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                                                                   EXHIBIT 10.24

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                           PURCHASE AND SALE AGREEMENT

                                     between

                          THE NASDAQ STOCK MARKET, INC.

                                       and

                NATIONAL ASSOCIATION OF SECURITIES DEALERS, INC.

                          Dated as of February 20, 2002

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          PURCHASE AND SALE AGREEMENT dated as of February 20, 2002 (this
"AGREEMENT"), between the National Association of Securities Dealers, Inc., a
Delaware nonprofit corporation (the "NASD"), and The Nasdaq Stock Market, Inc.,
a Delaware corporation ("NASDAQ").

          WHEREAS, the NASD is the beneficial owner of 76,994,871 shares of the
common stock, par value $.01 per share, of Nasdaq (the "COMMON STOCK"); and

          WHEREAS, in furtherance of enabling Nasdaq and the NASD to meet a
principal goal of the restructuring and recapitalization of Nasdaq (the
"RESTRUCTURING")--the reduction of the NASD's ownership of Nasdaq--as well as to
assist the NASD in fulfilling its commitment to attempt to eliminate its
ownership interest in Nasdaq by June 2002, the NASD desires to sell and Nasdaq
desires to purchase on the terms and subject to the conditions provided for
herein, 33,768,895 shares of Common Stock (the "SHARES"), which, together with
the shares of Common Stock underlying outstanding and unexpired warrants issued
by the NASD in connection with the Restructuring (such shares, the "WARRANT
SHARES"), constitute all of the shares of Common Stock beneficially owned by the
NASD as of the date hereof; and

          WHEREAS, in connection with the foregoing purchase and sale, the
parties desire to provide for certain other agreements.

          NOW, THEREFORE, in consideration of the provisions contained herein,
the parties hereto agree as follows:

          1. PURCHASE AND SALE OF THE SHARES.

          1.01 SALE OF THE SHARES. On the terms and subject to the conditions
contained herein, the NASD agrees to sell to Nasdaq and Nasdaq agrees to buy
from the NASD the Shares.

          1.02 DELIVERY OF THE SHARES. As set forth in SECTION 2, the NASD shall
deliver to Nasdaq validly issued certificates representing the Shares duly
endorsed in blank or accompanied by stock powers duly executed in blank, with
all necessary stock transfer stamps affixed thereto.

          1.03 PURCHASE PRICE. The aggregate purchase price (the "PURCHASE
PRICE") for the Shares shall consist of (i) $305,155,435 in cash (the "CASH
PURCHASE PRICE"), (ii) 1,338,402 shares of Nasdaq's Series A preferred stock,
the terms of which are substantially as set forth in the form of Series A
Certificate of Designations attached as EXHIBIT I hereto (the "SERIES A
PREFERRED STOCK"), and (iii) one share of Nasdaq's Series B preferred stock, the
terms of which are substantially as set forth in the form of Series B
Certificate of Designations attached as EXHIBIT II hereto (the "SERIES B
PREFERRED STOCK" and together with the Series A Preferred Stock, the "PREFERRED
STOCK").

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2.  THE CLOSING.

          2.01 CLOSING. The closing of the purchase and sale of the Shares
provided for in this Agreement (the "CLOSING") shall take place in two stages.
In the first stage of the Closing (the "STAGE ONE CLOSING"), the NASD shall
sell, and Nasdaq shall purchase, 13,461,538 of the Shares (the "STAGE ONE
SHARES") in exchange for $174,999,994 of the Cash Purchase Price (the "STAGE ONE
CASH CONSIDERATION"). In the second stage of the Closing (the "STAGE TWO
CLOSING"), the NASD shall sell, and Nasdaq shall purchase, 20,307,357 of the
Shares (the "STAGE TWO SHARES") in exchange for (i) $130,155,441 of the Cash
Purchase Price (the "STAGE TWO CASH CONSIDERATION") and (ii) the Preferred
Stock.

          2.02 CLOSING DATES. The Stage One Closing shall take place on
February 21, 2002, or such other date as the parties may mutually agree (the
date of such closing being referred to herein as the "STAGE ONE CLOSING DATE").
The Stage Two Closing shall take place on March 1, 2002, or such other date as
the parties may mutually agree (the date of such closing being referred to
herein as the "STAGE TWO CLOSING DATE"). In the event that all the conditions
provided for in SECTIONS 6 and 7 have not been satisfied or waived by March 1,
2002, or such other mutually agreed upon date, the Stage Two Closing shall take
place on the second business day following the date that all such conditions
have been satisfied or waived, other than those that by their nature are to be
satisfied on the Stage Two Closing Date, but subject to the satisfaction or
waiver of those conditions. Each of the Stage One Closing and the Stage Two
Closing shall take place at the offices of Skadden, Arps, Slate, Meagher & Flom
LLP, Four Times Square, New York, New York 10036, at 10 a.m., or at such other
place and time as the parties hereto may mutually agree.

          2.03 CLOSING DELIVERIES.

          2.3.1 STAGE ONE CLOSING DELIVERIES.

          (a) On the Stage One Closing Date, Nasdaq shall pay to the NASD the
Stage One Cash Consideration by wire transfer of immediately available funds to
an account specified by the NASD for such purpose.

          (b) On the Stage One Closing Date, the NASD shall deliver to Nasdaq
validly issued certificates representing the Stage One Shares duly endorsed in
blank or accompanied by stock powers duly executed in blank, with all necessary
stock transfer stamps affixed thereto.

          2.3.2 STAGE TWO CLOSING DELIVERIES.

          (a) On the Stage Two Closing Date, Nasdaq shall (i) pay to the NASD
the Stage Two Cash Consideration by wire transfer of immediately available funds
to an account specified

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by the NASD for such purpose and (ii) deliver to the NASD validly issued
certificates representing the Preferred Stock in the name of the NASD.

          (b) On the Stage Two Closing Date, the NASD shall deliver to Nasdaq
validly issued certificates representing the Stage Two Shares duly endorsed in
blank or accompanied by stock powers duly executed in blank, with all necessary
stock transfer stamps affixed thereto.

          3. COVENANTS.

          3.01 FURTHER ACTIONS. The parties hereto agree to use their reasonable
best efforts to have the Closing occur as soon as practicable consistent with
the provisions of this Agreement.

          3.02 INVESTOR RIGHTS AGREEMENT. The parties hereto agree to take all
action reasonably necessary to finalize, execute and deliver an investor rights
agreement (the "INVESTOR RIGHTS AGREEMENT"), as of the Stage One Closing Date.

          3.03 VOTING. Commencing upon Nasdaq becoming registered with the U.S.
Securities and Exchange Commission (the "SEC") as a national securities exchange
("EXCHANGE REGISTRATION"), at any meeting at which holders of Common Stock are
entitled to vote or in connection with any written consent by holders of Common
Stock, the NASD shall cause to be counted as present thereat for the purpose of
establishing a quorum and shall vote (or grant its consent in respect of) all
shares of Common Stock beneficially owned by the NASD that are not then subject
to the Voting Trust Agreement (as defined below) on each matter presented in the
same proportion as all other holders of Common Stock have voted (or granted
consent) on such matter (for such purposes, only votes in favor, in opposition
or abstention shall be counted as voting, shares that are not voted shall not be
counted). In connection with the foregoing, the NASD shall so instruct the
inspector of election or party seeking consent to cause such shares of Common
Stock to be counted as provided above. The NASD acknowledges that the voting of
the Warrant Shares shall be governed by the Voting Trust Agreement, dated June
28, 2000, as amended from time to time (the "VOTING TRUST AGREEMENT"), by and
among Nasdaq, the NASD and The Bank of New York, as voting trustee.

