Document:

Facilities Management Agreement, dated as of February 23, 1977

 Exhibit 10.12 
  
  
  
  

 Exhibit 10.12 
  
 AGREEMENT dated February 23, 1977 by and among New York Stock Exchange, Inc. (NYSE), American Stock Exchange, Inc. (AMEX)
and Securities Industry Automation Corporation (SIAC). 
  
 WHEREAS, the parties hereto entered into an agreement dated July 17, 1972 (the Interim Services Agreement) pursuant to which, among other things, SIAC agreed to provide NYSE and AMEX certain data processing and related services as referred
to therein; and 
  
 WHEREAS, since the date of the Interim
Services Agreement SIAC, at the request and expense of NYSE, or AMEX, or both, has enhanced the data processing and related services provided by SIAC and has provided certain new such services to NYSE or AMEX or both; and 
  
 WHEREAS, in light of the substantial changes that have taken place since the
date of the Interim Services Agreement, the parties hereto deem it appropriate to enter into this Agreement superseding the Interim Services Agreement. 
  
 NOW, THEREFORE, in consideration of the premises and the mutual covenants herein set forth, the parties hereto agree as follows: 
  
 § 1. (a) The term “EDP Property” means: (1) the computer
programs or routines and other items used by SIAC to cause computers and their peripheral equipment 

 
to perform tasks and applications, specifically relating to the services at any time provided under this Agreement (the “Software”); (2) all
Software which may at any time be developed or acquired by SIAC, the cost of which is chargeable to NYSE or AMEX or both under this Agreement; (3) all additions to, modifications of or improvements in the Software described in subparts (1) and (2)
of this paragraph which may at any time be developed or acquired by SIAC, the cost of which is chargeable to NYSE or AMEX or both under this Agreement; (4) all documentation required to describe and maintain, and all technical information relating
to, the items described in subparts (1), (2) and (3) of this paragraph, including, without limitation, all applicable operating techniques, data, manuals, reports written for management review, equipment and process designs and all similar ideas,
configurations, formulations, descriptions and plans. 
  
 (b) The
term “Exchange” shall mean either NYSE or AMEX as the context implies and the term “Exchanges” shall mean both NYSE and AMEX. 
  
 SIAC is at the date hereof providing the NYSE with the services described in Schedule A hereto and is providing the AMEX the services described in
Schedule B hereto. The parties hereto agree that SIAC provides NYSE hereunder with the services described in Schedule A hereto 

  

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as Consolidated Tape System (CTS) only insofar as SIAC processes and disseminates last sale prices reflecting completed transactions in so-called Eligible
Securities (as defined in the Consolidated Tape Plan approved by the Securities and Exchange Commission as at May 17, 1974) which take place on the Floor of the NYSE and that SIAC provides AMEX hereunder with the services similarly described in
Schedule B hereto only insofar as SIAC processes and disseminates last sale prices reflecting completed transactions in such Eligible Securities which take place on the Floor of AMEX. 
  
 AMEX is, at the date hereof, a party to the Plan For Reporting of Option Last Sale Price Information (the OPRA Plan)
heretofore filed with the Securities and Exchange Commission (said Plan having been the subject of a letter of non-disapproval from said Commission dated April 7, 1975). As at the date of this Agreement the computer applications programs in the
possession of SIAC and relating to the OPRA Plan are included within the major computer systems operated by SIAC solely for the AMEX as listed in Schedule C hereto and it is agreed that SIAC provides AMEX services hereunder relating to the OPRA Plan
only insofar as SIAC processes and disseminates last sale prices reflecting completed transactions in options which take place on the Floor of the AMEX. At the date hereof the OPRA Plan is 

  

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in the process of being revised to incorporate a high speed line and SIAC will act as the Processor under the OPRA Plan as so revised. It is agreed that,
following the date on which the said high speed line is implemented, insofar as services are at any time thereafter furnished to AMEX or NYSE by SIAC as the Processor under the OPRA Plan, the provisions of this Agreement shall not apply, but the
furnishing of such services shall be governed by the OPRA Plan and the separate agreements entered into between each Exchange which is a party to the OPRA Plan and SIAC as Processor thereunder. 
  
 § 2. SIAC agrees to continue to provide NYSE the services described in
Schedule A hereto and to continue to provide AMEX the services described in Schedule B hereto, except to the extent that either NYSE or AMEX shall from time to time request SIAC to add to, modify or not to provide certain of the services furnished
to it. The services provided each Exchange by SIAC hereunder shall continue to be provided in the same manner and in accordance with substantially the same time schedules as they are, at the date hereof, provided such Exchange by SIAC.
Notwithstanding the foregoing, it is understood by the parties hereto that the requirements of each Exchange for services and the time schedules within which services are required may change from time to time and that the techniques, equipment

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and/or other property employed by SIAC in providing services may change from time to time. SIAC agrees to use its best efforts, consistent with sound
business practices, to adapt to the changed requirements of each Exchange for services rendered by SIAC, and each Exchange agrees that SIAC may change the techniques, equipment and/or other property employed by it in providing such services,
provided, however, that any change which may materially affect the time of the delivery of any of the services or the form or manner in which the services are provided to either Exchange, or is expected to increase materially the cost at which any
service will continue to be furnished such Exchange, shall require the prior written consent of such Exchange. 
  
 The Exchanges recognize that SIAC provides and will in the future provide services to persons other than the Exchanges (as consented to by the Exchanges
as required by the Shareholders Agreement dated July 17, 1972 among SIAC, NYSE and AMEX, as the same may be amended from time to time) and nothing in this Agreement is intended to require SIAC to delay the provision of any such service or to deprive
any such other person of services agreed to be provided such person by SIAC. 
  
 § 3. Each Exchange agrees to pay SIAC charges for the services to be furnished to it determined in accordance with the provisions of Schedule E hereto. Allocations 

  

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of direct and indirect charges as between the Exchanges shall be based on the principles underlying Schedule E, subject to possible adjustment by agreement
of the Exchanges and SIAC based on review by the financial divisions of the Exchanges and their auditors and by SIAC and its auditors. Charges to each Exchange will be invoiced monthly for services rendered to it during the preceding month and will
be payable within ten (10) days of receipt of the invoice by such Exchange. Each invoice shall describe the charges in detail in accordance with Schedule E. There shall be added to any charges under this Agreement amounts equal to any applicable
taxes, however designated, levied or based upon such charges or the services, including state and local privilege or excise taxes based on gross revenue, and taxes or amounts in lieu thereof paid or payable to SIAC in respect of the foregoing,
exclusive, however, of taxes based on net income. Any change proposed by SIAC in the method of determining the charges for services hereunder to be provided by SIAC to the Exchanges shall require the written approval of NYSE and AMEX. 
  
 § 4. On a regular and routine basis SIAC will provide each Exchange with
detailed reports of SIAC’s performance in providing the services to it hereunder, including without limitation, reports relating to SIAC’s avoidance of errors and its adherence to schedules. These 

  

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reports will include a description of any problems or delays that SIAC may have encountered in providing such services and will also include a description
(or a copy) of all complaints or suggestions, written or oral, relating to any of such services which SIAC may have received from any other party, other than any which SIAC considers immaterial. The foregoing provisions shall be deemed satisfied by
SIAC’s provision to each Exchange of reports of the nature heretofore provided by SIAC to each Exchange and provided with the frequency such reports were heretofore provided to each Exchange. SIAC shall satisfy any reasonable request that may
be made from time to time by either Exchange for a change in the timing, frequency, detail or scope of such routine reports. Each of the parties hereto agrees to use its best efforts, consistent with sound business practices, so as to assure
effective communication among the parties in order that any potential problems can be identified as soon as possible and corrected in a timely fashion. 
  
 § 5. SIAC agrees to keep and maintain at its regular place of business true and accurate books, records, accounts, and data (including, without
limitation, copies of all relevant contracts to which SIAC is a party) which shall accurately reflect all particulars relating to all payments and disbursements rendered or made, and all expenses, obligations and liabilities incurred or accrued in

  

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connection with the provision of services hereunder or the satisfaction of SIAC’s obligations under any other provision of this Agreement, or which are
necessary to evaluate or audit the amounts required as payments to SIAC under § 3 hereof. 
  
 § 6. Each Exchange and its agents shall have the right during the term of this Agreement and upon reasonable prior notice to inspect the books and records of SIAC during normal business hours for the purpose of
determining the appropriateness of any charges made by SIAC hereunder to either of the Exchanges and to inspect the properties of SIAC during normal SIAC operating hours in order to determine (i) the extent of SIAC’s compliance with the
provisions of this Agreement in respect of the uses and storage of EDP Property and Services Data (as defined in § 8 hereof) and (ii) the extent of SIAC’s compliance with applicable federal, state or local laws and other generally accepted
standards with respect to the safeguarding of securities and funds; provided, however, that any information contained in such books and records which SIAC has agreed with another party to hold in confidence and which are not related to the matters
referred to in clauses (i) and (ii) of this sentence shall not be subject to such right of inspection. 
  
 § 7. Schedule C attached includes a listing of the major computer systems operated by SIAC solely for 

  

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the NYSE. The total number of separate computer applications programs which have been identified at the date hereof as relating to such systems insofar as
they are operated solely for NYSE is also shown on Schedule C and attached thereto is a detailed printout listing all such computer applications programs. It is agreed that all the EDP Property relating to the major computer systems (or any one or
more thereof) listed on Schedule C insofar as they are operated solely for NYSE (including all the computer applications programs described in the printout of programs attached to such Schedule C) has been acquired or developed by SIAC at the
request of and at the sole expense of NYSE. (All such EDP Property is hereinafter referred to as the NYSE Existing EDP Property). The parties hereto agree that the entire right, title and interest in and to such EDP Property (except to the extent
any such EDP Property has been acquired by SIAC from a person not a party to this Agreement under terms which make it proprietary to such person and not to NYSE or SIAC), is vested in NYSE, and SIAC agrees that such EDP Property is used by SIAC
solely for the purpose of providing NYSE with the services listed in Schedule A hereto and that such EDP Property constitutes the only computer applications programs or routines and other items required by SIAC to cause computers and their
peripheral equipment to perform such services. 
  

