and are not intended to constitute a "prospectus" for a public offering of securities under the applicable securities legislation in Hong Kong. The Restricted Stock Units are intended only for the personal use of each eligible employee of the Employer, the Corporation or an Affiliate and may not be distributed to any other person.*

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4.&nbsp;&nbsp;&nbsp;&nbsp;<u>Wages</u>. The Restricted Stock Units and shares of Stock subject to the Restricted Stock Units do not form part of Participant's wages for purposes of calculating any statutory or contractual payments under Hong Kong law.

**<u>Japan</u>**

No country-specific provisions.

**<u>Netherlands</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Exclusion of Claim.</u> Participant acknowledges and agrees that Participant will have no entitlement to compensation or damages insofar as such entitlement arises or may arise from Participant ceasing to have rights under the Plan, whether or not as a result of termination of Participant's Service (whether such termination is in breach of contract or otherwise), or from the loss of diminution in value of the shares of Stock underlying the Restricted Stock Units. Upon the grant of the Restricted Stock Units, Participant shall be deemed to have waived irrevocably such entitlement.

**<u>Philippines</u>**

1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Settlement in Cash</u>. Notwithstanding anything to the contrary in the Agreement, the Addendum or the Plan, the Restricted Stock Units shall be settled only in cash (and shall not be settled in shares of Stock), unless otherwise determined by the Corporation.

**<u>Singapore</u>**

1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Securities Law Information</u>. The grant of the Restricted Stock Units under the Plan is being made pursuant to the "Qualifying Person" exemption under section 273(1)(f) of the Securities and Futures Act (Chapter 289, 2006 Ed.) ("<u>SFA</u>"). The Plan has not been and will not be lodged or registered as a prospectus with the Monetary Authority of Singapore and is not regulated by any financial supervisory authority pursuant to any legislation in Singapore. Accordingly, statutory liability under the SFA in relation to the content of prospectuses would not apply. Participant should note that the Restricted Stock Units are subject to section 257 of the SFA and Participant will not be able to make any subsequent sale of shares of Stock in Singapore, or any offer of such subsequent sale of shares of Stock subject to the Restricted Stock Units in Singapore, unless such sale or offer is made (i) after six (6) months from the Award Date or (ii) pursuant to the exemptions under Part XIII Division (1) Subdivision (4) (other than section 280) of the SFA.

**<u>Switzerland</u>**

1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Securities Law Information</u>. Neither the Agreement nor any other materials relating to the grant of Restricted Stock Units (a) constitutes a prospectus according to articles 35 et seq. of the Swiss Federal Act on Financial Services ("<u>FinSA</u>"), (b) may be publicly distributed or otherwise made publicly available in Switzerland to any person other than an employee of the Corporation or one of its Affiliates or (c) has been or will be filed with, approved or supervised by any Swiss reviewing body according to article 51 FinSA or

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any Swiss regulatory authority, including the Swiss Financial Market Supervisory Authority, FINMA.

**<u>United Kingdom (Including Northern Ireland)</u>**

1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Payment of Withholding Taxes</u>. The following provision supplements the section of the Agreement titled "Payment of Withholding Taxes":

Without limitation to the section of the Agreement titled 'Payment of Withholding Taxes', Participant agrees that Participant is liable for all income tax and employee national insurance contributions or other social contributions or withholding taxes ("<u>Tax-Related Items</u>") and hereby covenants to pay all such Tax-Related Items, as and when requested by the Corporation, the Employer or by HM Revenue and Customs ("<u>HMRC</u>") (or any other tax authority or any other relevant authority). Participant also agrees to indemnify and keep indemnified the Corporation and the Employer against any Tax-Related Items that they are required to pay or withhold or have paid or will pay on Participant's behalf to HMRC (or any other tax authority or any other relevant authority).

Notwithstanding the foregoing, if Participant is a director or executive officer (as within the meaning of Section 13(k) of the U.S. Securities Exchange Act of 1934, as amended), the terms of the immediately foregoing provision will not apply. In the event that Participant is a director or executive officer and income tax due is not collected from or paid by Participant, the amount of any uncollected tax may constitute a benefit to Participant on which additional income tax and national insurance contributions may be payable. Participant acknowledges that Participant ultimately will be responsible for reporting and paying any income tax due on this additional benefit directly to HMRC under the self-assessment regime and for reimbursing the Corporation or the Employer (as applicable) for the value of any employee national insurance contributions due on this additional benefit, which the Corporation and/or the Employer may recover from Participant at any time thereafter by any of the means referred to in section of the Agreement titled "Payment of Withholding Taxes".

2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Exclusion of Claim</u>. Participant acknowledges and agrees that Participant will have no entitlement to compensation or damages insofar as such entitlement arises or may arise from Participant's ceasing to have rights under or to be entitled to the Restricted Stock Units, whether or not as a result of termination of Service (whether such termination is in breach of contract or otherwise), or from the loss or diminution in value of the Restricted Stock Units. Upon the award of the Restricted Stock Units, Participant shall be deemed irrevocably to have waived any such entitlement.

3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Section 2 of the Addendum</u>. Section 2 of the Addendum (Participants in the European Union) shall not apply to the Restricted Stock Units.

## Exhibit 10.92

**Exhibit 10.92**

**<u>CBOE GLOBAL MARKETS, INC. LONG-TERM INCENTIVE PLAN</u>**

**<u>RESTRICTED STOCK UNIT AWARD AGREEMENT – PERFORMANCE BASED</u>**

This Restricted Stock Unit Award Agreement (this "<u>Agreement</u>") is dated effective _______________________(the "<u>Award Date</u>"), and is between Cboe Global Markets, Inc. (the "<u>Corporation</u>") and _______________ ("<u>Participant</u>"). Any term capitalized but not defined in this Agreement will have the meaning set forth in the Third Amended and Restated Cboe Global Markets, Inc. Long-Term Incentive Plan (as may be amended from time to time, the "<u>Plan</u>").

1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Award</u>. The Corporation hereby awards to Participant ___________ Restricted Stock Units (the "<u>Restricted Stock Units</u>"). The Restricted Stock Units will be subject to the terms and conditions of the Plan and this Agreement. Each Restricted Stock Unit is a notional amount that represents one unvested share of Stock and entitles Participant, subject to the terms of this Agreement, to receive a share of Stock if and when the Restricted Stock Unit vests.

2.&nbsp;&nbsp;&nbsp;&nbsp;<u>No Rights as Stockholder; Dividend Equivalents</u>. Participant shall have no voting rights with respect to shares of Stock represented by Restricted Stock Units until the date of the issuance of the shares of Stock (as evidenced by the appropriate entry on the books of the Corporation or of a duly authorized transfer agent of the Corporation). Notwithstanding the foregoing, in the event that the Corporation declares a cash dividend on shares of Stock, on the payment date of the dividend, Participant will be credited with Dividend Equivalent Rights equal to the amount of the cash dividend per share multiplied by the number of Restricted Stock Units held by Participant on the dividend's record date. The Dividend Equivalent Rights credited to Participant under the preceding sentence will be deemed to be reinvested in additional Restricted Stock Units, which will be subject to the same terms regarding vesting, forfeiture, and distribution as Restricted Stock Units awarded to Participant under this Agreement.

3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Performance Period</u>. The Performance Period for the Restricted Stock Units shall be the three (3) year period commencing on ___________ and ending on ___________.

4.&nbsp;&nbsp;&nbsp;&nbsp;<u>Vesting; Effect of Termination of Service; Change in Control</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Subject to Sections 4(b), 4(c) and 4(d) below, Participant's Restricted Stock Units will become eligible to vest upon the date that achievement of the Performance Goal described in <u>Exhibit A</u> hereto is certified, subject to and contingent upon Participant's continued Service through the date of distribution of shares of Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The Restricted Stock Units will vest at the Target level of achievement of the Performance Goal (as described in <u>Exhibit A</u>), upon the earlier to occur of (i) Participant's death or (ii) Participant's becoming Disabled, provided that such condition qualifies as a "disability" as defined under Section 409A, in each case, if prior to any forfeiture event under Section 4(d) below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;This subsection 4(c) shall apply to this Agreement, this Award and any Replacement Award provided to Participant to replace this Award in lieu of Section 8.2(b) of the Plan. Upon a termination of Participant's Service by the Corporation or its Affiliate without Cause or by Participant for "Good Reason" (as defined below), in each case, upon or within two years after a Change in Control and prior to any forfeiture event under

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Section 4(d) below, this Award or any Replacement Award held by Participant shall become fully vested and free of restrictions at the Target level of achievement of the Performance Goal (as described in <u>Exhibit A</u>, as amended by the Replacement Award, if any), except that vesting shall be, to the extent determinable, at the level of achievement of the Performance Goal actually achieved as of the date of termination of Service (with similar performance assumed to be achieved through the remainder of the Performance Period) if greater than the Target level of achievement, and shall be distributed upon or within 60 days of such termination of Service. Notwithstanding the foregoing, if this Award or the Replacement Award, as applicable, is considered deferred compensation subject to Section 409A, payment shall be made pursuant to the Award's original schedule if necessary to comply with Section 409A.

For purposes of this Award "Good Reason" shall be deemed to exist if, and only if, without Participant's express written consent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Corporation or its Affiliate assigns to Participant authorities, duties or responsibilities (including titles) that are inconsistent in any material and adverse respect with Participant's immediately preceding authorities, duties or responsibilities with the Corporation or its Affiliate (including any material and adverse diminution of such immediately preceding authorities, duties or responsibilities);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Corporation or its Affiliate materially reduces Participant's base compensation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Corporation or its Affiliate requires Participant to relocate his or her principal business office or principal place of residence outside the metropolitan area in which Participant worked or resided at the time the Restricted Stock Units were awarded (or outside the immediately preceding location of Participant's principal business office with the Corporation or its Affiliate), or assigns to Participant duties that would reasonably require such relocation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The Corporation or its Affiliate materially breaches the terms of any agreement pursuant to which services are provided to the Corporation or its Affiliate by Participant; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The Corporation or its Affiliate terminates, reduces or limits Participant's participation in any bonus or incentive compensation arrangement relative to the level of participation of other employees of similar rank for a reason that is not reasonably related to Participant's level of job performance or local requirements and provided that such action results in a material reduction in the aggregate value of Participant's incentive compensation below the aggregate value as of the immediately preceding bonus or incentive compensation performance period and provided further that a mere change in the form of payment of the award (whether cash or shares of Stock) without a reduction in the aggregate grant value of the award shall not be considered a reduction of Participant's participation.

Participant's voluntary termination of Service shall not be considered a termination of Service for Good Reason unless Participant terminates his or her Service within 120 days after the initial existence of the condition constituting Good Reason; provided, Participant provides written notice to the Corporation or its Affiliate of Participant's intention to resign for Good Reason, which notice specifies in reasonable

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detail the breach or action giving rise thereto within 90 days of its initial existence, and the Corporation or its Affiliate does not cure such breach or action within 30 days after the date of Participant's notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;If Participant's Service is terminated for any reason before all of Participant's Restricted Stock Units have vested under this Agreement (including before the Restricted Stock Units qualify for vesting pursuant to an event described in Section 4(a), 4(b) or 4(c) above), Participant's unvested Restricted Stock Units will be forfeited upon the effective date of such termination of Service. Notwithstanding anything herein to the contrary, any outstanding Restricted Stock Units not previously settled shall be cancelled and forfeited immediately if, in the sole opinion and discretion of the Committee or its delegate, Participant engages in any activity that constitutes Cause, whether or not Participant experiences a separation from Service, is no longer in Service, or remains in Service. Neither the Corporation nor any Affiliate will have any further obligations to Participant under this Agreement if Participant's Restricted Stock Units are forfeited pursuant to this Section 4(d).

5.&nbsp;&nbsp;&nbsp;&nbsp;<u>Terms and Conditions of Distribution</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Distribution of a share of Stock that corresponds to a vested Restricted Stock Unit shall be made to Participant as soon as practicable after the Restricted Stock Unit vests, but not later than two and a half (2½) months after the end of the calendar year in which the Restricted Stock Unit vests for purposes of Section 409A, subject to such additional time as may be permitted under Section 409A in the event of Participant's death.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Reserved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;If Participant dies before the date on which the Corporation would have distributed shares of Stock in satisfaction of vested Restricted Stock Units, the Corporation will distribute such shares of Stock to Participant's designated beneficiary(ies) or, if none are designated or surviving, to Participant's estate or personal representative. The Corporation is not required to issue or deliver any shares of Stock before completing the steps necessary to comply with applicable Federal and state securities laws (including any registration requirements) and applicable stock exchange rules and practices. The Corporation will use commercially reasonable efforts to cause compliance with those laws, rules and practices. The foregoing provisions are subject in all cases to the requirements of Section 409A.

6.&nbsp;&nbsp;&nbsp;&nbsp;<u>Nontransferability</u>. Unvested Restricted Stock Units may not be sold, transferred, exchanged, pledged, assigned, garnished, or otherwise alienated or hypothecated, other than by will or by the laws of descent and distribution. Any effort to assign or transfer the rights under this Agreement will be wholly ineffective, and will be grounds for termination by the Committee of all rights of Participant under this Agreement.

7.&nbsp;&nbsp;&nbsp;&nbsp;<u>Administration</u>. The Committee administers the Plan. Participant's rights under this Agreement are expressly subject to the terms and conditions of the Plan and to any guidelines the Committee adopts from time to time. The interpretation and construction by the Committee of the Plan and this Agreement, and such rules and regulations as may be adopted by the Committee for purposes of administering the Plan and this Agreement, will be final and binding upon Participant.

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8.&nbsp;&nbsp;&nbsp;&nbsp;<u>Securities Law Requirements</u>. If at any time the Board or Committee determines that issuing Stock pursuant to this Agreement would violate applicable securities laws, the Corporation will not be required to issue such Stock. The Board or Committee may declare any provision of this Agreement or action of its own null and void, if it determines the provision or action fails to comply with applicable securities laws. The Corporation may require Participant to make written representations it deems necessary or desirable to comply with applicable securities laws.

9.&nbsp;&nbsp;&nbsp;&nbsp;<u>Payment of Withholding Taxes</u>. Participant acknowledges that, regardless of any action taken by the Corporation or, if different, the Affiliate of the Corporation that employs Participant (the "Employer"), the ultimate liability for all income tax, social contributions, payroll tax, fringe benefits tax, payment on account or other tax-related items related to Participant's participation in the Plan and legally applicable to Participant or deemed by the Corporation or the Employer in their sole discretion to be an appropriate charge to Participant even if legally applicable to the Corporation or the Employer ("<u>Tax-Related Items</u>"), is and remains Participant's responsibility and may exceed the amount actually withheld by the Corporation or the Employer, if any. Participant further acknowledges that the Corporation and/or the Employer (a) make no representations or undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of the Restricted Stock Units, including, but not limited to, the grant, vesting or settlement of the Restricted Stock Units, or the subsequent sale of shares of Stock acquired pursuant to such settlement; and (b) do not commit to and is under no obligation to structure the terms of the grant or any aspect of the Restricted Stock Units to reduce or eliminate Participant's liability for Tax-Related Items or achieve any particular tax result. Further, if Participant is subject to Tax-Related Items in more than one jurisdiction between the Award Date and the date of any relevant taxable or tax withholding event, as applicable, Participant acknowledges that the Corporation and/or the Employer (or former employer, as applicable) may be required to withhold or account for Tax-Related Items in more than one jurisdiction.

Prior to the relevant taxable or tax withholding event, as applicable, Participant agrees to make adequate arrangements satisfactory to the Corporation and/or the Employer to satisfy all Tax-Related Items. In this regard, Participant authorizes the Corporation, or its respective agents, at their discretion, to satisfy the obligations with regard to all Tax-Related Items by one or a combination of the following: (i) withholding from Participant's wages or other cash compensation paid to Participant by the Corporation and/or the Employer; (ii) withholding from the shares of Stock to be delivered upon settlement of the Restricted Stock Units or other awards granted to Participant or (iii) permitting Participant to tender to the Corporation or to the Employer cash or, if allowed by the Committee, shares of Stock to the Corporation.

Notwithstanding the foregoing, if Participant is subject to Section 16 of the Exchange Act, pursuant to Rule 16a-2 promulgated thereunder, any tax withholding obligations shall be satisfied by having the Corporation withhold from the shares of Stock to be delivered upon settlement of the Restricted Stock Units.

Depending on the withholding method, the Corporation may withhold or account for Tax-Related Items by considering applicable statutory withholding rates (as determined by the Corporation in good faith and in its sole discretion) or other applicable withholding rates, including maximum applicable rates, in which case Participant will receive a refund

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of any over-withheld amount in cash and will have no entitlement to the share equivalent. If the obligation for Tax-Related Items is satisfied by withholding from the shares of Stock to be delivered upon settlement of the Restricted Stock Units, for tax purposes, Participant is deemed to have been issued the full number of shares of Stock subject to the Restricted Stock Units, notwithstanding that a number of shares of Stock are held back solely for the purpose of paying the Tax-Related Items. Participant will have no further rights with respect to any shares of Stock that are retained by the Corporation pursuant to this provision.

Participant agrees to pay to the Corporation or the Employer any amount of Tax-Related Items that the Corporation or the Employer may be required to withhold or account for as a result of Participant's participation in the Plan that cannot be satisfied by the means previously described. The Corporation may refuse to issue or deliver shares of Stock or proceeds from the sale of shares of Stock until arrangements satisfactory to the Corporation have been made in connection with the Tax-Related Items.

10.&nbsp;&nbsp;&nbsp;&nbsp;<u>Restrictive Covenants</u>. Participant understands the global nature of the Corporation's businesses and the effort the Corporation and its Affiliates (collectively referred to in this Section as "<u>Cboe</u>") undertake to develop and protect their business and their competitive advantage. Accordingly, Participant agrees that the scope and duration of the restrictions described in this Agreement are reasonable and necessary to protect the legitimate business interests of Cboe. Participant further agrees that during the period of Participant's Service and for a period of two (2) years following Participant's separation from Service, Participant shall not, without the express written approval of the Chief Executive Officer:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;singly, jointly, or in any other capacity, in a manner that contributes to any research, technology, development, account, trading, marketing, promotion, or sales and that relates to Participant's Service with Cboe, directly or beneficially, manage, join, participate in the management, operation or control of, or work for (as an employee, consultant or independent contractor), or permit the use of his or her name by, or provide financial or other assistance to, or be connected in any manner with (i) any exchange, facility, clearinghouse, electronic communications network ("ECN"), electronic foreign currency exchange market ("FX") matching platform, multilateral trading facility, or alternative trading system ("ATS"); (ii) the ECN, ATS or FX business lines of any full service broker dealer or any digital asset or data and access solutions business line of any company; or (iii) any business line of any company that is substantially similar to any additional business line developed or entered into by Cboe during Participant's Service, provided that, in the case of clauses (i), (ii) and (iii), such entity or business line that directly competes with Cboe;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;provide any service or assistance that (i) is of the general type of service or assistance provided by Participant to Cboe, (ii) relates to any technology, account, product, project or piece of work with which Participant was involved during his Service, and (iii) contributes to causing an entity to come within the definition described in Section 10(a) above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;solicit or accept if offered to Participant, with or without solicitation, on his or her own behalf or on behalf of any other person, the services of any person who is a then-current employee of Cboe (or was an employee of Cboe during the year preceding

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such solicitation), nor solicit any of Cboe's then-current employees (or an individual who was employed by or engaged by Cboe during the year preceding such solicitation) to terminate employment or an engagement with Cboe, nor agree to hire any then-current employee (or an individual who was an employee of Cboe during the year preceding such hire) of Cboe into employment with Participant or any company, individual or other entity; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;directly or indirectly divert or attempt to divert from Cboe any business in which Cboe has been actively engaged during Participant's Service, nor interfere with the relationships of Cboe or with their sources of business.

11.&nbsp;&nbsp;&nbsp;&nbsp;<u>Confidentiality</u>. Participant acknowledges that the Corporation or an Affiliate may disclose secret or confidential information to Participant during the period of Participant's Service to enable Participant to perform his or her duties. Participant agrees that, subject to the following sentence, Participant shall not during his or her Service (except in connection with the proper performance of his or her duties) and thereafter, without the prior written consent of the Corporation, disclose to any person or entity any material or significant secret or confidential information concerning the business of the Corporation or an Affiliate that was obtained by Participant in the course of Participant's Service. This paragraph shall not be applicable if and to the extent Participant is required to testify in a legislative, judicial or regulatory proceeding pursuant to an order of Congress, any state or local legislature, a judge, or an administrative law judge, or if such secret or confidential information is required to be disclosed by Participant by any law, regulation or order of any court or regulatory commission, department or agency. Participant further agrees that if Participant's Service is terminated for any reason, Participant will not take, but will leave with the Corporation or an Affiliate, all records and papers and all matter of whatever nature that bears secret or confidential information of the Corporation or an Affiliate. For purposes of this Agreement, the term "secret or confidential information" shall include, but not be limited to, any and all records, notes, memoranda, data, writings, research, personnel information, customer information, clearing members' information, the Corporation's and any Affiliate's financial information and plans, processes, methods, techniques, systems, formulas, patents, models, devices, compilations or any other information of whatever nature in the possession or control of the Corporation or an Affiliate, that has not been published or disclosed to the general public, the options industry, the equities industry, the foreign currency exchange industry or the commodities futures industry, provided that such term shall not include knowledge, skills, and information that is common to the trade or profession of Participant.

Notwithstanding anything in this Agreement to the contrary, nothing in this Agreement prohibits Participant from confidentially or otherwise communicating or filing a charge or complaint with a governmental or regulatory entity, participating in a governmental or regulatory entity investigation, or giving truthful testimony or making other disclosures to a governmental or regulatory entity (in each case, without having to disclose any such conduct to the Corporation or an Affiliate), or from responding if properly subpoenaed or otherwise required to do so under applicable law. In addition, nothing in this Agreement limits Participant's right to receive an award from a governmental or regulatory entity for information provided to such an entity (and not as compensation for actual or alleged personal injury or damages to Participant).

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Pursuant to the Defend Trade Secrets Act of 2016 (18 U.S.C. 1833(b)), Participant shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that is made in confidence either directly or indirectly to a federal, state, or local government official, or to an attorney, solely for the purpose of reporting or investigating a violation of law. Participant shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret made in a complaint, or other document filed in a lawsuit or other proceeding, if such filing is made under seal. If Participant files a lawsuit or other action alleging retaliation by the Corporation or an Affiliate for reporting a suspected violation of law, Participant may disclose the trade secret to his or her attorney and use the trade secret in the court proceeding or other action, if Participant files any document containing the trade secret under seal and does not disclose the trade secret, except pursuant to court order. This paragraph will govern to the extent it may conflict with any other provision of this Agreement.

12.&nbsp;&nbsp;&nbsp;&nbsp;<u>Judicial Modification</u>. If the final judgment of a court of competent jurisdiction declares that any term or provision of Section 10 or 11 is invalid or unenforceable, the parties agree that (a) the court making the determination of invalidity or unenforceability shall have the power to reduce the scope, duration, or geographic area of the term or provision, to delete specific words or phrases, or to replace any invalid or unenforceable term or provision with a term or provision that is valid and enforceable and that comes closest to expressing the intention of the invalid or unenforceable term or provision, (b) the parties shall request that the court exercise that power, and (c) this Agreement shall be enforceable as so modified after the expiration of the time within which the judgment or decision may be appealed.

13.&nbsp;&nbsp;&nbsp;&nbsp;<u>Remedies</u>. Participant agrees that in the event of a breach or threatened breach of any of the covenants contained in Sections 10 or 11 of this Agreement, in addition to any other penalties or restrictions that may apply under any employment agreement, state law, or otherwise, Participant shall forfeit, upon written notice to such effect from the Corporation, any and all Awards granted to him or her under the Plan and this Agreement, including vested Awards. The forfeiture provisions of this Section 13 shall continue to apply, in accordance with their terms, after the provisions of any employment or other agreement between the Corporation and Participant have lapsed. Participant consents and agrees that if Participant violates or threatens to violate any provisions of Sections 10 or 11 of this Agreement, the Corporation or its successors in interest shall be entitled, in addition to any other remedies that they may have, including money damages, to an injunction to be issued by a court of competent jurisdiction restraining Participant from committing or continuing any violation of Sections 10 or 11. In the event that Participant is found to have breached any provision set forth in Section 10 of this Agreement, the time period provided for in that provision shall be deemed tolled (*i.e.*, it will not begin to run) for as long as Participant was in violation of that provision. Notwithstanding anything to the contrary herein, nothing in this Agreement shall prohibit or restrict a Participant who is licensed to practice law from providing legal advice and counseling, or other advice and counseling incidental thereto, as an officer, employee, consultant, independent contractor or otherwise, to an exchange, facility, clearinghouse, ECN, FX matching platform, multilateral trading facility, ATS, full service broker dealer, digital asset business, or data and access solutions business, or any other company that directly competes with Cboe. The provisions of Sections 10 and 11 of this

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Agreement shall continue to apply, in accordance with their terms, after Participant's service has terminated and after provisions of any employment or other agreement between the Corporation and Participant have lapsed.

14.&nbsp;&nbsp;&nbsp;&nbsp;<u>Representations and Warranties</u>. Participant represents and warrants to the Corporation that Participant has received a copy of the Plan and this Agreement, has read and understands the terms of the Plan and this Agreement, and agrees to be bound by their terms and conditions in all respects.

15.&nbsp;&nbsp;&nbsp;&nbsp;<u>No Limitation on the Corporation's Rights</u>. The granting of Restricted Stock Units under this Agreement shall not and will not in any way affect the Corporation's right or power to make adjustments, reclassifications or changes in its capital or business structure or to merge, consolidate, reincorporate, dissolve, liquidate or sell or transfer all or any part of its business or assets.

16.&nbsp;&nbsp;&nbsp;&nbsp;<u>Plan and Agreement Not a Contract of Employment or Service</u>. Neither the Plan nor this Agreement is a contract of employment or Service, and no terms of Participant's employment or Service will be affected in any way by the Plan, this Agreement or related instruments, except to the extent specifically expressed therein. Neither the Plan nor this Agreement will be construed as conferring any legal rights on Participant to continue to be employed or remain in Service, nor will it interfere with the Corporation's or any Affiliate's right to discharge Participant or to deal with Participant regardless of the existence of the Plan or this Agreement.

17.&nbsp;&nbsp;&nbsp;&nbsp;<u>Entire Agreement and Amendment</u>. This Agreement and the Plan constitute the entire agreement between the parties hereto with respect to the Restricted Stock Units, and all prior oral and written representations are merged in this Agreement and the Plan. Notwithstanding the preceding sentence, this Agreement shall not in any way affect the terms and provisions of the Plan. This Agreement may be amended, modified, or terminated only in accordance with the Plan. The headings in this Agreement are inserted for convenience and identification only and are not intended to describe, interpret, define or limit the scope, extent, or intent of this Agreement or any provision hereof.

18.&nbsp;&nbsp;&nbsp;&nbsp;<u>Notice</u>. Any notice or other communication required or permitted under this Agreement must be in writing and must be delivered personally, sent by certified, registered or express mail, sent by overnight courier (at the sender's expense), or (if from the Corporation or the Corporation's stock plan administrator) by electronic mail. Notice will be deemed given (a) when delivered personally, (b) if mailed, three days after the date of deposit in the U.S. mail, (c) if sent by overnight courier, on the regular business day following the date sent, or (d) when electronically mailed. Notice to the Corporation should be sent to Cboe Global Markets, Inc., 433 West Van Buren Street, Chicago, Illinois 60607, Attention: General Counsel. Notice to Participant should be sent to the mailing address and/or electronic mailing address set forth on the Corporation's records. Either party may change the address to which the other party must give notice under this Section 18 by giving the other party written notice of such change, in accordance with the procedures described above or otherwise established by the Corporation or its stock plan administrator.

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19.&nbsp;&nbsp;&nbsp;&nbsp;<u>Successors and Assigns</u>. The terms of this Agreement will be binding upon the Corporation and its successors and assigns.

20.&nbsp;&nbsp;&nbsp;&nbsp;<u>Governing Law</u>. To the extent not preempted by Federal law, the Plan, this Agreement, and documents evidencing rights relating to the Plan or this Agreement will be construed, administered and governed in all respects under and by the laws of the State of Delaware, without giving effect to its conflict of laws principles. If any provision of this Agreement will be held by a court of competent jurisdiction to be invalid or unenforceable, the remaining provisions hereof will continue to be fully effective. The jurisdiction and venue for any disputes arising under, or any action brought to enforce (or otherwise relating to), this Agreement will be exclusively in the courts in the State of Illinois, County of Cook, including the Federal Courts located therein (should Federal jurisdiction exist).

21.&nbsp;&nbsp;&nbsp;&nbsp;<u>Plan Document Controls</u>. The rights granted under this Agreement are in all respects subject to the provisions set forth in the Plan to the same extent and with the same effect as if set forth fully in this Agreement. If the terms of this Agreement conflict with the terms of the Plan document, the Plan document will control.

22.&nbsp;&nbsp;&nbsp;&nbsp;<u>Counterparts</u>. This Agreement may be executed simultaneously in two or more counterparts, each of which shall be deemed an original and all of which together shall constitute but one and the same instrument.

23.&nbsp;&nbsp;&nbsp;&nbsp;<u>Waiver; Cumulative Rights</u>. The failure or delay of either party to require performance by the other party of any provision of this Agreement will not affect its right to require performance of such provision unless and until such performance has been waived in writing. Each right under this Agreement is cumulative and may be exercised in part or in whole from time to time.

24.&nbsp;&nbsp;&nbsp;&nbsp;<u>Tax Consequences</u>.&nbsp;&nbsp;&nbsp;&nbsp;Participant agrees to determine and be responsible for all tax consequences to Participant with respect to the Restricted Stock Units.