          3.04 SEC APPROVALS.

          (a) Prior to, and following, the Stage Two Closing Date, (i) the NASD
shall use all reasonable efforts to secure SEC approval of the rules previously
filed by the NASD with the SEC, in connection with the NASD's alternative
display facility.

          (b) Nasdaq agrees to use its reasonable best efforts to secure SEC
approval of each of the Series A Certificate of Designations and the Series B
Certificate of Designations as soon as practicable consistent with the
provisions of this Agreement.

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          3.05 CERTAIN ACTIONS OF NASDAQ PRIOR TO REDEMPTION OF THE SERIES A
PREFERRED STOCK. During the period commencing on the Stage Two Closing Date and
terminating on the date of the redemption or purchase in full of all of the
then-outstanding shares of Series A Preferred Stock by Nasdaq, Nasdaq shall not,
and shall not permit any of its Restricted Subsidiaries to, without the prior
written consent of the NASD, which consent shall not be unreasonably withheld,
conditioned or delayed (it being understood that conditioning such consent on
Nasdaq's agreement to use the net proceeds of such transaction to redeem Series
A Preferred Stock shall be deemed to be not unreasonable):

          (a) incur or assume any new long-term debt (a, "LONG-TERM DEBT
INCURRENCE"); PROVIDED, HOWEVER, that this clause (a) shall not restrict in any
manner any Long-Term Debt Incurrences whereby the amount of net proceeds to,
plus the amount of long-term debt assumed by, Nasdaq and its Restricted
Subsidiaries, collectively, from Long-Term Debt Incurrences together with net
proceeds to Nasdaq and its Restricted Subsidiaries, collectively, from
Extraordinary Asset Sales (as defined below), do not exceed at any time an
aggregate outstanding amount equal to $200,000,000 (or its equivalent in other
currencies) (which amount shall include, but not be limited to, the amount of
net proceeds to Nasdaq and its Restricted Subsidiaries, collectively, from
Long-Term Debt Incurrences to refinance the Cash Purchase Price).

          For purposes of this Agreement, "LONG-TERM DEBT INCURRENCES" shall NOT
include the incurrence of any new long-term debt (i) the purpose of which is to
refinance debt of Nasdaq or any Restricted Subsidiary, collectively, outstanding
on the Stage One Closing Date or (ii) pursuant to or under lines of credit to
Nasdaq or any Restricted Subsidiary existing on the Stage One Closing Date.

          (b) sell, transfer or otherwise dispose of assets of Nasdaq held
directly or indirectly through any Restricted Subsidiary for cash outside of the
ordinary course of Nasdaq's business (an "EXTRAORDINARY ASSET SALE"); PROVIDED,
HOWEVER, that this clause (b) shall not restrict in any manner any sale,
transfer or other disposition of assets resulting in net proceeds to Nasdaq and
its Restricted Subsidiaries, collectively, that together with the amount of net
proceeds to, plus the amount of long-term debt assumed by, Nasdaq and its
Restricted Subsidiaries, collectively, from Long-Term Debt Incurrences at any
time outstanding, do not exceed at any time an aggregate amount equal to
$200,000,000 (or its equivalent in other currencies).

          For purposes of this Agreement, "EXTRAORDINARY ASSET SALES" shall NOT
include (i) any sale, transfer or disposition of assets of Nasdaq to a
Restricted Subsidiary, if such Restricted Subsidiary agrees in writing for the
benefit of the NASD to be bound by the provisions of this SECTION 3.05(b) with
respect to such assets, (ii) any sale, transfer or disposition of assets of
Nasdaq in connection with a joint venture, strategic alliance or other similar
arrangement, in any such case, the primary purpose of which is other than the
raising of capital for Nasdaq and the consideration involved in such transaction
is not predominantly comprised of cash, in each case as determined in good faith
by the board of directors of Nasdaq (the "BOARD OF DIRECTORS") and (iii) any
sale of any interest in the capital stock of Nasdaq or any sale by a subsidiary,
other than a Restricted Subsidiary, of any interest in its capital stock.

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          For purposes of this Agreement, the term "RESTRICTED SUBSIDIARY" means
any direct or indirect subsidiary of Nasdaq other than (i) any subsidiary set
forth on Schedule A hereto; PROVIDED, HOWEVER, that Quadsan Enterprises Inc.
("QUADSAN") shall not be permitted to issue any long-term debt, issue any
interests in its capital stock, or sell, transfer or otherwise dispose of its
assets for cash outside the ordinary course of its business and; PROVIDED,
FURTHER, that any purchase, sale or transfer of any marketable securities in the
ordinary course of business by Quadsan shall not be deemed to be subject to
SECTION 3.5 and (ii) any subsidiary that is formed in connection with a joint
venture, strategic alliance or other similar arrangement and the primary purpose
of which is other than the raising of capital, as determined in good faith by
the Board of Directors.

          4. REPRESENTATIONS AND WARRANTIES OF THE NASD. The NASD represents and
warrants to Nasdaq as follows:

          4.01 ORGANIZATION AND STANDING. The NASD is a non-profit corporation
duly incorporated, validly existing and in good standing under the laws of the
State of Delaware.

          4.02 BINDING AGREEMENT. This Agreement will be duly and validly
executed and delivered on behalf of the NASD and, assuming due authorization,
execution and delivery by Nasdaq, will constitute the legal and binding
obligation of the NASD enforceable against the NASD in accordance with its
terms, subject to the effects of bankruptcy, insolvency, fraudulent conveyance,
reorganization, moratorium and other similar laws relating to or affecting
creditors' rights generally and to general equity principles (whether considered
in a proceeding in equity or at law).

          4.03 TITLE TO SHARES. The NASD has good and valid title to the Shares,
free and clear of all liens, charges, claims, security interests, restrictions,
options, proxies, voting trusts or other encumbrances (each an "ENCUMBRANCE"),
other than Encumbrances created by this Agreement and the Investor Rights
Agreement. Assuming Nasdaq has the requisite power and authority to be lawful
owner of the Shares, upon delivery to Nasdaq at the Stage One Closing and the
Stage Two Closing, as applicable, of certificates representing the Stage One
Shares and Stage Two Shares, as applicable, and upon the NASD's receipt of the
applicable Purchase Price for the Shares, Nasdaq will acquire all of the NASD's
right, title and interest in and to the Shares being sold to it and will receive
good and valid title to the Shares, free and clear of any and all Encumbrances.

          4.04 ACQUISITION OF THE PREFERRED STOCK. The NASD is acquiring the
shares of Preferred Stock not with a view toward, or for the sale in connection
with, any distribution in violation of the Securities Act of 1933, as amended
(the "SECURITIES ACT"). The NASD acknowledges and agrees that (i) for the period
of one year following the original issuance of the Series A Preferred Stock (the
"NO TRANSFER PERIOD"), the Series A Preferred Stock may not be sold,
transferred, offered for sale, pledged, hypothecated or otherwise disposed of
(each, a "TRANSFER") without the prior written consent of Nasdaq, (ii) following
the No Transfer Period, the Series A Preferred Stock may not be Transferred
without registration under the Securities Act and any

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applicable state securities laws or regulations, except pursuant to an exemption
from such registration under the Securities Act and any applicable state
securities laws or regulations, (iii) certain contractual restrictions may
restrict its ability to Transfer the shares of Series A Preferred Stock and (iv)
the Series B Preferred Stock may not be Transferred.

