Document:

Exhibit

Exhibit 10.3

 
First Name Last Name:

Congratulations!  We are pleased to provide you with a long-term incentive opportunity under the CME Group Inc. Amended and Restated Omnibus Stock Plan (the “Plan”).  This long-term incentive opportunity is in recognition of the anticipated positive impact you will make toward the future success of the company. Your grant provides you with the opportunity to earn a range of performance shares based on the achievement of the performance goals set forth below. If earned, the ultimate payout for achieving the performance goals will be in the form of CME Group Inc. stock, which is a means for you to share in the success of the overall company.  Certain terms of your long-term incentive opportunity follow:
Performance Share Terms
		
	Performance Shares:
	Your grant has a target of [    ] Performance Shares for the achievement of Performance Goals at the target levels.  Payouts will be settled after the end of the Performance Period by the issuance of Class A common stock, $.01 par value, of CME Group Inc. if certain specified Performance Goals are achieved for the Performance Period as set forth below. 

Grant Date:        [    ]
		
	Performance Period:
	[    ]

		
	Performance Goals:
	[    ]     

Payment and
		
	Vesting Schedule:
	Performance Shares that are earned, if any, shall be settled in Class A common stock, $0.01 par value of CME Group Inc., which shall be issued as soon as administratively practicable after the Compensation Committee and/or its delegate confirms that the Goals have been attained.  The Goals shall not be deemed to be attained until the Compensation Committee and/or its delegate confirms that they have been attained. The Performance Shares earned shall be based on the actual performance achieved under the Performance Goals during the Performance Period and issued in accordance with the Terms and Conditions attached hereto. Such shares based on [   ] shall become vested on the payout date in [    ], and such shares based on [   ] shall become vested on the payout date in [   ], except as otherwise provided by the terms and conditions in the Plan.      

Additional Terms
		
	and Conditions:
	The Performance Shares granted are subject to the Terms and Conditions attached hereto, as well as the terms and conditions set forth in the Plan.

Your equity grant has a total planned economic value of $[   ] which is [    ] % of your current base salary. The planned value was used to calculate the number of target performance shares granted, using the closing stock price on the grant date.
To be eligible to receive this grant, you must have entered into a Confidentiality, Non-Competition and Non-Solicitation Agreement with CME Group
Inc. In addition to the terms stated in this grant letter, your equity grant shall be subject to the terms and conditions of the Plan, which are subject to
change at any time. All documents relating to the Plan, including the Plan Document, Prospectus and Beneficiary Form, can be accessed online by
logging on to your E*TRADE account at www.etrade.com/stockplans or by calling E*TRADE at 800-838-0908 or +1-650-599-0125 if outside the
U.S. A copy of the current CME Group Form 10-K can be found at: http://investor.cmegroup.com/investor-relations/financials.cfm. Please certify
your W-9 (or W-8BEN if outside the U.S.) upon activation of your E*TRADE account and submit your completed Beneficiary Designation
Form to CME Group’s Compensation Department, 20 S. Wacker, 2N, Chicago, IL 60606.
By accepting this equity grant, you hereby agree to the terms and conditions of the Plan, which are subject to change at any time.  In addition, you acknowledge and agree that you are receiving this grant pursuant to CME Group’s Annual Grant Program, which is in place at the discretion of CME Group.  Accordingly, your receipt of this grant and your eligibility for any future grants are subject to the continued existence of the Annual Grant Program.
No Right to Future Grants; No Right of Employment; Extraordinary Item: In accepting the grant, you acknowledge that: (a) the Plan is
established voluntarily by the Company, it is discretionary in nature and it may be modified, suspended or terminated by the Company at any time,
as provided in the Plan and this Award Agreement; (b) the grant of the Award is voluntary and occasional and does not create any contractual or
other right to receive future grants of Awards, or benefits in lieu of Awards, even if Awards have been granted repeatedly in the past; (c) all
decisions with respect to future grants, if any, will be at the sole discretion of the Company; (d) your participation in the Plan is voluntary; (e) the
Awards are an extraordinary item that does not constitute compensation of any kind for services of any kind rendered to the Company and which is
outside the scope of your employment contract, if any; (f) the Awards are not part of normal or expected compensation or salary for any purposes,
including, but not limited to, calculating any severance, resignation, termination, redundancy, end of service payments, bonuses, long-service
awards, pension or retirement benefits or similar payments; (g) in the event that you are an employee of an affiliate or subsidiary of the Company,
the grant will not be interpreted to form an employment contract or relationship with the Company; and furthermore, the grant will not be interpreted
to form an employment contract with the affiliate or subsidiary that is your employer; (h) the future value of the underlying Shares is unknown and
cannot be predicted with certainty; (i) no claim or entitlement to compensation or damages arises from forfeiture or termination of the Awards or
diminution in value of the Awards or the Shares and you irrevocably release the Company, its affiliates and/or its subsidiaries from any such claim
that may arise; and (j) notwithstanding any terms or conditions of the Plan to the contrary, in the event of involuntary termination of your

[1]

Exhibit 10.3

employment, your right to receive Awards and vest in the Awards under the Plan, if any, will terminate effective as of the date that you are no
longer actively employed and will not be extended by any notice period mandated under local law; furthermore, in the event of involuntary
termination of employment, your right to vest in the Awards after termination of employment, if any, will be measured by the date of termination of
your active employment and will not be extended by any notice period mandated under local law.

