Document:

Exhibit 10.13

 Exhibit 10.13 
 THE NASDAQ STOCK MARKET, INC. 
 NONQUALIFIED STOCK OPTION AGREEMENT 
 This NONQUALIFIED STOCK OPTION AGREEMENT (the “Agreement”) between The Nasdaq Stock Market, Inc., a Delaware corporation (the
“Company”), and Robert Greifeld (the “Optionee”) memorializes the grant of a nonqualified stock option which was made by the Management Compensation Committee of the Board of Directors of the Company (the
“Committee”) on December 13, 2006 (the “Date of Grant”): 
 R E C I T A L S: 
 The Company and the Optionee have entered into an Amended and Restated Employment Agreement effective as of January 1, 2007 (the “Employment
Agreement”). The Company has adopted The Nasdaq Stock Market, Inc. Equity Incentive Plan (the “Plan”), which Plan is incorporated herein by reference and made a part of this Agreement. Capitalized terms not otherwise
defined herein shall have the meaning ascribed to them in the Plan or the Employment Agreement, as the case may be. 
 The Committee has
determined that it is in the best interests of the Company and its shareholders to grant the option provided for herein to the Optionee pursuant to the Plan and the terms set forth herein as an increased incentive for the Optionee to contribute to
the Company’s future success and prosperity. 
 NOW, THEREFORE, in consideration of the mutual covenants hereinafter set forth, the
parties hereto agree as follows: 
 1. Grant of the Option. Subject to the terms and conditions set forth herein and in the Plan (a
complete copy of which, in effect as of the Date of Grant, has been made available to the Optionee), the Company hereby grants to the Optionee an option (the “Option”) to purchase all or any part of an aggregate of 960,000 Shares at
a purchase price of $35.92 per Share (the “Exercise Price”). The Option is intended to be a Non-Qualified Stock Option and not an Incentive Stock Option within the meaning of Section 422 of the Code. 
 2. Vesting. Subject to Section 4 hereof, (i) 8.33% of the Option shall become exercisable on the first anniversary of the Date of Grant,
(ii) an aggregate of 25% of the Option shall be exercisable on the second anniversary of the Date of Grant, (iii) an aggregate of 50% of the Option shall be exercisable on the third anniversary of the Date of Grant, (iv) an aggregate
of 75% of the Option shall be exercisable on the fourth anniversary of the Date of Grant, (v) an aggregate of 91.67% of the Option shall be exercisable on the fifth anniversary of the Date of Grant and (vi) 100% of the Option shall be
exercisable on the sixth anniversary of the Date of Grant. As used herein, “vested” Option shall mean that portion of the Option which (x) shall have become exercisable pursuant to the terms of this Agreement and (y) shall not
have been previously exercised. 
 3. Exercise of the Option. 
 (a) Subject to the provisions of this Agreement (including Section 4 hereof), the Optionee may exercise all or a portion of the vested Option at any
time prior to the 

