Document:

Exhibit 10.2

 

EXECUTION VERSION

 

AMENDED AND RESTATED EMPLOYMENT
AGREEMENT

 

This Amended and Restated
Employment Agreement (this “Agreement”) is made as of February 7, 2022 (the “Effective Date”) by
and between Voyager Therapeutics, Inc. (the “Company”) and Robin Swartz (the “Executive”).

 

WHEREAS, the Company and
the Executive are parties to a certain Employment Agreement dated January 11, 2021 (the “Original Agreement”), and the Executive’s
first day of employment with the Company was January 11, 2021 (the “Commencement Date”); and

 

WHEREAS, the Company and
the Executive desire that this Agreement shall amend, supersede, and control over the Original Agreement as of the Effective Date; provided
the Executive remains employed by the Company as of the Effective Date. Until the Effective Date, the Original Agreement will remain in
full force and effect and continue to govern the Executive’s employment with the Company.

 

NOW, THEREFORE,
in consideration of the covenants and obligations set forth below, and other good and valuable consideration, the receipt and sufficiency
of which is hereby acknowledged, the parties agree as follows:

 

1.                 
Employment. The employment relationship between the Company and the Executive commenced on the Commencement Date, and
shall be governed by this Agreement commencing as of the Effective Date and continuing in effect until terminated by either party in accordance
with this Agreement. At all times, the Executive’s employment with the Company will be “at-will,” meaning that the Executive’s
employment may be terminated by the Company or the Executive at any time and for any reason, subject to the terms of this Agreement.

 

2.                 
Position, Reporting and Duties.  The Company and the Executive agree as follows: (a) commencing on the Commencement
Date, the Executive served as the Senior Vice President, Portfolio Management and Patient Engagement of the Company, reporting to the
Company’s President and Chief Executive Officer (the “CEO”); (b) commencing on August 9, 2021, the Executive
served as the Senior Vice President, Business Operations of the Company, reporting to the CEO; and (c) commencing on the Effective Date,
the Executive will serve as the Chief Operating Officer of the Company, reporting to the CEO. The Executive shall devote the Executive’s
full working time and efforts to the business and affairs of the Company and shall not engage in any other business activities without
the prior written approval of the CEO and provided that such activities do not create a conflict of interest or otherwise interfere with
the Executive’s performance of the Executive’s duties to the Company. The Executive’s normal places of work will be
Cambridge, MA and Lexington, MA. It is understood and agreed that the Executive will generally be on site in Cambridge or Lexington, unless
the Executive is traveling on behalf of the Company.

 

3.                 
Compensation and Related Matters.

 

(a)              
Base Salary. The Executive’s annual base salary will be $420,000, which is subject to review and redetermination by
the Company from time to time. The annual base salary in effect at any given time is referred to herein as “Base Salary.”
The Base Salary will be payable in a manner that is consistent with the Company’s usual payroll practices for senior executives.
The Executive became eligible to participate in the Company’s annual salary review as of the annual salary review for the 2021 fiscal
year, and remains eligible to participate in the annual salary review for each subsequent year thereafter.

 

(b)              
Bonus. The Executive is eligible to participate in the Company’s Senior Executive Cash Incentive Bonus Plan (the “Incentive
Bonus Plan”), as approved by the Company’s Board of Directors, its Compensation Committee or any other committee of the
Board (collectively, the “Board”). The terms of the Incentive Bonus Plan shall be established and may be altered by
the Board in its sole discretion. For calendar year 2022, the Executive's target bonus under the Incentive Bonus Plan shall be forty percent
(40%) of the Executive's Base Salary. To earn any bonus, the Executive must be employed by the Company on the day such bonus is paid,
except as provided to the contrary in either Section 6 or 7 below, because such bonus serves as an incentive for the Executive to remain
employed with the Company. Both parties acknowledge and agree that any bonus is not intended and shall not be deemed a “wage”
under any state or federal wage-hour law.

 

     

     

    

 

(c)              
Equity.

 

(i)                
New Hire Equity Grant. As of the Commencement Date, following approval by the Company’s Compensation Committee, and
as a material inducement to the Executive entering into employment with the Company, the Executive was granted the following equity award
outside of the Company’s stock incentive plans as an “inducement grant” within the meaning of Nasdaq Listing Rule 5635(c)(4),
consisting of a New Hire Option Award and a New Hire RSU Award (each as defined below):

 

1.                 
The Executive was granted a non-qualified option (the “New Hire Option Award”) to purchase 76,500 shares
of the Company’s common stock (the “Common Stock”). The Option Award was granted as of the Commencement Date
(the “New Hire Option Grant Date”). The shares underlying the Option Award (the “New Hire Option Shares”)
have an exercise price per share equal to the closing price of the Common Stock on The Nasdaq Global Select Market on the New Hire Option
Grant Date. The New Hire Option Shares have vested and become exercisable, or will vest and become
exercisable, subject to the Executive’s continued service on each applicable vesting date, as follows: 25% of the New Hire Option
Shares to vest on the first anniversary of the New Hire Option Grant Date, and an additional 2.0833% of the New Hire Option Shares to
vest on a monthly basis at the end of each one-month period following the first anniversary of the New Hire Option Grant Date until the
four-year anniversary of the New Hire Option Grant Date.

 

2.                 
The Executive was also granted 13,000 restricted stock units (the “New Hire RSU Award”). The New Hire
RSU Award was granted as of the first day of the first calendar quarter immediately following the Commencement Date (the “New
Hire RSU Grant Date”). The New Hire RSU Award has vested and become settleable, or will
vest and become settleable, subject to the Executive’s continued service on each applicable vesting date, over a three-year period
as follows: 33.333% of the shares underlying the New Hire RSU Award to vest on the first anniversary of the New Hire RSU Grant Date; an
additional 33.333% of the shares underlying the New Hire RSU Award to vest on the two-year anniversary of the New Hire RSU Grant Date;
and the remaining shares underlying the New Hire RSU Award to vest on the three-year anniversary of the New Hire RSU Grant Date.

 

Each of the New Hire
Option Award and the New Hire RSU Award are subject to and governed by the terms and conditions of the applicable equity award agreements
between the Executive and the Company (collectively, the “New Hire Equity Documents”).

 

(ii)             
 Promotion Equity Grant. In connection with the Executive’s promotion to Chief Operating Officer of the Company on
the Effective Date, subject to approval by the Company’s Compensation Committee, and as a material inducement to the Executive’s
continuing employment with the Company, the Executive will be granted an option (the “Promotion Option”) to purchase
65,000 shares of Common Stock, such Promotion Option to be granted pursuant to and in accordance with the Company’s 2015 Stock Option
and Incentive Plan (the “Plan”). The Promotion Option will be granted as of February 7, 2022 (the “Promotion
Option Grant Date”). The shares underlying the Promotion Option (the “Promotion Option Shares”) will (i)
have an exercise price per share equal to the closing price of the Common Stock on The Nasdaq Global Select Market on the Promotion Option
Grant Date. The Promotion Option Shares will vest as follows: 2.0833% of the Promotion Option Shares to vest on the one-month anniversary
of the Promotion Option Grant Date, and an additional 2.0833% of the Promotion Option Shares to vest on a monthly basis at the end of
each one-month period following the one-month anniversary of the Promotion Option Grant Date until the four-year anniversary of the Promotion
Option Grant Date. The Promotion Option will be subject to and governed by the terms and conditions of the Plan and the applicable equity
award agreements between the Executive and the Company (collectively, the “Promotion Equity Documents” and the New
Hire Equity Documents and Promotion Equity Documents, collectively, the “Equity Documents”).

 

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(d)              
Employee Benefits. The Executive shall be entitled to full participation in the Company’s flexible vacation plan each
calendar year and to such other holidays as the Company recognizes for employees having comparable responsibilities and duties. The Executive
will be entitled to participate in the Company’s employee benefit plans, subject to the terms and the conditions of such plans,
and the Company’s ability to amend and modify such plans at any time and from time to time without advance notice.

 

(e)              
Reimbursement of Business Expenses. The Company shall reimburse the Executive for travel, entertainment, business development
and other expenses reasonably and necessarily incurred by the Executive in connection with the Company’s business. Expense reimbursement
shall be subject to such policies that the Company may adopt from time to time, including with respect to pre-approval.