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 Schedule C also includes a listing of the major computer systems operated by SIAC solely for the AMEX.
The total number of separate computer applications programs which have been identified at the date hereof as relating to such systems insofar as they are operated solely for AMEX is also shown on Schedule C and attached thereto is a detailed
printout listing all such computer applications programs. It is agreed that all of the EDP Property relating to the major computer systems (or any one or more thereof) listed on Schedule C insofar as they are operated solely for AMEX (including all
the computer applications programs described in the printout of programs attached to such Schedule C), has been acquired or developed by SIAC at the request of and at the sole expense of AMEX. (All such EDP Property is hereinafter referred to as the
AMEX Existing EDP Property). The parties hereto agree that the entire right, title and interest in and to such EDP Property (except to the extent any such EDP Property has been acquired by SIAC from a person not a party to the Agreement under terms
which make it proprietary to such person and not to AMEX or SIAC), is vested in AMEX, and SIAC agrees that such EDP Property is used by SIAC solely for the purpose of providing AMEX with the services listed in Schedule B hereto and that such EDP
Property constitutes the only computer applications programs or routines and other 

  

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items required by SIAC to cause computers and their peripheral equipment to perform such services. 
  
 Schedule C also includes a listing of the major computer systems some portion
of which is operated by SIAC for NYSE and AMEX jointly. The total number of separate computer applications programs which have been identified at the date hereof as relating to such systems insofar as they are operated for NYSE and AMEX jointly is
also shown on Schedule C and attached thereto is a detailed printout listing all such computer applications programs. It is agreed that all of the EDP Property relating to the major computer systems (or any one or more of such systems) listed on
Schedule C hereto insofar as they are operated for NYSE and AMEX jointly (including all the computer applications programs referred to in the printout of programs attached to such Schedule C) has been acquired or developed by SIAC at the joint
request and at the joint expense of NYSE and AMEX. (All such EDP Property is hereinafter referred to as the NYSE/AMEX Existing EDP Property). The parties hereto agree that the entire right, title and interest in and to such EDP Property (except to
the extent any such EDP Property has been acquired by SIAC from a person not a party to this Agreement under terms which make it proprietary to such person and not to NYSE, AMEX or SIAC), is vested in the NYSE and AMEX as joint owners, and SIAC
agrees that 

  

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such EDP Property is used by SIAC solely for the purpose of providing NYSE and AMEX with certain of the services listed in Schedules A and B hereto and that
such EDP Property constitutes the only computer applications programs or routines and other items required by SIAC to cause computers and their peripheral equipment to perform such services. 
  
 The term “NYSE EDP Property” shall include (i) the NYSE Existing
EDP Property and (ii) all EDP Property which is hereafter acquired or developed by SIAC at NYSE’s sole expense for use by SIAC solely in providing services to NYSE hereunder. 
  
 The term “AMEX EDP Property” shall include (i) the AMEX Existing EDP Property and (ii) all EDP Property which is
hereafter acquired or developed by SIAC at AMEX’s sole expense for use by SIAC solely in providing services to AMEX hereunder. 
  
 The term “NYSE/AMEX EDP Property” shall include (i) the NYSE/AMEX Existing EDP Property and (ii) all EDP Property which is hereafter acquired or
developed by SIAC at the joint expense of NYSE and AMEX for use by SIAC solely in providing services to both NYSE and AMEX hereunder. 
  
 Schedule D hereto is a listing of the major computer hardware systems which are utilized in connection with the major computer systems listed on Schedule
C hereto. 

  

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Schedule D identifies all such items of computer hardware, identifies the major computer systems within which such hardware is included and indicates the
owner of such hardware and whether or not it is leased by SIAC. Schedule D also reflects the total number of computer support programs which have been identified as at the date hereof as relating to each item of computer hardware listed on such
Schedule and the details of such computer support programs are maintained by SIAC. Schedule D also indicates the number of computer applications programs listed in Schedule C which each computer hardware system identified in Schedule D is used to
execute. SIAC agrees that all the computer hardware systems (including all related computer support programs) listed on Schedule D and all computer hardware (including all related computer support programs) hereafter obtained by SIAC, whether
through lease or purchase, in replacement of all or any portion of such computer hardware systems (including all related computer support programs) shall be utilized by SIAC only as a part of the major computer system or systems with which it is
identified and only to provide services to NYSE and/or AMEX, except that any such hardware (including all related computer support programs) may be used for such other purpose as may be consented to in writing by the Exchange or Exchanges whose
computer applications programs are executed thereon and, without consent, for the purpose of providing new or 

  

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different services to NYSE and/or AMEX provided that such use shall not interfere with the timely performance of services provided thereby immediately prior
to the use of the new or different service. 
  
 SIAC hereby agrees
that once during each six month period following the date hereof it will review each of the Schedules referred to in this § 7. Following such review it will notify in writing the Exchanges of any changes which should be made therein in order to
cause such Schedules to report accurately the facts as they exist at the time of such review. Any Schedule referred to in this Section, as changed in a manner agreed to by SIAC and the Exchange or Exchanges interested in such Schedule, may be
initialled by SIAC and such Exchange or Exchanges and shall thereupon become a part hereof. 
  
 Subject to any other provision of this Agreement, (i) NYSE hereby agrees to make available to SIAC, on a nonexclusive basis, for the term of this Agreement, the NYSE EDP Property in order to permit SIAC to provide
NYSE, and for the sole purpose of providing NYSE, services hereunder; (ii) AMEX hereby agrees to make available to SIAC, on a nonexclusive basis, for the term of this Agreement, the AMEX EDP Property in order to permit SIAC to provide AMEX, and for
the sole purpose of providing AMEX, services hereunder; and (iii) the NYSE and AMEX hereby jointly agree to make 

  

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available to SIAC, on a nonexclusive basis, for the term of this Agreement, the NYSE/AMEX EDP Property in order to permit SIAC to provide NYSE and AMEX, and
for the sole purpose of providing NYSE and AMEX, services hereunder. 
  
 To the extent necessary for use by SIAC in providing services hereunder and subject to the confidentiality provisions in this § 7, SIAC may copy any of the EDP Property, in whole or in part. 
  
 SIAC may modify any of the NYSE EDP Property for use by SIAC in providing
services to NYSE and may merge any portion of NYSE EDP Property into any other portion thereof. 
  
 SIAC may modify any of the AMEX EDP Property for use by SIAC in providing services to AMEX and may merge any portion of AMEX EDP Property into any other
portion thereof. 
  
 SIAC may modify any of the NYSE/AMEX EDP
Property for use by SIAC in providing services to NYSE and AMEX and may merge any portion of NYSE/AMEX EDP Property into any other portion thereof. 
  
 SIAC shall disclose to NYSE such information concerning the NYSE EDP Property and the NYSE/AMEX EDP Property and shall furnish to NYSE, at the
latter’s expense, such portions or copies thereof as NYSE may request from time to time; provided, however, that, as to any NYSE EDP Property or NYSE/AMEX EDP Property which 

  

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is or has been acquired from a person not a party to this Agreement on terms which make it proprietary to such a person and not to SIAC or NYSE or NYSE and
AMEX jointly, SIAC shall not be required hereby to disclose to NYSE information with respect thereto or to furnish NYSE with any portion, or any copy, thereof. 
  

SIAC shall disclose to AMEX such information concerning the AMEX EDP Property and the NYSE/AMEX EDP Property and shall furnish to AMEX, at the
latter’s expense, such portions or copies thereof as AMEX may request from time to time; provided, however, that, as to any AMEX EDP Property or NYSE/AMEX EDP Property which is or has been acquired from a person not a party to this Agreement on
terms which make it proprietary to such a person and not to SIAC or AMEX or NYSE and AMEX jointly, SIAC shall not be required hereby to disclose to AMEX information with respect thereto, or to furnish AMEX with any portion, or any copy, thereof.

  
 All right, title and interest in and to NYSE EDP Property
which shall be acquired or developed by SIAC hereafter shall vest solely in NYSE (except to the extent any such EDP Property is or has been acquired by SIAC from a person not a party to this Agreement on terms which make it proprietary to such a
person and not to NYSE or SIAC), and neither SIAC nor AMEX shall have any right, title or 

  

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interest in or to any such NYSE EDP property except as may be specifically granted in writing by NYSE. SIAC agrees to assign, transfer and grant to NYSE all
property rights in respect of NYSE EDP Property not heretofore assigned, transferred or granted (except to the extent any such EDP Property is or has been acquired by SIAC from a person not a party to this Agreement on terms which make it
proprietary to such a person and not to NYSE or SIAC), including, without limitation, any domestic or foreign copyright or patent rights. At NYSE’s direction and expense SIAC shall perform all reasonable acts necessary to maintain, protect or
establish any such proprietary rights. 
  
 All right, title and
interest in and to AMEX EDP Property which shall be acquired or developed by SIAC hereafter shall vest solely in AMEX (except to the extent any such EDP Property is or has been acquired by SIAC from a person not a party to this Agreement on terms
which make it proprietary to such a person and not to AMEX or SIAC), and neither SIAC nor NYSE shall have any right, title or interest in or to any such AMEX EDP Property except as may be specifically granted in writing by AMEX. SIAC agrees to
assign, transfer and grant to AMEX all property rights in respect of AMEX EDP Property not heretofore assigned, transferred or granted (except to the extent any such EDP Property is or has been acquired by SIAC from a person not a party to 

  

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this Agreement on terms which make it proprietary to such a person and not to AMEX or SIAC), including, without limitation, any domestic or foreign copyright
or patent rights. At AMEX’s direction and expense SIAC shall perform all reasonable acts necessary to maintain, protect or establish any such proprietary rights. 
  
 All right, title and interest in and to NYSE/AMEX EDP Property which shall be acquired or developed by SIAC hereafter shall
vest solely in NYSE and AMEX jointly (except to the extent any such EDP Property is or has been acquired by SIAC from a person not a party to this Agreement on terms which make it proprietary to such a person and not to NYSE, AMEX or SIAC), and SIAC
shall not have any right, title or interest in or to any such NYSE/AMEX EDP Property. SIAC agrees to assign, transfer and grant to NYSE and AMEX jointly all property rights in respect to NYSE/AMEX EDP Property not heretofore assigned, transferred or
granted (except to the extent any such EDP Property is or has been acquired by SIAC from a person not a party to this Agreement on terms which make it proprietary to such a person and not to NYSE, AMEX or SIAC), including, without limitation, any
domestic or foreign copyright or patent rights. At the direction and expense of NYSE and AMEX, SIAC shall perform all reasonable acts necessary to maintain, protect or establish any such proprietary rights. 
  

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 NYSE, as to NYSE EDP Property which is proprietary to NYSE, AMEX, as to AMEX EDP Property which is
proprietary to AMEX, and both NYSE and AMEX as to NYSE/AMEX EDP Property which is proprietary to both NYSE and AMEX, may, but shall have no duty to, file any patent or copyright application or prosecute and maintain any patent or copyright, both
domestic and foreign, in respect of any such EDP Property. As to such NYSE/AMEX EDP Property, in the event that either of NYSE or AMEX shall not choose to file, prosecute or maintain a patent or copyright, the other may do so at its sole expense,
provided that all rights therein are in the name of both NYSE and AMEX in which case each of NYSE and AMEX shall be required to account to the other with respect to any benefit realized by it upon the disposition of any such rights and to share such
benefits equally with the other. 
  