 
tenth anniversary of the Date of Grant (the “Expiration Date”); provided that the Option may be exercised with respect to whole Shares only;
and provided that that the Option may not be exercised at any one time as to fewer than 100 Shares (or such number of Shares as to which the portion of the Option is then exercisable if such number is less than 100). In no event shall any portion of
the Option be exercisable on or after the Expiration Date. 
 (b) In accordance with Section 3(a) hereof, the Option may be exercised by
delivering to the Company a notice of intent to exercise. The Optionee shall deliver such notice by such method (whether telephonic or written) as may be specified by the Committee from time to time. Such notice shall specify the number of Shares as
to which the Option is being exercised and shall be accompanied by payment in full, or adequate provision therefor, of the Exercise Price and any applicable withholding tax. The payment of the Exercise Price shall be made (i) in cash,
(ii) by certified check or bank draft payable to the order of the Company, (iii) by tendering Shares which have been owned by the Optionee for at least six months (and which are not subject to any pledge or other security interest),
(iv) by having Shares with a Fair Market Value on the date of exercise equal to the Exercise Price sold by a broker-dealer or (v) by a combination of the foregoing, provided that the combined value of all cash and cash equivalents and the
Fair Market Value of any such Shares so tendered to the Company as of the date of such tender or sold by a broker-dealer is at least equal to the Exercise Price. In the event that the broker-assisted cashless exercise procedure is elected, to the
extent permitted by applicable law and the Committee, the Optionee shall be responsible for all broker fees. At the time of exercise of the Option, the Optionee shall pay such amount to the Company as the Company deems necessary to satisfy its
obligation to withhold federal, state or local income or other taxes incurred by reason of such exercise or make such other arrangements as are acceptable to the Company, all in accordance with the provisions of Section 7 hereof. 
 (c) Notwithstanding any other provision of this Agreement to the contrary, no portion of the Option may be exercised prior to the completion of any
registration or qualification of such Shares under applicable state and federal securities or other laws, or under any ruling or regulation of any government body, national securities exchange, or inter-dealer market system that the Committee shall
in its sole discretion determine to be necessary or advisable. 
 (d) Upon the Company’s determination that a portion of the Option has
been validly exercised as to any of the Shares, the registrar for the Company will make an entry on its books and records evidencing that such Shares have been duly issued as of that date; provided, however, that the Optionee may, in the
alternative, elect in writing prior thereto to receive a stock certificate representing the full number of Shares acquired, which certificate may bear a restrictive legend prohibiting the transfer of such Shares until certain conditions are met as
required by law. The Company shall not be liable to the Optionee for damages relating to any delays in issuing the certificates. 
 4.
Termination of Employment. 
 (a) In the event that (i) the Company terminates the Optionee’s employment with the Company for
Cause or (ii) the Optionee terminates his employment with the Company without Good Reason, the unvested portion of the Option shall be deemed 

  

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cancelled and forfeited on the Date of Termination and vested Options, if any, shall remain exercisable for a period ending on the earlier of: (i) ten
days following such Date of Termination and (ii) the Expiration Date, and shall thereafter be deemed cancelled and forfeited without further consideration to the Optionee. 
 (b) In the event that (i) the Company terminates the Optionee’s employment with the Company without Cause or (ii) the Optionee terminates
his employment with the Company for Good Reason, the Option will continue to vest for a period of 30 months following the Date of Termination as if the Optionee’s employment had not terminated. The remaining portion of the unvested Option shall
be deemed cancelled and forfeited on the Date of Termination without further consideration to the Optionee. The vested portion of the Option (including that portion of the Option which vests in accordance with the provisions of this
Section 4(b)) shall remain exercisable for a period ending on the earlier of: (i) 36 months following such termination of employment and (ii) the Expiration Date, and shall thereafter be deemed cancelled and forfeited without further
consideration to the Optionee (or to his estate, as the case may be); provided, however, in the event that the Optionee breaches any of his obligations under Section 9 or 10 of the Employment Agreement, that portion of the Option which
vested in accordance with the provisions of this Section 4(b) (or which otherwise would have so vested) shall be deemed cancelled and forfeited without further consideration to the Optionee. 
 (c) In the event that the Optionee’s employment with the Company terminates by reason of death or Permanent Disability, any unvested portion of the
Option that would otherwise have vested in the 12 months following the Date of Termination if the Optionee’s employment had not terminated shall vest as of the Date of Termination. The remaining portion of the unvested Option shall be deemed
cancelled and forfeited on the Date of Termination without further consideration to the Optionee. The vested portion of the Option (including that portion of the Option which vests in accordance with the provisions of this Section 4(c)) shall
remain exercisable for a period ending on the earlier of: (i) 36 months following such termination of employment and (ii) the Expiration Date, and shall thereafter be deemed cancelled and forfeited without further consideration to the
Optionee (or to his estate, as the case may be). 
 (d) If the Optionee’s employment with the Company terminates by reason of Retirement,
the Option will continue to vest for a period of 12 months following the Date of Termination as if the Optionee’s employment had not terminated. The remaining unvested portion of the Option shall be deemed cancelled and forfeited on the Date of
Termination without further consideration to the Optionee. The vested portion of the Option (including that portion of the Option which Vests in accordance with the provisions of this Section 4(d)) shall remain exercisable for a period ending
on the earlier of: (i) 36 months following such termination of employment and (ii) the Expiration Date, and shall thereafter be deemed cancelled and forfeited without further consideration to the Optionee; provided, however, in the
event that the Optionee breaches any of his obligations under Section 9 or 10 of the Employment Agreement, that portion of the Option which vested in accordance with the provisions of this Section 4(d) (or which otherwise would have so
vested) shall be deemed cancelled and forfeited without further consideration to the Optionee. 
  