 

4.                 
Certain Definitions.

 

(a)              
“Cause” means (A) the commission by the Executive of (i) any felony; or (ii) a misdemeanor involving
moral turpitude, deceit, dishonesty or fraud; or (B) a good faith finding by the Company of: (i) conduct by the Executive constituting
a material act of misconduct in connection with the performance of the Executive’s duties, including, without limitation, misappropriation
of funds or property of the Company or any of its subsidiaries or affiliates other than the occasional, customary and de minimis use of
Company property for personal purposes; (ii) any conduct by the Executive that would reasonably be expected to result in material
injury or reputational harm to the Company or any of its subsidiaries and affiliates if the Executive were retained in the Executive’s
position but, provided that the Company reasonably determines that such conduct is capable of being cured, only after receipt of written
notice by the Company reasonably describing such conduct and if the Executive fails to cease and cure such conduct within fifteen (15)
days of receipt of said written notice; (iii) continued non-performance by the Executive of the Executive’s responsibilities
hereunder (other than by reason of the Executive’s physical or mental illness, incapacity or disability) but, provided that the
Company reasonably determines that such conduct is capable of being cured, only after receipt of written notice by the Company reasonably
describing such non-performance and the Executive’s failure to cure such non-performance within fifteen (15) days of receipt of
said written notice; (iv) a breach by the Executive of any confidentiality or restrictive covenant obligations to the Company, including
under the Confidentiality, Non-Solicitation, Non-Competition and Invention Assignment Agreement previously executed by the Executive on
December 23, 2020, a copy of which is attached hereto as Exhibit A (the “Confidentiality Agreement”); (v) a
material violation by the Executive of any of the Company’s written employment policies communicated to the Executive; or (vi) failure
to cooperate with a bona fide internal investigation or an investigation by regulatory or law enforcement authorities as provided under
Section 13 of this Agreement, after being instructed by the Company to cooperate, or the willful destruction or failure to preserve
documents or other materials known to be relevant to such investigation or the inducement of others to fail to cooperate or to produce
documents or other materials in connection with such investigation.

 

(b)              
“Disabled” or “Disability” means the Executive is unable to perform the essential functions
of the Executive’s then existing position or positions under this Agreement with or without reasonable accommodation for a period
of one hundred and eighty (180) days (which days need not be consecutive) in any twelve (12) month period. If any question shall arise
as to whether during any period the Executive is disabled so as to be unable to perform the essential functions of the Executive’s
then existing position or positions with or without reasonable accommodation, the Executive may, and at the request of the Company shall,
submit to the Company a certification in reasonable detail by a physician selected by the Company to whom the Executive or the Executive’s
guardian has no reasonable objection as to whether the Executive is so disabled or how long such Disability is expected to continue, and
such certification shall for the purposes of this Agreement be conclusive of the issue. The Executive shall cooperate with any reasonable
request of the physician in connection with such certification. If such question shall arise and the Executive shall fail to submit such
certification, the Company’s determination of such issue shall be binding on the Executive. Nothing in this Section 4(b) shall be
construed to waive the Executive’s rights, if any, under existing law including, without limitation, the Family and Medical Leave
Act of 1993, 29 U.S.C. §2601 et seq., and the Americans with Disabilities Act, 42 U.S.C. §12101 et seq.

 

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(c)              
“Good Reason” means that the Executive has complied with the “Good Reason Process” (hereinafter
defined) following the occurrence of any of the following events without the Executive’s consent: (A) a material diminution
in the Executive’s responsibilities, authority or duties; (B) a material diminution in the Executive’s Base Salary except
for a reduction of the Executive’s Base Salary that is part of an across-the-board salary reduction applied to substantially all
senior management employees that is caused by the Company’s financial performance and is similar to and proportionately not greater
than the reductions affecting all or substantially all senior management employees of the Company; (C) the relocation of the Executive’s
principal place of business more than fifty (50) miles other than in a direction that reduces the Executive’s daily commuting distance;
or (D) the material breach by the Company of this Agreement or any other agreements between the Executive and the Company relating to
Equity Awards. “Good Reason Process” means that (i) the Executive reasonably determines in good faith that a “Good
Reason” condition has occurred; (ii) the Executive notifies the Company in writing of the first occurrence of the Good Reason
condition within sixty (60) days of the first occurrence of such condition; (iii) the Executive cooperates in good faith with the Company’s
efforts for thirty (30) days following such notice (the “Cure Period”) to remedy the condition; (iv) notwithstanding
such efforts, at least one Good Reason condition continues to exist; and (v) the Executive terminates the Executive’s employment
within sixty (60) days after the end of the Cure Period. If the Company cures the Good Reason condition during the Cure Period, Good Reason
shall be deemed not to have occurred. The Company’s success at curing a Good Reason condition shall not bar or preclude the Executive’s
right to notify the Company of the occurrence of another Good Reason condition and to proceed with the Good Reason Process.

 

(d)              
“Sale Event” means the consummation of (i) the sale of all or substantially all of the assets of the Company
on a consolidated basis to an unrelated person or entity, (ii) a merger, reorganization or consolidation pursuant to which the holders
of the Company’s outstanding voting power immediately prior to such transaction do not own a majority of the outstanding voting
power of the surviving or resulting entity (or its ultimate parent, if applicable), (iii) the acquisition, directly or indirectly, of
all or a majority of the outstanding voting stock of the Company in a single transaction or a series of related transactions by a Person
or group of Persons, (iv) a Deemed Liquidation Event (as defined in the Company’s Certificate of Incorporation (as may be amended,
restated or otherwise modified from time to time)), or (v) any other acquisition of the business of the Company, as determined by the
Board. Notwithstanding the foregoing, a “Sale Event” shall not be deemed to have occurred as a result of (a) a merger effected
solely to change the Company’s domicile, and (b) an acquisition of shares of Company common stock by the Company which, by reducing
the number of shares outstanding, increases the proportionate number of shares beneficially owned by any person to a majority of the outstanding
shares of common stock of the Company; provided, however, that if any person referred to in this clause (b) shall thereafter become the
beneficial owner of any additional shares (other than pursuant to a stock split, stock dividend, or similar transaction or as a result
of an acquisition of shares directly from the Company) and immediately thereafter beneficially owns a majority of the then outstanding
shares, then a “Sale Event” shall be deemed to have occurred for purposes of this clause (b). Notwithstanding the foregoing,
where required to avoid extra taxation under Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”),
a Sale Event must also satisfy the requirements of Treas. Reg. Section 1.409A-3(a)(5).

 

(e)              
“Sale Event Period” means the period ending twelve (12) months following the consummation of a Sale Event.

 

(f)               
“Terminating Event” means termination of the Executive’s employment by the Company without Cause or by
the Executive for Good Reason. A Terminating Event does not include: (i) the termination of the Executive’s employment due to the
Executive’s death or a determination that the Executive is Disabled; (ii) the Executive’s resignation for any reason other
than Good Reason, or (iii) the Company’s termination of the Executive’s employment for Cause.

 

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5.                 
Compensation in Connection with a Termination for any Reason. If the Executive’s employment with the Company is
terminated for any reason, the Company shall pay or provide to the Executive (or to the Executive’s authorized representative or
estate) any earned but unpaid Base Salary, unpaid expense reimbursements, and vested employee benefits.

 

6.                 
Severance and Accelerated Vesting if a Terminating Event Occurs within the Sale Event Period. In the event a Terminating
Event occurs within the Sale Event Period, subject to the Executive signing and complying with a separation agreement in a form and manner
satisfactory to the Company containing, among other provisions, a general release of claims in favor of the Company and related persons
and entities, covenants to return Company property and to not disparage the Company, a reaffirmation of the Confidentiality Agreement
and a twelve (12) month post-employment non-competition restriction with a scope of prohibited competitive activity no greater than that
described in the Confidentiality Agreement (the “Separation Agreement and Release”), and the Separation Agreement and
Release becoming irrevocable, all within sixty (60) days after the Date of Termination or by an earlier date as determined by the Company,
the following shall occur:

 

(a)              
the Company shall pay to the Executive an amount equal to twelve (12) months of the Executive’s Base Salary in effect immediately
prior to the Terminating Event (or the Executive’s Base Salary in effect immediately prior to the Sale Event, if higher), determined
in each case immediately before any event that constitutes Good Reason (if applicable);

 

(b)              
the Company shall pay to the Executive a pro-rated portion of the annual bonus target for the current year based on the Date of
Termination;

 

(c)              
if the Executive timely elects and is eligible to continue receiving group health insurance pursuant to the “COBRA”
law, the Company will, until the earlier of (x) the date that is twelve (12) months following the Date of Termination, and (y) the date
on which the Executive obtains alternative coverage (as applicable, the “Sale Event COBRA Contribution Period”), continue
to pay the share of the premiums for such coverage to the same extent it was paying such premiums on the Executive’s behalf immediately
prior to the Date of Termination. The remaining balance of any premium costs during the Sale Event COBRA Contribution Period, and all
premium costs thereafter, shall be paid by the Executive monthly for as long as, and to the extent that, the Executive remains eligible
for COBRA continuation. The Executive agrees that, should the Executive obtain alternative medical and/or dental insurance coverage prior
to the date that is twelve (12) months following the Date of Termination, the Executive will so inform the Company in writing within five
(5) business days of obtaining such coverage. Notwithstanding anything to the contrary herein, in the event that the Company’s payment
of the amounts described in Section 6(c) would subject the Company to any tax or penalty under the Patient Protection and Affordable Care
Act (as amended from time to time, the “ACA”) or Section 105(h) of the Internal Revenue Code of 1986, as amended (“Section
105(h)”), or applicable regulations or guidance issued under the ACA or Section 105(h), the Executive and the Company agree
to work together in good faith to restructure such benefit.