 SIAC acknowledges and agrees
that (i) NYSE EDP Property is and shall be (except as otherwise agreed in writing by NYSE) used by SIAC in its normal business operation solely in order to provide NYSE services hereunder for the benefit of NYSE and (except as to the extent any such
EDP Property is or has been acquired by SIAC from a person not a party to this Agreement on terms which make it proprietary to such a person and not to NYSE or SIAC) constitutes proprietary matter and trade secret material of NYSE, (ii) AMEX EDP
Property is and shall be (except as otherwise agreed 

  

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in writing by AMEX) used by SIAC in its normal business operation solely in order to provide AMEX services hereunder for the benefit of AMEX and (except to
the extent any such EDP Property is or has been acquired by SIAC from a person not a party to this Agreement on terms which make it proprietary to such a person and not to AMEX or SIAC) constitutes proprietary matter and trade secret material of
AMEX, and (iii) NYSE/AMEX EDP Property is and shall be (except as otherwise agreed in writing by both NYSE and AMEX) used by SIAC in its normal business operation solely in order to provide both NYSE and AMEX services hereunder for their joint
benefit and (except to the extent any such EDP Property is or has been acquired by SIAC from a person not a party to this Agreement on terms which make it proprietary to such a person and not to NYSE, AMEX or SIAC) constitutes proprietary matter and
trade secret material of NYSE and AMEX jointly. 
  
 SIAC agrees
that it shall take reasonable steps, and will follow the practices herein referred to, to hold NYSE EDP Property and any part thereof in whatever form it may then be recorded, in confidence as to all parties as to which it is not proprietary,
including AMEX, except as otherwise agreed in writing by NYSE and that SIAC will exercise due diligence to safeguard such confidentiality. SIAC agrees that it shall take reasonable steps, and will follow the practices herein referred to, to hold
AMEX EDP Property 

  

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and any part thereof, in whatever form it may then be recorded, in confidence as to all parties as to which it is not proprietary, including NYSE, except as
otherwise agreed in writing by AMEX and that SIAC will exercise due diligence to safeguard such confidentiality. SIAC also agrees that it shall take reasonable steps, and will follow the practices herein referred to, to hold NYSE/AMEX EDP Property
and any part thereof, in whatever form it may then be recorded, in confidence as to all parties as to which it is not proprietary, except as otherwise agreed to in writing by both NYSE and AMEX and that SIAC will exercise due diligence to safeguard
such confidentiality. No part of NYSE EDP Property which constitutes proprietary matter to NYSE, nor the substance of any part thereof, shall be duplicated and/or disclosed in whole or in part by SIAC to any person other than NYSE without the
express written consent of NYSE, except only to the extent reasonably necessary to SIAC’s use of such EDP Property as contemplated by this Agreement. No part of AMEX EDP Property which constitutes proprietary matter to AMEX, nor the substance
of any part thereof, shall be duplicated and/or disclosed in whole or in part by SIAC to any person other than AMEX without the express written consent of AMEX, except only to the extent reasonably necessary to SIAC’s use of such EDP Property
as contemplated by this Agreement. No part of NYSE/AMEX EDP Property which constitutes proprietary 

  

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matter to NYSE and AMEX jointly, nor the substance of any part thereof, shall be duplicated and/or disclosed in whole or in part by SIAC to any person other
than NYSE or AMEX without the express written consent of both NYSE and AMEX, except only to the extent reasonably necessary to SIAC’s use of such EDP Property as contemplated by this Agreement. 
  
 It is further agreed that SIAC will take reasonable precautions to ensure
that all officers and personnel of SIAC who may make duplicates of or have access to EDP Property used by SIAC to provide services hereunder or to any part thereof, or to any duplicates thereof, or to whom any such disclosure is made, shall be
expressly advised by written notice by SIAC, which shall be posted in conspicuous places in each location in which SIAC conducts operations pertaining to the services hereunder or in which such EDP Property is located, of the confidential nature
thereof and that they are required to maintain confidentiality with respect thereto as provided herein; and in the event any such officer or employee of SIAC, whether or not still employed by SIAC, fails to maintain such confidentiality, SIAC shall
notify NYSE or AMEX (whichever has a proprietary interest in the EDP Property as to which confidentiality has not been maintained) promptly in writing of such failure to maintain confidentiality whenever it has knowledge of such failure, and shall,
at the expense of such Exchange, take all steps 

  

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available to it and specifically directed by such Exchange to obtain any remedy or relief that may be appropriate and available to protect and maintain the
confidentiality of EDP Property and to protect, maintain and prevent any use in violation of the right, title and interest of NYSE, or AMEX, or both, to EDP Property. The foregoing restrictions with respect to confidentiality shall not apply to any
EDP Property which shall be in the public domain for reasons other than the acts of SIAC or which SIAC is compelled to disclose by valid legal process. 
  
 SIAC agrees to take reasonable steps to use, store and maintain all EDP Property in a manner consistent with the safeguarding thereof against unauthorized
use, misdelivery, alteration, theft, loss, damage or destruction, and will take such other or further steps for such purposes as NYSE or AMEX may from time to time reasonably request in writing, provided that the requesting Exchange shall pay the
cost incurred by SIAC in safeguarding EDP Property in the manner so requested. SIAC may not destroy any EDP Property used in connection with the provision of services to either Exchange without the prior express written consent of such Exchange,
except that EDP Property which such Exchange and SIAC agree is no longer needed or used by SIAC in its provision of services to such Exchange may be destroyed by SIAC or may be sold by SIAC upon such terms as it shall deem appropriate, provided that
any 

  

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proceeds shall be paid over to such Exchange. 
  
 Upon termination of this Agreement, SIAC agrees (i) to deliver to NYSE, at the expense of NYSE, all NYSE EDP Property except that which has been acquired
from a person not a party to this Agreement on terms which make it proprietary to such a person and not to NYSE or SIAC, in whatever form it may then be recorded, including all copies thereof, which is in SIAC’s possession at the time of
termination of this Agreement, (ii) to deliver to AMEX, at the expense of AMEX, all AMEX EDP Property except that which has been acquired from a person not a party to this Agreement on terms which make it proprietary to such a person and not to AMEX
or SIAC, in whatever form it may then be recorded, including all copies thereof, which is in SIAC’s possession at the time of termination of this Agreement, and (iii) to deliver to both NYSE and AMEX, at the expense of NYSE and AMEX based upon
the cost of the delivery to it, all NYSE/AMEX EDP Property except that which has been acquired from a person not a party to this Agreement on terms which make it proprietary to such a person and not to NYSE, AMEX or SIAC, in whatever form it may
then be recorded, including all copies thereof which is in SIAC’s possession at the time of termination of this Agreement. SIAC shall not be required to effect any such delivery until the party to which the delivery is to be made shall have
specified the place to, and the manner in which, delivery shall be made. 
  

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 The parties hereto agree that all EDP Property developed or acquired by SIAC for the purpose of enabling
it to furnish services hereunder shall be developed or acquired at the sole expense of NYSE if such EDP Property is to be used to provide services hereunder solely to NYSE, at the sole expense of AMEX if such EDP Property is to be used to provide
services hereunder solely to AMEX and at the joint expense of both NYSE and AMEX (in respective proportions agreed upon by NYSE and AMEX) if such EDP Property is to be used to provide services hereunder to both NYSE and AMEX. 
  
 Whenever NYSE at any time during the term of this Agreement requests SIAC to
add to or modify services to be furnished to it hereunder by SIAC, SIAC shall consider whether or not implementation by it of such request will require SIAC to acquire or develop EDP Property which is essentially similar in any material respect (in
SIAC’s professional opinion) to EDP Property previously developed or acquired by SIAC for AMEX and included within the term AMEX EDP Property. Whenever in any such case SIAC concludes that implementation by it of the request will require SIAC
to acquire or develop EDP Property which is essentially similar in any material respect to EDP Property previously developed or acquired by SIAC for AMEX and included within the term AMEX EDP Property, SIAC shall give NYSE prompt written notice (the
Notice) of such conclusion (with a copy thereof to AMEX) in order that NYSE 

  

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and AMEX may discuss the question of the dollar amount, if any, which under the circumstances NYSE should agree to pay AMEX and the terms of any such
payment. 
  
 Whenever AMEX at any time during the term of this
Agreement requests SIAC to add to or modify services to be furnished to it hereunder by SIAC, SIAC shall consider whether or not implementation by it of such request will require SIAC to acquire or develop EDP Property which is essentially similar
in any material respect (in SIAC’s professional opinion) to EDP Property previously developed or acquired by SIAC for NYSE and included within the term NYSE EDP Property. Whenever in any such case SIAC concludes that implementation by it of the
request will require SIAC to acquire or develop EDP Property which is essentially similar in any material respect to EDP Property previously developed or acquired by SIAC for NYSE and included within the term NYSE EDP Property, SIAC shall give AMEX
prompt written notice (the Notice) of such conclusion (with a copy thereof to NYSE) in order that NYSE and AMEX may discuss the question of the dollar amount, if any, which under the circumstances AMEX should agree to pay NYSE and the terms of any
such payment. 
  
 NYSE and AMEX each agrees to enter into any
discussions contemplated by this § 7 promptly and to conduct them expeditiously and in good faith to the end 

  

 -26- 

 
that, whenever practicable, EDP Property developed or acquired by SIAC at the sole expense of such Exchange may, in return for equitable consideration to be
received from the other Exchange, be utilized by SIAC for the benefit of such other Exchange. In the event that the Exchange (the First Exchange) for which essentially similar EDP Property has been previously developed or acquired by SIAC shall give
written consent to the other Exchange (the Second Exchange) and SIAC to SIAC’s use of such EDP Property for the benefit of the Second Exchange, SIAC may implement the request of the Second Exchange and in so doing shall not be restricted in its
use of such EDP Property for the benefit of the Second Exchange and in the event that the First Exchange shall not, within 60 days following the date of the Notice, so agree, SIAC may nevertheless implement the request of the Second Exchange,
provided that in so doing SIAC shall use its best efforts to utilize employees, agents or third parties which were not involved in the development of EDP Property previously developed or acquired by SIAC for the First Exchange and, consistent with
the confidentiality requirements herein, SIAC shall not refer to EDP Property previously developed or acquired for the First Exchange in connection with its implementation of such request. 
  

