Document:

Agreement dated September 28, 2006

 Exhibit 10.19 
 AGREEMENT 
  

			
	Licensor:	  	OMX (US) Inc. (“Licensor”)
		
	Licensor Guarantor:	  	OMX AB (“Guarantor”)
		
	Licensee:	  	International Securities Exchange, Inc., or ISE (“Licensee”)
		
	Purpose:	  	The purpose of this Agreement is to agree to the material terms and conditions that will be contained in the NextGen DLA and NextGen SA (as defined below), pursuant to which Licensor shall
(i) develop, deliver, and license the Licensed Software (as defined below) to Licensee, and (ii) provide support and maintenance services with respect to the Licensed Software.
		
	Licensed Product:	  	OMX Next Generation Exchange Application, or NextGen (“Licensed Software”). Attached as Schedule 1 is a description of the Licensed Software. Any information, technology,
specifications, or documentation related to the use, testing, or design of the Licensed Software is collectively referred to as (the “Related Technology”; the Licensed Software and the Related Technology are collectively referred to
as the “Licensed Product”).
		
	Term:	  	The term of the license shall be 99 years.
		
	Territory:	  	United States
		
	Scope:	  	Except as set forth herein, a non-exclusive, non-transferable, non-assignable, non-sublicensable license, in all right and interest in the Licensed Product, including any modifications,
enhancements or improvements to the Licensed Product. Licensee shall have the right to request Licensor to modify, enhance, and improve the Licensed Product. The license shall cover the following product classes: (i) equities, both cash and
derivatives; (ii) fixed income, derivatives; (iii) FX, derivatives; and (iv) commodities, derivatives. For the avoidance of doubt, the license is intended to cover the same product classes that are presently covered under Section 3.01 of the
Amendment and Supplement to the Delivery and License Agreement and the Support Agreement dated 10 August 2003 (“Broadened License Agreement”). Additionally, Licensee shall have the right to expand the scope of the license to
cover (i) additional product classes and (ii) additional geographic regions in a manner that is consistent with Section 3.04 of the Broadened License Agreement, subject to payment of an additional license fee to Licensor.
		
		  	Except as otherwise agreed to, in writing, by the Parties, the Licensed Product shall be delivered in accordance with a time plan that is acceptable to both Parties, with: (i) functionality that
is available in the CLICK Exchange Application (“CLICK”) utilized by Licensee as of 5 February 2006, including R6 and all interfaces specified in Schedule 2, attached hereto, and (ii) at least the same level of capacity and performance
that is available in CLICK utilized by Licensee as of 5 February 2006. Any changes to the functionality, capacity, or performance shall be handled as change requests and priced in accordance with the pricing model set forth in the NextGen DLA. Any
reference to CLICK on 5 February 2006 shall mean a reference to functionality of CLICK relevant and used by Licensee on 5 February 2006.

			
	Affiliates and JVs:	  	The license may be assigned by Licensee to (i) an Affiliate of Licensee and (ii) any successor in interest, whether through merger, purchase, sale, acquisition, or otherwise, upon prior
written notice to Licensor. The term “Affiliate” means any entity which, partially or completely, owns, is owned by or is under common ownership with a Party to this Agreement and which controls, is controlled by or is under common
control with a Party to this Agreement. For purposes of this definition, the term “control” including the correlative meanings of the terms “controlled by” and “under common control with,” as used with respect to either
Party, shall be evidenced by ownership of at least 50% of the equity or voting securities of such entity. The license may be expanded by Licensee to a Joint Venture (as defined below) in a manner that is consistent with Section 3.04 of the Broadened
License Agreement, subject to the payment of an additional license fee to Licensor. The term “Joint Venture” means an entity in which ISE or an Affiliate of ISE owns at least 25% of the equity or voting securities of such
entity.
		
