Document:

Exhibit 101

		

			

		

		
			Exhibit 10.1
		

		
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			EMPLOYMENT AGREEMENT
		

		
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			EMPLOYMENT AGREEMENT (this "Agreement"), made and entered into on August 1, 2016 and effective as of August 1, 2016 (the "Effective Date"), by and between Nasdaq, Inc. (the "Company") and Bradley Peterson (the “Executive").
		

		
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			In consideration of the premises and mutual covenants herein and for other good and valuable consideration, the parties hereby agree as follows:
		

		
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			1.Term of Agreement.    Subject to Section 8 below, the term of this Agreement shall commence on the Effective Date and end on July 31,  2021 (the "Term").   
		

		
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			2.Position.
		

		
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			(a)Duties.    The Executive shall serve as the Company's Executive Vice President and Chief Information Officer and shall have such other duties as agreed to by the Executive, the Chief Executive Officer, and the Board of Directors of the Company (the “Board”).  In such position, the Executive shall have such duties and authority as shall be determined from time to time by the Chief Executive Officer and the Board and as shall be consistent with the by-laws of the Company as in effect from time to time.    During the Term, the Executive shall devote his full time and best efforts to his duties hereunder.  The Executive shall report directly to the Chief Executive Officer. The scope, duties and responsibilities of the role will be evaluated at least annually and increased, as appropriate, based on performance in the role.     
		

		
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			(b)Company Code of Ethics.  The Executive shall comply in all respects with the Company’s Code of Ethics and all applicable corporate policies referenced in the Code of Ethics, as may be amended from time to time (the "Code of Ethics"). The Executive may, in accordance with the Code of Ethics, (i) engage in personal activities involving charitable, community, educational, religious or similar organizations and  (ii) manage his personal investments; provided,  however, that, in each case, such activities are in all respects consistent with applicable law, the Continuing Obligations Agreement attached as Exhibit A (“Continuing Obligations Agreement”) and Section 9  below. 
		

		
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			3.Base Salary.    During the Term, the Company shall pay the Executive a base salary (the "Base Salary") at an annual rate of not less than $525,000.  The Base Salary shall be payable in regular payroll installments in accordance with the Company's payroll practices as in effect from time to time (but no less frequently than monthly). The Management Compensation Committee of the Board (the "Compensation Committee") shall review the Base Salary at least annually and may (but shall be under no obligation to) increase (but not decrease) the Base Salary on the basis of such review. 
		

		
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			4.Annual Bonus.
		

		

		

		 

		

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			(a)Annual Bonus.    For each calendar year during the Term, the Executive shall be eligible to participate in the Executive Corporate Incentive Plan of the Company (the "Bonus Program") in accordance with the terms and provisions of such Bonus Program as established from time to time by the Compensation Committee and pursuant to which the Executive will be eligible to earn an annual cash bonus (the "Annual Bonus").  Pursuant to the terms of the Bonus Program, the Executive shall be eligible to earn, for each full calendar year during the Term, a target Annual Bonus of not less than $800,000 (the  "Target Bonus") based upon the achievement of one or more performance goals established for such year by the Chief Executive Officer and the Compensation Committee. The Executive shall have the opportunity to make suggestions to the Chief Executive Officer and the Compensation Committee prior to the determination of the performance goals for the Bonus Program for each performance period, but the Compensation Committee will have final power and authority concerning the establishment of such goals.  The Chief Executive Officer and the Compensation Committee shall review the Target Bonus at least annually and may (but shall be under no obligation to) increase (but shall not decrease) the Target Bonus on the basis of such review. The Target Bonus for each year during the Term shall never be less than the Target Bonus for the immediately preceding year.
		

		
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			(b)Timing and Deferral of Annual Bonus.    The Annual Bonus for each year shall be paid to the Executive as soon as reasonably practicable following the end of such year, but in no event later than March 15th following the end of the calendar year to which such Annual Bonus relates.
		

		
			 
		

		
			5.Equity Compensation.  The Executive shall be eligible for a target equity compensation award of not less than $1,600,000  (the  "Target Equity Incentive"),  in accordance with the terms and provisions of the Company’s Equity Incentive Plan (the “Stock Plan”), which has been adopted by the Board and may from time to time be amended. The applicable provisions of the Company’s Stock Plan or each equity award agreement executed by the Executive and the Company shall govern the treatment of the equity awards.  
		

		
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			6.Employee Benefits.    During the Term, the Company shall provide the Executive with benefits on the same basis as benefits are generally made available to other senior executives of the Company, including, without limitation, medical, dental, vision, disability and life insurance, financial and tax planning services and retirement benefits.  The Executive shall be entitled to four weeks of paid vacation to be used in accordance with the Company’s then current vacation policy; provided, however, that, in the event the Executive's employment ends for any reason, the Executive shall be paid only for unused vacation that accrued in the calendar year his employment terminated and any unused vacation for any prior year shall be forfeited.
		

		
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			7.Business and Other Expenses.
		

		
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			(a)Business Expenses.    During the Term, the Company shall reimburse the Executive for reasonable business expenses incurred by his in the performance of his duties hereunder in accordance with the policy established by the Compensation Committee.
		

		

		

		 

		

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			8.Termination.    Notwithstanding any other provision of this Agreement, subject to the further provisions of this Section 8, the Company may terminate the Executive's employment or the Executive may resign such employment for any reason or no stated reason at any time, subject to the notice and other provisions set forth below:
		

		
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			(a)Generally.  In the event of the termination of the Executive's employment for any reason, the Executive shall receive payment of (i) any unpaid Base Salary through the Date of Termination (as defined below), to be paid in accordance with Section 3 above, (ii) subject to Section 6 above, any accrued but unpaid vacation through the Date of Termination payable within 14 days of the Date of Termination (iii) any earned but unpaid Annual Bonus with respect to the calendar year ended prior to the Date of Termination,  payable in accordance with Section 4(b) (the "Base Obligations").  In addition, in the event of the Executive's termination of employment, the applicable provisions of the Company’s Stock Plan or each equity award agreement executed by the Executive and the Company shall govern the treatment of the equity awards. 
		

		
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			For purposes of this Agreement, "Date of Termination" means (i) in the event of a termination of the Executive's employment by the Company for Cause or by the Executive for Good Reason, the date specified in a written notice of termination (or, if not specified therein, the date of delivery of such notice), but in no event earlier than the expiration of the cure periods set forth in Section 8(b)(ii) or 8(b)(iii) below, respectively; (ii) in the event of a termination of the Executive's employment by the Company without Cause, the date specified in a written notice of termination (or if not specified therein, the date of delivery of such notice); (iii) in the event of a termination of the Executive's employment by the Executive without Good Reason, the date specified in a written notice of termination, but in no event less than 60 days following the date of delivery of such notice; (iv) in the event of a termination of the Executive's employment due to Permanent Disability (as defined below), the date the Company terminates the Executive's employment following the certification of the Executive's Permanent Disability; or (v) in the event of a termination of employment due to the Executive's death, the date of the Executive's death.
		

		
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			(b)Termination by the Company Without Cause or by the Executive for Good Reason Other Than in Connection with Change in Control.
		

		
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			(i)The Executive's employment hereunder may be terminated by the Company without Cause or by the Executive for Good Reason.  Upon the termination of the Executive's employment by the Company without Cause or by the Executive for Good Reason pursuant to this Section 8(b), the Executive shall, subject to Section 8(h) below, and unless the Executive is entitled to the CIC Severance Benefits (as defined below), be entitled to receive, in addition to the Base Obligations, the following payments and benefits (the "Severance Benefits"):
		

		
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			(A)Severance Payment.   If Executive is terminated between August 1, 2016 and January 31, 2017, the Company shall pay the Executive an amount (the “Severance Payment”) equal to the sum of (I) 2 times the Base Salary paid to the Executive with 
		

		 

		

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		respect to the calendar year immediately preceding the Executive’s Date of Termination, (II) the Target Bonus and (III) any pro rata Target Bonus with respect to the calendar year in which the Date of Termination occurs, determined in accordance with the Pro Rata Target Bonus Calculation. If Executive is terminated between February 1, 2017 and July 31, 2021, the Company shall pay the Executive an amount (the “Severance Payment”) equal to the sum of (I) 1.5 times the Base Salary paid to the Executive with respect to the calendar year immediately preceding the Executive’s Date of Termination, (II) the Target Bonus and (III) any pro rata Target Bonus with respect to the calendar year in which the Date of Termination occurs, determined in accordance with the Pro Rata Target Bonus Calculation. 
		

		
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			Target Bonus for severance purposes is defined under the Executive Corporate Incentive Plan for the calendar year which precedes the year in which occurs the Executive’s Date of Termination. Target Bonus is intended to be a fixed severance payment equal to the prior year Target Bonus and not a performance-contingent payment dependent on current year or prior year performance. “Pro-Rata Target Bonus Calculation” is determined by multiplying the Target Bonus by a  fraction, the numerator of which is the number of days in the fiscal year in which the Date of Termination occurs through the Date of Termination and the denominator of which is three hundred sixty-five. Pro-rata Target Bonus with respect to the calendar year in which Executive’s Date of Termination occurs shall be paid only in the event the performance goals established under the ECIP for that calendar year with respect to such Target Bonus have been satisfied.  Payment of the pro-rata Target Bonus shall be delayed until following the date the Company’s Compensation Committee determines that such performance goals have been satisfied, in accordance with the rules under the ECIP (the “Performance Goal Determination Date”).  
		

		
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			The Severance Payment is payable in substantially equal monthly installments for the twelve month period following the Executive’s Date of Termination,  with the first installment to be paid in the month following the month in which the  Release Effective Date occurs; provided, however (consistent with the requirements of Section 409A), that if the 60 day period described in Section 8(h)  below begins in one calendar year and ends in another, the first installment of the Severance Payment shall be paid not earlier than January 1 of the calendar year following the Date of Termination (the period during which the Severance Benefits are paid being the “Severance Period”).  Payments of the pro-rata Target Bonus portion of the Severance Payment shall be paid beginning as of date described above or, if later, within 30 days following the Performance Goal Determination Date.  If payment of one or more installments of the pro-rata Target Bonus portion of the Severance Payment must be delayed until following the Performance Goal Determination Date, the initial installment shall consist of a lump sum equal to the total of all such installments delayed or due as of such payment date, without adjustment for interest; and 
		

		
			 
		

		
			(B)Health Care Coverage Payments.     The Company shall pay to the Executive on a monthly basis during the Coverage Period a taxable cash payment equal to the Consolidated Omnibus Budget Reconciliation Act (“COBRA”) premium for the highest level of coverage available under the Company’s group health plans, but reduced by the monthly amount that the Executive would pay for such coverage if the Executive was an active employee.  “Coverage Period” shall mean the period commencing on the first day of the Severance Period 
		
		
 

		

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		and ending on the earlier of (i) the expiration of 18 months from the first day of the Severance Period, and (ii) the date that the Executive is eligible for coverage under the health care plans of a subsequent employer.  The payments provided by this Section shall be conditioned upon the Executive being covered by the Company’s health care plans immediately prior to the Date of Termination.

