Document:

EX-10.3

 Exhibit 10.3 

Execution Version 
 Commercial
Paper Dealer Agreement 
 4(a)(2) Program 

Between: 
 Nasdaq, Inc., as Issuer
and 
                     , as Dealer

 Concerning Notes to be issued pursuant to the Issuing and Paying Agent Agreement, dated as of April 25, 2017, between the Issuer and
                    , as Issuing and Paying Agent 

Dated as of April 25, 2017 

 Commercial Paper Dealer Agreement 

4(a)(2) Program 
 This Commercial Paper
Dealer Agreement (this “Agreement”) sets forth the understandings between the Issuer and the Dealer, each named on the cover page hereof, in connection with the issuance and sale by the Issuer of its short-term promissory notes to
be offered and sold pursuant to the exemption from registration contained in Section 4(a)(2) of the Securities Act (the “Notes”). 

Certain terms used in this Agreement are defined in Section 6 hereof. 

The Addendum to this Agreement, and any Annexes or Exhibits described in this Agreement or such Addendum, are hereby incorporated into this Agreement and made
fully a part hereof. 
  

	1.	Offers, Sales and Resales of Notes. 

  

	 	1.1	While (i) the Issuer has and shall have no obligation to sell the Notes to the Dealer or to permit the Dealer to arrange any sale of the Notes for the account of the Issuer, and (ii) the Dealer has and shall
have no obligation to purchase the Notes from the Issuer or to arrange any sale of the Notes for the account of the Issuer, the parties hereto agree that in any case where the Dealer purchases Notes from the Issuer, or arranges for the sale of Notes
by the Issuer, such Notes will be purchased or sold by the Dealer in reliance on the representations, warranties, covenants and agreements of the Issuer contained herein or made pursuant hereto and on the terms and conditions and in the manner
provided herein and sold by the Issuer in reliance on the representations, warranties, covenants and agreements of the Dealer contained herein or made pursuant hereto and on the terms and conditions and in the manner provided herein.

  

	 	1.2	So long as this Agreement shall remain in effect, and in addition to the limitations contained in Section 1.7 hereof, the Issuer shall not, without the consent of the Dealer, offer, solicit or
accept offers to purchase, or sell, any Notes except (a) in transactions with one or more dealers which may from time to time after the date hereof become dealers with respect to the Notes by executing with the Issuer one or more agreements
which contain provisions substantially identical to those contained in Section 1 of this Agreement, of which the Issuer hereby undertakes to provide the Dealer prompt notice or (b) in transactions with the other
dealers listed on the Addendum hereto, which are executing agreements with the Issuer which contain provisions substantially identical to Section 1 of this Agreement contemporaneously herewith (each such agreement
contemplated by the foregoing clause (a) and clause (b), a “Dealer Agreement”). In no event shall the Issuer offer, solicit or accept offers to purchase, or sell, any Notes directly on its own behalf in
transactions with persons other than broker-dealers as specifically permitted in this Section 1.2. 

  

	 	1.3	 The Notes shall be in a minimum denomination of $250,000 and integral multiples of $1,000 in excess thereof, will
bear such interest rates, if interest 

	 	
bearing, or will be sold at such discount from their face amounts, as shall be agreed upon by the Dealer and the Issuer, shall have a maturity not exceeding 397 days from the date of issuance and
may have such terms as are specified in Exhibit C hereto, the Private Placement Memorandum or a pricing supplement, or as otherwise agreed upon by the applicable purchaser and the Issuer. The Notes shall not contain any provision for
extension, renewal or automatic “rollover.” 

  

	 	1.4	The authentication and issuance of, and payment for, the Notes shall be effected in accordance with the Issuing and Paying Agent Agreement, and the Notes shall be either individual physical certificates or book-entry
notes evidenced by one or more master notes (each, a “Master Note”) registered in the name of The Depository Trust Company (“DTC”) or its nominee, in the form or forms annexed to the Issuing and Paying Agent
Agreement. 

  

	 	1.5	If the Issuer and the Dealer shall agree on the terms of the purchase of any Note by the Dealer or the sale of any Note arranged by the Dealer (including, but not limited to, agreement with respect to the date of issue,
purchase price, principal amount, maturity and interest rate or interest rate index and margin (in the case of interest-bearing Notes) or discount thereof (in the case of Notes issued on a discount basis), and appropriate compensation for the
Dealer’s services hereunder) pursuant to this Agreement, the Issuer shall cause such Note to be issued and delivered in accordance with the terms of the Issuing and Paying Agent Agreement and payment for such Note shall be made by the purchaser
thereof, either directly or through the Dealer, to the Issuing and Paying Agent, for the account of the Issuer. Except as otherwise agreed, in the event that the Dealer is acting as an agent and a purchaser shall either fail to accept delivery of or
make payment for a Note on the date fixed for settlement, the Dealer shall promptly notify the Issuer, and if the Dealer has theretofore paid the Issuer for the Note, the Issuer will promptly return such funds to the Dealer against its return of the
Note to the Issuer, in the case of a certificated Note, and upon notice of such failure in the case of a book-entry Note. If such failure occurred for any reason other than default by the Dealer, the Issuer shall reimburse the Dealer on an equitable
basis for the Dealer’s loss of the use of such funds for the period such funds were credited to the Issuer’s account. 

  

	 	1.6	Each of the Dealer and the Issuer hereby establish and agree, both on behalf of itself and on behalf of any person acting on its behalf, as applicable, to observe the following procedures in connection with offers,
sales and subsequent resales or other transfers of the Notes: 

  

	 	(a)	Offers and sales of the Notes by or through the Dealer shall be made only to: (i) investors reasonably believed by the Dealer to be Qualified Institutional Buyers or Institutional Accredited Investors or (ii) non-bank fiduciaries or agents that will be purchasing Notes for one or more accounts, each of which is reasonably believed by the Dealer to be an Institutional Accredited Investor. 

	 	(b)	Resales and other transfers of the Notes by the holders thereof shall be made only in accordance with the restrictions in the legend described in clause (e) below. 

 

	 	(c)	No general solicitation or general advertising shall be used in connection with the offering of the Notes. Without limiting the generality of the foregoing, without the prior written approval of the Dealer, the Issuer
shall not issue any press release, make any other statement to any member of the press making reference to the Notes, the offer or sale of the Notes or this Agreement or place or publish any “tombstone” or other advertisement relating to
the Notes or the offer or sale thereof. Notwithstanding the foregoing, (i) any publication by the Issuer of a notice in accordance with Rule 135c under the Securities Act shall not be deemed to constitute general solicitation or general
advertising hereunder and shall not require prior written approval of the Dealer (provided that the Issuer shall provide a copy thereof to the Dealer prior to publication) and (ii) the Issuer shall be permitted to make such filings with the SEC
that the Issuer reasonably determines are required to comply with Section 13 or 15(d) of the Exchange Act, provided, however, that, unless otherwise prohibited by applicable securities laws, rules and regulations, the Issuer shall omit the name
of the Dealer from any publicly available filing by the Issuer that makes reference to the Notes, the offer or sale of the Notes or this Agreement, including by redacting the Dealer’s name and any contact or other information that could
identify the Dealer from any agreement or other information included in such filing. For the avoidance of doubt, the Issuer shall not post the Private Placement Memorandum on a website without the consent of the Dealer and each other dealer or
placement agent, if any, for the Notes. 

  

	 	(d)	No sale of Notes to any one purchaser shall be for less than $250,000 principal or face amount, and no Note shall be issued in a smaller principal or face amount. If the purchaser is a
non-bank fiduciary acting on behalf of others, each person for whom such purchaser is acting must purchase at least $250,000 principal or face amount of Notes. 

 

	 	(e)	Offers and sales of the Notes shall be subject to the restrictions described in the legend appearing on Exhibit A hereto. A legend substantially to the effect of such Exhibit A shall appear as part of the
Private Placement Memorandum used in connection with offers and sales of Notes hereunder, as well as on each individual certificate representing a Note and each Master Note representing book-entry Notes offered and sold pursuant to this Agreement.

  

	 	(f)	 The Dealer shall furnish or shall have furnished to each purchaser of Notes for which it has acted as the Dealer
a copy of the then-current Private Placement Memorandum unless such purchaser has previously received a copy of the Private Placement Memorandum as then in effect. The Private 

	 	
Placement Memorandum shall expressly state that any person to whom Notes are offered shall have an opportunity to ask questions of, and receive information from, the Issuer and the Dealer and
shall provide the names, addresses and telephone numbers of the persons from whom information regarding the Issuer may be obtained. 

  

	 	(g)	The Issuer agrees, for the benefit of the Dealer and each of the holders and prospective purchasers from time to time of the Notes that, if at any time the Issuer shall not be subject to Section 13 or 15(d) of the
Exchange Act, the Issuer will furnish, upon request and at its expense, to the Dealer and to holders and prospective purchasers of Notes information required by Rule 144A(d)(4)(i) in compliance with Rule 144A(d). 

 

	 	(h)	In the event that any Note offered or to be offered by the Dealer would be ineligible for resale under Rule 144A, the Issuer shall promptly notify the Dealer (by telephone, confirmed in writing, or electronic mail) of
such fact and shall promptly prepare and deliver to the Dealer an amendment or supplement to the Private Placement Memorandum describing the Notes that are ineligible, the reason for such ineligibility and any other relevant information relating
thereto. 

  

	 	(i)	The Issuer represents that it is not currently issuing commercial paper in the United States market in reliance upon the exemption provided by Section 3(a)(3) of the Securities Act. The Issuer agrees that, if it shall
issue commercial paper after the date hereof in reliance upon such exemption (i) the proceeds from the sale of the Notes will be segregated from the proceeds of the sale of any such commercial paper by being placed in a separate account;
(ii) the Issuer will institute appropriate corporate procedures to ensure that the offers and sales of notes issued by the Issuer pursuant to the Section 3(a)(3) exemption are not integrated with offerings and sales of Notes hereunder; and
(iii) the Issuer will comply with each of the requirements of Section 3(a)(3) of the Securities Act in selling commercial paper or other short-term debt securities other than the Notes in the United States. 

 

	 	1.7	The Issuer hereby represents and warrants to the Dealer, in connection with offers, sales and resales of Notes, as follows: 

  

	 	(a)	 The Issuer hereby confirms to the Dealer that (except as permitted by Section 1.6(i)) within the preceding
six months, neither the Issuer nor any person, other than the Dealer or the other dealers referred to in, or contemplated by, Section 1.2 hereof (the “Other Dealers”), acting on behalf of the Issuer, has
offered or sold any Notes, or any substantially similar security of the Issuer, to, or solicited offers to buy any such security from, any person other than the Dealer or the Other Dealers. The Issuer also agrees that (except as permitted by
Section 1.6(i)), as long as the Notes are being offered for sale by the Dealer and the Other Dealers as 

	 	
contemplated hereby, and until at least six months after the offer of Notes hereunder has been terminated, neither the Issuer nor any person other than the Dealer or the Other Dealers (except as
contemplated by Section 1.2 hereof) will offer the Notes or any substantially similar security of the Issuer for sale to, or solicit offers to buy any such security from, any person other than the Dealer or the Other
Dealers; provided, that, it is understood that such agreement is made with a view to bringing the offer and sale of the Notes within the exemption provided by Section 4(a)(2) of the Securities Act and shall survive any termination of this Agreement.
The Issuer hereby represents and warrants that it has not taken or omitted to take, and will not take or omit to take, any action that would cause the offering and sale of Notes hereunder to be integrated with any other offering of securities,
whether such offering is made by the Issuer or some other party or parties. 

  

	 	(b)	The Issuer represents and agrees that the proceeds of the sale of the Notes are not currently contemplated to be used for the purpose of buying, carrying or trading securities within the meaning of Regulation T and the
interpretations thereunder by the Board of Governors of the Federal Reserve System. In the event that the Issuer determines to use such proceeds for the purpose of buying, carrying or trading securities, whether in connection with an acquisition of
another company or otherwise, the Issuer shall give the Dealer at least five (5) business days’ notice to that effect. The Issuer shall also give the Dealer prompt notice of the actual date that it commences to purchase securities with the
proceeds of the Notes. Thereafter, in the event that the Dealer purchases Notes as principal and does not resell such Notes on the day of such purchase, to the extent necessary to comply with Regulation T and the interpretations thereunder, the
Dealer will sell such Notes either (i) only to offerees it reasonably believes to be Qualified Institutional Buyers or to Qualified Institutional Buyers it reasonably believes are acting for other Qualified Institutional Buyers, in each case,
in accordance with Rule 144A or (ii) in a manner which would not cause a violation of Regulation T and the interpretations thereunder. 

  

	 	1.8	The Issuer may from time to time increase the Maximum Amount by: 

  

	 	(a)	giving at least ten (10) days’ notice by letter substantially in the form attached hereto as Exhibit D (the “Notification Letter for an Increase in Maximum Amount”) to the Dealer and
the Issuing and Paying Agent. 

  

	 	(b)	 delivery of (i) a certificate from a duly authorized officer of the Issuer confirming that no changes have
been made to the organizational documents of the Issuer since the date of the Dealer Agreement which would have a material adverse effect on the Program or, if there has been such a change, a certified copy of the organizational documents currently
in force; (ii) certified copies of all documents evidencing the internal 

	 	
authorization and approval required to be granted by the Issuer for such an increase in the Maximum Amount; (iii) a list of names, titles and specimen signatures of the persons authorized to
sign on behalf of the Issuer all notices and other documents to be delivered in connection with such an increase in the Maximum Amount; (iv) an updated or supplemental Private Placement Memorandum reflecting the increase in the Maximum Amount
of the Program; (v) a legal opinion in form and substance satisfactory to the Dealer as to (A) the due authorization, delivery, validity and enforceability of Notes issued pursuant to the Issuing and Paying Agent Agreement, and
(B) such other matters as the Dealer may reasonably request, in each case after giving effect to the increase in the Maximum Amount; and (vi) evidence from each nationally recognized statistical rating organization providing a rating of
the Notes either (A) that such rating has been confirmed after giving effect to the increase in the Maximum Amount or (B) setting forth any change in the rating of the Notes after giving effect to the increase in the Maximum Amount.

