Document:

<PAGE>
                                                                   EXHIBIT 10.25

                              DATED 22nd July 2005

                           THE INTERNATIONAL PETROLEUM

                           EXCHANGE OF LONDON LIMITED

                                       and

                             LIFFE SERVICES LIMITED

                                       and

                     ATOS EURONEXT MARKET SOLUTIONS LIMITED

                                       and

                       LIFFE ADMINISTRATION AND MANAGEMENT

                             ----------------------
                                DEED OF NOVATION
                             ----------------------

<PAGE>

THIS DEED is made on 22nd July 2005 (the "Effective Date")

BETWEEN

(1)    THE INTERNATIONAL PETROLEUM EXCHANGE OF LONDON LIMITED whose address is
       International House, 1 St. Katherine's Way, London E1W 1UY (the
       "CONTINUING PARTY");

(2)    LIFFE SERVICES LIMITED (formerly known as LIFFE SERVICES COMPANY LIMITED)
       whose registered office is at Cannon Bridge House, 1 Cousin Lane, London
       EC4R 3XX (the "RETIRING PARTY");

(3)    ATOS EURONEXT MARKET SOLUTIONS LIMITED whose registered office is at
       Cannon Bridge House, 1 Cousin Lane, London EC4R 3XX (the "NEW PARTY");
       and

(4)    LIFFE ADMINISTRATION AND MANAGEMENT whose registered office is at Cannon
       Bridge House, 1 Cousin Lane, London EC4R 3XX ("LIFFE").

WHEREAS

(A)    This Deed is supplemental to the TRS Application Services Agreement made
       on 25 April 2001 between the Retiring Party and the Continuing Party (the
       "AGREEMENT").

(B)    The Retiring Party wishes to be released from the Agreement, and the
       Continuing Party has agreed to release it.

(C)    The New Party has agreed with the Retiring Party and the Continuing Party
       to replace the Retiring Party as a party to the Agreement from the
       Effective Date.

NOW IT IS AGREED as follows:

1      NOVATION

1.1    From the date of this Deed:

1.1.1  the Retiring Party, the New Party and the Continuing Party agree that,
       from the Effective Date, the New Party shall be substituted in place of
       the Retiring Party as a

<PAGE>

       party to the Agreement, and that it shall from the Effective Date be
       construed and treated as if it were named therein instead of the Retiring
       Party;

1.1.2  the New Party agrees with the Continuing Party that, from the Effective
       Date, it shall duly perform and discharge all liabilities, claims,
       demands and obligations howsoever arising under the Agreement, which were
       to be performed or discharged by the Retiring Party under the Agreement
       as if the New Party were named therein instead of the Retiring Party;

1.1.3  the Continuing Party agrees with the New Party that, from the Effective
       Date, it shall be bound by the Agreement as if the New Party were named
       therein instead of the Retiring Party; and

1.1.4  the Continuing Party and the Retiring Party, from the Effective Date,
       release and discharge each other from further performance of the
       Agreement and all liabilities, claims, demands and obligations howsoever
       arising under the Agreement, whether in contract, tort or otherwise.

2      LICENCES

2.1    Nothing in this Deed shall revoke or affect in any way any of the
       permissions, licences, waivers, consents, registrations and approvals
       procured by the Retiring Party in accordance with clause 5.2 of the
       Agreement (the "5.2 Licences").

2.2    In the event that any of the 5.2 Licences is revoked, the New Party shall
       procure such permissions, licences, waivers, consents, registrations and
       approvals equivalent to the 5.2 Licences in accordance with requirements
       of the Continuing Party under the Agreement.

3      PRE-NOVATION CLAIMS

3.1    Any claims that the Continuing Party might have against the Retiring
       Party under the terms of the Agreement in respect of events prior to the
       Effective Date may be brought by the Continuing Party against either
       LIFFE or the Retiring Party, or both LIFFE and the Retiring Party it
       being understood that the Continuing Party shall not recover twice in
       respect of any such claim.

<PAGE>

4      MISCELLANEOUS

4.1    This Deed is governed by, and shall be construed in accordance with,
       English law.

4.2    The courts of England have exclusive jurisdiction to hear and decide any
       suit, action or proceedings and to settle any disputes, which may arise
       out of or in connection with this Deed (respectively, "PROCEEDINGS" and
       "DISPUTES") and, for these purpose, each party irrevocably submits to the
       jurisdiction of the courts of England.