		
		
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			All other benefits, if any, due the Executive following termination pursuant to this Section 8(b) shall be determined in accordance with the plans, policies and practices of the Company; provided, however, that the Executive shall not participate in any severance plan, policy or program of the Company.  The  Severance Benefits are payments and benefits to which the Executive is not otherwise entitled, are given in consideration for the Release (as described in Section 8(h) below) and are in lieu of any severance plan, policy or program of the Company or any of its subsidiaries that may now or hereafter exist.  The payments and benefits to be provided pursuant to this Section 8(b)(i) shall constitute liquidated damages and shall be deemed to satisfy and be in full and final settlement of all obligations of the Company to the Executive under this Agreement.  The Executive acknowledges and agrees that such amounts are fair and reasonable, and are his sole and exclusive remedy, in lieu of all other remedies at law or in equity, with respect to the termination of his employment hereunder.  If, during the Severance Period, the Executive breaches in any material respect any of his obligations under Section 9, or the Confidentiality Agreement, the Company may, upon written notice to the Executive (x) terminate the Severance Period and cease to make any further payments of the Severance Payment and (y) cease any health care coverage payments, except in each case as required by applicable law.
		

		
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			(ii)For purposes of this Agreement, "Cause" shall mean (A) the Executive's conviction of, or pleading nolo contendere to, any crime, whether a felony or misdemeanor, involving the purchase or sale of any security, mail or wire fraud, theft, embezzlement, moral turpitude, or Company property (with the exception of minor traffic violations or similar misdemeanors); (B) the Executive's repeated neglect of his duties to the Company; or (C) the Executive's willful misconduct in connection with the performance of his duties or other material breach by the Executive of this Agreement provided that the Company may not terminate the Executive's employment for Cause unless (x) the Company first gives the Executive written notice of its intention to terminate and of the grounds for such termination within 90 days following the date the Board is informed of such grounds at a meeting of the Board and (y) the Executive has not, within 30 days following receipt of such notice, cured such Cause (if capable of cure) in a manner that is reasonably satisfactory to the Board.
		

		
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			(iii)For purposes of this Agreement, "Good Reason" shall mean the Company (A) reducing the Executive's position, duties, or authority; (B) failing to secure the agreement of any successor entity to the Company that the Executive shall continue in his position without reduction in position, duties or authority;  (C) relocating the Executive’s principal work location beyond a 50 mile radius of his work location as of the Effective Date (provided that this Clause (C) shall apply only to a relocation that occurs during the two year period beginning upon a Change of Control, as defined below, and ending two years thereafter); or (D) committing any other material breach of this Agreement; provided, however, that the occurrence of a Change in Control, following which the Company continues to have its common 
		

		 

		

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		stock publicly traded and the Executive is offered continued employment as an executive officer with substantially the same duties and authority as she has hereunder of such publicly traded entity, shall not be deemed to give rise to an event or condition constituting Good Reason; and provided further that no event or condition shall constitute Good Reason unless (x) the Executive gives the Company a Notice of Termination specifying his objection to such event or condition within 90 days following the occurrence of such event or condition, (y) such event or condition is not corrected, in all material respects, by the Company in a manner that is reasonably satisfactory to the Executive within 30 days following the Company's receipt of such notice and (z) the Executive resigns from his employment with the Company not more than 30 days following the expiration of the 30-day period described in the foregoing clause (y).
		

		
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			(c)Permanent Disability.
		

		
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			(i)The Executive's employment hereunder shall terminate upon his Permanent Disability.  Upon termination of the Executive's employment due to Permanent Disability, the Executive shall, subject to Section 8(h) below, be entitled to receive, in addition to the Base Obligations,  (A) a  pro rata Target Bonus with respect to the calendar year in which the Date of Termination occurs,  determined in accordance with the Pro Rata Target Bonus Calculation and payable in a lump sum within 30 days following the Release Effective Date (provided that if the 60 day period described in Section 8(h) below begins in one calendar year and ends in another, the pro rata Target Bonus shall be paid not earlier than January 1 of the calendar year following the Date of Termination)  and (B) accelerated vesting of all unvested equity compensation awarded to the Executive by the Company as of the Effective Date and, in accordance with Section 5, each equity award agreement executed by the Executive and the Company shall describe the treatment of the equity awards under this  Section 8(c).   All other benefits, if any, due the Executive following termination pursuant to this Section 8(c) shall be determined in accordance with the plans, policies and practices of the Company; provided, however, that the Executive shall not participate in any other severance plan, policy or program of the Company. 
		

		
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			(ii)For purposes of this Agreement, “Permanent Disability” means either (i) the inability of the Executive to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than 12 months or (ii) the Executive is, by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, receiving income replacement benefits for a period of not less than three months under an accident and health plan covering employees of the Company.  The Executive shall be deemed Permanently Disabled if she is determined to be (i) totally disabled by the Social Security Administration or (ii) disabled in accordance with a disability insurance program, provided such definition of disabled under the program complies with the definition of Permanent Disability hereunder.  Otherwise, such Permanent Disability shall be certified by a physician chosen by the Company and reasonably acceptable to the Executive (unless she is then legally incapacitated, in which case such physician shall be reasonably acceptable to the Executive’s authorized legal representative). 
		

		

		

		 

		

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		(d)Death.    The Executive's employment hereunder shall terminate due to his death.  Upon termination of the Executive's employment hereunder due to death, the Executive's estate shall, subject to Section 8(h) below, be entitled to receive, in addition to the Base Obligations,(A) a  pro rata Target Bonus with respect to the calendar year in which the Date of Termination occurs, determined in accordance with the Pro Rata Target Bonus Calculation and payable in a lump sum within 30 days following the Release Effective Date (provided that if the 60 day period described in Section 8(h) below begins in one calendar year and ends in another, the pro rata Target Bonus shall be paid not earlier than January 1 of the calendar year following the Date of Termination) and (B) accelerated vesting of all unvested equity compensation awarded to the Executive by the Company as of the Effective Date and, in accordance with Section 5, each equity award agreement executed by the Executive and the Company shall describe the treatment of the equity awards under this Section 8(d).  All other benefits, if any, due the Executive's estate following termination pursuant to this Section 8(d) shall be determined in accordance with the plans, policies and practices of the Company. 
		

		
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			(e)For Cause by the Company or Without Good Reason by the Executive. The Executive's employment hereunder may be terminated by the Company for Cause or by the Executive without Good Reason.  Upon termination of the Executive’s employment for Cause or without Good Reason pursuant to this Section 8(e), the Executive shall have no further rights to any compensation (including any Annual Bonus) or any other benefits under this Agreement other than the Base Obligations.  All other benefits, if any, due the Executive following the Executive's termination of employment pursuant to this Section 8(e) shall be determined in accordance with the plans, policies and practices of the Company; provided, however, that the Executive shall not participate in any severance plan, policy, or program of the Company.
		

		
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			(f)Termination of Employment due to a Non-Continuation Notice. The Executive's employment hereunder may be terminated by the Executive after August 1, 2018, by providing at least 270 days prior written notice to the Company designating the termination as being pursuant to this Section 8(f) (a “Non-Continuation Notice”). Upon termination of the Executive's employment pursuant to a Non-Continuation Notice, the Executive shall, subject to Section 8(i), be entitled to receive, in addition to the Base Obligations, a pro-rata Target Bonus with respect to the calendar year in which the Date of Termination occurs, determined in accordance with the Pro Rata Target Bonus Calculation and payable in substantially equal monthly installments for the twelve month period following the Executive’s Date of Termination with the first installment to be paid in the month following the month in with the Release Effective Date occurs (provided that if the 60 day period described in Section 8(i) below begins in one calendar year and ends in another, the pro rata Target Bonus shall be paid not earlier than January 1 of the calendar year following the Date of Termination), the equity awards described in Section 5 and continued vesting of outstanding performance share units, and/or other forms of equity compensation issued prior to providing Non-Continuation Notice,  based on actual performance during the respective performance periods.  The Executive acknowledges and agrees that the compensation paid under this Section 8(f) is fair and reasonable, and are his sole and exclusive remedy, in lieu of all other remedies at law or in equity, with respect to the termination of his employment hereunder, and is subject to the Executive complying in all material respects with his obligations under Section 9 or the Confidentiality Agreement. All other benefits, if any, due the Executive following termination pursuant to this Section 8(f) shall 
		
		
 

		

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		be determined in accordance with the plans, policies and practices of the Company; provided, however, that the Executive shall not participate in any severance plan, policy or program of the Company.  

		
		
			
		

		
			(g)Termination in Connection with Change in Control by the Company Without Cause or by the Executive for Good Reason.
		

		
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			(i)If, within the period beginning on a Change in Control (as defined herein below), and ending two (2) years following such Change in Control, the Executive's employment is terminated by the Company without Cause or by the Executive for Good Reason, the Executive shall, subject to Section 8(h) below, be entitled to receive, in addition to the Base Obligations, the following payments and benefits (the "CIC Severance Benefits"):
		

		
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			(A)CIC Severance Payment.  On the first day of the seventh (7th) month following the Executive’s Date of Termination, the Company shall pay the Executive a lump sum cash payment equal to the sum of (I) two times the Base Salary paid to the Executive with respect to the calendar year immediately preceding the Executive's Date of Termination, (II) the Target Bonus and (III) a  pro rata portion of the Target Bonus for the calendar year in which Executive’s Date of Termination occurs and determined in accordance with the Pro Rata Target Bonus Calculation. Target Bonus for severance purposes is defined under the Executive Corporate Incentive Plan for the calendar year which precedes the year in which occurs the Executive’s Date of Termination. Target Bonus is intended to be a fixed severance payment equal to the prior year Target Bonus and not a performance-contingent payment dependent on current year or prior year performance. “Pro-Rata Target Bonus Calculation” is determined by multiplying the Target Bonus by a fraction, the numerator of which is the number of days in the fiscal year in which the Date of Termination occurs through the Date of Termination and the denominator of which is three hundred sixty-five. Pro-rata Target Bonus with respect to the calendar year in which Executive’s Date of Termination occurs shall be paid only in the event the performance goals established under the ECIP for that calendar year with respect to such Target Bonus have been satisfied.  Payment of the pro-rata Target Bonus shall be delayed until following the date the Company’s Compensation Committee determines that such performance goals have been satisfied, in accordance with the rules under the ECIP (the “Performance Goal Determination Date”).  Payment of the pro-rata portion of the Severance Payment shall be paid in a lump sum on the date described above or, if later, within 30 days of the Performance Goal Determination Date with respect to such Performance-Conditioned Portion.
		

		
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			If (i) any amounts payable to the Executive under this Agreement or otherwise are characterized as excess parachute payments pursuant to Section 4999 of the Internal Revenue Code of 1986, as amended (the “Section 4999”), and (ii) the Executive thereby would be subject to any United States federal excise tax due to that characterization, the Executive’s termination benefits hereunder will be reduced to an amount so that none of the amounts payable constitute excess parachute amounts payments if this would result, after taking into account the applicable federal, state and local income taxes and the excise tax imposed by Section 4999, in Executive’s receipt on an after-tax basis of the greatest amount of termination and other benefits. The determination of any reduction required pursuant to this section (including the determination as to which 
		

		 

		

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		specific payments shall be reduced) shall be made by a neutral party designated by the Company and such determination shall be conclusive and binding upon the Company or any related corporation for all purposes.
		

		
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			(B)Health and Welfare Benefits.  The Company shall pay to Executive on a monthly basis during the CIC Coverage Period a taxable monthly cash payment equal to the COBRA premium for the highest level of coverage available under the Company’s group health plans, but reduced by the monthly amount that Executive would pay for such coverage if the Executive was an active employee. “CIC Coverage Period” shall mean the period (I) commencing on the first day of the month following the Release Effective Date (provided that if the 60 day period described in Section 8(h) below begins in one calendar year and ends in another, the CIC Coverage Period shall commence not earlier than January 1 of the calendar year following the Date of Termination) and (II) ending on the earlier of (x) the expiration of 24 months from the first day of the CIC Coverage Period, and (y) the date that the Executive is eligible for coverage under the health care plans of a subsequent employer.  The payments provided by this Section shall be conditioned upon the Executive being covered by the Company’s health care plans immediately prior to the Date of Termination.  The foregoing payments are not intended to limit or otherwise reduce any entitlements that Executive may have under COBRA. In addition, the Company shall continue to provide the Executive with the same level of accident (AD&D) and life insurance benefits upon substantially the same terms and conditions (including contributions required by the Executive for such benefits) as existed immediately prior to the Executive’s Date of Termination (or, if more favorable to the Executive, as such benefits and terms and conditions existed immediately prior to the Change in Control) for the same period for which the Company shall provide the Executive with continued health care coverage payments. 
		

