Document:

Exhibit 10.4

 Plan Document - Supplemental Executive Retirement Plan 
  

 Exhibit 10.4 
 THE NASDAQ STOCK MARKET, INC. 
 SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN 
 Effective as of November 1, 2003 

 Plan Document - Supplemental Executive Retirement Plan 
  

 THE NASDAQ STOCK MARKET, INC. 
 SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN 
 Table of Contents 
  

					
	 	  	 	  	Page
	ARTICLE I GENERAL	  	1
		  	1.1     Effective Date	  	1
		  	1.2     Purpose	  	1
		  	1.3     Scope	  	1
		  	1.4     Source of Funds	  	1
		
	ARTICLE II DEFINITIONS AND USAGE	  	2
		  	2.1     Definitions	  	2
		  	2.2     Usage	  	6
		
	ARTICLE III ELIGIBILITY AND PARTICIPATION	  	6
		  	3.1     Eligibility	  	6
		  	3.2     Participation	  	6
		  	3.3     Special Provisions	  	6
		
	ARTICLE IV SUPPLEMENTAL RETIREMENT BENEFIT	  	7
		  	4.1     Eligibility for Retirement Benefits	  	7
		  	4.2     Vesting	  	7
		  	4.3     Normal Retirement Benefit	  	7
		  	4.4     Early Retirement	  	8
		  	4.5     Time of Payment	  	9
		  	4.6     Form of Payment	  	9
		  	4.7     Optional Forms of Payment	  	9
		  	4.8     Rehiring Terminated Participants	  	10
		
	ARTICLE V DEATH BENEFITS	  	10
		  	5.1     Preretirement Survivor’s Benefit	  	10
		  	5.2     Post-Retirement Survivor’s Benefit	  	11
		
	ARTICLE VI ADMINISTRATION	  	12
		  	6.1     Administration Generally	  	12
		  	6.2     Limitation on the SERP Committee’s Authority	  	12
		  	6.3     Delegation	  	13
		  	6.4     Fees	  	13
		
	ARTICLE VII CLAIMS PROCEDURE	  	13
		  	7.1     Provision of Benefits	  	13
		  	7.2     Claims Review	  	13
		
	ARTICLE VIII MISCELLANEOUS PROVISIONS	  	14
		  	8.1     Amendment	  	14
		  	8.2     Termination	  	15

  

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		  	8.3     No Assignment	  	16
		  	8.4     Incapacity	  	16
		  	8.5     Successors and Assigns	  	16
		  	8.6     Governing Law	  	16
		  	8.7     No Guarantee of Employment	  	16
		  	8.8     Severability	  	16
		  	8.9     Notification of Addresses	  	17
		  	8.10   Bonding	  	17
		  	8.11   Headings	  	17
		  	8.12   Adoption of Plan by Other Employers	  	17
		  	8.13   Indemnity	  	17
		  	8.14   Tax Withholding	  	17

  

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 THE NASDAQ STOCK MARKET, INC. 
 SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN 
 ARTICLE I 
 GENERAL 
  

	1.1	Effective Date. Except as otherwise provided in the Plan, the provisions of the Plan shall be effective as of November 1, 2003. The rights, if any, of any person whose
status as an employee of an Employer has terminated shall be determined pursuant to the Plan as in effect on the date such employee terminated, unless a subsequently adopted provision of the Plan is made specifically applicable to such person.

 The rights of any person who terminated employment with an Employer prior to October 31, 2003, shall be determined under
the terms of the National Association of Securities Dealers, Inc. Supplemental Executive Retirement Plan (the “NASD SERP”) as in effect on such date. 
  

	1.2	Purpose. The purpose of the Plan is to attract, retain and encourage the productive efforts of a select group of senior executives who render valuable services to an Employer
that constitute an important contribution toward the Company’s continued growth and success by providing supplemental retirement income to such designated executives and their beneficiaries. 

  

	1.3	Scope. The Plan is intended to be (and shall be construed and administered as) an “employee pension benefit plan” under the provisions of the Employee Retirement
Income Security Act of 1974, as amended (“ERISA”), which is unfunded and maintained by the Company to provide retirement benefits to a select group of management or highly compensated employees as such group is described under Sections
201(2), 301(a)(3), and 401(a)(1) of ERISA. 

  

	1.4	Source of Funds. The obligation of the Company to make payments under the Plan constitutes nothing more than an unsecured promise of the Company to make such payments; any
property of an Employer that may be set aside for the payment of benefits under the Plan shall, in the event of the Company’s or an Employer’s bankruptcy or insolvency, remain subject to the claims of the Company’s and an
Employer’s general creditors until such property is distributed in accordance with Article IV (Retirement Benefits) and/or Article V (Death Benefits) hereof. 

 Plan Document - Supplemental Executive Retirement Plan 
  

 ARTICLE II 
 DEFINITIONS AND USAGE 
  

	2.1	Definitions. Wherever used in the Plan, the following words and phrases shall have the meanings set forth below unless the context plainly requires a different meaning:

 (a) “Actual Accrued Benefit” means, as of any date, the Participant’s accrued benefit
under the Pension Plan expressed as a single life annuity (payable monthly) commencing at his or her Normal Retirement Date. 
 (b) “Actuarial Equivalent” means the actuarial equivalent value determined by using the interest rate and mortality assumptions that would be applicable under the Pension Plan as of the date such assumptions are utilized
under the Plan. 
 (c) “Base Compensation” means compensation as defined under the Pension Plan for purposes
of determining a Participant’s Actual Accrued Benefit; provided, however, that compensation shall be determined without regard to the compensation limit set forth in Section 401(a)(17) of the Code, as adjusted to reflect
cost-of-living increases by the Secretary of the Treasury or his or her delegate from time to time under such Code section. 
 (d) “Beneficiary” means with respect to a Participant, the beneficiary entitled to receive any benefits due such Participant under the Pension Plan upon his or her death. 
 (e) “Benefit Commencement Date” means the date a Participant begins to receive payment of his or her retirement benefit
from the Pension Plan. 
 (f) “Board” means the Board of Directors of the Company. 
 (g) “Career Average Compensation” means Career Average Compensation as defined in the Pension Plan (but taking into
account Compensation as defined in this Plan); provided, however, that a Participant shall not be deemed to be paid Incentive Compensation for purposes of determining his or her Compensation while on an authorized leave of absence or
away from active employment pursuant to the Selective Service Act or similar act, except to the extent required by law. Subject to the limitation in the preceding sentence, a Disabled Participant shall be deemed to receive Compensation during his or
her Disability Period at the same rate that such Compensation was received at the time his or her disability was incurred. 
  

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 (h) “Code” means the Internal Revenue Code of 1986, as amended from
time to time, and any regulations issued thereunder. A reference to any section of the Code shall also be deemed to refer to any successor statutory provision. 
 (i) “Company” means the Nasdaq Stock Market, Inc. and any successor thereto. 
 (j) “Compensation” means Base Compensation, but for purposes of
determining Compensation, Base Compensation shall be deemed to include one-third ( 1/3s) of a
Participant’s Incentive Compensation earned during the “determination period.” 
 For
purposes of determining a Participant’s Career Average Compensation, the “determination period” for Incentive Compensation (i) for a Participant who has a Termination of Employment on or after November 1, 2003, but
prior to January 1, 2009 shall be the five (5) consecutive Plan Years ending on the December 31st that coincides with or precedes the Participant’s Termination of Employment; and (ii) for a Participant who has a Termination
of Employment on or after January 1, 2009 shall be the period beginning on the later of (x) January 1, 2004 or (y) the date such Participant first became an employee of an Employer, and ending on his or her Termination of
Employment. 
 For purposes of the Plan, annual Incentive Compensation shall be attributed to the Plan Year in which the
services giving rise to such compensation were performed, rather than the Plan Year in which the Participant actually receives such Incentive Compensation. 
 (k) “Death Benefit” means the benefit, if any, a Participant’s Beneficiary is entitled to receive following the death of such Participant pursuant to Article VI hereof. 
 (l) “Disabled Participant” means a Participant (i) eligible to receive payments under an Employer’s long-term
disability program, regardless of whether such Participant is in fact covered by such program or (ii) who is otherwise considered “disabled” as such term is defined in an employment agreement entered into by and between such
Participant and an Employer. 
 (m) “Disability Period” means the period that commences with the date as of
which the Participant becomes a Disabled Participant and ceases with the earliest of the following dates: (i) the date as of which the Participant would cease to receive disability benefits under an Employer’s long-term disability program,
if such Participant were covered by such program; (ii) the date as of which the Participant ceases to have a disability within the meaning of an Employer’s long-term disability program or within 

  

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the meaning of such term as set forth in an employment agreement entered into by and between the Participant and an Employer; (iii) the date as of which
the Participant is considered by the SERP Committee to have refused to furnish proof that he or she continues to have a disability within the meaning of an Employer’s long-term disability program; and (iv) the death of the Participant.

 (n) “Early Retirement Benefit” means the benefit provided in accordance with Section 4.4 hereof. Such
benefit shall be expressed as a single life annuity (payable monthly), provided that the actual payment of the Early Retirement Benefit under the Plan shall be made in a form determined under Section 4.6 and 4.7 hereof. 
 (o) “Employer” means the Company and any other entity which adopts the Plan for the benefit of a select group of its
management or highly compensated employees in accordance with Section 8.12 hereof. 
 (p) “ERISA” means
the Employee Retirement Income Security Act of 1974, as amended from time to time, and any regulations issued thereunder. A reference to any section of ERISA shall also be deemed to refer to any successor statutory provision. 
 (q) “Executive Participant” means a Participant who is a Chairman and/or Chief Executive Officer, Chief Financial
Officer, President, Chief Operating Officer, or Executive Vice President of an Employer or any other Participant that the Management Compensation Committee deems in its sole discretion to be an Executive Participant. 
 (r) “Incentive Compensation” means the annual payment earned by a Participant under the Nasdaq Corporate Incentive Plan
or the Executive Corporate Incentive Plan or any successor bonus plan or arrangement maintained or sponsored by an Employer. 
 (s) “Management Compensation Committee” means the Management Compensation Committee of the Board or any other committee of the Board authorized by the Board to act as the Management Compensation Committee. 
 (t) “Normal Retirement Age” means age sixty-five (65), except that in the case of an employee who becomes a Participant
after his or her sixtieth (60th) birthday, it shall mean the tenth (10th) anniversary of the date he or she became an employee of an Employer. 
 (u) “Normal Retirement Benefit” means the benefit provided in accordance with Section 4.3 hereof. Such benefit shall be expressed as a single life annuity (payable monthly), provided that
the actual payment of the Normal Retirement Benefit under the Plan shall be made in a form determined under Section 4.6 and 4.7 hereof. 
  

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 (v) “Normal Retirement Date” means the later (a) of the first
day of the first month following the month in which a Participant attains Normal Retirement Age or (b) the Participant’s Benefit Commencement Date. 
 (w) “Participant” means an employee of an Employer who has been designated as a Participant by the Management
Compensation Committee pursuant to Section 3.1 hereof and continues to be entitled to benefits under the Plan. 
 (x)
“Pension Plan” means the NASD Employees Retirement Plan or any other qualified defined benefit pension plan in which the Company participates or that is maintained or sponsored by the Company, in each case as designated by the
Company. 
 (y) “Plan” means the Nasdaq Stock Market, Inc. Supplemental Executive Retirement Plan.

 (z) “Plan Benefit Commencement Date” means the date a Participant begins to receive payment of his or her
Early Retirement Benefit or Normal Retirement Benefit in accordance with Article IV. 
 (aa) “Plan Year”
means the calendar year. 
 (bb) “Preretirement Survivor’s Benefit” means the Death Benefit payable to a
Beneficiary under Section 5.1 hereof. 
 (cc) “Primary Social Security Benefit” means primary social
security benefit as defined in the Pension Plan. 
 (dd) “Retirement Benefit” means the Normal Retirement
Benefit or Early Retirement Benefit provided in accordance with Section 4.3 or 4.4 hereof. Such benefit shall be expressed as a single life annuity (payable monthly), provided that actual payment of the Retirement Benefits under this Plan shall
be made in a form determined under Sections 4.6 and 4.7 hereof. 
 (ee) “Senior Participant” means a
Participant who is a Senior Vice President or any other Participant that the Management Compensation Committee deems in its sole discretion to be a Senior Participant. 
 (ff) “SERP Committee” means the Nasdaq Stock Market, Inc. SERP Committee, whose members shall be appointed by the
Management Compensation Committee pursuant to Article VI hereof. 
 (gg) “Service” means service as defined
in the Pension Plan for purposes of determining a Participant’s accrued benefit thereunder. In 
  

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addition to Service credited under the preceding sentence, a Disabled Participant shall be credited with Service equal to such Participant’s Disability
Period. 
 (hh) “Termination of Employment” means termination of employment as defined in the Pension Plan,
provided that for purposes of Article IV hereof, a Disabled Participant shall not be treated as having had a Termination of Employment during his or her Disability Period. 
  

