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Exhibit 10.13    
  

        Portions
of this exhibit have been omitted pursuant to a request for confidential treatment filed with the Securities and Exchange Commission. The omissions have been indicated by
asterisks ("*****"), and the omitted text has been filed separately with the Securities and Exchange Commission. 

NON-TERMINATION AGREEMENT REGARDING THE CLEARING 21 ®

SOFTWARE MARKETING AND DISTRIBUTION AGREEMENT RESTATEMENT

EFFECTIVE JANUARY 30, 2001  

BETWEEN:  

        EURONEXT PARIS, S.A., a corporation organized and existing under the laws of the Republic of France with a stated capital of 130 332 568 Euros and having its
principal office at 39, rue Cambon 75001 Paris, FRANCE, registered with the Trade Registry of PARIS under No B 343 406 732 ("EURONEXT") 

AND  

        CHICAGO MERCANTILE EXCHANGE INC., a corporation organized under the laws of the State of Delaware and having its principal office at 30 South Wacker Drive,
Chicago, Illinois 60606 ("CME") 

AND  

        NEW YORK MERCANTILE EXCHANGE, INC., a New York Corporation having an office at One North End Avenue, World Financial Center, New York, New York
10281-1101, USA ("NYMEX"). 

RECITALS:  

        WHEREAS, EURONEXT, CME, and NYMEX have entered into a Clearing 21 ® Software Marketing and
Distribution Agreement (Restatement effective as of January 30, 2001) (the "Remarketing Agreement") pursuant to which EURONEXT may, under certain conditions, promote, market and license the
CLEARING 21 Base Product and Derivative Works to Prospective Users. 

        WHEREAS, pursuant to Section 8.2 of the Remarketing Agreement, the initial term of the Remarketing Agreement shall continue *****. 

        WHEREAS, further pursuant to Section 8.2 of the Remarketing Agreement, the Remarketing Agreement was to be renewed automatically
for successive terms of three years unless, not later than twelve (12) months prior to the expiration of the initial term or any successive term, CME and NYMEX jointly notify EURONEXT of their
intentions to terminate the Remarketing Agreement or EURONEXT notifies CME and NYMEX of its intentions to terminate the Remarketing Agreement. 

        WHEREAS, *****. 

        WHEREAS, EURONEXT wishes to obtain assurances from CME and NYMEX that they will not terminate the Remarketing Agreement *****. 

        WHEREAS, EURONEXT, CME and NYMEX wish to amend Section 8.2 of the Remarketing Agreement, subject to the specific terms set forth
herein and in accordance with the terms of the Remarketing Agreement that are not significantly amended by this Agreement, to amend the duration and termination timeline for successive terms of the
Remarketing Agreement. 

        NOW THEREFORE, in exchange for ten (10) US dollars and in consideration of the premises and the mutual promises and agreements
herein expressed, the parties hereto agree as follows: 

ARTICLE 1—TERMINATION PROVISIONS  

1.1.    CME, EURONEXT, and NYMEX agree that the second and third sentences of  Section 8.2 (Term; Renewal) of the Remarketing Agreement
are hereby deleted and replaced with the following sentences: 

The
Agreement shall be renewed automatically for successive terms of six (6) months; provided, however, that Licensee may notify Licensors or Licensors, acting jointly, may notify Licensee of
their respective intentions to terminate participation in the Agreement at the end of any successive term not later than one (1) month prior to the expiration of such successive term. 

1.2.    CME and NYMEX shall not, individually or jointly, seek to terminate the Remarketing Agreement at the *****. 

ARTICLE 2—GENERAL  

2.1.    All the terms and conditions of the Remarketing Agreement not modified by the terms of this Agreement shall remain in effect. 

2.2.    This Agreement contains the complete and exclusive statement of the Agreement between CME, NYMEX and EURONEXT with respect to the
subject matter hereof and supercedes all prior and contemporaneous agreements, understandings, proposals, negotiations, representations, or warranties of any kind, whether oral or written. 

