Document:

Chicago Mercantile Exchange Inc. Senior Management Supplemental Deferred Savings

 Exhibit 10.4 
 CHICAGO MERCANTILE EXCHANGE INC. 
 GRANDFATHERED 
 SENIOR MANAGEMENT SUPPLEMENTAL DEFERRED SAVINGS PLAN 
 SECTION 1 
 General 
 1.1. History, Purpose and Effective Date. 
 (a) The Chicago Mercantile Exchange Inc., a Delaware corporation (the “Exchange”), maintains the Chicago Mercantile Exchange Inc. Amended and Restated Senior Management Supplemental Deferred Savings Plan (the “Plan”) to
provide a select group of its key management employees with the opportunity to defer receipt of compensation and receive additional retirement income from the Exchange. The Plan was originally effective on January 1, 1993 (the “Effective
Date”) and has been subsequently amended from time to time. The Plan is intended to constitute a plan maintained primarily for the purpose of providing deferred compensation for a select group of management or highly compensated employees
within the meaning of Sections 201(2), 301(a)(3), and 401(a)(l) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”). 
 (b) This document is an amendment and restatement of the Plan as in effect prior to 2005, and is applicable only to the portion (if any) of a Participant’s Account that was vested as of December 31, 2004,
including credited earnings and losses with respect thereto (the “Grandfathered Account”). The Plan, as so amended and restated, shall be sometimes referred to as the “Chicago Mercantile Exchange Inc. Grandfathered Senior Management
Supplemental Deferred Savings Plan.” 
 1.2. Administration. 
 (a) The Retirement Committee (the “Retirement Committee”) appointed by the Compensation Committee (the “Compensation Committee”) of
the Board of Directors of the Exchange is the Plan Administrator of the Plan. If the Compensation Committee fails to act to appoint the members of the Retirement Committee, then the Compensation Committee will be deemed to be the Retirement
Committee hereunder. The Plan Administrator shall from time to time adopt rules for the administration of the Plan and shall have the sole discretion to make decisions and take any action with respect to questions arising in connection with the
Plan, including, but not limited to, the construction and interpretation of the Plan, the resolution of any ambiguities, the determination of the conditions subject to which any benefits may be payable, the resolution of all questions concerning the
status and rights of a Participant and others under the Plan, and whether a claimant is eligible for benefits under the Plan, the determination of the amount of benefits, if any, a claimant is entitled to receive, and making any other determinations
which it believes necessary or advisable for the administration and operation of the Plan. Any such decision or action shall be final and binding upon all Participants and beneficiaries, and benefits under the Plan shall be paid only if the Plan
Administrator decides in its discretion that 

 
the claimant is entitled to them. The Plan Administrator’s decision or action in respect of any of the above shall be conclusive and binding upon all
Participants and their beneficiaries, heirs, assigns, administrators, executors and any other person claiming through or under them, subject to such individual’s rights to a review of the denial of any benefit claim under the claims procedure
set forth in Section 1.11. 
 (b) In providing for the administration of the Plan, the Plan Administrator may delegate responsibilities
for the operation and administration of the Plan by written document filed with the Plan records. Any such delegation may be revoked at any time. The Secretary of the Exchange (or, on behalf of the Secretary of the Exchange, any Corporate Secretary
or Assistant Secretary) shall certify to any interested person the names of the employees of the Exchange who are, from time to time, authorized to act on behalf of the Plan Administrator and who are responsible for the day-to-day operation and
administration of the Plan. The Plan Administrator may appoint and compensate such specialists to aid it in the administration of the Plan and arrange for such other services as it considers necessary or appropriate to carry out the provisions of
the Plan. 
 1.3. Plan Year. The term “Plan Year” means the calendar year. 
 1.4. Source of Benefit Payments. Subject to the terms and conditions of the Plan, any amount payable to or on account of a Participant under this
Plan shall be paid from the general assets of the Exchange or from one or more trusts, the assets of which are subject to the claims of the Exchange’s general creditors. The amounts payable hereunder shall be reflected on the accounting records
of the Exchange but shall not be construed to create, or require the creation of, a trust, custodial or escrow account. None of the individuals entitled to benefits under the Plan shall have any preferred claim on, or any beneficial ownership
interest in, any assets of the Exchange or to any investment reserves, accounts, trusts or funds that the Exchange may purchase, establish or accumulate to aid in providing the benefits under the Plan, and any rights of such individuals under the
Plan shall constitute unsecured contractual rights only. Nothing contained in the Plan shall constitute a guarantee by the Exchange that the assets of the Exchange shall be sufficient to pay any benefits to any person. Nothing contained in the Plan
and no action taken pursuant to its provisions shall create a trust or fiduciary relationship of any kind between the Exchange and an employee or any other person. 
 1.5. Expenses. The expenses of administering the Plan shall be borne by the Exchange. 
 1.6.
Effect on Other Benefit Plans. Any amounts credited or paid under this Plan shall not be considered to be compensation for the purposes of any qualified plan (within the meaning of Section 401(a) of the Internal Revenue Code of 1986, as
amended (the “Code”)) maintained by the Exchange. The treatment of such amounts under other employee benefit plans shall be in accordance with the provisions of such plans. 
 1.7. Applicable Laws. The Plan shall be construed and administered in accordance with the laws of the State of Illinois. 
  

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 1.8. Gender and Number. Where the context admits, words in any gender shall include any other
gender, words in the singular shall include the plural and the plural shall include the singular. 
 1.9. Notices. Any notice or
document required to be given to or filed with the Plan Administrator will be properly filed if delivered or mailed by registered mail, postage prepaid, to the Secretary of the Exchange, at its principal executive offices. The Plan Administrator
may, by advance written notice to affected persons, revise such notice procedure from time to time. Any notice required under the Plan may be waived by the person entitled to notice. 
 1.10. Evidence. Evidence required of anyone under the Plan may be by certificate, affidavit, document or other information which the person acting
on it considers pertinent and reliable, and signed, made or presented by the proper party or parties. 
 1.11. Claims Procedure.

 (a) For purposes of the Plan, a claim for a benefit is a written application for a benefit filed with the Plan Administrator. In the event
that any Participant or other person claims to be entitled to a benefit under the Plan, and the Plan Administrator or its designee determines that such claim should be denied in whole or in part, the Plan Administrator or its designee shall, in
writing, notify such claimant within 90 days (180 days if special circumstance require) of receipt of such claim that his claim has been denied. The notice of denial will be written in a manner calculated to be understood by the average Participant
and will include the following information: (a) the specific reason for the denial; (b) specific reference to those Plan provisions on which the denial is based; (c) a description of any additional information necessary to perfect the
claim and an explanation of why the information is necessary; and (d) a description of the Plan’s review procedures, the time limits applicable to those procedures, including a statement of the claimant’s right to bring a civil action
under ERISA Section 502(a) following the denial of his claim on review. 
 (b) If the Plan Administrator requests additional information
from a claimant prior to an initial determination or a determination on appeal, the Plan Administrator will notify the claimant and permit the claimant to have 45 days to provide the requested information. The time of the Plan Administrator’s
decision will be tolled until the information is received or until the 45-day period has elapsed. If the information is not timely received by the Plan Administrator, its decision will be made without the requested information. 
 (c) Within 60 days after the mailing or delivery by the Plan Administrator or its designee of such notice, such claimant may request, by mailing or
delivery of written notice to the Plan Administrator, a review by the Plan Administrator of the decision denying the claim. The clamant may submit written comments, documents, records and other information relating to his claim, whether or not those
comments, documents, records or other information were submitted in connection with the initial claim. The claimant may also request that the Plan provide, free of charge, copies of all documents, records or other information relevant to his claim.