	2.2	Usage. Except where otherwise indicated by the context, the definition of any term herein in the singular shall also include the plural and vice versa.

 ARTICLE III 
 ELIGIBILITY AND PARTICIPATION 
  

	3.1	Eligibility. Employees who are designated as Participants pursuant to Section 3.2 hereof must be members of a select group of management or highly compensated employees as
such group is described under Sections 201(2), 301(a)(3), and 401(a)(1) of ERISA. 

  

	3.2	Participation. Subject only to the restriction provided in Section 3.1 hereof, the Management Compensation Committee shall be the sole judge in determining who shall be
eligible to be a Participant, and accordingly, shall from time to time designate the Participants in the Plan. Participation shall be evidenced by a written instrument (which may, but need not, form part of an agreement between the employee and an
Employer) signed on behalf of an Employer. 

  

	3.3	Special Provisions. The Management Compensation Committee may, with respect to any Participant it designates pursuant to Section 3.2 hereof, establish any special
provision(s) with respect to the Plan that will be incorporated herein by reference and that supplement or override otherwise applicable provisions of this Plan; provided; however that such special provisions must be reduced to writing
and executed on behalf of an Employer and approved by specific resolution of the Management Compensation Committee. Notwithstanding the foregoing, any agreement entered into by and between the Company and an executive who was a participant in the
NASD SERP on October 31, 2003, which contained special provisions with respect to the NASD SERP shall be applied to the Plan as if such agreement were intended to supplement or override the otherwise applicable provisions of this Plan.

  

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 ARTICLE IV 
 SUPPLEMENTAL RETIREMENT BENEFIT 
  

	4.1	Eligibility for Retirement Benefits. 

 (a) Each Participant whose benefit under the Plan has vested, pursuant to Section 4.2 hereof, shall be eligible for a Normal Retirement Benefit as provided under Section 4.3 hereof commencing at his or her Normal Retirement Date.

 (b) Each Participant whose benefit under the Plan has vested, pursuant to Section 4.2 hereof, and whose Plan Benefit
Commencement Date is prior to his or her Normal Retirement Date shall be eligible for an Early Retirement Benefit as provided in Section 4.4 hereof. 
  

	4.2	Vesting. Subject only to Section 1.4 hereof, from and after the date on which a Participant attains age 55 and completes ten (10) years of Service, the right of
such Participant to receive his or her Retirement Benefit shall at all times thereafter be fully vested and nonforfeitable. Accordingly, a Participant who has a Termination of Employment prior to attaining age 55 and completing ten (10) years
of Service shall not be entitled to a Retirement Benefit. 

  

	4.3	Normal Retirement Benefit. 

 (a)
Executive Participants. The monthly Normal Retirement Benefit of an Executive Participant commencing at his or her Normal Retirement Date shall be equal to sixty percent (60%) of his or her Career Average Compensation, multiplied by a
fraction, the numerator of which is the Participant’s number of days of Service, and the denominator of which is three thousand six hundred and fifty (3,650) and, after such multiplication, reduced by his or her Actual Accrued Benefit. If
the fraction provided in the prior sentence shall be greater than one (1), the fraction shall be deemed to equal one (1). Accordingly, each Executive Participant’s Normal Retirement Benefit shall accrue at a rate of six percent (6%) per
year of Service. 
 (b) Senior Participants. The monthly Normal Retirement Benefit of a Senior Participant commencing
at his or her Normal Retirement Date shall be equal to sixty percent (60%) of his or her Career Average Compensation, multiplied by a fraction, the numerator of which is the Participant’s number of days of Service, and the denominator of
which is five thousand four hundred and seventy-five (5,475) and, after such multiplication, reduced by both his or her Actual Accrued Benefit and his or her Primary Social Security Benefit. If the fraction provided in the prior sentence shall
be greater than one (1), the fraction shall be deemed to equal one (1). Accordingly, each Senior Participant’s Normal Retirement Benefit shall accrue at a rate of four percent (4%) per year of Service. 
  

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 (c) For purposes of the Plan, the Actual Accrued Benefit shall be determined as of
the Plan Benefit Commencement Date, provided that in the sole and absolute discretion of the SERP Committee (except in the case of a Participant who is a member of the SERP Committee, in which event such discretion shall rest in the
Management Compensation Committee), the determination shall be made as of the date that is not more than 30 days before such Plan Benefit Commencement Date. 
  

	4.4	Early Retirement. 

 (a) Executive
Participants. The monthly Early Retirement Benefit of an Executive Participant who elects to receive an Early Retirement Benefit rather than a Normal Retirement Benefit and whose Plan Benefit Commencement Date is before his or her Normal
Retirement Date shall be computed as follows: 
  

	 	(i)	first, such Participant’s Normal Retirement Benefit shall be determined pursuant to Section 4.3(a) hereof, but without reduction for his or her Actual Accrued Benefit;

  

	 	 (ii)
	 second, the amount determined in (i) of this Section 4.4(a) shall be reduced by  1/4 of 1% for each month by which such Participant’s Plan Benefit Commencement Date precedes the first day of the
first calendar month after the calendar month in which such Participant attains age 62; and 

  

	 	(iii)	third, the amount determined in (ii) of this Section 4.4(a) shall be further reduced by the single life annuity (payable monthly) commencing on such Participant’s
Plan Benefit Commencement Date to which the Participant is entitled under the Pension Plan. 

 (b) Senior
Participants. The monthly Early Retirement Benefit of a Senior Participant who elects to receive an Early Retirement Benefit rather than a Normal Retirement Benefit and whose Plan Benefit Commencement Date is before his or her Normal Retirement
Date shall be computed as follows: 
  

	 	(i)	first, such Participant’s Normal Retirement Benefit shall be determined pursuant to Section 4.3(b) hereof, but without reduction for his or her Actual Accrued Benefit, and
without reduction for his or her Primary Social Security Benefit; 

  

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	 	 (ii)
	 second, the amount determined in (i) of this Section 4.4(b) shall be reduced by  1/4 of 1% for each month by which such Participant’s Plan Commencement Date precedes the first date of the first
calendar month after the calendar month in which such Participant attains age 62; and 

  

	 	 (iii)
	 third, the amount determined in (ii) of this Section 4.4(b) shall be further reduced by the sum of
(x) the single life annuity (payable monthly) commencing on such Participant’s Plan Benefit Commencement Date to which the Participant is entitled under the Pension Plan, and (y) the single life annuity (payable monthly) commencing on
such Participant’s Plan Benefit Commencement Date that is equal to the Participant’s Social Security Benefit reduced by  1/4 of 1% for each month by which his or her Plan Benefit Commencement Date precedes the first day of the first calendar month after the calendar month in which the Participant attains age 62.

 (c) If a Participant elects to receive an Early Retirement Benefit, such Participant’s
Retirement Benefit shall be determined without regard to all Plan provisions relating to Disabled Participants and Disability Periods. 
  

	4.5	Time of Payment. The payment of a Participant’s benefits under this Article IV shall commence on the Participant’s Benefit Commencement Date.

  

	4.6	Form of Payment. The normal form of payment of the Participant’s Retirement Benefit shall be the form in which his or her Actual Accrued Benefit is payable under the
Pension Plan. Retirement Benefits that are paid (other than as a single life annuity) shall be the Actuarial Equivalent of (i) the Participant’s Normal Retirement Benefit determined pursuant to Section 4.3 hereof commencing at the
Participant’s Normal Retirement Date, or (ii) in the case of a Participant who elects an Early Retirement Benefit such Participant’s Early Retirement Benefit computed in accordance with Section 4.4 hereof.

  

	4.7	 Optional Forms of Payment. As soon as practicable following the designation of an employee as a Participant in accordance with Section 3.2 hereof, the
SERP Committee shall provide to each such Participant a form pursuant to which he or she may elect to receive his or her Retirement Benefit in one of the optional forms of payment permitted under the Pension Plan. Each Participant shall file his or
her election, if any, with the SERP Committee as soon as practicable thereafter. Each Participant shall be permitted to revoke such election and make a new election on a form prescribed by the SERP Committee at any time and from time to time;
provided; however that the last such election on file with the SERP Committee, or its designee shall become irrevocable no later than one (1) year prior to such Participant’s Plan 

  

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Benefit Commencement Date. Retirement Benefits paid in such other form shall be the Actuarial Equivalent of (i) the Participant’s Normal Retirement
Benefit determined pursuant to Section 4.3 hereof commencing at the Participant’s Normal Retirement Date, or (ii) in the case of a Participant who elects an Early Retirement Benefit, such Participant’s Early Retirement Benefit
computed in accordance with Section 4.4 hereof. 

  

	4.8	Rehiring Terminated Participants. Notwithstanding anything in this Article IV to the contrary, in the event that a Participant has a Termination of Employment, and
then again becomes a Participant pursuant to Article III, such individual shall be credited with the amount of Service he or she had earned as of the date of his or her Termination of Employment under the rules applicable to the Pension Plan.
Notwithstanding the preceding sentence, a retired Participant shall not be credited with such prior Service except to the extent that the Employer provides for such credit in a designation made pursuant to Section 3.3 hereof. In the event of
the rehiring of a former Participant, if such Participant’s Retirement Benefits are in pay status, such benefits shall be suspended in the manner described in Article 7 of the Pension Plan. In the event a former Participant who has previously
received his or her Retirement Benefit in the form of a lump sum is rehired pursuant to this Section 4.8, any further Retirement Benefit to be paid to such Participant following his or her next Termination of Employment shall be offset by the
Actuarial Equivalent of the lump sum benefit previously paid to such Participant. 

 ARTICLE V 
 DEATH BENEFITS 
  

	5.1	Preretirement Survivor’s Benefit. If a Participant dies prior to his or her Plan Benefit Commencement Date, the following provisions shall apply in lieu of
Section 4.3 or 4.4 hereof, as applicable. 

 (a) Executive Participants. 
  

	 	(i)	 If an Executive Participant dies before his or her Plan Benefit Commencement Date and such Participant (x) is employed by an Employer at the time of his or her
death, or (y) his or her Retirement Benefit has vested in accordance with Section 4.2 hereof, then the Beneficiary of such Participant shall be entitled to a benefit equal to three (3) times such Participant’s most recent annual
Base Compensation as of the date of death, payable without interest in equal monthly installments over ten (10) years beginning with the month immediately 

  

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following the death of such Participant. If the Beneficiary does not live to receive all 120 installments, then such installments shall continue to the
Beneficiary’s designated beneficiary (or to his or her estate if there is no designated beneficiary) until all 120 payments have been made. 

  

	 	(ii)	If a Participant that is employed by an Employer dies while so employed and before attaining three thousand six hundred and fifty (3,650) days of Service, the monthly benefit
payable under paragraph (i) shall be reduced so that it bears the same relationship to the monthly benefit determined without regard to this paragraph (ii) as the Participant’s number of days of Service bears to three thousand six
hundred and fifty (3,650). 

 (b) Senior Participants. 
  

	 	(i)	If a Senior Participant dies before his or her Plan Benefit Commencement Date and such Participant (x) is employed by an Employer at the time of his or her death, or
(y) his or her Retirement Benefit has vested in accordance with Section 4.2 hereof, then the Beneficiary of such Participant shall be entitled to a benefit equal to fifty percent (50%) of such Participant’s most recent annual
Base Compensation as of the date of death, payable without interest in equal monthly installments over ten (10) years beginning with the month immediately following the death of such Participant. If the Beneficiary does not live to receive all
120 installments, then such installments shall continue to the Beneficiary’s designated beneficiary (or to his or her estate if there is no designated beneficiary) until all 120 payments have been made. 

  

	 	(ii)	If a Participant that is employed by an Employer dies while so employed and before attaining five thousand four hundred and seventy-five (5,475) days of Service, the monthly
benefit payable under paragraph (i) shall be reduced so that it bears the same relationship to the monthly benefit determined without regard to this paragraph (ii) as the Participant’s number of days of Service bears to five thousand
four hundred and seventy-five (5,475). 