 -27- 

 § 8. The furnishing of any and all data or information to SIAC by NYSE or any other person, in
whatever form it shall be recorded, in connection with SIAC’s provision of services hereunder to NYSE shall not constitute the assignment or transfer of any proprietary rights therein to SIAC and, as between NYSE and SIAC, all such data or
information, any and all data or information developed by SIAC in the process of providing services to NYSE and any and all data delivered in such process by SIAC to NYSE or to any other person shall be the property of NYSE. The furnishing of any
and all data or information to SIAC by AMEX or any other person, in whatever form it shall be recorded, in connection with SIAC’s provision of services hereunder to AMEX shall not constitute the assignment or transfer of any proprietary rights
therein to SIAC and, as between AMEX and SIAC, all such data or information, any and all data or information developed by SIAC in the process of providing services to AMEX and any and all data delivered in such process by SIAC to AMEX or to any
other person shall be the property of AMEX. The data referred to in the first sentence of this paragraph are hereinafter referred to as the “NYSE Services Data”; the data referred to in the second sentence of this 

  

 -28- 

 
paragraph are hereinafter referred to as the “AMEX Services Data”; and the NYSE Services Data and the AMEX Services Data are hereinafter
collectively referred to as the “Services Data”. 
  
 SIAC acknowledges and agrees that the Services Data are provided solely for the use of SIAC in providing services hereunder. SIAC agrees that it shall take reasonable steps, and will follow the practices herein referred to, to hold in
confidence the Services Data and all parts and copies thereof, in whatever form it shall be recorded, and that SIAC will exercise due diligence to safeguard such confidentiality. No part of the Services Data nor the substance of any part thereof,
shall be duplicated and/or disclosed by SIAC except as reasonably necessary in providing services hereunder. It is further agreed that SIAC will take reasonable precautions to ensure that all officers and personnel of SIAC who may make duplicates of
or have access to the Services Data or any part thereof, or to any such duplicates, or to whom any such disclosure is made, shall be expressly advised by written notice by SIAC, which shall be posted in conspicuous places in each location in which
SIAC conducts operations pertaining to the services hereunder or in which the Services Data is located, of the confidential nature thereof and that they are 

  

 -29- 

 
required to maintain confidentiality with respect thereto as provided herein; and in the event any such officer or employee of SIAC, whether or not still
employed by SIAC, fails to maintain such confidentiality, SIAC shall notify NYSE (in the case of NYSE Services Data) or AMEX (in the case of AMEX Services Data) promptly in writing of such failure to maintain confidentiality whenever it has
knowledge of such failure, and shall, at the expense of NYSE (in the case of NYSE Services Data) or AMEX (in the case of AMEX Services Data), take all steps available to it and specifically directed by the Exchange at whose expense such action is
taken to obtain any remedy or relief that may be appropriate and available to protect and maintain the confidentiality of the Services Data and to protect, maintain and prevent any use in violation of such Exchange’s right, title and interest
to the Services Data. The foregoing restrictions shall not apply to any data which shall be in the public domain for reasons other than the acts of SIAC or which SIAC is compelled to disclose by valid legal process. 
  

 -30- 

 SIAC agrees to take reasonable steps to use, store and maintain all Services Data in a manner consistent
with the safeguarding thereof against unauthorized use, misdelivery, alteration, theft, loss, damage or destruction, and will take such other or further steps for such purposes as NYSE (in the case of NYSE Services Data) or AMEX (in the case of AMEX
Services Data) may from time to time request in writing, provided that the Exchange making such request shall pay the cost incurred by SIAC in safeguarding Services Data in the manner requested by it. SIAC shall deliver to NYSE such NYSE Services
Data or such copies thereof as NYSE may request of SIAC at any time. SIAC shall deliver to AMEX such AMEX Services Data or such copies thereof as AMEX may request of SIAC at any time. SIAC shall retain all Services Data for such periods as NYSE (in
the case of NYSE Services Data) or AMEX (in the case of AMEX Services Data) may require, consistent with the periods of retention required by applicable federal, state or local laws, or rules or regulations thereunder, and reasonable periods in
excess thereof, provided, however, that SIAC may destroy Services Data upon obtaining the prior written consent of NYSE (in the case of NYSE Services Data) or AMEX (in the case of AMEX Services Data) to such destruction. In the event of termination
of this Agreement, SIAC shall, at the expense of NYSE, deliver to NYSE or its designee all NYSE Services Data, including all 

  

 -31- 

 
copies thereof, in its possession in whatever form it may then be recorded and shall, at the expense of AMEX, deliver to AMEX or its designee all AMEX
Services Data, including all copies thereof, in its possession in whatever form it may then be recorded. SIAC shall not be required to effect any such delivery until the party to which the delivery is to be made shall have specified the place to,
and the manner in which, delivery shall be made. 
  
 § 9. The
term “NYSE sales data” as used herein shall mean, at any given time, any last sale price reflecting a completed transaction in any security on the floor of the NYSE (other than any options last sale prices), which last sale price has been
furnished to SIAC by NYSE within the immediately preceding 15 minute period, together with such other securities market information as is based upon or derived from such last sale price. The term “bid-asked quotations” as used in this
§ 9 shall mean the bid-asked quotations as disseminated on the NYSE, except that whenever bid-asked quotations in options are disseminated through the OPRA Plan, such term shall not include such quotations. 
  
 SIAC will so arrange and protect the wires and circuits over which the NYSE
sales data and the bid-asked quotations are transmitted by SIAC (or will cause such wires and circuits to be so arranged and protected) that said wires and circuits, so far as within the control of SIAC, cannot be 

  

 -32- 

 
tapped or any of the NYSE sales data or bid-asked quotations taken off said wires or circuits, or in any way communicated, otherwise than (a) as may have
been or as may hereafter be agreed in writing by NYSE, (b) by use of computer and related equipment located in the premises of SIAC or (c) by use of equipment located in the offices of persons to which SIAC furnishes the NYSE sales data and/or
bid-asked quotations after full compliance with the limitations, conditions and provisions of this § 9. 
  
 The transmiting rooms of SIAC shall be located at such place or places as may be agreed upon in writing by NYSE and SIAC. At any and all reasonable times
any authorized representative of NYSE shall, subject to reasonable security restrictions of SIAC, if any, then in effect, have access to said transmitting rooms and also to any test rooms or other rooms in New York City or any other city under
SIAC’s control from or through which wires used in the transmission of NYSE sales data or bid-asked quotations pass, and the right to examine in the presence of SIAC officials in charge thereof, all appliances, and observe all operations
located or carried on therein, but only for the purpose and insofar as necessary to insure compliance by SIAC with the covenant contained in the next preceding paragraph. Except as herein provided, no one shall be authorized to have access to any of
the NYSE sales data or bid-asked 
  

 -33- 

 
quotations in said transmitting rooms or other rooms during business hours, except the officers of SIAC and its employees engaged in receiving, processing or
transmitting the NYSE sales data or bid-asked quotations. 
  
 No
part of the NYSE sales data or the bid-asked quotations shall be furnished by SIAC or its officers or employees to any other person, or in any manner, except as consented to by NYSE. 
  
 SIAC agrees that it shall not attach, or cause or permit to be attached, to any wires, apparatus or equipment by which the
NYSE sales data or the bid-asked quotations are received by any person, any device or apparatus not approved or consented to by NYSE or the Consolidated Tape Association (CTA). 
  
 SIAC agrees that it will not knowingly furnish all or any part of the NYSE sales data in any manner to any location other
than the office of a person who is at the time of receipt thereof approved by NYSE or CTA to receive NYSE sales data or the office of any entity (an “NYSE Sales Data Vendor”) which is at the time of receipt approved by NYSE or CTA to
receive NYSE sales data for the purpose of processing and distributing or distributing such data to the office of a person who is at the time of receipt thereof approved by NYSE or CTA to receive NYSE sales data, and that it will not knowingly
furnish the bid-asked quotations in any 

  

 -34- 

 
manner to any location other than the office of a person who is at the time of receipt thereof approved by NYSE to receive such quotations or the office of
any entity (an “NYSE Quotation Vendor”) which is at the time of receipt approved by NYSE to receive bid-asked quotations for the purpose of processing and distributing or distributing such quotations to the office of a person who is at the
time of receipt thereof approved by NYSE to receive such quotations. 
  
 SIAC agrees to use its best efforts, consistent with sound business practices, to prevent any persons other than such NYSE approved persons or NYSE Quotations Vendors approved by NYSE from obtaining the bid-asked quotations and in case the
bid-asked quotations are obtained by persons other than such persons or approved NYSE Quotation Vendors, SIAC will use its best efforts, consistent with sound business practices, to ascertain the source from which the same were obtained, and to
inform NYSE fully with respect thereto. 
  
 SIAC will use its best
efforts, consistent with sound business practices, to prevent any persons other than persons approved by NYSE or NYSE Sales Data Vendors approved by NYSE from obtaining any part of the NYSE sales data and in case any part is obtained by persons
other than such persons or approved NYSE Sales Data Vendors, SIAC will use its best efforts, consistent with sound business practices, to ascertain the source from which the same were obtained 

  

 -35- 

 
and to inform NYSE fully with respect thereto. 
  
 SIAC will cease furnishing any NYSE sales data and/or bid-asked quotations, as the case may be, to any person upon notice so to do by NYSE. 
  
 NYSE will indemnify and hold harmless SIAC and its shareholders, directors,
officers and employees from and against any and all liability or damages, including reasonable counsel fees, incurred as a result of any suits or proceedings at law or in equity brought by any person, and which arise out of or in connection with (i)
SIAC’s dissemination of NYSE sales data or bid-asked quotations to other persons, in compliance with the limitations, conditions and provisions of this § 9, as reported to SIAC or (ii) SIAC’s ceasing to forward any NYSE sales data or
bid-asked quotations to any person upon notice so to do by NYSE; provided, however, that (a) NYSE shall be notified promptly in writing of any such suit or proceeding brought or threatened to be brought against SIAC or any of its shareholders,
directors, officers or employees, (b) NYSE, at its option, may assume control of the defense of any such suit or proceeding and all negotiations for the settlement or compromise thereof, (c) NYSE shall have the right to agree to the compromise or
settlement of such suit or proceeding on behalf of SIAC and (d) SIAC shall, as requested by NYSE, cooperate in the defense of any such suit or 
  

 -36- 

 
proceeding and in any such negotiations. 
  
 In case NYSE institutes any suit or proceeding to enjoin any person not entitled to the NYSE sales data and/or the bid-asked quotations from obtaining the
same or from using the same, SIAC will cooperate with and assist NYSE in such suit or proceeding; and whenever requested so to do by NYSE and indemnified against any cost or liability which it may thereby incur, SIAC will institute in its name, or
permit NYSE to institute in the name of SIAC, any suit or proceeding to prevent any person not entitled to receive the NYSE sales data and/or bid-asked quotations from obtaining or using the same or any part thereof. 
  
 NYSE reserves the right without any notice or liability to SIAC or to any
other person, to furnish, or to contract with any other person to furnish, the NYSE sales data and/or the bid-asked quotations by any means whatsoever, including any device or equipment designed or manufactured by NYSE or any other person.