4.3    Each party irrevocably waives any objection which it might at any time
       have to the courts of England being nominated as the forum to hear and
       decide any Proceedings and to settle any Disputes and agrees not to claim
       that the courts of England are not a convenient or appropriate forum.

5      COUNTERPARTS

       This Agreement may be executed in counterparts, each of which when so
       executed and delivered shall be deemed an original, and all of which
       together shall constitute one and the same instrument. A complete set of
       counterparts shall be lodged with each party hereto.

<PAGE>

IN WITNESS of which the parties have executed this document as a deed the first
before written

EXECUTED AS A DEED BY                     )          /s/ ILLEGIBLE
                                          )   ..................................
By                                        )        Chief Operating Officer
                                          )
THE INTERNATIONAL                         )
PETROLEUM EXCHANGE OF                     )          /s/ ILLEGIBLE
LONDON LIMITED                            )   ..................................
                                                   Director/Co. Secretary

EXECUTED AS A DEED BY                     )          /s/ ILLEGIBLE
                                          )   ..................................
By                                        )              Director
                                          )
                                          )          /s/ ILLEGIBLE
LIFFE SERVICES LIMITED                    )   ..................................
                                                   Director/Co. Secretary

EXECUTED AS A DEED BY                     )          /s/ ILLEGIBLE
                                          )   ..................................
By                                        )              Director
                                          )
ATOS EURONEXT MARKET                      )          /s/ ILLEGIBLE
SOLUTIONS LIMITED                         )   ..................................
                                                   Director/Co. Secretary

<PAGE>

EXECUTED AS A DEED BY                     )          /s/ ILLEGIBLE
                                          )   ..................................
By                                        )              Director
                                          )
LIFFE ADMINISTRATION                      )          /s/ ILLEGIBLE
AND MANAGEMENT                            )   ..................................
                                                   Director/Co. SecretaryEX-10.26:

 

Exhibit 10.26

SETTLEMENT AGREEMENT

     THIS SETTLEMENT AGREEMENT (the “Settlement Agreement”) is made and entered into as of this 1st
day of September, 2005 (the “Effective Date”), by and between EBS Group Limited (“EBS”), a United
Kingdom company having its principal place of business at 10 Paternoster Square, London EC4M 7DY,
United Kingdom, on behalf of itself and all of its Affiliates (defined below), including, without
limitation, EBS Dealing Resources, Inc. (“EBS Dealing”), and IntercontinentalExchange, Inc.
(“ICE”), a Delaware company having its principal place of business at 2100 RiverEdge Parkway, Suite
500, Atlanta, Georgia 30328, on behalf of itself and all of its Affiliates, including, without
limitation, International Petroleum Exchange, Inc. (“IPE”), a United Kingdom company having its
principal place of business at International House, 1 St. Katharine’s Way, London E1W 1UY, United
Kingdom. EBS and ICE shall be collectively referred to hereinafter as “the Parties.”

     WHEREAS, EBS Dealing is the owner of all right, title, and interest in and to the Togher
Patents as defined below.

     WHEREAS, EBS Dealing has sued ICE alleging that ICE has infringed two of the Togher Patents,
to wit, U.S. Patent No. 5,375,055 and U.S. Patent No. 6,014,627, in an action that is currently
pending in the United States District Court for the Southern District of New York (“the Court”),
Case No. 04 CV 00583 (“the Action”), and has threatened suit over additional Togher Patents in the
future.

     WHEREAS, ICE has denied infringing any of the Togher Patents and has asserted other defenses
to the Action.

     WHEREAS, the Parties desire to settle the Action and the claims relating to the Togher Patents
pursuant to the terms of this Settlement Agreement.

     NOW, THEREFORE, in consideration of the mutual covenants and agreements contained herein and
for other good and valuable consideration, the receipt, adequacy and sufficiency of which are
hereby acknowledged, the Parties hereto agree as follows:

	 	1.	 	As used herein, the following terms shall have the meanings noted:

	 	(a)	 	“Togher Patents” shall mean any patents and patent
applications, anywhere in the world, claiming priority to U.S. patent
application 07/830,408 filed Feb. 3, 1992, including without limitation those
identified as Exhibit 1.
	 
