Document:

Exhibit 10.12

 Exhibit 10.12 
 CHOICE HOTELS INTERNATIONAL, INC. 
 EXECUTIVE DEFERRED COMPENSATION PLAN 
 (FOR NON-GRANDFATHERED ACCOUNT BALANCES) 
 As
Amended and Restated Effective January 1, 2009 

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
	 PREAMBLE
	  		  	1
			
	 ARTICLE I
	  	INTRODUCTION	  	1
	 1.1
	  	Name	  	1
	 1.2
	  	Purpose	  	1
	 1.3
	  	Effective Date	  	1
	 1.4
	  	Scope	  	1
			
	 ARTICLE II
	  	DEFINITIONS	  	2
	 2.1
	  	Accounts	  	2
	 2.2
	  	Administrative Committee	  	2
	 2.3
	  	Affiliate	  	2
	 2.4
	  	Annual Account	  	2
	 2.5
	  	Annual Deferral Amount	  	2
	 2.6
	  	Base Salary	  	2
	 2.7
	  	Board	  	2
	 2.8
	  	Bonus	  	2
	 2.9
	  	Change in Control	  	3
	 2.10
	  	Code	  	4
	 2.11
	  	Company	  	4
	 2.12
	  	Disability (or Disabled)	  	4
	 2.13
	  	Discretionary Employer Contribution Account	  	5
	 2.14
	  	Discretionary Employer Contribution Amount	  	5
	 2.15
	  	Eligible Employee	  	5
	 2.16
	  	Employee Deferral Account	  	5
	 2.17
	  	Employer	  	5
	 2.18
	  	Employer Matching Account	  	5
	 2.19
	  	Employer Matching Amount	  	5
	 2.20
	  	ERISA	  	5
	 2.21
	  	Grandfathered Accounts	  	5
	 2.22
	  	Investment Fund	  	5
	 2.23
	  	Matching Contribution	  	6
	 2.24
	  	Match Rate	  	6
	 2.25
	  	Moody’s Rate of Return	  	7
	 2.26
	  	Moody’s Rate of Return Plus Three Percent	  	7
	 2.27
	  	Non-Grandfathered Accounts	  	7
	 2.28
	  	Participant	  	7
	 2.29
	  	Performance-Based Compensation	  	8
	 2.30
	  	Plan	  	8
	 2.31
	  	Plan Year	  	8
	 2.32
	  	Qualified Plan	  	8

  

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	 2.33
	  	Retirement Age	  	8
	 2.34
	  	Separation from Service	  	8
	 2.35
	  	Spouse	  	9
	 2.36
	  	Transfer Contributions Account	  	9
	 2.37
	  	Trust	  	9
	 2.38
	  	Unforeseeable Financial Emergency	  	9
	 2.39
	  	Valuation Date	  	10
	 2.40
	  	Years of Service	  	10
			
	 ARTICLE III
	  	PARTICIPATION	  	10
	 3.1
	  	Eligibility	  	10
	 3.2
	  	Participation	  	10
			
	 ARTICLE IV
	  	PARTICIPANT DEFERRALS	  	10
	 4.1
	  	Elective Deferrals	  	10
	 4.2
	  	Election To Defer Compensation	  	11
	 4.3
	  	Withholding and Crediting of Annual Deferral Amounts	  	12
	 4.4
	  	Vesting	  	12
			
	 ARTICLE V
	  	EMPLOYER CONTRIBUTION CREDITS	  	13
	 5.1
	  	Matching Contribution Credits	  	13
	 5.2
	  	Other Employer Contribution Credits	  	13
	 5.3
	  	Transfer Contributions	  	13
	 5.4
	  	Vesting	  	14
			
	 ARTICLE VI
	  	ACCOUNTING AND ACCOUNT ADJUSTMENTS	  	14
	 6.1
	  	Investment of Participant Accounts	  	14
	 6.2
	  	Transfers to Employer Grantor Trust	  	15
	 6.3
	  	Notice to Participants	  	15
			
	 ARTICLE VII
	  	PAYMENT OF PLAN BENEFITS	  	15
	 7.1
	  	Commencement of Payments	  	15
	 7.2
	  	Form and Amount of Payments	  	16
	 7.3
	  	Number/Form of Distribution Options	  	17
	 7.4
	  	Further Deferrals	  	17
	 7.5
	  	Withdrawals for Unforeseeable Financial Emergencies	  	17
	 7.6
	  	Automatic Cash-Out	  	18
			
	 ARTICLE VIII
	  	BENEFITS	  	18
	 8.1
	  	Form and Payment of Death Benefits	  	18
	 8.2
	  	Participant’s Beneficiary	  	19
	 8.3
	  	Proper Beneficiary	  	19
			
	 ARTICLE IX
	  	PLAN ADMINISTRATION	  	20
	 9.1
	  	Administration	  	20
	 9.2
	  	Determination of Benefits	  	20
	 9.3
	  	Liability for Benefit Payments	  	20

  

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	 9.4
	  	Expenses	  	21
	 9.5
	  	Administrative Committee	  	21
	 9.6
	  	Indemnity of Committee	  	21
			
	 ARTICLE X
	  	GENERAL PROVISIONS	  	21
	 10.1
	  	Amendment, Suspension and Termination	  	21
	 10.2
	  	Nontransferability of Benefits	  	23
	 10.3
	  	Participant’s Rights Unsecured	  	23
	 10.4
	  	Domestic Relations Orders	  	23
	 10.5
	  	Applicable Law	  	24
	 10.6
	  	Compliance with Section 409A	  	24
	 10.7
	  	Effect on Employment Rights	  	24
	 10.8
	  	Protective Provisions	  	24
	 10.9
	  	Severability	  	24
	 10.10
	  	Notice	  	24
	 10.11
	  	Tax Liability	  	24
	 10.12
	  	No Guarantee of Benefits	  	25
	 10.13
	  	Incapacity of Recipient	  	25
	 10.14
	  	Construction	  	25
	 10.15
	  	Successors	  	25

  

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 CHOICE HOTELS INTERNATIONAL, INC. 
 EXECUTIVE DEFERRED COMPENSATION PLAN 
 PREAMBLE 
 WHEREAS, Choice Hotels International, Inc. (the “Company”) desires to amend and restate the Choice Hotels International, Inc. Executive
Deferred Compensation Plan (the “Plan”) to comply with Section 409A of the Internal Revenue Code and make other conforming changes. 
 NOW, THEREFORE, Choice Hotels hereby amends and restates the Plan, effective January 1, 2009, as follows: 
 ARTICLE I 

 INTRODUCTION 
 1.1 Name. The name of the Plan is the Choice Hotels International, Inc. Executive Deferred Compensation Plan. 
 1.2
Purpose. The purpose of the Plan is to make available to Eligible Employees a nonqualified, deferred compensation program that meets the requirements of Section 409A of the Code for amounts subject to the provisions thereof. The Plan is
not, and is not intended to be, a qualified plan for federal income tax purposes. The Company acknowledges that the Plan is an “employee pension benefit plan” within the meaning of Section 3(2) of ERISA, as amended from time to time.
The Plan is intended to be an unfunded plan maintained “primarily for the purpose of providing deferred compensation for a select group of management or highly compensated employees” which is eligible for the exemptions applicable to such
plans under Title I of ERISA. 
 1.3 Effective Date. The effective date of the Plan, as amended and restated, is January 1,
2009. 
 1.4 Scope. This amendment and restatement shall only apply to a Participant’s Non-Grandfathered Accounts (if any). The
prior plan documents in effect on October 3, 2004 shall remain in effect and continue to apply to the Participant’s Grandfathered Accounts (if any). 

 ARTICLE II 
 DEFINITIONS 
 2.1 Accounts. The notional accounts described in Sections 4.1, 5.1, 5.2,
and 5.3. 
 2.2 Administrative Committee. The committee as defined in Section 9.5. 
 2.3 Affiliate. Any affiliate of the Company as determined by the Board. 
 2.4 Annual Account. An amount equal to the following: (a) The sum of the Participant’s Annual Deferral Amount, Employer Matching Amount,
and Discretionary Employer Contribution Amount for a Plan Year, plus (b) any amounts credited or debited to such Amounts pursuant to this Plan, less (c) any portion of the Annual Account which has been distributed to the Participant or his
or her beneficiary pursuant to this Plan. 
 2.5 Annual Deferral Amount. That portion of a Participant’s Base Salary and Bonus
earned for a Plan Year that a Participant defers in accordance with Article IV. 
 2.6 Base Salary. A Participant’s annual base
compensation (including commissions) payable by an Employer for services performed during a calendar year. Base Salary shall not include distributions from a nonqualified plan, bonus and incentive payments, overtime, stock options and other equity
compensation grants, relocation expenses, non-monetary awards, director and other fees, fringe benefits, expense reimbursements and automobile and other allowances (or such other or different items as may be established by the Administrative
Committee, in its sole discretion, prior to the Plan Year). Base Salary shall be calculated before reduction for compensation voluntarily deferred or contributed by the Participant under all qualified or nonqualified plans of any
Employer and shall be calculated to include amounts not otherwise included in the Participant’s gross income under Code Sections 125, 402(e)(3) or 402(h). 
 2.7 Board. The Company’s Board of Directors. 
 2.8 Bonus. Any compensation, in addition
to Base Salary, payable to a Participant under (a) any management incentive plan maintained by an Employer; or (b) such other or different bonus or incentive arrangements as may be provided by the Administrative Committee in its sole
discretion in the applicable deferral election forms for the year. 
  

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 2.9 Change in Control. The first to occur of any of the following events: 
 (a) Any Person (other than those Persons in control of the Company as of the Effective Date, or other than a trustee or other fiduciary
holding securities under an employee benefit plan of the Company, or a corporation owned directly or indirectly by the stockholders of the Company in substantially the same proportions as their ownership of stock of the Company) becomes the
“Beneficial Owner,” directly or indirectly, of securities of the Company representing twenty-five percent (25%) or more of the combined voting power of the Company’s then outstanding securities; or 
 (b) During any period of two (2) consecutive years after an employee becomes a Participant, individuals who at the beginning of such
period constitute the Board (and any new member of the Board, whose election by the Company’s stockholders was approved by a vote of at least two-thirds (2/3) of the directors then still in office who either were directors at the beginning
of the period or whose election or nomination for election was so approved), cease for any reason to constitute a majority thereof; or 
 (c) Upon: 
 (i) A complete liquidation of the Company; 
 (ii) The sale or disposition of all or substantially all of the Company’s assets; or 
 (iii) A merger, consolidation, or reorganization of the Company with or involving any other corporation, other than a merger,
consolidation, or reorganization that would result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving
entity) at least fifty percent (50%) of the combined voting power of the voting securities of the Company (or such surviving entity) outstanding immediately after such merger, consolidation, or reorganization. 
  

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 (d) Notwithstanding the foregoing, in no event shall a “Change in Control” be
deemed to have occurred, with respect to the Participant, if the Participant is part of a purchasing group which consummates the Change in Control transaction. The Participant shall be deemed “part of a purchasing group” for purposes of
the preceding sentence if the Participant is an equity participant in the purchasing company or group except for: 
 (i)
Passive ownership of less than two percent (2%) of the stock of the purchasing company; or 
 (ii) Ownership of equity
participation in the purchasing company or group which is otherwise not significant, as determined prior to the Change in Control by a majority of the continuing nonemployee members of the Board. 
 (e) For purposes of this Section, the terms “Person” and “Beneficial Owner” shall have the meanings given those terms
in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934 and Rule 13d-3 under that Act. 
 2.10 Code. The Internal Revenue
Code of 1986, as amended from time to time and any regulations thereunder. 
 2.11 Company. Choice Hotels International, Inc. and any
successor to such company whether by merger, consolidation, liquidation or otherwise. 
 2.12 Disability (or Disabled). A Participant
is Disabled if he or she is either (a) unable to engage in the activities and duties of the Participant’s then current job by reason of any medically determinable physical or mental impairment that can be expected to result in death or can
be expected to last for a continuous period of not less than 12 months, or (b) by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of
not less than 12 months, receiving income replacement benefits for a period of not less than 3 months under an accident and health plan covering employees of the Participant’s Employer. For purposes of this Plan, a Participant shall be deemed
Disabled if he or she is determined to be totally disabled by the Social Security Administration. A Participant shall also be deemed Disabled if determined to be disabled in accordance with the applicable disability insurance program of such
Participant’s Employer, provided that the definition of “disability” applied under such disability insurance program complies with the requirements of this Section. 
  