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 (e) If the Optionee’s employment with the Company terminates by reason of delivery of a Non-Renewal
Notice by the Company or the Optionee, the Option shall continue to vest for a period of 36 months following the Date of Termination as if the Optionee’s employment had not terminated. The vested portion of the Option (including that portion of
the Option which Vests in accordance with the provisions of this Section 4(e)) shall remain exercisable for a period ending on the earlier of: (i) 36 months following such termination of employment and (ii) the Expiration Date, and
shall thereafter be deemed cancelled and forfeited without further consideration to the Optionee; provided, however, in the event that the Optionee breaches any of his obligations under Section 9 or 10 of the Employment Agreement, that
portion of the Option which vested in accordance with the provisions of this Section 4(e) (or which otherwise would have so vested) shall be deemed cancelled and forfeited without further consideration to the Optionee. 
 5. No Right to Continued Employment; No Rights as a Shareholder. This Agreement shall not confer on the Optionee any right to be retained, in any
position, as an employee, consultant or director of the Company. The Optionee shall not have any rights as a shareholder with respect to any Shares subject to an Option prior to the date of exercise of the Option. 
 6. Transferability. 
 (a) Except as
provided below, the Option is nontransferable and may not be assigned, alienated, pledged, attached, sold or otherwise transferred or encumbered by the Optionee, except by will or the laws of descent and distribution, and upon any such transfer, by
will or the laws of descent and distribution, the transferee shall hold such Option subject to all the terms and conditions that were applicable to the Option immediately prior to such transfer. Notwithstanding the foregoing, the Optionee may
transfer the vested portion of the Option to members of his immediate family (defined as his spouse, children or grandchildren) or to one or more trusts for the exclusive benefit of such immediate family members or partnerships in which such
immediate family members are the only partners if the transfer is approved by the Committee and the Optionee does not receive any consideration for the transfer. Any such transferred portion of the Option shall continue to be subject to the same
terms and conditions that were applicable to such portion of the Option immediately prior to transfer (except that such transferred Option shall not be further transferable by the transferee). No transfer of a portion of the Option shall be
effective to bind the Company unless the Company shall have been furnished with written notice thereof and a copy of such evidence as the Committee may deem necessary to establish the validity of the transfer and the acceptance by the transferee of
the terms and conditions hereof. 
 (b) Upon any transfer by will or the laws of descent and distribution, such transferee shall take the
Option and shares acquired upon exercise of the Option (the “Option Shares”) subject to all the terms and conditions that were (or would have been) applicable to the Option and the Option Shares immediately prior to such transfer.
In order to comply with any applicable securities laws, the Optionee agrees that the Option Shares shall only be sold by the Optionee following registration under the Securities Act of 1933, as amended, or pursuant to an exemption therefrom.

  

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 7. Withholding. The Optionee agrees to make appropriate arrangements with the Company for
satisfaction of any applicable federal, state, local or foreign tax withholding requirements or like requirements, including the payment to the Company at the time of any exercise of the Option of all such taxes and requirements, and the Company
shall have the right and is hereby authorized to withhold from the Shares transferable to the Optionee upon any exercise of the Option or from any other compensation or other amount owing to the Optionee such amount (in cash, Shares (having a Fair
Market Value not in excess of the minimum amount required by law to be withheld), or other property, as the case may be) as may be necessary in the opinion of the Company to satisfy all such taxes, requirements and withholding obligations.