25.&nbsp;&nbsp;&nbsp;&nbsp;<u>Section 409A</u>*.* The Restricted Stock Units granted hereunder are intended to comply with, or otherwise be exempt from, Section 409A, including the exceptions and exemptions for short term deferrals, stock rights, and separation pay arrangements. This Agreement and all Restricted Stock Units shall be administered, interpreted, and construed in a manner consistent with Section 409A. Should any provision of this Agreement, or any other agreement or arrangement contemplated by this Agreement, be found not to comply with, or otherwise be exempt from, the provisions of Section 409A, such provision shall be modified and given effect (retroactively if necessary), in the sole discretion of the Corporation, and without the consent of Participant, in such manner as the Corporation determines to be necessary or appropriate to comply with, or to effectuate an exemption from, Section 409A. Notwithstanding the forgoing, no provision of this Agreement, or any other agreement or arrangement contemplated by this Agreement shall be construed as a guarantee by the Corporation of any particular tax effect to Participant. Each payment made under this Agreement shall be designated as a separate payment within the meaning of Section 409A. Any payment that is subject to Section 409A and payable upon Participant's termination of employment or other similar event shall not be made unless Participant has experienced a "separation from service" as defined under Section 409A. Except as provided in the provisions of Section 4(c)

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referencing Section 409A, any payment subject to Section 409A that is to be made upon a "separation from service" to Participant on any date when he or she is a "specified employee" as defined under Section 409A shall not be paid before the date that is six (6) months following Participant's "separation from service" or, if earlier, Participant's death.

26.&nbsp;&nbsp;&nbsp;&nbsp;<u>Compensation Recovery</u>. Notwithstanding anything in this Agreement to the contrary, the Restricted Stock Units, Dividend Equivalent Rights and any shares of Stock issued pursuant to the Restricted Stock Units and any proceeds therefrom shall be subject to and remain subject to any compensation recovery policies of the Corporation, including (i) the Corporation's Executive Officer Incentive Compensation Clawback Policy (as amended from time to time, or any successor policy), (ii) the Corporation's Supplemental Discretionary Clawback Policy (as amended from time to time, or any successor policy), (iii) any recoupment, clawback or similar requirements made applicable by law, regulation or listing standards to the Corporation from time to time (to the extent contemplated by such requirements), or (iv) as may be adopted by the Corporation to help facilitate the Corporation's objectives, including, without limitation, related to eliminating or reducing fraud, misconduct, wrongdoing, or violations of law by an employee or similar considerations and, in each case, as may be amended from time to time (the "Policies"), with the provisions contained in such Policies deemed incorporated into this Agreement without Participant's additional or separate consent. For purposes of the foregoing, Participant expressly and explicitly authorizes the Corporation to cancel any unpaid portion of the Restricted Stock Units (whether vested or unvested) and to issue instructions, on Participant's behalf, to any brokerage firm and/or third-party administrator engaged by the Corporation to hold any shares of Stock and other amounts acquired pursuant to the Restricted Stock Units to re-convey, transfer or otherwise return such shares of Stock and/or other amounts to the Corporation upon the Corporation's enforcement of the Policies. Participant acknowledges and agrees that the Corporation's rights hereunder shall not be affected in any way by any subsequent change in status, including retirement or termination of employment (including due to death or Disability). Participant expressly agrees to indemnify and hold the Corporation and its Affiliates harmless from any loss, cost, damage, or expense (including attorneys' fees) that the Corporation or any Affiliate may incur as a result of Participant's actions or in the Corporation and any Affiliate's efforts to recover such previously made payments or value pursuant to this provision. No recovery of compensation as described herein will be an event giving rise to a right to resign for "Good Reason" or "constructive termination" (or similar term) under any plan of, or agreement with, the Corporation, the Employer and/or Participant.

27.&nbsp;&nbsp;&nbsp;&nbsp;<u>Addendum to Agreement.</u> Notwithstanding any provision of this Agreement to the contrary, if Participant resides or is employed outside the U.S. or transfers residence or employment outside the U.S., the Restricted Stock Units shall be subject to such special terms and conditions as are set forth in the addendum to this agreement (the "<u>Addendum</u>"). Further, if Participant transfers residency and/or employment to another country, any special terms and conditions for such country will apply to the Restricted Stock Units to the extent the Corporation determines, in its sole discretion, that the application of such terms and conditions is necessary or advisable in order to comply with local law or to facilitate the operation and administration of the Restricted Stock Units and the Plan (or the Corporation may establish alternative terms and conditions as

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may be necessary or advisable to accommodate Participant's transfer). In all circumstances, the Addendum shall constitute part of this Agreement.

IN WITNESS WHEREOF, the Corporation and Participant have duly executed this Agreement as of the date first written above.

**Cboe Global Markets, Inc.**

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| | |
|:---|:---|
| _________________________________ | By: |
| Participant's Name |  |
| _________________________________ | Its: |
| Participant's Signature |  |

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**<u>Exhibit A</u>**

&nbsp;&nbsp;&nbsp;&nbsp;Vesting of the Restricted Stock Units is contingent on achievement of a Performance Goal tied to Total Shareholder Return of the Corporation as compared to the Total Shareholder Return of the S&P 500 Index during the Performance Period. The number of Restricted Stock Units that may vest shall be determined as set forth below:

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| | |
|:---|:---|
| **TSR Percentile Attained** | **Percentage of Restricted Stock Units That Vest** |
| ___________<sup>th</sup> percentile ("<u>Maximum</u>") or greater  | ___________% |
| ___________<sup>th</sup> percentile ("<u>Target</u>") | ___________% |
| ___________<sup>th</sup> percentile ("<u>Threshold</u>")  | &nbsp;&nbsp;&nbsp;&nbsp;___________% |

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**&nbsp;&nbsp;&nbsp;&nbsp;**For TSR Percentile performance levels that fall between the values shown above, the percentage of Restricted Stock Units that vest will be determined by straight line interpolation, provided that no Restricted Stock Units will vest if the Corporation's TSR Percentile does not equal or exceed the Threshold amount.

&nbsp;&nbsp;&nbsp;&nbsp;"<u>Total Shareholder Return</u>" means, with respect to any corporation, the increase in its stock price over the Performance Period plus reinvested dividends, divided by its stock price at the beginning of the Performance Period. For purposes of this definition, the beginning stock price will be the average closing price over the twenty (20) trading days up to and including ___________, and the ending stock price will be the average closing price over the twenty (20) trading days up to and including ___________.

&nbsp;&nbsp;&nbsp;&nbsp;"<u>TSR Percentile</u>" means the Corporation's Total Shareholder Return during the Performance Period relative to the Total Shareholder Returns for the S&P 500 Index during the Performance Period.

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**<u>ADDENDUM</u>**

**<u>CBOE GLOBAL MARKETS, INC. LONG-TERM INCENTIVE PLAN<br>RESTRICTED STOCK UNIT AWARD AGREEMENT - PERFORMANCE BASED</u>**

This Addendum to the Agreement includes additional terms and conditions that govern the Restricted Stock Units if Participant resides and/or is employed outside of the United States or transfers residence or employment outside the United States. Certain capitalized terms used but not defined in this Addendum have the meanings set forth in the Agreement or the Plan.

1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Nature of Grant</u>. In accepting the Restricted Stock Units, Participant acknowledges that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;the Plan is established voluntarily by the Corporation, is discretionary in nature and may be modified, amended, suspended or terminated by the Corporation at any time, to the extent permitted by the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;the award of the Restricted Stock Units is exceptional, discretionary, voluntary and occasional and does not create any contractual or other right to receive future grants of Restricted Stock Units, or benefits in lieu of Restricted Stock Units, even if Restricted Stock Units have been granted in the past;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;all decisions with respect to future Restricted Stock Unit awards, if any, will be at the sole discretion of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;Participant is voluntarily participating in the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;the Restricted Stock Units and any shares of Stock that may be received in settlement of the Restricted Stock Units, and the income and value of same, (i) are an extraordinary item that does not constitute compensation of any kind for services of any kind rendered to the Corporation or the Employer, and which is outside the scope of Participant's employment contract, if any, (ii) are not intended to replace any pension rights or compensation, and (iii) are not part of normal or expected compensation or salary for any purpose, including, but not limited to, calculating any severance, resignation, termination, redundancy, dismissal, end-of-service payments, holiday pay, bonuses, long-service awards, leave-related payments, pension or retirement or welfare benefits or similar payments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;the Restricted Stock Unit award will not be interpreted to form an employment or non-employee director contract or relationship with the Corporation or any Affiliate, nor does it amend any legal relationship or legal entitlement between Participant and the Employer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;this Agreement, the transactions contemplated hereunder and the vesting schedule set forth herein do not constitute an express or implied promise of Participant's further employment for the vesting period, for any period, or at all, and will not interfere with Participant's right or the right of the Corporation or the Employer to terminate Participant's employment relationship at any time with or without cause;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;unless otherwise agreed with the Corporation, the Restricted Stock Units and the shares of Stock underlying the Restricted Stock Units, and the income and value of same, are

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not granted as consideration for, or in connection with, the service Participant may provide as a director of an Affiliate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;the future value of the underlying shares of Stock is unknown, indeterminable and cannot be predicted with certainty;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;neither the Corporation, the Employer nor any Affiliate shall be liable for any foreign exchange rate fluctuation between Participant's local currency and the United States Dollar that may affect the value of the Restricted Stock Units or of any amounts due to Participant pursuant to the settlement of the Restricted Stock Units or the sale of any shares of Stock Participant may acquire upon such settlement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;in consideration of the grant of the Restricted Stock Units, no claim or entitlement to compensation or damages shall arise from termination of the Restricted Stock Units or diminution in value of the Restricted Stock Units or shares of Stock acquired upon vesting of the Restricted Stock Units resulting from Participant's termination of Service (for any reason whatsoever and whether or not later found to be invalid or in breach of employment laws in the jurisdiction where Participant is employed or the terms of Participant's employment agreement, if any) or from the application of any clawback or recoupment policy adopted by the Corporation or imposed by applicable law, and Participant irrevocably releases the Corporation and the Employer from any such claim that may arise; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;the Restricted Stock Units and the benefits evidenced by this Agreement do not create any entitlement not otherwise specifically provided for in the Plan or provided by the Corporation in its discretion, to have the Restricted Stock Units or any such benefits transferred to, or assumed by, another company or to be exchanged, cashed out or substituted for, in connection with any corporate transaction affecting the shares of the Corporation.

2.&nbsp;&nbsp;&nbsp;&nbsp;Reserved.

3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Payment of Withholding Taxes</u>. Participant acknowledges and agrees that if Participant is subject to tax and/or social contributions in more than one jurisdiction, the Corporation or its Affiliate(s) may be required to withhold or account for taxes and/or social contributions in more than one jurisdiction, in accordance with the methods of withholding described in Section 9 of the Agreement.

4.&nbsp;&nbsp;&nbsp;&nbsp;<u>Data Privacy</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Data Collection and Usage</u>. The Corporation and the Employer will collect, process and use certain personal information about Participant, specifically, Participant's name, home address, email address and telephone number, date of birth, social security or insurance number, passport number or other identification number, salary, nationality, job title, any shares of Stock or directorships held in the Corporation, details of all Restricted Stock Units or any other entitlement to shares of Stock awarded, canceled, exercised, vested, unvested or outstanding in Participant's favor ("<u>Data</u>"), for the exclusive purpose of implementing, administering and managing the Plan.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Recipients of Data</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.&nbsp;&nbsp;&nbsp;&nbsp;<u>Stock Plan Administration Service Providers</u>. The Corporation and the Employer transfer Data to Fidelity Stock Plan Services, LLC (and/or its affiliates, collectively "<u>Fidelity</u>"), the designated broker assisting in the implementation, administration and management of the Plan. In the future, the Corporation may select a different service provider and share Data with such other provider serving in a similar manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.&nbsp;&nbsp;&nbsp;&nbsp;<u>Other Service Provider Data Recipients</u>. The Corporation also may transfer Data to other third party service providers, if necessary to ensure compliance with applicable tax, exchange control, securities and labor law. Such third party service providers may include the Corporation's legal counsel as well as its auditor, human resources consultant and payroll vendor. Wherever possible, the Corporation will anonymize data, but Participant understands that his or her Data may need to be transferred to such providers to ensure compliance with applicable law and/or tax requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.&nbsp;&nbsp;&nbsp;&nbsp;<u>Securities or Other Regulatory Authorities</u>. In addition to the recipients identified herein and where required under applicable law, Data also may be disclosed to certain securities or other regulatory authorities, including where the Corporation's securities are listed or traded or regulatory filings are made. The legal basis, where required, for such disclosure is compliance with applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>International Data Transfers</u>. The Corporation, Fidelity and other service providers described above are located in the United States. The United States may have different data privacy laws and protections than Participant's country of residence (or country of employment, if different).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;<u>Legal Basis for Collection, Processing and Transfer of Data</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.&nbsp;&nbsp;&nbsp;&nbsp;<u>Participants within the EU / European Economic Area ("EEA"), Switzerland and the United Kingdom</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.&nbsp;&nbsp;&nbsp;&nbsp;The collection, processing and transfer of Data is necessary for the legitimate purpose of the Corporation and Employer's administration of the Plan and Participant's participation in the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.&nbsp;&nbsp;&nbsp;&nbsp;When transferring Data to potential recipients outside the EU/EEA, Switzerland and/or the United Kingdom, the Corporation and the Employer strive to provide appropriate safeguards in accordance with Standard Contractual Clauses or other legally binding and permissible arrangements. For further information on the transfer of Participant's personal data outside of the EU/EEA, Switzerland and/or the United Kingdom, Participant may contact his or her human resources representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.&nbsp;&nbsp;&nbsp;&nbsp;<u>Participants outside the EU / EEA, Switzerland and the United Kingdom</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.&nbsp;&nbsp;&nbsp;&nbsp;Participant hereby explicitly and unambiguously consents to the collection, processing and use, in electronic or other form, of Participant's Data by the Corporation and the transfer of Data to the

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recipients mentioned above, including recipients located in countries which do not adduce an adequate level of protection from a non-U.S. data protection law perspective, for the purposes described above. Upon transfer of Participant's Data to Fidelity, Participant may be asked to agree to separate terms and data processing practices with Fidelity, with such agreement being a condition of the ability to participate in the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.&nbsp;&nbsp;&nbsp;&nbsp;Participation in the Plan is voluntary and Participant understands that Participant is providing the consent herein on a purely voluntary basis. If Participant does not consent, or later seeks to revoke his or her consent, Participant's employment status or Service and career with the Employer will not be adversely affected. The only consequence of refusing or withdrawing consent is that the Corporation would not be able to grant Restricted Stock Units or other equity awards to Participant or administer or maintain such awards. Therefore, Participant understands that refusing or withdrawing his or her consent may affect Participant's ability to participate in the Plan. For more information on the consequences of Participant's refusal to consent or withdrawal of consent, Participant understands that Participant may contact his or her human resources representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;<u>Data Retention</u>. Participant understands that Data will be held only as long as is necessary to implement, administer and manage his or her participation in the Plan or comply with applicable laws. When the Corporation no longer needs the Data, the Corporation will remove it from its systems.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) &nbsp;&nbsp;&nbsp;&nbsp;<u>Data Subject Rights</u>. Participant understands that Participant may have the right under applicable law to (i) access or copy Data that the Corporation possesses, (ii) rectify incorrect Data, (iii) delete Data, (iv) restrict processing of Data, (v) opt out of the Plan, or (vi) lodge complaints with the competent supervisory authorities in Participant's jurisdiction. To receive clarification regarding these rights or to exercise these rights, Participant understands that Participant can contact his or her local human resources representative.

5.&nbsp;&nbsp;&nbsp;&nbsp;<u>No Advice Regarding Grant</u>. The Corporation is not providing any tax, legal or financial advice, nor is the Corporation making any recommendations regarding Participant's participation in the Plan, or Participant's acquisition or sale of the underlying shares of Stock. Participant should consult with his or her own personal tax, legal and financial advisors regarding Participant's participation in the Plan before taking any action related to the Plan.

6.&nbsp;&nbsp;&nbsp;&nbsp;<u>Imposition of Other Requirements</u>. The Corporation reserves the right to impose other requirements on Participant's participation in the Plan, on the Restricted Stock Units and on any shares of Stock acquired under the Plan, to the extent the Corporation determines it is necessary or advisable for legal or administrative reasons. Such requirements may include (but are not limited to) requiring Participant to sign any agreements or undertakings that may be necessary to accomplish the foregoing.

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7.&nbsp;&nbsp;&nbsp;&nbsp;<u>Insider Trading/Market Abuse Laws</u>. By participating in the Plan, Participant agrees to comply with the Corporation's policy on insider trading (to the extent that it is applicable to Participant). Participant further acknowledges that, depending on Participant's or the broker's country of residence or where the shares of Stock are listed, Participant may be subject to insider trading restrictions and/or market abuse laws, which may affect Participant's ability to accept, acquire, sell or otherwise dispose of shares of Stock, rights to shares of Stock (e.g., Restricted Stock Units) or rights linked to the value of shares of Stock, during such times Participant is considered to have "inside information" regarding the Corporation as defined by the laws or regulations in Participant's country. Local insider trading laws and regulations may prohibit the cancellation or amendment of orders Participant places before Participant possessed inside information. Furthermore, Participant could be prohibited from (i) disclosing the inside information to any third party (other than on a "need to know" basis) and (ii) "tipping" third parties or causing them otherwise to buy or sell securities. Participant understands that third parties include fellow employees. Any restrictions under these laws or regulations are separate from and in addition to any restrictions that may be imposed under any applicable Corporation insider trading policy. Participant acknowledges that it is Participant's responsibility to comply with any applicable restrictions, and that Participant should therefore consult Participant's personal advisor on this matter.

8.&nbsp;&nbsp;&nbsp;&nbsp;<u>Foreign Asset/Account Reporting; Exchange Controls</u>. Participant's country may have certain foreign asset and/or account reporting requirements and/or exchange controls which may affect Participant's ability to acquire or hold shares of Stock under the Plan or cash received from participating in the Plan (including from any dividends received or sale proceeds arising from the sale of shares of Stock) in a brokerage or bank account outside Participant's country. Participant may be required to report such accounts, assets or transactions to the tax or other authorities in his or her country. Participant also may be required to repatriate sale proceeds or other funds received as a result of Participant's participation in the Plan to his or her country through a designated bank or broker and/or within a certain time after receipt. Participant acknowledges that it is his or her responsibility to be compliant with such regulations, and Participant should consult his or her personal legal advisor for any details.

9.&nbsp;&nbsp;&nbsp;&nbsp;<u>Language</u>. If Participant is resident in a country where English is not an official language, Participant acknowledges that Participant is sufficiently proficient in English to understand the terms and conditions of the Agreement or has had the ability to consult with an advisor who is sufficiently proficient in the English language. Participant further acknowledges and agrees that it is Participant's express intent that the Agreement, the Addendum and the Plan and all other documents, notices and legal proceedings entered into, given or instituted pursuant to the Restricted Stock Units be drawn up in English. If Participant has received the Agreement, the Addendum or any other document related to the Plan translated into a language other than English and if the meaning of the translated version is different than the English version, the English version will control, unless otherwise required by applicable law.

10.&nbsp;&nbsp;&nbsp;&nbsp;<u>Annex to Addendum</u>. Notwithstanding any provision of the Agreement or Addendum to the contrary, the Restricted Stock Units shall be subject to such terms and conditions for Participant's country of residence (and country of employment, if different), as are set forth in the annex to this Addendum (the "<u>Annex</u>"). Further, if Participant transfers

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residency and/or employment to another country, or otherwise becomes subject to the local laws, rules and/or regulations in one of the countries included in the Annex, Corporation may establish alternative terms and conditions as may be necessary or advisable to accommodate Participant's transfer. In all circumstances, the Annex shall constitute part of this Addendum.

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**<u>ANNEX</u>**

This Annex to the Addendum includes additional (or different, if so specified) terms and conditions that govern the Restricted Stock Units if Participant resides and/or is employed in the country addressed herein or transfers residence or employment to the country addressed herein. If Participant transfers residence and/or employment to another country, the Corporation may establish alternative terms and conditions as may be necessary or advisable to accommodate Participant's transfer. Certain capitalized terms used but not defined in this Annex have the meanings set forth in the Agreement (including the Addendum) or the Plan.

**<u>Australia</u>**

1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Tax Notification</u>. The Plan is a plan to which Subdivision 83A-C of the Income Tax Assessment Act 1997 (Cth) (the "<u>Act</u>") applies (subject to conditions in the Act).

2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Securities Law Notification</u>. This grant of Restricted Stock Units is being made under Division 1A, Part 7.12 of the Corporations Act 2001 (Cth).

**<u>Canada</u>**

1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Settlement of Restricted Stock Units</u>: Notwithstanding anything to the contrary in the Agreement or any related document, if Participant is resident or employed in Canada, the Corporation shall have absolute discretion to settle the Restricted Stock Units in shares of Stock or in the form of a cash payment or in any combination of the foregoing.

2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Securities Law Notification</u>: Participant acknowledges and agrees that he or she is permitted to sell shares of Stock acquired under the Plan through the designated broker appointed under the Plan, provided the resale of shares of Stock takes place outside of Canada through facilities of a stock exchange on which the shares of Stock are listed. The shares of Stock currently are listed on Cboe BZX in the United States.

3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Termination of Employment</u>: This provision replaces Section 4(d) of the Agreement:

For purposes of the Restricted Stock Units, except as explicitly and minimally required under applicable legislation, (A) Participant's Service will be considered terminated (regardless of the reason for such termination and whether or not later found to be invalid or in breach of employment or other laws or the terms of Participant's employment or service contract, if any), and (B) Participant's right (if any) to earn, seek damages in lieu of, vest in the Restricted Stock Units, or otherwise benefit from or participate in the Plan, and any portion of the Restricted Stock Units and the shares of Stock subject to the Restricted Stock Units granted to Participant under the Plan, will be measured by and terminated, effective as of the date that is the earlier of: (i) the date Participant is no longer actively providing Service to the Company, the Employer or any Affiliate, and (ii) the date Participant receives written notice of termination (the "<u>Termination Date</u>").

Except to the extent explicitly and minimally required under applicable legislation, the Termination Date shall exclude any period during which notice, pay in lieu of notice or related payments or damages are provided or required to be provided under applicable

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law (including, but not limited to, statutory law, contract, common/civil law or otherwise) in the jurisdiction where Participant is employed or otherwise providing Services or the terms of Participant's employment or other service agreement, if any. Participant will not earn or be entitled to any pro-rated vesting or other participation in the Plan for that portion of time before the Termination Date (as determined by this provision), nor will Participant be entitled to any compensation for lost vesting or other participation. Subject to applicable legislation, the Corporation shall have the exclusive discretion to determine when Participant is no longer actively providing services for purposes of the Restricted Stock Units (including whether Participant may still be considered to be providing services while on a leave of absence).

Notwithstanding the foregoing, however, if applicable employment standards legislation, explicitly requires continued entitlement to vesting or other participation during a statutory notice period, Participant's right to vest in the Restricted Stock Units or otherwise participate in or benefit from the Plan, if any, will terminate effective as of the last day of Participant's minimum statutory notice period, but Participant will not earn or be entitled to pro-rated vesting or other participation if the vesting or payment date falls after the end of Participant's statutory notice period, nor will Participant be entitled to any compensation for lost vesting or other participation. For clarity, any reference to a Termination Date, termination of Service or termination of employment under the Agreement or the Plan will be interpreted to mean the Termination Date as defined herein.

**<u>Hong Kong</u>**

1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Settlement in Shares of Stock</u>. Notwithstanding anything to the contrary in the Agreement, the Addendum or the Plan, the Restricted Stock Units shall be settled only in shares of Stock (and may not be settled in cash).

2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Disposal of Shares of Stock</u>. If, for any reason, shares of Stock are issued to Participant within six (6) months after the Award Date, Participant agrees that Participant will not sell or otherwise dispose of any such shares of Stock prior to the six (6) month anniversary of the Award Date.

3.&nbsp;&nbsp;&nbsp;&nbsp;<u>IMPORTANT NOTICE/WARNING</u>. *The contents of this document have not been reviewed by any regulatory authority in Hong Kong. Participant is advised to exercise caution in relation to the offer. If Participant is in any doubt about any of the contents of the documents, Participant should obtain independent professional advice. The Restricted Stock Units and shares of Stock issued in settlement of the Restricted Stock Units do not constitute a public offering of securities under Hong Kong law and are available only to employees of the Corporation or its Affiliates. The Agreement, the Plan and other incidental communication materials have not been prepared in accordance with and are not intended to constitute a "prospectus" for a public offering of securities under the applicable securities legislation in Hong Kong. The Restricted Stock Units are intended only for the personal use of each eligible employee of the Employer, the Corporation or an Affiliate and may not be distributed to any other person.*

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4.&nbsp;&nbsp;&nbsp;&nbsp;<u>Wages</u>. The Restricted Stock Units and shares of Stock subject to the Restricted Stock Units do not form part of Participant's wages for purposes of calculating any statutory or contractual payments under Hong Kong law.

**<u>Japan</u>**

No country-specific provisions.

**<u>Netherlands</u>**

1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Exclusion of Claim.</u> Participant acknowledges and agrees that Participant will have no entitlement to compensation or damages insofar as such entitlement arises or may arise from Participant ceasing to have rights under the Plan, whether or not as a result of termination of Participant's Service (whether such termination is in breach of contract or otherwise), or from the loss of diminution in value of the shares of Stock underlying the Restricted Stock Units. Upon the grant of the Restricted Stock Units, Participant shall be deemed to have waived irrevocably such entitlement.

**<u>Philippines</u>**

1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Settlement in Cash</u>. Notwithstanding anything to the contrary in the Agreement, the Addendum or the Plan, the Restricted Stock Units shall be settled only in cash (and shall not be settled in shares of Stock), unless otherwise determined by the Corporation.

**<u>Singapore</u>**

1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Securities Law Information</u>. The grant of the Restricted Stock Units under the Plan is being made pursuant to the "Qualifying Person" exemption under section 273(1)(f) of the Securities and Futures Act (Chapter 289, 2006 Ed.) ("<u>SFA</u>"). The Plan has not been and will not be lodged or registered as a prospectus with the Monetary Authority of Singapore and is not regulated by any financial supervisory authority pursuant to any legislation in Singapore. Accordingly, statutory liability under the SFA in relation to the content of prospectuses would not apply. Participant should note that the Restricted Stock Units are subject to section 257 of the SFA and Participant will not be able to make any subsequent sale of shares of Stock in Singapore, or any offer of such subsequent sale of shares of Stock subject to the Restricted Stock Units in Singapore, unless such sale or offer is made (i) after six (6) months from the Award Date or (ii) pursuant to the exemptions under Part XIII Division (1) Subdivision (4) (other than section 280) of the SFA.

**<u>Switzerland</u>**

1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Securities Law Information</u>. Neither the Agreement nor any other materials relating to the grant of Restricted Stock Units (a) constitutes a prospectus according to articles 35 et seq. of the Swiss Federal Act on Financial Services ("<u>FinSA</u>"), (b) may be publicly distributed or otherwise made publicly available in Switzerland to any person other than an employee of the Corporation or one of its Affiliates or (c) has been or will be filed with, approved or supervised by any Swiss reviewing body according to article 51 FinSA or

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any Swiss regulatory authority, including the Swiss Financial Market Supervisory Authority, FINMA.

**<u>United Kingdom (Including Northern Ireland)</u>**

1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Payment of Withholding Taxes</u>. The following provision supplements the section of the Agreement titled "Payment of Withholding Taxes":

Without limitation to the section of the Agreement titled 'Payment of Withholding Taxes', Participant agrees that Participant is liable for all income tax and employee national insurance contributions or other social contributions or withholding taxes ("<u>Tax-Related Items</u>") and hereby covenants to pay all such Tax-Related Items, as and when requested by the Corporation, the Employer or by HM Revenue and Customs ("<u>HMRC</u>") (or any other tax authority or any other relevant authority). Participant also agrees to indemnify and keep indemnified the Corporation and the Employer against any Tax-Related Items that they are required to pay or withhold or have paid or will pay on Participant's behalf to HMRC (or any other tax authority or any other relevant authority).

Notwithstanding the foregoing, if Participant is a director or executive officer (as within the meaning of Section 13(k) of the U.S. Securities Exchange Act of 1934, as amended), the terms of the immediately foregoing provision will not apply. In the event that Participant is a director or executive officer and income tax due is not collected from or paid by Participant, the amount of any uncollected tax may constitute a benefit to Participant on which additional income tax and national insurance contributions may be payable. Participant acknowledges that Participant ultimately will be responsible for reporting and paying any income tax due on this additional benefit directly to HMRC under the self-assessment regime and for reimbursing the Corporation or the Employer (as applicable) for the value of any employee national insurance contributions due on this additional benefit, which the Corporation and/or the Employer may recover from Participant at any time thereafter by any of the means referred to in section of the Agreement titled "Payment of Withholding Taxes".

2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Exclusion of Claim</u>. Participant acknowledges and agrees that Participant will have no entitlement to compensation or damages insofar as such entitlement arises or may arise from Participant's ceasing to have rights under or to be entitled to the Restricted Stock Units, whether or not as a result of termination of Service (whether such termination is in breach of contract or otherwise), or from the loss or diminution in value of the Restricted Stock Units. Upon the award of the Restricted Stock Units, Participant shall be deemed irrevocably to have waived any such entitlement.

3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Section 2 of the Addendum</u>. Section 2 of the Addendum (Participants in the European Union) shall not apply to the Restricted Stock Units.

## Exhibit 10.93

**Exhibit 10.93**

**<u>CBOE GLOBAL MARKETS, INC. LONG-TERM INCENTIVE PLAN</u>**

**<u>RESTRICTED STOCK UNIT AWARD AGREEMENT – PERFORMANCE BASED</u>**

This Restricted Stock Unit Award Agreement (this "<u>Agreement</u>") is dated effective _______________________, (the "<u>Award Date</u>"), and is between Cboe Global Markets, Inc. (the "<u>Corporation</u>") and ____________________ ("<u>Participant</u>"). Any term capitalized but not defined in this Agreement will have the meaning set forth in the Third Amended and Restated Cboe Global Markets, Inc. Long-Term Incentive Plan (as may be amended from time to time, the "<u>Plan</u>").

1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Award</u>. The Corporation hereby awards to Participant ___________ Restricted Stock Units (the "<u>Restricted Stock Units</u>"). The Restricted Stock Units will be subject to the terms and conditions of the Plan and this Agreement. Each Restricted Stock Unit is a notional amount that represents one unvested share of Stock and entitles Participant, subject to the terms of this Agreement, to receive a share of Stock if and when the Restricted Stock Unit vests.

