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                                  EXHIBIT 10.3

                        ADVISORY, ADMINISTRATIVE SERVICES
                            AND FACILITIES AGREEMENT

                                     BETWEEN

                         NATIONAL HEALTH INVESTORS, INC.

                                       AND

                         MANAGEMENT ADVISORY SOURCE, LLC

      THIS AGREEMENT is dated as of November 1, 2004, between NATIONAL HEALTH
INVESTORS, INC., a Maryland corporation (the "Corporation"), and MANAGEMENT
ADVISORY SOURCE, LLC, a Tennessee limited liability company (the "Advisor").

      WHEREAS, the Corporation is a real estate investment trust as defined in
the Internal Revenue Code of 1986, as amended, as the same may be amended or
modified from time to time;

      WHEREAS, the Corporation desires to avail itself of the Advisor's
experience, sources of information, advice, and assistance and of certain
personnel and facilities available to the Advisor and to have the Advisor
undertake the duties and responsibilities hereinafter set forth, on behalf of
and subject to the supervision of the Board of Directors of the Corporation (the
"Directors"), as provided herein;

      WHEREAS, the Advisor is willing to undertake to render such services,
subject to the supervision of the Directors, on the terms and conditions
hereinafter set forth; and

      WHEREAS, the relationship established by the Advisor and the Corporation
hereunder is as independent contractor irrespective of the fact that Advisor's
owner is a member of the Corporation's board.

      NOW, THEREFORE, in consideration of the premises and of the mutual
covenants herein contained, the Corporation and the Advisor agree as follows:

1.    Duties of Advisor. The Corporation hereby engages the Advisor, and the
      Advisor undertakes to use its best efforts

      a.    to present to the Corporation a continuing and suitable investment
            program and opportunities consistent with the investment policies
            and objectives of the Corporation as the Directors may adopt from
            time to time,

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      b.    to manage the day-to-day affairs and operations of the Corporation,
            and

      c.    to provide such administrative services and facilities as are
            appropriate for such management. In performance of such
            undertakings, subject to the supervision and approval of the
            Directors and upon their direction, and consistent with the
            provisions of the Articles of Incorporation and Bylaws of the
            Corporation and of any policies for the Corporation from time to
            time established by the Directors after consultation with the
            Advisor, the Advisor shall:

            i.    make or have made for the Corporation such research reports,
                  economic and statistical data, evaluations, analyses, opinions
                  and recommendations as it may deem necessary or desirable or
                  as the Directors of the Corporation may request with respect
                  to investment opportunities available to the Corporation;

            ii.   formulate a program for the investments of the Corporation's
                  assets;

            iii.  select and evaluate potential projects and investments for the
                  Corporation;

            iv.   make recommendations as to the nature, terms and amount of
                  involvement or participation in such project or investments
                  and the timing thereof;

            v.    evaluate and make recommendations as to the sale or other
                  disposition of assets of the Corporation;

            vi.   make such further recommendations as to the investments of the
                  Corporation as the Advisor may deem necessary or desirable;

            vii.  investigate and make recommendations with respect to selection
                  of and relations with consultants, lenders and others
                  (including without limitation, tenants, property managers,
                  accountants, mortgage loan originators, correspondents and
                  services, architects, engineers and other technical advisors,
                  attorneys, real estate and mortgage loan bankers, brokers and
                  dealers, corporate fiduciaries, escrow agents, depositories,
                  custodians, agents for collection, insurers, insurance agents,
                  banks, builders and developers, and persons acting in any
                  other capacity), in connection with the Corporation's
                  properties and assets;

            viii. provide office and clerical facilities adequate for the
                  Corporation's operations and affairs;

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            ix.   recommend or obtain for the Corporation the services of others
                  to act to provide accounting, auditing, custodial, transfer
                  agent, registrar and other similar services, to disburse and
                  collect the funds of the Corporation, to pay the debts and
                  fulfill the obligations of the Corporation, to handle the
                  prosecution and settlement of any claims of the Corporation,
                  to oversee, handle, prepare and distribute or cause to be
                  distributed all communications with the existing and future
                  holders of the Corporation's outstanding securities, and, in
                  connection with the foregoing, to investigate, select and
                  conduct relations with custodians, transfer agents,
                  registrars, proxy solicitors, attorneys, accountants,
                  auditors, brokers and investors, and others as necessary in
                  connection with the Corporation's operations;

            x.    advise the Corporation concerning developments in the
                  healthcare and real estate investment trust industries
                  appropriate or useful to the Corporation's existing and
                  potential future business and investments;

            xi.   make recommendations to the Directors as to appropriate
                  distributions by the Corporation to its stockholders; and

            xii.  maintain or cause to be maintained records of activities
                  reasonably requested by the Corporation.

2.    Delegation. It is understood by Corporation that Advisor may delegate to
      or use the services of any third party, including Affiliates of the
      Advisor, in performing its duties hereunder and generally such third party
      will be subject to the supervision of the Advisor.

3.    No Partnership or Joint Venture. The Corporation and the Advisor are not
      partners or joint venturers with each other and nothing herein shall be
      construed so as to make them such partners or joint venturers or impose
      any liability as such on either of them.

4.    Records. At all times, the Advisor shall keep proper books of account and
      records relating to services performed hereunder, which books of
      account and records shall be accessible for inspection by the Corporation
      at any time during ordinary business hours. Annually, and more frequently
      as reasonably requested by the Directors, the Advisor shall provide the
      Directors with such information as is reasonably obtainable by the Advisor
      concerning the cost to other real estate investment trusts specializing in
      healthcare facility investments of administrative and advisory services
      comparable to those that are the subject matter of this Agreement in order
      that the Directors may evaluate the performance of the Advisor and the
      efficiency of the arrangements provided for in this Agreement.