[2]

Exhibit 10.3

TERMS AND CONDITIONS
		
	1.
	Performance Shares Earned. The number of Performance Shares earned, if any, will be based on the actual performance achieved during the Performance Period relative to each Performance Goal. This determination shall be made in accordance with the following schedules:

		
	a.
	Goal 1 – [   ] % of Performance Shares at Target, or [    ] shares:

	
		
	[Goal 1 Performance Achievement]
	Performance Shares Earned

	[Maximum]
	200% of above portion of Target Performance Shares

	[Target]
	100% of above portion of Target Performance Shares

	[Threshold]
	50% of above portion of Target Performance Shares

	[Below Threshold]
	0% of above portion of Target Performance Shares

Note: If actual performance falls between any of the levels above, then straight-line interpolation will be applied to determine the number of shares earned.

		
	b.
	Goal 2 – [   ] % of Performance Shares at Target, or [   ] shares:

	
		
	[Goal 2 Performance Achievement]
	Performance Shares Earned

	[Maximum]
	200% of above portion of Target Performance Shares

	[Target]
	100% of above portion of Target Performance Shares

	[Threshold]
	50% of above portion of Target Performance Shares

	[Below Threshold]
	0% of above portion of Target Performance Shares

Note: If actual performance falls between any of the levels above, then straight-line interpolation will be applied to determine the number of shares earned.

		
	2.
	Eligibility to Receive Grant and Condition of Receipt of Performance Shares.  Notwithstanding any other eligibility requirements specified in this grant or in the Plan, in order to be eligible to receive this award and as a condition of receipt of payment of any earned Performance Shares under this award, you must have entered into an agreement with the Company containing certain post-termination of employment restrictions.  The post-termination employment restrictions applicable to you are set forth in the Confidentiality, Non-Competition and Non-Solicitation Agreement with the Company, which is incorporated herein by reference.

		
	3.
	Eligibility to Receive Performance Shares. Notwithstanding any other eligibility requirements specified in this grant or in the Plan, in order for you to be eligible to receive payment of any earned Performance Shares after the end of the Performance Period, you must remain employed through the payout date. 

		
	4.
	Termination of Service. If your employment is terminated by reason of death or Disability (as defined in the Plan), your eligibility for payment of the Performance Shares is governed by the terms of the Plan.  If your employment is terminated for any other reason, any Performance Shares that are not vested will be forfeited.

		
	5.
	IRS Code Section 409A.  This grant is intended to be exempt from or to comply with IRS Code Section 409A and will be interpreted consistent with such intention.

[3]Exhibit

Exhibit 10.5

Date

First Name Last Name
Street Address
City, State Zip Code

Re:  Board of Directors Stock Grant 

Dear [   ]:

We are pleased to provide you with a grant of shares of stock under the CME Group Inc.
(the “Company”) Director Stock Plan Amended and Restated Effective May 21, 2014 (the “Plan”) as compensation for your service as a member of the Board of Directors of the Company.  Your participation in the Plan will further align your interests with our shareholders.  This grant was made to you on [     ], using the closing stock price of $[    ].  Certain terms of your equity grant follow:

Number of
		
	Shares of Stock:
	[   ] shares of Class A common stock of CME Group Inc.

[Number of Additional
		
	Shares in Lieu of Cash Stipend:
	[   ] shares of Class A common stock of CME Group Inc.]1 

		
	Total Grant Value:
	$[    ]

By accepting this stock grant, you hereby agree to the terms and conditions of the Plan.
[Because you have elected to receive additional shares in lieu of all or some of the cash portion of your stipend, by accepting such additional shares, you hereby agree to repay the Company any unearned portion of your annual stipend that would otherwise have been payable in cash in the event you leave the Board prior to the next Annual Meeting of Shareholders.  The amount of the unearned stipend will be prorated on a monthly basis and will be due within 30 days of your resignation, if applicable. ]1 
Neither the grant of shares nor any other action taken pursuant to the Plan shall constitute or be evidence of any agreement or understanding, express or implied, that you have a right to continue to provide services as a director, of the Company for any period of time or at any specific rate of compensation.
CME Group Inc.

By:  
/s/ Hilda Harris Piell

Name:    Hilda Harris Piell
Title:     Sr. Managing Director & Chief Human Resources Officer

1 To be included for Directors electing to receive all or any portion of their cash stipend in additional shares.

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