Document:

Form of Stock Option Award Agreement

 Exhibit 10.14 
 BATS GLOBAL MARKETS, INC. 
 2009 STOCK OPTION PLAN 

STOCK OPTION AWARD AGREEMENT 
 This Stock Option Award Agreement (“Agreement”) is made and entered into, as of the Date set forth on the signature page hereto, by and between BATS Global Markets, Inc., a Delaware corporation
(the “Company”), and                      (“Optionee”). 

R E C I T A L S 

A. The Company has established and maintains the BATS Global Markets, Inc. 2009 Stock Option Plan (“Plan”) in order to attract
and retain outstanding individuals to serve as officers, Directors, or employees of the Company and its Affiliates and to increase stockholder value by granting Nonstatutory Stock Options to certain Directors, officers, and employees of the Company
and its Affiliates. 
 B. Optionee is an Eligible Associate under the terms of the Plan and has been granted an Option under the
Plan to purchase shares of the common stock of the Company (“Common Stock”), subject to Optionee entering into this Agreement. 
 NOW, THEREFORE, the parties hereto, intending to be legally bound, hereby agree as follows: 
 1. Definitions. 
 (a) Initially capitalized terms used in this Agreement
have the meaning given to such terms in the Plan, except as expressly otherwise herein provided. 
 (b) With respect to Option
grants to a Director, references herein to “employment” shall be deemed to refer to such person’s “service relationship” with the Company or a Subsidiary. 

2. Grant of Option. The Company, pursuant to the Plan, hereby grants to Optionee an option (as described on the signature page
attached hereto) (the “Option”) to purchase all or any part of the number of shares of Common Stock of the Company set forth on the signature page hereof (“Option Shares”) at the Option Price per share set forth on the signature
page hereof, subject to the terms and conditions of the Plan and further subject to the terms and conditions hereinafter set forth. The Option is not intended to be an incentive stock option under Section 422 of the Internal Revenue Code of
1986, as amended. 
 3. Terms and Conditions of Grant. 

(a) Vesting. The Option shall vest and become exercisable in accordance the vesting schedule set forth on the signature page
hereto. In accordance with Section 8 of the Plan, the Option to the extent in effect but not previously vested shall fully vest on the first anniversary of the effectiveness of a registration with the Securities and Exchange Commission
(“Registration”) of any Common Stock of the Company pursuant to a plan for the initial public 

 
offering of Common Stock. To the extent so provided on the signature page hereto, vesting of the Option may also be accelerated in the event there is a Change in Control with respect to the
Company. The Option will cease to be exercisable following termination of Optionee’s Continuous Service as described in Section 4. 
 (b) Term of Option. The term of the Option shall expire at 11:59 p.m. Central Time on the tenth (10th) anniversary of the Grant Date, unless terminated earlier in accordance herewith. In no event, may any portion of
the Option be exercised after it has expired. 
 (c) Manner of Exercise. Optionee may, subject to the limitations in this
Agreement and the Plan, exercise all or any portion of the Option that has vested. In order to exercise the Option, Optionee shall deliver to the Company a written notice specifying the number of Option Shares to be purchased, accompanied by payment
in full of the entire Option Price with respect to such Option Shares and an amount equal to the aggregate minimum federal, state and local income and employment taxes which the Company is obligated to withhold and deposit on behalf of Optionee with
respect to such exercise (“Withholding Obligation”). The Committee may, in its discretion, permit Optionee to pay all or part of the Option Price or Withholding Obligation of Optionee by delivering to the Company for cancellation, Option
Shares or an unexercised, but then exercisable, portion of the Option to purchase Option Shares, provided that only whole Option Shares (or a portion of the Option representing only whole Option Shares) may be so used for payment of the Withholding
Obligation and any portion of the Withholding Obligation which can not be satisfied with whole Option Shares (or a portion of the Option representing only whole Option Shares) must be paid in cash. No portion of the Option may be exercised after it
has expired pursuant to Section 3(b) above or the termination of Optionee’s rights with respect to the Option pursuant to Section 4 below. 
 (d) Adjustment in Capitalization. In the event of any stock dividend or extraordinary cash dividend or other distribution (in whatever form), recapitalization, stock split, reverse stock split,
reorganization, merger, consolidation, split-up, spin off, combination, repurchase, or exchange of Common Stock or other securities of the Company, issuance of warrants or other rights to purchase Common Stock or other securities of the Company, or
other similar corporate transaction or event which affects the Common Stock, the Committee shall adjust the terms of this Agreement and the Option, to the extent necessary, in its sole discretion, in order to prevent dilution or enlargement of the
benefits or potential benefits intended to be made available under the Plan or this Agreement. In no event shall the Committee adjust the terms of this Agreement or the Option in a manner which would cause the Option to be subject to the provisions
of Section 409A of the Internal Revenue Code of 1986, as amended. 
 4. Exercise in Event of Death or Termination of
Employment. 
 (a) Termination of Employment. For purposes of this Agreement, Optionee’s Continuous Service
shall be deemed to have terminated at the close of business on the day immediately before the first day on which Optionee has a separation of service for purposes of Section 409A of the Code with respect to the Company or all Affiliates for any
reason. An Optionee shall not be deemed to have incurred a separation of service to the extent that Optionee is on military leave, sick leave or a bona fide leave of absence for a period not to exceed six months, provided there is a reasonable
expectation that Optionee will return to perform services 