          4.05 LEGENDS.

          (a) The NASD acknowledges and agrees that prior to the one-year
anniversary date of the Stage Two Closing Date, any certificate evidencing the
shares of Series A Preferred Stock shall bear a legend substantially as follows:

          THE SHARES OF SERIES A PREFERRED STOCK, PAR VALUE $.01 PER SHARE, OF
          THE NASDAQ STOCK MARKET, INC. REPRESENTED BY THIS CERTIFICATE MAY NOT
          BE OFFERED, SOLD OR TRANSFERRED BY THE HOLDER HEREOF PRIOR TO THE
          ONE-YEAR ANNIVERSARY DATE OF ITS ORIGINAL ISSUANCE WITHOUT THE PRIOR
          WRITTEN CONSENT OF THE NASDAQ STOCK MARKET, INC.

          (b) The NASD acknowledges and agrees that, upon its request, until no
longer required by applicable law, following the No Transfer Period, the
certificates evidencing the shares of Series A Preferred Stock may be replaced
with certificates bearing a legend substantially as follows:

          THE SHARES OF SERIES A PREFERRED STOCK, PAR VALUE $.01 PER SHARE, OF
          THE NASDAQ STOCK MARKET, INC. REPRESENTED BY THIS CERTIFICATE HAVE NOT
          BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR UNDER
          THE SECURITIES LAWS OF ANY STATE OR FOREIGN JURISDICTION AND MAY NOT
          BE OFFERED, SOLD OR TRANSFERRED WITHOUT COMPLIANCE WITH APPLICABLE
          FEDERAL, STATE OR FOREIGN SECURITIES LAWS.

          (c) The NASD acknowledges and agrees that, until no longer required by
applicable law, the certificates evidencing the share of Series B Preferred
Stock shall bear a legend substantially as follows:

          THE SHARE OF SERIES B PREFERRED STOCK, PAR VALUE $.01 PER SHARE, OF
          THE NASDAQ STOCK MARKET, INC. REPRESENTED BY THIS CERTIFICATE MAY NOT
          BE OFFERED, SOLD OR TRANSFERRED BY THE HOLDER HEREOF.

          4.06 REQUIRED APPROVALS, NOTICES AND CONSENTS. Except as set forth
herein, no material consent or approval of, other action by, or any notice to,
any governmental body or agency, domestic or foreign, or any third party is
required in connection with the execution and

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delivery by the NASD of this Agreement or the consummation by the NASD of the
transaction contemplated hereby.

          5. REPRESENTATIONS AND WARRANTIES OF NASDAQ. Nasdaq represents and
warrants to the NASD as follows:

          5.01 ORGANIZATION AND STANDING. Nasdaq is a corporation duly
incorporated, validly existing and in good standing under the laws of the State
of Delaware.

          5.02 PREFERRED STOCK. At the Stage One Closing Date, the shares of
Preferred Stock will have been duly authorized and, when transferred to the NASD
in accordance with this Agreement on the Stage One Closing Date, will be validly
issued, fully paid and nonassessable and the issuance of such shares will not be
subject to any preemptive or similar rights.

          5.03 BINDING AGREEMENT. This Agreement will have been duly and validly
authorized, executed and delivered by Nasdaq and, assuming due authorization,
execution and delivery by the NASD, will constitute the legal and binding
obligation of Nasdaq enforceable against Nasdaq in accordance with its terms,
subject to the effects of bankruptcy, insolvency, fraudulent conveyance,
reorganization, moratorium and other laws relating to or affecting creditors'
rights generally and to general equity principles (whether considered in a
proceeding in equity or at law).

          5.04 REQUIRED APPROVALS, NOTICES AND CONSENTS. Except as set forth
herein, no material consent or approval of, other action by, or any notice to,
any governmental body or agency, domestic or foreign, or any third party is
required in connection with the execution and delivery by Nasdaq of this
Agreement or the consummation by Nasdaq of the transaction contemplated hereby.

          6. CONDITIONS TO OBLIGATIONS OF THE NASD. The obligations of the NASD
are subject to the fulfillment on or prior to the Stage Two Closing as follows,
except, to the extent permitted by applicable law, as may be waived by the NASD
pursuant to SECTION 9.06 hereof:

          6.01 STATUTES, RULES AND REGULATIONS. No statute, rule, regulation or
order of any court or administrative agency shall be in effect which prohibits
the consummation of the transactions contemplated hereby.

          7. CONDITIONS TO OBLIGATIONS OF NASDAQ. The obligations of Nasdaq are
subject to the fulfillment on or prior to the Stage Two Closing as follows,
except, to the extent permitted by applicable law, as may be waived by Nasdaq
pursuant to SECTION 9.06 hereof:

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          7.01 STATUTES, RULES AND REGULATIONS. No statute, rule, regulation or
order of any court or administrative agency shall be in effect which prohibits
the consummation of the transactions contemplated hereby.

          7.02 SEC OBJECTION. The SEC shall have not objected, disapproved or
otherwise expressed disfavor to Nasdaq, whether in writing or orally, with
respect to the Series A Certificate of Designations or the Series B Certificate
of Designations.

          8. TERMINATION.

          8.01 TERMINATION. This Agreement may be terminated at any time prior
to the Stage Two Closing:

          (a) by the mutual written consent of the parties; and

          (b) by either party in the event the Stage Two Closing has not
occurred on or before May 20, 2002, unless the failure of such consummation
shall be due to a breach of this Agreement by the party seeking to terminate
this Agreement.

          8.02 EFFECT OF TERMINATION. In the event of the termination of this
Agreement pursuant to SECTION 8.01, this Agreement shall forthwith become void,
and there shall be no liability on the part of any party hereto (or any
stockholder, director, officer, partner, employee, agent, consultant or
representative of such party) except that (a) nothing herein shall relieve any
party from liability for, or eliminate the rights of any party relating to, any
willful breach of this Agreement and (b) this SECTION 8.02 and SECTIONS 9.01,
9.02, 9.03 and 9.09 shall survive termination of this Agreement.

          9. MISCELLANEOUS.

          9.01 ENTIRE AGREEMENT. This Agreement, the Investor Rights Agreement
and all schedules, attachments and exhibits embody the entire agreement and
understanding of the parties with respect to the subject matter hereof and
supersede any and all prior agreements, arrangements and undertakings, whether
written or oral, relating to matters provided for herein and therein (including
those set forth in the term sheet dated as of January 15, 2002 between the
parties). There are no provisions, undertakings, representations or warranties
relative to the subject matter of this Agreement not expressly set forth herein
and therein.

          9.02 EXPENSES. Except as otherwise specifically provided in this
Agreement, all costs and expenses, including, without limitation, fees and
disbursements of counsel, financial advisors and accountants, incurred in
connection with this Agreement and the transaction contemplated hereby shall be
paid by the party incurring such expense.

          9.03 NOTICES. Any notice, demand, claim, notice of claim, request or
communication required or permitted to be given under the provisions of this
Agreement shall be in

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writing and shall be deemed to have been duly given if delivered personally by
facsimile transmission or sent by first class or certified mail, postage prepaid
to the following addresses,

          If to the NASD:

          National Association of Securities Dealers, Inc.
          1735 K Street, N.W.
          Washington, D.C. 20006
          Facsimile: (202) 728-8894
          Attention: General Counsel

          with a copy to:

          Shearman & Sterling
          599 Lexington Avenue
          New York, New York 10022
          Facsimile: (212) 848-7179
          Attention: Robert Mundheim, Esq. and
                     James B. Bucher, Esq.

