Document:

Employment and Confidential Information Agreement

 Exhibit 10.1 
 K-V PHARMACEUTICAL COMPANY 
 EMPLOYMENT AND
CONFIDENTIAL INFORMATION AGREEMENT 
 This Agreement (“Agreement”) is entered into on December 22, 1995,
between Richard H. Chibnall (“Employee”) and K-V PHARMACEUTICAL COMPANY, a Delaware corporation (“KV”). 
 In consideration of Employee’s employment or continued employment by KV and other valuable consideration, the receipt and sufficiency of which are acknowledged, Employee agrees as follows: 
 1. Affiliates. KV has or may in the future have one or more subsidiaries and/or affiliated companies (collectively referred to in the
remainder of this Agreement as the “Companies”). From time to time, KV and the Companies may exchange or use facilities, technology and/or Confidential Information (as that term is defined below) of the other. The covenants in this
Agreement are for the benefit and protection of KV and the Companies. 
 2. Nature of Employment. Employee is hereby
employed by KV in the position of Corporate Controller. Employee acknowledges and agrees that his/her job title and/or responsibilities may change from time to time. Employee further agrees that, at all times, (s)he shall devote his/her full time
and best efforts to performing all duties reasonably assigned by KV. 
 3. Compensation. As compensation for
Employee’s services to KV, Employee shall receive a base salary at the rate of One Hundred Thousand Dollars ($100,000.00) per year, payable at such intervals as KV pays its other employees. In addition, Employee shall be entitled to participate
in the fringe benefits normally provided to other KV employees at comparable employment levels. Employee’s compensation shall be subject to KV’s normal compensation review. 
 4. Term. The initial term of this Agreement shall begin on December 22, 1995, and continue until March 31, 1996, unless
terminated sooner in accordance with paragraph 5 of this Agreement. If not terminated sooner under paragraph 5 hereof, this Agreement shall automatically renew for successive one (1) year periods unless and until either party terminates this
Agreement pursuant to the provisions of paragraph 5. Termination of this Agreement by either party, for any reason, shall in no manner affect the covenants contained in paragraphs 6-11 of this Agreement. 
 5. Termination. Either party may terminate this Agreement, for any reason, by giving the other party thirty (30) calendar
day’s advance written notice. KV may, at its sole discretion, elect to pay Employee in lieu of having Employee continue to work during the notice period. If KV exercises this right and option, it shall pay Employee, on KV’s regularly
scheduled paydays and in accordance with KV’s regular pay practices, either: (A) Employee’s regular wages for a period of thirty (30) calendar days or (B) one-half (1/2) of Employee’s regular wages for a period of
sixty (60) calendar days. KV reserves the right to cease the payment(s) described above if, in KV’s reasonable determination, Employee breaches this Agreement during the period of such payments. Notwithstanding the foregoing, KV may
terminate this Agreement without prior written notice to Employee or any continuing compensation obligations if, in KV’s reasonable determination, Employee has breached this Agreement or Employee’s continued employment is detrimental to
KV’s best interests. By way of example, but not limitation, Employee’s continued employment will be deemed detrimental to KV’s best interests if Employee has engaged in dishonesty, disloyalty, failure to perform his/her duties to KV
or any act which may be harmful to the reputation of KV and/or the Companies. 
  

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 6. Confidential Information. In the course of performing his/her responsibilities as
an employee of KV, Employee has or may come into possession of technical, financial or business information pertaining to KV and/or the Companies which is not published or readily available to the public, including, but not limited to, trade
secrets, techniques, designs, formulae, methods, processes, devices, machinery, equipment, inventions, research and development projects, programs, plans and data, clinical projects and data, plans for future developments, marketing concepts and
plans, pricing information, licensing agreements, and lists of or other information pertaining to and/or received from employees, customers and/or suppliers (“Confidential Information”). Employee acknowledges that the Confidential
Information is important to and greatly affects the success of KV and the Companies in a competitive, worldwide marketplace. Employee further agrees that while employed by KV and at all times thereafter, regardless of how, when and why that
employment ends, Employee shall hold in the strictest confidence, and shall not disclose, duplicate and/or use for himself/herself or any other person or entity any Confidential Information without: (A) the prior written consent of an officer
of KV, or (B) unless required to do so in order to perform his/her responsibilities while employed by KV. 
 7.
Publication. Employee agrees not to publish or cause or permit to be published any article, oral presentation or material related to KV and/or the Companies, including any information related to any products or proposed products, without
obtaining the prior written consent of an officer of KV. 
 8. No Other Contract. Except as listed below, Employee
warrants that (s)he is not bound by the terms of any other agreement, oral or written, which would limit or preclude him/her from disclosing to KV and/or the Companies any idea, invention, discovery or other information pertaining or related to
Employee’s responsibilities as an employee of KV. Employee agrees to promptly provide KV with a copy of any and all agreements listed below. Employee further agrees not to disclose to KV or the Companies, or to seek to induce KV or the
Companies to use any confidential information, material or trade secrets belonging to any other person or entity. 
 9. Right to Work Product. Any and all designs, inventions, discoveries, improvements, specifications, technical data, reports, business plans and other embodiments of Employee’s work conceived, made, discovered and/or produced by Employee during the period of his/her
employment by KV, either solely or jointly with others: (A) in the course of performing his/her duties for KV, (B) which are based, in whole or part, upon Confidential Information, the resources, supplies, facilities or business, technical
or financial information of KV and/or the Companies, or (C) which relate to the business or the anticipated research and development of KV, the Companies or both (“Work Product”), shall be the sole property of KV and available to KV
at all times. Employee agrees to promptly disclose and assign and hereby assigns to KV, without royalty or other additional consideration, any and all of Employee’s proprietary rights to any and all Work Product. Employee further agrees that
during his/her employment by KV and after that employment ends, regardless of how, when and why, (s)he shall, upon KV’s request: (A) execute any and all applications for copyright and/or patent of Work Product which may be prepared for
his/her signature, (B) assign to KV any and all such applications, copyrights and patents relating thereto, and (C) assist KV, as KV deems necessary, in order for KV to apply for, defend or enforce any copyright or patent. KV shall pay all
expenses of preparing, filing and prosecuting any such application and of obtaining such copyrights and patents. In the event Employee is not employed by KV at the time any request for assistance is made by KV, KV shall pay Employee a reasonable
payment for Employee’s time and shall schedule any needed assistance so as to not to interfere with Employee’s then current employment and obligations. 
 10. Return of Property. Upon the termination of Employee’s employment with KV, regardless of how, when and why that employment ends, Employee shall immediately deliver to KV all property of KV
and all property of the Companies, including, but not limited to, all records and documents (including all copies) containing or relating to Confidential Information. 
  

