Document:

License Agreement

 Exhibit 10.9 
  
 Portions of this exhibit have been omitted pursuant to a request for confidential treatment filed with the Securities and Exchange
Commission. The omissions have been indicated by asterisks ("*****"), and the omitted text has been filed separately with the Securities and Exchange Commission. 
  
 CONFIDENTIAL 
  
 Agreement for Nasdaq-100 Index® 
 and Nasdaq Composite Index® Futures Products 
  
 THIS “AGREEMENT” is made as of October 9, 2003 (the “Effective Date”) by
and between The Nasdaq Stock Market, Inc. (“Nasdaq”), a Delaware Corporation (Nasdaq and its subsidiaries and affiliates are collectively referred to as the “Corporations”), whose principal place of business is located at One
Liberty Plaza, 165 Broadway, New York, NY 10006, and Chicago Mercantile Exchange Inc., a Delaware Corporation (“CME”), whose principal place of business is located at 30 S. Wacker Drive, Chicago, Illinois 60606. 
  
 WHEREAS, Nasdaq possesses certain rights in the Nasdaq-100 Index® and the Nasdaq Composite Index® (each an “Index” and, collectively, the
“Indexes”); 
  
 WHEREAS, Nasdaq and CME are parties to a
Licensing Agreement for the Nasdaq-100 Index for Nasdaq-100-Related Financial Products Traded on Organized Markets entered into as of April 3, 1996, as amended on May 6, 1996 and as further amended on October 13, 1999 (the “Prior License
Agreement”); 
  
 WHEREAS, Nasdaq possesses certain rights to
Nasdaq®, Nasdaq-100®, Nasdaq-100 Index®, Nasdaq Composite® and Nasdaq Composite Index® as trade names, trademarks or service marks (“Marks”); 
  
 WHEREAS, Nasdaq determines the components of the Indexes, calculates, maintains, and disseminates the Indexes; 

 
 WHEREAS, CME desires to use and Nasdaq desires to license the right to use
the Indexes and Marks solely in connection with (i) the creation, listing, trading, clearing, settlement, marketing, and promotion of Futures Products (as defined in Section 2.2 below) overlying the Indexes and (ii) making disclosure about such
contracts under applicable law, rules and regulations in order to indicate that Nasdaq is the source of the Indexes; and 
  
 WHEREAS, CME is legally authorized to engage in such activities and will do so in accordance with applicable law; 
  
 NOW THEREFORE, in consideration of the premises and the mutual covenants and
conditions herein contained, CME and Nasdaq, intending to be legally bound, agree as follows: 
  
 Section 1. Term and Life of Agreement. 
  
 1.1. Term. The “Term” of this Agreement shall be as set forth in Attachment II. 
  
 1.2. Life. The “Life” of this Agreement is until one (1) year after the date of the expiration or cancellation of the last Futures
Product listed under this Agreement. 
  

 Portions of this exhibit have been omitted pursuant to a request for confidential treatment filed with the
Securities and Exchange Commission. The omissions have been indicated by asterisks (“*****”), and the omitted text has been filed separately with the Securities and Exchange Commission. 
  
 CONFIDENTIAL 
  

 Section 2. License Grant. 
  
 2.1. Scope. Nasdaq hereby grants CME an exclusive, non-transferable and non-sub-licenseable license to use the
Indexes in connection with the creation, listing, trading, clearing, settlement, marketing, and promotion of Futures Products (as defined in Section 2.2 below) overlying the Indexes that are listed for trading by CME during the Term of this
Agreement. Through this Agreement, Nasdaq further grants CME the right to use the Marks solely in materials referring or relating to Futures Products during the Life of this Agreement. No license is granted to use the Indexes or Marks for any other
use, except as may be specifically authorized under this Agreement or as expressly permitted with the Consent of Nasdaq. 
  
 2.2 Futures Products. “Futures Products” shall mean “Futures Contracts” and “Options on Futures Contracts” as defined
below. As used in this Agreement, Futures Products, Futures Contracts and Options on Futures Contracts shall mean those that are based upon an Index, as defined above and as further defined in Attachment I, unless the context otherwise requires.

  
 (a) “Futures Contracts” shall mean
all instruments: (i) the listing and/or trading of which is within (or would have been within, with respect to new product formats) the exclusive regulatory jurisdiction of the Commodity Futures Trading Commission (“CFTC”) as of the
Effective Date (assuming for this purpose that the instruments were traded in the United States regardless of where they actually are traded); (ii) that are (or would have been) regulated by the CFTC as futures contracts as of the Effective Date
(assuming for this purpose that the instruments were traded in the United States regardless of where they actually are traded); and (iii) that CME has or will have the authority under its articles, by-laws, and rules to list and/or trade. For the
avoidance of doubt, the parties agree that “Futures Contracts” as used in this Agreement shall not include (x) unlisted or unregistered instruments or (y) underwritten or privately placed instruments. 
  
 (b) “Options on Futures Contracts” shall mean
options to purchase or sell Futures Contracts. 
  
 2.3 Prior
License Agreement Superseded. As of the Effective Date, the Prior License Agreement is superseded and replaced with this Agreement. 
  
 Section 3. Fees and Marketing Commitment. 
  
 3.1. Payment of Fees. During the Life of this Agreement, CME shall pay Nasdaq the fees specified in Attachment III (“Fees”), in
immediately available United States funds. Fees established as due by a particular date are due by that date. All other Fees are due within thirty (30) days of the date established for the production of the report or date of the invoice upon which
the Fee is based. Any amount not paid within thirty (30) days after its due date is subject to interest at the rate of one and one-half percent (1.5%) per month (or the highest rate permitted 

  

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 Portions of this exhibit have been omitted pursuant to a request for confidential treatment filed with the
Securities and Exchange Commission. The omissions have been indicated by asterisks (“*****”), and the omitted text has been filed separately with the Securities and Exchange Commission. 
  
 CONFIDENTIAL 
  

 
by law) until paid, plus costs of collection, including reasonable attorneys’ fees. CME shall also assume full and complete responsibility for the
payment of any taxes, charges or assessments imposed on CME or the Corporations by any foreign or domestic national, state, provincial, local or other government bodies, or subdivisions thereof, and any penalties or interest, (other than personal
property or income taxes imposed on Nasdaq) relating to this Agreement. In addition, if CME is required by applicable law to deduct or withhold any such tax, charge or assessment from the amounts due Nasdaq, then such amounts due shall be increased
so that the net amount actually received by Nasdaq after the deduction or withholding of any such tax, charge or assessment, will equal one hundred percent (100%) of the charges specified. Notwithstanding the foregoing, if CME is obligated to assume
responsibility for the payment of any such taxes, charges or assessments imposed upon the Corporations, CME may terminate this Agreement by delivering Notice to Nasdaq within sixty (60) days after receiving notice of the imposition, provided that
such termination shall not relieve CME of its obligation to pay any such taxes, charges or assessments that are assessed during the remaining Life of the Agreement. 
  
 3.2. Marketing Commitment. During the Term of this Agreement, CME shall market the Indexes and Futures Products in
accordance with the provisions set forth in Attachment III. 
  
 Section 4.
Audit Rights. During the Life of this Agreement, Nasdaq shall have the right, with reasonable Notice to CME, during normal business hours, to audit on a confidential basis, any relevant books and records of CME to ensure that: (a) the
type and amount of Fees calculated or stated to be payable to Nasdaq are complete and accurate, and (b) CME has fulfilled its marketing commitments as set forth in Attachment III. CME shall bear the reasonable costs of such audit (including
accountant and attorneys’ fees, if incurred) if (x) CME has not paid, calculated, and/or reported Fees of more than five percent (5%) of that due Nasdaq under this Agreement, or (y) CME has under-performed on its marketing obligations by
greater than five percent (5%) of the amount it is obligated to spend. 
  
 Section 5. Review of Materials. 
  
 5.1.
CME shall submit to Nasdaq for review a copy of any material submitted to any regulatory body or governmental agency that is required in order to obtain approval for the listing of any Futures Product. To the extent practicable, such materials or a
copy of the then best draft shall be given to Nasdaq at least three (3) business days before their submittal to the body or agency (but in any event, a copy of the final document shall be sent by Notice to Nasdaq no later than three (3) business
days after submittal to the agency or body). 
  