  

	2.	Representations and Warranties of Issuer. 

 The Issuer represents and warrants
that: 
  

	 	2.1	The Issuer is a corporation duly organized, validly existing and in good standing under the laws of the jurisdiction of its incorporation and has all the requisite power and authority to execute, deliver and perform its
obligations under the Notes, this Agreement and the Issuing and Paying Agent Agreement. 

  

	 	2.2	This Agreement and the Issuing and Paying Agent Agreement have been duly authorized, executed and delivered by the Issuer and constitute the legal, valid and binding obligations of the Issuer enforceable against the
Issuer in accordance with their terms, subject to applicable bankruptcy, insolvency and similar laws affecting creditors’ rights generally, and subject, as to enforceability, to general principles of equity (regardless of whether enforcement is
sought in a proceeding in equity or at law) and limitations on rights to indemnity and contribution imposed by applicable law. 

  

	 	2.3	The Notes have been duly authorized, and when issued as provided in the Issuing and Paying Agent Agreement, will be duly and validly issued and will constitute legal, valid and binding obligations of the Issuer
enforceable against the Issuer in accordance with their terms, subject to applicable bankruptcy, insolvency and similar laws affecting creditors’ rights generally, and subject, as to enforceability, to general principles of equity (regardless
of whether enforcement is sought in a proceeding in equity or at law). 

  

	 	2.4	Assuming compliance by the Dealer with the procedures set forth in Section 1.6 of this Agreement, the offer and sale of the Notes in the manner contemplated hereby do not require registration of the Notes under the
Securities Act, pursuant to the exemption from registration contained in Section 4(a)(2) thereof, and no indenture in respect of the Notes is required to be qualified under the Trust Indenture Act of 1939, as amended. 

	 	2.5	The Notes rank at least pari passu with all other unsecured and unsubordinated indebtedness of the Issuer. 

  

	 	2.6	Assuming compliance by the Dealer with the procedures applicable to it set forth in Section 1.6 of this Agreement, no consent or action of, or filing or registration with, any governmental or
public regulatory body or authority, including the SEC, is required to authorize, or is otherwise required in connection with the execution, delivery or performance of, this Agreement, the Notes or the Issuing and Paying Agent Agreement, except for
the filing by the Issuer of a current report on Form 8-K with the SEC or as may be required by the securities or Blue Sky laws of the various states in connection with the offer and sale of the Notes.

  

	 	2.7	Neither the execution and delivery of this Agreement and the Issuing and Paying Agent Agreement, nor the issuance of the Notes in accordance with the Issuing and Paying Agent Agreement, nor the fulfillment of or
compliance with the terms and provisions hereof or thereof by the Issuer, will (i) result in the creation or imposition of any mortgage, lien, charge or encumbrance of any nature whatsoever upon any of the properties or assets of the Issuer, or
(ii) violate or result in a breach or a default under any of the terms of the Issuer’s charter documents or by-laws, any contract or instrument to which the Issuer is a party or by which it or its
property is bound, or any law or regulation, or any order, writ, injunction or decree of any court or government instrumentality, to which the Issuer is subject or by which it or its property is bound, which breach or default could reasonably be
expected to have a material adverse effect on the condition (financial or otherwise), operations or business prospects of the Issuer or the ability of the Issuer to perform its obligations under this Agreement, the Notes or the Issuing and Paying
Agent Agreement. 

  

	 	2.8	There is no litigation or governmental proceeding pending, or to the knowledge of the Issuer threatened, against or affecting the Issuer or any of its subsidiaries (other than that which is disclosed in the Company
Information) which could reasonably be expected to result in a material adverse change in the condition (financial or otherwise), operations or business prospects of the Issuer or the ability of the Issuer to perform its obligations under this
Agreement, the Notes or the Issuing and Paying Agent Agreement. 

  

	 	2.9	The Issuer is not an “investment company” within the meaning of the Investment Company Act of 1940, as amended. 

  

	 	2.10	 Neither the Private Placement Memorandum nor the Company Information (in each case, other than the Dealer
Information) contains any untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading;
provided that, with respect to any such 

	 	
information consisting of projections, forecasts and other forward-looking statements with respect to the Issuer or any of its subsidiaries (collectively, the “Projections”), the
Issuer represents only that any such Projections will be prepared based upon good faith assumptions believed by it to be reasonable at the time delivered (it being understood that such Projections are not to be viewed as facts, are subject to
significant uncertainties and contingencies, many of which are beyond the control of the Issuer and its subsidiaries, that no guarantee or other assurance can be given that any Projections will be realized, and that actual results may differ from
Projections and such difference may be material). 

  

	 	2.11	Neither the Issuer nor any of its Subsidiaries, directors or officers, nor, to the knowledge of the Issuer any agent or employee acting on behalf of the Issuer or any of its Subsidiaries (i) has used any corporate
funds for any contribution, gift, entertainment or other expense relating to political activity in violation of laws applicable to the Issuer or such Subsidiary; (ii) has made any direct or indirect contribution or payment to any official of,
or candidate for, or any employee of, any federal, state or foreign office from corporate funds in violation of laws applicable to the Issuer or such Subsidiary; (iii) has made any bribe, rebate, payoff, influence payment, kickback or other
payment in violation of laws applicable to the Issuer or such Subsidiary; or (iv) is aware of or has taken any action, directly or indirectly, that would reasonably be expected to result in a violation by such persons of the OECD Convention on
Combating Bribery of Foreign Public Officials in International Business Transactions, the Foreign Corrupt Practices Act of 1977, as amended, and the rules and regulations thereunder (collectively, the “FCPA”) or the U.K. Bribery Act
2010 (the “Bribery Act”) or any similar law or regulation of any other relevant jurisdiction; and neither the Issuer nor any of its Subsidiaries, directors or officers nor, to the knowledge of the Issuer, any agent or
employee acting on behalf of the Issuer or any of its Subsidiaries has violated the OECD Convention on Combating Bribery of Foreign Public Officials in International Business Transactions, the FCPA or the Bribery Act or any similar law or regulation
of any other relevant jurisdiction; and the Issuer and its Subsidiaries have instituted and maintain policies and procedures reasonably designed to ensure compliance with, and which are expected to continue to ensure compliance with, the FCPA, the
Bribery Act and any applicable similar law or regulation. 

  

	 	2.12	 The operations of the Issuer and its Subsidiaries are and have been conducted at all times in compliance with
applicable financial recordkeeping and reporting requirements, including, without limitation, to the extent applicable, those of the Bank Secrecy Act, as amended by Title III of the Uniting and Strengthening America by Providing Appropriate Tools
Required to Intercept and Obstruct Terrorism Act of 2001 and the Currency and Foreign Transactions Reporting Act of 1970, as amended, and the applicable money laundering statutes of jurisdictions where the Issuer and its Subsidiaries conduct
business, and the rules and regulations thereunder and any related or similar rules, regulations or guidelines, issued, administered or enforced by any governmental agency in each other applicable jurisdiction (collectively, the “Money
Laundering Laws”) and no 

	 	
action, suit or proceeding by or before any court or governmental agency, authority or body or any arbitrator involving the Issuer or any of its Subsidiaries with respect to the Money Laundering
Laws is pending or, to the knowledge of the Issuer, threatened. 

  

	 	2.13	Neither the Issuer nor any of its Subsidiaries, directors or officers nor, to the knowledge of the Issuer, any agent or employee of the Issuer or any of its Subsidiaries (i) is a person that is, or is 50% or more
owned or otherwise controlled by a person that is (x) currently listed on any sanctions-related list of designated persons pursuant to sanctions administered or imposed by the United States (including any administered or enforced by the Office
of Foreign Assets Control of the U.S. Treasury Department, the U.S. Department of State, or the Bureau of Industry and Security of the U.S. Department of Commerce), the United Nations Security Council, the European Union or the United Kingdom
(including sanctions administered or enforced by Her Majesty’s Treasury) or any other relevant sanctions authority (collectively, “Sanctions”) or (y) located, organized or resident in a country or territory that is, or
whose government is, the subject of country-wide or territory-wide Sanctions (including, without limitation, Crimea, Cuba, Iran, North Korea and Syria) (collectively, “Sanctioned Countries” and each, a “Sanctioned
Country”) (such persons described in clauses (x) and (y), “Sanctioned Persons”) or (ii) will, directly or indirectly, use the proceeds of the Notes, or lend, contribute or otherwise make
available such proceeds to any Subsidiary, joint venture partner or other person (x) to fund or facilitate any activities or business of or with any person or in any country or territory that, at the time of such funding or facilitation, is a
Sanctioned Person, in violation of applicable Sanctions, or (y) in any manner that will result in a violation of any Sanctions by, or would reasonably be expected to result in the imposition of Sanctions against, any party hereto or any person
participating in the offering of Notes, whether as dealer, investor or otherwise. 

  

	 	2.14	Except as has been disclosed to the Dealer or is not material to the analysis under any Sanctions, neither the Issuer nor any of its Subsidiaries has engaged in any dealings or transactions with or for the benefit of a
Sanctioned Person, or with or in a Sanctioned Country, in the preceding 3 years, in each case, in violation of applicable Sanctions. 

  

	 	2.15	 Each (a) issuance of Notes by the Issuer hereunder and (b) amendment or supplement of the Private
Placement Memorandum shall be deemed a representation and warranty by the Issuer to the Dealer, as of the date thereof, that, both before and after giving effect to such issuance and after giving effect to such amendment or supplement, (i) the
representations and warranties given by the Issuer set forth in this Section 2 remain true and correct on and as of such date as if made on and as of such date, (ii) in the case of an issuance of Notes, the Notes being
issued on such date have been duly and validly issued and constitute the legal, valid and binding obligations of the Issuer, enforceable against the Issuer in accordance with their terms, subject to applicable bankruptcy, insolvency and similar laws
affecting creditors’ rights generally and subject, as to 

	 	
enforceability, to general principles of equity (regardless of whether enforcement is sought in a proceeding in equity or at law) and (iii) in the case of an issuance of Notes, since the
date of the most recent Private Placement Memorandum, there has been no material adverse change in the financial condition or operations of the Issuer which has not been disclosed to the Dealer in writing prior to the date of such issuance in
accordance with Section 3.2 and (iv) the Issuer is not in default of any of its obligations hereunder, under the Notes or the Issuing and Paying Agent Agreement. 

 

	3.	Covenants and Agreements of Issuer. 

 The Issuer covenants and agrees that: 

 

	 	3.1	The Issuer will give the Dealer prompt notice (but in any event prior to any subsequent issuance of Notes hereunder) of any amendment to, modification of or waiver with respect to, the Notes or the Issuing and Paying
Agent Agreement, including a complete copy of any such amendment, modification or waiver. 

  

	 	3.2	Upon the occurrence of any adverse change in the Issuer’s financial condition or operations that would be reasonably likely to be material to holders of Notes or potential holders of Notes (including any public
announcement of any downgrading in the rating assigned to any of the Issuer’s securities by any nationally recognized statistical rating organization (as such term is defined in Section 3(a)(62) of the Exchange Act) which has published a rating
of the Notes), the Issuer shall promptly, and in any event prior to any issuance of Notes subsequent to the occurrence of any such change, notify the Dealer (by telephone, confirmed in writing, or electronic mail) of the occurrence of such change;
provided that to the extent that such notification would involve the disclosure of material nonpublic information, such notification shall be required only to disclose the existence of any such change, development or occurrence, and shall not be
required to disclose the details of, or any further information of any kind relating to, any such change, development or occurrence. 

  

	 	3.3	The Issuer shall from time to time furnish to the Dealer such information as the Dealer may reasonably request, including, without limitation, any press releases or material provided by the Issuer to any national
securities exchange or rating agency, regarding (i) the Issuer’s financial condition or operations, (ii) the due authorization and execution of the Notes and (iii) the Issuer’s ability to pay the Notes as they mature;
provided, that, the Issuer shall have no obligation to furnish any material non-public information or information it is required to keep confidential or that is otherwise included in Company Information
described in clause (i), (ii) or (iii) of the definition thereof. For the avoidance of doubt, the Issuer shall be deemed to have met the requirements of this Section 3.3 if it has disclosed such change in any
press release or any publicly available report filed with the SEC. 

	 	3.4	The Issuer will take all such action as the Dealer may reasonably request to ensure that each offer and each sale of the Notes will comply with any applicable state Blue Sky laws; provided, however, that the Issuer
shall not be obligated to file any general consent to service of process or to qualify as a foreign corporation in any jurisdiction in which it is not so qualified or subject itself to taxation in respect of doing business in any jurisdiction in
which it is not otherwise so subject. 

  

	 	3.5	The Issuer will not be in default of any of its obligations hereunder, under the Notes or under the Issuing and Paying Agent Agreement, at any time that any of the Notes are outstanding. 

 

	 	3.6	The Issuer shall not issue Notes hereunder until the Dealer shall have received: 

  

	 	(a)	an opinion of counsel to the Issuer, addressed to the Dealer, reasonably satisfactory in form and substance to the Dealer; 

  

	 	(b)	a copy of the executed Issuing and Paying Agent Agreement as then in effect; 

  

	 	(c)	a certificate of the secretary, assistant secretary or other designated officer of the Issuer certifying, as of the date thereof: (i) the Issuer’s organizational documents, and attaching true, correct and
complete copies thereof, (ii) a copy of resolutions adopted by the Board of Directors of the Issuer, authorizing execution and delivery by the Issuer of this Agreement, the Issuing and Paying Agent Agreement and the Notes and consummation by
the Issuer of the transactions contemplated hereby and thereby and (iii) the incumbency of the officers of the Issuer authorized to execute and deliver this Agreement, the Issuing and Paying Agent Agreement and the Notes, and take other action
on behalf of the Issuer in connection with the transactions contemplated thereby; 

  

	 	(d)	a certificate of an officer of the Issuer, dated the date hereof, certifying that the Issuer’s representations and warranties in Section 2 (other than
Section 2.15) are true and correct in all material respects as of the date thereof; 

  

	 	(e)	prior to the issuance of any book-entry Notes represented by the Master Note, an executed copy of the Letter of Representations to DTC executed by the Issuer and the Paying Agent and the executed Master Note;

  

	 	(f)	prior to the issuance of any Notes in physical form, a copy of such form (unless attached to this Agreement or the Issuing and Paying Agent Agreement); 

 

	 	(g)	confirmation of the then current rating assigned to the Notes by each nationally recognized statistical rating organization then rating the Notes; and 

	 	(h)	such other certificates, opinions, letters and documents as the Dealer shall have reasonably requested. 