	License Fees:	  	The delivery and license fee (“License Fee”) shall be 6 MUSD, subject to adjustment based on the number of hours actually utilized by Licensor to deliver the Licensed Product
to Licensee. Pursuant to the adjustment, if Licensor utilizes:
		
		  	 (1) fewer than [***], the amount of the License Fee shall be reduced by $[***], provided that the License Fee shall never be reduced below 3
MUSD;

		
		  	 (2) at least [***] but fewer than [***], the amount of the Licensee Fee shall be increased by $[***] in excess of [***];

		
		  	 (3) at least [***] but fewer than [***], the amount of the License Fee shall be increased by [***] plus $[***] in excess of [***];

		
		  	 (4) at least [***] but fewer than [***], the amount of the License Fee shall be increased by [***] plus $[***] in excess of [***]:

		
		  	 (5) [***] or more, the amount of the License Fee shall be increased by 3.6 MUSD.

		
		  	Licensee shall pay the License Fee to Licensor, in advance, in equal monthly installments of $[***] per month, for [***] (or such longer or shorter period, depending on the adjustment set out in
the preceding paragraph), commencing on 1 January 2007.
		
	Acceptance:	  	Licensor shall deliver a production-ready version of the Licensed Product to Licensee by the delivery date set forth in the NextGen DLA (the “Delivery Date”). The Parties
represent that they shall work together in good faith to establish a reasonable, mutually acceptable Delivery Date. Within [***] of the Delivery Date, Licensee shall commence conducting acceptance testing (the “Acceptance Testing Start
Date”). (“Acceptance testing” shall be defined in the NextGen DLA.) Within [***] of the Acceptance Testing Start Date, Licensee shall finish conducting acceptance testing (the “Acceptance Testing Finish Date”).
Within 5 days of the Acceptance Testing Finish Date, Licensee shall notify Licensor whether the Licensed Product passed or failed acceptance testing. If the Licensed Product fails acceptance testing, Licensee shall specify, in writing, the basis for
such failure. Licensor shall have a period to cure such failure, through modifying the Licensed Product and re-delivering it to Licensee within [***] of Licensee’s notification. The redelivery of Licensed Product shall constitute a second
“Delivery Date,” and the Parties shall follow the same time-frame set forth above regarding acceptance testing, however they shall use reasonable efforts to reduce the duration of such periods, if possible. If Licensee fails to commence
conducting acceptance testing by the Acceptance Testing Start Date, the Licensed Product shall be deemed to have passed acceptance

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		  	testing. If the Licensed Product passes acceptance testing, Licensee shall commence conducting QA testing. (“QA testing shall be defined in the NextGen DLA.”) If the Licensee
discovers any faults during QA testing, Licensor shall, in good faith and as soon as practical, remedy such fault. Within [***] of the date that the Licensed Product passes acceptance testing, Licensee shall finish conducting QA testing and shall
place the Licensed Product into a production environment. The Licensed Product shall be automatically accepted by Licensee upon completion of [***] of Licensee’s use of the Licensed Product in a production environment without any level A
errors. (“Level A errors” and “acceptance” or “accepted” shall be defined in the NextGen DLA.) The Licensed Product shall also be considered automatically accepted if it is not placed into a production environment
within [***] of the date that the Licensed Product passes acceptance testing. If the Licensed Product is not accepted by Licensee by [***] (the “Final Acceptance Date”) and the cause of such non-acceptance was solely attributable to
Licensor, then Licensee shall have the right to terminate the Agreement, the NextGen DLA, and the NextGen SA and [***] paid by Licensee to Licensor in connection with the Licensed Product, including, but not limited to, the License Fee. The right to
terminate the Agreement, the NextGen DLA, and the NextGen SA and [***] shall be Licensee’s sole and exclusive remedy if the Licensed Product is not accepted by Licensee by the Final Acceptance Date.
		
	 Intellectual Property:
	  	Licensor shall retain ownership of all right, title and interest in the [***] layer (as defined in Schedule 1), the [***] layer (as defined in Schedule 1), and the [***] layer (as defined in
Schedule 1) of the Licensed Product developed for the Licensee. Licensee shall own all right, title and interest in the [***] layer (as defined in Schedule 1) of the Licensed Product.
		