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 2.13 Discretionary Employer Contribution Account. The account established on an Employer’s
books and records under Section 5.2. 
 2.14 Discretionary Employer Contribution Amount. The amount, if any, credited to a
participant in accordance with Section 5.2. 
 2.15 Eligible Employee. The Company’s Chief Executive Officer (CEO) and any
other management or highly compensated employee of an Employer as may be designated by the Board or the Compensation Committee of the Board in its sole discretion. 
 2.16 Employee Deferral Account. The account established on an Employer’s books and records under Section 4.1. 
 2.17 Employer. The (a) Company and (b) any Affiliate designated by the Board or the Compensation Committee as participating in the Plan (and any successor to such Affiliate whether by merger,
consolidation, liquidation or otherwise). 
 2.18 Employer Matching Account. The account established on an Employer’s books and
records under Section 5.1(b). 
 2.19 Employer Matching Amount. The amount, if any, credited to a Participant in accordance with
Section 5.1(a). 
 2.20 ERISA. The Employee Retirement Income Security Act of 1974, as amended from time to time. 
 2.21 Grandfathered Accounts. That portion of a Participant’s Accounts that is not part of the Participant’s Non-Grandfathered Accounts.

 2.22 Investment Fund. Any investment fund (such as a mutual fund) or indices selected by the Administrative Committee, in its sole
discretion, for the purpose of crediting or debiting investment gain or loss to Participant Accounts. The Administrative Committee may, in 

  

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its sole discretion, change, delete or add to the Investment Funds available under the Plan at any time. Notwithstanding the foregoing, the Moody’s Rate
of Return Plus Three Percent and Moody’s Rate of Return shall only be available as an Investment Fund for (a) all Eligible Employees and (b) any Participant who dies or has a Separation from Service with the Company and all Affiliates
(and his or her beneficiary) in the following circumstances: 
 (i) The Moody’s Rate of Return Plus Three Percent shall
be available to a Participant who dies or has a Separation from Service at or after Retirement Age (or as otherwise provided by the Board or its Compensation Committee). 
 (ii) The Moody’s Rate of Return shall be available to a Participant who dies or has a Separation from Service (A) at or after
reaching age fifty-five (55) or (B) after completing ten (10) or more Years of Service (or as otherwise provided by the Board or its Compensation Committee). 
 2.23 Matching Contribution. The contribution (if any) made by an Employer to the Qualified Plan on account of an Eligible Employee’s elective
deferrals under that plan. 
 2.24 Match Rate. The rate at which Base Salary deferrals are matched determined by reference to the
Participant’s Years of Service as of the last day of the Plan Year. The Match Rate shall be as follows: 
 (a) For
Participants with a hire date of before January 1, 2000: 
  

				
	 Years of
Service
	  	Matching
Rate	 
	 1–5
	  	50	%
	 6–9
	  	75	 
	 10 or More
	  	100	 

  

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 (b) For Participants with a hire date of on or after January 1, 2000: 
  

				
	 Years of
Service
	  	Matching
Rate	 
	 1 or More
	  	50	%

 2.25 Moody’s Rate of Return. The monthly equivalent (determined each calendar month)
of the annual yield of the Moody’s Average Corporate Bond Yield Index for the preceding calendar month as published by Moody’s Investor Services, Inc. (or any successor thereto), or, if such index is no longer published, a substantially
similar index selected by the Board (or its delegate). 
 2.26 Moody’s Rate of Return Plus Three Percent. The monthly equivalent
(determined each calendar month) of three percentage points (3%) greater than the annual yield of the Moody’s Average Corporate Bond Yield Index for the preceding calendar month as published by Moody’s Investor Services, Inc. (or any
successor thereto), or, if such index is no longer published, a substantially similar index selected by the Board (or its delegate). 
 2.27
Non-Grandfathered Accounts. That portion of a Participant’s Accounts that was deferred or became vested on or after January 1, 2005, and any gains or losses credited thereon in accordance with Section 6.1(b), as of the date of
determination. 
 2.28 Participant. Any (a) Eligible Employee who is participating in the Plan in accordance with
Section 3.2 and (b) employee or former employee who has an Account hereunder. 
  

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 2.29 Performance-Based Compensation. Compensation the entitlement to or amount of which is
contingent on the satisfaction of pre-established organizational or individual performance criteria relating to a performance period of at least 12 consecutive months, as determined by the Administrative Committee in accordance with Treas. Reg.
Section 1.409A-1(e). 
 2.30 Plan. The Choice Hotels International, Inc. Executive Deferred Compensation Plan, as amended from
time to time. 
 2.31 Plan Year. The Plan’s annual accounting period is the calendar year. 
 2.32 Qualified Plan. Choice Hotels International, Inc. Retirement Savings and Investment Plan (or its successor). 
 2.33 Retirement Age. The attainment of age fifty-five (55) and the completion of ten (10) Years of Service by an Eligible Employee prior
to a Separation from Service. 
 2.34 Separation from Service. The severing of an individual’s employment with the Employer and
all affiliates (within the meaning of Treas. Reg. Section 1.409A-1(h)(3)) for any reason other than death, as determined by the Administrative Committee in accordance with Section 1.409A-1(h) and any other applicable provisions of the
regulations. In determining whether a Participant has experienced a Separation from Service, the following rules shall apply: 
 (a) A Participant shall be considered to have experienced a Separation from Service when the facts and circumstances indicate that the Participant and his or her Employer reasonably anticipate that either (i) no further services will
be performed for the Employer after a certain date, or (ii) that the level of bona fide services the Participant will perform for the Employer after such date (whether as an employee or as an independent contractor) will permanently decrease to
no more than twenty percent (20%) of the average level of bona fide services performed by such Participant (whether as an employee or an independent contractor) over the immediately preceding thirty-six (36) month period (or the full
period of services to the Employer if the Participant has been providing services to the Employer less than thirty-six (36) months). 
  

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 (b) If a Participant is on military leave, sick leave, or other bona fide leave of
absence, the employment relationship between the Participant and the Employer shall be treated as continuing intact, provided that the period of such leave does not exceed six (6) months (twenty-nine (29) months in the case of disability
leave within the meaning of Treas. Reg. Section 1.409A-1(h)(i)), or if longer, for such period as the Participant retains a right to reemployment with the Employer under an applicable statute or by contract. If the period of leave exceeds six
(6) months (twenty-nine (29) months in the case of disability leave) and the Participant does not retain a right to reemployment under an applicable statute or by contract, the employment relationship shall be considered to be terminated
for purposes of this Plan as of the first day immediately following the end of such six (6)-month period (twenty-nine (29)-month period in the case of disability leave). In applying the provisions of this paragraph, a leave of absence shall be
considered a bona fide leave of absence only if there is a reasonable expectation that the Participant will return to perform services for the Employer. 
 2.35 Spouse. The person who by law is legally married to a Participant on the date of determination. 
 2.36 Transfer Contributions Account. The contributions credits, if any, transferred pursuant to Section 5.3. 
 2.37
Trust. The employer grantor trust established by the Company or any Employer to which funds will be transferred in accordance with Section 6.1. Such trust shall be subject to the claims of each Employer’s creditors as provided under
the terms of the trust agreement. 
 2.38 Unforeseeable Financial Emergency. A severe financial hardship of the Participant resulting
from (a) an illness or accident of the Participant, the Participant’s Spouse, the Participant’s beneficiary or the Participant’s dependent (as defined in Code Section 152 without regard to paragraphs (b)(1), (b)(2) and
(d)(1)(b) thereof), (b) a loss of the Participant’s property due to casualty, or (c) such other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the Participant, all as
determined by the Administrative Committee, consistent with Code Section 409A and any regulations or other guidance thereunder, based on the relevant facts and circumstances. 
  

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 2.39 Valuation Date. The last day of each Plan Year and such other dates as may be established by
the Administrative Committee in its sole discretion. 
 2.40 Years of Service. Except as otherwise provided by the Company in its sole
discretion, the total number of full years in which a Participant has been employed by the Company or any of its Affiliates since the Participant’s most recent date of hire with the Company or Affiliate. For purposes of this definition, a Year
of Service shall be the twelve month period beginning on the Eligible Employee’s date of hire and ending on any anniversary of that date thereafter. Any partial year of employment shall not be counted. 
 ARTICLE III 
 PARTICIPATION

 3.1 Eligibility. An Eligible Employee shall be eligible to become a Participant as provided in Section 3.2.

 3.2 Participation. An Eligible Employee shall, to the extent consistent with Code Section 409A, commence participation as of
the date designated by the Company; provided that an Eligible Employee shall not become a Participant hereunder until the Eligible Employee has met all enrollment requirements as may be established by the Administrative Committee in its sole
discretion consistent with Section 409A. 
 ARTICLE IV 
 PARTICIPANT DEFERRALS 
 4.1 Elective Deferrals. Any Eligible
Employee may elect to defer each Plan Year, as his or her Annual Deferral Amount, up to ninety percent (90%) of the Eligible Employee’s Base Salary (other than Bonus) earned during the year and all or any portion of the Eligible
Employee’s Bonus for that year regardless of when such amounts are payable (less any required tax or other withholdings as provided in the applicable election form). Such election shall be made in whole percentages (or as otherwise permitted by
the Administrative Committee in its sole discretion). Any Base Salary or Bonus deferred under this Section 4.1 shall be credited on the books and records of the Employer in an Employee Deferral Account maintained in the name of the Eligible
Employee. 
  

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 4.2 Election To Defer Compensation. 
 (a) A Participant’s election to defer Base Salary or Bonus for a Plan Year shall be submitted prior to January 1 of the Plan
Year in which such amounts are first earned (or at such earlier time as may be established by the Administrative Committee in its sole discretion). 
 (b) Notwithstanding subsection (a) above, the Administrative Committee may, in its sole discretion, permit a newly Eligible Employee (to the extent permitted under Code Section 409A and any regulations
thereunder) to submit his or her election for the year in which the Eligible Employee first becomes eligible to participate in the Plan within thirty (30) days after the date on which he or she first became so eligible (or at such earlier time
as may be established by the Administrative Committee in its sole discretion). Such election shall become effective as of the first pay period after the date on which the election form is submitted to the Administrative Committee. 
 (c) Notwithstanding subsection (a) above, the Administrative Committee may, in its sole discretion, permit an Eligible Employee (to
the extent permitted under Code Section 409A and any regulations thereunder) to submit an election to defer any Bonus which qualifies as Performance-Based Compensation no later than six (6) months before the end of the performance period
(or at such earlier time as may be established by the Administrative Committee in its sole discretion). To be eligible to make such a deferral election, the Eligible Employee must have continuously performed services for the Employer from the later
of (1) the beginning of the performance period, or (2) the date upon which the performance criteria for such compensation are established, through the date upon which the Eligible Employee makes the deferral election for such compensation.
In no event shall a deferral election submitted under this Section 4.2(c) be permitted to apply to any amount of Performance-Based Compensation that has become readily ascertainable. 
 (d) All elections made in accordance with this Section shall be irrevocable as of the last date such election may be made (or such earlier
date as may be established by the Administrative Committee in its sole discretion). 
  