 8. Securities Laws. Upon the acquisition of any Shares pursuant to the exercise of the Option, the Optionee or the Optionee’s
transferee, if applicable, will make or enter into such written representations, warranties and agreements as the Company may reasonably request in order to comply with applicable securities laws, with this Agreement, or as the Committee otherwise
deems necessary or advisable. The Committee may require that the Optionee, as a condition of the exercise of an Option, execute a stockholders’ agreement on terms and conditions substantially similar to those contained in stockholders’
agreements of other senior executives of the Company. 
 9. Governing Law. This Agreement shall be governed by and construed in
accordance with the laws of the State of Delaware. 
 10. Amendments. This Agreement may be amended or modified at any time by an
instrument in writing signed by the parties hereto. 
 11. Notice. Any notice, request, instruction or other document given under this
Agreement shall be in writing and may be delivered by such method as may be permitted by the Company, and shall be addressed and delivered, in the case of the Company, to the Secretary of the Company at the principal office of the Company and, in
the case of the Optionee, to the Optionee’s address as shown in the records of the Company or to such other address as may be designated in writing (or by such other method. approved by the Company) by either party. 
 12. Conflicts. In the event of conflict between any term or provision contained herein and a term or provision of the Plan, the applicable terms
and provisions of this Agreement will govern and prevail. 
 13. Severability. The invalidity or unenforceability of any provision of
this Agreement shall not affect the validity or enforceability of any other provision of this Agreement, and each other provision of the Agreement shall be severable and enforceable to the extent permitted by law. 
 14. Execution. This Agreement may be executed, including execution by facsimile signature, in one or more counterparts, each of which will be
deemed an original, and all of which together shall be deemed to be one and the same instrument. 
  

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 IN WITNESS WHEREOF, the parties hereto have
executed this Nonqualified Stock Option Agreement on the 21st day of February, 2008. By execution of this Nonqualified Stock Option Agreement, the
Optionee acknowledges receipt of a copy of the Plan. 
  

	
	THE NASDAQ STOCK MARKET, INC.
	
	 /s/ James L. Johnson, Jr.

	By: James L. Johnson, Jr.
	Title: Senior Vice President
	
	ROBERT GREIFELD
	
	 /s/ Robert Greifeld

	Signature

  

 -6-Exhibit 10.14

 Exhibit 10.14 
  
 THE NASDAQ STOCK MARKET, INC. 
 PERFORMANCE SHARE UNIT AGREEMENT 
  
 This PERFORMANCE SHARE UNIT AGREEMENT (this “Agreement”) between The Nasdaq Stock Market, Inc., a Delaware corporation (the “Company”), and Robert Greifeld (the “Grantee”) memorializes:
(i) the grant of performance share units previously made to the Grantee pursuant to the terms of that certain Amended and Restated Employment Agreement by and between the Company and the Grantee, effective as of January 1, 2007 (the
“Employment Agreement”) and (ii) the approval by the Management Compensation Committee of the Board of Directors of the Company (the “Committee”) on March 30, 2007 of the performance goal with respect to
such performance share units. 
  
 RECITALS: 
  
 The Company has adopted The Nasdaq Stock Market, Inc. Equity Incentive Plan
(the “Plan”), which Plan is incorporated herein by reference and made a part of this Agreement. The Plan in relevant part provides for the issuance of stock-based awards that are subject to the attainment of performance goals as
established by the Committee. 
  
 The Committee has determined
that it is in the best interests of the Company and its stockholders to grant the performance share units provided for herein to the Grantee pursuant to the Plan and under the terms set forth herein as an increased incentive for the Grantee to
contribute to the Company’s future success and prosperity. 
  
 Capitalized terms not otherwise defined herein shall have the meaning ascribed to them in the Plan or the Employment Agreement, as the case may be. 
  
 NOW, THEREFORE, in consideration of the mutual covenants hereinafter set forth, the parties hereto agree as follows: 
  
 1. Grant of Performance-Based Award. The Company hereby grants to the
Grantee 80,000 performance share units (the “Performance Share Units”), which Performance Share Units shall entitle the Grantee to receive up to 120,000 Shares (or a lesser number of Shares, or no Shares whatsoever), all in
accordance with the terms and conditions set forth herein. Shares corresponding to the Performance Share Units granted herein are in all events to be delivered to the Grantee only after the Grantee has become vested in the Performance Share Units
pursuant to Section 4, below. 
  
 2. Performance
Period. For purposes of this Agreement, the term “Performance Period” shall be the period commencing on January 1, 2007 and ending on December 31, 2009. 
  