		  	For the avoidance of doubt, the Parties acknowledge that, without the prior written consent of the other Party, neither Party nor its Affiliates shall disclose to any third-party, or
otherwise make use of for its own or any third-party’s benefit, any information relating to the functionality, operability, or performance of other Party’s layer(s). The Parties further acknowledge that any such act by a Party in
contravention of the preceding sentence would constitute a material breach of this Agreement and a violation of the intellectual property rights of such Party.
		
		  	If Licensor incorporates any functionality, operability, or performance enhancements that that are conceived by Licensee and which are either patentable or otherwise constitute a meaningful
and significant improvement to existing functionality, operability, or performance into the [***] layer, [***] layer, or [***] layer and where Licensee provides a significant and unique contribution to both idea, design and implementation, then the
Parties will enter into a separate, written agreement that will recognize Licensee’s contribution, on a case-by-case basis, in accordance with certain terms that shall be contained in the NextGen DLA. Such recognition should, however, not
infringe on Licensor’s ability to freely distribute the [***] layer, [***] layer, or [***] layer in the market.
		
		  	Each Party shall cooperate with each other in registering, obtaining or protecting a Party’s interest in any related intellectual property or proprietary right.
		
	 Exclusivity:
	  	For the avoidance of doubt, the current exclusivity (“Current Exclusivity”) contained in Articles 5.22 and 5.23 of Delivery and License Agreement dated as of March 1998, as
amended (“CLICK DLA”), remains in full force and effect in accordance with its terms, subject to the following carve-out relating to Licensor’s [***] trading system (the “[***] Carve-out”). Pursuant to the [***]
Carve-out, Licensor shall not, from [***] to [***] (the

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		 	“Restricted Period”), [***] the [***] trading system for the purpose of enabling the [***] trading system to operate a marketplace for the trading of equity options or equity
index options in the United States. Following expiration of the Restricted Period, notwithstanding the Current Exclusivity, pursuant to the [***] Carve-out, Licensor shall be free to [***] the [***] trading system for any third-party for the purpose
of enabling the [***] trading system to operate a marketplace for the trading of equity options or equity index options in any jurisdiction. For the avoidance of doubt, the Current Exclusivity and the [***] Carve out as described above shall not
prohibit Licensor from [***] the [***] trading system to any third party during and after the Restricted Period, provided that neither Licensor nor any of its Affiliates actually performs any [***] relating to [***] for equity options or equity
index options in the United States for such third party during the Restricted Period. The [***] Carve-out, including all prohibitions during the Restricted Period, shall survive any termination or opt-out of this Agreement by
Licensee.
		
		 	The Licensed Product shall be exclusive to Licensee for equity options and equity index options inside the United States, as further set forth below (the “NextGen Exclusivity”).
The initial term of the NextGen Exclusivity shall commence on [***] (as defined below) of this Agreement and shall continue until the [***], or Licensee has terminated or opted-out of this Agreement (the “Initial Term”). Thereafter,
the NextGen Exclusivity shall automatically renew, for successive [***] periods (each, a “Renewal Term”), until terminated by Licensee at any time upon written notice to Licensor. Upon such termination, Licensor shall immediately
repay any unused portion of any advance payment of the NextGen Exclusivity Fee (as defined below), on a pro rata basis. In the event that Licensee elects (i) not to renew the NextGen Exclusivity [***] or (ii) to terminate or opt-out of
this Agreement, the right to purchase NextGen Exclusivity shall terminate, and shall not be available to Licensee without a separate written agreement between the Parties. In exchange for NextGen Exclusivity, Licensee shall pay Licensor $[***], in
advance, commencing on the first day of the first Renewal Term (the “NextGen Exclusivity Fee”). For the avoidance of doubt, there shall be no NextGen Exclusivity Fee due and owing for the Initial Term.
		