  

	 	3.7	The Issuer shall reimburse the Dealer for all of the Dealer’s reasonable and documented out-of-pocket expenses related to this
Agreement, including reasonable expenses incurred in connection with its preparation and negotiation, and the transactions contemplated hereby (including, but not limited to, the printing and distribution of the Private Placement Memorandum), and,
if applicable, for the reasonable and documented fees and out-of-pocket expenses of the Dealer’s external counsel. 

 

	 	3.8	The Issuer shall not file a Form D (as referenced in Rule 503 under the Securities Act) at any time in respect of the offer or sale of the Notes. 

 

	4.	Disclosure. 

  

	 	4.1	The Private Placement Memorandum and its contents (other than the Dealer Information) shall be the sole responsibility of the Issuer. The Private Placement Memorandum shall contain a statement expressly offering an
opportunity for each prospective purchaser to ask questions of, and receive answers from, the Issuer concerning the offering of Notes and to obtain relevant additional information which the Issuer possesses or can acquire without unreasonable effort
or expense. 

  

	 	4.2	The Issuer agrees to promptly furnish the Dealer the Company Information as it becomes available; provided that any Company Information publicly filed with the SEC shall be deemed to have been delivered to the Dealer
upon such Company Information being accessible through EDGAR. 

  

	 	4.3      (a)	The Issuer agrees to notify the Dealer promptly upon the occurrence of any event relating to or affecting the Issuer that would cause the Company Information (other than as relates to or affects Dealer Information) then
in existence to include an untrue statement of a material fact or to omit to state a material fact necessary in order to make the statements contained therein, in light of the circumstances under which they are made, not misleading; provided that to
the extent that such notification would involve the disclosure of material nonpublic information, such notification shall be required only to disclose the existence of the occurrence of any such event, and shall not be required to disclose the
details of, or any further information of any kind relating to, the occurrence of any such event. The Dealer agrees to promptly suspend offers and sales of the Notes upon receipt of such notice unless and until the Issuer supplements or amends the
Private Placement Memorandum in accordance with Section 4.3(b). 

  

	 	(b)	 In the event that the Issuer gives the Dealer notice pursuant to Section 4.3(a) and (i) the Issuer is
selling Notes in accordance with Section 1, (ii) the Dealer notifies the Issuer that it then has Notes it is holding in 

	 	
inventory, or (iii) any Notes are otherwise outstanding, the Issuer agrees promptly to supplement or amend the Private Placement Memorandum so that the Private Placement Memorandum, as
amended or supplemented, shall not contain an untrue statement of a material fact or omit to state a material fact necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading, and the
Issuer shall make such supplement or amendment available to the Dealer. 

  

	 	(c)	In the event that (i) the Issuer gives the Dealer notice pursuant to Section 4.3(a), (ii) the Dealer does not notify the Issuer that it is then holding Notes in inventory, and (iii) the Issuer chooses
not to promptly amend or supplement the Private Placement Memorandum in the manner described in clause (b) above, then, unless the occurrence of the event has already been publicly disclosed by the Issuer, the Dealer will not disclose
such notice was given and will maintain the confidentiality of the content of such notice (except to the extent that the Dealer shall be required to disclose such notice was given or the content of such notice pursuant to applicable law, rule or
regulation or court order) and all solicitations and sales of Notes shall be suspended until such time as the Issuer has so amended or supplemented the Private Placement Memorandum, and made such amendment or supplement available to the Dealer.

  

	 	(d)	Without limiting the generality of Section 4.3(a), to the extent that the Private Placement Memorandum sets forth financial information of the Issuer (other than financial information included in a report
described in clause (i) of the definition of “Company Information” that (i) is incorporated by reference in the Private Placement Memorandum or (ii) the Private Placement Memorandum expressly states is being made
available to holders and prospective purchasers of the Notes but is not otherwise set forth therein), the Issuer shall review, amend and supplement the Private Placement Memorandum on a periodic basis to the extent necessary to ensure that the
information provided in the Private Placement Memorandum is accurate and complete. 

  

	5.	Indemnification and Contribution. 

  

	 	5.1	 The Issuer will indemnify and hold harmless the Dealer, each individual, corporation, partnership, trust,
association or other entity controlling the Dealer, within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act, any affiliate of the Dealer or any such controlling entity and their respective directors,
officers, employees, partners, incorporators, shareholders, servants, trustees and agents (hereinafter the “Indemnitees”) against any and all liabilities, penalties, suits, causes of action, losses, damages, claims, costs and
expenses (including, without limitation, reasonable fees and disbursements of external counsel) or judgments of whatever kind or nature (each a “Claim”), imposed upon, incurred by or asserted against the Indemnitees (i) arising
in connection with the issuance of the Notes and caused by any allegation that the 

	 	
Private Placement Memorandum, the Company Information or any information provided by the Issuer to the Dealer for distribution to holders and potential holders of Notes included (as of any
relevant time) or includes an untrue statement of a material fact or omitted (as of any relevant time) or omits to state any material fact necessary to make the statements therein, in light of the circumstances under which they were made, not
misleading or (ii) arising out of or based upon the breach by the Issuer of any agreement, covenant or representation made in or pursuant to this Agreement; provided, however, to the fullest extent permitted by applicable law, the Dealer shall
not assert, and the Dealer hereby waives, any claim against the Issuer under clause (ii) of this Section 5.1, on any theory of liability, for special, indirect or punitive damages (as opposed to direct or actual
damages) arising out of, or in connection with, or as a result of, any such Claim except to the extent that any such special, indirect or punitive damages are included in a Claim based on a third-party claim for which the Dealer is otherwise
entitled to indemnification hereunder. This indemnification shall not apply to the extent that the Claim arises out of or is based upon Dealer Information. 

  

	 	5.2	Provisions relating to claims made for indemnification under this Section 5 are set forth on Exhibit B to this Agreement. 

 

	 	5.3	In order to provide for just and equitable contribution in circumstances in which the indemnification provided for in this Section 5 is held to be unavailable or insufficient to hold harmless
the Indemnitees, although applicable in accordance with the terms of this Section 5, the Issuer shall contribute to the aggregate costs incurred by the Dealer in connection with any Claim in the proportion of the respective
economic interests of the Issuer and the Dealer; provided, however, that such contribution by the Issuer shall be in an amount such that the aggregate costs incurred by the Dealer do not exceed the aggregate of the commissions and fees earned by the
Dealer hereunder with respect to the issue or issues of Notes to which such Claim relates. The respective economic interests shall be calculated by reference to the aggregate proceeds to the Issuer of the Notes issued hereunder and the aggregate
commissions and fees earned by the Dealer hereunder. 

  

	6.	Definitions. 

  

	 	6.1	“Bribery Act” shall have the meaning set forth in Section 2.11. 

  

	 	6.2	“Claim” shall have the meaning set forth in Section 5.1. 

  

	 	6.3	 “Company Information,” at any given time, shall mean the Private Placement Memorandum together
with, to the extent applicable, (i) the Issuer’s most recent report on Form 10-K filed with the SEC and each report on Form 10-Q or 8-K filed by the Issuer with the SEC since the most recent Form 10-K, (ii) the Issuer’s most recent annual audited financial statements and each interim financial
statement or report prepared subsequent thereto, if not included in item (i) above, (iii) publicly available recent reports of the Issuer, its Subsidiaries and any entity

	 	
that owns more than fifty percent (50%) of the Issuer, including, but not limited to, any publicly available filings or reports provided to their respective shareholders, but only to the extent
that any such filings or reports contain information specifically related to the Issuer or its operations that (A) is not otherwise disclosed pursuant to items (i), (ii), (iv) or (v) of the definition hereof and (B) would
reasonably be expected to be material to a prospective purchaser or holder of the Notes, (iv) any other written information or disclosure prepared pursuant to Section 4.3 hereof and (v) any information prepared or
approved by the Issuer for dissemination to investors or potential investors in the Notes. 

  

	 	6.4	“Current Issuing and Paying Agent” shall have the meaning set forth in Section 7.9(i). 

  

	 	6.5	“Dealer Agreement” shall have the meaning set forth in Section 1.2. 

  

	 	6.6	“Dealer Information” shall mean material concerning the Dealer provided by the Dealer in writing expressly for inclusion in the Private Placement Memorandum. 

 

	 	6.7	“DTC” shall have the meaning set forth in Section 1.4. 

  

	 	6.8	“Exchange Act” shall mean the U.S. Securities Exchange Act of 1934, as amended. 

  

	 	6.9	“FCPA” shall have the meaning set forth in Section 2.11. 

  

	 	6.10	“GAAP” shall mean generally accepted accounting principles in the United States of America; provided that the Issuer may make a one-time election to switch to
IFRS, if permitted to do so by the SEC in the Issuer’s filings with the SEC, and following such election and the notification in writing to the Dealer by the Issuer thereof, “GAAP” shall mean IFRS. After such election, the Issuer
cannot subsequently elect to report under generally accepted accounting principles in the United States of America. 

  

	 	6.11	“IFRS” shall mean the International Financial Reporting Standards issued and/or adopted by the International Accounting Standards Board, as in effect from time to time. 

 

	 	6.12	“Indemnitee” shall have the meaning set forth in Section 5.1. 

  

	 	6.13	“Institutional Accredited Investor” shall mean an institutional investor that is an accredited investor within the meaning of Rule 501 under the Securities Act and that has such knowledge and experience
in financial and business matters that it is capable of evaluating and bearing the economic risk of an investment in the Notes, including, but not limited to, a bank, as defined in Section 3(a)(2) of the Securities Act, or a savings and loan
association or other institution, as defined in Section 3(a)(5)(A) of the Securities Act, whether acting in its individual or fiduciary capacity. 

	 	6.14	“Issuing and Paying Agent Agreement” shall mean the Issuing and Paying Agent Agreement described on the cover page of this Agreement, or any replacement thereof, as such agreement may be amended,
supplemented or otherwise modified from time to time. 

  

	 	6.15	“Issuing and Paying Agent” shall mean the party designated as such on the cover page of this Agreement, or any successor thereto or replacement thereof, as issuing and paying agent under the Issuing and
Paying Agent Agreement. 

  

	 	6.16	“Maximum Amount” shall mean the aggregate face amount of the Notes permitted under the Program Documents to be outstanding at any time, which such face amount shall not exceed, initially,
$1,000,000,000, unless such amount is increased by the Issuer in accordance with Section 1.8 hereof. 

  

	 	6.17	“Master Note” shall have the meaning set forth in Section 1.4. 

  

	 	6.18	“Money Laundering Laws” shall have the meaning set forth in Section 2.12. 

  

	 	6.19	“Non-bank fiduciary or agent” shall mean a fiduciary or agent other than (a) a bank, as defined in Section 3(a)(2) of the Securities Act, or (b) a
savings and loan association, as defined in Section 3(a)(5)(A) of the Securities Act. 

  

	 	6.20	“Other Dealers” shall have the meaning set forth in Section 1.7(a). 

  

	 	6.21	“Outstanding Notes” shall have the meaning set forth in Section 7.9(ii). 

  

	 	6.22	“Private Placement Memorandum” shall mean offering materials prepared in accordance with Section 4 (including materials referred to therein or incorporated by reference therein, if any) provided to
purchasers and prospective purchasers of the Notes, and shall include amendments and supplements thereto which may be prepared from time to time in accordance with this Agreement (other than any amendment or supplement that has been completely
superseded by a later amendment or supplement). 

  

	 	6.23	“Program” means the commercial paper program of Nasdaq, Inc. established pursuant to the Program Documents. 

  

	 	6.24	“Program Documents” means this Agreement and each other Dealer Agreement, the Issuing and Paying Agent Agreement and the Master Note. 

 

	 	6.25	“Projections” shall have the meaning set forth in Section 2.10. 

  

	 	6.26	“Qualified Institutional Buyer” shall have the meaning assigned to that term in Rule 144A under the Securities Act. 

 

	 	6.27	“Replacement” shall have the meaning set forth in Section 7.9(i). 

	 	6.28	“Replacement Issuing and Paying Agent” shall have the meaning set forth in Section 7.9(i). 

  

	 	6.29	“Replacement Issuing and Paying Agent Agreement” shall have the meaning set forth in Section 7.9(i). 

  

	 	6.30	“Rule 144A” shall mean Rule 144A under the Securities Act. 

  

	 	6.31	“Sanctioned Countries” and “Sanctioned Country” shall have the meanings set forth in Section 2.13. 

 

	 	6.32	“Sanctioned Persons” shall have the meaning set forth in Section 2.13. 

  

	 	6.33	“Sanctions” shall have the meaning set forth in Section 2.13. 

  

	 	6.34	“SEC” shall mean the U.S. Securities and Exchange Commission. 

  

	 	6.35	“Securities Act” shall mean the U.S. Securities Act of 1933, as amended. 

  

	 	6.36	“Subsidiaries” shall mean, with respect to the Issuer, at any date, any corporation, limited liability company, partnership, association or other entity the accounts of which would be consolidated with
those of the Issuer or the Issuer’s consolidated financial statements if such financial statements were prepared in accordance with GAAP, as well as any other corporation, limited liability as well as any other corporation, limited liability
company, partnership, association or other entity (a) of which securities or other ownership interests representing more than 50% of the equity or more than 50% of the ordinary voting power or, in the case of a partnership, more than 50% of the
general partnership interests are, as of such date, owned, controlled or held, or (b) that is, as of such date, otherwise controlled, by the Issuer or one or more subsidiaries of the Issuer or by the Issuer and one or more subsidiaries of the
Issuer. 