 3. Performance Goal. The Performance Goal is set out in Appendix A hereto, which Appendix A is incorporated by
reference herein and made a part hereof. Depending upon the extent, if any, to which the Performance Goal has been achieved, and subject to compliance with the requirements of Section 4, each Performance Share Unit shall entitled the Grantee to
receive upon completion of the Performance Period between 0 and 1.5 Shares. The Committee shall, as soon as practicable following the last day of the Performance Period, certify (i) the extent, 

 
if any, to which, in accordance with Appendix A, the Performance Goal has been achieved with respect to the Performance Period and (ii) the number of
whole and/or partial Shares, if any, which, subject to compliance with the requirements of Section 4, the Grantee shall be entitled to receive with respect to each Performance Share Unit (with such number of whole and/or partial Shares being
hereafter referred to as the “Share Delivery Factor”). Such certification shall be final, conclusive and binding on the Grantee, and on all other persons, to the maximum extent permitted by law. 
  
 4. Vesting of Performance Share Units. The Performance Share Units are
subject to forfeiture to the Company until they become nonforfeitable in accordance with this Section 4. Subject to the provisions of Section 6, the risk of forfeiture will lapse on all Performance Share Units, and all Performance Share
Units shall thereupon become vested, upon the completion of the Performance Period. 
  
 5. Delivery of Stock Certificates. A certificate in the number of whole Shares (if
any) equal to the product of (i) the number of vested Performance Share Units multiplied by (ii) the Share Delivery Factor (with such product rounded up to the next whole number) shall be registered in the name of the Grantee and delivered
to the Grantee or the Grantee’s legal representative not later than 30 days following the aforementioned certification by the Committee, but in no event later than the June 30th that immediately follows the completion of the Performance Period, provided that the Grantee has otherwise complied with the requirements of Section 13. 
  
 6. Termination of Employment. 
  
 (a) In the event that (1) the Company terminates the Grantee’s
employment with the Company for Cause or (2) the Grantee terminates his employment with the Company without Good Reason, all Performance Share Units which have not as of the Date of Termination become vested shall be cancelled and forfeited,
effective as of the Date of Termination, without further consideration to the Grantee. 
  
 (b) In the event that (1) the Company terminates the Grantee’s employment with the Company without Cause, (2) the Grantee terminates his employment with the Company for Good Reason, (3) the
Grantee’s employment with the Company terminates by reason of death, Permanent Disability or Retirement, or (4) the Grantee’s employment with the Company terminates by reason of the delivery of a Non-Renewal Notice by either the
Company or the Grantee, all Performance Share Units shall become vested in accordance with the provisions of Section 4 as if the Grantee’s employment had not terminated; provided, however, that in the event the Grantee breaches any
of his obligations under Section 9 or 10 of the Employment Agreement, any unvested Performance Share Units or vested Performance Share Units for which Share certificates have not yet been delivered shall be deemed cancelled and forfeited
without further consideration to the Grantee. 
  
 7. Repayment;
Recalculation of Number of Shares to be Delivered. If the Company, for any reason, downwardly restates its financial results with respect to the fiscal year of the Company ending December 31, 2006 or the fiscal year of the Company ending
December 31, 2009, the Committee, in its sole discretion, may, to the extent permitted by law and to the 

  

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extent it determines in its sole judgment that it is in the best interests of the Company to do so, redetermine (i) the extent, if any, to which, in
accordance with Appendix A, and based upon such restated financial results, the Performance Goal has been achieved with respect to the Performance Period and (ii) the number of whole and partial Shares, if any, which, subject to compliance with
the requirements of Section 4, the Grantee shall thereupon be (or shall have been, as the case may be) entitled to receive with respect to each Performance Share Unit (with such number of whole or partial Shares being hereafter referred to as
the “Revised Share Delivery Factor”). If the Committee in fact takes such action, (i) in the event that Shares have not yet been delivered to the Grantee pursuant to the provisions of Section 5, the number of Shares to be
delivered shall instead be determined based upon the Revised Share Delivery Factor and (ii) in the event that Shares have already been delivered, the Committee shall require the repayment by the Grantee to the Company of that number of Shares
equal to the difference between the number of Shares so delivered and the lesser number of Shares which would have been delivered based upon the Revised Share Delivery Factor. 
  
 8. Tax Consequences. The Grantee acknowledges that the Company has not advised the Grantee regarding the
Grantee’s income tax liability in connection with the grant or vesting of the Performance Share Units and the delivery of Shares in connection therewith. The Grantee has reviewed with the Grantee’s own tax advisors the federal, state, and
local and tax consequences of the grant and vesting of the Performance Share Units and the delivery of Shares in connection therewith as contemplated by this Agreement. The Grantee is relying solely on such advisors and not on any statements or
representations of the Company or any of its agents. The Grantee understands that the Grantee (and not the Company) shall be responsible for the Grantee’s own tax liability that may arise as a result of the transactions contemplated by this
Agreement. 
  