  

	5.2	Post-Retirement Survivor’s Benefit. If an Executive Participant or a Senior Participant dies after his or her Plan Benefit Commencement Date, the form

  

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of payment of the Retirement Benefit selected pursuant to Article IV shall determine the entitlement of a Beneficiary to any Retirement Benefit payable to
such Beneficiary. Such benefit will be determined under the terms and conditions of the Pension Plan. 

 ARTICLE VI

 ADMINISTRATION 
  

	6.1	Administration Generally. This Section 6.1 is subject in its entirety to the provisions of Section 6.2 hereof. The SERP Committee shall administer the Plan and
shall keep a written record of its actions and proceedings regarding the Plan and all dates, records and documents relating to its administration of the Plan. The SERP Committee is authorized to interpret the Plan, to make, amend and rescind such
rules as it deems necessary for the proper administration of the Plan, to make all other determinations, including finding facts necessary or advisable for the administration of the Plan, and to correct any defect or supply any omission or reconcile
any inconsistency in the Plan in the manner and to the extent that the SERP Committee deems necessary and desirable to carry the Plan into effect. The powers and duties of the SERP Committee shall include, without limitation, the following:

 (a) Determining the amount of benefits payable to Participants and authorizing and directing an Employer with
respect to the payment of benefits under the Plan; provided, however, that no individual SERP Committee member may be in anyway involved in such determination with respect to his or her benefits or rights, if any, under the Plan;

 (b) Construing and interpreting the Plan whenever necessary to carry out its intention and purpose and making and
publishing such rules for the regulation of the Plan as are not inconsistent with the terms of the Plan; and 
 (c) Compiling
and maintaining all records it determines to be necessary, appropriate or convenient in connection with the administration of the Plan. 
 Any
action taken or determination made by the SERP Committee must be taken by a majority of the SERP Committee members and shall be conclusive on all parties. 
  

	6.2	 Limitation on the SERP Committee’s Authority. No member of the SERP Committee shall vote on any matter relating specifically to such member of the SERP
Committee. In the event that a majority of the members of the SERP Committee will be specifically affected by any action proposed to be taken (as opposed to being affected in the same manner as all other 

  

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Participants in the Plan), such action shall be taken by the Management Compensation Committee. Notwithstanding anything in this Article VI to the contrary,
the Management Compensation Committee maintains the full and complete authority and discretion to designate employees to become Participants in the Plan pursuant to Section 3.2 hereof, and to review any matter in its sole and complete
discretion which it determines may specifically affect the benefits or rights under the Plan of any member of the SERP Committee. The Management Compensation Committee maintains sole and complete authority to appoint and remove members of the SERP
Committee for any reason. 

  

	6.3	Delegation. The SERP Committee is authorized to designate a person or person as the “Administrator” of the Plan, and to delegate to the Administrator such duties
and responsibilities with respect to the Plan as may, in the discretion of the SERP Committee, be appropriate; provided, however, that the SERP Committee may not delegate any power or authority reserved for the Management Compensation
Committee. 

  

	6.4	Fees. No fees or compensation shall be paid to any member of the SERP Committee for his or her service on the SERP Committee. 

 ARTICLE VII 
 CLAIMS PROCEDURE

  

	7.1	Provision of Benefits. It shall not be necessary for any Participant or Beneficiary entitled to receive a Retirement Benefit or Death Benefit, as applicable to file a claim
under the Plan in order to receive such benefit; provided, however that a Participant who has not filed an election to receive his or her Retirement Benefit in an optional form in accordance with Section 4.7 hereof shall receive
his or her Retirement Benefit in accordance with Section 4.6 hereof. Within sixty (60) days (or at such other time as the SERP Committee may determine) following a Participant’s Termination of Employment, he or she shall receive a
statement setting forth his or her Retirement Benefit and rights under the Plan, if any, and such other information as the SERP Committee deems reasonable and appropriate. Within sixty (60) days following the death of a Participant, his or her
Beneficiary shall receive a notice of such Beneficiary’s rights, if any, to a Death Benefit hereunder and such other information as the SERP Committee deems reasonable and appropriate. 

  

	7.2	 Claims Review. The SERP Committee shall establish procedures for filing claims for benefits and for the appeal and review of claims for benefits which have
been denied. If any person claiming benefits under the Plan is denied benefits by the SERP Committee, no later than 90 days after the receipt of 

  

 13 

 Plan Document - Supplemental Executive Retirement Plan 
  

	 	 
his or her claim by the SERP Committee (or within 180 days if special circumstances require an extension of time for processing the claim and if written
notice of such extension and circumstances is given to such person within the initial 90-day period), the claimant shall be furnished with written notification from the SERP Committee stating: (i) the specific reason(s) for the denial;
(ii) specific references to pertinent Plan provisions on which the denial is based; (iii) a description of any additional material or information necessary for the claimant to perfect his or her claim and the reason why such material or
information is necessary; and (iv) the procedure for submitting his or her claim for review. 

 In the event a
claimant’s claim is denied, a claimant may request a review of his or her claim by the SERP Committee. Such request must be made by the claimant in writing within 90 days after receipt of notice that his or her claim has been rejected by the
SERP Committee. Within 60 days after filing such request, the claimant, at the discretion of the SERP Committee, may be granted a hearing. The SERP Committee shall advise the claimant in writing of the disposition of his or her appeal within 60 days
(or within 120 days if special circumstances require an extension of time for processing the request, such as an election by the SERP Committee to hold a hearing, and if written notice of such extension and circumstances are given to such person
within the initial 60-day period after the request for a review of the claim is first received by the SERP Committee), and shall give specific reasons for its decision and specific references to the pertinent Plan provisions on which the decision is
based. 
 Notwithstanding anything herein to the contrary, for all purposes of this Section 7.2, in the event the claimant is a member of
the SERP Committee, the Management Compensation Committee shall serve as the committee reviewing such claim in accordance with the procedures provided in this Section 7.2 and the SERP Committee shall have no authority to review such claim.

 ARTICLE VIII 
 MISCELLANEOUS PROVISIONS 
  

	8.1	Amendment. 

 (a) The Company retains
the right to amend the Plan in any respect (including retroactively) to the maximum extent permitted by law, which right includes the right to terminate any Participant’s participation in the Plan in any manner (including retroactively) to the
maximum extent permitted by law. Notwithstanding the foregoing, no such amendment may reduce a Participant’s Retirement Benefit commencing at the Participant’s Normal 

  

 14 

 Plan Document - Supplemental Executive Retirement Plan 
  

 
Retirement Date or a Beneficiary’s Preretirement Survivor’s Benefit below the amount to which the Participant or his or her Beneficiary would be
entitled (if any) if, immediately before the amendment is adopted, such Participant had a Termination of Employment. For this purpose, the amount of a Beneficiary’s Retirement Benefit commencing at the Participant’s Normal Retirement Date
or of a Beneficiary’s Preretirement Survivor’s Benefit that may not be reduced by a plan amendment shall be determined as if, immediately before the amendment is adopted, the Participant had had a Termination of Employment for all purposes
(including, for example and without limitation, determining such Participant’s Career Average Compensation and Base Compensation and determining eligibility for a Preretirement Survivor’s Benefit); provided, however, that
such Participant’s Actual Accrued Benefit and Primary Social Security Benefit shall be determined without regard to such deemed Termination of Employment. 
 (b) Any amendment to the Plan described in subsection (a) shall be binding on all Employers, Participants, Beneficiaries, and other
persons. 
  

	8.2	Termination. 

 (a) The Company
reserves the right to terminate the Plan at any time (including retroactively) to the maximum extent permitted by law. Notwithstanding the foregoing, no termination shall, without the consent of the Participant, reduce a Participant’s
Retirement Benefit commencing at the Participant’s Normal Retirement Date or a Beneficiary’s Preretirement Survivor’s Benefit below the amount to which the Participant or his or her Beneficiary would be entitled (if any) if,
immediately before the amendment terminating the Plan is adopted, such Participant had a Termination of Employment. For this purpose, the amount of a Participant’s Retirement Benefit commencing at the Participant’s Normal Retirement Date
or of a Beneficiary’s Preretirement Survivor’s Benefit that may not be reduced by a plan amendment shall be determined as if, immediately before the amendment terminating the Plan is adopted, the Participant had a Termination of Employment
for all purposes (including, for example and without limitation, determining such Participant’s Career Average Compensation and Base Compensation and determining eligibility for a Preretirement Survivor’s Benefit); provided,
however, that such Participant’s Actual Accrued Benefit and Primary Social Security Benefit shall be determined without regard to such deemed Termination of Employment. 
 (b) Any termination of the Plan described in subsection (a) shall be binding on all Employers, Participants, Beneficiaries, and other
persons. 
 (c) The participation of an Employer in the Plan may be terminated at any time by such Employer with respect to
employees of such Employer. Notice of such termination shall be given to the affected Participants and the Company, and such termination of participation shall be deemed an 

  

 15 

 Plan Document - Supplemental Executive Retirement Plan 
  

 
amendment pursuant to Section 8.1 hereof. Upon any such termination, the Plan shall be deemed to be amended to reflect all necessary and appropriate
changes to the Plan. 
  

	8.3	No Assignment. The Participant shall not have the power to pledge, transfer, assign, anticipate, mortgage, or otherwise encumber or dispose of in advance any interest in
amounts payable hereunder or any of the payments provided for herein, nor shall any interest in amounts payable hereunder or in any payments be subject to seizure for payment of any debts, judgments, alimony, or separate maintenance, or be reached
or transferred by operation of law in the event of bankruptcy, insolvency, or otherwise. This Section 8.3 shall prohibit the creation, assignment, or recognition of a right to any benefit payable with respect to a Participant or Beneficiary
pursuant to a domestic relations order, unless the order is one that would be a qualified domestic relations order within the meaning of section 414(p) of the Code if Section 414(p) applied to the Plan (“deemed qualified domestic relations
order”). Notwithstanding the foregoing, a payment under a deemed qualified domestic relations order may commence at any time set forth in the order, provided that such time is not later than the date on which the amount would otherwise
be payable to the Participant under the Plan. 

  

	8.4	Incapacity. If any person to whom a benefit is payable under the Plan is an infant or if the SERP Committee determines that any person to whom such benefit is payable is
incompetent by reason of physical or mental disability, the SERP Committee may cause the payments becoming due to such person to be made to another for his or her benefit. Payments made pursuant to this Section 8.4 shall, as to such payment,
operate as a complete discharge of the Plan, each Employer, and the SERP Committee. 

  

	8.5	Successors and Assigns. The provisions of the Plan are binding upon and inure to the benefit of each Employer, its respective successors and assigns, and the Participant and
his or her beneficiaries, heirs, legal representatives, and assigns. 

  

	8.6	Governing Law. The Plan shall be subject to and construed in accordance with the laws of the State of New York, to the extent not preempted by the provisions of ERISA.

  

	8.7	No Guarantee of Employment. Nothing contained in the Plan shall be construed as a contract of employment or deemed to give any Participant the right to be retained in the
employ of the Employer or to give any Participant any equity or other interest in the assets, business, or affairs of the Employer. No Participant hereunder shall have a security interest in assets of any Employer used to make contributions or pay
benefits. 

  

	8.8	Severability. If any provision of the Plan shall be held illegal or invalid for any reason, such illegality or invalidity shall not affect the remaining provisions of the
Plan, but the Plan shall be construed and enforced as if such illegal or invalid provision had never been included herein. 

  

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 Plan Document - Supplemental Executive Retirement Plan 
  

	8.9	Notification of Addresses. Each Participant shall file with the Company, from time to time, in writing, the post office address of the Participant, the post office address of
each Beneficiary, and each change of post office address. Any communication, statement, or notice addressed to the last post office address filed with the Company shall be binding on the Participant and each Beneficiary for all purposes of the Plan
and neither the Company nor any Employer shall be obliged to search for or ascertain the whereabouts of any Participant or Beneficiary. 

  

	8.10	Bonding. The SERP Committee and all agents and advisors employed by it shall not be required to be bonded, except as otherwise required by ERISA. 

  

	8.11	Headings. The headings and subheadings in the Plan have been inserted for convenience of reference only and shall not be dispositive or controlling in construction of the
provisions hereof. 

  

	8.12	Adoption of Plan by Other Employers. This Plan may be adopted by any entity through an adoption agreement signed by the Company and by such entity. 

