Document:

EX-10.1

Exhibit 10.1

CONSULTING AGREEMENT

THIS CONSULTING AGREEMENT (“Agreement”) effective as of the 30th day of April,
2007, between H&E EQUIPMENT SERVICES, INC. (“H&E”), whose principal mailing address is 11100 Mead
Road, 2nd floor, Baton Rouge, Louisiana 70816, and GARY W. BAGLEY (“Consultant”), whose
mailing address is 9 Altawood Drive, Salt Lake City, Utah 84092.

RECITALS:

WHEREAS, H&E is the successor by statutory merger of H&E Equipment Services L.L.C.,
effective February 3, 2006, and of Head & Engquist Equipment, L.L.C., and ICM Equipment Company
L.L.C., effective June 17, 2002;

WHEREAS, H&E is engaged in the business of selling, renting, and servicing manufacturing,
industrial, construction, and mining equipment, and the provision of related services;

WHEREAS, H&E has heretofore employed Consultant as a consultant pursuant to a Consulting and
Noncompetition Agreement dated July 31, 2004 (“Noncompetition Agreement”), and as an officer and
its Chairman pursuant to an Employment Agreement, initially dated February 4, 1998, and amended
subsequently with the third and final amendment dated as of June 14, 2002 (“Employment Agreement”);
and,

WHEREAS, Consultant acknowledges extinguishment of the Noncompetition Agreement and the
Employment Agreement, and H&E and Consultant now desire to have Consultant provide his services
pursuant to the terms of this Agreement.

NOW, THEREFORE, in consideration of the premises and of the mutual agreements hereinafter set
forth, the parties declare and agree as follows:

W I T N E S S E T H:

1. Term and Duties. H&E hereby appoints and engages Consultant, for a
period of five (5) years (the “Consulting Period”) commencing on the date hereof, as a consultant
to H&E and its affiliates and subsidiaries, including but not limited to Great Northern Equipment,
Inc. and H&E Equipment Services (California), LLC, of all matters directly or indirectly related to
H&E’s business. The Consultant shall be available to furnish such consulting services hereunder as
may be reasonably requested by the Board of Directors, the CEO and/or the CFO of H&E

2. Compensation, Etc.

	 	(a)	 	As full and complete compensation for any and all services
which the Consultant may render hereunder, H&E shall pay Consultant the sum of
$167,000.00 per annum, together with a cost-of-living increase of four percent
(4%) compounded annually. Consultant shall be responsible for all federal and
state taxes and other payments as required by applicable law. The fee shall be
paid in equal portions to Consultant bi-weekly.

	 	(b)	 	H&E will reimburse Consultant for all reasonable and actual
out-of-pocket expenses incurred by him in the performance of his duties
hereunder upon presentation of appropriate documentation.

	 	(c)	 	Consultant will be provided an office, appropriate office
supplies and equipment, and such support and secretarial staff as is reasonably
needed by Consultant to meet his obligations under this Agreement. The
expenses of the office and staff will be paid by H&E.

	 	(d)	 	In keeping with past treatment of retiring senior executive
officers of H&E, H&E will, during the Consulting Period, continue to provide
the Consultant and his spouse with the hospitalization and medical insurance
group plan coverages that were available to him immediately prior to the
effectiveness of this Agreement or otherwise provide hospitalization and
medical insurance group plan coverages that are substantially similar thereto
in all material respects.

3. Confidential Information. It is stipulated and agreed that H&E is
engaged in the business of (i) selling, renting and servicing equipment for use in the
manufacturing, industrial, construction, and mining industries, and (ii) the provision of related
services, together with any other lines of business in which H&E becomes engaged during the
Consulting Period, being referred to herein as the “Business.” It is further stipulated and agreed
that as a result of Consultant’s employment by H&E and continuing during the Consultancy Period,
Consultant has had and may have access to valuable, highly confidential, privileged and proprietary
information relating to H&E’s business, including, without limitation, existing and future
equipment information, customer lists, identities of distributors and distributorships, sales
methods and techniques, cost and costing methods, pricing techniques and strategies, sales
agreements with customers, profits and product line profitability information, unpublished present
and future marketing strategies and promotional programs, and other information regarded by H&E as
proprietary and confidential (the “Confidential Information”). It is further acknowledged that
unauthorized use or disclosure by Consultant of Confidential Information would seriously damage H&E
in its business.

In consideration of the payments and benefits referred to in Paragraphs 1 and 2 of this
Agreement, which Consultant acknowledges are legally sufficient to support enforceability by H&E of
this provision, Consultant agrees to not use, divulge, disclose, furnish, or make accessible to any
third party, person, company, or other entity, any aspect of the Confidential Information (other
than as required in the ordinary discharge of Consultant’s duties hereunder).

4. Status. Notwithstanding anything herein to the contrary, the Consultant
shall be an independent contractor and shall not be considered an employee of H&E.

5. Entire Agreement. This Agreement is the entire agreement between the
parties hereto with respect to subject matter hereof and shall not be amended, altered or modified
in any manner whatsoever, except by a written instrument executed by the parties hereto. This
Agreement supersedes all prior agreements between the Company and Consultant with respect to the
matter hereof and all prior agreements shall be void and of no further force or effect as of the
date hereof.

6. Governing Law. This Agreement and the legal relations between the
parties shall be governed by and construed and enforced in accordance with the laws of the State of
Utah applicable to agreements made and to be performed wholly in the State of Utah, without regard
to conflicts of law principles of any jurisdiction. ANY SUIT OR OTHER PROCEEDING ARISING OUT OF OR
RELATED TO THIS AGREEMENT SHALL BE INSTITUTED AND MAINTAINED IN THE STATE OR FEDERAL COURTS SITTING
IN EAST BATON ROUGE PARISH, LOUISIANA, ABSENT WRITTEN CONSENT OF H&E TO THE CONTRARY. CONSULTANT
EXPRESSLY WAIVES ANY OBJECTIONS TO SUCH JURISDICTION AND VENUE AND IRREVOCABLY CONSENTS AND SUBMITS
TO THE PERSONAL AND SUBJECT MATTER JURISDICTION OF SUCH COURTS IN ANY SUCH ACTION OR PROCEEDING.

7. Binding Effect. This Agreement shall be binding upon the heirs, assigns,
and successors of the parties hereto, including any successor to H&E by way of reorganization or
restructuring, sale or merger.

8. Attorney Fees. In the event of a breach of this Agreement the prevailing
party shall be entitled to its cost of court and reasonable attorneys fees.

9. Notices. All notices, requests, or other communications hereunder shall
be in writing and shall be deemed to have been duly given if delivered or mailed first class,
certified mail, postage prepaid, addressed as set forth:

To H&E:

H&E Equipment Services, Inc.

