Document:

Summary of CBOT Excess 401(k) Payments

 Exhibit 10.28 
  
 SUMMARY OF CBOT EXCESS 401(k) PAYMENTS 
  

					
	Company:	  	Board of Trade of the City of Chicago, Inc., a Delaware corporation (the “Company”).
		
	Eligible
Participants:	  	  
 Key employees of the Company or CBOT Holdings, Inc., a
Delaware corporation (“Holdings”), whose contributions and employer-matching contributions under the Company’s tax qualified defined contribution plan (the “Savings Plan”) are limited by reasons of elections 401(a)(17),
402(g) or 415 of the Internal Revenue Code of 1986, as amended (the “Code”), and who have been selected to participate in the plan by the Board of Directors of the Company or Holdings or a committee thereof.

		
	Administration:	  	Human Resources Committee of the Board of Directions of Holdings, whose decision in any matter involving the interpretation and application of the plan shall be final and
binding.
		
	Payments:	  	 Eligible participants receive payments which are intended to compensate them for lost benefits and tax deferrals under the Savings Plan
which result from the limitations on compensation that can be taken into account under the Savings Plan pursuant to Section 401(a)(17) of the Code, limitations on pre-tax deferrals under Section 402(g) of the Code, and limitations on contributions
under Section 415 of the Code, as follows:
  
 Company Matching Contribution
– Each participant who is fully vested in the Savings Plan receives cash payments on normal payroll dates equal to the difference between the actual company matching contributions made on the participant’s behalf under the Savings Plan and
4% of the participant’s base salary. To the extent that a participant is not fully vested in the Savings Plan, the non-vested portion of the amount that would be paid to the participant in that year in accordance with the preceding sentence is
paid at such time or times as the participant would be vested in such amount if it had been contributed under the Savings Plan.
  
 Lost Tax Deferral – Each Participant receives a cash payment each year which is intended to compensate the Participant for the loss of the tax deferral benefit that
the Participant would otherwise receive if the sum of the following amounts were invested tax free to age 65: (i) the Company Matching Contribution described in the preceding paragraph and (ii) an amount equal to the excess of 10% (or if less the
percentage of eligible compensation which the Participant contributes to the Savings Plan) of the Participant’s base salary and bonus over the amount participant’s pre-tax contribution to the Savings Plan. Such payment generally is
calculated in two steps. First, by determining the excess at age 65 of (x) the amount which the participant would receive at age 65 if the sum of (i) and (ii) above were invested tax free at 8% per annum to age 65 and the aggregate amount were then
subject to tax, over (y) the amount the participant would have at age 65 if taxes were paid on the sum of (i) and (ii) and the amount remaining after payment of such taxes were invested at 4.93% per year (the after tax equivalent of 8%) to age 65.
Second, an amount is determined for the year of payment which after payment of taxes thereon would, if invested to age 65 at 4.93%, equal the excess (x) over (y).

			
	Assumptions:	  	 Retirement:
  
 Tax Rate:
  
 Rate of return:
  
  
 No Adjustments:
	  	 Age 65
  
 38.40%
  
 8% under Savings Plan
 4.93% on non-tax deferred savings (post-tax equivalent of 8% return)
  
 No adjustments are made with respect to payments for changes in interest rates or tax rates occurring after the year for which payment is made.Summary of CBOT Supplemental Pension Plan

 Exhibit 10.29 
  
 SUMMARY OF CBOT SUPPLEMENTAL PENSION PLAN  

					
		
	Company:	  	Board of Trade of the City of Chicago, Inc., a Delaware corporation (the “Company”).
		
	Eligible
Participants:	  	  
 Key employees of the Company or CBOT Holdings, Inc., a
Delaware corporation (“Holdings”), whose benefits under the Company’s tax-qualified defined benefit pension plan (the “Pension Plan”) are limited by reason of Sections 401(a)(17) and 415 of the Internal Revenue Code of 1986,
as amended (the “Code”), and who have been selected to participate in the plan by the Board of Directors of the Company or Holdings or a committee thereof.