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 (e) Notwithstanding subsection (d) above, 
 (i) the deferral election of a Participant who is determined by the Administrative Committee to be suffering from a disability (within the
meaning of Treas. Reg. Section 1.409A-3(j)(4)(xii)) shall, to the extent provided by the Administrative Committee in its sole discretion consistent with Section 1.409A-3(j)(4)(xii), be cancelled for the remainder of the Plan Year during
which the Participant first suffers the disability; and 
 (ii) the deferral election of a Participant who has experienced an
Unforeseeable Financial Emergency shall, to the extent provided by the Administrative Committee in its sole discretion consistent with Section 1.409A-3(j)(4)(viii), be cancelled for the remainder of the Plan Year during which the Participant
experiences the Unforeseeable Financial Emergency. 
 To the extent permitted under Treas. Reg. Section 1.409A-3(j)(4)(viii), a Participant’s
deferral elections under this Plan shall also be cancelled if the Administrative Committee determines that such action is necessary for the Participant to obtain a hardship distribution from a tax qualified plan pursuant to Treas. Reg.
Section 1.401(k)-1(d)(3). 
 4.3 Withholding and Crediting of Annual Deferral Amounts. For each Plan Year, any elected deferral
of Base Salary shall be withheld in equal amounts from each payment thereof which is made during the year, as adjusted from time to time for increases or decreases in Base Salary. Any deferral of a Bonus shall be withheld at the time the Bonus is
otherwise payable to the Participant. These amounts shall be treated as the Participant’s Annual Deferral Amount for the Plan Year and credited to the Participant’s Annual Account for such Plan Year at the time such amounts would otherwise
have been paid to the Participant. 
 4.4 Vesting. A Participant’s Employee Deferral Account shall be fully vested and
nonforfeitable at all times. 
  

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 ARTICLE V 
 EMPLOYER CONTRIBUTION CREDITS 
 5.1 Matching Contribution Credits. 
 (a) The Employer shall credit to each Eligible Employee each Plan Year an amount equal to the following: (a) The Eligible
Employee’s total deferrals of Base Salary for the Plan Year while a Participant (not to exceed fifteen (15%) of his or her Base Salary while an Eligible Employee for the year) multiplied by the applicable Match Rate for the year,
(b) reduced by the maximum Matching Contribution which the Eligible Employee could receive for that year under the Qualified Plan. 
 (b) Any Employer Matching Amount credited under this Section 5.1 shall be credited on the Employer’s books and records to an Employer Matching Account maintained in the name of the Eligible Employee as of
the date determined by the Company in its sole discretion. 
 5.2 Other Employer Contribution Credits. 
 (a) The Employer may, in its sole discretion, make additional contributions in such amounts and at such times as recommended by the
Administrative Committee and approved by the Board or the Compensation Committee of the Board. Such amounts shall be credited on the Employer’s books and records to the Discretionary Employer Contribution Account maintained in the name of the
Eligible Employee as of the date designated by the Company in its sole discretion. 
 (b) Notwithstanding the foregoing, three
percent (3%) of the Moody’s Rate of Return Plus Three Percent credited with respect to a Participant’s Grandfathered Account shall be treated as an additional Discretionary Employer Contribution Amount for each Plan Year for which
such rate of return applies and shall be credited to the Participant’s Annual Account for that year. 
 5.3 Transfer
Contributions. Upon becoming an Eligible Employee hereunder, the liability for the Eligible Employee’s account balance (if any) under the Company’s Nonqualified Retirement Savings and Investment Plan (other than his or her
“grandfathered” account balance 

  

 -13- 

 
under that plan) shall be transferred and made a part of the Eligible Employee’s Account payable under this Plan; provided, that the payment of the
amounts so transferred, shall be made in accordance with the terms of the Nonqualified Retirement Savings and Investment Plan applicable to the so transferred account balance on the date of transfer. 
 5.4 Vesting. 
 (a) A
Participant’s Employer Matching Account shall vest at the rate of twenty percent (20%) for each completed Year of Service; provided, that a Participant shall become one hundred percent (100%) vested if he or she dies or becomes
Disabled while an Eligible Employee. Notwithstanding the foregoing, the Board (or the Compensation Committee of the Board) may, in its sole discretion, accelerate the vesting of all or any portion of a Participant’s Employer Matching Account at
any time. 
 (b) Each amount credited to a Participant’s Discretionary Employer Contribution Account (and allocable
earnings) shall vest as determined by the Board or the Compensation Committee of the Board. 
 (c) A Participant’s
Transfer Contributions Account (if any) shall be vested as provided in the Company’s Nonqualified Retirement Savings and Investment Plan; provided, that a Participant shall become one hundred percent (100%) vested if he or she dies or
becomes Disabled while an Eligible Employee. Notwithstanding the foregoing, the Board (or the Compensation Committee of the Board) may, in its sole discretion, accelerate the vesting of all or any portion of a Participant’s Matching
Contribution Account at any time. 
 ARTICLE VI 
 ACCOUNTING AND ACCOUNT ADJUSTMENTS 
 6.1 Investment of Participant Accounts.

 (a) The Participant (or his or her beneficiary, if applicable) may, to the extent permitted by the Administrative Committee
in its sole discretion, elect one or more Investment Funds as the deemed investment(s) for his or her Accounts. A Participant (or his or her beneficiary) may elect to change his or her Investment Fund elections at such times and in such manner as
may be established by the Administrative Committee in its sole discretion. If a Participant (or his or her beneficiary) does not make an election hereunder, the Participant’s Accounts automatically shall deemed to be invested in such Investment
Fund(s) as established by the Administrative Committee in its sole discretion. 
  

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 (b) The value of a Participant’s Accounts shall be adjusted upward or downward (on a
pro rata basis) each Valuation Date to reflect any appreciation or depreciation in value of the Investment Fund(s) in which the Participant’s Accounts are deemed to be invested under subsection (a) above since the last Valuation Date. The
value shall also be adjusted for any (i) all Participant and Employer contribution credits made since the last Valuation Date and (ii) payments made to the Participant (or his or her beneficiary) since that date. 
 6.2 Transfers to Employer Grantor Trust. The Employer may (but is not required to) transfer to a Trust an amount equal to the amounts credited at
any time to Employee Deferral Accounts under Section 4.1, Employer Matching Accounts under Section 5.1, Discretionary Employer Contribution Accounts under Section 5.2, and Transfer Contributions Accounts under Section 5.3 for its
eligible Employees at such time as it deems appropriate. A separate subaccount may be established under the Trust representing each of the Participants’ Accounts, to which the allocable portion of each transfer (if any) shall be credited. Title
to and beneficial ownership of the assets of the Trust shall at all times remain with the Employer and Participants shall not have any property interest whatsoever in such assets. 
 6.3 Notice to Participants. The Administrative Committee shall periodically provide statements to each Participant (at such times as it deems
appropriate in its sole discretion) setting forth the balance of the Participant’s Accounts and such other information as it deems appropriate. 
 ARTICLE VII 
 PAYMENT OF PLAN BENEFITS 
 7.1 Commencement of Payments. 
 (a) In connection with a Participant’s election to defer an Annual Deferral Amount for a Plan Year, a Participant may elect when payment of his or her vested Annual Account for such Plan Year will be paid. The Participant may elect to
have such payment begin 

  

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(i) as of the sixth (6th) month anniversary of
the Participant’s Separation from Service (which payment shall be made within two and one-half months (2-1/2) months after that date) or (ii) a January selected by the Participant, provided that, the Participant may not select a January
date that is less than three (3) years after the year in which the election is made or later than the January following the Participant’s sixty-fifth (65th) birthday (or such other period established by the Committee and reflected in the applicable election form). If the Participant has made no election, payment shall begin as of the sixth (6th) month anniversary of the Participant’s Separation from Service (which payment shall be made within two and one-half months (2-1/2) months after
that date). 
 (b) In addition to the foregoing, a Participant may also elect to have payment of his or her vested Annual
Account for a Plan Year be payable upon an earlier Change In Control (to the extent it qualifies as such under Code Section 409A), which Account shall be payable within ninety (90) days of the Change in Control. 
 (c) For any annual installment payments to be made hereunder, payment shall commence as provided in subsection (a) above and the
remaining installments shall be paid in January of each succeeding year. 
 7.2 Form and Amount of Payments. 
 (a) In connection with a Participant’s election to defer an Annual Deferral Amount, the Participant shall elect the form in which his
or her Annual Account for such Plan Year will be paid. The Participant may elect to receive each Annual Account upon either Separation from Service or as of a date specific permitted under Section 7.1(a)(ii) in the form of a lump sum or annual
installments of two (2) to twenty (20) years. If a Participant does not make any election with respect to the payment of an Annual Account, the Participant shall be deemed to have elected to receive such Annual Account in a lump sum.
Notwithstanding the foregoing, payment upon a Change in Control (as provided in Section 7.1(b)) shall be made in a lump sum. 
 (b) The determination of the amount to be distributed under this Section shall be based upon the value of the Participant’s vested Accounts as of the last Valuation Date preceding the date of distribution, determined in accordance with
Section 6.1. The amount of each installment payment hereunder shall be determined by dividing the value of the Accounts as of the last Valuation Date by the number of installments if any remaining to be paid (including the current installment).

  

 -16- 

 (c) Notwithstanding any other provision of the Plan to the contrary, a Participant’s
Annual Account for any Plan Year beginning on or after the date the Participant has a Separation from Service shall (unless otherwise forfeited hereunder) automatically be paid to the Participant in the form of a lump sum payment in the following
Plan Year. 
 7.3 Number/Form of Distribution Options. Notwithstanding the foregoing, the Administrative Committee may, in its sole
discretion consistent with Code Section 409A, limit the number or forms of distributions that a Participant may elect to have under Section 7.1 or 7.2. 
 7.4 Further Deferrals. Notwithstanding Sections 7.1 and Section 7.2, a Participant may, to the extent permitted by the Administrative Committee in its sole discretion consistent with Code Section 409A
and any regulations thereunder, elect to further defer the date when payment of his or her Accounts are made, provided that — 
 (a) the election is made more than 1 year prior to the date payment is otherwise scheduled to begin; 
 (b) the
election does not become effective for 12 months; 
 (c) the date on which payment is to begin is delayed for at least 5
years; and 
 (d) the election meets such other or different requirements as may be determined by the Administrative Committee
to be necessary to comply with Code Section 409A. 
 7.5 Withdrawals for Unforeseeable Financial Emergencies. 
 (a) In the event of an Unforeseeable Financial Emergency, the Participant may, to the extent permitted by the Administrative Committee in
its sole discretion, apply for payment of all or a part of his or her vested Account (other than his or her Grandfathered Account) as may be necessary to satisfy the Unforeseeable Financial Emergency. 
  

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 (b) The Administrative Committee shall have the authority, in its sole discretion, to
approve a payment under subsection (a) above. The payment shall not exceed the lesser of (i) the vested portion of the Participant’s Accounts, valued as of the close of business on or around the date on which the amount becomes
payable, as determined by the Administrative Committee in its sole discretion, or (ii) the amount necessary to satisfy the Unforeseeable Financial Emergency, plus amounts reasonably necessary to pay taxes reasonably anticipated as a result of
the distribution. Such payment shall be made in a lump sum no later than sixty (60) days after the Administrative Committee’s decision to approve the payment. 
 (c) Notwithstanding the foregoing, a Participant may not receive a payment under subsection (a) above to the extent that the
Unforeseeable Financial Emergency is or may be relieved (i) through reimbursement or compensation by insurance or otherwise, (ii) by liquidation of the Participant’s assets, to the extent the liquidation of such assets would not
itself cause severe financial hardship or (iii) by suspension of deferrals under this Plan (to the extent permitted under Code Section 409A). 
 7.6 Automatic Cash-Out. Notwithstanding any other provision of this Article or Article VIII, if, as of the date payment of all or a designated portion of a Participant’s Accounts is scheduled to begin
under Section 7.1(a), the vested value of such portion of the Accounts does not exceed one hundred thousand dollars ($100,000), that portion of the Participant’s vested Accounts shall (to the extent permitted under Code Section 409A)
automatically be paid to the Participant (or his or her beneficiary) in one lump sum at that time. 
 ARTICLE VIII 
 BENEFITS 
 8.1 Form and
Payment of Death Benefits. 
 (a) Upon a Participant’s death, the Participant’s vested Accounts, if any, shall
be paid to the Participant’s beneficiary (determined in accordance with Section 8.2) in the same form payable to the Participant under Section 7.2. Payment of such death benefits shall be made or begin within ninety (90) days
following the Participant’s date of death. 
  