 5.2. CME shall
give Nasdaq a copy, within three (3) business days of receipt, of any notice, correspondence, process, or other material received from any regulatory body, governmental agency, or any court, during or after the approval process which indicates that
any Futures Product is or might be in violation of, or otherwise not subject to approval because of, any law, or any rule, regulation, or order of any applicable body or agency. 
  

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 Portions of this exhibit have been omitted pursuant to a request for confidential treatment filed with the
Securities and Exchange Commission. The omissions have been indicated by asterisks (“*****”), and the omitted text has been filed separately with the Securities and Exchange Commission. 
  
 CONFIDENTIAL 
  

 5.3. CME shall provide Nasdaq with a copy of any informational or promotional materials referring or
relating to the listing for trading of any Futures Product, including any prospectus, offering memorandum, registration statement, circular, advertisement or brochure at least three (3) business days prior to its initial dissemination to third
parties. CME need not resupply a copy of any material which is substantially like material previously submitted to Nasdaq and is identical as it describes the Corporations or their operations, the markets operated by the Corporations, the Indexes or
the Marks, or the authorization, review, or endorsement of the Corporations of the Futures Product. 
  
 5.4. If Nasdaq reasonably objects by Notice or fax transmission to CME to any material as it describes the Corporations or their operations, the markets
operated by the Corporations, the Indexes or the Marks, or the authorization, review, or endorsement of the Corporations of the Futures Products, CME shall alter or withdraw such material to Nasdaq’s satisfaction within thirty (30) days of
receipt of Nasdaq objection. If CME refuses to so alter or withdraw, Nasdaq may terminate the Term of this License with regard to that Futures Product, upon thirty (30) days Notice to CME, with an opportunity to cure within that period. 

 
 Section 6. Protection of Marks. Nasdaq will use reasonable efforts to
maintain and protect the value of the Indexes and the Marks. However, nothing shall obligate Nasdaq to undertake an action or settlement, or refrain from an action or settlement with respect to any particular potential, threatened, or actual
infringement of its Indexes or Marks. CME shall cooperate with Nasdaq in maintenance, registrations, and policing of Nasdaq’s rights in the Indexes and the Marks. Such cooperation is not a waiver of nor shall it require violation of its
attorney/client, work product, or other privilege. 
  
 Section 7.
Calculation of Index. 
  
 7.1 At no cost to CME other
than the Fees, Nasdaq or its agent shall (a) compute and provide to CME the value of each Index ***** during Nasdaq’s normal trading hours; and (b) shall compute and disseminate to CME’s communications center the “Opening Settlement
Value” of each Index on each trading day that is the last scheduled day of trading in the securities comprising each Index prior to the expiration of any Futures Product traded on CME’s market. The term “Opening Settlement Value”
shall mean the Index Value derived using the Volume-Weighted Opening Prices of the securities in the Index. The “Volume-Weighted Opening Price” for a particular Index-component security shall be calculated based on *****, except that if an
Index-component security does not open for trading on The Nasdaq Stock Market on that day, then the reported sale price for the security last received and processed by Nasdaq shall be used to calculate the Opening Settlement Value. In the event that
Nasdaq implements a Unitary Opening Price Procedure, the Opening Settlement Value may be calculated using such unitary opening process instead of Volume-Weighted Prices. The term “Unitary Opening Price Procedure” shall mean a methodology,
practice, procedure, or mechanism used by Nasdaq to generate opening prices for Index-component securities that involves gathering, processing and executing buying and selling interest in Index-component 

  

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 Portions of this exhibit have been omitted pursuant to a request for confidential treatment filed with the
Securities and Exchange Commission. The omissions have been indicated by asterisks (“*****”), and the omitted text has been filed separately with the Securities and Exchange Commission. 
  
 CONFIDENTIAL 
  

 
securities at one price at the opening of trading on The Nasdaq Stock Market. Nasdaq or its agent shall maintain a back-up computer system and use its best
efforts to resume promptly the calculation of each Index in the event of a failure of the primary computer system used for such calculations. 
  
 7.2. CME agrees that the Indexes are the product of the selection, coordination, arrangement, and editing of Nasdaq and that such efforts involve the
considerable expenditure by Nasdaq of time, effort, and judgment. As between the parties, CME recognizes that Nasdaq is the rightful licensor of the Indexes and the Marks. No license is granted to CME to calculate the Indexes. While Nasdaq will use
reasonable efforts based on sources deemed reliable in calculating the Indexes, NASDAQ DOES NOT GUARANTEE THE ACCURACY OR
COMPLETENESS OF THE INDEXES OR OF THE DATA USED TO CALCULATE THE
INDEXES OR DETERMINE INDEX COMPONENTS, OR THE UNINTERRUPTED OR UN-DELAYED
CALCULATION OR DISSEMINATION OF THE INDEXES. NASDAQ DOES NOT GUARANTEE THAT
THE INDEXES ACCURATELY REFLECTS PAST, PRESENT, OR FUTURE MARKET PERFORMANCE. NASDAQ
IS NOT RESPONSIBLE FOR ANY MANIPULATION OR ATTEMPTED MANIPULATION OF THE
INDEXES BY MEMBERS OF THE NATIONAL ASSOCIATION OF SECURITIES DEALERS (“NASD”). Nasdaq
is free to pick and alter the components and method of calculation of the Indexes without Consent of CME. 
  
 7.3. Nasdaq shall give CME ***** Notice of the cessation of public calculation or dissemination of any Index. However, Nasdaq shall either continue to
provide CME with a calculation of each Index for the Life of this Agreement, or, on a Confidential basis, provide CME with the then applicable method of calculation of each Index. CME may terminate the Term of this Agreement with respect to an Index
on the date Noticed by Nasdaq for the cessation or dissemination of such Index. Without regard to whether CME terminates the Term of this Agreement with respect to an Index, if CME begins calculating an Index in accordance with this Section 7.3, CME
may deduct from Fees owed with respect to such Index its reasonable, incremental and direct costs associated with the requirement that it (rather than Nasdaq or its agent) is calculating the Index. 
  
 7.4. Upon receipt of any Notice of termination of the calculation or
dissemination of an Index by Nasdaq, CME may also elect, by written Notice to Nasdaq, to redesignate such Index and Futures Products based thereon as CME’s index (a “Substitute Index”) and continue to trade Futures Products based upon
such Substitute Index (“CME Substitute Products”), except that, from the time of receipt of such Notice of election until termination of the Life of this Agreement, such Substitute Index shall be described in a manner to clearly
differentiate it from the applicable Index. In the event of such election, CME shall have no obligation to make any payment to Nasdaq based upon the trading of CME Substitute Products. After such election, CME may promote CME Substitute Products
based upon the Substitute Index provided that the Marks are not utilized by CME in such promotion and the CME prominently disclaims any relationship with Nasdaq in respect of the Substitute Index or CME Substitute Products. Upon CME’s written
request pursuant to this Section 7.4, Nasdaq shall, for the purpose of facilitating CME’s compilation and use of its own Substitute Index, provide CME, on a confidential basis 

  

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 Portions of this exhibit have been omitted pursuant to a request for confidential treatment filed with the
Securities and Exchange Commission. The omissions have been indicated by asterisks (“*****”), and the omitted text has been filed separately with the Securities and Exchange Commission. 
  
 CONFIDENTIAL 
  

 
under Section 16 of this Agreement, a one-time, comprehensive disclosure of the information and methodologies necessary for calculating the relevant Index,
including without limitation a current and accurate list of the companies, shares outstanding and divisors for the Index in question, and Nasdaq hereby grants CME a non-exclusive and royalty-free license to use any proprietary information so
disclosed for purposes relating to the Substitute Index and CME Substitute Products until October 9, 2012. 
  