2.&nbsp;&nbsp;&nbsp;&nbsp;<u>No Rights as Stockholder; Dividend Equivalents</u>. Participant shall have no voting rights with respect to shares of Stock represented by Restricted Stock Units until the date of the issuance of the shares of Stock (as evidenced by the appropriate entry on the books of the Corporation or of a duly authorized transfer agent of the Corporation). Notwithstanding the foregoing, in the event that the Corporation declares a cash dividend on shares of Stock, on the payment date of the dividend, Participant will be credited with Dividend Equivalent Rights equal to the amount of the cash dividend per share multiplied by the number of Restricted Stock Units held by Participant on the dividend's record date. The Dividend Equivalent Rights credited to Participant under the preceding sentence will be deemed to be reinvested in additional Restricted Stock Units, which will be subject to the same terms regarding vesting, forfeiture, and distribution as Restricted Stock Units awarded to Participant under this Agreement.

3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Performance Period</u>. The Performance Period for the Restricted Stock Units shall be the three (3) year period commencing on ___________ and ending on ___________.

4.&nbsp;&nbsp;&nbsp;&nbsp;<u>Vesting; Effect of Termination of Service; Change in Control</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Subject to Sections 4(b), 4(c) and 4(d) below, Participant's Restricted Stock Units will become eligible to vest upon the date that achievement of the Performance Goal described in <u>Exhibit A</u> hereto is certified, subject to and contingent upon Participant's continued Service through the date of distribution of shares of Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The Restricted Stock Units will vest at the Target level of achievement of the Performance Goal (as described in <u>Exhibit A</u>), upon the earlier to occur of (i) Participant's death or (ii) Participant's becoming Disabled, provided that such condition qualifies as a "disability" as defined under Section 409A, in each case, if prior to any forfeiture event under Section 4(d) below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;This subsection 4(c) shall apply to this Agreement, this Award and any Replacement Award provided to Participant to replace this Award in lieu of Section 8.2(b) of the Plan. Upon a termination of Participant's Service by the Corporation or its Affiliate without Cause or by Participant for "Good Reason" (as defined below), in each case,

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upon or within two years after a Change in Control and prior to any forfeiture event under Section 4(d) below, this Award or any Replacement Award held by Participant shall become fully vested and free of restrictions at the Target level of achievement of the Performance Goal (as described in <u>Exhibit A</u>, as amended by the Replacement Award, if any), except that vesting shall be, to the extent determinable, at the level of achievement of the Performance Goal actually achieved as of the date of termination of Service (with similar performance assumed to be achieved through the remainder of the Performance Period) if greater than the Target level of achievement, and shall be distributed upon or within 60 days of such termination of Service. Notwithstanding the foregoing, if this Award or the Replacement Award, as applicable, is considered deferred compensation subject to Section 409A, payment shall be made pursuant to the Award's original schedule if necessary to comply with Section 409A.

For purposes of this Award "Good Reason" shall be deemed to exist if, and only if, without Participant's express written consent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;The Corporation or its Affiliate assigns to Participant authorities, duties or responsibilities (including titles) that are inconsistent in any material and adverse respect with Participant's immediately preceding authorities, duties or responsibilities with the Corporation or its Affiliate (including any material and adverse diminution of such immediately preceding authorities, duties or responsibilities);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;The Corporation or its Affiliate materially reduces Participant's base compensation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;The Corporation or its Affiliate requires Participant to relocate his or her principal business office or principal place of residence outside the metropolitan area in which Participant worked or resided at the time the Restricted Stock Units were awarded (or outside the immediately preceding location of Participant's principal business office with the Corporation or its Affiliate), or assigns to Participant duties that would reasonably require such relocation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;The Corporation or its Affiliate materially breaches the terms of any agreement pursuant to which services are provided to the Corporation or its Affiliate by Participant; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;The Corporation or its Affiliate terminates, reduces or limits Participant's participation in any bonus or incentive compensation arrangement relative to the level of participation of other employees of similar rank for a reason that is not reasonably related to Participant's level of job performance or local requirements and provided that such action results in a material reduction in the aggregate value of Participant's incentive compensation below the aggregate value as of the immediately preceding bonus or incentive compensation performance period and provided further that a mere change in the form of payment of the award (whether cash or shares of Stock) without a reduction in the aggregate grant value of the award shall not be considered a reduction of Participant's participation.

Participant's voluntary termination of Service shall not be considered a termination of Service for Good Reason unless Participant terminates his or her Service within 120 days after the initial existence of the condition constituting Good Reason; provided, Participant provides written notice to the Corporation or its Affiliate of

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Participant's intention to resign for Good Reason, which notice specifies in reasonable detail the breach or action giving rise thereto within 90 days of its initial existence, and the Corporation or its Affiliate does not cure such breach or action within 30 days after the date of Participant's notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;If Participant's Service is terminated for any reason before all of Participant's Restricted Stock Units have vested under this Agreement (including before the Restricted Stock Units qualify for vesting pursuant to an event described in Section 4(a), 4(b) or 4(c) above), Participant's unvested Restricted Stock Units will be forfeited upon the effective date of such termination of Service. Notwithstanding anything herein to the contrary, any outstanding Restricted Stock Units not previously settled shall be cancelled and forfeited immediately if, in the sole opinion and discretion of the Committee or its delegate, Participant engages in any activity that constitutes Cause, whether or not Participant experiences a separation from Service, is no longer in Service, or remains in Service. Neither the Corporation nor any Affiliate will have any further obligations to Participant under this Agreement if Participant's Restricted Stock Units are forfeited pursuant to this Section 4(d).

5.&nbsp;&nbsp;&nbsp;&nbsp;<u>Terms and Conditions of Distribution</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Distribution of a share of Stock that corresponds to a vested Restricted Stock Unit shall be made to Participant as soon as practicable after the Restricted Stock Unit vests, but not later than two and a half (2½) months after the end of the calendar year in which the Restricted Stock Unit vests for purposes of Section 409A, subject to such additional time as may be permitted under Section 409A in the event of Participant's death.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Reserved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;If Participant dies before the date on which the Corporation would have distributed shares of Stock in satisfaction of vested Restricted Stock Units, the Corporation will distribute such shares of Stock to Participant's designated beneficiary(ies) or, if none are designated or surviving, to Participant's estate or personal representative. The Corporation is not required to issue or deliver any shares of Stock before completing the steps necessary to comply with applicable Federal and state securities laws (including any registration requirements) and applicable stock exchange rules and practices. The Corporation will use commercially reasonable efforts to cause compliance with those laws, rules and practices. The foregoing provisions are subject in all cases to the requirements of Section 409A.

6.&nbsp;&nbsp;&nbsp;&nbsp;<u>Nontransferability</u>. Unvested Restricted Stock Units may not be sold, transferred, exchanged, pledged, assigned, garnished, or otherwise alienated or hypothecated, other than by will or by the laws of descent and distribution. Any effort to assign or transfer the rights under this Agreement will be wholly ineffective, and will be grounds for termination by the Committee of all rights of Participant under this Agreement.

7.&nbsp;&nbsp;&nbsp;&nbsp;<u>Administration</u>. The Committee administers the Plan. Participant's rights under this Agreement are expressly subject to the terms and conditions of the Plan and to any guidelines the Committee adopts from time to time. The interpretation and construction by the Committee of the Plan and this Agreement, and such rules and regulations as

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may be adopted by the Committee for purposes of administering the Plan and this Agreement, will be final and binding upon Participant.

8.&nbsp;&nbsp;&nbsp;&nbsp;<u>Securities Law Requirements</u>. If at any time the Board or Committee determines that issuing Stock pursuant to this Agreement would violate applicable securities laws, the Corporation will not be required to issue such Stock. The Board or Committee may declare any provision of this Agreement or action of its own null and void, if it determines the provision or action fails to comply with applicable securities laws. The Corporation may require Participant to make written representations it deems necessary or desirable to comply with applicable securities laws.

9.&nbsp;&nbsp;&nbsp;&nbsp;<u>Payment of Withholding Taxes</u>. Participant acknowledges that, regardless of any action taken by the Corporation or, if different, the Affiliate of the Corporation that employs Participant (the "Employer"), the ultimate liability for all income tax, social contributions, payroll tax, fringe benefits tax, payment on account or other tax-related items related to Participant's participation in the Plan and legally applicable to Participant or deemed by the Corporation or the Employer in their sole discretion to be an appropriate charge to Participant even if legally applicable to the Corporation or the Employer ("<u>Tax-Related Items</u>"), is and remains Participant's responsibility and may exceed the amount actually withheld by the Corporation or the Employer, if any. Participant further acknowledges that the Corporation and/or the Employer (a) make no representations or undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of the Restricted Stock Units, including, but not limited to, the grant, vesting or settlement of the Restricted Stock Units, or the subsequent sale of shares of Stock acquired pursuant to such settlement; and (b) do not commit to and is under no obligation to structure the terms of the grant or any aspect of the Restricted Stock Units to reduce or eliminate Participant's liability for Tax-Related Items or achieve any particular tax result. Further, if Participant is subject to Tax-Related Items in more than one jurisdiction between the Award Date and the date of any relevant taxable or tax withholding event, as applicable, Participant acknowledges that the Corporation and/or the Employer (or former employer, as applicable) may be required to withhold or account for Tax-Related Items in more than one jurisdiction.

Prior to the relevant taxable or tax withholding event, as applicable, Participant agrees to make adequate arrangements satisfactory to the Corporation and/or the Employer to satisfy all Tax-Related Items. In this regard, Participant authorizes the Corporation, or its respective agents, at their discretion, to satisfy the obligations with regard to all Tax-Related Items by one or a combination of the following: (i) withholding from Participant's wages or other cash compensation paid to Participant by the Corporation and/or the Employer; (ii) withholding from the shares of Stock to be delivered upon settlement of the Restricted Stock Units or other awards granted to Participant or (iii) permitting Participant to tender to the Corporation or to the Employer cash or, if allowed by the Committee, shares of Stock to the Corporation.

Notwithstanding the foregoing, if Participant is subject to Section 16 of the Exchange Act, pursuant to Rule 16a-2 promulgated thereunder, any tax withholding obligations shall be satisfied by having the Corporation withhold from the shares of Stock to be delivered upon settlement of the Restricted Stock Units.

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Depending on the withholding method, the Corporation may withhold or account for Tax-Related Items by considering applicable statutory withholding rates (as determined by the Corporation in good faith and in its sole discretion) or other applicable withholding rates, including maximum applicable rates, in which case Participant will receive a refund of any over-withheld amount in cash and will have no entitlement to the share equivalent. If the obligation for Tax-Related Items is satisfied by withholding from the shares of Stock to be delivered upon settlement of the Restricted Stock Units, for tax purposes, Participant is deemed to have been issued the full number of shares of Stock subject to the Restricted Stock Units, notwithstanding that a number of shares of Stock are held back solely for the purpose of paying the Tax-Related Items. Participant will have no further rights with respect to any shares of Stock that are retained by the Corporation pursuant to this provision.

Participant agrees to pay to the Corporation or the Employer any amount of Tax-Related Items that the Corporation or the Employer may be required to withhold or account for as a result of Participant's participation in the Plan that cannot be satisfied by the means previously described. The Corporation may refuse to issue or deliver shares of Stock or proceeds from the sale of shares of Stock until arrangements satisfactory to the Corporation have been made in connection with the Tax-Related Items.

10.&nbsp;&nbsp;&nbsp;&nbsp;<u>Restrictive Covenants</u>. Participant understands the global nature of the Corporation's businesses and the effort the Corporation and its Affiliates (collectively referred to in this Section as "<u>Cboe</u>") undertake to develop and protect their business and their competitive advantage. Accordingly, Participant agrees that the scope and duration of the restrictions described in this Agreement are reasonable and necessary to protect the legitimate business interests of Cboe. Participant further agrees that during the period of Participant's Service and for a period of two (2) years following Participant's separation from Service, Participant shall not, without the express written approval of the Chief Executive Officer:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;singly, jointly, or in any other capacity, in a manner that contributes to any research, technology, development, account, trading, marketing, promotion, or sales and that relates to Participant's Service with Cboe, directly or beneficially, manage, join, participate in the management, operation or control of, or work for (as an employee, consultant or independent contractor), or permit the use of his or her name by, or provide financial or other assistance to, or be connected in any manner with (i) any exchange, facility, clearinghouse, electronic communications network ("ECN"), electronic foreign currency exchange market ("FX") matching platform, multilateral trading facility, or alternative trading system ("ATS"); (ii) the ECN, ATS or FX business lines of any full service broker dealer or any digital asset or data and access solutions business line of any company; or (iii) any business line of any company that is substantially similar to any additional business line developed or entered into by Cboe during Participant's Service, provided that, in the case of clauses (i), (ii) and (iii), such entity or business line that directly competes with Cboe;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;provide any service or assistance that (i) is of the general type of service or assistance provided by Participant to Cboe, (ii) relates to any technology, account, product, project or piece of work with which Participant was involved during his Service, and (iii) contributes to causing an entity to come within the definition described in Section 10(a) above;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;solicit or accept if offered to Participant, with or without solicitation, on his or her own behalf or on behalf of any other person, the services of any person who is a then-current employee of Cboe (or was an employee of Cboe during the year preceding such solicitation), nor solicit any of Cboe's then-current employees (or an individual who was employed by or engaged by Cboe during the year preceding such solicitation) to terminate employment or an engagement with Cboe, nor agree to hire any then-current employee (or an individual who was an employee of Cboe during the year preceding such hire) of Cboe into employment with Participant or any company, individual or other entity; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;directly or indirectly divert or attempt to divert from Cboe any business in which Cboe has been actively engaged during Participant's Service, nor interfere with the relationships of Cboe or with their sources of business.

11.&nbsp;&nbsp;&nbsp;&nbsp;<u>Confidentiality</u>. Participant acknowledges that the Corporation or an Affiliate may disclose secret or confidential information to Participant during the period of Participant's Service to enable Participant to perform his or her duties. Participant agrees that, subject to the following sentence, Participant shall not during his or her Service (except in connection with the proper performance of his or her duties) and thereafter, without the prior written consent of the Corporation, disclose to any person or entity any material or significant secret or confidential information concerning the business of the Corporation or an Affiliate that was obtained by Participant in the course of Participant's Service. This paragraph shall not be applicable if and to the extent Participant is required to testify in a legislative, judicial or regulatory proceeding pursuant to an order of Congress, any state or local legislature, a judge, or an administrative law judge, or if such secret or confidential information is required to be disclosed by Participant by any law, regulation or order of any court or regulatory commission, department or agency. Participant further agrees that if Participant's Service is terminated for any reason, Participant will not take, but will leave with the Corporation or an Affiliate, all records and papers and all matter of whatever nature that bears secret or confidential information of the Corporation or an Affiliate. For purposes of this Agreement, the term "secret or confidential information" shall include, but not be limited to, any and all records, notes, memoranda, data, writings, research, personnel information, customer information, clearing members' information, the Corporation's and any Affiliate's financial information and plans, processes, methods, techniques, systems, formulas, patents, models, devices, compilations or any other information of whatever nature in the possession or control of the Corporation or an Affiliate, that has not been published or disclosed to the general public, the options industry, the equities industry, the foreign currency exchange industry or the commodities futures industry, provided that such term shall not include knowledge, skills, and information that is common to the trade or profession of Participant.

Notwithstanding anything in this Agreement to the contrary, nothing in this Agreement prohibits Participant from confidentially or otherwise communicating or filing a charge or complaint with a governmental or regulatory entity, participating in a governmental or regulatory entity investigation, or giving truthful testimony or making other disclosures to a governmental or regulatory entity (in each case, without having to disclose any such conduct to the Corporation or an Affiliate), or from responding if properly subpoenaed or otherwise required to do so under applicable law. In addition, nothing in this Agreement limits Participant's right to receive an award from a governmental or regulatory entity for

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information provided to such an entity (and not as compensation for actual or alleged personal injury or damages to Participant).

Pursuant to the Defend Trade Secrets Act of 2016 (18 U.S.C. 1833(b)), Participant shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that is made in confidence either directly or indirectly to a federal, state, or local government official, or to an attorney, solely for the purpose of reporting or investigating a violation of law. Participant shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret made in a complaint, or other document filed in a lawsuit or other proceeding, if such filing is made under seal. If Participant files a lawsuit or other action alleging retaliation by the Corporation or an Affiliate for reporting a suspected violation of law, Participant may disclose the trade secret to his or her attorney and use the trade secret in the court proceeding or other action, if Participant files any document containing the trade secret under seal and does not disclose the trade secret, except pursuant to court order. This paragraph will govern to the extent it may conflict with any other provision of this Agreement.

12.&nbsp;&nbsp;&nbsp;&nbsp;<u>Judicial Modification</u>. If the final judgment of a court of competent jurisdiction declares that any term or provision of Section 10 or 11 is invalid or unenforceable, the parties agree that (a) the court making the determination of invalidity or unenforceability shall have the power to reduce the scope, duration, or geographic area of the term or provision, to delete specific words or phrases, or to replace any invalid or unenforceable term or provision with a term or provision that is valid and enforceable and that comes closest to expressing the intention of the invalid or unenforceable term or provision, (b) the parties shall request that the court exercise that power, and (c) this Agreement shall be enforceable as so modified after the expiration of the time within which the judgment or decision may be appealed.

13.&nbsp;&nbsp;&nbsp;&nbsp;<u>Remedies</u>. Participant agrees that in the event of a breach or threatened breach of any of the covenants contained in Sections 10 or 11 of this Agreement, in addition to any other penalties or restrictions that may apply under any employment agreement, state law, or otherwise, Participant shall forfeit, upon written notice to such effect from the Corporation, any and all Awards granted to him or her under the Plan and this Agreement, including vested Awards. The forfeiture provisions of this Section 13 shall continue to apply, in accordance with their terms, after the provisions of any employment or other agreement between the Corporation and Participant have lapsed. Participant consents and agrees that if Participant violates or threatens to violate any provisions of Sections 10 or 11 of this Agreement, the Corporation or its successors in interest shall be entitled, in addition to any other remedies that they may have, including money damages, to an injunction to be issued by a court of competent jurisdiction restraining Participant from committing or continuing any violation of Sections 10 or 11. In the event that Participant is found to have breached any provision set forth in Section 10 of this Agreement, the time period provided for in that provision shall be deemed tolled (*i.e.*, it will not begin to run) for as long as Participant was in violation of that provision. Notwithstanding anything to the contrary herein, nothing in this Agreement shall prohibit or restrict a Participant who is licensed to practice law from providing legal advice and counseling, or other advice and counseling incidental thereto, as an officer, employee, consultant, independent contractor or otherwise, to an exchange, facility, clearinghouse, ECN, FX matching platform, multilateral trading facility, ATS, full service broker dealer,

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digital asset business, or data and access solutions business, or any other company that directly competes with Cboe. The provisions of Sections 10 and 11 of this Agreement shall continue to apply, in accordance with their terms, after Participant's service has terminated and after provisions of any employment or other agreement between the Corporation and Participant have lapsed.

14.&nbsp;&nbsp;&nbsp;&nbsp;<u>Representations and Warranties</u>. Participant represents and warrants to the Corporation that Participant has received a copy of the Plan and this Agreement, has read and understands the terms of the Plan and this Agreement, and agrees to be bound by their terms and conditions in all respects.

15.&nbsp;&nbsp;&nbsp;&nbsp;<u>No Limitation on the Corporation's Rights</u>. The granting of Restricted Stock Units under this Agreement shall not and will not in any way affect the Corporation's right or power to make adjustments, reclassifications or changes in its capital or business structure or to merge, consolidate, reincorporate, dissolve, liquidate or sell or transfer all or any part of its business or assets.

16.&nbsp;&nbsp;&nbsp;&nbsp;<u>Plan and Agreement Not a Contract of Employment or Service</u>. Neither the Plan nor this Agreement is a contract of employment or Service, and no terms of Participant's employment or Service will be affected in any way by the Plan, this Agreement or related instruments, except to the extent specifically expressed therein. Neither the Plan nor this Agreement will be construed as conferring any legal rights on Participant to continue to be employed or remain in Service, nor will it interfere with the Corporation's or any Affiliate's right to discharge Participant or to deal with Participant regardless of the existence of the Plan or this Agreement.

17.&nbsp;&nbsp;&nbsp;&nbsp;<u>Entire Agreement and Amendment</u>. This Agreement and the Plan constitute the entire agreement between the parties hereto with respect to the Restricted Stock Units, and all prior oral and written representations are merged in this Agreement and the Plan. Notwithstanding the preceding sentence, this Agreement shall not in any way affect the terms and provisions of the Plan. This Agreement may be amended, modified, or terminated only in accordance with the Plan. The headings in this Agreement are inserted for convenience and identification only and are not intended to describe, interpret, define or limit the scope, extent, or intent of this Agreement or any provision hereof.

18.&nbsp;&nbsp;&nbsp;&nbsp;<u>Notice</u>. Any notice or other communication required or permitted under this Agreement must be in writing and must be delivered personally, sent by certified, registered or express mail, sent by overnight courier (at the sender's expense), or (if from the Corporation or the Corporation's stock plan administrator) by electronic mail. Notice will be deemed given (a) when delivered personally, (b) if mailed, three days after the date of deposit in the U.S. mail, (c) if sent by overnight courier, on the regular business day following the date sent, or (d) when electronically mailed. Notice to the Corporation should be sent to Cboe Global Markets, Inc., 433 West Van Buren Street, Chicago, Illinois 60607, Attention: General Counsel. Notice to Participant should be sent to the mailing address and/or electronic mailing address set forth on the Corporation's records. Either party may change the address to which the other party must give notice under this Section 18 by giving the other party written notice of such change, in accordance with the procedures described above or otherwise established by the Corporation or its stock plan administrator.

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19.&nbsp;&nbsp;&nbsp;&nbsp;<u>Successors and Assigns</u>. The terms of this Agreement will be binding upon the Corporation and its successors and assigns.

20.&nbsp;&nbsp;&nbsp;&nbsp;<u>Governing Law</u>. To the extent not preempted by Federal law, the Plan, this Agreement, and documents evidencing rights relating to the Plan or this Agreement will be construed, administered and governed in all respects under and by the laws of the State of Delaware, without giving effect to its conflict of laws principles. If any provision of this Agreement will be held by a court of competent jurisdiction to be invalid or unenforceable, the remaining provisions hereof will continue to be fully effective. The jurisdiction and venue for any disputes arising under, or any action brought to enforce (or otherwise relating to), this Agreement will be exclusively in the courts in the State of Illinois, County of Cook, including the Federal Courts located therein (should Federal jurisdiction exist).

21.&nbsp;&nbsp;&nbsp;&nbsp;<u>Plan Document Controls</u>. The rights granted under this Agreement are in all respects subject to the provisions set forth in the Plan to the same extent and with the same effect as if set forth fully in this Agreement. If the terms of this Agreement conflict with the terms of the Plan document, the Plan document will control.

22.&nbsp;&nbsp;&nbsp;&nbsp;<u>Counterparts</u>. This Agreement may be executed simultaneously in two or more counterparts, each of which shall be deemed an original and all of which together shall constitute but one and the same instrument.

23.&nbsp;&nbsp;&nbsp;&nbsp;<u>Waiver; Cumulative Rights</u>. The failure or delay of either party to require performance by the other party of any provision of this Agreement will not affect its right to require performance of such provision unless and until such performance has been waived in writing. Each right under this Agreement is cumulative and may be exercised in part or in whole from time to time.

24.&nbsp;&nbsp;&nbsp;&nbsp;<u>Tax Consequences</u>.&nbsp;&nbsp;&nbsp;&nbsp;Participant agrees to determine and be responsible for all tax consequences to Participant with respect to the Restricted Stock Units.

25.&nbsp;&nbsp;&nbsp;&nbsp;<u>Section 409A</u>*.* The Restricted Stock Units granted hereunder are intended to comply with, or otherwise be exempt from, Section 409A, including the exceptions and exemptions for short term deferrals, stock rights, and separation pay arrangements. This Agreement and all Restricted Stock Units shall be administered, interpreted, and construed in a manner consistent with Section 409A. Should any provision of this Agreement, or any other agreement or arrangement contemplated by this Agreement, be found not to comply with, or otherwise be exempt from, the provisions of Section 409A, such provision shall be modified and given effect (retroactively if necessary), in the sole discretion of the Corporation, and without the consent of Participant, in such manner as the Corporation determines to be necessary or appropriate to comply with, or to effectuate an exemption from, Section 409A. Notwithstanding the forgoing, no provision of this Agreement, or any other agreement or arrangement contemplated by this Agreement shall be construed as a guarantee by the Corporation of any particular tax effect to Participant. Each payment made under this Agreement shall be designated as a separate payment within the meaning of Section 409A. Any payment that is subject to Section 409A and payable upon Participant's termination of employment or other similar event shall not be made unless Participant has experienced a "separation from service" as defined under Section 409A. Except as provided in the provisions of Section 4(c)

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referencing Section 409A, any payment subject to Section 409A that is to be made upon a "separation from service" to Participant on any date when he or she is a "specified employee" as defined under Section 409A shall not be paid before the date that is six (6) months following Participant's "separation from service" or, if earlier, Participant's death.

26.&nbsp;&nbsp;&nbsp;&nbsp;<u>Compensation Recovery</u>. Notwithstanding anything in this Agreement to the contrary, the Restricted Stock Units, Dividend Equivalent Rights and any shares of Stock issued pursuant to the Restricted Stock Units and any proceeds therefrom shall be subject to and remain subject to any compensation recovery policies of the Corporation, including (i) the Corporation's Executive Officer Incentive Compensation Clawback Policy (as amended from time to time, or any successor policy), (ii) the Corporation's Supplemental Discretionary Clawback Policy (as amended from time to time, or any successor policy), (iii) any recoupment, clawback or similar requirements made applicable by law, regulation or listing standards to the Corporation from time to time (to the extent contemplated by such requirements), or (iv) as may be adopted by the Corporation to help facilitate the Corporation's objectives, including, without limitation, related to eliminating or reducing fraud, misconduct, wrongdoing, or violations of law by an employee or similar considerations and, in each case, as may be amended from time to time (the "Policies"), with the provisions contained in such Policies deemed incorporated into this Agreement without Participant's additional or separate consent. For purposes of the foregoing, Participant expressly and explicitly authorizes the Corporation to cancel any unpaid portion of the Restricted Stock Units (whether vested or unvested) and to issue instructions, on Participant's behalf, to any brokerage firm and/or third-party administrator engaged by the Corporation to hold any shares of Stock and other amounts acquired pursuant to the Restricted Stock Units to re-convey, transfer or otherwise return such shares of Stock and/or other amounts to the Corporation upon the Corporation's enforcement of the Policies. Participant acknowledges and agrees that the Corporation's rights hereunder shall not be affected in any way by any subsequent change in status, including retirement or termination of employment (including due to death or Disability). Participant expressly agrees to indemnify and hold the Corporation and its Affiliates harmless from any loss, cost, damage, or expense (including attorneys' fees) that the Corporation or any Affiliate may incur as a result of Participant's actions or in the Corporation and any Affiliate's efforts to recover such previously made payments or value pursuant to this provision. No recovery of compensation as described herein will be an event giving rise to a right to resign for "Good Reason" or "constructive termination" (or similar term) under any plan of, or agreement with, the Corporation, the Employer and/or Participant.

27.&nbsp;&nbsp;&nbsp;&nbsp;<u>Addendum to Agreement.</u> Notwithstanding any provision of this Agreement to the contrary, if Participant resides or is employed outside the U.S. or transfers residence or employment outside the U.S., the Restricted Stock Units shall be subject to such special terms and conditions as are set forth in the addendum to this agreement (the "<u>Addendum</u>"). Further, if Participant transfers residency and/or employment to another country, any special terms and conditions for such country will apply to the Restricted Stock Units to the extent the Corporation determines, in its sole discretion, that the application of such terms and conditions is necessary or advisable in order to comply with local law or to facilitate the operation and administration of the Restricted Stock Units and the Plan (or the Corporation may establish alternative terms and conditions as

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may be necessary or advisable to accommodate Participant's transfer). In all circumstances, the Addendum shall constitute part of this Agreement.

IN WITNESS WHEREOF, the Corporation and Participant have duly executed this Agreement as of the date first written above.

**Cboe Global Markets, Inc.**

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| | |
|:---|:---|
| _________________________________ | By: |
| Participant's Name |  |
| _________________________________ | Its: |
| Participant's Signature |  |

---

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**<u>Exhibit A</u>**

&nbsp;&nbsp;&nbsp;&nbsp;Vesting of the Restricted Stock Units is contingent upon achievement of a Performance Goal tied to Earnings Per Share for the Performance Period. The number of Restricted Stock Units that may vest shall be determined as set forth below:

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| | |
|:---|:---|
| **Earnings Per Share Attained** | **Percentage of Restricted Stock Units That Vest** |
| $___________ ("<u>Maximum</u>") or greater  | ___________% |
| $___________ ("<u>Target</u>") | ___________% |
| $___________ ("<u>Threshold</u>")  | &nbsp;&nbsp;&nbsp;&nbsp;___________% |

---

**&nbsp;&nbsp;&nbsp;&nbsp;**For Earnings Per Share levels that fall between the values shown above, the percentage of Restricted Stock Units that vest will be determined by straight line interpolation, provided that no Restricted Stock Units will vest if the Corporation's Earnings Per Share does not equal or exceed the Threshold amount.

&nbsp;&nbsp;&nbsp;&nbsp;"<u>Earnings Per Share</u>" means earnings per share calculated in accordance with generally accepted accounting principles, except that certain adjustments shall be made to eliminate the impact of infrequent, unusual, and/or non-recurring items, such as non-consolidated equity method investments, restructuring charges, significant share repurchase activity, significant income tax credits or charges, acquisitions and divestitures of businesses, asset impairments, and significant litigation settlements.

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**<u>ADDENDUM</u>**

**<u>CBOE GLOBAL MARKETS, INC. LONG-TERM INCENTIVE PLAN<br>RESTRICTED STOCK UNIT AWARD AGREEMENT - PERFORMANCE BASED</u>**

This Addendum to the Agreement includes additional terms and conditions that govern the Restricted Stock Units if Participant resides and/or is employed outside of the United States or transfers residence or employment outside the United States. Certain capitalized terms used but not defined in this Addendum have the meanings set forth in the Agreement or the Plan.