		 	The NextGen Exclusivity shall prohibit Licensor and its Affiliates from [***] (except as set forth below), or otherwise providing any [***] whatsoever with respect to (collectively, the
“Prohibited Actions”), any [***] of or for any third-party that operates (or is intended to operate) a marketplace for the trading of equity options or equity index options inside the United States. For the avoidance of doubt, the
NextGen Exclusivity shall not prohibit Licensor from licensing any [***] to any third-party to enable such third-party to design, develop, or support any [***] for the purpose of operating a marketplace for the trading of equity options or equity
index options inside the United States, provided that neither Licensor nor any of its Affiliates performs any Prohibited Actions with respect to such [***]. The NextGen Exclusivity shall not prohibit Licensor from providing support services to any
NextGen licensee; provided, however, if Licensor provides support services to a NextGen licensee that operates a marketplace for the trading of equity options or equity index options inside the United Sates, then Licensor shall not be permitted to
rectify any errors or other malfunctions relating to the functionality or operability of such customer’s [***] for equity options or equity index options.
		
		 	Upon execution of the NextGen DLA and NextGen SA, the Current Exclusivity provisions will be amended so that the Current Exclusivity expires when the Licensed Product is taken into productive
use by ISE.
		
		 	The Parties acknowledge that the Current Exclusivity provisions do not apply to the

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		  	Licensed Product. This acknowledgement shall survive any termination or opt-out of this agreement by Licensee. The exclusivity for the Licensed Product is exhaustively governed by this
Agreement.
		
	Migration:	  	The Parties acknowledge that Licensee shall not be the first production-user of NextGen. It is the intention of the Parties that Licensee shall migrate from CLICK to the Licensed Product in a
production environment following the operation of NextGen by Stockholm Stock Exchange in a production environment for at least one year. The Parties shall, in good faith, negotiate and agree on any migration fee.
		
	Indemnification:	  	Licensor will indemnify Licensee, its Affiliates and its and their officers, directors, employees and agents from any claims that the Licensed Product infringes upon the rights of any third
party. The NextGen DLA will contain conditions and limitations with respect to such indemnity that are substantially similar to those contained in the CLICK DLA.
		
	Representations/ Warranties:	  	Each Party will make standard representations and warranties with respect to corporate structure and proper authority. Licensor shall make standard representations and warranties with respect to
non-infringement.
		
	Support:	  	Licensor will provide customary ongoing maintenance and support services for the Licensed Products (the “Support”). The terms of the Support shall be contained in a written
NextGen support agreement (“NextGen SA”) and shall, with respect to service levels, remedies and liabilities, be substantially similar to the terms that are contained in the CLICK SA, except that new arrangements may be necessary
for ISE [***].
		
	Source Code:	  	Licensor shall deposit into an escrow account with an agreed upon escrow agent copies of the source code for the [***] layer, [***] layer, and the [***] layer of the Licensed Product. Licensee
shall, at all times, retain possession of the source code for the [***] layer of the Licensed Product. The escrow agent agreement shall contain terms substantially similar to the terms of the current escrow agreement for the CLICK source code,
including, but not limited to, providing that the release conditions for the escrow shall include bankruptcy or insolvency of Licensor. Licensor will periodically update the source code deposited in the escrow account to reflect any updates,
modifications and enhancements made to the source code of the Licensed Product. The cost of the escrow account shall be borne by Licensor.
		
	DLA and SA:	  	The Parties agree to commence preparation and negotiation of a NextGen delivery and license agreement (“NextGen DLA”) and the NextGen SA within a reasonable time following the
Effective Date of this Agreement. The NextGen DLA and NextGen SA shall incorporate all of the provisions agreed to in this Agreement, and shall replace this Agreement in its entirety. Each Party shall use its best efforts to execute the NextGen DLA
and NextGen SA within one year following the Effective Date of this Agreement. The NextGen SA shall have effect from the date the Licensed Product passes acceptance testing. Except where Licensee terminates this Agreement pursuant to the termination
section or opt-out section below, Licensee shall immediately pay to Licensor all unpaid portions of the 6 MUSD unadjusted Licensee Fee if the Parties fail to execute the NextGen DLA and the NextGen SA within [***] of the Effective Date of this
Agreement, unless the cause of such failure was solely attributable to the bad faith of Licensor.
		