  

	7.	General  

  

	 	7.1	Unless otherwise expressly provided herein, all notices under this Agreement to parties hereto shall be in writing and shall be effective when received at the address of the respective party set forth in the Addendum to
this Agreement. 

  

	 	7.2	This Agreement shall be governed by and construed in accordance with the laws of the State of New York, without regard to its conflict of law provisions. 

 

	 	7.3      (a)	Each of the Dealer and the Issuer agrees that any suit, action or proceeding brought by either of them against the other in connection with or arising out of this Agreement or the Notes or the offer and sale of the
Notes shall be brought solely in the United States federal courts located in the Borough of Manhattan or the courts of the State of New York located in the Borough of Manhattan.. 

	 	(b)	EACH OF THE DEALER AND THE ISSUER WAIVES ITS RIGHT TO TRIAL BY JURY IN ANY SUIT, ACTION OR PROCEEDING WITH RESPECT TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. 

 

	 	(c)	Each party hereby irrevocably accepts and submits to the non-exclusive jurisdiction of each of the aforesaid courts in personam, generally and unconditionally, for itself and in
respect of its properties, assets and revenues, with respect to any suit, action or proceeding in connection with or arising out of this Agreement or the Notes or the offer and sale of the Notes. 

 

	 	7.4	This Agreement may be terminated, at any time, by the Issuer, upon one (1) business day’s prior notice to such effect to the Dealer, or by the Dealer upon three (3) business days’ prior notice to
such effect to the Issuer. Any such termination, however, shall not affect the obligations of the Issuer and the Dealer under Sections 3.7, 5 and 7.3 hereof or the respective representations, warranties, agreements, covenants,
rights or responsibilities of the parties made or arising prior to the termination of this Agreement. 

  

	 	7.5	This Agreement is not assignable by either party hereto without the written consent of the other party; provided, however, that the Dealer may assign its rights and obligations under this Agreement to any
broker-dealer affiliate of the Dealer. 

  

	 	7.6	This Agreement may be signed in any number of counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. 

 

	 	7.7	Except as provided in Section 5 with respect to non-party Indemnitees, this Agreement is for the exclusive benefit of the parties hereto, and their respective permitted
successors and assigns hereunder, and shall not be deemed to give any legal or equitable right, remedy or claim to any other person whatsoever. 

  

	 	7.8	 The Issuer acknowledges and agrees that (i) purchases and sales, or placements, of the Notes pursuant to
this Agreement, including the determination of any prices for the Notes and Dealer compensation, are arm’s-length commercial transactions between the Issuer and the Dealer, (ii) in connection
therewith and with the process leading to such transactions, the Dealer is acting solely as a principal and not the agent (except to the extent explicitly set forth herein) or fiduciary of the Issuer or any of its affiliates, (iii) the Dealer
has not assumed an advisory or fiduciary responsibility in favor of the Issuer or any of its affiliates with respect to the offering contemplated hereby or the process leading thereto (irrespective of whether the Dealer has advised or is currently
advising the Issuer or any of its affiliates on other matters) or any other obligation to the Issuer or any of its affiliates except the obligations expressly set forth in this Agreement, (iv) the Issuer is capable of evaluating and
understanding and understands and accepts the 

	 	
terms, risks and conditions of the transactions contemplated by this Agreement, (v) the Dealer and its affiliates may be engaged in a broad range of transactions that involve interests that
differ from those of the Issuer and that the Dealer has no obligation to disclose any of those interests by virtue of any advisory or fiduciary relationship, (vi) the Dealer has not provided any legal, accounting, regulatory or tax advice with
respect to the transactions contemplated hereby, and (vii) the Issuer has consulted its own legal and financial advisors to the extent it deemed appropriate. The Issuer agrees that it will not claim that the Dealer has rendered advisory
services of any nature or respect, or owes a fiduciary or similar duty to the Issuer in connection with such transactions or the process leading thereto. Any review by the Dealer of the Issuer, the transactions contemplated hereby or other matters
relating to such transactions shall be performed solely for the benefit of the Dealer and shall not be on behalf of the Issuer. This Agreement supersedes all prior agreements and understandings (whether written or oral) between the Issuer and the
Dealer with respect to the subject matter hereof. The Issuer hereby waives and releases, to the fullest extent permitted by law, any claims the Issuer may have against the Dealer with respect to any breach or alleged breach of fiduciary duty.

  

	 	7.9	(i) The parties hereto agree that the Issuer may, in accordance with the terms of this Section 7.9, from time to time replace the party which is then acting as Issuing and Paying Agent (the
“Current Issuing and Paying Agent”) with another party (such other party, the “Replacement Issuing and Paying Agent”), and enter into an agreement with the Replacement Issuing and Paying Agent covering the provision
of issuing and paying agency functions in respect of the Notes by the Replacement Issuing and Paying Agent (the “Replacement Issuing and Paying Agent Agreement”) (any such replacement, a “Replacement”).

 (ii) From and after the effective date of any Replacement, (A) to the extent that the Issuing and Paying Agent
Agreement provides that the Current Issuing and Paying Agent will continue to act in respect of Notes outstanding as of the effective date of such Replacement (the “Outstanding Notes”), then (i) the “Issuing and Paying
Agent” for the Notes shall be deemed to be the Current Issuing and Paying Agent, in respect of the Outstanding Notes, and the Replacement Issuing and Paying Agent, in respect of Notes issued on or after the Replacement, (ii) all references
to the “Issuing and Paying Agent” hereunder shall be deemed to refer to the Current Issuing and Paying Agent in respect of the Outstanding Notes, and the Replacement Issuing and Paying Agent in respect of Notes issued on or after the
Replacement, and (iii) all references to the “Issuing and Paying Agent Agreement” hereunder shall be deemed to refer to the existing Issuing and Paying Agent Agreement, in respect of the Outstanding Notes, and the Replacement Issuing
and Paying Agent Agreement, in respect of Notes issued on or after the Replacement; and (B) to the extent that the Issuing and Paying Agent Agreement does not provide that the Current Issuing and Paying Agent will continue to act in respect of
the Outstanding Notes, then (i) the “Issuing and Paying Agent” for the Notes shall be deemed to be the Replacement Issuing and Paying Agent, (ii) all references to the “Issuing and Paying Agent” hereunder

 
shall be deemed to refer to the Replacement Issuing and Paying Agent, and (iii) all references to the “Issuing and Paying Agent Agreement” hereunder shall be deemed to refer to the
Replacement Issuing and Paying Agent Agreement. 
 (iii) From and after the effective date of any Replacement, the Issuer shall not issue
any Notes hereunder unless and until the Dealer shall have received: (a) a copy of the executed Replacement Issuing and Paying Agent Agreement, (b) a copy of the executed Letter of Representations among the Issuer, the Replacement Issuing
and Paying Agent and DTC, (c) a copy of the executed Master Note authenticated by the Replacement Issuing and Paying Agent and registered in the name of DTC or its nominee, (d) an amendment or supplement to the Private Placement Memorandum
describing the Replacement Issuing and Paying Agent as the Issuing and Paying Agent for the Notes, and reflecting any other changes thereto necessary in light of the Replacement so that the Private Placement Memorandum, as amended or supplemented,
satisfies the requirements of this Agreement, and (e) a legal opinion of counsel to the Issuer, addressed to the Dealer, in form and substance reasonably satisfactory to the Dealer, as to (x) the due authorization, delivery, validity and
enforceability of Notes issued pursuant to the Replacement Issuing and Paying Agent Agreement, and (y) such other matters as the Dealer may reasonably request. 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the date
and year first above written. 
  

									
	NASDAQ, INC., as Issuer	 		 	                    , as Dealer
					
	By:	 	  
	 		 	By:	 	  

		 	Name:	 		 		 	Name:
		 	Title:	 		 		 	Title:

 Addendum 

The following additional clauses shall apply to the Agreement and be deemed a part thereof. 

 

	1.	The other dealers referred to in clause (b) of Section 1.2 of this Agreement are                     .

  

	2.	The addresses of the respective parties for purposes of notices under Section 7.1 are as follows: 

 For
the Issuer: 
  

			
	 Address:
	  	805 King Farm Blvd.
		  	Rockville, Maryland 20850
		
	 Attention:
	  	General Counsel
		
	 Telephone number:
	  	301-978-8400
		
	 Facsimile number:
	  	301-978-8472
		
	 E-mail:
	  	ogc@nasdaq.com

 For the Dealer: 
  

			
	 Address:
	  	                    
		  	                    
		
	 Attention:
	  	                    
		
	 Telephone number:
	  	                    
		
	 Facsimile number:
	  	                    

 EXHIBIT A 

Form of Legend for Private Placement Memorandum and Notes 

THE NOTES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR ANY OTHER APPLICABLE SECURITIES LAW, AND
OFFERS AND SALES THEREOF MAY BE MADE ONLY IN COMPLIANCE WITH AN APPLICABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE ACT AND ANY APPLICABLE STATE SECURITIES LAWS. BY ITS ACCEPTANCE OF A NOTE, THE PURCHASER THEREOF WILL BE DEEMED TO
REPRESENT THAT (I) IT HAS BEEN AFFORDED AN OPPORTUNITY TO INVESTIGATE MATTERS RELATING TO NASDAQ, INC. (THE “ISSUER”) AND THE NOTES, (II) IT IS NOT ACQUIRING SUCH NOTE WITH A VIEW TO ANY DISTRIBUTION THEREOF AND
(III) IT IS EITHER (A)(1) AN INSTITUTIONAL INVESTOR THAT IS AN ACCREDITED INVESTOR WITHIN THE MEANING OF RULE 501(a) UNDER THE ACT (AN “INSTITUTIONAL ACCREDITED INVESTOR”) AND (2) IT (i) IS PURCHASING NOTES FOR ITS OWN
ACCOUNT, (ii) A BANK (AS DEFINED IN SECTION 3(a)(2) OF THE ACT) OR A SAVINGS AND LOAN ASSOCIATION OR OTHER INSTITUTION (AS DEFINED IN SECTION 3(a)(5)(A) OF THE ACT) ACTING IN ITS INDIVIDUAL OR FIDUCIARY CAPACITY OR (iii) A FIDUCIARY OR
AGENT (OTHER THAN A U.S. BANK OR SAVINGS AND LOAN ASSOCIATION OR OTHER SUCH INSTITUTION) PURCHASING NOTES FOR ONE OR MORE ACCOUNTS EACH OF WHICH ACCOUNTS IS SUCH AN INSTITUTIONAL ACCREDITED INVESTOR; OR (B) A QUALIFIED INSTITUTIONAL BUYER
WITHIN THE MEANING OF RULE 144A UNDER THE ACT (“QIB”) THAT IS ACQUIRING NOTES FOR ITS OWN ACCOUNT OR FOR ONE OR MORE ACCOUNTS, EACH OF WHICH ACCOUNTS IS A QIB; AND THE PURCHASER ACKNOWLEDGES THAT IT IS AWARE THAT THE SELLER MAY RELY
UPON THE EXEMPTION FROM THE REGISTRATION PROVISIONS OF SECTION 5 OF THE ACT PROVIDED BY RULE 144A. BY ITS ACCEPTANCE OF A NOTE, THE PURCHASER THEREOF SHALL ALSO BE DEEMED TO AGREE THAT ANY RESALE OR OTHER TRANSFER THEREOF WILL BE MADE ONLY
(A) IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER THE ACT, EITHER (1) TO THE ISSUER OR TO A PERSON DESIGNATED BY THE ISSUER AS A PLACEMENT AGENT FOR THE NOTES (COLLECTIVELY, THE “PLACEMENT AGENTS”), NONE OF WHICH SHALL
HAVE ANY OBLIGATION TO ACQUIRE SUCH NOTE, (2) THROUGH A PLACEMENT AGENT TO AN INSTITUTIONAL ACCREDITED INVESTOR OR A QIB, OR (3) TO A QIB IN A TRANSACTION THAT MEETS THE REQUIREMENTS OF RULE 144A AND (B) IN MINIMUM AMOUNTS OF
$250,000. 

  
 A-1 

 EXHIBIT B 

Further Provisions Relating to Indemnification 
  

	(a)	The Issuer agrees to reimburse each Indemnitee for all reasonable out-of-pocket expenses (including reasonable fees and disbursements of
external counsel) as they are incurred by it in connection with investigating or defending any loss, claim, damage, liability or action in respect of which indemnification may be sought under Section 5 of the Agreement (whether or not it is a
party to any such proceedings). 