  

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 (d) If the claimant fails to request such a review within such 60-day period, it shall be conclusively
determined for all purposes of this Plan that the denial of such claim by the Plan Administrator is correct. 
 (e) After such review, the
Plan Administrator shall determine whether such denial of the claim was correct and shall notify such claimant in writing of its determination within 60 days of receipt of the claimant’s request for review (120 days if special circumstances
require). In the case of a claim denial on review, the notice will be written in a manner calculated to be understood by the average Participant and will include the following information: (a) the specific reason or reasons for denial;
(b) specific reference to those Plan provisions on which denial is based; (c) a statement that the claimant is entitled to receive, upon written request and free of charge, reasonable access to and copies of all documents, records and
other information relevant to his claim for benefits; and (d) a statement of any voluntary appeal procedures offered by the Plan and the claimant’s right to obtain information about the procedures and to bring a civil action under ERISA
Section 502(a). 
 SECTION 2 
 Participation 
 2.1. Participant. The key employees of the Exchange eligible to participate in the Plan and the
conditions for such participation shall be established, from time to time, by the Exchange; provided, however, that Participants shall be limited to a select group of management or highly compensated employees within the meaning of Sections 201(2),
301(a)(3), and 401(a)(l) of ERISA. If the Exchange determines that participation by one or more Participants shall cause the Plan to be subject to Part 2, 3 or 4 of Title I of ERISA, the entire interest of such Participant or Participants under the
Plan shall be segregated from the Plan in the discretion of the Exchange, and such Participant or Participants shall cease to have any interest under the Plan. 
 2.2. Plan Not Contract of Employment. The Plan does not constitute a contract of employment, and participation in the Plan will not give any employee the right to be retained in the employ of the Exchange nor
any right or claim to any benefit under the Plan, unless such right or claim has specifically accrued under the terms of the Plan. 
 SECTION 3 
 Deferred Compensation; Plan Accounting 
 3.1. Deferred Compensation Accounts. The Plan Administrator shall maintain, or cause to be maintained, an Account in the name of each Participant
which shall reflect the sum of the following amounts: 
  

	 	(a)	the amount of base salary deferred by the Participant, in accordance with the provisions of subsection 3.2; 

  

	 	(b)	the amount of bonus deferred by the Participant, in accordance with the provisions of subsection 3,2; 

  

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	 	(c)	the amount of Matching Credits to be credited to the Participant’s Account in accordance with subsection 3.3; 

  

	 	(d)	the amount of the Make-Whole Credits to be credited to the Participant’s Account in accordance with subsection 3,4; and 

  

	 	(e)	the assumed rate of earnings to be credited to the Participant’s Account in accordance with subsection 3.5. 

 The beginning balance of each Participant’s Account on the Effective Date shall be the amount credited to him under the Plan as in effect immediately prior to the
Effective Date. 
 3.2. Deferral Election. Subject to such terms, conditions, and limitations as the Plan Administrator may, from time
to time, impose, a Participant may make an irrevocable election to defer receipt of compensation earned by him from the Exchange in any Plan Year, by filing a deferral election in writing with the Plan Administrator at such time and in such manner
as the Plan Administrator shall provide, but in no case later than the day preceding the first day of such Plan Year. Notwithstanding the preceding sentence, a newly-eligible Participant may file a deferral election within 30 days of becoming
eligible to participate in the Plan with respect to all or a portion of the compensation earned by him after such election is filed. The maximum amount of base salary that may be deferred by a Participant for a Plan Year shall be equal to 20
percent. The maximum amount of bonus that may be deferred by a Participant for a Plan Year shall be equal to 20 percent. To the extent provided by the Plan Administrator, a Participant may make separate deferral elections with respect to base salary
and bonus amounts. The Account of each Participant shall be credited with the amount deferred by the Participant as of the date on which such compensation would otherwise have been paid to the Participant or such other date as the Plan Administrator
may reasonably provide. 
 3.3. Matching Credits. Subject to such terms, conditions, and limitations as the Plan Administrator may,
from time to time, impose, for each Plan Year, the Account of each Participant shall be credited with a “Matching Credit” at such time as the Plan Administrator shall determine. A Participant’s “Matching Credit” for each
Plan Year shall be equal to the amount that, when added to the maximum amount of “Matching Contributions” that would be credited to the Participant for that year under the Exchange’s Tax Efficient Savings Plan (“TESP”) if
the Participant made “Tax Efficient Contributions” to the TESP for that year to the full extent permitted under Section 402(g) of the Code, does not exceed 3 percent of his base salary (excluding bonus) for such Plan Year. 

3.4. Cash Balance Plan and TESP Make-Whole Credits. To the extent that the amount credited to a Participant’s account under the TESP in
connection with the trading volume provisions of TESP or the Pension Plan for Employees of the Chicago Mercantile Exchange (the “Pension Plan”) is limited or reduced, either by reason of the limitation on compensation imposed by
Section 401(a)(17) of the Code, or by reason of elective deferrals under this Plan, the Account of the Participant shall be credited with a “Make-Whole Credit” at such time as the Plan Administrator shall determine. 
  

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 3.5. Adjustment of Accounts. 
 (a) Upon becoming a Participant, a Participant shall elect from among the assumed investments that the Plan Administrator offers from time to time those
investments in which the Participant’s Account shall be deemed invested and the percentage of contributions to be allocated to each such assumed investment. The Participant may change such allocation (with respect to either future credits to
his or her Account or existing Account balances) by notification to the Plan Administrator in such manner as it shall direct, and the Plan Administrator shall implement such change in election as soon as practicable following receipt thereof. In the
event a Participant fails to provide such direction, the Participant’s Account shall be adjusted on the basis of such default investment as the Plan Administrator shall establish from time to time. 
 (b) The amounts credited to a Participant’s Account in accordance with Sections 3.2, 3.3 and 3.4 shall be adjusted from time to time in accordance
with uniform procedures established by the Plan Administrator to reflect the value of an investment equal to the Participant’s Account balance in the assumed investments elected or deemed elected by the Participant to use for purposes of
adjusting his Account. Such amount shall be determined without regard to taxes that would be payable with respect to any such assumed investment. The Plan Administrator may eliminate any assumed investment alternative at any time; provided, however,
that the Plan Administrator may not retroactively eliminate any assumed investment alternative. To the extent permitted by the Plan Administrator, the Participant may elect to have different portions of his Account balance for any period adjusted on
the basis of different assumed investments. 
 (c) Notwithstanding the election by Participants of certain assumed investments and the
adjustment of their Accounts based on such investment decisions, the Plan does not require, and no trust or other instrument maintained in connection with the Plan shall require, that any assets or amounts which are set aside in trust or otherwise
for the purpose of paying Plan benefits shall actually be invested in the investment alternatives selected by Participants. 
 SECTION 4

 Payment of Plan Benefits 
 4.1. Vesting. A Participant shall have at all times a fully vested and nonforfeitable interest in the amounts theretofore credited or required to be credited to his Account under Section 3. 
 4.2. Termination of Employment. Upon a Participant’s death or termination of active employment, the Participant’s entire Account
balance, including the Matching Credit on amounts deferred prior to the Participant’s death or termination date, shall be paid to or on account of the Participant as follows: 
  

	 	(a)	in a single lump sum payment as soon as practicable after his date of death or termination of employment, or 

  

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	 	(b)	if elected by the Participant, in annual installments over a period of 5 or fewer hears; provided, however, that any such election by a Participant who resigns or is dismissed prior
to his retirement date (within the meaning of the Pension Plan) shall require the consent of the Exchange; and provided, further, that effective January 1, 2007 any such election shall be void and of no force and effect if the Participant
separates from service within six months after making such election. 

