Document:

CBOT Holdings, Inc. Director Compensation Policy

 Exhibit 10.29 
 CBOT Holdings, Inc. (the “Corporation”) 
 Director Compensation Policy – Updated
as of Jan. 16, 2007 
 Directors’ Fee and Stock Grant for the Chairman of the Board  
  

	1.	Directors’ Fee. The Chairman of the Board shall be entitled to an annual directors’ fee in the amount of $500,000 per year (the “Chairman’s
Directors’ Fee”) for so long as he or she shall remain the Chairman of the Board. 

  

	2.	Stock Grant. In addition to the Chairman’s Directors’ Fee described in Section 1 above, the Chairman of the Board shall be entitled to an annual grant of
Class A common stock, par value $0.001 per share (the “Common Stock”), with a value of $250,000 (the “Chairman’s Stock Grant”). Each Chairman’s Stock Grant shall be made pursuant to and in accordance
with CBOT Holding, Inc.’s 2005 Long-Term Equity Incentive Plan (the “Plan”), subject to the terms and conditions thereof. The Chairman’s Stock Grant shall be made on the date of each annual meeting of the Corporation. For
purposes of this Section 2, the number of shares of Common Stock issued to the Chairman of the Board shall be determined by dividing $250,000 by the Fair Market Value (as defined in the Plan) of Common Stock on the date of the grant. The shares
of Common Stock that are granted to the Chairman of the Board pursuant to this Section 2 shall be fully vested immediately upon such grant. 

  

	3.	Meeting Fees. The Chairman of the Board shall not be entitled to any additional compensation payable on a per-meeting basis. 

 Directors’ Fees and Stock Grants for Directors (Other than the Chairman of the Board and Employee Directors)  
  

	1.	Directors’ Fees. Each member of the Board (other than the Chairman of the Board and Directors who are also employees of the Corporation) (collectively, the
“Directors”) shall be entitled to an annual directors’ fee in the amount of $30,000 per year (the “Directors’ Fees”) for so long as he or she remains a member of the Board. 

  

	2.	Stock Grant. In addition to the Directors’ Fees described in Section 1 above, each Director (other than the Chairman of the Board and Directors who are also
employees of the Corporation) shall be entitled to an annual grant of Common Stock with a value of $30,000 (the “Director’s Stock Grant”). Each Director’s Stock Grant shall be made pursuant to and in accordance with the
Plan, subject to the terms and conditions thereof. Each Director’s Stock Grant shall be made on the date of each annual meeting of the Corporation. For purposes of this Section 2, the number of shares of Common Stock issued to each
Director shall be determined by dividing $30,000 by the Fair Market Value (as defined in the Plan) of Common Stock on the date of the grant. The shares of Common Stock that are granted to each Director pursuant to this Section 2 shall be fully
vested immediately upon such grant. 

  

	3.	Meeting Fees. Each Director (other than the Chairman of the Board and Directors who are also employees of the Corporation) shall be entitled to a fee of $1,500 per meeting of
the Board of Directors or committee of the Board of Directors that such Director attends in person or by telephone (the “Director’s Meeting Fees”). 

  

	4.	 Additional Directors’ Fees for Committee Chairs; Temporary Committees. In addition to the amount described in Sections 1, 2 and 3 above, (a) the
Director who is the Chairman of the Audit Committee of the Board of Directors shall be entitled to an additional annual directors’ fee of $20,000 per year, for so long as he or she remains Chairman of his or her respective committee of the
Board, (b) the Director who is the Chairman of the Compensation Committee of the Board of Directors and the Director who is the Chairman of the Nominating Committee of the Board of Directors shall each be entitled to an additional annual
directors’ fee of $10,000 per year, for so long as he or she remains Chairman of his or her respective committee of the Board, and (c) any Director who is the Chairman of any other standing Committee of the Board of Directors shall be
entitled to additional annual directors’ fees in the amount or amounts determined in the discretion of the Board, which amount or amounts shall not exceed $20,000 per year absent extraordinary circumstances. Any Director who is the Chairman of
a 

	 	 
temporary Committee of the Board of Directors that is asked to perform extraordinary tasks on a short-term basis shall be entitled to additional
directors’ fees in an amount of up to $5,000, as determined by the Board, for each month in which he or she serves as the Chairman of such Committee plus an amount for partial months equal to the monthly fee amount determined by the Board
multiplied by a fraction, the numerator of which is the total number of days in the partial month in which he or she served as the Chairman of such Committee and the denominator of which is 30. In addition, the Board may, in its discretion,
compensate members of temporary Committees at reasonable hourly rates for extraordinary service for which compensation is not otherwise received. 