  
 Nothing herein shall be deemed to constitute an agreement by
NYSE that it will continue to furnish the NYSE sales data and/or the bid-asked quotations or that it will continue to do so in any particular form or manner. 
  
 § 10. The term “AMEX sales data” as used herein shall mean, at any given time, any last sale price reflecting a completed transaction in
any security on the floor of the 

  

 -37- 

 
AMEX (other than any options last sale prices), which last sale price has been furnished to SIAC by AMEX within the immediately preceding 15 minute period,
together with such other securities market information as is based upon or derived from such last sale price. The term “bid-asked quotations” as used in this § 10 shall mean the bid-asked quotations as disseminated on the AMEX, except
that whenever bid-asked quotations in options are disseminated through the OPRA Plan, such term shall not include such quotations. 
  
 SIAC will so arrange and protect the wires and circuits over which the AMEX sales data and the bid-asked quotations are transmitted by SIAC (or will cause
such wires and circuits to be so arranged and protected) that said wires and circuits, so far as within the control of SIAC, cannot be tapped or any of the AMEX sales data or bid-asked quotations taken off said wires or circuits, or in any way
communicated, otherwise than (a) as may have been or as may hereafter be agreed in writing by AMEX, (b) by use of computer and related equipment located in the premises of SIAC, or (c) by use of equipment located in the offices of persons to which
SIAC furnishes the AMEX sales data and/or bid-asked quotations after full compliance with the limitations, conditions and provisions of this § 10. 
  
 Insofar as SIAC has control of the transmitting rooms for AMEX sales data or bid-asked quotations, at any and 

  

 -38- 

 
all reasonable times any authorized representative of AMEX shall, subject to reasonable security restrictions by SIAC, if any, then in effect, have access to
said transmitting room and also to any test rooms or other rooms in New York City or any other city under SIAC’s control from or through which wires used in the transmission of AMEX sales data or bid-asked quotations pass, and the right to
examine in the presence of SIAC officials in charge thereof, all appliances, and observe all operations located or carried on therein, but only for the purpose and insofar as necessary to insure compliance by SIAC with the covenant contained in the
next preceding paragraph. Except as herein provided, no one shall be authorized to have access to any of the AMEX sales data or bid-asked quotations in said transmitting rooms or other rooms during business hours, except the officers of SIAC and its
employees engaged in receiving, processing or transmitting AMEX sales data or bid-asked quotations. 
  
 No part of the AMEX sales data or the bid-asked quotations shall be furnished by SIAC or its officers or employees, to any other person, or in any manner,
except as consented to by AMEX. 
  
 SIAC agrees that it shall not
attach, or cause or permit to be attached, to the wires, apparatus or equipment by which AMEX sales data or the bid-asked quotations are received by any person, any device or apparatus not 

  

 -39- 

 
approved or consented to by AMEX or CTA. 
  
 SIAC agrees that it will not knowingly furnish all or any part of the AMEX sales data in any manner to any location other than the office of a person who
is at the time of receipt thereof approved by AMEX or CTA to receive AMEX sales data or the office of any entity (an “AMEX Sales Data Vendor”) which is at the time of receipt approved by AMEX or CTA to receive AMEX sales data for the
purpose of processing and distributing or distributing such data to the office of a person who is at the time of receipt thereof approved by AMEX or CTA to receive AMEX sales data, and that it will not knowingly furnish the bid-asked quotations in
any manner to any location other than the office of a person who is at the time of receipt thereof approved by AMEX to receive such quotations or the office of any entity (an “AMEX Quotation Vendor”) which is at the time of receipt
approved by AMEX to receive bid-asked quotations for the purpose of processing and distributing or distributing such quotations to the office of a person who is at the time of receipt thereof approved by AMEX to receive such quotations. 

 
 SIAC agrees to use its best efforts, consistent with sound business
practices, to prevent any persons other than such AMEX approved persons or AMEX Quotation Vendors approved by AMEX from obtaining the bid-asked quotations and in case the bid-asked quotations are obtained by persons 

  

 -40- 

 
other than such persons or approved AMEX Quotation Vendors, SIAC will use its best efforts, consistent with sound business practices, to ascertain the source
from which the same were obtained, and to inform AMEX fully with respect thereto. 
  
 SIAC will use its best efforts, consistent with sound business practices, to prevent any persons other than persons approved by AMEX or AMEX Sales Data Vendors approved by AMEX from obtaining any part of the AMEX
sales data and in case any part is obtained by persons other than such persons or approved AMEX Sales Data Vendors, SIAC will use its best efforts, consistent with sound business practices, to ascertain the source from which the same were obtained
and to inform AMEX fully with respect thereto. 
  
 SIAC will cease
furnishing any AMEX sales data and/ or bid-asked quotations, as the case may be, to any person upon notice so to do by AMEX. 
  
 AMEX will indemnify and hold harmless SIAC and its shareholders, directors, officers and employees from and against any and all liability or damages,
including reasonable counsel fees, incurred as a result of any suits or proceedings at law or in equity brought by any person, and which arise out of or in connection with (i) SIAC’s dissemination of AMEX sales data or bid-asked quotations to
other persons, in compliance with the limitations, conditions and provisions of this § 10, as reported to SIAC or (ii) SIAC’s ceasing to forward any AMEX sales data or bid-asked 

  

 -41- 

 
quotations to any person upon notice so to do by AMEX; provided, however, that (a) AMEX shall be notified promptly in writing of any such suit or proceeding
brought or threatened to be brought against SIAC or any of its shareholders, directors, officers or employees, (b) AMEX, at its option, may assume control of the defense of any such suit or proceeding and all negotiations for the settlement or
compromise thereof, (c) AMEX shall have the right to agree to the compromise or settlement of such suit or proceeding on behalf of SIAC and (d) SIAC shall, as requested by AMEX, cooperate in the defense of any such suit or proceeding and in any such
negotiations. 
  
 In case AMEX institutes any suit or proceeding
to enjoin any person not entitled to the AMEX sales data and/or the bid-asked quotations from obtaining the same or from using the same, SIAC will cooperate with and assist AMEX in such suit or proceeding; and whenever requested so to do by AMEX and
indemnified against any cost or liability which it may thereby incur, SIAC will institute in its name, or permit AMEX to institute in the name of SIAC, any suit or proceeding to prevent any person not entitled to receive the AMEX sales data and/or
bid-asked quotations from obtaining or using the same or any part thereof. 
  
 AMEX reserves the right without any notice or liability to SIAC with any other person, to furnish, or to 

  

 -42- 

 
contract with any other person to furnish, the AMEX sales data and/or the bid-asked quotations by any means whatsoever, including any device or equipment
designed or manufactured by AMEX or any other person. 
  
 Nothing
herein shall be deemed to constitute an agreement by AMEX that it will continue to furnish the AMEX sales data and/or the bid-asked quotations or that it will continue to do so in any particular form or manner. 
  
 § 11. Whenever requested by NYSE or AMEX, SIAC shall use its best
efforts to obtain and maintain during the term of this Agreement such insurance protection as such Exchange may reasonably request in writing, provided that the Exchange making such request agrees that it will at the request of SIAC reimburse SIAC
for the premiums and other reasonable costs incurred by SIAC in obtaining and maintaining such insurance protection. SIAC shall also fully cooperate with NYSE and AMEX in respect of the obtaining and maintaining by such Exchanges, at their expense,
of any insurance protection with respect to any matters which are the subject of this Agreement. 
  
 § 12. All the obligations and duties of SIAC, its officers, personnel and agents under §§ 7 and 8 hereof with respect to the confidential
treatment by SIAC, its officers, personnel and agents of EDP Property and Services Data shall survive the expiration or termination of this Agreement. 
  

 -43- 

 § 13. NEITHER SIAC NOR ANY OF ITS SHAREHOLDERS, DIRECTORS, OFFICERS OR EMPLOYEES SHALL BE LIABLE TO
EITHER EXCHANGE, PERSONS USING THE SERVICES OF EITHER EXCHANGE OR ANY OTHER PERSON FOR ANY LIABILITY, LOSS OR DAMAGE RESULTING FROM OR CLAIMED TO HAVE RESULTED FROM ANY DELAYS, INACCURACIES, ERRORS OR OMISSIONS WITH RESPECT TO ITS PROVISION OF THE
SERVICES OR ANY FAILURE TO PROVIDE THE SERVICES, EXCEPT WITH RESPECT TO SUCH LIABILITY, LOSS OR DAMAGE AS SHALL HAVE BEEN CAUSED (i) BY THE WILLFUL MISCONDUCT OR GROSS NEGLIGENCE OF SIAC OR ITS SHAREHOLDERS, DIRECTORS, OFFICERS OR EMPLOYEES, OR (ii)
BY ANY OTHER RISK SPECIFIED IN THE COVERAGE PROVIDED BY ANY APPLICABLE INSURANCE MAINTAINED BY OR FOR SIAC AND, IN THE CASE OF LIABILITY, LOSS OR DAMAGE CAUSED AS DESCRIBED IN CLAUSE (i) ABOVE, SIAC SHALL NOT BE LIABLE FOR ANY AMOUNT IN EXCESS OF
THE LARGER OF THE AVERAGE MONTHLY PAYMENT BY NYSE AND AMEX FOR SERVICES DURING THE PRECEDING SIX-MONTH PERIOD OR THE AMOUNT OF THE RECOVERY OBTAINED UNDER ANY APPLICABLE INSURANCE MAINTAINED BY OR FOR SIAC, AND, IN THE CASE OF LIABILITY, LOSS OR
DAMAGE CAUSED AS DESCRIBED IN CLAUSE (ii) ABOVE, SIAC SHALL NOT BE LIABLE FOR ANY AMOUNT IN EXCESS OF THE RECOVERY OBTAINED UNDER ANY APPLICABLE INSURANCE MAINTAINED BY OR FOR SIAC. NO WARRANTIES, EXPRESSED OR IMPLIED, INCLUDING THE IMPLIED
WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE, ARE MADE BY SIAC WITH RESPECT TO ANY OF THE SERVICES PERFORMED HEREUNDER. 
  