	 	(b)	 	“Affiliate” shall mean any entity which is wholly owned or is
controlled by one of the respective Parties. Ownership of more than 50% of the
voting stock or voting ownership interests of an entity shall be conclusive
evidence of control.

 

 

	 	(c)	 	“Licensee” shall mean ICE and its Affiliates.

	 	2.	 	The Parties hereto agree that the Action and all related claims, lawsuits and
controversies between them, asserted or assertable in connection with or arising out of
the Action, are hereby settled in accordance with the following terms of this
Settlement Agreement. The Parties agree that the terms of this Settlement Agreement
are only for the purpose of disposing of disputed claims, and are not an admission of
liability on the part of any party hereto.
	 
	 	3.	 	The consideration to be given for this settlement is as follows:

	 	(a)	 	ICE shall pay to EBS, as settlement for the Action, a one time
payment of Fifteen Million Dollars ($15,000,000), payable to EBS upon execution
of this Settlement Agreement by wire transfer of immediately available funds.
	 
	 	(b)	 	In consideration of such payment, and commencing on the
Effective Date, EBS:

	 	(i)	 	grants to Licensee, a worldwide, fully paid-up,
royalty-free, irrevocable, non-exclusive license under the Togher
Patents to do itself, or to have done by a third party on Licensee’s
behalf, any and all things covered by any of the claims of the Togher
Patents in any field of use with the exceptions noted below:

	 	(a)	 	Neither Licensee nor anyone
acting on its behalf may provide hosting services to or operate
an exchange on behalf of a third party, except in the limited
field of energy, which shall include, without limitation,
emissions, greenhouse gas, and pollution credits. Pursuant to
this grant, Licensee may host the Chicago Climate Exchange to
the extent that such exchange is limited to the field of energy.
	 
	 	(b)	 	Licensee may not sell or lease
any products covered by any of the claims of the Togher Patents
except that Licensee may sell or lease components of an
electronic trading system to its customers (and the customers of
any entity for whom Licensee provides hosting services or
operates an exchange as otherwise permitted above) for use in
connection with an electronic trading system operated by or on
behalf of Licensee (or on behalf of a third party as permitted
above).
	 
	 	(c)	 	Except as provided in (i)(a)
above, Licensee may not enter into any contractual arrangement
whereby a third party

-2-

 

would have rights under the Togher Patents other than (i)
those rights necessary for such third party to use an
electronic exchange, electronic trading system, or other
product covered by a claim under the Togher Patents that is
operated for on or behalf of Licensee (or an entity for whom
Licensee provides hosting services or operates an exchange as
permitted above) and (ii) those rights necessary for a third
party to either make or operate an electronic exchange or
electronic trading system on Licensees behalf.

The license herein shall terminate upon the last termination or
expiration date of the Togher Patents.

	 	(ii)	 	covenants not to sue any customers of Licensee
(or any third party for whom Licensee is permitted to provide hosting
services or operate an exchange as noted in 3(b)(i) above) arising out
of such customer’s dealings with Licensee or such third party for
activities permitted under 3(b)(i), above.

	 	(c)	 	Licensee agrees, as soon as is practicable, to mark (i) its
electronic exchange system which is made or used in the United States, and (ii)
related literature and packaging with the following: “Licensed, inter alia,
under one or more of the following U.S. Patent Nos. 5,375,055, 5,806,050 and
6,014,627.” As new U.S. Togher Patents issue, EBS may inform ICE of such new
patent number(s) in writing and Licensee shall, as soon as practical
thereafter, mark (i) its electronic exchange system which is made and/or used
in the United States, and (ii) related literature and packaging with such
number(s).
	 
	 	(d)	 	The rights licensed in this Agreement may not be sublicensed by
Licensee.
	 
	 	(e)	 	Subject to the terms and conditions of this Agreement, ICE, on
behalf of itself and its Affiliates, covenants and agrees not to:

	 	(i)	 	initiate, engage, or assist in any proceeding,
to invalidate or render unenforceable any claim of the Togher Patents,
except as required by court order or subpoena;
	 
	 	(ii)	 	aid, participate with, collaborate with or
assist any other person or entity in that person’s or entity’s
proceeding to invalidate or render unenforceable any claim of the
Togher Patents, except as required by court order or subpoena.