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 11. Restrictive Covenants. The parties acknowledge and agree that at the time this
Agreement was entered, the business of KV and the Companies included, but was not limited to, the contract or private label manufacture for other marketers or distributors of pharmaceutical preparations or specialty chemicals, and the research,
development, manufacture, sale and distribution of drug delivery products and technology. Employee agrees that during the thirty-six (36) consecutive months immediately following termination of Employee’s employment with KV, regardless of
how, when or why that employment ends, Employee shall not in any manner or in any capacity, directly or indirectly, for himself/herself or any other person or entity, actually or attempt: 
  

	 	(A)	to perform any of the same or similar responsibilities as Employee performed for KV under this Agreement, on behalf of or for any business that engages in the same or
similar business as: 

  

	 	(i)	KV anywhere KV has conducted business, or 

  

	 	(ii)	the Companies anywhere the Companies have conducted business during the twenty-four (24) months immediately preceding termination of employment; or

  

	 	(B)	to interfere with or take away: 

  

	 	(i)	any customer of KV that has conducted business with KV, or 

  

	 	(ii)	any customer of the Companies that has conducted business with the Companies during the twenty-four (24) months immediately preceding termination of employment; or

  

	 	(C)	to interfere with any of the suppliers of KV and/or the Companies, including, without limitation, reducing in any material way the willingness or capability of any
supplier to continue supplying KV with its and/or the Companies with their present or contemplated requirements; or 

  

	 	(D)	to solicit or interfere with the relationship between KV and any of its employees or agents, and/or the Companies and any of their employees or agents; or

  

	 	(E)	to acquire any interest in any business that engages in the same or similar business as: 

  

	 	(i)	KV anywhere KV has conducted business, or 

  

	 	(ii)	the Companies anywhere the Companies have conducted business during the twenty-four (24) months immediately preceding termination of employment.

 Employee further agrees that (s)he shall not engage in any of the activities listed above while (s)he is employed by KV.

 Employee acknowledges and agrees that his/her experience, knowledge and capabilities are such that (s)he can obtain
employment in unrelated pharmaceutical, chemical, food, industrial, household, confectionery or other businesses, and that the enforcement of this paragraph 11 by way of injunction would not prevent Employee from earning a livelihood. Employee
further agrees that if (s)he has any question(s) regarding the scope of activities restricted by this paragraph 11, (s)he shall, to avoid confusion or misunderstanding, submit the question(s) in writing to an officer of KV for a written response by
KV. Employee additionally agrees to keep KV advised of the identity of his/her employer and his/her work location during the period covered by this paragraph 11. 
 12. Investment Securities. Anything to the contrary notwithstanding, nothing in this Agreement shall limit the right of Employee as an investor to hold or to acquire the stock or other investment
securities of any business entity that is registered on a national securities exchange or regularly traded on a generally recognized over-the-counter market, so long as Employee’s interest of any such business entity does not exceed five
percent (5%) of the ownership of that business entity. 
  

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 13. Material Breach. Any breach of this Agreement shall be a material breach of this
Agreement. 
 14. Employee Consent. In order to preserve the rights under this Agreement of KV and the Companies, KV
and/or the Companies may advise any third party with whom Employee may consider, establish or contract a relationship of the existence of this Agreement and of its terms. KV and the Companies shall have no liability for so acting. 
 15. Controlling Law. This Agreement shall be construed in accordance with the laws of the State of Missouri. The parties agree that
any controversy arising with respect to this Agreement shall fall under the exclusive jurisdiction of the Circuit Court of the County of St. Louis, Missouri, and each party hereby consents to the jurisdiction of that court. 
 16. Remedies. Employee agrees that the promises in this Agreement are reasonable and necessary to protect the legitimate business
interests of KV and the Companies, that any violation by Employee of any of the promises in this Agreement would result in great damage and irreparable injury to KV and/or the Companies, and that KV and/or the Companies have the right to any and all
legal and/or equitable remedies available for breach of this Agreement. Employee further agrees that enforcement by KV and/or the Companies of the promises contained in this Agreement by way of injunction would not prevent Employee from making a
living. 
 17. Severability. In the event any whole or partial provision in this Agreement is deemed unenforceable, it
shall not invalidate the remaining whole or partial provisions of this Agreement. In addition, the parties have attempted to limit Employee’s right to compete only to the extent necessary to protect KV from unfair competition. Consequently, the
parties further agree that if any whole or partial restrictive covenant in this Agreement is deemed unenforceable because overly broad in geographic scope, activity or time duration, that provision shall be automatically modified so as to be
enforceable to the maximum extent reasonable. 
 18. Assignment. This Agreement is not assignable by Employee, and shall
be binding upon Employee and Employee’s heirs, executors and legal and/or personal representatives. This Agreement is assignable by KV, and shall inure to the benefit of KV, its successors and assigns. 
 19. Nonwaiver. Failure of KV and/or the Companies to exercise any of its/their rights in the event Employee breaches any of the
promises in this Agreement shall not be construed as a waiver of such a breach or prevent KV and/or the Companies from later enforcing strict compliance with the promises in this Agreement. 
 20. Modification. This Agreement contains the parties’ complete agreement, and supersedes any other agreement, oral or written,
pertaining to the subject matter of this Agreement. This Agreement may be altered, amended or revoked at any time only by a writing signed by both parties. 
 21. Acknowledgment. Employee agrees that: (A) (s)he fully understands his/her right to discuss all aspects of this Agreement with legal or personal advisors of his/her choice, (B) to the
extent (s)he desired, (s)he has done so, (C) (s)he has carefully read and fully understands all of the provisions of this Agreement, and (D) (s)he has voluntarily entered into this Agreement. 
  

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 IN WITNESS WHEREOF, Employee and KV have executed this Agreement on the day and year
first written above. 
  

					
	EMPLOYEE	 	COMPANY
			
	 /s/ Richard H. Chibnall
	 	By	 	 /s/ Gerald R. Mitchell

			
		 	Title	 	 VP, Finance

		 		 	 KV Pharmaceutical Company

  

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 KV PHARMACEUTICAL COMPANY 
 AMENDMENT TO EMPLOYMENT AGREEMENT 
 THIS
AMENDMENT (“Amendment”) is entered into effective February 1, 2000, between RICHARD H. CHIBNALL (“Employee”) and KV PHARMACEUTICAL COMPANY, a Delaware corporation (“KV”). 
 WHEREAS KV and Employee have entered into that certain KV Pharmaceutical Company Employment and Confidential Information Agreement dated
December 22, 1995 (the “Employment Agreement”); and 
 WHEREAS KV and Employee desire to make certain changes and
additions to Employment Agreement; 
 NOW THREFORE, in consideration of Employee’s employment or continued employment by KV
and other valuable consideration, the receipt and sufficiency of which are acknowledged, KV and Employee agrees as follows: 
 1. Paragraph 2 of the Employment Agreement regarding “Nature of Employment” is hereby amended to specify the position of Vice President, Finance. 
 2. Paragraph 3 of the Employment Agreement regarding “Compensation” is hereby amended to specify a base salary of One Hundred Thirty Seven Thousand Five Hundred Dollars ($137,500.00) effective
February 1, 2000. 
 3. Paragraph 4 of the Employment Agreement regarding “Term” is hereby amended in its
entirety to read as follows: 
 4. Term. This Agreement shall be effective as of the date first set
forth above and continue until March 31, 2005, unless terminated sooner in accordance with Paragraph 5 of this Agreement. If not terminated sooner under Paragraph 5 hereof, this Agreement shall automatically renew for successive twelve
(12) month periods unless and until either party terminates this Agreement pursuant to the provisions of Paragraph 5. Termination of this Agreement by either party, for any reason, shall in no matter affect the covenants contained in Paragraphs
6-11 of this Agreement. 
 4. Paragraph 5 of the Employment Agreement regarding “Termination” is hereby amended in its
entirety to read as follows: 
 5. Termination. 
 (A) Voluntary. Employee may terminate this Agreement (a) at the end of the initial term or, after
completion of the initial term, (b) at the end of each successive term, for any reason, by notifying KV in writing three (3) calendar months’ prior to the end of the term, or (c) within one (1) calendar month following a
substantial reduction in Employee’s position and responsibilities by notifying KV in writing of Employee’s voluntary termination effective six (6) calendar months after the date of such notice. In all three cases, such advance written
notice shall be directed to KV’s Vice President, Human Resources. 
 In the event of such voluntary
termination, Employee agrees, pursuant to (a) or (b) above, to remain on the job for the balance of the term and for three (3) additional months after the end