		
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			All other benefits, if any, due the Executive following termination pursuant to this Section 8(g) shall be determined in accordance with the plans, policies and practices of the Company; provided, however, that the Executive shall not participate in any severance plan, policy or program of the Company.  The payments and other benefits provided for in this Section 8(g)  are payments and benefits to which the Executive is not otherwise entitled, are given in consideration for the Release and are in lieu of any severance plan, policy or program of the Company or any of its subsidiaries that may now or hereafter exist.  The payments and benefits to be provided pursuant to this Section 8(g)(i) shall constitute liquidated damages and shall be deemed to satisfy and be in full and final settlement of all obligations of the Company to the Executive under this Agreement.  The Executive acknowledges and agrees that such amounts are fair and reasonable, and are his sole and exclusive remedy, in lieu of all other remedies at law or in equity, with respect to the termination of his employment hereunder.  If, during the CIC Coverage Period, the Executive breaches in any material respect any of his obligations under Section 9 or the Confidentiality Agreement, the Company may, upon written notice to the Executive, (x) terminate the CIC Coverage Period and cease to make any further payments of the CIC Severance Payment and (y) cease any health and welfare benefits and payments, except in each case as required by applicable law.
		

		
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			(ii) For purposes of this Agreement “Change in Control” means the first to occur of any one of the following events: 
		

		

		

		 

		

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			 (A)any “Person,” as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934 (the “Exchange Act”) (other than (1) the Company, (2) any Person who becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act) of more than 50% of the Company’s then outstanding securities eligible to vote in the election of the Board (“Voting Securities”) as a result of a reduction in the number of Voting Securities outstanding due to the repurchase of Voting Securities by the Company unless and until such Person, after becoming aware that such Person has become the beneficial owner of more than 50% of the then outstanding Voting Securities, acquires beneficial ownership of additional Voting Securities representing 1% or more of the Voting Securities then outstanding, (3) any trustee or other fiduciary holding securities under an employee benefit plan of the Company, and (4) any entity owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as their ownership of Voting Securities), is or becomes the beneficial owner, directly or indirectly, of more than 50% of the Voting Securities (not including any securities acquired directly (or through an underwriter) from the Company or the Companies);
		

		
			 
		

		
			 (B)the date on which, within any twelve (12) month period (beginning on or after the Effective Date), a majority of the directors then serving on the Board are replaced by directors not endorsed by at least two-thirds (2/3) of the members of the Board before the date of appointment or election; 
		

		
			 
		

		
			 (C)there is consummated a merger or consolidation of the Company with any other corporation or entity or the Company issues Voting Securities in connection with a merger or consolidation of any direct or indirect subsidiary of the Company with any other corporation, other than (1) a merger or consolidation that would result in the Voting Securities outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into Voting Securities of the surviving or parent entity) more than 50% of the Company’s then outstanding Voting Securities or more than 50% of the combined voting power of such surviving or parent entity outstanding immediately after such merger or consolidation or (2) a merger or consolidation effected to implement a recapitalization of the Company (or similar transaction) in which no Person, directly or indirectly, acquired more than 50% of the Company’s then outstanding Voting Securities (not including any securities acquired directly (or through an underwriter) from the Company or the Companies); or
		

		
			 
		

		
			 (D) the consummation of an agreement for the sale or disposition by the Company of all or substantially all of the Company’s assets (or any transaction having a similar effect), provided that such agreement or transaction of similar effect shall in all events require the disposition, within any twelve (12) month period, of at least 40% of the gross fair market value of all of the Company’s then assets; other than a sale or disposition by the Company of all or substantially all of the Company’s assets to an entity, at least 50% of the combined voting power of the voting securities of which are owned directly or indirectly by stockholders of the Company in substantially the same proportions as their ownership of the Company immediately prior to such sale. 
		

		
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			Notwithstanding the foregoing, in no event shall a Change in Control be deemed to occur hereunder unless such event constitutes a change in ownership of the Company, a change in 
		

		 

		

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		effective control of the Company or a change in ownership of a substantial portion of the Company’s assets within the meaning of Section 409A.
		

		
			(g)Mitigation; Offset.    Following the termination of his employment under any of the above clauses of this Section 8, the Executive shall have no obligation or duty to seek subsequent employment or engagement as an employee (including self-employment) or as a consultant or otherwise mitigate the Company's obligations hereunder; nor shall the payments provided by this Section 8 be reduced by the compensation earned by the Executive as an employee or consultant from such subsequent employment or consultancy.
		

		
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			(h)Release.  Notwithstanding anything to the contrary in this Agreement, receipt of the Severance Benefits and the CIC Severance Benefits  or other compensation or benefits under this Section 8 (other than the Base Obligations), if any, by the Executive is subject to the Executive executing and delivering to the Company a general release of claims following the Date of Termination, in substantially the form attached as Exhibit B (the "Release"), that, within 60 days following the Executive’s Date of Termination, has become irrevocable by the Executive (such date the Release becomes irrevocable being the “Release Effective Date”). If the Executive dies or becomes legally incapacitated prior to the Release Effective Date, then the Release requirements described in the preceding sentence shall apply with respect to the Executive’s estate and the Release shall be modified as reasonably necessary to allow for execution and delivery by the personal representative of the Executive’s estate or the Executive’s authorized legal representative, as applicable.
		

		
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			9.Non-Competition.  The Executive acknowledges and recognizes the highly competitive nature of the businesses of the Company and accordingly agrees as follows:
		

		
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			(a)Non-Competition.    For a period of two years following the Date of Termination (the "Restricted Period"), regardless of the circumstances surrounding such termination of employment, the Executive will not, directly or indirectly (i) engage in any "Competitive Business" (as defined below) for the Executive’s own account while she is in self-employment or acting as a sole proprietor, (ii) enter the employ of, or render any services to, any person engaged in a Competitive Business, (iii) acquire a financial interest in, or otherwise become actively involved with, any person engaged in a Competitive Business, directly or indirectly, as an individual, partner, shareholder, officer, director, principal, agent, trustee or consultant, or (iv) interfere with business relationships (whether formed before or after the Effective Date) between the Company and customers or suppliers of the Company.  For purposes of this Agreement, "Competitive Business" shall mean (x) any national securities exchange registered with the Securities and Exchange Commission, (y) any electronic communications network or (z) any other entity that engages in substantially the same business as the Company, in each case in North America or in any other location in which the Company operates.  For purposes of this Agreement, "person" shall mean an individual, corporation, partnership, limited partnership, limited liability company, syndicate, person (including, without limitation, a "person" as defined in Section 13(d)(3) of the Securities Exchange Act of 1934, as amended), trust, association or entity or government, political subdivision, agency or instrumentality of a government.
		

		
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		(b)Securities Ownership.    Notwithstanding anything to the contrary in this Agreement, the Executive may, directly or indirectly, own, solely as an investment, securities of any person engaged in the business of the Company which are publicly traded on a national or regional stock exchange or on the over-the-counter market if the Executive (i) is not a controlling person of, or a member of a group which controls, such person and (ii) does not, directly or indirectly, own five percent or more of any class of securities of such person.
		

		
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			(c)Severability.    It is expressly understood and agreed that, although the Executive and the Company consider the restrictions contained in this Section 9 to be reasonable, if a final judicial determination is made by a court of competent jurisdiction that the time or territory or any other restriction contained in this Agreement is an unenforceable restriction against the Executive, the provisions of this Agreement shall not be rendered void, but shall be deemed amended to apply as to such maximum time and territory and to such maximum extent as such court may judicially determine or indicate to be enforceable.  Alternatively,  in the event that any one or more of the provisions of this Agreement shall be or become invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions of this Agreement shall not be affected thereby.
		

		
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			10.Specific Performance    The Executive acknowledges and agrees that the Company's remedies at law for a breach or threatened breach of Section 9 above would be inadequate and, in recognition of this fact, the Executive agrees that, in the event of such a breach or threatened breach, in addition to any remedies at law, the Company, without posting any bond, shall be entitled to obtain equitable relief in the form of specific performance, temporary restraining order, temporary or permanent injunction or any other equitable remedy which may then be available.
		

		
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			11.Disputes.    Except as provided in Section 10 above, any dispute arising between the parties under this Agreement, under any statute, regulation, or ordinance, under any other agreement between the parties, and/or in way relating to the Executive’s employment, shall be submitted to binding arbitration before the American Arbitration Association (“AAA”) for resolution.  Such arbitration shall be conducted in New York, New York, and the arbitrator will apply New York law, including federal law as applied in New York courts.  The arbitration shall be conducted in accordance with the AAA’s Employment Arbitration Rules as modified herein. The arbitration shall be conducted by a panel of three arbitrators that is mutually agreeable to both the Executive and the Company, all in accordance with AAA’s Employment Arbitration Rules then in effect.  If the Executive and the Company cannot agree upon the panel of arbitrators, the arbitration shall be settled before a panel of three arbitrators, one to be selected by the Company, one by the Executive, and the third to be selected by the two persons so selected, all in accordance with AAA’s Employment Arbitration Rules. With respect to any and all costs and expenses associated with any such arbitration that are not assignable to one of the parties by the arbitrator, each party shall pay their own costs and expenses, including without limitation, attorney’s fees and costs, except that the Company shall pay the cost of the arbitrators and the filing fees charged to Executive by the AAA, provided she is the claimant or counter claimant in such arbitration and is the prevailing party.  The award of the arbitrators shall be final and binding on the parties, and judgment on the award may be confirmed and entered in any state or federal court in the State and City of New York. The arbitration shall be conducted on a strictly 
		
		
 

		

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		confidential basis, and Executive shall not disclose the existence of a claim, the nature of a claim, any documents, exhibits, or information exchanged or presented in connection with such a claim, or the result of any action (collectively, “Arbitration Materials”), to any third party, with the sole exception of the Executive’s legal counsel, who also shall be bound by confidentiality obligations no less protective than the provisions set forth in the Confidentiality Agreement.  In the event of any court proceeding to challenge or enforce an arbitrators’ award, the parties hereby consent to the exclusive jurisdiction of the state and federal courts in New York, New York and agree to venue in that jurisdiction.  The parties agree to take all steps necessary to protect the confidentiality of the Arbitration Materials in connection with any such proceeding, agree to file all Confidential Information,  as defined in the Confidentiality Agreement (and documents containing Confidential Information) under seal, subject to court order and agree to the entry of an appropriate protective order encompassing the confidentiality terms of this Agreement.  Nothing contained in this Section 11 shall be construed to preclude the Company from exercising its rights under Section 10 above.

		
		
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			12.Miscellaneous.
		

		
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			(a)Acceptance.    The Executive hereby represents and warrants, as a material inducement to the Company's agreement to enter into this Agreement, that there are no legal, contractual or other impediments precluding the Executive from entering into this Agreement or from performing the services with the Company contemplated hereby.  Any violation of this representation and warranty by the Executive shall render all of the obligations of the Company under this Agreement void ab initio and of no force and effect.
		