  

	(b)	 Promptly after receipt by an Indemnitee of notice of the existence of a Claim, such Indemnitee will, if a claim
in respect thereof is to be made against the Issuer, notify the Issuer in writing of the existence thereof; provided that (i) the omission so to notify the Issuer will not relieve the Issuer from any liability which it may have hereunder unless
and except to the extent it did not otherwise learn of such Claim and such failure results in the forfeiture by the Issuer of substantial rights and defenses, and (ii) the omission so to notify the Issuer will not relieve it from liability
which it may have to an Indemnitee otherwise than on account of this indemnity agreement. In case any such Claim is made against any Indemnitee and it notifies the Issuer of the existence thereof, the Issuer will be entitled to participate therein,
and to the extent that it may elect by written notice delivered to the Indemnitee, to assume the defense thereof, with counsel selected by the Issuer (which counsel shall be reasonably satisfactory to such Indemnitee); provided that if the
defendants in any such Claim include both the Indemnitee and the Issuer, and the Indemnitee shall have concluded that there may be legal defenses available to it which are different from or additional to those available to the Issuer, the Issuer
shall not have the right to direct the defense of such Claim on behalf of such Indemnitee, and the Indemnitee shall have the right to select separate counsel to assert such legal defenses on behalf of such Indemnitee. Upon receipt of notice from the
Issuer to such Indemnitee of the Issuer’s election so to assume the defense of such Claim, the Issuer will not be liable to such Indemnitee for expenses incurred thereafter by the Indemnitee in connection with the defense thereof (other than
reasonable costs of investigation) unless (i) the Indemnitee shall have employed separate counsel in connection with the assertion of legal defenses in accordance with the proviso to the next preceding sentence (it being understood, however,
that the Issuer shall not be liable for the expenses of more than one separate counsel (in addition to any local counsel in the jurisdiction in which any Claim is brought), approved by the Dealer, representing the Indemnitee who is party to such
Claim), (ii) the Issuer shall not have employed counsel reasonably satisfactory to the Indemnitee to represent the Indemnitee within a reasonable time after notice of existence of the Claim or (iii) the Issuer has authorized in writing the
employment of counsel for the Indemnitee. Notwithstanding anything herein to the contrary, all of the Indemnitees who are party to the same Claim shall utilize the same counsel unless any such Indemnitee shall have concluded that there may be legal
defenses available to it which are different from or additional to those available to any other Indemnitee or Indemnitees and that representation by the same counsel would not be appropriate. The indemnity, reimbursement and contribution obligations
of the Issuer hereunder shall be in addition to any other liability the Issuer may otherwise have to an Indemnitee and shall be binding 

  
 B-1 

	 	
upon and inure to the benefit of any successors, assigns, heirs and personal representatives of the Issuer and any Indemnitee. The Issuer agrees that without the Dealer’s prior written
consent, it will not settle, compromise or consent to the entry of any judgment in any Claim in respect of which indemnification may be sought under the indemnification provision of the Agreement (whether or not the Dealer or any other Indemnitee is
an actual or potential party to such Claim), unless such settlement, compromise or consent (i) includes an unconditional release of each Indemnitee from all liability arising out of such Claim and (ii) does not include a statement as to or
an admission of fault, culpability or failure to act, by or on behalf of any Indemnitee. The Issuer shall not be liable hereunder to any Indemnitee regarding any settlement, compromise or entry of judgment with respect to any Claim unless such
settlement, compromise or entry of judgment is consented to by the Issuer, which consent shall not be unreasonably withheld, conditioned or delayed. 

  
 B-2 

 EXHIBIT C 

Statement of Terms for Interest – Bearing Commercial Paper Notes of Nasdaq Inc. 

THE PROVISIONS SET FORTH BELOW ARE QUALIFIED TO THE EXTENT APPLICABLE BY THE TRANSACTION SPECIFIC PRIVATE PLACEMENT MEMORANDUM SUPPLEMENT (THE
“SUPPLEMENT”) (IF ANY) SENT TO EACH PURCHASER AT THE TIME OF THE TRANSACTION. 
 1. General. (a) The obligations of the
Issuer to which these terms apply (each a “Note”) are represented by one or more Master Notes (each, a “Master Note”) issued in the name of (or of a nominee for) The Depository Trust Company (“DTC”), which Master Note
includes the terms and provisions for the Issuer’s Interest-Bearing Commercial Paper Notes that are set forth in this Statement of Terms, since this Statement of Terms constitutes an integral part of the Underlying Records as defined and
referred to in the Master Note. 
 (b) “Business Day” means any day other than a Saturday or Sunday that is neither a legal holiday nor a day on
which banking institutions are authorized or required by law, executive order or regulation to be closed in New York City and, with respect to LIBOR Notes (as defined below) is also a London Business Day. “London Business Day” means, a
day, other than a Saturday or Sunday, on which dealings in deposits in U.S. dollars are transacted in the London interbank market. 
 2. Interest.
(a) Each Note will bear interest at a fixed rate (a “Fixed Rate Note”) or at a floating rate (a “Floating Rate Note”). 
 (b) The
Supplement sent to each holder of such Note will describe the following terms: (i) whether such Note is a Fixed Rate Note or a Floating Rate Note and whether such Note is an Original Issue Discount Note (as defined below); (ii) the date on
which such Note will be issued (the “Issue Date”); (iii) the Stated Maturity Date (as defined below); (iv) if such Note is a Fixed Rate Note, the rate per annum at which such Note will bear interest, if any, and the Interest Payment Dates;
(v) if such Note is a Floating Rate Note, the Base Rate, the Index Maturity, the Interest Reset Dates, the Interest Payment Dates and the Spread and/or Spread Multiplier, if any (all as defined below), and any other terms relating to the
particular method of calculating the interest rate for such Note; and (vi) any other terms applicable specifically to such Note. “Original Issue Discount Note” means a Note which has a stated redemption price at the Stated Maturity
Date that exceeds its Issue Price by more than a specified de minimis amount and which the Supplement indicates will be an “Original Issue Discount Note”. 

(c) Each Fixed Rate Note will bear interest from its Issue Date at the rate per annum specified in the Supplement until the principal amount thereof is paid
or made available for payment. Interest on each Fixed Rate Note will be payable on the dates specified in the Supplement (each an “Interest Payment Date” for a Fixed Rate Note) and on the Maturity Date (as defined below). Interest on Fixed
Rate Notes will be computed on the basis of a 360-day year of twelve 30-day months. 

  
 C-1 

 If any Interest Payment Date or the Maturity Date of a Fixed Rate Note falls on a day that is not a Business Day,
the required payment of principal, premium, if any, and/or interest will be payable on the next succeeding Business Day, and no additional interest will accrue in respect of the payment made on that next succeeding Business Day. 

(d) The interest rate on each Floating Rate Note for each Interest Reset Period (as defined below) will be determined by reference to an interest rate basis
(a “Base Rate”) plus or minus a number of basis points (one basis point equals one-hundredth of a percentage point) (the “Spread”), if any, and/or multiplied by a certain percentage (the
“Spread Multiplier”), if any, until the principal thereof is paid or made available for payment. The Supplement will designate which of the following Base Rates is applicable to the related Floating Rate Note: (a) the CD Rate (a
“CD Rate Note”), (b) the Commercial Paper Rate (a “Commercial Paper Rate Note”), (c) the Federal Funds Rate (a “Federal Funds Rate Note”), (d) LIBOR (a “LIBOR Note”), (e) the Prime Rate (a “Prime Rate
Note”), (f) the Treasury Rate (a “Treasury Rate Note”) or (g) such other Base Rate as may be specified in such Supplement. 
 The rate
of interest on each Floating Rate Note will be reset daily, weekly, monthly, quarterly or semi-annually (the “Interest Reset Period”). The date or dates on which interest will be reset (each an “Interest Reset Date”) will be,
unless otherwise specified in the Supplement, in the case of Floating Rate Notes which reset daily, each Business Day, in the case of Floating Rate Notes (other than Treasury Rate Notes) that reset weekly, the Wednesday of each week; in the case of
Treasury Rate Notes that reset weekly, the Tuesday of each week; in the case of Floating Rate Notes that reset monthly, the third Wednesday of each month; in the case of Floating Rate Notes that reset quarterly, the third Wednesday of March, June,
September and December; and in the case of Floating Rate Notes that reset semiannually, the third Wednesday of the two months specified in the Supplement. If any Interest Reset Date for any Floating Rate Note is not a Business Day, such Interest
Reset Date will be postponed to the next day that is a Business Day, except that in the case of a LIBOR Note, if such Business Day is in the next succeeding calendar month, such Interest Reset Date shall be the immediately preceding Business Day.
Interest on each Floating Rate Note will be payable monthly, quarterly or semiannually (the “Interest Payment Period”) and on the Maturity Date. Unless otherwise specified in the Supplement, and except as provided below, the date or dates
on which interest will be payable (each an “Interest Payment Date” for a Floating Rate Note) will be, in the case of Floating Rate Notes with a monthly Interest Payment Period, on the third Wednesday of each month; in the case of Floating
Rate Notes with a quarterly Interest Payment Period, on the third Wednesday of March, June, September and December; and in the case of Floating Rate Notes with a semiannual Interest Payment Period, on the third Wednesday of the two months specified
in the Supplement. In addition, the Maturity Date will also be an Interest Payment Date. 
 If any Interest Payment Date for any Floating Rate Note (other
than an Interest Payment Date occurring on the Maturity Date) would otherwise be a day that is not a Business Day, such Interest Payment Date shall be postponed to the next day that is a Business Day, except that in the case of a LIBOR Note, if such
Business Day is in the next succeeding calendar month, such Interest Payment Date shall be the immediately preceding Business Day. If the Maturity Date of a Floating Rate Note falls on a day that is not a Business Day, the payment of principal and
interest will be made on the next succeeding Business Day, and no interest on such payment shall accrue for the period from and after such maturity. 

  
 C-2 

 Interest payments on each Interest Payment Date for Floating Rate Notes will include accrued interest from and
including the Issue Date or from and including the last date in respect of which interest has been paid, as the case may be, to, but excluding, such Interest Payment Date. On the Maturity Date, the interest payable on a Floating Rate Note will
include interest accrued to, but excluding, the Maturity Date. Accrued interest will be calculated by multiplying the principal amount of a Floating Rate Note by an accrued interest factor. This accrued interest factor will be computed by adding the
interest factors calculated for each day in the period for which accrued interest is being calculated. The interest factor (expressed as a decimal) for each such day will be computed by dividing the interest rate applicable to such day by 360, in
the cases where the Base Rate is the CD Rate, Commercial Paper Rate, Federal Funds Rate, LIBOR or Prime Rate, or by the actual number of days in the year, in the case where the Base Rate is the Treasury Rate. The interest rate in effect on each day
will be (i) if such day is an Interest Reset Date, the interest rate with respect to the Interest Determination Date (as defined below) pertaining to such Interest Reset Date, or (ii) if such day is not an Interest Reset Date, the interest
rate with respect to the Interest Determination Date pertaining to the next preceding Interest Reset Date, subject in either case to any adjustment by a Spread and/or a Spread Multiplier. 

The “Interest Determination Date” where the Base Rate is the CD Rate or the Commercial Paper Rate will be the second Business Day next preceding an
Interest Reset Date. The Interest Determination Date where the Base Rate is the Federal Funds Rate or the Prime Rate will be the Business Day next preceding an Interest Reset Date. The Interest Determination Date where the Base Rate is LIBOR will be
the second London Business Day next preceding an Interest Reset Date. The Interest Determination Date where the Base Rate is the Treasury Rate will be the day of the week in which such Interest Reset Date falls when Treasury Bills are normally
auctioned. Treasury Bills are normally sold at auction on Monday of each week, unless that day is a legal holiday, in which case the auction is held on the following Tuesday or the preceding Friday. If an auction is so held on the preceding Friday,
such Friday will be the Interest Determination Date pertaining to the Interest Reset Date occurring in the next succeeding week. 
 The “Index
Maturity” is the period to maturity of the instrument or obligation from which the applicable Base Rate is calculated. 
 The “Calculation
Date,” where applicable, shall be the earlier of (i) the tenth calendar day following the applicable Interest Determination Date or (ii) the Business Day preceding the applicable Interest Payment Date or Maturity Date. 

All times referred to herein reflect New York City time, unless otherwise specified. 

The Issuer shall specify in writing to the Issuing and Paying Agent which party will be the calculation agent (the “Calculation Agent”) with respect
to the Floating Rate Notes. The Calculation Agent will provide the interest rate then in effect and, if determined, the interest rate which will become effective on the next Interest Reset Date with respect to such Floating Rate Note to the Issuing
and Paying Agent as soon as the interest rate with respect to such Floating Rate Note has been determined and as soon as practicable after any change in such interest rate. 

All percentages resulting from any calculation on Floating Rate Notes will be rounded to the nearest one hundred-thousandth of a percentage point, with five-one millionths of a percentage 

  
 C-3 

 
point rounded upwards. For example, 9.876545% (or .09876545) would be rounded to 9.87655% (or .0987655). All dollar amounts used in or resulting from any calculation on Floating Rate Notes will
be rounded, in the case of U.S. dollars, to the nearest cent or, in the case of a foreign currency, to the nearest unit (with one-half cent or unit being rounded upwards). 

CD Rate Notes 
 “CD Rate” means the rate on any
Interest Determination Date for negotiable U.S. dollar certificates of deposit having the Index Maturity as published in the source specified in the Supplement. 

If the above rate is not published by 3:00 p.m., New York City time, on the Calculation Date, the CD Rate will be the rate on such Interest Determination Date
published under the caption specified in the Supplement in another recognized electronic source used for the purpose of displaying the applicable rate. 

If such rate is not published in either the source specified on the Supplement or another recognized electronic source by 3:00 p.m., New York City time, on
the Calculation Date, the Calculation Agent will determine the CD Rate to be the arithmetic mean of the secondary market offered rates as of 10:00 a.m., New York City time, on such Interest Determination Date of three leading nonbank dealers1 in negotiable U.S. dollar certificates of deposit in New York City selected by the Calculation Agent for negotiable U.S. dollar certificates of deposit of major United States money center banks of
the highest credit standing in the market for negotiable certificates of deposit with a remaining maturity closest to the Index Maturity in the denomination of $5,000,000. 

If fewer than the three dealers selected by the Calculation Agent are quoting as set forth above, the CD Rate will remain the CD Rate then in effect on such
Interest Determination Date. 
 Commercial Paper Rate Notes 

“Commercial Paper Rate” means the Money Market Yield (calculated as described below) of the rate on any Interest Determination Date for commercial
paper having the Index Maturity, as published by the Board of Governors of the Federal Reserve System (“FRB”) in “Statistical Release H.15(519), Selected Interest Rates” or any successor publication of the FRB
(“H.15(519)”) under the heading “Commercial Paper-[Financial][Nonfinancial]”. 
 If the above rate is not published in H.15(519) by 3:00
p.m., New York City time, on the Calculation Date, then the Commercial Paper Rate will be the Money Market Yield of the rate on such Interest Determination Date for commercial paper of the Index Maturity published in the daily update of H.15(519),
available through the world wide website of the FRB at http://www.federalreserve.gov/releases/h15/Update, or any successor site or publication or other recognized electronic source used for the purpose of displaying the applicable rate (“H.15
Daily Update”) under the heading “Commercial Paper-[Financial][Nonfinancial]”. 
  

