Document:

Exhibit 10.9

 

Exhibit 10.9

INTERCONTINENTALEXCHANGE, INC.

2003 RESTRICTED STOCK DEFERRAL PLAN FOR OUTSIDE DIRECTORS

     1. PURPOSE

     The purpose of the IntercontinentalExchange, Inc. (the “Corporation”) 2004 Restricted Stock
Deferral Plan for Outside Directors (the “Plan”) is to aid the Corporation in attracting and
retaining Outside Directors by encouraging and enabling the acquisition of a financial interest in
the Corporation through the issuance of Restricted Stock or Restricted Stock Units and thereby
providing Outside Directors a stake in the growth and profitability of the Corporation, in order to
enable them to represent the viewpoint of other shareholders of the Corporation more effectively.

     2. DEFINITIONS

     The following words and phrases when used in the Plan, unless otherwise specifically defined
or unless the context clearly otherwise requires, shall have the following respective meanings:

     (a) “Board” shall mean the board of directors of the Corporation.

     (b) “Cause” shall mean:

          (1) The Outside Director is convicted of, pleads guilty to, or confesses or otherwise admits
to any felony or any act of fraud, misappropriation or embezzlement;

          (2) The Outside Director knowingly engages in any act or course of conduct or knowingly fails
to engage in any act or course of conduct (i) which is reasonably likely to adversely affect the
Corporation’s right or qualification under applicable laws, rules or regulations to serve as an
exchange or other form of a marketplace for trading commodities or (ii) which violates the rules of
any exchange or market on which the Corporation effects trades (or at such time is actively
contemplating effecting trades) and which is reasonably likely to lead to a denial of the
Corporation’s right or qualification to effect trades on such exchange or market;

          (3) There is any act or omission by the Outside Director involving malfeasance or gross
negligence in the performance of the Outside Director’s duties and responsibilities to the material
detriment of the Corporation; or

          (4) The Outside Director breaches in any material respect any of the provisions of any
applicable service agreement or violates in any material respect any generally applicable code of
conduct which is distributed in writing to the Corporation’s directors; provided, however,

          (5) No such act or omission or event shall be treated as “Cause” unless (i) the Outside
Director has been provided a detailed, written statement of the basis for the Corporation’s belief
such act or omission or event constitutes “Cause” and an

 

 

opportunity to meet with the Board (together with the Outside Director’s counsel if the
Outside Director chooses to have the Outside Director’s counsel present at such meeting) after the
Outside Director has had a reasonable period in which to review such statement and, if the act or
omission or event is one which can be cured by the Outside Director, the Outside Director has had
at least a thirty (30) day period to take corrective action and (ii) the Board after such meeting
(if the Outside Director exercises the Outside Director’s right to have a meeting) and after the
end of such thirty (30) day correction period (if applicable) determines reasonably and in good
faith and by the affirmative vote of at least a majority or, after a Change in Control, at least
three fourths of the members of such Board then in office at a meeting called and held for such
purpose that “Cause” does exist; provided, however, the Outside Director shall have no right to
participate in such vote, and the number of members needed to constitute a majority of, or three
fourths of, whichever is applicable, the members of the Board shall be determined without counting
the Outside Director as a member of the Board.

     (c) “Change in Control” means the occurrence of any of the following events:

          (1) Any “person” (as that term is used in Sections 13(d) and 14(d)(2) of the Securities
Exchange Act of 1934), is or becomes the beneficial owner (as defined in Rule 13d-3 under such
Act), directly or indirectly, of securities representing 30% or more of the combined voting power
of the then outstanding securities of the Corporation eligible to vote for the election of the
members of the Board unless (i) such person is the Corporation or a Subsidiary, (ii) such person is
an employee benefit plan (or a trust which is a part of such a plan) which provides benefits
exclusively to, or on behalf of, employees or former employees of the Corporation or a Subsidiary,
(iii) such person is an underwriter temporarily holding such securities pursuant to an offering of
such securities, (iv) such person is the Outside Director, an entity controlled by the Outside
Director or a group which includes the Outside Director or (v) such person acquired such securities
in a Non-Qualifying Transaction (as defined in (4) below);

          (2) During any period of two consecutive years or less beginning after the closing date of the
initial public offering of the common stock of the Corporation, individuals who at the beginning of
such period constitute the Board cease, for any reason, to constitute at least a majority of such
Board, unless the election or nomination for election of each new director was approved by at least
two-thirds of the directors then still in office who were directors at the beginning of the period
(either by a specific vote of such directors or by the approval of the Corporation’s proxy
statement in which each such individual is named as a nominee for a director without written
objection to such nomination by such directors); provided, however, that no
individual initially elected or nominated as a director of the Corporation as a result of an actual
or threatened election contest with respect to directors or as a result of any other actual or
threatened solicitation of proxies or consents by or on behalf of any person other than the Board
shall be deemed to be approved;

          (3) Any dissolution or liquidation of the Corporation or any sale or the disposition of 50% or
more of the assets or business of the Corporation, or