  
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for the Company or an Affiliate following such leave of absence. If Optionee’s employment terminates, but the Company reasonably anticipates that Optionee will continue to provide services
to the Company or an Affiliate, either as an employee or independent contractor at a level that is more than twenty percent (20%) of the average level of services provided by Optionee over the preceding 36 months, Optionee shall not be deemed
to have had a separation from service. If Optionee is providing services to the Company other than as an employee, for purposes of this Agreement, Optionee’s shall be deemed to have separated from service when there is a good faith complete
termination of all service relationships between Optionee and the Company and all Affiliates and no renewal of the service relationship is anticipated. 
 (b) Exercise Following Termination of Employment. Subject to paragraph (d) below, if Optionee’s employment terminates for any reason other than Death or Disability, the Option held by
Optionee at the time of such termination of employment may be exercised at any time which is both before the time such Option would otherwise expire and within ninety (90) days of the date of such termination or within such extended exercise
period as the Committee may determine at the time of such termination, provided that such extended period shall not extend beyond the earlier of (i) the first anniversary of the termination of Service or (ii) the time the option would
otherwise expire, but only with respect to the portion of the Option which was exercisable on the date of Optionee’s termination of employment. To the extent such Option was not exercisable on the date of Optionee’s termination of
employment, such portion of the Option shall terminate. 
 (c) Death or Disability. Subject to paragraph (d) below,
if Optionee dies while employed by the Company or a Subsidiary, the Option held by Optionee at the time of death may be exercised by Optionee’s estate or the person to whom such Option is transferred by will or the applicable law of descent and
distribution, with respect to all or any part of the Option which was exercisable by Optionee immediately prior to his or her death, at any time which is both before the time such Option would otherwise expire and the one (1) year anniversary
of the date of death. If Optionee’s employment is terminated by the Company or a Subsidiary as a consequence of his or her Disability, any Option held by Optionee at the time of such termination may be exercised by Optionee at any time which is
both before the time such Option would otherwise expire and prior to the six (6) month anniversary of the date his or her employment terminated or within such extended exercise period as the Committee may determine at the time of such
termination, provided that such extended period shall not extend beyond the earlier of (i) the first anniversary of the termination of Service or (ii) the time the option would otherwise expire, but only with respect to the portion of the
Option which was exercisable on the date of Optionee’s termination of employment. 
 (d) Right to Cash Out Option.
In the event an Option is exercised following the date the Optionee’s employment terminates, in lieu of delivering option shares to the Optionee following such exercise, the Company may, in its sole discretion, fully discharge its
obligations under the Option with respect to such exercise by making a cash payment to the Optionee in an amount equal to the excess of the aggregate fair market value of the option shares on the date of exercise over the sum of
the exercise price for such shares and the Withholding Obligation. 

  
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 5. Limitations on Transferability of Options. 

(a) General Limitation. The Option shall not be transferable by Optionee (or any successor or assign) other than by will or, if
Optionee dies intestate, by the laws of descent and distribution of the state of his or her domicile at the time of his or her death, and (except as otherwise provided in Section 4 hereof) the Option shall be exercisable only by Optionee during
Optionee’s lifetime and only while Optionee is employed by the Company or a Subsidiary. 
 (b) Beneficiaries. The
person or persons whose name appears on the signature page hereof after the caption “Beneficiary” or on any designation form provided by the Company, or any successor designated by Optionee in accordance herewith (“Beneficiary”)
shall be entitled to exercise the Option, to the extent it is exercisable after the death of Optionee, for the period provided in Section 4. Optionee may from time to time revoke or change his or her beneficiary designation without the consent
of any prior designee by filing a new designation with the Committee which administers the Plan. The last designation received by the Committee shall be controlling, provided that no designation received by the Committee after the date of
Optionee’s death shall be effective. If no valid designation is in effect at the time of Optionee’s death, the Beneficiary shall be deemed to be Optionee’s estate. Upon the death of the Beneficiary, following the death of Optionee,
the Option shall immediately expire and terminate. 
 6. Investment Representation of Optionee. Optionee hereby
represents and warrants that (a) any Option Shares purchased pursuant to the exercise of the Option will be purchased for investment for his or her own account and not with a view to, or for sale or other disposition in connection with, any
distribution thereof, (b) he has been provided with a copy of the Plan and any Option Shares he purchases will be purchased with full knowledge of and subject to the restrictions on transfer and other restrictions contained in this Agreement
and the Plan, (c) he understands that the Option Shares may only be sold or otherwise transferred pursuant to an effective registration statement under applicable federal and state securities laws or pursuant to an exemption from registration
under such laws. 
 7. Restrictions on Shares Purchased upon Exercise of Option. 