 

(d)              
One hundred percent (100%) of all equity awards held by the Executive shall immediately accelerate and become fully exercisable
or nonforfeitable as of the Date of Termination and the provisions of this Section 6(d) shall be deemed to be incorporated by reference
into the agreements governing all such awards.

 

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For avoidance of doubt, the
Separation Agreement and Release for purposes of this Agreement shall not require a waiver of any rights under the indemnification agreement
between the Company and the Executive or any rights described in Section 5 above. Notwithstanding the foregoing, if the Executive’s
employment is terminated in connection with a Sale Event and the Executive immediately becomes reemployed by any direct or indirect successor
to the business or assets of the Company, the termination of the Executive’s employment upon the Sale Event shall not be considered
a termination without Cause for purposes of this Agreement.

 

The amounts payable under
Sections 6(a) and 6(b) shall be paid out in substantially equal installments in accordance with the Company’s payroll practice
over twelve (12) months commencing within sixty (60) days after the Date of Termination; provided, however, that if the sixty (60)
day period begins in one calendar year and ends in a second calendar year, the severance shall be paid or shall begin to be paid in the
second calendar year by the last day of such sixty (60) day period; provided further, that the initial payment shall include a
catch-up payment to cover amounts retroactive to the day immediately following the Date of Termination. Each payment pursuant to this
Agreement is intended to constitute a separate payment for purposes of Treasury Regulation Section 1.409A-2(b)(2).

 

7.                 
Severance if a Terminating Event Occurs Outside the Sale Event Period. In the event a Terminating Event occurs at any
time other than during the Sale Event Period, subject to the Executive signing the Separation Agreement and Release and the Separation
Agreement and Release becoming irrevocable, all within sixty (60) days after the Date of Termination or by an earlier date as determined
by the Company, the following shall occur:

 

(a)              
the Company shall pay to the Executive an amount equal to twelve (12) months of the Executive’s Base Salary in effect immediately
prior to the Terminating Event (but only after disregarding any event that constitutes Good Reason);

 

(b)              
the Company shall pay to the Executive a pro-rated portion of the annual bonus target for the current year based on the Date of
Termination; and

 

(c)              
if the Executive timely elects and is eligible to continue receiving group health insurance pursuant to the “COBRA”
law, the Company will, until the earlier of (x) the date that is twelve (12) months following the Date of Termination, and (y) the date
on which the Executive obtains alternative coverage (as applicable, the “Non-Sale Event COBRA Contribution Period”),
continue to pay the share of the premiums for such coverage to the same extent it was paying such premiums on the Executive’s behalf
immediately prior to the Date of Termination. The remaining balance of any premium costs during the Non-Sale Event COBRA Contribution
Period, and all premium costs thereafter, shall be paid by the Executive on a monthly basis for as long as, and to the extent that, the
Executive remains eligible for COBRA continuation. The Executive agrees that, should the Executive obtain alternative medical and/or dental
insurance coverage prior to the date that is twelve (12) months following the Date of Termination, the Executive will so inform the Company
in writing within five (5) business days of obtaining such coverage. Notwithstanding anything to the contrary herein, in the event that
the Company’s payment of the amounts described in Section 7(c) would subject the Company to any tax or penalty under the ACA or
Section 105(h), or applicable regulations or guidance issued under the ACA or Section 105(h), the Executive and the Company agree to work
together in good faith to restructure such benefit.

 

The amounts payable under
Section 7(a) and 7(b) shall be paid out in substantially equal installments in accordance with the Company’s payroll practice
over twelve (12) months commencing within sixty (60) days after the Date of Termination; provided, however, that if the sixty (60) day
period begins in one calendar year and ends in a second calendar year, the severance shall begin to be paid in the second calendar year
by the last day of such sixty (60) day period; provided further, that the initial payment shall include a catch-up payment to cover amounts
retroactive to the day immediately following the Date of Termination. Each payment pursuant to this Agreement is intended to constitute
a separate payment for purposes of Treasury Regulation Section 1.409A-2(b)(2).

 

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8.                 
Confidentiality, Non-Solicitation, Non-Competition and Invention Assignment Agreement. The Executive acknowledges and
agrees that, (a) prior to the Commencement Date and as a condition of the Executive’s employment, the Executive executed the Confidentiality
Agreement attached hereto as Exhibit A indicating the Executive’s agreement to all of the Executive’s obligations thereunder;
and (b) in consideration for the non-competition covenant set forth in Section 8.2 of the Confidentiality Agreement, the Executive was
granted a stock option award and a restricted stock unit award under the Plan, as described in the Original Agreement, and such consideration
was mutually agreed upon by Executive and the Company and is fair and reasonable in exchange for the Executive’s compliance with
such non-competition covenant. The terms of the Confidentiality Agreement are incorporated by reference in this Agreement and the Executive
hereby reaffirms the terms of the Confidentiality Agreement as a material term of this Agreement.

 

9.                 
Additional Limitation.

 

(a)              
Anything in this Agreement to the contrary notwithstanding, in the event that the amount of any compensation, payment or distribution
by the Company to or for the benefit of the Executive, whether paid or payable or distributed or distributable pursuant to the terms of
this Agreement or otherwise, calculated in a manner consistent with Section 280G of the Code and the applicable regulations thereunder
(the “Aggregate Payments”), would be subject to the excise tax imposed by Section 4999 of the Code, then the Aggregate
Payments shall be reduced (but not below zero) so that the sum of all of the Aggregate Payments shall be $1.00 less than the amount at
which the Executive becomes subject to the excise tax imposed by Section 4999 of the Code; provided that such reduction shall only occur
if it would result in the Executive receiving a higher After Tax Amount (as defined below) than the Executive would receive if the Aggregate
Payments were not subject to such reduction. In such event, the Aggregate Payments shall be reduced in the following order, in each case,
in reverse chronological order beginning with the Aggregate Payments that are to be paid the furthest in time from consummation of the
transaction that is subject to Section 280G of the Code: (i) cash payments not subject to Section 409A of the Code; (ii) cash
payments subject to Section 409A of the Code; (iii) equity-based payments and acceleration; and (iv) non-cash forms of benefits;
provided that in the case of all the foregoing Aggregate Payments all amounts or payments that are not subject to calculation under Treas.
Reg. §1.280G-1, Q&A-24(b) or (c) shall be reduced before any amounts that are subject to calculation under Treas. Reg. §1.280G-1,
Q&A-24(b) or (c).

 

(b)              
For purposes of this Section, the “After Tax Amount” means the amount of the Aggregate Payments less all federal,
state, and local income, excise and employment taxes imposed on the Executive as a result of the Executive’s receipt of the Aggregate
Payments. For purposes of determining the After Tax Amount, the Executive shall be deemed to pay federal income taxes at the highest marginal
rate of federal income taxation applicable to individuals for the calendar year in which the determination is to be made, and state and
local income taxes at the highest marginal rates of individual taxation in each applicable state and locality, net of the maximum reduction
in federal income taxes which could be obtained from deduction of such state and local taxes.

 

The determination as to whether
a reduction in the Aggregate Payments shall be made pursuant to this Section shall be made by a nationally recognized accounting firm
selected by the Company prior to the Sale Event (the “Accounting Firm”), which shall provide detailed supporting calculations
both to the Company and the Executive within fifteen (15) business days of the Date of Termination, if applicable, or at such earlier
time as is reasonably requested by the Company or the Executive. Any determination by the Accounting Firm shall be binding upon the Company
and the Executive.

 

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10.             
Section 409A.

 

(a)              
Anything in this Agreement to the contrary notwithstanding, if at the time of the Executive’s “separation from service”
within the meaning of Section 409A of the Code, the Company determines that the Executive is a “specified employee” within
the meaning of Section 409A(a)(2)(B)(i) of the Code, then to the extent any payment or benefit that the Executive becomes entitled to
under this Agreement on account of the Executive’s separation from service would be considered deferred compensation subject to
the twenty percent (20%) additional tax imposed pursuant to Section 409A(a) of the Code as a result of the application of Section 409A(a)(2)(B)(i)
of the Code, such payment shall not be payable and such benefit shall not be provided until the date that is the earlier of (i) six
(6) months and one (1) day after the Executive’s separation from service, or (ii) the Executive’s death.

