Document:

Exhibit

Exhibit 10.5

NASDAQ, INC. 
THREE-YEAR PERFORMANCE SHARE UNIT AGREEMENT
This PERFORMANCE SHARE UNIT AGREEMENT (this “Agreement”) between Nasdaq, Inc., a Delaware corporation (the “Company”), and [EMPLOYEE NAME] (the “Grantee”) memorializes the grant by the Management Compensation Committee of the Board of Directors of the Company (the “Committee”) on [DATE] (the “Grant Date”) of performance share units (the “PSUs”) to the Grantee on the terms and conditions set out below. 
RECITALS:
The Company has adopted the Nasdaq, Inc. Equity Incentive Plan (the “Plan”), which Plan is incorporated herein by reference and made a part of this Agreement.  Capitalized terms not otherwise defined herein shall have the meaning ascribed to them in the Plan.  The Plan in relevant part provides for the issuance of stock-based awards that are subject to the attainment of performance goals as established by the Committee.
The Committee has determined that it is in the best interests of the Company and its shareholders to grant the PSUs provided for herein to the Grantee pursuant to the Plan and under the terms set forth herein as an increased incentive for the Grantee to contribute to the Company’s future success and prosperity.
Capitalized terms not otherwise defined herein shall have the meaning ascribed to them in the Plan.
NOW, THEREFORE, in consideration of the mutual covenants hereinafter set forth, the parties hereto agree as follows:
1.Grant of Performance-Based Award. The Company hereby grants to the Grantee [TARGET NUMBER OF SHARES]  PSUs, which PSUs shall entitle the Grantee to receive up to [200% OF TARGET NUMBER OF SHARES] Shares (or a lesser number of Shares, or no Shares whatsoever), subject to the terms and conditions set forth in this Agreement and the Plan.  (A complete copy of the Plan, as in effect on the Grant Date, is available to the Grantee upon request.). Shares corresponding to the PSUs granted herein are in all events to be delivered to the Grantee only after the Grantee has become vested in the PSUs pursuant to Section 4, below.      
2.    Performance Period.  For purposes of this Agreement, the term “Performance Period” shall be the period commencing on January 1, 2018 and ending on December 31, 2020. 
3.    Performance Goal.  
(a)    Subject to the following sentence, the Performance Goal is set out in Appendix A hereto, which Appendix A is incorporated by reference herein and made a part hereof.  Notwithstanding the foregoing, the provisions of Section 13 or any other provision of this Agreement to the contrary, the Committee reserves the right to unilaterally change or 

A-1

otherwise modify the Performance Goal in any manner whatsoever (including substituting a new Performance Goal).  If the Committee exercises such discretionary authority to any extent, the Committee shall provide the Grantee with a new Appendix A in substitution for the Appendix A attached hereto, and such new Appendix A and the Performance Goal set out therein (rather than the Appendix A attached hereto and the Performance Goal set out therein) shall in all events apply for all purposes of this Agreement. 
(b)    Depending upon the extent, if any, to which the Performance Goal has been achieved, and subject to compliance with the requirements of Section 4, each PSU shall entitle the Grantee to receive, at such time as is determined in accordance with the provisions of Section 5, between 0 and 2.0 Shares for each PSU.  The Committee shall, as soon as practicable following the last day of the Performance Period, certify (i) the extent, if any, to which, in accordance with Appendix A, the Performance Goal has been achieved with respect to the Performance Period and (ii) the number of whole and/or partial Shares, if any, which, subject to compliance with the vesting requirements of Section 4, the Grantee shall be entitled to receive with respect to each PSU (with such number of whole and/or partial Shares being hereafter referred to as the “Share Delivery Factor”).  Such certification shall be final, conclusive and binding on the Grantee, and on all other persons, to the maximum extent permitted by law.   
4.    Vesting.
(a)    The PSUs are subject to forfeiture to the Company until they become non-forfeitable in accordance with this Section 4.  Except as provided in the following sentence, the risk of forfeiture will lapse on the PSUs, and such PSUs shall thereupon become vested, only if the Grantee remains employed by the Company through and on December 31, 2020 (the “Vest Date”).  Notwithstanding the foregoing, if the Grantee’s employment with the Company terminates by reason of death prior to December 31, 2020, the risk of forfeiture shall lapse on all PSUs, and all unvested PSUs shall thereupon become vested on the date of death (or, if later, on the date, following the end of the Performance Period on which the Committee determines whether, and to what extent the PSUs are earned in accordance with Section 3(b) of this Agreement). 
(b)    Subject to any conflicting provisions in any employment agreement between the Company and the Grantee, which shall control in the event of a conflict with this Agreement, in the event that (i) the Company terminates the Grantee’s employment with the Company for any reason prior to the Vest Date or (ii) the Grantee terminates employment with the Company for any reason (other than death) prior to such date, all unvested PSUs shall be cancelled and forfeited, effective as of the Grantee’s separation from service.  Notwithstanding anything to the contrary in the Plan or this Agreement, and for purposes of clarity, any separation from service shall be effective as of the date the Grantee’s active employment ends and shall not be extended by any statutory or common law notice period.

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5.    Delivery of Shares.  As soon as practicable following the Vest Date, and compliance with all applicable tax withholding as described in Section 11 hereof, but in no event later than two and one-half months after the end of the calendar year in which the Vest Date occurs, the Company shall instruct the registrar for the Company to make an entry on its books and records evidencing that the Shares underlying such vested PSUs have been duly issued as of that date; provided, however, that the Grantee may, in the alternative, elect in writing prior thereto to receive a stock certificate representing the full number of Shares acquired, which certificate may bear a restrictive legend prohibiting the transfer of such Shares for such period as may be prescribed by the Company. The Company shall not be liable to the Grantee for damages relating to any delays in issuing the certificates.  The underlying Shares may be registered in the name of the Grantee’s legal representative or estate in the event of the death of the Grantee.  In the event of the acceleration of the lapse of forfeiture restrictions upon the death of the Grantee as contemplated by Section 4(a) of this Agreement, this process shall occur as soon as possible following such vesting date, but in no event later than two and one-half months after the end of the calendar year in which such vesting date occurs.  Notwithstanding anything in the Agreement, the Company may make delivery of Shares in settlement of PSUs by either (A) delivering certificates representing such Shares to the Grantee, registered in the name of the Grantee, or (B) by depositing such Shares into a stock brokerage account maintained for the Grantee.  
6.    Electronic Delivery.  The Company may, in its sole discretion, decide to deliver any documents related to the PSUs or future Awards granted under the Plan by electronic means or request the Grantee’s consent to participate in the Plan by electronic means.  By accepting this Award, the Grantee hereby consents and agrees to receive such documents by electronic delivery and agrees to participate in the Plan through an on-line or electronic system established and maintained by the Company or another third party designated by the Company.
7.    Transferability.  
(a)    Except as provided below, or except to the minimal extent required by law, the PSUs are nontransferable and may not be assigned, alienated, pledged, attached, sold or otherwise transferred or encumbered by the Grantee, except by will or the laws of descent and distribution, and upon any such transfer, by will or the laws of descent and distribution (or upon such transfer required by law), the transferee shall hold such PSUs subject to all the terms and conditions that were applicable to the Grantee immediately prior to such transfer.  Notwithstanding the foregoing, the Grantee may transfer any vested PSUs to members of his immediate family (defined as his spouse, children or grandchildren) or to one or more trusts for the exclusive benefit of such immediate family members or partnerships in which such immediate family members are the only partners if the transfer is approved by the Committee and the Grantee does not receive any consideration for the transfer.  Any such transferred portion of the PSUs shall continue to be subject to the same terms and conditions that were applicable to such portion of the PSUs immediately prior to transfer (except that such transferred PSUs shall not be further transferable by the transferee).  No transfer of a portion of the PSUs shall be effective to bind the Company unless the Company shall have been furnished with written notice 