11100 Mead Road, 2nd floor

Baton Rouge, LA 70816

Attn.: John M. Engquist

with a copy to:

Taylor, Porter, Brooks & Phillips L.L.P.

451 Florida Street, 8th floor

Post Office Box 2471

Baton Rouge, LA 70801/70821

Attn.: John Ashley Moore

To Consultant:

Gary W. Bagley

9 Altawood Drive

Salt Lake City, UT 84092

or to such other address as may have been furnished in writing to the party giving the notice by
the party to whom the notice is to be given.

10. Counterparts. This Agreement may be executed in any number of
counterparts, each of which shall be an original, but which together constitute one and the same
instrument.

IN WITNESS WHEREOF, the parties have duly executed this Consulting Agreement on the 30th day
of April, 2007.

H&E EQUIPMENT SERVICES, INC.

By: /s/ John M. Engquist

John M. Engquist, its President and

Chief Executive Officer

CONSULTANT:

/s/ Gary W. Bagley

Gary W. BagleyEX-10.1

Exhibit 10.1

CHICAGO MERCANTILE EXCHANGE HOLDINGS INC.

AMENDED AND RESTATED OMNIBUS STOCK PLAN

ARTICLE 1

EFFECTIVE DATE AND PURPOSE

1.1. Effective Date. The Plan is effective as the Chicago Mercantile Exchange Omnibus Stock
Plan as of February 7, 2000, and was amended and restated as the Chicago Mercantile Exchange
Holdings Inc., Amended and Restated Omnibus Stock Plan as of April 23, 2002, and was further
amended on February 5, 2003 and further Amended and Restated as of April 25, 2007.

1.2. Purpose of the Plan. The Plan is intended to further the growth and profitability of the
Company by increasing incentives and encouraging Share ownership on the part of Employees of the
Company and its Subsidiaries. The Plan is intended to permit the grant of Awards that constitute
“qualified performance-based compensation” under section 162(m) of the Code.

ARTICLE 2

DEFINITIONS

The following words and phrases shall have the following meanings unless a different meaning
is plainly required by the context:

2.1. “1934 Act” means the Securities Exchange Act of 1934, as amended. Reference to a specific
section of the 1934 Act or regulation thereunder shall include such section or regulation, any
valid regulation promulgated under such section, and any comparable provision of any future
legislation or regulation amending, supplementing or superseding such section or regulation.

2.2. “Affiliate” means any corporation or any other entity (including, but not limited to,
partnerships and joint ventures) controlled by the Company.

2.3. “Award” means, individually or collectively, a grant under the Plan of Non-Qualified
Stock Options, Incentive Stock Options, SARs, Stock Awards or Performance Shares.

2.4. “Award Agreement” means the written agreement setting forth the terms and conditions
applicable to an Award.

2.5. “Board” means the Board of Directors of the Company.

2.6. “Bonus Stock” means Shares under a Stock Award which are not subject to a Period of
Restriction.

2.7. “Cause” means, except as otherwise specified in a particular Award Agreement or in an
employment or similar agreement in effect between the Company or an Affiliate and an Employee
(which definition shall govern if in effect), (a) the willful and continued failure (other than a
failure resulting from the Participant’s Disability) to substantially perform the duties assigned
by the Company, (b) the willful engaging in conduct which is demonstrably injurious to the Company,
monetarily or otherwise, including conduct that, in the reasonable judgment of the Company, does
not conform to the standard of the Company’s executives or employees, (c) any act of dishonesty,
commission of a felony, or (d) a significant violation of any statutory or common law duty of
loyalty to the Company; provided, however, that following a Change of Control, “Cause” means,
except as otherwise specified in a particular Award Agreement or in an employment or similar
agreement in effect between the Company or an Affiliate and an Employee (which definition shall
govern if in effect), (a) the willful and continued failure (other than a failure resulting from
the Participant’s Disability) to substantially perform the duties assigned by the Company, (b) the
willful engaging in conduct which is demonstrably injurious to the Company, monetarily or
otherwise, including conduct that does not conform to the standard of the Company’s executives or
employees, (c) any act of dishonesty, commission of a felony, or (d) a significant violation of any
statutory or common law duty of loyalty to the Company.

2.8. “Change of Control” means, except as otherwise specified in a particular Award Agreement,
the occurrence of any of the following events:

(a) The acquisition by any individual, entity or group (within the meaning of
Section 13(d)(3) or 14(d)(2) of the 1934 Act) (a “Person”) of beneficial ownership (within the
meaning of Rule13d-3 promulgated under the 1934 Act) of 50% or more of either (1) the then
outstanding Class A Shares (the “Outstanding Class A Common Stock”) or (2) the combined voting
power of the then-outstanding voting securities of the Company entitled to vote generally in
the election of directors (the “Outstanding Company Voting Securities”); provided, however,
that for purposes of this paragraph (a) the following acquisitions shall not constitute, or be
deemed to cause, a Change of Control: (i) any increase in such percentage ownership of a
Person to 50% or more resulting solely from any acquisition of shares directly from the
Company or any acquisition of shares by the Company; provided, that any subsequent
acquisitions of shares by such Person that would add, in the aggregate, 1% or more (measured
as of the date of each such subsequent acquisition) to such Person’s beneficial ownership of
Outstanding Class A Common Stock or Outstanding Company Voting Securities shall be deemed to
constitute a Change of Control, (ii) any acquisition by any employee benefit plan (or related
trust) sponsored or maintained by the Company or any Affiliate; or (iii) any acquisition by
any corporation pursuant to a transaction which complies with clauses (1), (2) and (3) of
paragraph (c) below or (iv) any acquisition by an underwriter holding securities for an
offering of such securities; or

(b) Individuals who, as of the Effective Date, constitute the Board (the “Incumbent
Board”) cease for any reason to constitute at least a majority of the Board; provided,
however, that any individual becoming a Director subsequent to the date hereof whose election,
or nomination for election, was approved by a vote of at least a majority of the Directors
then comprising the Incumbent Board shall be considered as though such individual were a
member of the Incumbent Board, but excluding, for this purpose, any such individual whose
initial assumption of office occurs as a result of an actual or threatened election contest
with respect to the election or removal of Directors or other actual or threatened
solicitation of proxies or consents, by or on behalf of a Person other than the Board; or