 

	1	Such nonbank dealers referred to in this Statement of Terms may include affiliates of the Dealer. 

  
 C-4 

 If by 3:00 p.m. on such Calculation Date such rate is not published in either H.15(519) or H.15 Daily Update,
then the Calculation Agent will determine the Commercial Paper Rate to be the Money Market Yield of the arithmetic mean of the offered rates as of 11:00 a.m. on such Interest Determination Date of three leading dealers of U.S. dollar commercial
paper in New York City selected by the Calculation Agent for commercial paper of the Index Maturity placed for an industrial issuer whose bond rating is “AA,” or the equivalent, from a nationally recognized statistical rating organization.

 If the dealers selected by the Calculation Agent are not quoting as mentioned above, the Commercial Paper Rate with respect to such Interest
Determination Date will remain the Commercial Paper Rate then in effect on such Interest Determination Date. 
 “Money Market Yield” will be a
yield calculated in accordance with the following formula: 
  

					
	Money Market Yield =	  	 D × 360
	  	 × 100

	  	360 - (D × M)	  

 where “D” refers to the applicable per annum rate for commercial paper quoted on a bank discount basis and expressed
as a decimal and “M” refers to the actual number of days in the interest period for which interest is being calculated. 
 Federal Funds Rate
Notes 
 “Federal Funds Rate” means the rate on any Interest Determination Date for federal funds as published in H.15(519) under the heading
“Federal Funds (Effective)” and displayed on Reuters Page (as defined below) FEDFUNDS1 (or any other page as may replace the specified page on that service) (“Reuters Page FEDFUNDS1”) under the heading EFFECT. 

If the above rate does not appear on Reuters Page FEDFUNDS1or is not so published by 3:00 p.m. on the Calculation Date, the Federal Funds Rate will be the
rate on such Interest Determination Date as published in H.15 Daily Update under the heading “Federal Funds/(Effective)”. 
 If such rate is not
published as described above by 3:00 p.m. on the Calculation Date, the Calculation Agent will determine the Federal Funds Rate to be the arithmetic mean of the rates for the last transaction in overnight U.S. dollar federal funds arranged by each of
three leading brokers of Federal Funds transactions in New York City selected by the Calculation Agent prior to 9:00 a.m. on such Interest Determination Date. 

If the brokers selected by the Calculation Agent are not quoting as mentioned above, the Federal Funds Rate will remain the Federal Funds Rate then in effect
on such Interest Determination Date. 
 “Reuters Page” means the display on the Reuters 3000 Xtra Service, or any successor service, on the page
or pages specified in this Statement of Terms or the Supplement, or any replacement page on that service. 

  
 C-5 

 LIBOR Notes 

The London Interbank offered rate (“LIBOR”) means, with respect to any Interest Determination Date, the rate for deposits in U.S. dollars having the
Index Maturity that appears on the Designated LIBOR Page as of 11:00 a.m., London time, on such Interest Determination Date. 
 If no rate appears, LIBOR
will be determined on the basis of the rates at approximately 11:00 a.m., London time, on such Interest Determination Date at which deposits in U.S. dollars are offered to prime banks in the London interbank market by four major banks in such market
selected by the Calculation Agent for a term equal to the Index Maturity and in principal amount equal to an amount that in the Calculation Agent’s judgment is representative for a single transaction in U.S. dollars in such market at such time
(a “Representative Amount”). The Calculation Agent will request the principal London office of each of such banks to provide a quotation of its rate. If at least two such quotations are provided, LIBOR will be the arithmetic mean of such
quotations. If fewer than two quotations are provided, LIBOR for such interest period will be the arithmetic mean of the rates quoted at approximately 11:00 a.m., in New York City, on such Interest Determination Date by three major banks in New York
City, selected by the Calculation Agent, for loans in U.S. dollars to leading European banks, for a term equal to the Index Maturity and in a Representative Amount; provided, however, that if fewer than three banks so selected by the Calculation
Agent are providing such quotations, the then existing LIBOR rate will remain in effect for such Interest Payment Period. 
 “Designated LIBOR
Page” means the display on the Reuters 3000 Xtra Service (or any successor service) on the “LIBOR01” page (or any other page as may replace such page on such service) for the purpose of displaying the London interbank rates of major
banks. 
 Prime Rate Notes 
 “Prime Rate”
means the rate on any Interest Determination Date as published in H.15(519) under the heading “Bank Prime Loan”. 
 If the above rate is not
published in H.15(519) prior to 3:00 p.m. on the Calculation Date, then the Prime Rate will be the rate on such Interest Determination Date as published in H.15 Daily Update opposite the caption “Bank Prime Loan”. 

If the rate is not published prior to 3:00 p.m. on the Calculation Date in either H.15(519) or H.15 Daily Update, then the Calculation Agent will determine
the Prime Rate to be the arithmetic mean of the rates of interest publicly announced by each bank that appears on the Reuters Screen US PRIME1 Page (as defined below) as such bank’s prime rate or base lending rate as of 11:00 a.m., on that
Interest Determination Date. 
 If fewer than four such rates referred to above are so published by 3:00 p.m. on the Calculation Date, the Calculation Agent
will determine the Prime Rate to be the arithmetic mean of the prime rates or base lending rates quoted on the basis of the actual number of days in the year divided by 360 as of the close of business on such Interest Determination Date by three
major banks in New York City selected by the Calculation Agent. 

  
 C-6 

 If the banks selected are not quoting as mentioned above, the Prime Rate will remain the Prime Rate in effect on
such Interest Determination Date. 
 “Reuters Screen US PRIME1 Page” means the display designated as page “US PRIME1” on the Reuters
Monitor Money Rates Service (or such other page as may replace the US PRIME1 page on that service for the purpose of displaying prime rates or base lending rates of major United States banks). 

Treasury Rate Notes 
 “Treasury Rate” means:

 (1) the rate from the auction held on the Interest Determination Date (the “Auction”) of direct obligations of the United States
(“Treasury Bills”) having the Index Maturity specified in the Supplement under the caption “INVEST RATE” on the display on the Reuters Page designated as USAUCTION10 (or any other page as may replace that page on that service) or
the Reuters Page designated as USAUCTION11 (or any other page as may replace that page on that service), or 
 (2) if the rate referred to in clause
(1) is not so published by 3:00 p.m. on the related Calculation Date, the Bond Equivalent Yield (as defined below) of the rate for the applicable Treasury Bills as published in H.15 Daily Update, under the caption “U.S. Government
Securities/Treasury Bills/Auction High”, or 
 (3) if the rate referred to in clause (2) is not so published by 3:00 p.m. on the related
Calculation Date, the Bond Equivalent Yield of the auction rate of the applicable Treasury Bills as announced by the United States Department of the Treasury, or 

(4) if the rate referred to in clause (3) is not so announced by the United States Department of the Treasury, or if the Auction is not held, the Bond
Equivalent Yield of the rate on the particular Interest Determination Date of the applicable Treasury Bills as published in H.15(519) under the caption “U.S. Government Securities/Treasury Bills/Secondary Market”, or 

(5) if the rate referred to in clause (4) not so published by 3:00 p.m. on the related Calculation Date, the rate on the particular Interest
Determination Date of the applicable Treasury Bills as published in H.15 Daily Update, under the caption “U.S. Government Securities/Treasury Bills/Secondary Market”, or 

(6) if the rate referred to in clause (5) is not so published by 3:00 p.m. on the related Calculation Date, the rate on the particular Interest
Determination Date calculated by the Calculation Agent as the Bond Equivalent Yield of the arithmetic mean of the secondary market bid rates, as of approximately 3:30 p.m. on that Interest Determination Date, of three primary United States
government securities dealers selected by the Calculation Agent, for the issue of Treasury Bills with a remaining maturity closest to the Index Maturity specified in the Supplement, or 

(7) if the dealers so selected by the Calculation Agent are not quoting as mentioned in clause (6), the Treasury Rate in effect on the particular Interest
Determination Date. 

  
 C-7 

 “Bond Equivalent Yield” means a yield (expressed as a percentage) calculated in accordance with the
following formula: 
  

					
	Bond Equivalent Yield =	  	 D × N
	  	×100
	  	360 - (D × M)	  

 where “D” refers to the applicable per annum rate for Treasury Bills quoted on a bank discount basis and expressed
as a decimal, “N” refers to 365 or 366, as the case may be, and “M” refers to the actual number of days in the applicable Interest Reset Period. 

3.    Final Maturity. The Stated Maturity Date for any Note will be the date so specified in the Supplement, which shall be no
later than 397 days from the date of issuance. On its Stated Maturity Date, or any date prior to the Stated Maturity Date on which the particular Note becomes due and payable by the declaration of acceleration, each such date being referred to as a
Maturity Date, the principal amount of such Note, together with accrued and unpaid interest thereon, will be immediately due and payable. 
 4. Events of
Default. The occurrence of any of the following shall constitute an “Event of Default” with respect to a Note: (i) default in any payment of principal of or interest on such Note (including on a redemption thereof); (ii) the
Issuer makes any compromise arrangement with its creditors generally including the entering into any form of moratorium with its creditors generally; (iii) a court having jurisdiction shall enter a decree or order for relief in respect of the
Issuer in an involuntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, or there shall be appointed a receiver, administrator, liquidator, custodian, trustee or sequestrator (or similar officer)
with respect to the whole or substantially the whole of the assets of the Issuer and any such decree, order or appointment is not removed, discharged or withdrawn within 60 days thereafter; or (iv) the Issuer shall commence a voluntary case
under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, or consent to the entry of an order for relief in an involuntary case under any such law, or consent to the appointment of or taking possession by a
receiver, administrator, liquidator, assignee, custodian, trustee or sequestrator (or similar official), with respect to the whole or substantially the whole of the assets of the Issuer or make any general assignment for the benefit of creditors.
Upon the occurrence of an Event of Default, the principal of such Note (together with interest accrued and unpaid thereon) shall become, without any notice or demand, immediately due and payable.2

 5.    Obligation Absolute. No provision of the Issuing and Paying Agent Agreement under which the Notes are issued shall alter
or impair the obligation of the Issuer, which is absolute and unconditional, to pay the principal of and interest on each Note at the times, place and rate, and in the coin or currency, herein prescribed. 

6.    Supplement. Any term contained in the Supplement shall supersede any conflicting term contained herein. 

 
  

	2	Unlike single payment notes, where a default arises only at the stated maturity, interest-bearing notes with multiple payment dates should contain a default provision permitting acceleration of the maturity if the
Issuer defaults on an interest payment. 

  
 C-8 

 EXHIBIT D 

Notification Letter for an Increase in the Maximum Amount 

[            ], 20[    ] 

To:                     , as Dealer 

cc.                     , as Issuing and Paying Agent 

 

	 	Re:	Commercial Paper Program of Nasdaq, Inc. 

  

	Ladies	and Gentlemen, 

 We refer to a dealer agreement, dated March [    ], 2017
(as amended, supplemented and otherwise modified from time to time, the “Dealer Agreement”) between Nasdaq, Inc., as Issuer, and you, as Dealer, relating to a Commercial Paper Program with a Maximum Amount of
$[        ] as of the date hereof. 
 Capitalized terms used in this letter shall have meanings
ascribed to such terms in the Dealer Agreement. 
 In accordance with Section 1.8 of the Dealer Agreement, we hereby notify you that
the Maximum Amount is to be increased from [                    ] to
[                    ], to be effective on [            ], 20[    ],
subject to the delivery to you and the Issuing and Paying Agent of the following documents: 
  

	 	(i)	a certificate from a duly authorized officer of the Issuer confirming that no changes have been made to the organizational documents of the Issuer since the date of the Dealer Agreement which would have a material
adverse effect on the Program or, if there has been such a change, a certified copy of the organizational documents currently in force; 

  

	 	(ii)	certified copies of all documents evidencing the internal authorization and approval required to be granted by the Issuer for such an increase in the Maximum Amount; 

 

	 	(iii)	a list of names, titles and specimen signatures of the persons authorized to sign on behalf of the Issuer all notices and other documents to be delivered in connection with such an increase in the Maximum Amount;

  

	 	(iv)	an updated or supplemental Private Placement Memorandum reflecting the increase in the Maximum Amount of the Program; 

  

	 	(v)	a legal opinion in form and substance satisfactory to the Dealer as to (A) the due authorization, delivery, validity and enforceability of Notes issued pursuant to the Issuing and Paying Agent Agreement, and
(B) such other matters as the Dealer may reasonably request, in each case after giving effect to the increase in the Maximum Amount; and 

  

	 	(vi)	evidence from each nationally recognized statistical rating organization providing a rating of the Notes either (A) that such rating has been confirmed after giving effect to the increase in the Maximum Amount or
(B) setting forth any change in the rating of the Notes after giving effect to the increase in the Maximum Amount. 

  
 D-1 

 [Signature Page Follows] 

  
 D-2 

 IN WITNESS WHEREOF, the Issuer has caused this Letter to be executed as of the date and year
first above written. 
  

			
	NASDAQ, INC.
	
	  

	Name:	 	
	Title:	 	

  
 D-3Exhibit 10.1

 

EMPLOYMENT AGREEMENT

 

 

THIS EMPLOYMENT
AGREEMENT (“Agreement”) is entered into as of January 1, 2011 (the “Effective Date”), by
and between Samson Oil and Gas USA, Inc., a Colorado corporation (“Company”), and Terence M. Barr (“Employee”).

 

Recitals

 

Company
desires to retain the personal services of Employee as President and Chief Executive Officer and Managing Director of Company
and of Company’s parent, Samson Oil & Gas Limited (“Parent”) and Employee is willing to continue
to make his services available to Company and Parent, on the terms and conditions hereinafter set forth. All references herein
to dollars or $ are to United States dollars.