1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Nature of Grant</u>. In accepting the Restricted Stock Units, Participant acknowledges that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;the Plan is established voluntarily by the Corporation, is discretionary in nature and may be modified, amended, suspended or terminated by the Corporation at any time, to the extent permitted by the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;the award of the Restricted Stock Units is exceptional, discretionary, voluntary and occasional and does not create any contractual or other right to receive future grants of Restricted Stock Units, or benefits in lieu of Restricted Stock Units, even if Restricted Stock Units have been granted in the past;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;all decisions with respect to future Restricted Stock Unit awards, if any, will be at the sole discretion of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;Participant is voluntarily participating in the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;the Restricted Stock Units and any shares of Stock that may be received in settlement of the Restricted Stock Units, and the income and value of same, (i) are an extraordinary item that does not constitute compensation of any kind for services of any kind rendered to the Corporation or the Employer, and which is outside the scope of Participant's employment contract, if any, (ii) are not intended to replace any pension rights or compensation, and (iii) are not part of normal or expected compensation or salary for any purpose, including, but not limited to, calculating any severance, resignation, termination, redundancy, dismissal, end-of-service payments, holiday pay, bonuses, long-service awards, leave-related payments, pension or retirement or welfare benefits or similar payments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;the Restricted Stock Unit award will not be interpreted to form an employment or non-employee director contract or relationship with the Corporation or any Affiliate, nor does it amend any legal relationship or legal entitlement between Participant and the Employer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;this Agreement, the transactions contemplated hereunder and the vesting schedule set forth herein do not constitute an express or implied promise of Participant's further employment for the vesting period, for any period, or at all, and will not interfere with Participant's right or the right of the Corporation or the Employer to terminate Participant's employment relationship at any time with or without cause;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;unless otherwise agreed with the Corporation, the Restricted Stock Units and the shares of Stock underlying the Restricted Stock Units, and the income and value of same, are

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not granted as consideration for, or in connection with, the service Participant may provide as a director of an Affiliate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;the future value of the underlying shares of Stock is unknown, indeterminable and cannot be predicted with certainty;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;neither the Corporation, the Employer nor any Affiliate shall be liable for any foreign exchange rate fluctuation between Participant's local currency and the United States Dollar that may affect the value of the Restricted Stock Units or of any amounts due to Participant pursuant to the settlement of the Restricted Stock Units or the sale of any shares of Stock Participant may acquire upon such settlement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;in consideration of the grant of the Restricted Stock Units, no claim or entitlement to compensation or damages shall arise from termination of the Restricted Stock Units or diminution in value of the Restricted Stock Units or shares of Stock acquired upon vesting of the Restricted Stock Units resulting from Participant's termination of Service (for any reason whatsoever and whether or not later found to be invalid or in breach of employment laws in the jurisdiction where Participant is employed or the terms of Participant's employment agreement, if any) or from the application of any clawback or recoupment policy adopted by the Corporation or imposed by applicable law, and Participant irrevocably releases the Corporation and the Employer from any such claim that may arise; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;the Restricted Stock Units and the benefits evidenced by this Agreement do not create any entitlement not otherwise specifically provided for in the Plan or provided by the Corporation in its discretion, to have the Restricted Stock Units or any such benefits transferred to, or assumed by, another company or to be exchanged, cashed out or substituted for, in connection with any corporate transaction affecting the shares of the Corporation.

2.&nbsp;&nbsp;&nbsp;&nbsp;Reserved.

3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Payment of Withholding Taxes</u>. Participant acknowledges and agrees that if Participant is subject to tax and/or social contributions in more than one jurisdiction, the Corporation or its Affiliate(s) may be required to withhold or account for taxes and/or social contributions in more than one jurisdiction, in accordance with the methods of withholding described in Section 9 of the Agreement.

4.&nbsp;&nbsp;&nbsp;&nbsp;<u>Data Privacy</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Data Collection and Usage</u>. The Corporation and the Employer will collect, process and use certain personal information about Participant, specifically, Participant's name, home address, email address and telephone number, date of birth, social security or insurance number, passport number or other identification number, salary, nationality, job title, any shares of Stock or directorships held in the Corporation, details of all Restricted Stock Units or any other entitlement to shares of Stock awarded, canceled, exercised, vested, unvested or outstanding in Participant's favor ("<u>Data</u>"), for the exclusive purpose of implementing, administering and managing the Plan.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Recipients of Data</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.&nbsp;&nbsp;&nbsp;&nbsp;<u>Stock Plan Administration Service Providers</u>. The Corporation and the Employer transfer Data to Fidelity Stock Plan Services, LLC (and/or its affiliates, collectively "<u>Fidelity</u>"), the designated broker assisting in the implementation, administration and management of the Plan. In the future, the Corporation may select a different service provider and share Data with such other provider serving in a similar manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.&nbsp;&nbsp;&nbsp;&nbsp;<u>Other Service Provider Data Recipients</u>. The Corporation also may transfer Data to other third party service providers, if necessary to ensure compliance with applicable tax, exchange control, securities and labor law. Such third party service providers may include the Corporation's legal counsel as well as its auditor, human resources consultant and payroll vendor. Wherever possible, the Corporation will anonymize data, but Participant understands that his or her Data may need to be transferred to such providers to ensure compliance with applicable law and/or tax requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.&nbsp;&nbsp;&nbsp;&nbsp;<u>Securities or Other Regulatory Authorities</u>. In addition to the recipients identified herein and where required under applicable law, Data also may be disclosed to certain securities or other regulatory authorities, including where the Corporation's securities are listed or traded or regulatory filings are made. The legal basis, where required, for such disclosure is compliance with applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>International Data Transfers</u>. The Corporation, Fidelity and other service providers described above are located in the United States. The United States may have different data privacy laws and protections than Participant's country of residence (or country of employment, if different).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;<u>Legal Basis for Collection, Processing and Transfer of Data</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.&nbsp;&nbsp;&nbsp;&nbsp;<u>Participants within the EU / European Economic Area ("EEA"), Switzerland and the United Kingdom</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.&nbsp;&nbsp;&nbsp;&nbsp;The collection, processing and transfer of Data is necessary for the legitimate purpose of the Corporation and Employer's administration of the Plan and Participant's participation in the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.&nbsp;&nbsp;&nbsp;&nbsp;When transferring Data to potential recipients outside the EU/EEA, Switzerland and/or the United Kingdom, the Corporation and the Employer strive to provide appropriate safeguards in accordance with Standard Contractual Clauses or other legally binding and permissible arrangements. For further information on the transfer of Participant's personal data outside of the EU/EEA, Switzerland and/or the United Kingdom, Participant may contact his or her human resources representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.&nbsp;&nbsp;&nbsp;&nbsp;<u>Participants outside the EU / EEA, Switzerland and the United Kingdom</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i.&nbsp;&nbsp;&nbsp;&nbsp;Participant hereby explicitly and unambiguously consents to the collection, processing and use, in electronic or other form, of Participant's Data by the Corporation and the transfer of Data to the

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recipients mentioned above, including recipients located in countries which do not adduce an adequate level of protection from a non-U.S. data protection law perspective, for the purposes described above. Upon transfer of Participant's Data to Fidelity, Participant may be asked to agree to separate terms and data processing practices with Fidelity, with such agreement being a condition of the ability to participate in the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii.&nbsp;&nbsp;&nbsp;&nbsp;Participation in the Plan is voluntary and Participant understands that Participant is providing the consent herein on a purely voluntary basis. If Participant does not consent, or later seeks to revoke his or her consent, Participant's employment status or Service and career with the Employer will not be adversely affected. The only consequence of refusing or withdrawing consent is that the Corporation would not be able to grant Restricted Stock Units or other equity awards to Participant or administer or maintain such awards. Therefore, Participant understands that refusing or withdrawing his or her consent may affect Participant's ability to participate in the Plan. For more information on the consequences of Participant's refusal to consent or withdrawal of consent, Participant understands that Participant may contact his or her human resources representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;<u>Data Retention</u>. Participant understands that Data will be held only as long as is necessary to implement, administer and manage his or her participation in the Plan or comply with applicable laws. When the Corporation no longer needs the Data, the Corporation will remove it from its systems.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) &nbsp;&nbsp;&nbsp;&nbsp;<u>Data Subject Rights</u>. Participant understands that Participant may have the right under applicable law to (i) access or copy Data that the Corporation possesses, (ii) rectify incorrect Data, (iii) delete Data, (iv) restrict processing of Data, (v) opt out of the Plan, or (vi) lodge complaints with the competent supervisory authorities in Participant's jurisdiction. To receive clarification regarding these rights or to exercise these rights, Participant understands that Participant can contact his or her local human resources representative.

5.&nbsp;&nbsp;&nbsp;&nbsp;<u>No Advice Regarding Grant</u>. The Corporation is not providing any tax, legal or financial advice, nor is the Corporation making any recommendations regarding Participant's participation in the Plan, or Participant's acquisition or sale of the underlying shares of Stock. Participant should consult with his or her own personal tax, legal and financial advisors regarding Participant's participation in the Plan before taking any action related to the Plan.

6.&nbsp;&nbsp;&nbsp;&nbsp;<u>Imposition of Other Requirements</u>. The Corporation reserves the right to impose other requirements on Participant's participation in the Plan, on the Restricted Stock Units and on any shares of Stock acquired under the Plan, to the extent the Corporation determines it is necessary or advisable for legal or administrative reasons. Such requirements may include (but are not limited to) requiring Participant to sign any agreements or undertakings that may be necessary to accomplish the foregoing.

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7.&nbsp;&nbsp;&nbsp;&nbsp;<u>Insider Trading/Market Abuse Laws</u>. By participating in the Plan, Participant agrees to comply with the Corporation's policy on insider trading (to the extent that it is applicable to Participant). Participant further acknowledges that, depending on Participant's or the broker's country of residence or where the shares of Stock are listed, Participant may be subject to insider trading restrictions and/or market abuse laws, which may affect Participant's ability to accept, acquire, sell or otherwise dispose of shares of Stock, rights to shares of Stock (e.g., Restricted Stock Units) or rights linked to the value of shares of Stock, during such times Participant is considered to have "inside information" regarding the Corporation as defined by the laws or regulations in Participant's country. Local insider trading laws and regulations may prohibit the cancellation or amendment of orders Participant places before Participant possessed inside information. Furthermore, Participant could be prohibited from (i) disclosing the inside information to any third party (other than on a "need to know" basis) and (ii) "tipping" third parties or causing them otherwise to buy or sell securities. Participant understands that third parties include fellow employees. Any restrictions under these laws or regulations are separate from and in addition to any restrictions that may be imposed under any applicable Corporation insider trading policy. Participant acknowledges that it is Participant's responsibility to comply with any applicable restrictions, and that Participant should therefore consult Participant's personal advisor on this matter.

8.&nbsp;&nbsp;&nbsp;&nbsp;<u>Foreign Asset/Account Reporting; Exchange Controls</u>. Participant's country may have certain foreign asset and/or account reporting requirements and/or exchange controls which may affect Participant's ability to acquire or hold shares of Stock under the Plan or cash received from participating in the Plan (including from any dividends received or sale proceeds arising from the sale of shares of Stock) in a brokerage or bank account outside Participant's country. Participant may be required to report such accounts, assets or transactions to the tax or other authorities in his or her country. Participant also may be required to repatriate sale proceeds or other funds received as a result of Participant's participation in the Plan to his or her country through a designated bank or broker and/or within a certain time after receipt. Participant acknowledges that it is his or her responsibility to be compliant with such regulations, and Participant should consult his or her personal legal advisor for any details.

9.&nbsp;&nbsp;&nbsp;&nbsp;<u>Language</u>. If Participant is resident in a country where English is not an official language, Participant acknowledges that Participant is sufficiently proficient in English to understand the terms and conditions of the Agreement or has had the ability to consult with an advisor who is sufficiently proficient in the English language. Participant further acknowledges and agrees that it is Participant's express intent that the Agreement, the Addendum and the Plan and all other documents, notices and legal proceedings entered into, given or instituted pursuant to the Restricted Stock Units be drawn up in English. If Participant has received the Agreement, the Addendum or any other document related to the Plan translated into a language other than English and if the meaning of the translated version is different than the English version, the English version will control, unless otherwise required by applicable law.

10.&nbsp;&nbsp;&nbsp;&nbsp;<u>Annex to Addendum</u>. Notwithstanding any provision of the Agreement or Addendum to the contrary, the Restricted Stock Units shall be subject to such terms and conditions for Participant's country of residence (and country of employment, if different), as are set forth in the annex to this Addendum (the "<u>Annex</u>"). Further, if Participant transfers

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residency and/or employment to another country, or otherwise becomes subject to the local laws, rules and/or regulations in one of the countries included in the Annex, Corporation may establish alternative terms and conditions as may be necessary or advisable to accommodate Participant's transfer. In all circumstances, the Annex shall constitute part of this Addendum.

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**<u>ANNEX</u>**

This Annex to the Addendum includes additional (or different, if so specified) terms and conditions that govern the Restricted Stock Units if Participant resides and/or is employed in the country addressed herein or transfers residence or employment to the country addressed herein. If Participant transfers residence and/or employment to another country, the Corporation may establish alternative terms and conditions as may be necessary or advisable to accommodate Participant's transfer. Certain capitalized terms used but not defined in this Annex have the meanings set forth in the Agreement (including the Addendum) or the Plan.

**<u>Australia</u>**

1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Tax Notification</u>. The Plan is a plan to which Subdivision 83A-C of the Income Tax Assessment Act 1997 (Cth) (the "<u>Act</u>") applies (subject to conditions in the Act).

2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Securities Law Notification</u>. This grant of Restricted Stock Units is being made under Division 1A, Part 7.12 of the Corporations Act 2001 (Cth).

**<u>Canada</u>**

1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Settlement of Restricted Stock Units</u>: Notwithstanding anything to the contrary in the Agreement or any related document, if Participant is resident or employed in Canada, the Corporation shall have absolute discretion to settle the Restricted Stock Units in shares of Stock or in the form of a cash payment or in any combination of the foregoing.

2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Securities Law Notification</u>: Participant acknowledges and agrees that he or she is permitted to sell shares of Stock acquired under the Plan through the designated broker appointed under the Plan, provided the resale of shares of Stock takes place outside of Canada through facilities of a stock exchange on which the shares of Stock are listed. The shares of Stock currently are listed on Cboe BZX in the United States.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>3. Termination of Employment</u>: This provision replaces Section 4(d) of the Agreement:

For purposes of the Restricted Stock Units, except as explicitly and minimally required under applicable legislation, (A) Participant's Service will be considered terminated (regardless of the reason for such termination and whether or not later found to be invalid or in breach of employment or other laws or the terms of Participant's employment or service contract, if any), and (B) Participant's right (if any) to earn, seek damages in lieu of, vest in the Restricted Stock Units, or otherwise benefit from or participate in the Plan, and any portion of the Restricted Stock Units and the shares of Stock subject to the Restricted Stock Units granted to Participant under the Plan, will be measured by and terminated, effective as of the date that is the earlier of: (i) the date Participant is no longer actively providing Service to the Company, the Employer or any Affiliate, and (ii) the date Participant receives written notice of termination (the "<u>Termination Date</u>").

Except to the extent explicitly and minimally required under applicable legislation, the Termination Date shall exclude any period during which notice, pay in lieu of notice or related payments or damages are provided or required to be provided under applicable

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law (including, but not limited to, statutory law, contract, common/civil law or otherwise) in the jurisdiction where Participant is employed or otherwise providing Services or the terms of Participant's employment or other service agreement, if any. Participant will not earn or be entitled to any pro-rated vesting or other participation in the Plan for that portion of time before the Termination Date (as determined by this provision), nor will Participant be entitled to any compensation for lost vesting or other participation. Subject to applicable legislation, the Corporation shall have the exclusive discretion to determine when Participant is no longer actively providing services for purposes of the Restricted Stock Units (including whether Participant may still be considered to be providing services while on a leave of absence).

Notwithstanding the foregoing, however, if applicable employment standards legislation, explicitly requires continued entitlement to vesting or other participation during a statutory notice period, Participant's right to vest in the Restricted Stock Units or otherwise participate in or benefit from the Plan, if any, will terminate effective as of the last day of Participant's minimum statutory notice period, but Participant will not earn or be entitled to pro-rated vesting or other participation if the vesting or payment date falls after the end of Participant's statutory notice period, nor will Participant be entitled to any compensation for lost vesting or other participation. For clarity, any reference to a Termination Date, termination of Service or termination of employment under the Agreement or the Plan will be interpreted to mean the Termination Date as defined herein.

**<u>Hong Kong</u>**

1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Settlement in Shares of Stock</u>. Notwithstanding anything to the contrary in the Agreement, the Addendum or the Plan, the Restricted Stock Units shall be settled only in shares of Stock (and may not be settled in cash).

2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Disposal of Shares of Stock</u>. If, for any reason, shares of Stock are issued to Participant within six (6) months after the Award Date, Participant agrees that Participant will not sell or otherwise dispose of any such shares of Stock prior to the six (6) month anniversary of the Award Date.

3.&nbsp;&nbsp;&nbsp;&nbsp;<u>IMPORTANT NOTICE/WARNING</u>. *The contents of this document have not been reviewed by any regulatory authority in Hong Kong. Participant is advised to exercise caution in relation to the offer. If Participant is in any doubt about any of the contents of the documents, Participant should obtain independent professional advice. The Restricted Stock Units and shares of Stock issued in settlement of the Restricted Stock Units do not constitute a public offering of securities under Hong Kong law and are available only to employees of the Corporation or its Affiliates. The Agreement, the Plan and other incidental communication materials have not been prepared in accordance with and are not intended to constitute a "prospectus" for a public offering of securities under the applicable securities legislation in Hong Kong. The Restricted Stock Units are intended only for the personal use of each eligible employee of the Employer, the Corporation or an Affiliate and may not be distributed to any other person.*

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4.&nbsp;&nbsp;&nbsp;&nbsp;<u>Wages</u>. The Restricted Stock Units and shares of Stock subject to the Restricted Stock Units do not form part of Participant's wages for purposes of calculating any statutory or contractual payments under Hong Kong law.

**<u>Japan</u>**

No country-specific provisions.

**<u>Netherlands</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Exclusion of Claim.</u> Participant acknowledges and agrees that Participant will have no entitlement to compensation or damages insofar as such entitlement arises or may arise from Participant ceasing to have rights under the Plan, whether or not as a result of termination of Participant's Service (whether such termination is in breach of contract or otherwise), or from the loss of diminution in value of the shares of Stock underlying the Restricted Stock Units. Upon the grant of the Restricted Stock Units, Participant shall be deemed to have waived irrevocably such entitlement.

**<u>Philippines</u>**

1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Settlement in Cash</u>. Notwithstanding anything to the contrary in the Agreement, the Addendum or the Plan, the Restricted Stock Units shall be settled only in cash (and shall not be settled in shares of Stock), unless otherwise determined by the Corporation.

**<u>Singapore</u>**

1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Securities Law Information</u>. The grant of the Restricted Stock Units under the Plan is being made pursuant to the "Qualifying Person" exemption under section 273(1)(f) of the Securities and Futures Act (Chapter 289, 2006 Ed.) ("<u>SFA</u>"). The Plan has not been and will not be lodged or registered as a prospectus with the Monetary Authority of Singapore and is not regulated by any financial supervisory authority pursuant to any legislation in Singapore. Accordingly, statutory liability under the SFA in relation to the content of prospectuses would not apply. Participant should note that the Restricted Stock Units are subject to section 257 of the SFA and Participant will not be able to make any subsequent sale of shares of Stock in Singapore, or any offer of such subsequent sale of shares of Stock subject to the Restricted Stock Units in Singapore, unless such sale or offer is made (i) after six (6) months from the Award Date or (ii) pursuant to the exemptions under Part XIII Division (1) Subdivision (4) (other than section 280) of the SFA.

**<u>Switzerland</u>**

1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Securities Law Information</u>. Neither the Agreement nor any other materials relating to the grant of Restricted Stock Units (a) constitutes a prospectus according to articles 35 et seq. of the Swiss Federal Act on Financial Services ("<u>FinSA</u>"), (b) may be publicly distributed or otherwise made publicly available in Switzerland to any person other than an employee of the Corporation or one of its Affiliates or (c) has been or will be filed with, approved or supervised by any Swiss reviewing body according to article 51 FinSA or

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any Swiss regulatory authority, including the Swiss Financial Market Supervisory Authority, FINMA.

**<u>United Kingdom (Including Northern Ireland)</u>**

1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Payment of Withholding Taxes</u>. The following provision supplements the section of the Agreement titled "Payment of Withholding Taxes":

Without limitation to the section of the Agreement titled 'Payment of Withholding Taxes', Participant agrees that Participant is liable for all income tax and employee national insurance contributions or other social contributions or withholding taxes ("<u>Tax-Related Items</u>") and hereby covenants to pay all such Tax-Related Items, as and when requested by the Corporation, the Employer or by HM Revenue and Customs ("<u>HMRC</u>") (or any other tax authority or any other relevant authority). Participant also agrees to indemnify and keep indemnified the Corporation and the Employer against any Tax-Related Items that they are required to pay or withhold or have paid or will pay on Participant's behalf to HMRC (or any other tax authority or any other relevant authority).

Notwithstanding the foregoing, if Participant is a director or executive officer (as within the meaning of Section 13(k) of the U.S. Securities Exchange Act of 1934, as amended), the terms of the immediately foregoing provision will not apply. In the event that Participant is a director or executive officer and income tax due is not collected from or paid by Participant, the amount of any uncollected tax may constitute a benefit to Participant on which additional income tax and national insurance contributions may be payable. Participant acknowledges that Participant ultimately will be responsible for reporting and paying any income tax due on this additional benefit directly to HMRC under the self-assessment regime and for reimbursing the Corporation or the Employer (as applicable) for the value of any employee national insurance contributions due on this additional benefit, which the Corporation and/or the Employer may recover from Participant at any time thereafter by any of the means referred to in section of the Agreement titled "Payment of Withholding Taxes".

2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Exclusion of Claim</u>. Participant acknowledges and agrees that Participant will have no entitlement to compensation or damages insofar as such entitlement arises or may arise from Participant's ceasing to have rights under or to be entitled to the Restricted Stock Units, whether or not as a result of termination of Service (whether such termination is in breach of contract or otherwise), or from the loss or diminution in value of the Restricted Stock Units. Upon the award of the Restricted Stock Units, Participant shall be deemed irrevocably to have waived any such entitlement.

3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Section 2 of the Addendum</u>. Section 2 of the Addendum (Participants in the European Union) shall not apply to the Restricted Stock Units.

## Exhibit 10.94

**Exhibit 10.94**

**<u>CBOE GLOBAL MARKETS, INC. LONG-TERM INCENTIVE PLAN</u>**

**<u>RESTRICTED STOCK UNIT AWARD AGREEMENT</u>**

This Restricted Stock Unit Award Agreement (this "<u>Agreement</u>") is dated effective _______________________ (the "<u>Award Date</u>"), and is between Cboe Global Markets, Inc. (the "<u>Corporation</u>") and ___________________ ("<u>Participant</u>"). Any term capitalized but not defined in this Agreement will have the meaning set forth in the Third Amended and Restated Cboe Global Markets, Inc. Long-Term Incentive Plan (as may be amended from time to time, the "<u>Plan</u>").

1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Award</u>. The Corporation hereby awards to Participant ___________ Restricted Stock Units (the "<u>Restricted Stock Units</u>"). The Restricted Stock Units will be subject to the terms and conditions of the Plan and this Agreement. Each Restricted Stock Unit is a notional amount that represents one unvested share of Stock and entitles Participant, subject to the terms of this Agreement, to receive a share of Stock if and when the Restricted Stock Unit vests.

2.&nbsp;&nbsp;&nbsp;&nbsp;<u>No Rights as Stockholder; Dividend Equivalents</u>. Participant shall have no voting rights with respect to shares of Stock represented by Restricted Stock Units until the date of the issuance of the shares of Stock (as evidenced by the appropriate entry on the books of the Corporation or of a duly authorized transfer agent of the Corporation). Notwithstanding the foregoing, in the event that the Corporation declares a cash dividend on shares of Stock, on the payment date of the dividend, Participant will be credited with Dividend Equivalent Rights equal to the amount of the cash dividend per share multiplied by the number of Restricted Stock Units held by Participant on the dividend's record date. The Dividend Equivalent Rights credited to Participant under the preceding sentence will be distributed to Participant at the same time as the underlying cash dividend is distributed to shareholders of the Corporation.

3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Vesting; Effect of Termination of Service; Change in Control</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Subject to Sections 3(b), 3(c) and 3(d) below, Participant's Restricted Stock Units will vest in full on the three-year anniversary of the Award Date, provided that Participant has remained in Service continuously through such date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The Restricted Stock Units will vest in full upon the earlier to occur of (i) Participant's death or (ii) Participant's becoming Disabled, provided that such condition qualifies as a "disability" as defined under Section 409A, in each case, if prior to any forfeiture event under Section 3(d) below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;This subsection 3(c) shall apply to this Agreement, this Award and any Replacement Award provided to Participant to replace this Award in lieu of Section 8.2(b) of the Plan. Upon a termination of Participant's Service by the Corporation or its Affiliate without Cause or by Participant for "Good Reason" (as defined below), in each case, upon or within two years after a Change in Control and prior to any forfeiture event under Section 3(d) below, this Award or any Replacement Award held by Participant shall become fully vested and free of restrictions and shall be distributed upon or within 60 days of such termination of Service. Notwithstanding the foregoing, if this Award or the Replacement Award, as applicable, is considered deferred

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compensation subject to Section 409A, payment shall be made pursuant to the Award's original schedule if necessary to comply with Section 409A.

For purposes of this Award "Good Reason" shall be deemed to exist if, and only if, without Participant's express written consent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Corporation or its Affiliate assigns to Participant authorities, duties or responsibilities (including titles) that are inconsistent in any material and adverse respect with Participant's immediately preceding authorities, duties or responsibilities with the Corporation or its Affiliate (including any material and adverse diminution of such immediately preceding authorities, duties or responsibilities);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Corporation or its Affiliate materially reduces Participant's base compensation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Corporation or its Affiliate requires Participant to relocate his or her principal business office or principal place of residence outside the metropolitan area in which Participant worked or resided at the time the Restricted Stock Units were awarded (or outside the immediately preceding location of Participant's principal business office with the Corporation or its Affiliate), or assigns to Participant duties that would reasonably require such relocation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The Corporation or its Affiliate materially breaches the terms of any agreement pursuant to which services are provided to the Corporation or its Affiliate by Participant; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The Corporation or its Affiliate terminates, reduces or limits Participant's participation in any bonus or incentive compensation arrangement relative to the level of participation of other employees of similar rank for a reason that is not reasonably related to Participant's level of job performance or local requirements and provided that such action results in a material reduction in the aggregate value of Participant's incentive compensation below the aggregate value as of the immediately preceding bonus or incentive compensation performance period and provided further that a mere change in the form of payment of the award (whether cash or shares of Stock) without a reduction in the aggregate grant value of the award shall not be considered a reduction of Participant's participation.

Participant's voluntary termination of Service shall not be considered a termination of Service for Good Reason unless Participant terminates his or her Service within 120 days after the initial existence of the condition constituting Good Reason; provided, Participant provides written notice to the Corporation or its Affiliate of Participant's intention to resign for Good Reason, which notice specifies in reasonable detail the breach or action giving rise thereto within 90 days of its initial existence, and the Corporation or its Affiliate does not cure such breach or action within 30 days after the date of Participant's notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;If Participant's Service is terminated for any reason before all of Participant's Restricted Stock Units have vested under this Agreement (including before the Restricted Stock Units qualify for vesting pursuant to an event described in Section 3(b) or 3(c) above), Participant's unvested Restricted Stock Units will be forfeited upon the effective date of such termination of Service. Notwithstanding anything herein to

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the contrary, any outstanding Restricted Stock Units not previously settled shall be cancelled and forfeited immediately if, in the sole opinion and discretion of the Committee or its delegate, Participant engages in any activity that constitutes Cause, whether or not Participant experiences a separation from Service, is no longer in Service, or remains in Service. Neither the Corporation nor any Affiliate will have any further obligations to Participant under this Agreement if Participant's Restricted Stock Units are forfeited pursuant to this Section 3(d).

4.&nbsp;&nbsp;&nbsp;&nbsp;<u>Terms and Conditions of Distribution</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Distribution of a share of Stock that corresponds to a vested Restricted Stock Unit shall be made to Participant as soon as practicable after the Restricted Stock Unit vests, but in any case by December 31st of the calendar year in which the applicable vesting date or event occurs, subject to such additional time as may be permitted under Section 409A in the event of Participant's death. Notwithstanding the foregoing, if this Award or any Replacement Award, as applicable, does not constitute deferred compensation subject to Section 409A, then the distribution of a share of Stock that corresponds to a vested Restricted Stock Unit will be made to Participant no later than two and a half (2½) months after the end of the calendar year in which such vesting occurs, subject to such additional time as may be permitted under Section 409A in the event of Participant's death.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Reserved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;If Participant dies before the date on which the Corporation would have distributed shares of Stock in satisfaction of vested Restricted Stock Units, the Corporation will distribute such shares of Stock to Participant's designated beneficiary(ies) or, if none are designated or surviving, to Participant's estate or personal representative. The Corporation is not required to issue or deliver any shares of Stock before completing the steps necessary to comply with applicable Federal and state securities laws (including any registration requirements) and applicable stock exchange rules and practices. The Corporation will use commercially reasonable efforts to cause compliance with those laws, rules and practices. The foregoing provisions are subject in all cases to the requirements of Section 409A.

5.&nbsp;&nbsp;&nbsp;&nbsp;<u>Nontransferability</u>. Unvested Restricted Stock Units may not be sold, transferred, exchanged, pledged, assigned, garnished, or otherwise alienated or hypothecated, other than by will or by the laws of descent and distribution. Any effort to assign or transfer the rights under this Agreement will be wholly ineffective, and will be grounds for termination by the Committee of all rights of Participant under this Agreement.

6.&nbsp;&nbsp;&nbsp;&nbsp;<u>Administration</u>. The Committee administers the Plan. Participant's rights under this Agreement are expressly subject to the terms and conditions of the Plan and to any guidelines the Committee adopts from time to time. The interpretation and construction by the Committee of the Plan and this Agreement, and such rules and regulations as may be adopted by the Committee for purposes of administering the Plan and this Agreement, will be final and binding upon Participant.

7.&nbsp;&nbsp;&nbsp;&nbsp;<u>Securities Law Requirements</u>. If at any time the Board or Committee determines that issuing Stock pursuant to this Agreement would violate applicable securities laws, the

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Corporation will not be required to issue such Stock. The Board or Committee may declare any provision of this Agreement or action of its own null and void, if it determines the provision or action fails to comply with applicable securities laws. The Corporation may require Participant to make written representations it deems necessary or desirable to comply with applicable securities laws.