(c) Consummation of a reorganization, merger or consolidation or sale or other
disposition of all or substantially all of the assets of the Company (a “Business
Combination”), in each case, unless, following such Business Combination, (1) all or
substantially all of the individuals and entities who were the beneficial owners,
respectively, of the then Outstanding Class A Common Stock and Outstanding Company Voting
Securities, immediately prior to such Business Combination beneficially own, directly or
indirectly, more than 50% of, respectively, the then-outstanding shares of common stock and
the combined voting power of the then-outstanding voting securities entitled to vote generally
in the election of directors, as the case may be, of the corporation resulting from such
Business Combination (including, without limitation, a corporation which as a result of such
transaction owns the Company or all or substantially all of the Company’s assets either
directly or through one or more subsidiaries) in substantially the same proportions as their
ownership, immediately prior to such Business Combination, of the Outstanding Class A Common
Stock and Outstanding Company Voting Securities, as the case may be, (2) no Person (excluding
any corporation resulting from such Business Combination or any employee benefit plan (or
related trust) of the Company or of such corporation resulting from such Business Combination)
beneficially owns, directly or indirectly, 50% or more of, respectively, the then-outstanding
 shares of common stock of the corporation resulting from such Business Combination or the
combined voting power of the then-outstanding voting securities of such corporation except to
the extent that such ownership existed prior to the Business Combination and (3) individuals
who were on the Incumbent Board continue to constitute at least a majority of the members of
the board of directors of the corporation resulting from the Business Combination; provided,
however, that any individual becoming a Director subsequent to the date hereof whose election,
or nomination for election, was approved by a vote of at least a majority of the Directors
then comprising the Incumbent Board shall be considered as though such individual were a
member of the Incumbent Board, but excluding, for this purpose, any such individual whose
initial assumption of office occurs as a result of an actual or threatened election contest
with respect to the election or removal of directors or other actual or threatened
solicitation of proxies or consents, by or on behalf of a Person other than the Board; or

(d) Approval by the stockholders of the Company of a complete liquidation or dissolution
of the Company.

2.9. “Class A Shares” means shares of the Company’s Class A common stock, $.01 par value.

2.10. “Code” means the Internal Revenue Code of 1986, as amended. Reference to a specific
section of the Code or regulation thereunder shall include such section or regulation, any valid
regulation promulgated thereunder, and any comparable provision of any future legislation or
regulation amending, supplementing or superseding such section or regulation.

2.11. “Committee” means the Compensation Committee of the Board of Directors appointed
(pursuant to Section 3.1) to administer the Plan.

2.12. “Company” means Chicago Mercantile Exchange Holdings Inc. (formerly Chicago Mercantile
Exchange), a Delaware corporation, or any successor thereto.

2.13. “Director” means any individual who is a member of the Board.

2.14. “Disability” means disability as determined pursuant to the long-term disability plan or
policy of the Company or its Subsidiaries in effect at the time of such disability and applicable
to a Participant.

2.15. “Employee” means an employee of the Company, its subsidiaries, or an Affiliate
designated by the Board or the Committee (collectively “an Employer”). “Employee” does not include
an individual who is not contemporaneously classified as an Employee for purposes of an Employer’s
payroll system. In the event any such individual is reclassified as an Employee for any purpose,
including, without limitation, any government agency or as a result of any private lawsuit, action,
or administrative proceeding, such individual will, notwithstanding such reclassification, remain
ineligible for participation hereunder and will not be considered an Employee for purposes of this
Plan. In addition to and not in derogation of the foregoing, the exclusive means for an individual
who is not contemporaneously classified as an Employee of an Employer on an Employer’s payroll
system to become eligible to participate in this Plan is through an amendment to this Plan which
specifically renders such individual eligible for participation hereunder.

2.16. “Exercise Price” means the price at which a Share subject to an Option may be purchased
pursuant to the exercise of the Option or the base price at which an SAR may be exercised with
respect to a Share, as applicable.

2.17. “Fair Market Value” means, except as otherwise specified in a particular Award
Agreement, (i) the closing sales price per Share on such date, as reported by the Composite
Transactions reporting system or if not so reported, as reported by the New York Stock Exchange or
(ii) in the event the Shares are not traded on such date, the closing price per Share, as so
reported on the immediately preceding date on which trading occurred, or if not so reported, as
reported by any national securities exchange on which the Shares are listed.

2.18. “Fiscal Year” means the fiscal year of the Company.

2.19. “Grant Date” means, with respect to an Award, the date that the Award is granted.

2.20. “Incentive Stock Option” means an Option that is designated as an Incentive Stock Option
and is intended by the Committee to meet the requirements of section 422 of the Code.

2.21. “Non-Qualified Stock Option” means an Option that is not an Incentive Stock Option.

2.22. “Option” means an option to purchase Shares which is granted by the Committee pursuant
to Article 5.

2.23. “Participant” means an individual with respect to whom an Award has been granted and
remains outstanding.

2.24. “Performance Goals” means such criteria and objectives as may be established by the
Committee, which shall be satisfied or met (i) as a condition to the exercisability of all or a
portion of an Option or SAR, (ii) as a condition to the grant of an Award, or (iii) during the
applicable Performance Period or Period of Restriction, as a condition to the Participant’s receipt
of the Shares subject to a Restricted Stock Award or, in the case of a Performance Share Award, of
the Shares subject to such Award and/or the payment with respect to such Award. In the case of an
Award that is intended to qualify as “qualified performance-based compensation” under section
162(m) of the Code, such Performance Goals may include any or all of the following or any
combination thereof: gross margin, operating margin, revenue growth, free cash flow, operating cash
flow, earnings per share, economic value added, cash-flow return on investment, net income, total
shareholder return, return on investment, return on equity, return on assets, the attainment by a
Share of a specified Fair Market Value for a specified period of time, an increase in the Fair
Market Value of a Share, or any increase or decrease of one or more of the foregoing over a
specified period. Such Performance Goals may relate to the performance of the Company, an
Affiliate, any portion of the business, product line, or any combination thereof, relative to a
market index, a group of other companies (or their subsidiaries, business units or product lines),
or a combination thereof, all as determined by the Committee. If the Committee desires that
compensation payable pursuant to any Award subject to Performance Goals be “qualified
performance-based compensation” within the meaning of section 162(m) of the Code, the Performance
Goals (i) shall be established by the Committee no later than the end of the first 90 days of the
Performance Period or Period of Restriction, as applicable (or such other time prescribed by the
Internal Revenue Service) and (ii) shall satisfy all other applicable requirements imposed by
Treasury Regulations promulgated under section 162(m) of the Code, including the requirement that
such Performance Goals be stated in terms of an objective formula or standard.

2.25. “Performance Period” means the period designated by the Committee during which the
Performance Goals applicable to an Award shall be measured.

 

2.26. “Performance Share” means a right, contingent upon the attainment of specified
Performance Goals within a specified Performance Period, to receive one Share, which may be
Restricted Stock, or in lieu of all or a portion thereof, the Fair Market Value of such Share in
cash.

2.27. “Period of Restriction” means the period during which Restricted Stock is subject to
forfeiture and/or restrictions on transferability.

2.28. “Plan” means this Chicago Mercantile Exchange Holdings Inc., Amended and Restated
Omnibus Stock Plan, as set forth in this instrument and as hereafter amended from time to time.

2.29. “Restricted Stock” means Shares under a Stock Award which are subject to a Period of
Restriction.