		
	Administration:	  	Human Resources Committee of the Board of Directors of Holdings, whose decision in any matter involving the interpretation and application of the plan shall be final and
binding.
		
	Benefits:	  	 Eligible participants shall receive the present value of the reduction in the age 65 lump sum value of their accrued benefits under the
Pension Plan resulting from the limitation on compensation includible for such purposes due to the operation of Section 401(a)(17) of the Code and the limitation on benefits under Section 415 of the Code.
  
 Benefits are calculated and payable on an annual basis. The first such payment shall be
calculated as of the last day of the year in which the participant becomes vested in his or her accrued benefit under the Pension Plan. Thereafter, any increase in the aggregate reduction in accruals attributable to the operation of such Code
sections shall be calculated as of the last day of each year.
  
 The amount of the
benefit payable each year is adjusted for the effect of taxes such that the amount paid, after payment of taxes on such amount, plus assumed after-tax earnings, will be equal to the after-tax lump sum value at age 65.
  
 Payments for each year are calculated in accordance with assumptions established from time to
time by the Human Resources Committee.

			
	Assumptions
for 2005:	  	 Discount rate:
  
	  	  
 Present value of age 65 lump sum amount discounted to last day of
calendar year for which payment is made at 4.93% per annum (after-tax equivalent of 8% return).

			
	 	  	Retirement:	  	Age 65
			
	 	  	 Interest Rate Assumption:
	  	Lump sum age 65 benefit calculated using qualified pension plan assumption (payouts determined as of December 31 use the 30-Year Treasury yield in October).
			
	 	  	 Mortality Assumption:
	  	No mortality prior to age 65. Thereafter mortality assumption consistent with the mortality assumption to pay out lump sums under the Pension Plan as in effect on the payout determination
date.
			
	 	  	Effective Tax Rates:	  	38.40%
			
	 	  	 No adjustments:
	  	No adjustments are made with respect to payments for changes in interest rates, mortality assumptions, or tax rates occurring after the year for which payment is made.CBOT Holdings, Inc. Director Compensation Policy

 Exhibit 10.30 
  
 CBOT Holdings, Inc. (the “Corporation”) 
 Director Compensation Policy – September 2005 
  
 Directors’ Fee and Stock Grant for the Chairman of the Board 
  

	1.	Directors’ Fee. The Chairman of the Board shall be entitled to an annual directors’ fee in the amount of $500,000 per year (the “Chairman’s
Directors’ Fee”) for so long as he or she shall remain the Chairman of the Board, commencing on the date of the initial closing of the Corporation’s initial public offering of its Class A common stock, par value $0.001 per
share (the “Common Stock”), as described in the Corporation’s Form S-1, File No. 333-124730 (the “IPO”). 

  

	2.	Stock Grant. In addition to the Chairman’s Directors’ Fee described in Section 1 above, the Chairman of the Board shall be entitled to an annual grant of
Common Stock with a value of $250,000 (the “Chairman’s Stock Grant”). Each Chairman’s Stock Grant shall be made pursuant to and in accordance with CBOT Holding, Inc.’s 2005 Long-Term Equity Incentive Plan (the
“Plan”), subject to the terms and conditions thereof, and shall be payable as follows: 

  

	 	a.	The Chairman’s Stock Grant for the period from the IPO to the 2006 annual meeting of the Corporation shall be made on the date of the initial closing of the IPO and shall be
pro rated to reflect the number of months between (and including) the month in which the initial closing of the IPO occurs and April 2006. For purposes of this Section 2(a), the number of shares of Common Stock issued to the Chairman of the
Board shall be determined by dividing the pro rata value of the grant by the per share offering price in the IPO. 

  

	 	b.	Starting with the 2006 annual meeting, the Chairman’s Stock Grant shall be made on the date of each annual meeting of the Corporation. For purposes of this Section 2(b),
the number of shares of Common Stock issued to the Chairman of the Board shall be determined by dividing $250,000 by the Fair Market Value (as defined in the Plan) of Common Stock on the date of the grant. 