          If to Nasdaq:

          The Nasdaq Stock Market, Inc.
          One Liberty Plaza
          New York, New York 10006
          Facsimile: (212) 858-5150
          Attention: General Counsel

          with a copy to:

          Skadden, Arps, Slate, Meagher & Flom LLP
          Four Times Square
          New York, New York 10036
          Facsimile: (212) 735-2000
          Attention: Matthew J. Mallow, Esq. and
                     Eric J. Friedman, Esq.

or to such other address as any party may request by notifying in writing all of
the other parties to this Agreement in accordance with this SECTION 9.03.

          Any such notice shall be deemed to have been received on the date of
personal delivery, the date set forth on the Postal Service return receipt, the
date of delivery shown on the records of the overnight courier or the date shown
on the facsimile confirmation, as applicable.

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          9.04 SURVIVAL OF REPRESENTATIONS AND WARRANTIES. Each of the
representations and warranties made by the parties in this Agreement shall
terminate 12 months after the Stage Two Closing.

          9.05 BENEFIT AND ASSIGNMENT. This Agreement will be binding upon and
inure to the benefit of the parties hereto and their respective successors and
permitted assigns. There shall be no assignment of any interest under this
Agreement by any party. Nothing herein, express or implied, is intended to or
shall confer upon any other person any legal or equitable right, benefit or
remedy of any nature whatsoever under or by reason of this Agreement.

          9.06 WAIVER. Any waiver of any provision of this Agreement shall be
valid only if set forth in an instrument in writing signed by the party to be
bound thereby. Any waiver of any term or condition shall not be construed as a
waiver of any subsequent breach or a subsequent waiver of the same term or
condition, or a waiver of any other term or condition, of this Agreement. The
failure of any party to assert any of its rights hereunder shall not constitute
a waiver of any such rights.

          9.07 AMENDMENT. This Agreement may not be amended or modified except
by an instrument in writing signed by, or on behalf of, the NASD and Nasdaq.

          9.08 CONSTRUCTION OF THIS AGREEMENT; COUNTERPARTS. The language used
in this Agreement shall be deemed to be the language chosen by the parties
hereto to express their mutual agreement, and this Agreement shall not be deemed
to have been prepared by any single party hereto. The headings of the sections
and subsections of this Agreement are inserted as a matter of convenience and
for reference purposes only and in no respect define, limit or describe the
scope of this Agreement or the intent of any section or subsection. This
Agreement may be executed in one or more counterparts and by the different
parties hereto in separate counterparts, each of which when executed shall be
deemed to be an original but all of which taken together shall constitute one
and the same agreement.

          9.09 GOVERNING LAW. This Agreement shall be governed by, and construed
and enforced in accordance with, the internal laws of the State of New York
applicable to contracts executed and to be performed in the State of New York.

          9.10 PUBLIC ANNOUNCEMENTS. No party hereto shall make any public
announcement concerning the transactions contemplated by this Agreement without
the prior approval of the other party hereto, except as such announcement may be
required by the applicable laws, rules and regulations. The parties hereto
acknowledge that promptly after the execution of this Agreement and each of the
Stage One Closing and the Stage Two Closing, the parties will make public
disclosure, to be mutually agreed upon, of the transactions contemplated by this
Agreement.

          9.11 SPECIFIC PERFORMANCE. The parties recognize and agree that if for
any reason any of the provisions of this Agreement are not performed in
accordance with their

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specific terms or are otherwise breached, immediate and irreparable harm or
injury would be caused for which money damages would not be an adequate remedy.
Accordingly, each party agrees that, in addition to any other available
remedies, each other party shall be entitled to an injunction restraining any
violation or threatened violation of the provisions of this Agreement without
the necessity of posting a bond or other form of security. In the event that any
action should be brought in equity to enforce the provisions of the Agreement,
no party will allege, and each party hereby waives the defense, that there is an
adequate remedy at law.

          9.12 FURTHER ASSURANCES. The NASD hereby agrees that it shall from
time to time, at the request of Nasdaq, execute and deliver to Nasdaq any and
all instruments or documents as Nasdaq may reasonably request for the purpose of
vesting in Nasdaq the full right, title and interest of the NASD in and to the
Shares.

                            [Signature page follows]

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          IN WITNESS WHEREOF, this Agreement has been duly executed by the
parties hereto as of the date first above written.

                                        NATIONAL ASSOCIATION OF
                                        SECURITIES DEALERS, INC.

                                        By:    /s/ Douglas Shulman
                                               ----------------------------
                                        Name:  Douglas Shulman
                                        Title: Executive Vice President

                                        THE NASDAQ STOCK MARKET, INC.

                                        By:    /s/ Edward S. Knight
                                               ----------------------------
                                        Name:  Edward S. Knight
                                        Title: Executive Vice President and
                                               General Counsel

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                                   Exhibit I
                                       to
                          Purchase and Sale Agreement

                  FORM OF SERIES A CERTIFICATE OF DESIGNATIONS

                               [Previously Filed]

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                                 Exhibit II
                                       to
                          Purchase and Sale Agreement

                  FORM OF SERIES B CERTIFICATE OF DESIGNATIONS

                               [Previously Filed]

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                                   Schedule A
                                       to
                          Purchase and Sale Agreement

                      LIST OF NON-RESTRICTED SUBSIDIARIES

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                                   SCHEDULE A

1.   Nasdaq Tools, Inc.
2.   Quadsan Enterprises Inc.
3.   Nasdaq Global Holdings
4.   Nasdaq Global Technology, Ltd.
5.   Nasdaq International Ltd.
6.   Nasdaq Ltda
7.   Nasdaq Europe Planning Company Ltd.
8.   Nasdaq Japan, Inc.
9.   Nasdaq Europe S.A./N.V.
10.  IndigoMarkets Ltd.
11.  IndigoMarkets India Private Ltd.
12.  Nasdaq Financial Products Services, Inc.
13.  Nasdaq International Market Initiatives, Inc.
14.  Nasdaq Canada, Inc.
15.  Nasdaq Educational Foundation Inc.
16.  Nasdaq-BIOS R&D Joint Venture

                                   A-1<Page>

[LETTERHEAD OF NASDAQ]

                                                                  EXECUTION COPY

December 12, 2001

Mr. J. Patrick Campbell
8900 Bel Air Place
Potomac, MD 20854

Re:   RESIGNATION AND RELEASE OF CLAIMS

Dear Pat:

This letter (including Attachment A hereto) sets forth the agreement (the
"Agreement and Release") by and among you and The Nasdaq Stock Market, Inc. (the
"Company"). This Agreement and Release confirms our understanding and agreement
with respect to your resignation of employment with the Company as follows:

1.        RESIGNATION. You confirm the resignation of your employment as
President, Nasdaq U.S. Markets, and the resignation of any other positions held
by you with the Company or the Releasees (as defined below) effective December
31, 2001 (hereinafter, the "Resignation Date"). You agree that thereafter, you
will not represent yourself to be associated in any capacity with the Company or
the Releasees. You further agree to cooperate and execute administrative
documents necessary to effectuate such resignation(s). By this Agreement and
Release, the Employment Agreement between you and the Company effective December
29, 2000 (and any predecessor agreement) is terminated and superseded by this
Agreement and Release, except as specifically provided in Paragraph 8 below (a
copy of your December 29, 2000 Employment Agreement is attached hereto for
reference). You will continue to receive payments at the current rate of your
base compensation ($436,000 per year) through December 31, 2001, payable in
accordance with the Company's payroll practices.