2.3.    All actions arising from disputes initiated by CME or NYMEX in connection with this Agreement shall be heard and finally settled under
the Rules of Conciliation and Arbitration of the International Chamber of Commerce by one or more arbitrators appointed in accordance with said Rules. Resolution of all such disputes shall be governed
in all respects by the substantive laws of the Republic of France. The arbitration proceeding related thereto shall be conducted in English. The place of arbitration in such cases shall be Zurich,
Switzerland. 

        All
actions arising from disputes initiated by EURONEXT in connection with this Agreement shall be heard and finally settled in the federal or state courts located in the City of New
York, State of New
York. Resolution of all such disputes shall be governed by the substantive laws of the State of New York without recourse to choice of law principles. 

2.4.    If any provision of this Agreement is declared by a court of competent jurisdiction to be invalid, illegal, or unenforceable, the
parties agree that such invalidity, illegality, or unenforceability shall not affect the validity of the remaining provisions of this Agreement and further agree to substitute for the invalid
provision a valid provision which approximates the intent and economic effect of the invalid provision as closely as possible. 

        IN WITNESS WHEREOF, CME, NYMEX and EURONEXT have executed this Agreement effective this 26 day of December 2002. 

CHICAGO MERCANTILE EXCHANGE INC.

            /s/
Craig S. Donohue

By: Mr. Craig S. Donohue 

Title:
Executive Vice-President and Chief Administrative Officer 

EURONEXT PARIS, S.A.  

	

    /s/ Jean-François Théodore

By: Mr. Jean-François Théodore

Title: Chairman and Chief Executive Officer	
 	

For Jean-François Théodore

Patrick Stephan

Executive Director, Legal

NEW YORK MERCANTILE EXCHANGE, INC.  

    /s/
J. Robert Collins, Jr.

By: Mr. J. Robert Collins, Jr. 

Title:
President 

AMENDMENT NO. 1 TO THE

CLEARING 21 ® SOFTWARE MARKETING AND DISTRIBUTION AGREEMENT

RESTATEMENT EFFECTIVE JANUARY 30, 2001  

BETWEEN:  

        EURONEXT PARIS, S.A., a corporation organized and existing under the laws of the Republic of France with a stated capital of 130 332 568 Euros and having its
principal office 39, rue Cambon 75001 Paris, FRANCE, registered with the Trade Registry of PARIS under No B 343 406 732 (the "Licensee") 

AND  

        CHICAGO MERCANTILE EXCHANGE INC., a corporation organized under the laws of the State of Delaware and having its principal office situated at 30 South
Wacker Drive, Chicago, Illinois 60606 ("CME") 

AND  

        NEW YORK MERCANTILE EXCHANGE, INC., a New York Corporation having an office at One North End Avenue, World Financial Center, New York, New York
10281-1101, USA ("NYMEX") 

        CME
and NYMEX are hereinafter referred to together as the "Licensors." 

RECITALS:  

        WHEREAS, CME, NYMEX, and Licensee have entered into a Clearing 21® Software Marketing and Distribution
Agreement (Restatement effective as of January 30, 2001) (the "Agreement") pursuant to which Licensee may, under certain conditions, promote, market and license the CLEARING 21 Base Product and
Derivative Works to Prospective Users. 

        WHEREAS, pursuant to Sections 2.4 (Prospective Users Reserved by Licensors) and 3.4 (Excluded Prospective Users) of the Agreement, CME
expressly excluded from the Agreement the right for Licensee to promote, market or sublicense the CLEARING 21 Base Product and Derivative Works to *****. 

        WHEREAS, Licensors are now willing to authorize Licensee, subject to the specific conditions set forth herein and in accordance with those
terms of the Agreement that are not significantly amended by this Amendment, to promote, market or sublicense the CLEARING 21 Base Product and Derivative Works to *****. 