  

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of the term. Employee agrees in the event of termination under any of the foregoing subparagraphs (a), (b) or (c) to at all times faithfully, industriously and to the best of his
ability, experience and talents, perform all of the duties that have been required of him prior to Employee’s notice of termination for the balance of his employment, all to the reasonable satisfaction of KV. Employee agrees that he will remain
actively at work, as described above and will continue to be compensated at his normal rate, during the entire six (6) month notice period unless he is released from all responsibilities prior to the end of the notice period by the Board of
Directors or the Chief Executive Officer of KV, in which case, his compensation shall be discontinued. Because of the nature of the position and the business, Employee agrees that if he should fail to fully comply with the notice required by this
subsection, and if he should fail to fully comply with the requirement to remain on the job and faithfully and to the best of his ability perform all of his duties, KV will incur damages as a direct result and that the amount of said damages will be
difficult to ascertain. Accordingly, specific performance will be required unless KV releases Employee from these obligations. 
 If Employee decided to terminate his employment with KV, Employee shall disclose Employee’s decision to terminate to the Vice President, Human Resources of KV and shall not disclose such information
to any other party (except for a subsequent employer of Employee which has agreed to keep such information confidential until KV has announced Employee’s termination) until such time as the Vice President, Human Resources of KV determines how
and when to announce Employee’s termination. 
 (B) Involuntary. In the event of involuntary
termination by KV, except termination for cause, KV shall provide Employee with severance pay of no less than one-half of the Employee’s annual base salary, then in effect under Paragraph 3 of this Agreement, less usual withholdings. This
severance package shall be paid in six (6) equal monthly installments, each payment to be made on the last day of each of the six (6) calendar months following the last day worked. In addition, KV shall provide Employee, at KV’s
expense, with medical, disability and life insurance coverage and all other insurance coverage of the same or similar types, and in the same or similar amounts as KV is providing to Employee immediately prior to the last day worked. This
continuation of insurance coverage shall cease the earlier of six (6) months after the last date worked or at such time as Employee obtains other full-time, non-temporary employment which provides comparable coverage. In addition, as of the
last date worked unless Employee is involuntarily terminated for cause, all stock options shall become immediately exercisable and shall remain exercisable until the earlier of six (6) months following the last date worked or at such time as
Employee obtains other full-time, non-temporary employment. 
 In consideration of the severance pay provided
under this paragraph, in the event of the cancellation, termination or expiration of the Employment Agreement for any reason, Employee agrees to provide reasonable and necessary services to assist KV in transition of responsibilities and ongoing
continuity of his job function unless KV does not request such services. 
 KV may terminate this Agreement for
cause and in such event Employee shall not be entitled to any severance pay. The term “for cause” as used herein shall mean (i) commission of a dishonest or criminal act in respect of Employee’s employment or conviction of a
felony, or (ii) breach of trust or gross negligence, or (iii) willful refusal to perform duties imposed by this Agreement which are legal and not improper, or (iv) Employee’s violation of Paragraph 6, 8, 9 or 10 of this
Agreement, or (v) the continuing neglect or failure of Employee to perform the duties reasonably assigned to Employee by KV and after notice from KV of such neglect or failure, Employee’s failure to cure such neglect or failure. Any
termination of this agreement by KV shall be effective only upon providing Employee with written notice and advising Employee as to whether his termination is for cause. 
  

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 Employee acknowledges that the duties and obligations of Paragraphs 7, 9,
10, 11 and 12 shall survive the termination of his employment. 
 6. The following new Sections 22 and 23 are hereby added to
the end of the Employment Agreement: 
 22. Change of Control. 
 (A) Definition. For purposes of this Agreement, a “Change of Control” of KV shall mean the occurrence
of any one of the following events: 
 (i) any “person,” as such term is used in Section 13(d) of
the Securities Exchange Act of 1934, becomes a “beneficial owner,” as such term is used in Rule 13d-3 promulgated under that Act, of twenty percent (20%) or more of the voting stock of KV; 
 (ii) the majority of the Board consists of individuals other than Incumbent Directors, which term means the members of the
Board on the date of this Agreement; provided that any person becoming a director subsequent to such date whose election or nomination for election was supported by two-thirds (2/3) of the directors who then comprised the Incumbent Directors
shall be considered to be an Incumbent Director; 
 (iii) KV adopts any plan of liquidation providing for the
distribution of all or substantially all of its assets; 
 (iv) all or substantially all of the assets or
business of KV is disposed of pursuant to a merger, consolidation or other transaction (unless the shareholders of KV immediately prior to such merger, consolidation or other transaction beneficially own, directly or indirectly, in substantially the
same proportion as they owned the voting stock of the company, all of the voting stock or other ownership interests of the entity or entities, if any, that succeed to the business of KV); or 
 (v) KV combines with another company and is the surviving corporation but, immediately after the combination, the
shareholders of KV, immediately prior to the combination hold, direct or indirectly, fifty percent (50%) or less of the voting stock of the combined company (there being excluded from the number of shares held by such shareholders, but not from
the voting stock of the combined company, any shares received by affiliates of such other company in exchange for stock of such other company). 
 (B) Termination After Change in Control. In the event of a Change of Control of KV, if (i) immediately preceding such Change of Control, Employee was providing services under Paragraph
2 or 5, and (ii) Employee’s employment in such capacity terminates within a two-year period following such Change of Control (“Termination”), involuntarily, with or without cause, for any reason whatsoever, except for the death
or disability of Employee, Employee shall be entitled to the benefits provided in Paragraph 22(C). For purposes of this Paragraph 22, “Date of Termination” shall mean the date on which a Notice of Termination is given, unless the parties
agree to another date, and “Notice of Termination” shall mean a written notice communicated by either party to the other party which indicates that Employee’s employment with KV is being terminated. 
  

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 (C) Payments on Termination After Change in Control.