		
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			(b)Entire Agreement; Amendments.  This Agreement, together with the equity award agreements between the Executive and the Company contain the entire understanding of the parties with respect to the employment of the Executive by the Company, and shall supersede any and all previous contracts, arrangements or understandings between the Company and the Executive with respect to the subject matter set forth herein.  There are no restrictions, agreements, promises, warranties, or covenants by and between the Company and the Executive and undertakings between the parties with respect to the subject matter herein other than those expressly set forth herein.  This Agreement may not be altered, modified or amended except by written instrument signed by the parties hereto.
		

		
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			(c)No Waiver.    The failure of a party to insist upon strict adherence to any term of this Agreement on any occasion shall not be considered a waiver of such party's rights or deprive such party of the right thereafter to insist upon strict adherence to that term or any other term of this Agreement.
		

		
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			(d)Successor; Assignment.    This Agreement is confidential and personal and neither of the parties hereto shall, without the consent of the other, assign or transfer this Agreement or any rights or obligations hereunder.  Without limiting the foregoing, the Executive's right to receive payments hereunder shall not be assignable or transferable whether by pledge, creation of a security interest or otherwise, other than a transfer by the Executive's will or by the laws of descent and distribution.  In the event of any attempted assignment or transfer contrary to this Section 12(d), the Company shall have no liability to pay the assignee or 
		
		
 

		

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		transferee any amount so attempted to be assigned or transferred.  The Company shall cause this Agreement to be assumed by any entity that succeeds to all or substantially all of the Company's business or assets and this Agreement shall be binding upon any successor to all or substantially all of the Company's business or assets; provided, however, that no such assumption shall release the Company of its obligations hereunder, to the extent not satisfied by such successor, without the Executive's prior written consent.

		
		
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			(e)Confidentiality of Tax Treatment and Structure.    Notwithstanding anything herein to the contrary, each party and its representatives may consult any tax advisor regarding the tax treatment and tax structure of this Agreement and may disclose to any person, without limitation of any kind, the tax treatment and tax structure of this Agreement and all materials (including opinions or other tax analyses) that are provided relating to such treatment or structure.
		

		
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			(f)Notice.    For the purpose of this Agreement, notices and all other communications provided for in this Agreement shall be in writing and shall be deemed to have been duly given when delivered or mailed by United States registered mail, return receipt requested, postage prepaid, addressed to the respective addresses set forth on the execution page of this Agreement, provided that all notices to the Company shall be directed to the attention of the General Counsel or to such other address as either party may have furnished to the other in writing in accordance herewith, except that notice of change of address shall be effective only upon receipt:
		

		
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			if to the Company:
		

		
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			The Office of the General Counsel
		

		
			Nasdaq, Inc.
		

		
			One Liberty Plaza
		

		
			New York, NY 10006
		

		
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			if to the Executive:
		

		
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			his address as shown in the records of the Company
		

		
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			(g)Withholding Taxes.  The Company may withhold from any amounts payable under this Agreement such federal, state and local taxes as may be required to be withheld pursuant to any applicable law or regulation.
		

		
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			(h)Section 409A.    Notwithstanding any other provision of this Agreement, any payment, settlement or benefit triggered by termination of the Executive’s employment with the Company shall not be made until six months and one day following Date of Termination if such delay is necessary to avoid the imposition of any tax, penalty or interest under Section 409A of the Internal Revenue Code of 1986, as amended (Section “409A”).  Any installment payments that are delayed pursuant to this Section 12(h) shall be accumulated and paid in a lump sum on the day that is six months and one day following the Date of Termination (or, if earlier, upon the Executive’s death) and the remaining installment payments shall begin on such date in 
		

		 

		

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		accordance with the schedule provided in this Agreement.  For purposes of this Agreement, termination or severance of employment will be read to mean a “separation from service” within the meaning of Section 409A where it is reasonably anticipated that no further services would be performed after that date or that the level of services the Executive would perform after that date (whether as an employee or independent contractor) would permanently decrease to no more than 20 percent of the average level of bona fide services performed over the immediately preceding thirty-six (36) month period.    Additionally, the amount of expenses eligible for reimbursement or in-kind benefits to be provided during one calendar year may not affect the expenses eligible for reimbursement or any in-kind benefits to be provided in any other calendar year and the right to reimbursement or in-kind benefits is not subject to liquidation or exchange for another benefit.  All reimbursements shall be made no later than the last day of the calendar year following the calendar year in which the Executive incurs the reimbursable expense.  This Agreement is intended to comply with the requirements of Section 409A (including the exceptions thereto), to the extent applicable, and the Agreement shall be administered and interpreted in accordance with such intent.  If any provision contained in the Agreement conflicts with the requirements of Section 409A (or the exemptions intended to apply under the Agreement), the Agreement shall be deemed to be reformed to comply with the requirements of Section 409A (or the applicable exemptions thereto).  The Company, after consulting with the Executive, may amend this Agreement or the terms of any award provided for herein in any manner that the Company considers necessary or advisable to ensure that cash compensation, equity awards or other benefits provided for herein are not subject to United States federal income tax, state or local income tax or any equivalent taxes in territories outside the United States prior to payment, exercise, vesting or settlement, as applicable, or any tax, interest or penalties pursuant to Section 409A. Any such amendments shall be made in a manner that preserves to the maximum extent possible the intended benefits to the Executive. This Section  12(h) does not create an obligation on the part of the Company to modify this Agreement and does not guarantee that the amounts or benefits owed under the Agreement will not be subject to interest and penalties under Section 409A.  For purposes of this Agreement, all rights to payments and benefits hereunder shall be treated as rights to receive a series of separate payments and benefits to the fullest extent allowed by Section 409A.
		

		
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			(i)Clawback.  The Executive agrees that compensation and benefits provided by the Company under this Agreement or otherwise will be subject to recoupment or clawback by the Company under any applicable clawback or recoupment policy of the Company that is generally applicable to the Company’s executives, as may be in effect from time-to-time, or as required by applicable law.
		

		
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			(j)Audit Rights.  Any and all equity compensation of any kind due hereunder to Executive after the Date of Termination shall be accompanied by a detailed statement from the Company showing the calculation for such compensation for the period being measured.  Within thirty (30) days after the delivery of such statement, the Executive may notify the Company of any objections or changes thereto, specifying in reasonable detail any such objections or changes.  If the Executive does not notify the Company of any objections or changes thereto or if within twenty (20) days of the delivery of an objection notice the Executive and the Company agree on the resolution of all objections or changes, then such statements delivered by the Company, with such changes as are agreed upon, shall be final and 
		

		 

		

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		binding.  If the parties shall fail to reach an agreement with respect to all objections or changes within such twenty (20) day period, then all disputed objections or changes shall, be subject to resolution in accordance with Section 11 above.
		

		
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			(k)Counterparts.  This Agreement may be signed in counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument.
		

		
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			(l)Governing Law.  This Agreement shall be governed by and construed in accordance with the laws of the State of New York.
		

		
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			*            *            *
		

		
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			IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of the day and year first above written.
		

			
					
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						EXECUTIVE

				
	
					
						   

					
					
						 

					
						   

					
					
						 

					
						/s/ Bradley Peterson 

					
						___________________________________________________

					
						Bradley Peterson

					
						 

					
						 

					
						 Robert Greifeld

				
	
					
						   

					
					
						 

					
						   

					
					
						 

					
						 Nasdaq, Inc. 

				
	
					
						   

					
					
						 

					
						   

					
					
						 

					
						 By:

					
					
						 

					
						/s/ Robert Greifeld

					
						_______________________________________________

					
						 

				
	
					
						   

					
					
						 

					
						   

					
					
						Name:

					
						Title:

					
					
						 Robert Greifeld

					
						 Chief Executive Officer

				

		
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			Exhibit A
		

		
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			NASDAQ CONTINUING OBLIGATIONS AGREEMENT
		

		
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			During the course of my employment or engagement with Nasdaq and/or its subsidiaries and affiliates (collectively, the “Company”), I understand that I will have or be given access to, and/or receive, certain non-public, confidential, and proprietary information and or specialized training and trade secrets pertaining to the business of the Company and Company’s customers or prospective customers (“Company Parties”).  Any unauthorized disclosure or use of such information would cause grave harm to the Company Parties.  Therefore, to  assure the confidentiality and proper use of Confidential Information and other Company Property (each as defined herein), and in consideration of my engagement with the Company, my access to confidential information, training and trade secrets, and the compensation paid or to be paid for my services during that engagement, and the mutual covenants and promises contained herein, I  agree to the following:
		

		
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			1.Confidentiality and Company Property.    
		

		
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			All Confidential Information and Company Property (as those terms are defined below) is owned by and for the Company Parties exclusively; is intended solely for authorized, work-related purposes on behalf of the Company Parties; and shall not be used for personal or other non-work related purposes. Specifically, without limitation, I shall not, directly or indirectly, at any time during or after engagement with the Company, without prior express written authorization from the Company (i) divulge, disclose, transmit, reproduce, convey, summarize, quote, share, or make accessible to any other person or entity Confidential Information or non-public Company Property; (ii) use any Confidential Information or Company Property for any purpose outside the course of performing the authorized duties of my work with the Company; (iii) remove Company Property or Confidential Information from the Company Parties’ premises without obtaining prior express written authorization from the Company; or (iv) review or seek to access any Confidential Information or Company Property except as required in connection with my work for the Company.  
		

		
			2.Non-Solicitation.  
		

		
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			I agree that, for a period of six (6) months following my separation from service for any reason, I shall not, directly or indirectly, without express written consent from Company’s Office of General Counsel:
		

		
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			a)  Interfere with any customer relationship the Company has with any of its current customers or potential customers that I had any involvement with, directly or indirectly, during the last twelve (12) months of my employment; or
		

		
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			b)Solicit, or induce to enter into any business arrangement with, any employee or contractor of the Company with whom I had any contact or a relationship with during the last twelve (12) months of my employment; or
		

		
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			c)  Solicit, or induce to enter into any business arrangement with, any employee or contractor of the Company’s customers that I knew, or reasonably could be expected to know, was solicited by the Company for any technology, operations, sales or business role during the last twelve (12) months of my employment with the Company. 
		

		
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		Nothing in this Section shall be construed to prohibit me from becoming employed or engaged by another entity after my termination of employment from the Company, as long as I am not engaged in duties that violate the non-solicitation provisions in this Section.  Other non-competition provisions in other Company agreements signed by me may apply depending on the law of the applicable jurisdiction.
		

		
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			3.Inventions Assignment.
		

		
			
		

		
			I will promptly disclose to the Company, or its designee, all Nasdaq Inventions (as defined below).  All Nasdaq Inventions shall be the exclusive property of the Company, and I acknowledge that all Nasdaq Inventions shall be considered as “works made for hire” belonging to the Company.  To the extent that any Nasdaq Inventions  may not be considered works made for hire, I hereby assign to the Company, without any further consideration, all right, title, and interest in and to all such Nasdaq Inventions, including, without limitation, all copyrights, all patents, all patent applications all provisional applications, divisional applications, continuation applications, continuation in-part applications, and all patents that may issue therefrom and all reissues, reexaminations and extensions thereof, all other intellectual property rights, all moral rights, all contract and licensing rights, and all claims and causes of action of any kind with respect to such rights, including, without limitation, the right to sue and recover damages or other compensation and/or obtain equitable relief for any past, present, or future infringement or misappropriation thereof.  The assignment to the Company herein of all rights to the Nasdaq Inventions is without additional compensation to me.  At the Company’s expense, I will assist in every proper way to perfect the Company’s rights in the Nasdaq Inventions and to protect the Nasdaq Inventions throughout the world, including, without limitation, (i) executing in favor of the Company or its designee(s) documents confirming patent, copyright, and other applications’ assignment to the Company relating to the Nasdaq Inventions and (ii) the filing by the Company of such assignment in the United States Patent and Trademark Office, and any corresponding entities in any applicable foreign countries or multinational authorities, to record the Company or its designee(s) of the Company’s patents or patent applications as the assignee and owner of the patents or patent applications.  I agree not to challenge the validity of the Nasdaq Inventions or the ownership by the Company or its designee(s) of the Nasdaq Inventions.
		