 9. Transferability. 
  
 (a) Except as provided below, the Performance Share Units are
nontransferable and may not be assigned, alienated, pledged, attached, sold or otherwise transferred or encumbered by the Grantee, except by will or the laws of descent and distribution, and upon any such transfer, by will or the laws of descent and
distribution, the transferee shall hold such Performance Share Units subject to all the terms and conditions that were applicable to the Grantee immediately prior to such transfer. Notwithstanding the foregoing, the Grantee may transfer any vested
Performance Share Units to members of his immediate family (defined as his spouse, children or grandchildren) or to one or more trusts for the exclusive benefit of such immediate family members or partnerships in which such immediate family members
are the only partners if the transfer is approved by the Committee and the Grantee does not receive any consideration for the transfer. Any such transferred portion of the Performance Share Units shall continue to be subject to the same terms and
conditions that were applicable to such portion of the Performance Share Units immediately prior to transfer (except that such transferred Performance Share Units shall not be further transferable by the transferee). No transfer of a portion of the
Performance Share Units shall be effective to bind the Company unless the Company shall have been furnished with written notice thereof and a copy of such evidence as the Committee may deem necessary to establish the validity of the transfer and the
acceptance by the transferee of the terms and conditions hereof. 
  

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 (b) Upon any transfer by will or the laws of descent and distribution, such transferee shall take the
Performance Share Units and the Shares delivered in connection therewith (the “Transferee Shares”) subject to all the terms and conditions that were (or would have been) applicable to the Performance Share Units and the Transferee
Shares immediately prior to such transfer. 
  
 10. Rights of
Grantee. Prior to the delivery, if any, of Shares to the Grantee pursuant to the provisions of Section 5, the Grantee shall not have any rights of a shareholder of the Company on account of the Performance Share Units. 
  
 11. Unfunded Nature of Performance Share Units. The Company will not
segregate any funds representing the potential liability arising under this Agreement. The Grantee’s rights in respect of this Agreement are those of an unsecured general creditor of the Company. The liability for any payment under this
Agreement will be a liability of the Company and not a liability of any of its officers, directors or Affiliates. 
  
 12. Securities Laws. The Company may condition delivery of certificates for Shares delivered for any vested Performance Share Units upon the prior
receipt from the Grantee of any undertakings which it may determine are required to assure that the certificates are being issued in compliance with federal and state securities laws. 
  
 13. Withholding. The Grantee shall pay to the Company promptly upon request, and in any event, no later than at the
time the Company determines that the Grantee will recognize taxable income in respect of the Performance Share Units, an amount equal to the taxes the Company determines it is required to withhold under applicable tax laws with respect to the
Performance Share Units. Such payment shall be made in the form of (i) cash, (ii) Shares already owned for at least six months, (iii) delivering to the Company a portion of the Shares otherwise to be delivered to the Grantee with
respect to the Performance Share Units sufficient to satisfy the minimum withholding required with respect thereto to the extent permitted by the Company, or (iv) in a combination of such methods, as irrevocably elected by the Grantee prior to
the applicable tax due date with respect to the Units. 
  
 14.
Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware. 
  
 15. Amendments. This Agreement may be amended or modified at any time by an instrument in writing signed by the parties hereto. 
  
 16. No Right to Continued Employment. This Agreement shall not confer
on the Grantee any right to be retained, in any position, as an employee, consultant or director of the Company. 
  
 17. Notices. Any notice, request, instruction or other document given under this Agreement shall be in writing and may be delivered by such method
as may be permitted by the Company, and shall be addressed and delivered, in the case of the Company, to the Secretary of the Company at the principal office of the Company and, in the case of the Grantee, to the Grantee’s address as shown in
the records of the Company or to such other address as may be designated in writing (or by such other method. approved by the Company) by either party. 
  

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 18. Conflict. In the event of conflict between any term or provision contained herein and a term
or provision of the Plan, the applicable terms and provisions of this Agreement will govern and prevail. 
  
 19. Severability. The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability of any
other provision of this Agreement, and each other provision of this Agreement shall be severable and enforceable to the extent permitted by law. 
  