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5.    Qualification as a Real Estate Investment Trust. Anything else in this
      Agreement to the contrary notwithstanding, the Advisor shall refrain from
      any action which, in its sole judgment made in good faith or in the
      judgment of the Directors of which the Advisor has written notice, would
      adversely affect the status of the Corporation as a real estate investment
      trust as defined and limited in sections 856-860 of the Internal Revenue
      Code of 1986, as amended, or which would violate any law, rule, regulation
      or statement of policy or any governmental body or agency having
      jurisdiction over the Corporation or over its securities, or which would
      otherwise not be permitted by the Corporation's Articles of Incorporation
      and Bylaws.

6.    Bank Accounts. The Advisor, at the expense of the Corporation, may
      establish and maintain one or more bank accounts in the Corporation's (or
      its subsidiaries collectively hereinafter "Corporation") name, and may
      collect and deposit into any such account or accounts, and disburse from
      any such account or accounts, any money on behalf of the Corporation,
      under such terms and conditions as the Directors may approve, provided
      that no funds in any such account shall be commingled with funds of the
      Advisor; and the Advisor shall from time to time render appropriate
      accounting of such collections and payments to the Directors and to the
      auditors of the Corporation.

7.    Bond. The Advisor, if and to the extent that the Directors require, shall
      maintain a fidelity bond with a responsible surety company in such amount
      as may be required by the Directors from time to time, covering all
      directors, officers, employees and agents of the Advisor handling funds of
      the Corporation and any investment documents or records pertaining to
      investments of the Corporation. Such bond shall inure to the benefit of
      the Corporation in respect of losses of any such property from acts of
      such Directors, officers, employees and agents through theft,
      embezzlement, fraud, negligence, error or omission or otherwise. The
      premium for said bond shall be an expense of the Corporation.

8.    Information Furnished Advisor. The Directors shall at all times keep the
      Advisor fully informed with regard to the investment policy of the
      Corporation, the capitalization policy of the Corporation and generally
      their then current intentions as to the future of the properties and other
      investments of the Corporation. In particular, the Directors shall notify
      the Advisor promptly of their intention to sell or otherwise dispose of
      any of the Corporation's investments or to make any new investment. The
      Corporation shall furnish the Advisor with a certified copy of all
      financial statements, a signed copy of each report prepared by independent
      certified public accountants and such other information with regard to the
      Corporation's affairs as the Advisor may from time to time reasonably
      request.

9.    Consultation and Advice. In addition to the services described above, the
      Advisor shall consult with the Directors, and shall, at the request of the
      Directors or the officers of the Corporation, furnish advice and
      recommendations with respect to other aspects of the business and affairs
      of the Corporation. In general, the Advisor shall inform the Directors

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      of any factors which come to its attention which would influence the
      policies of the Corporation, except to the extent that giving such
      information would involve a breach of fiduciary duty.

10.   Compensation to Advisor.

      a.    The Corporation shall pay the Advisor for its services hereunder an
            annual base management fee of $2,000,000 (the "Base Fee"), payable
            in monthly installments of $166,666.66 on the last day of each
            month.

      b.    In addition to the Base Fee, the Advisor will be paid additional
            performance based compensation (the "Incentive Fee"). The Incentive
            Fee will be calculated by increasing the Base Fee by a factor of 1.4
            times the percentage increase in fully diluted Funds From Operations
            Per Share for the then current year over fully diluted Funds From
            Operations Per Share of $2.00 (the "Adjusted Base Fee"). The
            Incentive Fee shall be the difference in the Base Fee and the
            Adjusted Base Fee. Provided further, however, in no event shall the
            total Advisor's compensation, as so calculated, cause the percentage
            of i) total expenses excluding interest, depreciation, amortization,
            and loss reserves to ii) net revenues for the current period to
            exceed 6.0% of NHI's net revenues.

      c.    As used in this Section 10, "Funds from Operations" means the
            consolidated net income of the Corporation computed in accordance
            with generally accepted accounting principles, plus depreciation and
            amortization, less the amount of any gains or plus the amount of any
            losses derived from the sale of previously written-down assets or
            write-down of existing assets to the extent that either such gains
            or losses are included in such net income. Funds from operations for
            calculation in 10 c. shall exclude the amount of Advisor's
            compensation.

11.   Expenses of the Advisor. Except as provided in Section 12 and without
      regard to the amount of compensation received hereunder by the Advisor,
      the Advisor shall pay all expenses in performing its obligations
      hereunder, including and in addition to the following expenses:

      a.    the cost of any accounting, statistical or bookkeeping equipment
            necessary for the maintenance of the books and records of the
            Corporation;

      b.    employment expenses of the officers and directors and personnel of
            the Advisor and all expenses, including travel expenses, of the
            Advisor, incidental to the investigation and acquisition of
            properties for the Corporation prior to the time the Directors
            definitively decide to acquire the property or to have the Advisor
            continue with the acquisition process, whether the property is
            acquired or not, and after the Directors definitively decide to
            dispose of a property;

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      c.    advertising and promotional expenses incurred in seeking and
            disposing of investments for the Corporation;

      d.    rent, telephone, utilities, office furniture and furnishings and
            other office expenses incurred by or allocable to the Advisor for
            its own benefit and account regardless of whether incurred or used
            in connection with rendering the services to the Corporation
            provided for in this Agreement;

      e.    all costs and expenses which the Advisor is obligated to pay to the
            Corporation or others under any lease of property by the Advisor
            from the Corporation; and

      f.    all miscellaneous administrative and other expenses of the Advisor,
            whether or not relating to the performance by the Advisor of its
            functions hereunder.