2.30. “Retirement” means a Participant’s Termination of Service (other than for Cause) on or
after attaining his or her “normal retirement date” as defined in the Pension Plan for Employees of
Chicago Mercantile Exchange Inc. (whether or not such Participant participates in such plan).

2.31. “Rule 16b-3” means Rule 16b-3 promulgated under the 1934 Act, as amended, and any future
regulation amending, supplementing or superseding such regulation.

2.32. “Share” means a share of any class, and of any series within a class, of the Company’s
common stock.

2.33. “Stock Appreciation Right” or “SAR” means an Award, granted alone, in reference to or in
tandem with a related Option, which pursuant to Article 6 is designated by the Committee as an SAR.

2.34. “Stock Award” means an Award of Restricted Stock or Bonus Stock.

2.35. “Ten Percent Holder” means an Employee (together with persons whose stock ownership is
attributed to the Employee pursuant to section 424(d) of the Code) who, at the time an Option is
granted, owns stock representing more than ten percent of the voting power of all classes of stock
of the Company (or of any parent or subsidiary as defined in section 424 of the Code).

2.36. “Termination of Service” means a cessation of the employee-employer relationship between
an Employee and the Company and Affiliates for any reason, including, but not by way of limitation,
a termination by resignation, discharge with or without Cause, death, Disability, Retirement, or
the disaffiliation of an Affiliate, but excluding any such termination where there is a
simultaneous reemployment by the Company or an Affiliate.

ARTICLE 3

ADMINISTRATION

3.1. The Committee. The Plan shall be administered by the Committee. The Committee shall
consist of not less than two (2) Directors. The members of the Committee shall be appointed from
time to time by, and serve at the pleasure of, the Board. It is intended that each member of the
Committee shall qualify as (a) a “non-employee director” under Rule 16b-3, and (b) an “outside
director” under section 162(m) of the Code and (c) an “independent director” under the applicable
listing standards of the New York Stock Exchange and the NASDAQ Global Select Market. If it is
later determined that one or more members of the Committee do not so qualify, actions taken by the
Committee prior to such determination shall be valid despite such failure to qualify.

3.2. Authority and Action of the Committee. It shall be the duty of the Committee to
administer the Plan in accordance with the Plan’s provisions. The Committee shall have all powers
and discretion necessary or appropriate to administer the Plan and to control its operation,
including, but not limited to, the power to

(a) determine which Employees shall be eligible to receive Awards and to grant Awards,

 

(b) prescribe the form, amount, timing and other terms and conditions of each Award,

(c) interpret the Plan and the Award Agreements,

(d) adopt such procedures as it deems necessary or appropriate to permit participation in
the Plan by eligible Employees,

(e) adopt such rules as it deems necessary or appropriate for the administration,
interpretation and application of the Plan, and

(f) interpret, amend or revoke any such procedures or rules.

A majority of the Committee shall constitute a quorum. The acts of the Committee shall be
either (i) acts of a majority of the members of the Committee present at any meeting at which a
quorum is present or (ii) acts approved in writing by all of the members of the Committee without a
meeting.

3.3. Delegation by the Committee. The Committee, in its sole discretion and on such terms and
conditions as it may provide, may, consistent with law, delegate all or any part of its authority
and powers under the Plan to one or more Directors and/or officers of the Company; provided,
however, that the Committee may not delegate its authority or power with respect to (a) any officer
of the Company with regard to the selection for participation in this Plan of an officer or other
person subject to Section 16 of the 1934 Act or decisions concerning the timing, pricing or amount
of an award to such an officer or person or (b) any Award that is intended to satisfy the
requirements applicable to “qualified performance-based compensation” under section 162(m) of the
Code.

3.4. Decisions Binding. All determinations, decisions and interpretations by the Committee,
the Board, and any delegate of the Committee pursuant to the provisions of the Plan shall be final,
conclusive, and binding on all persons, and shall be given the maximum deference permitted by law.

ARTICLE 4

SHARES SUBJECT TO THE PLAN

4.1. Number of Shares. Subject to adjustment as provided in Section 4.3, 4,045,975 Shares
shall be available for grants of Awards under the Plan. The maximum number of Shares with respect
to which Options or SARs or a combination thereof may be granted during any Fiscal Year to any
person shall be 500,000, subject to adjustment as provided in Section 4.3. Shares awarded under the
Plan may be either authorized but unissued Shares, authorized and issued Shares reacquired and held
as treasury Shares or a combination thereof.

4.2. Lapsed Awards. To the extent that Shares subject to an outstanding Option (except to the
extent Shares are issued or delivered by the Company in connection with the exercise of a tandem
SAR) or other Award are not issued or delivered by reason of the expiration, cancellation,
forfeiture or other termination of such Award or by reason of the delivery or withholding of Shares
to pay all or a portion of the exercise price of an Award, if any, or to satisfy all or a portion
of the tax withholding obligations relating to an Award, then such Shares shall again be available
under this Plan.

4.3. Adjustments in Awards and Authorized Shares. In the event of any merger, reorganization,
consolidation, recapitalization, liquidation, stock dividend, split-up, Share combination, or other
similar change in the corporate structure of the Company affecting the Shares, the Committee shall
adjust the number, class and series of securities available under the Plan, the number, class,
series and purchase price of securities subject to outstanding Awards, and the numerical limits of
Sections 4.1, 7.1 and 8.2.1 in such manner as the Committee in its sole discretion shall determine
to be appropriate to prevent the dilution or diminution of such Awards. If any such adjustment
would result in a fractional security being (a) available under this Plan, such fractional security
shall be disregarded, or (b) subject to an outstanding Award under this Plan, the Company shall pay
the holder of such Award, in connection with the first vesting, exercise or settlement of such
Award in whole or in part occurring after such adjustment, an amount in cash determined by
multiplying (i) the fraction of such security (rounded to the nearest hundredth) by (ii) the
excess, if any, of (A) the Fair Market Value on the vesting, exercise or settlement date over
(B) the Exercise Price, if any, of such Award.

ARTICLE 5

STOCK OPTIONS

5.1. Grant of Options. Subject to the provisions of the Plan, Options may be granted to such
Employees at such times, and subject to such terms and conditions, as determined by the Committee
in its sole discretion. An Award of Options may include Incentive Stock Options, Non-Qualified
Stock Options, or a combination thereof; provided, that no Incentive Stock Option shall be granted
more than ten years after the date this Plan is adopted by the Board.