 

	8.13	Indemnity. To the extent permitted by law, the Employers shall and do hereby jointly and severally indemnify and hold harmless any of their officers and employees, any member
of their governing bodies, and each member of the SERP Committee, from any and all claims, demands, suits, or proceedings, for liability, loss, damage, penalty, or tax (including payment of legal fees and expenses in connection with defense against
same) brought by any Participant, Beneficiary, or any other person, corporation, governmental agency, or other entity, arising from any act or failure to act which constitutes or is alleged to constitute a breach of such individual’s
responsibilities under any law; provided, however, that such indemnification shall not apply to any willful misconduct, willful failure to act, or gross negligence. Reasonable expenses incurred in defending any such claim, demand, suit, or
proceeding shall be paid by the Employers in advance of a final disposition of such claim, demand, suit, or proceeding, upon presentation therefore by a person who would be entitled to indemnification under the prior sentence. An Employer shall have
the right to control any controversy where the Employer is required to indemnify any individual under the provisions of this Section. It is contemplated that the Employers may, if they so desire, purchase insurance to cover their potential liability
hereunder. 

  

	8.14	Tax Withholding. To the extent required by law, the Employer shall withhold from payouts hereunder, any Federal, state, or local income or payroll taxes required to be
withheld and shall furnish the recipient and the applicable government agency or agencies with such reports, statements, or information as may be legally required. 

  

 17Exhibit 10.5

 Exhibit 10.5 
  
 AMENDED AND RESTATED 
 EMPLOYMENT AGREEMENT 
  
 EMPLOYMENT AGREEMENT (this “Agreement”), made and entered into effective as of January 1, 2007 (the “Effective Date”), by and between The Nasdaq Stock Market, Inc. (the “Company”)
and Robert Greifeld (the “Executive”). 
  
 WHEREAS, the Executive and the Company entered into an Employment Agreement, dated as of May 12, 2003 (the “Prior Agreement”); and 
  
 WHEREAS, the Executive and the Company desire to amend and restate the Prior Agreement in its entirety. 
  
 NOW, THEREFORE, in consideration of the premises and mutual covenants herein
and for other good and valuable consideration, the parties hereby amend and restate the Prior Agreement in its entirety and agree as follows: 
  
 1. Term of Employment. Subject to Section 8 below, the term of the Executive’s employment under this Agreement shall commence on the
Effective Date and shall end on December 31, 2010 (the “Initial Period”); provided, however, that such term shall be automatically extended for additional one-year periods (each, a “Renewal Period”) unless, not
later than 180 days prior to the expiration of the Initial Period or a Renewal Period, as applicable, either party hereto shall provide written notice of its or his desire not to extend the term hereof (a “Non-Renewal Notice”)
to the other party hereto (the Initial Period, together with each Renewal Period then in effect, shall be referred to hereinafter as the “Employment Term”). 
  
 2. Position 
  
 (a) Duties. The Executive shall serve as the Company’s Chief Executive Officer and President. In such position, the Executive shall have such
duties and authority as shall be determined from time to time by the Board of Directors of the Company (the “Board”) and as shall be consistent with the by-laws of the Company as in effect from time to time; provided,
however, that, at all times, the Executive’s duties and responsibilities hereunder shall be commensurate in all material respects with his status as the senior-most officer of the Company. During the Employment Term, the Executive shall
devote his full time and best efforts to his duties hereunder. The Executive shall report directly to the Board (or any committee of the Board designated for this purpose). In addition, the Executive agrees to continue to serve during the Employment
Term as a member of the Board to the extent he is periodically elected or appointed to such position in accordance with the by-laws of the Company and applicable law. 
  
 (b) Company Code of Conduct. The Executive shall comply in all respects with the NASD Code of Conduct as may be
amended from time to time (the “Code of Conduct”), and the Executive hereby acknowledges that he has received a copy of the Code of Conduct. 

  

 1 

 
Pursuant to the Code of Conduct the Executive shall be required to: (i) disclose to the Audit Committee of the board of directors of the Nasdaq Stock
Market, Inc. (the “Audit Committee”) the names of the boards of directors, boards of advisors or boards of trustees on which he currently serves and (ii) obtain prior approval from the Audit Committee for service as a new
director of any publicly traded company, which approval shall not be unreasonably withheld. The Executive agrees to accept the final Audit Committee decision on the suitability of all present and future directorships as binding. Subject to the
foregoing, the Executive may, in accordance with the Code of Conduct, (i) engage in personal activities involving charitable, community, educational, religious or similar organizations, (ii) manage his personal investments and
(iii) continue to serve as a member of the boards of directors, boards of advisors or boards of trustees on which he is serving on the Effective Date; provided, however, that, in each case, such activities are in all respects consistent with
applicable law and are in accordance with Section 9 below. 
  
 3. Base Salary. During the Employment Term, the Company shall pay the Executive a base salary (the “Base Salary”) at an annual rate of $1,000,000. The Base Salary shall be payable in regular payroll installments in
accordance with the Company’s payroll practices as in effect from time to time. The Management Compensation Committee of the Board (the “Compensation Committee”) shall review the Base Salary at least annually and may (but shall
be under no obligation to) increase (but not decrease) the Base Salary on the basis of such review. 
  
 4. Annual Bonus 
  
 (a) Annual Bonus. For each calendar year during the Employment Term, the Executive shall be eligible to participate in the Incentive Compensation
Program of the Company (the “Bonus Program”) in accordance with the terms and provisions of such Bonus Program as established from time to time by the Compensation Committee and pursuant to which the Executive will be eligible to
earn an annual cash bonus (the “Annual Bonus”). The Company has made available to the Executive a complete copy of the Bonus Program in effect as of the Effective Date. Pursuant to the terms of the Bonus Program, the Executive shall
be eligible to earn, for each full calendar year during the Employment Term, a target Annual Bonus equal to 200% of Base Salary (the “Target Bonus”) based upon the achievement of one or more performance goals established for such
year by the Compensation Committee. The Executive shall have the opportunity to make suggestions to the Compensation Committee prior to the determination of the performance goals for the Bonus Program for each performance period, but the
Compensation Committee will have final power and authority concerning the establishment at such goals. 
  
 (b) Timing and Deferral of Annual Bonus. The Annual Bonus for each year shall be paid to the
Executive as soon as reasonably practicable following the end of such year, but in no event later than March 15th following the end of the calendar year to which such Annual Bonus relates. 
  
 5. Equity Compensation. 
  
  

 2 

 (a) Options. As set forth in the Prior Agreement, the Company granted to Executive in 2003 two
options to purchase the Company’s common stock (the “Options”), each of which covers one million shares, at per share exercise prices of $5.28 per share and $6.30 per share, which was 100% of fair market value of a share of the
Company’s common stock on the date of grant, as determined in accordance with the methodology for calculating fair market value as set forth in The Nasdaq Stock Market, Inc. Equity Compensation Plan, which has been adopted by the Board and
may from time to time, be amended (the “Stock Plan”). The Options shall continue to be subject to the terms and conditions of the respective option award agreements (the “Option Agreements”) attached as Exhibits A and B to
the Prior Agreement. 
  
 The Company granted the Executive an
option on December 13, 2006 covering 960,000 shares of Company common stock (the “Option”) with a per share exercise price equal to the fair market value of a share of the Company’s common stock on the date of grant, as
determined in accordance with the methodology for calculating fair market value set forth in the Stock Plan. The Option shall be subject to a stock option agreement approved by the Compensation Committee, the principal terms and conditions of which
are set forth on Exhibit A. The Option is intended to be the only grant of stock options to the Executive by the Company during the Initial Period. 
  
 (b) Restricted Stock. As set forth in the Prior Agreement, the Company made three separate grants of 100,000 restricted shares of the
Company’s common stock (the “Restricted Shares”) to the Executive in 2003, 2004 and 2005. The Restricted Shares shall continue to be subject to the terms and conditions of the applicable restricted stock award agreements (the
“Restricted Stock Agreements”) the form of which are substantially similar to Exhibit C to the Prior Agreement. 
  
 (c) Performance Share Units. The Company will grant the Executive 80,000 performance share units in the first half of 2007, subject to shareholder
approval. The Company shall further grant the Executive 80,000 performance share units annually no later than the first quarter of each of calendar years 2008, 2009 and 2010. Performance share units granted pursuant to this paragraph 5(c) (the
“Performance Share Units”) shall vest under a three-year performance period, and shall be subject to the Executive’s employment with the Company on each grant date and subject to the attainment of goals established by the
Compensation Committee in consultation with the Executive. Each grant of Performance Share Units shall be subject to a performance share units agreement to be approved by the Compensation Committee, the principal terms and conditions of which are
set forth on Exhibit B. Notwithstanding the foregoing, the grant of Performance Share Units pursuant to this paragraph 5(c) shall be subject to shareholder approval of performance related criteria and related amendments to the Stock Plan. The
Company intends to seek such shareholder approval in 2007. 
  
 6.
Employee Benefits. 
  
 (a) Generally. During the
Employment Term, the Company shall provide the Executive with benefits on the same basis as benefits are generally made available to other senior executives of the Company, including, without limitation, medical, dental, vision, disability and life
insurance, financial and tax planning services and retirement benefits. The Executive shall 

  

 3 

 
be entitled to four weeks of paid vacation; provided, however, that, in the event the Executive’s employment ends for any reason, the Executive shall be
paid only for unused vacation that accrued in the calendar year his employment terminated and any unused vacation for any prior year shall be forfeited. 
  
 (b) SERP Participation and Provisions. The Executive shall continue to participate in the Nasdaq Stock Market, Inc. Supplemental Executive
Retirement Plan (the “SERP”). The Company reserves the right to modify or terminate the SERP at any time. Notwithstanding any term or condition contained in the SERP to the contrary, and subject to the Company’s right to modify
or terminate the SERP at any time: 
  
 (i) Section 4.1 of the
SERP shall be applied as if the age and service requirements stated therein were age 49 and four years of service rather than age 55 and ten years of service. Accordingly, the Executive shall be 100% vested in his accrued SERP benefit upon the later
of his attainment of age 49 while employed and his completion of four years of service. 
  
 (ii) Section 4.1 of the SERP shall be applied as if the age and service requirements stated therein were satisfied upon the Executive’s termination of employment by the Company without Cause or by the
Executive for Good Reason pursuant to Section 8(b) below. Accordingly, under such circumstances, the Executive shall be 100% vested in his SERP benefit even if his employment terminates prior to his attaining age 49 and having completed four
years of service with the Company. 
  
 (iii) The death benefit
provided in Section 5.1 of the SERP shall become payable if the Executive dies before his SERP benefit commences, but after having satisfied the requirements of Section 4.1 of the SERP prior to modification by
Section 6(b)(i) above (and, if the foregoing conditions are satisfied, such death benefit will be payable even if the Executive’s death occurs after he has left employment with vested rights under the SERP, but before payment of the
SERP benefit commences). 
  
 (iv) Section 4.3 of the SERP
(relating to early retirement) shall be applied as if the service requirement stated therein were five years of service rather than ten years of service; provided that this special rule shall not permit the Executive’s SERP benefit to
start earlier than age 55. 
  
 (v) The provisions of this
Section 6(b) shall not accelerate the rate at which the SERP benefit accrues so that the amount of the accrued SERP benefit shall be determined with reference to an accrual over a period of 3,650 days as provided in Section 4.2(a) of
the SERP. 
  
  

 4 

 7. Business and Other Expenses. 
  
 (a) Business Expenses. During the Employment Term, the Company shall reimburse the Executive for reasonable business
expenses incurred by him in the performance of his duties hereunder in accordance with the policy established by the Compensation Committee. Accordingly, the Company shall reimburse the Executive’s expenses associated with business travel in
accordance with such policy. 
  
 (b) Transportation and
Security. During the Employment Term, in accordance with the directives of the Compensation Committee, the Company shall provide the Executive with an automobile and driver during the business week for personal and business use and at other
times as required for business purposes. The driver shall have security training if the Executive and the Compensation Committee determine in good faith that such security training is necessary or advisable for the personal safety of the Executive
or his family. The Company shall conduct a security audit of up to two of the Executive’s personal residences and, if necessary, install or upgrade the Executive’s home security systems at a reasonable cost to the Company not to exceed
$50,000. 
  