 

(b)              
The parties intend that this Agreement will be administered in accordance with Section 409A of the Code. To the extent that any
provision of this Agreement is ambiguous as to its compliance with Section 409A of the Code, the provision shall be read in such a manner
so that all payments hereunder comply with Section 409A of the Code. The parties agree that this Agreement may be amended, as reasonably
requested by either party, and as may be necessary to fully comply with Section 409A of the Code and all related rules and regulations
in order to preserve the payments and benefits provided hereunder without additional cost to either party.

 

(c)              
All in-kind benefits provided and expenses eligible for reimbursement under this Agreement shall be provided by the Company or
incurred by the Executive during the time periods set forth in this Agreement. All reimbursements shall be paid as soon as administratively
practicable, but in no event shall any reimbursement be paid after the last day of the taxable year following the taxable year in which
the expense was incurred. The amount of in-kind benefits provided or reimbursable expenses incurred in one taxable year shall not affect
the in-kind benefits to be provided or the expenses eligible for reimbursement in any other taxable year. Such right to reimbursement
or in-kind benefits is not subject to liquidation or exchange for another benefit.

 

(d)              
To the extent that any payment or benefit described in this Agreement constitutes “non-qualified deferred compensation”
under Section 409A of the Code, and to the extent that such payment or benefit is payable upon the Executive’s termination of employment,
then such payments or benefits shall be payable only upon the Executive’s “separation from service.” The determination
of whether and when a separation from service has occurred shall be made in accordance with the presumptions set forth in Treasury Regulation
Section 1.409A-1(h).

 

(e)              
The Company makes no representation or warranty and shall have no liability to the Executive or any other person if any provisions
of this Agreement are determined to constitute deferred compensation subject to Section 409A of the Code but do not satisfy an exemption
from, or the conditions of, such Section.

 

11.             
Taxes. All forms of compensation referred to in this Agreement are subject to reduction to reflect applicable withholding
and payroll taxes and other deductions required by law. The Executive hereby acknowledges that the Company does not have a duty to design
its compensation policies in a manner that minimizes tax liabilities.

 

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12.             
Notice and Date of Termination.

 

(a)              
Notice of Termination. The Executive’s employment with the Company may be terminated by the Company or the Executive
at any time and for any reason. Any termination of the Executive’s employment (other than by reason of death) shall be communicated
by written Notice of Termination from one party hereto to the other party hereto in accordance with this Section. For purposes of this
Agreement, a “Notice of Termination” shall mean a notice which shall indicate the specific termination provision in
this Agreement relied upon.

 

(b)              
Date of Termination. “Date of Termination” shall mean: (i) if the Executive’s employment is terminated
by the Executive’s death, the date of the Executive’s death; (ii) if the Executive’s employment is terminated on
account of Executive’s Disability or by the Company for Cause or without Cause, the date specified in the Notice of Termination;
(iii) if the Executive’s employment is terminated by the Executive for any reason except for Good Reason, thirty (30) days
after the date specified in the Notice of Termination, and (iv) if the Executive’s employment is terminated by the Executive
with Good Reason, the date specified in the Notice of Termination given after the end of the Cure Period. Notwithstanding the foregoing,
in the event that the Executive gives a Notice of Termination to the Company, the Company may unilaterally accelerate the Date of Termination
and such acceleration shall not result in the termination being deemed a termination by the Company for purposes of this Agreement.

 

13.             
Litigation and Regulatory Cooperation. During and after the Executive’s employment, and at all times, so long
as there is not a significant conflict with the Executive’s then employment, the Executive shall cooperate reasonably with the Company
in the defense or prosecution of any claims or actions now in existence or which may be brought in the future against or on behalf of
the Company which relate to events or occurrences that transpired while the Executive was employed by the Company. The Executive’s
reasonable cooperation in connection with such claims or actions shall include, but not be limited to, being available to meet with counsel
to prepare for discovery or trial and to act as a witness on behalf of the Company at mutually convenient times. During and after the
Executive’s employment, the Executive also shall cooperate reasonably with the Company in connection with any investigation or review
of the Company by any federal, state or local regulatory authority as any such investigation or review relates to events or occurrences
that transpired while the Executive was employed by the Company. The Company shall reasonably compensate Executive for the time dedicated
to, and shall reimburse the Executive for any reasonable out of pocket expenses incurred in connection with, the Executive’s performance
of the obligations set forth in this Section; provided, however, that the Company will not pay the Executive any fee or amount for time
spent providing testimony in any arbitration, trial, administrative hearing or other proceeding.

 

14.             
Relief. If the Executive breaches, or proposes to breach, any portion of this Agreement, including the Confidentiality
Agreement, or, if applicable, the Separation Agreement and Release, the Company shall be entitled, in addition to all other remedies that
it may have, to an injunction or other appropriate equitable relief to restrain any such breach, and, if applicable, the Company shall
have the right to suspend or terminate the payments, benefits and/or accelerated vesting, as applicable. Such suspension or termination
shall not limit the Company’s other options with respect to relief for such breach and shall not relieve the Executive of its duties
under this Agreement, the Confidentiality Agreement or the Separation Agreement and Release.

 

15.             
Scope of Disclosure Restrictions. Nothing in this Agreement or the Confidentiality Agreement prohibits the Executive
from communicating with government agencies about possible violations of federal, state, or local laws or otherwise providing information
to government agencies, filing a complaint with government agencies, or participating in government agency investigations or proceedings. 
The Executive is not required to notify the Company of any such communications; provided, however, that nothing herein authorizes the
disclosure of information the Executive obtained through a communication that was subject to the attorney-client privilege.  Further,
notwithstanding the Executive’s confidentiality and nondisclosure obligations, the Executive is hereby advised as follows pursuant
to the Defend Trade Secrets Act: “An individual shall not be held criminally or civilly liable under any Federal or State trade
secret law for the disclosure of a trade secret that (A) is made (i) in confidence to a Federal, State, or local government official,
either directly or indirectly, or to an attorney; and (ii) solely for the purpose of reporting or investigating a suspected violation
of law; or (B) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. 
An individual who files a lawsuit for retaliation by an employer for reporting a suspected violation of law may disclose the trade secret
to the attorney of the individual and use the trade secret information in the court proceeding, if the individual (A) files any document
containing the trade secret under seal; and (B) does not disclose the trade secret, except pursuant to court order.”

 

     - 9 -

     

    

 

16.             
Governing Law; Consent to Jurisdiction; Forum Selection. The resolution of any disputes as to the meaning, effect, performance
or validity of this Agreement or the Confidentiality Agreement, or arising out of, related to, or in any way connected with the Executive’s
employment with the Company or any other relationship between the Executive and the Company (“Disputes”) will be governed
by the law of the Commonwealth of Massachusetts, excluding laws relating to conflicts or choice of law. The Executive and the Company
submit to the exclusive personal jurisdiction of the federal and state courts located in the Commonwealth of Massachusetts in connection
with any Dispute or any claim related to any Dispute and agree that any claims or legal action shall be commenced and maintained solely
in a state or federal court located in the Commonwealth of Massachusetts.

 

17.             
Integration. This Agreement, together with the Confidentiality Agreement and the Equity Documents, constitutes the entire
agreement between the parties with respect to the subject matter of this Agreement, including the Executive’s compensation, severance
pay, benefits and accelerated vesting and supersedes in all respects all prior agreements between the parties concerning such subject
matter, including without limitation any prior offer letter or employment agreement (including the Original Agreement), draft employment
agreement, or discussions relating to the Executive’s employment relationship with the Company. For purposes of this Agreement,
the Company shall include affiliates and subsidiaries thereof.

 

18.             
Enforceability. If any portion or provision of this Agreement (including, without limitation, any portion or provision
of any Section of this Agreement) shall to any extent be declared illegal or unenforceable by a court of competent jurisdiction, then
the remainder of this Agreement, or the application of such portion or provision in circumstances other than those as to which it is so
declared illegal or unenforceable, shall not be affected thereby, and each portion and provision of this Agreement shall be valid and
enforceable to the fullest extent permitted by law.

 

19.             
Waiver. No waiver of any provision hereof shall be effective unless made in writing and signed by the waiving party.
The failure of any party to require the performance of any term or obligation of this Agreement, or the waiver by any party of any breach
of this Agreement, shall not prevent any subsequent enforcement of such term or obligation or be deemed a waiver of any subsequent breach.