 4.3. Hardship Distributions. The Plan
Administrator may, pursuant to rules adopted by it and applied in a uniform manner, accelerate the date of distribution of a Participant’s Account because of unforeseeable emergency at any time. “Hardship” shall mean an unforeseeable,
severe financial condition resulting from (a) a sudden and unexpected illness or accident of the Participant or his dependent (as defined in section 152(a) of the Code); (b) loss of the Participant’s property due to casualty; or
(c) other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the Participant, but which may not be relieved through other available resources of the Participant, as determined by the Plan
Administrator in accordance with uniform rules adopted by it. 
 4.4. Beneficiary Designation. Each Participant may from time to time,
by signing a form furnished by the Plan Administrator, designate any legal or natural person or persons (who may be designated contingently or successively) to whom his benefits under the Plan are to be paid if he dies before he receives all of his
benefits. A beneficiary designation form will be effective only when the signed form is filed with the Plan Administrator while the Participant is alive and will cancel all beneficiary designation forms with respect to the Plan filed earlier. Except
as otherwise specifically provided in this subsection 4.5, if a deceased Participant failed to designate a beneficiary as provided above, or if the designated beneficiary of a deceased Participant dies before him or before complete payment of the
Participant’s benefits, his benefits shall be paid to the legal representative or representatives of the estate of the last to die of the Participant and his designated beneficiary. 
 4.5. Distributions to Disabled Persons. Notwithstanding the provisions of this Section 4, if, in the Plan Administrator’s opinion, a
Participant or beneficiary is under a legal disability or is in any way incapacitated so as to be unable to manage his financial affairs, the Plan Administrator may direct that payment be made to a relative or friend of such person for his benefit
until claim is made by a conservator or other person legally charged with the care of his person or his estate, and such payment shall be in lieu of any such payment to such Participant or beneficiary. Thereafter, any benefits under the Plan to
which such Participant or beneficiary is entitled shall be paid to such conservator or other person legally charged with the care of his person or his estate. 
 4.6. Benefits May Not be Assigned. Benefits payable under the Plan are expressly declared to be unassignable and nontransferable. Neither the Participant nor any other person shall have any voluntary or
involuntary right to commute, sell, assign, pledge, anticipate, mortgage or otherwise encumber, transfer, hypothecate or convey in advance of actual receipt, any benefits payable under the Plan. No part of the benefits payable shall be, prior to
actual payment, subject to seizure or sequestration for payment of any debts, judgments, alimony or separate maintenance owed by the Participant or any other person, or be transferred by operation of law in the event of the Participant’s or any
other person’s bankruptcy or insolvency. 
  

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 4.7. Withholding for Tax Liability. The Exchange may withhold or cause to be withheld from any
payment of benefits made pursuant to the Plan any taxes required to be withheld and such sum as the Exchange may reasonably estimate to be necessary to cover any taxes for which the Exchange may be liable and which may be assessed with regard to
such payment. 
 4.8. Cash-Out Election. Prior to a Participant’s termination of active employment with the Exchange, the
Participant may make a one-time election (a “Cash-Out Election”) to have his entire Account balance distributed to him, in a single lump sum payment, in cash, within 15 days following the date that such election is filed with the Exchange,
subject to the following: 
  

	 	(a)	The amount actually distributed to an electing Participant under this subsection 4.9 shall be equal to the Participant’s entire Account balance, reduced by an amount equal to
10 percent of such balance. The portion of the Participant’s Account balance that is not distributed to the Participant pursuant to this paragraph (a) shall be forfeited as a penalty. 

  

	 	(b)	Notwithstanding the provisions of Section 3, for the remainder of the Plan Year in which the Cash-out Election is effective and for the next following Plan Year, no deferral
election by the Participant under subsection 3.2 shall be given effect. 

  

	 	(c)	A Participant’s Cash-Out Election shall not be effective unless the Participant makes a corresponding election under the Chicago Mercantile Exchange Supplemental Executive
Retirement Plan. 

 Notwithstanding the foregoing provisions of this subsection 4.9, and without limiting the amending authority reserved to
the Exchange by the provisions of Section 5 of the Plan, the Exchange may amend this subsection 4.9 at any time and in any respect, even as to amounts previously credited to a Participant’s Account, to the extent that the Exchange
determines that such amendment is necessary or desirable by reason of any change in tax laws or regulations or interpretations thereof; provided, however, that no such amendment shall apply with respect to amounts actually distributed under this
subsection 4.9 before the later of the date on which the amendment is adopted or effective. 
 SECTION 5 
 Amendment and Termination: Miscellaneous 
 5.1. Amendment and Termination. 
 (a) The Exchange may amend or terminate the Plan at any time and from time to time, and
retroactively if deemed necessary or appropriate. 
 (b) Any amendment of the Plan shall be effected either (i) by resolution of the
Compensation Committee or its successor, or (ii) by resolution of the Retirement Committee; provided, however, that only the Compensation Committee or its successor is authorized to 

  

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approve an amendment that is anticipated to result in a material impact to the Exchange unless it otherwise acts to delegate this responsibility; and
provided further that the Retirement Committee may adopt minor or administrative amendments to the Plan, including amendments to comply with applicable laws. 
 (c) A Plan termination shall be effected by resolution of the Compensation Committee or its successor. In the event of a termination of the Plan, Participants’ vested Account balances shall be distributed in such
manner as the Plan Administrator shall determine consistent with the requirements of Section 409A of the Code. 
 5.2. Limitation of
Liability. The Exchange, its parents, subsidiaries, and affiliates, the Board of Directors of any of the foregoing, any officer, employer or agent of any of the foregoing, and the members of the Retirement Committee shall not incur any liability
individually or on behalf of any other individuals or on behalf of the Exchange or its parents, subsidiaries, or affiliates for any act, or failure to act, made in good faith in relation to the Plan. 
 Dated this 1st day of March, 2007. 
  

			
	 CHICAGO MERCANTILE EXCHANGE INC.

		
	By	 	 

	Its	 	Managing Director, Organizational Development

  

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 CHICAGO MERCANTILE EXCHANGE INC.  
 SENIOR MANAGEMENT SUPPLEMENTAL DEFERRED SAVINGS PLAN 
 (As Amended and
Restated Effective January 1, 2005) 
 SECTION 1 
 General 
 1.1. History, Purpose and Effective Date. 
 (a) The Chicago Mercantile Exchange Inc., a Delaware corporation (the “Exchange”), maintains the Chicago Mercantile Exchange Inc. Senior
Management Supplemental Deferred Savings Plan (the “Plan”) to provide a select group of its key management employees with the opportunity to defer receipt of compensation and receive additional retirement income from the Exchange. The Plan
is intended to constitute a plan maintained primarily for the purpose of providing deferred compensation for a select group of management or highly compensated employees within the meaning of Sections 201(2), 301(a)(3), and 401(a)(l) of the Employee
Retirement Income Security Act of 1974, as amended (“ERISA”). 
 (b) Effective as of January 1, 2005 (the “Effective
Date”), the Plan has been amended and restated to comply with Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”). 
 (c) Notwithstanding anything herein to the contrary, the terms of the Plan as in effect prior to January 1, 2005, as modified and set forth in the document entitled “Chicago Mercantile Exchange Inc.
Grandfathered Senior Management Supplemental Deferred Savings Plan” (the “Pre-2005 Plan”), shall apply to the portion (if any) of a Participant’s Account that was vested as of December 31, 2004, including credited earnings
and losses with respect thereto (the “Grandfathered Account”), and the provisions of this amended and restated Plan shall not apply to such Grandfathered Account. 
 1.2. Administration. 
 (a) The
Retirement Committee (the “Retirement Committee”) appointed by the Compensation Committee (the “Compensation Committee”) of the Board of Directors of the Exchange is the Plan Administrator of the Plan. If the Compensation
Committee fails to act to appoint the members of the Retirement Committee, then the Compensation Committee will be deemed to be the Retirement Committee hereunder. The Plan Administrator shall from time to time adopt rules for the administration of
the Plan and shall have the sole discretion to make decisions and take any action with respect to questions arising in connection with the Plan, including, but not limited to, the construction and interpretation of the Plan, the resolution of any
ambiguities, the determination of the conditions subject to which any benefits may be payable, the resolution of all questions concerning the status and rights of a Participant and 