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thereof and a copy of such evidence as the Committee may deem necessary to establish the validity of the transfer and the acceptance by the transferee of the terms and conditions hereof. 
(b)    Upon any transfer by will or the laws of descent and distribution (or upon any such transfer required by law), such transferee shall take the PSUs and the Shares delivered in connection therewith (the “Transferee Shares”) subject to all the terms and conditions that were (or would have been) applicable to the PSUs and the Transferee Shares immediately prior to such transfer.   
(c)    Following settlement and issuance of Shares, in the event the Company permits Grantee to arrange for sale of Shares through a broker or another designated agent of the Company, Grantee acknowledges and agrees that the Company may block any such sale and/or cancel any order to sell placed by the Grantee, in each case if the Grantee is not then permitted under the Company’s insider trading policy to engage in transactions with respect to securities of the Company.  If the Committee determines that the ability of the Grantee to sell or transfer shares of Common Stock is restricted, then the Company may notify the Grantee in accordance with Section 12 of this Agreement.  The Grantee may only sell such Shares in compliance with such notification from the Company.
8.    Rights of Grantee.  Prior to the delivery, if any, of Shares to the Grantee pursuant to the provisions of Section 5, the Grantee shall not have any rights of a shareholder of the Company, including, but not limited to, the right to receive dividend payments, on account of the PSUs.  
9.    Unfunded Nature of PSUs.  The Company will not segregate any funds representing the potential liability arising under this Agreement.  The Grantee’s rights in respect of this Agreement are those of an unsecured general creditor of the Company.  The liability for any payment under this Agreement will be a liability of the Company and not a liability of any of its officers, directors or Affiliates.
10.    Securities Laws.  The Company may condition delivery of Shares for any vested PSUs upon the prior receipt from the Grantee of any undertakings which it may determine are required to assure that the Shares are being issued in compliance with federal and state securities laws.
11.    Withholding.  Regardless of any action the Company, any of its Subsidiaries and/or the Grantee's employer takes with respect to any or all income tax, social insurance, payroll tax, payment on account or other tax-related items related to the Grantee’s participation in the Plan and legally applicable to the Grantee (“Tax-Related Items”), the Grantee acknowledges that the ultimate liability for all Tax-Related Items is and remains the Grantee’s responsibility and may exceed the amount actually withheld by the Company or any of its affiliates.  The Grantee further acknowledges that the Company and/or its Subsidiaries (i) make no representations or undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of the PSUs, including, but not limited to, the grant, vesting or settlement of the PSUs, the issuance of Shares or cash upon settlement of the PSUs, the subsequent sale of Shares acquired pursuant to such delivery and the receipt of any dividends 

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and/or dividend equivalents; and (ii) do not commit to and are under no obligation to structure the terms of any award to reduce or eliminate the Grantee’s liability for Tax-Related Items or achieve any particular tax result.  Further, if the Grantee becomes subject to tax in more than one jurisdiction between the Grant Date and the date of any relevant taxable event, the Grantee acknowledges that the Company and/or its Subsidiaries may be required to withhold or account for Tax-Related Items in more than one jurisdiction.
Prior to any relevant taxable or tax withholding event, as applicable, the Grantee will pay or make adequate arrangements satisfactory to the Company and/or its Subsidiaries to satisfy all Tax-Related Items.  In this regard, the Grantee authorizes the Company and/or its Subsidiaries, or their respective agents, at their discretion, to satisfy the obligations with regard to all Tax-Related Items by one or a combination of the following:

		
	(a)
	withholding from the Grantee’s wages or other cash compensation paid to the Grantee by the Company and/or its Subsidiaries; or

		
	(b)
	withholding from proceeds of the Shares acquired following settlement either through a voluntary sale or through a mandatory sale arranged by the Company (on the Grantee’s behalf pursuant to this authorization); or

		
	(c)
	withholding in Shares to be delivered upon settlement.

To avoid negative accounting treatment, the Company and/or its Subsidiaries may withhold or account for Tax-Related Items by considering applicable statutory withholding amounts or other applicable withholding rates.  If the obligation for Tax-Related Items is satisfied by withholding in Shares, for tax purposes, the Grantee is deemed to have been issued the full number of Shares attributable to the awarded PSUs, notwithstanding that a number of Shares are held back solely for the purpose of paying the Tax-Related Items due as a result of any aspect of the Grantee’s participation in the Plan.

The Grantee shall pay to the Company and/or its Subsidiaries any amount of Tax-Related Items that the Company and/or its Subsidiaries may be required to withhold or account for as a result of the Grantee’s participation in the Plan that are not satisfied by the means previously described. The Company may refuse to issue or deliver the Shares or the proceeds of the sale of Shares, if the Grantee fails to comply with the Grantee’s obligations in connection with the Tax-Related Items.
By accepting this grant of PSUs, the Grantee expressly consents to the methods of withholding Tax-Related Items by the Company and/or its subsidiaries as set forth hereunder, including the withholding of Shares and the withholding from the Grantee’s wages/salary or other amounts payable to the Grantee.  All other Tax-Related Items related to the PSUs and any Shares delivered in satisfaction thereof are the Grantee’s sole responsibility. 
12.    Governing Law.  This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware, without giving effect to any principle of law that could result in the application of the law of any other jurisdiction.

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13.    Amendments.  This Agreement may be amended or modified at any time by an instrument in writing signed by the parties hereto, except as otherwise provided in Section 3(a) or Sections 15 or 16 of this Agreement regarding permitted unilateral action by the Committee or in Section 13(a) of the Plan related to amendments or alterations that do not adversely affect the rights of the Grantee in this Award.
14.    Administration.  This Agreement shall at all times be subject to the terms and conditions of the Plan.  The Committee shall have sole and complete discretion with respect to all matters reserved to it by the Plan and decisions of the Committee with respect thereto and this Agreement shall be final and binding upon the Grantee and the Company.  In the event of any conflict between the terms and conditions of this Agreement and the Plan, the provisions of this Agreement shall control.  The Committee has the authority and discretion to determine any questions which arise in connection with the award of the PSUs hereunder.
15.    Compliance with Code Section 409A.  It is the intention of the Company and Grantee that this Agreement not result in an unfavorable tax consequences to Grantee under Code Section 409A.  Accordingly, Grantee consents to any amendment of this Agreement as the Company may reasonably make in furtherance of such intention, and the Company shall promptly provide, or make available to, Grantee a copy of such amendment.  Any such amendments shall be made in a manner that preserves to the maximum extent possible the intended benefits to Grantee.  This paragraph does not create an obligation on the part of Company to modify this Agreement and does not guarantee that the amounts or benefits owed under the Agreement will not be subject to interest and penalties under Code Section 409A.
16.    Imposition of Other Requirements. The Company reserves the right to impose other requirements on the Grantee’s participation in the Plan, on the PSUs and on any Shares acquired under the Plan, to the extent the Company determines it is necessary or advisable in order to comply with local law or facilitate the administration of the Plan, and to require the Grantee to sign any additional agreements or undertakings that may be necessary to accomplish the foregoing. The Grantee agrees, upon demand of the Company or the Committee, to do all acts and execute, deliver and perform all additional documents, instruments and agreements which may be reasonably required by the Company or the Committee, as the case may be, to implement the provisions and purposes of the Plan and this Agreement.
17.    No Right to Continued Employment.  This Agreement shall not confer on the Grantee any right to be retained, in any position, as an employee, consultant or director of the Company.  
18.    Notices.  Any notice, request, instruction or other document given under this Agreement shall be in writing and may be delivered by such method as may be permitted by the Company, and shall be addressed and delivered, in the case of the Company, to the Secretary of the Company at the principal office of the Company and, in the case of the Grantee, to the Grantee’s address as shown in the records of the Company or to such other address as may be designated in writing (or by such other method approved by the Company) by either party.