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 (b) The amount of the death benefit to be paid to a beneficiary hereunder shall be
determined in accordance with Section 7.2(b). 
 8.2 Participant’s Beneficiary. 
 (a) If a Participant is married at the time of his or her death, the Participant’s beneficiary shall be his or her Spouse, unless the
Participant names another beneficiary in accordance with subsection (c) below and the named beneficiary is alive (or, in the case of a trust, in existence) on the Participant’s date of death. 
 (b) If a Participant is not married at the time of his or her death, the Participant’s beneficiary shall be the individual or trust
the Participant has designated in accordance with subsection (c) below prior to his or her death. If the Participant dies without naming a beneficiary or if the named beneficiary is no longer living (or, in the case of a trust, in existence) on
the Participant’s date of death, the Participant’s beneficiary shall be his or her estate. 
 (c) A Participant may
make a beneficiary designation (or change a prior designation) as provided in subsection (a) or (b) above at any time prior to his or her death by delivery of a written designation to the Administrative Committee (on such forms or in such
other manner as may be required or permitted by the Administrative Committee). Both individuals and trusts may be designated as beneficiaries under this Section. 
 8.3 Proper Beneficiary. If there is a dispute as to the proper beneficiary to receive payment hereunder, the Employer shall, to the extent consistent with Code Section 409A and any regulations thereunder,
have the right to withhold such payment until the matter is finally resolved or adjudicated; provided, that any payment made in good faith by the Employer shall fully discharge the Employer, Company and Administrative Committee from all further
obligations with respect to that payment. 
  

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 ARTICLE IX 
 PLAN ADMINISTRATION 
 9.1 Administration. The Administrative Committee shall, from time
to time, establish such rules, forms and procedures for the administration of the Plan as it deems appropriate. The Administrative Committee shall have full discretionary power and authority to interpret, construe and administer this Plan and to
delegate all or a part of its duties and responsibilities hereunder. The interpretation and construction of the Plan by the Administrative Committee (or its delegate), and any action taken hereunder, shall be final, binding and conclusive upon all
parties in interest. Neither the Administrative Committee nor any of its agents or employees shall be liable to any person for any action taken or omitted to be taken in connection with the interpretation, construction or administration of this
Plan, so long as such action or omission to act is made in good faith. 
 9.2 Determination of Benefits. The Administrative Committee
shall make all determinations as to the rights to benefits under this Plan. Subject to and in compliance with the specific procedures contained in the applicable regulations under ERISA: (a) Any decision by the Administrative Committee denying
a claim by a Participant or his beneficiary for benefits under this Plan shall be stated in writing and delivered or mailed to the Participant or beneficiary; (b) each such notice shall set forth the specific reasons for the denial, written in
a manner that is intended to be understood by the claimant; and (c) the Administrative Committee shall afford a reasonable opportunity to the Participant or beneficiary for a full and fair review of the decision denying such claim. The benefit
claims procedures then in effect under Section 503 of ERISA, as amended, and any regulations thereunder, shall be followed by the Administrative Committee in making any benefit determinations under this Plan. All interpretations, determinations
and decisions of the Administrative Committee with respect to any claim hereunder shall be made in its sole discretion and shall be final and conclusive. 
 9.3 Liability for Benefit Payments. The obligation to pay a Participant’s benefits under the Plan shall, at all times, be the sole and exclusive liability and responsibility of the Employer that was
responsible for the credits made to his or her Accounts under the Plan, but only to extent of such credits and any applicable appreciation or depreciation determined in accordance with Section 6.1(b). No other Employer or other person or entity
shall be liable for such payments. 
  

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 9.4 Expenses. Unless the Company otherwise directs, the expenses of administering the Plan and any
Trust shall be borne by each Employer on a proportionate basis as determined by the Administrative Committee. 
 9.5 Administrative
Committee. The Plan shall be administered by an Administrative Committee consisting of at least three (3) members as may be appointed by the Company’s Chief Executive Officer (“CEO”) except after a Change in Control. Members
of the Administrative Committee may be Participants in this Plan. The CEO may appoint, remove or replace members of the Committee at any time upon advance notice. After a Change in Control, vacancies on the Administrative Committee shall be filled
by majority vote of the remaining Administrative Committee members and Administrative Committee members may be removed only by such a vote. If no Administrative Committee members remain, a new Administrative Committee shall be elected by majority
vote of the Participants in the Plan immediately preceding such Change in Control. No amendment shall be made to this Article or other Plan provisions regarding Administrative Committee authority under the Plan without prior approval by the
Administrative Committee. 
 9.6 Indemnity of Committee. The Company shall indemnify and hold harmless the members of the
Administrative Committee against any and all claims, loss, damage, expense or liability arising from any action or failure to act with respect to this Plan on account of such person’s service on the Administrative Committee, except in the case
of willful misconduct. 
 ARTICLE X 
 GENERAL PROVISIONS 
 10.1 Amendment, Suspension and Termination. 
 (a) The Company reserves the right to amend the Plan by action of the Board or the Compensation Committee of the Board; provided, that the
Company’s CEO and Administrative Committee may amend the Plan without such prior authorization in the following circumstances: 
 (i) The Company’s CEO may amend the Plan in any respect to the extent that the amendment does not result in an annual increase in the cost of maintaining the Plan in excess of $250,000. 
  

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 (ii) The Administrative Committee may, to the extent that the amendment does not result
in an annual increase in the cost of maintaining the Plan in excess of $100,000, amend the Plan to: 
 (A) Correct any
defect, supply any omission or reconcile any inconsistency in order to carry out the intent and purposes of the Plan; 
 (B)
Maintain the Plan’s status as a “top-hat” plan for purposes of ERISA; or 
 (C) Comply with applicable law or
Internal Revenue Service regulations. 
 Any amendment adopted by the Administrative Committee may be signed by any member of the Committee. 
 (b) Notwithstanding the foregoing, no amendment shall — 
 (i) deprive a Participant of his or her Accounts hereunder determined as of the date of such amendment, 
 (ii) after a Change in Control, reduce the crediting rate, including Moody’s Rate of Return and Moody’s Rate of Return Plus
Three Percent on deferrals made prior to, or elected prior to, the date notice of the amendment is given to Participant; 
 (iii) after a Change in Control, limit the payout options available to the Participant under the Plan or in anyway automatically accelerate the payment of the Participant’s vested Accounts. 
  

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 (c) Each Employer reserves the right by action of its board of directors (or by such
other means as may be prescribed by the Board or the Compensation Committee of the Board) to withdraw from the Plan with respect to its Eligible Executives and Participants or suspend the accrual of further benefits under Section 4.1, 5.1, 5.2,
or 5.3 at any time. No such withdrawal or suspension shall deprive a Participant of his or her vested Accounts as of the date of withdrawal or suspension. 
 (d) The Company reserves the right by action of the Board or the Compensation Committee of the Board; to terminate the Plan at any time; provided that upon termination, no Participant shall be deprived of his or her
vested Accounts hereunder determined as of the date of termination. Upon termination of the Plan, the vested Accounts shall be paid in accordance with the terms of the Plan in effect on the date of termination. 
 10.2 Nontransferability of Benefits. The rights of a Participant and any beneficiary under the Plan are not subject to the claims of their
creditors and may not be voluntarily or involuntarily transferred, assigned, alienated, accelerated or encumbered. Notwithstanding the preceding sentence, the Accounts payable to a Participant under the Plan may, consistent with the requirements of
Code Section 409A, be offset by any liability of the Participant owing to the Employer or any Affiliate. 
 10.3 Participant’s
Rights Unsecured. The Plan is intended to be unfunded for purposes of both the Code and ERISA. The right of a Participant or his or her beneficiary to receive payment of the Participant’s Accounts hereunder shall be a general unsecured
claim against the Employer’s general assets, and neither the Participant nor his or her beneficiary shall have any rights in or against any amount credited to any investment account, Trust, or any other specific assets of the Employer. To the
extent that any person acquires a right to receive payments from an Employer under the Plan, such right shall be no greater than the right of any general unsecured creditor of the Employer. 
 10.4 Domestic Relations Orders. If a court determines that a Spouse or former Spouse of a Participant has an interest in the Participant’s
vested Accounts under a final domestic relations order, the Administrative Committee (or its delegate) may, in its sole discretion consistent with Code Section 409A, distribute the Spouse’s or former Spouse’s interest to that Spouse
or former Spouse in accordance with such order. 
  

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 10.5 Applicable Law. This Agreement shall be construed and enforced in accordance with the laws of
the State of Maryland, to the extent applicable. 
 10.6 Compliance with Section 409A. This Plan is intended to comply with the
distribution and other applicable requirements of Section 409A of the Code. The Plan shall be interpreted and applied in accordance with the requirements of Section 409A (to the extent applicable). 
 10.7 Effect on Employment Rights. Nothing in this Plan shall be construed as (a) giving any Participant any right to continued employment
with an Employer or any Affiliate, or (b) affecting the eligibility for, or calculation of, any benefit provided to any Participant by the Employer to the extent permitted by law. No Participant shall have the right to receive any benefit under
the Plan except in accordance with the Plan’s terms. 
 10.8 Protective Provisions. A Participant shall cooperate with the
Employer or Administrative Committee by furnishing any and all information requested by the Employer or Administrative Committee in order to facilitate the payment of benefits hereunder, and by taking such physical examinations as the Employer or
Administrative Committee may deem necessary and taking such other action as may be requested by the Employer or Administrative Committee. 
 10.9 Severability. If any provision of the Plan shall be held invalid or unlawful for any reason, such event shall not affect or render invalid or unenforceable the remaining provisions of the Plan. 
 10.10 Notice. Any notice, consent, election, claim or demand required or permitted to be given under the provisions of this Plan shall be in
writing, and shall be signed by the party giving or making the same. If such notice, consent, election, claim or demand is to be mailed, it shall be sent by United States certified mail, postage prepaid, addressed to the addressee’s last known
address. The date of such mailing shall be deemed the date of notice, consent, election, claim or demand. 
 10.11 Tax Liability. Any
required federal, state or local tax withholding may be withheld from any payment made pursuant to this Plan or from any other compensation payable to the Participant. Notwithstanding the foregoing, a Participant may, to the extent permitted by

  

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the Administrative Committee consistent with Code Section 409A, elect to pay any required employment taxes (and any resulting income taxes) that arise
as of the date of deferral (or, if later, vesting) hereunder either (a) by direct payment or (b) through the withholding of such amounts from other compensation due the Participant. In the alternative, the Administrative Committee may, in
its sole discretion, offset such taxes against the Participant’s vested Accounts to the extent permitted under Treas. Reg. Section 1.409A-3(j)(4) or other applicable regulations. 
 10.12 No Guarantee of Benefits. Nothing in this Plan shall constitute a guarantee by Employer, Company, Administrative Committee or any other
person or entity that the Employer’s assets will be sufficient to pay any benefits hereunder. 
 10.13 Incapacity of Recipient.
If the Administrative Committee determines that any person to whom any benefits are payable hereunder is (a) unable to care for his or her affairs because of illness or accident or (b) a minor, any payment due under the Plan may be paid to
the duly appointed guardian or conservator of such person or to any third party who is eligible to receive payment from the Plan for the account of such person. Any such payment shall be a complete discharge of the Employer’s liability for such
payments hereunder. 
 10.14 Construction. Titles of articles and sections herein are for convenience of reference only and are not to
be taken into account in interpreting the Plan. The masculine whenever used herein shall include the feminine. The singular shall include the plural and the plural shall include the singular whenever used herein unless the context requires
otherwise. 
 10.15 Successors. The provisions of this Plan shall bind and inure to the benefit of the Employers and their successors
and assigns. The term successors as used herein shall include any corporate or other business entity which shall, whether by merger, consolidation, purchase or otherwise acquire all or substantially all of the business and assets of an Employer, and
successors of any such corporation or other business entity. 
  