 (i) Employee’s annual base salary through the Date of Termination at the rate in effect on the date
Notice of Termination is given, including vacation pay, allowances and other compensation and benefits, and (ii) the amount, if any, of any bonus for the past fiscal year (and pro rata for any portion of the then current fiscal year through the
Date of Termination) which has not been awarded or paid under any bonus plans in which Employee is entitled to participate at the time of the Change of Control or under other bonus plans at least as beneficial to Employee. In addition, KV shall
continue in full force and effect for the benefit of Employee through the Date of Termination all stock ownership, purchase or option plans, employee benefit or compensation plans, and insurance or disability plans in effect immediately preceding
the Change of Control or plans substantially similar thereto. 
 (ii) In lieu of any further
payments or benefits to be paid or otherwise provided under Paragraph 5 (excluding any stock option or restricted stock grants, and any deferred compensation benefits for any period subsequent to the Date of Termination), KV shall pay as severance
pay (“Severance Pay”) to Employee a lump sum payment equal to the sum of: (a) one and one-half (1 1/2) times the greater of: (x) Employee’s base salary immediately prior to the Date of Termination, or
(y) Employee’s base salary in effect immediately prior to the date on which the Change of Control occurred, and (b) Employee’s bonus, which would be payable in respect of the eighteen (18) month period beginning on the Date
of Termination as if Employee had continued his position assuming an annual bonus equal to the average of the three (3) complete bonus years immediately preceding the Date of Termination. Such Severance Pay shall be subject to all applicable
federal and state income taxes. The Severance Pay based upon Employee’s base salary and bonus shall be paid on or before the fifth (5th) day following the Date of Termination. Employee, by written notice to KV at any time prior to a Change of
Control of KV or the Date of Termination, may elect, in his sole discretion, to receive said Severance Pay interest-free at a future time, but in no event any later than eighteen (18) months after the Date of Termination. 
 (iii) To the extent not otherwise provided for under the terms of any of KV’s stock option agreements, all stock options
granted by KV or any predecessor of KV to Employee shall vest and be exercisable or transferable as of the Date of Termination and shall remain fully exercisable for ninety (90) days following the Date of Termination. 
 (iv) With respect to welfare benefits (health, life, dental, AD&D), KV shall maintain in full force and effect, for the
continued benefit of Employee and members of Employee’s family, for a period of eighteen (18) months after the Date of Termination; all employee benefit plans and programs, which KV otherwise provides for its employees. 
 (D) Application of Section 280G and Section 4999. If it shall be determined that any payment or
distribution by KV to or for the benefit of Employee (whether paid or payable or distributable pursuant to the terms of this Paragraph 22, would be considered to be a parachute payment as defined in Section 280G of the Internal Revenue Code
such that it would be subject to the payment by Employee of the excise tax imposed by Section 4999 of the Internal Revenue Code of 1987, as amended, or any interest or penalties is alleged to be due from Employee with respect to such excise tax
(such excise tax, together with any interest and penalties, are hereinafter collectively referred to as the “Excise Tax”), then Employee’s Severance Pay shall be limited, as determined by Employer in its discretion, so as to avoid any
Excise Tax. 
  

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 (23) Notice. Any notice given by either party hereunder shall
be in writing and shall be personally delivered or shall be mailed, Express, certified or registered mail, or sent by a generally recognized next business day courier, postage or other charges prepaid, as follows: 
 To KV: 
 KV Pharmaceutical Company 
 2503 South Hanley Road 
 St. Louis, Missouri 63144 
 Attention: Vice President, Human Resources 
 To Employee:

 At his address as set forth on the payroll records of KV, 
 or to such other address as may have been furnished to the other party by written notice. Notice shall be deemed given on the date personally
delivered, or if sent by Express Mail or next business day courier on the business day following the date sent, or if otherwise mailed, two (2) calendar days after the date postmarked. 
  

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 IN WITNESS WHEREOF, Employee and KV have executed this Amendment on the day and year
first written above. 
  

			
	“EMPLOYEE”
	
	 /s/ Richard H. Chibnall

	RICHARD H. CHIBNALL
	
	“KV”
	
	KV PHARMACEUTICAL COMPANY
		
	BY:	 	 /s/ Marc S. Hermelin

		 	 MARC S. HERMELIN
 CHIEF
EXECUTIVE OFFICER

  

			
	Witness:	 	 /s/ Sarah Weltscheff

		
	Date:	 	 February 17, 2000

  

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 KV PHARMACEUTICAL COMPANY 
 AMENDMENT TO EMPLOYMENT AGREEMENT 
 THIS
AMENDMENT (“Amendment”) is entered into effective April 1, 2005, between RICHARD H. CHIBNALL (“Employee”) and KV PHARMACEUTICAL COMPANY, a Delaware corporation (“KV”). 
 WHEREAS KV and Employee have entered into that certain KV Pharmaceutical Company Employment and Confidential Information Agreement dated
December 22, 1995 (the “Employment Agreement”), and an Amendment dated February 1, 2000; 
 WHEREAS KV and
Employee desire to make certain changes and additions to Employment Agreement and to modify and supercede the Amendment dated February 1, 2000 as provided herein; 
 NOW THEREFORE, in consideration of Employee’s employment or continued employment by KV and other valuable consideration, the receipt and sufficiency of which are acknowledged, KV and Employee agrees
as follows: 
 1. Paragraph 3 of the Employment Agreement regarding “Compensation” is hereby amended to specify a base
salary of Two Hundred Twenty Thousand Dollars ($220,000) effective April 1, 2005. 
 2. Paragraph 4 of the Employment
Agreement regarding “Term” is hereby amended in its entirety to read as follows: 
 4. Term.
This Agreement shall be effective as of the date first set forth above and continue until March 31, 2010, unless terminated sooner in accordance with Paragraph 5 of this Agreement. If not terminated sooner under Paragraph 5 hereof, this
Agreement shall automatically renew for successive twelve (12) month periods unless and until either party terminates this Agreement pursuant to the provisions of Paragraph 5. Termination of this Agreement by either party, for any reason, shall
in no manner affect the covenants contained in Paragraphs 6-11 of this Agreement. 
 3. Paragraph 5 of the Employment Agreement
regarding “Termination” is hereby amended in its entirety to read as follows: 
 5.
Termination. 
 (A) Voluntary. Employee may terminate this Agreement (a) at the
end of the initial term or, after completion of the initial term, (b) at the end of each successive term, for any reason, by notifying KV in writing three (3) calendar months prior to the end of the term, or (c) within one
(1) calendar month following a substantial reduction in Employee’s position and responsibilities by notifying KV in writing of Employee’s voluntary termination effective six (6) calendar months after the date of such notice. In
all three cases, such advance written notice shall be directed to KV’s Vice President, Staffing. 
 In the
event of such voluntary termination, Employee agrees, pursuant to (a) or (b) above, to remain on the job for the balance of the term and for three (3) additional months after the end of the term. Employee agrees in the event of
termination under any of the foregoing subparagraphs (a), (b) or (c) to at all times faithfully, industriously and to the best of his ability,

  