(a) Optionee shall not, during his or her lifetime, sell, assign, mortgage, hypothecate, transfer, pledge, create a security interest in
or lien on, encumber, gift, place in trust (either voting or other), or otherwise dispose of the Option or any Option Shares acquired pursuant to exercise of the Option, or any portion thereof or interest therein, other than in accordance with and
as expressly permitted by this Agreement and that certain Investors Rights Agreement by and among the Company and the stockholders of the Company (“Investors Rights Agreement”). No purported sale, assignment, mortgage, hypothecation,
transfer, pledge, encumbrance, gift, transfer in trust, or other disposition of, or creation of a security interest in or lien on, any of the shares by any holder thereof in violation of this Agreement will be valid and the Company will not transfer
any of the shares on its books nor will any such shares be entitled to vote, nor will any dividends be paid thereon, unless and until there has been compliance with the terms of this Agreement. 

  
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 (b) Optionee shall only sell, assign, gift, transfer or otherwise dispose of the Option
Shares acquired pursuant to exercise of this Option, or any portion thereof, if prior to such transfer the Company receives a favorable opinion of legal counsel, reasonably acceptable to the Company, to the effect that the transfer is being made
pursuant to a valid exemption from registration under the Securities Act of 1933, as amended, and all applicable state securities laws or pursuant to an effective registration statement. 

(c) To the extent that Option Shares are issued to Optionee which are not registered under the Securities Act of 1933 pursuant to an
effective registration statement, the stock certificates evidencing such Option Shares may bear such restrictive legend as the Company deems to be required or advisable under applicable law. 

(d) The right of Optionee to exercise this Option and receive Option Shares is expressly conditioned on and subject to Optionee becoming
a party to and becoming legally bound by the Investor Rights Agreement. 
 (e) Upon termination of the Optionee’s
Continuous Service, all Option Shares issued to Optionee shall be subject to redemption by the Company in accordance with the terms of the Plan and any rules and procedures adopted from time to time by the Committee governing such redemption
transactions. 
 8. Incorporation of Terms of Plan. The terms of the Plan and any policy statements adopted by the
Committee relating to the administration of the Plan, are incorporated herein by reference and Optionee’s rights hereunder are subject to such terms. To the extent the terms of the Plan are inconsistent with the terms of this Agreement, the
terms of the Plan shall control. Optionee hereby agrees to comply with all requirements of the Plan. 
 9. Miscellaneous
Provisions. 
 (a) Governing Law. This Agreement shall be governed by and construed in accordance with the laws of
the State of Delaware, without giving effect to any principles of conflict of laws thereof. 
 (b) Amendment and
Termination. The Board or Committee may at any time amend, alter, suspend, discontinue or terminate this Agreement, provided that no such action that materially changes or in any way impairs the rights of Optionee under this Agreement shall be
effective unless consented to by Optionee in writing or unless such action is expressly permitted under this Agreement. 
 (c)
Gender. Except where otherwise indicated by context, any masculine term used herein shall also include the feminine. 

(d) Entire Agreement. This Agreement and the Plan constitute the entire agreement between the parties with respect to the subject
matter hereof and thereof, merging any and all prior agreements and supersedes all prior negotiations, representations, offer letters, employment agreements, other agreements or any other written or oral communications concerning the grant of
options. 

  
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 (e) Severability. In the event any provision of this Agreement shall be held illegal
or invalid for any reason, the illegality or invalidity shall not affect the remaining provisions of the Agreement and the Agreement shall be construed and enforced as if the illegal or invalid provision had not been included. 

(f) No Liability. It is the intent of the Company and Optionee that the Option shall not be subject to the provisions of
Section 409A of the Code or shall comply with the requirements of Section 409A to the extent applicable. The foregoing notwithstanding, Optionee hereby acknowledges and agrees that the Company shall in no event have any liability to
Optionee or any obligation to make any payment to Optionee with respect to any tax, addition to tax, interest or penalty that may be imposed on Optionee under Section 409A of the Code. 

[Signature page follows] 

  
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 IN WITNESS WHEREOF, the parties have executed this Agreement as of the Grant Date.

  

			
	BATS Global Markets, Inc.
		