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          (4) The consummation of any reorganization, merger, consolidation or share exchange or similar
form of corporate transaction involving the Corporation unless (i) the persons who were the
beneficial owners of the outstanding securities eligible to vote for the election of the members of
the Board immediately before the consummation of such transaction hold more than 60% of the voting
power of the securities eligible to vote for the members of the board of directors of the successor
or survivor corporation in such transaction immediately following the consummation of such
transaction and (ii) the number of the securities of such successor or survivor corporation
representing the voting power described in (i) above held by the persons described in (i) above
immediately following the consummation of such transaction is beneficially owned by each such
person in substantially the same proportion that each such person had beneficially owned the
outstanding securities eligible to vote for the election of the members of the Board immediately
before the consummation of such transaction, provided (iii) the percentage described in (i) above
of the securities of the successor or survivor corporation and the number described in (ii) above
of the securities of the successor or survivor corporation shall be determined exclusively by
reference to the securities of the successor or survivor corporation which result from the
beneficial ownership of shares of common stock of the Corporation by the persons described in (i)
above immediately before the consummation of such transaction (any transaction which satisfies all
of the criteria specified in (i), (ii) and (iii) above shall be deemed to be a “Non-Qualifying
Transaction”);

Notwithstanding the foregoing, the initial public offering of the common stock of the Corporation
shall in no event constitute a Change in Control.

     (d) “Committee” shall mean the Compensation Committee of the Board. In addition the
Board shall have all the powers of the Committee.

     (e) “Corporation” shall mean IntercontinentalExchange, Inc., a Delaware corporation.

     (f) “Disability” shall mean any physical or mental condition which renders the Outside
Director unable even with reasonable accommodation by the Corporation to perform the essential
functions of the Outside Director’s job for at least a one hundred and eighty (180) consecutive day
period and which would make a participant in the Corporation’s long term disability plan as of the
date that the Outside Director service terminates eligible to receive benefits.

     (g) “Effective Date of a Change in Control” means either the date which includes the
“closing” (as such term is commonly understood in the United States) of the transaction which makes
a Change in Control effective if the Change in Control is made effective through a transaction
which has such a “closing” or the earliest date a Change in Control is reported in accordance with
any applicable law, regulation, rule or common practice as effective to any government or any
agency of any government or to any exchange or market in which the Corporation effects any trades
if the Change in Control is made effective other than through a transaction which has such a
“closing.”

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     (h) “Fair Market Value” shall mean the value of one share of Stock, determined as
follows:

          (1) if the Stock is traded on an exchange, the price at which Stock was traded at the close of
business on the date of valuation;

          (2) if the Stock is traded over-the-counter on the NASDAQ System, the mean between the bid and
asked prices on the System at the close of business on the date of valuation; and

          (3) if neither Paragraph (1) nor Paragraph (2) is applicable, the fair market value as
determined by the Committee in its sole and absolute discretion, in good faith. This determination
shall be conclusive and binding on all persons.

If Fair Market Value has not been determined as of a particular date, the Fair Market Value as of
such date shall be deemed to be the Fair Market Value as of the date that Fair Market Value was
most recently determined.

     (i) “Good Reason” shall exist if:

          (1) There is a material reduction or, after the Effective Date of a Change in Control, any
reduction in the Outside Director’s compensation; or

          (2) The Corporation fails to nominate the Outside Director for re-election to the Board.

     (j) “Outside Director” shall mean any person who is a member of the Board and who is
not a full-time employee of the Corporation or any of its subsidiaries.

     (k) “Plan” shall mean this 2003 IntercontinentalExchange, Inc. Restricted Stock
Deferral Plan for Outside Directors, as it may be amended from time to time.

     (l) “Restricted Stock” shall mean Stock subject to the restrictions described in
Section 5.

     (m) “Restricted Stock Units” shall means the units credited to the bookkeeping account
maintained pursuant to Section 6.

     (n) “Retirement” means the Outside Director’s retirement from the Board at the end of
the full term for which the Outside Director was elected, retirement from the Board at any time at
or after age 70, or retirement at any time with the consent of the Board.

     (o) “Stock” shall mean the Class A Common Stock, Series 2, par value $0.01 per share,
of the Corporation.

     (p) “Subsidiary” shall mean any corporation, other than the Corporation, in an
unbroken chain of corporations beginning with the Corporation if, at the time of the grant

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of Restricted Stock or Restricted Stock Units, each of the corporations, other than the last
corporation in the unbroken chain, owns stock possessing 50 percent or more of the combined voting
power of all classes of stock in one of the other corporations in such chain.

     3. STOCK RESERVED UNDER PLAN

     The Committee shall reserve for issuance under the Plan a number of shares of Stock sufficient
to cover the obligations of the Plan. Shares transferred under the Plan may be either authorized
but unissued shares or issued but not outstanding shares. If any shares issued hereunder are
thereafter acquired by the Corporation pursuant to rights reserved by the Corporation at the time
of transfer as hereinafter described, such shares shall be added back to the number of shares
reserved for issuance under the Plan. The number of shares of Stock shall be subject to adjustment
in the manner provided in Section 8.