 (c) Legal Fees. The Company shall pay or
reimburse the Executive for his reasonable legal fees and related executive compensation consulting fees and expenses incurred in connection with the negotiation and execution of this Agreement upon presentation by the Executive of written invoices
or receipts setting forth in reasonable detail the basis for such legal fees and expenses in an amount not to exceed $50,000. 
  
 8. Termination. Notwithstanding any other provision of this Agreement, subject to the further provisions of this Section 8, the Company may
terminate the Executive’s employment or the Executive may resign such employment for any reason or no stated reason at any time, subject to the notice and other provisions set forth below: 
  
 (a) Generally. In the event of the termination of the Executive’s
employment for any reason, the Executive shall be entitled to receive payment of (i) any unpaid Base Salary through the Date of Termination, (ii) subject to Section 6(a) above, any accrued but unpaid vacation through the Date of
Termination (as defined below) and (iii) any earned but unpaid Annual Bonus with respect to the calendar year ended prior to the Date of Termination (the “Base Obligations”). In addition, in the event of the Executive’s
termination of employment, the applicable provisions of each Option Agreement and Performance Share Unit Agreement shall govern the treatment of the Options and the Performance Share Units, respectively. 
  
 For purposes of this Agreement, “Date of Termination” means
(i) in the event of a termination of the Executive’s employment by the Company for Cause or by the Executive for Good Reason, the date specified in a written notice of termination (or, if not specified therein, the date of delivery of such
notice), but in no event earlier than the expiration of the cure periods set forth in Section 8(b)(ii) or 8(b)(iii) below, respectively; (ii) in the event of a termination of the Executive’s employment by the Company without
Cause, the date specified in a written notice of termination (or if not specified therein, the date of delivery of such notice); (iii) in the event of a termination of the Executive’s employment by the Executive without Good Reason,

  

 5 

 
the date specified in a written notice of termination, but in no event less than 60 days following the date of delivery of such notice; (iv) in the
event of a termination of the Executive’s employment due to Permanent Disability (as defined below), the date the Company terminates the Executive’s employment following the certification of the Executive’s Permanent Disability;
(v) in the event of a termination of Employment due to the Executive’s death, the date of the Executive’s death; or (vi) in the event of a termination of the Executive’s employment due to the delivery of a Non-Renewal
Notice, the date on which the Initial Period or a Renewal Period expires, as applicable. 
  
 (b) Termination by the Company Without Cause or by the Executive for Good Reason. 
  
 (i) The Executive’s employment hereunder may be terminated by the Company without Cause or by the Executive for Good Reason. Upon the termination of
the Executive’s employment by the Company without Cause or by the Executive for Good Reason, except as provided in Section 8(h) below, the Executive shall be entitled to receive, in addition to the Base Obligations, the following payments
and benefits (the “Severance Benefits”): 
  
 (A)
Severance Payment. The Company shall pay the Executive an amount (the “Severance Payment”) equal to the sum of (I) the Base Salary paid to the Executive with respect to the calendar year immediately preceding the
Executive’s Date of Termination and (II) the Annual Bonus for the calendar year immediately preceding the Executive’s Date of Termination, payable in substantially equal monthly installments for the twelve-month period following the
Executive’s Date of Termination (the “Severance Period”), or, if required to avoid the imposition of tax, interest or penalties under Section 409A of the Internal Revenue Code of 1986, as amended (Section “409A”)
beginning on the date that is six months and one day after the date of the Executive’s “separation from service”) within the meaning of 409A, in which case the first payment shall include all amounts that would have been paid on
earlier payroll dates but for such delay; 
  
 (B) SERP.
The Company shall provide the Executive the SERP benefit as set forth in Section 6(b)(ii) above; and 
  
 (C) Health Care Coverage. The Company shall provide the Executive with continued health care coverage for the lesser of (I) twelve months or
(II) the period beginning with the Termination Date and ending on the date that the Executive is eligible for coverage under the health care plans of a subsequent employer, such coverage to be conditioned upon the Executive (X) being
covered by the Company’s health care plans immediately prior to the Date of Termination and (Y) paying his share of the applicable health care premiums, deductibles and co-payments for such period of coverage. The foregoing health care
benefits are not intended to limit or otherwise reduce any entitlements that Executive may have under the Consolidated Omnibus Budget Reconciliation Act (“COBRA”). 
  
 Receipt of the Severance Benefits by the Executive is subject to the execution by him of a general release of claims
substantially in the form attached as Exhibit C (the “Release”). All other benefits, if any, due the Executive following termination pursuant to this Section 8(b) shall 

  

 6 

 
be determined in accordance with the plans, policies and practices of the Company; provided, however, that the Executive shall not participate in any
severance plan, policy or program of the Company. The payments and other benefits provided for in this Section 8(b) are payments and benefits to which the Executive is not otherwise entitled, are given in consideration for the Release and are
in lieu of any severance plan, policy or program of the Company or any of its subsidiaries that may now or hereafter exist. The payments and benefits to be provided pursuant to this Section 8(b)(i) shall constitute liquidated damages and shall
be deemed to satisfy and be in full and final settlement of all obligations of the Company to the Executive under this Agreement. The Executive acknowledges and agrees that such amounts are fair and reasonable, and are his sole and exclusive remedy,
in lieu of all other remedies at law or in equity, and with respect to the termination of his employment hereunder. If, during the Severance Period, the Executive breaches in any material respect any of his obligations under Section 9 or 10
below, the Company may, upon written notice to the Executive, (x) terminate the Severance Period and cease to make any further payments of the Severance Payment and (y) cease any health care coverage continuation, except in each case as
required by applicable law. 
  
 (ii) For purposes of this
Agreement, “Cause” shall mean (A) the Executive’s conviction of, or pleading nolo contendere to, any crime, whether a felony or misdemeanor, involving the purchase or sale of any security, mail or wire fraud, theft,
embezzlement, moral turpitude, or Company property (with the exception of minor traffic violations or similar misdemeanors); (B) the Executive’s repeated neglect of his duties to the Company; or (C) the Executive’s willful
misconduct in connection with the performance of his duties or other material breach by the Executive of this Agreement; provided, however, that the delivery of a Non-Renewal Notice by the Executive shall not constitute Cause for purposes of this
Agreement; provided further that the Company may not terminate the Executive’s employment for Cause unless (x) the Company first gives the Executive written notice of its intention to terminate and of the grounds for such termination
within 90 days following the date the Board is informed of such grounds at a meeting of the Board and (y) the Executive has not, within 30 days following receipt of such notice, cured such Cause (if capable of cure) in a manner that
is reasonably satisfactory to the Board. 
  
 (iii) For purposes of
this Agreement, “Good Reason” shall mean the Company (A) reducing the Executive’s position, duties, or authority; (B) failing to secure the agreement of any successor entity to the Company that the Executive shall
continue in his position without reduction in position, duties or authority; or (C) committing any other material breach of this Agreement; provided, however, that the delivery of a Non-Renewal Notice by the Company shall not constitute Good
Reason for purposes of this Agreement; and provided further that the occurrence of a Change in Control (as defined hereinbelow), following which the Company continues to have its common stock publicly traded and the Executive is offered continued
employment as the principal executive officer with substantially the same duties and authority as he has hereunder of such publicly traded entity, shall not be deemed to give rise to an event or condition constituting Good Reason; and provided
further that no event or condition shall constitute Good Reason unless (x) the Executive gives the Company a Notice of Termination specifying his objection to such event or condition within 90 days following the occurrence of such event or
condition, (y) such event or condition is not corrected, in all material respects, by the Company in a manner that is reasonably satisfactory to the Executive within 

  

 7 

 
30 days following the Company’s receipt of such notice and (z) the Executive resigns from his employment with the Company not more than
30 days following the expiration of the 30-day period described in the foregoing clause (y). 
  
 (c) Permanent Disability. 
  
 (i) The Executive’s employment hereunder may terminate due to his Permanent Disability. Upon termination of the Executive’s employment due to
Permanent Disability, the Executive shall be entitled to receive, in addition to the Base Obligations, subject to the execution of a Release a pro rata Target Bonus with respect to the calendar year in which the Date of Termination occurs payable in
a lump sum within 30 days following the Date of Termination. All other benefits, if any, due the Executive following termination pursuant to this Section 8(c) shall be determined in accordance with the plans, policies and practices of the
Company; provided , however , that the Executive shall not participate in any other severance plan, policy or program of the Company. 
  
 (ii) For purposes of this Agreement, “Permanent Disability” means the inability of the Executive to perform substantially all of his
duties in the manner required by the Agreement, whether by reason of illness or injury or otherwise (whether physical or mental) incapacitating the Executive for a continuous period exceeding 120 days (or a period of six months in any
twelve-month period). Such Permanent Disability shall be certified by a physician chosen by the Company and reasonably acceptable to the Executive (if he is then able to exercise sound judgment). 
  
 (d) Death. The Executive’s employment hereunder shall terminate
due to his death. Upon termination of the Executive’s employment hereunder due to death, the Executive’s estate shall be entitled to receive, in addition to the Base Obligations a pro rata Target Bonus with respect to the calendar year in
which the Date of Termination occurs, payable in a lump sum within 30 days following the Date of Termination. All other benefits, if any, due the Executive’s estate following termination pursuant to this Section 8(d) shall be
determined in accordance with the plans, policies and practices of the Company. 
  
 (e) For Cause by the Company or Without Good Reason by the Executive. The Executive’s employment hereunder may be terminated by the Company for Cause or by the Executive without Good Reason. Upon
termination of the Executive’s employment for Cause or without Good Reason pursuant to this Section 8(e), the Executive shall have no further rights to any compensation (including any Annual Bonus) or any other benefits under this
Agreement other than the Base Obligations. All other benefits, if any, due the Executive following the Executive’s termination of employment pursuant to this Section 8(e) shall be determined in accordance with the plans, policies and
practices of the Company; provided, however, that the Executive shall not participate in any severance plan, policy, or program of the Company. 
  
 (f) Non-Renewal of Employment Term. The Executive’s employment hereunder may be terminated by either the Executive or the Company by delivery
of a Non-Renewal Notice in accordance with the provisions of Section 1 above. Upon termination of the Executive’s employment pursuant to this Section 8(f), the Executive shall have no further rights, 

  

 8 

 
other than those set forth in this Section 8(f) and as provided pursuant to Section 5 and Exhibits A and B hereto, to any compensation or benefits
under this Agreement. All other benefits, if any, due the Executive following termination pursuant to this Section 8(f) shall be determined in accordance with the plans, policies and practices of the Company; provided, however, that the
Executive shall not participate in any severance plan, policy or program of the Company. 
  
 (g) Termination in Connection with Change in Control by the Company Without Cause or by the Executive for Good Reason. 
  
 (i) If, within the period beginning on a Change in Control and ending two (2) years following such Change in Control, the Executive’s
employment is terminated by the Company without Cause or by the Executive for Good Reason, the Executive shall be entitled to receive, in addition to the Base Obligations, the following payments and benefits (the “CIC Severance
Benefits”): 
  
 (A) CIC Severance Payment. On the first
day of the seventh (7th) month following the Executive’s Date of Termination, the Company shall pay the Executive a lump sum cash payment equal to the sum of (I) the Base Salary paid to the Executive with respect to the calendar year
immediately preceding the Executive’s Date of Termination, (II) the Annual Bonus for the calendar year immediately preceding the Executive’s Date of Termination and (III) a pro rata portion of the Target Bonus for the calendar year
in which Executive’s Date of Termination occurs, determined by multiplying such Target Bonus by a fraction, the numerator of which is the number of days in the fiscal year in which the Date of Termination occurs through the Date of Termination
and the denominator of which is three hundred sixty-five. 
  
 (B)
SERP. The Company shall provide the Executive the SERP benefit as set forth in Section 6(b)(ii) above; and 
  
 (C) Health and Welfare Benefits. The Company shall provide the Executive with continued health care coverage for the lesser of
(I) twenty-four months or (II) the period beginning with the Termination Date and ending on the date that the Executive is eligible for coverage under the health care plans of a subsequent employer, such coverage to be conditioned upon the
Executive (X) being covered by the Company’s health care plans immediately prior to the Date of Termination and (Y) paying his share of the applicable health care premiums, deductibles and co-payments for such period of coverage. The
foregoing health care benefits are not intended to limit or otherwise reduce any entitlements that Executive may have under COBRA. In addition, the Company shall continue to provide the Executive with the same level of accident (AD&D) and life
insurance benefits upon substantially the same terms and conditions (including contributions required by the Executive for such benefits) as existed immediately prior to the Executive’s Date of Termination (or, if more favorable to the
Executive, as such benefits and terms and conditions existed immediately prior to the Change in Control) 
  
 (D) Additional Reimbursement Payment. If, as provided in Exhibit D, Executive is subject to the excise tax imposed by Section 4999 of the
Internal 

  

 9 

 
Revenue Code, the Company shall make the additional reimbursement payment provided for in Exhibit D. 
  