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19.    Award Subject to Plan.  This Award is subject to the Plan as approved by the shareholders of the Company.  In the event of conflict between any term or provision contained herein and a term or provision of the Plan, the applicable terms and provisions of this Agreement will govern and prevail.
20.    Severability.  The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement and each other provision of this Agreement shall be severable and enforceable to the extent permitted by law.
21.    Discretionary Nature of Plan; No Vested Rights.  The Plan is discretionary in nature and limited in duration, and may be amended, cancelled, or terminated by the Company, in its sole discretion, at any time.  The grant of the Award represented by this Agreement is exceptional, voluntary and occasional and does not create any contractual or other right to receive an award or benefit in lieu of an award in the future, even if awards have been granted repeatedly in the past.  Future Awards, if any, will be at the sole discretion of the Company, including, but not limited to, the form and timing of an Award, the number of Shares subject to the Award, and the vesting provisions.  Any amendment, modification or termination of the Plan shall not constitute a change or impairment of the terms and conditions of the Grantee’s employment with the Company.
22.    Termination Indemnities.  The Grantee’s Award and the Shares subject to the Award, and the income and value of the same, are extraordinary items of compensation outside the scope of the Grantee’s employment or services contract, if any.  As such, the PSUs are not part of normal or expected compensation for purposes of calculating any severance, resignation, termination, redundancy, dismissal, end of service payments, bonuses, long-service awards, pension, or retirement benefits or welfare benefits or similar payments.
23.    English Language.  The Grantee acknowledges and agrees that it is the Grantee’s express intent that the Plan, this Agreement, any addendum and all other documents, notices and legal proceedings entered into, given or instituted pursuant to the Award, be drawn up in English.  Unless specifically indicated, if the Grantee has received the Plan, this Agreement, any addendum or any other documents related to the Award translated into a language other than English, and if the meaning of the translated version is different than the English version, the English version shall control.
24.    Nature of Grant. In accepting the Award, the Grantee acknowledges, understands and agrees that:
		
	(i) 
	the Plan is established voluntarily by the Company, it is discretionary in nature, and may be modified, amended, suspended or terminated by the Company at any time, to the extent permitted by the Plan;

		
	(ii)
	all decisions with respect to future Awards or other grants, if any, will be at the sole discretion of the Company;

		
	(iii) 
	the grant of the PSUs and the Grantee’s participation in the Plan shall not create a right to employment or be interpreted as forming an employment or service contract 

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with the Company, the Grantee's employer or any Subsidiary, and shall not interfere with the ability of the Company, the Grantee's employer or any Subsidiary, as applicable, to terminate the Grantee’s employment or service relationship (if any);
		
	(iv) 
	the Grantee is voluntarily participating in the Plan;

		
	(v) 
	the PSUs and any Shares issued under the Plan and the income and value of the same are not intended to replace any pension rights or compensation;

		
	(vi) 
	the future value of the Shares underlying the PSUs is unknown and indeterminable;

		
	(vii)
	unless otherwise agreed with the Company, the Award and the Shares subject to the Award, and the income and value of same, are not granted as consideration for, or in connection with, the service Grantee may provide as a director of a Subsidiary of the Company;

		
	(viii)
	no claim or entitlement to compensation or damages shall arise from forfeiture of the PSUs resulting from Separation from Service (for any reason whatsoever, whether or not later found to be invalid or in breach of employment laws in the jurisdiction where the Grantee is employed or the terms of the Grantee’s employment agreement, if any), and in consideration of the grant of the PSUs to which the Grantee is otherwise not entitled, the Grantee irrevocably agrees never to institute any claim against the Company, any of its Subsidiaries or the Grantee's employer, waives his ability, if any, to bring any such claim, and releases the Company, its Subsidiaries and the Grantee's employer from any such claim; if, notwithstanding the foregoing, any such claim is allowed by a court of competent jurisdiction, then, by participating in the Plan, the Grantee shall be deemed irrevocably to have agreed not to pursue such claim and agrees to execute any and all documents necessary to request dismissal or withdrawal of such claim; and

		
	(ix)
	the Grantee acknowledges and agrees that neither the Company, the Grantee's employer nor any Subsidiary shall be liable for any foreign exchange rate fluctuation between the Grantee’s local currency and the United States Dollar that may affect the value of the PSUs or of any amounts due to the Grantee pursuant to the vesting and settlement of the PSU or the subsequent sale of any Shares issued upon settlement.

25.    Consent to Collection, Processing and Transfer of Personal Data.  Pursuant to applicable personal data protection laws, the Company hereby notifies the Grantee of the following in relation to the Grantee’s personal data and the collection, processing and transfer of such data in relation to the Company’s grant of this Award and the Grantee’s participation in the Plan.  The collection, processing and transfer of the Grantee’s personal data are necessary for the Company’s administration of the Plan and the Grantee’s participation in the Plan.  The Grantee’s denial and/or objection to the collection, processing and transfer of personal data may affect the Grantee’s participation in the Plan.  As such, the Grantee voluntarily explicitly and unambiguously acknowledges and consents (where required under applicable law) to the collection, use, processing and transfer of personal data as described in this Agreement and any other Award grant materials by and among, as 

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applicable, the Company, its Subsidiaries and/or the Grantee's employer for the purpose of implementing, administering and managing the Grantee's participation in the Plan.
The Company and the Grantee’s employer hold certain personal information about the Grantee, including name, home address, email address and telephone number, date of birth, social security number, passport number or other employee identification number, salary, nationality, job title, any Shares or directorships held in the Company, details of all Awards or any other entitlement to Shares awarded, canceled, purchased, vested, unvested or outstanding in Grantee’s favor, for the purpose of managing and administering the Plan (“Data”).  The Data may be provided by the Grantee or collected, where lawful, from third parties, and the Company will process the Data for the exclusive purpose of implementing, administering and managing the Grantee’s participation in the Plan.  The Data processing will take place through electronic and non-electronic means according to logics and procedures strictly correlated to the purposes for which Data are collected and with confidentiality and security provisions as set forth by applicable laws and regulations in the Grantee’s country of residence.  Data processing operations will be performed minimizing the use of personal and identification data when such operations are unnecessary for the processing purposes sought.  Data will be accessible within the Company’s organization only by those persons requiring access for purposes of the implementation, administration and operation of the Plan and for the Grantee’s participation in the Plan.