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experience and talents, perform all of the duties that have been required of him prior to Employee’s notice of termination for the balance of his employment, all to the reasonable
satisfaction of KV. Employee agrees that he will remain actively at work, as described above, and will continue to be compensated at his normal rate, during the entire six (6) month notice period, unless he is released from all responsibilities
prior to the end of the notice by the Board of Directors or the Chief Executive Officer of KV, in which case, his compensation shall be discontinued. Because of the nature of the position and the business, Employee agrees that if he should fail to
fully comply with the notice required by this subsection, and if he should fail to fully comply with the requirement to remain on the job and faithfully and to the best of his ability perform all of his duties, KV will incur damages as a direct
result and that the amount of said damages will be difficult to ascertain. Accordingly, specific performance will be required unless KV releases Employee from these obligations. 
 If Employee decides to terminate his employment with KV, Employee shall disclose Employee’s decision to terminate to the
Vice President, Staffing of KV and shall not disclose such information to any other party (except for a subsequent employer of Employee which has agreed to keep such information confidential until KV has announced Employee’s termination) until
such time as the Vice President, Staffing of KV determines how and when to announce Employee’s termination. 
 (B) Involuntary. In the event of involuntary termination by KV, except termination for cause, KV shall provide Employee with severance pay of no less than one-half of the Employee’s annual base salary, then in effect
under Paragraph 3 of this Agreement, less usual withholdings. This severance package shall be paid in six (6) equal monthly installments, each payment to be made on the last day of each of the six (6) calendar months following the last day
worked. In addition, KV shall provide Employee, at KV’s expense, with medical, disability and life insurance coverage and all other insurance coverage of the same or similar types, and in the same or similar amounts as KV is providing to
Employee immediately prior to the last day worked. This continuation of insurance coverage shall cease the earlier of six (6) months after the last date worked or at such time as Employee obtains other full-time, non-temporary employment which
provides comparable coverage. In addition, as of the last date worked unless Employee is involuntarily terminated for cause, all stock options shall become immediately exercisable and shall remain exercisable until the earlier of six (6) months
following the last date worked or at such time as Employee obtains other full-time, non-temporary employment. 
 In consideration of the severance pay provided under this paragraph, in the event of the cancellation, termination or expiration of the Employment Agreement for any reason, Employee agrees to provide reasonable and necessary services to
assist KV in transition of responsibilities and ongoing continuity of his job function unless KV does not request such services. 
 KV may terminate this Agreement for cause and in such event Employee shall not be entitled to any severance pay. The term “for cause” as used herein shall mean (i) commission of a dishonest
or criminal act in respect of Employee’s employment or conviction of a felony, or (ii) breach of trust or gross negligence, or (iii) willful refusal to perform duties imposed by this Agreement which are legal and not improper, or
(iv) Employee’s violation of Paragraph 6, 8, 9 or 10 of this Agreement, or (v) the continuing neglect or failure of Employee to perform the duties reasonably assigned to Employee by KV and after notice from KV of such neglect or
failure, Employee’s failure to cure such neglect or failure. Any termination of this agreement by KV shall be effective only upon providing Employee with written notice and advising Employee as to whether his termination is for cause.

  

 Am 2-2 

 Employee acknowledges that the duties and obligations of Paragraphs 7, 9,
10, 11 and 12 shall survive the termination of his employment. 
 4. The following new Sections 22, 23 and 24 are hereby added
to the end of the Employment Agreement: 
 22. Change of Control. 
 (A) Definition. For purposes of this Agreement, a “Change of Control” of KV shall mean the occurrence
of any one of the following events: 
 (i) any “person,” as such term is used in Section 13(d) of
the Securities Exchange Act of 1934, becomes a “beneficial owner,” as such term is used in Rule 13d-3 promulgated under that Act, of twenty percent (20%) or more of the voting stock of KV; 
 (ii) the majority of the Board consists of individuals other than Incumbent Directors, which term means the members of the
Board on the date of this Agreement; provided that any person becoming a director subsequent to such date whose election or nomination for election was supported by two-thirds (2/3) of the directors who then comprised the Incumbent Directors
shall be considered to be an Incumbent Director; 
 (iii) KV adopts any plan of liquidation providing for the
distribution of all or substantially all of its assets; 
 (iv) all or substantially all of the assets or
business of KV is disposed of pursuant to a merger, consolidation or other transaction (unless the shareholders of KV immediately prior to such merger, consolidation or other transaction beneficially own, directly or indirectly, in substantially the
same proportion as they owned the voting stock of the company, all of the voting stock or other ownership interests of the entity or entities, if any, that succeed to the business of KV); or 
 (v) KV combines with another company and is the surviving corporation but, immediately after the combination, the
shareholders of KV, immediately prior to the combination hold, direct or indirectly, fifty percent (50%) or less of the voting stock of the combined company (there being excluded from the number of shares held by such shareholders, but not from
the voting stock of the combined company, any shares received by affiliates of such other company in exchange for stock of such other company). 
 (B) Termination After Change in Control. In the event of a Change of Control of KV, if (i) immediately preceding such Change of Control, Employee was providing services under Paragraph
2 or 5, and (ii) Employee’s employment in such capacity terminates within a two-year period following such Change of Control (“Termination”), involuntarily, with or without cause, for any reason whatsoever, except for the death
or disability of Employee, Employee shall be entitled to the benefits provided in Paragraph 22(C). For purposes of this Paragraph 22, “Date of Termination” shall mean the date on which a Notice of Termination is given, unless the parties
agree to another date, and “Notice of Termination” shall mean a written notice communicated by either party to the other party which indicates that Employee’s employment with KV is being terminated. 
  

 Am 2-3 

 (C) Payments on Termination After Change in Control.

 (i) Employee’s annual base salary through the Date of Termination at the rate in effect on the date
Notice of Termination is given, including vacation pay, allowances and other compensation and benefits, and (ii) the amount, if any, of any bonus for the past fiscal year (and pro rata for any portion of the then current fiscal year through the
Date of Termination) which has not been awarded or paid under any bonus plans in which Employee is entitled to participate at the time of the Change of Control or under other bonus plans at least as beneficial to Employee. In addition, KV shall
continue in full force and effect for the benefit of Employee through the Date of Termination all stock ownership, purchase or option plans, employee benefit or compensation plans, and insurance or disability plans in effect immediately preceding
the Change of Control or plans substantially similar thereto. 
 (ii) In lieu of any further
payments or benefits to be paid or otherwise provided under Paragraph 5 (excluding any stock option or restricted stock grants, and any deferred compensation benefits for any period subsequent to the Date of Termination), KV shall pay as severance
pay (“Severance Pay”) to Employee a lump sum payment equal to the sum of: (a) one and one-half (1 1/2 ) times the greater of: (x) Employee’s base salary immediately prior to the Date of Termination, or
(y) Employee’s base salary in effect immediately prior to the date on which the Change of Control occurred, and (b) Employee’s bonus, which would be payable in respect of the eighteen (18) month period beginning on the Date
of Termination as if Employee had continued his position assuming an annual bonus equal to the average of the three (3) complete bonus years immediately preceding the Date of Termination. Such Severance Pay shall be subject to all applicable
federal and state income taxes. The Severance Pay based upon Employee’s base salary and bonus shall be paid on or before the fifth (5th) day following the Date of Termination. Employee, by written notice to KV at any time prior to a Change of
Control of KV or the Date of Termination, may elect, in his sole discretion, to receive said Severance Pay interest-free at a future time, but in no event any later than eighteen (18) months after the Date of Termination. 
 (iii) To the extent not otherwise provided for under the terms of any of KV’s stock option agreements, all stock
options granted by KV or any predecessor of KV to Employee shall vest and be exercisable or transferable as of the Date of Termination and shall remain fully exercisable for ninety (90) days following the Date of Termination. 
 (iv) With respect to welfare benefits (health, life, dental, AD&D), KV shall maintain in full force and effect, for the
continued benefit of Employee and members of Employee’s family, for a period of eighteen (18) months after the Date of Termination; all employee benefit plans and programs, which KV otherwise provides for its employees. 
 (D) Application of Section 280G and Section 4999. If it shall be determined that any payment or
distribution by KV to or for the benefit of Employee (whether paid or payable or distributable pursuant to the terms of this Paragraph 22, would be considered to be a parachute payment as defined in Section 280G of the Internal Revenue Code
such that it would be subject to the payment by Employee of the excise tax imposed by Section 4999 of the Internal Revenue Code of 1987, as amended, or any interest or penalties is alleged to be due from Employee with respect to such excise tax
(such excise tax, together with any interest and penalties, are hereinafter collectively referred to as the “Excise Tax”), then Employee’s Severance Pay shall be limited, as determined by Employer in its discretion, so as to avoid any
Excise Tax. 
  