     4. ELECTION TO RECEIVE SHARES OF RESTRICTED STOCK OR RESTRICTED STOCK
UNITS

     Each Outside Director may elect to receive a portion of his or her retainer and meeting fees
relating to the Board or any Committee of the Board in shares of Restricted Stock or in Restricted
Stock Units; provided that all 2003 and 2004 elections shall be for Restricted Stock Units.

     a. The election must be made in writing, shall apply to a calendar year, and shall be
irrevocable.

     b. The election must be made before the first day of the calendar year, except that (i) any
person who becomes an Outside Director other than at the beginning of a calendar year may elect
before the date on which such person becomes an Outside Director, and (ii) elections may be made
within thirty days after the Plan is first effective (February 1,2003). All elections shall apply
for the balance of the calendar year.

     b. The election may be made in any percentage, with a minimum of 10% and a maximum of 100% and
may apply to both retainer and meeting fees (Board and/or Committees) or to either one alone.

     c. The number of shares of Restricted Stock or the number of Restricted Stock Units shall be
determined by dividing the portion of the retainer and fees for the calendar quarter by the Fair
Market Value of one share of Stock as of the end of such calendar quarter and rounded up to the
next full number of shares.

     5. RESTRICTED STOCK

     Shares of Restricted Stock issued under the Plan shall be subject to the following terms and
conditions:

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     a. Shares shall be issued as of the end of each calendar quarter with respect to retainer and
meeting fees otherwise payable in that quarter.

     b. One third of such shares shall vest each year on the anniversary of the end of the calendar
quarter.

     c. If, within three years from the end of the calendar quarter, the Outside Director’s service
on the Board is terminated for any reason other than death, Cause, Disability or Retirement, the
unvested shares of Restricted Stock issued under the Plan shall be repurchased by the Corporation
at a per share price equal to the lesser of

     i. the retainer and meeting fees the Outside Director gave up to obtain such shares, or

     ii. the Fair Market Value of such shares as of the date the Outside
Director’s service on the Board is terminated.

The purchase price shall be paid in cash to the Outside Director within thirty days after
termination of service.

     d. If the Outside Director’s service on the Board terminates due to Cause, the Outside
Director shall forfeit any Shares that have not been issued and the Corporation shall pay the
Outside Director the par value of $.01 per Share for each Share that has been issued.

     e. If the Outside Director’s service on the Board terminates due to death, Disability, or
Retirement, all unvested Shares shall be fully vested as of the date of termination of service and
shall be distributed at the end of the calendar quarter in which the Outside Director’s service
terminates.

     f. Shares of Restricted Stock issued under the Plan shall not be transferable and may not be
sold, exchanged, transferred, pledged, hypothecated or otherwise disposed of at any time prior to
the vesting of such shares. Upon issuance, the Stock shall be fully paid and nonassessable and
shall be issued in the name of the Outside Director. However, at the request of the Outside
Director, the Stock may be issued in the names of the Outside Director and his or her spouse (i) as
joint tenants with right of survivorship, (ii) as community property, or (iii) as tenants in common
without right of survivorship or may be issued in the name of a child or a family trust.

     g. An Outside Director who receives shares of Restricted Stock under the Plan (or a permitted
transferee) shall have all of the rights of a shareholder with respect to such Restricted Stock,
including the right to receive dividends or other distributions in respect of such stock, and to
vote such Restricted Stock as the record owner thereof, unless and until the Outside Director (or a
permitted transferee) ceases to be the record owner of such Restricted Stock.

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     h. Shares of Restricted Stock subject to the Plan may be subject to such other provisions, not
inconsistent with the provisions of the Plan, as the Committee shall consider appropriate from time
to time, including such provisions as may be appropriate to comply with federal, state and other
securities laws and stock exchange requirements.

     6. RESTRICTED STOCK UNITS

     The number of Restricted Stock Units determined under Section 4 for each Outside Director
shall be credited to a bookkeeping account established in the name of the Outside Director subject
to the following terms and conditions:

     a. Restricted Stock Units shall be credited as of the end of each calendar quarter with
respect to retainer and meeting fees otherwise payable in that quarter.

     b. One third of such Restricted Stock Units shall vest each year on the anniversary of the end
of such calendar quarter.

     c. If the Corporation pays a cash dividend with respect to Stock at any time while Restricted
Stock Units are credited to an Outside Director’s account, there shall be credited to the Outside
Director’s account additional Restricted Stock Units equal to

     i. the cash dividend the Outside Director would have received had he or she
been the actual owner of a number of Shares of Stock equal to the number of Restricted
Stock Units then credited to the Outside Director’s account, divided by

     ii. the Fair Market Value of one share of Stock on the dividend payment
date.

Any such additional Restricted Stock Units shall vest at the same time as the Restricted Stock
Units with respect to which the additional Restricted Stock Units were credited.

     d. During January of the first calendar year after the termination of the Outside Director’s
service on the Board for any reason other than death, Cause, Disability or Retirement, the
Corporation shall deliver to the Outside Director a number of shares of Stock equal to the number
of Restricted Stock Units then credited to the Outside Director’s account together with a cash
payment equal to the Fair Market Value of any fractional stock equivalent; provided, however, that
any unvested Restricted Stock Unit shall instead be distributed in cash equal to the lesser of:

     iii. the retainer and meeting fees the Outside Director gave up to obtain
such Restrict Stock Unit, or

     iv. the Fair Market Value of a share of Stock on the date the Outside
Director’s service on the Board terminated.