 

20.             
Notices. Any notices, requests, demands and other communications provided for by this Agreement shall be sufficient
if in writing and (i) sent by email to the email addresses used by the Chief Human Resources Officer of the Company or, if the Company
does not have a Chief Human Resources Officer at the time of the notice, the most senior officer in the human resources function of the
Company (in the case of notices to the Company), or by the Executive (in the case of notices to the Executive) in their usual course of
business; (ii) delivered by hand; (iii) sent by a nationally recognized overnight courier service or (iv) sent by registered or certified
mail, postage prepaid, return receipt requested, in each case (clauses (iii) and (iv)) to the Executive at the last address the Executive
has filed in writing with the Company, or (as applicable) to the Company at its main office, attention of the Chief Human Resources Officer
of the Company or, if the Company does not have a Chief Human Resources Officer at the time of the notice, the most senior officer in
the human resources function of the Company.

 

21.             
Amendment. This Agreement may be amended or modified only by a written instrument signed by the Executive and by a duly
authorized representative of the Company.

 

22.             
Assignment and Transfer by the Company; Successors. The Company shall have the right to assign and/or transfer this
Agreement to any entity or person, including without limitation the Company’s parents, subsidiaries, other affiliates, successors,
and acquirers of Company stock or other assets, provided that such entity or person receives all or substantially all of the Company’s
assets. The Executive hereby expressly consents to such assignment and/or transfer. This Agreement shall inure to the benefit of and be
enforceable by the Company’s assigns, successors, acquirers and transferees.

 

23.             
Counterparts. This Agreement may be executed in any number of counterparts, each of which when so executed and delivered
shall be taken to be an original, but all of which together shall constitute one and the same document.

 

     - 10 -

     

    

 

IN WITNESS WHEREOF, the parties
have executed this Agreement effective on the date and year first above written.

 

	 	VOYAGER THERAPEUTICS, INC.
	 	 
	 	By:	/s/ Michael Higgins
	 	 	Michael J. Higgins
	 	 	Interim Chief Executive Officer
	 	 
	 	Date:	February 2, 2022
	 	 
	 	EXECUTIVE:
	 	 
	 	/s/ Robin Swartz
	 	Robin Swartz
	 	 
	 	Date:	February 2, 2022

 

Signature Page to Swartz Employment Agreement

 

     

     

    

 

EXHIBIT
A

 

Confidentiality, Non-Solicitation, Non-Competition
and Invention Assignment AgreementEX-10.1

 EXHIBIT 10.1 

AMENDED AND RESTATED AGREEMENT 

THIS AMENDED AND RESTATED AGREEMENT, effective as of February 2, 2022 (the “2022 Restatement Effective Date”) by and between
CME Group Inc. (“Employer” or “CME”), a Delaware corporation, having its principal place of business at 20 South Wacker Drive, Chicago, Illinois, and Terrence A. Duffy (“Executive”). 

R E C I T A L S: 

WHEREAS, Employer wishes to continue to retain the services of Executive in the capacity of Chairman and Chief Executive Officer, upon the
terms and conditions hereinafter set forth and Executive wishes to continue such employment; and 
 WHEREAS, Employer and Executive wish to
amend and restate the Agreement entered into by them and effective as of December 16, 2019, which, as previously amended and restated from time to time, was initially effective as of November 11, 2015 (the “Original Effective
Date”), and agree to be bound by the terms of this Agreement. 
 NOW, THEREFORE, in consideration of the mutual promises contained
herein, the parties mutually agree as follows: 
  

	1.	 Employment. Subject to the terms of the Agreement, Employer hereby agrees to employ Executive
during the Agreement Term (as hereinafter defined) as Chairman and Chief Executive Officer and Executive hereby accepts such employment. Executive shall perform such duties as have been associated with the offices of Chairman and Chief Executive
Officer and such other duties commensurate with such positions as Executive and the Company’s Board of Directors (the “Board”) may mutually agree. Executive shall devote his full time, ability and attention to the business of Employer
during the Agreement Term. During the Agreement Term, Executive shall comply with the Company’s share ownership guidelines as in effect from time to time. Executive will be nominated as a member of the Board during the Agreement Term.

 Nothing in the Agreement shall preclude Executive from participating in the affairs of any governmental, educational or
other charitable institution and serving as a member of the board of directors of a corporation, except for a competitor of Employer, provided Executive notifies the Nominating and Governance Committee of the Board prior to his participating in any
such activities and as long as the Nominating and Governance Committee does not determine that any such activities interfere with or diminish Executive’s obligations under the Agreement. Executive shall be entitled to retain all fees and other
compensation derived from such activities, in addition to the compensation and other benefits payable to him under the Agreement, but shall disclose such fees to Employer. 
  

	2.	 Agreement Term. Executive shall be employed hereunder for a term which commences on the 2022
Restatement Effective Date and expires on December 31, 2024 (“Agreement Term”). The Agreement Term shall be subject to early termination as set forth herein. 

  

	3.	 Compensation. 

 

	 	(a)	 Annual Base Salary. Commencing January 1, 2022, Employer shall pay to Executive a base salary at a
rate not less than $2,000,000 per year (“Base Salary”), payable in accordance with the Employer’s normal payment schedule. 

  

	 	(b)	 Bonuses. During the Agreement Term, Executive shall be eligible to participate in the Employer’s
Annual Incentive Plan (the “AIP”) as in effect from time to time. Executive’s target bonus opportunity under the AIP shall be 200% of the Base Salary paid in the plan year. For the avoidance of doubt, the Compensation Committee of the
Board retains the discretion to determine the actual bonus amount to be paid for each plan year, subject to the terms of the AIP. 

  

	 	(c)	 Equity Compensation. During the Agreement Term, Executive shall be eligible to participate in the CME
Group Inc. Amended and Restated Omnibus Stock Plan (“Plan”) as in effect from time to time. Executive’s annual target grant date value opportunity under the Plan shall be 600% of Base Salary. For the avoidance of doubt, the
Compensation Committee of the Board retains the discretion to determine the actual grant date value for each plan year, subject to the terms of the Plan. 

  

	4.	 Change of Control Provisions. In the event of a “Change of Control” (as defined in the
Plan) that occurs prior to Executive’s termination of employment with the Employer, all options and time-vesting restricted shares previously granted to Executive, whether during the Agreement Term or otherwise, will have vesting accelerated so
as to become 100% vested; provided, however that any awards granted following the Original Effective Date the vesting of which is contingent upon the attainment of performance goals shall have the continued employment requirement applicable to such
award waived and shall become vested or shall be forfeited solely based on the actual performance measured over the full performance term (unless a more favorable treatment is provided in the agreement evidencing the particular award or applies to
the award pursuant to the operation of the applicable plan under which the award was granted, in which case such more favorable treatment will apply). Thereafter, the options will continue to be subject to the terms, definitions and provisions of
the Plan and any related option agreement. If Executive is involuntarily terminated without Cause within sixty (60) days prior to a Change of Control, all unvested options and time-vesting restricted shares which would have been outstanding had
Executive been employed on the date of Change of Control become 100% vested; provided, however that any awards granted following the Original Effective Date the vesting of which is contingent upon the attainment of performance goals shall have the
continued employment requirement applicable to such award waived and shall become vested or shall be forfeited solely based on actual performance measured over the full performance term (unless a more favorable treatment is provided in the agreement
evidencing the particular award or applies to the award pursuant to the operation of the applicable plan under which the award was granted, in which case such more favorable treatment will apply). Employer shall cause the Plan and all future grants

  
 2 

	 	
thereunder to permit Executive to transfer awards granted thereunder for estate and tax planning purposes to members of Executive’s immediate family or to one or more trusts for the benefit
of such family members, partnerships in which such family members are the only partners, or corporations in which such family members are the only stockholders. 

  

	5.	 Benefits. Executive shall be entitled to insurance, vacation and other employee benefits
commensurate with his position in accordance with Employer’s policies for executives in effect from time to time. Executive acknowledges receipt of a summary of Employer’s employee benefits policies in effect as of the date of this
Agreement. In addition, Employer shall provide Executive with life insurance and long-term disability coverage consistent with the programs in place for other executives of Employer (which is currently equal to
two-thirds of Executive’s Base Salary upon Executive’s disability (up until age 65) and three times Executive’s Base Salary in the form of life insurance provided or underwritten by Employer).
In the event that the provision of life insurance coverage results in taxable income to Executive’s beneficiaries upon his death, Employer shall pay an additional amount sufficient to put Executive’s beneficiaries in the same after-tax position as if the life insurance benefits had been provided under an insured life insurance plan. 

  

	6.	 Expense Reimbursement. During the Agreement Term, Employer shall reimburse Executive, in
accordance with Employer’s policies and procedures, for all proper expenses incurred by him in the performance of his duties hereunder. 

  

	7.	 Termination. Executive’s employment as Chairman and Chief Executive Officer shall terminate
upon the occurrence of any of the following events. Upon any termination of Executive’s employment for any reason, Executive agrees to resign and shall be deemed to have resigned as a member of the Board. 