        NOW THEREFORE, in consideration of the premises and the mutual promises and undertakings herein expressed, Licensors and Licensee hereby
agree as follows: 

1.    Section 1.1. (Definitions) of the Agreement is hereby amended to include the following new defined terms: 

	(s)
	"Market Segment" means a group of products that are all traded on the same Cleared Market or Additional Cleared Market and that fall
into one of the following categories of products: (a) equity securities, (b) equity options, (c) futures contracts and options on futures contracts, (d) cash transactions
of debt, (e) spot transactions of currencies, physical goods, services, commodities, energy, materials and livestock, and (f) all other instruments including, without limitation, all
other derivative instruments.

	(t)
	"Cleared Market" means each of the following: LIFFE, London Stock Exchange, London Metal Exchange, International Petroleum Exchange,
Intercontinental Exchange, Tradepoint/Virt-x, LCH RepoClear and SwapClear.

	(u)
	"Additional Cleared Markets" means any exchange, trading platform, OTC market or other market other than a Cleared Market for which
***** provides clearing services after the effective date of this Amendment, whether established through a clearing arrangement 

between
***** and a new party or through the merger, acquisition, or consolidation of a Cleared Market with another Cleared Market or party. 

	(v)
	"*****" means the *****. 

2.    Section 2.4 of the Agreement is hereby amended to include the following new Section 2.4.1: 

	 	2.4.1.	 	Notwithstanding Section 2.4. and Schedule 1 hereto, Licensors hereby grant to Licensee and Licensee hereby accepts from Licensors, in accordance with the terms and conditions of this Agreement, an exclusive,
non-transferable, worldwide license, only until December 31, 2003, to promote and market the CLEARING 21 Base Product and Derivative Works to ***** and to license and distribute the CLEARING 21 Base Product and Derivative Works to *****, without
the right to further sublicense or distribute the same, solely for use by ***** in connection with the clearing and settling of all Market Segments of Cleared Markets and Additional Cleared Markets. Any license arrangement entered into between
Licensee and ***** must be documented in a signed, written agreement, which complies in all material respects with the requirements set forth in Section 3.6 hereof ("***** Sublicense Agreement"). The term of the ***** Sublicense Agreement shall
not exceed ***** from its date of execution.

3.    Section 3.4 (Excluded Prospective Users) of the Agreement is hereby amended to include the following new Section 3.4.1: 

	 	3.4.1	 	Notwithstanding anything to the contrary in this Agreement, Licensee shall not be entitled to any reimbursements from Licensors for promotion and marketing to ***** pursuant to this Agreement.

4.    Section 5.1 (*****) of the Agreement is hereby amended to include the following new Section 5.1(f): 

Notwithstanding
any contrary terms contained in this Agreement relating to *****, the following ***** conditions shall apply to the ***** Sublicense Agreement: 

	(1)
	*****.

	(2)
	*****.

	(3)
	*****.

	(4)
	*****.

	(5)
	*****.

	(6)
	*****.

	(7)
	*****.

	(8)
	*****.

5.    Section 5.2 (Standard Revenue Sharing) of the Agreement is hereby renumbered as Section 5.2(a). 

6.    Section 5.2 (Standard Revenue Sharing) of this Agreement is hereby amended to include the following new Section 5.2(b): 

	(b)
	*****.

7.    Section 5.6 (Maintenance Services) of the Agreement is hereby renumbered as Article 5.6(a) and the first sentence of the
renumbered Section 5.6(a) is hereby deleted and replaced with the following sentence: 

Maintenance
services related to any sublicense or sublicense upgrade shall be offered to all Sublicensees by Licensee or its affiliate ATOS-EURONEXT SA, a French limited company
incorporated under the laws of France, with offices at Palais de la Bourse, Place de la Bourse, 75002 Paris, France. 

8.    Section 5.6 (Maintenance Services) of the Agreement is hereby amended to include the following new Section 5.6(b): 

Notwithstanding
the provisions of Section 5.6(a) of the Agreement, with respect to maintenance services provided to *****, CME shall only be entitled to receive from Licensee the greater of
***** per month or ***** of the monthly maintenance fee charged by Licensee to *****. 