 Am 2-4 

 (23) Notice. Any notice given by either party hereunder shall
be in writing and shall be personally delivered or shall be mailed, Express, certified or registered mail, or sent by a generally recognized next business day courier, postage or other charges prepaid, as follows: 
 To KV: 
 KV Pharmaceutical Company 
 2503 South Hanley Road 
 St. Louis, Missouri 63144 
 Attention: Vice President, Staffing 
 To Employee: 
 At his address as set forth on the payroll records of KV, 
 or to such other address as may have been furnished to the other party by written notice. Notice shall be deemed given on the date personally
delivered, or if sent by Express Mail or next business day courier on the business day following the date sent, or if otherwise mailed, two (2) calendar days after the date postmarked. 
 (24) Continuation of Other Provisions of Employment Agreement. The paragraphs of the Employment
Agreement which have not been amended by this Amendment shall remain in full force and effect. 
  

 Am 2-5 

 IN WITNESS WHEREOF, Employee and KV have executed this Amendment on the day and year
first written above. 
  

			
	“EMPLOYEE”
	
	 /s/ Richard H. Chibnall

	RICHARD H. CHIBNALL
	
	“KV”
	
	KV PHARMACEUTICAL COMPANY
		
	BY:	 	 /s/ Gerald R. Mitchell

		 	 GERALD R. MITCHELL
 VP,
Treasurer & CFO

  

			
	Witness:	 	 /s/ Judith Erker

		
	Date:	 	 June 13, 2005

  

 Am 2-6 

 KV PHARMACEUTICAL COMPANY 
 THIRD AMENDMENT TO EMPLOYMENT AGREEMENT 
 THIS
THIRD AMENDMENT (this “Third Amendment”) is made and entered into as of December 31, 2008, by and among RICHARD H. CHIBNALL (“Employee”) and KV PHARMACEUTICAL COMPANY, a Delaware corporation (“KV”). 

RECITALS 
 WHEREAS, KV and Employee entered into that certain KV Pharmaceutical Company Employment and Confidential Information Agreement dated December 22, 1995 (the “Agreement”), and to Amendments dated February 1, 2000 (the
“Amendment”), and April 1, 2005 (the “Second Amendment” which, together with the Amendment and the Agreement are collectively referred to herein as the “Employment Agreement”); and 
 WHEREAS, KV and Employee want to amend the Employment Agreement to comply with Section 409A of the Internal Revenue Code of 1986, as
amended. 
 NOW THEREFORE, for and in consideration of the mutual covenants, agreements, understandings, undertakings,
representations, warranties and promises hereinafter set forth, and intending to be legally bound thereby, KV and Employee do hereby amend the Employment Agreement and agree as follows: 
 1. Add the following Paragraph 23: 
 23. Specified Employee. Notwithstanding any provision to the contrary, if the Employee is a “specified employee” (within the meaning of Section 409(a)(2)(B)(i) of the Internal
Revenue Code of 1986, as amended (the “Code”)) at the time of termination of his employment with KV and he is entitled to the payments under Paragraph 5 or Paragraph 22(C), amounts payable to the Employee pursuant to Paragraph 5 or
Paragraph 22(C) shall not commence until the first day of the seventh month immediately following the month in which payment of benefits would otherwise commence but for this Paragraph 23. In this event, the total of the monthly benefits, that would
have otherwise been paid for the first six months but for this Paragraph 23, shall be paid in a single sum, along with the regular monthly payment for the seventh month, as of the first day of said seventh month with interest on such amounts at the
prime rate (as published in the Wall Street Journal), compounded annually, as in effect on the first day such benefits would be paid out but for this Paragraph 23. 
 2. Renumber Paragraphs 23 and 24 as Paragraphs 24 and 25, respectively. 
 3. The
last sentence of Paragraph 22(C)(ii) is hereby deleted in its entirety. 
  

 Am 3-1 

 IN WITNESS WHEREOF, Employee and KV have executed and delivered this Third Amendment as of the date
first above written. 
  

			
	EMPLOYEE:
	
	 /s/ Richard H. Chibnall

	Name:	 	RICHARD H. CHIBNALL
		
	Dated:	 	 12/31/2008

	
	KV:
	
	KV PHARMACEUTICAL COMPANY
		
	By:	 	 /s/ David Van Vliet

	Name:	 	David Van Vliet
	Title:	 	Interim President & CEO
		
	Dated:	 	December 31, 2008

  

 Am 3-2Exhibit 10.11

 Exhibit 10.11 
  
 THE NASDAQ OMX GROUP, INC. 
 NONQUALIFIED STOCK OPTION AGREEMENT 
  
 This NONQUALIFIED STOCK OPTION AGREEMENT (the “Agreement”) between The NASDAQ OMX Group, Inc., a Delaware corporation (the “Company”), and Robert Greifeld (the
“Optionee”) memorializes the grant of a nonqualified stock option which was made by the Management Compensation Committee (the “Committee”) and the Board of Directors (the “Board”) of the Company
effective June 30, 2009 (the “Date of Grant”). 
  
 R E C I T A L S: 
  
 The Company has adopted The NASDAQ OMX Group, Inc. Equity Incentive Plan (the “Plan”), which Plan is incorporated herein by reference and made a part of this Agreement. The Company and
the Optionee have also entered into an Amended and Restated Employment Agreement effective as of January 1, 2007 (the “Employment Agreement”). Capitalized terms not otherwise defined herein shall have the meaning ascribed to
them in the Plan or the Employment Agreement, as the case may be. 
  
 The Committee and the Board have determined that it is in the best interests of the Company and its shareholders to grant the option provided for herein to the Optionee pursuant to the Plan and the terms
set forth herein as an increased incentive for the Optionee to contribute to the Company’s future success and prosperity. 
  
 NOW, THEREFORE, in consideration of the mutual covenants hereinafter set forth, the parties hereto agree as follows: 
  
 1. Grant of the Option. Subject to the terms and
conditions set forth herein and in the Plan (a complete copy of which, in effect as of the Date of Grant, has been made available to the Optionee), the Company hereby grants to the Optionee an option (the “Option”) to purchase all
or any part of an aggregate of 900,000 Shares at a purchase price of $21.31 per Share (the “Exercise Price”). The Option is intended to be a Non-Qualified Stock Option and shall under no circumstances be treated as an Incentive
Stock Option within the meaning of Section 422 of the Code. 
  
 2. Vesting. Subject to Section 4 hereof, (i) 50% of the Option shall become exercisable on December 31, 2011 and (ii) the remaining 50% of the Option shall become exercisable on
December 31, 2012. As used herein, “vested” Option shall mean that portion of the Option which (x) shall have become exercisable pursuant to the terms of this Agreement and (y) shall not have been previously exercised.