 

	 	(a)	 Death. Upon the death of Executive, this Agreement shall automatically terminate and all rights of
Executive and his heirs, executors and administrators to compensation and other benefits under this Agreement shall cease, except that (i) compensation which shall have accrued to the date of death, including accrued Base Salary, and other
employee benefits to which Executive is entitled upon his death, shall be paid or provided in accordance with the terms of the plans and programs of CME, (ii) all stock option, SAR, time-vesting restricted stock and time vesting restricted
stock unit awards granted after November 4, 2010 will become fully vested (and in the case of option and SAR awards shall remain exercisable for 48 months following termination (but not beyond the maximum term of the award)) and (iii) all
equity or equity-based awards the vesting of which is contingent upon the attainment of performance goals shall vest at target level of performance and become payable within thirty (30) days following the date of death. 

  
 3 

	 	(b)	 Disability. Employer may, at its option, terminate this Agreement upon written notice to Executive if
Executive, because of physical or mental incapacity or disability, fails to perform the essential functions of his position required of him hereunder for a continuous period of 90 days or any 120 days within any
12-month period. Upon such termination, all obligations of Employer hereunder shall cease, except that (i) compensation which shall have accrued to the date of disability, including accrued Base Salary,
and other employee benefits to which Executive is entitled upon his disability, shall be paid or provided in accordance with the terms of the plans and programs of CME, (ii) all stock option, SAR, time-vesting restricted stock and time-vesting
restricted stock unit awards granted after November 4, 2010 will become fully vested (and in the case of option and SAR awards shall remain exercisable for 48 months following termination (but not beyond the maximum term of the award)), (iii)
all equity or equity-based awards the vesting of which is contingent upon the attainment of performance goals shall vest at target level of performance and become payable within thirty (30) days following the date of such termination of
employment; and (iv) Executive shall be entitled to the medical benefits described in Section 7(f). In the event of any dispute regarding the existence of Executive’s disability hereunder, the matter shall be resolved by a majority of
the independent directors on the Board. 

  

	 	(c)	 Cause. Employer may, at its option, terminate Executive’s employment under this Agreement for
Cause. As used in this Agreement, the term “Cause” shall mean any one or more of the following: 

  

	 	(1)	 any refusal by Executive to perform his duties and responsibilities under this Agreement, as determined after
investigation by the Board. Executive, after having been given written notice by Employer, shall have seven (7) days to cure such refusal; 

  

	 	(2)	 any intentional act of fraud, embezzlement, theft or misappropriation of Employer’s funds by Executive, as
determined after investigation by the Board, or Executive’s admission or conviction of a felony or of any crime involving moral turpitude, fraud, embezzlement, theft or misrepresentation; 

 

	 	(3)	 any gross negligence or willful misconduct of Executive resulting in a financial loss or liability to the
Employer or damage to the reputation of Employer, as determined after investigation by the Board; 

  

	 	(4)	 any breach by Executive of any one or more of the covenants contained in Section 8, 9 or 10 hereof; or

  

	 	(5)	 any violation of any rule, regulation or guideline imposed by CME or a regulatory or self-regulatory body
having jurisdiction over Employer, as determined after investigation by the Board. 

 The exercise of the right of CME to
terminate this Agreement pursuant to this Section 7(c) shall not abrogate any other rights or remedies of CME in respect of the breach giving rise to such termination. 

  
 4 

 If Employer terminates Executive’s employment for Cause, Executive shall be entitled to
accrued Base Salary through the date of the termination of his employment, other employee benefits to which Executive is entitled upon his termination of employment with Employer, in accordance with the terms of the plans and programs of CME. Upon
termination for Cause, Executive will forfeit any unvested or unearned compensation and long-term incentives, unless otherwise specified in the terms of the plans and programs of CME. 

 

	 	(d)	 Termination Without Cause. Upon 30 days prior written notice to Executive, the Board of Directors, by
vote of a majority of the independent directors may terminate this Agreement for any reason other than a reason set forth in paragraphs (a), (b) or (c) of this Section 7. If, during the Agreement Term, the employment of Executive hereunder
is terminated by Employer for any reason other than a reason set forth in subsections (a), (b) or (c) of this Section 7: 

  

	 	(1)	 Executive shall be entitled to receive accrued Base Salary through the date of the termination of his
employment, and other employee benefits to which Executive is entitled upon his termination of employment with Employer, in accordance with the terms of the plans and programs of Employer; 

 

	 	(2)	 subject to Executive’s execution and delivery prior to the Release Deadline (as defined below) of a
general release in a form and of a substance satisfactory to Employer, Executive shall be entitled to receive a one-time lump sum severance payment equal to two times Executive’s annual Base Salary, which
shall be paid within 14 days of the later of the delivery of such general release to Employer or the date on which such general release becomes irrevocable. For purposes hereof, the “Release Deadline” means the deadline prescribed by
Employer for the execution of the general release described in this paragraph (d)(2) of Section 7, which deadline shall in no event be later than 60 days following the date Executive’s employment terminates; 

 

	 	(3)	 subject to Executive’s execution and delivery prior to the Release Deadline (as defined below) of a
general release in a form and of a substance satisfactory to Employer, (i) all stock option, SAR, time-vesting restricted stock and time-vesting restricted stock unit awards granted after November 4, 2010 shall become fully vested (and in
the case of option and SAR awards shall remain exercisable for 48 months following termination (but not beyond the maximum term of the award)) and (ii) all equity or equity-based awards the vesting of which is contingent upon the attainment of
performance goals shall have the continued employment requirement applicable to such award waived and shall become vested or shall be forfeited solely based on actual performance measured over the full performance term; and 

  
 5 

	 	(4)	 Executive shall be entitled to the medical benefits described in Section 7(f). 

 

	 	(e)	 Voluntary Termination. 

 

	 	(1)	 Upon 90 days prior written notice to CME (or such shorter period as may be permitted by CME), Executive may
voluntarily terminate his employment with CME prior to the end of the Agreement Term for any reason. If Executive voluntarily terminates his employment pursuant to this subsection (e), he shall be entitled to receive accrued Base Salary through the
date of the termination of his employment and other employee benefits to which Executive is entitled upon his termination of employment with CME, in accordance with the terms of the plans and programs of CME. 

 

	 	(2)	 In addition, if Executive voluntarily terminates his employment during the Agreement Term within the 30 day
period immediately following a material diminution of Executive’s title, duties, power or authority without Executive’s written consent, then such termination of employment will be treated as a termination of employment without Cause under
Section 7(d) hereof. For the avoidance of doubt, if Executive is nominated for service on the Board in accordance with Employer’s by-laws, but is not elected to the Board by Employer’s
shareholders and Executive’s management title, duties, power and authority are not otherwise materially diminished, Executive shall not be entitled to terminate his employment under this Section 7(e)(2). 

 

	 	(f)	 Upon a termination of Executive’s employment described in Section 7(b), 7(d), 7(e) or 7(h), Executive
shall be entitled to elect to continue coverage for himself and his eligible dependents, for up to 48 months following employment termination, under the medical and dental plans of Employer in which Executive was participating immediately prior to
such employment termination. Executive’s monthly cost for such coverage shall be (i) the applicable COBRA premium for such coverage (which cost shall be applicable during the eighteen (18) month period following termination) and
(ii) the monthly premium cost paid by Employer for Executive’s coverage (which cost shall be applicable following expiration of the 18 month COBRA period). Upon or prior to the commencement of each 12 month period during the 48 month
continuation period, Executive shall inform Employer whether Executive elects to continue coverage in accordance with this Section 7(f) for such 12 month period. In the event that Executive elects to continue such coverage following a
termination described in Section 7(b) or 7(d), Employer shall pay to Executive an amount, in a lump sum within 30 days following the commencement of such 12 month period, equal to 150% of Executive’s total potential monthly cost for such
coverage for such 12 month period (based upon the rates in effect at the time of such election). No payment will be made if (and to the extent) Executive does not elect to continue coverage. Notwithstanding the foregoing timing requirements, with
respect to the initial 12 

  
 6 

	 	
month period, payment of the lump sum amounts payable under this Section 7(f) up to the maximum amount allowed for de minimis payments under IRS Code Section 409A (“Section
409A”) shall be paid within fourteen (14) days of termination of Executive’s employment. The remainder of the lump sum amounts with respect to the first 12 month period, if any, shall be paid six (6) months after the date
Executive terminates employment. Notwithstanding anything in this Section 7(f) to the contrary, (i) Executive’s continued coverage under such plans shall end upon the date, if any, when Executive obtains comparable coverage (as
compared to the coverage provided under the applicable plans of Employer) from a subsequent employer of Executive or Executive’s spouse. 

  

	 	(g)	 All awards of options and shares granted prior to November 4, 2010 shall be governed by the terms and
conditions of such awards at the time of grant.     