9.    Schedule 1 (Prospective Users Reserved by CME) of the Agreement is hereby amended to add the following phrase in front of the
reference to *****: "Except as expressly permitted in this Agreement,". 

10.    All the terms and conditions of the Agreement not modified by the terms of this Amendment shall remain in effect. 

        IN WITNESS WHEREOF, Licensors and Licensee have executed this Amendment on this 26 day of December 2002. 

EURONEXT PARIS  

	

    /s/ Jean-François Théodore

By: Mr. Jean-François Théodore

Title: Chairman and Chief Executive Officer	
 	

For Jean-François Théodore

Patrick Stephan

Executive Director, Legal

CHICAGO MERCANTILE EXCHANGE INC.  

    /s/
Craig S. Donohue 

By:
Mr. Craig S. Donohue 

Title:
Executive Vice-President and Chief Administrative Officer 

NEW YORK MERCANTILE EXCHANGE, INC.  

    /s/
J. Robert Collins, Jr. 

By:
Mr. J. Robert Collins, Jr. 

Title:
President 

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Exhibit 10.13QuickLinks
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Exhibit 10.18    
  

 
  AGREEMENT    
  

        THIS AGREEMENT, made and entered into as of this 1st day of November 2002, by and between CHICAGO MERCANTILE EXCHANGE HOLDINGS INC.
and CHICAGO MERCANTILE EXCHANGE INC. (collectively, "Employer" or "CME"), a Delaware Business Corporation, having its principal place of business at 30 South Wacker Drive, Chicago, Illinois,
and Craig S. Donohue ("Employee"). 

 
 

R E C I T A L S:    
  

        WHEREAS, Employer wishes to retain the services of Employee in the capacity of Executive Vice President and Chief Administrative Officer upon the terms and
conditions hereinafter set forth and Employee wishes to accept such employment; 

        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 Employee during the Agreement Term as
Executive Vice President and Chief Administrative Officer and Employee hereby accepts such employment. Employee shall report to the Employer's Chief Executive Officer and its Board of Directors, or
any successor to the Board of Directors (hereinafter, "Board" shall mean the Board of Directors of Employer and/or any successor thereto). The duties of Employee shall include, but not be limited to,
the performance of all duties associated with executive oversight and management of the Legal, Organizational Development, Corporate Development, Shareholder, Government and Corporate Relations
Departments. Employee shall be responsible for managing relations between employees and the Board and Board committees. Employee shall be responsible for: the execution of policies formulated by the
Board related to the Departments subject to his supervision; the selection and hiring of personnel for those Departments; and the training and establishing of duties and responsibilities for personnel
in those Departments. Employee shall devote his full time, ability and attention to the business of Employer during the Agreement Term, subject to the direction of the Chief Executive Officer and
Board. 

Notwithstanding
anything to the contrary contained herein, nothing in the Agreement shall preclude Employee from participating in the affairs of any governmental, educational or other charitable
institution, engaging in professional speaking and writing activities, and serving as a member of the board of directors of a publicly held corporation (except for a competitor of Employer), provided
Employee notifies the Board prior to his participating in any such activities and as long as the Board does not determine that any such activities interfere with or diminish Employee's obligations
under the Agreement. Employee shall be entitled to retain all fees, royalties 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.    Employee shall be employed hereunder for a term commencing on November 1, 2002, and expiring on
December 31, 2005, unless sooner terminated as herein provided ("Agreement Term"). The Agreement Term may be extended or renewed only by the mutual written agreement of the parties.

	3)
	Compensation.

	a)
	Base Salary.    Retroactive to October 9, 2002, and continuing through December 31, 2003, Employer shall pay to
Employee a base salary at a rate of $550,000 per annum, payable in accordance with the Employer's normal payment schedule. During the Agreement Term, the Employer shall pay to Employee a base salary
at a rate of no less than $550,000 per annum ("Base Salary"), payable in accordance with the Employer's normal payment schedule. 