	 	4.	 	Upon execution of this Settlement Agreement by the Parties and the payment of
the funds by ICE pursuant to paragraph 3(a) hereof, the attorneys for the Parties

-3-

 

	 	 	 	shall execute a Stipulation and Proposed Order of Dismissal with prejudice in the
form of Exhibit 2, which shall be filed in the Court in which the Action is
pending.
	 
	 	5.	 	EBS, for and on behalf of itself and its Affiliates, agrees to release,
discharge, and forever hold Licensee harmless from any and all claims, demands, suits
and judgments, known or unknown, fixed or contingent, liquidated or unliquidated, which
were asserted or could have been asserted, as of the Effective Date, arising from or
related to any act or omission or event occurring up to the Effective Date of this
Settlement Agreement. These releases run to the benefit of all attorneys, agents,
employees, trustees, officers, directors, and legal representatives of the Licensee, in
each case only as to acts made solely in such capacity. EBS, for and on behalf of
itself and its Affiliates, further releases Licensee’s customers for all claims,
demands, suits and judgments, known or unknown, fixed or contingent, liquidated or
unliquidated, which were asserted or could have been asserted against such customers as
a result of such customers’ use of the ICE electronic exchange prior to the Effective
Date.
	 
	 	6.	 	ICE, for and on behalf of itself and its Affiliates, agrees to release,
discharge, and forever hold EBS and its Affiliates harmless from any and all claims,
demands, suits and judgments, known or unknown, fixed or contingent, liquidated or
unliquidated, which were asserted or could have been asserted, as of the Effective
Date, arising from or related to any act or omission or event occurring up to the
Effective Date of this Settlement Agreement. These releases run to the benefit of all
attorneys, agents, employees, trustees, officers, directors, and legal representatives
of EBS and its Affiliates, in each case only as to acts made solely in such capacity.
ICE, for and on behalf of itself and its Affiliates, further releases EBS’ customers
for all claims, demands, suits and judgments, known or unknown, fixed or contingent,
liquidated or unliquidated, which were asserted or could have been asserted against
such customers as a result of such customers’ use of the EBS electronic exchange prior
to the Effective Date.
	 
	 	7.	 	Each signatory hereto warrants and represents that he or she has authority to
bind the party or parties for whom such person acts.
	 
	 	8.	 	Each of the Parties hereto warrants and represents that it has the authority to
dispose of and/or grant rights with respect to the claims, suits, rights and/or
interests which are the subject matter hereto and that such claims, suits, rights
and/or interests have not been assigned, transferred or sold.
	 

	 	9.	 	(a)	EBS represents and warrants to ICE that as of the Effective Date, neither
EBS nor its Affiliates are aware of any claims against ICE or its Affiliates, whether
under the Togher Patents or any other intellectual or property right of EBS or its
Affiliates, other than the claims that are released and discharged by this Settlement
Agreement. EBS acknowledges that this

-4-

 

	 	 	 	representation is a material inducement to ICE entering into this Settlement
Agreement. With respect to any intellectual property rights of EBS and/or
its Affiliates which exist as of the Effective Date, neither ICE nor its
Affiliates shall have any liability for infringement of such intellectual
property rights resulting from activities of ICE or its Affiliates after the
Effective Date, except to the extent that such infringement relates to a
change in or modification of ICE’s trading platform or business or its
Affiliate’s trading platform or business after the Effective Date.
	 
	 	(b)	 	EBS represents and warrants to ICE that it has the authority to
bind its Affiliates to this Settlement Agreement, including without limitation
EBS Dealing, and that the releases and license granted herein shall be valid as
if made by each Affiliate of EBS.
	 
	 	(c)	 	ICE represents and warrants to EBS that as of the Effective
Date, neither ICE nor its Affiliates are aware of any claims against EBS or its
Affiliates, other than the claims that are released and discharged by this
Settlement Agreement. With respect to any intellectual property rights of ICE
and/or and its Affiliates which exist as of the Effective Date, neither EBS nor
its Affiliates shall have any liability for infringement of such intellectual
property rights resulting from activities of EBS or its Affiliates after the
Effective Date, except to the extent that such infringement relates to a change
in or modification of EBS’s trading platform or business or its Affiliate’s
trading platform or business after the Effective Date.
	 