 

Agreement

 

NOW, THEREFORE,
in consideration of the premises and mutual covenants set forth herein, the parties agree as follows:

 

1.       Employment.

 

1.1       Employment
and Term. Company hereby agrees to employ Employee and Employee hereby agrees to serve Company, on the terms and conditions
set forth herein, for the period commencing on the Effective Date and continuing through December 31, 2017, unless sooner terminated
in accordance with the terms and conditions hereof (the “Term”). The Term will not be extended unless the parties
agree otherwise in writing. If Employee continues to be employed after the end of the Term, he will be an at will employee without
the benefit of any of the terms of this Agreement.

 

1.2       Duties
of Employee. Employee shall serve as the President and Chief Executive Officer of Company and Parent, and shall have and exercise
general responsibility for the management of Company and Parent. Employee shall report to the Board of Directors of Parent (the
“Board”, which term may also include a committee of the Board when used herein, depending on the context).
Employee shall also have such other powers and duties as the Board may from time to time delegate to him provided that such duties
are consistent with his position. Employee shall devote substantially all his working time and attention to the business and affairs
of Company and Parent (excluding any vacation and sick leave to which Employee is entitled), render such services to the best
of his ability, and use his best efforts to promote the interests of Company and Parent. So long as such activities do not interfere
with the performance of Employee’s responsibilities as an employee of Company in accordance with this Agreement, it shall
not be a violation of this Agreement for Employee to: (i) serve on corporate, civic or charitable boards or committees; (ii) deliver
lectures or fulfill speaking engagements; (iii) manage personal investments; or (iv) participate in continuing education seminars
or similar activities relevant to his duties and responsibilities for Company.

 

     

     

    

  

1.3       Place
of Performance. In connection with his employment by Company, Employee shall be based at Company’s offices in Colorado
or another mutually agreed location, except for travel necessary in connection with Company’s business.

 

2.       Compensation.

 

2.1       Total
Salary. Employee shall receive total annual compensation in an amount set by the Board from time to time throughout the Term
(the “Total Salary”). The Total Salary will be accrued on a daily basis and payable in installments consistent
with Company’s normal payroll schedule, subject to applicable withholding and other taxes. As of the Effective Date, Employee’s
Total Salary is $400,000. Employee’s Total Salary may be increased during the Term, but shall not be decreased without Employee’s
written consent provided, however, that Employee’s Total Salary may be reduced without Employee’s consent by the same
proportion as other Company employees if and to the extent that the Board imposes a Company-wide reduction in salary on substantially
all of Company’s employees.

 

2.2       Incentive
Compensation.

 

(a)       In
addition to and not as a substitute for Employee’s Total Salary, Employee shall be eligible for an annual bonus (the “Annual
Bonus”), as determined by the Board in its sole discretion no later than July 15 of each calendar year. The Board generally
retains the discretion to determine the amount of the Annual Bonus each year or to grant no bonus at all, the targeted maximum
for the Annual Bonus, based on exemplary performance in all quantitative and qualitative criteria that may be considered by the
Board, in its sole discretion, shall be 100% of the Total Salary paid to Employee in the calendar year preceding the grant of
the Annual Bonus.

 

(b)       In
the event of a disposition of all or substantially all of Company’s assets (the “Sold Assets”), whether
through a sale of the Sale Assets, exchange offer, merger, consolidation, scheme of arrangement, amalgamation or otherwise during
the Term or within one (1) year following the end of the Term (a “Sale”), Company shall pay Employee a one
time cash bonus (the “Sale Bonus”) for his efforts in bringing about the Sale. The amount of the Sale Bonus
shall be determined by the Board based on the consideration received by Company or Company’s shareholders on account of
the Sale. If the cash, securities or property (“the Sale Price”) paid to Company or its shareholders on account
of the Sale is equal to or greater than one hundred and thirty-three percent (133%) of (i) the book value of the Sold Assets or
(ii) Company’s market capitalization, calculated by reference to the closing price of Company’s ordinary shares on
the ASX the last trading day before the Sale is publicly announced, then the Sale Bonus shall be equal to at least 50% but no
greater than 100% of Employee’s Total Salary in effect on the date of Sale. The Sale Bonus shall be due and payable to Employee
no later than one hundred eighty (180) days after the Sale or at the end of the Term, whichever first occurs.

 

    2 

     

    

  

2.3       Relocation
Expenses.

 

(a)       If
Company’s offices to which Employee is assigned are relocated outside of the Denver, Colorado metropolitan area and Employee
remains employed by Company pursuant to this Agreement, then Company shall pay all reasonable relocation expenses incurred by
Employee in relocating to Company’s new location. The requirements for the timing of such expenses and their reimbursement
shall be subject to and in accordance with the relocation expense payment policies and procedures of Company, as in effect as
of the date Employee is advised of the relocation.

 

3.       Expense
Reimbursement and Other Benefits.

 

3.1       Expense
Reimbursement. During the Term, Company shall reimburse Employee for all documented reasonable expenses actually paid or incurred
by Employee in the course of and pursuant to the business of Company, subject to and in accordance with the expense reimbursement
policies and procedures in effect for Company’s employees from time to time.

 

3.2       Additional
Benefits. During the Term, Company shall make available to Employee such benefits and perquisites as are generally provided
by Company to its senior management (subject to eligibility), including but not limited to participation in any group life, medical,
health, dental, disability or accident insurance, pension plan, 401(k) savings and investment plan, profit-sharing plan, employee
stock purchase plan, incentive compensation plan or other such benefit plan or policy, if any, which may presently be in effect
or which may hereafter be adopted by Company for the benefit of its senior management or its employees generally, in each case
subject to and on a basis consistent with the terms, conditions and overall administration of such plan or arrangement (the “Additional
Benefits”).

 

3.3       Annual
Leave. Employee shall be entitled to five (5) weeks of annual leave each calendar year. The annual leave will vest evenly
each payroll and shall be accrued from calendar year to calendar year in accordance with Company policies and procedures then
in effect. Employee shall be paid for any remaining annual leave accrual following the termination of employment for any reason.
Annual leave shall be taken at a mutually agreeable time.

 

3.4       Personal
Leave. Personal leave shall be available to Employee for use in accordance with Company policies and procedures then in effect.
Personal leave will not accrue for longer than a year and Employee will not be entitled to receive payment for any accrued personal
leave upon the termination of their employment.

 

4.       Termination.

 

4.1       Termination
for Cause. Notwithstanding anything to the contrary contained in this Agreement, Company hereunder may terminate this Agreement
and Employee’s employment for Cause. As used in this Agreement, “Cause” shall mean (i) any action or
omission of Employee which constitutes (A) a material breach of any of the provisions of Section 5 of this Agreement, (B) a material
breach by Employee of his fiduciary duties and obligations to Company, or (C) Employee’s failure or refusal to follow any
lawful directive of the Board, in each case which act or omission is not cured (if capable of being cured) within ten (10) days
after written notice of same from the Board to Employee, (ii) conduct constituting fraud, embezzlement, misappropriation or gross
dishonesty by Employee in connection with the performance of his duties under this Agreement or (iii) a conviction of Employee
for (A) a felony (other than a traffic violation) or (B) a crime involving moral turpitude, but only if the Board determines that
such conviction will damage or bring into disrepute the business, reputation or goodwill of Company or impair Employee's ability
to perform his duties for Company. For any termination for Cause under this Section 4.1 other than Section 4.1(i)(C), Employee
shall be given prior written notice of the proposed termination for Cause, specifying the specific grounds therefor and, if such
grounds are capable of being cured, Employee shall have thirty (30) days after receipt of such notice to cure. It is presumed
that any stated grounds for a termination for Cause under Section 4.1(i) are capable of being cured but grounds for a termination
for Cause under Section 4.1(ii) or (iii) are not capable of being cured, provided, however, the Board may determine, in its discretion,
allow a thirty (30) day cure period for a termination for Cause under Section 4.1(ii) or (iii). A termination for Cause shall
not be effective until the expiration of the applicable cure period prescribed by this Section 4.1Upon the effectiveness of any
termination pursuant to this Section 4.1, Employee shall only be entitled to his Total Salary as accrued through the date of termination,
reimbursement of expenses incurred prior to the date of termination in accordance with Section 3.1 hereof and, and any other compensation
and benefits payable in accordance with Section 3.2 hereof. Upon making such payments, Company shall have no further liability
to Employee hereunder.

 

    3 

     

    

  

4.2       Disability.
Notwithstanding anything to the contrary contained in this Agreement, Company, by written notice to Employee, shall at all times
have the right to terminate this Agreement and Employee’s employment hereunder if Employee shall, as the result of mental
or physical incapacity, illness or disability, fail or be unable to perform his duties and responsibilities provided for herein
in all material respects for a period of more than sixty (60) consecutive days in any 12-month period. Upon any termination pursuant
to this Section 4.2, (i) within thirty (30) days after the date of termination, Company shall pay Employee any unpaid amounts
of his Total Salary accrued prior to the date of termination and shall reimburse Employee for all expenses described in Section
3.1 of this Agreement and incurred prior to the date of termination, and (ii) in lieu of any further Total Salary, incentive compensation
or other benefits or payments to Employee for periods subsequent to the date of termination Company shall pay to Employee the
Severance Payments and Severance Benefits specified in Section 4.4. Upon making such payments and providing such benefits, Company
shall have no further liability hereunder; provided, however, that Employee shall be entitled to receive any amounts then
payable pursuant to any employee benefit plan, life insurance policy or other plan, program or policy then maintained or provided
by Company to Employee in accordance with Section 3.2 hereof and under the terms thereof.

 

4.3       Death.
In the event of the death of Employee during the term of his employment hereunder, this Agreement shall terminate on the date
of Employee’s death. Upon any such termination, (i) within thirty (30) days after the date of termination, Company shall
pay to the estate of Employee any unpaid amounts of his Total Salary accrued prior to the date of termination and reimbursement
for all expenses described in Section 3.1 of this Agreement and incurred by Employee prior to his death, and (ii) in lieu of any
further Total Salary, incentive compensation or other benefits or payments to the estate of Employee for periods subsequent to
the date of termination, Company shall pay to the estate of Employee the Severance Payments specified in Section 4.4. Upon making
such payments, Company shall have no further liability hereunder; provided, that Employee’s spouse, beneficiaries
or estate, as the case may be, shall be entitled to receive any amounts then payable pursuant to any employee benefit plan, life
insurance policy or other plan, program or policy then maintained or provided by Company to Employee in accordance with Section
3.2 hereof and under the terms thereof. Nothing herein is intended to give Employee’s spouse, beneficiaries or estate any
rights to or interest in any key man life insurance policy on Employee maintained by Company for the benefit of Company.

 

4.4       Termination
Without Cause. At any time Company shall have the right to terminate this Agreement and Employee’s employment hereunder
by written notice to Employee. Upon any termination without Cause pursuant to this Section 4.4, Company (a) shall pay Employee
any unpaid amounts of his Total Salary accrued prior to the date of termination, (b) shall reimburse Employee for all expenses
described in Section 3.1 of this Agreement incurred prior to the date of termination and (c) shall pay Employee an amount (“Severance
Payments”) equal to his Total Salary for a period of twelve (12) months, paid ratably over such twelve (12) month period
or in a lump sum, as determined by the Board, subject to all appropriate withholdings and deductions, provided, however,
that no Severance Payments shall be paid until Employee has signed and delivered a release agreement satisfactory to Company and
not revoked it during any applicable statutory revocation period. Employee will forfeit the right to any Severance Payments under
this Section 4.4 unless such release is signed and not subsequently revoked within ninety (90) days after it is provided to Employee
by Company. Employee shall receive the Additional Benefits for so long as Severance Payments are being made to Employee (the “Severance
Benefits”) Upon making the Severance Payments and providing the Severance Benefits, if any, required by this Section
4.4, Company shall have no further liability to Employee other than any amounts duly payable pursuant to any 401K plan, employee
benefit plan, life insurance policy or other plan, program or policy then maintained or provided by Company to Employee pursuant
to the terms thereof.

 

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4.5       Voluntary
Resignation. Employee may, upon not less than ninety (90) days prior written notice to Company, resign and terminate his employment
hereunder. Subject to Section 4.6, in the event Employee resigns as an employee of Company, he shall be entitled to receive only
such payment(s) as he would have received had he been terminated pursuant to Section 4.1 hereof. Employee shall not under any
circumstances give Company less than ninety (90) days prior written notice of his resignation date.

 

4.6       Resignation
for Good Reason. Employee may, by written notice to Company during the Term, elect to terminate his employment on the basis
of “good reason” if there is (a) a material change of the principal location in which Executive is required to perform
his duties hereunder without Executive’s prior consent (it being agreed that any location within the state of Colorado shall
not be deemed a material change); or (b) a material reduction in (or a failure to pay or provide a material portion of) Employee’s
Total Salary or other benefits payable under this Agreement. Any such notice of termination by Executive for “good reason”
shall specify the circumstances constituting “good reason” and shall afford Company an opportunity to cure such circumstances
at any time within the thirty (30) day period following the date of such notice. If Company does cure such circumstances within
said thirty (30) day period, the notice of termination shall be withdrawn by Executive and of no further force and effect. If
the circumstances cited in Executive’s notice qualify as “good reason” hereunder and are not cured within the
thirty (30) days after the notice, this Agreement shall be terminated ninety (90) days after Executive’s original written
notice and such termination shall be treated in all respects as if it had been a termination without cause and without notice
under Section 4.4 of this Agreement.

 

5.       Restrictive
Covenants.

 

5.1       Nondisclosure.
(a)Employee acknowledges that, as part of the terms of his employment by Company, he will have access to and/or may develop
or assemble confidential information owned by or related to Company, its customers or its business partners or Parent. Such confidential
information (whether or not reduced to writing) shall include, without limitation, designs, processes, projects, manuals, techniques,
information concerning or provided by customers, suppliers and vendors contracts, marketing strategies, agency relationships and
terms, financial information, pricing and compensation structures, business relations and negotiations, employee lists, plans
for drilling, exploration, development or other business, production, exploration, seismic or other business data, and any other
information designated as “confidential” by Company or Parent (collectively, “Confidential Information”).
Employee shall retain all Confidential Information in confidence and shall not use or disclose Confidential Information for any
purpose other than to the extent necessary to perform his duties as an employee of Company. This duty of confidentiality shall
continue indefinitely with respect to Confidential Information notwithstanding any termination of Employee’s employment
so long as it remains Confidential Information. Confidential Information shall not include any information that (i) was known
by Employee from a third party source before disclosure by or on behalf of Company to Employee, (ii) becomes available to Employee
from a source other than Company that is not bound by a duty of confidentiality to Company, (iii) Company makes publicly available
or discloses to any third party without any obligation of confidentiality, or (iv) becomes generally publicly available or known
in the industry other than as a result of its disclosure by Employee.