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 IN WITNESS WHEREOF, Choice Hotels International, Inc. has caused this document to be executed by its duly
authorized officer, this              day of                     , 2008.

  

			
	CHOICE HOTELS INTERNATIONAL, INC.
		
	By:	 	 
		
	Title:Amended and Restated Omnibus Stock Plan

 Exhibit 10.1 
 CHICAGO MERCANTILE EXCHANGE HOLDINGS INC. 
 AMENDED AND RESTATED OMNIBUS STOCK PLAN 

(Effective December 31, 2008) 
 ARTICLE 1 
 EFFECTIVE DATE AND PURPOSE 
 1.1. Effective Date. The Plan is effective as the Chicago Mercantile Exchange Omnibus Stock Plan as of February 7, 2000, and was amended and restated as the Chicago Mercantile Exchange
Holdings Inc., Amended and Restated Omnibus Stock Plan as of April 23, 2002, and was further amended on February 5, 2003 and further Amended and Restated as of April 25, 2007 and further Amended and Restated as of December 31,
2008. 
 1.2. Purpose of the Plan. The Plan is intended to further the growth and profitability of the Company by
increasing incentives and encouraging Share ownership on the part of Employees of the Company and its Subsidiaries. The Plan is intended to permit the grant of Awards that constitute “qualified performance-based compensation” under section
162(m) of the Code. 
 ARTICLE 2 
 DEFINITIONS 
 The following words and phrases shall have the following meanings unless a different meaning is plainly
required by the context: 
 2.1. “1934 Act” means the Securities Exchange Act of 1934, as amended. Reference
to a specific section of the 1934 Act or regulation thereunder shall include such section or regulation, any valid regulation promulgated under such section, and any comparable provision of any future legislation or regulation amending,
supplementing or superseding such section or regulation. 
 2.2. “Affiliate” means any corporation or any
other entity (including, but not limited to, partnerships and joint ventures) controlled by the Company. 
 2.3.
“Award” means, individually or collectively, a grant under the Plan of Non-Qualified Stock Options, Incentive Stock Options, SARs, Stock Awards or Performance Shares. 
 2.4. “Award Agreement” means the written agreement setting forth the terms and conditions applicable to an Award.

 2.5. “Board” means the Board of Directors of the Company. 
 2.6. “Bonus Stock” means Shares under a Stock Award which are not subject to a Period of Restriction. 
 2.7. “Cause” means, except as otherwise specified in a particular Award Agreement or in an employment or similar
agreement in effect between the Company or an Affiliate and an Employee (which definition shall govern if in effect), (a) the willful and continued failure (other than a failure resulting from the Participant’s Disability) to substantially
perform the duties assigned by the Company, (b) the willful engaging in conduct which is demonstrably injurious to the Company, monetarily or otherwise, including conduct that, in the reasonable judgment of the Company, does not conform to the
standard of the Company’s executives or employees, (c) any act of dishonesty, commission of a felony, or (d) a significant violation of any statutory or common law duty of loyalty to the Company; provided, however, that following a
Change of Control, “Cause” means, except as otherwise specified in a particular Award Agreement or in an employment or similar agreement in effect between the Company or an Affiliate and an Employee (which definition shall govern if in
effect), (a) the willful and continued failure (other than a failure resulting from the Participant’s Disability) to substantially perform the duties assigned by the Company, (b) the willful engaging in conduct which is demonstrably
injurious to the Company, monetarily or otherwise, including conduct that does not conform to the standard of the Company’s executives or employees, (c) any act of dishonesty, commission of a felony, or (d) a significant violation of
any statutory or common law duty of loyalty to the Company. 

 2.8. “Change of Control” means, except as otherwise specified in a
particular Award Agreement, the occurrence of any of the following events: 
 (a) The acquisition by any individual, entity or
group (within the meaning of Section 13(d)(3) or 14(d)(2) of the 1934 Act) (a “Person”) of beneficial ownership (within the meaning of Rule13d-3 promulgated under the 1934 Act) of 50% or more of either (1) the then
outstanding Class A Shares (the “Outstanding Class A Common Stock”) or (2) the combined voting power of the then-outstanding voting securities of the Company entitled to vote generally in the election of
directors (the “Outstanding Company Voting Securities”); provided, however, that for purposes of this paragraph (a) the following acquisitions shall not constitute, or be deemed to cause, a Change of Control:
(i) any increase in such percentage ownership of a Person to 50% or more resulting solely from any acquisition of shares directly from the Company or any acquisition of shares by the Company; provided, that any subsequent acquisitions of shares
by such Person that would add, in the aggregate, 1% or more (measured as of the date of each such subsequent acquisition) to such Person’s beneficial ownership of Outstanding Class A Common Stock or Outstanding Company Voting Securities
shall be deemed to constitute a Change of Control, (ii) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or any Affiliate; or (iii) any acquisition by any corporation pursuant to a
transaction which complies with clauses (1), (2) and (3) of paragraph (c) below or (iv) any acquisition by an underwriter holding securities for an offering of such securities; or 
 (b) Individuals who, as of the Effective Date, constitute the Board (the “Incumbent Board”) cease for any reason
to constitute at least a majority of the Board; provided, however, that any individual becoming a Director subsequent to the date hereof whose election, or nomination for election, was approved by a vote of at least a majority of the Directors then
comprising the Incumbent Board shall be considered as though such individual were a member of the Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption of office occurs as a result of an actual or threatened
election contest with respect to the election or removal of Directors or other actual or threatened solicitation of proxies or consents, by or on behalf of a Person other than the Board; or 
 (c) Consummation of a reorganization, merger or consolidation or sale or other disposition of all or substantially all of the assets of
the Company (a “Business Combination”), in each case, unless, following such Business Combination, (1) all or substantially all of the individuals and entities who were the beneficial owners, respectively, of the then
Outstanding Class A Common Stock and Outstanding Company Voting Securities, immediately prior to such Business Combination beneficially own, directly or indirectly, more than 50% of, respectively, the then-outstanding shares of common stock and
the combined voting power of the then-outstanding voting securities entitled to vote generally in the election of directors, as the case may be, of the corporation resulting from such Business Combination (including, without limitation, a
corporation which as a result of such transaction owns the Company or all or substantially all of the Company’s assets either directly or through one or more subsidiaries) in substantially the same proportions as their ownership, immediately
prior to such Business Combination, of the Outstanding Class A Common Stock and Outstanding Company Voting Securities, as the case may be, (2) no Person (excluding any corporation resulting from such Business Combination or any employee
benefit plan (or related trust) of the Company or of such corporation resulting from such Business Combination) beneficially owns, directly or indirectly, 50% or more of, respectively, the then-outstanding shares of common stock of the corporation
resulting from such Business Combination or the combined voting power of the then-outstanding voting securities of such corporation except to the extent that such ownership existed prior to the Business Combination and (3) individuals who were
on the Incumbent Board continue to constitute at least a majority of the members of the board of directors of the corporation resulting from the Business Combination; provided, however, that any individual becoming a Director subsequent to the date
hereof whose election, or nomination for election, was approved by a vote of at least a majority of the Directors then comprising the Incumbent Board shall be considered as though such individual were a member of the Incumbent Board, but excluding,
for this purpose, any such individual whose initial assumption of office occurs as a result of an actual or threatened election contest with respect to the election or removal of directors or other actual or threatened solicitation of proxies or
consents, by or on behalf of a Person other than the Board; or 
 (d) Approval by the stockholders of the Company of a
complete liquidation or dissolution of the Company. 
 2.9. “Class A Shares” means shares of the
Company’s Class A common stock, $.01 par value. 
  

 2 

 2.10. “Code” means the Internal Revenue Code of 1986, as amended.
Reference to a specific section of the Code or regulation thereunder shall include such section or regulation, any valid regulation promulgated thereunder, and any comparable provision of any future legislation or regulation amending, supplementing
or superseding such section or regulation. 
 2.11. “Committee” means the Compensation Committee of the Board
of Directors appointed (pursuant to Section 3.1) to administer the Plan. 
 2.12. “Company” means Chicago
Mercantile Exchange Holdings Inc. (formerly Chicago Mercantile Exchange), a Delaware corporation, or any successor thereto. 
 2.13.
“Director” means any individual who is a member of the Board. 
 2.14.
“Disability” means disability as determined pursuant to the long-term disability plan or policy of the Company or its Subsidiaries in effect at the time of such disability and applicable to a Participant. 
 2.15. “Employee” means an employee of the Company, its subsidiaries, or an Affiliate designated by the Board or the
Committee (collectively “an Employer”). “Employee” does not include an individual who is not contemporaneously classified as an Employee for purposes of an Employer’s payroll system. In the event any such individual is
reclassified as an Employee for any purpose, including, without limitation, any government agency or as a result of any private lawsuit, action, or administrative proceeding, such individual will, notwithstanding such reclassification, remain
ineligible for participation hereunder and will not be considered an Employee for purposes of this Plan. In addition to and not in derogation of the foregoing, the exclusive means for an individual who is not contemporaneously classified as an
Employee of an Employer on an Employer’s payroll system to become eligible to participate in this Plan is through an amendment to this Plan which specifically renders such individual eligible for participation hereunder. 
 2.16. “Exercise Price” means the price at which a Share subject to an Option may be purchased pursuant to the exercise of
the Option or the base price at which an SAR may be exercised with respect to a Share, as applicable. 
 2.17. “Fair Market
Value” means, except as otherwise specified in a particular Award Agreement, (i) the closing sales price per Share on such date, as reported by the Composite Transactions reporting system or if not so reported, as reported by the
New York Stock Exchange or (ii) in the event the Shares are not traded on such date, the closing price per Share, as so reported on the immediately preceding date on which trading occurred, or if not so reported, as reported by any national
securities exchange on which the Shares are listed. 
 2.18. “Fiscal Year” means the fiscal year of the
Company. 
 2.19. “Grant Date” means, with respect to an Award, the date that the Award is granted.

 2.20. “Incentive Stock Option” means an Option that is designated as an Incentive Stock Option and is
intended by the Committee to meet the requirements of section 422 of the Code. 
 2.21. “Non-Qualified Stock
Option” means an Option that is not an Incentive Stock Option. 
 2.22. “Option” means an option
to purchase Shares which is granted by the Committee pursuant to Article 5. 
 2.23. “Participant” means
an individual with respect to whom an Award has been granted and remains outstanding. 
 2.24. “Performance
Goals” means such criteria and objectives as may be established by the Committee, which shall be satisfied or met (i) as a condition to the exercisability of all or a portion of an Option or SAR, (ii) as a condition to the
grant of an Award, or (iii) during the applicable Performance Period or Period of Restriction, as a condition to the Participant’s receipt of the Shares subject to a Restricted Stock Award or, in the case of a Performance Share Award, of
the Shares subject to such Award and/or the payment with respect to such Award. In the case of an Award that is intended to qualify as “qualified performance-based compensation” under section 162(m) of the Code, such Performance Goals may
include any or all of the following or any combination thereof: gross margin, operating margin, revenue growth, free cash flow, operating cash flow, earnings per share, economic value added, cash-flow return on investment, net income, total
shareholder return, return on investment, return on equity, return on assets, the attainment by a 

  