8.&nbsp;&nbsp;&nbsp;&nbsp;<u>Payment of Withholding Taxes</u>. Participant acknowledges that, regardless of any action taken by the Corporation or, if different, the Affiliate of the Corporation that employs Participant (the "Employer"), the ultimate liability for all income tax, social contributions, payroll tax, fringe benefits tax, payment on account or other tax-related items related to Participant's participation in the Plan and legally applicable to Participant or deemed by the Corporation or the Employer in their sole discretion to be an appropriate charge to Participant even if legally applicable to the Corporation or the Employer ("<u>Tax-Related Items</u>"), is and remains Participant's responsibility and may exceed the amount actually withheld by the Corporation or the Employer, if any. Participant further acknowledges that the Corporation and/or the Employer (a) make no representations or undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of the Restricted Stock Units, including, but not limited to, the grant, vesting or settlement of the Restricted Stock Units, or the subsequent sale of shares of Stock acquired pursuant to such settlement; and (b) do not commit to and is under no obligation to structure the terms of the grant or any aspect of the Restricted Stock Units to reduce or eliminate Participant's liability for Tax-Related Items or achieve any particular tax result. Further, if Participant is subject to Tax-Related Items in more than one jurisdiction between the Award Date and the date of any relevant taxable or tax withholding event, as applicable, Participant acknowledges that the Corporation and/or the Employer (or former employer, as applicable) may be required to withhold or account for Tax-Related Items in more than one jurisdiction.

Prior to the relevant taxable or tax withholding event, as applicable, Participant agrees to make adequate arrangements satisfactory to the Corporation and/or the Employer to satisfy all Tax-Related Items. In this regard, Participant authorizes the Corporation, or its respective agents, at their discretion, to satisfy the obligations with regard to all Tax-Related Items by one or a combination of the following: (i) withholding from Participant's wages or other cash compensation paid to Participant by the Corporation and/or the Employer; (ii) withholding from the shares of Stock to be delivered upon settlement of the Restricted Stock Units or other awards granted to Participant or (iii) permitting Participant to tender to the Corporation or the Employer cash or, if allowed by the Committee, shares of Stock to the Corporation.

Notwithstanding the foregoing, if Participant is subject to Section 16 of the Exchange Act, pursuant to Rule 16a-2 promulgated thereunder, any tax withholding obligations shall be satisfied by having the Corporation withhold from the shares of Stock to be delivered upon settlement of the Restricted Stock Units.

Depending on the withholding method, the Corporation may withhold or account for Tax-Related Items by considering applicable statutory withholding rates (as determined by the Corporation in good faith and in its sole discretion) or other applicable withholding rates, including maximum applicable rates, in which case Participant will receive a refund of any over-withheld amount in cash and will have no entitlement to the share equivalent. If the obligation for Tax-Related Items is satisfied by withholding from the shares of Stock

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to be delivered upon settlement of the Restricted Stock Units, for tax purposes, Participant is deemed to have been issued the full number of shares of Stock subject to the Restricted Stock Units, notwithstanding that a number of shares of Stock are held back solely for the purpose of paying the Tax-Related Items. Participant will have no further rights with respect to any shares of Stock that are retained by the Corporation pursuant to this provision.

Participant agrees to pay to the Corporation or the Employer any amount of Tax-Related Items that the Corporation or the Employer may be required to withhold or account for as a result of Participant's participation in the Plan that cannot be satisfied by the means previously described. The Corporation may refuse to issue or deliver shares of Stock or proceeds from the sale of shares of Stock until arrangements satisfactory to the Corporation have been made in connection with the Tax-Related Items.

9.&nbsp;&nbsp;&nbsp;&nbsp;<u>Restrictive Covenants</u>. Participant understands the global nature of the Corporation's businesses and the effort the Corporation and its Affiliates (collectively referred to in this Section as "<u>Cboe</u>") undertake to develop and protect their business and their competitive advantage. Accordingly, Participant agrees that the scope and duration of the restrictions described in this Agreement are reasonable and necessary to protect the legitimate business interests of Cboe. Participant further agrees that during the period of Participant's Service and for a period of two (2) years following Participant's separation from Service, Participant shall not, without the express written approval of the Chief Executive Officer:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;singly, jointly, or in any other capacity, in a manner that contributes to any research, technology, development, account, trading, marketing, promotion, or sales and that relates to Participant's Service with Cboe, directly or beneficially, manage, join, participate in the management, operation or control of, or work for (as an employee, consultant or independent contractor), or permit the use of his or her name by, or provide financial or other assistance to, or be connected in any manner with (i) any exchange, facility, clearinghouse, electronic communications network ("ECN"), electronic foreign currency exchange market ("FX") matching platform, multilateral trading facility, or alternative trading system ("ATS"); (ii) the ECN, ATS or FX business lines of any full service broker dealer or any digital asset or data and access solutions business line of any company; or (iii) any business line of any company that is substantially similar to any additional business line developed or entered into by Cboe during Participant's Service, provided that, in the case of clauses (i), (ii) and (iii), such entity or business line that directly competes with Cboe;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;provide any service or assistance that (i) is of the general type of service or assistance provided by Participant to Cboe, (ii) relates to any technology, account, product, project or piece of work with which Participant was involved during his Service, and (iii) contributes to causing an entity to come within the definition described in Section (a) above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;solicit or accept if offered to Participant, with or without solicitation, on his or her own behalf or on behalf of any other person, the services of any person who is a then-current employee of Cboe (or was an employee of Cboe during the year preceding such solicitation), nor solicit any of Cboe's then-current employees (or an individual who was employed by or engaged by Cboe during the year preceding such solicitation) to

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terminate employment or an engagement with Cboe, nor agree to hire any then-current employee (or an individual who was an employee of Cboe during the year preceding such hire) of Cboe into employment with Participant or any company, individual or other entity; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;directly or indirectly divert or attempt to divert from Cboe any business in which Cboe has been actively engaged during Participant's Service, nor interfere with the relationships of Cboe or with their sources of business.

10.&nbsp;&nbsp;&nbsp;&nbsp;<u>Confidentiality</u>. Participant acknowledges that the Corporation or an Affiliate may disclose secret or confidential information to Participant during the period of Participant's Service to enable Participant to perform his or her duties. Participant agrees that, subject to the following sentence, Participant shall not during his or her Service (except in connection with the proper performance of his or her duties) and thereafter, without the prior written consent of the Corporation, disclose to any person or entity any material or significant secret or confidential information concerning the business of the Corporation or an Affiliate that was obtained by Participant in the course of Participant's Service. This paragraph shall not be applicable if and to the extent Participant is required to testify in a legislative, judicial or regulatory proceeding pursuant to an order of Congress, any state or local legislature, a judge, or an administrative law judge, or if such secret or confidential information is required to be disclosed by Participant by any law, regulation or order of any court or regulatory commission, department or agency. Participant further agrees that if Participant's Service is terminated for any reason, Participant will not take, but will leave with the Corporation or an Affiliate, all records and papers and all matter of whatever nature that bears secret or confidential information of the Corporation or an Affiliate. For purposes of this Agreement, the term "secret or confidential information" shall include, but not be limited to, any and all records, notes, memoranda, data, writings, research, personnel information, customer information, clearing members' information, the Corporation's and any Affiliate's financial information and plans, processes, methods, techniques, systems, formulas, patents, models, devices, compilations or any other information of whatever nature in the possession or control of the Corporation or an Affiliate, that has not been published or disclosed to the general public, the options industry, the equities industry, the foreign currency exchange industry or the commodities futures industry, provided that such term shall not include knowledge, skills, and information that is common to the trade or profession of Participant.

Notwithstanding anything in this Agreement to the contrary, nothing in this Agreement prohibits Participant from confidentially or otherwise communicating or filing a charge or complaint with a governmental or regulatory entity, participating in a governmental or regulatory entity investigation, or giving truthful testimony or making other disclosures to a governmental or regulatory entity (in each case, without having to disclose any such conduct to the Corporation or an Affiliate), or from responding if properly subpoenaed or otherwise required to do so under applicable law. In addition, nothing in this Agreement limits Participant's right to receive an award from a governmental or regulatory entity for information provided to such an entity (and not as compensation for actual or alleged personal injury or damages to Participant).

Pursuant to the Defend Trade Secrets Act of 2016 (18 U.S.C. 1833(b)), Participant shall not be held criminally or civilly liable under any federal or state trade secret law for the

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disclosure of a trade secret that is made in confidence either directly or indirectly to a federal, state, or local government official, or to an attorney, solely for the purpose of reporting or investigating a violation of law. Participant shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret made in a complaint, or other document filed in a lawsuit or other proceeding, if such filing is made under seal. If Participant files a lawsuit or other action alleging retaliation by the Corporation or an Affiliate for reporting a suspected violation of law, Participant may disclose the trade secret to his or her attorney and use the trade secret in the court proceeding or other action, if Participant files any document containing the trade secret under seal and does not disclose the trade secret, except pursuant to court order. This paragraph will govern to the extent it may conflict with any other provision of this Agreement.

11.&nbsp;&nbsp;&nbsp;&nbsp;<u>Judicial Modification</u>. If the final judgment of a court of competent jurisdiction declares that any term or provision of Section 9 or 10 or is invalid or unenforceable, the parties agree that (a) the court making the determination of invalidity or unenforceability shall have the power to reduce the scope, duration, or geographic area of the term or provision, to delete specific words or phrases, or to replace any invalid or unenforceable term or provision with a term or provision that is valid and enforceable and that comes closest to expressing the intention of the invalid or unenforceable term or provision, (b) the parties shall request that the court exercise that power, and (c) this Agreement shall be enforceable as so modified after the expiration of the time within which the judgment or decision may be appealed.

12.&nbsp;&nbsp;&nbsp;&nbsp;<u>Remedies</u>. Participant agrees that in the event of a breach or threatened breach of any of the covenants contained in Sections or of this Agreement, in addition to any other penalties or restrictions that may apply under any employment agreement, state law, or otherwise, Participant shall forfeit, upon written notice to such effect from the Corporation, any and all Awards granted to him or her under the Plan and this Agreement, including vested Awards. The forfeiture provisions of this Section shall continue to apply, in accordance with their terms, after the provisions of any employment or other agreement between the Corporation and Participant have lapsed. Participant consents and agrees that if Participant violates or threatens to violate any provisions of Sections or of this Agreement, the Corporation or its successors in interest shall be entitled, in addition to any other remedies that they may have, including money damages, to an injunction to be issued by a court of competent jurisdiction restraining Participant from committing or continuing any violation of Sections or . In the event that Participant is found to have breached any provision set forth in Section of this Agreement, the time period provided for in that provision shall be deemed tolled (*i.e.*, it will not begin to run) for as long as Participant was in violation of that provision. Notwithstanding anything to the contrary herein, nothing in this Agreement shall prohibit or restrict a Participant who is licensed to practice law from providing legal advice and counseling, or other advice and counseling incidental thereto, as an officer, employee, consultant, independent contractor or otherwise, to an exchange, facility, clearinghouse, ECN, FX matching platform, multilateral trading facility, ATS, full service broker dealer, digital asset business, or data and access solutions business, or any other company that directly competes with Cboe. The provisions of Sections 9 and 10 of this Agreement shall continue to apply, in accordance with their terms, after Participant's service has

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terminated and after provisions of any employment or other agreement between the Corporation and Participant have lapsed.

13.&nbsp;&nbsp;&nbsp;&nbsp;<u>Representations and Warranties</u>. Participant represents and warrants to the Corporation that Participant has received a copy of the Plan and this Agreement, has read and understands the terms of the Plan and this Agreement, and agrees to be bound by their terms and conditions in all respects.

14.&nbsp;&nbsp;&nbsp;&nbsp;<u>No Limitation on the Corporation's Rights</u>. The granting of Restricted Stock Units under this Agreement shall not and will not in any way affect the Corporation's right or power to make adjustments, reclassifications or changes in its capital or business structure or to merge, consolidate, reincorporate, dissolve, liquidate or sell or transfer all or any part of its business or assets.

15.&nbsp;&nbsp;&nbsp;&nbsp;<u>Plan and Agreement Not a Contract of Employment or Service</u>. Neither the Plan nor this Agreement is a contract of employment or Service, and no terms of Participant's employment or Service will be affected in any way by the Plan, this Agreement or related instruments, except to the extent specifically expressed therein. Neither the Plan nor this Agreement will be construed as conferring any legal rights on Participant to continue to be employed or remain in Service, nor will it interfere with the Corporation's or any Affiliate's right to discharge Participant or to deal with Participant regardless of the existence of the Plan or this Agreement.

16.&nbsp;&nbsp;&nbsp;&nbsp;<u>Entire Agreement and Amendment</u>. This Agreement and the Plan constitute the entire agreement between the parties hereto with respect to the Restricted Stock Units, and all prior oral and written representations are merged in this Agreement and the Plan. Notwithstanding the preceding sentence, this Agreement shall not in any way affect the terms and provisions of the Plan. This Agreement may be amended, modified, or terminated only in accordance with the Plan. The headings in this Agreement are inserted for convenience and identification only and are not intended to describe, interpret, define or limit the scope, extent, or intent of this Agreement or any provision hereof.

17.&nbsp;&nbsp;&nbsp;&nbsp;<u>Notice</u>. Any notice or other communication required or permitted under this Agreement must be in writing and must be delivered personally, sent by certified, registered or express mail, sent by overnight courier (at the sender's expense), or (if from the Corporation or the Corporation's stock plan administrator) by electronic mail. Notice will be deemed given (a) when delivered personally, (b) if mailed, three days after the date of deposit in the U.S. mail, (c) if sent by overnight courier, on the regular business day following the date sent, or (d) when electronically mailed. Notice to the Corporation should be sent to Cboe Global Markets, Inc., 433 West Van Buren Street, Chicago, Illinois 60607, Attention: General Counsel. Notice to Participant should be sent to the mailing address and/or electronic mailing address set forth on the Corporation's records. Either party may change the address to which the other party must give notice under this Section 17 by giving the other party written notice of such change, in accordance with the procedures described above or otherwise established by the Corporation or its stock plan administrator.

18.&nbsp;&nbsp;&nbsp;&nbsp;<u>Successors and Assigns</u>. The terms of this Agreement will be binding upon the Corporation and its successors and assigns.

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19.&nbsp;&nbsp;&nbsp;&nbsp;<u>Governing Law</u>. To the extent not preempted by Federal law, the Plan, this Agreement, and documents evidencing rights relating to the Plan or this Agreement will be construed, administered and governed in all respects under and by the laws of the State of Delaware, without giving effect to its conflict of laws principles. If any provision of this Agreement will be held by a court of competent jurisdiction to be invalid or unenforceable, the remaining provisions hereof will continue to be fully effective. The jurisdiction and venue for any disputes arising under, or any action brought to enforce (or otherwise relating to), this Agreement will be exclusively in the courts in the State of Illinois, County of Cook, including the Federal Courts located therein (should Federal jurisdiction exist).

20.&nbsp;&nbsp;&nbsp;&nbsp;<u>Plan Document Controls</u>. The rights granted under this Agreement are in all respects subject to the provisions set forth in the Plan to the same extent and with the same effect as if set forth fully in this Agreement. If the terms of this Agreement conflict with the terms of the Plan document, the Plan document will control.

21.&nbsp;&nbsp;&nbsp;&nbsp;<u>Counterparts</u>. This Agreement may be executed simultaneously in two or more counterparts, each of which shall be deemed an original and all of which together shall constitute but one and the same instrument.

22.&nbsp;&nbsp;&nbsp;&nbsp;<u>Waiver; Cumulative Rights</u>. The failure or delay of either party to require performance by the other party of any provision of this Agreement will not affect its right to require performance of such provision unless and until such performance has been waived in writing. Each right under this Agreement is cumulative and may be exercised in part or in whole from time to time.

23.&nbsp;&nbsp;&nbsp;&nbsp;<u>Tax Consequences</u>.&nbsp;&nbsp;&nbsp;&nbsp;Participant agrees to determine and be responsible for all tax consequences to Participant with respect to the Restricted Stock Units.

24.&nbsp;&nbsp;&nbsp;&nbsp;<u>Section 409A</u>*.* The Restricted Stock Units granted hereunder are intended to comply with, or otherwise be exempt from, Section 409A, including the exceptions and exemptions for short term deferrals, stock rights, and separation pay arrangements. This Agreement and all Restricted Stock Units shall be administered, interpreted, and construed in a manner consistent with Section 409A. Should any provision of this Agreement, or any other agreement or arrangement contemplated by this Agreement, be found not to comply with, or otherwise be exempt from, the provisions of Section 409A, such provision shall be modified and given effect (retroactively if necessary), in the sole discretion of the Corporation, and without the consent of Participant, in such manner as the Corporation determines to be necessary or appropriate to comply with, or to effectuate an exemption from, Section 409A. Notwithstanding the forgoing, no provision of this Agreement, or any other agreement or arrangement contemplated by this Agreement shall be construed as a guarantee by the Corporation of any particular tax effect to Participant. Each payment made under this Agreement shall be designated as a separate payment within the meaning of Section 409A. Any payment that is subject to Section 409A and payable upon Participant's termination of employment or other similar event shall not be made unless Participant has experienced a "separation from service" as defined under Section 409A. Except as provided in the provisions of Section 3(c) referencing Section 409A, any payment subject to Section 409A that is to be made upon a "separation from service" to Participant on any date when he or she is a "specified

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employee" as defined under Section 409A shall not be paid before the date that is six (6) months following Participant's "separation from service" or, if earlier, Participant's death.

25.&nbsp;&nbsp;&nbsp;&nbsp;<u>Compensation Recovery</u>. Notwithstanding anything in this Agreement to the contrary, the Restricted Stock Units, Dividend Equivalent Rights and any shares of Stock issued pursuant to the Restricted Stock Units and any proceeds therefrom shall be subject to and remain subject to any compensation recovery policies of the Corporation, including (i) the Corporation's Executive Officer Incentive Compensation Clawback Policy (as amended from time to time, or any successor policy), (ii) the Corporation's Supplemental Discretionary Clawback Policy (as amended from time to time, or any successor policy), (iii) any recoupment, clawback or similar requirements made applicable by law, regulation or listing standards to the Corporation from time to time (to the extent contemplated by such requirements), or (iv) as may be adopted by the Corporation to help facilitate the Corporation's objectives, including, without limitation, related to eliminating or reducing fraud, misconduct, wrongdoing, or violations of law by an employee or similar considerations and, in each case, as may be amended from time to time (the "Policies"), with the provisions contained in such Policies deemed incorporated into this Agreement without Participant's additional or separate consent. For purposes of the foregoing, Participant expressly and explicitly authorizes the Corporation to cancel any unpaid portion of the Restricted Stock Units (whether vested or unvested) and to issue instructions, on Participant's behalf, to any brokerage firm and/or third-party administrator engaged by the Corporation to hold any shares of Stock and other amounts acquired pursuant to the Restricted Stock Units to re-convey, transfer or otherwise return such shares of Stock and/or other amounts to the Corporation upon the Corporation's enforcement of the Policies. Participant acknowledges and agrees that the Corporation's rights hereunder shall not be affected in any way by any subsequent change in status, including retirement or termination of employment (including due to death or Disability). Participant expressly agrees to indemnify and hold the Corporation and its Affiliates harmless from any loss, cost, damage, or expense (including attorneys' fees) that the Corporation or any Affiliate may incur as a result of Participant's actions or in the Corporation and any Affiliate's efforts to recover such previously made payments or value pursuant to this provision. No recovery of compensation as described herein will be an event giving rise to a right to resign for "Good Reason" or "constructive termination" (or similar term) under any plan of, or agreement with, the Corporation, the Employer and/or Participant.

26.&nbsp;&nbsp;&nbsp;&nbsp;<u>Addendum to Agreement.</u> Notwithstanding any provision of this Agreement to the contrary, if Participant resides or is employed outside the U.S. or transfers residence or employment outside the U.S., the Restricted Stock Units shall be subject to such special terms and conditions as are set forth in the addendum to this agreement (the "<u>Addendum</u>"). Further, if Participant transfers residency and/or employment to another country, any special terms and conditions for such country will apply to the Restricted Stock Units to the extent the Corporation determines, in its sole discretion, that the application of such terms and conditions is necessary or advisable in order to comply with local law or to facilitate the operation and administration of the Restricted Stock Units and the Plan (or the Corporation may establish alternative terms and conditions as may be necessary or advisable to accommodate Participant's transfer). In all circumstances, the Addendum shall constitute part of this Agreement.

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IN WITNESS WHEREOF, the Corporation and Participant have duly executed this Agreement as of the date first written above.

**Cboe Global Markets, Inc.**

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| | |
|:---|:---|
| _________________________________ | By: |
| Participant's Name |  |
| _________________________________ | Its: |
| Participant's Signature |  |

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**<u>ADDENDUM</u>**

**<u>CBOE GLOBAL MARKETS, INC. LONG-TERM INCENTIVE PLAN<br>RESTRICTED STOCK UNIT AWARD AGREEMENT</u>**

This Addendum to the Agreement includes additional terms and conditions that govern the Restricted Stock Units if Participant resides and/or is employed outside of the United States or transfers residence or employment outside the United States. Certain capitalized terms used but not defined in this Addendum have the meanings set forth in the Agreement or the Plan.

1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Nature of Grant</u>. In accepting the Restricted Stock Units, Participant acknowledges that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;the Plan is established voluntarily by the Corporation, is discretionary in nature and may be modified, amended, suspended or terminated by the Corporation at any time, to the extent permitted by the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;the award of the Restricted Stock Units is exceptional, discretionary, voluntary and occasional and does not create any contractual or other right to receive future grants of Restricted Stock Units, or benefits in lieu of Restricted Stock Units, even if Restricted Stock Units have been granted in the past;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;all decisions with respect to future Restricted Stock Unit awards, if any, will be at the sole discretion of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;Participant is voluntarily participating in the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;the Restricted Stock Units and any shares of Stock that may be received in settlement of the Restricted Stock Units, and the income and value of same, (i) are an extraordinary item that does not constitute compensation of any kind for services of any kind rendered to the Corporation or the Employer, and which is outside the scope of Participant's employment contract, if any, (ii) are not intended to replace any pension rights or compensation, and (iii) are not part of normal or expected compensation or salary for any purpose, including, but not limited to, calculating any severance, resignation, termination, redundancy, dismissal, end-of-service payments, holiday pay, bonuses, long-service awards, leave-related payments, pension or retirement or welfare benefits or similar payments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;the Restricted Stock Unit award will not be interpreted to form an employment or non-employee director contract or relationship with the Corporation or any Affiliate, nor does it amend any legal relationship or legal entitlement between Participant and the Employer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;this Agreement, the transactions contemplated hereunder and the vesting schedule set forth herein do not constitute an express or implied promise of Participant's further employment for the vesting period, for any period, or at all, and will not interfere with Participant's right or the right of the Corporation or the Employer to terminate Participant's employment relationship at any time with or without cause;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;unless otherwise agreed with the Corporation, the Restricted Stock Units and the shares of Stock underlying the Restricted Stock Units, and the income and value

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of same, are not granted as consideration for, or in connection with, the service Participant may provide as a director of an Affiliate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;the future value of the underlying shares of Stock is unknown, indeterminable and cannot be predicted with certainty;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;neither the Corporation, the Employer nor any Affiliate shall be liable for any foreign exchange rate fluctuation between Participant's local currency and the United States Dollar that may affect the value of the Restricted Stock Units or of any amounts due to Participant pursuant to the settlement of the Restricted Stock Units or the sale of any shares of Stock Participant may acquire upon such settlement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;in consideration of the grant of the Restricted Stock Units, no claim or entitlement to compensation or damages shall arise from termination of the Restricted Stock Units or diminution in value of the Restricted Stock Units or shares of Stock acquired upon vesting of the Restricted Stock Units resulting from Participant's termination of Service (for any reason whatsoever and whether or not later found to be invalid or in breach of employment laws in the jurisdiction where Participant is employed or the terms of Participant's employment agreement, if any) or from the application of any clawback or recoupment policy adopted by the Corporation or imposed by applicable law, and Participant irrevocably releases the Corporation and the Employer from any such claim that may arise; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;the Restricted Stock Units and the benefits evidenced by this Agreement do not create any entitlement not otherwise specifically provided for in the Plan or provided by the Corporation in its discretion, to have the Restricted Stock Units or any such benefits transferred to, or assumed by, another company or to be exchanged, cashed out or substituted for, in connection with any corporate transaction affecting the shares of the Corporation.

2.&nbsp;&nbsp;&nbsp;&nbsp;Reserved.

3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Payment of Withholding Taxes</u>. Participant acknowledges and agrees that if Participant is subject to tax and/or social contributions in more than one jurisdiction, the Corporation or its Affiliate(s) may be required to withhold or account for taxes and/or social contributions in more than one jurisdiction, in accordance with the methods of withholding described in Section 8 of the Agreement.

4.&nbsp;&nbsp;&nbsp;&nbsp;<u>Data Privacy</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Data Collection and Usage</u>. The Corporation and the Employer will collect, process and use certain personal information about Participant, specifically, Participant's name, home address, email address and telephone number, date of birth, social security or insurance number, passport number or other identification number, salary, nationality, job title, any shares of Stock or directorships held in the Corporation, details of all Restricted Stock Units or any other entitlement to shares of Stock awarded, canceled, exercised, vested, unvested or outstanding in Participant's favor ("<u>Data</u>"), for the exclusive purpose of implementing, administering and managing the Plan.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Recipients of Data</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;<u>Stock Plan Administration Service Providers</u>. The Corporation and the Employer transfer Data to Fidelity Stock Plan Services, LLC (and/or its affiliates, collectively "<u>Fidelity</u>"), the designated broker assisting in the implementation, administration and management of the Plan. In the future, the Corporation may select a different service provider and share Data with such other provider serving in a similar manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;<u>Other Service Provider Data Recipients</u>. The Corporation also may transfer Data to other third party service providers, if necessary to ensure compliance with applicable tax, exchange control, securities and labor law. Such third party service providers may include the Corporation's legal counsel as well as its auditor, human resources consultant and payroll vendor. Wherever possible, the Corporation will anonymize data, but Participant understands that his or her Data may need to be transferred to such providers to ensure compliance with applicable law and/or tax requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;<u>Securities or Other Regulatory Authorities</u>. In addition to the recipients identified herein and where required under applicable law, Data also may be disclosed to certain securities or other regulatory authorities, including where the Corporation's securities are listed or traded or regulatory filings are made. The legal basis, where required, for such disclosure is compliance with applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>International Data Transfers</u>. The Corporation, Fidelity and other service providers described above are located in the United States. The United States may have different data privacy laws and protections than Participant's country of residence (or country of employment, if different).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;<u>Legal Basis for Collection, Processing and Transfer of Data</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;<u>Participants within the EU / European Economic Area ("EEA"), Switzerland and the United Kingdom</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.&nbsp;&nbsp;&nbsp;&nbsp;The collection, processing and transfer of Data is necessary for the legitimate purpose of the Corporation and Employer's administration of the Plan and Participant's participation in the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.&nbsp;&nbsp;&nbsp;&nbsp;When transferring Data to potential recipients outside the EU/EEA, Switzerland and/or the United Kingdom, the Corporation and the Employer strive to provide appropriate safeguards in accordance with Standard Contractual Clauses or other legally binding and permissible arrangements. For further information on the transfer of Participant's personal data outside of the EU/EEA, Switzerland and/or the United Kingdom, Participant may contact his or her human resources representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;<u>Participants outside the EU / EEA, Switzerland and the United Kingdom</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.&nbsp;&nbsp;&nbsp;&nbsp;Participant hereby explicitly and unambiguously consents to the collection, processing and use, in electronic or other form, of

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Participant's Data by the Corporation and the transfer of Data to the recipients mentioned above, including recipients located in countries which do not adduce an adequate level of protection from a non-U.S. data protection law perspective, for the purposes described above. Upon transfer of Participant's Data to Fidelity, Participant may be asked to agree to separate terms and data processing practices with Fidelity, with such agreement being a condition of the ability to participate in the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.&nbsp;&nbsp;&nbsp;&nbsp;Participation in the Plan is voluntary and Participant understands that Participant is providing the consent herein on a purely voluntary basis. If Participant does not consent, or later seeks to revoke his or her consent, Participant's employment status or Service and career with the Employer will not be adversely affected. The only consequence of refusing or withdrawing consent is that the Corporation would not be able to grant Restricted Stock Units or other equity awards to Participant or administer or maintain such awards. Therefore, Participant understands that refusing or withdrawing his or her consent may affect Participant's ability to participate in the Plan. For more information on the consequences of Participant's refusal to consent or withdrawal of consent, Participant understands that Participant may contact his or her human resources representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;<u>Data Retention</u>. Participant understands that Data will be held only as long as is necessary to implement, administer and manage his or her participation in the Plan or comply with applicable laws. When the Corporation no longer needs the Data, the Corporation will remove it from its systems.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) &nbsp;&nbsp;&nbsp;&nbsp;<u>Data Subject Rights</u>. Participant understands that Participant may have the right under applicable law to (i) access or copy Data that the Corporation possesses, (ii) rectify incorrect Data, (iii) delete Data, (iv) restrict processing of Data, (v) opt out of the Plan, or (vi) lodge complaints with the competent supervisory authorities in Participant's jurisdiction. To receive clarification regarding these rights or to exercise these rights, Participant understands that Participant can contact his or her local human resources representative.

5.&nbsp;&nbsp;&nbsp;&nbsp;<u>No Advice Regarding Grant</u>. The Corporation is not providing any tax, legal or financial advice, nor is the Corporation making any recommendations regarding Participant's participation in the Plan, or Participant's acquisition or sale of the underlying shares of Stock. Participant should consult with his or her own personal tax, legal and financial advisors regarding Participant's participation in the Plan before taking any action related to the Plan.

6.&nbsp;&nbsp;&nbsp;&nbsp;<u>Imposition of Other Requirements</u>. The Corporation reserves the right to impose other requirements on Participant's participation in the Plan, on the Restricted Stock Units and on any shares of Stock acquired under the Plan, to the extent the Corporation determines it is necessary or advisable for legal or administrative reasons. Such

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requirements may include (but are not limited to) requiring Participant to sign any agreements or undertakings that may be necessary to accomplish the foregoing.