	Termination:	  	Licensee shall have the right to terminate this Agreement, the NextGen DLA, and the NextGen SA if, prior to acceptance: (i) there is any fundamental change to the Licensed

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		  	Product (as the Licensed Product is described herein and in the white paper provided to the Licensee dated 10 November 2005 entitled “NextGen Custom Extensions: Applied for the
International Securities Exchange, version 0.6”), such as, for example, a change to concept of the Licensed Product consisting of the three, separate logical layers; (ii) Licensor determines to cease the commercial development of the Licensed
Product, or Licensor ceases making any material progress towards the commercial development of the Licensed Product; or (iii) Licensor commits a material breach of any provision of the Agreement, the NextGen DLA, or the NextGen SA and fails to cure
such breach within a reasonable time after receiving written notice of such breach. In the context of provision (i), above, it should be recognized by the Parties that the white paper chapters concerning suggested implementation procedures and
division of operational responsibility between the Licensee and Licensor have not been discussed in detail between the Parties. For the avoidance of doubt, changes to such procedures and division of responsibility do not constitute fundamental
changes to the Licensed Product. If Licensee terminates this Agreement, the NextGen DLA and/or the NextGen SA pursuant to this paragraph, then Licensor shall pay to Licensee, without interest, as liquidated damages and not as a penalty, an amount
equal to the sum of any and all amounts paid by Licensee to Licensor in connection with the Licensed Product, including, but not limited to, the License Fee. In fixing this formula for liquidated damages, the Parties acknowledge that it is
difficult, if not impossible, to fix actual damages. Nevertheless, the Parties agree that such formula is fair and reasonable under the circumstances as a method of partially compensating Licensee for the damage it shall suffer as a result of such
termination.
		
	Opt-Out:	  	Licensee shall have the right to opt-out of (or terminate) this Agreement, the NextGen DLA, and the NextGen SA, if Licensee (i) undergoes a “merger or acquisition” on or before
[***], and (ii) notifies Licensor, in writing, that it is opting-out of this Agreement pursuant to such merger or acquisition on or before [***]. For purposes of this Agreement, a “merger or acquisition” shall mean Licensee enters into a
definitive agreement pursuant to which: (1) Licensee acquires, is acquired by or merges with, another entity that operates a securities exchange or commodities exchange, or (2) any other person or entity acquires at least 50.1% of the class A common
stock of Licensee. In the event Licensee opts-out of this Agreement, then Licensor shall retain all License Fee monthly installments previously paid by Licensee, and Licensee shall, within [***] of such opt-out, pay Licensor an opt-out penalty fee,
the amount of which represents [***]% of the present value of the remaining License Fee monthly installments that would have been paid by Licensee (assuming an unadjusted total License Fee of 6 MUSD), subject to a [***]% discount factor, as set
forth in Schedule 3 of this Agreement. For example, if Licensee opts-out in month 6, the amount of the opt-out penalty shall be [***], such that the total amount paid by Licensee to Licensor shall be [***] (the sum of Licensee Fee monthly payments
previously paid and the opt-out penalty amount).
		
	Link Software:	  	Licensee undertakes to license link software from Licensor no later than [***]. The world-wide, one time license fee for the link software is USD [***] for unlimited usage, and the costs for
development of, and modifications to, link software, including project costs, amount to at least USD [***], of which Licensee is responsible for at least USD [***]. (No license fee of USD [***] shall be required for a link to the [***] and/or
[***].) If, however, Licensee determines that the appropriate business conditions to commence implementation of the first such link do not occur by [***], Licensee shall have the right to apply the amounts undertaken by Licensee to Licensor for any
incremental services (including, but not limited to, outsourcing services, market data-related services, or, as of the date of this Agreement, incremental CLICK enhancement or support fees) towards the [***] committed amount dollar-for-dollar. The
obligation to license link software shall survive any termination or opt-out of this Agreement by Licensee.

	*	Certain information on this page has been omitted and filed separately with the Commission. Confidential treatment has been requested with respected to the omitted portions.