5.2. Award Agreement. Each Option shall be evidenced by an Award Agreement that shall specify
the Exercise Price, the expiration date of the Option, the number, class and, if applicable, series
of Shares to which the Option pertains (provided that Incentive Stock Options may be granted only
with respect to Class A Shares), any conditions to the exercise of all or a portion of the Option,
and such other terms and conditions as the Committee, in its discretion, shall determine. The Award
Agreement pertaining to an Option shall designate such Option as an Incentive Stock Option or a
Non-Qualified Stock Option. Notwithstanding any such designation, to the extent that the aggregate
Fair Market Value (determined as of the Grant Date) of Shares with respect to which Options
designated as Incentive Stock Options are exercisable for the first time by a Participant during
any calendar year (under this Plan or any other plan of the Company, or any parent or subsidiary as
defined in section 424 of the Code) exceeds the amount established by the Code, such Options shall
constitute Non-Qualified Stock Options. For purposes of the preceding sentence, Incentive Stock
Options shall be taken into account in the order in which they are granted.

5.3. Exercise Price. Subject to the provisions of this Section 5.3, the Exercise Price with
respect to Shares subject to an Option shall be determined by the Committee in its sole discretion.

5.3.1. Non-Qualified Stock Options. In the case of a Non-Qualified Stock Option, the Exercise
Price may be equal to or greater than one hundred percent (100%) of the Fair Market Value of a
Share on the Grant Date, as shall be determined by the Committee in its sole discretion.

5.3.2. Incentive Stock Options. In the case of an Incentive Stock Option, the Exercise Price
shall be not less than one hundred percent (100%) of the Fair Market Value of a Share on the Grant
Date; provided, however, that the Exercise Price with respect to a Ten Percent Shareholder shall
not be less than one hundred-ten percent (110%) of the Fair Market Value of a Share on the Grant
Date.

5.4. Expiration of Options.

5.4.1. Expiration Dates. Each Option shall terminate not later than the expiration date
specified in the Award Agreement pertaining to such Option; provided, however, that the expiration
date with respect to an Incentive Stock Option shall not be later than the tenth anniversary of its
Grant Date and the expiration date with respect to an Incentive Stock Option granted to a Ten
Percent Holder shall not be later than the fifth anniversary of its Grant Date.

 

5.4.2. Termination of Service. Unless otherwise specified in the Award Agreement
pertaining to an Option, each Option granted to a Participant shall terminate no later than the
first to occur of the following events:

(a) The expiration of ninety (90) days from the date of the Participant’s Termination of
Service for any reason other than the Participant’s death, Disability, Retirement or
termination for Cause;

(b) The expiration of one (1) year from the date of the Participant’s Termination of
Service by reason of Disability;

(c) The expiration of one (1) year from the date of the Participant’s Termination of
Service by reason of the Participant’s Retirement (provided, that the portion of any Incentive
Stock Option exercised more than three months after such Termination of Service shall be
deemed to be a Non-Qualified Option);

(d) The date of the Participant’s Termination of Service for Cause; or

(e) The expiration date specified in the Award Agreement pertaining to such Option.

5.4.3. Death of Employee. Unless otherwise specified in the Award Agreement pertaining to an
Option, if a Participant to whom an Option has been granted dies while an Employee but prior to the
expiration, cancellation, forfeiture or other termination of such Option, such Option shall become
exercisable in full upon the Participant’s death and shall be exercisable thereafter until the
earlier of (a) the expiration of one (1) year after the date of death, or (b) the expiration date
specified in the Award Agreement pertaining to such Option.

5.5. Exercisability of Options. Subject to Section 5.4, Options granted under the Plan shall
be exercisable at such times, and shall be subject to such restrictions and conditions, as the
Committee shall determine in its sole discretion. After an Option is granted, the Committee, in its
sole discretion, may accelerate the exercisability of the Option.

5.6. Method of Exercise. Options shall be exercised by the Participant’s delivery of a written
notice of exercise to the Secretary of the Company (or its designee), setting forth the number of
Shares with respect to which the Option is to be exercised, accompanied by full payment of the
Exercise Price with respect to each such Share. The Exercise Price shall be payable to the Company
in full in cash or its equivalent (including, but not limited to, by means of, a broker-assisted
cashless exercise). The Committee, in its sole discretion, also may permit exercise (a) by
tendering previously acquired Shares having an aggregate Fair Market Value at the time of exercise
equal to the aggregate Exercise Price of the Shares with respect to which the Option is to be
exercised, or (b) by any other means which the Committee, in its sole discretion, determines to
both provide legal consideration for the Shares, and to be consistent with the purposes of the
Plan.

As soon as practicable after receipt of a written notification of exercise and full payment
for the Shares with respect to which the Option is exercised, the Company shall deliver to the
Participant Share certificates (which may be in book entry form) for such Shares with respect to
which the Option is exercised.

5.7. Restrictions on Share Transferability. The Committee may impose such restrictions on any
Shares acquired pursuant to the exercise of an Option as it may deem advisable, including, but not
limited to, restrictions related to applicable Federal securities laws, the requirements of any
national securities exchange or system upon which Shares are then listed or traded, or any blue sky
or state securities laws.

ARTICLE 6

STOCK APPRECIATION RIGHTS

6.1. Grant of SARs. Subject to the provisions of the Plan, SARs may be granted to such
Employees at such times, and subject to such terms and conditions, as shall be determined by the
Committee in its sole discretion; provided, that any tandem SAR related to an Incentive Stock
Option shall be granted at the same time that such Incentive Stock Option is granted.

6.2. Exercise Price and Other Terms. The Committee, subject to the provisions of the Plan,
shall have complete discretion to determine the terms and conditions of SARs granted under the
Plan; provided, however, that SARs may be granted only with respect to Class A Shares. Without
limiting the foregoing, the Exercise Price with respect to Shares subject to an SAR may be equal to
or greater than one hundred percent (100%) of the Fair Market Value of a Share on the Grant Date,
as shall be determined by the Committee in its sole discretion; provided, that the Exercise Price
with respect to Shares subject to a tandem SAR shall be the same as the Exercise Price with respect
to the Shares subject to the related Option.

6.3. SAR Agreement. Each SAR grant shall be evidenced by an Award Agreement that shall specify
the Exercise Price, the term of the SAR, the conditions of exercise, and such other terms and
conditions as the Committee, in its sole discretion, shall determine.

6.4. Expiration of SARS

6.4.1. Expiration Dates. Each SAR shall terminate not later than as of the expiration date
specified in the Award Agreement pertaining to such SAR; provided, however, that the expiration
date with respect to a tandem SAR shall not be later than expiration date of the related Option.

6.4.2. Termination of Service. Unless otherwise specified in the Award Agreement pertaining to
an SAR, each SAR granted to a Participant shall terminate no later than the first to occur of the
following events:

(a) The expiration of ninety (90) days from the date of the Participant’s Termination of
Service for any reason other than the Participant’s death, Disability, Retirement or
termination for Cause;

(b) The expiration of one (1) year from the date of the Participant’s Termination of
Service by reason of the Participant’s Disability or Retirement;

(c) The date of the Participant’s Termination of Service for Cause; or

(d) The expiration date specified in the Award Agreement pertaining to such SAR.