7.&nbsp;&nbsp;&nbsp;&nbsp;<u>Insider Trading/Market Abuse Laws</u>. By participating in the Plan, Participant agrees to comply with the Corporation's policy on insider trading (to the extent that it is applicable to Participant). Participant further acknowledges that, depending on Participant's or the broker's country of residence or where the shares of Stock are listed, Participant may be subject to insider trading restrictions and/or market abuse laws, which may affect Participant's ability to accept, acquire, sell or otherwise dispose of shares of Stock, rights to shares of Stock (e.g., Restricted Stock Units) or rights linked to the value of shares of Stock, during such times Participant is considered to have "inside information" regarding the Corporation as defined by the laws or regulations in Participant's country. Local insider trading laws and regulations may prohibit the cancellation or amendment of orders Participant places before Participant possessed inside information. Furthermore, Participant could be prohibited from (i) disclosing the inside information to any third party (other than on a "need to know" basis) and (ii) "tipping" third parties or causing them otherwise to buy or sell securities. Participant understands that third parties include fellow employees. Any restrictions under these laws or regulations are separate from and in addition to any restrictions that may be imposed under any applicable Corporation insider trading policy. Participant acknowledges that it is Participant's responsibility to comply with any applicable restrictions, and that Participant should therefore consult Participant's personal advisor on this matter.

8.&nbsp;&nbsp;&nbsp;&nbsp;<u>Foreign Asset/Account Reporting; Exchange Controls</u>. Participant's country may have certain foreign asset and/or account reporting requirements and/or exchange controls which may affect Participant's ability to acquire or hold shares of Stock under the Plan or cash received from participating in the Plan (including from any dividends received or sale proceeds arising from the sale of shares of Stock) in a brokerage or bank account outside Participant's country. Participant may be required to report such accounts, assets or transactions to the tax or other authorities in his or her country. Participant also may be required to repatriate sale proceeds or other funds received as a result of Participant's participation in the Plan to his or her country through a designated bank or broker and/or within a certain time after receipt. Participant acknowledges that it is his or her responsibility to be compliant with such regulations, and Participant should consult his or her personal legal advisor for any details.

9.&nbsp;&nbsp;&nbsp;&nbsp;<u>Language</u>. If Participant is resident in a country where English is not an official language, Participant acknowledges that Participant is sufficiently proficient in English to understand the terms and conditions of the Agreement or has had the ability to consult with an advisor who is sufficiently proficient in the English language. Participant further acknowledges and agrees that it is Participant's express intent that the Agreement, the Addendum and the Plan and all other documents, notices and legal proceedings entered into, given or instituted pursuant to the Restricted Stock Units be drawn up in English. If Participant has received the Agreement, the Addendum or any other document related to the Plan translated into a language other than English and if the meaning of the translated version is different than the English version, the English version will control, unless otherwise required by applicable law.

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10.&nbsp;&nbsp;&nbsp;&nbsp;<u>Annex to Addendum</u>. Notwithstanding any provision of the Agreement or Addendum to the contrary, the Restricted Stock Units shall be subject to such terms and conditions for Participant's country of residence (and country of employment, if different), as are set forth in the annex to this Addendum (the "<u>Annex</u>"). Further, if Participant transfers residency and/or employment to another country, or otherwise becomes subject to the local laws, rules and/or regulations in one of the countries included in the Annex, the Corporation may establish alternative terms and conditions as may be necessary or advisable to accommodate Participant's transfer. In all circumstances, the Annex shall constitute part of this Addendum.

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**<u>ANNEX</u>**

This Annex to the Addendum includes additional (or different, if so specified) terms and conditions that govern the Restricted Stock Units if Participant resides and/or is employed in the country addressed herein or transfers residence or employment to the country addressed herein. If Participant transfers residence and/or employment to another country, the Corporation may establish alternative terms and conditions as may be necessary or advisable to accommodate Participant's transfer. Certain capitalized terms used but not defined in this Annex have the meanings set forth in the Agreement (including the Addendum) or the Plan.

**<u>Australia</u>**

1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Tax Notification</u>. The Plan is a plan to which Subdivision 83A-C of the Income Tax Assessment Act 1997 (Cth) (the "<u>Act</u>") applies (subject to conditions in the Act).

2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Securities Law Notification</u>. This grant of Restricted Stock Units is being made under Division 1A, Part 7.12 of the Corporations Act 2001 (Cth).

**<u>Canada</u>**

1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Settlement of Restricted Stock Units</u>: Notwithstanding anything to the contrary in the Agreement or any related document, if Participant is resident or employed in Canada, the Corporation shall have absolute discretion to settle the Restricted Stock Units in shares of Stock or in the form of a cash payment or in any combination of the foregoing.

2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Securities Law Notification</u>: Participant acknowledges and agrees that he or she is permitted to sell shares of Stock acquired under the Plan through the designated broker appointed under the Plan, provided the resale of shares of Stock takes place outside of Canada through facilities of a stock exchange on which the shares of Stock are listed. The shares of Stock currently are listed on Cboe BZX in the United States.

3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Termination of Employment</u>: This provision replaces Section 3(d) of the Agreement:

For purposes of the Restricted Stock Units, except as explicitly and minimally required under applicable legislation, (A) Participant's Service will be considered terminated (regardless of the reason for such termination and whether or not later found to be invalid or in breach of employment or other laws or the terms of Participant's employment or service contract, if any), and (B) Participant's right (if any) to earn, seek damages in lieu of, vest in the Restricted Stock Units, or otherwise benefit from or participate in the Plan, and any portion of the Restricted Stock Units and the shares of Stock subject to the Restricted Stock Units granted to Participant under the Plan, will be measured by and terminated, effective as of the date that is the earlier of: (i) the date Participant is no longer actively providing Service to the Company, the Employer or any Affiliate, and (ii) the date Participant receives written notice of termination (the "<u>Termination Date</u>").

Except to the extent explicitly and minimally required under applicable legislation, the Termination Date shall exclude any period during which notice, pay in lieu of notice or related payments or damages are provided or required to be provided under applicable

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law (including, but not limited to, statutory law, contract, common/civil law or otherwise) in the jurisdiction where Participant is employed or otherwise providing Services or the terms of Participant's employment or other service agreement, if any. Participant will not earn or be entitled to any pro-rated vesting or other participation in the Plan for that portion of time before the Termination Date (as determined by this provision), nor will Participant be entitled to any compensation for lost vesting or other participation. Subject to applicable legislation, the Corporation shall have the exclusive discretion to determine when Participant is no longer actively providing services for purposes of the Restricted Stock Units (including whether Participant may still be considered to be providing services while on a leave of absence).

Notwithstanding the foregoing, however, if applicable employment standards legislation, explicitly requires continued entitlement to vesting or other participation during a statutory notice period, Participant's right to vest in the Restricted Stock Units or otherwise participate in or benefit from the Plan, if any, will terminate effective as of the last day of Participant's minimum statutory notice period, but Participant will not earn or be entitled to pro-rated vesting or other participation if the vesting or payment date falls after the end of Participant's statutory notice period, nor will Participant be entitled to any compensation for lost vesting or other participation. For clarity, any reference to a Termination Date, termination of Service or termination of employment under the Agreement or the Plan will be interpreted to mean the Termination Date as defined herein.

**<u>Hong Kong</u>**

1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Settlement in Shares of Stock</u>. Notwithstanding anything to the contrary in the Agreement, the Addendum or the Plan, the Restricted Stock Units shall be settled only in shares of Stock (and may not be settled in cash).

2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Disposal of Shares of Stock</u>. If, for any reason, shares of Stock are issued to Participant within six (6) months after the Award Date, Participant agrees that Participant will not sell or otherwise dispose of any such shares of Stock prior to the six (6) month anniversary of the Award Date.

3.&nbsp;&nbsp;&nbsp;&nbsp;<u>IMPORTANT NOTICE/WARNING</u>. *The contents of this document have not been reviewed by any regulatory authority in Hong Kong. Participant is advised to exercise caution in relation to the offer. If Participant is in any doubt about any of the contents of the documents, Participant should obtain independent professional advice. The Restricted Stock Units and shares of Stock issued in settlement of the Restricted Stock Units do not constitute a public offering of securities under Hong Kong law and are available only to employees of the Corporation or its Affiliates. The Agreement, the Plan and other incidental communication materials have not been prepared in accordance with and are not intended to constitute a "prospectus" for a public offering of securities under the applicable securities legislation in Hong Kong. The Restricted Stock Units are intended only for the personal use of each eligible employee of the Employer, the Corporation or an Affiliate and may not be distributed to any other person.*

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4.&nbsp;&nbsp;&nbsp;&nbsp;<u>Wages</u>. The Restricted Stock Units and shares of Stock subject to the Restricted Stock Units do not form part of Participant's wages for purposes of calculating any statutory or contractual payments under Hong Kong law.

**<u>Japan</u>**

&nbsp;&nbsp;&nbsp;&nbsp;No country-specific provisions.

**<u>Netherlands</u>**

1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Exclusion of Claim</u>. Participant acknowledges and agrees that Participant will have no entitlement to compensation or damages insofar as such entitlement arises or may arise from Participant ceasing to have rights under the Plan, whether or not as a result of termination of Participant's Service (whether such termination is in breach of contract or otherwise), or from the loss of diminution in value of the shares of Stock underlying the Restricted Stock Units. Upon the grant of the Restricted Stock Units, Participant shall be deemed to have waived irrevocably such entitlement.

**<u>Philippines</u>**

1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Settlement in Cash</u>. Notwithstanding anything to the contrary in the Agreement, the Addendum or the Plan, the Restricted Stock Units shall be settled only in cash (and shall not be settled in shares of Stock), unless otherwise determined by the Corporation.

**<u>Singapore</u>**

1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Securities Law Information</u>. The grant of the Restricted Stock Units under the Plan is being made pursuant to the "Qualifying Person" exemption under section 273(1)(f) of the Securities and Futures Act (Chapter 289, 2006 Ed.) ("<u>SFA</u>"). The Plan has not been and will not be lodged or registered as a prospectus with the Monetary Authority of Singapore and is not regulated by any financial supervisory authority pursuant to any legislation in Singapore. Accordingly, statutory liability under the SFA in relation to the content of prospectuses would not apply. Participant should note that the Restricted Stock Units are subject to section 257 of the SFA and Participant will not be able to make any subsequent sale of shares of Stock in Singapore, or any offer of such subsequent sale of shares of Stock subject to the Restricted Stock Units in Singapore, unless such sale or offer is made (i) after six (6) months from the Award Date or (ii) pursuant to the exemptions under Part XIII Division (1) Subdivision (4) (other than section 280) of the SFA.

**<u>Switzerland</u>**

1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Securities Law Information</u>. Neither the Agreement nor any other materials relating to the grant of Restricted Stock Units (a) constitutes a prospectus according to articles 35 et seq. of the Swiss Federal Act on Financial Services ("<u>FinSA</u>"), (b) may be publicly distributed or otherwise made publicly available in Switzerland to any person other than an employee of the Corporation or one of its Affiliates or (c) has been or will be filed with, approved or supervised by any Swiss reviewing body according to article 51 FinSA or any Swiss regulatory authority, including the Swiss Financial Market Supervisory Authority, FINMA.

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**<u>United Kingdom (Including Northern Ireland)</u>**

1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Payment of Withholding Taxes</u>. The following provision supplements the section of the Agreement titled "Payment of Withholding Taxes":

Without limitation to the section of the Agreement titled 'Payment of Withholding Taxes', Participant agrees that Participant is liable for all income tax and employee national insurance contributions or other social contributions or withholding taxes ("<u>Tax-Related Items</u>") and hereby covenants to pay all such Tax-Related Items, as and when requested by the Corporation, the Employer or by HM Revenue and Customs ("<u>HMRC</u>") (or any other tax authority or any other relevant authority). Participant also agrees to indemnify and keep indemnified the Corporation and the Employer against any Tax-Related Items that they are required to pay or withhold or have paid or will pay on Participant's behalf to HMRC (or any other tax authority or any other relevant authority).

Notwithstanding the foregoing, if Participant is a director or executive officer (as within the meaning of Section 13(k) of the U.S. Securities Exchange Act of 1934, as amended), the terms of the immediately foregoing provision will not apply. In the event that Participant is a director or executive officer and income tax due is not collected from or paid by Participant, the amount of any uncollected tax may constitute a benefit to Participant on which additional income tax and national insurance contributions may be payable. Participant acknowledges that Participant ultimately will be responsible for reporting and paying any income tax due on this additional benefit directly to HMRC under the self-assessment regime and for reimbursing the Corporation or the Employer (as applicable) for the value of any employee national insurance contributions due on this additional benefit, which the Corporation and/or the Employer may recover from Participant at any time thereafter by any of the means referred to in section of the Agreement titled "Payment of Withholding Taxes".

2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Exclusion of Claim</u>. Participant acknowledges and agrees that Participant will have no entitlement to compensation or damages insofar as such entitlement arises or may arise from Participant's ceasing to have rights under or to be entitled to the Restricted Stock Units, whether or not as a result of termination of Service (whether such termination is in breach of contract or otherwise), or from the loss or diminution in value of the Restricted Stock Units. Upon the award of the Restricted Stock Units, Participant shall be deemed irrevocably to have waived any such entitlement.

3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Section 2 of the Addendum</u>. Section 2 of the Addendum (Participants in the European Union) shall not apply to the Restricted Stock Units.

## Exhibit 10.95

**Exhibit 10.95**

**<u>CBOE GLOBAL MARKETS, INC. LONG-TERM INCENTIVE PLAN</u>**

**<u>RESTRICTED STOCK UNIT AWARD AGREEMENT</u>**

This Restricted Stock Unit Award Agreement (this "<u>Agreement</u>") is dated effective _______________________ (the "<u>Award Date</u>"), and is between Cboe Global Markets, Inc. (the "<u>Corporation</u>") and ___________________ ("<u>Participant</u>"). Any term capitalized but not defined in this Agreement will have the meaning set forth in the Third Amended and Restated Cboe Global Markets, Inc. Long-Term Incentive Plan (as may be amended from time to time, the "<u>Plan</u>").

1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Award</u>. The Corporation hereby awards to Participant ___________ Restricted Stock Units (the "<u>Restricted Stock Units</u>"). The Restricted Stock Units will be subject to the terms and conditions of the Plan and this Agreement. Each Restricted Stock Unit is a notional amount that represents one unvested share of Stock and entitles Participant, subject to the terms of this Agreement, to receive a share of Stock if and when the Restricted Stock Unit vests.

2.&nbsp;&nbsp;&nbsp;&nbsp;<u>No Rights as Stockholder; Dividend Equivalents</u>. Participant shall have no voting rights with respect to shares of Stock represented by Restricted Stock Units until the date of the issuance of the shares of Stock (as evidenced by the appropriate entry on the books of the Corporation or of a duly authorized transfer agent of the Corporation). Notwithstanding the foregoing, in the event that the Corporation declares a cash dividend on shares of Stock, on the payment date of the dividend, Participant will be credited with Dividend Equivalent Rights equal to the amount of the cash dividend per share multiplied by the number of Restricted Stock Units held by Participant on the dividend's record date. The Dividend Equivalent Rights credited to Participant under the preceding sentence will be distributed to Participant at the same time as the underlying cash dividend is distributed to shareholders of the Corporation.

3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Vesting; Effect of Termination of Service; Change in Control</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Subject to Sections 3(b), 3(c) and 3(d) below, Participant's Restricted Stock Units will vest (i) thirty-three percent (33%) on ___________, provided that Participant has remained in Service continuously through such date, (ii) thirty-three percent (33%) on ___________, provided that Participant has remained in Service continuously through such date, and (iii) thirty-four percent (34%) on ___________, provided that Participant has remained in Service continuously through such date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The Restricted Stock Units will vest in full upon the earlier to occur of (i) Participant's death or (ii) Participant's becoming Disabled, provided that such condition qualifies as a "disability" as defined under Section 409A, in each case, if prior to any forfeiture event under Section 3(d) below.

In the event of Participant's Retirement (as defined below) and satisfaction of the terms thereof, the Restricted Stock Units shall remain outstanding upon Participant's Retirement and be distributed as if Participant remained in Service continuously through each vesting date pursuant to Section 3(a), in accordance with the terms of this Agreement. For purposes of this Agreement, "<u>Retirement</u>" means a determination by the Corporation or its Affiliate in their sole discretion, that Participant: (i) has completed a

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minimum of [ten (10) full years of continuous and unbroken Service]<sup>1</sup> [ten (10) full years of aggregate Service]<sup>2</sup> [five (5) full years of continuous and unbroken service as an Employee]<sup>3</sup> [five (5) full years of continuous and unbroken Service]<sup>4</sup> as of their Retirement date, (ii) has attained the age of fifty-five (55) as of their Retirement date, (iii) has provided the Corporation's Board, CEO, President, and/or COO with at least six (6) months' advance written revocable notice of their Retirement date (unless the notice period is waived by the Corporation or its Affiliate in its sole discretion), (iv) has their Retirement date and transition plan approved and not revoked by the Corporation's Board, CEO, President, and/or COO through their Retirement Date, (v) remains in Service continuously and in good standing until their Retirement date, (vi) has successfully transitioned responsibilities, as determined at the sole discretion of the Corporation's Board, CEO, President, and/or COO, and (vii) has a separation from Service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;This subsection 3(c) shall apply to this Agreement, this Award and any Replacement Award provided to Participant to replace this Award in lieu of Section 8.2(b) of the Plan. Upon a termination of Participant's Service by the Corporation or its Affiliate without Cause or by Participant for "Good Reason" (as defined below), in each case, upon or within two years after a Change in Control and prior to any forfeiture event under Section 3(d) below, this Award or any Replacement Award held by Participant shall become fully vested and free of restrictions and shall be distributed upon or within 60 days of such termination of Service. Notwithstanding the foregoing, if this Award or the Replacement Award, as applicable, is considered deferred compensation subject to Section 409A, payment shall be made pursuant to the Award's original schedule if necessary to comply with Section 409A.

For purposes of this Award "Good Reason" shall be deemed to exist if, and only if, without Participant's express written consent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Corporation or its Affiliate assigns to Participant authorities, duties or responsibilities (including titles) that are inconsistent in any material and adverse respect with Participant's immediately preceding authorities, duties or responsibilities with the Corporation or its Affiliate (including any material and adverse diminution of such immediately preceding authorities, duties or responsibilities);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Corporation or its Affiliate materially reduces Participant's base compensation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Corporation or its Affiliate requires Participant to relocate his or her principal business office or principal place of residence outside the metropolitan area in which Participant worked or resided at the time the Restricted Stock Units were awarded (or outside the immediately preceding location of Participant's principal business office with the Corporation or its Affiliate), or assigns to Participant duties that would reasonably require such relocation;

<sup>1</sup> For all executive officers except as otherwise stated

<sup>2</sup> For Robert Hocking (executive form) agreements

<sup>3</sup> For Prashant Bhatia (executive form) agreements

<sup>4</sup> For Scott Johnston (executive form) agreements

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The Corporation or its Affiliate materially breaches the terms of any agreement pursuant to which services are provided to the Corporation or its Affiliate by Participant; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The Corporation or its Affiliate terminates, reduces or limits Participant's participation in any bonus or incentive compensation arrangement relative to the level of participation of other employees of similar rank for a reason that is not reasonably related to Participant's level of job performance or local requirements and provided that such action results in a material reduction in the aggregate value of Participant's incentive compensation below the aggregate value as of the immediately preceding bonus or incentive compensation performance period and provided further that a mere change in the form of payment of the award (whether cash or shares of Stock) without a reduction in the aggregate grant value of the award shall not be considered a reduction of Participant's participation.

Participant's voluntary termination of Service shall not be considered a termination of Service for Good Reason unless Participant terminates his or her Service within 120 days after the initial existence of the condition constituting Good Reason; provided, Participant provides written notice to the Corporation or its Affiliate of Participant's intention to resign for Good Reason, which notice specifies in reasonable detail the breach or action giving rise thereto within 90 days of its initial existence, and the Corporation or its Affiliate does not cure such breach or action within 30 days after the date of Participant's notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;If Participant's Service is terminated for any reason (other than Retirement) before all of Participant's Restricted Stock Units have vested under this Agreement (including before the Restricted Stock Units qualify for vesting pursuant to an event described in Section 3(b) or 3(c) above), Participant's unvested Restricted Stock Units will be forfeited upon the effective date of such termination of Service. Notwithstanding anything herein to the contrary, any outstanding Restricted Stock Units not previously settled shall be cancelled and forfeited immediately if, in the sole opinion and discretion of the Committee or its delegate, Participant engages in any activity that constitutes Cause, whether or not Participant experiences a separation from Service, is no longer in Service, or remains in Service. Neither the Corporation nor any Affiliate will have any further obligations to Participant under this Agreement if Participant's Restricted Stock Units are forfeited pursuant to this Section 3(d).

4.&nbsp;&nbsp;&nbsp;&nbsp;<u>Terms and Conditions of Distribution</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Distribution of a share of Stock that corresponds to a vested Restricted Stock Unit shall be made to Participant as soon as practicable after the Restricted Stock Unit vests, but in any case by December 31st of the calendar year in which the applicable vesting date or event occurs, subject to such additional time as may be permitted under Section 409A in the event of Participant's death. Notwithstanding the foregoing, if this Award or any Replacement Award, as applicable, does not constitute deferred compensation subject to Section 409A, then the distribution of a share of Stock that corresponds to a vested Restricted Stock Unit will be made to Participant no later than two and a half (2½) months after the end of the calendar year in which such vesting occurs, subject to such additional time as may be permitted under Section 409A in the event of Participant's death.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Reserved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;If Participant dies before the date on which the Corporation would have distributed shares of Stock in satisfaction of vested Restricted Stock Units, the Corporation will distribute such shares of Stock to Participant's designated beneficiary(ies) or, if none are designated or surviving, to Participant's estate or personal representative. The Corporation is not required to issue or deliver any shares of Stock before completing the steps necessary to comply with applicable Federal and state securities laws (including any registration requirements) and applicable stock exchange rules and practices. The Corporation will use commercially reasonable efforts to cause compliance with those laws, rules and practices. The foregoing provisions are subject in all cases to the requirements of Section 409A.

5.&nbsp;&nbsp;&nbsp;&nbsp;<u>Nontransferability</u>. Unvested Restricted Stock Units may not be sold, transferred, exchanged, pledged, assigned, garnished, or otherwise alienated or hypothecated, other than by will or by the laws of descent and distribution. Any effort to assign or transfer the rights under this Agreement will be wholly ineffective, and will be grounds for termination by the Committee of all rights of Participant under this Agreement.

6.&nbsp;&nbsp;&nbsp;&nbsp;<u>Administration</u>. The Committee administers the Plan. Participant's rights under this Agreement are expressly subject to the terms and conditions of the Plan and to any guidelines the Committee adopts from time to time. The interpretation and construction by the Committee of the Plan and this Agreement, and such rules and regulations as may be adopted by the Committee for purposes of administering the Plan and this Agreement, will be final and binding upon Participant.

7.&nbsp;&nbsp;&nbsp;&nbsp;<u>Securities Law Requirements</u>. If at any time the Board or Committee determines that issuing Stock pursuant to this Agreement would violate applicable securities laws, the Corporation will not be required to issue such Stock. The Board or Committee may declare any provision of this Agreement or action of its own null and void, if it determines the provision or action fails to comply with applicable securities laws. The Corporation may require Participant to make written representations it deems necessary or desirable to comply with applicable securities laws.

8.&nbsp;&nbsp;&nbsp;&nbsp;<u>Payment of Withholding Taxes</u>. Participant acknowledges that, regardless of any action taken by the Corporation or, if different, the Affiliate of the Corporation that employs Participant (the "Employer"), the ultimate liability for all income tax, social contributions, payroll tax, fringe benefits tax, payment on account or other tax-related items related to Participant's participation in the Plan and legally applicable to Participant or deemed by the Corporation or the Employer in their sole discretion to be an appropriate charge to Participant even if legally applicable to the Corporation or the Employer ("<u>Tax-Related Items</u>"), is and remains Participant's responsibility and may exceed the amount actually withheld by the Corporation or the Employer, if any. Participant further acknowledges that the Corporation and/or the Employer (a) make no representations or undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of the Restricted Stock Units, including, but not limited to, the grant, vesting or settlement of the Restricted Stock Units, or the subsequent sale of shares of Stock acquired pursuant to such settlement; and (b) do not commit to and is under no obligation to structure the terms of the grant or any aspect of the Restricted Stock Units to reduce or eliminate Participant's liability for Tax-Related Items or achieve any particular tax result. Further, if

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Participant is subject to Tax-Related Items in more than one jurisdiction between the Award Date and the date of any relevant taxable or tax withholding event, as applicable, Participant acknowledges that the Corporation and/or the Employer (or former employer, as applicable) may be required to withhold or account for Tax-Related Items in more than one jurisdiction.

Prior to the relevant taxable or tax withholding event, as applicable, Participant agrees to make adequate arrangements satisfactory to the Corporation and/or the Employer to satisfy all Tax-Related Items. In this regard, Participant authorizes the Corporation, or its respective agents, at their discretion, to satisfy the obligations with regard to all Tax-Related Items by one or a combination of the following: (i) withholding from Participant's wages or other cash compensation paid to Participant by the Corporation and/or the Employer; (ii) withholding from the shares of Stock to be delivered upon settlement of the Restricted Stock Units or other awards granted to Participant or (iii) permitting Participant to tender to the Corporation or the Employer cash or, if allowed by the Committee, shares of Stock to the Corporation.

Notwithstanding the foregoing, if Participant is subject to Section 16 of the Exchange Act, pursuant to Rule 16a-2 promulgated thereunder, any tax withholding obligations shall be satisfied by having the Corporation withhold from the shares of Stock to be delivered upon settlement of the Restricted Stock Units.

Depending on the withholding method, the Corporation may withhold or account for Tax-Related Items by considering applicable statutory withholding rates (as determined by the Corporation in good faith and in its sole discretion) or other applicable withholding rates, including maximum applicable rates, in which case Participant will receive a refund of any over-withheld amount in cash and will have no entitlement to the share equivalent. If the obligation for Tax-Related Items is satisfied by withholding from the shares of Stock to be delivered upon settlement of the Restricted Stock Units, for tax purposes, Participant is deemed to have been issued the full number of shares of Stock subject to the Restricted Stock Units, notwithstanding that a number of shares of Stock are held back solely for the purpose of paying the Tax-Related Items. Participant will have no further rights with respect to any shares of Stock that are retained by the Corporation pursuant to this provision.

Participant agrees to pay to the Corporation or the Employer any amount of Tax-Related Items that the Corporation or the Employer may be required to withhold or account for as a result of Participant's participation in the Plan that cannot be satisfied by the means previously described. The Corporation may refuse to issue or deliver shares of Stock or proceeds from the sale of shares of Stock until arrangements satisfactory to the Corporation have been made in connection with the Tax-Related Items.

9.&nbsp;&nbsp;&nbsp;&nbsp;<u>Restrictive Covenants</u>. Participant understands the global nature of the Corporation's businesses and the effort the Corporation and its Affiliates (collectively referred to in this Section as "<u>Cboe</u>") undertake to develop and protect their business and their competitive advantage. Accordingly, Participant agrees that the scope and duration of the restrictions described in this Agreement are reasonable and necessary to protect the legitimate business interests of Cboe. Participant further agrees that during the period of Participant's Service and for a period of two (2) years following Participant's separation

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from Service, Participant shall not, without the express written approval of the Chief Executive Officer:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;singly, jointly, or in any other capacity, in a manner that contributes to any research, technology, development, account, trading, marketing, promotion, or sales and that relates to Participant's Service with Cboe, directly or beneficially, manage, join, participate in the management, operation or control of, or work for (as an employee, consultant or independent contractor), or permit the use of his or her name by, or provide financial or other assistance to, or be connected in any manner with (i) any exchange, facility, clearinghouse, electronic communications network ("ECN"), electronic foreign currency exchange market ("FX") matching platform, multilateral trading facility, or alternative trading system ("ATS"); (ii) the ECN, ATS or FX business lines of any full service broker dealer or any digital asset or data and access solutions business line of any company; or (iii) any business line of any company that is substantially similar to any additional business line developed or entered into by Cboe during Participant's Service, provided that, in the case of clauses (i), (ii) and (iii), such entity or business line that directly competes with Cboe;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;provide any service or assistance that (i) is of the general type of service or assistance provided by Participant to Cboe, (ii) relates to any technology, account, product, project or piece of work with which Participant was involved during his Service, and (iii) contributes to causing an entity to come within the definition described in Section (a) above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;solicit or accept if offered to Participant, with or without solicitation, on his or her own behalf or on behalf of any other person, the services of any person who is a then-current employee of Cboe (or was an employee of Cboe during the year preceding such solicitation), nor solicit any of Cboe's then-current employees (or an individual who was employed by or engaged by Cboe during the year preceding such solicitation) to terminate employment or an engagement with Cboe, nor agree to hire any then-current employee (or an individual who was an employee of Cboe during the year preceding such hire) of Cboe into employment with Participant or any company, individual or other entity; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;directly or indirectly divert or attempt to divert from Cboe any business in which Cboe has been actively engaged during Participant's Service, nor interfere with the relationships of Cboe or with their sources of business.

10.&nbsp;&nbsp;&nbsp;&nbsp;<u>Confidentiality</u>. Participant acknowledges that the Corporation or an Affiliate may disclose secret or confidential information to Participant during the period of Participant's Service to enable Participant to perform his or her duties. Participant agrees that, subject to the following sentence, Participant shall not during his or her Service (except in connection with the proper performance of his or her duties) and thereafter, without the prior written consent of the Corporation, disclose to any person or entity any material or significant secret or confidential information concerning the business of the Corporation or an Affiliate that was obtained by Participant in the course of Participant's Service. This paragraph shall not be applicable if and to the extent Participant is required to testify in a legislative, judicial or regulatory proceeding pursuant to an order of Congress, any state or local legislature, a judge, or an administrative law judge, or if such secret or confidential information is required to be disclosed by Participant by any

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law, regulation or order of any court or regulatory commission, department or agency. Participant further agrees that if Participant's Service is terminated for any reason, Participant will not take, but will leave with the Corporation or an Affiliate, all records and papers and all matter of whatever nature that bears secret or confidential information of the Corporation or an Affiliate. For purposes of this Agreement, the term "secret or confidential information" shall include, but not be limited to, any and all records, notes, memoranda, data, writings, research, personnel information, customer information, clearing members' information, the Corporation's and any Affiliate's financial information and plans, processes, methods, techniques, systems, formulas, patents, models, devices, compilations or any other information of whatever nature in the possession or control of the Corporation or an Affiliate, that has not been published or disclosed to the general public, the options industry, the equities industry, the foreign currency exchange industry or the commodities futures industry, provided that such term shall not include knowledge, skills, and information that is common to the trade or profession of Participant.