		
			
		

		
			4.Non-Disparagement. 
		

		
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			I agree that I shall not issue, circulate, publish or utter any false or disparaging, statement, remarks, opinions or rumors about the Company or its shareholders unless giving truthful testimony under subpoena or court order.  Notwithstanding, I understand that I may provide truthful information to any governmental agency or self-regulatory organization with or without subpoena or court order.  With the exception of communications made in a private corporate communication as an employee or consultant with regard to a listing decision of my employer or my consulting client, I agree that public communications regarding a preference for listing a security on a market other than the Company, that the quality of the Company as a securities market is in any way inferior to any other securities market or exchange, and/or that the regulatory efforts and programs of the Company are or have been lax in any way, are specifically defined as disparaging and will constitute a material breach of this Agreement.  Nothing in this paragraph, however, shall prevent me from making good faith, factual and truthful statements related to listing with the Company as long as my statements are not based on proprietary information. 
		

		
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			5.Cooperation. 
		

		
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			If I receive a subpoena or process from any person or entity (including, but not limited to, any governmental agency) which may or will require me to disclose documents or information or provide 
		

		 

		

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		testimony (in a deposition, court proceeding, or otherwise) regarding, in whole or in part, any of the Company Parties or any Confidential Information or Company Property, I shall: (i) to the extent permissible by law, notify Nasdaq’s Office of the General Counsel of the subpoena or other process within twenty-four (24) hours of receiving it; and (ii) to the maximum extent possible, not make any disclosure until the Company Parties have had a reasonable opportunity to contest the right of the requesting person or entity to such disclosure, limit the scope or nature of such disclosure, and/or seek to participate in the proceeding or matter in which the disclosure is sought.
		

		
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			6.Definitions.    
		

		
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			"Competitor" shall mean any entity or enterprise engaged or having intent to engage in the sale or marketing of any product or service that is sold in competition with, or is being developed to compete with, a product or service developed or sold by the Company.  For reference, a discussion of some likely competitors can be found in the Company’s SEC Form 10-K (Competition section), for which the last filed version prior to my separation from service shall be considered by the Office of General Counsel in connection with any request for a waiver.  This discussion section shall be neither fully determinative, nor fully exhaustive.
		

		
			 
		

		
			“Confidential Information” shall mean any non-public, proprietary information regarding the Company Parties, whether in writing or not, whether in digital, hardcopy, or another format, including all personal information, all personnel information, financial data, commercial data, trade secrets, business plans, business models, organizational structures and models, business strategies, pricing and advertising techniques and strategies, research and development activities, software development, market development, exchange registration, studies, market penetration plans, listing retention plans and strategies, marketing plans and strategies, communication and/or public relations products, plans, programs, recruiting strategies, databases, processes, work product or inventions, financial formulas and methods relating to Company Parties’ business, computer software programs, accounting policies and practices, and all strategic plans or other matters, strategies, and financial or operating information pertaining to current or potential customers or transactions (including information regarding each Company Party’s current or prospective customers, customer names, and customer representatives), templates and agreements, and all other information about or provided by the Company Parties, including information regarding any actual or prospective business opportunities, employment opportunities,  finances, investments, and other proprietary information and trade secrets.  Notwithstanding the above, Confidential Information shall not include any information that: (i) was known to me prior to my engagement with the Company as evidenced by written records in my possession prior to such disclosure; or (ii) is generally and publicly available and known to all persons in the industries where the Company conducts business, other than because of any unauthorized disclosure by me. 
		

		
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			“Company Property” shall mean all property and resources of the Company Parties, or any Company Party, including, without limitation, Confidential Information, each Company Party’s products, each Company Party’s computer systems and all software, E-mail, web pages and databases, telephone and facsimile services, and all other administrative and/or support services provided by the Company Parties.  I further agree that “Company Property” shall include processes, data, works of authorship, methods, Inventions (as that term is defined below), developments, and improvements that I conceive, originate, develop, author, or create, solely or jointly with others, during or as a result of my employment with the Company, or using Company Property, and without regard to whether any of the foregoing also may be included within “Confidential Information” as defined under this Agreement. 
		

		
			“Nasdaq Inventions” shall mean all ideas, improvements, trade secrets, know-how, confidential technical or business information, sales and other commercial relationships, potential sales and other 
		

		 

		

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		commercial relationships, business methods or processes, copyrightable expression, research, marketing plans, computer software (including, without limitation, source code(s)), computer programs, original works of authorship, industrial designs, trade dress, developments, discoveries, trading systems, trading strategies and methodologies, improvements, modifications, technology, algorithms and designs, (regardless of whether any of the foregoing are subject to patent or copyright protection), that are (i) made, conceived, expressed, developed, or reduced to practice by me (solely or jointly with others) during or as a result of my employment with the Company or using Company Property and (ii) which relate in any manner to the Company, the business of the Company (including without limitation the services the Company provides to any of the Company Parties), or my engagement by the Company.  
		

		
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			7.Return Of Confidential Information And Company Property. 
		

		
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			Upon my termination of engagement with the Company, for any reason, or if the Company so requests,  I shall promptly deliver to the Company all Confidential Information and Company Property, including Nasdaq Inventions in my possession or under my control, as well as all documents, disks, tapes, or other electronic, digital, or computer means of storage, and all copies of such information and property.
		

		
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			8.Injunctive Action.
		

		
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			I acknowledge that the foregoing provisions and restrictions are reasonable and necessary for the protection of the Company Parties and their respective businesses.  These obligations are not limited in time to the duration of my engagement and rather shall survive the termination of my engagement by the Company, regardless of the reason for its termination.  I agree that my breach of any of the foregoing provisions will result in irreparable injury to the Company Parties, that monetary relief alone will be inadequate to redress such a breach, and further that the Company shall be entitled to obtain an injunction to prevent and/or remedy such a breach (without first having to post a bond).  
		

		
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			(a)In any proceeding for an injunction and upon any motion for a temporary or permanent injunction (“Injunctive Action”), the Company’s right to receive monetary damages shall not be a bar or interposed as a defense to the granting of such injunction.  The Company’s right to an injunction is in addition to, and not in lieu of, any other rights and remedies available to the Company under law or in equity, including any remedy the Company may seek in any arbitration brought pursuant to Paragraph 9 of this Agreement.  
		

		
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			(b)I hereby irrevocably submit to the jurisdiction of the courts of New York in any Injunctive Action and waive any claim or defense of inconvenient or improper forum or lack of personal jurisdiction under any applicable law or decision.  Upon the issuance (or denial) of an injunction, the underlying merits of any such dispute shall be resolved in accordance with Paragraph 9 of this Agreement.
		

		
			9.Arbitration. 
		

		
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			Except as provided in Section 8 of this Agreement, any dispute arising between the Parties under this Agreement, under any statute, regulation, or ordinance, under any other agreement between the Parties, and/or in way relating to my engagement by the Company, shall be submitted to binding arbitration before the American Arbitration Association (“AAA”) for resolution.  Such arbitration shall be conducted in New York, New York, and the arbitrator will apply New York law, including federal law as applied in New York courts.  The arbitration shall be conducted in accordance with the AAA’s Employment Arbitration Rules as modified herein.  The arbitration shall be conducted by a single arbitrator, who shall be an attorney who specializes in the field of employment law and who shall have prior experience arbitrating employment disputes.  The award of the arbitrator shall be final and binding on the Parties, and judgment on the award may be confirmed and entered in any state or federal court in the State of New York and City of New York.  In the event of any court proceeding to challenge or enforce an arbitrator’s 
		

		 

		

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		award, the Parties hereby consent to the exclusive jurisdiction of the state and federal courts in New York, New York and agree to venue in that jurisdiction.
		

		
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			The arbitration shall be conducted on a strictly confidential basis, and I shall not disclose the existence of a claim, the nature of a claim, any documents, exhibits, or information exchanged or presented in connection with such a claim, or the result of any action (collectively, “Arbitration Materials”), to any third party, with the sole exception of my legal counsel, who also shall be bound by these confidentiality terms.  The Parties agree to take all steps necessary to protect the confidentiality of the Arbitration Materials in connection with any such proceeding, agree to file all Confidential Information (and documents containing Confidential Information) under seal, and agree to the entry of an appropriate protective order encompassing the confidentiality terms of this Agreement.
		

		
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			10.Governing Law; Amendment; Waiver; Severability.
		

		
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			This Agreement shall be construed in accordance with and shall be governed by the laws of the State of New York, excluding any choice of law principles.  This Agreement constitutes the entire agreement between the Parties with respect to the subject matter hereof, and may not be amended, discharged, or terminated, nor may any of its provisions be waived, except upon the execution of a valid written instrument executed by me and the Company.  
		

		
			(a)If any term or provision of this Agreement (or any portion thereof) is determined by an arbitrator or a court of competent jurisdiction to be invalid, illegal, or incapable of being enforced, all other terms and provisions of this Agreement shall nevertheless remain in full force and effect.  
		

		
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			(b) Upon a determination that any term or provision (or any portion thereof) is invalid, illegal, or incapable of being enforced, the Company and I agree that an arbitrator or reviewing court shall have the authority to amend or modify this Agreement so as to render it enforceable and effect the original intent of the Parties to the fullest extent permitted by applicable law.  
		

		
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			11.Miscellaneous.
		

		
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			This Agreement (i) may be executed in identical counterparts, which together shall constitute a single agreement; (ii) shall be fairly interpreted in accordance with its terms and without any strict construction in favor of or against either Party, notwithstanding which Party may have drafted it; and (iii) the headings herein are included for reference only and are not intended to affect the meaning or interpretation of the Agreement.  This Agreement is binding upon, and shall inure to the benefit of, me and the Company and our respective heirs, executors, administrators, successors and assigns.
		

		
			Without limiting the scope or generality of the terms of this Agreement in any way, I acknowledge and agree that the terms of this Agreement and all discussions regarding this Agreement are confidential, and accordingly I agree not to disclose any such information to any third party, except to my attorney(s), or as otherwise may be required by law.  Notwithstanding the foregoing, I may disclose to any prospective employer the fact and existence of this Agreement, and provide copies of this Agreement to such entity.  The Company also has the right to apprise any prospective employer or other entity or person of the terms of this Agreement and provide copies to any such persons or entities.  
		

		
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			12.Other Terms of My Engagement. 
		

		
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			Nothing in this Agreement alters the at-will nature of my employment or engagement with the Company.  I acknowledge and agree that my employment or engagement is at-will, which means that both I and the Company shall have the right to terminate such engagement at any time, for any reason, with or without cause and with or without prior notice.  
		

		
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			To the extent I am signing this Agreement in any capacity other than as an employee (e.g., consultant, independent contractor), the written terms of my engagement supersede the terms of this Paragraph.   
		

		 

		

			21

		

 

		

			

		

		Moreover, I acknowledge that my engagement with the Company requires undivided attention and effort.  Therefore, I will not, during my  engagement with the Company, engage in any other employment or business, other than for the Company, or assist in any manner any business that is competitive with the business or the future business plans of the Company, unless I receive prior express written consent from the Company’s Global Ethics Team.
		

		
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			I hereby acknowledge and accept the terms of this Agreement as of the Effective Date, by signature below.
		