	By:	 	 
		
	Title:	 	 
		 	
	
	 
	Optionee

 Grant Date:
                                        

 Option Expiration Date:
                     

No. of Shares:
                         
 Option Price: $             per share 
 Vesting Schedule: 
  

					
	 Years of Continuous Service
	  	Vesting Percentage	 
	 Less than one year:
	  	 	0	% 
	 More than one but less than two years:
	  	 	25	% 
	 More than two but less than three years:
	  	 	50	% 
	 More than three but less than four years:
	  	 	75	% 
	 More than four years:
	  	 	100	% 

 [The Option shall become
fully vested upon a Change in Control] 
 To be completed by Optionee: 

See attached Beneficiary Designation form 

  
 -7-Substitute 2008 Stock Option and Award Agreement

 Exhibit 10.15 
 BATS HOLDINGS, INC. 
 SUBSTITUTE 2008 STOCK OPTION AND AWARD AGREEMENT

 EFFECTIVE DATE JANUARY 1, 2008 
 THIS SUBSTITUTE STOCK OPTION AND AWARD AGREEMENT (this “Agreement”) is made and entered into by and between BATS Holdings, Inc., a Delaware corporation (the “Company”), and David R.
Cummings (the “Optionee”) on the effective date set forth above (“Effective Date”). 
 R E C I T A L S

 A. On May 4, 2007, the Company granted to the Optionee an option to purchase common stock of the BATS Trading, Inc.
pursuant to that certain BATS Trading, Inc. 2007 Stock Option and Award Agreement, dated effective May 4, 2007, (“Original Option Agreement”). 
 B. The Optionee’s Continuous Service with BATS Trading, Inc. terminated June 29, 2007 and, under and pursuant to the terms of the Original Option Agreement, the Optionee has a fully vested right
to purchase 81,250 shares of the common stock of BATS Trading, Inc. 
 C. The Original Option Agreement was cancelled pursuant
to the terms of that certain Contribution and Exchange Agreement, dated as of January 1, 2008 by and among the Company, BATS Trading, Inc., the stockholders of BATS Trading, Inc., and all of the holders of options to purchase common stock of
BATS Trading, Inc, including the Optionee (the “Exchange Agreement”). 
 D. The Company and the Optionee are entering
into this Agreement to evidence the award to the Optionee of a substitute option with respect to the common stock of the Company consistent with the terms of the Exchange Agreement. 

E. It is the intent of the Company and the Optionee that the substitution of the Option awarded under this Agreement for the Option under
the Original Option Agreement not be considered a grant of a new option, but rather a substitution that satisfies the requirements of Treas. Reg. 1.409A-1(b)(5)(D). 
 SECTION 1 
 DEFINITIONS 

1.1 Affiliate: Any entity which is wholly owned by the Company or an Affiliate. 

1.2 Board: The Board of Directors of the Company. 
 1.3 Change in Control: For purposes of this Agreement, a “Change in Control” shall mean: 
 (a) a sale of all or substantially all of the assets of the Company; (b) a merger or consolidation in which the Company is not the surviving corporation or a reverse merger in which the Company is
the surviving corporation but the shares of the Common Stock 

 
outstanding immediately preceding the merger are converted by virtue of the merger into other property, whether in the form of securities, cash or otherwise (other than (1) a merger or
consolidation in which stockholders of the Company immediately before the merger or consolidation have, immediately after the merger or consolidation, greater stock voting power of the acquiring or controlling corporation, and in no event less than
a majority of such stock voting power; (2) a transaction the principal purpose of which is to change the State of the Company’s incorporation; or (3) a merger of the Company into any of its wholly owned subsidiaries); or (c) an
acquisition by any person, entity or group within the meaning of Section 13(d) or 14(d) of the Exchange Act, or any comparable successor provisions (excluding any employee benefit plan, or related trust, sponsored or maintained by the Company
or an Affiliate) of the beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act, or comparable successor rule) of securities of the Company representing at least fifty (50%) percent of the combined voting power
entitled to vote in the election of members of the Board. 
 1.4 Code: The Internal Revenue Code of 1986, as
amended. 
 1.5 Company: BATS Holdings, Inc, a Delaware corporation. 

1.6 Company Stock: Common stock of the Company. 
 1.7 Effective Date: January 1, 2008. 
 1.8 Exchange
Act: The Securities Exchange Act of 1934, as amended, and the regulations and interpretations promulgated thereunder. 