2.        COMPENSATION. You will be entitled to the following payments and
benefits, subject to applicable deductions and tax withholding and (i) the
execution and delivery of this Agreement and Release in accordance with the
provisions of Paragraph 19 below, and non-revocation of the same; (ii) on
December 31, 2001, the execution and delivery of Attachment A hereto pursuant to
its terms and non-revocation of the same, (iii) the terms and conditions of this
Agreement and Release, and (iv) with respect to Paragraph 2(d) below, approval
of the Nasdaq Stock Market, Inc. Equity Plan Committee:

<Page>

Mr. J. Patrick Campbell
December 12, 2001
Page 2

     a.        You will be paid $436,000 (100% of your annual base
compensation), which you agree represents your Incentive Compensation for 2001,
payable in a lump sum upon the expiration of your right to revoke Attachment A
hereto;

     b.        You will be paid $470,000, which you agree represents your
deferred compensation for 1999 and 2000, payable on June 30, 2002;

     c.        You will be paid $1,000,000, which you agree represents an
additional separation payment, payable in equal installments over the twelve
month period beginning January 1, 2002 and ending December 31, 2002, in
accordance with the Company's payroll practices in effect at the time;

     d.        Subject to your continued employment through December 31, 2001,
on January 1, 2002, your restricted stock award of 30,000 shares will become
fully vested, your incentive stock option (ISO) award and your nonqualified
stock option (NSO) award will vest as to 4667 shares and 35,233 shares
respectively, and your ISO and NSO awards, to the extent so vested, will remain
exercisable until, and will terminate upon, the eighteen month anniversary of
the Resignation Date. You acknowledge and agree that (i) the tax withholding
obligation that arises by reason of the vesting of your restricted stock award
will be satisfied from the cash payments payable pursuant to the other clauses
of this Paragraph 2, (ii) the ISO, to the extent exercised more than 3 months
after the Resignation Date, will be treated as a nonqualified option for tax
purposes as required by applicable law, (iii) the vested awards remain subject
to the terms and conditions of the Company's Equity Incentive Plan (including
those contained in Section 9 thereof, which references transfer restrictions, as
well as the Company's right to repurchase the shares, which you agree remains
outstanding for 6 months from the Resignation Date, or, in the case of options,
the date you acquire the shares), and (iv) all other stock or equity-based
awards that are not vested as provided above are cancelled as of the Resignation
Date;

     e.        Under the NASD Supplemental Executive Retirement Plan (the
"SERP"), upon your attainment of age 55, you will be treated as having satisfied
the age and service requirements solely for purposes of Sections 4.1 and 4.3 of
the SERP, and not for any other purpose, including the calculation of your
"Retirement Benefit" under Section 4.2 of the SERP ("SERP Calculation"). The
SERP Calculation will be based upon your actual period of completed service and
actual compensation paid during your employment as such service and compensation
are determined under the SERP and, except as provided herein, will be consistent
with the policies and practices of the SERP applicable to similarly eligible
Company executives. The Company will cooperate with your reasonable request to
explain the actuarial bases and methodology of the SERP Calculation;

     f.       Following the Resignation Date, you and your family will continue
to receive health coverage on the same basis that such coverage is provided to
active employees. This coverage will terminate on the earlier of December 31,
2003 or the date you become eligible for coverage under another group health
plan (whether or not as an employee), and you agree to notify the Company in
writing immediately upon becoming so eligible. You acknowledge that the period
of coverage provided under this Paragraph 2(f) will be counted as continuation
health coverage under "COBRA";

<Page>

Mr. J. Patrick Campbell
December 12, 2001
Page 3

     g.        Upon the Resignation Date, you will cease to actively participate
in all other benefit plans and programs, including, but not limited to, the
Company's pension plan, 401(k) plan, employee stock purchase plan and flexible
spending plan, and any entitlements thereunder will be governed by the terms of
such plans and programs. You agree that any amounts payable under this Paragraph
2 will not be taken into account in determining any such entitlements;

     h.        You will be paid your accrued and unused vacation time in a lump
sum on January 2, 2002; and

     i.        You will be reimbursed for approved and authorized out-of-pocket
travel and business expenses incurred through December 31, 2001, as soon as
practicable thereafter.

3.        NO OTHER COMPENSATION. Other than as set forth herein, you will not
receive compensation, payments or benefits of any kind from the Company or
Releasees (as that term is defined below) relating to or arising out of your
employment, compensation or benefits with the Company, or the resignation
thereof, or any services rendered by you during the period of such employment.
You understand and agree that the compensation, payments and benefits provided
for in this Agreement and Release are in excess of those to which you may be
entitled from the Company or Releasees, and you expressly acknowledge and agree
that you are not entitled to any additional compensation, payment or benefit
from the Company, including, but not limited to, any compensation, payment or
benefit under any Company severance plan or policy.

4.        WAIVER AND RELEASE BY YOU. In exchange for the compensation, payments,
benefits and other consideration provided to you pursuant to this Agreement and
Release, you agree to execute Attachment A pursuant to its terms, and you
further agree as follows:

     a.        You agree to accept the compensation, payments, benefits and
other consideration provided for in this Agreement and Release in full
resolution and satisfaction of, and hereby IRREVOCABLY AND UNCONDITIONALLY
RELEASE, WAIVE AND FOREVER DISCHARGE the Company and Releasees from, any and all
agreements, promises, liabilities, claims, demands, rights and entitlements of
any kind whatsoever, in law or equity, whether known or unknown, asserted or
unasserted, fixed or contingent, apparent or concealed, which you, your heirs,
executors, administrators, successors or assigns ever had, now have or hereafter
can, shall or may have for, upon, or by reason of any matter, cause or thing
whatsoever existing, arising or occurring at any time on or prior to the date
you execute this Agreement and Release, including, without limitation, any and
all claims arising out of or relating to your employment, compensation and
benefits with the Company and/or the resignation thereof, and any and all
contract claims, benefit claims, tort claims, fraud claims, claims under your
December 29, 2000 Employment Agreement (and any predecessor agreement),
commissions, defamation, disparagement, or other personal injury claims, claims
related to any bonus compensation, claims for accrued vacation pay, claims under
any federal, state or municipal wage payment, discrimination or fair employment
practices law, statute or regulation, and claims for costs, expenses and
attorneys' fees with respect thereto, except that the Company's obligations
under this Agreement and Release shall continue in full force and effect in
accordance with their terms. THIS RELEASE AND WAIVER INCLUDES, WITHOUT