		
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			/s/ Bradley J. PetersonDate: 8/1/2016
		

		
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			Print Name: Bradley J. Peterson
		

		
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			22

		

 

		

			

		

		
		

		
			Exhibit B
		

		
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			Release of Claims
		

		
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			GENERAL RELEASE
		

		
			WHEREAS, Bradley Peterson (hereinafter referred to as the "Executive") and Nasdaq, Inc. (hereinafter referred to as "Employer") are parties to an Employment Agreement, dated August 1, 2016 (the "Employment Agreement"), which provided for the Executive's employment with Employer on the terms and conditions specified therein; and 
		

		
			WHEREAS, the Executive has agreed to execute a release of the type and nature set forth herein as a condition to his entitlement to certain payments and benefits upon his termination of employment with Employer.
		

		
			NOW, THEREFORE, in consideration of the premises and mutual promises herein contained and for other good and valuable consideration received or to be received by the Executive in accordance with the terms of the Employment Agreement, it is agreed as follows:
		

			
	
			
				 1.
			Excluding enforcement of the covenants, promises and/or rights reserved herein, the Executive hereby irrevocably and unconditionally releases, acquits and forever discharges Employer and each of Employer's owners, stockholders, predecessors, successors, assigns, directors, officers, employees, divisions, subsidiaries, affiliates (and directors, officers and employees of such companies, divisions, subsidiaries and affiliates) and all persons acting by, through, under or in concert with any of them (collectively "Releasees"), or any of them, from any and all charges, complaints, claims, liabilities, obligations, promises, agreements, controversies, damages, actions, causes of action, suits, rights, demands, costs, losses, debts and expenses (including attorneys'  fees and costs actually incurred) of any nature whatsoever, known or unknown, suspected or unsuspected, including, but not limited to, rights arising out of alleged violations of any contracts, express or implied, any covenant of good faith and fair dealing, express or implied, or any tort or any legal restrictions on Employer's right to terminate employees, or any Federal, state or other governmental statute, regulation or ordinance, including, without limitation, Title VII of the Civil Rights Act of 1964, as amended, the Federal Age Discrimination In Employment Act of 1967 ("ADEA"), as amended, the Employee Retirement Income Security Act ("ERISA"), as amended, the Civil Rights Act of 1991, as amended, the Rehabilitation Act of 1973, as amended, the Older Workers Benefit Protection Act ("OWBPA"), as amended, the Worker Adjustment Retraining and Notification Act ("WARN"), as amended, the Fair Labor Standards Act ("FLSA"), as amended, the Occupational Safety and Health Act of 1970 ("OSHA"), the New York State Human Rights Law, as amended, the New York Labor Act, as amended, the New York Equal Pay Law, as amended, the New York Civil Rights Law, as amended, the New York Rights of Persons With Disabilities Law, as amended, and the New York Equal Rights Law, as amended, that the Executive now has, or has ever had, or ever will have, against each or any of the Releasees, by reason of any and all acts, omissions, events, circumstances or facts existing or occurring up through the date of the Executive's execution hereof that directly or indirectly arise out of, relate to, or are connected with, the Executive's services to, or employment by Employer (any of the foregoing being a "Claim" or, 
		

		 

		

			23

		

 

		

			

		

			collectively, the "Claims"); provided,  however, that this release shall not apply to any of the obligations of Employer or any other Releasee under the Employment Agreement, or under any agreements, plans, contracts, documents or programs described or referenced in the Employment Agreement; and provided,  further, that this release shall not apply to any rights the Executive may have to obtain contribution or indemnity against Employer or any other Releasee pursuant to contract, Employer's certificate of incorporation and by-laws or otherwise.

			
	
			
				 2.
			The Executive expressly waives and relinquishes all rights and benefits afforded by California Civil Code Section 1542 and does so understanding and acknowledging the significance of such specific waiver of Section 1542.  Section 1542 states as follows:

		
			"A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM OR HER MUST HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR."
		

		
			Thus, notwithstanding the provisions of Section 1542, and for the purpose of implementing a full and complete release and discharge of the Releasees, the Executive expressly acknowledges that this Agreement is intended to include in its effect, without limitation, all Claims that the Executive does not know or suspect to exist in the Executive's favor at the time of execution hereof, and that this Agreement contemplates the extinguishment of any such Claim or Claims.
		

			
	
			
				 3.
			The Executive understands that she has been given a period of 21 days to review and consider this General Release before signing it pursuant to the Age Discrimination In Employment Act of 1967, as amended.  The Executive further understands that she may use as much of this 21-day period as the Executive wishes prior to signing.

			
	
			
				 4.
			The Executive acknowledges and represents that she understands that she may revoke the waiver of his rights under the Age Discrimination In Employment Act of 1967, as amended, effectuated in this Agreement within 7 days of signing this Agreement.  Revocation can be made by delivering a written notice of revocation to Office of the General Counsel, Nasdaq, Inc., One Liberty Plaza, New York, New York 10006.  For this revocation to be effective, written notice must be received by the General Counsel no later than the close of business on the seventh day after the Executive signs this Agreement.  If the Executive revokes the waiver of his rights under the Age Discrimination In Employment Act of 1967, as amended, Employer shall have no obligations to the Executive under Section 8 (other than the Base Obligations) of the Employment Agreement.

			
	
			
				 5.
			The Executive and Employer respectively represent and acknowledge that in executing this Agreement neither of them is relying upon, and has not relied upon, any representation or statement not set forth herein made by any of the agents, representatives or attorneys of the Releasees with regard to the subject matter, basis or effect of this Agreement or otherwise.

		 

		

			24

		

 

		

			

		

			
	
			
				 6.
			This Agreement shall not in any way be construed as an admission by any of the Releasees that any Releasee has acted wrongfully or that the Executive has any rights whatsoever against any of the Releasees except as specifically set forth herein, and each of the Releasees specifically disclaims any liability to any party for any wrongful acts.

			
	
			
				 7.
			It is the desire and intent of the parties hereto that the provisions of this Agreement be enforced to the fullest extent permissible under law.  Should there be any conflict between any provision hereof and any present or future law, such law will prevail, but the provisions affected thereby will be curtailed and limited only to the extent necessary to bring them within the requirements of law, and the remaining provisions of this Agreement will remain in full force and effect and be fully valid and enforceable.

			
	
			
				 8.
			The Executive represents and agrees (a) that the Executive has to the extent she desires discussed all aspects of this Agreement with his attorney, (b) that the Executive has carefully read and fully understands all of the provisions of this Agreement, and (c) that the Executive is voluntarily entering into this Agreement.

			
	
			
				 9.
			This General Release shall be governed by, and construed in accordance with, the laws of the State of New York, without giving effect to the conflicts of laws principles thereof or to those of any other jurisdiction which, in either case, could cause the application of the laws of any jurisdiction other than the State of New York.  This General Release is binding on the successors and assigns of, and sets forth the entire agreement between, the parties hereto; fully supersedes any and all prior agreements or understandings between the parties hereto pertaining to the subject matter hereof; and may not be changed except by explicit written agreement to that effect subscribed by the parties hereto.

		
			PLEASE READ CAREFULLY.  THIS GENERAL RELEASE INCLUDES A RELEASE OF ALL KNOWN AND UNKNOWN CLAIMS.
		

		
			This General Release is executed by the Executive and Employer as of the ____ day of ______, 20__.
		

		
			____________________________________
Bradley Peterson
		

		
			Nasdaq, Inc. 
		

		
			By:  
        Name: Robert Greifeld 
        Title:   Chief Executive Officer
		

		 

		

			25Exhibit

FIFTH AMENDMENT TO LEASE

THIS FIFTH AMENDMENT TO LEASE (“Fifth Amendment”) is made and entered into as of the 29th day of July, 2016 by and between COPLEY PLACE ASSOCIATES, LLC, a Delaware limited liability company (the “Landlord”), and WAYFAIR LLC, a Delaware limited liability company (the “Tenant”).
Reference is made to the following:
A.That certain lease (“Original Lease”) dated as of April 18, 2013, by and between Landlord and Tenant as amended by a First Amendment to Lease (“First Amendment”) dated as of February 11, 2014 and a Second Amendment to Lease (“Second Amendment”) dated as of October 24, 2014 and a Third Amendment to Lease dated as of October 8, 2015 (“Third Amendment”) and a Fourth Amendment to Lease dated as of February 3, 2016 (“Fourth Amendment”) as supplemented by a letter agreement dated July 28, 2016 (the Fourth Amendment as so supplemented, the “Supplemented Fourth Amendment”), by and between Landlord and Tenant (the Original Lease as amended by the First Amendment, the Second Amendment, the Third Amendment and the Supplemented Fourth Amendment is referred to herein as the “Lease”) of space in the Office Section of the Building containing 881,660 rentable square feet, known as Copley Place, in Boston, Suffolk County, Massachusetts consisting of approximately 380,994 rentable square feet of space on the First, Second, Third, Fourth, Fifth, Sixth and Seventh Floors of Four Copley Place and on the Second Floor and Third Floor of Three Copley Place and on the First Floor, Third Floor, Fifth Floor, Sixth Floor and Seventh Floor of One Copley Place (“Current Premises”); and
B.Landlord has available or will have available for lease additional space in the Building, some of which will be subject to a right of first offer held by Tenant under Article 43 of the Original Lease; and
C.Tenant has agreed to lease from Landlord such additional space in the Building on the terms and conditions set forth below; and
D.Each capitalized term used in this Fifth Amendment without definition or reference to a specific amendment to the Original Lease shall have the meaning ascribed to such term in the Original Lease. 
NOW, THEREFORE, in consideration of the mutual covenants and agreements hereinafter set forth and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Landlord and Tenant hereby agree to amend the Lease and otherwise agree as follows:

1.Extension of Term of Lease; Options to Extend.  The Term of the Lease shall be extended to terminate on December 31, 2027 and the Termination Date under Section 1.10 of the Lease shall be accordingly amended to such date.  Tenant’s options to extend the Term under Section 41 of the Lease shall remain in full force and effect except that the right of extension must be exercised by thirty (30) months prior to the end of the then Term rather than eighteen (18) months. 
2.    Increase in Premises Demised under the Lease.  The Current Premises shall be increased by the addition thereto of the spaces (“Amendment 5 Expansion Spaces”) described on Exhibit A attached hereto as of the respective Add to Premises Dates set forth in Exhibit A hereto.  The Amendment 5 Expansion Spaces, which aggregate approximately 163,485 rentable square feet, are shown on plans attached hereto as Exhibit B.
3.    Base Rent. 

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	A.
	Base Rent for the Current Premises for the extension of the Term to December 31, 2027 is set forth on Exhibit C attached hereto and Section 1.11 of the Lease is amended hereby.

		
	B.
	Base Rent for the Amendment 5 Expansion Spaces, and the date as which Base Rent for the Amendment 5 Expansion Spaces commences, shall be as set forth on Exhibit D.  Effective as of the date Base Rent becomes payable for a portion of the Amendment 5 Expansion Spaces, the Base Rent payable under Section 1.11 of the Lease (as such section of the Original Lease has been amended to date) shall be the sum of (i) the Base Rent otherwise payable under the Lease as amended by Subsection 3A above and (ii) the increase in Base Rent, attributable to the Amendment 5 Expansion Spaces set forth in Exhibit D.