 
others under the Plan, and whether a claimant is eligible for benefits under the Plan, the determination of the amount of benefits, if any, a claimant is
entitled to receive, and making any other determinations which it believes necessary or advisable for the administration and operation of the Plan. Any such decision or action shall be final and binding upon all Participants and beneficiaries, and
benefits under the Plan shall be paid only if the Plan Administrator decides in its discretion that the claimant is entitled to them. The Plan Administrator’s decision or action in respect of any of the above shall be conclusive and binding
upon all Participants and their beneficiaries, heirs, assigns, administrators, executors and any other person claiming through or under them, subject to such individual’s rights to a review of the denial of any benefit claim under the claims
procedure set forth in Section 1.11. 
 (b) In providing for the administration of the Plan, the Plan Administrator may delegate
responsibilities for the operation and administration of the Plan by written document filed with the Plan records. Any such delegation may be revoked at any time. The Secretary of the Exchange (or, on behalf of the Secretary of the Exchange, any
Corporate Secretary or Assistant Secretary) shall certify to any interested person the names of the employees of the Exchange who are, from time to time, authorized to act on behalf of the Plan Administrator and who are responsible for the
day-to-day operation and administration of the Plan. The Plan Administrator may appoint and compensate such specialists to aid it in the administration of the Plan and arrange for such other services as it considers necessary or appropriate to carry
out the provisions of the Plan. 
 1.3. Plan Year. The term “Plan Year” means the calendar year. 
 1.4. Source of Benefit Payments. Subject to the terms and conditions of the Plan, any amount payable to or on account of a Participant under this
Plan shall be paid from the general assets of the Exchange or from one or more trusts, the assets of which are subject to the claims of the Exchange’s general creditors. The amounts payable hereunder shall be reflected on the accounting records
of the Exchange but shall not be construed to create, or require the creation of, a trust, custodial or escrow account. None of the individuals entitled to benefits under the Plan shall have any preferred claim on, or any beneficial ownership
interest in, any assets of the Exchange or to any investment reserves, accounts, trusts or funds that the Exchange may purchase, establish or accumulate to aid in providing the benefits under the Plan, and any rights of such individuals under the
Plan shall constitute unsecured contractual rights only. Nothing contained in the Plan shall constitute a guarantee by the Exchange that the assets of the Exchange shall be sufficient to pay any benefits to any person. Nothing contained in the Plan
and no action taken pursuant to its provisions shall create a trust or fiduciary relationship of any kind between the Exchange and an employee or any other person. 
 1.5. Expenses. The expenses of administering the Plan shall be borne by the Exchange. 
 1.6.
Effect on Other Benefit Plans. Any amounts credited or paid under this Plan shall not be considered to be compensation for the purposes of any qualified plan (within the meaning of Section 401(a) of the Code) maintained by the Exchange.
The treatment of such amounts under other employee benefit plans shall be in accordance with the provisions of such plans. 
  

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 1.7. Applicable Laws. The Plan shall be construed and administered in accordance with the laws of
the State of Illinois. 
 1.8. Gender and Number. Where the context admits, words in any gender shall include any other gender, words
in the singular shall include the plural and the plural shall include the singular. 
 1.9. Notices. Any notice or document required
to be given to or filed with the Plan Administrator will be properly filed if delivered or mailed by registered mail, postage prepaid, to the Secretary of the Exchange, at its principal executive offices. The Plan Administrator may, by advance
written notice to affected persons, revise such notice procedure from time to time. Any notice required under the Plan may be waived by the person entitled to notice. 
 1.10. Evidence. Evidence required of anyone under the Plan may be by certificate, affidavit, document or other information which the person acting on it considers pertinent and reliable, and signed, made or
presented by the proper party or parties. 
 1.11. Claims Procedure. 
 (a) For purposes of the Plan, a claim for a benefit is a written application for a benefit filed with the Plan Administrator. In the event that any
Participant or other person claims to be entitled to a benefit under the Plan, and the Plan Administrator or its designee determines that such claim should be denied in whole or in part, the Plan Administrator or its designee shall, in writing,
notify such claimant within 90 days (180 days if special circumstance require) of receipt of such claim that his claim has been denied. The notice of denial will be written in a manner calculated to be understood by the average Participant and will
include the following information: (a) the specific reason for the denial; (b) specific reference to those Plan provisions on which the denial is based; (c) a description of any additional information necessary to perfect the claim
and an explanation of why the information is necessary; and (d) a description of the Plan’s review procedures, the time limits applicable to those procedures, including a statement of the claimant’s right to bring a civil action under
ERISA Section 502(a) following the denial of his claim on review. 
 (b) If the Plan Administrator requests additional information from
a claimant prior to an initial determination or a determination on appeal, the Plan Administrator will notify the claimant and permit the claimant to have 45 days to provide the requested information. The time of the Plan Administrator’s
decision will be tolled until the information is received or until the 45-day period has elapsed. If the information is not timely received by the Plan Administrator, its decision will be made without the requested information. 
 (c) Within 60 days after the mailing or delivery by the Plan Administrator or its designee of such notice, such claimant may request, by mailing or
delivery of written notice to the Plan Administrator, a review by the Plan Administrator of the decision denying the claim. The clamant may submit written comments, documents, records and other information relating to his claim, whether or not those
comments, documents, records or other information were submitted in connection with the initial claim. The claimant may also request that the Plan provide, free of charge, copies of all documents, records or other information relevant to his claim.

  

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 (d) If the claimant fails to request such a review within such 60-day period, it shall be conclusively
determined for all purposes of this Plan that the denial of such claim by the Plan Administrator is correct. 
 (e) After such review, the
Plan Administrator shall determine whether such denial of the claim was correct and shall notify such claimant in writing of its determination within 60 days of receipt of the claimant’s request for review (120 days if special circumstances
require). In the case of a claim denial on review, the notice will be written in a manner calculated to be understood by the average Participant and will include the following information: (a) the specific reason or reasons for denial;
(b) specific reference to those Plan provisions on which denial is based; (c) a statement that the claimant is entitled to receive, upon written request and free of charge, reasonable access to and copies of all documents, records and
other information relevant to his claim for benefits; and (d) a statement of any voluntary appeal procedures offered by the Plan and the claimant’s right to obtain information about the procedures and to bring a civil action under ERISA
Section 502(a). 
 SECTION 2 
 Participation 
 2.1. Participant. 
 (a) Employees of the Exchange are eligible to participate in the Plan (“Participants”) if they satisfy the eligibility criteria set forth in Section 3.2(a), 3.3(a), or 3.4(a); provided, however, that
Participants shall be limited to a select group of management or highly compensated employees within the meaning of Sections 201(2), 301(a)(3), and 401(a)(l) of ERISA. 
 (b) If the Exchange determines that participation by one or more Participants shall cause the Plan to be subject to Part 2, 3 or 4 of Title I of ERISA, the entire interest of such Participant or Participants under the
Plan shall be segregated from the Plan in the discretion of the Exchange, and such Participant or Participants shall cease to have any interest under the Plan. 
 2.2. Plan Not Contract of Employment. The Plan does not constitute a contract of employment, and participation in the Plan will not give any employee the right to be retained in the employ of the Exchange nor
any right or claim to any benefit under the Plan, unless such right or claim has specifically accrued under the terms of the Plan. 
  