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     e. If an Outside Director’s service on the Board terminates due to Cause, the Outside Director
shall forfeit all Restricted Stock Units in the Outside Director’s account and the Corporation
shall pay the Outside Director $0.01 per Restricted Stock Unit.

     f. If an Outside Director’s service on the Board terminates due to death, Disability, or
Retirement, all unvested Restricted Stock Units shall be fully vested as of the date of termination
of service and a number of shares of Stock equal to the number of Restricted Stock Units then
credited to the Outside Director’s account together with a cash payment equal to the Fair Market
Value of any fractional stock equivalent shall be distributed during January of the first calendar
year after the termination of the Outside Director’s service.

     g. The Corporation’s obligation with respect to Restricted Stock Units shall not be funded or
secured in any manner, nor shall an Outside Director’s right to receive payment be assignable or
transferable, voluntarily or involuntarily, except as expressly provided herein.

     h. An Outside Director shall not be entitled to any voting or other shareholder rights as a
result of the credit of Restricted Stock Units to the Outside Director’s account until the shares
of Stock are issued. Upon issuance, the Stock shall be fully paid and nonassessable and shall be
issued in the name of the Outside Director. However, at the request of the Outside Director, the
Stock may be issued in the names of the Outside Director and his or her spouse (i) as joint tenants
with right of survivorship, (ii) as community property, or (iii) as tenants in common without right
of survivorship or may be issued in the name of a child or a family trust.

     7. RIGHT OF FIRST REFUSAL

     Any shares of Stock received under the Plan which are not readily tradeable on an established
market shall be subject to a “right of first refusal.” The right of first refusal shall provide
that, prior to any subsequent transfer, the shares must first be offered for purchase in writing to
the Corporation at the then fair market value. The price specified in a bona fide written offer
from an independent prospective buyer will be deemed to be the fair market value of such Stock for
this purpose. The Corporation will have thirty (30) days to exercise the right of first refusal on
the same terms offered by an independent prospective buyer. The Corporation may assign any right of
first refusal it may have, whether or not then exercisable, to such person or persons as may be
selected by the Corporation. The right of first refusal shall terminate upon the effective date of
the Corporation’s initial public offering (IPO).

     8. RECAPITALIZATIONS

     The number of unissued shares of Restricted Stock or the number of Restricted Stock Units
shall be proportionately adjusted for any increase or decrease in the number of issued shares
resulting from a subdivision or consolidation of shares or the payment of a stock dividend (but
only of Stock) or any other increase or decrease in the number of issued shares effected without
receipt of consideration by the Corporation.

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     Subject to the provisions of Section 10, if the Corporation is the surviving corporation in
any merger or consolidation, each unissued share of Restricted Stock or Restricted Stock Unit shall
pertain and apply to the securities to which a holder of the number of unissued Restricted Stock or
Restricted Stock Units would have been entitled.

     To the extent that the foregoing adjustments relate to securities of the Corporation, such
adjustments shall be made by the Committee, whose determination shall be conclusive and binding on
all persons.

     Except as expressly provided in this Section 8 and Section 10,

     (a) the Outside Director shall have no rights by reason of any subdivision or consolidation of
shares of stock of any class, or any other increase or decrease in the number of shares of stock of
any class or by reason of any dissolution, liquidation, merger, consolidation, or spin-off of
assets or stock of another corporation, and

     (b) any issuance by the Corporation of shares of stock of any class, or securities convertible
into shares of stock of any class, shall not affect, and no adjustment shall be made with respect
to, the number of unissued Shares of Restricted Stock or Restricted Stock Units.

     Any Shares reserved under the Plan shall not affect in any way the right or power of the
Corporation to make adjustments, reclassifications, reorganizations, or changes of its capital or
business structure; to merge or consolidate; or to dissolve, liquidate, sell, or transfer all or
any part of its business or assets.

     9. RESTRICTIONS ON SHARES ISSUED

     The Corporation (or a representative of the Corporation’s underwriter(s)) may, in connection
with the first underwritten registration of the offering of any securities of the Corporation,
require that the Outside Director not sell, dispose of, transfer, make any short sale of, grant any
option for the purchase of, or enter into any hedging or similar transaction with the same economic
effect as a sale with respect to, any shares or other securities of the Corporation held by the
Outside Director, for a period of time specified by the underwriter(s) (not to exceed 12 months)
following the Corporation’s effective date of registration. The Outside Director will execute and
deliver such other agreements that are reasonably requested by the Corporation or the
underwriter(s) that are consistent with the foregoing or that are necessary to give further effect
thereto, and the Corporation may impose stop-transfer instructions with respect to the Outside
Director’s shares until the end of such specified period.

     10. SECURITIES LAW REOUIREMENTS

     (a) Legality of Issuance. No shares shall be issued under the Plan unless and until
the Corporation has determined that:

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          (1) it and the Outside Director have taken all actions required to register the shares under
the Act, or to perfect an exemption from the registration requirements of the Act or any state or
other securities laws;

          (2) any applicable listing requirement of any stock exchange on which the Stock is listed has
been satisfied; and

          (3) all other applicable provisions of Federal, state or any other law have been satisfied.