 Receipt of the CIC Severance Benefits by the Executive is subject to the
execution by him of a general release of claims substantially in the form attached as Exhibit C (the “Release”). All other benefits, if any, due the Executive following termination pursuant to this Section 8(g) shall be
determined in accordance with the plans, policies and practices of the Company; provided, however, that the Executive shall not participate in any severance plan, policy or program of the Company. The payments and other benefits provided for in this
Section 8(g) are payments and benefits to which the Executive is not otherwise entitled, are given in consideration for the Release and are in lieu of any severance plan, policy or program of the Company or any of its subsidiaries that may now
or hereafter exist. The payments and benefits to be provided pursuant of Section 8(g)(i) shall constitute liquidated damages and shall be deemed to satisfy and be in full and final settlement of all obligations of the Company to the Executive
under this Agreement. The Executive acknowledges and agrees that such amounts are fair and reasonable, and are his sole and exclusive remedy, in lieu of all other remedies at law or in equity, and with respect to the termination of his employment
hereunder. If, during the Severance Period, the Executive breaches in any material respect any of his obligations under Section 9 or 10 below, the Company may, upon written notice to the Executive, (x) terminate the Severance Period and
cease to make any further payments of the CIC Severance Payment and (y) cease any health care coverage continuation, except in each case as required by applicable law. 
  
 (ii) For purposes of this Agreement “Change in Control” means the first to occur of any one of the following
events: 
  
 (A) any “Person,” as such term is used in
Sections 13(d) and 14(d) of the Securities Exchange Act of 1934 (the “Exchange Act”) (other than (1) the Company, (2) any Person who becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act) of
more than 50% of the Company’s then outstanding securities eligible to vote in the election of the Board (“Voting Securities”) as a result of a reduction in the number of Voting Securities outstanding due to the repurchase of Voting
Securities by the Company unless and until such Person, after becoming aware that such Person has become the beneficial owner of more than 50% of the then outstanding Voting Securities, acquires beneficial ownership of additional Voting Securities
representing 1% or more of the Voting Securities then outstanding, (3) any trustee or other fiduciary holding securities under an employee benefit plan of the Company, (4) any entity owned, directly or indirectly, by the stockholders of
the Company in substantially the same proportions as their ownership of Voting Securities, and (5) the National Association of Securities Dealers, Inc. or its affiliates or subsidiaries (collectively “NASD”)), is or becomes the
beneficial owner, directly or indirectly, of more than 50% of the Voting Securities (not including any securities acquired directly (or through an underwriter) from the Company or the Companies); 
  
 (B) the following individuals cease for any reason to constitute a majority
of the number of directors then serving on the Board: individuals who, on the date hereof, were members of the Board and any new director (other than a director whose initial assumption of 

  

 10 

 
office is in connection with an actual or threatened election contest, including but not limited to a consent solicitation, relating to the election of
directors of the Company) whose appointment or election by the Board or nomination for election by the Company’s stockholders was approved or recommended by a vote of at least two-thirds (2/3) of the directors then still in office who
either were directors on the date hereof or whose appointment, election or nomination for election was previously so approved or recommended; 
  
 (C) there is consummated a merger or consolidation of the Company with any other corporation or entity or the Company issues Voting Securities in
connection with a merger or consolidation of any direct or indirect subsidiary of the Company with any other corporation, other than (1) a merger or consolidation that would result in the Voting Securities outstanding immediately prior thereto
continuing to represent (either by remaining outstanding or by being converted into Voting Securities of the surviving or parent entity) more than 50% of the Company’s then outstanding Voting Securities or more than 50% of the combined voting
power of such surviving or parent entity outstanding immediately after such merger or consolidation or (2) a merger or consolidation effected to implement a recapitalization of the Company (or similar transaction) in which no Person, directly
or indirectly, acquired more than 50% of the Company’s then outstanding Voting Securities (not including any securities acquired directly (or through an underwriter) from the Company or the Companies); or 
  
 (D) the consummation of a plan of complete liquidation of the Company or the
consummation of an agreement for the sale or disposition by the Company of all or substantially all of the Company’s assets (or any transaction having a similar effect), other than a sale or disposition by the Company of all or substantially
all of the Company’s assets to an entity, at least 50% of the combined voting power of the voting securities of which are owned directly or indirectly by stockholders of the Company in substantially the same proportions as their ownership of
the Company immediately prior to such sale. 
  
 Notwithstanding
the foregoing, a Change in Control shall not be deemed to occur as a result of any transaction or event which causes the reduction in the Voting Securities held by the NASD below 50% which would not otherwise constitute a Change in Control
pursuant to clauses (A) through (D) above. 
  
 (h)
Mitigation; Offset. Following the termination of his employment under any of the above clauses of this Section 8, the Executive shall have no obligation or duty to seek subsequent employment or engagement as an employee (including
self-employment) or as a consultant or otherwise mitigate the Company’s obligations hereunder; nor shall the payments provided by this Section 8 be reduced by the compensation earned by the Executive as an employee or consultant from such
subsequent employment or consultancy. 
  
 9. Non-Competition;
Non-Solicitation; Confidentiality. The Executive acknowledges and recognizes the highly competitive nature of the businesses of the Company and accordingly agrees as follows: 
  
 (a) Non-Competition. For a period of two years following the Date of Termination (the “Restricted
Period”), regardless of the circumstances surrounding such termination of employment, the Executive will not, directly or indirectly, (i) engage in any 

  

 11 

 
“Competitive Business” (as defined below) for the Executive’s own account while he is in self-employment or acting as a sole proprietor,
(ii) enter the employ of, or render any services to, any person engaged in a Competitive Business, (iii) acquire a financial interest in, or otherwise become actively involved with, any person engaged in a Competitive Business, directly or
indirectly, as an individual, partner, shareholder, officer, director, principal, agent, trustee or consultant, or (iv) interfere with business relationships (whether formed before or after the date of this Agreement) between the Company and
customers or suppliers of the Company. For purposes of this Agreement, “Competitive Business” shall mean (x) any national securities exchange registered with the Securities and Exchange Commission, (y) any electronic
communications network or (z) any other entity that engages in substantially the same business as the Company, in each case in North America or in any other location in which the Company operates. For purposes of this Agreement,
“person” shall mean an individual, corporation, partnership, limited partnership, limited liability company, syndicate, person (including, without limitation, a “person” as defined in Section 13(d)(3) of the
Securities Exchange Act of 1934, as amended), trust, association or entity or government, political subdivision, agency or instrumentality of a government. 
  
 (b) Non-Solicitation. During the Restricted Period, the Executive will not, directly or indirectly, (i) interfere with any relationship
between the Company and any of its employees, consultants, agents or representatives; (ii) employ or otherwise engage, or attempt to employ or otherwise engage, any current or former employee, consultant, agent or representative of the Company
in any Competitive Business; (iii) solicit the business or account of the Company or any affiliate; or (iv) divert or attempt to divert from the Company any business or interfere with any relationship between the Company and any of its
clients or customers. 
  
 (c) Securities Ownership.
Notwithstanding anything to the contrary in this Agreement, the Executive may, directly or indirectly, own, solely as an investment, securities of any person engaged in the business of the Company which are publicly traded on a national or
regional stock exchange or on the over-the-counter market if the Executive (i) is not a controlling person of, or a member of a group which controls, such person and (ii) does not, directly or indirectly, own one percent or more of any
class of securities of such person. 
  
 (d) Confidentiality.
The Executive hereby agrees that he will comply with the Company’s general policies regarding confidentiality of information and processes. Without in any way limiting the foregoing sentence, the Executive further agrees that he will not,
at any time during or after the Employment Term, make use of or divulge to any other person, firm or corporation any trade or business secret, process, method or means, or any other confidential information concerning the business or policies of the
Company, which he may have learned in connection with his employment. For purposes of this Agreement, a “trade or business secret, process, method or means, or any other confidential information” shall mean and include written information
treated as confidential or as a trade secret by the Company. The Executive’s obligation under this Section 9(d) shall not apply to any information which (i) is known publicly; (ii) is in the public domain or hereafter enters the
public domain without the fault of the Executive; (iii) is known to the Executive prior to his receipt of such information from the Company; or (iv) is hereafter disclosed to the Executive by a third party not under an obligation of
confidence to the Company. The Executive agrees not to remove from the premises of the 

  

 12 

 
Company, except as an employee of the Company in pursuit of the business of the Company or except as specifically permitted in writing by the Board, any
document or other object containing or reflecting any such confidential information. The Executive recognizes that all such documents and objects, whether developed by him or by someone else, will be the sole exclusive property of the Company.
Except as specifically authorized by the Board upon termination of his employment hereunder, the Executive shall forthwith deliver to the Company all such confidential information, including, without limitation, all lists of customers,
correspondence, accounts, records and any other documents (whether or not electronically or digitally produced) or property made or held by him or under his control in relation to the business or affairs of the Company, and no copy of any such
confidential information shall be retained by him. 
  
 (e)
Severability. It is expressly understood and agreed that, although the Executive and the Company consider the restrictions contained in this Section 9 to be reasonable, if a final judicial determination is made by a court of competent
jurisdiction that the time or territory or any other restriction contained in this Agreement is an unenforceable restriction against the Executive, the provisions of this Agreement shall not be rendered void, but shall be deemed amended to apply as
to such maximum time and territory and to such maximum extent as such court may judicially determine or indicate to be enforceable. Alternatively, if any court of competent jurisdiction finds that any restriction contained in this Agreement is
unenforceable, and such restriction cannot be amended so as to make it enforceable, such finding shall not affect the enforceability of any of the other restrictions contained herein. 
  
 10. Nondisparagement. The Executive agrees (whether during or after the Executive’s employment with the Company)
not to issue, circulate, publish or utter any false or disparaging statements, remarks or rumors about the Company or its shareholders unless giving truthful testimony under subpoena. The Company agrees (whether during or after the Executive’s
employment with the Company) not to issue, circulate, publish or utter any false or disparaging statements, remarks or rumors about the Executive unless giving truthful testimony under subpoena. Notwithstanding the foregoing, nothing in this
Section 10 shall preclude either party from responding to correct false or disparaging statements, remarks or rumors, provided that the responsive statements do not criticize or ridicule and are not disparaging or derogatory. 
  
 11. Specific Performance The Executive acknowledges and agrees that
the Company’s remedies at law for a breach or threatened breach of any of the provisions of Section 9 or Section 10 above would be inadequate and, in recognition of this fact, the Executive agrees that, in the event of such a breach
or threatened breach, in addition to any remedies at law, the Company, without posting any bond, shall be entitled to obtain equitable relief in the form of specific performance, temporary restraining order, temporary or permanent injunction or any
other equitable remedy which may then be available. 
  
 12.
Disputes. Except as provided in Section 11 above, any future dispute, controversy or claim between the parties arising from or relating to this Agreement, its breach or any matter addressed by this Agreement shall be resolved through
binding, confidential arbitration to be conducted by a panel of three arbitrators that is mutually agreeable to both the Executive and the Company, all in accordance with the arbitration rules of the American Arbitration Association set forth in its
National Rules for the Resolution of Employment 

  

 13 

 
Disputes then in effect (the “AAA’s Arbitration Rules”). If the Executive and the Company cannot agree upon the panel of arbitrators,
the arbitration shall be settled before a panel of three arbitrators, one to be selected by the Company, one by the Executive and the third to be selected by the two persons so selected, all in accordance with the AAA’s Arbitration Rules. The
arbitration proceeding shall be held in New York City or such other location as is mutually agreed in writing by the parties. The arbitrators shall base their award on the terms of this Agreement, and the arbitrators shall strictly follow the law
and judicial precedents that a United States District Judge sitting in the Southern District of the State of New York would apply in the event the dispute were litigated in such court. The arbitration shall be governed by the substantive laws of the
State of New York applicable to contracts made and to be performed therein, and by the arbitration law chosen by the arbitrators, and the arbitrators shall have no power or authority to order or grant any remedy or relief that a court could not
order or grant under applicable law. Judgment upon the award rendered by the arbitrators may be entered in any court having jurisdiction thereof. The Company shall bear the cost of the arbitrators. Costs and expenses associated with the arbitration
that are not otherwise assignable to one of the parties shall be allocated equally between the parties. In every other respect, the parties shall each pay their own costs and expenses, including, without limitation, attorneys’ fees and costs.
Nothing contained in this Section 12 shall be construed to preclude the Company from exercising its rights under Section 11 above. 
  