 4 

 SECTION 3 
 Deferred Compensation; Plan Accounting 
 3.1. Deferred Compensation Accounts. The Plan
Administrator shall maintain, or cause to be maintained, an Account in the name of each Participant consisting of the following subaccounts (as applicable): 
 (a) a subaccount (the “Elective Deferral Account”) consisting of the base salary and/or bonus deferred by the Participant in accordance with Section 3.2, as adjusted in accordance with Section 3.5;

 (b) a subaccount (the “401(k) Make-Whole Account”) consisting of the 401(k) Savings Plan Make-Whole Credits credited to the
Participant’s Account in accordance with Section 3.3, as adjusted in accordance with Section 3.5; and 
 (c) a subaccount (the
“Cash Balance Make-Whole Account”) consisting of the Cash Balance Plan Make-Whole Credits credited to the Participant’s Account in accordance with Section 3.4, as adjusted in accordance with Section 3.5. 
 The beginning balance of each Participant’s Account on the Effective Date shall be the amount credited to him under the Plan as in effect immediately prior to the
Effective Date; provided, however, that the portion of the Participant’s Account consisting of the Participant’s Grandfathered Account shall be segregated and shall be subject to the provisions of the Pre-2005 Plan as provided under
Section 1.1(c). 
 3.2. Deferral Election. 
 (a) The provisions of this Section 3.2 shall apply with respect to a Plan Year only to Participants who, as of the October 1 immediately preceding the commencement of such Plan Year, are officers of the
Exchange. 
 (b) Subject to such terms, conditions, and limitations as the Plan Administrator may, from time to time, impose, a Participant
may make an irrevocable election to defer receipt of base salary and/or bonus earned by him from the Exchange in any Plan Year, by filing a deferral election in writing with the Plan Administrator at such time and in such manner as the Plan
Administrator shall provide, but in no case later than the day preceding the first day of such Plan Year. Notwithstanding the preceding sentence, a newly eligible Participant may file a deferral election within 30 days of becoming eligible to
participate in the deferral election feature of the Plan with respect to compensation earned by him after such election is filed. A Participant’s election under this Section 3.2(b) shall apply only to the Plan Year for which it is made and
not for any subsequent Plan Year. 
 (c) The maximum percentage of base salary that may be deferred by a Participant for a Plan Year shall be
(i) 50% for Plan Years beginning on or after January 1, 2007, and (ii) 20% for Plan Years before 2007. The maximum percentage of bonus that may be deferred by a Participant for a Plan Year shall be 100% for bonuses earned in Plan
Years beginning on or after January 1, 2007, and (ii) 20% for Plan Years before 2007. 
  

 5 

 (d) The Elective Deferral Account of each Participant shall be credited with the amount deferred by the
Participant as of the date on which such compensation would otherwise have been paid to the Participant or such other date as the Plan Administrator may reasonably provide. 
 3.3. 401(k) Savings Plan Make-Whole Credits. 
 (a) The provisions of this Section 3.3 shall apply with respect to a Plan Year to a Participant (i) whose base salary (excluding bonus) for such Plan Year exceeds the dollar limitation under Section 401(a)(17) of the Code for
such Plan Year, or (ii) is an officer of the Exchange at any time during such Plan Year; provided, however, that for Plan Years beginning before January 1, 2007, only Participants who are officers of the Exchange at any time during such
Plan Year shall be subject to this Section 3.3. 
 (b) Subject to such terms,
conditions, and limitations as the Plan Administrator may from time to time impose, for each Plan Year the 401(k) Make-Whole Account of each Participant shall be credited with a “401(k) Savings Plan Make-Whole Credit.” Such 401(k) Savings
Plan Make-Whole Credit shall be credited to the Participant’s Account at such time or times as the Plan Administrator shall determine but no later than 2  1/2 months following the end of such Plan Year. 
 (c) The 401(k)
Savings Plan Make-Whole Credit shall be 3 percent of the greater of the following amounts: (i) the amount, if any, by which the Participant’s base salary (excluding bonus, but before reduction by any portion of base salary deferred
pursuant to Section 3.2) for such Plan Year exceeds the dollar limitation under Section 401(a)(17) of the Code for such Plan Year, or (ii) the portion, if any, of the Participant’s base salary deferred for such Plan Year pursuant
to Section 3.2. 
 3.4. Cash Balance Plan Make-Whole Credits. 
 (a) The provisions of this Section 3.4 shall apply with respect to a Plan Year to a Participant (i) whose base salary and bonus paid in such
Plan Year exceeds the dollar limitation under Section 401(a)(17) of the Code for such Plan Year, or (ii) is an officer of the Exchange at any time during such Plan Year; provided, however, that for Plan Years beginning before
January 1, 2007, only Participants who are officers of the Exchange at any time during such Plan Year shall be subject to this Section 3.4. 
 (b) To the extent that the amount credited for any Plan Year to a Participant’s account under
the Pension Plan for Employees of the Chicago Mercantile Exchange (the “Pension Plan”) is limited or reduced, either by reason of the limitation on compensation imposed by Section 401(a)(17) of the Code, or by reason of elective
deferrals under this Plan, the Account of the Participant shall be credited with a “Cash Balance Plan Make-Whole Credit,” to be calculated in such manner and credited at such time or times as the Plan Administrator shall determine but no
later than 2 1/2 months after the end of such Plan Year. 
  

 6 

 3.5. Adjustment of Accounts. 
 (a) Upon becoming a Participant, a Participant shall elect from among the assumed investments that the Plan Administrator offers from time to time those
investments in which the Participant’s Account shall be deemed invested and the percentage of contributions to be allocated to each such assumed investment. The Participant may change such allocation (with respect to either future credits to
his or her Account or existing Account balances) by notification to the Plan Administrator in such manner as it shall direct, and the Plan Administrator shall implement such change in election as soon as practicable following receipt thereof. In the
event a Participant fails to provide such direction, the Participant’s Account shall be adjusted on the basis of such default investment as the Plan Administrator shall establish from time to time. 
 (b) The amounts credited to a Participant’s Account in accordance with Sections 3.2, 3.3 and 3.4 shall be adjusted from time to time in accordance
with uniform procedures established by the Plan Administrator to reflect the value of an investment equal to the Participant’s Account balance in the assumed investments elected or deemed elected by the Participant to use for purposes of
adjusting his Account. Such amount shall be determined without regard to taxes that would be payable with respect to any such assumed investment. The Plan Administrator may eliminate any assumed investment alternative at any time; provided, however,
that the Plan Administrator may not retroactively eliminate any assumed investment alternative. To the extent permitted by the Plan Administrator, the Participant may elect to have different portions of his Account balance for any period adjusted on
the basis of different assumed investments. 
 (c) Notwithstanding the election by Participants of certain assumed investments and the
adjustment of their Accounts based on such investment decisions, the Plan does not require, and no trust or other instrument maintained in connection with the Plan shall require, that any assets or amounts which are set aside in trust or otherwise
for the purpose of paying Plan benefits shall actually be invested in the investment alternatives selected by Participants. 
 SECTION 4

 Payment of Plan Benefits 
 4.1. Vesting. 
 (a) The portion of a Participant’s Account attributable to base salary or bonus deferred pursuant to
Section 3.2 shall be fully vested and nonforfeitable at all times. 
 (b) Vesting of the portion of a Participant’s Account
attributable to 401(k) Savings Plan Make-Whole Credits credited under Section 3.3 shall be determined as follows: 
 (i)
The portion of a Participant’s Account attributable to 401(k) Savings Plan Make-Whole Credits credited for Plan Years beginning prior to January 1, 2007 shall be fully vested and nonforfeitable. 
  