     Regardless of whether the issuance of shares under the Plan has been registered under the Act
or has been registered or qualified under the securities laws of any state, the Corporation may
impose restrictions upon the sale, pledge, or other transfer of such shares (including the
placement of appropriate legends on stock certificates) if, in the judgment of the Corporation and
its counsel, restrictions are necessary or desirable in order to achieve compliance with the
provisions of the Act, the securities laws of any state, or any other law. If the issuance of
shares under the Plan is not registered under the Act but an exemption is available that requires
an investment representation or other representation, each Outside Director shall be required to
represent that the shares are being acquired for investment, and not with a view to sale or
distribution, and to make any other representations as are deemed necessary or appropriate by the
Corporation and its counsel. Stock certificates evidencing shares acquired under the Plan pursuant
to an unregistered transaction shall bear the following restrictive legend and any other
restrictive legends as are required or deemed advisable under the provisions of any applicable law:

THE SALE OF THE SECURITIES REPRESENTED HEREBY HAS NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (“ACT”). ANY TRANSFER OF SUCH SECURITIES WILL
BE INVALID UNLESS (i) A REGISTRATION STATEMENT UNDER THE ACT IS IN EFFECT AS TO
SUCH TRANSFER, OR (ii) IN THE OPINION OF COUNSEL FOR THE ISSUER, SUCH REGISTRATION
IS UNNECESSARY IN ORDER FOR SUCH TRANSFER TO COMPLY WITH THE ACT.

     Any determination by the Corporation and its counsel in connection with any of the matters set
forth in this Section 10 shall be conclusive and binding on all persons.

     (b) Registration or Qualification of Securities. The Corporation may, but shall not be
obligated to, register or qualify the issuance of shares under the Securities Act of 1933, as
amended, or any other applicable law. The Corporation shall not be obligated to take any
affirmative action to cause the issuance of shares under the Plan to comply with any law.

     (c) Exchange of Certificates. If, in the opinion of the Corporation and its counsel,
any legend placed on a stock certificate representing shares issued under the

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Plan is no longer required, the holder of the certificate shall be entitled to exchange the
certificate for a certificate representing the same number of shares but lacking the legend.

     11.  LEGENDS

     The Corporation reserves the right to cause appropriate legends to be imprinted on the
certificates representing shares to reflect all restrictions and limitations referred to in this
Plan.

     12. ADMINISTRATION

     The Plan shall be administered and interpreted by the Committee. A Committee member shall in
no event participate in any determination relating to Restricted Stock or Restricted Stock Units
held by such Committee member. The interpretation and construction by the Committee of any
provisions of the Plan shall be final and shall be given the maximum deference permitted under the
law. No member of the Committee shall be liable for any action or determination made in good faith
with respect to the Plan.

     13. AMENDMENT OR TERMINATION

     The Board shall have the power to terminate the Plan at any time and to amend the Plan from
time to time as it may deem proper; provided, however, that no such termination or amendment shall
adversely affect any outstanding Restricted Stock or Restricted Stock Units.

     14. EFFECTIVE DATE AND TERM

     The Plan shall first be effective with respect to retainer and meeting fees received after
January 31, 2003. The Plan will have no specific term and shall expire only when all of the shares
reserved hereunder are used.

     15. APPROVAL OF STOCKHOLDERS

     The Plan is not subject to approval by the Corporation’s stockholders.

     16. GOVERNING LAW

     The laws of the State of Georgia (without regard to conflict of laws provisions) shall govern
all matters relating to this Plan, except to the extent superseded by Federal law.

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     17. EXECUTION

     To record the adoption of the Plan by the Board on September 20, 2004, the Corporation has
caused its authorized officers to affix the corporate name and seal hereto.

     IN WITNESS WHEREOF, this 2003 Restricted Stock Plan for Outside Directors is executed by duly
authorized officers, on September 20, 2004.

	 	 	 	 	 
	 	 	INTERCONTINENTALEXCHANGE, INC.
	 
	 	 	 	 
	

	 	By
	 	/s/ Jeffrey C. Sprecher
	

	 	 	 	 
	

	 	 	 	Jeffrey C. Sprecher, Chairman and
	

	 	 	 	Chief Executive Officer
	 
	 	 	 	 
	

	 	By
	 	/s/ Johnathan H. Short
	

	 	 	 	 
	

	 	 	 	Johnathan H. Short, Secretary

[Seal]

-12-Exhibit 10.10

 

Exhibit 10.10

INTERCONTINENTALEXCHANGE, INC.

2004 RESTRICTED STOCK PLAN

Effective September 20, 2004

     1. PURPOSE 

     IntercontinentalExchange, Inc. (the “Corporation”) hereby establishes the
IntercontinentalExchange, Inc. 2004 Restricted Stock Plan (the “Plan”). The Plan is intended to
attract Employees with outstanding qualifications to the Corporation and its subsidiaries, and to
retain and reward these Employees of the Corporation by providing an opportunity to obtain a
proprietary interest in the Corporation.