6.4.3. Death of Employee. Unless otherwise specified in the Award Agreement pertaining to an
SAR, if a Participant to whom an SAR has been granted dies while an Employee but prior to the
expiration, cancellation, forfeiture or other termination of such SAR, such SAR shall become
exercisable in full upon the Participant’s death and shall be exercisable thereafter until the
earlier of (a) the expiration of one (1) year after the date of death, or (b) the expiration date
specified in the Award Agreement pertaining to such SAR.

6.5. Payment of SAR Amount. An SAR may be exercised (a) by the Participant’s delivery of a
written notice of exercise to the Secretary of the Company (or its designee) setting forth the
number of whole SARs which are being exercised, (b) in the case of a tandem SAR, by surrendering to
the Company any Options which are cancelled by reason of the exercise of such SAR, and (c) by
executing such documents as the Company may reasonably request. Upon exercise of an SAR, the
Participant shall be entitled to receive payment from the Company in an amount determined by
multiplying:

(i) The amount by which the Fair Market Value of a Share on the date of exercise exceeds
the Exercise Price specified in the Award Agreement pertaining to such SAR; times

(ii) The number of Shares with respect to which the SAR is exercised.

6.6. Payment Upon Exercise of SAR. Unless otherwise specified in the Award Agreement
pertaining to an SAR, payment to a Participant upon the exercise of the SAR may be made, as
determined by the Committee in its sole discretion, either (a) in cash, (b) in Shares with a Fair
Market Value equal to the amount of the payment or (c) in a combination thereof.

ARTICLE 7

STOCK AWARDS

7.1. Grant of Stock Awards. Subject to the provisions of the Plan, Stock Awards may be granted
to such Employees at such times, and subject to such terms and conditions, as determined by the
Committee in its sole discretion; provided, however, that Stock Awards may be granted only with
respect to Class A Shares. The Award Agreement pertaining to a Stock Award shall specify whether it
is a Restricted Stock Award or a Bonus Stock Award. The maximum number of Shares with respect to
which a Stock Award may be granted during any Fiscal Year to any person shall be 500,000, subject
to adjustment as provided in Section 4.3.

7.2. Stock Award Agreement. Each Stock Award shall be evidenced by an Award Agreement that
shall specify the number of Shares granted, any price to be paid for the Shares, the Performance
Goals (if any) and Period of Restriction applicable to a Restricted Stock Award and such other
terms and conditions as the Committee, in its sole discretion, shall determine. Bonus Stock Awards
shall not be subject to any Periods of Restriction.

7.3. Transferability/Share Certificates. Shares subject to an Award of Restricted Stock may
not be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated during a Period
of Restriction. During the Period of Restriction, a Restricted Stock Award may be registered in the
holder’s name or a nominee name at the discretion of the Company and may bear a legend as described
in Section 7.4.3. Unless the Committee determines otherwise, Shares of Restricted Stock shall be
held by the Company as escrow agent during the applicable Period of Restriction, together with
stock powers or other instruments of assignment (including a power of attorney), each endorsed in
blank with a guarantee of signature if deemed necessary or appropriate by the Company, which would
permit transfer to the Company of all or a portion of the Shares subject to the Restricted Stock
Award in the event such Award is forfeited in whole or in part. Upon the grant of a Bonus Stock
Award, subject to the Company’s right to require payment of any taxes, a certificate or
certificates evidencing ownership of the requisite number of Shares shall be delivered to the
Participant.

7.4. Other Restrictions. The Committee, in its sole discretion, may impose such other
restrictions on Shares subject to an Award of Restricted Stock as it may deem advisable or
appropriate, in accordance with this Section 7.4.

7.4.1. General Restrictions. The Committee may set restrictions based upon the achievement of
specific performance objectives (Company-wide, business unit or individual), applicable federal or
state securities laws, or any other basis determined by the Committee in its discretion.

7.4.2. Section 162(m) Performance Restrictions. In the case of Awards of Restricted Stock
which are intended to satisfy the requirements for “qualified performance-based compensation” under
section 162(m) of the Code, the Committee shall set restrictions based upon the achievement of
Performance Goals.

7.4.3. Legend on Certificates. The Committee, in its discretion, may legend the certificates
representing Restricted Stock during the Period of Restriction to give appropriate notice of such
restrictions. For example, the Committee may determine that some or all certificates representing
Shares of Restricted Stock shall bear the following legend:

“The sale or other transfer of the shares of stock represented by this certificate, whether
voluntary, involuntary, or by operation of law, is subject to certain restrictions on transfer
as set forth in the Chicago Mercantile Exchange Holdings Inc., Amended and Restated Omnibus
Stock Plan (the “Plan”), and in a Restricted Stock Agreement (as defined by the Plan). A copy
of the Plan and such Restricted Stock Agreement may be obtained from the Secretary of Chicago
Mercantile Exchange Holdings Inc.”

7.5. Removal of Restrictions. Shares of Restricted Stock covered by a Restricted Stock Award
made under the Plan shall be released from escrow as soon as practicable after the termination of
the Period of Restriction (and the satisfaction or attainment of any applicable Performance Goals)
and, subject to the Company’s right to require payment of any taxes, a certificate or certificates
evidencing ownership of the requisite number of Shares shall be delivered to the Participant.

7.6. Voting Rights. During the Period of Restriction, Participants holding Shares of
Restricted Stock granted hereunder may exercise full voting rights with respect to those Shares,
unless otherwise provided in the Award Agreement.

7.7. Dividends and Other Distributions. During the Period of Restriction, Participants holding
Shares of Restricted Stock shall be entitled to receive all ordinary dividends and other
distributions paid with respect to such Shares unless otherwise provided in the Award Agreement. If
any such dividends or distributions are paid in Shares, the Shares shall be deposited with the
Company and shall be subject to the same restrictions on transferability and forfeitability as the
Shares of Restricted Stock with respect to which they were paid. The Committee shall have the
discretion to determine the treatment of any extraordinary dividends.

7.8. Return of Restricted Stock to Company. On the date set forth in the Award Agreement, the
Restricted Stock for which restrictions have not lapsed shall revert to the Company and again shall
become available for Awards under the Plan.

7.9. Termination of Service.

7.9.1. Disability, Retirement and Death. Unless otherwise specified in the Award Agreement
pertaining to a Restricted Stock Award granted to a Participant, upon the Participant’s Termination
of Service by reason of Disability, Retirement or death, the Period of Restriction shall terminate
as of such date, and all Performance Goals shall be deemed to have been satisfied at the target
level.