The Company and the Grantee’s employer will transfer Data amongst themselves as necessary for the purpose of implementation, administration and management of the Grantee’s participation in the Plan, and the Company and the Grantee’s employer may each further transfer Data to any third parties assisting the Company in the implementation, administration and management of the Plan.  These recipients may be located in the European Economic Area, or elsewhere throughout the world, such as the United States.  The Grantee hereby authorizes (where required under applicable law) them to receive, possess, use, retain and transfer the Data, in electronic or other form, for purposes of implementing, administering and managing the Grantee’s participation in the Plan, including any requisite transfer of such Data as may be required for the administration of the Plan and/or the subsequent holding of Shares on the Grantee’s behalf to a broker or other third party with whom the Grantee may elect to deposit any Shares acquired pursuant to the Plan.  

The Grantee may, at any time, exercise his or her rights provided under applicable personal data protection laws, which may include the right to (a) obtain confirmation as to the existence of the Data, (b) verify the content, origin and accuracy of the Data, (c) request the integration, update, amendment, deletion, or blockage (for breach of applicable laws) of the Data, and (d) to oppose, for legal reasons, the collection, processing or transfer of the Data which is not necessary or required for the implementation, administration and/or operation of the Plan and the Grantee’s participation in the Plan.  The Grantee may seek to exercise these rights by contacting the Grantee’s local human resources manager.

Finally, upon request of the Company or the Grantee’s employer, the Grantee agrees to provide an executed data privacy consent form (or any other agreements or consents that may be required 

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by the Company and/or the Grantee’s employer) that the Company and/or the Grantee’s employer may deem necessary to obtain from the Grantee for the purpose of administering the Grantee’s participation in the Plan in compliance with the data privacy laws in the Grantee’s country, either now or in the future.  The Grantee understands and agrees that the Grantee will not be able to participate in the Plan if the Grantee fails to provide any such consent or agreement requested by the Company and/or the Grantee’s employer.

26.    Private Placement.  The grant of the PSUs is not intended to be a public offering of securities in the Grantee’s country of residence (and country of employment, if different).  The Company has not submitted any registration statement, prospectus or other filings with the local securities authorities (unless otherwise required under local law), and the grant of the PSUs is not subject to the supervision of the local securities authorities.  
27.    Addendum to Agreement.  Notwithstanding any provisions of this Agreement to the contrary, the Award shall be subject to any special terms and conditions for the Grantee’s country of residence (and country of employment, if different), as are set forth in the applicable addendum (the “Addendum”) as attached to the Agreement.  Further, if the Grantee transfers residence and/or employment to another country reflected in an Addendum to the Agreement, the special terms and conditions for such country will apply to the Grantee to the extent the Company determines, in its sole discretion, that the application of such terms is necessary or advisable in order to comply with local laws, rules and regulations or to facilitate operation and administration of the Plan.  Any applicable Addendum shall constitute part of this Agreement.
28.    No Advice Regarding Grant. The Company is not providing any tax, legal or financial advice, nor is the Company making any recommendations regarding the Grantee's participation in the Plan, or his acquisition or sale of the underlying Shares.  The Grantee acknowledges that he should consult with his own personal tax, legal and financial advisors regarding his participation in the Plan before taking any action related to the Plan.
29.    Entire Agreement. This Agreement represents the entire understanding and agreement between the parties with respect to the subject matter of this Agreement and supersedes and replaces all previous agreements, arrangements, understandings, rights, obligations and liabilities between the parties in respect of such matters.
30.    Execution.  This Agreement may be executed, including execution by facsimile signature, in one or more counterparts, each of which will be deemed an original, and all of which together shall be deemed to be one and the same instrument. 
31.    Insider Trading / Market Abuse Laws. The Grantee acknowledges that, depending on the Grantee’s or the Grantee’s broker’s country of residence or where the Shares are listed, the Grantee may be subject to insider trading and/or market abuse laws, which may affect the Grantee’s ability to accept, acquire, sell or otherwise dispose of Shares, rights to shares (e.g., PSUs) or rights linked to the value of shares (e.g., phantom awards, futures) during such times as the Grantee is considered to have “inside information” regarding the Company as defined by the laws or regulations in the Grantee’s country. Local insider trading laws and regulations may prohibit the cancellation or amendment or amendment of orders the Grantee 

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placed before the Grantee possessed inside information. Furthermore, the Grantee could be prohibited from (i) disclosing the inside information to any third party (other than on a "need to know") and (ii) "tipping" third parties or causing them otherwise to buy or sell securities. The Grantee should keep in mind third parties includes fellow employees. Any restrictions under these laws and regulations are separate from and in addition to any restrictions that that may be imposed under  The requirements of these laws may or may not be consistent with the terms of any applicable Company’s insider trading policy.  The Grantee acknowledges that it is his or her responsibility to be informed of and compliant with any such laws and such Company policies, and is hereby advised to speak to his or her personal legal advisor on this matter.
32.    Waiver. The Grantee acknowledges that a waiver by the Company of a breach of any provision of this Agreement shall not operate or be construed as a waiver of any other provision of this Agreement, or of a prior or subsequent breach by the Grantee or any other Grantee.

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IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the ___ day of _____, 2018.  By execution of this Agreement the Grantee acknowledges receipt of a copy of the Plan, and agrees to the terms and conditions of the Plan and this Agreement.

NASDAQ, INC.

    
                                        
By: 
Title: 

[EMPLOYEE NAME]

                                                             

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Appendix A

 Performance Goals for PSU Grant
2018-2020 Performance Period

This Appendix A to the Agreement sets forth the Performance Goals to be achieved and, depending upon the extent (if any) to which the Performance Goals are achieved, the number of whole and/or partial Shares, if any, which the Grantee shall have the right to receive with respect to each PSU.  Capitalized terms not otherwise defined herein shall have the meaning ascribed to them in the Agreement and the Plan.
Certain Definitions
“Closing Price” means the 30-day calendar average closing price of a share of a company’s stock ending on the last trading day of the Performance Period.  
“Opening Price” means the 30-day calendar average closing price of a share of a company’s stock ending on the trading day preceding the first day of the Performance Period.  The Opening Price shall be adjusted for stock splits and reverse stock splits that occur during the Performance Period.
“Payout Governor” means that regardless of percentile ranking for either Performance Goal, if the Company’s TSR is negative, the Grantee shall be entitled to receive no more than 100% of the PSUs.
“Peer Group” means a group of peer companies consisting of the following global exchanges: ASX Ltd, BM&F Bovespa, Bolsa Mexicana de Valores, Bolsas Y Mercados Espanoles, CBOE Holdings Inc, CME Group Inc, Deutsche Boerse AG, Euronext, Hong Kong Exchange, Intercontinental Exchange, Japan Exchange, London Stock Exchange Group plc, NEX Group plc, Singapore Exchange and TMX Group Inc.
“Price Cap” means that regardless of the actual stock price growth over the Performance Period, the final stock price will be limited to 250% of the grant date price for purposes of calculating the final award of PSUs to the Grantee. 
“S&P 500” means the companies constituting the Standard & Poor’s 500 Index as of the beginning of the Performance Period. Any component company of the Standard & Poor’s 500 Index that is acquired, taken private, delisted, liquidated or no longer publicly traded due to filing for bankruptcy protection at any time during the Performance Period will be eliminated from the S&P 500 for the entire Performance Period.  There will be no adjustments to the S&P 500 to account for any other changes to the Standard & Poor’s 500 Index during the Performance Period.