1.9 Fair Market Value: The value of the Common Stock of the Company, as determined in good faith by the Company or the
Board, after taking into consideration all factors that it deems appropriate, including, without limitation, recent sale and offer prices of the Common Stock in private transactions negotiated at arm’s length and the requirements of
Section 409A of the Code. 
 1.10 Nonstatutory Stock Option: An Option not intended to qualify as an
Incentive Stock Option under Section 422 of the Code. 
 1.11 Option: The Nonstatutory Stock Option granted
pursuant to this Agreement. 
 1.12 Rule 16b-3: Rule 16b-3 of the Exchange Act or any successor to the Rule 16b-3,
as in effect when discretion is being exercised with respect to this Agreement. 
 1.13 Securities Act: The
Securities Act of 1933, as amended. 
 SECTION 2 
 ADMINISTRATION 
 2.1 Administration. This Agreement shall be
administered by the Board, unless the Board delegates administration of this Agreement, as provided in Section 8. 
 2.2
Administrative Powers. The Board shall have the power, subject to, and within the limitations of, the express provisions of this Agreement: 
 (a) To construe and interpret this Agreement and any instruments or agreements relating to this Agreement, and to establish, amend and revoke rules and regulations

  
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and standards and procedures for its administration. The Board, in the exercise of this power, may correct any defect, omission or inconsistency in this Agreement or in other instrument or
agreement, in a manner and to the extent the Board shall deem necessary or expedient to make this Agreement fully effective. 

(b) To establish, amend, suspend or waive such rules and regulations and standards and procedures and appoint such agents as it shall
deem appropriate for the proper administration of this Agreement. 
 (c) To take any other action that the Board deems necessary
or desirable for administration of this Agreement. 
 2.3 Actions of Board. All actions and all interpretations
and determinations made by the Board in good faith (including determinations of Fair Market Value) shall be final and binding upon the Company, the Optionee and all other interested persons. No member of the Board shall be personally liable for any
action, determination or interpretation made in good faith with respect to this Agreement, and all members of the Board shall be fully protected by the Company with respect to any action, determination or interpretation. 

SECTION 3 

THE OPTION GRANT 
 3.1 Option Grant. On the Effective Date (“Date of Grant”), the Company hereby grants to the Optionee an option to purchase all or any part of an aggregate of Eighty-One Thousand
Two Hundred Fifty (81,250) shares of the common stock of the Company on the terms and conditions set forth herein, subject to the provisions of Section 10 relating to adjustments upon changes in stock (the “Option”). The
Option shall be vested in its entirety from and after the Effective Date. If the Option shall for any reason expire or otherwise terminate, in whole or in part, without having been exercised in full, the shares of Company Stock not acquired under
the Option shall revert to and again become available for issuance by the Company. 
 3.2 Source of Shares. The
Company Stock subject to this Agreement may be unissued shares or reacquired shares, bought on the market or otherwise. 

SECTION 4 

TERMS OF THE OPTION 
 4.1 Non-Statutory Stock Option. The Option awarded under this Agreement shall be a Non-Statutory Option. 
 4.2 Term. The Option must be exercised before January 1, 2012. 

4.3 Price. The exercise price per share of Company Stock purchasable under the Option shall be Fifteen and No/100 ($15.00)
per share. 
 4.4 Time of Exercise. The Option may be exercised in whole or in part at any time prior to
January 1, 2012. 

  
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 4.5 Rights Prior To Exercise of Option. The Company shall pay all original
issue and transfer taxes with respect to the issue and transfer of shares pursuant hereto and all other fees and expenses necessarily incurred by the Company in connection therewith. The Optionee shall not have any rights of a stockholder,
including, but not limited to, rights to dividends, with respect to the shares of Common Stock subject to the Option until the Optionee shall have exercised the Option, paid the exercise price and such shares have been transferred to the Optionee on
the books and records of the Company upon the exercise of the Option. 
 4.6 Method of Exercising the Option. The
Option may be exercised at any time during the Term by written notice to the Company in care of its Secretary at its address of 4151 N. Mulberry Dr., Suite 275, Kansas City, Missouri 64116. Such notice shall state the election to exercise the Option
and the number of shares in respect of which it is being exercised, and shall be signed by the person or persons exercising the Option. Such notice must be accompanied by (i) payment of the full purchase price of such shares, (ii) payment
of an amount equal to the aggregate minimum federal, state, and local income and employment taxes which the Company is obligated to withhold and deposit on behalf of the Optionee with respect to such exercise (“Withholding Obligation”),
and (iii) a duly exercised copy of the Binder Agreement attached hereto as Exhibit A pursuant to which Optionee, or his successor in interest, agrees to become a party to and to be legally bound by the “Holdings Investors Rights
Agreement” (as such term is defined in the Exchange Agreement) or any successor agreement. The date such notice and payment in full are received shall be the “Exercise Date”. Payment of such purchase price and Withholding Obligation
shall in either case be made (i) in cash (including check) at the time of exercise; (ii) pursuant to a program developed under Regulation T as promulgated by the Federal Reserve Board which, prior to the issuance of Common Stock, results
in either the receipt of cash (or check) by the Company or the receipt of irrevocable instructions to pay the aggregate exercise price to the Company from the sales proceeds; (iii) by delivery of already-owned shares of Common Stock, held for
the period required to avoid a charge to the Company’s reported earnings, and owned free and clear of any liens, claims, encumbrances or security interests, which Common Stock shall be valued at its Fair Market Value on the date of exercise;
(iv) by a combination of the methods of payment permitted by Sections 4.6 (i) through (iii); or (v) by such other means as the Company and the Optionee shall mutually agree. In the event the Option shall be exercised pursuant to this
Section 4.6 by any person or persons other than the Optionee, such notice shall be accompanied by evidence of the authority of such person or persons to exercise the Option and evidence satisfactory to the Company that any estate and/or
inheritance taxes payable with respect to such shares have been provided for. 
 SECTION 5 