12.   Expenses of the Corporation. The Corporation shall pay the following
      expenses of the Corporation (except to the extent that the Advisor is
      responsible for any such expenses as tenant of any property leased from
      the Corporation):

      a.    the cost of money borrowed by the Corporation;

      b.    taxes on income and taxes and assessments on real property and all
            other taxes applicable to the Corporation, including without
            limitation, franchise and excise taxes and fees;

      c.    except as provided in Section 11 hereof, all ordinary and necessary
            expenses incurred with respect to and allocable to the prudent
            operation and business of the Corporation, including without
            limitation, any fees, salaries and other employment costs, taxes and
            expenses paid to Directors, officers and employees of the
            Corporation who are not also employees of the Advisor;

      d.    fees and expenses paid to independent contractors, appraisers,
            consultants, attorneys, managers and other agents retained by or on
            behalf of the Corporation and expenses directly connected with the
            acquisition, financing, refinancing, disposition and ownership of
            real estate interests or other property (including insurance
            premiums, legal services, brokerage and sales commissions,
            maintenance, repair and improvement of property);

      e.    insurance as required by the Directors (including Directors'
            liability insurance);

      f.    expenses connected with payments of dividends or distributions in
            cash or any other form made or caused to be made by the Directors to
            shareholders of the Corporation and expenses connected with payments
            of interest to holders of the Corporation's Debentures;

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      g.    all expenses connected with communications to holders of securities
            of the Corporation and the other bookkeeping and clerical work
            necessary in maintaining relations with holders of securities,
            including the cost of printing and mailing certificates for
            securities and proxy solicitation materials and reports to holders
            of the Corporation's securities;

      h.    transfer agent's, registrar's, dividend disbursing agent's, dividend
            reinvestment plan agent's and indenture trustee's fees and charges;

      i.    legal, auditing, accounting, underwriting, brokerage, listing,
            registration and other fees and printing, engraving and other
            expenses and taxes incurred in connection with the organization of
            the Corporation and the issuance, distribution, transfer,
            registration and listing of the Corporation's securities.

13.   Other activities of the Advisor. Nothing herein contained shall prevent
      the Advisor or any of its officers, directors or employees or any of its
      affiliates from engaging in other business activities related to real
      estate investments, from undertaking investments permitted of them by the
      Corporation's Bylaws or from acting as advisor to any other person or
      entity even though having investment policies similar to the Corporation,
      and the Advisor and its officers, directors or employees and any of its
      Affiliates shall be free from any obligation to present to the Corporation
      any particular investment opportunity which comes to the Advisor or such
      persons, regardless of whether such opportunity is within the
      Corporation's investment policies; provided, however, that when the
      Advisor has the ability to present a particular investment opportunity
      which is suitable for purchase by the Corporation and any other entities
      as to which the Advisor has advisory responsibility, the Advisor will
      review the investment portfolio of each entity and will decide which
      entity will acquire a particular property on the basis of such factors as
      it deems appropriate including, among others, cash-flow, the effect of the
      acquisition on diversification of the portfolio of each, the estimated
      income tax effects of the purchase, the amount of funds available and the
      length of time such funds have been available for investment. In the event
      a particular property is equally appropriate for investment by more than
      one entity, the Advisor will offer the investment to the entity whose
      funds have been available for the longest period of time.

14.   Term; Termination of Agreement. This Agreement shall continue in force
      from the date hereof through December 31, 2010 and thereafter from year to
      year unless earlier terminated as herein provided; provided, however, that
      either party may terminate this Agreement at any time in a written notice
      of termination given to the other party at least ninety (90) days prior to
      the effective date of such termination; and provided, further, that the
      Corporation may terminate this Agreement at any time during the
      continuation of any event described in Section 17 hereof or otherwise for
      cause. Upon the termination of this Agreement for any reason the Advisor
      shall cooperate with the Corporation to provide an orderly management
      transition.

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15.   Amendments. This Agreement shall not be changed, modified, terminated or
      discharged in whole or in part except by an instrument in writing signed
      by both parties hereto, or their respective successors or assigns, or
      otherwise as provided herein.

16.   Assignment. This Agreement shall not be assigned or otherwise transferred
      by the Advisor without the prior written consent of a majority of the
      Directors of the Corporation. This Agreement shall not be assigned by the
      Corporation without the consent of the Advisor, except in the case of
      assignment by the Corporation to a corporation, association, trust or
      other organization which is a successor to the Corporation. Such successor
      shall be bound hereunder and by the terms of said assignment in the same
      manner as the Corporation is bound hereunder.

17.   Default, Bankruptcy, Etc. At the option solely of the Corporation, upon
      vote of a majority of its Directors, this Agreement shall be and become
      terminated immediately upon written notice of termination from the
      Corporation to the Advisor if any of the following events shall occur:

      a.    If the Advisor shall violate any provision of this Agreement, and
            after notice of such violation shall not cure such default within
            thirty days; or

      b.    If the Advisor shall be adjudged bankrupt or insolvent by a court of
            competent jurisdiction, or an order shall be made by a court of
            competent jurisdiction, for the appointment of a receiver,
            liquidator or trustee of the Advisor or of all or substantially all
            of its property by reason of the foregoing, or approving any
            petition filed against the Advisor for its reorganization, and such
            adjudication or order shall remain in force or unstayed for a period
            of thirty days; or

      c.    If the Advisor shall institute proceedings for voluntary bankruptcy
            or file a petition seeking reorganization under the Federal
            bankruptcy laws, or for relief under any law for the relief of
            debtors, or shall consent to the appointment of a receiver of itself
            or of all or substantially all its property, or shall make a general
            assignment for the benefit of creditors, or shall admit in writing
            its inability to pay its debts generally, as they become due.

      The Advisor agrees that if any event specified in subsections b. and c. of
this Section 17 shall occur, it will give written notice thereof to the
Directors within seven days after the occurrence of such event.