 -44- 

 The NYSE agrees to indemnify and hold harmless SIAC and each of its shareholders, directors, officers and
employees from and against any and all liability, loss or damages, including reasonable attorneys’ fees, incurred as a result of any suits, claims or proceedings at law or in equity brought by any person, and which arise out of or in connection
with SIAC’s provision of services to NYSE hereunder, but only to the extent that such liability, loss or damages are incurred as a result of a court order which is final, which under applicable law or rules or regulations thereunder is not
appealed within the time limitation specified therefor or is not appealable and which imposes liability upon SIAC, or any of its shareholders, directors, officers and employees for acts or omissions to act for which such parties are not liable under
this § 13, provided, however, (a) that the NYSE shall be notified promptly in writing of any such suit, claim or proceeding brought or threatened to be brought against SIAC or any of its shareholders, directors, officers or employees, (b) that,
at its option, the NYSE may assume sole control of the defense of such suit, claim or proceeding brought or threatened to be brought and all negotiations for the settlement or compromise thereof, (c) that the NYSE shall have the right to agree to
the compromise or settlement of such suit, claim or proceeding on behalf of SIAC and (d) that SIAC shall, as requested by the 

  

 -45- 

 
NYSE, cooperate in the defense of any such suit, claim or proceeding and in any such negotiations. 
  
 The AMEX agrees to indemnify and hold harmless SIAC and each of its
shareholders, directors, officers and employees from and against any and all liability, loss or damages, including reasonable attorneys’ fees, incurred as a result of any suits, claims or proceedings at law or in equity brought by any person,
and which arise out of or in connection with SIAC’s provision of services to the AMEX hereunder, but only to the extent that such liability, loss or damages are incurred as a result of a court order which is final, which under applicable law or
rules or regulations thereunder is not appealed within the time limitation specified therefor or is not appealable and which imposes liability upon SIAC, or any of its shareholders, directors, officers and employees for acts or omissions to act for
which such parties are not liable under this § 13, provided, however, (a) that the AMEX shall be notified promptly in writing of any such suit, claim or proceeding brought or threatened to be brought against SIAC or any of its shareholders,
directors, officers or employees, (b) that, at its option, the AMEX may assume sole control of the defense of any such suit, claim or proceeding brought or threatened to be brought and all negotiations for the settlement or compromise thereof, (c)
that the AMEX shall have the right 

  

 -46- 

 
to agree to the compromise or settlement of such suit, claim or proceeding on behalf of SIAC and (d) that SIAC shall, as requested by the AMEX, cooperate in
the defense of any such suit, claim or proceeding and in any such negotiations. 
  
 Neither SIAC nor any of its shareholders, directors, officers or employees shall be liable to either Exchange, any person using the services of either Exchange or any other person in respect of the nonperformance or
delay or interruption in the performance of any term or condition of this Agreement due to acts of God, the public enemy, war (including civil war), directives or orders of any court or of any other public agency or authority having jurisdiction,
acts of any government, delays in performing or failure to perform by any public utility, fires, explosions, the elements, epidemics, quarantines, strikes, labor disputes, embargoes, and other causes of a similar nature. 
  
 Subject to the foregoing limitations, SIAC agrees to indemnify and hold
harmless each Exchange and each of its directors, officers and employees from and against any and all liability, loss or damages, including reasonable attorney’s fees, incurred as a result of any suits, claims or proceedings at law or in
equity, brought by any person, and which arise out of or in connection with SIAC’s provision of services hereunder to such Exchange, but only to the extent that such liability, loss or damages are incurred as a result of SIAC’s 

  

 -47- 

 
willful misconduct or gross negligence and of a court order which is final, which under applicable law or rules or regulations thereunder is not appealed
within the time limitations specified or is not appealable and which imposes liability upon such Exchange, or any of its directors, officers or employees for acts or omissions for which such parties are not liable under this § 13, provided,
however, (a) that SIAC shall be notified promptly in writing of any such suit, claims or proceeding brought or to be brought against such Exchange or any of its directors, officers or employees, (b) that, at its option, SIAC may assume control of
the defense of any such suit, claim or proceeding brought or threatened to be brought and all negotiations for the settlement or compromise thereof, (c) that SIAC shall have the right to agree to the compromise or settlement of such suit, claim or
proceeding on behalf of such Exchange and (d) that such Exchange shall, as requested by SIAC, cooperate in the defense of any such suit, claim or proceeding and in any such negotiation; provided, further that should such Exchange be negligent in
connection with the provision of such services, any such liability, loss or damage arising by reason thereof shall be shared by SIAC and such Exchange in accordance with the decision of the court or other tribunal having jurisdiction, unless they
shall agree otherwise. 
  
 § 14. SIAC shall be exclusively
responsible for 

  

 -48- 

 
the supervision, management, and control of its use of the EDP Property, including but not limited to: (a) assuring proper machine configuration, program
installation, audit controls, and operating methods, (b) establishing adequate backup plans, based on alternate procedures and/or based on access to qualified programming personnel, to diagnose, patch, and repair program defects, in the event of a
program malfunction, and (c) implementing sufficient procedures and checkpoints to satisfy its requirements for security and accuracy of input and output as well as restart and recovery in the event of a malfunction. 
  
 § 15. If any program contained in the EDP Property is lost or damaged
while in the possession of SIAC, SIAC shall be responsible for its replacement and all costs associated therewith. 
  
 § 16. (a) Nothing contained in this Agreement shall be construed as obligating any party to any activity, responsibility, or other course of action
beyond that which is specified herein, in supplemental agreements which, from time to time, may become part of this Agreement, or other agreements among the parties hereto. 
  
 (b) If any of the provisions, or portions thereof, of this Agreement are invalid under any applicable statute or rule of
law, they are to that extent to be deemed omitted. 
  
 § 17.
The rights granted hereunder may not be 

  

 -49- 

 
assigned, sublicensed, or otherwise transferred by SIAC without the prior written consent of NYSE and AMEX. None of the EDP Property to which this Agreement
applies may be assigned, sublicensed, or otherwise transferred by SIAC without the prior written consent of NYSE (as to NYSE EDP Property and NYSE/AMEX EDP Property) and AMEX (as to AMEX EDP Property and NYSE/AMEX EDP Property). 
  
 § 18. This Agreement may not be amended or modified, except by an
instrument in writing duly executed on behalf of the parties hereto. Any party in a writing signed by an appropriate officer may waive any inaccuracies in or compliance with the representations made by any other party to it and in the same manner
may waive compliance by any other party with any of the covenants of such party made to it. 
  
 § 19. (a) The term of this Agreement shall continue until December 31, 1982 and shall be automatically renewed from year to year thereafter unless NYSE and AMEX shall jointly deliver a notice of termination to
SIAC not less than 120 days before the end of the initial term or any renewal term, in which case this Agreement shall terminate at the end of such term. 
  
 Notwithstanding the foregoing, either Exchange may terminate this Agreement at any time on not less than 120 days’ notice in writing given to the
other Exchange and to SIAC. 

  

 -50- 

 
The Interim Services Agreement shall terminate as of the date first above written. 
  
 (b) This Agreement shall automatically terminate in the event of the entry of a decree or order by a court having
jurisdiction in the premises adjudging SIAC a bankrupt or insolvent, or approving as properly filed a petition seeking reorganization, arrangement, adjustment or composition of or in respect of SIAC under the Federal Bankruptcy Act or any other
applicable Federal or State law, or appointing a receiver, liquidator, assignee, trustee, sequestrator (or other similar official) of SIAC or of any substantial part of its property, or ordering the winding up or liquidation of its affairs or the
institution by SIAC of proceedings to be adjudicated a bankrupt or insolvent or the consent by it to the institution of bankruptcy or insolvency proceedings against it, or the filing by it of a petition or answer or consent seeking reorganization or
relief under the Federal Bankruptcy Act or any other applicable Federal or State law, or the consent by it to the filing of any such petition or to the appointment of a receiver, liquidator, assignee, trustee, sequestrator (or other similar
official) of SIAC or of any substantial part of its property, or the making by it of an assignment for the benefit of creditors, or the admission by it in writing of its inability to pay its debts generally as they become due, or the taking of
corporate 
  

 -51- 

 
action by SIAC in furtherance of any such action, or the failure of SIAC to file an answer to a petition filed against it in any bankruptcy, reorganization
or insolvency proceeding within the period of time prescribed by any law, rule, regulation or order for filing an answer to such petition. 
  
 (c) Upon termination of this Agreement, the EDP Property and the Services Data shall be delivered to NYSE or AMEX or both as provided in § 7 and
§ 8 hereof, except that SIAC shall be required only to use its best efforts, consistent with sound business practices, with respect to the delivery of any know-how included within the EDP Property. Any EDP Property which is capable of being
copied shall be copied at the expense of the Exchange to which it is to be delivered and if it is to be delivered to both Exchanges, such expenses shall be shared equally by them, and copies thereof shall be delivered to the appropriate Exchange.

  
 § 20. Any dispute or controversy among or between the
parties relating to this Agreement (other than matters covered by § 13 or the renegotiation of charges referred to in § 3) shall be settled by arbitration in the City of New York in accordance with the Rules of the American
Arbitration Association, and judgment upon the award rendered by the arbitrator(s) may be entered in any court having 

  

 -52- 

 
jurisdiction thereof. The expenses of any such proceeding shall be shared equally by the parties to the proceeding, unless the arbitrator(s) shall otherwise
determine. 
  
 § 21. Any notice, report, request or consent
required or permitted to be given hereunder shall be in writing and delivered personally or sent by registered or certified mail, postage prepaid, to the respective parties hereto as follows: 
  
 NYSE: 
  
 New York Stock Exchange, Inc. 
 11 Wall Street 
 New York, New York 
  
 Attention: Chief
Executive Officer 
  
 AMEX: 
  
 American Stock Exchange, Inc. 
 86 Trinity Place 
 New York, New York 
  
 Attention: Chief
Executive Officer 
  
 SIAC: 
  
 Securities Industry Automation Corporation 
 55 Water Street 
 New York, New York 
  
 Attention: Chief
Executive Officer 
  
 § 22. No right, remedy or option herein
conferred upon or reserved to any party hereto is intended to be exclusive of any other right, remedy or option. Every right, remedy or option shall, to the extent permitted by law, be cumulative and in addition to every other right, remedy or

  

 -53- 

 
option given hereunder or now or hereafter existing at law, in equity, or otherwise, and may be exercised from time to time and as often and in such order as
may be deemed expedient by any party hereto. The exercise of any right, remedy or option shall not be construed as a waiver of the right to exercise at the same time or thereafter any other right, remedy or option. No provision hereof is intended to
deny, modify or affect, to any extent whatever, any right (including, without limitation, any right to terminate this Agreement) or remedy which any party hereto may have under the law of the State of New York in the event of any breach of this
Agreement by any other party. 
  
 § 23. This Agreement shall
be interpreted according to and governed by the laws of the State of New York. 
  
 IN WITNESS WHEREOF, the parties hereto have executed this Agreement the date first above written. 
  

			
	NEW YORK STOCK EXCHANGE, INC.
		
	By	 	 /s/

	
	AMERICAN STOCK EXCHANGE, INC.
		