Notwithstanding anything in this Agreement to the contrary, nothing in this Agreement prohibits Participant from confidentially or otherwise communicating or filing a charge or complaint with a governmental or regulatory entity, participating in a governmental or regulatory entity investigation, or giving truthful testimony or making other disclosures to a governmental or regulatory entity (in each case, without having to disclose any such conduct to the Corporation or an Affiliate), or from responding if properly subpoenaed or otherwise required to do so under applicable law. In addition, nothing in this Agreement limits Participant's right to receive an award from a governmental or regulatory entity for information provided to such an entity (and not as compensation for actual or alleged personal injury or damages to Participant).

Pursuant to the Defend Trade Secrets Act of 2016 (18 U.S.C. 1833(b)), Participant shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that is made in confidence either directly or indirectly to a federal, state, or local government official, or to an attorney, solely for the purpose of reporting or investigating a violation of law. Participant shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret made in a complaint, or other document filed in a lawsuit or other proceeding, if such filing is made under seal. If Participant files a lawsuit or other action alleging retaliation by the Corporation or an Affiliate for reporting a suspected violation of law, Participant may disclose the trade secret to his or her attorney and use the trade secret in the court proceeding or other action, if Participant files any document containing the trade secret under seal and does not disclose the trade secret, except pursuant to court order. This paragraph will govern to the extent it may conflict with any other provision of this Agreement.

11.&nbsp;&nbsp;&nbsp;&nbsp;<u>Judicial Modification</u>. If the final judgment of a court of competent jurisdiction declares that any term or provision of Section 9 or 10 or is invalid or unenforceable, the parties agree that (a) the court making the determination of invalidity or unenforceability shall have the power to reduce the scope, duration, or geographic area of the term or provision, to delete specific words or phrases, or to replace any invalid or unenforceable term or provision with a term or provision that is valid and enforceable and that comes closest to expressing the intention of the invalid or unenforceable term or provision, (b) the parties shall request that the court exercise that power, and (c) this Agreement shall

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be enforceable as so modified after the expiration of the time within which the judgment or decision may be appealed.

12.&nbsp;&nbsp;&nbsp;&nbsp;<u>Remedies</u>. Participant agrees that in the event of a breach or threatened breach of any of the covenants contained in Sections or of this Agreement, in addition to any other penalties or restrictions that may apply under any employment agreement, state law, or otherwise, Participant shall forfeit, upon written notice to such effect from the Corporation, any and all Awards granted to him or her under the Plan and this Agreement, including vested Awards. The forfeiture provisions of this Section shall continue to apply, in accordance with their terms, after the provisions of any employment or other agreement between the Corporation and Participant have lapsed. Participant consents and agrees that if Participant violates or threatens to violate any provisions of Sections or of this Agreement, the Corporation or its successors in interest shall be entitled, in addition to any other remedies that they may have, including money damages, to an injunction to be issued by a court of competent jurisdiction restraining Participant from committing or continuing any violation of Sections or . In the event that Participant is found to have breached any provision set forth in Section of this Agreement, the time period provided for in that provision shall be deemed tolled (*i.e.*, it will not begin to run) for as long as Participant was in violation of that provision. Notwithstanding anything to the contrary herein, nothing in this Agreement shall prohibit or restrict a Participant who is licensed to practice law from providing legal advice and counseling, or other advice and counseling incidental thereto, as an officer, employee, consultant, independent contractor or otherwise, to an exchange, facility, clearinghouse, ECN, FX matching platform, multilateral trading facility, ATS, full service broker dealer, digital asset business, or data and access solutions business, or any other company that directly competes with Cboe. The provisions of Sections 9 and 10 of this Agreement shall continue to apply, in accordance with their terms, after Participant's service has terminated and after provisions of any employment or other agreement between the Corporation and Participant have lapsed.

13.&nbsp;&nbsp;&nbsp;&nbsp;<u>Representations and Warranties</u>. Participant represents and warrants to the Corporation that Participant has received a copy of the Plan and this Agreement, has read and understands the terms of the Plan and this Agreement, and agrees to be bound by their terms and conditions in all respects.

14.&nbsp;&nbsp;&nbsp;&nbsp;<u>No Limitation on the Corporation's Rights</u>. The granting of Restricted Stock Units under this Agreement shall not and will not in any way affect the Corporation's right or power to make adjustments, reclassifications or changes in its capital or business structure or to merge, consolidate, reincorporate, dissolve, liquidate or sell or transfer all or any part of its business or assets.

15.&nbsp;&nbsp;&nbsp;&nbsp;<u>Plan and Agreement Not a Contract of Employment or Service</u>. Neither the Plan nor this Agreement is a contract of employment or Service, and no terms of Participant's employment or Service will be affected in any way by the Plan, this Agreement or related instruments, except to the extent specifically expressed therein. Neither the Plan nor this Agreement will be construed as conferring any legal rights on Participant to continue to be employed or remain in Service, nor will it interfere with the Corporation's or any Affiliate's right to discharge Participant or to deal with Participant regardless of the existence of the Plan or this Agreement.

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16.&nbsp;&nbsp;&nbsp;&nbsp;<u>Entire Agreement and Amendment</u>. This Agreement and the Plan constitute the entire agreement between the parties hereto with respect to the Restricted Stock Units, and all prior oral and written representations are merged in this Agreement and the Plan. Notwithstanding the preceding sentence, this Agreement shall not in any way affect the terms and provisions of the Plan. This Agreement may be amended, modified, or terminated only in accordance with the Plan. The headings in this Agreement are inserted for convenience and identification only and are not intended to describe, interpret, define or limit the scope, extent, or intent of this Agreement or any provision hereof.

17.&nbsp;&nbsp;&nbsp;&nbsp;<u>Notice</u>. Any notice or other communication required or permitted under this Agreement must be in writing and must be delivered personally, sent by certified, registered or express mail, sent by overnight courier (at the sender's expense), or (if from the Corporation or the Corporation's stock plan administrator) by electronic mail. Notice will be deemed given (a) when delivered personally, (b) if mailed, three days after the date of deposit in the U.S. mail, (c) if sent by overnight courier, on the regular business day following the date sent, or (d) when electronically mailed. Notice to the Corporation should be sent to Cboe Global Markets, Inc., 433 West Van Buren Street, Chicago, Illinois 60607, Attention: General Counsel. Notice to Participant should be sent to the mailing address and/or electronic mailing address set forth on the Corporation's records. Either party may change the address to which the other party must give notice under this Section 17 by giving the other party written notice of such change, in accordance with the procedures described above or otherwise established by the Corporation or its stock plan administrator.

18.&nbsp;&nbsp;&nbsp;&nbsp;<u>Successors and Assigns</u>. The terms of this Agreement will be binding upon the Corporation and its successors and assigns.

19.&nbsp;&nbsp;&nbsp;&nbsp;<u>Governing Law</u>. To the extent not preempted by Federal law, the Plan, this Agreement, and documents evidencing rights relating to the Plan or this Agreement will be construed, administered and governed in all respects under and by the laws of the State of Delaware, without giving effect to its conflict of laws principles. If any provision of this Agreement will be held by a court of competent jurisdiction to be invalid or unenforceable, the remaining provisions hereof will continue to be fully effective. The jurisdiction and venue for any disputes arising under, or any action brought to enforce (or otherwise relating to), this Agreement will be exclusively in the courts in the State of Illinois, County of Cook, including the Federal Courts located therein (should Federal jurisdiction exist).

20.&nbsp;&nbsp;&nbsp;&nbsp;<u>Plan Document Controls</u>. The rights granted under this Agreement are in all respects subject to the provisions set forth in the Plan to the same extent and with the same effect as if set forth fully in this Agreement. If the terms of this Agreement conflict with the terms of the Plan document, the Plan document will control.

21.&nbsp;&nbsp;&nbsp;&nbsp;<u>Counterparts</u>. This Agreement may be executed simultaneously in two or more counterparts, each of which shall be deemed an original and all of which together shall constitute but one and the same instrument.

22.&nbsp;&nbsp;&nbsp;&nbsp;<u>Waiver; Cumulative Rights</u>. The failure or delay of either party to require performance by the other party of any provision of this Agreement will not affect its right to require

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performance of such provision unless and until such performance has been waived in writing. Each right under this Agreement is cumulative and may be exercised in part or in whole from time to time.

23.&nbsp;&nbsp;&nbsp;&nbsp;<u>Tax Consequences</u>.&nbsp;&nbsp;&nbsp;&nbsp;Participant agrees to determine and be responsible for all tax consequences to Participant with respect to the Restricted Stock Units.

24.&nbsp;&nbsp;&nbsp;&nbsp;<u>Section 409A</u>*.* The Restricted Stock Units granted hereunder are intended to comply with, or otherwise be exempt from, Section 409A, including the exceptions and exemptions for short term deferrals, stock rights, and separation pay arrangements. This Agreement and all Restricted Stock Units shall be administered, interpreted, and construed in a manner consistent with Section 409A. Should any provision of this Agreement, or any other agreement or arrangement contemplated by this Agreement, be found not to comply with, or otherwise be exempt from, the provisions of Section 409A, such provision shall be modified and given effect (retroactively if necessary), in the sole discretion of the Corporation, and without the consent of Participant, in such manner as the Corporation determines to be necessary or appropriate to comply with, or to effectuate an exemption from, Section 409A. Notwithstanding the forgoing, no provision of this Agreement, or any other agreement or arrangement contemplated by this Agreement shall be construed as a guarantee by the Corporation of any particular tax effect to Participant. Each payment made under this Agreement shall be designated as a separate payment within the meaning of Section 409A. Any payment that is subject to Section 409A and payable upon Participant's termination of employment or other similar event shall not be made unless Participant has experienced a "separation from service" as defined under Section 409A. Except as provided in the provisions of Section 3(c) referencing Section 409A, any payment subject to Section 409A that is to be made upon a "separation from service" to Participant on any date when he or she is a "specified employee" as defined under Section 409A shall not be paid before the date that is six (6) months following Participant's "separation from service" or, if earlier, Participant's death.

25.&nbsp;&nbsp;&nbsp;&nbsp;<u>Compensation Recovery</u>. Notwithstanding anything in this Agreement to the contrary, the Restricted Stock Units, Dividend Equivalent Rights and any shares of Stock issued pursuant to the Restricted Stock Units and any proceeds therefrom shall be subject to and remain subject to any compensation recovery policies of the Corporation, including (i) the Corporation's Executive Officer Incentive Compensation Clawback Policy (as amended from time to time, or any successor policy), (ii) the Corporation's Supplemental Discretionary Clawback Policy (as amended from time to time, or any successor policy), (iii) any recoupment, clawback or similar requirements made applicable by law, regulation or listing standards to the Corporation from time to time (to the extent contemplated by such requirements), or (iv) as may be adopted by the Corporation to help facilitate the Corporation's objectives, including, without limitation, related to eliminating or reducing fraud, misconduct, wrongdoing, or violations of law by an employee or similar considerations and, in each case, as may be amended from time to time (the "Policies"), with the provisions contained in such Policies deemed incorporated into this Agreement without Participant's additional or separate consent. For purposes of the foregoing, Participant expressly and explicitly authorizes the Corporation to cancel any unpaid portion of the Restricted Stock Units (whether vested or unvested) and to issue instructions, on Participant's behalf, to any brokerage firm and/or third-party administrator engaged by the Corporation to hold any shares of Stock and other amounts acquired pursuant to the Restricted Stock Units to re-convey, transfer or

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otherwise return such shares of Stock and/or other amounts to the Corporation upon the Corporation's enforcement of the Policies. Participant acknowledges and agrees that the Corporation's rights hereunder shall not be affected in any way by any subsequent change in status, including retirement or termination of employment (including due to death or Disability). Participant expressly agrees to indemnify and hold the Corporation and its Affiliates harmless from any loss, cost, damage, or expense (including attorneys' fees) that the Corporation or any Affiliate may incur as a result of Participant's actions or in the Corporation and any Affiliate's efforts to recover such previously made payments or value pursuant to this provision. No recovery of compensation as described herein will be an event giving rise to a right to resign for "Good Reason" or "constructive termination" (or similar term) under any plan of, or agreement with, the Corporation, the Employer and/or Participant.

26.&nbsp;&nbsp;&nbsp;&nbsp;<u>Addendum to Agreement.</u> Notwithstanding any provision of this Agreement to the contrary, if Participant resides or is employed outside the U.S. or transfers residence or employment outside the U.S., the Restricted Stock Units shall be subject to such special terms and conditions as are set forth in the addendum to this agreement (the "<u>Addendum</u>"). Further, if Participant transfers residency and/or employment to another country, any special terms and conditions for such country will apply to the Restricted Stock Units to the extent the Corporation determines, in its sole discretion, that the application of such terms and conditions is necessary or advisable in order to comply with local law or to facilitate the operation and administration of the Restricted Stock Units and the Plan (or the Corporation may establish alternative terms and conditions as may be necessary or advisable to accommodate Participant's transfer). In all circumstances, the Addendum shall constitute part of this Agreement.

IN WITNESS WHEREOF, the Corporation and Participant have duly executed this Agreement as of the date first written above.

**Cboe Global Markets, Inc.**

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| | |
|:---|:---|
| _________________________________ | By: |
| Participant's Name |  |
| _________________________________ | Its: |
| Participant's Signature |  |

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**<u>ADDENDUM</u>**

**<u>CBOE GLOBAL MARKETS, INC. LONG-TERM INCENTIVE PLAN<br>RESTRICTED STOCK UNIT AWARD AGREEMENT</u>**

This Addendum to the Agreement includes additional terms and conditions that govern the Restricted Stock Units if Participant resides and/or is employed outside of the United States or transfers residence or employment outside the United States. Certain capitalized terms used but not defined in this Addendum have the meanings set forth in the Agreement or the Plan.

1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Nature of Grant</u>. In accepting the Restricted Stock Units, Participant acknowledges that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;the Plan is established voluntarily by the Corporation, is discretionary in nature and may be modified, amended, suspended or terminated by the Corporation at any time, to the extent permitted by the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;the award of the Restricted Stock Units is exceptional, discretionary, voluntary and occasional and does not create any contractual or other right to receive future grants of Restricted Stock Units, or benefits in lieu of Restricted Stock Units, even if Restricted Stock Units have been granted in the past;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;all decisions with respect to future Restricted Stock Unit awards, if any, will be at the sole discretion of the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;Participant is voluntarily participating in the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;the Restricted Stock Units and any shares of Stock that may be received in settlement of the Restricted Stock Units, and the income and value of same, (i) are an extraordinary item that does not constitute compensation of any kind for services of any kind rendered to the Corporation or the Employer, and which is outside the scope of Participant's employment contract, if any, (ii) are not intended to replace any pension rights or compensation, and (iii) are not part of normal or expected compensation or salary for any purpose, including, but not limited to, calculating any severance, resignation, termination, redundancy, dismissal, end-of-service payments, holiday pay, bonuses, long-service awards, leave-related payments, pension or retirement or welfare benefits or similar payments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)&nbsp;&nbsp;&nbsp;&nbsp;the Restricted Stock Unit award will not be interpreted to form an employment or non-employee director contract or relationship with the Corporation or any Affiliate, nor does it amend any legal relationship or legal entitlement between Participant and the Employer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)&nbsp;&nbsp;&nbsp;&nbsp;this Agreement, the transactions contemplated hereunder and the vesting schedule set forth herein do not constitute an express or implied promise of Participant's further employment for the vesting period, for any period, or at all, and will not interfere with Participant's right or the right of the Corporation or the Employer to terminate Participant's employment relationship at any time with or without cause;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)&nbsp;&nbsp;&nbsp;&nbsp;unless otherwise agreed with the Corporation, the Restricted Stock Units and the shares of Stock underlying the Restricted Stock Units, and the income and value

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of same, are not granted as consideration for, or in connection with, the service Participant may provide as a director of an Affiliate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;the future value of the underlying shares of Stock is unknown, indeterminable and cannot be predicted with certainty;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)&nbsp;&nbsp;&nbsp;&nbsp;neither the Corporation, the Employer nor any Affiliate shall be liable for any foreign exchange rate fluctuation between Participant's local currency and the United States Dollar that may affect the value of the Restricted Stock Units or of any amounts due to Participant pursuant to the settlement of the Restricted Stock Units or the sale of any shares of Stock Participant may acquire upon such settlement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)&nbsp;&nbsp;&nbsp;&nbsp;in consideration of the grant of the Restricted Stock Units, no claim or entitlement to compensation or damages shall arise from termination of the Restricted Stock Units or diminution in value of the Restricted Stock Units or shares of Stock acquired upon vesting of the Restricted Stock Units resulting from Participant's termination of Service (for any reason whatsoever and whether or not later found to be invalid or in breach of employment laws in the jurisdiction where Participant is employed or the terms of Participant's employment agreement, if any) or from the application of any clawback or recoupment policy adopted by the Corporation or imposed by applicable law, and Participant irrevocably releases the Corporation and the Employer from any such claim that may arise; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)&nbsp;&nbsp;&nbsp;&nbsp;the Restricted Stock Units and the benefits evidenced by this Agreement do not create any entitlement not otherwise specifically provided for in the Plan or provided by the Corporation in its discretion, to have the Restricted Stock Units or any such benefits transferred to, or assumed by, another company or to be exchanged, cashed out or substituted for, in connection with any corporate transaction affecting the shares of the Corporation.

2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Participants in the European Union</u>. If Participant resides and/or is employed in a European Union ("<u>EU</u>") member state, the following provision shall replace Section 3(b) of the Agreement in its entirety and any other provisions regarding Retirement shall be disregarded and of no effect:

&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;The Restricted Stock Units will vest in full upon the earlier to occur of (i) Participant's death or (ii) Participant's becoming Disabled, provided that such condition qualifies as a "disability" as defined under Section 409A, in each case, if prior to any forfeiture event under Section 3(d) below.

3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Payment of Withholding Taxes</u>. Participant acknowledges and agrees that if Participant is subject to tax and/or social contributions in more than one jurisdiction, the Corporation or its Affiliate(s) may be required to withhold or account for taxes and/or social contributions in more than one jurisdiction, in accordance with the methods of withholding described in Section 8 of the Agreement.

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4.&nbsp;&nbsp;&nbsp;&nbsp;<u>Data Privacy</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Data Collection and Usage</u>. The Corporation and the Employer will collect, process and use certain personal information about Participant, specifically, Participant's name, home address, email address and telephone number, date of birth, social security or insurance number, passport number or other identification number, salary, nationality, job title, any shares of Stock or directorships held in the Corporation, details of all Restricted Stock Units or any other entitlement to shares of Stock awarded, canceled, exercised, vested, unvested or outstanding in Participant's favor ("<u>Data</u>"), for the exclusive purpose of implementing, administering and managing the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;<u>Recipients of Data</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;<u>Stock Plan Administration Service Providers</u>. The Corporation and the Employer transfer Data to Fidelity Stock Plan Services, LLC (and/or its affiliates, collectively "<u>Fidelity</u>"), the designated broker assisting in the implementation, administration and management of the Plan. In the future, the Corporation may select a different service provider and share Data with such other provider serving in a similar manner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;<u>Other Service Provider Data Recipients</u>. The Corporation also may transfer Data to other third party service providers, if necessary to ensure compliance with applicable tax, exchange control, securities and labor law. Such third party service providers may include the Corporation's legal counsel as well as its auditor, human resources consultant and payroll vendor. Wherever possible, the Corporation will anonymize data, but Participant understands that his or her Data may need to be transferred to such providers to ensure compliance with applicable law and/or tax requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;<u>Securities or Other Regulatory Authorities</u>. In addition to the recipients identified herein and where required under applicable law, Data also may be disclosed to certain securities or other regulatory authorities, including where the Corporation's securities are listed or traded or regulatory filings are made. The legal basis, where required, for such disclosure is compliance with applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>International Data Transfers</u>. The Corporation, Fidelity and other service providers described above are located in the United States. The United States may have different data privacy laws and protections than Participant's country of residence (or country of employment, if different).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;<u>Legal Basis for Collection, Processing and Transfer of Data</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;<u>Participants within the EU / European Economic Area ("EEA"), Switzerland and the United Kingdom</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.&nbsp;&nbsp;&nbsp;&nbsp;The collection, processing and transfer of Data is necessary for the legitimate purpose of the Corporation and Employer's administration of the Plan and Participant's participation in the Plan.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.&nbsp;&nbsp;&nbsp;&nbsp;When transferring Data to potential recipients outside the EU/EEA, Switzerland and/or the United Kingdom, the Corporation and the Employer strive to provide appropriate safeguards in accordance with Standard Contractual Clauses or other legally binding and permissible arrangements. For further information on the transfer of Participant's personal data outside of the EU/EEA, Switzerland and/or the United Kingdom, Participant may contact his or her human resources representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;<u>Participants outside the EU / EEA, Switzerland and the United Kingdom</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.&nbsp;&nbsp;&nbsp;&nbsp;Participant hereby explicitly and unambiguously consents to the collection, processing and use, in electronic or other form, of Participant's Data by the Corporation and the transfer of Data to the recipients mentioned above, including recipients located in countries which do not adduce an adequate level of protection from a non-U.S. data protection law perspective, for the purposes described above. Upon transfer of Participant's Data to Fidelity, Participant may be asked to agree to separate terms and data processing practices with Fidelity, with such agreement being a condition of the ability to participate in the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B.&nbsp;&nbsp;&nbsp;&nbsp;Participation in the Plan is voluntary and Participant understands that Participant is providing the consent herein on a purely voluntary basis. If Participant does not consent, or later seeks to revoke his or her consent, Participant's employment status or Service and career with the Employer will not be adversely affected. The only consequence of refusing or withdrawing consent is that the Corporation would not be able to grant Restricted Stock Units or other equity awards to Participant or administer or maintain such awards. Therefore, Participant understands that refusing or withdrawing his or her consent may affect Participant's ability to participate in the Plan. For more information on the consequences of Participant's refusal to consent or withdrawal of consent, Participant understands that Participant may contact his or her human resources representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)&nbsp;&nbsp;&nbsp;&nbsp;<u>Data Retention</u>. Participant understands that Data will be held only as long as is necessary to implement, administer and manage his or her participation in the Plan or comply with applicable laws. When the Corporation no longer needs the Data, the Corporation will remove it from its systems.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) &nbsp;&nbsp;&nbsp;&nbsp;<u>Data Subject Rights</u>. Participant understands that Participant may have the right under applicable law to (i) access or copy Data that the Corporation possesses, (ii) rectify incorrect Data, (iii) delete Data, (iv) restrict processing of Data, (v) opt out of the Plan, or (vi) lodge complaints with the competent supervisory authorities in Participant's jurisdiction. To receive clarification regarding these rights or to exercise these rights, Participant understands that Participant can contact his or her local human resources representative.

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5.&nbsp;&nbsp;&nbsp;&nbsp;<u>No Advice Regarding Grant</u>. The Corporation is not providing any tax, legal or financial advice, nor is the Corporation making any recommendations regarding Participant's participation in the Plan, or Participant's acquisition or sale of the underlying shares of Stock. Participant should consult with his or her own personal tax, legal and financial advisors regarding Participant's participation in the Plan before taking any action related to the Plan.

6.&nbsp;&nbsp;&nbsp;&nbsp;<u>Imposition of Other Requirements</u>. The Corporation reserves the right to impose other requirements on Participant's participation in the Plan, on the Restricted Stock Units and on any shares of Stock acquired under the Plan, to the extent the Corporation determines it is necessary or advisable for legal or administrative reasons. Such requirements may include (but are not limited to) requiring Participant to sign any agreements or undertakings that may be necessary to accomplish the foregoing.

7.&nbsp;&nbsp;&nbsp;&nbsp;<u>Insider Trading/Market Abuse Laws</u>. By participating in the Plan, Participant agrees to comply with the Corporation's policy on insider trading (to the extent that it is applicable to Participant). Participant further acknowledges that, depending on Participant's or the broker's country of residence or where the shares of Stock are listed, Participant may be subject to insider trading restrictions and/or market abuse laws, which may affect Participant's ability to accept, acquire, sell or otherwise dispose of shares of Stock, rights to shares of Stock (e.g., Restricted Stock Units) or rights linked to the value of shares of Stock, during such times Participant is considered to have "inside information" regarding the Corporation as defined by the laws or regulations in Participant's country. Local insider trading laws and regulations may prohibit the cancellation or amendment of orders Participant places before Participant possessed inside information. Furthermore, Participant could be prohibited from (i) disclosing the inside information to any third party (other than on a "need to know" basis) and (ii) "tipping" third parties or causing them otherwise to buy or sell securities. Participant understands that third parties include fellow employees. Any restrictions under these laws or regulations are separate from and in addition to any restrictions that may be imposed under any applicable Corporation insider trading policy. Participant acknowledges that it is Participant's responsibility to comply with any applicable restrictions, and that Participant should therefore consult Participant's personal advisor on this matter.

8.&nbsp;&nbsp;&nbsp;&nbsp;<u>Foreign Asset/Account Reporting; Exchange Controls</u>. Participant's country may have certain foreign asset and/or account reporting requirements and/or exchange controls which may affect Participant's ability to acquire or hold shares of Stock under the Plan or cash received from participating in the Plan (including from any dividends received or sale proceeds arising from the sale of shares of Stock) in a brokerage or bank account outside Participant's country. Participant may be required to report such accounts, assets or transactions to the tax or other authorities in his or her country. Participant also may be required to repatriate sale proceeds or other funds received as a result of Participant's participation in the Plan to his or her country through a designated bank or broker and/or within a certain time after receipt. Participant acknowledges that it is his or her responsibility to be compliant with such regulations, and Participant should consult his or her personal legal advisor for any details.

9.&nbsp;&nbsp;&nbsp;&nbsp;<u>Language</u>. If Participant is resident in a country where English is not an official language, Participant acknowledges that Participant is sufficiently proficient in English to

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understand the terms and conditions of the Agreement or has had the ability to consult with an advisor who is sufficiently proficient in the English language. Participant further acknowledges and agrees that it is Participant's express intent that the Agreement, the Addendum and the Plan and all other documents, notices and legal proceedings entered into, given or instituted pursuant to the Restricted Stock Units be drawn up in English. If Participant has received the Agreement, the Addendum or any other document related to the Plan translated into a language other than English and if the meaning of the translated version is different than the English version, the English version will control, unless otherwise required by applicable law.

10.&nbsp;&nbsp;&nbsp;&nbsp;<u>Annex to Addendum</u>. Notwithstanding any provision of the Agreement or Addendum to the contrary, the Restricted Stock Units shall be subject to such terms and conditions for Participant's country of residence (and country of employment, if different), as are set forth in the annex to this Addendum (the "<u>Annex</u>"). Further, if Participant transfers residency and/or employment to another country, or otherwise becomes subject to the local laws, rules and/or regulations in one of the countries included in the Annex, the Corporation may establish alternative terms and conditions as may be necessary or advisable to accommodate Participant's transfer. In all circumstances, the Annex shall constitute part of this Addendum.

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**<u>ANNEX</u>**

This Annex to the Addendum includes additional (or different, if so specified) terms and conditions that govern the Restricted Stock Units if Participant resides and/or is employed in the country addressed herein or transfers residence or employment to the country addressed herein. If Participant transfers residence and/or employment to another country, the Corporation may establish alternative terms and conditions as may be necessary or advisable to accommodate Participant's transfer. Certain capitalized terms used but not defined in this Annex have the meanings set forth in the Agreement (including the Addendum) or the Plan.

**<u>Australia</u>**

1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Tax Notification</u>. The Plan is a plan to which Subdivision 83A-C of the Income Tax Assessment Act 1997 (Cth) (the "<u>Act</u>") applies (subject to conditions in the Act).

2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Securities Law Notification</u>. This grant of Restricted Stock Units is being made under Division 1A, Part 7.12 of the Corporations Act 2001 (Cth).

**<u>Canada</u>**

1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Settlement of Restricted Stock Units</u>: Notwithstanding anything to the contrary in the Agreement or any related document, if Participant is resident or employed in Canada, the Corporation shall have absolute discretion to settle the Restricted Stock Units in shares of Stock or in the form of a cash payment or in any combination of the foregoing.

2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Securities Law Notification</u>: Participant acknowledges and agrees that he or she is permitted to sell shares of Stock acquired under the Plan through the designated broker appointed under the Plan, provided the resale of shares of Stock takes place outside of Canada through facilities of a stock exchange on which the shares of Stock are listed. The shares of Stock currently are listed on Cboe BZX in the United States.

3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Termination of Employment</u>: This provision replaces Section 3(d) of the Agreement:

For purposes of the Restricted Stock Units, except as explicitly and minimally required under applicable legislation, (A) Participant's Service will be considered terminated (regardless of the reason for such termination and whether or not later found to be invalid or in breach of employment or other laws or the terms of Participant's employment or service contract, if any), and (B) Participant's right (if any) to earn, seek damages in lieu of, vest in the Restricted Stock Units, or otherwise benefit from or participate in the Plan, and any portion of the Restricted Stock Units and the shares of Stock subject to the Restricted Stock Units granted to Participant under the Plan, will be measured by and terminated, effective as of the date that is the earlier of: (i) the date Participant is no longer actively providing Service to the Company, the Employer or any Affiliate, and (ii) the date Participant receives written notice of termination (the "<u>Termination Date</u>").

Except to the extent explicitly and minimally required under applicable legislation, the Termination Date shall exclude any period during which notice, pay in lieu of notice or related payments or damages are provided or required to be provided under applicable

------

law (including, but not limited to, statutory law, contract, common/civil law or otherwise) in the jurisdiction where Participant is employed or otherwise providing Services or the terms of Participant's employment or other service agreement, if any. Participant will not earn or be entitled to any pro-rated vesting or other participation in the Plan for that portion of time before the Termination Date (as determined by this provision), nor will Participant be entitled to any compensation for lost vesting or other participation. Subject to applicable legislation, the Corporation shall have the exclusive discretion to determine when Participant is no longer actively providing services for purposes of the Restricted Stock Units (including whether Participant may still be considered to be providing services while on a leave of absence).

Notwithstanding the foregoing, however, if applicable employment standards legislation, explicitly requires continued entitlement to vesting or other participation during a statutory notice period, Participant's right to vest in the Restricted Stock Units or otherwise participate in or benefit from the Plan, if any, will terminate effective as of the last day of Participant's minimum statutory notice period, but Participant will not earn or be entitled to pro-rated vesting or other participation if the vesting or payment date falls after the end of Participant's statutory notice period, nor will Participant be entitled to any compensation for lost vesting or other participation. For clarity, any reference to a Termination Date, termination of Service or termination of employment under the Agreement or the Plan will be interpreted to mean the Termination Date as defined herein.