<Page>

Mr. J. Patrick Campbell
December 12, 2001
Page 4

LIMITATION, ANY AND ALL RIGHTS AND CLAIMS UNDER TITLE VII OF THE CIVIL RIGHTS
ACT OF 1964, AS AMENDED, THE CIVIL RIGHTS ACT OF 1991, THE CIVIL RIGHTS ACT OF
1866 (42 U.S.C. 1981), THE EMPLOYEE RETIREMENT INCOME SECURITY ACT, AS AMENDED,
THE AMERICANS WITH DISABILITIES ACT, THE FAIR LABOR STANDARDS ACT, THE FAMILY
AND MEDICAL LEAVE ACT, THE AGE DISCRIMINATION IN EMPLOYMENT ACT, THE DISTRICT OF
COLUMBIA HUMAN RIGHTS ACT, THE DISTRICT OF COLUMBIA FAMILY AND MEDICAL LEAVE ACT
OF 1990, THE NEW YORK STATE EXECUTIVE LAW, THE NEW YORK CITY ADMINISTRATIVE CODE
and all other federal, state or local fair employment practices statutes,
ordinances, regulations or constitutional provisions; PROVIDED, HOWEVER, that
this waiver and release shall not prohibit you from testifying truthfully under
oath pursuant to subpoena, order or otherwise, or cooperating in an official
government investigation as may be required by law, or from enforcing against
the Company or Releasees your rights under this Agreement and Release. You
further represent and affirm (i) that you have not filed any claim or demand for
relief against the Company or Releasees and (ii) that to the best of your
knowledge and belief, there are no outstanding claims or demands for relief
within the meaning of this Paragraph 4(a);

     b.        For the purpose of implementing a full and complete release and
discharge of claims, you expressly acknowledge that this Agreement and Release
is intended to include in its effect, without limitation, all the claims
described in the preceding Paragraph 4(a), whether known or unknown, apparent or
concealed, and that this Agreement and Release contemplates the extinction of
all such claims, including claims for attorney's fees. You expressly waive any
right to assert after the execution of this Agreement and Release that any such
claim, demand, obligation or cause of action has, through ignorance or
oversight, been omitted from the scope of this Agreement and Release; and

     c.        For purposes of this Agreement and Release, the term "the Company
and Releasees" includes The Nasdaq Stock Market, Inc., and any past, present and
future direct and indirect parents, subsidiaries, affiliates, divisions,
predecessors, successors, and assigns, and their past, present and future
officers, directors, shareholders, representatives, employees, agents and
attorneys, in their official and individual capacities, and all other related
individuals and entities, jointly and individually, and this Agreement and
Release shall inure to the benefit of and be enforceable by all such entities
and individuals and their successors and assigns.

5.        WAIVER AND RELEASE BY THE COMPANY. By signing this Agreement and by
acceptance of the mutual consideration and covenants contained herein, the
Company WAIVES, RELEASES AND FOREVER DISCHARGES you with respect to any and all
agreements, promises, liabilities, claims, demands, rights and entitlements of
any kind whatsoever, in law or equity, whether known or unknown, asserted or
unasserted, fixed or contingent, apparent or concealed, which the Company ever
had, now has or hereafter can, shall or may have for, upon, or by reason of any
matter, cause or thing whatsoever existing, arising or occurring at any time on
or prior to the date the Company executes this Agreement, including, without
limitation, any and all claims arising out of or relating to your employment,
compensation and benefits with the Company, and your resignation thereof;
provided, however, that this waiver and release shall not

<Page>

Mr. J. Patrick Campbell
December 12, 2001
Page 5

prohibit the Company and Releasees from enforcing against you their rights under
this Agreement.

6.        ADMISSIONS. Nothing contained in this Agreement and Release shall be
deemed to constitute an admission or evidence of any wrongdoing or liability on
your part or the part of the Company or Releasees.

7.        RETURN OF DOCUMENTS AND PROPERTY. On or before the Resignation Date,
you will return to the Company all known equipment, data, material, books,
records, documents (whether stored electronically or on computer hard drives or
disks), computer disks, credit cards, Company keys, I.D. cards and other
property, including, without limitation, stand alone computer, fax machine,
printers, telephones, and Blackberry(TM) in your possession, custody, or control
which are or were owned and/or leased by the Company in connection with the
conduct of the business of the Company (collectively referred to as "Company
Property"). You further warrant that you have not retained, or delivered to any
person or entity, copies of Company Property or permitted any copies of Company
Property to be made by any other person or entity.

8.        NON-COMPETITION/CONFIDENTIAL INFORMATION/NON-SOLICITATION/MUTUAL NON-
          DISPARAGEMENT.

     a.        You and the Company acknowledge and agree that you possess
knowledge and skills unique to the Company and the Company's industry. You
acknowledge and agree that the provisions and restrictions regarding, among
other things, non-competition, confidentiality and non-solicitation, as set
forth in Paragraph 10, subparagraphs (a)-(d), inclusive, of your December 29,
2000 Employment Agreement, survive the termination of that Employment Agreement,
are incorporated herein by reference and shall remain in full force and effect
pursuant to their terms. NOTWITHSTANDING THE FOREGOING, you may accept
employment with, consult for and/or provide services to (i) alternative trading
systems that are not Electronic Communication Networks ("ECNs") and (ii)
non-U.S. registered exchanges, as each of those terms are defined in the
Securities Exchange Act of 1934, as amended, and the rules and regulations
promulgated thereunder, without breach of your non-competition restrictions and
obligations under this Paragraph 8. Further, during the "Restricted Period" (as
that term is defined in Paragraph 10 of your December 29, 2000 Employment
Agreement), you may, in writing, request permission from the Company to accept
employment with, consult for and/or provide services to a specific person or
entity engaged in a "Competitive Business" (as that term is defined in Paragraph
10 of your December 29, 2000 Employment Agreement) and the Company agrees to
consider any such reasonable request in good faith, and, in its sole discretion,
determine whether or not to grant or deny such request. In no event shall any
partial waiver by the Company of your non-competition restrictions and
obligations as described in this Paragraph 8(a) relieve you of your restrictions
and obligations regarding confidentiality and non-solicitation as set forth in
Paragraph 10 of your December 29, 2000 Employment Agreement, which you agree
shall remain binding and in full force and effect.

     b.        You shall not issue or cause to be issued or condone the issuance
of any communication, written or otherwise, that disparages, criticizes or
otherwise reflects adversely or encourages any adverse action against the
Company or Releasees, except if testifying truthfully

<Page>

Mr. J. Patrick Campbell
December 12, 2001
Page 6

under oath pursuant to any lawful court order or subpoena or otherwise
responding to or providing disclosures required by law. The Company shall not
authorize, direct or condone the issuance of any communication, written or
otherwise, that disparages, criticizes or otherwise reflects adversely or
encourages any adverse action against you, except if the Company is testifying
truthfully under oath pursuant to any lawful court order or subpoena or
otherwise responding to or providing disclosures required by law.

     c.        You further agree that if it is determined that you have
willfully breached the terms of the aforesaid Paragraph 8(a) or (b), in addition
to the relief specified in Paragraph 12 and Paragraph 16 hereof, the Company
shall be entitled to recover from you all costs and reasonable attorneys' fees
incurred as a result of its attempts to redress such breach of Paragraph 8(a) or
(b), or to enforce its rights and protect its legitimate interests under
Paragraph 8(a) or (b), and further that such breach of Paragraph 8(a) or (b) by
you shall result in a forfeiture of all of the awards and benefits to be
provided to you under Paragraphs 2(d)-(f) above, and a forfeiture of 75% of the
payments to be provided to you under Paragraphs 2(a)-(c) above, and, if any such
payments and benefits have already been conveyed as of the time of your breach
of Paragraph 8(a) or (b), you agree to return and/or repay them to the Company.

9.        COOPERATION. You agree that you will assist and cooperate with the
Company and Releasees to a reasonable extent in connection with any
investigation, proceeding, dispute or claim that may be made against, by or with
respect to the Company or Releasees, or in connection with any ongoing or future
investigation, proceeding, dispute or claim of any kind involving the Company or
Releasees, including any proceeding before any arbitral, administrative,
regulatory, self-regulatory, judicial, legislative, or other body or agency, to
the extent such claims, investigations or proceedings relate to your employment
with the Company, services performed or required to be performed by you,
pertinent knowledge possessed by you, or any act or omission by you; provided,
however, that your obligation to assist and cooperate shall not be construed so
as to interfere with your obligations to your future employers. You further
agree to execute and deliver any necessary documents as shall reasonably be
requested that are related to compliance with federal, state and/or local laws.