4.    Proportionate Shares.  
		
	A.
	Section 1.12 of the Lease is amended to read in its entirety:

	
		
	1.12   Operating Expense 
Base Year:
	As to the Premises other than the Fifth Expansion Spaces, the Calendar Year 2014.
As to the Fifth Expansion Spaces, the Calendar Year 2016.
As to Amendment 5 Expansion Spaces, the Calendar Year 2018

		
	B.
	Section 1.14 of the Lease is amended to read in its entirety:

	
		
	1.14   Tax Base Year:
	As to the Premises other than the Fifth Expansion Spaces, the Calendar Year 2014.
As to the Fifth Expansion Spaces, the tax fiscal year July 1, 2016 to June 30, 2017.
As to Amendment 5 Expansion Spaces, the tax fiscal year July 1, 2017 to June 30, 2018.

		
	C.
	Section 1.16 of the Lease is amended to read in its entirety:

	
		
	1.16   Tenant’s Proportionate 
Tax Share:
	33.25 % for the Premises (computed on the basis of 95% occupancy) consisting of 278,534 rentable square feet, exclusive of the Fifth Expansion Spaces.
11.22% for the Fifth Expansion Spaces (computed on the basis of 95% occupancy).
19.52% for the Amendment 5 Expansion Spaces.

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	D.
	Effective for periods from and after the Fifth Expansion Commencement Date, Section 1.17 of the Lease is amended to read in its entirety:

	
		
	1.17   Tenant’s Proportionate 
Expense Share:
	33.25% for the Premises (computed on the basis of 95% occupancy) consisting of 278,534 rentable square feet, exclusive of the Fifth Expansion Spaces.
11.22% for the Fifth Expansion Spaces Premises (computed on the basis of 95% occupancy).
19.52% for the Amendment 5 Expansion Spaces

5.    Condition of Amendment 5 Expansion Spaces.
		
	A.
	The Amendment 5 Expansion Spaces are being delivered to Tenant as of the date hereof in as-is, where-is condition (subject only to Landlord’s Contributions (as defined in Subsection C below) to demolition and construction), except that Landlord shall deliver the Amendment 5 Expansion Spaces broom-clean and free of all occupants, furniture, debris and other personal property.  Subject to the foregoing, without limitation, Landlord shall have no responsibility for any condition or construction within the Amendment 5 Expansion Spaces or for any condition above the finished ceilings except with regard to utilities and conduits serving premises other than the Premises, except that the foregoing shall not relieve Landlord from its obligations to deliver the Premises with all base Building systems operational at the Premises and to repair and maintain the Building components described in Section 8.02 of the Original Lease (as the same may be amended from time to time) in accordance with and subject to said Section 8.02 of the Original Lease (as the same may be amended from time to time).  Subject to the foregoing, the obligations of Landlord under Exhibit B-2 of the Original Lease shall not be applicable to the Amendment 5 Expansion Spaces nor shall Tenant have any right to any Allowance with respect to the Amendment 5 Expansion Spaces under Article 38 of the Original Lease (except as set forth in Subsection C below).  Tenant shall be responsible for the demolition of the Amendment 5 Expansion Spaces and, subject only to Landlord’s Contributions, for all construction therein and for installation of telecommunications, business equipment and furniture (all of which shall be subject to the terms and conditions of the Lease regarding Alterations as if the amendment 5 Expansion Spaces were a part of the Premises) and all costs in connection therewith including without limitation, electricity used incident to such demolition and construction therein.  Without limiting the generality of the foregoing, all work necessary to prepare the Amendment 5 Expansion Spaces for Tenant’s occupancy shall be performed at Tenant’s sole cost and expense, in accordance with the applicable provisions of this Lease.  Furthermore, if any alterations or modifications to the Building are required under applicable Legal Requirements by reason of the density of Tenant’s usage if in excess of ordinary office-related use or the Alterations made by Tenant to the Amendment 5 Expansion Spaces which are not ordinary office leasehold improvements, the cost of such Building modifications (including, without limitation, to bathrooms) shall be paid by Tenant.

		
	B.
	Entry by Tenant for demolition and construction shall be at Tenant’s sole risk and without material interference to any work then being performed in the Building by Landlord or to any work then being performed by other tenants in space occupied by such tenants, and all of the covenants and conditions of the Lease as amended hereby shall be binding upon the parties hereto with respect to such whole or part of the Amendment 5 Expansion 

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Spaces as if the same were then a part of the Premises except that Tenant shall have no obligation to pay Base Rent or Additional Rent with respect to Operating Expenses or with respect to Taxes attributable to the Amendment 5 Expansion Spaces, except as set forth in Section 3 and Section 4 of this Fifth Amendment.  Tenant shall pay for electricity used by Tenant with respect to the Amendment 5 Expansion Spaces following commencement of demolition based upon Landlord’s good-faith, reasonable determination of the usage using sampling meters.
		
	C.
	Landlord shall contribute to the cost of Tenant’s demolition and improvements to the Amendment 5 Expansion Spaces, an amount equal to Ten Dollars ($10.00) per rentable square foot of the Amendment 5 Expansion Spaces or $1,634,850.00 (“Landlord’s Contribution”).  Payment of Landlord’s Improvement Contribution shall be subject to the procedures of Article 38 of the Original Lease except that (a) “Allowance” under Article 38 shall mean the amount of the Landlord’s Contribution, (b)   “Initial Alterations” shall mean the Alterations to the Amendment 5 Expansion Spaces, (c) the date of June 15, 2015 shall be replaced with June 30, 2017.  Tenant shall not be required to pay Landlord for the use of elevators and hoists during and with respect to the making of Alterations to the Amendment 5 Expansion Spaces.

		
	D.
	Solely for the purpose of determining Tenant’s obligations with respect to restoration of the Premises at the end of the Term, all Alterations made by Tenant to initially prepare the Amendment 5 Expansion Spaces shall be deemed “Initial Alterations”; accordingly, Tenant shall not be required to remove or restore any of such Alterations (or Alterations that were comparable replacements thereof) whether or not the same are Specialty Alterations.  Tenant shall not be required to pay Landlord for the use of elevators and hoists during the making of initial Alterations to the Amendment 5 Expansion Spaces.

6.    Letter of Credit.  Tenant agrees, on or before ten (10) days following the date hereof to increase the Letter of Credit Amount to $4,700,000.00 and, on or before January 1, 2017, to increase the Letter of Credit Amount to $5,496,000.00.  Section 1.21 of the Lease is hereby amended accordingly.
7.    Potential Expansion Space.
		
	A.
	Landlord anticipates that approximately 100,698 rentable square feet of space in the Building “Potential Expansion Space”), currently leased to a single tenant, will become available for lease on or about January 1, 2018.  Landlord agrees that if Tenant notifies Landlord not later than January 1, 2017, that it desires to lease such space, Landlord shall lease such space to Tenant as of the last to occur of (a) January 1, 2018 and the date on which the current tenant of the space vacates the Potential Expansion Space.  The Potential Expansion Space will be leased on all of the terms and conditions of the Amendment 5 Expansion Spaces (commencing on the date the Potential Expansion Space is delivered to Tenant) except that the Rent for the Potential Expansion Space shall not commence until four (4) months following the date of delivery of all of the Potential Expansion Space to Tenant.  The Potential Expansion Space is described on Exhibit E attached hereto.

		
	B.
	If Tenant exercises the expansion option under Subsection A, Landlord shall prepare an amendment (an “Expansion Amendment”) adding the applicable expansion space to the Premises on the terms set forth above and reflecting the changes in the Base Rent, Rentable Square Footage of the Premises, Tenant’s Proportionate Share of Taxes and Tenant’s Proportionate Share of Expenses and other appropriate terms.  Without limiting the generality of the foregoing, the associated Landlord contribution with respect to the Potential Expansion Space shall be at Ten Dollars ($10.00) per rentable square foot of the Potential Expansion Space and the Letter of Credit Amount will increase by $608,000.00 

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in the event of exercise of the expansion option.  The increased letter of credit shall be delivered not later than January 1, 2018.  A copy of the Expansion Amendment shall be sent to Tenant and, subject to Landlord and Tenant agreeing upon the final form to reasonably reflect the amendment terms contemplated herein, Tenant shall execute and return the Expansion Amendment to Landlord within thirty (30) days thereafter, and Landlord shall promptly thereafter deliver a copy thereof executed by Landlord to Tenant, but an otherwise valid exercise of an expansion option shall be fully effective, whether or not an Expansion Amendment is executed.
8.    Termination of Existing ROFO Rights.  Tenant’s currently existing rights of first offer under Article 43 of the Lease are of no further force or effect.  Such termination of Article 43 rights shall not affect the rights of first offer granted in Section 9 of this Fifth Amendment.
9.    Fifth Amendment Right of First Offer.  Tenant shall have a continuing right of first offer with respect to any space that becomes Available (as hereinafter described) from time to time in the Office Section prior to the date that it thirty (30) months before the end of the then Term (the initial term as the same may be extended) of this Lease as amended, on the following terms and conditions:
		
	A.
	Right.  If, during the Term, Landlord determines (in Landlord’s sole judgment) from time to time that any space in the Office Section (including without limitation the Potential Expansion Space, if Tenant did not exercise its option with respect thereto, or any part thereof) will be, or is then, leasable to a third party and Landlord is prepared to enter into a lease to a specific third party on terms set forth in the most recent response to a request for a proposal from, or other exchange with, such third party (such space, except as set forth in the provisos below, is referred to herein as “Available”), Landlord shall (subject to the provisos set forth below) offer to lease such space (“Offering Space”) to Tenant (such offer on terms consistent with the provisos below, the “Advice”), such lease to commence as of the date on which the Landlord is prepared to deliver such space; provided, however,

		
	i.
	In the event Tenant accepts such offer and the Offering Space will become a part of the Premises by December 31, 2018, the Offering Space will be added to the then Premises under the Lease as amended on the same terms and conditions as the Amendment 5 Expansion Premises are added to the Premises under this Fifth Amendment and otherwise on all of the terms and conditions of the Lease as the same may be amended from time to time.  For purposes of certainty, and without limitation, the then monthly Base Rent applicable to the Amendment 5 Expansion Premises, the per square foot Landlord’s contribution (prorated to reflect the reduction in term from a term commencing January 1, 2017), the Operating Expense Base Year and the Tax Base Year, the term and the condition of the Offering Space at delivery and the increase in the letter of credit shall be as contemplated with respect to the Amendment 5 Expansion Premises.

		
	ii.
	In the event Tenant accepts such offer and the Offering Space will become a part of the Premises after December 31, 2018, the Offering Space shall be leased to Tenant at Prevailing Market Rent (as hereinafter defined) and otherwise on all of the terms and conditions of the Lease as the same may be amended from time to time, except as otherwise set forth in the Advice as terms under which Landlord would be leasing to a third party, and except that there shall be no extension or expansion options, no rights of first offer and no allowance or contribution except as otherwise so set forth in the Advice to reflect the terms offered or to be offered to the third party) or as a factor in determining the Prevailing Market Rent; provided, however, Tenant shall be entitled to an increase in parking rights as set forth in Article 37 of the Lease as amended.