**<u>Hong Kong</u>**

1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Settlement in Shares of Stock</u>. Notwithstanding anything to the contrary in the Agreement, the Addendum or the Plan, the Restricted Stock Units shall be settled only in shares of Stock (and may not be settled in cash).

2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Disposal of Shares of Stock</u>. If, for any reason, shares of Stock are issued to Participant within six (6) months after the Award Date, Participant agrees that Participant will not sell or otherwise dispose of any such shares of Stock prior to the six (6) month anniversary of the Award Date.

3.&nbsp;&nbsp;&nbsp;&nbsp;<u>IMPORTANT NOTICE/WARNING</u>. *The contents of this document have not been reviewed by any regulatory authority in Hong Kong. Participant is advised to exercise caution in relation to the offer. If Participant is in any doubt about any of the contents of the documents, Participant should obtain independent professional advice. The Restricted Stock Units and shares of Stock issued in settlement of the Restricted Stock Units do not constitute a public offering of securities under Hong Kong law and are available only to employees of the Corporation or its Affiliates. The Agreement, the Plan and other incidental communication materials have not been prepared in accordance with and are not intended to constitute a "prospectus" for a public offering of securities under the applicable securities legislation in Hong Kong. The Restricted Stock Units are intended only for the personal use of each eligible employee of the Employer, the Corporation or an Affiliate and may not be distributed to any other person.*

------

4.&nbsp;&nbsp;&nbsp;&nbsp;<u>Wages</u>. The Restricted Stock Units and shares of Stock subject to the Restricted Stock Units do not form part of Participant's wages for purposes of calculating any statutory or contractual payments under Hong Kong law.

**<u>Japan</u>**

&nbsp;&nbsp;&nbsp;&nbsp;No country-specific provisions.

**<u>Netherlands</u>**

1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Exclusion of Claim</u>. Participant acknowledges and agrees that Participant will have no entitlement to compensation or damages insofar as such entitlement arises or may arise from Participant ceasing to have rights under the Plan, whether or not as a result of termination of Participant's Service (whether such termination is in breach of contract or otherwise), or from the loss of diminution in value of the shares of Stock underlying the Restricted Stock Units. Upon the grant of the Restricted Stock Units, Participant shall be deemed to have waived irrevocably such entitlement.

**<u>Philippines</u>**

1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Settlement in Cash</u>. Notwithstanding anything to the contrary in the Agreement, the Addendum or the Plan, the Restricted Stock Units shall be settled only in cash (and shall not be settled in shares of Stock), unless otherwise determined by the Corporation.

**<u>Singapore</u>**

1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Securities Law Information</u>. The grant of the Restricted Stock Units under the Plan is being made pursuant to the "Qualifying Person" exemption under section 273(1)(f) of the Securities and Futures Act (Chapter 289, 2006 Ed.) ("<u>SFA</u>"). The Plan has not been and will not be lodged or registered as a prospectus with the Monetary Authority of Singapore and is not regulated by any financial supervisory authority pursuant to any legislation in Singapore. Accordingly, statutory liability under the SFA in relation to the content of prospectuses would not apply. Participant should note that the Restricted Stock Units are subject to section 257 of the SFA and Participant will not be able to make any subsequent sale of shares of Stock in Singapore, or any offer of such subsequent sale of shares of Stock subject to the Restricted Stock Units in Singapore, unless such sale or offer is made (i) after six (6) months from the Award Date or (ii) pursuant to the exemptions under Part XIII Division (1) Subdivision (4) (other than section 280) of the SFA.

**<u>Switzerland</u>**

1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Securities Law Information</u>. Neither the Agreement nor any other materials relating to the grant of Restricted Stock Units (a) constitutes a prospectus according to articles 35 et seq. of the Swiss Federal Act on Financial Services ("<u>FinSA</u>"), (b) may be publicly distributed or otherwise made publicly available in Switzerland to any person other than an employee of the Corporation or one of its Affiliates or (c) has been or will be filed with, approved or supervised by any Swiss reviewing body according to article 51 FinSA or any Swiss regulatory authority, including the Swiss Financial Market Supervisory Authority, FINMA.

------

**<u>United Kingdom (Including Northern Ireland)</u>**

1.&nbsp;&nbsp;&nbsp;&nbsp;<u>Payment of Withholding Taxes</u>. The following provision supplements the section of the Agreement titled "Payment of Withholding Taxes":

Without limitation to the section of the Agreement titled 'Payment of Withholding Taxes', Participant agrees that Participant is liable for all income tax and employee national insurance contributions or other social contributions or withholding taxes ("<u>Tax-Related Items</u>") and hereby covenants to pay all such Tax-Related Items, as and when requested by the Corporation, the Employer or by HM Revenue and Customs ("<u>HMRC</u>") (or any other tax authority or any other relevant authority). Participant also agrees to indemnify and keep indemnified the Corporation and the Employer against any Tax-Related Items that they are required to pay or withhold or have paid or will pay on Participant's behalf to HMRC (or any other tax authority or any other relevant authority).

Notwithstanding the foregoing, if Participant is a director or executive officer (as within the meaning of Section 13(k) of the U.S. Securities Exchange Act of 1934, as amended), the terms of the immediately foregoing provision will not apply. In the event that Participant is a director or executive officer and income tax due is not collected from or paid by Participant, the amount of any uncollected tax may constitute a benefit to Participant on which additional income tax and national insurance contributions may be payable. Participant acknowledges that Participant ultimately will be responsible for reporting and paying any income tax due on this additional benefit directly to HMRC under the self-assessment regime and for reimbursing the Corporation or the Employer (as applicable) for the value of any employee national insurance contributions due on this additional benefit, which the Corporation and/or the Employer may recover from Participant at any time thereafter by any of the means referred to in section of the Agreement titled "Payment of Withholding Taxes".

2.&nbsp;&nbsp;&nbsp;&nbsp;<u>Exclusion of Claim</u>. Participant acknowledges and agrees that Participant will have no entitlement to compensation or damages insofar as such entitlement arises or may arise from Participant's ceasing to have rights under or to be entitled to the Restricted Stock Units, whether or not as a result of termination of Service (whether such termination is in breach of contract or otherwise), or from the loss or diminution in value of the Restricted Stock Units. Upon the award of the Restricted Stock Units, Participant shall be deemed irrevocably to have waived any such entitlement.

3.&nbsp;&nbsp;&nbsp;&nbsp;<u>Section 2 of the Addendum</u>. Section 2 of the Addendum (Participants in the European Union) shall not apply to the Restricted Stock Units.

## Exhibit 19.1

**Exhibit 19.1**

<u>Cboe Global Markets, Inc. and Subsidiaries Insider Trading Policy</u>

**Table of Contents**<br>

---

| | |
|:---|:---|
| PURPOSE | 1 |
| SCOPE | 1 |
| PROHIBITED ACTIVITIES | 2 |
| MATERIAL, NON-PUBLIC INFORMATION | 3 |
| PLEDGES AND MARGIN LOANS | 4 |
| OTHER TRANSACTIONS | 4 |
| TRADING IN DERIVATIVE SECURITIES | 4 |
| SHORT SALES | 4 |
| BLACKOUT PERIODS | 4 |
| *I.Quarterly and Annual Restrictions.* | 4 |
| *II. Additional Blackout Periods in Specific Circumstances* | 5 |
| TRANSACTION PRE-APPROVALS | 5 |
| EXCEPTIONS TO APPLICATION OF THIS POLICY | 5 |
| *I.Employee Benefit Plans* | 5 |
| *II. Rule 10b5-1 Plans* | 6 |
| SECTION 16 INSIDER REPORTING OBLIGATIONS | 7 |
| FORM 144 REPORTS | 8 |
| REPORTING OF VIOLATIONS | 8 |
| PERSONAL RESPONSIBILITY AND COMPANY ASSISTANCE | 9 |
| COMPLIANCE | 9 |
| INQUIRIES | 9 |

---

**Purpose**

The purpose of this Insider Trading Policy (the "Policy") is to promote compliance with applicable

U.S. securities and insider trading laws and regulations by Cboe Global Markets, Inc. and its

subsidiaries (collectively, the "Company") and all directors, officers and employees thereof,

regardless of location, in order to preserve the reputation and integrity of the Company as well

as that of all persons affiliated with it.

**Scope**

This Policy covers all directors, officers and employees worldwide of the Company and their

respective immediate family members living in their household (collectively referred to as

"Covered Persons"). This Policy also applies to (i) any trust, foundation or other estate in which

any Covered Person has either a substantial beneficial interest or as to which he or she serves

as trustee or in a similar fiduciary capacity or (ii) any other entity whose transactions in

Company Securities (as defined below) are directed by a Covered Person or are subject to a

Covered Person's influence or control (collectively referred to as "Controlled Entities").

Page 2 of 9

Transactions by these Controlled Entities should be treated for the purposes of this Policy and

applicable securities laws as if they were for the applicable Covered Person's account.

The Policy applies to any and all transactions in the Company's securities, including hedging

transactions related thereto and short sale transactions. For purposes of this Policy, securities

include common stock or other equity interests, options to purchase or sell common stock or

other equity interests, preferred stock, convertible and non-convertible debentures, notes,

warrants and other similar instruments, and exchange-traded options or other derivative

securities related thereto (collectively, when used with respect to the Company, "Company

Securities"). The Policy also applies to transactions in the securities of other entities to the

extent Covered Persons are in possession of any material, non-public information relating to

those securities.

**Prohibited Activities**

No Covered Person may trade, buy, sell, transfer, dispose of or acquire Company Securities

while in possession of material, non-public information concerning the Company and for one

trading day after the date such material information has been publicly released unless such

transaction occurs pursuant to a properly established 10b5-1 Plan, as described more fully

below. Notwithstanding the foregoing, this Policy shall not be deemed to prohibit: (1) the

exercise of employee stock options granted by the Company and the purchase of Company

Securities in connection therewith (provided that such options are cash-exercised or settled) or

(2) transfers or other transactions in Company Securities that involve merely a change in the

form in which you own Company Securities (for example, to an inter vivos or living trust of which

you are the sole beneficiary during your lifetime) while in possession of material, non-public

information or, with respect to Blackout Persons, during a Blackout Period, both as defined

below.

No Covered Person may "tip" or disclose material, non-public information to any outside person

(including spouses, parents, children, siblings or other family members, investors, or members

of the investment community and/or news media), unless required as part of that Covered

Person's regular duties for the Company or authorized by the General Counsel, and disclosed in

compliance with the Company's Disclosure Policy. Furthermore, no Covered Person may give

trading advice of any kind about the Company or Company Securities to anyone, whether or not

such Covered Person is aware of material, non-public information.

No Covered Person may, while in possession of material, non-public information about any

other public company gained in the course of his or her relationship with the Company, trade in

the securities of the other public company while aware of such material, non-public information

concerning that company, "tip" or improperly disclose such material, non-public information

concerning that company to anyone or give trading advice of any kind to anyone concerning the

other public company while aware of such material, non-public information about that company.

No Covered Person shall engage in a transaction intended to circumvent or otherwise achieve a

result inconsistent with the purpose and intent of this Policy. For example, a Covered Person

should not transact in an index investment in which Company Securities are a meaningful

component if the basis for such transaction is material, non-public information concerning the

Company Securities.

Page 3 of 9

If a Covered Person is in possession of material, non-public information when his or her service

terminates, that individual may not engage in transactions in subject securities until that

information has become public or is no longer material, as reasonably determined by such

individual. Individuals must continue to comply with all applicable U.S. securities and insider

trading laws and regulations and avoid unlawful transactions following the termination of their

service.

**Material, Non-Public Information**

Information about the Company is "material" when a reasonable investor would consider it

important in making an investment decision to buy or sell Company Securities. In simple terms,

material information is any type of information that could reasonably be expected to affect the

price of Company Securities. While it is not possible to identify all information that would be

deemed material, examples of information that would generally be considered material include

the following:

• financial performance;

• potential mergers, acquisitions or dispositions;

• new major contracts, products, suppliers, partners, customers, or finance sources, or the

loss thereof;

• significant changes in volume, market share or product pricing;

• significant cybersecurity incidents;

• stock splits;

• significant public or private securities/debt offerings, borrowings, or changes in Company

stock repurchase or dividend policies or amounts;

• significant changes in senior management;

• actual, threatened or potential exposure to major litigation, or the resolution of such

litigation;

• approvals or denials of requests for regulatory approval by government agencies of

significant products, patents or trademarks;

• the contents of forthcoming publications that may affect the market price of Company

Securities;

• significant changes in accounting treatment, write-offs or effective tax rate; and

• impending bankruptcy or financial liquidity problems of the Company or one of its

subsidiaries or significant business partners.

Material, non-public information is material information that has not been disclosed generally to

the marketplace. Information is considered "non-public" until it has been widely disseminated to

the public through a Securities and Exchange Commission ("SEC") filing, press release, or other

non-exclusionary method of disclosure reasonably designed to provide public access, and there

has been sufficient time for the market to digest that information.

Any Covered Person who is unsure whether the information that he or she possesses

constitutes material, non-public information should consult the General Counsel for guidance

before trading in any Company Securities.

Page 4 of 9

**Pledges and Margin Loans**

Covered Persons are prohibited from entering into pledges or margin loans of Company

Securities.

**Other Transactions**

Covered Persons are encouraged to consult with the General Counsel **before** entering into

arrangements involving any Company Securities under circumstances that are not expressly

contemplated in this Policy ("Other Transactions"), which may also be subject to the foregoing

restrictions. Other Transactions by Blackout Persons (as defined below) are subject to the

"Transaction Pre-Approvals" section of this Policy.

**Trading in Derivative Securities**

Except as set forth below, Covered Persons may not trade, buy, sell, transfer, dispose of, or

acquire options to purchase or sell Company Securities or other derivatives related to Company

Securities (except for employee stock options and other securities issued pursuant to Company

equity incentive plans).

Covered Persons who are not subject to Section 16 of the Securities Exchange Act of 1934 (the

"Exchange Act") may enter into the following types of derivative security transactions in

Company Securities through the purchase or sale of exchange-traded options (provided that

they otherwise comply with this Policy):

• covered calls (i.e., the writing of exchange-traded call options covering a number of

shares less than or equal to the total number of unrestricted shares and vested shares

owned by the call writer); and

• collars for hedging purposes (i.e., the sale of exchange-traded call options and the

purchase of an equivalent number of put options, in each case, covering a number of

shares less than or equal to the total number of unrestricted shares and vested shares

owned by the holder).

**Short Sales**

Covered Persons are prohibited from engaging in short sales of Company Securities (and

uncovered short derivative positions).

**Blackout Periods**

In addition to the foregoing restrictions, directors and certain officers and other employees as

may be designated from time to time by the Chief Executive Officer, the President or the

General Counsel, including their respective Controlled Entities, are presumed to be in

possession of material, non-public information in the ordinary course of their duties with the

Company, and therefore are subject to more restrictive limitations on when they may buy or sell

Company Securities, as follows:

Page 5 of 9

**I.Quarterly and Annual Restrictions.**

The persons identified in the preceding paragraph, their respective immediate family

members who live in their household and their respective Controlled Entities (collectively,

"Blackout Persons") are prohibited from buying, selling or otherwise transferring or trading

in any Company Securities during the periods beginning March 15th, June 15th,

September 15th and December 15th of each year and ending when one trading day has

passed after the Company has publicly disseminated its financial results for the preceding

fiscal period (each a "Quarterly Blackout Period"). Trades by such persons outside of

Quarterly Blackout Periods may take place provided that (a) the individual does not then

have knowledge of material, non-public information and (b) the proposed trade would not

otherwise violate federal securities laws or the terms of this Policy.

**II.Additional Blackout Periods in Specific Circumstances.**

From time to time, the Chief Executive Officer, President or General Counsel may

recommend, or require, that directors, officers, designated employees and others refrain

from trading because of developments known to the Company and not yet disclosed to the

public (each an "Additional Blackout Period", with any Quarterly Blackout Period or

Additional Blackout Period being a "Blackout Period"). In such a case, the persons so

advised shall not engage in any transaction involving the purchase, sale or other transfer

of Company Securities until advised that the restriction has been terminated and should

not disclose to others inside or outside of the Company the fact that such a trading

restriction has been imposed.

**Transaction Pre-Approvals**

Blackout Persons (which includes their respective Controlled Entities) are required to obtain the

written approval of the General Counsel at least two business days in advance of entering into

transactions involving derivative securities related to Company Securities.

As described in the "Section 16 Insider Reporting Obligations" section of this Policy, Blackout

Persons who are also Section 16 Insiders (as defined below) must obtain the written approval of

the General Counsel (or in the case of the General Counsel, the written approval of the Chief

Executive Officer) at least two business days in advance of buying, selling, transferring or

otherwise trading any Company Securities on behalf of themselves or their respective

Controlled Entities (including a gift, contribution to a trust, or similar transfer), regardless of

whether they are subject to a Blackout Period at the time they intend to transact.

Furthermore, all Blackout Persons are required to obtain the written approval of the General

Counsel before entering into Other Transactions or entering into any other arrangement with

respect to Company Securities that is not otherwise expressly contemplated in this Policy.

**Exceptions to Application of this Policy**

**I.Employee Benefit Plans**

The trading prohibitions and restrictions set forth in this Policy do not apply to periodic

contributions by the Company or employees to the Company's stock purchase plans

pursuant to the terms and conditions of those plans. However, no Covered Person may

alter his or her instructions regarding the purchase or sale of Company Securities in such

Page 6 of 9

plans while in possession of material, non-public information, to the extent applicable to

such Covered Person, while any Blackout Period is in effect.

**II.Rule 10b5-1 Plans**

Rule 10b5-1 under the Exchange Act was adopted by the SEC to protect persons from

insider trading liability for transactions under a written trading plan previously established

at a time when the insider did not possess material, non-public information. Under a

properly established 10b5-1 plan with respect to securities (a "10b5-1 Plan"), Covered

Persons may complete transactions in Company Securities at any time, including during

Blackout Periods or even when the Covered Person possesses material, non-public

information. Thus a 10b5-1 Plan offers an opportunity for Covered Persons to establish a

systematic program of transactions in Company Securities over periods of time that might

include periods in which such transactions would otherwise be prohibited under the

federal securities laws or this Policy. A variety of arrangements can be structured to meet

the requirements of Rule 10b5-1. In particular, a 10b5-1 Plan can take the form of a blind

trust, other trust, pre-scheduled stock option exercises and sales, pre-arranged trading

instructions and other brokerage and third-party arrangements over which the Covered

Person has no control once the plan takes effect.

Covered Persons who desire to implement a 10b5-1 Plan must first obtain approval of the

plan by the General Counsel. In order to be eligible for approval, the 10b5-1 Plan must:

• not be established during a Blackout Period;

• be in writing;

• either irrevocably set forth the future date or dates on which purchase or sale

of securities are to be made and the prices at which the securities are to be

purchased or sold, or provide a formula for determining the price of the

securities to be purchased or sold and the date or dates on which the

transactions are to be completed (provided that no aspect of the formula may

permit the direct or indirect exercise of any influence over the timing or terms

of the purchase or sale by the Covered Person);

• set forth the broker who will be responsible for effecting the transactions (or

method of transaction if not through a broker);

• not take effect until:

• for Section 16 Insiders (as defined below), the later of (1) 90 days after

the adoption of the plan and (2) two business days following the

disclosure of the Company's financial results in a Form 10-Q or Form 10-

K for the fiscal quarter in which the plan was adopted; and

• for all other Covered Persons, 30 days after the adoption of the plan;

• include a representation certifying that at the time of the adoption or

modification of the plan: (1) the Covered Person is not aware of material,

non-public information about the Company or the Company Securities; and

(2) the Covered Person is adopting the contract, instruction, or plan in good

Page 7 of 9

faith and not as part of a plan or scheme to evade the prohibitions of Rule

10b-5;

• not overlap with another 10b5-1 Plan of that Covered Person, however, a

Covered Person may overlap their 10b5-1 Plan with purchases from the

Company pursuant to the Company's Employee Stock Purchase Plan; and

• to the extent the plan covers a single trade, not be made within 12-months of

another single-trade plan.

The General Counsel will maintain copies of all 10b5-1 Plans.

The Covered Person must provide the General Counsel written notice of any termination

or modification of a 10b5-1 Plan (in which case, such termination or modification must be

approved in writing by the General Counsel prior to effectiveness and may not take effect

until at least 30 days after such termination or modification is approved by the General

Counsel). Any modification of a 10b5-1 Plan will be treated as a termination of the 10b5-1

Plan and must meet the conditions set forth above with respect to the adoption of a new

plan. In addition, any 10b5-1 Plan adopted in replacement of a terminated plan must meet

the conditions set forth above with respect to the adoption of a new plan. While a 10b5-1

Plan may be terminated even if you are in possession of material non-public information at

the time, doing so may call into question whether the 10b5-1 Plan was originally entered

into in "good faith" or whether such information was used to avoid actions which otherwise

would have been taken under the plan.

**Section 16 Insider Reporting Obligations**

All transactions in Company Securities, including transactions effected pursuant to a 10b5-1

Plan and transactions involving restricted stock and other equity incentives awarded by the

Company, by directors and officers that are subject to Section 16 of the Exchange Act ("Section

16 Insiders") must be executed only through brokers that agree to confirm approval of the

transaction pursuant to this Policy before executing the transaction. As described in the

"Transaction Pre-Approvals" section of this Policy, Section 16 Insiders shall provide written

notice to, and obtain the written approval of, the General Counsel of each transaction in

Company Securities that may be reportable on SEC Form 4 or Form 5 prior to executing the

transaction. The requisite notice shall include all information necessary to accurately report the

transaction on SEC Form 4 or 5 (with the exception of the final price and date of execution,

which shall be confirmed by either the Section 16 Insider or the broker as soon as the

transaction is executed).

In addition to transactions for the Section 16 Insider's own account, Section 16 of the Exchange

Act requires Section 16 Insiders to report transactions in Company Securities in which the

Section 16 Insider beneficially owns a direct or indirect "pecuniary interest" (i.e., where the

Section 16 Insider has the opportunity, directly or indirectly, to profit or share in any profit from a

transaction in Company Securities). Section 16 Insiders may be deemed to beneficially own

Company Securities held or acquired by:

• the Section 16 Insider's immediate family sharing the same household;trusts (including

living or family trusts) in which the Section 16 Insider is a settlor or has or shares

investment control;

Page 8 of 9

• trusts in which the Section 16 Insider, or any member of his or her immediate family, is a

beneficiary;

• general partnerships in which the Section 16 Insider is a general partner;

• limited partnerships where the Section 16 Insider is a general partner or has or shares

investment control over the limited partnership's portfolio securities;

• corporations where the Section 16 Insider is a controlling shareholder or has or shares

investment control over the corporation's portfolio securities; and

• limited liability companies in which the Section 16 Insider is a member, if structured like a

general partnership, or where the Section 16 Insider has control or has or shares

investment control over the limited liability company's portfolio securities, if structured

like a limited partnership or corporation.

Under Section 16 of the Exchange Act, Section 16 Insiders face strict liability for effecting non-

exempt purchases and sales (or sales and purchases) in Company Securities (including

Company Securities deemed to be beneficially owned by Section 16 Insiders) within a six-month

period that result in a "short swing profit" (whether this profit is actual or imputed). The statute

compels the Section 16 Insider to disgorge all profits gained in the transactions.

All Section 16 Insiders shall execute a special power of attorney in form and substance

satisfactory to the General Counsel empowering each of the General Counsel and the General

Counsel's designees to execute and timely file with the SEC the required reports with respect to

any transaction in Company Securities on behalf of the Section 16 Insider. Although the

General Counsel will assist Section 16 Insiders in preparing and filing the required reports with

the SEC, Section 16 Insiders retain responsibility for filing the required reports under the federal

securities laws.

Any person who is unsure whether they are subject to Section 16 of the Exchange Act, whether

they may be deemed to beneficially own Company Securities held or acquired by members of

their immediate family or trusts, partnerships, corporations or limited liability companies over

which they exercise control or in which they have an interest, whether a contemplated

transaction in Company Securities is reportable on Form 4 or Form 5 or whether a contemplated

transaction in Company Securities may result in liability for short-swing profits should consult the

General Counsel for guidance.

**Form 144 Reports**

Section 16 Insiders should be prepared to comply with SEC Rule 144 and file a Form 144, if

necessary, before making an open market sale of the Company Securities. Form 144 notifies

the SEC of the intention of such individuals to sell Company Securities. This form is the

responsibility of the Section 16 Insider but is often prepared and filed by the individual's broker

and is in addition to the SEC Form 4 or Form 5 that must be filed by Section 16 Insiders.

**Reporting of Violations**

Any Covered Person who violates this Policy or any federal, state or exchange rule or law

governing insider trading or tipping, or knows of any such violation by any other Covered

Person, must report the violation immediately to the General Counsel.

Page 9 of 9

**Personal Responsibility and Company Assistance**

Questions about this Policy or its application to any proposed transaction should be directed to

the General Counsel. Ultimately, however, the responsibility for adhering to this Policy and

avoiding unlawful transactions rests with the individual Covered Person.

**Compliance**

The Company has designated the General Counsel as its insider trading compliance officer.

The General Counsel may designate one or more individuals who may perform the General

Counsel's duties in the event that the General Counsel is unable or unavailable to perform such

duties.

**Inquiries**

Please direct all inquiries regarding any of the provisions or procedures of this Policy to the

General Counsel.

---

| | |
|:---|:---|
| **Last Adopted Date** | 8/14/2025 |

---

## Exhibit 21.1

**Exhibit 21.1** 

**SUBSIDIARIES OF CBOE GLOBAL MARKETS, INC.**

**AS OF DECEMBER 31, 2025**

The below is a list of Cboe Global Markets, Inc.'s subsidiaries as of December 31, 2025, and the states or jurisdictions in which they are organized:

---

| | |
|:---|:---|
| Name of Subsidiary | Jurisdiction of Organization |
| BIDS Holdings L.P. | Delaware |
| Cboe Asia Pacific Holdings Ltd. | Hong Kong |
| Cboe Bats, LLC | Delaware |
| Cboe BYX Exchange, Inc. | Delaware |
| Cboe BZX Exchange, Inc. | Delaware |
| Cboe C2 Exchange, Inc. | Delaware |
| Cboe Clear Europe N.V. | Netherlands |
| Cboe EDGX Exchange, Inc. | Delaware |
| Cboe Europe B.V. | Netherlands |
| Cboe Europe Limited | England and Wales |
| Cboe Exchange, Inc. | Delaware |
| Cboe Futures Exchange, LLC | Delaware |
| Cboe FX Markets, LLC | Delaware |
| Cboe Services Company | Delaware |
| Omicron Acquisition Corp. | Delaware |

---

Pursuant to Item 601(b)(21)(ii) of Regulation S-K under the Exchange Act, subsidiaries may be excluded if, when considered in the aggregate as a single subsidiary, such subsidiaries would not constitute a "significant subsidiary" as defined by Rule 1-02(w) of Regulation S-X under the Securities Act ("Reg S-X"). Therefore, a listed subsidiary may not individually be deemed a "significant subsidiary" under Rule 1-02(w) of Reg S-X, rather, included to meet such aggregation requirements.

## Exhibit 23.1

**Exhibit 23.1** 

**Consent of Independent Registered Public Accounting Firm**

We consent to the incorporation by reference in the registration statements (Nos. 333-167506, 333-174344, 333-216375, 333-225039, and 333-289654 on Form S-8, Nos. 333-215401, 333-235649, and 333-269860 on Form S-3, and Post-Effective Amendment No. 1 to No. 333-214488 on Form S-8 to Form S-4) of our reports dated February 20, 2026, with respect to the consolidated financial statements of Cboe Global Markets, Inc. and the effectiveness of internal control over financial reporting.

*/s/ KPMG LLP*

Kansas City, Missouri

February 20, 2026

## Exhibit 31.1

**Exhibit 31.1** 

**Certification Pursuant To**

**Rule 13a-14(a) of the Securities Exchange Act of 1934** 

I, Craig S. Donohue, certify that:

1. I have reviewed this Annual Report on Form 10-K for the year ended December 31, 2025 of Cboe Global Markets, Inc. (the "registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: February 20, 2026

---

| | |
|:---|:---|
| /s/ Craig S. Donohue | /s/ Craig S. Donohue |
| Name: | Craig S. Donohue |
| Title: | *Chief Executive Officer, President and Director* |

---

## Exhibit 31.2

**Exhibit 31.2**

**Certification Pursuant To**

**Rule 13a-14(a) of the Securities Exchange Act of 1934** 

I, Jill M. Griebenow, certify that:

1. I have reviewed this Annual Report on Form 10-K for the year ended December 31, 2025 of Cboe Global Markets, Inc. (the "registrant");

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: February 20, 2026

---

| | |
|:---|:---|
| /s/ Jill M. Griebenow | /s/ Jill M. Griebenow |
| Name: | Jill M. Griebenow |
| Title: | *Chief Financial Officer* |

---

## Exhibit 32.1

**Exhibit 32.1** 

**Written Statement of the Chief Executive Officer**

**Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to**

**Section 906 of the Sarbanes-Oxley Act of 2002** 

Solely for the purposes of complying with 18 U.S.C. Section 1350, I, the undersigned Chief Executive Officer, President and Director of Cboe Global Markets, Inc. (the "Company"), hereby certify, based on my knowledge, that the Annual Report on Form 10-K of the Company for the fiscal year ended December 31, 2025 (the "Report") fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934 and that information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| |
|:---|
| /s/ Craig S. Donohue |
| Craig S. Donohue |
| February 20, 2026 |

---

## Exhibit 32.2

**Exhibit 32.2**

**Written Statement of the Chief Financial Officer**

**Pursuant to 18 U.S.C. Section 1350, as adopted pursuant to**

**Section 906 of the Sarbanes-Oxley Act of 2002** 

Solely for the purposes of complying with 18 U.S.C. Section 1350, I, the undersigned Executive Vice President and Chief Financial Officer of Cboe Global Markets, Inc. (the "Company"), hereby certify, based on my knowledge, that the Annual Report on Form 10-K of the Company for the fiscal year ended December 31, 2025 (the "Report") fully complies with the requirements of Section 13(a) of the Securities Exchange Act of 1934 and that information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| |
|:---|
| /s/ Jill M. Griebenow |
| Jill M. Griebenow |
| February 20, 2026 |

---

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