 7.5. With respect to the Nasdaq-100 Index®, CME may continue to disseminate, only to its members (and incidental invitees) while on its trading floor, a “Quick Cash Value” that is an
unofficial value of the Nasdaq-100 Index. CME must provide notice to its members that the Quick Cash Value is an unofficial calculation of the Index, that it may or may not accurately reflect the value of the Index, and that Nasdaq has no
responsibility or liability for the creation, calculation, accuracy or dissemination of the Quick Cash Value. 
  
 Section 8. Marking of CME’s Use. 
  
 8.1. CME shall include the following language in its rules at or prior to the time that Futures Products start to trade on CME’s market (in conspicuous type, such as at least 11 point type and the second
paragraph in bold) so as to be enforceable under applicable local law(s): 
  
 [Insert name of relevant Futures Products] are not sponsored, endorsed, sold or promoted by The Nasdaq Stock Market, Inc. (including its affiliates) (Nasdaq, with its affiliates, are referred to as the
Corporations). The Corporations have not passed on the legality or suitability of, or the accuracy or adequacy of descriptions and disclosures relating to, [Insert name of relevant Futures Products]. The Corporations make no representation or
warranty, express or implied to the owners of [Insert name of relevant Futures Products] or any member of the public regarding the advisability of investing in securities generally or in [Insert name of relevant Futures Products] particularly, or
the ability of the Nasdaq [Insert Proper Name of Index]® to track general stock market performance. Nasdaq has no obligation to take the needs of the CME or the owners of [Insert name of relevant Futures Products] into consideration in determining, composing or calculating
the Nasdaq [Insert Proper Name of Index]®. The
Corporations are not responsible for and have not participated in the determination of the timing of, prices at, or quantities of [Insert name of relevant Futures Products] to be issued or in the determination or calculation of the equation by which
[Insert name of relevant Futures Products] are to be converted into cash. The Corporations have no liability in connection with the administration, marketing or trading of [Insert name of relevant Futures Products]. 
  
 THE CORPORATIONS DO
NOT GUARANTEE THE ACCURACY AND/OR UNINTERRUPTED CALCULATION OF THE NASDAQ
[INSERT PROPER NAME OF INDEX]® OR ANY DATA INCLUDED THEREIN. THE CORPORATIONS MAKE
NO WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY CME,
OWNERS OF [INSERT NAME OF RELEVANT FUTURES PRODUCTS], OR ANY OTHER
PERSON OR ENTITY FROM THE USE OF THE 

  

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Securities and Exchange Commission. The omissions have been indicated by asterisks (“*****”), and the omitted text has been filed separately with the Securities and Exchange Commission. 
  
 CONFIDENTIAL 
  

 
NASDAQ [INSERT PROPER NAME OF INDEX]® OR ANY DATA
INCLUDED THEREIN. THE CORPORATIONS MAKE NO EXPRESS OR IMPLIED WARRANTIES, AND
EXPRESSLY DISCLAIM ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR
PURPOSE OR USE WITH RESPECT TO THE NASDAQ [INSERT PROPER NAME OF
INDEX]® OR
ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN
NO EVENT SHALL THE CORPORATIONS HAVE ANY LIABILITY FOR ANY LOST
PROFITS OR SPECIAL, INCIDENTAL, PUNITIVE, INDIRECT, OR CONSEQUENTIAL DAMAGES, EVEN
IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES. 
  
 8.2. In all other materials relating or referring to a Futures Product, except for materials specifically covered by Section
8.3 below, CME shall include at least this much of the above language, or similar formulation: 
  
 Nasdaq®, [Insert Appropriate Nasdaq Index Marks] are trademarks of The Nasdaq Stock Market, Inc. (which with its affiliates are the Corporations) and are licensed for use by Chicago
Mercantile Exchange Inc. The [Insert name of relevant Futures Products] have not been passed on by the Corporations as to their legality or suitability. The [Insert name of relevant Futures Products] are not issued, endorsed, sold, or promoted by
the Corporations. THE CORPORATIONS MAKE NO WARRANTIES AND BEAR NO LIABILITY WITH
RESPECT TO THE [INSERT NAME OF RELEVANT FUTURES PRODUCTS]. 
  
 8.3. In materials that identify Nasdaq Index Futures Products by name, but do
not describe the products in detail or identify particular mechanisms for trading Nasdaq Index Futures Products, CME shall include the following language, or similar formulation: 
  
 “Nasdaq®, [Insert Appropriate Nasdaq Index Marks] are trademarks of The Nasdaq Stock Market, Inc., used under license.” 
  
 Section 9. Sub-Licensees. [Intentionally Omitted]. 
  
 Section 10. Limited Warranty. Nasdaq warrants that it will calculate each Index
in accordance with its then applicable method for calculation of such Index. CME’S SOLE REMEDY IN EVENT OF A FAILURE
OF THIS WARRANTY IS TO HAVE NASDAQ RECALCULATE THE INDEX FOR THE
AFFECTED TIMES ACCORDING TO NASDAQ’S APPLICABLE METHOD FOR CALCULATION OF
THE INDEX AT THE AFFECTED TIME(S). NASDAQ WILL ONLY BE LIABLE
FOR BREACH OF THE WARRANTY SET FORTH IN THIS SECTION IF NASDAQ
IS UNABLE OR UNWILLING TO REASONABLY CALCULATE AN INDEX FOR AN
AFFECTED PERIOD OF OVER SEVEN (7) CONSECUTIVE BUSINESS DAYS, AND THEN NASDAQ
WILL BE LIABLE ONLY TO CME AND ONLY TO THE EXTENT SET FORTH
IN SECTION 13. THE CORPORATIONS DO NOT REPRESENT OR WARRANT THAT THE
INDEXES OR THE MEANS BY WHICH NASDAQ CALCULATES THE INDEXES ARE FREE
OF DEFECTS. THE CORPORATIONS DO NOT REPRESENT OR WARRANT THE TIMELINESS,
SEQUENCE, ACCURACY OR COMPLETENESS OF THE CALCULATION OF THE INDEXES, OR
THAT THE INDEXES WILL MEET CME’S REQUIREMENTS. THE FOREGOING WARRANTIES ARE
IN LIEU OF ALL CONDITIONS OR WARRANTIES, EXPRESS, IMPLIED OR STATUTORY,
INCLUDING BUT NOT 

  

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Securities and Exchange Commission. The omissions have been indicated by asterisks (“*****”), and the omitted text has been filed separately with the Securities and Exchange Commission. 
  
 CONFIDENTIAL 
  

 
LIMITED TO, ANY IMPLIED CONDITIONS OR WARRANTIES
OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR USE OR PURPOSE, ANY
IMPLIED WARRANTY ARISING FROM TRADE USAGE, COURSE OF DEALING, OR COURSE
OF PERFORMANCE, AND OF ANY OTHER WARRANTY OR OBLIGATION ON THE PART
OF THE CORPORATIONS. 
  
 Section 11. Refunds. [Intentionally Omitted.] 
  
 Section 12. Indemnification. 
  
 12.1.
Nasdaq warrants and represents that it has the right to grant the rights to use the Indexes and Marks specified in this Agreement and that the license shall not infringe the title or any patent, copyright, trade secret, trademark, service mark, or
other proprietary (“Intellectual Property”) right of any third party. Nasdaq will as its sole and entire liability and obligation to CME (and any third party): defend, indemnify, and hold harmless (“Indemnify”) CME (including its
officers, directors, employees, and agents) against any and all claims, demands, actions, suits, or proceedings (“Disputes”), except to the extent covered by Section 12.2 below, asserting that any Index or any Mark infringes any
Intellectual Property right of any third party and Nasdaq will pay the third party the total amount of any award, judgment, or settlement (including all damages however designated) awarded to such third party resulting from the Dispute to the extent
caused by failure of Nasdaq’s warranty. 
  