18.   Action Upon Termination. From and after the effective date of termination
      of this Agreement, pursuant to Sections 14 or 17 hereof, the Advisor shall
      not be entitled to compensation for further services hereunder but shall
      be paid all compensation due Advisor pursuant to Section 10 accruing to
      the date of termination. The Advisor shall forthwith upon such
      termination:

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      a.    pay over to the Corporation all moneys collected and held for the
            account of the Corporation pursuant to this Agreement, after
            deducting any accrued compensation and reimbursement for its
            expenses to which it is then entitled;

      b.    deliver to the Directors a full accounting, including a statement
            showing all payments collected by it and a statement of all moneys
            held by it, covering the period following the date of the last
            accounting furnished to the Directors;

      c.    deliver to the Directors all property and documents of the
            Corporation then in the custody of the Advisor in its capacity as
            such; and

      d.    cooperate with the Directors to provide an orderly management
            transition.

19.   Miscellaneous. The Advisor assumes no responsibility under this Agreement
      other than to render the services called for hereunder in good faith, and
      shall not be responsible for any action of the Directors in following or
      declining to follow any advice or recommendations of the Advisor. Neither
      party nor its partners nor any shareholders, directors, officers or
      employees of any of its partners shall be liable to the other party, its
      Directors, holders of securities of the Corporation or to any successor or
      assign of the Corporation for any act taken in good faith and in a manner
      reasonably believed by the person acting on behalf of either party to be
      in the best interests of each, or for any other act except an act
      constituting bad faith, willful misfeasance, gross negligence or reckless
      disregard of its duties.

20.   Notices. Any notice, report or other communication required or permitted
      to be given hereunder shall be in writing unless some other method of
      giving such notice, report or other communication is accepted by the party
      to whom it is given, and shall be given by being delivered at the
      following addresses of the parties hereto:

      The Directors and/or the Corporation:

      Robert A. McCabe, Jr.
      211 Commerce Street
      Suite 300
      Nashville, Tennessee 37201

      Robert T. Webb
      149 MTCS Drive
      Murfreesboro, Tennessee 37129

      Ted H. Welch
      611 Commerce Street
      29th Floor
      Nashville, Tennessee 37219

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      Richard F. LaRoche, Jr.
      2103 Shannon Drive
      Murfreesboro, TN 37129

      The Advisor:

      W. Andrew Adams
      Management Advisory Source, LLC
      P. O. Box 330607
      Murfreesboro, Tennessee 37133-0607

            Either party may at any time give notice in writing to the other
party of a change of its address for the purpose of this Section 20.

21.   Headings. The section headings hereof have been inserted for convenience
      of reference only and shall not be construed to affect the meaning,
      construction or effect of this Agreement.

22.   Governing Law. The provisions of this Agreement shall be construed and
      interpreted in accordance with the laws of the State of Tennessee as at
      the time in effect.

      IN WITNESS WHEREOF, the Corporation and the Advisor, each by a duly
authorized officer have signed and delivered this Agreement as of the day and
year first above written.

                                         NATIONAL HEALTH INVESTORS, INC.

                                         By: /s/ Richard F. LaRoche, Jr.
                                         Its  Secretary

                                         MANAGEMENT ADVISORY SOURCE, LLC

                                         By: /s/ W. Andrew Adams
                                             W. Andrew Adams, Manager

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                                                                    EXHIBIT 10.8

                         INTERCONTINENTALEXCHANGE, INC.
            2003 RESTRICTED STOCK DEFERRAL PLAN FOR OUTSIDE DIRECTORS
               AS AMENDED AND RESTATED EFFECTIVE FEBRUARY 1, 2003

         1.       PURPOSE

         The purpose of the IntercontinentalExchange, Inc. (the "Corporation")
2003 Restricted Stock Deferral Plan for Outside Directors (the "Plan") is to aid
the Corporation in attracting and retaining Outside Directors by encouraging and
enabling the acquisition of a financial interest in the Corporation through the
issuance of Restricted Stock or Restricted Stock Units and thereby providing
Outside Directors a stake in the growth and profitability of the Corporation, in
order to enable them to represent the viewpoint of other shareholders of the
Corporation more effectively.

         2.       DEFINITIONS

         The following words and phrases when used in the Plan, unless otherwise
specifically defined or unless the context clearly otherwise requires, shall
have the following respective meanings:

         (a)      "Board" shall mean the board of directors of the Corporation.

         (b)      "Cause" shall mean:

                  (1)      The Outside Director is convicted of, pleads guilty
to, or confesses or otherwise admits to any felony or any act of fraud,
misappropriation or embezzlement;

                  (2)      The Outside Director knowingly engages in any act or
course of conduct or knowingly fails to engage in any act or course of conduct
(i) which is reasonably likely to adversely affect the Corporation's right or
qualification under applicable laws, rules or regulations to serve as an
exchange or other form of a marketplace for trading commodities or (ii) which
violates the rules of any exchange or market on which the Corporation effects
trades (or at such time is actively contemplating effecting trades) and which is
reasonably likely to lead to a denial of the Corporation's right or
qualification to effect trades on such exchange or market;

                  (3)      There is any act or omission by the Outside Director
involving malfeasance or gross negligence in the performance of the Outside
Director's duties and responsibilities to the material detriment of the
Corporation; or

                  (4)      The Outside Director breaches in any material respect
any of the provisions of any applicable service agreement or violates in any
material respect any generally applicable code of conduct which is distributed
in writing to the Corporation's directors; provided, however,

                  (5)      No such act or omission or event shall be treated as
"Cause" unless (i) the Outside Director has been provided a detailed, written
statement of the basis for the Corporation's belief such act or omission or
event constitutes "Cause" and an opportunity to meet with the Board (together
with the Outside Director's counsel if the Outside Director chooses to have the
Outside Director's counsel present at such meeting) after the Outside Director
has had a reasonable period in which to review such statement and, if the act or

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omission or event is one which can be cured by the Outside Director, the Outside
Director has had at least a thirty (30) day period to take corrective action and
(ii) the Board after such meeting (if the Outside Director exercises the Outside
Director's right to have a meeting) and after the end of such thirty (30) day
correction period (if applicable) determines reasonably and in good faith and by
the affirmative vote of at least a majority or, after a Change in Control, at
least three fourths of the members of such Board then in office at a meeting
called and held for such purpose that "Cause" does exist; provided, however, the
Outside Director shall have no right to participate in such vote, and the number
of members needed to constitute a majority of, or three fourths of, whichever is
applicable, the members of the Board shall be determined without counting the
Outside Director as a member of the Board.