 3 

 
Share of a specified Fair Market Value for a specified period of time, an increase in the Fair Market Value of a Share, or any increase or decrease of one or
more of the foregoing over a specified period. Such Performance Goals may relate to the performance of the Company, an Affiliate, any portion of the business, product line, or any combination thereof, relative to a market index, a group of other
companies (or their subsidiaries, business units or product lines), or a combination thereof, all as determined by the Committee. If the Committee desires that compensation payable pursuant to any Award subject to Performance Goals be
“qualified performance-based compensation” within the meaning of section 162(m) of the Code, the Performance Goals (i) shall be established by the Committee no later than the end of the first 90 days of the Performance Period or
Period of Restriction, as applicable (or such other time prescribed by the Internal Revenue Service) and (ii) shall satisfy all other applicable requirements imposed by Treasury Regulations promulgated under section 162(m) of the Code,
including the requirement that such Performance Goals be stated in terms of an objective formula or standard. 
 2.25.
“Performance Period” means the period designated by the Committee during which the Performance Goals applicable to an Award shall be measured. 
 2.26. “Performance Share” means a right, contingent upon the attainment of specified Performance Goals within a specified Performance Period, to receive one Share, which may be
Restricted Stock, or in lieu of all or a portion thereof, the Fair Market Value of such Share in cash. 
 2.27. “Period of
Restriction” means the period during which Restricted Stock is subject to forfeiture and/or restrictions on transferability. 
 2.28. “Plan” means this Chicago Mercantile Exchange Holdings Inc., Amended and Restated Omnibus Stock Plan, as set forth in this instrument and as hereafter amended from time to time. 
 2.29. “Restricted Stock” means Shares under a Stock Award which are subject to a Period of Restriction. 
 2.30. “Retirement” means a Participant’s Termination of Service (other than for Cause) on or after attaining his or
her “normal retirement date” as defined in the Pension Plan for Employees of Chicago Mercantile Exchange Inc. (whether or not such Participant participates in such plan). 
 2.31. “Rule 16b-3” means Rule 16b-3 promulgated under the 1934 Act, as amended, and any future regulation amending,
supplementing or superseding such regulation. 
 2.32. “Share” means a share of any class, and of any series
within a class, of the Company’s common stock. 
 2.33. “Stock Appreciation Right” or
“SAR” means an Award, granted alone, in reference to or in tandem with a related Option, which pursuant to Article 6 is designated by the Committee as an SAR. 
 2.34. “Stock Award” means an Award of Restricted Stock or Bonus Stock. 
 2.35. “Ten Percent Holder” means an Employee (together with persons whose stock ownership is attributed to the Employee
pursuant to section 424(d) of the Code) who, at the time an Option is granted, owns stock representing more than ten percent of the voting power of all classes of stock of the Company (or of any parent or subsidiary as defined in section 424 of the
Code). 
 2.36. “Termination of Service” means a “separation from service” within the meaning of
Section 409A of the Code. For this purpose, a Termination of Service includes, but not by way of limitation, a termination by resignation, discharge with or without Cause, death, Disability, or Retirement, but excludes any such termination
where there is a simultaneous reemployment by the Company or an Affiliate. 
 ARTICLE 3 
 ADMINISTRATION 
 3.1. The
Committee. The Plan shall be administered by the Committee. The Committee shall consist of not less than two (2) Directors. The members of the Committee shall be appointed from time to time by, and serve at the pleasure of, the Board.
It is intended that each member of the Committee shall qualify as (a) a “non-employee director” under Rule 16b-3, and (b) an “outside director” under section 162(m) of the Code and (c) an “independent
director” under the applicable listing standards of the New York 

  

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Stock Exchange and the NASDAQ Global Select Market. If it is later determined that one or more members of the Committee do not so qualify, actions taken by
the Committee prior to such determination shall be valid despite such failure to qualify. 
 3.2. Authority and Action of the
Committee. It shall be the duty of the Committee to administer the Plan in accordance with the Plan’s provisions. The Committee shall have all powers and discretion necessary or appropriate to administer the Plan and to control its
operation, including, but not limited to, the power to 
 (a) determine which Employees shall be eligible to receive Awards
and to grant Awards, 
 (b) prescribe the form, amount, timing and other terms and conditions of each Award, 
 (c) interpret the Plan and the Award Agreements, 
 (d) adopt such procedures as it deems necessary or appropriate to permit participation in the Plan by eligible Employees, 
 (e) adopt such rules as it deems necessary or appropriate for the administration, interpretation and application of the Plan, and

 (f) interpret, amend or revoke any such procedures or rules. 
 A majority of the Committee shall constitute a quorum. The acts of the Committee shall be either (i) acts of a majority of the members of the
Committee present at any meeting at which a quorum is present or (ii) acts approved in writing by all of the members of the Committee without a meeting. 
 3.3. Delegation by the Committee. The Committee, in its sole discretion and on such terms and conditions as it may provide, may, consistent with law, delegate all or any part of its authority and
powers under the Plan to one or more Directors and/or officers of the Company; provided, however, that the Committee may not delegate its authority or power with respect to (a) any officer of the Company with regard to the selection for
participation in this Plan of an officer or other person subject to Section 16 of the 1934 Act or decisions concerning the timing, pricing or amount of an award to such an officer or person or (b) any Award that is intended to satisfy the
requirements applicable to “qualified performance-based compensation” under section 162(m) of the Code. 
 3.4.
Decisions Binding. All determinations, decisions and interpretations by the Committee, the Board, and any delegate of the Committee pursuant to the provisions of the Plan shall be final, conclusive, and binding on all persons, and
shall be given the maximum deference permitted by law. 
 ARTICLE 4 
 SHARES SUBJECT TO THE PLAN 
 4.1. Number of Shares. Subject
to adjustment as provided in Section 4.3, 4,045,975 Shares shall be available for grants of Awards under the Plan. The maximum number of Shares with respect to which Options or SARs or a combination thereof may be granted during any Fiscal Year
to any person shall be 500,000, subject to adjustment as provided in Section 4.3. Shares awarded under the Plan may be either authorized but unissued Shares, authorized and issued Shares reacquired and held as treasury Shares or a combination
thereof. 
 4.2. Lapsed Awards. To the extent that Shares subject to an outstanding Option (except to the extent Shares
are issued or delivered by the Company in connection with the exercise of a tandem SAR) or other Award are not issued or delivered by reason of the expiration, cancellation, forfeiture or other termination of such Award or by reason of the delivery
or withholding of Shares to pay all or a portion of the exercise price of an Award, if any, or to satisfy all or a portion of the tax withholding obligations relating to an Award, then such Shares shall again be available under this Plan.

 4.3. Adjustments in Awards and Authorized Shares. In the event of any merger, reorganization, consolidation,
recapitalization, liquidation, stock dividend, split-up, Share combination, or other similar change in the corporate structure of the Company affecting the Shares, the Committee shall adjust the number, class and series of securities available under
the Plan, the number, class, series and purchase price of securities subject to outstanding Awards, and the numerical limits of Sections 4.1, 7.1 and 8.2.1 in such manner as the Committee in its sole discretion shall determine to be appropriate to
prevent the dilution or diminution of such Awards. If any 

  

 5 

 
such adjustment would result in a fractional security being (a) available under this Plan, such fractional security shall be disregarded, or
(b) subject to an outstanding Award under this Plan, the Company shall pay the holder of such Award, in connection with the first vesting, exercise or settlement of such Award in whole or in part occurring after such adjustment, an amount in
cash determined by multiplying (i) the fraction of such security (rounded to the nearest hundredth) by (ii) the excess, if any, of (A) the Fair Market Value on the vesting, exercise or settlement date over (B) the Exercise Price,
if any, of such Award. 
 ARTICLE 5 
 STOCK OPTIONS 
 5.1. Grant of Options. Subject to the provisions of the Plan, Options may be granted to
such Employees at such times, and subject to such terms and conditions, as determined by the Committee in its sole discretion. An Award of Options may include Incentive Stock Options, Non-Qualified Stock Options, or a combination thereof; provided,
that no Incentive Stock Option shall be granted more than ten years after the date this Plan is adopted by the Board. 
 5.2.
Award Agreement. Each Option shall be evidenced by an Award Agreement that shall specify the Exercise Price, the expiration date of the Option, the number, class and, if applicable, series of Shares to which the Option pertains
(provided that Incentive Stock Options may be granted only with respect to Class A Shares), any conditions to the exercise of all or a portion of the Option, and such other terms and conditions as the Committee, in its discretion, shall
determine. The Award Agreement pertaining to an Option shall designate such Option as an Incentive Stock Option or a Non-Qualified Stock Option. Notwithstanding any such designation, to the extent that the aggregate Fair Market Value (determined as
of the Grant Date) of Shares with respect to which Options designated as Incentive Stock Options are exercisable for the first time by a Participant during any calendar year (under this Plan or any other plan of the Company, or any parent or
subsidiary as defined in section 424 of the Code) exceeds the amount established by the Code, such Options shall constitute Non-Qualified Stock Options. For purposes of the preceding sentence, Incentive Stock Options shall be taken into account in
the order in which they are granted. 
 5.3. Exercise Price. Subject to the provisions of this Section 5.3, the
Exercise Price with respect to Shares subject to an Option shall be determined by the Committee in its sole discretion. 
 5.3.1.
Non-Qualified Stock Options. In the case of a Non-Qualified Stock Option, the Exercise Price may be equal to or greater than one hundred percent (100%) of the Fair Market Value of a Share on the Grant Date, as shall be
determined by the Committee in its sole discretion. 
 5.3.2. Incentive Stock Options. In the case of an Incentive Stock
Option, the Exercise Price shall be not less than one hundred percent (100%) of the Fair Market Value of a Share on the Grant Date; provided, however, that the Exercise Price with respect to a Ten Percent Shareholder shall not be less than one
hundred-ten percent (110%) of the Fair Market Value of a Share on the Grant Date. 
 5.4. Expiration of Options. 

 5.4.1. Expiration Dates. Each Option shall terminate not later than the expiration date specified in the Award
Agreement pertaining to such Option; provided, however, that the expiration date with respect to an Incentive Stock Option shall not be later than the tenth anniversary of its Grant Date and the expiration date with respect to an Incentive Stock
Option granted to a Ten Percent Holder shall not be later than the fifth anniversary of its Grant Date. 
 5.4.2. Termination of
Service. Unless otherwise specified in the Award Agreement pertaining to an Option, each Option granted to a Participant shall terminate no later than the first to occur of the following events: 
 (a) The expiration of ninety (90) days from the date of the Participant’s Termination of Service for any reason other than the
Participant’s death, Disability, Retirement or termination for Cause; 
 (b) The expiration of one (1) year from the
date of the Participant’s Termination of Service by reason of Disability; 
  

 6 

 (c) The expiration of one (1) year from the date of the Participant’s
Termination of Service by reason of the Participant’s Retirement (provided, that the portion of any Incentive Stock Option exercised more than three months after such Termination of Service shall be deemed to be a Non-Qualified Option);

 (d) The date of the Participant’s Termination of Service for Cause; or 
 (e) The expiration date specified in the Award Agreement pertaining to such Option. 
 5.4.3. Death of Employee. Unless otherwise specified in the Award Agreement pertaining to an Option, if a Participant to whom an
Option has been granted dies while an Employee but prior to the expiration, cancellation, forfeiture or other termination of such Option, such Option shall become exercisable in full upon the Participant’s death and shall be exercisable
thereafter until the earlier of (a) the expiration of one (1) year after the date of death, or (b) the expiration date specified in the Award Agreement pertaining to such Option. 
 5.5. Exercisability of Options. Subject to Section 5.4, Options granted under the Plan shall be exercisable at such times, and
shall be subject to such restrictions and conditions, as the Committee shall determine in its sole discretion. After an Option is granted, the Committee, in its sole discretion, may accelerate the exercisability of the Option. 
 5.6. Method of Exercise. Options shall be exercised by the Participant’s delivery of a written notice of exercise to the
Secretary of the Company (or its designee), setting forth the number of Shares with respect to which the Option is to be exercised, accompanied by full payment of the Exercise Price with respect to each such Share. The Exercise Price shall be
payable to the Company in full in cash or its equivalent (including, but not limited to, by means of, a broker-assisted cashless exercise). The Committee, in its sole discretion, also may permit exercise (a) by tendering previously acquired
Shares having an aggregate Fair Market Value at the time of exercise equal to the aggregate Exercise Price of the Shares with respect to which the Option is to be exercised, or (b) by any other means which the Committee, in its sole discretion,
determines to both provide legal consideration for the Shares, and to be consistent with the purposes of the Plan. 
 As soon as practicable
after receipt of a written notification of exercise and full payment for the Shares with respect to which the Option is exercised, the Company shall deliver to the Participant Share certificates (which may be in book entry form) for such Shares with
respect to which the Option is exercised. 
 5.7. Restrictions on Share Transferability. The Committee may impose such
restrictions on any Shares acquired pursuant to the exercise of an Option as it may deem advisable, including, but not limited to, restrictions related to applicable Federal securities laws, the requirements of any national securities exchange or
system upon which Shares are then listed or traded, or any blue sky or state securities laws. 
 ARTICLE 6 
 STOCK APPRECIATION RIGHTS 
 6.1.
Grant of SARs. Subject to the provisions of the Plan, SARs may be granted to such Employees at such times, and subject to such terms and conditions, as shall be determined by the Committee in its sole discretion; provided, that any
tandem SAR related to an Incentive Stock Option shall be granted at the same time that such Incentive Stock Option is granted. 
 6.2.
Exercise Price and Other Terms. The Committee, subject to the provisions of the Plan, shall have complete discretion to determine the terms and conditions of SARs granted under the Plan; provided, however, that SARs may be granted
only with respect to Class A Shares. Without limiting the foregoing, the Exercise Price with respect to Shares subject to an SAR may be equal to or greater than one hundred percent (100%) of the Fair Market Value of a Share on the Grant
Date, as shall be determined by the Committee in its sole discretion; provided, that the Exercise Price with respect to Shares subject to a tandem SAR shall be the same as the Exercise Price with respect to the Shares subject to the related Option.