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“TSR” means the total shareholder return during the Performance Period, which will be calculated as the (i) Closing Price minus Opening Price plus cumulative dividends, divided by (ii) Opening Price.  No adjustments to TSR shall be made for stock issuances or stock buybacks during the Performance Period.  Each company’s TSR shall be calculated in the local currency to eliminate foreign exchange fluctuations.       
Goal 1: TSR Performance Relative to the S&P 500
The Performance Goal for 50% of the PSUs shall be the Company’s three-year TSR percentile rank versus the S&P 500.
For this portion of the award, each PSU shall, subject to the vesting provisions set forth in the Agreement and the Payout Governor, entitle the Grantee to receive Shares based on the levels of achievement in the following table. 

Table 1: Levels of Achievement 
 
	
		
	Percentile Rank of the Company’s Three-Year TSR Versus the S&P 500
	Resulting Shares Earned (% of Half of Target)

	≥85th Percentile
	200%

	67.5th Percentile
	150%

	50th Percentile
	100%

	25th Percentile
	50%

	15th Percentile
	30%

	0 Percentile
	0%

For levels of achievement between points, the resulting Shares earned will be calculated based on straight-line interpolation.

The resulting shares earned will be subject to the 250% Price Cap.  If the Nasdaq stock price grows greater than 250% over the Performance Period, the resulting number of shares will be fewer than 200% of target shares.  For example: (formulaic resulting shares earned X 250% Price Cap) / (stock price at time of delivery of shares) = resulting actual shares earned. 

Goal 2: TSR Performance Relative to a Peer Group

The Performance Goal for 50% of the PSUs shall be the Company’s three-year TSR percentile rank versus the Peer Group.  For this portion of the award, each PSU shall, subject to the vesting provisions set forth in the Agreement and the Payout Governor, entitle the Grantee to receive Shares based on the levels of achievement in the following table.  

14

Table 2: Levels of Achievement 
 
	
		
	Percentile Rank of the Company’s Three-Year TSR Versus the Peer Group
	Resulting Shares Earned (% of Half of Target)

	≥85th Percentile
	200%

	67.5th Percentile
	150%

	50th Percentile
	100%

	25th Percentile
	50%

	15th Percentile
	30%

	0 Percentile
	0%

For levels of achievement between points, the resulting Shares earned will be calculated based on straight-line interpolation.

The resulting shares earned will be subject to the 250% Price Cap.  If the Nasdaq stock price grows greater than 250% over the Performance Period, the resulting number of shares will be fewer than 200% of target shares.  For example: (formulaic resulting shares earned X 250% Price Cap) / (stock price at time of delivery of shares) = resulting actual shares earned. 

Other Terms and Conditions

To the extent consistent with the Code and the Plan, the Committee reserves the right to modify any calculation described in this Appendix A to adjust for unanticipated circumstances or situations, as it deems necessary.  All actions taken by the Committee pursuant to this Appendix A shall be final, conclusive and binding upon the Grantee, and all other persons, to the maximum extent permitted by law.

15ddg_ex101.htm

EXHIBIT 10.1
  
 MANAGEMENT SERVICES AGREEMENT
  
 This Management Services Agreement (“Agreement”) dated as of July 31, 2018, by and between Sered North River, LLC, a Florida limited liability company (“Owner”), and Diverse Development Group, Inc., a Delaware corporation (“Manager”).
  
 W I T N E S S E T H:
  
 WHEREAS, Owner owns and operates, and has the right to collect rents from and manage, certain properties and desires to engage Manager to manage and operate the same to the extent hereinafter specified.
  
 AGREEMENT:
  
 NOW, THEREFORE, in consideration of the premises, the parties agree as follows:
  
 ARTICLE 1.
 PROPERTY
  
 This Agreement relates to the property or properties described on Schedule A, attached hereto and incorporated by reference (the “Property”). In absence of an amendment in writing between the parties to this Agreement, no other tract or parcel of real property or the improvements thereon shall be subject to the terms of this Agreement.
  
 ARTICLE 2.
 COMMENCEMENT DATE
  
 Manager’s duties and responsibilities under this Agreement shall begin as of August 1, 2018, and shall continue until this Agreement is terminated in accordance with the provisions set forth herein.
  
 ARTICLE 3.
 MANAGER’S RESPONSIBILITIES
  
 3.1 Management. To the extent herein provided and subject to the terms and conditions herein set forth, Manager shall manage, operate and maintain the Property in an efficient and satisfactory manner. Manager shall act in a fiduciary capacity with respect to the matters subject to Manager’s control and management under this Agreement. In this capacity, Manager shall deal at arm’s length with all third parties.
  
 3.2 Employees; Independent Contractor. Manager shall have in its employ at all times a sufficient number of capable employees, as employees of Manager and not of Owner, to enable it to properly and adequately manage, operate and maintain the Property or Manager shall engage such independent contractors as Manager deems necessary to supplement and complement Manager’s employees and properly and adequately manage, operate and maintain the Property. Manager shall be responsible to Owner for all such employees and/or independent contractors. All matters pertaining to the employment, supervision, compensation, promotion and discharge of Manager’s employees and others engaged by Manager for the operation and maintenance of the Property are the responsibility of Manager. Manager shall fully comply with all applicable laws and regulations having to do with workers’ compensation, social security, unemployment insurance, hours of labor, wages, working conditions, and other employer-employee related subjects in connection with the Property. Manager represents that it is and will continue to be an equal opportunity employer and will advertise (to the extent Manager elects to advertise) as such. This Agreement is not one of agency by Manager for Owner but one with Manager engaged with respect to the functions undertaken by or assigned to Manager under this Agreement independently in the business of managing properties on its own behalf, as an independent contractor.
  
  	 
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 3.3 Schedule of Employees. Manager shall provide a schedule of employees with respect to all employees to be employed “on-site” in the direct management of the Property. This schedule shall include the number of employees and their title and salary range and shall also indicate which employees, if any, are bonded or are covered under Manager’s comprehensive crime insurance policy. Manager shall identify in the same manner those additional employees whose salaries may from time to time be charged pro rata to the Property for direct services rendered to such Property. Employees whose salaries are eligible to be charged pro rata include, but are not limited to, engineers or others to be mutually agreed upon by Owner and Manager from time to time.
  
 3.4 Compliance with Laws, Mortgages, etc. Manager shall be responsible for management, operation and maintenance of the Property in compliance with federal, state and municipal laws, ordinances, regulations and orders relative to the leasing, management, operation, repair and maintenance of the Property, and with the rules, regulations or orders of the local fire inspection department, the agency or board (state or local) of casualty insurance underwriters or other similar body. Manager shall promptly remedy any violation of any such law, ordinance, rule, regulation or order which comes to its attention to the extent such remedy is within the control of Manager; provided, however, that Manager’s responsibilities shall be limited to funds made available by Owner to cause such compliance. Manager shall not knowingly commit any act of default under the terms and conditions contained in any ground lease, space lease, mortgage, deed of trust or other security instruments affecting the Property, and shall promptly notify Owner of any such default which comes to the attention and knowledge of Manager, but Manager shall not be required to incur any liability on account thereof.
  