 13. Miscellaneous. 
  
 (a) Acceptance. The Executive hereby represents and warrants, as a material inducement to the Company’s agreement to enter into this
Agreement, that there are no legal, contractual or other impediments, including, without limitation, restrictive covenants with a current or former employer, precluding the Executive from entering into this Agreement or from performing the services
with the Company contemplated hereby. Any violation of this representation and warranty by the Executive shall render all of the obligations of the Company under this Agreement void ab initio and of no force and effect. 
  
 (b) Entire Agreement; Amendments. This Agreement amends and restates
the Prior Agreement in its entirety and together with the Option Agreements and the Restricted Stock Agreements contain the entire understanding of the parties with respect to the employment of the Executive by the Company, excluding those parts of
Exhibit B which are labeled as examples and are not binding on the parties, and shall supersede any and all previous contracts, arrangements or understandings between the Company and the Executive with respect to the subject matter set forth herein,
including, without limitation, the Prior Agreement. There are no restrictions, agreements, promises, warranties, or covenants by and between the Company and the Executive and undertakings between the parties with respect to the subject matter herein
other than those expressly set forth herein. This Agreement may not be altered, modified or amended except by written instrument signed by the parties hereto. 
  

(c) No Waiver. The failure of a party to insist upon strict adherence to any term of this Agreement on any occasion shall not be considered a
waiver of such party’s rights or deprive such party of the right thereafter to insist upon strict adherence to that term or any other term of this Agreement. 
  
  

 14 

 (d) Severability. In the event that any one or more of the provisions of this Agreement shall be
or become invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions of this Agreement shall not be affected thereby. 
  
 (e) Successor; Assignment. This Agreement is confidential and personal and neither of the parties hereto shall,
without the consent of the other, assign or transfer this Agreement or any rights or obligations hereunder. Without limiting the foregoing, the Executive’s right to receive payments hereunder shall not be assignable or transferable whether by
pledge, creation of a security interest or otherwise, other than a transfer by the Executive’s will or by the laws of descent and distribution. In the event of any attempted assignment or transfer contrary to this Section 13(e), the
Company shall have no liability to pay the assignee or transferee any amount so attempted to be assigned or transferred. The Company shall cause this Agreement to be assumed by any entity that succeeds to all or substantially all of the
Company’s business or assets and this Agreement shall be binding upon any successor to all or substantially all of the Company’s business or assets; provided, however, that no such assumption shall release the Company of its obligations
hereunder, to the extent not satisfied by such successor, without the Executive’s prior written consent. 
  
 (f) Confidentiality of Tax Treatment and Structure. Notwithstanding anything herein to the contrary, each party and its representatives may consult
any tax advisor regarding the tax treatment and tax structure of this Agreement and may disclose to any person, without limitation of any kind, the tax treatment and tax structure of this Agreement and all materials (including opinions or other tax
analyses) that are provided relating to such treatment or structure. 
  
 (g) Notice. For the purpose of this Agreement, notices and all other communications provided for in this Agreement shall be in writing and shall be deemed to have been duly given when delivered or mailed by United States registered
mail, return receipt requested, postage prepaid, addressed to the respective addresses set forth on the execution page of this Agreement, provided that all notices to the Company shall be directed to the attention of the General Counsel or to such
other address as either party may have furnished to the other in writing in accordance herewith, except that notice of change of address shall be effective only upon receipt: 
  
 if to the Company: 
  
 The Office of the General Counsel 
 The Nasdaq
Stock Market, Inc. 
 One Liberty Plaza 
 New York, NY 10006 
  
 if to the
Executive: 
  
 his address as shown in the records of the Company

  
  

 15 

 (h) Withholding Taxes. The Company may withhold from any amounts payable under this Agreement such
federal, state and local taxes as may be required to be withheld pursuant to any applicable law or regulation. 
  
 (i) Section 409A. Notwithstanding any other provision of this Agreement, any payment or settlement triggered by termination of the
Executive’s employment with the Company shall not be made until six months and one day following Date of Termination if such delay is necessary to avoid the imposition of any tax, penalty or interest under Section 409A. The Company, after
consulting with the Executive, may amend this Agreement or the terms of any award provided for herein in any manner that the Company considers necessary or advisable to ensure that cash compensation, equity awards or other benefits provided for
herein are not subject to United States federal income tax, state or local income tax or any equivalent taxes in territories outside the United States prior to payment, exercise, vesting or settlement, as applicable, or any tax, interest or
penalties pursuant to Section 409A. Any such amendments shall be made in a manner that preserves to the maximum extent possible the intended benefits to the Executive. This paragraph 13(i) does not create an obligation on the part of the
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 Section 409A. 
  
 (j) Counterparts. This Agreement may be signed in counterparts, each of which shall be an original, with the same
effect as if the signatures thereto and hereto were upon the same instrument. 
  
 (k) Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of New York. 
  
 *            *            * 
  
 IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of the day and year first above written. 
  

	
	EXECUTIVE
	
	/s/ Robert Greifeld
	Robert Greifeld

  

			
	 THE NASDAQ STOCK MARKET, INC.

		
	By:	 	/s/ H. F. Baldwin
		 	H. F. Baldwin
		
	Title:	 	Chairman of the Board

  
  

 16 

 Exhibit A 
  
 Stock Option Agreements – 
 Principal Terms and Conditions 
  
 Option Term:                Ten years from grant 
  
 Vesting: Annual vesting beginning on the first anniversary of grant in accordance with the following schedule: 
  

					
	 Years Since Grant
	 	 Additional Vesting
	 	 Total Vested Options

	 1
	 	8.33%	 	80,000
	 2
	 	16.67%	 	240,000
	 3
	 	25.0%	 	480,000
	 4
	 	25.0%	 	720,000
	 5
	 	16.67%	 	880,000
	 6
	 	8.33%	 	960,000

  
 Effect of Termination of Employment 
  

	 	•	 	 Termination for Cause by the Company or without Good Reason by the Executive 

  

	 	—	Forfeit unvested option 

  

	 	—	Vested options remain exercisable for 10 days following termination 

  

	 	•	 	 Termination without Cause by the Company or for Good Reason by the Executive 

  

	 	—	Vesting of unvested options continues for 30 months after termination, subject to compliance with non-competition, non-solicitation, confidentiality and non-disparagement covenants

  

	 	—	All vested options (including accelerated vested options) remain exercisable for 36 months following termination 

  

	 	•	 	 Death and Disability 

  

	 	—	Accelerate vesting of unvested stock options that would vest within 12 months of death or disability 

  

	 	—	All vested options (including accelerated vested options) remain exercisable for 36 months following death or disability 

  

	 	•	 	 Retirement (as defined in Stock Plan) 

  

 17 

	 	—	Vesting of unvested options continues for one year following retirement, subject to compliance with non-competition, non-solicitation, confidentiality and non-disparagement
covenants 

  

	 	—	All vested options (including due to continued vesting) remain exercisable for 36 months following retirement 

  

	 	•	 	 Non-renewal of Agreement by Company or by Executive 

  

	 	—	Unvested options continue to vest, subject to compliance with non-competition, non-solicitation, confidentiality and non-disparagement covenants 

  

	 	—	All vested options (including due to continued vesting) remain exercisable for 36 months following termination of employment 

  
  

 18 

 Exhibit B 
  
 Performance Share Unit Agreements – 
       Principal Terms and Conditions        
  
 Performance Period: Three calendar years (i.e., January 1 to December 31) 
  
 Vesting:    Continued employment until the last day of the performance period, except upon termination of employment
under certain circumstances as set forth below, and achievement of performance goals 
  
 Conversion: Performance Share Units to be converted into equivalent number of shares of Company common stock in accordance with their terms 
  
 Performance Earnout Range 
  

	 	•	 	 0% - 150% of shares granted 

  

	 	•	 	 0% if performance below threshold 

  

	 	•	 	 100% if performance is at target 

  

	 	•	 	 150% is maximum for performance 50% above target 

  
 Example 
  
 The following is provided as an example of a way in which Performance Share Units may be designed. It is understood that each year, following consultation with the
Executive, the Management Compensation Committee of the Company will determine the performance targets and the design of the Performance Share Units. 
  
 For performance levels between 50% below target and 50% above target, the number of shares earned will be calculated as a percentage equal to the percentage that actual
performance is higher or lower than target. For example, if Target Performance is 12% Annual EPS Growth then: 
  
 Annual EPS Growth below 6% earns NO (-0- ) shares 
 Annual EPS Growth equal to 6% earns 50% (40,000) of the granted shares 
 Annual EPS Growth equal to 9% earns 75% (60,000) of the granted shares 
 Annual EPS Growth equal to 12% earns 100% (80,000) of the granted shares 
 Annual EPS Growth equal to 15% earns 125% (100,000) of the granted shares 
 Annual EPS Growth equal to 18% or more earns 150% (120,000) of the granted shares 
  
  

 19 

 Performance Goals and Earnout Schedule 
  

	 	•	 	 Set by Compensation Committee within first three months of each performance period 

  

	 	•	 	 Performance measures and earnout schedule to be developed with input from Executive 

  
 Effect of Termination of Employment 
  

	 	•	 	 Termination for Cause by the Company or without Good Reasonby the Executive: forfeiture of performance share units for each ongoing performance period

  

	 	•	 	 Termination without Cause by the Company or for Good Reason by the Executive: continued vesting of outstanding performance share units, subject to compliance with
non-competition, non-solicitation, confidentiality and non-disparagement covenants, based on actual performance during performance period 

  

	 	•	 	 Death, disability, retirement (as defined in Stock Plan) and non-renewal of agreement by Company or by Executive: continued vesting of outstanding performance share
units, subject to compliance with non-competition, non-solicitation, confidentiality and non-disparagement covenants, based on actual performance during performance period 

  
  

 20 

 Exhibit C 
  
 Release of Claims 
  
 GENERAL RELEASE 
  
 WHEREAS, Robert Greifeld (hereinafter referred to as the “Executive”) and The Nasdaq Stock Market, Inc. (hereinafter referred to as
“Employer") are parties to an Employment Agreement, dated December __, 2006 (the “Employment Agreement”), which provided for the Executive’s employment with Employer on the terms and conditions specified therein;
and 
  
 WHEREAS, pursuant to paragraph 8(b)(i) of the Employment
Agreement, the Executive has agreed to execute a release of the type and nature set forth herein as a condition to his entitlement to certain payments and benefits upon his termination of employment with Employer. 
  
 NOW, THEREFORE, in consideration of the premises and mutual promises herein
contained and for other good and valuable consideration received or to be received by the Executive in accordance with the terms of the Employment Agreement, it is agreed as follows: 
  
 1. Excluding enforcement of the covenants, promises and/or rights reserved herein, the Executive hereby irrevocably and
unconditionally releases, acquits and forever discharges Employer and each of Employer’s owners, stockholders, predecessors, successors, assigns, directors, officers, employees, divisions, subsidiaries, affiliates (and directors, officers and
employees of such companies, divisions, subsidiaries and affiliates) and all persons acting by, through, under or in concert with any of them (collectively “Releasees”), or any of them, from any and all charges, complaints, claims,
liabilities, obligations, promises, agreements, controversies, damages, actions, causes of action, suits, rights, demands, costs, losses, debts and expenses (including attorneys’ fees and costs actually incurred) of any nature whatsoever, known
or unknown, suspected or unsuspected, including, but not limited to, rights arising out of alleged violations of any contracts, express or implied, any covenant of good faith and fair dealing, express or implied, or any tort or any legal
restrictions on Employer’s right to terminate employees, or any Federal, state or other governmental statute, regulation or ordinance, including, without limitation, Title VII of the Civil Rights Act of 1964, as amended, the Federal Age
Discrimination In Employment Act of 1967 (“ADEA”), as amended, the Employee Retirement Income Security Act (“ERISA”), as amended, the Civil Rights Act of 1991, as amended, the Rehabilitation Act of 1973, as amended,
the Older Workers Benefit Protection Act (“OWBPA”), as amended, the Worker Adjustment Retraining and Notification Act (“WARN”), as amended, the Fair Labor Standards Act (“FLSA”), as amended, the
Occupational Safety and Health Act of 1970 (“OSHA”), the New York State Human Rights Law, as amended, the New York Labor Act, as amended, the New York Equal Pay Law, as amended, the New York Civil Rights Law, as amended, the New
York Rights of Persons With Disabilities Law, as amended, and the New York Equal Rights Law, as amended, that the Executive now has, or has ever had, or ever will have, against each or any of the Releasees, by reason of any and all acts, omissions,
events, circumstances or facts existing or occurring up through the date of the Executive’s execution hereof that directly or indirectly arise out of, relate to, or are connected with, the 

  

 21 

 
Executive’s services to, or employment by Employer (any of the foregoing being a “Claim” or, collectively, the
“Claims”); provided, however, that this release shall not apply to any of the obligations of Employer or any other Releasee under the Employment Agreement, or under any agreements, plans, contracts, documents or
programs described or referenced in the Employment Agreement; and provided, further, that this release shall not apply to any rights the Executive may have to obtain contribution or indemnity against Employer or any other Releasee
pursuant to contract, Employer’s certificate of incorporation and by-laws or otherwise. 
  