  

	5.	Reimbursement of Expenses. The Corporation shall reimburse Directors (including the Chairman of the Board) for reasonable costs and expenses incurred in attending meetings of
the Board of Directors or Committees of the Board of Directors. In addition, the Board may, in its discretion, reimburse Directors for other reasonable out-of-pocket costs and expenses incurred in performing services to the Corporation.

 Stock Ownership Guidelines  
 Any Director (including the Chairman of the Board) who is issued Common Stock pursuant to this Director Compensation Policy shall, during the time such Director is a member of the Board of Directors of the
Corporation, be required to own (including beneficial ownership) at least 50% of the number of net shares (as adjusted in accordance with the terms of the Plan) granted to him or her under this Director’s Compensation Policy. “Net
shares” shall mean the number of shares granted under this Director Compensation Policy less the number of shares sold or withheld to pay taxes.Form of 2007 Non-Qualified Stock Option Award

 Exhibit 10.33 
 CBOT HOLDINGS, INC. 
 NON-QUALIFIED STOCK OPTION AWARD 
 Pursuant to the authority reserved to the Compensation Committee of the Board of Directors of CBOT Holdings, Inc., a Delaware corporation (the
“Company”), the Participant specified below has been granted this option under the CBOT Holdings, Inc. 2005 Long-Term Equity Incentive Plan (the “Plan”). 
 1. Terms of Award. The following terms used in this Non-Qualified Stock Option Award (this “Award”) shall have the meanings set forth in
this paragraph 1: 
 The “Participant” is
                                        
                            . 
 The “Grant Date” is January 2, 2007. 
 The number of “Covered Shares” is                      shares of the Company’s Class A common stock. 

The “Exercise Price” is $             per share. 
 The term “Impacted CBOT Employee” means an employee of CBOT Holdings or any of its Subsidiaries (collectively, the “CBOT”)
(a) whose employment is terminated as a result of the Merger within two years after the closing date of the Merger or (b) whose base salary is reduced within two years after the closing date of the Merger and who elects to terminate
employment with the CBOT (or with the surviving entity if such reduction occurs after the closing date of the Merger) within 10 days after the effective date of the salary reduction. 
 The term “Merger” means the merger of CBOT Holdings with Chicago Mercantile Exchange Holdings Inc., as contemplated by the Agreement and Plan
of Merger among Chicago Mercantile Exchange Holdings Inc., CBOT Holdings, Inc. and Board of Trade of the City of Chicago, Inc., dated October 17, 2006. 
 Except as expressly provided in this paragraph 1 or where the context clearly implies to the contrary, any capitalized term in this Award shall have the meaning ascribed to that term under the Plan. 
 2. Non-Qualified Stock Option. The Option is not intended to constitute an “incentive stock option” as that term is used in Code section
422. 
 3. Date of Exercise. Subject to the limitations of this Award, each Installment of Covered Shares of the Option shall be
exercisable on and after the Vesting Date for such 

 
Installment as described in the following schedule; provided, however, that the entire Option granted pursuant to this Award shall become fully
and immediately vested upon the date on which consummation of a Change in Control occurs. 
  