INITIAL PUBLIC OFFERING 
 Upon the registration with the Securities and Exchange Commission (the “Registration”) of any Common Stock pursuant to a plan for the initial public offering of Common Stock, and notwithstanding
anything herein to the contrary, the Optionee must comply with all securities laws that apply to the Optionee and any stock received upon exercise of any Option. At such time, the Board may also amend this Agreement in order to comply with any
securities laws or regulations, including, without limitation, Section 16 of the Exchange Act, as amended, and the 

  
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rules and regulations promulgated thereunder, combine this Agreement with another agreement or plan that complies with such laws and regulations. 

SECTION 6 

RESPONSIBILITIES OF THE COMPANY 
 6.1 Availability of Shares. During the term of the Option, the Company shall keep available at all times the number of shares of Company Stock required to satisfy the Option. 

6.2 Governmental Authority. The Company shall use its reasonable efforts to obtain from each regulatory commission or
agency having jurisdiction over this Agreement such authority as may be required to grant the Option and to issue and sell shares of Common Stock upon exercise of the Option; provided however, that this undertaking shall not require the Company to
register under the Securities Act this Agreement, the Option or any stock issued or issuable pursuant to the Option. If, after reasonable efforts, the Company is unable to obtain from any such regulatory commission or agency the authority which
counsel for the Company deems necessary for the lawful issuance and sale of stock under this Agreement, the Company shall be relieved from any liability for failure to issue and sell stock upon exercise of the Option unless and until such authority
is obtained. If the Company is unable to issue or sell Company Stock to the Optionee on account of such inability, then the Company agrees to provide the Optionee with replacement compensation with a value equal to the value of the benefit which the
Optionee did not receive under this Agreement solely on account of such inability. 
 SECTION 7 

USE OF PROCEEDS 
 Proceeds from the sale of stock pursuant to exercise of the Option shall constitute general funds of the Company to be held and used in the same manner as any other part of the Company’s general
assets. 
 SECTION 8 
 DELEGATION OF AUTHORITY 
 The Board shall administer all aspects of this
Agreement. The Board is authorized to delegate to a Committee the authority to administer all aspects of this Agreement. Upon any such delegation, the Committee shall have full power, authority and discretion to administer and interpret this
Agreement and to adopt such rules, regulations, formulae, procedures, agreements, guidelines and instruments for the administration of this Agreement, and to appoint an Administrator to conduct administrative tasks, all as the Committee deems
necessary or advisable; provided however that the Committee’s (and its delegatee’s) actions shall be consistent with any formulas, procedures, regulations, guidelines, instruments or rules that have been adopted or approved by the Board.

  
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 SECTION 9 
 RULES AND PROCEDURES 
 9.1 Investment Knowledge. The Company
may require the Optionee as a condition of exercising the Option or acquiring stock under the Option, (a) to give written assurances satisfactory to the Company as to the Optionee’s knowledge and experience in financial and business
matters and/or to employ a purchaser representative satisfactory to the Company who is knowledgeable and experienced in financial and business matters, and that he is capable of evaluating, alone or together with the purchaser representative, the
merits and risks of exercising the Option; and (b) to give written assurances satisfactory to the Company stating that such person is acquiring the stock subject to the Option for the Optionee’s own account and not with any present
intention of selling or otherwise distributing the stock and (c) to become a party to and legally bound by the Holding Investors Rights Agreement (as such term is defined in the Exchange Agreement) or any successor agreement. The sale of all or
any portion of the Option granted pursuant to this Agreement or sale of any shares purchased pursuant to the exercise of such by Optionee, or other person or persons attempting to sell all or any portion of the Option or shares shall be made in full
compliance with Rule 144 of the Securities Act and any attempted sale of all or any portion of the Option or shares that fails to so comply shall be deemed null and void by the Company. The foregoing requirements, and assurances given pursuant to
such requirements, shall be inoperative if (i) the issuance of the shares upon the exercise or acquisition of stock under the Option has been registered under a then currently effective registration statement under the Securities Act, or
(ii) as to any particular requirement, a determination is made by counsel for the Company that such requirement need not be met in the circumstances under the then applicable security laws. The Company may require the Optionee to provide such
other representations, written assurances or information which the Company shall determine is necessary, desirable or appropriate to comply with applicable securities and other laws as a condition of permitting the Optionee to exercise the Option.
The Company may, upon advice of counsel to the Company, place legends on stock certificates issued under this Agreement as such counsel deems necessary or appropriate in order to comply with applicable securities laws, including but not limited to
legends restricting the transfer of the stock. 
 9.2 Non-Transferable. No portion of the Option shall be
assignable or transferable by the Optionee otherwise than by the will or the laws of descent and distribution; provided however that the Optionee may designate a beneficiary to exercise the Option after the Optionee’s death pursuant to a
written designation of beneficiary filed with and approved by the Board prior to the Optionee’s death. More particularly, but without limiting the generality of the foregoing, the Option may not be assigned, transferred (except as provided
above), pledged or hypothecated in any way, shall not be assignable by operation and shall not be subject to execution, attachment or similar process. Any attempted assignment, transfer, pledge, hypothecation or other disposition of the Option
contrary to the provisions hereof and the levy of any execution, attachment or similar process upon the Option shall be null and void and without effect. During the Optionee’s lifetime, the Option may only be exercised by the Optionee.