     2. DEFINITIONS 

     The following words and phrases when used in the Plan, unless otherwise specifically defined
or unless the context clearly otherwise requires, shall have the following respective meanings:

     (a) “Act” shall mean the Securities Act of 1933, as amended from time to time, and all
rules promulgated thereunder.

     (b) “Award” means an award of Shares or units that convert to Shares.

     (c) “Award Agreement” means an agreement evidencing an Award as described in Section
5(a).

     (d) “Board” shall mean the board of directors of the Corporation.

     (e) “Committee” shall mean the Compensation Committee of the Board . In addition, the
Board shall have all the powers of the Committee.

     (f) “Corporation” shall mean IntercontinentalExchange, Inc., a Delaware corporation.

     (g) “Employee” shall mean an individual who

          (1) is employed (within the meaning of Section 3401 of the Internal Revenue Code) by the
Corporation or its Subsidiaries and is a member of a select group of management or highly
compensated employees within the meaning of Sections 201(1), 301(a)(3) and 401(a)(l) of the
Employee Retirement Income Security Act of 1974, or

          (2) is a director of the Corporation.

     (h) “Grantee” shall mean an Employee who has been granted an Award.

     (i) “Plan” shall mean this IntercontinentalExchange, Inc. 2004 Restricted Stock Plan,
as it may be amended from time to time.

 

 

     (j) “Share” shall mean one share of Stock, adjusted under Section 7 of the Plan (if
applicable).

     (k) “Stock” shall mean the Class A Common Stock, Series 2, par value $0.01 per Share,
of the Corporation.

     (l) “Subsidiary” shall mean any corporation, other than the Corporation, in an
unbroken chain of corporations beginning with the Corporation if, at the time of the grant of an
Award, each of the corporations, other than the last corporation in the unbroken chain, owns stock
possessing 50 percent or more of the combined voting power of all classes of stock in one of the
other corporations in such chain.

     3. EFFECTIVE DATE 

     The Plan has been adopted by the Board, effective as of September 20, 2004. Approval of the
Corporation’s stockholders is not necessary.

     4. ADMINISTRATION 

     The Plan shall be administered and interpreted by the Committee. The Committee shall from
time to time, in its sole and absolute discretion, select the Employees who are to be granted
Awards and determine the number of Shares to be in each Award. A Committee member shall in no
event participate in any determination relating to Awards held by or to be granted to such
Committee member. The interpretation and construction by the Committee of any provisions of the
Plan or of any Award shall be final and shall be given the maximum deference permitted under the
law. No member of the Committee shall be liable for any action or determination made in good faith
with respect to the Plan or any Award.

     5. TERMS AND CONDITIONS OF AWARDS 

     Awards provide for the transfer to an Employee of Shares that are subject to certain specified
restrictions and limitations. The Committee will determine to whom an Award will be made, the
number of Shares subject to the Award, the restrictions to which the Shares will be subject, and
all other terms and conditions of the Award, subject to the following:

     (a) Award Agreements. All Awards made pursuant to the Plan will be evidenced by
written Award Agreements in such form (which need not be the same for each Grantee) as the
Committee shall from time to time determine. The Award Agreements shall comply with and be subject
to the terms and conditions of the Plan. An Award must be accepted by the Grantee’s execution and
delivery of the Award Agreement to be valid. If the Grantee does not execute and deliver the Award
Agreement within 30 days of receipt, the Committee may revoke the Award.

     (b) Number of Shares. Each Award Agreement shall state the number of Shares to which
the Award pertains and shall provide for adjustment under Section 7.

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     (c) Consideration for Awards. Awards may be for past services, for future services,
for the surrender of options granted under the IntercontinentalExchange, Inc. 2000 Stock Option
Plan, or for any other consideration, provided that at least the par value of each Share
transferred pursuant to an Award must be for consideration other than future services.

     (d) Vesting and Forfeiture. The Award Agreement will provide a vesting schedule.
Vesting may be immediate or deferred. Vesting may be time-based or performance-based. Vesting may
be accelerated by events such as a change in control, an initial public offering (IPO), a sale of
the Corporation or all or substantially all of the Corporation’s assets, death or disability of the
Grantee, but may not be deferred for more than ten (10) years. If the Grantee ceases to be an
Employee, any unvested Shares shall be forfeited and the Corporation shall pay the Grantee $0.01
for each unvested Share, whether or not the Shares have been issued. For this purpose, a Grantee
shall be treated as continuing to be an Employee while the Grantee is on military leave, sick
leave, or any other bona fide leave of absence (to be determined in the sole and absolute
discretion of the Committee).

     (e) Time of Issuance. Each Award Agreement shall state the time that the Shares shall
be issued to the Grantee. The issuance may be immediate (as soon as administratively feasible) or
deferred (at any later time, provided that the issuance may not be more than ten years after the
effective date of the Award), before or after vesting. Issuance may be accelerated by events such
as a change in control, an initial public offering (IPO), sale of the Corporation or all or
substantially all of the Corporation’s assets, or termination of employment, but may not be
deferred for more than ten (10) years. Upon issuance, the Shares shall be fully paid and
nonassessable and shall be issued in the name of the Grantee. However, at the request of the
Grantee, the Shares may be issued in the names of the Grantee and his or her spouse (i) as joint
tenants with right of survivorship, (ii) as community property, or (iii) as tenants in common
without right of survivorship or may be issued in the name of a child or a family trust.