  
 3. Exercise of the Option. 
  
 (a) Subject to the provisions of this Agreement
(including Section 4 hereof), the Optionee may exercise all or a portion of the vested Option at any time prior to the tenth anniversary of the Date of Grant (the “Expiration Date”); provided that the Option may be exercised
with respect to whole Shares only; and provided that that the Option may not be exercised at any one time as to fewer than 100 Shares (or such number of Shares as to which the portion of the Option is then exercisable if such number is less than
100). In no event shall any portion of the Option be exercisable on or after the Expiration Date. 
  
 (b) In accordance with Section 3(a) hereof, the Option may be exercised by delivering to the Company a notice of intent
to exercise. The Optionee shall deliver such notice by such method (whether telephonic, electronic or written) as may be specified by the Committee from time to time. The date of exercise shall be the date the required notice is received by the
Company; provided however that if payment in full is not received by the Company as described herein or as otherwise permitted, such notice shall be deemed not to have been received. Such notice shall specify the number of Shares as to which the
Option is being exercised and shall be accompanied by payment in full, or adequate provision therefor, of the Exercise Price and any applicable withholding tax. 

 (c) The payment of the Exercise Price shall be made (i) in cash,
(ii) by certified check or bank draft payable to the order of the Company, (iii) by delivering Shares which have been owned by the Optionee for at least six months (and which are not subject to any pledge or other security interest),
(iv) by having Shares with a Fair Market Value on the date of exercise equal to the Exercise Price and the applicable withholding tax sold by a broker-dealer, or (v) by a combination of the foregoing, provided that the combined value of
all cash and cash equivalents and the Fair Market Value of any such Shares so delivered to or retained by the Company as of the date of such deliver or net settlement, or sold by a broker-dealer is at least equal to the Exercise Price and, if
applicable, the applicable withholding tax. Any broker-assisted exercise procedure must comply with all applicable law at the time of exercise, and the Optionee shall be responsible for all broker fees. At the time of exercise of the Option, the
Optionee shall pay such amount to the Company as the Company deems necessary to satisfy its obligation to withhold federal, state or local income or other taxes incurred by reason of such exercise or make such other arrangements as are acceptable to
the Company, all in accordance with the provisions of Section 7 hereof. The Committee hereby authorizes each of the foregoing procedures for payment of the Exercise Price, and applicable withholding tax, as applicable to this Award. 

 
 (d) Notwithstanding any other provision of
this Agreement to the contrary, no portion of the Option may be exercised prior to the completion of any registration or qualification of such Shares under applicable state and federal securities or other laws, or under any ruling or regulation of
any government body, national securities exchange, or inter-dealer market system that the Committee shall in its sole discretion determine to be necessary or advisable. 
  

 (e) As soon as practicable following the Company’s determination that a portion of the Option has been
validly exercised as to any of the Shares, and the receipt by the Company of payment in full of the Exercise Price (as well as any applicable tax withholding as described in Section 7 hereof), the registrar for the Company will make an entry on
its books and records evidencing that such Shares have been duly issued as of that date; provided, however, that the Optionee may, in the alternative, elect in writing prior thereto to receive a stock certificate representing the full number of
Shares acquired, which certificate may bear a restrictive legend prohibiting the transfer of such Shares for such period as may be prescribed by the Company. The Company shall not be liable to the Optionee for damages relating to any delays in
issuing the certificates. 
  
 4. Termination of
Employment. 
  
 (a) In the event
that (i) the Company terminates the Optionee’s employment with the Company for Cause or (ii) the Optionee terminates his employment with the Company without Good Reason, the unvested portion of the Option shall be deemed cancelled and
forfeited on the Date of Termination and vested Options, if any, shall remain exercisable for a period ending on the earlier of: (i) ten days following such Date of Termination and (ii) the Expiration Date, and shall thereafter be deemed
cancelled and forfeited without further consideration to the Optionee. 
  
 (b) In the event that (i) the Company terminates the Optionee’s employment with the Company without Cause or (ii) the Optionee terminates his employment with the Company for Good Reason,
the Option will continue to vest for a period of 30 months following the Date of Termination as if the Optionee’s employment had not terminated. The remaining portion of the unvested Option shall be deemed cancelled and forfeited on the Date of
Termination without further consideration to the Optionee. The vested portion of the Option (including that portion of the Option which vests in accordance with the provisions of this Section 4(b)) shall remain exercisable for a period ending
on the earlier of: (i) 36 months following such termination of employment and (ii) the Expiration Date, and shall thereafter be deemed cancelled and forfeited without further consideration to the Optionee (or to his estate, as the case may
be); provided, however, in the event that the Optionee breaches any of his obligations under Section 9 or 10 of the Employment Agreement, that portion of the Option which vested in accordance with the provisions of this Section 4(b)
shall be deemed cancelled and forfeited without further consideration to the Optionee. 
  

 2 

 (c) In the event that the Optionee’s employment with the Company
terminates by reason of death or Permanent Disability, any unvested portion of the Option that would otherwise have vested in the 12 months following the Date of Termination if the Optionee’s employment had not terminated shall vest as of the
Date of Termination. The remaining portion of the unvested Option shall be deemed cancelled and forfeited on the Date of Termination without further consideration to the Optionee. The vested portion of the Option (including that portion of the
Option which vests in accordance with the provisions of this Section 4(c)) shall remain exercisable for a period ending on the earlier of: (i) 36 months following such termination of employment and (ii) the Expiration Date, and shall
thereafter be deemed cancelled and forfeited without further consideration to the Optionee (or to his estate, as the case may be). 
  
 (d) If the Optionee’s employment with the Company terminates by reason of Retirement, the Option will continue to vest
for a period of 12 months following the Date of Termination as if the Optionee’s employment had not terminated. The remaining unvested portion of the Option shall be deemed cancelled and forfeited on the Date of Termination without further
consideration to the Optionee. The vested portion of the Option (including that portion of the Option which vests in accordance with the provisions of this Section 4(d)) shall remain exercisable for a period ending on the earlier of:
(i) 36 months following such termination of employment and (ii) the Expiration Date, and shall thereafter be deemed cancelled and forfeited without further consideration to the Optionee; provided, however, in the event that the
Optionee breaches any of his obligations under Section 9 or 10 of the Employment Agreement, that portion of the Option which vested in accordance with the provisions of this Section 4(d) shall be deemed cancelled and forfeited without
further consideration to the Optionee. 
  
 (e) If the Optionee’s employment with the Company terminates by reason of delivery of a Non-Renewal Notice by the Company or the Optionee, the Option shall continue to vest for a period of 36 months following the Date of Termination as
if the Optionee’s employment had not terminated. The vested portion of the Option (including that portion of the Option which vests in accordance with the provisions of this Section 4(e)) shall remain exercisable for a period ending on the
earlier of: (i) 36 months following such termination of employment and (ii) the Expiration Date, and shall thereafter be deemed cancelled and forfeited without further consideration to the Optionee; provided, however, in the event
that the Optionee breaches any of his obligations under Section 9 or 10 of the Employment Agreement, that portion of the Option which vested in accordance with the provisions of this Section 4(e) (or which otherwise would have so vested)
shall be deemed cancelled and forfeited without further consideration to the Optionee. 
  