	By	 	 /s/

	
	 SECURITIES INDUSTRY AUTOMATION
     CORPORATION

		
	By	 	 /s/

  

 -54-First Amendment to NYSE/AMEX/SIAC Facilities Management Agreement

 Exhibit 10.13 
  
  
  
  

 Exhibit 10.13 
  
 FIRST AMENDMENT 
 TO NYSE/AMEX/SIAC FACILITIES 
 MANAGEMENT AGREEMENT 
  
 AGREEMENT made this 18th day of November, 1977 by and among New York Stock Exchange, Inc. (NYSE), American Stock Exchange
Inc. (AMEX) and Securities Industry Automation Corporation (SIAC). 
  
 WHEREAS, the parties hereto entered into an agreement dated February 23, 1977 (the February 1977 Agreement) pursuant to which SIAC provides facilities management services to NYSE and AMEX; and 
  
 WHEREAS, pursuant to the February 1977 Agreement SIAC is currently furnishing
AMEX with an Option Post Trade Service and with an Options Surveillance Service; and 
  
 WHEREAS, NYSE intends to commence the trading of options on its trading floor and in connection therewith wishes to avail itself of the AMEX Option Post Trade Service and the Options Surveillance Service and AMEX is
willing to permit SIAC to furnish such Services to NYSE, but only in accordance with the terms and provisions of this Agreement; and 
  
 WHEREAS, the parties wish to amend the February 1977 Agreement so as to reflect the agreement of NYSE and AMEX in this regard. 

 NOW, THEREFORE, in consideration of the premises and the mutual covenants hereinafter included, the
parties hereto hereby agree as follows: 
  
 § 1. AMEX agrees
to cause SIAC to enhance the AMEX Option Post Trade Service so as to provide NYSE with essentially the same comparison services relating to options traded on the NYSE as are, as of the date of this Agreement, provided AMEX with respect to the
options traded on AMEX. The specifications of the services to be provided NYSE are described in Exhibit A attached hereto. The AMEX Options Post Trade Service as so enhanced is hereinafter referred to as the “Enhanced Comparison Service”
or “ECS”. 
  
 AMEX also agrees to cause SIAC, during the
term of the License Period as hereinafter defined, and without charge to NYSE, to correct any latent defects in ECS and to make such modifications or adjustments in ECS as may be necessary to keep ECS in good operating order substantially in
accordance with the specifications included in Exhibit A attached hereto and the terms of this Agreement, and to correct all errors attributable to SIAC or to the equipment through which the ECS is provided to NYSE. All such corrections,
modifications or adjustments shall be made promptly after the need therefor is discovered by, or made known to, AMEX. 
  

 2 

 § 2. The EDP Property (as that term is defined in the February 1977 Agreement) which is currently
used by SIAC to provide AMEX with the AMEX Option Post Trade Service falls within the term “AMEX EDP Property” as so defined. For all purposes of the February 1977 Agreement, all of the EDP Property acquired or developed by SIAC in the
development of ECS shall be deemed to be acquired or developed at the request of and at the sole expense of AMEX and shall constitute proprietary matter and trade secret material of AMEX. The parties hereto agree that all of the EDP Property
acquired or developed by SIAC in the development of ECS, and any modifications thereof or additions thereto, shall be included within the term “AMEX EDP Property” for all purposes of the February 1977 Agreement and neither SIAC nor NYSE
shall have any right, title or interest in or to any of the EDP Property used by SIAC to provide the Enhanced Comparison Service, except as specifically provided herein. 
  
 Notwithstanding the fact that the EDP Property used by SIAC in providing ECS shall be and remain AMEX EDP Property and
notwithstanding any provision to the contrary in the February 1977 Agreement, AMEX agrees that during the License Period as hereinafter defined, it shall make the AMEX EDP Property which is used by SIAC to provide ECS available to SIAC in order to
permit SIAC to provide NYSE and AMEX with the ECS. AMEX also agrees that in order to provide NYSE 

  

 3 

 
with ECS as provided herein, SIAC may utilize any computer hardware system or computer hardware in its possession as it deems appropriate. 
  
 § 3. AMEX, not NYSE, shall pay all SIAC charges arising under § 3
of the February 1977 Agreement for the furnishing of ECS to both NYSE and AMEX. 
  
 § 4. The data or information furnished to SIAC by NYSE or any other person, in whatever form it shall be recorded, in connection with SIAC’s provision of ECS to NYSE during the License Period shall be
included within the terms “NYSE Services Data” as defined in § 8 of the February 1977 Agreement. 
  
 § 5. The AMEX agrees to undertake in good faith to cause SIAC to complete the development of the Enhanced Comparison Service in fully operable form
so as to be capable of performing the comparison services required by the NYSE option trading program, such development work to be completed for simulated or actual options trading on NYSE not later than 45 days after notice delivered to AMEX by
NYSE requesting the completion of such development; provided that any delay in the completion of such development which is directly attributable to NYSE shall serve to postpone such completion deadline by a period of time equal to such delay. If
such notice from NYSE is not received by AMEX prior to June 1, 1978, AMEX reserves the right to renegotiate the amounts payable by NYSE pursuant to subparagraphs (b), (c), (d), (e) 

  

 4 

 
and (f) of Section 7 of this Agreement and, in that event, unless such amounts are agreed upon by NYSE and AMEX, this Agreement (but not the February 1977
Agreement) shall terminate on July 1, 1978. 
  
 When AMEX believes
that the ECS is in fully operable form it shall so notify NYSE in writing and the ECS shall be promptly tested in accordance with a test plan mutually agreed upon by AMEX and NYSE. NYSE shall notify AMEX in writing as soon as the tests called for in
such test plan have been successfully completed in the opinion of NYSE and thereupon the License Period shall commence. (NYSE agrees that it will act reasonably and in good faith in determining whether or not such tests have been successfully
completed.) The License Period shall continue for a period of one year, unless the February 1977 Agreement, as amended by this Agreement, is terminated prior to the end of such one year period. 
  
 Upon written request of NYSE, AMEX agrees to negotiate with NYSE concerning
an extension of the License Period. Any proposed extension of the License Period shall be subject to approval thereof by the AMEX Board of Governors. 
  
 § 6. Notwithstanding any other provision of the February 1977 Agreement or this Agreement, the parties 

  

 5 

 
hereto agree that SIAC’s development of the ECS and any modification thereof or chance therein during the License Period shall be under the sole
direction and control of AMEX. 
  
 (a) Any change or modification
in ECS desired by NYSE during the License Period shall be communicated to AMEX. If the AMEX determines that the change or modification in ECS requested by NYSE will not have any adverse effect upon the provision of ECS to AMEX, or to persons other
than NYSE with whom AMEX has contracted to supply ECS, AMEX shall inform NYSE of the costs (including developmental and operational costs, if any) associated with the implementation of such modification or change and, if NYSE agrees to such costs or
if NYSE and AMEX agree to share such costs on a mutually acceptable basis, AMEX shall instruct SIAC to proceed with the implementation of the modification or change. If AMEX determines that the change or modification in ECS requested by NYSE will
have an adverse effect upon the provision of ECS to AMEX and/or to any person other than NYSE with whom AMEX has contracted to supply ECS, AMEX shall notify NYSE of the cost (including any operational and developmental costs, which developmental
costs shall include the cost of avoiding or correcting such adverse effect on AMEX and/or others) associated with the 

  

 6 

 
implementation of such modification or change and, if NYSE agrees to such costs or if NYSE and AMEX agree to share such costs on a mutually acceptable basis,
AMEX shall instruct SIAC to proceed with the implementation of the modification or change. At the time of implementation of such modification of or change in ECS NYSE agrees to pay to AMEX its share of the development costs associated with such
modification or change. NYSE agrees to pay AMEX its share, of any increased operational costs resulting during the License Period from the modification of or change in ECS as such costs are incurred. 
  
 (b) Any modification of or change in ECS which is required prior to the end
of the License Period to permit interface with other organizations, such as Options Clearing Corporation (OCC), or is requested by the Securities and Exchange Commission, shall be implemented by SIAC at the request of AMEX and the cost thereof
(including developmental and operational costs, if any) shall be shared by NYSE and AMEX. The term “NYSE Share” as used in this Section 6(b) and 6(c) shall mean a fraction, the numerator of which shall be the total number of NYSE options
trades compared through ECS during the period from the date of the implementation of the relevant modification of or change in ECS to the end of the License Period, and the denominator of which shall be the 

  

 7 

 
total number of options trades compared through ECS during such period. At the time of the implementation of any modification of or change in ECS of the
nature referred to in this subsection (b), the NYSE Share shall be estimated and NYSE, at that time, shall pay AMEX an amount equal to the estimated NYSE Share of such development cost. At the conclusion of the License Period an adjustment in such
payment, if necessary, shall be made between NYSE and AMEX to reflect the actual NYSE Share of such development cost. 
  
 NYSE shall also pay AMEX a portion of the operational cost associated with any modification of or change in ECS of the nature referred to in this
subsection (b) equal to the NYSE Share, but such payment shall be made only as such operational costs are incurred by AMEX and shall continue only through the balance of the unexpired License Period. Such payments by NYSE prior to the end of the
License Period shall be based on the estimated NYSE Share and an adjustment in the amounts so paid, if necessary, shall be made between NYSE and AMEX at the end of the License Period to reflect the actual NYSE Share. 
  
 (c) AMEX may, in its sole discretion, direct SIAC to implement any such
modification of or change in ECS as it deems necessary or appropriate; provided, however, that no such chance shall adversely affect SIAC’s ability to 

  

 8 

 
continue to provide ECS to NYSE during the unexpired balance of the License Period. Whenever AMEX wishes to direct SIAC to implement any modification of or
change in ECS during the License Period, it shall notify NYSE in writing of the nature of such modification or change and of the cost (including developmental and operational costs, if any) associated therewith. If NYSE does not wish to receive the
benefits of such modification or change it shall be implemented at AMEX’s expense without reimbursement from NYSE. If NYSE does wish to receive the benefits of such modification or change, the cost thereof (including developmental and
operational costs, if any) shall be shared by NYSE and AMEX as follows: 
  
 (i) At the time of the implementation of the modification of or change in ECS, the NYSE Share shall be estimated and NYSE, at that time, shall pay AMEX an amount equal to the estimated NYSE Share of such development
cost. At the conclusion of the License Period an adjustment in such payment, if necessary, shall be made between NYSE and AMEX to reflect the actual NYSE Share of such development cost. 
  
 (ii) NYSE shall also pay AMEX a portion of the operational cost associated with the modification of or change in ECS equal
to the NYSE Share, but such payment 

  

 9 

 
shall be made only as such operational costs are incurred by AMEX and shall continue only through the balance of the unexpired License Period. Such payments
by NYSE prior to the end of the License Period shall be based on the estimated NYSE Share and an adjustment in the amounts so paid, if necessary, shall be made between NYSE and AMEX at the end of the License Period to reflect the actual NYSE Share.