 7 

 (ii) The portion of a Participant’s Account attributable to 401(k) Savings Plan
Make-Whole Credits credited under Section 3.3 for Plan Years beginning on or after January 1, 2007 shall be fully vested and nonforfeitable in the case of a Participant who was an employee of the Exchange on December 31, 2006 and has
been continuously employed by the Exchange from that date until the date as of which the 401(k) Savings Plan Make-Whole Credit is credited. 
 (iii) Except as otherwise provided in Section 4.1(b)(ii), the vested portion of a Participant’s 401(k) Make-Whole Account credited with respect to Plan Years beginning on or after January 1, 2007 shall
be based on his or her Years of Vesting Service (as defined in the Chicago Mercantile Exchange Inc. 401(k) Savings Plan), as determined in the following table: 
  

			
	 Years of Vesting Service
	  	Vested percentage
	 Less than 2
	  	0%
	 2
	  	20%
	 3
	  	40%
	 4
	  	60%
	 5 or more
	  	100%

 (iv) In the event of a Participant’s termination of employment for any reason
other than death before such Participant’s 401(k) Make-Whole Account is fully vested, the nonvested portion of his or her 401(k) Make-Whole Account shall be forfeited. 
 (c) Vesting of the portion of a Participant’s Account attributable to Cash Balance Plan Make-Whole Credits credited under Section 3.4 shall be
determined as follows: 
 (i) The portion of a Participant’s Account attributable to Cash Balance Plan Make-Whole Credits
credited for Plan Years beginning prior to January 1, 2007 shall be fully vested and nonforfeitable. 
 (ii) The portion
of a Participant’s Account attributable to Cash Balance Plan Make-Whole Credits credited for Plan Years beginning on or after January 1, 2007 shall be fully vested and nonforfeitable in the case of a Participant who was an employee of the
Exchange on December 31, 2006 and has been continuously employed by the Exchange from that date until the date as of which the Cash Balance Plan Make-Whole Credit is credited. 
 (iii) Except as otherwise provided by Section 4.1(c)(ii), the portion of a Participant’s Account attributable to Cash Balance
Plan Make-Whole Credits credited for Plan Years beginning on or after January 1, 2007 shall become 100% vested and nonforfeitable upon the completion of three years of Eligibility Service (as defined in the Pension Plan) and shall be 0% vested
prior to that time. In the event of a Participant’s termination of employment for any reason other than death prior to the completion of three years of Eligibility Service, the portion of his or her Account to which this Section 4.1
(c)(iii) applies shall be forfeited. 
  

 8 

 4.2. Payment. Except as otherwise provided in this Section 4, the vested balance in a
Participant’s Account shall be paid following the Participant’s separation from service in accordance with the Participant’s valid Payment Election made for such Account pursuant to Section 4.3. Notwithstanding the foregoing, no
portion of the Account shall be paid before the earlier of six months from the date of the Participant’s separation from service or such Participant’s death; provided, however, that the foregoing restriction shall not affect the timing of
any installment payment after the first installment. 
 4.3. Payment Election. 
 (a) With respect to a Participant whose participation in the Plan commenced prior to January 1, 2005, the payment election in effect for such
Participant immediately prior to January 1, 2005 shall remain in effect until changed pursuant to Section 4.4. 
 (b) Within 30 days
after first becoming a Participant, a Participant not described in Section 4.3(a) shall elect on such form as the Plan Administrator may prescribe the time and manner in which the vested portion of a Participant’s Account shall be
distributed. Such election shall specify (i) whether the Account is to be paid in a lump sum or in substantially equal annual installments, (ii) the time at which such lump-sum payment is to be made and/or such installments are to
commence, and (iii) if installments are elected, the number of such installments (not to exceed five). For purposes of clause (ii) of the preceding sentence a Participant may specify either (i) the time of the Participant’s
separation from service, or (ii) (effective for Plan Years beginning on or after January 1, 2007) the earlier of the Participant’s separation from service or a specific date. Except as otherwise provided in this Section 4, a
Participant’s Payment Election shall be irrevocable. 
 (c) In the event a Participant fails to make a timely payment election, the
Participant shall be deemed to have elected to receive a distribution of the vested portion of his or her Account in a lump sum payable six months after the date of the Participant’s separation from service. 
 4.4. One-Time Election Change During Transition Period. A Participant may, during the Transition Period, file with the Plan Administrator an
election to change the form of his or her previous payment election from a lump sum to installments or vice versa; provided that such a change made after December 31, 2005 may not change the timing of payments that the Participant would
otherwise receive during the year in which the change is made, or cause payments to be made in the year in which the change is made. Any change pursuant to this Section 4.4 shall be irrevocable and no more than one such change shall be made
with respect to any Account. For purposes hereof, the “Transition Period” means the period commencing January 1, 2005 and ending September 30, 2006. 
 4.5. Unforeseeable Emergencies. 
 (a) In the event of a Participant’s Unforeseeable Emergency,
such Participant may request an emergency withdrawal from his or her vested Account. Any such request shall 

  

 9 

 
be subject to the approval of the Plan Administrator, which approval (a) shall only be granted to the extent reasonably needed to satisfy the need
created by the Unforeseeable Emergency, and (b) shall not be granted to the extent that such need may be relieved (i) through reimbursement or compensation by insurance or otherwise or (ii) by liquidation of the Participant’s
assets (to the extent the liquidation of such assets would not itself cause severe financial hardship). 
 (b) In the event of a
Participant’s Unforeseeable Emergency on account of which the Participant receives a withdrawal pursuant to Section 4.5(a), the Participant’s Deferral Election shall be canceled. 
 (c) An “Unforeseeable Emergency” means a severe financial hardship of the Participant or beneficiary resulting from an illness or accident of
the Participant or his or her spouse or dependent (as defined in Section 152(a) of the Code), loss of the Participant’s property due to casualty (including the need to rebuild a home following damage to a home not otherwise covered by
insurance), or other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the Participant’s control. Circumstances that may constitute an Unforeseeable Emergency include the imminent foreclosure of or
eviction from the Participant’s primary residence; the need to pay for medical expenses, including non-refundable deductibles, as well as for the costs of prescription drug medication; and the need to pay for the funeral expenses of a spouse or
a dependent (as defined in Section 152(a) of the Code). The purchase of a home and the payment of college tuition generally are not Unforeseeable Emergencies. Whether the Participant is faced with an Unforeseeable Emergency permitting an
emergency withdrawal shall be determined by the Plan Administrator in its sole discretion, based on the relevant facts and circumstances and applying regulations and other guidance under Section 409A of the Code. 
 4.6. Beneficiary Designation. Each Participant may from time to time, by signing a form furnished by the Plan Administrator, designate any legal
or natural person or persons (who may be designated contingently or successively) to whom his benefits under the Plan are to be paid if he dies before he receives all of his vested benefits. A beneficiary designation form will be effective only when
the signed form is filed with the Plan Administrator while the Participant is alive and will cancel all beneficiary designation forms with respect to the Plan filed earlier. Except as otherwise specifically provided in this Section 4.6, if a
deceased Participant failed to designate a beneficiary as provided above, or if the designated beneficiary of a deceased Participant dies before him or before complete payment of the Participant’s benefits, his benefits shall be paid to the
legal representative or representatives of the estate of the last to die of the Participant and his designated beneficiary. 
 4.7.
Distributions to Disabled Persons. Notwithstanding the provisions of this Section 4, if, in the Plan Administrator’s opinion, a Participant or beneficiary is under a legal disability or is in any way incapacitated so as to be unable
to manage his financial affairs, the Plan Administrator may direct that payment be made to a relative or friend of such person for his benefit until claim is made by a conservator or other person legally charged with the care of his person or his
estate, and such payment shall be in lieu of any such payment to such Participant or beneficiary. Thereafter, any benefits under the Plan to which such Participant or beneficiary is entitled shall be paid to such conservator or other person legally
charged with the care of his person or his estate. 
  