 2. The Executive expressly waives and relinquishes all rights and benefits afforded by California Civil Code Section 1542 and does so understanding and acknowledging the significance of such specific waiver of
Section 1542. Section 1542 states as follows: 
  
 “A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM OR HER MUST HAVE MATERIALLY AFFECTED HIS OR HER
SETTLEMENT WITH THE DEBTOR.” 
  
 Thus, notwithstanding the provisions of
Section 1542, and for the purpose of implementing a full and complete release and discharge of the Releasees, the Executive expressly acknowledges that this Agreement is intended to include in its effect, without limitation, all Claims that the
Executive does not know or suspect to exist in the Executive’s favor at the time of execution hereof, and that this Agreement contemplates the extinguishment of any such Claim or Claims. 
  
 3. The Executive understands that he has been given a period of 21 days to
review and consider this General Release before signing it pursuant to the Age Discrimination In Employment Act of 1967, as amended. The Executive further understands that he may use as much of this 21-day period as the Executive wishes prior to
signing. 
  
 4. The Executive acknowledges and represents that he
understands that he may revoke the waiver of his rights under the Age Discrimination In Employment Act of 1967, as amended, effectuated in this Agreement within 7 days of signing this Agreement. Revocation can be made by delivering a written notice
of revocation to Office of the General Counsel, The Nasdaq Stock Market, Inc., One Liberty Plaza, New York, New York 10006. For this revocation to be effective, written notice must be received by the General Counsel no later than the close of
business on the seventh day after the Executive signs this Agreement. If the Executive revokes the waiver of his rights under the Age Discrimination In Employment Act of 1967, as amended, Employer shall have no obligations to the Executive under
paragraph 8(b)(i) of the Employment Agreement. 
  
 5. The
Executive and Employer respectively represent and acknowledge that in executing this Agreement neither of them is relying upon, and has not relied upon, any representation or statement not set forth herein made by any of the agents, representatives
or attorneys of the Releasees with regard to the subject matter, basis or effect of this Agreement or otherwise. 
  
  

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 6. This Agreement shall not in any way be construed as an admission by any of the Releasees that any
Releasee has acted wrongfully or that the Executive has any rights whatsoever against any of the Releasees except as specifically set forth herein, and each of the Releasees specifically disclaims any liability to any party for any wrongful acts.

  
 7. It is the desire and intent of the parties hereto that the
provisions of this Agreement be enforced to the fullest extent permissible under law. Should there be any conflict between any provision hereof and any present or future law, such law will prevail, but the provisions affected thereby will be
curtailed and limited only to the extent necessary to bring them within the requirements of law, and the remaining provisions of this Agreement will remain in full force and effect and be fully valid and enforceable. 
  
 8. The Executive represents and agrees (a) that the Executive has to the
extent he desires discussed all aspects of this Agreement with his attorney, (b) that the Executive has carefully read and fully understands all of the provisions of this Agreement, and (c) that the Executive is voluntarily entering into
this Agreement. 
  
 9. This General Release shall be governed by,
and construed in accordance with, the laws of the State of New York, without giving effect to the conflicts of laws principles thereof or to those of any other jurisdiction which, in either case, could cause the application of the laws of any
jurisdiction other than the State of New York. This General Release is binding on the successors and assigns of, and sets forth the entire agreement between, the parties hereto; fully supersedes any and all prior agreements or understandings between
the parties hereto pertaining to the subject matter hereof; and may not be changed except by explicit written agreement to that effect subscribed by the parties hereto. 
  
 PLEASE READ CAREFULLY. THIS GENERAL RELEASE INCLUDES A RELEASE OF ALL KNOWN AND UNKNOWN CLAIMS. 
  
 This General Release is executed by the Executive and Employer as of the ____
day of ______, 20__. 
  

	
	
	
	  
	Robert Greifeld

  
  

			
	THE NASDAQ STOCK MARKET, INC.
		
	By:	 	  
		 	 Name: H. F. Baldwin
 Title:   Chairman of
the Board

  

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 Exhibit D 
  
 Additional Reimbursement Payment by the Company 
  
 (a) Notwithstanding anything in this Agreement to the contrary, in the event it shall be determined that any payment, award, benefit or distribution (or
any acceleration of any payment, award, benefit or distribution) by the Company (or any of its affiliated entities) or any entity which effectuates a Change in Control (or any of its affiliated entities) to or for the benefit of Executive (whether
pursuant to the terms of this Agreement or otherwise, but determined without regard to any additional payments required under this Exhibit D) (the “Payments”) would be subject to the excise tax imposed by Section 4999 of the Internal
Revenue Code of 1986, as amended (the “Code”), or any interest or penalties are incurred by Executive with respect to such excise tax (such excise tax, together with any such interest and penalties, are hereinafter collectively referred to
as the “Excise Tax”), then the Company shall pay to Executive an additional payment (a “Reimbursement Payment”) in an amount such that after payment by Executive of all taxes (including, without limitation, any income taxes and
any interest and penalties imposed with respect thereto, and any excise tax) imposed upon the Reimbursement Payment, Executive retains an amount of the Reimbursement Payment equal to the Excise Tax imposed upon the Payments. For purposes of
determining the amount of the Reimbursement Payment, Executive shall be deemed to (i) pay federal income taxes at the highest marginal rates of federal income taxation for the calendar year in which the Reimbursement Payment is to be made and
(ii) pay applicable state and local income taxes at the highest marginal rate of taxation for the calendar year in which the Reimbursement Payment is to be made, net of the maximum reduction in federal income taxes which could be obtained from
deduction of such state and local taxes. Notwithstanding the foregoing, in no event shall the amount of the Reimbursement Payment exceed 300% of the amount that is equal to the sum of (A) the Base Salary paid to the Executive with respect to
the calendar year immediately preceding the Executive’s Date of Termination and (B) the Annual Bonus for the calendar year immediately preceding the Executive’s Date of Termination. 
  
 Notwithstanding the foregoing, if it shall be determined that Executive is entitled to a
Reimbursement Payment, but that the portion of the Payments that would be treated as “parachute payments” under Section 280G of the Code are less than 330% of the “base amount” as defined under Section 280G of the Code,
then the amounts payable to Executive under this Agreement shall be reduced (but not below zero) to the maximum amount that could be paid to Executive without giving rise to the Excise Tax (the “Safe Harbor Cap”), and no Reimbursement
Payment shall be made to Executive. The reduction of the amounts payable hereunder, if applicable, shall be made by reducing first the payments under Section 8(g)(i)(A), unless an alternative method of reduction is elected by Executive. For
purposes of reducing the Payments to the Safe Harbor Cap, only amounts payable under this Agreement (and no other Payments) shall be reduced. If the reduction of the amounts payable hereunder would not result in a reduction of the Payments to the
Safe Harbor Cap, no amounts payable under this Agreement shall be reduced pursuant to this provision. 
  
  

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 (b) Subject to the provisions of paragraph (a), all determinations required to be made under this Exhibit
D, including whether and when a Reimbursement Payment is required, the amount of such Reimbursement Payment, the amount of any Option Redetermination (as defined below), the reduction of the Payments to the Safe Harbor Cap and the assumptions to be
utilized in arriving at such determinations, shall be made by the public accounting firm that is retained by the Company as of the date immediately prior to the Change in Control (the “Accounting Firm”) which shall provide detailed
supporting calculations both to the Company and Executive within ten (10) business days of the receipt of notice from the Company or Executive that there has been a Payment, or such earlier time as is requested by the Company (collectively, the
“Determination”). Notwithstanding the foregoing, in the event (i) the Board shall determine prior to the Change in Control that the Accounting Firm is precluded from performing such services under applicable auditor independence rules
or (ii) the Audit Committee of the Board determines that it does not want the Accounting Firm to perform such services because of auditor independence concerns or (iii) the Accounting Firm is serving as accountant or auditor for the
person(s) effecting the Change in Control, the Board shall appoint another nationally recognized public accounting firm to make the determinations required hereunder (which accounting firm shall then be referred to as the Accounting Firm hereunder).
All fees and expenses of the Accounting Firm shall be borne solely by the Company and the Company shall enter into any agreement requested by the Accounting Firm in connection with the performance of the services hereunder. 
  
 The Reimbursement Payment under this Exhibit D with respect to any Payments shall be made no
later than thirty (30) days following such Payment. If the Accounting Firm determines that no Excise Tax is payable by Executive, it shall furnish Executive with a written opinion to such effect, and to the effect that failure to report the
Excise Tax, if any, on Executive’s applicable federal income tax return will not result in the imposition of a negligence or similar penalty. In the event the Accounting Firm determines that the Payments shall be reduced to the Safe Harbor Cap,
it shall furnish Executive with a written opinion to such effect. The Determination by the Accounting Firm shall be binding upon the Company and Executive. 
  
 As a result of the uncertainty in the application of Section 4999 of the Code at the time of the Determination, it is possible that Reimbursement Payments which will
not have been made by the Company should have been made (“Underpayment”) or Reimbursement Payments are made by the Company which should not have been made (“Overpayment”), consistent with the calculations required to be made
hereunder. In the event the amount of the Reimbursement Payment is less than the amount necessary to reimburse Executive for the Excise Tax, the Accounting Firm shall determine the amount of the Underpayment that has occurred and any such
Underpayment (together with interest at the rate provided in Section 1274(b)(2)(B) of the Code) shall be promptly paid by the Company to or for the benefit of Executive. In the event the amount of the Reimbursement Payment exceeds the amount
necessary to reimburse Executive for the Excise Tax, the Accounting Firm shall determine the amount of the Overpayment that has been made and any such Overpayment (together with interest at the rate provided in Section 1274(b)(2) of the Code)
shall be promptly paid by Executive (to the extent Executive has received a refund if the applicable Excise Tax has been paid to the Internal Revenue Service) to or for the benefit of the Company. Executive shall cooperate, to the extent
Executive’s expenses are reimbursed by the Company, with any reasonable requests by the Company in connection 

  

 25 

 
with any contests or disputes with the Internal Revenue Service in connection with the Excise Tax. 
  
 (c) In the event that the Company makes a Reimbursement Payment to Executive
and subsequently the Company determines that the value of any accelerated vesting of stock options held by Executive shall be redetermined pursuant to Treasury Regulation §1.280G-1 Q/A 33 (the “Option Redetermination”), Executive
shall (i) file with the Internal Revenue Service an amended federal income tax return that claims a refund of the overpayment of the Excise Tax attributable to such Option Redetermination and (ii) promptly pay to the Company any excise tax
which is refunded to Executive; provided, that the Company shall pay all reasonable professional fees incurred in the preparation of Executive’s amended federal income tax return. If the Option Redetermination occurs in the same year that the
Reimbursement Payment is included in the Executive’s taxable income, then in addition to returning the refund to the Company, Executive will also promptly return to the Company any tax benefit realized by the return of such refund and the
return of the additional tax benefit payment. In the event that amounts payable to Executive under this Agreement were reduced pursuant to the third sentence of this Exhibit D and subsequently Executive determines there has been an Option
Redetermination that reduces the value of the Payments attributable to such options, the Company shall promptly pay to Executive any amounts payable under this Agreement that were not previously paid solely as a result of such third sentence of
Exhibit D up to the Safe Harbor Cap. All determinations pursuant to this paragraph (c) shall be made by the Accounting Firm. 
  

 26

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