  
 § 7. In return for AMEX’s agreement to cause SIAC to
enhance the AMEX Option Post Trade Service so as to become the Enhanced Comparison Service and to permit SIAC to furnish ECS to NYSE during the License Period as provided herein, NYSE agrees: 
  
 (a) to pay AMEX the sum of $30,000 within 15 days following
the execution of this Agreement by the parties hereto, which amount has been agreed upon by NYSE and AMEX as the amount payable by NYSE to reimburse AMEX for the development costs of enhancing the AMEX Option Post Trade Service so as to provide NYSE
with ECS; 
  
 (b) as to each calendar month or
portion thereof during the License Period, NYSE shall pay to AMEX a monthly service charge in return for the ECS provided NYSE by SIAC. Such service charge shall vary with the average number of option card images processed per day 

  

 10 

 
for NYSE in ECS during each calendar month, with a minimum charge of $15,000 per calendar month for average daily volumes up to and including 10,000 option
card images. (The term “card image” as used in this subsection (b) shall have the meaning assigned to it by the American National Standards Institute, Inc. as of the date hereof.) The actual monthly service charge payable by NYSE during
the license period shall be determined by application of the following formulae, in which MSC equals the monthly service charge in dollars and OCI equals the average daily option card images: 
  
 (i) for OCI of 10,000 or less, MSC = 15,000 
  
 (ii) for OCI greater than 10,000 and less than 15,000:

  
 MSC = (2.30 x OCI) – 8,000 

 
 (iii) for OCI equal to or greater than 15,000:

  
 MSC = (1.40 x OCI) + 5,500 
  
 Average daily option card images (OCI) shall be determined by dividing the
total number of option card images processed in ECS for the NYSE during a given calendar month or portion thereof by the number of trading days on NYSE during that month or portion. 
  
 The service charge payable by NYSE as to any calendar month or portion thereof during the License Period as 

  

 11 

 
provided in this subsection (b) shall be paid by NYSE in full not later than 15 days following the receipt by NYSE of AMEX’s bill stating said charge.
Once NYSE commences to receive ECS from SIAC during the License Period it shall be obligated to pay AMEX the full amount of the service charges payable by NYSE with respect to each calendar month or portion thereof during the License Period as
provided in this subsection (b) and in no event shall NYSE pay AMEX less than $ 15,000 with respect to each of the 12 months following the commencement of the License Period whether or not it continues to trade options or to use ECS for the
comparison of options traded thereon; 
  
 (c) to
pay AMEX for AMEX personnel time (including normal office expenses) incurred on or after November 17, 1977 at the request of NYSE in connection with the orientation and training of NYSE staff members, such personnel time to be billed to NYSE at the
rate of $200 per day; 
  
 (d) to reimburse AMEX
for the cost incurred by it in reproducing and delivering training materials and manuals relating to ECS or the Options Surveillance Service as requested by NYSE or incurred by AMEX at the 

  

 12 

 
request of NYSE in connection with travel by AMEX personnel outside of New York City; 
  
 (e) to pay AMEX at the rate of $3,250 per month with respect to each month during the License Period and
AMEX in return for such payment agrees to provide NYSE each such month with billing service, consisting of monthly billing of NYSE clearing firms for the NYSE options program and collection and transmission of receivables; and 
  
 (f) to reimburse AMEX for any other services which may be
provided by AMEX at the request of NYSE to support or supplement ECS or the Options Surveillance Service, such reimbursement to be paid by NYSE at .115% of the AMEX cost therefor. 
  
 The amounts payable by NYSE pursuant to subsections (c), (d), (e) and (f) of this Section 7 shall be paid by NYSE in full
not later than 15 days after receipt by it from AMEX of an itemized accounting showing such amount in reasonable detail. 
  
 § 8. AMEX understands that it is the present intention of NYSE to request SIAC to develop or acquire for NYSE prior to the end of the License Period
EDP Property for the purpose of enabling SIAC to furnish NYSE after the termination of such Period with comparison services relating 

  

 13 

 
to options traded on NYSE. In any such event, the last three paragraphs of § 7 of the February 1977 Agreement shall apply and NYSE and AMEX agree that
all amounts paid to AMEX by NYSE pursuant to subsections (a), (b) and (c) of Section 6 hereof and the amount paid to AMEX by NYSE pursuant to subsection (a) of Section 7 hereof shall be taken into account and given proper consideration in any
discussions between NYSE and AMEX that may be entered into pursuant to the last paragraph of Section 7 of the February 1977 Agreement as a result of such request by NYSE to SIAC. 
  
 § 9. It is agreed that for the purposes of the second paragraph of Section 13 of the February 1977 Agreement, the
indemnification described therein to be provided to SIAC and each of its shareholders, directors, officers and employees from and against any and all liability, loss or damages, including reasonable attorneys’ fees incurred as a result of any
suits, claims or proceedings at law or in equity brought by any person and which arise out of or in connection with SIAC’s provision of ECS to NYSE during the License Period shall be provided by AMEX rather than by NYSE, and AMEX shall enjoy
all rights provided NYSE in said paragraph. 
  
 It is agreed that
insofar as SIAC furnishes ECS to NYSE pursuant hereto during the License Period, SIAC shall 

  

 14 

 
provide both AMEX and NYSE, and their respective governors, directors, officers and employees, with the indemnification described in the last paragraph of
Section 13 of the February 1977 Agreement. 
  
 § 10. AMEX
acknowledges receipt of the sum of $75,000 paid to it by NYSE upon the execution of this Agreement and in return therefor AMEX hereby conveys to NYSE the same right, title and interest in and to the EDP Property used by SIAC to furnish AMEX with the
Options Surveillance Service as AMEX possesses. The computer application programs which have been identified at the date hereof as relating to the Options Surveillance Service are listed by SIAC file identification number on Exhibit B attached
hereto. AMEX represents and warrants to NYSE that the computer application programs shown on Exhibit B attached hereto are all of the programs necessary to produce, and are capable of producing, for NYSE the Options Surveillance Reports listed on
said Exhibit B, at the time frequencies shown thereon. It is agreed that all of the EDP Property which at the date hereof is used by SIAC in furnishing the Options Surveillance Service to AMEX (including the computer application programs listed on
Exhibit B attached hereto), shall, from and after the date hereof, for all purposes of the February 1977 Agreement be included within the term “NYSE/AMEX EDP Property” as defined 

  

 15 

 
therein. AMEX also agrees that in order to provide NYSE with the benefits of the Options Surveillance Service (including the various reports shown on Exhibit
B attached hereto), SIAC may utilize any computer hardware system or computer hardware in its possession as it deems appropriate. 
  
 Nothing in this Agreement or the February 1977 Agreement shall be construed to prevent AMEX from 
  

	 	(i)	supplying, or causing SIAC to supply, the Options Surveillance Service to others; 

  

	 	(ii)	using, or causing SIAC to use, the EDP property which at the date hereof is used by SIAC in furnishing the Options Surveillance Service to AMEX, for the purpose of supplying Options
Surveillance Service to others; and 

  

	 	(iii)	assigning, sublicensing or otherwise transferring to others, or causing SIAC to assign, sublicense or otherwise transfer to others, the EDP property which as of the date hereof is
used by SIAC in furnishing the Options Surveillance Service to AMEX. 

  

 16 

 NYSE agrees that, prior to the fifth anniversary of the execution of this Agreement, it will not use the
EDP Property which at the date hereof is used by SIAC to furnish AMEX with the Options Surveillance Service and will not cause or permit any other person to use such EDP Property, for any purpose other than NYSE’s own surveillance purposes. It
is understood that the restrictions in this last paragraph of Section 10 shall survive the expiration or termination of this Agreement and/or the February 1977 Agreement. 
  
 § 11. The next six month review by SIAC, as required by the eighth paragraph of Section 7 of the February 1977
Agreement, which is due after the execution of this Agreement shall, to the extent then feasible, modify each of the Schedules attached to the February 1977 Agreement so as to properly reflect this amendment thereto. 
  
 § 12. The NYSE agrees that prior to the end of the License Period it
will not solicit for employment any person employed by AMEX who is directly involved in the AMEX Option Post Trade Service, or in the development or enhancement of ECS or in the Option Surveillance Service. 
  
 § 13. Notwithstanding anything in this Agreement to the contrary:

  

 17 

 (a) AMEX shall not be liable for delays, inaccuracies, errors in, or omissions from any data processed
and disseminated in connection with the provision of ECS to NYSE or for any damages arising therefrom or occasioned thereby unless the same shall have directly resulted from AMEX’s willful misconduct or gross negligence. In no event shall AMEX
be liable under this Agreement for any incidental or consequential damages. 
  
 (b) AMEX shall not be liable to NYSE in respect of the nonperformance or delay or interruption in performance of any term or condition of this Agreement due to acts of God, the public enemy, laws, statutes, directives
or orders of the United States Government, or any court or any other public agency or authority having jurisdiction, delay in performance or failure to perform by any supplier of any equipment or facility used in performance of the services to be
rendered hereunder, fire, flood, epidemic, quarantine, strikes, storm, labor disputes, freight embargoes or any other causes of a similar nature. 
  
 (c) NYSE agrees to indemnify, hold harmless and defend AMEX and its officers, governors, directors, officials and employees, from and against any and all
claims, suits, liabilities, losses, costs, damages or expenses (including reasonable attorney’s fees) incurred by 

  

 18 

 
or threatened against AMEX as a result of any NYSE options trade data reported to SIAC by NYSE member firms and disseminated by SIAC as so reported or
processed as contemplated by this Agreement; provided, however, that NYSE shall be notified by AMEX promptly in writing thereof, and the NYSE shall have the right in its sole discretion and at its expense to participate in and, to the extent it so
desires, to control the defense of any such claim, suit or other proceeding and any and all negotiations for the settlement or compromise thereof. 
  
 § 14. This Agreement shall be binding upon and inure to the benefit of the respective parties hereto and their respective successors and assigns.
This Agreement may not be assigned by either party without prior written consent of the other party except to a successor corporation upon merger or consolidation of either party, or to a corporation or partnership or other entity acquiring
substantially all of the property, assets and business of either party by sale, lease or other disposition, or to any corporation controlling, controlled by, or under common control with either party. 
  
 § 15. As supplemented, modified and amended by this Agreement, the
February 1977 Agreement is hereby ratified and confirmed by the parties hereto. 
  

 19 

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

  

			
	NEW YORK STOCK EXCHANGE, INC.
		
	By	 	 /s/

	
	AMERICAN STOCK EXCHANGE, INC.
		
	By	 	 /s/

	
	SECURITIES INDUSTRY AUTOMATION CORPORATION
		
	By	 	 /s/

	 	 	President

  

 20

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