  

	 	(h)	 Notwithstanding any other provision of this Agreement, if Executive’s employment terminates following the
2022 Restatement Effective Date other than for any reason set forth in the definitions of Cause under Section 7(c) hereof, Executive shall be entitled following such termination to the medical benefits described in Section 7(f).

 Notwithstanding any other provision of this Agreement, if Executive is employed by Employer on December 31, 2022
then, subject to Executive’s execution and delivery prior to December 31, 2022 of a general release in a form and of a substance satisfactory to Employer, all then-outstanding equity or equity-based awards granted after the Original
Effective Date shall be treated in the manner described in clauses (3)(i) and (3)(ii) of Section 7(d) (as applicable) except to the extent that application of such treatment would result in the imposition of tax on Executive pursuant to IRS
Code Section 409A (in which case such treatment will occur upon the earliest date which will not result in the imposition of such tax). Executive acknowledges that the application of the Section 7(h) may result in the imposition of taxes
on Executive with respect to equity or equity-based awards at the time of vesting and agrees to pay Employer any withholding amounts with respect to such awards at the time determined by the Employer. 

Further, notwithstanding any other provision of this Agreement, if Executive is employed by Employer on December 31, 2023 then, subject to
Executive’s execution and delivery prior to December 31, 2023 of a general release in a form and of a substance satisfactory to Employer, all then-outstanding equity or equity-based awards granted after the Original Effective Date shall be
treated in the manner described in clauses (3)(i) and (3)(ii) of Section 7(d) (as applicable) except to the extent that application of such treatment would result in the imposition of tax on Executive pursuant to IRS Code Section 409A (in
which case such treatment will occur upon the earliest date which will not result in the imposition of such tax). Executive acknowledges that the application of the Section 7(h) may result in the imposition of taxes on Executive with respect to
equity or equity-based awards at the time of vesting and agrees to pay Employer any withholding amounts with respect to such awards at the time determined by the Employer. 

  
 7 

 Additionally, notwithstanding any other provision of this Agreement, if Executive is
employed by Employer on December 31, 2024 then, subject to Executive’s execution and delivery prior to December 31, 2024 of a general release in a form and of a substance satisfactory to Employer, all then-outstanding equity or
equity-based awards granted after the Original Effective Date shall be treated in the manner described in clauses (3)(i) and (3)(ii) of Section 7(d) (as applicable) except to the extent that application of such treatment would result in the
imposition of tax on Executive pursuant to IRS Code Section 409A (in which case such treatment will occur upon the earliest date which will not result in the imposition of such tax). Executive acknowledges that the application of the
Section 7(h) may result in the imposition of taxes on Executive with respect to equity or equity-based awards at the time of vesting and agrees to pay Employer any withholding amounts with respect to such awards at the time determined by the
Employer. 
 If Executive is employed by Employer on December 31, 2022 then Executive shall be entitled to a bonus opportunity under the
AIP for the 2022 plan year at the percentage described in Section 3(b) of this Agreement, and any continued employment requirement of the AIP applicable to a bonus award or its payment shall be waived. Payment of a bonus award shall be subject
to the Executive’s execution and delivery of a general release in a form and of a substance satisfactory to the Employer. 
 If
Executive is employed by Employer on December 31, 2023 then Executive shall be entitled to a bonus opportunity under the AIP for the 2023 plan year at the percentage described in Section 3(b) of this Agreement, and any continued employment
requirement of the AIP applicable to a bonus award or its payment shall be waived. Payment of a bonus award shall be subject to the Executive’s execution and delivery of a general release in a form and of a substance satisfactory to the
Employer. 
 Also, notwithstanding any other provision of this Agreement, if Executive is employed by Employer on December 31, 2024 then
Executive shall be entitled to a bonus opportunity under the AIP for the 2024 plan year at the percentage described in Section 3(b) of this Agreement, and any continued employment requirement of the AIP applicable to a bonus award or its
payment shall be waived. Payment of a bonus award shall be subject to the Executive’s execution and delivery of a general release in a form and of a substance satisfactory to the Employer. 

 

	8.	 Confidential Information and Non-Compete. Executive
acknowledges that the successful development of CME’s services and products, including CME’s trading programs and systems, current and potential customer and business relationships, and business strategies and plans requires substantial
time and expense. Such efforts generate 

  
 8 

	 	
for CME valuable and proprietary information (“Confidential Information”) which gives CME a business advantage over others who do not have such information. Confidential information
includes, but is not limited to the following: trade secrets, technical, business, proprietary or financial information of CME not generally known to the public, business plans, proposals, past and current prospect and customer lists, trading
methodologies, systems and programs, training materials, research data bases and computer software; but shall not include information or ideas acquired by Executive prior to his employment with CME if such
pre-existing information is generally known in the industry and is not proprietary to CME. 

  

	 	(a)	 Executive shall not at any time during the Agreement Term or thereafter, make use of or disclose, directly or
indirectly to any competitor or potential competitor of CME, or divulge, disclose or communicate to any person, firm, corporation, or other legal entity in any manner whatsoever, or for his own benefit and that of any person or entity other than
Employer, any Confidential Information. This subsection shall not apply to the extent Executive is required to disclose Confidential Information to any regulatory agency or as otherwise required by law; provided, however, that Executive will
promptly notify Employer if Executive is requested by any entity or person to divulge Confidential Information, and will use his best efforts to ensure that Employer has sufficient time to intervene and/or object to such disclosure or otherwise act
to protect its interests. Executive shall not disclose any Confidential Information while any such objection is pending. 

  

	 	(b)	 Executive agrees that during the Agreement Term and for a period of one (1) year following the termination
of Executive’s employment with CME for any reason, Executive shall not (i) be employed in an executive or managerial capacity by, or (ii) provide, whether as an employee, partner, independent contractor, consultant or otherwise, any
services of an executive or managerial nature, or any services similar to those provided by Executive to CME or any subsidiary or affiliate company (any such entity, a “CME Group entity”) during Executive’s employment with any CME
Group entity, to any Competing Business. For the purposes of this Agreement, “Competing Business” shall mean any business that is engaged in the same business or businesses of any CME Group entity (including any prospective business in
which any CME Group entity is planning to engage). Executive acknowledges and agrees that the restrictions contained in this Section 8(b) are reasonable and necessary to protect CME’s legitimate interests in its customer and employee
relationships, goodwill and Confidential Information. 

  

	 	(c)	 Upon termination for any reason, Executive shall return to Employer all records, memoranda, notes, plans,
reports, computer tapes and equipment, software and other documents or data which constitute Confidential Information which he may then possess or have under his control (together with all copies thereof) and all credit cards, keys and other
materials and equipment which are Employer’s property that he has in his possession or control. 

  
 9 

	 	(d)	 Pursuant to 18 U.S.C. § 1833(b), Executive understands that he will not be held criminally or civilly
liable under any Federal or State trade secret law for the disclosure of a trade secret of Employer that (i) is made (A) in confidence to a federal, state, or local government official, either directly or indirectly, or to his attorney and
(B) solely for the purpose of reporting or investigating a suspected violation of law; or (ii) is made in a complaint or other document that is filed under seal in a lawsuit or other proceeding. Executive understands that if he files a
lawsuit for retaliation by Employer for reporting a suspected violation of law, he may disclose the trade secret to his attorney and use the trade secret information in the court proceeding if he (x) files any document containing the trade
secret under seal, and (y) does not disclose the trade secret, except pursuant to court order. Nothing in this Agreement, or any other agreement that Executive has with Employer, is intended to conflict with 18 U.S.C. § 1833(b) or create
liability for disclosures of trade secrets that are expressly allowed by such section. Further, nothing in this Agreement or any other agreement that Executive has with Employer shall prohibit or restrict him from making any voluntary disclosure of
information or documents concerning possible violations of law to any governmental agency or legislative body, or any self-regulatory organization, in each case, without advance notice to Employer. 

 

	 	(e)	 If, at any time of enforcement of this Section 8, a court holds that the restrictions stated herein are
unreasonable, the parties hereto agree that a maximum period, scope or geographical area reasonable under the circumstances shall be substituted for the stated period, scope or area and that the court shall be allowed to revise the restrictions
contained herein to cover the maximum period, scope and area permitted by law. 

  

	 	9.	 Non-solicitation. 

 

	 	(a)	 General. Executive acknowledges that Employer invests in recruiting and training, and shares
Confidential Information with, its employees. As a result, Executive acknowledges that Employer’s employees are of special, unique and extraordinary value to Employer. 

 

	 	(b)	 Non-solicitation. Executive further agrees that for a period of
one (1) year following the termination of his employment with CME for any reason he shall not in any manner, directly or indirectly, induce or attempt to induce any employee of CME to terminate or abandon his or her employment with CME for any
purpose whatsoever. 