 12.2. CME agrees
to Indemnify the Corporations (including their officers, directors, employees, and agents) from any and all Disputes as the result of CME’s failure to fulfill its obligations under this Agreement, any use by CME of any Index or any Mark that is
not expressly permitted by this Agreement, claims relating to or arising from a Futures Contract, or any other matter relating or arising out of this Agreement, except to the extent directly caused by actions of the Corporations or covered by
Section 12.1 above. CME will pay any third party the total amount of any award, judgment, or settlement (including all damages however designated) awarded to such third party resulting from such Dispute in which CME is obligated to Indemnify the
Corporations. Notwithstanding anything to the contrary in this Agreement, CME shall not Indemnify the Corporations against any and all judgments, damages, costs or losses of any kind (including reasonable attorneys’ fees) as a result of any
claim, action or proceeding that arises out of or relates to (i) the willful or intentional misconduct of any of the Nasdaq parties, (ii) miscalculation or errors in an Index or any data included therein originated by Nasdaq or its agents acting
within the scope of their authority, or (iii) any breach by Nasdaq of its representations, warranties or agreements made in this Agreement. 
  
 12.3. The right to be Indemnified shall apply to a Dispute only if: 
  
 (a) the party seeking indemnification promptly, and within no more than five (5) calendar days of its receipt of notice of
such Dispute, gives Notice to the other party of the Dispute; 
  

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Securities and Exchange Commission. The omissions have been indicated by asterisks (“*****”), and the omitted text has been filed separately with the Securities and Exchange Commission. 
  
 CONFIDENTIAL 
  

 (b) the party seeking to be Indemnified cooperates fully with the other in the defense thereof (such
cooperation does not require and is without waiver by either party of attorney/client, work product, or other privilege); 
  
 (c) the Indemnifying party has sole control of the defense and all related settlement negotiations. 
  
 12.4. In the event of a Dispute involving infringement or if in Nasdaq’s
opinion such a Dispute is likely to occur, or if the use of any Index or Mark is enjoined, Nasdaq may, at its sole option and expense, procure for CME the right to continue using the relevant Index or Mark, replace or modify the Index or Mark to
become non-infringing, or terminate the Term of the Agreement. 
  
 Section 13.
Limitation of Liability. EXCEPT FOR LIABILITY RESULTING FROM THE WILLFUL MISCONDUCT OR GROSS
NEGLIGENCE OF THE CORPORATIONS AND EXCEPT TO THE EXTENT STATED IN
SECTIONS 12, OR 16, THE TOTAL AMOUNT OF THE CORPORATIONS’ LIABILITY FOR CLAIMS
OR LOSSES BASED UPON, ARISING OUT OF, RESULTING FROM OR IN ANY
WAY CONNECTED WITH THE PERFORMANCE OR BREACH OF THIS AGREEMENT, WHETHER
BASED UPON CONTRACT, TORT, WARRANTY, OR OTHERWISE, SHALL IN NO CASE
EXCEED THE GREATER OF ONE YEAR’S AVERAGE ANNUAL FEES FOR FUTURES
PRODUCTS BASED UPON THE RELEVANT INDEX OR $20,000. THE ESSENTIAL PURPOSE OF
THIS PROVISION IS TO LIMIT THE CORPORATIONS’ LIABILITY UNDER THIS AGREEMENT.
BOTH PARTIES UNDERSTAND AND AGREE THAT THE TERMS OF THIS AGREEMENT
REFLECT A NEGOTIATED AND REASONABLE ALLOCATION OF RISK AND LIMITATIONS GIVEN
COMMERCIAL REALITIES OF THE TRANSACTION. 
  
 Section 14. Consequential Damages. EXCEPT AS NOTED IN SECTION 12 AND
EXCEPT FOR A BREACH OF SECTION 16, THE CORPORATIONS SHALL NOT BE
LIABLE TO THE CME, OR ANY OTHER PERSON, FOR ANY LOST PROFITS,
ANTICIPATED PROFITS, LOSS BY REASON OF SHUTDOWN IN OPERATION OR INCREASED
EXPENSES OF OPERATION, LOSS OF GOODWILL, FOR LOSS CAUSED IN SALE OF,
PURCHASE OF, OR BY A FUTURES PRODUCT, CONSEQUENTIAL, INCIDENTAL, INDIRECT, PUNITIVE,
OR SPECIAL DAMAGES, EVEN IF THE CORPORATIONS HAVE BEEN ADVISED OF THE
POSSIBILITY OF SUCH DAMAGES. 
  
 Section 15. Force Majeure. Notwithstanding any other term or condition of this Agreement, neither Nasdaq nor CME shall be obligated to perform or observe its obligations undertaken in this Agreement
(except for obligations to make payments hereunder) if prevented or hindered from doing so by any circumstances beyond its control, including, without limitation, acts of God, perils of the sea and air, fire, flood, drought, war, explosion,
sabotage, terrorism, embargo, civil commotion, acts of any governmental body, supplier delays, communications, or power failure, equipment or software malfunction, and labor disputes. 
  

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Securities and Exchange Commission. The omissions have been indicated by asterisks (“*****”), and the omitted text has been filed separately with the Securities and Exchange Commission. 
  
 CONFIDENTIAL 
  

 Section 16. Confidentiality. Each party shall protect information declared by the other to be
CONFIDENTIAL, OR PROPRIETARY. In fulfilling its confidentiality obligations, each party shall use a reasonable standard of care, at least the same standard of care that it uses to protect its own similar confidential or proprietary information. The
parties shall use reasonable efforts to mark all confidential or proprietary information must be conspicuously marked CONFIDENTIAL or PROPRIETARY. Information revealed orally becomes subject to protection when related to marked written materials or
when designated as CONFIDENTIAL or PROPRIETARY as long as the designation is confirmed in writing within 10 calendar days of the designation. Either party (including the Corporations) may disclose information to the extent demanded by a court,
revealed to a government agency with regulatory jurisdiction over the party (including the Corporations), or in the party’s regulatory responsibilities over its members, associated persons, issuers, or others under the Exchange Act of 1934, or
similar applicable law. The obligation of non-disclosure shall not extend to information: (a) then already in the possession of the party (including the Corporations) while not under a duty of non-disclosure; (b) generally known or revealed to the
public or within the applicable industry; (c) revealed to the party (including the Corporations) by a third party—unless the party (including the Corporations) knows that such third party is under a duty of non-disclosure; or (d) which that
party (including the Corporations) develops independently of the disclosure. Each copy, including its storage media, shall be marked with all notices that appear on the original. The obligation of non-disclosure shall survive for a period of three
(3) years from the date of disclosure. 
  
 The parties agree that the terms of
this Agreement, together with any correspondence or other communications relating to this Agreement shall be preserved as confidential information within the meaning of this Section 16. In the event that this Agreement is required to be filed with
the SEC, the CFTC or any other regulatory agency with jurisdiction over the activities of the parties, the party filing the Agreement shall (i) use its best efforts to secure confidential treatment of the Agreement and its material terms to the
greatest extent possible and (ii) notify the other party prior to filing and of the results of the confidential treatment request. 
  
 Section 17. Non-Use Of Nasdaq Name and Marks. Except as may otherwise be provided hereunder, CME shall not use the name of The Nasdaq Stock Market, Inc.,
“The Nasdaq Stock Market”, “Nasdaq” or any other of the Corporations’ trademarks, service marks, copyrights, or patents, registered or unregistered, in any advertising or promotional media of CME, without the prior written
consent of Nasdaq. 
  
 Section 18. Survival Of Provisions. The terms
of this Agreement shall apply to any rights that survive through the Life of this Agreement, and the cancellation, termination, or rescission of this Agreement, namely— Indemnification, Confidentiality, Non-Use of Nasdaq Name and Marks, and all
warranties. 
  

 10 

 Portions of this exhibit have been omitted pursuant to a request for confidential treatment filed with the
Securities and Exchange Commission. The omissions have been indicated by asterisks (“*****”), and the omitted text has been filed separately with the Securities and Exchange Commission. 
  
 CONFIDENTIAL 
  

 Section 19. Cancellation. 
  
 19.1. Either party may elect, without prejudice to any other rights or remedies, to (i) terminate the Term of this Agreement
or (ii) terminate the Term of this Agreement with respect to an Index, as applicable, upon ***** notice with an opportunity to cure within the stated period, if the other party has failed to perform any material obligation under this Agreement,
including any obligation set forth in any Attachment to this Agreement. 
  