  

	 	c.	The shares of Common Stock that are granted to the Chairman of the Board pursuant to this Section 2 shall be fully vested immediately upon such grant. 

 

	3.	Meeting Fees. The Chairman of the Board shall not be entitled to any additional compensation payable on a per-meeting basis. 

 Directors’ Fees and Stock Grants for Directors (Other than the Chairman of
the Board and Employee Directors) 
  

	1.	Directors’ Fees. Each member of the Board (other than the Chairman of the Board and Directors who are also employees of the Corporation) (collectively, the
“Directors”) shall be entitled to an annual directors’ fee in the amount of $30,000 per year (the “Directors’ Fees”) for so long as he or she remains a member of the Board, commencing on the date of the
initial closing of the IPO. 

  

	2.	Stock Grant. In addition to the Directors’ Fees described in Section 1 above, each Director (other than the Chairman of the Board and Directors who are also
employees of the Corporation) shall be entitled to an annual grant of Common Stock with a value of $30,000 (the “Director’s Stock Grant”). Each Director’s Stock Grant shall be made pursuant to and in accordance with the
Plan, subject to the terms and conditions thereof, and shall be payable as follows: 

  

	 	a.	Each Director’s Stock Grant for the period from the IPO to the 2006 annual meeting of the Corporation shall be made on the date of the initial closing of the IPO and shall be
pro rated to reflect the number of months between (and including) the month in which the initial closing of the IPO occurs and April 2006. For purposes of this Section 2(a), the number of shares of Common Stock issued to each Director shall be
determined by dividing the pro rata value of the grant by the per share offering price in the IPO. 

  

	 	b.	Starting with the 2006 annual meeting, each Director’s Stock Grant shall be made on the date of each annual meeting of the Corporation. For purposes of this Section 2(b),
the number of shares of Common Stock issued to each Director shall be determined by dividing $30,000 by the Fair Market Value (as defined in the Plan) of Common Stock on the date of the grant. 

  

	 	c.	The shares of Common Stock that are granted to each Director pursuant to this Section 2 shall be fully vested immediately upon such grant. 

  

	3.	Meeting Fees. Each Director (other than the Chairman of the Board and Directors who are also employees of the Corporation) shall be entitled to a fee of $1,500 per meeting of
the Board of Directors or committee of the Board of Directors that such Director attends in person or by telephone (the “Director’s Meeting Fees”), commencing on the date of the initial closing of the IPO.

  

	4.	 Additional Directors’ Fees for Committee Chairs. In addition to the amount described in Sections 1, 2 and 3 above, (a) the Director who is the
Chairman of the Audit Committee of the Board of Directors shall be entitled to an additional annual directors’ fee of $20,000 per year and (b) the Director who is the Chairman of the Compensation Committee of the Board of Directors and the
Director who is the Chairman of the Nominating Committee of the Board of Directors shall each be entitled to an additional annual directors’ fee of $10,000 per year, in each case, for so 

	 	 
long as he or she remains Chairman of his or her respective committee of the Board, commencing on the date of the initial closing of the IPO.

  

	5.	Cap on Aggregate Compensation. In no event shall the aggregate amount paid to any Director (other than the Chairman of the Board) for the period from one annual meeting of
the Corporation to the next annual meeting of the Corporation pursuant to Sections 1, 2 and 3 above (but specifically excluding amounts paid pursuant to Section 4 above) exceed $100,000. 

  
 Stock Ownership Guidelines 
  
 Any Director (including the Chairman of the Board) who is issued Common Stock
pursuant to this Director Compensation Policy shall, during the time such Director is a member of the Board of Directors of the Corporation, be required to own (including beneficial ownership) at least 50% of the number of shares (as adjusted in
accordance with the terms of the Plan) granted to him or her under this Director’s Compensation Policy.

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