  

	 	(c)	 Reformation. If, at any time of enforcement of this Section 9, a court holds that the restrictions
stated herein are unreasonable, the parties hereto agree that the maximum period, scope or geographical area reasonable under the circumstances shall be substituted for the stated period, scope or area and that the court shall be allowed to revise
the restrictions contained herein to cover the maximum period, scope and area permitted by law. 

  
 10 

	10.	 Intellectual Property. During the Agreement Term, Executive shall disclose to CME and treat as
confidential information all ideas, methodologies, product and technology applications that he develops during the course of his employment with CME that relates directly or indirectly to CME’s business. Executive hereby assigns to CME his
entire right, title and interest in and to all discoveries and improvements, patentable or otherwise, trade secrets and ideas, writings and copyrightable material, which may be conceived by Executive or developed or acquired by him during his
employment with CME, which may pertain directly or indirectly to the business of the CME. Executive shall at any time during or after the Agreement Term, upon CME’s request, execute, acknowledge and deliver to CME all instruments and do all
other acts which are necessary or desirable to enable CME to file and prosecute applications for, and to acquire, maintain and enforce, all patents, trademarks and copyrights in all countries with respect to intellectual property developed or which
was being developed during Executive’s employment with CME. 

  

	11.	 Remedies. Executive agrees that given the nature of CME’s business, the scope and duration
of the restrictions in paragraphs 8, 9 and 10 are reasonable and necessary to protect the legitimate business interests of CME and do not unduly interfere with Executive’s career or economic pursuits. Executive recognizes and agrees that a
breach of any or all of the provisions of Sections 8, 9 and 10 will constitute immediate and irreparable harm to CME’s business advantage, for which damages cannot be readily calculated and for which damages are an inadequate remedy.
Accordingly, Executive acknowledges that CME shall therefore be entitled to seek an injunction or injunctions to prevent any breach or threatened breach of any such section. Such injunctive relief shall not be Employer’s sole remedy. Executive
agrees to reimburse CME for all costs and expenses, including reasonable attorney’s fees and costs, incurred by CME in connection with the successful enforcement of its rights under Sections 8, 9 and 10 of this Agreement. 

 

	12.	 Survival. Sections 7(h), 8, 9, 10, 11 and 13 of this Agreement (and, as applicable, the
provisions referenced herein) shall survive and continue in full force and effect in accordance with their respective terms, notwithstanding any termination of the Agreement. 

 

	13.	 Arbitration. Except with respect to Sections 8, 9, and 10, any dispute or controversy between CME
and Executive, whether arising out of or relating to this Agreement, the breach of this Agreement, or otherwise, shall be settled by arbitration in Chicago, Illinois, in accordance with the following: 

 

	 	(a)	 Arbitration hearings will be conducted by the American Arbitration Association (AAA). Except as modified
herein, arbitration hearings will be conducted in accordance with AAA’s rules. 

  

	 	(b)	 State and federal laws contain statutes of limitation which prescribe the time frames within which parties must
file a law suit to have their disputes resolved through the court system. These same statutes of limitation will apply in determining the time frame during which the parties must file a request for arbitration. 

  
 11 

	 	(c)	 If Executive seeks arbitration, Executive shall submit a filing fee to the AAA in an amount equal to the lesser
of the filing fee charged in the state or federal court in Chicago, Illinois. The AAA will bill Employer for the balance of the filing and arbitrator’s fees. 

 

	 	(d)	 The arbitrator shall have the same authority to award (and shall be limited to awarding) any remedy or relief
that a court of competent jurisdiction could award, including compensatory damages, attorney fees, punitive damages and reinstatement. Employer and Executive may be represented by legal counsel or any other individual at their own expense during an
arbitration hearing. 

  

	 	(e)	 Judgment on the award rendered by the arbitrator may be entered in any court having jurisdiction thereof.

  

	 	(f)	 Except as necessary in court proceedings to enforce this arbitration provision or an award rendered hereunder,
or to obtain interim relief, neither a party nor an arbitrator may disclose the existence, content or results of any arbitration hereunder without the prior written consent of CME and Executive. 

 

	14.	 Notices. All notices and other communications required or permitted hereunder shall be in writing
and shall be deemed given when (i) delivered personally or by overnight courier to the following address of the other party hereto (or such other address for such party as shall be specified by notice given pursuant to this Section) or
(ii) sent by facsimile to the following facsimile number of the other party hereto (or such other facsimile number for such party as shall be specified by notice given pursuant to this Section), with the confirmatory copy delivered by overnight
courier to the address of such party pursuant to this Section 14: 

 If to CME, to: 

Board of Directors 
 c/o Chairman
of the Nominating and Governance Committee 
 CME Group Inc. 

20 South Wacker Drive 
 Chicago,
IL 60606 
 (312) 930–3100 

With a copy to: 
 Kathleen M.
Cronin 
 Managing Director, General Counsel and Corporate Secretary 

CME Group Inc. 
 20 South Wacker
Drive 
 Chicago, IL 60606 

(312) 930–3488 

  
 12 

 If to Executive, to: 

Terrence A. Duffy 
 [Redacted]

  

	15.	 Severability. Whenever possible, each provision of this Agreement shall be interpreted in such
manner as to be effective and valid under applicable law, but if any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under applicable law or rule in any jurisdiction, such invalidity, illegality or
unenforceability shall not affect the validity, legality or enforceability of any other provision of this Agreement or the validity, legality or enforceability of such provision in any other jurisdiction, but this Agreement shall be reformed,
construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable provision had never been contained herein. 

  

	16.	 Entire Agreement. This Agreement constitutes the entire Agreement and understanding between the
parties with respect to the subject matter hereof and supersedes and preempts any prior understandings, agreements or representations by or between the parties, written or oral, which may have related in any manner to the subject matter hereof,
including, without limitation, the prior versions of the Agreement, signed and effective as of December 16, 2019, signed as of November 9, 2010 and effective as of November 4, 2010, as amended as of April 6, 2011, the Agreement
effective as of April 18, 2012, the Agreement effective as of February 5, 2014, the Agreement effective as of November 11, 2015, the Agreement effective as of December 7, 2016 and the prior version of this Agreement, effective as
of May 8, 2018 (the “Predecessor Agreements”). No other agreement or amendment to this Agreement shall be binding upon either party including, without limitation, any agreement or amendment made hereafter unless in writing, signed by
both parties. Executive acknowledges that each of the parties has participated in the preparation of this Agreement and for purposes of principles of law governing the construction of the terms of this Agreement, no party shall be deemed to be the
drafter of the same. 

  

	17.	 Successors and Assigns. This Agreement shall be enforceable by Executive and his heirs,
executors, administrators and legal representatives, and by CME and its successors and assigns. 

  

	18.	 Governing Law. This Agreement shall be governed by and construed and enforced in accordance with
the laws of the State of Illinois without regard to principles of conflict of laws. 

  

	19.	 Acknowledgment. Executive acknowledges that he has read, understood, and accepts the provisions
of this Agreement. 

  
 13 

	20.	 IRS Code Section 409A. The intent of the parties is that
payments and benefits under this Agreement comply with Section 409A, to the extent subject thereto, and accordingly, to the maximum extent permitted, this Agreement shall be interpreted and administered to be in compliance therewith.
Notwithstanding anything contained herein to the contrary, Executive shall not be considered to have terminated employment with Employer for purposes of any payments under this Agreement which are subject to Section 409A until Executive would
be considered to have incurred a “separation from service” from Employer within the meaning of Section 409A. Each amount to be paid or benefit to be provided under this Agreement shall be construed as a separate identified payment for
purposes of Section 409A, and any payments described in this Agreement that are due within the “short term deferral period” as defined in Section 409A shall not be treated as deferred compensation unless applicable law requires
otherwise. Without limiting the foregoing and notwithstanding anything contained herein to the contrary, to the extent required in order to avoid accelerated taxation and/or tax penalties under Section 409A, amounts that would otherwise be
payable and benefits that would otherwise be provided pursuant to this Agreement during the six-month period immediately following Executive’s separation from service shall instead be paid on the first
business day after the date that is six months following Executive’s separation from service (or, if earlier, Executive’s death). To the extent required to avoid accelerated taxation and/or tax penalties under Section 409A, amounts
reimbursable to Executive under this Agreement shall be paid to Executive on or before the last day of the year following the year in which the expense was incurred and the amount of expenses eligible for reimbursement (and in-kind benefits provided to Executive) during any one year may not effect amounts reimbursable or provided in any subsequent year. 

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first written above. 

 
  

							
	CME Group Inc.	  	                                      
      	  	Terrence A. Duffy
				
	By:	  	 /s/ Terry L. Savage
	  		  	 /s/ Terrence A. Duffy

		  	Terry L. Savage	  		  	
	Compensation Committee, Chairperson	  		  	

  
 14

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