 19.2. Either party may elect, without prejudice to any other rights or remedies, to terminate the Term of this Agreement without notice, if a petition in bankruptcy has been filed by or against the other party or the other party has made an
assignment for the benefit of creditors, or a receiver has been appointed for the other party or any substantial portion of other party’s property, or the other party’s or its officers or directors takes action approving or makes an
application for any of the above. 
  
 19.3. CME represents and
warrants that at each time that it lists a Futures Product for trading, that it and any other involved entity shall have all applicable authority to list such Futures Product for trading and that each such Futures Product will be listed for trading
in accordance with all applicable legal requirements. Nasdaq may elect, without prejudice to any other rights or remedies, to terminate the Term of this Agreement with respect to an Index, with reasonable Notice with an opportunity to cure within
such period, if Nasdaq reasonably believes that any Futures Product based upon such Index is illegal or has been illegally listed for trading, or if the CME or any involved entity does not have the power to list such Futures Product for trading.

  
 19.4. Either party may elect, without prejudice to any other
rights or remedies, to (i) terminate the Term of this Agreement or (ii) terminate the Term of this Agreement with respect to an Index, as applicable, with ***** Notice (or in the event of an emergency, with such Notice as is practicable) and an
opportunity to cure within such period if the relevant defect reasonably may be cured, if either party’s ability to perform its obligations under this Agreement is substantially impaired by any new statute, or new rule, regulation, order,
opinion, judgment, or injunction of the SEC, CFTC, a court, an arbitration panel, or governmental body or Self-Regulatory Organization with jurisdiction over the party. 
  
 Section 20. Subsequent Parties; Limited Relationship. The Agreement shall inure to the benefit of and shall be binding upon
the parties hereto and their respective permitted successors, or assigns. CME shall not assign this Agreement (including by operation of law) without the written consent of Nasdaq, which shall not unreasonably be withheld. Nothing in the Agreement,
express or implied, is intended to or shall (a) confer on any person other than the parties hereto (and any of the Corporations), or their respective permitted successors or assigns, any rights to remedies under or by reason of this Agreement; (b)
constitute the parties hereto partners or participants in a joint venture; or (c) appoint one party the agent of the other. 
  

 11 

 Portions of this exhibit have been omitted pursuant to a request for confidential treatment filed with the
Securities and Exchange Commission. The omissions have been indicated by asterisks (“*****”), and the omitted text has been filed separately with the Securities and Exchange Commission. 
  
 CONFIDENTIAL 
  

 Section 21. Entire Agreement. This Agreement constitutes the entire agreement between the parties with
respect to the subject matter hereof, and supersedes all prior negotiations, communications, writings, and understandings. 
  
 Section 22. Governing Law. This Agreement shall be deemed to have been made in the United States, in the State of New York, and shall be construed and
enforced in accordance with, and the validity and performance hereof shall be governed by, the laws of the State of New York, without reference to principles of conflicts of laws thereof. CME hereby consents to submit to the jurisdiction of the
courts for or in the City and State of New York in connection with any action or proceeding instituted relating to this Agreement. 
  
 Section 23. Authorization. This Agreement shall not be binding upon a party unless executed by an authorized officer of that party. CME, Nasdaq, and the
persons executing this Agreement represent that such persons are duly authorized by all necessary and appropriate corporate or other action to execute the Agreement on behalf of Nasdaq or CME. 
  
 Section 24. Headings. Section Headings are included for convenience only and
are not to be used to construe or interpret this Agreement. 
  
 Section 25.
Notices. All notices, invoices, and other communications required to be given in writing under this Agreement shall be directed to the persons identified in subsections (a) and (b) below and shall be deemed to have been duly given upon
actual receipt by the parties, or upon constructive receipt if sent by certified mail, return receipt requested (as of the date of signature or of first refusal of the return receipt), or by any other delivery method which obtains a signed delivery
receipt, addressed to the person named below to the following addresses or to such other address as any party hereto shall hereafter specify by written notice to the other party or parties hereto: 
  
 (a) if to CME: 
  

			
	Name:	  	Craig S. Donohue
	Title:	  	Office of the CEO
	Address:	  	Chicago Mercantile Exchange Inc.
	 	  	30 S. Wacker Drive
	 	  	Chicago, Illinois 60606
	 	  	Telephone #: 312.930.8275

  
 In all cases with
required copies to: 
  

			
	Rick Redding	  	Kathleen Cronin
	Managing Director, Equity Products	  	General Counsel, Legal Department
	Chicago Mercantile Exchange Inc.	  	Chicago Mercantile Exchange Inc.
	30 S. Wacker Drive	  	30 S. Wacker Drive
	Chicago, Illinois 60606	  	Chicago, Illinois 60606

  

 12 

 Portions of this exhibit have been omitted pursuant to a request for confidential treatment filed with the
Securities and Exchange Commission. The omissions have been indicated by asterisks (“*****”), and the omitted text has been filed separately with the Securities and Exchange Commission. 
  
 CONFIDENTIAL 
  

 (b) if to Nasdaq: 
  

			
	Name:	  	John L. Jacobs
	Title:	  	Executive Vice President
	Address:	  	The Nasdaq Stock Market, Inc.
	 	  	9513 Key West Avenue
	 	  	Rockville, MD 20850
	 	  	Telephone #: 301.978.8278

  
 With, in the event of
notices of Dispute or default, a required copy to: 
  
 The Nasdaq
Stock Market, Inc. 
 1801 K Street, N.W. 
 Washington, D.C. 20006 
 Attn: Office of General Counsel - Nasdaq Contracts Group 
  
 Section 26. Amendment, Waiver, and Severability. Except as otherwise provided
herein, no provision of this Agreement may be amended, modified, or waived, unless by an instrument in writing executed by a duly authorized officer of the party against whom enforcement of such amendment, modification, or waiver is sought
(“Consent”). 
  
 26.1. No failure on the part of Nasdaq
or CME to exercise, no delay in exercising, and no course of dealing with respect to any right, power, or privilege under this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any such right, power, or
privilege preclude any other or further exercise thereof or the exercise of any other right, power, or privilege under this Agreement. 
  
 26.2. If any of the provisions of this Agreement, or application thereof to any person or circumstance, shall to any extent be held invalid or
unenforceable, the remainder of this Agreement, or the application of such terms or provisions to persons or circumstances other than those as to which they are held invalid or unenforceable, shall not be affected thereby and each such term and
provision of this Agreement shall be valid and enforceable to the fullest extent permitted by law. 
  
 Section 27. Counterparts. The Agreement may be executed in one or more counterparts, each of which shall be deemed an original, and such counterparts together shall constitute but one and the same
instrument. 
  

 13 

 Portions of this exhibit have been omitted pursuant to a request for confidential treatment filed with the
Securities and Exchange Commission. The omissions have been indicated by asterisks (“*****”), and the omitted text has been filed separately with the Securities and Exchange Commission. 
  
 CONFIDENTIAL 
  

 Section 28. Schedule of Attachment(s). The following Attachment is referred to in this Agreement and is
incorporated as if set forth in full herein. In the event of a conflict between the Attachment and this Agreement, the provisions of the Attachment shall govern: 
  

					
	Attachment I	  	–	  	Covered Indexes & Product Formats
	Attachment II	  	–	  	Term of the Agreement & Performance Requirement
	Attachment III	  	–	  	Fees and Marketing Commitment

  
 [Signature Page
Follows] 
  
 IN WITNESS WHEREOF, the parties hereto have caused this
Agreement to be executed by their duly authorized officers. 
  

									
	Chicago Mercantile Exchange Inc. (“CME”)	 	 	 	The Nasdaq Stock Market, Inc. (“Nasdaq”)
					
	By:	 	/S/    CRAIG S. DONOHUE	 	 	 	By:	 	/S/    JOHN L. JACOBS
	 	 	
	 	 	 	 	 	

	 Name:
	 	Craig S. Donohue	 	 	 	 Name:
	 	John L. Jacobs
	 Title:
	 	Executive Vice President and Chief Administrative Officer	 	 	 	 Title:
	 	Executive Vice President
					
	 Date:
	 	October 16, 2003	 	 	 	 Date:
	 	October 9, 2003
	 	 	
	 	 	 	 	 	

  

 14 

 Portions of this exhibit have been omitted pursuant to a request for confidential treatment filed with the
Securities and Exchange Commission. The omissions have been indicated by asterisks (“*****”), and the omitted text has been filed separately with the Securities and Exchange Commission. 
  