 6.3. SAR Agreement. Each SAR grant shall be evidenced by an Award Agreement that shall specify the Exercise Price,
the term of the SAR, the conditions of exercise, and such other terms and conditions as the Committee, in its sole discretion, shall determine. 
  

 7 

 6.4. Expiration of SARS  
 6.4.1. Expiration Dates. Each SAR shall terminate not later than as of the expiration date specified in the Award Agreement
pertaining to such SAR; provided, however, that the expiration date with respect to a tandem SAR shall not be later than expiration date of the related Option. 
 6.4.2. Termination of Service. Unless otherwise specified in the Award Agreement pertaining to an SAR, each SAR granted to a Participant shall terminate no later than the first to occur of the
following events: 
 (a) The expiration of ninety (90) days from the date of the Participant’s Termination of
Service for any reason other than the Participant’s death, Disability, Retirement or termination for Cause; 
 (b) The
expiration of one (1) year from the date of the Participant’s Termination of Service by reason of the Participant’s Disability or Retirement; 
 (c) The date of the Participant’s Termination of Service for Cause; or 
 (d) The expiration date specified in the Award Agreement pertaining to such SAR. 
 6.4.3. Death of Employee. Unless otherwise specified in the Award Agreement pertaining to an SAR, if a Participant to whom an SAR
has been granted dies while an Employee but prior to the expiration, cancellation, forfeiture or other termination of such SAR, such SAR shall become exercisable in full upon the Participant’s death and shall be exercisable thereafter until the
earlier of (a) the expiration of one (1) year after the date of death, or (b) the expiration date specified in the Award Agreement pertaining to such SAR. 
 6.5. Payment of SAR Amount. An SAR may be exercised (a) by the Participant’s delivery of a written notice of exercise to the Secretary of the Company (or its designee) setting forth the
number of whole SARs which are being exercised, (b) in the case of a tandem SAR, by surrendering to the Company any Options which are cancelled by reason of the exercise of such SAR, and (c) by executing such documents as the Company may
reasonably request. Upon exercise of an SAR, the Participant shall be entitled to receive payment from the Company in an amount determined by multiplying: 
 (i) The amount by which the Fair Market Value of a Share on the date of exercise exceeds the Exercise Price specified in the Award Agreement pertaining to such SAR; times 
 (ii) The number of Shares with respect to which the SAR is exercised. 
 6.6. Payment Upon Exercise of SAR. Unless otherwise specified in the Award Agreement pertaining to an SAR, payment to a Participant
upon the exercise of the SAR may be made, as determined by the Committee in its sole discretion, either (a) in cash, (b) in Shares with a Fair Market Value equal to the amount of the payment or (c) in a combination thereof.

 ARTICLE 7 
 STOCK
AWARDS 
 7.1. Grant of Stock Awards. Subject to the provisions of the Plan, Stock Awards may be granted to such
Employees at such times, and subject to such terms and conditions, as determined by the Committee in its sole discretion; provided, however, that Stock Awards may be granted only with respect to Class A Shares. The Award Agreement pertaining to
a Stock Award shall specify whether it is a Restricted Stock Award or a Bonus Stock Award. The maximum number of Shares with respect to which a Stock Award may be granted during any Fiscal Year to any person shall be 500,000, subject to adjustment
as provided in Section 4.3. 
 7.2. Stock Award Agreement. Each Stock Award shall be evidenced by an Award
Agreement that shall specify the number of Shares granted, any price to be paid for the Shares, the Performance Goals (if any) and Period of Restriction applicable to a Restricted Stock Award and such other terms and conditions as the Committee, in
its sole discretion, shall determine. Bonus Stock Awards shall not be subject to any Periods of Restriction. 
 7.3.
Transferability/Share Certificates. Shares subject to an Award of Restricted Stock may not be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated during a Period of Restriction. During the Period of
Restriction, a Restricted Stock Award may be registered in the holder’s name or a nominee name at the discretion of the Company and may bear a legend as described in Section 7.4.3. Unless the Committee determines otherwise, Shares of
Restricted Stock shall be held by the Company as 

  

 8 

 
escrow agent during the applicable Period of Restriction, together with stock powers or other instruments of assignment (including a power of attorney), each
endorsed in blank with a guarantee of signature if deemed necessary or appropriate by the Company, which would permit transfer to the Company of all or a portion of the Shares subject to the Restricted Stock Award in the event such Award is
forfeited in whole or in part. Upon the grant of a Bonus Stock Award, subject to the Company’s right to require payment of any taxes, a certificate or certificates evidencing ownership of the requisite number of Shares shall be delivered to the
Participant. 
 7.4. Other Restrictions. The Committee, in its sole discretion, may impose such other restrictions on
Shares subject to an Award of Restricted Stock as it may deem advisable or appropriate, in accordance with this Section 7.4. 
 7.4.1. General Restrictions. The Committee may set restrictions based upon the achievement of specific performance objectives (Company-wide, business unit or individual), applicable federal or state securities laws, or
any other basis determined by the Committee in its discretion. 
 7.4.2. Section 162(m) Performance Restrictions.
In the case of Awards of Restricted Stock which are intended to satisfy the requirements for “qualified performance-based compensation” under section 162(m) of the Code, the Committee shall set restrictions based upon the achievement of
Performance Goals. 
 7.4.3. Legend on Certificates. The Committee, in its discretion, may legend the certificates
representing Restricted Stock during the Period of Restriction to give appropriate notice of such restrictions. For example, the Committee may determine that some or all certificates representing Shares of Restricted Stock shall bear the following
legend: 
 “The sale or other transfer of the shares of stock represented by this certificate, whether voluntary, involuntary, or by
operation of law, is subject to certain restrictions on transfer as set forth in the Chicago Mercantile Exchange Holdings Inc., Amended and Restated Omnibus Stock Plan (the “Plan”), and in a Restricted Stock Agreement (as defined by the
Plan). A copy of the Plan and such Restricted Stock Agreement may be obtained from the Secretary of Chicago Mercantile Exchange Holdings Inc.” 
 7.5. Removal of Restrictions. Shares of Restricted Stock covered by a Restricted Stock Award made under the Plan shall be released from escrow as soon as practicable after the termination of the Period of Restriction
(and the satisfaction or attainment of any applicable Performance Goals) and, subject to the Company’s right to require payment of any taxes, a certificate or certificates evidencing ownership of the requisite number of Shares shall be
delivered to the Participant. 
 7.6. Voting Rights. During the Period of Restriction, Participants holding Shares of
Restricted Stock granted hereunder may exercise full voting rights with respect to those Shares, unless otherwise provided in the Award Agreement. 
 7.7. Dividends and Other Distributions. During the Period of Restriction, Participants holding Shares of Restricted Stock shall be entitled to receive all ordinary dividends and other distributions paid with respect to
such Shares unless otherwise provided in the Award Agreement. If any such dividends or distributions are paid in Shares, the Shares shall be deposited with the Company and shall be subject to the same restrictions on transferability and
forfeitability as the Shares of Restricted Stock with respect to which they were paid. The Committee shall have the discretion to determine the treatment of any extraordinary dividends. 
 7.8. Return of Restricted Stock to Company. On the date set forth in the Award Agreement, the Restricted Stock for which
restrictions have not lapsed shall revert to the Company and again shall become available for Awards under the Plan. 
 7.9.
Termination of Service.  
 7.9.1. Disability, Retirement and Death. Unless otherwise specified in the
Award Agreement pertaining to a Restricted Stock Award granted to a Participant, upon the Participant’s Termination of Service by reason of Disability, Retirement or death, the Period of Restriction shall terminate as of such date, and all
Performance Goals shall be deemed to have been satisfied at the target level. 
  

 9 

 7.9.2. Other Termination of Service. Unless otherwise specified in the Award
Agreement pertaining to a Restricted Stock Award granted to a Participant, upon the Participant’s Termination of Service for any reason other than Disability, Retirement or death, the portion of such Award which is subject to a Period of
Restriction on such date shall be forfeited by the Participant and canceled by the Company. 
 ARTICLE 8 
 PERFORMANCE SHARE AWARDS 
 8.1.
Performance Share Awards. Subject to the provisions of the Plan, Performance Share Awards may be granted to such Employees at such times, and subject to such terms and conditions, as determined by the Committee in its sole
discretion; provided, however, that Performance Share Awards may be granted only with respect to Class A Shares. 
 8.2.
Terms of Performance Share Award Agreement.  
 8.2.1. Number of Performance Shares and Performance
Goals. The Award Agreement pertaining to a Performance Share Award shall specify the number of Performance Shares subject to the Award and the Performance Goals and the Performance Period. The maximum number of Shares with respect to which a
Performance Share Award may be granted during any Fiscal Year to any person shall be 500,000, subject to adjustment as provided in Section 4.3. 
 8.2.2. Vesting and Forfeiture. The Award Agreement pertaining to a Performance Share Award shall specify, in the Committee’s discretion and subject to the terms of the Plan, for the vesting
of such Award if specified Performance Goals are satisfied or met during the Performance Period, and for the forfeiture of all or a portion of such Award if specified Performance Goals are not satisfied or met during the Performance Period.

 8.2.3. Settlement of Vested Performance Share Awards. The Award Agreement pertaining to a Performance Share Award
(i) shall specify whether such Award may be settled in Shares (including Shares of Restricted Stock) or cash or a combination thereof and (ii) may specify whether the holder thereof shall be entitled to receive, on a current or deferred
basis, dividend equivalents, and, if determined by the Committee, interest on or the deemed reinvestment of any deferred dividend equivalents, with respect to the number of Shares subject to such Award. If a Performance Share Award is settled in
Shares of Restricted Stock, a certificate or certificates representing such Restricted Stock shall be issued in accordance with Section 7.5, and the Participant shall have such rights of a stockholder of the Company as determined pursuant to
Section 7.6 and 7.7. Prior to the settlement of a Performance Share Award in Shares, including Restricted Stock, the Participant shall have no rights as a stockholder of the Company with respect to the Shares subject to such Award. Settlement
of a Performance Share Award shall occur within 30 days after the date the Performance Goals underlying such Award have been attained or are deemed to have been attained pursuant to Section 8.3.1. Notwithstanding any provision herein to the
contrary, to the extent necessary to avoid adverse tax consequences to a Participant who is a “specified employee” under Section 409A of the Code, settlement of a Performance Share Award shall not be made until after the expiration of
the six-month period commencing on the Participant’s Termination of Service. 
 8.3. Termination of Service. 