 10 

 4.8. Benefits May Not be Assigned. Neither the Participant nor any other person shall have any
voluntary or involuntary right to commute, sell, assign, pledge, anticipate, mortgage or otherwise encumber, transfer, hypothecate or convey in advance of actual receipt the amounts, if any, payable hereunder, or any part hereof, which are expressly
declared to be unassignable and non-transferable. No part of the amounts payable shall be, prior to actual payment, subject to seizure or sequestration for payment of any debts, judgments, alimony or separate maintenance owed by the Participant or
any other person, or be transferred by operation of law in the event of the Participant’s or any other person’s bankruptcy or insolvency. 
 4.9. Withholding for Tax Liability. The Exchange may withhold or cause to be withheld from any payment of benefits made pursuant to the Plan any taxes required to be withheld and such sum as the Exchange may reasonably estimate to be
necessary to cover any taxes for which the Exchange may be liable and which may be assessed with regard to such payment. 
 SECTION 5

 Miscellaneous 
 5.1. Section 409A. This Plan is intended to comply with the requirements of Section 409A of the Code and shall be interpreted in a manner consistent therewith. Accordingly, notwithstanding any provisions of the Plan to the
contrary: 
 (a) The Plan shall be operated at all times in accordance with the requirements of Section 409A of the Code and, in the
event of any inconsistency between any provision of the Plan and Section 409A, the provisions of Section 409A shall control. 
 (b)
Any provision in the Plan that is determined to violate the requirements of Section 409A of the Code shall be void and without effect. 
 (c) Any provision required by Section 409A of the Code to appear in the Plan document that is not expressly set forth herein shall be deemed to be set forth herein, and the Plan shall be administered in all respects as if such
provision was expressly set forth herein. 
 5.2. Limitation of Liability. The Exchange, its parents, subsidiaries, and affiliates,
the Board of Directors of any of the foregoing, any officer, employer or agent of any of the foregoing, and the members of the Retirement Committee shall not incur any liability individually or on behalf of any other individuals or on behalf of the
Exchange or its parents, subsidiaries, or affiliates for any act, or failure to act, made in good faith in relation to the Plan. 
 SECTION
6 
 Amendment and Termination 
 6.1. Amendment and Termination. 
 (a) The Exchange may amend or terminate the Plan at any time and
from time to time, and retroactively if deemed necessary or appropriate. 
  

 11 

 (b) Any amendment of the Plan shall be effected either (i) by resolution of the Compensation
Committee or its successor, or (ii) by resolution of the Retirement Committee; provided, however, that only the Compensation Committee or its successor is authorized to approve an amendment that is anticipated to result in a material impact to
the Exchange unless it otherwise acts to delegate this responsibility; and provided further that the Retirement Committee may adopt minor or administrative amendments to the Plan, including amendments to comply with applicable laws. 
 (c) A Plan termination shall be effected by resolution of the Compensation Committee or its successor. In the event of a termination of the Plan,
Participants’ vested Account balances shall be distributed in such manner as the Plan Administrator shall determine consistent with the requirements of Section 409A of the Code. 
 Dated this 1st day of March, 2007. 
  

			
	CHICAGO MERCANTILE EXCHANGE INC.
		
	By	 	 

	Its	 	Managing Director, Organizational Development

  

 12Model Employee Restricted Stock Award Agreement

 Exhibit 10.1 
 MODEL AGREEMENT 
 MAX CAPITAL GROUP LTD. 
 EMPLOYEE RESTRICTED STOCK AWARD AGREEMENT 
 This Restricted Stock Award Agreement (the “Agreement”), effective as of the              day of
            , 2     (the “Grant Date”) by and between Max Capital Group Ltd. (the “Company”), and
             (the “Grantee”), evidences the grant by the Company of a stock award of restricted Common Stock (the “Award”) to
the Grantee on such date and the Grantee’s acceptance of the Award in accordance with the provisions of the Company’s 2000 Stock Incentive Plan, as amended, (the “Plan”), a copy of which is attached hereto as
Exhibit A. The Company and the Grantee agree as follows: 
  

	1.	Basis for Award. This Award is made under the Plan pursuant to Section 8 thereof for services to be rendered to the Company by the Grantee.

  

	2.	Stock Awarded. 

  

	 	(a)	The Company hereby awards to the Grantee, in the aggregate,
                     shares of Common Stock of the Company (“Restricted Stock”), which shall be subject to the
restrictions and conditions set forth in the Plan and in this Agreement. 

  

	 	(b)	Each certificate issued in respect of the Restricted Stock shall remain in book form with the Company’s transfer agent in the Grantee’s name. At the expiration of the
restrictions, the Company shall deliver to the Grantee (or his/her legal representative, beneficiary or heir) share certificates for the Common Stock deposited with it free from legend except as otherwise provided by the Plan, this Agreement or as
otherwise required by applicable law. The Grantee shall have the right to receive dividends on and to vote the Restricted Stock while it is held in custody except as otherwise provided by the Plan. 

  

	 	(c)	Except as provided in the Plan or this Agreement, the restrictions on the Restricted Stock are that they will be forfeited by the Grantee and all of the Grantee’s rights to
such stock shall immediately terminate without any payment or consideration by the Company, in the event of any sale, assignment, transfer, hypothecation, pledge or other alienation of such Restricted Stock made or attempted, whether voluntary or
involuntary, and if involuntary whether by process of law in any civil or criminal suit, action or proceeding, whether in the nature of an insolvency or bankruptcy proceeding or otherwise, without the written consent of the Board, excluding the
Grantee, if he/she so serves on the Board. 

  

	3.	Vesting. 

  

	 	(a)	 The restrictions described in Section 2 of this Agreement will lapse with respect to all of the Restricted Stock and such shares of Common Stock will become

  

 1 

	 	 
nonforfeitable on                     ;
provided, that, except as otherwise provided herein, the Grantee is then employed by the Company or any of its Subsidiaries. If the Grantee’s employment is terminated at any time prior to the vesting date, the unvested Restricted
Stock shall automatically be forfeited upon such cessation of service, unless otherwise provided in Sections 3(b) and (c). 