     (f) Withholding. If the Corporation determines that it should withhold local, state,
Federal or foreign taxes with respect to Shares (upon the issuance of Shares pursuant to an Award,
at the time of vesting, or at any other time), the Grantee shall be required to make arrangements
satisfactory to the Corporation to enable it to satisfy such withholding requirements.

     (g) Right of First Refusal. Any Shares issued pursuant to an Award which are not
readily tradeable on an established market shall be subject to a “right of first refusal.” Under
the right of first refusal, prior to any subsequent transfer, the Shares must first be offered for
purchase in writing to the Corporation at the then fair market value. The price specified in a
bona fide written offer from an independent prospective buyer will be deemed to be the fair market
value of such Shares for this purpose. The Corporation will
have thirty (30) days to exercise the right of first refusal on the same terms offered by an
independent prospective buyer. The Corporation may assign any right of first refusal it may have,
whether or not then exercisable, to such person or as may be selected by the

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Corporation. The
right of first refusal shall terminate upon the effective date of the Corporation’s initial public
offering (IPO).

     (h) Nontransferability of Awards. During the lifetime of the Grantee, the Award shall
not be assignable or transferable. In the event of the Grantee’s death, the Award shall not be
transferable by the Grantee other than by will or the laws of descent and distribution. These
restrictions apply only to Awards. They do not apply to Shares that have been issued.

     (i) Rights as Stockholder. A Grantee, or a transferee of a Grantee, shall have no
rights as a stockholder with respect to any Shares covered by his or her Award until the Shares are
issued. No adjustment shall be made for dividends (ordinary or extraordinary, whether in cash,
securities, or other property), distributions, or other rights for which the record date is prior
to the date the Shares are issued, except as provided in Section 7.

     (j) Modification, Extension, and Renewal of Awards. Within the limitations of the
Plan, the Committee may modify, extend, or renew outstanding Awards or accept the cancellation of
outstanding Awards (to the extent the Shares have not been issued) for the granting of new Awards
in substitution therefore. The foregoing notwithstanding, no modification of an Award shall,
without the consent of the Grantee, alter or impair any rights or obligations under any Award
previously granted.

     (k) Cancellation and Rescission. If a Grantee who has a contract of employment that
defines Grantee’s obligations with respect to competition with the Corporation violates such
obligations, or if a Grantee that has no such contract either renders services for any organization
or business which is or becomes competitive with the Corporation or engages directly or indirectly
in any organization or business which is or becomes otherwise prejudicial to or in conflict with
the interests of the Corporation, prior to or during a six-month period after the later of the
issuance of Shares pursuant to an Award or the vesting of the Shares, such issuance shall be
cancelled and rescinded. The Committee shall notify the Grantee in writing of any such
cancellation and rescission within two years after such exercise. Within ten days after receiving
such notice from the Committee, the Grantee shall pay to the Corporation the amount of any gain
realized or payment received as a result of the cancelled and rescinded issuance of Shares.

     (l) Other Provisions. The Award agreements may contain such other provisions not
inconsistent with the terms of the Plan as the Committee shall deem advisable.

     6. TERM OF PLAN 

     Awards may be granted pursuant to the Plan until the expiration of the Plan on September 19,
2014.

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     7. RECAPITALIZATIONS 

     The number of Shares covered by each outstanding Award shall be proportionately adjusted for
any increase or decrease in the number of issued Shares resulting from a subdivision or
consolidation of Shares or the payment of a stock dividend (but only of Stock) or any other
increase or decrease in the number of issued Shares effected without receipt of consideration by
the Corporation.

     Subject to the provisions of Section 9, if the Corporation is the surviving corporation in any
merger or consolidation, each outstanding Award shall pertain and apply to the securities to which
a holder of the number of Shares subject to the Award would have been entitled.

     To the extent that the foregoing adjustments relate to securities of the Corporation, such
adjustments shall be made by the Committee, whose determination shall be conclusive and binding on
all persons.

     Except as expressly provided in this Section 7 and Section 9,

     (a) the Grantee shall have no rights by reason of any subdivision or consolidation of shares
of stock of any class, the payment of any stock dividend, or any other increase or decrease in the
number of shares of stock of any class or by reason of any dissolution, liquidation, merger,
consolidation, or spin-off of assets or stock of another corporation, and

     (b) any issuance by the Corporation of shares of stock of any class, or securities convertible
into shares of stock of any class, shall not affect, and no adjustment shall be made with respect
to, the number of Shares subject to an Award.

     The grant of an Award under the Plan shall not affect in any way the right or power of the
Corporation to make adjustments, reclassifications, reorganizations, or changes of its capital or
business structure; to merge or consolidate; or to dissolve, liquidate, sell, or transfer all or
any part of its business or assets.