7.9.2. Other Termination of Service. Unless otherwise specified in the Award Agreement
pertaining to a Restricted Stock Award granted to a Participant, upon the Participant’s Termination
of Service for any reason other than Disability, Retirement or death, the portion of such Award
which is subject to a Period of Restriction on such date shall be forfeited by the Participant and
canceled by the Company.

ARTICLE 8

PERFORMANCE SHARE AWARDS

8.1. Performance Share Awards. Subject to the provisions of the Plan, Performance Share Awards
may be granted to such Employees at such times, and subject to such terms and conditions, as
determined by the Committee in its sole discretion; provided, however, that Performance Share
Awards may be granted only with respect to Class A Shares.

8.2. Terms of Performance Share Award Agreement.

8.2.1. Number of Performance Shares and Performance Goals. The Award Agreement pertaining to a
Performance Share Award shall specify the number of Performance Shares subject to the Award and the
Performance Goals and the Performance Period. The maximum number of Shares with respect to which a
Performance Share Award may be granted during any Fiscal Year to any person shall be 500,000,
subject to adjustment as provided in Section 4.3.

8.2.2. Vesting and Forfeiture. The Award Agreement pertaining to a Performance Share Award
shall specify, in the Committee’s discretion and subject to the terms of the Plan, for the vesting
of such Award if specified Performance Goals are satisfied or met during the Performance Period,
and for the forfeiture of all or a portion of such Award if specified Performance Goals are not
satisfied or met during the Performance Period.

8.2.3. Settlement of Vested Performance Share Awards. The Award Agreement pertaining to a
Performance Share Award (i) shall specify whether such Award may be settled in Shares (including
Shares of Restricted Stock) or cash or a combination thereof and (ii) may specify whether the
holder thereof shall be entitled to receive, on a current or deferred basis, dividend equivalents,
and, if determined by the Committee, interest on or the deemed reinvestment of any deferred
dividend equivalents, with respect to the number of Shares subject to such Award. If a Performance
Share Award is settled in Shares of Restricted Stock, a certificate or certificates representing
such Restricted Stock shall be issued in accordance with Section 7.5, and the Participant shall
have such rights of a stockholder of the Company as determined pursuant to Section 7.6 and 7.7.
Prior to the settlement of a Performance Share Award in Shares, including Restricted Stock, the
Participant shall have no rights as a stockholder of the Company with respect to the Shares subject
to such Award.

8.3. Termination of Service.

8.3.1. Disability, Retirement and Death. Unless otherwise specified in the Award Agreement
pertaining to a Performance Share Award granted to a Participant, upon the Participant’s
Termination of Service by reason of Disability, Retirement or death, all Performance Goals shall be
deemed to have been satisfied at the target level with respect to such Performance Share Award.

8.3.2. Other Termination of Service. Unless otherwise specified in the Award Agreement
pertaining to a Performance Share Award granted to a Participant, upon the Participant’s
Termination of Service for any reason other than Disability, Retirement or death, the portion of
such Award which is subject to outstanding Performance Goals on such date shall be forfeited by the
Participant and canceled by the Company

ARTICLE 9

MISCELLANEOUS

9.1. No Effect on Employment or Service. Nothing in the Plan shall interfere with or limit in
any way the right of the Company to terminate any Participant’s employment or service at any time,
with or without cause. For purposes of the Plan, transfer of employment of a Participant between
the Company and any one of its Affiliates (or between Affiliates) shall not be deemed a Termination
of Service. Employment with the Company and Affiliates is on an at-will basis only.

9.2. Participation. No Employee shall have the right to be selected to receive an Award under
this Plan, or, having been so selected, to be selected to receive a future Award.

9.3. Indemnification. Each person who is or shall have been a member of the Committee, or of
the Board, shall be indemnified and held harmless by the Company against and from (a) any loss,
cost, liability, or expense that may be imposed upon or reasonably incurred by him or her in
connection with or resulting from any claim, action, suit, or proceeding to which he or she may be
a party or in which he or she may be involved by reason of any good faith action taken or good
faith failure to act under the Plan or any Award Agreement, and (b) from any and all amounts paid
by him or her in settlement thereof, with the Company’s approval, or paid by him or her in
satisfaction of any judgment in any such claim, action, suit, or proceeding against him or her,
provided he or she shall give the Company an opportunity, at its own expense, to handle and defend
the same before he or she undertakes to handle and defend it on his or her own behalf. The
foregoing right of indemnification shall not be exclusive of any other rights of indemnification to
which such persons may be entitled under the Company’s Certificate of Incorporation or Bylaws, by
contract, as a matter of law, or otherwise, or under any power that the Company may have to
indemnify them or hold them harmless.

9.4. Successors. All obligations of the Company under the Plan, with respect to Awards granted
hereunder, shall be binding on any successor to the Company, whether the existence of such
successor is the result of a direct or indirect purchase, merger, consolidation or otherwise, of
all or substantially all of the business or assets of the Company.

9.5. Beneficiary Designations. A Participant under the Plan may name a beneficiary or
beneficiaries to whom any vested but unpaid Award shall be paid in the event of the Participant’s
death. For purposes of this section, a beneficiary may include a designated trust having as its
primary beneficiary a family member of a Participant. Each such designation shall revoke all prior
designations by the Participant and shall be effective only if given in a form and manner
acceptable to the Committee. In the absence of any such designation, any vested benefits remaining
unpaid at the Participant’s death shall be paid to the Participant’s estate and, subject to the
terms of the Plan and of the applicable Award Agreement, any unexercised vested Award may be
exercised by the administrator or executor of the Participant’s estate.

9.6. Nontransferability of Awards. Unless otherwise determined by the Committee with respect
to an Award other than an Incentive Stock Option, no Award granted under the Plan may be sold,
transferred, pledged, assigned, or otherwise alienated or hypothecated, other than by will, by the
laws of descent and distribution, or to the limited extent provided in Section 9.5. All rights with
respect to an Award granted to a Participant shall be available during his or her lifetime only to
the Participant and may be exercised only by the Participant or the Participant’s legal
representative.

9.7. No Rights as Stockholder. Except to the limited extent provided in Sections 7.6 and 7.7,
no Participant (nor any beneficiary) shall have any of the rights or privileges of a stockholder of
the Company with respect to any Shares issuable pursuant to an Award (or exercise thereof), unless
and until certificates representing such Shares shall have been issued, recorded on the records of
the Company or its transfer agents or registrars, and delivered to the Participant (or
beneficiary).

9.8. Withholding Requirements. Prior to the delivery of any Shares or cash pursuant to an
Award (or exercise thereof), the Company shall have the power and the right to deduct (including,
but not limited to, deduction through a broker-assisted cashless exercise) or withhold, or require
a Participant to remit to the Company, an amount sufficient to satisfy federal, state, local and
foreign taxes (including, but not limited to, the Participant’s FICA and SDI obligations) required
to be withheld with respect to such Award (or exercise thereof). Notwithstanding any contrary
provision of the Plan, if a Participant fails to remit to the Company such withholding amount
within the time period specified by the Committee (in its discretion), the Participant’s Award may,
in the Committee’s discretion, be forfeited and in such case the Participant shall not receive any
of the Shares subject to such Award.