 8.3.1. Disability, Retirement and Death. Unless otherwise specified in the Award Agreement pertaining to a
Performance Share Award granted to a Participant, upon the Participant’s Termination of Service by reason of Disability, Retirement or death, all Performance Goals shall be deemed to have been satisfied at the target level with respect to such
Performance Share Award. In the case of an Award that is intended to qualify as “qualified performance-based compensation” under Section 162(m) of the Code, the preceding sentence shall apply solely with respect to a Termination of
Service by reason of Disability or death. 
 8.3.2. Other Termination of Service. Unless otherwise specified in the
Award Agreement pertaining to a Performance Share Award granted to a Participant, upon the Participant’s Termination of Service for any reason other than Disability, Retirement or death, the portion of such Award which is subject to outstanding
Performance Goals on such date shall be forfeited by the Participant and canceled by the Company. 
  

 10 

 ARTICLE 9 
 MISCELLANEOUS 
 9.1. No Effect on Employment or Service. Nothing in the Plan
shall interfere with or limit in any way the right of the Company to terminate any Participant’s employment or service at any time, with or without cause. For purposes of the Plan, transfer of employment of a Participant between the Company and
any one of its Affiliates (or between Affiliates) shall not be deemed a Termination of Service. Employment with the Company and Affiliates is on an at-will basis only. 
 9.2. Participation. No Employee shall have the right to be selected to receive an Award under this Plan, or, having been so selected, to be selected to receive a future Award. 
 9.3. Indemnification. Each person who is or shall have been a member of the Committee, or of the Board, shall be indemnified and
held harmless by the Company against and from (a) any loss, cost, liability, or expense that may be imposed upon or reasonably incurred by him or her in connection with or resulting from any claim, action, suit, or proceeding to which he or she
may be a party or in which he or she may be involved by reason of any good faith action taken or good faith failure to act under the Plan or any Award Agreement, and (b) from any and all amounts paid by him or her in settlement thereof, with
the Company’s approval, or paid by him or her in satisfaction of any judgment in any such claim, action, suit, or proceeding against him or her, provided he or she shall give the Company an opportunity, at its own expense, to handle and defend
the same before he or she undertakes to handle and defend it on his or her own behalf. The foregoing right of indemnification shall not be exclusive of any other rights of indemnification to which such persons may be entitled under the
Company’s Certificate of Incorporation or Bylaws, by contract, as a matter of law, or otherwise, or under any power that the Company may have to indemnify them or hold them harmless. 
 9.4. Successors. All obligations of the Company under the Plan, with respect to Awards granted hereunder, shall be binding on any
successor to the Company, whether the existence of such successor is the result of a direct or indirect purchase, merger, consolidation or otherwise, of all or substantially all of the business or assets of the Company. 
 9.5. Beneficiary Designations. A Participant under the Plan may name a beneficiary or beneficiaries to whom any vested but unpaid
Award shall be paid in the event of the Participant’s death. For purposes of this section, a beneficiary may include a designated trust having as its primary beneficiary a family member of a Participant. Each such designation shall revoke all
prior designations by the Participant and shall be effective only if given in a form and manner acceptable to the Committee. In the absence of any such designation, any vested benefits remaining unpaid at the Participant’s death shall be paid
to the Participant’s estate and, subject to the terms of the Plan and of the applicable Award Agreement, any unexercised vested Award may be exercised by the administrator or executor of the Participant’s estate. 
 9.6. Nontransferability of Awards. Unless otherwise determined by the Committee with respect to an Award other than an Incentive
Stock Option, no Award granted under the Plan may be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated, other than by will, by the laws of descent and distribution, or to the limited extent provided in Section 9.5.
All rights with respect to an Award granted to a Participant shall be available during his or her lifetime only to the Participant and may be exercised only by the Participant or the Participant’s legal representative. 
 9.7. No Rights as Stockholder. Except to the limited extent provided in Sections 7.6 and 7.7, no Participant (nor any beneficiary)
shall have any of the rights or privileges of a stockholder of the Company with respect to any Shares issuable pursuant to an Award (or exercise thereof), unless and until certificates representing such Shares shall have been issued, recorded on the
records of the Company or its transfer agents or registrars, and delivered to the Participant (or beneficiary). 
 9.8.
Withholding Requirements. Prior to the delivery of any Shares or cash pursuant to an Award (or exercise thereof), the Company shall have the power and the right to deduct (including, but not limited to, deduction through a
broker-assisted cashless exercise) or withhold, or require a Participant to remit to the Company, an amount sufficient to satisfy federal, state, local and foreign taxes (including, but not limited to, the Participant’s FICA and SDI
obligations) required to be withheld with respect to such Award (or exercise thereof). Notwithstanding any contrary provision of the Plan, if a Participant fails to remit to the Company such withholding amount within the time period specified by the
Committee (in its discretion), the Participant’s Award may, in the Committee’s discretion, be forfeited and in such case the Participant shall not receive any of the Shares subject to such Award. 
  

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 9.9. Withholding Arrangements. The Committee, in its sole discretion and pursuant to
such procedures as it may specify from time to time, may permit or require a Participant to satisfy all or part of the minimum tax withholding obligations in connection with an Award by (a) having the Company withhold otherwise deliverable
Shares, or (b) delivering to the Company already-owned Shares having a Fair Market Value equal to the amount required to be withheld. 
 9.10. Deferrals. The Committee, in its sole discretion, may permit a Participant to defer receipt of the payment of cash or the delivery of Shares that would otherwise be delivered to a Participant under the Plan. Any
such deferral elections shall be subject to such rules and procedures as shall be determined by the Committee in its sole discretion and shall be done in a manner so as not to result in taxation under Section 409A of the Code. 
 9.11. Change of Control. (a)(1) Notwithstanding any provision in this Plan or any Award Agreement, in the event of a Change of
Control pursuant to paragraphs (c) or (d) of Section 2.8 in connection with which the holders of Shares receive shares of common stock that are registered under Section 12 of the 1934 Act, (i) all outstanding Options and
SARs shall immediately become exercisable in full, (ii) the Period of Restriction applicable to any outstanding Restricted Stock Award shall lapse, (iii) the Performance Period applicable to any outstanding Performance Share shall lapse,
(iv) the Performance Goals applicable to any outstanding award shall be deemed to be satisfied at the maximum level and (v) there shall be substituted for each Share available under this Plan, whether or not then subject to an outstanding
award, the number and class of shares into which each outstanding Share shall be converted pursuant to such Change of Control. In the event of any such substitution, the purchase price per share in the case of an Option and the base price in the
case of an SAR shall be appropriately adjusted by the Committee (whose determination shall be final, binding and conclusive), such adjustments to be made in the case of outstanding Options and SARs without an increase in the aggregate purchase price
or base price. 
 (2) Notwithstanding any provision in this Plan or any Award Agreement, in the event of a Change of Control
pursuant to paragraph (a) or (b) of Section 2.8, or in the event of a Change of Control pursuant to paragraph (c) or (d) of Section 2.8 in connection with which the holders of Shares receive consideration other than
shares of common stock that are registered under Section 12 of the 1934 Act, each outstanding Award shall be surrendered to the Company by the holder thereof, and each such Award shall immediately be canceled by the Company, and the holder
shall receive, within ten days of the occurrence of a Change of Control, a cash payment from the Company in an amount equal to (i) in the case of an Option, the number of Shares then subject to such Option, multiplied by the excess, if any, of
the Fair Market Value of a Share on the date of occurrence of the Change of Control, over the purchase price per Share subject to the Option, (ii) in the case of an SAR other than a tandem SAR, the number of Shares then subject to such SAR,
multiplied by the excess, if any, of the Fair Market Value of a Share on the date of occurrence of the Change of Control, over the base price of the SAR, (iii) in the case of a Restricted Stock Award or Performance Share Award, the number of
Shares or the number of Performance Shares, as the case may be, then subject to such Award, multiplied by the greater of (A) the highest per Share price offered to stockholders of the Company in any transaction whereby the Change of Control
takes place or (B) the Fair Market Value of a Share on the date of occurrence of the Change of Control. Notwithstanding the foregoing, in the event of a Change in Control that does not constitute a “change in control event” as defined
for purposes of Section 409A of the Code, the payment with respect to Performance Shares described in clause (iii) of the preceding sentence shall not be paid until the time prescribed in Section 8.2.3. 
 In the event of a Change of Control, each tandem SAR shall be surrendered by the holder thereof and shall be canceled simultaneously with
the cancellation of the related Option. The Company may, but is not required to, cooperate with any person who is subject to Section 16 of the Exchange Act to assure that any cash payment in accordance with the foregoing to such person is made
in compliance with Section 16 and the rules and regulations thereunder. 
 9.12. Restrictions on Shares. Each Award
made hereunder shall be subject to the requirement that if an any time the Company determines that the listing, registration or qualification of the Shares subject to such Award upon any securities exchange or under a any law, or the consent or
approval of any governmental body, or the taking of any other action is necessary or desirable as a condition of, or in connection with, the exercise or settlement of such Award or the delivery of Shares thereunder, such Award shall not be exercised
or settled and such Shares shall not be delivered unless such listing, registration, qualification, consent, approval or 

  

 12 

 
other action shall have been effected or obtained, free of any conditions not acceptable to the Company. The Company may require that certificates evidencing
shares delivered pursuant to any Award made hereunder bear a legend in indicating that the sale, transfer o other disposition thereof by the holder is prohibited except in compliance with the Securities Act of 1933, as amended, and the rules and
regulations thereunder. 
 ARTICLE 10 
 AMENDMENT, TERMINATION AND DURATION 
  
  
 10.1. Amendment,
Suspension or Termination. The Board, in its sole discretion, may amend, suspend or terminate the Plan, or any part thereof, at any time and for any reason, subject to any requirement of stockholder approval required by applicable law, rule
or regulation, including section 162(m) and section 422 of the Code; provided further that the Board may not permit the repricing of any outstanding Awards without stockholder approval. The amendment, suspension or termination of the Plan shall not,
without the consent of the Participant, alter or impair any rights or obligations under any Award theretofore granted to such Participant. No Award may be granted during any period of suspension or after termination of the Plan. 
 10.2. Duration of the Plan. The Plan shall, subject to Section 10.1 (regarding the Board’s right to amend or terminate the
Plan), terminate on June 30, 2012, unless earlier terminated by the Board. The termination of the Plan shall not affect any Awards granted prior to the termination of the Plan. 
 ARTICLE 11 
 LEGAL CONSTRUCTION 
 11.1. Gender and Number. Except where otherwise indicated by the context, any masculine term used herein also shall include the
feminine; the plural shall include the singular and the singular shall include the plural. 
 11.2. Severability. In the
event any provision of the Plan shall be held illegal or invalid for any reason, the illegality or invalidity shall not affect the remaining parts of the Plan, and the Plan shall be construed and enforced as if the illegal or invalid provision had
not been included. 
 11.3. Requirements of Law. The granting of Awards and the issuance of Shares under the Plan shall
be subject to all applicable laws, rules and regulations, and to such approvals by any governmental agencies or national securities exchanges as may be required. 
 11.4. Section 409A. The Plan is intended to comply with Section 409A of the Code and the interpretative guidance thereunder and shall at all times be interpreted and administered in
accordance with such intent. To the extent that any provision of the Plan violates Section 409A, such provision shall be automatically reformed, if possible, to comply with Section 409A or stricken from the Plan. If an operational failure
occurs with respect to Section 409A requirements, any affected Participant shall fully cooperate with the Company to correct the failure, to the extent possible, in accordance with any correction procedure established by the Internal Revenue
Service. No provision of the Plan shall be interpreted to transfer any liability for a failure to comply with Section 409A from a Participant or any other individual to the Company. 
 11.5. Governing Law. The Plan and all Award Agreements shall be construed in accordance with and governed by the laws of the State
of Delaware, but without regard to its conflict of law provisions. 
 11.6. Captions. Captions are provided herein for
convenience only, and shall not serve as a basis for interpretation or construction of the Plan. 
  

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