 3.5 Approved Budgets. Manager shall prepare and submit to Owner a proposed operating budget and a proposed capital budget for the promotion, operation, repair and maintenance of the Property for the forthcoming calendar year. The proposed budgets shall be delivered to Owner no later than December l of the calendar year preceding the year involved. Owner will consider the proposed budgets and then will consult with Manager in the ensuing period prior to the commencement of the forthcoming calendar year in order to mutually agree on an operating budget (the “Approved Operating Budget”) and on a capital budget (the “Approved Capital Budget”). Manager agrees to use diligence and to employ all reasonable efforts to ensure that the actual costs of maintaining and operating the Property shall not exceed the Approved Budget (Operating or Capital, as the case may be) pertaining thereto either in total or in any one accounting category. All expenses shall be charged to the proper account as specified in the relevant Approved Budget and no expense may be classified or reclassified for the purpose of avoiding an excess in the annual budgeted amount of an accounting category. Manager shall secure Owner’s prior approval for any expenditure except for utilities charges that will result in an excess of 5% or more in any one accounting category of the Approved Operating Budget, however, if said expenditure is less than Five Thousand Dollars ($5,000) no approval is necessary. During each calendar year, Manager agrees to inform Owner of any major increases in costs and expenses that were not foreseen during the budget preparation period and thus were not reflected in either Approved Budget (Operating or Capital, as the case may be), and shall submit to Owner for approval a revised budget based upon said unforeseen costs and expenses.
  
  	 
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 3.6 Collection of Rents and Other Income. Manager will endeavor to collect all rents including escalation billings, as approved by Owner, for tenant participation in increases in operating and fixed expenses and other charges which may become due Owner at any time from any tenant, or from others, for services provided in connection with, or for the use of, the Property or any portion thereof. In addition, Manager will undertake to collect and identify any income due Owner from miscellaneous services provided to tenants or the public including, but not limited to, parking income, tenant storage, and coin operated machines of all types (e.g., vending machines and pay telephones). All monies so collected shall be deposited in the Operating Account and on or about the 6th day of each month the Manager shall remit to Owner’s designated account, all sums in the Operating Account in excess of those required to operate the Property for the balance of such month. A similar transfer of funds shall be made on or about the 20th of each month. Manager cannot and may not terminate any lease, lock out a tenant, institute suit for rent or for use and occupancy, or proceedings for recovery of possession, without the prior written approval of Owner. In connection with such suits or proceedings only legal counsel designated by Owner shall be retained, and all such suits or proceedings shall be brought in the name of Owner and shall be handled in such manner as Owner directs. All legal expenses incurred in bringing such suits or proceedings shall be operating expenses.
  
 3.7 Repairs. Manager shall attend to the making and supervision of all ordinary and extraordinary repairs, decorations and alterations to the Property; however, no single expenditure which is not included in the Approved Operating Budget or the Approved Capital Budget made for such purposes shall exceed Five Thousand Dollars ($5,000) without prior approval of the Owner. Disbursements for actual and reasonable expenses for materials and labor for such purposes will be made from the Operating Account. Excluded from this provision are expenditures to refurbish, rehabilitate, remodel, or otherwise prepare areas covered by new leases; such expenditures are to be handled in accordance with Section 3.8. In case of emergency Manager may make expenditures for repairs which exceed the aforementioned amount without prior written approval if Manager deems such expenditure to be necessary to prevent damage or injury. Manager will inform Owner of any such emergency expenditures before the end of the next business day.
  
 3.8 Capital Expenditures. The Approved Capital Budget shall, except as limited by this Section 3.8, constitute an authorization for Manager to expend funds in accordance with such budget only for amounts equal to, or less than, Five Thousand Dollars ($5,000). Any capital expenditure must be specifically authorized in writing by Owner if for: (i) items not included in the Approved Capital Budget, (ii) items limited by this Section 3.8, or (iii) for amounts of more than Five Thousand Dollars ($5,000). With respect to the purchase and installation of major items of new or replacement equipment (including, without limitation, elevators, heating or air-conditioning equipment, furniture and furnishings, carpets or other floor coverings), Manager shall recommend that Owner purchase these items when Manager believes such purchase to be necessary or desirable. Owner may arrange to purchase and install the same itself or may authorize Manager to do so subject to such supervision and specification requirements and conditions as Owner may prescribe in any such approval. 
  
  	 
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 3.9 Service Contracts. Manager shall not enter into any contract for cleaning, maintaining, repairing or servicing the Property or any of the constituent parts of the Property without the prior consent of Owner unless provided for in the Operating Budget. As a condition to obtaining such consent, Manager shall supply Owner with a copy of the proposed contract and shall state to Owner the relationship, if any, between Manager (or the person or persons in control of Manager) and the party proposed to supply such goods or services, or both. Each such service contract shall: (a) be in the name of Manager, (b) identify the Property and be assignable, at Owner’s option to Owner or Owner’s nominee, (c) include a provision for cancellation thereof by Owner or Manager effective upon 30 days’ written notice and (d) shall require that all contractors provide evidence of sufficient insurance. If this Agreement is terminated pursuant to any provision of Article l4, Manager shall, at Owner’s option, assign to Owner or Owner’s nominee all service agreements pertaining to the Property and Owners or Owner’s nominee shall assume all Manager’s obligations thereunder.
  
 3.10 Taxes, Mortgages. Manager shall, if such amounts are included in the Operating Budget, pay bills for real estate and personal property taxes, improvement assessments and other like charges which are or may become liens against the Property pay such items. Manager shall make payments on account of any ground lease, mortgage, deed of trust or other security instrument, if any, affecting the Property to the extent Owner directs that Manager make such payments (either in the Approved Budgets or otherwise).
  
 3.11 Leasing. The Manager shall make every reasonable effort to obtain and keep desirable tenants for the Property; provided, however, that nothing contained herein shall restrict the right of Manager, its officers, directors and shareholders, to own, operate and/or manage other properties that compete with or might be competitive with the Property. Manager shall, so far as possible, procure references from prospective tenants, investigate such references, and use its best judgment in the selection of prospective tenants. As soon as possible following any vacancy, Manager will prepare adequate rental listings and promptly distribute them to one or more reputable and active real estate brokers. All terms and conditions of each listing agreement shall be subject to Owner’s review and written approval prior to such distribution. After a vacancy is so listed, Manager will cooperate with any of such brokers in any manner likely to aid in successfully filling the vacancy. The Manager agrees to perform whatever service may be required in connection with the negotiation of leases or renewals, extensions, modifications, or cancellations thereof. Leasing commissions will be paid from the Operating Account.
  
 3.12 Execution of Leases. All leases are to be prepared by Manager in accordance with the leasing guidelines established by Owner with respect to the Property. Except as otherwise mutually agreed by Owner and Manager in a particular case, all leases shall be prepared by Manager and submitted to Owner for execution by Owner in Owner’s name.
  