         (c)      "Change in Control" means the occurrence of any of the
following events:

                  (1)      Any "person" (as that term is used in Sections 13(d)
and 14(d)(2) of the Securities Exchange Act of 1934), is or becomes the
beneficial owner (as defined in Rule 13d-3 under such Act), directly or
indirectly, of securities representing 30% or more of the combined voting power
of the then outstanding securities of the Corporation eligible to vote for the
election of the members of the Board unless (i) such person is the Corporation
or a Subsidiary, (ii) such person is an employee benefit plan (or a trust which
is a part of such a plan) which provides benefits exclusively to, or on behalf
of, employees or former employees of the Corporation or a Subsidiary, (iii) such
person is an underwriter temporarily holding such securities pursuant to an
offering of such securities, (iv) such person is the Outside Director, an entity
controlled by the Outside Director or a group which includes the Outside
Director or (v) such person acquired such securities in a Non-Qualifying
Transaction (as defined in (4) below);

                  (2)      During any period of two consecutive years or less
beginning after the closing date of the initial public offering of the common
stock of the Corporation, individuals who at the beginning of such period
constitute the Board cease, for any reason, to constitute at least a majority of
such Board, unless the election or nomination for election of each new director
was approved by at least two-thirds of the directors then still in office who
were directors at the beginning of the period (either by a specific vote of such
directors or by the approval of the Corporation's proxy statement in which each
such individual is named as a nominee for a director without written objection
to such nomination by such directors); provided, however, that no individual
initially elected or nominated as a director of the Corporation as a result of
an actual or threatened election contest with respect to directors or as a
result of any other actual or threatened solicitation of proxies or consents by
or on behalf of any person other than the Board shall be deemed to be approved;

                  (3)      Any dissolution or liquidation of the Corporation or
any sale or the disposition of 50% or more of the assets or business of the
Corporation, or

                  (4)      The consummation of any reorganization, merger,
consolidation or share exchange or similar form of corporate transaction
involving the Corporation unless (i) the persons who were the beneficial owners
of the outstanding securities eligible to vote for the election of the members
of the Board immediately before the consummation of such transaction hold more
than 60% of the voting power of the securities eligible to vote for the members
of the board of directors of the successor or survivor corporation in such
transaction immediately following the consummation of such transaction and (ii)
the number of the securities of such successor or survivor corporation
representing the voting power described in (i) above held by

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the persons described in (i) above immediately following the consummation of
such transaction is beneficially owned by each such person in substantially the
same proportion that each such person had beneficially owned the outstanding
securities eligible to vote for the election of the members of the Board
immediately before the consummation of such transaction, provided (iii) the
percentage described in (i) above of the securities of the successor or survivor
corporation and the number described in (ii) above of the securities of the
successor or survivor corporation shall be determined exclusively by reference
to the securities of the successor or survivor corporation which result from the
beneficial ownership of shares of common stock of the Corporation by the persons
described in (i) above immediately before the consummation of such transaction
(any transaction which satisfies all of the criteria specified in (i), (ii) and
(iii) above shall be deemed to be a "Non-Qualifying Transaction").

         (d)      "Committee" shall mean the Compensation Committee of the
Board. In addition the Board shall have all the powers of the Committee.

         (e)      "Corporation" shall mean IntercontinentalExchange, Inc., a
Delaware corporation.

         (f)      "Disability" shall mean any physical or mental condition which
renders the Outside Director unable even with reasonable accommodation by the
Corporation to perform the essential functions of the Outside Director's job for
at least a one hundred and eighty (180) consecutive day period and which would
make a participant in the Corporation's long term disability plan as of the date
that the Outside Director service terminates eligible to receive benefits.

         (g)      "Fair Market Value" shall mean the value of one share of
Stock, determined as follows:

                  (1)      if the Stock is traded on an exchange, the price at
which Stock was traded at the close of business on the date of valuation;

                  (2)      if the Stock is traded over-the-counter on the NASDAQ
System, the mean between the bid and asked prices on the System at the close of
business on the date of valuation; and

                  (3)      if neither Paragraph (1) nor Paragraph (2) is
applicable, the fair market value as determined by the Committee in its sole and
absolute discretion, in good faith. This determination shall be conclusive and
binding on all persons.

If Fair Market Value has not been determined as of a particular date, the Fair
Market Value as of such date shall be deemed to be the Fair Market Value as of
the date that Fair Market Value was most recently determined.

         (h)      "Outside Director" shall mean any person who is a member of
the Board and who is not a full-time employee of the Corporation or any of its
subsidiaries.

         (i)      "Plan" shall mean this 2003 IntercontinentalExchange, Inc.
Restricted Stock Deferral Plan for Outside Directors, as it may be amended from
time to time.

         (j)      "Restricted Stock" shall mean Stock subject to the
restrictions described in Section 5.

                                      -3-
<PAGE>

         (k)      "Restricted Stock Units" shall means the units credited to the
bookkeeping account maintained pursuant to Section 6.