 20. Execution. This Agreement may be executed, including execution by facsimile signature, in one or more counterparts, each of which will be
deemed an original, and all of which together shall be deemed to be one and the same instrument. 
  
 IN WITNESS WHEREOF, the parties hereto have executed this Performance Share Unit Agreement on the
21st day of February, 2008. By execution of this Performance Share Unit Agreement the Grantee acknowledges receipt of a copy of the Plan.

  
  

	
	THE NASDAQ STOCK MARKET, INC.
	
	/s/ James L. Johnson, Jr.
	 By: James L. Johnson, Jr.
 Title: Senior Vice
President

	
	
	ROBERT GREIFELD
	
	/s/ Robert Greifeld
	Signature

  

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 Appendix A 
  

Performance Goal for Performance Share Unit Grant 
 January 1, 2007 – December 31, 2009 Performance Period 
  
 This Appendix A to the Performance Share Unit Agreement sets forth the Performance Goal to be achieved and, depending upon the extent (if any) to which the Performance Goal is achieved, the number of whole and/or
partial Shares, if any, which the Grantee shall have the right to receive with respect to each Performance Share Unit. Capitalized terms not otherwise defined herein shall have the meaning ascribed to them in the Agreement and the Plan. 

 
 The sole Performance Goal shall be earnings per share growth (“EPS
Growth”) of the Company during the Performance Period. EPS Growth shall be expressed as the compounded annual increase, if any, in the earnings per share of the Company during the Performance Period (“Percentage Rate of EPS
Growth”), and shall be determined based upon the amount, if any, by which (i) the earnings per share of the Company as determined in accordance with U.S. generally accepted accounting principles (“EPS”) for the fiscal
year of the Company ending December 31, 2009 exceeds (ii) the EPS of the Company for the fiscal year of the Company ending December 31, 2006. The Committee will rely on the Company’s audited financial statements and related
information for purposes of determining the amount, if any, of EPS Growth. 
  
 Each Performance Share Unit shall, subject to the vesting provisions set forth in the Agreement, entitle the Grantee to 0.5 Shares for the achievement of “threshold” EPS Growth performance, 1.0 Share
for the achievement of “target” EPS Growth performance, and 1.5 Shares for the achievement of “maximum” EPS Growth performance. 
  
 The following table sets forth these three EPS Growth performance levels: 
  
 Table 1: Levels of Achievement of the Performance Goal 
  

							
	 	  	Threshold
Performance	  	Target
Performance	  	Maximum
Performance
	 EPS Growth
 (compounded annual
 increase over the
 Performance
Period)
	  	10% growth	  	15% growth	  	22.5% growth

  
 The following table
sets forth, subject to the vesting conditions set forth in the Agreement, the total number of Shares deliverable to the Grantee as a result of achievement of each such Performance Goal level. 
  

 A-1 

 Table 2: Number of Shares Deliverable Upon Achievement 
 of Performance Goal 
  

					
	 Threshold
 Performance
	 	 Target
 Performance
	 	 Maximum
 Performance

	 40,000
	 	80,000	 	120,000

  
 For EPS Growth below
the “threshold” percentage level, no Shares shall be deliverable to the Grantee. For EPS Growth between (i) the “threshold” percentage level and the “target” percentage level or
(ii) between the “target” percentage level and the “maximum” percentage level (as specified in Table 1, above), the whole and/or partial number of Shares deliverable with respect to each Performance Share Unit
will be interpolated by the Committee to three decimal places. 
  
 Notwithstanding any of the foregoing provisions of this Appendix A to the contrary, to the extent permitted under Section 162(m) of the Code and any other applicable laws or regulations, the Committee may adjust the “target,”
“threshold” and “maximum” EPS Growth performance percentage levels, in its sole discretion, so as to prevent the dilution or enlargement of the Grantee’s Performance Share Units as a result of any event specified in the
definition of “Performance Goals” in the Plan, but only to the extent that the exercise of such discretion would not cause the Performance Share Units to fail to qualify as “performance-based compensation” under
Section 162(m) of the Code. 
  
 All actions taken by the
Committee pursuant to this Appendix A shall be final, conclusive and binding upon the Grantee, and all other persons, to the maximum extent permitted by law. 
  

 A-2

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