 3.13 Advertising. The Manager shall prepare advertising plans and promotional material to be used to further rentals. Such plans or material shall only be used if approved in advance by Owner, and in conformance with such approval. Manager shall not use Owner’s name in any advertising or promotional material without Owner’s expressed prior approval in each instance. Advertising and promotional materials shall be prepared in full compliance with federal, state and municipal laws, ordinances, regulations and orders.
  
  	 
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 ARTICLE 4.
 INSURANCE
  
 Owner, at its expense, will obtain and keep in force adequate insurance against physical damage (e.g. fire and extended coverage endorsement, boiler and machinery, etc.) and against liability for loss, damage or injury to property or persons which might arise out of the occupancy, management, operating or maintenance of the Property covered by this Agreement. Manager will be covered as an additional insured in all liability insurance maintained with respect to the Property. Owner shall save Manager harmless from any liability on account of loss, damage or injury actually insured against by Owner provided Manager:
  
 (a) notifies Owner within five (5) business days after Manager receives notice of any such loss, damage or injury;
  
 (b) takes no action (such as admission of liability) which bars Owner from obtaining any protection afforded by any policy Owner may hold; and
  
 (c) agrees that Owner shall have the exclusive right, at its option, to conduct the defense to any claim, demand or suit within limits prescribed by the policy or policies of insurance.
  
 Nothing herein shall be construed as indemnifying the Manager against any omission, deliberate wrongful act or misconduct of the Manager or its employees, contractors or agents or to indemnify the Manager against any act or omission for which insurance protection is not available; neither is the foregoing intended to affect the general requirement of this Agreement that the Property shall be managed, operated and maintained in a safe condition and in a proper and careful manners.
  
 The Manager shall furnish whatever information is requested by Owner for the purpose of establishing the placement of insurance coverages and shall aid and cooperate in every reasonable way with respect to such insurance and any loss thereunder. Owner shall include in its hazard policy covering the Property, the personal property, fixtures and equipment located thereon (owned by either Manager or Owner), appropriate clauses pursuant to which the insurance carriers shall waive the rights of subrogation with respect to losses payable under such policies.
  
  	 
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 ARTICLE 5.
 FINANCIAL REPORTING, RECORDKEEPING AND ACCOUNTING
  
 All financial reporting, recordkeeping and accounting with respect to the Property and the ownership, leasing, management, operation, repair and maintenance thereof, as well as all collections and expenditures relating thereto shall be the responsibility of the Manager and shall be adequately maintained. Owner shall establish a Chart of Accounts (a system of classification of accounting entries) or provide a means of classification of accounting entries and Manager shall adhere to such Chart of Accounts or such classification in any relevant data furnished to Owner by Manager. The reports shall include a comparison of monthly and year-to-date actual income and expense with the Approved Operating Budget for the Property. As additional support to the monthly financial statements, Manager shall provide to Owner on request copies of the following:
  
 (a) Bank statements, bank deposit slips and bank reconciliations,
  
 (b) Detailed cash receipts and disbursement records,
  
 (c) Detailed trial balance (if available),
  
 (d) Paid invoices,
  
 (e) Summaries of adjusting journal entries, and
  
 (f) Supporting documentation for payroll, payroll taxes and employee benefits.
  
 All monthly financial statements and reports required by Owner will be prepared on a modified cash basis consistently applied.
  
 ARTICLE 6.
 AUDITS
  
 Owner may examine or cause to be examined books and records maintained by Manager with respect to any item for which Manager is reimbursed by Owner, and Owner also reserves the right to perform any and all additional audit tests relating to Manager’s activities, either at the Property, or at any office of the Manager; provided such audit tests are related to those activities performed by Manager for Owner.
  
  	 
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 ARTICLE 7.
 BANK ACCOUNTS
  
 7.1 Operating Account. The Manager shall deposit all rents and other funds collected from the operation of the Property, including any and all advance funds, in a bank approved by Owner in a special account or accounts (the “Operating Account(s)”) for the Property. The bank shall be informed in writing that the funds are held in trust for the Owner. Out of the Operating Account, Manager shall pay the operating expenses of the Property (including, without limitation, sums due the Manager to this Agreement) and any other payments relative to the Property as required by the terms of this Agreement. At any time that the Operating Account contains inadequate funds to meet current expenses and reasonable reserve, including all times prior to the commencement of rental income from the Property, Owner shall provide the needed funds for the Operating Account.
  
 7.2 Security Deposits. Manager shall maintain detailed records of all security deposits and such records will be open for inspection by Owner. Manager shall obtain approval of Owner prior to the return of such deposits to any particular tenant when the amount of such return, in any single instance, exceeds One Thousand and No/100 Dollars ($1,000.00).
  
 7.3 Change of Banks. Owner may direct the Manager to change a depository bank or the depository arrangements.
  
 7.4 Access to Account. Through the use of signature cards, authorized representatives of the Owner shall be permitted access to any and all funds in the bank accounts described in Section 7.1. Manager’s authority to draw against such accounts may be terminated at any time by Owner upon five (5) days’ notice to Manager. In the event of such a termination, Owner will assume full liability for all existing financial obligations for the Property which were incurred prior to said termination by the Manager pursuant to, and in accordance with, the terms of this Agreement.
  
 ARTICLE 8.
 PAYMENTS OF EXPENSES
  
 8.1 Manager’s Costs to be Reimbursed. All costs of the gross salary and wages (including bonuses) or pro rata share thereof, payroll taxes, insurance, worker’s compensation and other benefits of the Building Manager, the Assistant Building Manager and the Building Manager’s Secretary shall be deemed reimbursable costs to be charged initially to Manager in accordance with a written schedule setting out such salaries and wages and other benefits from Owner to Manager, but to be paid by Owner or for which Owner will reimburse Manager, if paid by Manager. Further, all costs of the gross salary and wages (including bonuses) or pro rata share thereof, payroll taxes, insurance, workers’ compensation and other benefits of Manager’s employees required to properly, adequately, safely and economically manage, operate and maintain the Property subject to this Agreement, provided that such employees and bonuses have been identified by position and enumerated on a schedule to be furnished Owner by Manager and approved by Owner. Owner shall bear and pay directly or through Manager, or to the extent Manager shall pay the same Manager shall be reimbursed for the following:
  
 (a) Cost to correct any violation of federal, state and municipal laws, ordinances, regulations and orders relative to the leasing, use, repair and maintenance of such Properties, or relative to the rules, regulations or orders of the local fire inspection department, the agency or board (state or local) of casualty insurance underwriters or other similar body, provided, that such cost is not a result of Manager’s negligence.
  
  	 
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 (b) Actual and reasonable costs of making all repairs, decorations and alterations.
  
 (c) Costs incurred by Manager in connection with any service agreement entered by Manager in accordance with authorization in this Agreement or approved of by Owner.
  
 (d) Cost of collection of delinquent rentals collected through a collection agency which has been approved in advance by Owner.
  
 (e) Rental charged to Manager for on-site office for Manager’s personnel.
  
 (f) Costs of printed forms and supplies required for use at the Property.
  
 (g) Costs of capital expenditures subject to the restrictions in Section 3.8.
  
 (h) Cost of cash register, adding machines and other equipment of such type and use located at a Property and owned by the Owner.
  