     8. RESTRICTIONS ON SHARES ISSUED 

     The Corporation (or a representative of the Corporation’s underwriter(s)) may, in connection
with the first underwritten registration of the offering of any securities of the Corporation,
require that Grantee not sell, dispose of, transfer, make any short sale of, grant any option for
the purchase of, or enter into any hedging or similar transaction with the same economic effect as
a sale with respect to, any Shares or other securities of the Corporation held by Grantee, for a
period of time specified by the underwriter(s) (not to exceed 12 months) following the
Corporation’s effective date of registration. Grantee will execute and deliver such other
agreements that are reasonably requested by the Corporation or the underwriter(s) that are
consistent with the foregoing or that are necessary to give further effect thereto, and the
Corporation may impose stop-transfer instructions with respect to Grantee’s Shares until the end of
such specified period.

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     9. SECURITIES LAW REQUIREMENTS

     (a) Legality of Issuance. No Shares shall be issued pursuant to an Award unless and
until the Corporation has determined that:

          (1) it and the Grantee have taken all actions required to register the Shares under the Act,
or to perfect an exemption from the registration requirements of the Act or any state or other
securities laws;

          (2) any applicable listing requirement of any stock exchange on which the Stock is listed has
been satisfied; and

          (3) all other applicable provisions of Federal, state or any other law have been satisfied.

     Regardless of whether the issuance of Shares under the Plan has been registered under the Act
or has been registered or qualified under the securities laws of any state, the Corporation may
impose restrictions upon the sale, pledge, or other transfer of such Shares (including the
placement of appropriate legends on stock certificates) if, in the judgment of the Corporation and
its counsel, restrictions are necessary or desirable in order to achieve compliance with the
provisions of the Act, the securities laws of any state, or any other law. If the issuance of
Shares under the Plan is not registered under the Act but an exemption is available that requires
an investment representation or other representation, each Grantee shall be required to represent
that the Shares are being acquired for investment, and not with a view to sale or distribution, and
to make any other representations as are deemed necessary or appropriate by the Corporation and its
counsel. Stock certificates evidencing Shares acquired under the Plan pursuant to an unregistered
transaction shall bear the following restrictive legend and any other restrictive legends as are
required or deemed advisable under the provisions of any applicable law:

THE SALE OF THE SECURITIES REPRESENTED HEREBY HAS NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (“ACT”). ANY TRANSFER OF SUCH SECURITIES WILL
BE INVALID UNLESS (i) A REGISTRATION STATEMENT UNDER THE ACT IS IN EFFECT AS TO
SUCH TRANSFER, OR (ii) IN THE OPINION OF COUNSEL FOR THE ISSUER, SUCH REGISTRATION
IS UNNECESSARY IN ORDER FOR SUCH TRANSFER TO COMPLY WITH THE ACT.

     Any determination by the Corporation and its counsel in connection with any of the matters set
forth in this Section 9 shall be conclusive and binding on all persons.

     (b) Registration or Qualification of Securities. The Corporation may, but shall not be
obligated to, register or qualify the issuance of Shares under the Act or any other applicable law.
The Corporation shall not be obligated to take any affirmative action to cause the issuance of
Shares under the Plan to comply with any law.

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     (c) Exchange of Certificates. If, in the opinion of the Corporation and its counsel,
any legend placed on a stock certificate representing shares issued under the Plan is no longer
required, the holder of the certificate shall be entitled to exchange the certificate for a
certificate representing the same number of Shares but lacking the legend.

     10. LEGENDS 

     The Corporation reserves the right to cause appropriate legends to be imprinted on the
certificates representing Shares to reflect all restrictions and limitations referred to in this
Plan.

     11. AMENDMENT OF THE PLAN 

     The Board may from time to time, with respect to any Shares at the time not subject to Awards,
suspend, discontinue, or terminate the Plan or revise or amend it in any respect whatsoever. No
amendment may materially adversely affect a previously granted Award without the consent of the
Grantee.

     12. NUMBER AND GENDER 

     The masculine, feminine, and neuter, wherever used in the Plan or in any Award Agreement,
shall refer to either the masculine, feminine, or neuter. Unless the context otherwise requires,
the singular shall include the plural and the plural the singular.

     13. GOVERNING LAW 

     The laws of the State of Georgia (without regard to conflict of laws provisions) shall govern
all matters relating to this Plan, except to the extent superseded by Federal law.

     14. EXECUTION 

     To record the adoption of the Plan by the Board on September 20, 2004, the Corporation has
caused its authorized officers to affix the corporate name and seal hereto.

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     IN WITNESS WHEREOF, this restricted stock plan is executed by duly authorized officers, as of
September 20, 2004.

	 	 	 	 	 
	 	 	INTERCONTINENTALEXCHANGE, INC.
	 
	 	 	 	 
	

	 	By
	 	/s/ Jeffrey C. Sprecher
	

	 	 	 	 
	

	 	 	 	Jeffrey C. Sprecher, Chairman and Chief
	

	 	 	 	Executive Officer
	 
	 	 	 	 
	

	 	By
	 	/s/ Johnathan H. Short
	

	 	 	 	 
	

	 	 	 	Johnathan H. Short, Secretary

[Seal]

-8-

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