	 	(d)	 	ICE represents and warrants to EBS that it has the authority to
bind its Affiliates to this Settlement Agreement, including, without limitation
IPE, that the releases granted herein shall be valid as if made by each
Affiliate of ICE and that the terms of the license granted herein shall be
binding as if agreed to by each Affiliate of ICE.

	 	10.	 	ICE may not assign this Agreement or any rights hereunder without the prior
written consent of EBS. Such prior written consent shall not be required with respect
to the assignment of this Agreement and any rights hereunder to (a) the acquirer of all
or substantially all of the assets related to the business of ICE (whether through
asset sale or merger) or (b) the acquirer of all or substantially all of the assets of
either ICE’s OTC business or ICE’s futures business (whether through asset sale or
merger) who, at the time of such acquisition, has less than $10,000,000 in gross
revenues relating to such OTC or futures business. In the event of a such a separate
sale or transfer by ICE of one of its two major business lines (OTC trading and futures
trading), EBS agrees that it will cooperate with ICE in good faith to reform the
license grant made hereunder to facilitate a limited transfer of rights to the acquirer
sufficient to allow continued operation of the transferred line of business in exchange
for Licensee agreeing to relinquish its own rights hereunder to operate in such
transferred line of business. Upon any

-5-

 

	 	 	 	assignment permitted hereunder, the assignee shall become subject to all of the
terms and conditions of the Agreement.
	 
	 	11.	 	Except as otherwise provided herein, the parties agree that the terms of this
Settlement Agreement shall be confidential and shall not be disclosed to any third
party except (i) with the prior written consent of the other party, or (ii) as may be
required by court order, judicial process, law or regulation, including as required by
the Securities Exchange Act of 1934. Notwithstanding the foregoing, the Parties agree
that EBS shall be entitled to publicly disclose the following terms of the settlement
agreement upon the earlier of (i) the date of ICE’s public disclosure of one or more of
such terms in publicly filed document in accordance with such law or regulation (e.g.,
ICE’s final S-1), or (ii) October 23, 2005:

	 	(a)	 	the fact that ICE and its Affiliates have been granted a
non-exclusive license under the Togher Patents;
	 
	 	(b)	 	The fact that, while denying liability, ICE has paid
$15,000,000 for a paid up license and a release of EBS’ past claims against ICE
and its Affiliates.

	 	 	 	In the event that the press reports the dismissal of the Action, EBS shall be free
to issue a press release stating that the suit has been settled and that “while ICE
denies infringement, a significant payment was made to EBS in settlement of the case
and for a license under the Togher Patents and that the terms of the settlement are
confidential for a defined period of time.”
	 
	 	12.	 	EBS agrees that in entering this Settlement Agreement, ICE has not made and is
not hereby making any admission of liability, infringement or validity with respect to
the Togher Patents. Likewise, ICE agrees that in entering this Settlement Agreement,
EBS has not and is not hereby making any concession of non-infringement or invalidity
of the Togher Patents.
	 
	 	13.	 	The Federal District Court for the Southern District of New York shall have
exclusive jurisdiction over any controversy or claim arising out of or relating to this
Settlement Agreement, and the Parties consent to jurisdiction in this Court.
	 
	 	14.	 	Any controversy or claim arising out of or relating to this Settlement
Agreement, including, without limitation, the breach, termination or validity thereof,
shall be governed by the laws of the State of New York, excluding choice of law
principles.
	 
	 	15.	 	If any provision or provisions of this Settlement Agreement shall be held to be
invalid, illegal or unenforceable, the validity, legality, and enforceability of the
remaining provisions shall not in any way be affected or impaired thereby.
	 
	 	16.	 	This Settlement Agreement (including the exhibits hereto) constitutes the
complete and exclusive expression of the agreement between the Parties regarding

-6-

 

	 	 	 	the subject matter hereof, and supersedes all prior agreements, oral or written, on
this subject.
	 
	 	17.	 	Each signatory to this Settlement Agreement has entered into the same freely
and without duress after having consulted with counsel of his or her choice.
	 