 

(b)       Employee
agrees to (i) return to Company upon request, and in any event, at the time of termination of employment for whatever reason,
all documents, equipment, notes, records, computer disks and tapes and other tangible items in his possession or under his control
which belong to Company or any of its affiliates or which contain or refer to any Confidential Information relating to Company
or any of its affiliates and (ii) if so requested by Company, delete all Confidential Information relating to Company or any of
its affiliates from any computer disks, tapes or other re-usable material in his possession or under his control which contain
or refer to any Confidential Information relating to Company or any of its affiliates.

 

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5.2       Non-solicitation
of Customers and Employees. During the Term and during the twelve (12) month period following the later to occur of (a) the
termination of this Agreement or (b) the termination of Employee’s employment by the Company or engagement as a consultant
to the Company (the “Severance Period”), Employee (a) shall not solicit the business of any person, company
or firm which is a former, current, or prospective customer or business partner of Company or Parent (a “Customer”)
for the benefit of anyone other than Company or Parent if the business solicited is of a type offered by Company or Parent during
the Term, (b) shall not solicit or encourage any Customer to modify, diminish or eliminate its business relationship with Company
or Parent or take any other action with respect to a Customer which could be detrimental to the interests of Company or Parent,
and (c) shall not solicit for employment or for any other comparable service, such as consulting services, and shall not hire
or engage as a consultant any employee or independent contractor employed or engaged by Company or Parent at any time during the
Term. Employee acknowledges that violation of this covenant constitutes a misappropriation of Company’s or Parent’s
trade secrets in violation of his duty of confidentiality owed to Company.

 

5.3       Non-competition.
(a) During the Term and the Severance Period, unless otherwise waived in writing by Company (such waiver to be in Company’s
sole and absolute discretion), Employee shall not, directly or indirectly, engage in, operate, manage, have any investment or
interest or otherwise participate in any manner (whether as employee, officer, director, partner, agent, security holder, creditor,
consultant or otherwise) in any sole proprietorship, partnership, corporation or business or any other person or entity (each,
a “Competitor”) that engages directly or indirectly, in a Competitive Activity. For purposes of this Agreement,
a “Competitive Activity” means any business or other endeavor of a kind being conducted by Company or any of its subsidiaries
or affiliates (or demonstrably anticipated by Company) in a geographic area that is within ten (10) miles of (a) any property
that is owned, leased or controlled by Company at any time during the six (6) months preceding the Competitive Activity or, if
Employee’s employment has been terminated, during the last six (6) months of the Term, or (b) any oil or gas prospect that
Company is evaluating or in which Company is seeking to acquire an interest at any time either during the six (6) months preceding
the Competitive Activity or, if Employee’s employment has been terminated, during the last six (6) months of the Term. Employee
shall be considered to have become associated with a Competitive Activity and in violation of this provision if Employee becomes
directly or indirectly involved as an owner, principal, employee, officer, director, independent contractor, representative, stockholder,
financial backer, agent, partner, advisor, lender, or in any other individual or representative capacity with any individual,
partnership, corporation or other organization that is engaged in a Competitive Activity.; provided, that Employee may
hold or acquire, solely as an investment, shares of capital stock or other equity securities of any Competitor, so long as the
securities are publicly traded and Employee does not control, acquire a controlling interest in, or become a member of a group
which exercises direct or indirect control of, more than five percent (5%) of any class of equity securities of such Competitor.

 

5.4       Non-disparagement.
During the Term and the Severance Period, Employee will not distribute, cause a distribution of, or make any oral or written statement,
which directly or by implication tarnishes, creates a negative impression of, or puts Company, its reputation and goodwill in
a bad light, or disparages Company or Parent in any other way, including but not limited to: (a) the working conditions or employment
practices of Company or Parent; (b) Company’s oil and gas properties, including unproved or proved undeveloped properties;
or (c) Company’s directors, officers and personnel. It will not be a violation of this section for Employee to make truthful
statements, under oath, as required by law or formal legal process.

 

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5.5       Intellectual
Property Rights. Employee understands that as part of his Employment he may alone or together with others create, compile,
or discover data, designs, literature, ideas, trade secrets, know-how, commercial information, or other valuable works or information,
such as financial models, drilling logs, development plans, reserves estimates or valuations, seismic data and other information
pertinent to the value of oil and gas properties (collectively, “Intellectual Property”). Employee acknowledges
that Company shall own all right, title, and interest in all Intellectual Property created by him in whole or in part in the course
of his employment by Company. Employee hereby assigns to Company all right, title, and interest in the copyrights or patents embodied
in or represented by such Intellectual Property, including all rights of renewal and termination, and to any and all other intellectual
property rights, including without limitation, trademarks, trade secrets, and know-how embodied in Intellectual Property or in
any other idea or invention developed in whole or in part by Employee in the course of his Employment. Employee further agrees
to take all actions and to execute all documents necessary in order to perfect and to vest such intellectual property rights in
Company.

 

5.6       Injunction.
It is recognized and hereby acknowledged by the parties hereto that a breach by Employee of any of the covenants contained in
Sections 5.1 through 5.5 of this Agreement will cause irreparable harm and damage to Company, the monetary amount of which may
be virtually impossible to ascertain. As a result, Employee recognizes and hereby acknowledges that Company shall be entitled
to an injunction from any court of competent jurisdiction enjoining and restraining any violation of any or all of the covenants
contained in Section 6 of this Agreement by Employee or any of his affiliates, associates, partners or agents, either directly
or indirectly, and that such right to injunction shall be cumulative and in addition to whatever other remedies Company may possess.

 

5.7       American
Jobs Creation Act Provisions. It is the intention of the parties that payments or benefits payable under this Agreement not
be subject to the additional tax imposed pursuant to Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”).
Accordingly, to the extent such potential payments or benefits could become subject to Section 409A of the Code, the parties shall
cooperate to amend this Agreement with the goal of giving Employee the economic benefits described herein in a manner that does
not result in such tax being imposed. Notwithstanding anything in this Agreement to the contrary, the following provisions related
to payments treated as deferred compensation under Section 409A of the Code, shall apply:

 

		(a)	If (i) Employee is a “specified
                                         person” on the date of Employee’s “separation from service” within
                                         the meaning of Sections 409A(a)(2)(A)(i) and 409A(a)(2)(B)(ii) of the Code, and (ii)
                                         as a result of such separation from service Employee would receive any payment that,
                                         absent the application of this paragraph, would be subject to the interest and additional
                                         tax imposed pursuant to Section 409A(a) of the Code as a result of the application of
                                         Section 409A(a)(2)(B)(i) of the Code, then no such payment shall be made prior to the
                                         date that is the earliest of: (i) six (6) months after Employee’s separation from
                                         service and (ii) Employee’s date of death.

 

    7 

     

    

 

 

		(b)	Any payments that are delayed
                                         pursuant to Section 5.7(a) shall be paid on the earlier of the two dates described therein.

 

		(c)	Sections
                                         5.4(a) and (b) shall not apply to any payment if and to the maximum extent that that
                                         such payment would be a payment under a separation pay plan following an “involuntary
                                         separation from service” (as defined in Treasury Regulation Section 1.409A-1(n))
                                         that does not provide for a deferral of compensation by reason of the application of
                                         Treasury Regulation Section 1.409A-1(b)(9)(iii). For the avoidance of doubt, the parties
                                         agree that this Section 5.7(c) shall be interpreted so that Employee will receive payments
                                         during the six (6) month period specified in Section 5.2(a) to the maximum amount permitted
                                         by Treasury Regulation Section 1.409A-1(b)(9)(iii).

 

		(d)	If a payment that could be made
                                         under this Agreement would be subject to additional taxes and interest under Section
                                         409A of the Code, Company in its sole discretion may accelerate some or all of a payment
                                         otherwise payable under the Agreement to the time at which such amount is includable
                                         in the income of Employee, provided that such acceleration shall only be permitted to
                                         the extent permitted under Treasury Regulation Section 1.409A-3(j)(vii) and the amount
                                         of such acceleration does not exceed the amount permitted under Treasury Regulation Section
                                         1.409A-3(j)(vii).

 

		(e)	No payment to be made under this
                                         Agreement shall be made at a time earlier than that provided for in this Agreement unless
                                         such payment is (i) an acceleration of payment permitted to be made under Treasury Regulation
                                         Section 1.409A-3(j)(4) or (ii) a payment that would otherwise not be subject to additional
                                         taxes and interest under Section 409A of the Code.

 

		(f)	A payment described in Section
                                         4.4 of this Agreement shall be made only if such payment will not be subject to additional
                                         taxes and interest under Section 409A of the Code.

 

		(g)	No payment shall be made pursuant
                                         to Section 2.3 of this Agreement unless such payment would not constitute a deferral
                                         of compensation pursuant to Treasury Regulation Section 1.409A-1(b)(9)(v).

 

6.       Entire
Agreement; No Conflicts With Existing Arrangements. No agreements or representations, oral or otherwise, express or implied,
with respect to the subject matter hereof have been made by either party that is not set forth expressly in this Agreement. This
Agreement contains the entire agreement, and supersedes any other agreement or understanding between Company and Employee relating
to Employee’s employment, provided, however, that if and to the extent that Company has previously granted equity or other
similar compensation to Employee that is subject to a vesting schedule, contingency or performance condition, this Agreement does
not alter Employee’s entitlement to such compensation in accordance with the original terms thereof. Employee represents
and warrants that his employment by Company hereunder does not and will not conflict with or constitute a breach or default under
any prior or existing agreement with any former employer or other person or entity.

 

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7.       Notices:
All notices and other communications required or permitted under this Agreement shall be in writing and will be either hand delivered
in person, sent by facsimile, sent by certified or registered first class mail, postage pre-paid, or sent by nationally recognized
express courier service. Such notices and other communications will be effective upon receipt if hand delivered or sent by facsimile,
five (5) days after mailing if sent by mail, and one (l) day after dispatch if sent by express courier, to the following addresses,
or such other addresses as any party may notify the other parties in accordance with this Section:

 

If to
Company:

Samson Oil & Gas Limited

The Company Secretary

Level 36, Exchange Plaza

2 The Esplanade

Perth, Western Australia 6000

Facsimile: (08) 9220 9820

 

If to
Employee:

Terence
Barr

at address shown on Company’s
personnel records

 

		8.	Successors
                                         and Assigns.

 

		(a)	This
                                         Agreement is personal to Employee and without the prior written consent of Company shall
                                         not be assignable by Employee otherwise than by will or the laws of descent and distribution.
                                         This Agreement shall inure to the benefit of and be enforceable by Employee’s legal
                                         representatives.

 

		(b)	This
                                         Agreement shall inure to the benefit of and be binding upon Company and its successors
                                         and assigns.

 

		(c)	Company
                                         will require any successor (whether direct or indirect, by purchase, merger, consolidation
                                         or otherwise) to all or substantially all of the business and/or assets of Company to
                                         expressly assume and agree to perform this Agreement in the same manner and to the same
                                         extent that Company would be required to perform it if no such succession had taken place.
                                         As used in this Agreement, “Company” shall mean Company and any successor
                                         to its business and/or assets which assumes and agrees to perform this Agreement by operation
                                         of law or otherwise.

 

		9.	Severability.
                                         The invalidity of any portion of this Agreement shall not affect the enforceability of
                                         the remaining portions of this Agreement. If any provision of this Agreement shall be
                                         declared invalid, this Agreement shall be construed as if such invalid word or words,
                                         phrase or phrases, sentence or sentences, clause or clauses, or section or sections had
                                         not been inserted. If such invalidity is caused by length of time or size of area, or
                                         both, the otherwise invalid provision will be reduced to a period or area that would
                                         cure such invalidity.

 

		10.	Waivers.
                                         The waiver by either party hereto of a breach or violation of any term or provision of
                                         this Agreement shall not operate nor be construed as a waiver of any subsequent breach
                                         or violation.

 

		11.	No Third
                                         Party Beneficiary. Nothing expressed or implied in this Agreement is intended, or
                                         shall be construed, to confer upon or give any person (other than the parties hereto
                                         and, in the case of Employee, his heirs, personal representative(s) and/or legal representative)
                                         any rights or remedies under or by reason of this Agreement.

 

		12.	Governing
                                         Law. This Agreement shall be governed by and construed in accordance with the laws
                                         of the State of Colorado, without regard to principles of conflict of laws.

 

		13.	Survival.
                                         Employee’s obligations under Section 5 hereof shall not terminate upon the termination
                                         of employment or the termination of this Agreement but shall continue in accordance with
                                         their terms set forth herein.

 

		14.	Counterparts
                                         and Facsimile Signatures. This Agreement may be executed in one or more counterparts
                                         and by the separate parties hereto in separate counterparts, each of which shall be deemed
                                         an original, but all of which together shall constitute one and the same document. Telecopies
                                         or other electronic facsimiles of original signatures shall be deemed to be the same
                                         as original signatures for all purposes.

 

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IN WITNESS WHEREOF,
the undersigned have executed this Employment Agreement as of the date set forth above.

 

	 	COMPANY:
	 	 	 
	 	SAMSON OIL AND GAS
    USA, INC.
	 	 	 
	 	 	 
	 	By: 	/s/
    Robyn Lamont
	 	 	Robyn Lamont, Vice President-Finance

 

	 	EMPLOYEE:
	 	 	 
	 	 	 
	 	By: 	/s/
    Terence M. Barr
	 	 	Terence M. Barr

  

 

    10

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