10.       CONFIDENTIALITY. With respect to all persons and entities, including
members of the National Association of Securities Dealers, Inc., NASDAQ listed
companies, vendors to the Company, and current or potential affiliates and joint
venturers of the Company, you agree to maintain the confidentiality of, and
refrain from disclosing, making public, or discussing in any way whatsoever the
terms and conditions of this Agreement and Release. Notwithstanding the
foregoing, it is understood that as the sole exceptions to this confidentiality
provision: (i) you may discuss this Agreement and Release with your spouse and
immediate family; (ii) you may discuss this Agreement and Release with your
attorneys; (iii) you may permit appropriate public accountants to review this
Agreement and Release in connection with the conduct of an audit, and may permit
attorney(s), accountant(s) and tax advisor(s) of your choice to review this
Agreement and Release in connection with the receipt of advice on the taxability
of the compensation, payments and benefits set forth in Paragraph 2 of this
Agreement and Release, your rights hereunder, or to answer inquiries with
respect thereto; and (iv) you may disclose the circumstances of this Agreement
and Release and its terms as required by, or in response to

<Page>

Mr. J. Patrick Campbell
December 12, 2001
Page 7

inquiries from, any governmental, regulatory or self-regulatory body or agency,
or as otherwise required by law or court order. To the extent that you divulge
the terms of this Agreement and Release to any of the above-described
individuals, you shall advise each such individual of this confidentiality
provision and instruct each such individual of the confidential nature of this
Agreement and Release and that each such individual must comply with the
confidentiality terms of this Agreement and Release and not divulge any of the
terms and conditions thereof. In response to inquiries from third parties, you
and the Company shall state only that you voluntarily resigned from the Company
on mutually acceptable terms. You agree that the Company may also confirm to
third parties your dates of employment and title/position, and provide any other
information required by, or in response to, inquiries from any governmental body
or agency, or as otherwise required by law or court order. You further agree
that the Company and/or Releasees may describe this Agreement and Release in
public filings with the Securities and Exchange Commission and may include this
Agreement and Release as an exhibit thereto. In addition, the parties agree that
a copy of this Agreement and Release may be submitted to any court or other
tribunal in connection with any proceeding concerning the meaning,
interpretation or enforcement of its terms.

11.       MODIFICATIONS. This Agreement and Release may not be changed orally,
and no modification, amendment or waiver of any of the provisions contained in
this Agreement and Release, nor any future representation, promise or condition
in connection with the subject matter of this Agreement and Release, shall be
binding upon any party hereto unless made in writing and signed by such party.

12.       ENFORCEMENT/ARBITRATION.

     a.        You acknowledge and affirm that, in view of the nature of the
business in which the Company is engaged, the restrictions and agreements
contained in Paragraph 10, subparagraphs (a)-(d), inclusive, of your December
29, 2000 Employment Agreement, and Paragraphs 7, 8, 9 and 10 hereof, are
reasonable and necessary in order to protect the Company's legitimate interests,
and that any breach or threatened breach thereof would result in irreparable
injuries to the Company which would not be readily ascertainable or compensable
in terms of money, and therefore you further acknowledge that, in the event you
breach or threaten to breach any of these restrictions, the Company, without
posting any bond, shall be entitled to obtain from any court of competent
jurisdiction temporary, preliminary and permanent injunctive relief or any other
equitable remedy, as well as damages, which rights shall be cumulative and in
addition to any other rights or remedies to which it may be entitled.

     b.        It is expressly understood and agreed that although you agree the
restrictions contained in Paragraph 10, subparagraphs (a)-(d), inclusive, of
your December 29, 2000 Employment Agreement, and Paragraphs 7, 8, 9 and 10
hereof, to be reasonable and necessary for the purpose of preserving the
goodwill, proprietary rights, and going concern value of the Company, if a final
judicial determination is made by a court having jurisdiction that the
restrictions contained in such Paragraphs are invalid, the provisions of such
Paragraphs shall not be rendered void but shall be deemed amended to apply as to
such maximum time and territory and to such other extent as such court may
judicially determine or indicate to be reasonable. Alternatively, if the court
referred to above finds that any restriction contained in such

<Page>

Mr. J. Patrick Campbell
December 12, 2001
Page 8

Paragraphs cannot be amended so as to make it enforceable, such finding shall
not affect the enforceability of any of the other restrictions contained therein
or the availability of any other remedy.

     c.        With the exception of any claim or controversy arising out of a
breach of Paragraph 10, subparagraphs (a)-(d), inclusive, of your December 29,
2000 Employment Agreement, and Paragraphs 7, 8, 9 and 10 hereof, any claim or
controversy arising out of or relating to this Agreement and Release, or any
breach thereof, or otherwise arising out of or relating to your employment,
compensation and benefits with the Company or the resignation thereof, shall be
settled by arbitration in New York, New York, administered by the American
Arbitration Association under its National Rules for the Resolution of
Employment Disputes and judgment upon the award rendered by the arbitrator(s)
may be entered in any court having jurisdiction thereof; PROVIDED, HOWEVER, that
the parties agree that any demand for arbitration must be filed and served, if
at all, within 180 days of the occurrence of the act or omission complained of.
Any claim or controversy not submitted to arbitration in accordance with this
Paragraph 12(c) shall be waived and, thereafter, no arbitration panel or
tribunal or court shall have the power to rule or make any award on any such
claim or controversy. The award rendered in any arbitration proceeding held
under this Paragraph 12(c) shall be final and binding, and judgment upon the
award may be entered in any court having jurisdiction thereof, PROVIDED that the
judgment conforms to established principles of law and is supported by
substantial record evidence.

13.       GOVERNING LAW. This Agreement and Release shall be subject to and
governed by and interpreted in accordance with the laws of the State of New York
without regard to conflicts of law principles. Subject to the provisions of
Paragraph 12(c) hereof, you (i) irrevocably submit to the jurisdiction of any
state or federal court sitting in New York County, State of New York, for the
purposes of any suit, action or other proceeding arising out of or relating to
this Agreement and Release, and (ii) waive and agree not to assert in any such
proceeding a claim that you are not personally subject to the jurisdiction of
the court referred to above, or that the suit or action was brought in an
inconvenient forum.

14.       ASSIGNMENT. This Agreement and Release shall inure to the benefit of
(i) the Company and Releasees and their successors and assigns, and (ii) you and
your executors, administrators, heirs and legal representatives. The Company
may, at its sole discretion, sell or otherwise assign any rights, obligations or
benefits it has under this Agreement and Release. You may not sell or otherwise
assign any rights, obligations or benefits under this Agreement and Release, and
any attempt to do so shall be void. In the event you die prior to the payment to
you of all the consideration you are to receive under this Agreement and
Release, the Company acknowledges that your estate shall be entitled to receive
all the consideration you would have been entitled to receive if you were still
alive, except with respect to any pension or insurance benefit for which you may
have a valid beneficiary designation form on file with the Company.

15.       ENTIRE AGREEMENT. This Agreement and Release contains the entire
agreement between the parties and supersedes and terminates any and all previous
agreements between them, whether written or oral, except as specifically
provided for in Paragraph 8 hereof.