 

	b)
	Bonuses.    Any bonus during the Agreement Term shall be provided at the sole discretion of the Employer. 

	4)
	Benefits.    Employee 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. Employee acknowledges receipt of a summary of Employer's employee benefits policies in effect as of the date of this
Agreement.

	5)
	Expense Reimbursement.    During the Agreement Term, Employer shall reimburse Employee, in accordance with Employer's policies
and procedures, for all proper expenses incurred by him in the performance of his duties hereunder.

	6)
	Termination.

	a)
	Death.    Upon the death of Employee, this Agreement shall automatically terminate and all rights of Employee and his heirs,
executors and administrators to compensation and other benefits under this Agreement shall cease, except for compensation which shall have accrued to the date of death, including accrued Base Salary,
and other employee benefits to which Employee is entitled upon his death, in accordance with the terms of the plans and programs of CME.

	b)
	Disability.    Employer may, at its option, terminate this Agreement upon written notice to Employee if Employee, 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 for payment of accrued Base Salary, and other employee benefits to which Employee is
entitled upon his termination hereunder, in accordance with the terms of the plans and programs of CME. In the event of any dispute regarding the existence of Employee's disability hereunder, the
matter shall be resolved as follows: (1) by the determination of a physician selected by the Chief Executive Officer of the Employer; (2) Employee shall have the right to challenge that
determination by presenting a contrary determination from a physician of his choice; (3) in such event, a physician selected by agreement of the Employee and the Chief Executive Officer of the
Employer will make the final determination. The Employee shall submit to appropriate medical examinations for purposes of making the medical determinations hereunder.

	c)
	Cause.    Employer may, at its option, terminate Employee'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 Employee to perform his duties and responsibilities under this Agreement or violation of any rule, regulation or guideline imposed by a regulatory or self regulatory
body having jurisdiction over Employer, as determined after investigation by the Board. Employee, after having been given written notice by Employer, shall have seven (7) days to cure such
refusal or violation;

	(2)
	any
intentional act of fraud, embezzlement, theft or misappropriation of Employer's funds by Employee, as determined after investigation by the Board, or Employee'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 Employee resulting in a financial loss or liability to the Employer or damage to the reputation of Employer, as determined after
investigation by the Board; 

2

 

	(4)
	any
breach by Employee of any one or more of the covenants contained in Section 7, 8 or 9 hereof. 

The
exercise of the right of CME to terminate this Agreement pursuant to this Section 6(c) shall not abrogate any other rights or remedies of CME in respect of the breach giving rise to such
termination. 

If
Employer terminates Employee's employment for Cause, he shall be entitled to accrued Base Salary through the date of the termination of his employment, other employee benefits to which Employee 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, Employee will forfeit any unvested or unearned
compensation or long-term incentives, unless otherwise provided herein or specified in the terms of the plans and programs of CME. 

	d)
	Termination Without Cause.    Upon 30 days prior written notice to Employee, Employer may terminate this Agreement for
any reason other than a reason set forth in sections (a), (b) or (c) of this Section 6. If, during the Agreement Term, Employer terminates the employment of Employee hereunder for
any reason other than a reason set forth in subsections (a), (b) or (c) of this Section 6:

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

	(2)
	a
one time lump sum severance payment equal to 24 months of his Base Salary, as defined herein, as of the date of the Employee's termination. 

	e)
	Voluntary Termination.    Upon 60 days prior written notice to CME (or such shorter period as may be permitted by CME),
Employee may voluntarily terminate his employment with CME prior to the end of the Agreement Term for any reason. If Employee 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 Employee is entitled upon his termination of employment with
CME, in accordance with the terms of the plans and programs of CME. 