 9.3 Conditions To Delivery of Stock. No shares of Company Stock shall be delivered upon exercise of the Option,
in whole or in part, until (a) there shall have been such compliance as the Board may deem necessary or advisable with respect to any and all federal and state laws, rules and regulations relating to the authorization, issuance, registration,
qualification 

  
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 or sale of securities and (b) in the case of the exercise of the Option, payment in full of the
exercise price for the exercise of the Option and the Withholding Obligation is received by the Company. 
 9.4 Stock
Certificates. A stock certificate or certificates will be issued for shares purchased on exercise of the Option. All certificates for shares of Company Stock delivered in accordance with the Option shall be subject to such stock-transfer
orders and other restrictions as the Board may deem advisable under the rules, regulations and other requirements of the Securities and Exchange Commission, the National Association of Securities Dealers, Inc. with respect to its Automated Quotation
System, any stock exchange upon which Company Stock is then listed, and any applicable Federal or state securities law, and the Company may cause a legend or legends to be placed on any such certificates to make appropriate reference to such
restrictions. Notwithstanding the above, the restrictions imposed on such shares shall not be any more restrictive than other restrictions placed upon other shares of Company Stock owned by any other stockholder. 

9.5 No Waiver. The failure of a party in any instance to exercise any of its rights granted under this Agreement shall not
constitute a waiver of any other rights that may subsequently arise under the provisions of this Agreement. No waiver of any breach or condition of this Agreement shall be deemed to be a waiver of any other or subsequent breach or condition, whether
of like or different nature. 
 SECTION 10 
 ADJUSTMENTS UPON CHANGES IN STOCK 
 10.1 Adjustments Upon
Change. If any change is made in the stock subject to this Agreement, without the receipt of consideration by the Company (through merger, consolidation, reorganization, recapitalization, reincorporation, stock dividend, dividend in property
other than cash, stock split, liquidating dividend, combination of shares, exchange of shares, change in corporate structure or other transaction not involving the receipt of consideration by the Company), this Agreement will be appropriately
adjusted in the class(es) and maximum number of shares subject to this Agreement and the exercise price for the shares purchasable under this Agreement. Such adjustments shall be made by the Board, the determination of which shall be final, binding
and conclusive. (The conversion of any convertible securities of the Company shall not be treated as a “transaction not involving the receipt of consideration by the Company”.) In no event shall the terms of this Agreement or the Option be
adjusted in a manner which would cause the Option to be subject to the provisions of Section 409A of the Code. 
 10.2
Effect Upon Shares of Change. Upon the occurrence of any change subject to Section 10.1, the excess of the Fair Market Value of the shares of Common Stock subject to the Option immediately after the change shall not be more than the
excess of the Fair Market Value of all shares subject to the Option immediately before such change. The new option or assumption of the old Option shall not give the Optionee additional rights which the Optionee did not have under the old Option, or
deprive the Optionee of any benefits which the Optionee had under the old Option. 

  
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 10.3 Substitution of Assumption of Stock Awards. In the event of a Change in
Control, any surviving corporation or acquiring corporation shall assume the Option or shall substitute similar stock awards (including an award to acquire the same consideration paid to the stockholders in the transaction described in this
Section 10.3) for those outstanding under this Agreement. In the event any surviving or acquiring corporation refuses to assume the Option, the Company agrees to compensate the Optionee for the value of the Option immediately prior to the
transaction, in an amount to be mutually agreed upon by the parties. If the Board and the Optionee cannot agree upon the value of the Option, the Company and the Optionee will engage a mutually agreed upon independent third party to appraise the
value of the Option. The cost of such independent third party valuation shall be split equally between the Optionee and the Company. Compensation shall be in cash if the survivor refuses to assume the Option, or if the consideration received in the
Change in Control is not one hundred (100%) percent cash, then compensation shall be paid in cash or in kind (or a combination thereof) based upon the type of consideration received by the Company or its stockholders in the Change of Control
transaction. 
 10.4 Dissolution or Liquidation of Company. In the event of the dissolution or liquidation of the
Company, the Option shall terminate if not exercised prior to such event. 
 SECTION 11 