  

	 	(b)	Pro Rata Vesting. In the event of the Grantee’s death or if the Grantee’s employment is terminated by the Company or any of its Subsidiaries for Disability (as
defined below) [or without Cause (as defined in the Plan) or by the Grantee for Good Reason (as defined below)], a pro rata portion of the Restricted Stock shall vest as of the date of such termination, and all other unvested Restricted Stock shall
immediately terminate and be forfeited. The pro rata portion of the Restricted Stock that vests shall be calculated by multiplying the number of shares of Restricted Stock by a fraction, the numerator of which shall equal the number of consecutive
days the Grantee is employed by the Company or any of its Subsidiaries from the Grant Date to the date of termination, and the denominator of which shall equal              (rounded
to the nearest whole number). 

 For purposes of this Agreement, “Disability” shall mean termination upon 30
days’ notice in the event that the Grantee suffers a mental or physical disability that shall have prevented him/her from performing his/her material duties for a period of at least 120 consecutive days or 180 non-consecutive days within any
365 day period; provided, that, the Grantee shall not have returned to full-time performance of his/her duties within 30 days following receipt of such notice. The Grantee shall have “Good Reason” to terminate his/her
employment within 30 days after the Grantee has knowledge of the occurrence, without the Grantee’s written consent, of one of the following events that has not been cured, if curable, within 30 days after a notice of termination has been given
by the Grantee to the Company or its Subsidiary, as applicable: (i) any material and adverse change to the Grantee’s duties or authority which are inconsistent with his/her title and position, (ii) a material diminution of the
Grantee’s title or position; (iii) a reduction of the Grantee’s base salary; or (iv) any other reason which the Company determines in its sole discretion to be a Good Reason; provided, however, that, if
termination for “Good Reason” is defined in the Grantee’s employment agreement, the definition in the employment agreement shall apply for purposes of this Section 3. 
  

	 	(c)	Full Vesting. Upon the Grantee’s Retirement, vesting shall continue according to the schedule set forth in Section 3(a) as if the Grantee were still employed;
provided, that, during the period following Retirement and prior to the vesting date, the Grantee does not enter into any employment, consulting, service or similar arrangements or accept any directorship that has not been pre-approved
by the Compensation Committee of the Company in its sole discretion. In the event that the Grantee does enter into any such employment, consulting, service or similar arrangement or accepts any unapproved directorship, all unvested Restricted Stock
shall be immediately forfeited. For purposes of this Agreement, “Retirement” shall be defined as when the Grantee retires from the Company or any Subsidiaries if the sum of the Grantee’s age and years of service as an employee of the
Company or any Subsidiaries equals at least 55. 

  

 2 

	 	(d)	Change in Control. Upon the occurrence of a Change in Control (as defined in the Plan), all Restricted Stock shall automatically become vested and immediately nonforfeitable
in full. 

  

	4.	Compliance with Laws and Regulations. The issuance and transfer of Common Stock shall be subject to compliance by the Company and the Grantee with all applicable
requirements of securities laws and with all applicable requirements of any stock exchange on which the Company’s Common Stock may be listed at the time of such issuance or transfer. 

  

	5.	No Right to Continued Employment. Nothing in this Agreement shall be deemed by implication or otherwise to impose any limitation on any right of the Company or any of
its Subsidiaries to terminate the Grantee’s employment at any time. 

  

	6.	Restrictive Legends. The Grantee understands and agrees that the Company will place the legends set forth below or similar legends on any stock certificate(s)
evidencing the Restricted Stock, together with any other legends that may be required by state or U.S. Federal securities laws, the Company’s Certificate of Incorporation or Bye-laws, any other agreement between the Grantee and the Company or
any agreement between the Grantee and any third party: 

 THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN
RESTRICTIONS ON PUBLIC RESALE AND TRANSFER, AS SET FORTH IN A RESTRICTED STOCK AWARD AGREEMENT BETWEEN THE ISSUER AND THE ORIGINAL HOLDER OF THESE SHARES. SUCH PUBLIC SALE AND TRANSFER RESTRICTIONS ARE BINDING ON TRANSFEREES OF THESE SHARES.

  

	7.	Representations and Warranties of the Grantee. The Grantee represents and warrants to the Company that: 

  

	 	(a)	Agrees to Terms of the Plan. The Grantee has received a copy of the Plan and has read and understands the terms of the Plan and this Agreement, and
agrees to be bound by their terms and conditions. The Grantee acknowledges that there may be adverse tax consequences upon the vesting of Restricted Stock or disposition of the shares of Common Stock once vested, and that the Grantee should consult
a tax adviser prior to such time. 

  

	 	(b)	Stop-Transfer Instructions. The Grantee agrees that, to ensure compliance with the restrictions imposed by this Agreement, the Company may issue appropriate
“stop-transfer” instructions to its transfer agent, if any, and if the Company transfers its own securities, it may make appropriate notations to the same effect in its own records. 

  

 3 

	 	(c)	Refusal to Transfer. The Company will not be required (i) to transfer on its books any shares of Common Stock that have been sold or otherwise transferred in
violation of any of the provisions of this Agreement or (ii) to treat as owner of such shares, or to accord the right to vote or pay dividends to any purchaser or other transferee to whom such shares have been so transferred.

  

	8.	Governing Law; Modification. This Agreement shall be governed by the laws of the state of New York without regard to the conflict of law principles. The Agreement may
not be modified except in writing signed by both parties. 

  

	9.	Plan. Except as otherwise provided herein, or unless the context clearly indicates otherwise, capitalized terms herein which are defined in the Plan have the same
definitions as provided in the Plan. The terms and provisions of the Plan are incorporated herein by reference, and the Grantee hereby acknowledges receiving a copy of the Plan. In the event of a conflict or inconsistency between the discretionary
terms and provisions of the Plan and the provisions of this Agreement, the Plan shall govern and control. 

  

	10.	Interpretation. Any dispute regarding the interpretation of this Agreement shall be submitted by the Grantee or the Company to the Committee for review. The resolution
of such a dispute by the Committee shall be binding on the Company and the Grantee. 

  

	 11.
	 [Tax Withholding. The Grantee agrees that, except as provided below, no later than the date as of which
the restrictions on the Restricted Stock shall lapse with respect to all or any of the Restricted Stock covered by this Agreement, the Grantee shall pay to the Company (in cash) any federal, state or local taxes of any kind required by law to be
withheld, if any, with respect to the Restricted Stock for which the restrictions shall lapse. The Company or its Subsidiary (as applicable) shall, to the extent permitted by law, have the right to deduct from any payment of any kind otherwise due
to the Grantee any federal, state or local taxes of any kind required by law to be withheld with respect to the shares of Restricted Stock. If the Grantee properly elects, within 30 days of the Grant Date, to include in gross income for federal
income tax purposes an amount equal to the Fair Market Value of the Restricted Stock granted hereunder pursuant to Section 83(b) of the Internal Revenue Code of 1986, as amended, the Grantee shall pay to the Company, or make other arrangements
satisfactory to the Board to pay to the Company in the year of such grant, any federal, state or local taxes required to be withheld with respect to such Common Stock. If the Grantee fails to make such payments, the Company or its Subsidiaries
shall, to the extent permitted by law, have the right to deduct from any payment of any kind otherwise due to the Grantee any federal, state or local taxes of any kind required by law to be withheld with respect to such Common Stock.]1 

	 1
	 Applicable to employees of US entities only. 

  

 4 

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

  

			
	MAX CAPITAL GROUP LTD.
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	GRANTEE
		
	By:	 	  

	Name:	 	

  

 5

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00122-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00122-of-00352.parquet"}]]