         (l)      "Retirement" means the Outside Director's retirement from the
Board at the end of the full term for which the Outside Director was elected,
retirement from the Board at any time at or after age 70, or retirement at any
time with the consent of the Board.

         (m)      "Stock" shall have the following meaning:

         (1)      For Restricted Stock and Restricted Stock Units granted prior
to November 21, 2005,

         "Stock" shall initially mean the Class A Common Stock, Series 2, par
value $0.01 per share, of the Corporation. On November 21, 2005, each four
outstanding Restricted Stock or Restricted Stock Units shall become one
outstanding Restricted Stock or Restricted Stock Unit, pursuant to Section 7,
due to the one for four reverse stock split of the Corporation's Class A Common
Stock, Series 1, par value $0.01 per share, and Class A Common Stock, Series 2,
par value $0.01 per share, that became effective immediately prior to the
closing of the Corporations initial public offering on November 21, 2005. On May
20, 2006, each Restricted Stock and Restricted Stock Unit for Class A Common
Stock, Series 2, par value $0.01 per share, of the Corporation shall become one
Restricted Stock or Restricted Stock Unit for the Common Stock, par value $0.01
per share, of the Corporation.

         (2)      For Restricted Stock Units granted and Restricted Stock issued
on or after November 21, 2005 and before May 20, 2006,

         "Stock" shall initially mean the Class A Common Stock, Series 2, par
value $0.01 per share, of the Corporation. On May 20, 2006, each Restricted
Stock Unit for Class A Common Stock, Series 2, par value $0.01 per share, of the
Corporation shall become one Restricted Stock Unit for the Common Stock, par
value $0.01 per share, of the Corporation, and each share of Restricted Stock
that is Class A Common Stock, Series 2, par value $0.01 per share, of the
Corporation shall become one share of Restricted Stock that is Common Stock, par
value $0.01 per share, of the Corporation.

         (3)      For Restricted Stock Units granted and Restricted Stock issued
on or after May 20, 2006,

         "Stock" shall mean the Common Stock, par value $0.01 per share, of the
Corporation.

         (n)      "Subsidiary" shall mean any corporation, other than the
Corporation, in an unbroken chain of corporations beginning with the Corporation
if, at the time of the grant of Restricted Stock or Restricted Stock Units, each
of the corporations, other than the last corporation in the unbroken chain, owns
stock possessing 50 percent or more of the combined voting power of all classes
of stock in one of the other corporations in such chain.

         3.       STOCK RESERVED UNDER PLAN

         The aggregate number of shares of Stock that may be issued under the
Plan is 250,000 (prior to November 21, 2005, 1,000,000). Shares transferred
under the Plan may be either authorized but unissued shares or issued but not
outstanding shares. If any shares issued

                                      -4-
<PAGE>

hereunder are thereafter acquired by the Corporation pursuant to rights reserved
by the Corporation at the time of transfer as hereinafter described, such shares
shall be added back to the number of shares reserved for issuance under the
Plan. The number of shares of Stock shall be subject to adjustment in the manner
provided in Section 8.

         4.       ELECTION TO RECEIVE SHARES OF RESTRICTED STOCK OR RESTRICTED
                  STOCK UNITS

         Each Outside Director may elect to receive a portion of his or her
retainer and meeting fees relating to the Board or any Committee of the Board in
shares of Restricted Stock or in Restricted Stock Units; provided that all 2003
and 2004 elections shall be for Restricted Stock Units.

         a.       The election must be made in writing, shall apply to a
calendar year, and shall be irrevocable.

         b.       The election must be made before the first day of the calendar
year, except that (i) any person who becomes an Outside Director other than at
the beginning of a calendar year may elect before the date on which such person
becomes an Outside Director, and (ii) elections may be made within thirty days
after the Plan is first effective (February 1, 2003). All elections shall apply
for the balance of the calendar year.

         c.       The election may be made in any percentage, with a minimum of
10% and a maximum of 100% and may apply to both retainer and meeting fees (Board
and/or Committees) or to either one alone.

         d.       The number of shares of Restricted Stock or the number of
Restricted Stock Units shall be determined by dividing the portion of the
retainer and fees for the calendar quarter by 90% (prior to January 1, 2006,
100%) of the Fair Market Value of one share of Stock as of the end of such
calendar quarter and rounded up to the next full number of shares.

         5.       RESTRICTED STOCK

         Shares of Restricted Stock issued under the Plan shall be subject to
the following terms and conditions:

         a.       Shares shall be issued as of the end of each calendar quarter
with respect to retainer and meeting fees otherwise payable in that quarter.

         b.       One third of such shares shall vest each year on the
anniversary of the end of the calendar quarter.

         c.       If, within three years from the end of the calendar quarter,
the Outside Director's service on the Board is terminated for any reason other
than death, Cause, Disability or Retirement, the unvested shares of Restricted
Stock issued under the Plan shall be repurchased by the Corporation at a per
share price equal to the lesser of

                  i.       the retainer and meeting fees the Outside Director
         gave up to obtain such shares, or

                                      -5-
<PAGE>

                  ii.      the Fair Market Value of such shares as of the date
         the Outside Director's service on the Board is terminated.