AMENDMENT 

11.1 Amendment. The Board and the Optionee at any time, and from time to time, may amend this Agreement, provided that any
amendment must be in writing signed by both parties. However, except as provided in Section 10 relating to adjustments upon changes in stock, no amendment shall be effective unless approved by the stockholders of the Company to the extent
stockholder approval is necessary to satisfy the requirements of Rule 16b-3 or any NASDAQ or securities exchange listing requirements, or to the extent that the amendment increases the number of shares of Company Stock to be issued under this
Agreement. 
 11.2 Stockholder Approval of Amendment. No amendment of this Agreement shall be made without the
approval of the Company’s stockholders that would, except as provided in Section 10, materially increase the total number of shares of Company Stock available under this Agreement or would materially increase benefits accruing under this
Agreement. The Board may, in the Board’s sole discretion, submit any other amendment to this Agreement for stockholder approval, including but not limited to, amendments to this Agreement intended to satisfy the requirements of
Section 162(m) of the Code and the regulations promulgated thereunder regarding the exclusion of performance-based compensation from the limit on corporate deductibility of compensation paid to certain executive officers. 

SECTION 12 

TERMINATION 
 12.1 Termination. The Board may terminate this Agreement only with the written consent of the Optionee. 

  
 8 

 12.2 Non-Impairment of Rights. Rights and obligations under the Option Award
shall not be impaired by termination of this Agreement, except with the written consent of Optionee. 
 SECTION 13

 EFFECTIVE DATE 
 This Agreement shall become effective as of the Effective Date. 
 SECTION 14

 SEVERABILITY 
 If any provision of this Agreement is or becomes or is deemed to be invalid, illegal or unenforceable in any jurisdiction, or would disqualify this Agreement or the Option or any part of the Option under
any law deemed applicable by the Board, such provision shall be construed or deemed amended to conform to applicable laws, or if it cannot be construed or deemed amended without, in the determination of the Board, materially altering the intent of
this Agreement, it shall be stricken and the remainder of this Agreement or any such agreement shall remain in full force and effect. 
 SECTION 15 
 CHOICE OF LAW 

The validity, construction and effect of this Agreement and rules and regulations relating to this Agreement shall be determined in
accordance with the laws of the State of Delaware and applicable Federal law. 
 SECTION 16 

NOTICES 

Any notice required to be given or delivered to the Company under the terms of this Agreement shall be in writing and addressed to the
Company in care of its Secretary at its address of 4151 N. Mulberry Dr., Ste. 275, Kansas City, Missouri 64116. Any notice required to be given or delivered to the Optionee shall be in writing and addressed to the Optionee at 8000 NW Timbercrest
Place, Parkville, Missouri 64152. All notices shall be deemed to have been given or delivered upon personal delivery or upon deposit in the U.S. mail, postage prepaid and properly addressed to the party to be notified. 

  
 9 

 SECTION 17 
 BINDING ON SUCCESSORS 
 The terms of this Agreement are binding on the
parties hereto, their heirs, successors and assigns. 
 IN WITNESS WHEREOF, the undersigned has executed effective as of the
first day of January, 2008. 
  

			
	 BATS HOLDINGS, INC.

		
	 BY:
	 	         /s/ Joe
Ratterman        

		 	 Authorized Officer

Agreed and accepted effective as of the 
 1st day of
January, 2008. 
  

	
	 /s/ David R. Cummings

	 David R. Cummings

  
 10 

 EXHIBIT A 
 FORM OF BINDER AGREEMENT 
 The undersigned,
            , in order to become the owner or holder of              shares of the capital stock of BATS Holdings,
Inc., a Delaware corporation (the “Company”), hereby agrees to become a party to that certain Investor Rights Agreement dated as             
    , 2008, as amended, (the “Agreement”) among the Company and the other parties thereto, and to be bound by all provisions thereof. The undersigned agrees to become a Stockholder (as defined in the
Agreement) under the terms of the Agreement. The shares of capital stock shall be deemed Stock (as defined in the Agreement) and the undersigned shall be deemed a Stockholder for all purposes thereunder. This Instrument of Adherence shall take
effect and shall become a part of said Agreement immediately upon execution by the undersigned hereto and acceptance thereof by the Company. 
 Executed as a contract under seal as of the date set forth below: 
 [SIGNATURE
BLOCKS FOR BATS HOLDINGS AND STOCKHOLDER] 

  
 11

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