	7)
	Confidential Information.    Employee 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 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 Employee prior to his
employment with CME if such pre-existing information is generally known in the industry and is not proprietary to CME.

	a)
	Employee
shall not at anytime 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 Employee remains employed by Employer and is required to disclose Confidential Information to
any regulatory agency or as otherwise required by law. This subsection shall not apply following termination 

3

 

for
any reason to the extent Employee is required by law to testify in a legislative, judicial or regulatory proceeding, or is otherwise required by law to disclose Confidential Information;
provided, however, that following termination for any reason, Employee will promptly notify Employer if Employee 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. Employee shall not disclose any Confidential
Information while any such objection is pending. 

	b)
	Upon
termination for any reason, Employee 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. 

	8)
	Non-solicitation.

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

	b)
	Non-solicitation.    Employee further agrees that for a period of one 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 8, 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. 

	9)
	Intellectual Property.    During the Agreement Term, Employee 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 e-commerce business or
any other CME business. Employee 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 Employee or developed or acquired by him during his employment with CME, which may pertain directly or indirectly to the business of the CME. Employee
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 Employee's employment with CME.

	10)
	Remedies.    Employee agrees that given the nature of CME's business, the scope and duration of the restrictions in
paragraphs 7, 8 and 9 are reasonable and necessary to protect the legitimate business interests of CME and do not unduly interfere with Employee's career or economic pursuits. Employee recognizes and
agrees that a breach of any or all of the provisions of Sections 7, 8 and 9 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, Employee acknowledges that CME shall therefore be entitled to seek an injunction or injunctions to prevent any breach or threatened breach
of any such section. Employee agrees to reimburse CME for all costs and expenses, including reasonable attorney's fees and costs, incurred 

4

 

by
CME in connection with the enforcement of its rights under Sections 7, 8 and 9 of this Agreement. 

	11)
	Survival.    Sections 7, 8, 9 and 10 of this Agreement shall survive and continue in full force and effect in accordance with
their respective terms, notwithstanding any termination of the Agreement.

	12)
	Arbitration.    Except with respect to Sections 7, 8, and 9, any dispute or controversy between CME and Employee, 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 applicable
arbitration rules of the American Arbitration Association and judgment on the award rendered by the arbitrator may be entered in any court having jurisdiction thereof. The arbitrator shall have the
authority to award any remedy or relief that a court of competent jurisdiction could order. 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
Employee.

	13)
	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 13: 

        If
to CME, to: 

Terrence
A. Duffy

Chairman, Board of Directors

Chicago Mercantile Exchange

30 S. Wacker

Chicago, IL 60606

(312) 930-3000 

James
J. McNulty

President and Chief Executive Officer

Chicago Mercantile Exchange

30 S. Wacker

Chicago, IL 60606

(312) 930-3100 

        If
to Employee, to: 

Craig
S. Donohue

2600 Shannon Road

Northbrook, IL 60062

(847)-272-3265 

	14)
	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 

5

 

enforced
in such jurisdiction as if such invalid, illegal or unenforceable provision had never been contained herein. 

	15)
	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. 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.

	16)
	Successors and Assigns.    This Agreement shall be enforceable by Employee and his heirs, executors, administrators and legal
representatives, and by CME and its successors and assigns.

	17)
	Governing Law.    This Agreement shall be governed by and construed and enforced in accordance with the internal laws of the
State of Illinois without regard to principles of conflict of laws.

	18)
	Acknowledgment.    Employee acknowledges that he has read, understood, and accepts the provisions of this Agreement.

6

 

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

	EMPLOYER	 	 
	

/s/  TERRENCE A. DUFFY      
 Terrence A. Duffy	
 	

 Date
	
EMPLOYER	
 	

 
	

/s/  JAMES J. MCNULTY      
 James J. McNulty	
 	

 Date
	
EMPLOYEE	
 	

 
	

/s/  CRAIG S. DONOHUE      
 Craig S. Donohue	
 	

 Date

7

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Exhibit 10.18

AGREEMENT

R E C I T A L S

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