 CONFIDENTIAL 
  

 ATTACHMENT I 
  
 Covered Indexes & Product Formats 
  
 A. Covered Indexes. The Nasdaq-100 Index®, the Nasdaq Composite Index® and any new index on which CME exercises a right of first refusal, as described in Paragraph B of this Attachment I, shall be deemed
“Indexes” under this Agreement unless and until the Term of this Agreement is terminated with respect to such Index, as set forth in this Agreement. 
  

B. CME Right of First Refusal for Certain New Nasdaq Indexes. If Nasdaq proposes to license a new Nasdaq index for futures products that meets the criteria
described below, CME shall have a right-of-first-refusal (“RFR”) to license the new index as an “Index” within the meaning of this Agreement. CME’s RFR shall apply only to: 
  
 ***** 
  
 C. New Futures Product Formats. CME shall have an RFR to use any Index or Indexes (including a new Nasdaq index that would be covered
by section B, above, unless CME is offered the opportunity to exercise its RFR and CME declines to do so) in connection with Futures Products that are based on new or unique product formats and that meet the following criteria: 
  
 ***** 
  
 D. Presumption Relating to CME’s RFR. ***** 
  

 15 

 Portions of this exhibit have been omitted pursuant to a request for confidential treatment filed with the
Securities and Exchange Commission. The omissions have been indicated by asterisks (“*****”), and the omitted text has been filed separately with the Securities and Exchange Commission. 
  
 CONFIDENTIAL 
  

 ATTACHMENT II 
  
 Term of the Agreement & Performance Requirements 
 for Futures Contracts Based Upon the Nasdaq Composite Index® 
  
 A. Nasdaq-100 Index®. The initial term of this Agreement with respect to the Nasdaq-100 Index® shall be from the Effective Date until the fourth anniversary of the Effective Date (the “Initial Term”), unless earlier terminated with respect to this Index in accordance
with any specific provision of this Agreement authorizing such termination. Following the Initial Term, this Agreement shall automatically be renewed for one additional four-year term (a “Renewal Term”) with respect to this Index unless
CME provides Notice to Nasdaq of its intent to terminate this Agreement with respect to the Nasdaq-100 Index® not less than ***** prior to the end of the Initial Term. 
  
 B. Nasdaq Composite Index®. The Initial Term of this Agreement with respect to the Nasdaq Composite Index® shall be from the Effective Date until the fourth anniversary of the Effective Date, unless earlier terminated with respect to this Index (i) in
accordance with any specific provision of this Agreement authorizing such termination or (ii) because of *****, as described in Section C, below. 
  
 Following the Initial Term, this Agreement shall automatically be renewed for one additional four-year Renewal Term with respect to this Index unless (i) CME provides
Notice to Nasdaq of its intent to terminate this Agreement with respect to the Nasdaq Composite Index® not less than ***** prior to the end of the Initial Term, or (ii) Nasdaq provides Notice to CME of its intent to terminate this Agreement with respect to this Index, not less than *****
nor greater than ***** prior to the end of the Initial Term, because *****. 
  
 C.
*****. During the Initial Term and the Renewal Term, if any, for the Nasdaq Composite Index®, Nasdaq shall have the right, as of each anniversary of the launch date of Futures Contracts based upon the Nasdaq Composite Index®, excluding the first anniversary, to terminate the Term or to terminate
CME’s exclusivity with respect to the Nasdaq Composite Index® if, *****. If Nasdaq elects to terminate the Term or terminate CME’s exclusivity with respect to the Nasdaq Composite Index® because of *****, Nasdaq shall provide Notice to CME of such decision within ***** following the relevant anniversary.
Nasdaq’s decision not to terminate because of ***** prior to a particular anniversary shall not be deemed to limit Nasdaq’s right to terminate because of ***** prior to any subsequent anniversary. 
  
 If Nasdaq elects to terminate CME’s exclusivity with respect to the Nasdaq Composite
Index®, this Agreement shall continue in full force
and effect according to its terms, except that *****. 
  
 D. Launch of Trading
in Nasdaq Composite Index Futures Contracts. CME shall list Futures Contracts based upon the Nasdaq Composite Index® for trading on its GLOBEX electronic 

  

 16 

 Portions of this exhibit have been omitted pursuant to a request for confidential treatment filed with the
Securities and Exchange Commission. The omissions have been indicated by asterisks (“*****”), and the omitted text has been filed separately with the Securities and Exchange Commission. 
  
 CONFIDENTIAL 
  

 
trading system no later than October 31, 2003, unless (i) CME and Nasdaq mutually agree (with confirmation in writing) to delay the launch or (ii) factors
beyond CME’s reasonable control prevent a timely launch. For the avoidance of doubt, factors beyond CME’s reasonable control may include, without limitation, major market disruptions and regulatory actions, but do not include failures of
electronic trading or clearing technology controlled by CME. If CME fails to launch Futures Contracts based upon the Nasdaq Composite Index® for trading as required by this paragraph, then Nasdaq may terminate this Agreement in its entirety by providing Notice to CME within ten (10) business
days following October 31, 2003. If this Agreement is terminated under this paragraph because of CME’s failure to launch Futures Contracts based upon the Nasdaq Composite Index®, the Prior License Agreement shall be reinstated in full force and effect and shall
continue according to its terms. 
  
 E. *****. 
  

 17 

 Portions of this exhibit have been omitted pursuant to a request for confidential treatment filed with the
Securities and Exchange Commission. The omissions have been indicated by asterisks (“*****”), and the omitted text has been filed separately with the Securities and Exchange Commission. 
  
 CONFIDENTIAL 
  

 ATTACHMENT III 
  
 Fees and Marketing Commitment 
  

***** 
  

 18Agreement

  
 Exhibit 10.18

  
 AGREEMENT 
  
 THIS AGREEMENT, made and entered into this 7th day of November 2003, by and
between CHICAGO MERCANTILE EXCHANGE Inc. (“Employer” or “CME”), a Delaware Business Corporation, having its principal place of business at 30 South Wacker Drive, Chicago, Illinois, and Craig S. Donohue (“Employee”).

  
 R E C I T A L S: 
  
 WHEREAS, Employer wishes to retain the services of Employee in the capacity
of Chief Executive Officer upon the terms and conditions hereinafter set forth and Employee wishes to accept such employment; 
  
 NOW, THEREFORE, in consideration of the mutual promises contained herein, the parties mutually agree as follows: 
  

	1)	Employment. Subject to the terms of the Agreement, Employer hereby agrees to employ Employee during the Agreement Term as Chief Executive Officer and Employee hereby
accepts such employment. Employee shall report to the Employer’s Board of Directors, or any successor to the Board of Directors (hereinafter, “Board” shall mean the Board of Directors of Employer and/or any successor thereto). The
duties of Employee shall include, but not be limited to, the performance of all duties associated with executive oversight and management of the Employer. Employee will provide such business and professional services in the performance of his duties
that are consistent with Employee’s position as Chief Executive Officer, and as shall reasonably be assigned to him by the Board. Employee shall devote his full time, ability and attention to the business of Employer during the Agreement Term.

  
 Notwithstanding anything to the contrary
contained herein, nothing in the Agreement shall preclude Employee from participating in the affairs of any governmental, educational or other charitable institution, engaging in professional speaking and writing activities, and serving as a member
of the board of directors of a publicly held corporation (except for a competitor of Employer), provided Employee notifies the Board prior to his participating in any such activities and as long as the Board does not determine that any such
activities interfere with or diminish Employee’s obligations under the Agreement. Employee shall be entitled to retain all fees, royalties and other compensation derived from such activities, in addition to the compensation and other benefits
payable to him under the Agreement, but shall disclose such fees to Employer. 
  

	2)	Agreement Term. Employee shall be employed hereunder for a term commencing on January 1, 2004, and expiring on December 31, 2006, unless sooner terminated as herein
provided (“Agreement Term”). The Agreement Term may be extended or renewed only by the mutual written agreement of the parties. 