The purchase price shall be paid in cash to the Outside Director within thirty
days after termination of service.

         d.       If the Outside Director's service on the Board terminates due
to Cause, the Outside Director shall forfeit any Shares that have not been
issued and the Corporation shall pay the Outside Director the par value of $.01
per Share for each Share that has been issued.

         e.       If the Outside Director's service on the Board terminates due
to death, Disability, or Retirement, all unvested Shares shall be fully vested
as of the date of termination of service and shall be distributed at the end of
the calendar quarter in which the Outside Director's service terminates.

         f.       Shares of Restricted Stock issued under the Plan shall not be
transferable and may not be sold, exchanged, transferred, pledged, hypothecated
or otherwise disposed of at any time prior to the vesting of such shares. Upon
issuance, the Stock shall be fully paid and nonassessable and shall be issued in
the name of the Outside Director. However, at the request of the Outside
Director, the Stock may be issued in the names of the Outside Director and his
or her spouse (i) as joint tenants with right of survivorship, (ii) as community
property, or (iii) as tenants in common without right of survivorship or may be
issued in the name of a child or a family trust.

         g.       An Outside Director who receives shares of Restricted Stock
under the Plan (or a permitted transferee) shall have all of the rights of a
shareholder with respect to such Restricted Stock, including the right to
receive dividends or other distributions in respect of such stock, and to vote
such Restricted Stock as the record owner thereof, unless and until the Outside
Director (or a permitted transferee) ceases to be the record owner of such
Restricted Stock.

         h.       Shares of Restricted Stock subject to the Plan may be subject
to such other provisions, not inconsistent with the provisions of the Plan, as
the Committee shall consider appropriate from time to time, including such
provisions as may be appropriate to comply with federal, state and other
securities laws and stock exchange requirements.

         6.       RESTRICTED STOCK UNITS

         The number of Restricted Stock Units determined under Section 4 for
each Outside Director shall be credited to a bookkeeping account established in
the name of the Outside Director subject to the following terms and conditions:

         a.       Restricted Stock Units shall be credited as of the end of each
calendar quarter with respect to retainer and meeting fees otherwise payable in
that quarter.

         b.       One third of such Restricted Stock Units shall vest each year
on the anniversary of the end of such calendar quarter.

         c.       If the Corporation pays a cash dividend with respect to Stock
at any time while Restricted Stock Units are credited to an Outside Director's
account, there shall be credited to the Outside Director's account additional
Restricted Stock Units equal to

                                      -6-
<PAGE>

                  i.       the cash dividend the Outside Director would have
         received had he or she been the actual owner of a number of Shares of
         Stock equal to the number of Restricted Stock Units then credited to
         the Outside Director's account, divided by

                  ii.      the Fair Market Value of one share of Stock on the
         dividend payment date.

Any such additional Restricted Stock Units shall vest at the same time as the
Restricted Stock Units with respect to which the additional Restricted Stock
Units were credited.

         d.       During January of the first calendar year after the
termination of the Outside Director's service on the Board for any reason other
than death, Cause, Disability or Retirement, the Corporation shall deliver to
the Outside Director a number of shares of Stock equal to the number of
Restricted Stock Units then credited to the Outside Director's account together
with a cash payment equal to the Fair Market Value of any fractional stock
equivalent; provided, however, that any unvested Restricted Stock Unit shall
instead be distributed in cash equal to the lesser of:

                  i.       the retainer and meeting fees the Outside Director
         gave up to obtain such Restrict Stock Unit, or

                  ii.      the Fair Market Value of a share of Stock on the date
         the Outside Director's service on the Board terminated.

         e.       If an Outside Director's service on the Board terminates due
to Cause, the Outside Director shall forfeit all Restricted Stock Units in the
Outside Director's account and the Corporation shall pay the Outside Director
$0.01 per Restricted Stock Unit.

         f.       If an Outside Director's service on the Board terminates due
to death, Disability, or Retirement, all unvested Restricted Stock Units shall
be fully vested as of the date of termination of service and a number of shares
of Stock equal to the number of Restricted Stock Units then credited to the
Outside Director's account together with a cash payment equal to the Fair Market
Value of any fractional stock equivalent shall be distributed during January of
the first calendar year after the termination of the Outside Director's service.

         g.       The Corporation's obligation with respect to Restricted Stock
Units shall not be funded or secured in any manner, nor shall an Outside
Director's right to receive payment be assignable or transferable, voluntarily
or involuntarily, except as expressly provided herein.

         h.       An Outside Director shall not be entitled to any voting or
other shareholder rights as a result of the credit of Restricted Stock Units to
the Outside Director's account until the shares of Stock are issued. Upon
issuance, the Stock shall be fully paid and nonassessable and shall be issued in
the name of the Outside Director. However, at the request of the Outside
Director, the Stock may be issued in the names of the Outside Director and his
or her spouse (i) as joint tenants with right of survivorship, (ii) as community
property, or (iii) as tenants in common without right of survivorship or may be
issued in the name of a child or a family trust.

         i.       For purposes of this Section 6, the service of an Outside
Director on the Board shall be considered to terminate at the time that the
Outside Director incurs a "separation from service" within the meaning of
Section 409A(a)(2)(A)(i) of the Internal Revenue Code.

                                      -7-
<PAGE>

         7.       RECAPITALIZATIONS

         The number of unissued shares of Restricted Stock or the number of
Restricted Stock Units shall be proportionately adjusted for any increase or
decrease in the number of issued shares resulting from a subdivision or
consolidation of shares or the payment of a stock dividend (but only of Stock)
or any other increase or decrease in the number of issued shares effected
without receipt of consideration by the Corporation.

         Subject to the provisions of Section 10, if the Corporation is the
surviving corporation in any merger or consolidation, each unissued share of
Restricted Stock or Restricted Stock Unit shall pertain and apply to the
securities to which a holder of the number of unissued Restricted Stock or
Restricted Stock Units would have been entitled.

         To the extent that the foregoing adjustments relate to securities of
the Corporation, such adjustments shall be made by the Committee, whose
determination shall be conclusive and binding on all persons.

         Except as expressly provided in this Section 8 and Section 10,

         (a)      the Outside Director shall have no rights by reason of any
subdivision or consolidation of shares of stock of any class, or any other
increase or decrease in the number of shares of stock of any class or by reason
of any dissolution, liquidation, merger, consolidation, or spin-off of assets or
stock of another corporation, and

         (b)      any issuance by the Corporation of shares of stock of any
class, or securities convertible into shares of stock of any class, shall not
affect, and no adjustment shall be made with respect to, the number of unissued
Shares of Restricted Stock or Restricted Stock Units.