9.9. Withholding Arrangements. The Committee, in its sole discretion and pursuant to such
procedures as it may specify from time to time, may permit or require a Participant to satisfy all
or part of the minimum tax withholding obligations in connection with an Award by (a) having the
Company withhold otherwise deliverable Shares, or (b) delivering to the Company already-owned
Shares having a Fair Market Value equal to the amount required to be withheld.

9.10. Deferrals. The Committee, in its sole discretion, may permit a Participant to defer
receipt of the payment of cash or the delivery of Shares that would otherwise be delivered to a
Participant under the Plan. Any such deferral elections shall be subject to such rules and
procedures as shall be determined by the Committee in its sole discretion and shall be done in a
manner so as not to result in taxation under Section 409A of the Code.

9.11. Change of Control. (a)(1) Notwithstanding any provision in this Plan or any Award
Agreement, in the event of a Change of Control pursuant to paragraphs (c) or (d) of Section 2.8 in
connection with which the holders of Shares receive shares of common stock that are registered
under Section 12 of the 1934 Act, (i) all outstanding Options and SARs shall immediately become
exercisable in full, (ii) the Period of Restriction applicable to any outstanding Restricted Stock
Award shall lapse, (iii) the Performance Period applicable to any outstanding Performance Share
shall lapse, (iv) the Performance Goals applicable to any outstanding award shall be deemed to be
satisfied at the maximum level and (v) there shall be substituted for each Share available under
this Plan, whether or not then subject to an outstanding award, the number and class of shares into
which each outstanding Share shall be converted pursuant to such Change of Control. In the event of
any such substitution, the purchase price per share in the case of an Option and the base price in
the case of an SAR shall be appropriately adjusted by the Committee (whose determination shall be
final, binding and conclusive), such adjustments to be made in the case of outstanding Options and
SARs without an increase in the aggregate purchase price or base price.

(2) Notwithstanding any provision in this Plan or any Award Agreement, in the event of a
Change of Control pursuant to paragraph (a) or (b) of Section 2.8, or in the event of a Change
of Control pursuant to paragraph (c) or (d) of Section 2.8 in connection with which the
holders of Shares receive consideration other than shares of common stock that are registered
under Section 12 of the 1934 Act, each outstanding Award shall be surrendered to the Company
by the holder thereof, and each such Award shall immediately be canceled by the Company, and
the holder shall receive, within ten days of the occurrence of a Change of Control, a cash
payment from the Company in an amount equal to (i) in the case of an Option, the number of
Shares then subject to such Option, multiplied by the excess, if any, of the greater of
(A) the highest per Share price offered to stockholders of the Company in any transaction
whereby the Change of Control takes place or (B) the Fair Market Value of a Share on the date
of occurrence of the Change of Control, over the purchase price per Share subject to the
Option, (ii) in the case of an SAR other than a tandem SAR, the number of Shares then subject
to such SAR, multiplied by the excess, if any, of the greater of (A) the highest per Share
price offered to stockholders of the Company in any transaction whereby the Change of Control
takes place or (B) the Fair Market Value of a Share on the date of occurrence of the Change of
Control, over the base price of the SAR, (iii) in the case of a Restricted Stock Award or
Performance Share Award, the number of Shares or the number of Performance Shares, as the case
may be, then subject to such Award, multiplied by the greater of (A) the highest per Share
price offered to stockholders of the Company in any transaction whereby the Change of Control
takes place or (B) the Fair Market Value of a Share on the date of occurrence of the Change of
Control.

In the event of a Change of Control, each tandem SAR shall be surrendered by the holder
thereof and shall be canceled simultaneously with the cancellation of the related Option. The
Company may, but is not required to, cooperate with any person who is subject to Section 16 of
the Exchange Act to assure that any cash payment in accordance with the foregoing to such
person is made in compliance with Section 16 and the rules and regulations thereunder.

9.12. Restrictions on Shares. Each Award made hereunder shall be subject to the requirement
that if an any time the Company determines that the listing, registration or qualification of the
Shares subject to such Award upon any securities exchange or under a any law, or the consent or
approval of any governmental body, or the taking of any other action is necessary or desirable as a
condition of, or in connection with, the exercise or settlement of such Award or the delivery of
Shares thereunder, such Award shall not be exercised or settled and such Shares shall not be
delivered unless such listing, registration, qualification, consent, approval or other action shall
have been effected or obtained, free of any conditions not acceptable to the Company. The Company
may require that certificates evidencing shares delivered pursuant to any Award made hereunder bear
a legend in indicating that the sale, transfer o other disposition thereof by the holder is
prohibited except in compliance with the Securities Act of 1933, as amended, and the rules and
regulations thereunder.

 

1

ARTICLE 10

AMENDMENT, TERMINATION AND DURATION

 

10.1. Amendment, Suspension or Termination. The Board, in its sole discretion, may amend,
suspend or terminate the Plan, or any part thereof, at any time and for any reason, subject to any
requirement of stockholder approval required by applicable law, rule or regulation, including
section 162(m) and section 422 of the Code; provided further that the Board may not permit the
repricing of any outstanding Awards without stockholder approval. The amendment, suspension or
termination of the Plan shall not, without the consent of the Participant, alter or impair any
rights or obligations under any Award theretofore granted to such Participant. No Award may be
granted during any period of suspension or after termination of the Plan.

10.2. Duration of the Plan. The Plan shall, subject to Section 10.1 (regarding the Board’s
right to amend or terminate the Plan), terminate on June 30, 2012, unless earlier terminated by the
Board. The termination of the Plan shall not affect any Awards granted prior to the termination of
the Plan.

ARTICLE 11

LEGAL CONSTRUCTION

11.1. Gender and Number. Except where otherwise indicated by the context, any masculine term
used herein also shall include the feminine; the plural shall include the singular and the singular
shall include the plural.

11.2. Severability. In the event any provision of the Plan shall be held illegal or invalid
for any reason, the illegality or invalidity shall not affect the remaining parts of the Plan, and
the Plan shall be construed and enforced as if the illegal or invalid provision had not been
included.

11.3. Requirements of Law. The granting of Awards and the issuance of Shares under the Plan
shall be subject to all applicable laws, rules and regulations, and to such approvals by any
governmental agencies or national securities exchanges as may be required.

11.4. Governing Law. The Plan and all Award Agreements shall be construed in accordance with
and governed by the laws of the State of Delaware, but without regard to its conflict of law
provisions.

11.5. Captions. Captions are provided herein for convenience only, and shall not serve as a
basis for interpretation or construction of the Plan.

 

2

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