<Page>

Mr. J. Patrick Campbell
December 12, 2001
Page 9

16.       SPECIFIC ENFORCEMENT. The parties agree that this Agreement and
Release may be specifically enforced in court or arbitration and may be used as
evidence in a subsequent proceeding in which any of the parties allege a breach
of this Agreement and Release. In the event any arbitration, action, suit or
other proceeding is brought to interpret, enforce or obtain relief from a
willful breach of this Agreement and Release, the prevailing party shall recover
all such party's costs, expenses and attorneys' fees incurred in each and every
such arbitration, action, suit or other proceeding, including any and all
appeals or petitions therefrom.

17.       NOTICES. All notices in connection with or provided for under this
Agreement and Release shall be validly given or made only if made in writing and
delivered personally or mailed by registered or certified mail, return receipt
requested, postage prepaid, to the party entitled or required to receive the
same, as follows:

          If to J. Patrick Campbell, addressed to:

          If to the Company, addressed to:

               Edward S. Knight, Esq.
               Executive Vice President and
                   General Counsel
               The Nasdaq Stock Market, Inc.
               1735 K. Street NW
               Washington, D.C.  20006

or at such other address as either party may designate to the other by notice
similarly given. Notice shall be deemed to have been given upon receipt in the
case of personal delivery and upon the date of receipt indicated on the return
receipt in the case of mail.

18.       SEVERABILITY. In the event any provision of this Agreement and
Release, except for Paragraph 4, shall be held to be void, voidable, unlawful
or, for any reason, unenforceable, the remaining portions shall remain in full
force and effect. The unenforceability or invalidity of a provision of this
Agreement and Release in one jurisdiction shall not invalidate or render that
provision unenforceable in any other jurisdiction.

19.       ACKNOWLEDGMENT. By signing this Agreement and Release, you certify
that you have read the terms of this Agreement and Release, that you have been
advised to consult with legal counsel of your choice, and that your execution of
this Agreement and Release shall indicate that this Agreement and Release
conforms to your understanding and is acceptable to you as a final agreement.
You further acknowledge and agree that, pursuant to Paragraph 4 above, by
signing this Agreement and Release, you waive and release any and all claims you
may have or have had against the Company and Releasees, including, without
limitation, claims under the Age Discrimination in Employment Act. You further
acknowledge and agree that you have been advised of the opportunity to consult
with counsel of your choice and that you have

<Page>

Mr. J. Patrick Campbell
December 12, 2001
Page 10

been given a reasonable and sufficient period of time of not less than
twenty-one (21) days in which to consider and return this Agreement and Release.
You further acknowledge and agree that upon your execution and return of this
Agreement and Release, you will be permitted to revoke the Agreement and Release
at any time during a period of seven (7) calendar days following your execution
hereof. To be effective, the revocation must be in writing and must be
hand-delivered or telecopied to the Company within the seven (7) day period.
This Agreement and Release will not be effective until the seven (7) day period
has expired without revocation. If the Agreement and Release is not executed and
returned on or before December 31, 2001, or if this Agreement and Release is
executed and then revoked within the aforementioned seven (7) day period, this
Agreement and Release will be of no further force or effect, and neither you nor
the Company will have any rights or obligations hereunder.

Pat, on behalf of all of your friends and colleagues here at the Company, we are
pleased that we were able to arrive at a mutually acceptable parting, and we
wish you the best in all your future endeavors.

Sincerely yours,

By: /s/ Edward S. Knight
   ----------------------------------
   Edward S. Knight
   Executive Vice President and General Counsel
   The Nasdaq Stock Market, Inc.

/s/ J. Patrick Campbell                                Date: Dec 17, 2001
----------------------------------                           -------------
J. Patrick Campbell

WITNESSED BY:

/s/ David A. Hanna
--------------------------------

<Page>

                                  ATTACHMENT A

In exchange for the consideration provided by The Nasdaq Stock Market, Inc. (the
Company"), as set forth in Paragraph 2 of the December 12, 2001 letter
Agreement, I, J. Patrick Campbell, hereby reaffirm my waiver and release set
forth in Paragraph 4(a) of the December 12, 2001 letter Agreement, and further
IRREVOCABLY AND UNCONDITIONALLY WAIVE, RELEASE AND FOREVER DISCHARGE the Company
and the Releasees from any and all agreements, promises, liabilities, claims,
rights, demands and causes of action of any kind whatsoever, in law or equity,
whether known or unknown, suspected or unsuspected, fixed or contingent,
apparent or concealed, which I, my heirs, executors, administrators, successors
or assigns ever had or now have for, upon, or by reason of any matter, cause or
thing whatsoever, including, but not limited to my employment by the Company
and/or my resignation thereof, compensation and benefits with the Company, and
claims for related costs, expenses and attorneys' fees, existing, arising or
occurring at any time between the date I executed the December 12, 2001 letter
Agreement and the date I execute this Attachment A, except for claims for breach
of this Attachment A. THIS RELEASE AND WAIVER INCLUDES, WITHOUT LIMITATION, ANY
AND ALL RIGHTS AND CLAIMS UNDER TITLE VII OF THE CIVIL RIGHTS ACT OF 1964, AS
AMENDED, THE CIVIL RIGHTS ACT OF 1991, THE CIVIL RIGHTS ACT OF 1866 (42 U.S.C.
1981), THE EMPLOYEE RETIREMENT INCOME SECURITY ACT, AS AMENDED, THE AMERICANS
WITH DISABILITIES ACT, THE FAIR LABOR STANDARDS ACT, THE FAMILY AND MEDICAL
LEAVE ACT, THE AGE DISCRIMINATION IN EMPLOYMENT ACT, THE DISTRICT OF COLUMBIA
HUMAN RIGHTS ACT, THE DISTRICT OF COLUMBIA FAMILY AND MEDICAL LEAVE ACT OF 1990,
THE NEW YORK STATE EXECUTIVE LAW, THE NEW YORK CITY ADMINISTRATIVE CODE and all
other federal, state or local fair employment practices statutes, ordinances,
regulations or constitutional provisions.

By signing this Attachment A, I acknowledge and agree that I have been afforded
a 21-day period in which to review and consider this Attachment A and that I
have been advised to do so with an attorney of my choice. I agree that such
period is reasonable and sufficient, and I understand that this Attachment A
fully waives any and all claims I may have relating to my employment at the
Company, including any claims under the Age Discrimination in Employment Act, 29
U.S.C. Section 621 et seq. I understand that I have seven (7) days following the
execution of this Attachment A to revoke my acceptance of this Attachment A.
Written notice of any such revocation must be received by the Company by hand or
by telecopier within that seven (7) day period.

This Attachment A incorporates by reference, as if set forth fully herein, all
terms and conditions of the December 12, 2001 letter Agreement between myself
and the Company, including the recitation of consideration provided by the
Company, and the definitions included therein. By signing this Attachment A, I
am intending only to release any and all claims that may have arisen from the
date I the executed the December 12, 2001 letter Agreement through the date I
execute this Agreement. It is not my intention to otherwise change, alter, or
amend any of the terms and conditions of the December 12, 2001 letter Agreement
which remains in full force and affect, and I acknowledge and agree that I
continue to be bound by the terms and conditions of that letter Agreement. Once
executed, such December 12, 2001 letter Agreement, together with this Attachment
A, shall constitute the Agreement and Release as defined and referred to in the
December 12, 2001 letter Agreement. I further understand that if I fail or
refuse to execute this Attachment A, or if I revoke it within the 7-day
revocation period described above, I will not receive the consideration set
forth in Paragraph 2 of the December 12, 2001 letter Agreement and the
restricted shares and options described in Paragraph 2(d) of the December 12,
2001 letter Agreement shall not vest.

/s/ J. Patrick Campbell
------------------------------
J. Patrick Campbell

Dated: December 31, 2001

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