         Any Shares reserved under the Plan shall not affect in any way the
right or power of the Corporation to make adjustments, reclassifications,
reorganizations, or changes of its capital or business structure; to merge or
consolidate; or to dissolve, liquidate, sell, or transfer all or any part of its
business or assets.

         8.       SECURITIES LAW REQUIREMENTS

         (a)      Legality of Issuance. No shares shall be issued under the Plan
unless and until the Corporation has determined that:

                  (1)      it and the Outside Director have taken all actions
required to register the shares under the Act, or to perfect an exemption from
the registration requirements of the Act or any state or other securities laws;

                  (2)      any applicable listing requirement of any stock
exchange on which the Stock is listed has been satisfied; and

                  (3)      all other applicable provisions of Federal, state or
any other law have been satisfied.

         Regardless of whether the issuance of shares under the Plan has been
registered under the Act or has been registered or qualified under the
securities laws of any state, the Corporation

                                      -8-
<PAGE>

may impose restrictions upon the sale, pledge, or other transfer of such shares
(including the placement of appropriate legends on stock certificates) if, in
the judgment of the Corporation and its counsel, restrictions are necessary or
desirable in order to achieve compliance with the provisions of the Act, the
securities laws of any state, or any other law. If the issuance of shares under
the Plan is not registered under the Act but an exemption is available that
requires an investment representation or other representation, each Outside
Director shall be required to represent that the shares are being acquired for
investment, and not with a view to sale or distribution, and to make any other
representations as are deemed necessary or appropriate by the Corporation and
its counsel. Stock certificates evidencing shares acquired under the Plan
pursuant to an unregistered transaction shall bear the following restrictive
legend and any other restrictive legends as are required or deemed advisable
under the provisions of any applicable law:

         THE SALE OF THE SECURITIES REPRESENTED HEREBY HAS NOT BEEN REGISTERED
         UNDER THE SECURITIES ACT OF 1933, AS AMENDED ("ACT"). ANY TRANSFER OF
         SUCH SECURITIES WILL BE INVALID UNLESS (i) A REGISTRATION STATEMENT
         UNDER THE ACT IS IN EFFECT AS TO SUCH TRANSFER, OR (ii) IN THE OPINION
         OF COUNSEL FOR THE ISSUER, SUCH REGISTRATION IS UNNECESSARY IN ORDER
         FOR SUCH TRANSFER TO COMPLY WITH THE ACT.

         Any determination by the Corporation and its counsel in connection with
any of the matters set forth in this Section 10 shall be conclusive and binding
on all persons.

         (b)      Registration or Qualification of Securities. The Corporation
may, but shall not be obligated to, register or qualify the issuance of shares
under the Securities Act of 1933, as amended, or any other applicable law. The
Corporation shall not be obligated to take any affirmative action to cause the
issuance of shares under the Plan to comply with any law.

         (c)      Exchange of Certificates. If, in the opinion of the
Corporation and its counsel, any legend placed on a stock certificate
representing shares issued under the Plan is no longer required, the holder of
the certificate shall be entitled to exchange the certificate for a certificate
representing the same number of shares but lacking the legend.

         9.       LEGENDS

         The Corporation reserves the right to cause appropriate legends to be
imprinted on the certificates representing shares to reflect all restrictions
and limitations referred to in this Plan.

         10.      TAXATION

         The Plan is intended to meet the requirements of Section 409A of the
Internal Revenue Code, the regulations thereunder, and any additional guidance
provided by the Treasury Department. Any Plan provision that does not meet such
requirements shall be void.

         11.      ADMINISTRATION

         The Plan shall be administered and interpreted by the Committee. A
Committee member shall in no event participate in any determination relating to
Restricted Stock or Restricted Stock Units held by such Committee member. The
interpretation and construction by the Committee

                                      -9-
<PAGE>

of any provisions of the Plan shall be final and shall be given the maximum
deference permitted under the law. No member of the Committee shall be liable
for any action or determination made in good faith with respect to the Plan.

         12.      AMENDMENT OR TERMINATION

         The Board shall have the power to terminate the Plan at any time and to
amend the Plan from time to time as it may deem proper; provided, however, that
no such termination or amendment shall adversely affect any outstanding
Restricted Stock or Restricted Stock Units, except to the extent required to
meet the requirements of Section 409A of the Internal Revenue Code.

         13.      EFFECTIVE DATE AND TERM

         The Plan shall first be effective with respect to retainer and meeting
fees received after January 31, 2003. The Plan will have no specific term and
shall expire only when all of the shares reserved hereunder are used.

         14.      APPROVAL OF STOCKHOLDERS

         The Plan is not subject to approval by the Corporation's stockholders.

         15.      GOVERNING LAW

         The laws of the State of Georgia (without regard to conflict of laws
provisions) shall govern all matters relating to this Plan, except to the extent
superseded by Federal law.

         16.      EXECUTION

         To record the adoption of this amendment and restatement of the Plan by
the Board on February 3, 2006, the Corporation has caused its authorized
officers to affix the corporate name and seal hereto.

         IN WITNESS WHEREOF, this amended and restated 2003 Restricted Stock
Plan for Outside Directors is executed by duly authorized officers.

                                  INTERCONTINENTALEXCHANGE, INC.

                                  By /s/ Jeffrey C. Sprecher
                                     ------------------------------------------
                                     Jeffrey C. Sprecher, Chairman and Chief
                                     Executive Officer

                                  By /s/ Johnathan H. Short
                                     ------------------------------------------
                                     Johnathan H. Short, Senior Vice President,
                                     General Counsel and Corporate Secretary

[Seal]

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