	 	18.	 	The Parties agree that faxed signatures shall be sufficient to bind the Parties
hereto, and that the agreement may be executed in separately signed counterparts, all
of which together shall constitute the original agreement.
	 
	 	19.	 	This Settlement Agreement shall be binding upon and shall inure to the benefit
of the Parties, their respective successors and permitted assigns.

-7-

 

     IN WITNESS WHEREOF, the Parties have caused this Settlement Agreement to be duly executed and
delivered as of the day and year first above written.

	 	 	 	 	 	 	 
	ACCEPTED BY:	 	 	 	 
	 
	 	 	 	 	 	 
	EBS GROUP LIMITED	 	INTERCONTINENTALEXCHANGE, INC.
	 
	 	 	 	 	 	 
	By:

	 	/s/ Jack Jeffery
	 	By:
	 	/s/ Jeffrey C. Sprecher
	 

	 	 
	 	 	 	 
	Name:

	 	Jack Jeffery
	 	Name:
	 	Jeffrey C. Sprecher
	 

	 	 
	 	 	 	 
	Title:

	 	CEO
	 	Title:
	 	Chief Executive Officer
	 

	 	 
	 	 	 	 

 

 

EXHIBIT 1

US. Patent No, 5,375,055

U.S. Patent No. 6,014,627

U.S. Patent No, 5,806,050

U.S. Application Serial No. 09/563,461

U.S. Application Serial No. 10/665,141

U.S. Application Serial No. 10/665,570

U.S. Application Serial No. 11/146,073

PCT Application No. PCT/US93/009l6

Japanese Patent No. 2768828

Singapore Patent No. 40856

Australian Patent No. 658490

European Patent No. 0625275 (Confirmed in UK, AT, BE, FR, DE, IT, LU, NL, CH, ES, DK, IE

and SE)

Canadian Patent No. 2129250

Hong Kong Patent No. 1007354

 

 

EXHIBIT 2

UNITED STATES DISTRICT COURT

SOUTHERN DISTRICT OF NEW YORK

	 	 	 
	EBS DEALING RESOURCES, INC., a
	 	 
	Delaware Corporation,

	 	Civil Action No. 04 CV 00583 (HB)
	 
	 	 
	Plaintiff     
	 	 
	 
	 	 
	-against-

	 	Judge Harold Baer, Jr.
	 
	 	 
	INTERCONTINENTALEXCHANGE, INC.,

	 	STIPULATION AND ORDER OF
	a Delaware Corporation,

	 	DISMISSAL WITH PREJUDICE
	Defendant.     
	 	 

     IT IS HEREBY STIPULATED AND AGREED, by and among the attorneys for Plaintiff EBS Dealing
Resources and Defendant IntercontinentalExchange, Inc., that, pursuant to Rule 4l(a)(1), the
above-captioned action be, and the same is hereby, dismissed with prejudice, each side to bear its
own costs and attorneys fees.

	 	 	 
	Dated: August ___, 2005

	 	Dated: August ___, 2005
	 
	 	 
	DICKSTEIN SHAPIRO MORIN &

OSHINSKY LLP

	 	MORRIS, MANNING & MARTIN, LLP
	 
	 	 
	 

	 	 
	Steven I. Weisburd (SW5325)

	 	Bryan G. Harrison
	Deborah A. Skakel (DS8599)

	 	1600 Atlanta Financial Center
	1177 Avenue of the Americas

	 	3343 Peachtree Road, NE
	New York, NY 10036

	 	Atlanta, GA 30326
	(212) 835-1400

	 	(404) 504-7619
	 
	 	 
	Attorneys for Plaintiff
	 	 
	EBS Dealing Resources, Inc.

	 	- and -

 

 

	 	 	 
	 

	 	MAYER, BROWN, ROWE & MAW
	 
	 	 
	 

	 	 
	 

	 	John Conlon (JC3616)
	 

	 	1675 Broadway
	 

	 	New York, New York 10019
	 

	 	(212) 506-2500
	 
	 	 
	 

	 	Attorneys for Defendant
	 

	 	IntercontinentalExchange, Inc.
	 
	 	 
	SO ORDERED:

	 	Dated: ___, 2005
	 
	 	 
	 

	 	 
	Hon. Harold Baer, U.S.D.J.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00091-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00091-of-00352.parquet"}]]