			
	 INSTALLMENT OF TIME VESTED
 OPTIONS
	  	 VESTING DATE APPLICABLE TO
 INSTALLMENT

	                      of Covered
Shares
	  	January 2, 2008
	                      of Covered
Shares
	  	January 2, 2009
	                      of Covered
Shares
	  	January 2, 2010
	                      of
Covered Shares
	  	January 2, 2011

 The Option may be exercised on or after the date of the Participant’s termination of employment with the
Company and its Subsidiaries for any reason only as to that portion of the Covered Shares for which it was exercisable immediately prior to or became exercisable upon the date of such termination of employment. 
 4. Expiration. The Option shall not be exercisable after the Company’s close of business on the last business day that occurs prior to the
Expiration Date. The “Expiration Date” shall be the earliest to occur of: 
 (a) the tenth anniversary of the Grant
Date; 
 (b) immediately upon termination of the Participant’s employment with the Company or any Subsidiary for Cause
(as defined in the Plan or in any employment agreement entered into between the Participant and the Company or any Subsidiary); 
 (c) 30 days after the Participant resigns (other than for “Good Reason” within the meaning of any employment agreement between the Participant and the Company or any Subsidiary) from the employ of the Company and its Subsidiaries;
or 
 (d) 90 days after any termination of employment with the Company and its Subsidiaries not described in paragraph
(b) or (c) above. 
 The Option shall expire immediately upon any termination of employment with the Company and its Subsidiaries as to any portion
of the Option which is not exercisable immediately before such termination of employment and does not become exercisable upon such termination of employment. Notwithstanding (c) or (d) above, if the Participant becomes an Impacted CBOT
Employee, the Expiration Date of the Option shall be the later of (i) the last day of the 90-day period commencing with the Participant’s employment termination date or (ii) the last day of the period commencing with the
Participant’s employment termination date and ending on the second anniversary of the closing date of the Merger. 
  

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 5. Method of Option Exercise. Subject to the terms of this Agreement and the Plan, the Option may
be exercised in whole or in part by filing a written notice with the Secretary of the Company at its corporate headquarters prior to the Company’s close of business on the last business day that occurs prior to the Expiration Date. Such notice
shall specify the number of shares of Common Stock which the Participant elects to purchase, and shall be accompanied by payment of the Exercise Price for such shares of Common Stock indicated by the Participant’s election. Payment shall be
made by any method provided in paragraph 7 of the Plan, other than by delivery of a promissory note. 
 6. Transferability. The Option
is not transferable by the Participant other than by will or by the laws of descent and distribution, and during the Participant’s life, may be exercised only by the Participant. It may not be assigned, transferred (except as aforesaid),
pledged or hypothecated by the Participant in any way whether by operation of law or otherwise, and shall not be subject to execution, attachment or similar process. Any attempt at assignment, transfer, pledge or hypothecation, or other disposition
of this Option contrary to the provisions hereof, and the levy of any attachment or similar process upon this option, shall be null and void and without effect. 
 7. Plan Governs. Notwithstanding anything in this Award to the contrary, the terms of this Award are subject to the terms of the Plan, a copy of which may be obtained by the Participant from the office of the
Secretary of the Company; and this Award is subject to all interpretations, amendments, rules and regulations promulgated by the Compensation Committee from time to time pursuant to the Plan. 
 8. Not An Employment Contract. The Option will not confer on the Participant any right with respect to continuance of employment or other service
with the Company or any Subsidiary, nor will it interfere in any way with any right the Company or any Subsidiary would otherwise have to terminate or modify the terms of such Participant’s employment or other service at any time. 

9. Fractional Shares. In lieu of issuing a fraction of a share upon any exercise of the Option, resulting from an adjustment of the Option
pursuant to the Plan or otherwise, the Company will be entitled to pay to the Participant an amount equal to the Fair Market Value of such fractional share. 
 10. No Rights As Shareholder. The Participant shall not have any rights of a shareholder with respect to the shares subject to the Option, until a stock certificate has been duly issued following exercise of
the Option as provided herein. 
 11. Applicable Law. The provisions of this Award shall be construed in accordance with the laws of
the State of Delaware, without regard to the conflict of law provisions of any jurisdiction. 
 *    
*     *     *     *     * 
  

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 IN WITNESS WHEREOF, the Company has caused this Non-Qualified Stock Option Award to be executed in its
name and on its behalf, all as of the Grant Date. 
  

			
	CBOT HOLDINGS, INC.
		
	By:	 	  

		 	Bernard W. Dan
		 	President and Chief Executive Officer

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