 (i) Leasing commissions payable to third parties.
  
 (j) Cost of service contracts approved by Owner and cost of utilities.
  
 (k) Cost of Owner approved advertising.
  
 (l) Legal fees of attorneys provided such attorneys have been approved of (or designated pursuant to Section 3.6) by Owner in writing in advance of retention.
  
 (m) Cost of outside audit as required by leases and other outside audits as may be requested by Owner in writing.
  
  	 
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 ARTICLE 9.
 MANAGER’S COST NOT TO BE REIMBURSED
  
 Except to the extent that such costs and expenses are approved for payment by Owner the following expenses or costs incurred by or on behalf of Manager in connection with the Property shall be at the sole cost and expense of Manager and shall not be reimbursed by Owner:
  
 (a) Cost of forms, papers, ledgers, and other supplies and equipment used in the Manager’s office at any location off the Property.
  
 (b) Cost attributable to losses arising from negligence or fraud on the part of Manager or Manager’s employees.
  
 (c) Cost of all bonuses paid by Manager to Manager’s employees unless such bonuses have prior written approval of Owner.
  
 ARTICLE 10.
 CONSENTS AND APPROVALS
  
 Owner’s consents or approvals may be given only by representatives of Owner who will be designated in writing by Owner by notice pursuant to Article 15. All such consents or approvals shall be in writing to the extent set forth herein as requiring written approval.
  
 ARTICLE 11.
 SALE OF PROPERTY
  
 If Owner executes a listing agreement with a broker for sale of the Property, the Manager shall cooperate with such broker to the end that the respective activities of Manager and broker may be carried on without friction and without interference with tenants and occupants. The Manager will permit the broker to exhibit the Property during reasonable business hours provided the broker has secured the Manager’s permission in advance. Manager agrees that failure on its part to extend cooperation to a broker desiring to show the Property is a material default on its part under this Agreement and is a ground for termination of this Agreement upon thirty (30) days’ notice to Manager.
  
  	 
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 ARTICLE 12.
 COOPERATION
  
 Should any claims, demands, suits or other legal proceedings be made or instituted by any person against the Owner which arise out of any of the matters relating to this Agreement, the Manager shall give Owner all pertinent information and reasonable assistance in the defense or other disposition thereof. All costs and expenses incident to such proceedings shall be paid from the Operating Account.
  
 ARTICLE 13.
 COMPENSATION
  
 Manager shall receive as consideration and remuneration for its services under this Management Agreement a fee equal to 10 percent (10%) of the gross revenues received by Owner on account of the Property on a monthly basis. In addition, the Manager shall receive a commission equal to 10 percent (10%) of the gross revenues payable under each new tenant lease obtained for the Property during the term of this Agreement and 10 percent (10%) of the gross revenues payable under each renewal of leases now or hereafter in effect for the Property during the term of this Agreement, with such commissions to be paid in cash upon the execution of each such lease. All sums due to Manager under this Agreement shall be paid out of the Operating Account prior to remitting sums in said account to the Owner.
  
 ARTICLE 14.
 TERMINATION
  
 14.1 Termination for Cause. This Agreement will terminate immediately without further action from the Owner in the event Manager breaches any of its obligations to Owner under the terms of this Agreement (herein defined to be “Default”), and fails to cure such Default within thirty (30) days after receipt of written notice from Owner specifying the nature of such Default.
  
 14.2 Authority to Execute Termination Notices. Notice of termination or default for the purposes of Section 14.1 must be signed by persons authorized to so act on behalf of Owner or Manager, as the case may be.
  
 14.3 Termination Without Notice. Dissolution or termination of the corporate existence of the Manager by merger, consolidation or otherwise; or termination or suspension of Manager’s real estate brokerage license, if such license is required as a condition to Managing the Property; or cessation on the Manager’s part to continue to do business; or bankruptcy, insolvency, or assignment for the benefit of the creditors of the Manager shall effect an immediate termination of the Agreement without notice. Action having for its purpose a reorganization or reconstitution of the Manager shall likewise effect an immediate termination.
  
 14.4 Termination Without Cause. Either party may terminate this Agreement, without cause, by giving the other party 90 days’ written notice of termination.
  
 14.5 Final Accounting. Upon termination of this Agreement for any reason, Manager shall deliver to Owner all records, contracts, leases, receipts for deposits, unpaid bills and other papers or documents which are in Manager’s possession and which relate to the Property.
  
  	 
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 ARTICLE 15.
 NOTICES
  
 All notices, demands, consents and reports provided for in this Agreement which are required to be in writing shall be given to the parties at the addresses set forth below or at such other address as they individually may specify thereafter in writing:
  
 FOR OWNER:
  
 Sered North River, LLC
 4819 Wood Pointe Way
 Sarasota, Florida 34233
  
 FOR MANAGER:
  
 Diverse Development Group, Inc.
 4819 Wood Pointe Way
 Sarasota, Florida 34233
  
 Such notice or other communication may be mailed by United States registered or certified mail, return receipt requested, postage prepaid and may be deposited in a United States Post Office or a depository for the receipt of mail regularly maintained by the post office. Such notices, demands, consents and reports may also be delivered by hand, or by any other method or means permitted by law.
  
 ARTICLE 16.
 MISCELLANEOUS
  
 16.1 No Assignment. This Agreement and all rights hereunder shall not be assignable by either party hereto (except as may be required by a surety company in a matter of subrogation).
  
 16.2 Pronouns. The pronouns used in this Agreement referred to the Manager shall be understood and construed to apply whether the Manager be an individual, co-partnership, corporation or an individual or individuals doing business under a firm or trade name.
  
 16.3 Amendments. Except as otherwise herein provided, any and all amendments, additions or deletions to this Agreement shall be null and void unless approved by the parties in writing.
  
 16.4 Headings. All headings herein are inserted only for convenience and ease of reference and are not to be considered in the construction or interpretation of any provision of this Agreement.
  
 16.5 Representations. Manager represents and warrants that it is fully qualified and licensed, to the extent required by law, to manage real estate and perform all obligations assumed by Manager hereunder.
  
 16.6 Manager’s Liability. Manager shall be liable to Owner for all losses, damages, fines, penalties, costs and expenses, including attorneys’ fees and court costs, sustained or incurred by Owner by reason of or arising out of Manager’s breach of the duties and obligations required by this Agreement.
  
 16.7 Complete Agreement. This Agreement and Schedule A attached hereto and made a part hereof, supersedes and takes the place of any and all previous management agreements entered into between the parties hereto.
  
  	 
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 SIGNATURES
  
 IN WITNESS WHEREOF the parties hereto have executed this Agreement the date and year first above written.
  
 “OWNER”
  
 SERED NORTH RIVER, LLC
  
 /s/ Christopher Kiritsis          
 Christopher Kiritsis, Managing Member 
  
 “MANAGER”
  
 DIVERSE DEVELOPMENT GROUP, INC.
  
 /s/ Christopher Kiritsis          
 Christopher Kiritsis, President
  
  	 
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 SCHEDULE A
 PROPERTY
  
 The Property governed by this Agreement shall contain those certain parcels of real property located at the following:
  
  	1.	Approximately 1.80 acres of real property located at 0 North River Road in the City of Venice, Sarasota County, Florida.

  
  
  
  	13

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