			
	Non-Disclosure:	  	The Parties agree that they shall keep secret and confidential all proprietary and confidential information including the existence, contents of and any matters arising from this Agreement, and
will neither disclose it to third parties without the prior written consent of the disclosing party, nor use it for any purpose other than that for which it is communicated in connection with the NextGen DLA and NextGen SA. No announcement,
advertisement, circular or other publication concerning or relating to this Agreement or Licensee’s selection of NextGen (collectively, an “Announcement”) shall be made (save as required by law or regulation) without the written
consent of both Parties; provided, however, that Licensee, being a highly-visible Licensor customer, has agreed to serve as a reference Licensor customer and announce its intention to migrate to NextGen when Licensor believes appropriate. In the
event of any Announcement required by law or regulation, the Party required to make such Announcement will, so far as practicable, provide the other Party with prior notification of the Announcement and an opportunity to comment.
		
	Miscellaneous:	  	Licensor may not, without the consent of Licensee, such consent not to be unreasonably withheld, assign this Agreement or any of its rights under this Agreement, in whole or in
part.
		
		  	This Agreement and the rights and obligations of the Parties under this Agreement shall be governed by and construed in accordance with the laws of Sweden, without giving effect to the
principles thereof relating to the conflicts of laws. Disputes shall be resolved by arbitration in accordance with Article 22 of the CLICK DLA.
		
		  	Each Party represents and warrants that (i) it has full corporate power and authority to enter into this Agreement (subject, in the case of Licensee, to obtaining approval of this Agreement by
its Board of Directors on or before 30 September 2006), and (ii) its performance does not violate any laws, regulations or agreements applicable to it.
		
		  	On the Effective Date, this Agreement shall become a binding commitment between the Parties on the terms and conditions described herein. The Effective Date (“Effective Date”)
of this Agreement shall be the date on which this Agreement is approved by the Board of Directors of Licensee. For avoidance of doubt, if the Board of Directors of Licensee does not approve this Agreement on or before 30 September 2006, this
Agreement shall be of no force and effect.

 (Signature Page Follows) 

 IN WITNESS WHEREOF, the parties have caused this Agreement to be duly executed and delivered as of
August 8, 2006. 
  

			
	OMX (US) INC.
		
	By:	 	 /s/ Roland Tibell

	Name:	 	Roland Tibell
	Title:	 	President
	
	OMX AB
		
	By:	 	 /s/ Magnus Böcker

	Name:	 	Magnus Böcker
	Title:	 	President and CEO
	
	INTERNATIONAL SECURITIES EXCHANGE, INC.
		
	By:	 	 /s/ David Krell

	Name:	 	David Krell
	Title:	 	President and CEOAmendment to the Agreement, dated September 28, 2006

 Exhibit 10.20 
 September 28, 2006 
 Magnus Böcker 
 President and Chief Executive Officer 
 OMX AB 
 Norrlandsgatan 31 
 SE-105 78 Stockholm 
 Sweden 
 Roland Tibell 
 President 
 OMX (US) Inc. 
 140 Broadway, 25th Floor 
 New York, NY 10005 
 Gentlemen: 
 Reference is made to the Agreement (“Agreement”) dated August 8, 2006 among OMX AB (“OMX
AB” or “Guarantor”), OMX (US), Inc. (“OMX US” or “Licensor”), and International Securities Exchange, LLC, as successor in interest to International Securities Exchange, Inc.
(“ISE” or “Licensee”). Capitalized terms used herein but not defined herein shall have the meanings ascribed to them in the Agreement. 
 As we recently advised you, on September 14, 2006, the Board of Directors of ISE approved the Agreement, subject to the execution of an amendment to the Agreement which grants ISE certain rights in the event OMX
AB undergoes a change-in-control. The purpose of this letter agreement is to evidence that amendment (“Amendment”). Thus, upon execution of this Amendment, the Agreement shall become a binding commitment between the Parties, and the
date of such execution shall be deemed to be the Effective Date of the Agreement. 
 The Agreement is amended to (i) replace, in its
entirety, Schedule 3 to the Agreement with the Schedule 3 annexed as Exhibit A to this letter agreement, and (ii) insert the following section on page 9, immediately following the section entitled “Opt-Out” and immediately preceding
the section entitled “Link Software.” 
  