 5. No Right to Continued Employment; No Rights as a Shareholder. This Agreement shall not confer on the Optionee any right to be retained, in any position, as an employee, consultant or director of
the Company. The Optionee shall not have any rights as a shareholder with respect to any Shares subject to an Option prior to the date of exercise of the Option. 
  
 6. Transferability. 
  
 (a) Except as provided below, the Option is nontransferable and may not be assigned, alienated,
pledged, attached, sold or otherwise transferred or encumbered by the Optionee, except by will or the laws of descent and distribution, and upon any such transfer, by will or the laws of descent and distribution, the transferee shall hold such
Option subject to all the terms and conditions that were applicable to the Option immediately prior to such transfer. Notwithstanding the foregoing, the Optionee may transfer the vested portion of the Option to members of his immediate family
(defined as his spouse, children or grandchildren (including children or grandchildren by means of adoption, and stepchildren) or to one or more trusts for the exclusive benefit of such immediate family members or partnerships in which such
immediate family members are the only partners if the transfer is approved by the Committee and the Optionee does not receive any consideration for the transfer. Any such transferred portion of the Option shall continue to be subject to the same
terms and conditions that were applicable to such portion of the Option immediately prior to transfer (except that such transferred Option shall not be further transferable by the transferee). No transfer of a portion of the Option shall be
effective to bind the Company unless the Company shall have

  

 3 

 
been furnished with written notice thereof and a copy of such evidence as the Committee may deem necessary to establish the validity of the transfer and the acceptance by the transferee of the
terms and conditions hereof. 
  
 (b)
Upon any transfer by will or the laws of descent and distribution, such transferee shall take the Option and shares acquired upon exercise of the Option (the “Option Shares”) subject to all the terms and conditions that were (or
would have been) applicable to the Option and the Option Shares immediately prior to such transfer. In order to comply with any applicable securities laws, the Optionee agrees that the Option Shares shall only be sold by the Optionee following
registration under the Securities Act of 1933, as amended, or pursuant to an exemption therefrom. 
  
 7. Withholding. The Optionee agrees to make appropriate arrangements with the Company for satisfaction of any applicable federal,
state, local or foreign tax withholding requirements or like requirements, including the payment to the Company at the time of any exercise of the Option of all such taxes and requirements, and the Company shall have the right and is hereby
authorized to withhold from the Shares transferable to the Optionee upon any exercise of the Option or from any other compensation or other amount owing to the Optionee such amount (in cash, Shares (having a Fair Market Value not in excess of the
minimum amount required by law to be withheld), or other property, as the case may be) as may be necessary in the opinion of the Company to satisfy all such taxes, requirements and withholding obligations, and the Optionee is authorized to utilize
such net settling or delivery of Shares in satisfaction of the applicable tax withholding obligations. 
  
 8. Securities Laws. Upon the acquisition of any Shares pursuant to the exercise of the Option, the Optionee or the Optionee’s
transferee, if applicable, will make or enter into such written representations, warranties and agreements as the Company may reasonably request in order to comply with applicable securities laws, with this Agreement, or as the Committee otherwise
deems necessary or advisable. The Committee may require that the Optionee, as a condition of the exercise of an Option, execute a stockholders’ agreement on terms and conditions substantially similar to those contained in stockholders’
agreements of other senior executives of the Company. 
  
 9. Administration. This Agreement shall at all times be subject to the terms and conditions of the Plan. The Committee shall have sole and complete discretion with respect to all matters reserved to it by the Plan and decisions of
the Committee with respect thereto and this Agreement shall be final and binding upon the Optionee and the Company. In the event of any conflict between the provision of this Agreement and the Plan, this Agreement will govern. The Committee has the
authority and discretion to determine any questions which arise in connection with the grant of the Option hereunder. 
  
 10. Code Section 409A. It is the intention of the Company and the Optionee that the grant, vesting and/or exercise of the Option
set forth in this Agreement shall be exempt from the requirements of Section 409A of the Code, and any ambiguities herein will be interpreted to so comply. The Company reserves the right, to the extent the Company deems necessary or advisable
in its sole discretion, to unilaterally amend or modify this Agreement as may be necessary to ensure that all grants, vesting and exercises provided under this Agreement are made in a manner that is exempt from Section 409A of the Code;
provided, however, that the Company makes no representation that the Option provided under this Agreement will be exempt from and/or comply with Section 409A of the Code. 
  
 11. Imposition of Other Requirements. The Company reserves the right to impose other requirements on the
Optionee’s participation in the Plan, on the Option and on any Shares acquired under the Plan, to the extent the Company determines it is necessary or advisable in order to comply with local law or facilitate the administration of the Plan, and
to require the Optionee to sign any additional agreements or undertakings that may be necessary to accomplish the foregoing. The Optionee agrees, upon demand of the Company or the Committee, to do all acts and execute, deliver and perform all
additional documents, instruments and agreements which may be reasonably required by the Company or the Committee, as the case may be, to implement the provisions and purposes of the Plan and this Agreement. 
  

 4 

 12. Governing Law. This Agreement shall be governed by and construed in accordance
with the laws of the State of Delaware, without giving effect to any principle of law that would result in the application of the law of any other jurisdiction. 
  

13. Amendments. The Committee has the right, as set forth in the Plan, to amend, alter, suspend, discontinue or cancel this Award,
prospectively or retroactively; provided however, that no such amendment, alteration, suspension, discontinuance or cancelation of the Option will adversely affect Optionee’s rights under this Agreement without Optionee’s consent. The
Company has the authority to amend this Agreement, consistent with the foregoing, without the Optionee’s written agreement, except as set forth in this Section 13. 
  
 14. Notice. Any notice, request, instruction or other document given under this Agreement shall be in
writing and may be delivered by such method as may be permitted by the Company, and shall be addressed and delivered, in the case of the Company, to the Secretary of the Company at the principal office of the Company and, in the case of the
Optionee, to the Optionee’s address as shown in the records of the Company or to such other address as may be designated in writing (or by such other method. approved by the Company) by either party. 
  
 15. Conflicts. In the event of conflict between any term
or provision contained herein and a term or provision of the Plan, the applicable terms and provisions of this Agreement will govern and prevail. 
  
 16. Severability. The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or
enforceability of any other provision of this Agreement, and each other provision of the Agreement shall be severable and enforceable to the extent permitted by law. 
  
 17. Execution. This Agreement may be executed, including execution by facsimile signature, in one or
more counterparts, each of which will be deemed an original, and all of which together shall be deemed to be one and the same instrument. 
  
 IN WITNESS WHEREOF, the parties hereto have executed this Nonqualified Stock Option Agreement on the 17th day of February 2010. By execution
of this Nonqualified Stock Option Agreement, the Optionee acknowledges receipt of a copy of the Plan and agrees to the terms and conditions of the Plan and this Agreement. 
  

			
	THE NASDAQ OMX GROUP, INC.
	
	 /s/ William H. Morgan

	 By:
	 	 William H. Morgan

	 Title:
	 	 Senior Vice President

  

	
	ROBERT GREIFELD
	
	 /s/ Robert Greifeld

	 Signature

  

 5

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