  

	3)	Compensation. 

  

	 	(a)	Annual Base Salary. Effective January 1, 2004, and continuing through December 31, 2006, Employer shall pay to Employee a base salary at a rate not less than $700,000.00 per
year (“Base Salary”), payable in accordance with the Employer’s normal payment schedule. 

  

	 	(b)	Bonuses. Employee shall be eligible to participate in the Employer’s Annual Incentive Plan (the “AIP”) as in existence or as amended from time to time in
accordance with its terms as applicable to Employee. 

  

	 	(c)	Equity Compensation. Employee shall be eligible to participate in the Employer’s Equity Incentive Plan, as in existence or as amended from time to time, in accordance
with the terms of the Plan for executives in the Office of the CEO. In the event of a “Change of Control” (as defined in Employer’s Amended and Restated Omnibus Stock Plan (“Plan”)) that occurs prior to the Employee’s
termination of employment with the Employer, all options and shares previously granted to Employee, whether pursuant to this Agreement or otherwise, will have vesting accelerated so as to become 100% vested. Thereafter, the options will continue to
be subject to the terms, definitions and provisions of the Plan and any related option agreement. If Employee is involuntarily terminated without Cause within sixty (60) days prior to a Change of Control, all unvested options and shares which would
have been outstanding had the Employee been employed on the date of Change of Control become granted and 100% vested. 

  

	4)	Benefits. Employee shall be entitled to insurance, vacation and other employee benefits commensurate with his position in accordance with Employer’s policies for
executives in effect from time to time. Employee acknowledges receipt of a summary of Employer’s employee benefits policies in effect as of the date of this Agreement. 

  

	5)	Expense Reimbursement. During the Agreement Term, Employer shall reimburse Employee, in accordance with Employer’s policies and procedures, for all proper
expenses incurred by him in the performance of his duties hereunder. 

  

	6)	Termination. 

  

	 	a)	Death. Upon the death of Employee, this Agreement shall automatically terminate and all rights of Employee and his heirs, executors and administrators to compensation and
other benefits under this Agreement shall cease, except for compensation which shall have accrued to the date of death, including accrued Base Salary, and other employee benefits to which Employee is entitled upon his death, in accordance with the
terms of the plans and programs of CME. 

  

	 	b)	 Disability. Employer may, at its option, terminate this Agreement upon written notice to Employee if Employee, because of physical or mental incapacity or
disability, fails to perform the essential functions of his position required of him hereunder for a continuous 

  

 2 

	 	 
period of 90 days or any 120 days within any 12-month period. Upon such termination, all obligations of Employer hereunder shall cease, except for payment of
accrued Base Salary, and other employee benefits to which Employee is entitled upon his termination hereunder, in accordance with the terms of the plans and programs of CME. In the event of any dispute regarding the existence of Employee’s
disability hereunder, the matter shall be resolved as follows: (1) by the determination of a physician selected by the Board; (2) Employee shall have the right to challenge that determination by presenting a contrary determination from a physician
of his choice; (3) in such event, a physician selected by agreement of the Employee and the Board will make the final determination. The Employee shall submit to appropriate medical examinations for purposes of making the medical determinations
hereunder. 

  

	 	c)	Cause. Employer may, at its option, terminate Employee’s employment under this Agreement for Cause. As used in this Agreement, the term “Cause” shall mean any
one or more of the following: 

  

	 	(1)	any refusal by Employee to perform his duties and responsibilities under this Agreement or violation of any rule, regulation or guideline imposed by a regulatory or self regulatory
body having jurisdiction over Employer, as determined after investigation by the Board. Employee, after having been given written notice by Employer, shall have seven (7) days to cure such refusal or violation; 

  

	 	(2)	any intentional act of fraud, embezzlement, theft or misappropriation of Employer’s funds by Employee, as determined after investigation by the Board, or Employee’s
admission or conviction of a felony or of any crime involving moral turpitude, fraud, embezzlement, theft or misrepresentation; 

  

	 	(3)	any gross negligence or willful misconduct of Employee resulting in a financial loss or liability to the Employer or damage to the reputation of Employer, as determined after
investigation by the Board; 

  

	 	(4)	any breach by Employee of any one or more of the covenants contained in Section 7, 8 or 9 hereof. 

  
 The exercise of the right of CME to terminate this Agreement pursuant to this Section 6(c) shall not abrogate any other
rights or remedies of CME in respect of the breach giving rise to such termination. 
  
 If Employer terminates Employee’s employment for Cause, he shall be entitled to accrued Base Salary through the date of the termination of his employment, other employee benefits to which Employee is entitled
upon his termination of employment with Employer, in accordance with the terms of the plans and programs of CME. Upon termination for cause, Employee will forfeit any unvested or unearned compensation or long-term incentives, unless otherwise
provided herein or specified in the terms of the plans and programs of CME. 
  

 3 

	 	d)	Termination Without Cause. Upon 30 days prior written notice to Employee, Employer may terminate this Agreement for any reason other than a reason set forth in sections (a),
(b) or (c) of this Section 6. If, during the Agreement Term, Employer terminates the employment of Employee hereunder for any reason other than a reason set forth in subsections (a), (b) or (c) of this Section 6: 

  

	 	(1)	Employee shall be entitled to receive accrued Base Salary through the date of the termination of his employment, and other employee benefits to which Employee is entitled upon his
termination of employment with Employer, in accordance with the terms of the plans and programs of Employer; and 

  

	 	(2)	a one time lump sum severance payment equal to 2 times his Base Salary as of the date of Employee’s termination for the remaining term of the Agreement, but not more than 24
months of his Base Salary as of the date of the Employee’s termination, subject to Employee’s execution of a general release in a form and of a substance satisfactory to CME. 

  

	 	e)	Voluntary Termination. Upon 60 days prior written notice to CME (or such shorter period as may be permitted by CME), Employee may voluntarily terminate his employment with
CME prior to the end of the Agreement Term for any reason. If Employee voluntarily terminates his employment pursuant to this subsection (e), he shall be entitled to receive accrued Base Salary through the date of the termination of his employment
and other employee benefits to which Employee is entitled upon his termination of employment with CME, in accordance with the terms of the plans and programs of CME. 

  

	7)	Confidential Information and Non-Compete. Employee acknowledges that the successful development of CME’s services and products, including CME’s trading
programs and systems, current and potential customer and business relationships, and business strategies and plans requires substantial time and expense. Such efforts generate for CME valuable and proprietary information (“Confidential
Information”) which gives CME a business advantage over others who do not have such information. Confidential information includes, but is not limited to the following: trade secrets, technical, business, proprietary or financial information of
CME not generally known to the public, business plans, proposals, past and current prospect and customer lists, trading methodologies, systems and programs, training materials, research data bases and computer software; but shall not include
information or ideas acquired by Employee prior to his employment with CME if such pre-existing information is generally known in the industry and is not proprietary to CME. 

  
 (a) Employee shall not at anytime during the Agreement Term or
thereafter, make use of or disclose, directly or indirectly to any competitor or potential competitor of CME, or divulge, disclose or communicate to any person, firm, corporation, or other legal entity in any manner whatsoever, or for his own
benefit and that of any person or entity other than Employer, any Confidential Information. This subsection shall not apply to the extent Employee remains 

  

 4 

 
employed by Employer and is required to disclose Confidential Information to any regulatory agency or as otherwise required by law. This subsection shall not
apply following termination for any reason to the extent Employee is required by law to testify in a legislative, judicial or regulatory proceeding, or is otherwise required by law to disclose Confidential Information; provided, however, that
following termination for any reason, Employee will promptly notify Employer if Employee is requested by any entity or person to divulge Confidential Information, and will use his best efforts to ensure that Employer has sufficient time to intervene
and/or object to such disclosure or otherwise act to protect its interests. Employee shall not disclose any Confidential Information while any such objection is pending. 
  