			
	Change in Control; Information Barrier:	  	In the event Guarantor undergoes a “change in control,” as defined below, then Licensee shall have the right to opt-out of (or terminate) this Agreement, the NextGen DLA, and the
NextGen SA. The right to opt-out is only valid for a period of [***] from the effective date of such change in control. For purposes of this Agreement, the term “change in control” means an event where any single person or group of persons
acting in concert acquires control of the direct or indirect interest in the relevant share capital of Guarantor, as a result of which that person or group of persons has a direct or indirect interest in more than 50% of the relevant share capital
of Guarantor. In the event Licensee opts-out of this Agreement, the NextGen DLA, and the NextGen SA, then Licensor shall retain all License Fee monthly installments previously paid by Licensee, and Licensee shall, within [***] of such opt-out, pay
Licensor an opt-out penalty fee, the amount of which represents [***]% of the present value of the remaining License Fee monthly installments that would have been paid by Licensee (assuming an unadjusted total License Fee of 6 MUSD), subject to a
[***]% discount factor, as set forth in Schedule 3 of this Agreement. For example, if Licensee opts-out in month 25, the amount of the opt-out penalty shall be USD [***].
		
		  	If, for any reason (including, but not limited to, a change in control or the creation of some other strategic relationship), an individual that is affiliated with a competitor of Licensee
(as reasonably determined by Licensee) is appointed to the Board of Directors

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		 	of OMX AB (or any of its affiliates or subsidiaries), becomes an employee of OMX AB (or any of its affiliates or subsidiaries), or is otherwise is placed in a position that would entitle him or
her to have access to any proprietary or confidential information of Licensee, then OMX AB shall erect an “information barrier,” as defined below, to prevent the disclosure of proprietary or confidential information of Licensee to such
individual. For purposes of this Agreement, the term “information barrier” means an informational control arrangement that is embodied in written procedures which assure that no proprietary or confidential information of Licensee disclosed
to OMX AB (or any of its affiliates or subsidiaries) is made available to such individual. That is, such individual shall be “walled-off,” so that he or she will not have any contact whatsoever with any other employees, officers,
directors, representatives, and advisors of OMX AB (or any of its affiliates or subsidiaries) on matters related to the proprietary or confidential information of Licensee. Solely by way of example and not as a limitation, such individual shall not
be present, physically or through technology, at any meeting, conference, discussion, or proceeding at which the proprietary or confidential information of Licensee is available or discussed, nor shall such individual be provided any documents or
have access to files (including computer files) that contain proprietary or confidential information of Licensee. Each such individual and each employee, officer, director, representative, and advisor of OMX AB (or any of its affiliates or
subsidiaries) that has access to any proprietary or confidential information of Licensee shall sign a document in which they acknowledge receipt of, and agree to comply with, the information barrier written procedures. The OMX AB General Counsel
shall be appointed to assure that the information controls are followed and to take responsibility for ensuring that all applicable persons have signed the written acknowledgement. This obligation to erect and maintain an information barrier (i)
becomes a binding obligation as of the Effective Date, such that it shall also apply during the period that Licensee utilizes CLICK, and (ii) shall survive any termination or opt-out of this Agreement, and shall continue in full force and effect for
so long as Licensee remains a customer of Licensor.

 This letter agreement may be executed in counterparts, each of which shall be deemed to be an
original, but all of which shall constitute one and the same letter agreement. Each Party represents and warrants that (i) it has full corporate power and authority to enter into this letter agreement, and (ii) its performance does not
violate any laws, regulations or agreements applicable to it. 
 If you agree with the foregoing, please sign in the space provided below and
return one executed copy of this letter to my attention at the address indicated above. 
 Sincerely, 
  

			
	International Securities Exchange, LLC
		
	By:	 	 /s/ Gary Katz

		 	Gary Katz
		 	Chief Operating Officer

 Acknowledged and agreed: 
  

			
	OMX AB
		
	By:	 	 /s/ Magnus Böcker

		 	Magnus Böcker
		 	President and CEO
	
	OMX (US), Inc.
		
	By:	 	 /s/ Roland Tibell

		 	Roland Tibell
		 	President

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