 (b) Employee agrees that while employed and for a period of one (1) year following the termination of his employment with
CME for any reason, the Employee will not accept employment with or act or provide services as an independent contractor or consultant for or on behalf of any derivatives exchange or for any person, organization or entity providing clearing
services. Employee acknowledges that such restriction is necessary to protect the Confidential Information he learned through his employment with Employer. 
  
 (c) Upon termination for any reason, Employee shall return to Employer all records, memoranda, notes, plans, reports, computer tapes and equipment,
software and other documents or data which constitute Confidential Information which he may then possess or have under his control (together with all copies thereof) and all credit cards, keys and other materials and equipment which are
Employer’s property that he has in his possession or control. 
  
 (d) If, at any time of enforcement of this Section 7, a court holds that the restrictions stated herein are unreasonable, the parties hereto agree that a maximum period, scope or geographical area reasonable under the circumstances shall be
substituted for the stated period, scope or area and that the court shall be allowed to revise the restrictions contained herein to cover the maximum period, scope and area permitted by law. 
  

	8)	Non-solicitation. 

  

	 	a)	General. Employee acknowledges that Employer invests in recruiting and training, and shares Confidential Information with, it employees. As a result, Employee acknowledges
that Employer’s employees are of special, unique and extraordinary value to Employer. 

  

	 	b)	Non-solicitation. Employee further agrees that for a period of one (1) year following the termination of his employment with CME for any reason he shall not in any manner,
directly or indirectly, induce or attempt to induce any employee of CME to terminate or abandon his or her employment with CME for any purpose whatsoever. 

  

 5 

	 	c)	Reformation. If, at any time of enforcement of this Section 8, a court holds that the restrictions stated herein are unreasonable, the parties hereto agree that the maximum
period, scope or geographical area reasonable under the circumstances shall be substituted for the stated period, scope or area and that the court shall be allowed to revise the restrictions contained herein to cover the maximum period, scope and
area permitted by law. 

  

	9)	Intellectual Property. During the Agreement Term, Employee shall disclose to CME and treat as confidential information all ideas, methodologies, product and technology
applications that he develops during the course of his employment with CME that relates directly or indirectly to CME’s business. Employee hereby assigns to CME his entire right, title and interest in and to all discoveries and improvements,
patentable or otherwise, trade secrets and ideas, writings and copyrightable material, which may be conceived by Employee or developed or acquired by him during his employment with CME, which may pertain directly or indirectly to the business of the
CME. Employee shall at any time during or after the Agreement Term, upon CME’s request, execute, acknowledge and deliver to CME all instruments and do all other acts which are necessary or desirable to enable CME to file and prosecute
applications for, and to acquire, maintain and enforce, all patents, trademarks and copyrights in all countries with respect to intellectual property developed or which was being developed during Employee’s employment with CME.

  

	10)	Remedies. Employee agrees that given the nature of CME’s business, the scope and duration of the restrictions in paragraphs 7, 8 and 9 are reasonable and
necessary to protect the legitimate business interests of CME and do not unduly interfere with Employee’s career or economic pursuits. Employee recognizes and agrees that a breach of any or all of the provisions of Sections 7, 8 and 9 will
constitute immediate and irreparable harm to CME’s business advantage, for which damages cannot be readily calculated and for which damages are an inadequate remedy. Accordingly, Employee acknowledges that CME shall therefore be entitled to
seek an injunction or injunctions to prevent any breach or threatened breach of any such section. Employee agrees to reimburse CME for all costs and expenses, including reasonable attorney’s fees and costs, incurred by CME in connection with
the enforcement of its rights under Sections 7, 8 and 9 of this Agreement. 

  

	11)	Survival. Sections 7, 8, 9 and 10 of this Agreement shall survive and continue in full force and effect in accordance with their respective terms, notwithstanding any
termination of the Agreement. 

  

	12)	Arbitration. Except with respect to Sections 7, 8, and 9, any dispute or controversy between CME and Employee, whether arising out of or relating to this Agreement,
the breach of this Agreement, or otherwise, shall be settled by arbitration in Chicago, Illinois, in accordance with the following: 

  
 (a) Arbitration hearings will be conducted by the American Arbitration Association (AAA). Except as modified herein, arbitration hearings will be
conducted in accordance with AAA’s rules. 
  

 6 

 (b) State and federal laws contain statues of limitation which prescribe the time frames within which
parties must file a law suit to have their disputes resolved through the court system. These same statutes of limitation will apply in determining the time frame during which the parties must file a request for arbitration. 
  
 (c) If Employee seeks arbitration, Employee shall submit a filing fee to the
AAA in an amount equal to the lesser of the filing fee charged in the state or federal court in Chicago, Illinois. The AAA will bill Employer for the balance of the filing and arbitrator’s fees. 
  
 (d) The arbitrator shall have the same authority to award (and shall be
limited to awarding) any remedy or relief that a court of competent jurisdiction could award, including compensatory damages, attorney fees, punitive damages and reinstatement. Employer and Employee may be represented by legal counsel or any other
individual at their own expense during an arbitration hearing. 
  
 (e) Judgment on the award rendered by the arbitrator may be entered in any court having jurisdiction thereof. 
  
 (f) Except as necessary in court proceedings to enforce this arbitration provision or an award rendered hereunder, or to obtain interim relief, neither a
party nor an arbitrator may disclose the existence, content or results of any arbitration hereunder without the prior written consent of CME and Employee. 
  

	13)	Notices. All notices and other communications required or permitted hereunder shall be in writing and shall be deemed given when (i) delivered personally or by
overnight courier to the following address of the other party hereto (or such other address for such party as shall be specified by notice given pursuant to this Section) or (ii) sent by facsimile to the following facsimile number of the other party
hereto (or such other facsimile number for such party as shall be specified by notice given pursuant to this Section), with the confirmatory copy delivered by overnight courier to the address of such party pursuant to this Section 14:

  
 If to CME, to: 
  
 Terry Duffy 
 Chairman, Chicago Mercantile Exchange Inc. 
 Chicago Mercantile Exchange Inc. 
 30 South Wacker Drive 
 Chicago, IL 60606 
 (312) 930-3100 
  

 7 

 With a copy to: 
 Kathleen M. Cronin 
 Managing Director, General Counsel and Corporate Secretary 
 Chicago Mercantile Exchange Inc. 
 30 South Wacker Drive 
 Chicago, IL 60606 
 (312) 930-3488 
  
 If to Employee, to: 
  
 Craig S. Donohue 
 2600 Shannon Road 
 Northbrook, IL 60062 
 (847)-272-3265 
  

	14)	Severability. Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but if any
provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under applicable law or rule in any jurisdiction, such invalidity, illegality or unenforceability shall not affect the validity, legality or enforceability of
any other provision of this Agreement or the validity, legality or enforceability of such provision in any other jurisdiction, but this Agreement shall be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or
unenforceable provision had never been contained herein. 

  

	15)	Entire Agreement. This Agreement constitutes the entire Agreement and understanding between the parties with respect to the subject matter hereof and supersedes and
preempts any prior understandings, agreements or representations by or between the parties, written or oral, which may have related in any manner to the subject matter hereof. No other agreement or amendment to this Agreement shall be binding upon
either party including, without limitation, any agreement or amendment made hereafter unless in writing, signed by both parties. 

  

 8 

	16)	Successors and Assigns. This Agreement shall be enforceable by Employee and his heirs, executors, administrators and legal representatives, and by CME and its
successors and assigns. 

  

	17)	Governing Law. This Agreement shall be governed by and construed and enforced in accordance with the laws of the State of Illinois without regard to principles of
conflict of laws. 

  

	18)	Acknowledgment. Employee acknowledges that he has read, understood, and accepts the provisions of this Agreement. 

  
 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first
written above. 
  

									
	 	 	Chicago Mercantile Exchange	 	 	 	 	 	Craig S. Donohue
					
	By:	 	/s/    TERRENCE A. DUFFY        	 	 	 	 	 	/s/    CRAIG S. DONOHUE        
	 	 	
	 	 	 	 	 	

	 	 	 Terrence A. Duffy
	 	 	 	 	 	 Craig S. Donohue

					
	 Date:
	 	 11/7/03
	 	 	 	 Date:
	 	 11/7/03

  

 9

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