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	iii.
	In the event Tenant does not timely exercise the right to Offering Space, Landlord shall have a period of six (6) months to enter into a lease of the Offering Space with a third party before Tenant’s rights with respect to such Offering Space are again in effect.

		
	iv.
	As to any space which Landlord leases to a third party by reason of Tenant having not exercised rights to lease such space under clause iii of this Section 9A, Landlord may effect renewals and extensions of the lease of space to such tenants, without such action triggering any right of Tenant to lease such space hereunder but only if such third party tenant had a right of extension or renewal under the lease or amendment thereof entered into after Tenant determined not to exercise the right to the space as Offering Space (which may occur with respect to the original lease to the third party or as a result of a proposed amendment of the lease to the third party).  For purposes of clarity, if a third party enters into a lease of Offering Space after Tenant has failed to exercise its right of first offer with respect thereto and such third party lease (and the Advice to Tenant) contained a renewal option or a right of extension, Landlord may enter into a renewal with such third party or an extension of the lease with such third party on such terms as Landlord and such third party may negotiate even if not consistent with the rights of the third party to renewal or extension under the existing third party lease.  Furthermore, if such third party has no such rights under its lease, but Landlord then offers the space to Tenant consistent with the right of first offer hereunder and Tenant elects not to exercise its right of first offer with respect to such space, Landlord may renew or extend the lease to the third party or to any other third party and in any case the space will again be subject to Tenant’s right of first offer at the expiration of the term of the new or extended lease, subject to the right of Landlord to renew or extend if the new lease or the extended or renewed lease then has a right of renewal or extension.

		
	v.
	Tenant shall have no right to an Advice with respect to the space currently leased to the Canadian Consulate (comprising 12,778 rentable square feet in Tower 3)  or the German Consulate (comprising 12,574 rentable square feet in Tower 3)  or to the space currently occupied by the Landlord as a management office, comprising 5,911 rentable square feet in Tower 3.  Any renewal by the current tenants of such spaces shall not be subject to a prior right to lease by Tenant pursuant to the right of first offer.

		
	vi.
	Tenant may lease Offering Space that is subject to an Advice in its entirety only, under the applicable terms described below, by delivering written notice of exercise to Landlord (the "Notice of Exercise") within five (5) business days from the date of such offer set forth in the Advice, time being of the essence.  In any event, Tenant’s delivery of a Notice of Exercise shall be deemed to be the irrevocable exercise by Tenant of its right of first offer subject to and in accordance with the provisions of this Section 9.

		
	vii.
	Notwithstanding the foregoing, Tenant shall have no such right of first offer and Landlord need not provide Tenant with an Advice, if:

		
	a.
	A material default is then continuing at the time that Landlord would otherwise deliver the Advice; or

		
	b.
	Tenant herein named (or a transferee pursuant to a Related Party Transfer, as defined in Article 17 of the Lease) is not in occupancy of at least 70% of the rentable square feet leased by Tenant at the time 

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Landlord would otherwise deliver the Advice (but a failure to meet the occupancy requirement shall not release Landlord from the obligation to provide an Advice for a subsequent proposed transaction if Tenant meets the occupancy requirement at the time such subsequent Advice is to be provided; or
		
	c.
	This Lease has been assigned (other than pursuant to a Related Party Transfer) prior to the date Landlord would otherwise deliver the Advice.

		
	B.
	Definition of Prevailing Market Rent.  “Prevailing Market Rent” for purposes of this Section 9 shall mean the rent (base rent and additional rent adjusted, if necessary, to reflect the base years to be used for the applicable period) per rentable square foot for similar office space in the Building and in comparable buildings as reasonably located in the City of Boston (i) taking into account (a) any difference in the base years between the Offering Space and the compared space for measurement of additional rent on account of taxes and expenses, (b) the magnitude of any free rent or buildout allowance included in rent for the compared space, (c) length of lease, (d) building amenities in the respective buildings, (e) the location and floor levels of the Offering Space and the compared space, (f) services provided in the respective buildings, (g) surrender rights, if any, in the compared space (h) parking rights and obligations, (i) free rent, tenant allowances or other concessions in the compared space and (j) all other relevant market factors and (iii) taking into account the brokerage commissions, if any, to be paid in connection with the leasing the respective spaces.

		
	C.
	Determination of Prevailing Market Rent.  Within thirty (30) days after Landlord’s receipt of the Notice of Exercise, Landlord shall provide Tenant with its good faith estimate of the Prevailing Market Rent.  If, within thirty (30) days after Tenant’s receipt of Landlord’s estimate, Tenant shall not have notified Landlord of its objection to Landlord’s estimate and of Tenant’s estimate of Prevailing Market Rent, the estimate of Prevailing Market Rent quoted by Landlord shall be deemed to be the Prevailing Market Rent for the Offering Space.  If Tenant so notifies Landlord of its objection, the parties shall discuss the matter in good faith for thirty (30) days after Tenant’s objection notice.  If within such thirty (30) day period the parties have not agreed on the Prevailing Market Rent rate in writing, then Landlord and Tenant shall, during the ensuing fifteen (15) days, attempt to agree on an arbitrator not affiliated with either party (and if they are unable to do so, either party may request that the President of the American Arbitration Association in Boston choose an arbitrator, as promptly as possible, meeting the criteria set forth below; provided, however, the parties shall have the right during the ten (10) day period following the end of the fifteen (15) day period to submit the names of not more than two (2) potential arbitrators meeting the said criteria and if the parties or either of them makes such a submission, the choice of the President of the American Arbitration Association shall be made from the arbitrators so submitted).  Such arbitrator shall have a period of thirty (30) days to determine which of Landlord’s estimate of Prevailing Market Rent or Tenant’s estimate of Prevailing Market Rent hereunder more closely corresponds to the Prevailing Market Rent and the estimate of Prevailing Market Rent which more closely corresponds to the arbitrator’s estimate of Prevailing Market Rent shall be the Prevailing Market Rent for purposes hereof with respect to the subject Offering Space and the determination shall be binding upon the parties.  The arbitrator must choose either the Prevailing Market Rent estimate submitted by Landlord or the Prevailing Market Rent Estimate submitted by Tenant.    Such arbitrator shall have at least ten (10) years’ experience in the valuation and appraisal of first-class office rents for real estate in the City of Boston, be experienced with leasing transactions exceeding 100,000 square feet within the downtown Boston area, and have no then contractual relationship with either 

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Landlord or Tenant.  The expenses of the arbitrator shall be borne equally by the Landlord and the Tenant. 
		
	E.
	Condition of Offering Space.  Offering Space (including improvements therein) with respect to which Tenant has timely exercised its right to add the same to the Premises shall be delivered to Tenant broom-clean and free of occupants and personal property with all Building Systems servicing the Offering Space providing good working order service to the Offering Space, but otherwise in its condition and as-built configuration existing on the earlier of the date Tenant takes possession of the Offering Space or as of the date the term for such Offering Space commences.  If Landlord is delayed delivering possession of the Offering Space due to the holdover or unlawful possession of the Offering Space by any party, or otherwise, Landlord shall use reasonable efforts to obtain possession of the Offering Space, and the commencement of the term for the Offering Space and Tenant’s obligation to pay Rent for such Offering Space shall be postponed until the date Landlord delivers possession of the Offering Space to Tenant free from occupancy by any party and otherwise in the condition required hereunder and the scheduled rent commencement date occurs.  If Landlord is unable to deliver the Offering Space by the date which is ninety (90) days following the commencement date set forth in the applicable Advice, Tenant shall have the right to withdraw its notice to add the Offering Space to the Premises at any time thereafter, but only prior to delivery of such Offering Space in the condition required hereunder, by thirty (30) days’ notice to Landlord of such withdrawal; provided, however, such notice of withdrawal shall be of no force or effect if, prior to the end of such thirty (30) days, Landlord delivers the Offering Space to Tenant in the condition required hereunder.

		
	F.
	Amendment to Incorporate ROFO Space.   If Tenant exercises a right of first offer hereunder, Landlord shall prepare an amendment to the Lease as then amended on the terms contemplated in this Section 9 and reflecting the Base Rent, Rentable Square Footage of the Premises, Tenant’s Proportionate Share of Taxes and Tenant’s Proportionate Share of Expenses and other appropriate terms as contemplated hereby.  A copy of such amendment shall be sent to Tenant and, subject to Landlord and Tenant agreeing upon the final form to reasonably reflect the amendment terms contemplated herein, Tenant shall execute and return the amendment to Landlord within thirty (30) days thereafter, and Landlord shall promptly thereafter deliver a copy thereof executed by Landlord to Tenant, but an otherwise valid exercise of a right of first offer shall be fully effective, whether or not an amendment is executed.

10.    Signage; Security Desk.  Article 32.X of the Lease is hereby deleted and the following inserted in lieu thereof:
32.X.    Signage and Security Desk.  Landlord hereby consents to Tenant placing signage on the exterior of the Premises at Tenant’s entrance doors, at Tenant’s sole cost and expense, in accordance with Landlord’s reasonable rules with respect thereto and Tenant may, at its option, at Landlord’s sole cost and expense, have its name on the electronic Building directory provided for tenants in the Sky Lobby of the Building as well as elevator lobby signage, consistent in quality and aesthetics with other elevator lobby signage in the Building, in each floor elevator lobby serving the Premises.
Subject to Tenant obtaining, at Tenant’s sole cost and expense, any necessary approvals from the City of Boston and subject to Landlord’s approval, not to be unreasonably withheld, conditioned or delayed, of design, color(s), materials and specific location, Tenant may, in addition, install, maintain and replace, at Tenant’s sole cost and expense, the following signage:
1.    So long as Tenant occupies not less than 70% of the Premises leased to Tenant on January 1, 2017, Tenant shall have the right to signage at Mall Level One at the new elevator 

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vestibule entrance, such signage to be of a size and of materials selected by Tenant consistent with the Building signage and elevator vestibule finishes and in a location within the vestibule approved by Landlord.  Landlord’s approval of the size and materials and of location shall not be unreasonably withheld, conditioned or delayed; provided, however, it shall be reasonable for Landlord to withhold its approval to a sign of a size or of materials which Landlord reasonably determines are not consistent with the aesthetics of the vestibule or for Landlord to withhold its approval of a location which Landlord reasonably determines affects either the aesthetics of the vestibule or Landlord’s ability to provide vestibule signage to other occupants of the Office Section. 
2.    So long as Tenant is the occupant of 70% of the rentable square footage attributed by Landlord to a Tower and Tenant occupies the first floor of such Tower, Tenant shall have the right to a sign at the entrance to such Tower from the Sky Lobby with the name and/or logo of the original Tenant or of a transferee pursuant to a Related Party Transfer, or, so long as such installation shall not result in a breach by Landlord of its obligations under any then existing lease of space in the Property, of a transferee to which Landlord has consented; to be located above or next to signage identifying such Tower in the Sky Lobby and sized consistent with new or existing Building Standard Tower identification signage (which presently exists on Tower entrance doors).  Tenant shall be responsible for the cost of all maintenance associated with its Tower signage and any necessary replacement thereof, as well as for the cost of removal from the Building and the repair of any material damage caused by such removal at the earlier to occur of the date on which Tenant no longer has a right to such signage or the termination of the Term (such obligation to survive the termination of the Term).
3.    Unless an Event of Default has occurred in payment of Base Rent or Additional Rent under the Lease as amended and Tenant does not cure such Event of Default within ten (10) business days after Special Notice (hereinafter defined) thereof from Landlord, but only so long as Tenant occupies not less than 70% of the Premises leased to Tenant on January 1, 2017, Tenant shall have the right to exterior Building signage, including the Wayfair logo with pinwheel graphics or any rebranding thereof from time to time, in a location, and of a size and shape, mutually agreeable to Landlord and Tenant; provided, however, all permitting and interactions with the Boston Redevelopment Authority with respect to such signage, whether by way of submissions or meetings or otherwise, shall be coordinated and managed by Landlord, or with respect to any legal matters or procedures, Landlord’s counsel, whose reasonable legal fees and related reasonable disbursements shall be reimbursed to Landlord as Additional Rent under the Lease.  Landlord shall have the sole right to the final determination, made in Landlord’s reasonable judgment, regarding the size, shape, materials and colors of exterior signage as well as location; provided that Landlord’s determinations shall in good faith take into account the intent of the parties that Tenant’s exterior signage provide Tenant with meaningful and reasonably prominent identification of the Building with Tenant’s occupancy.  Tenant shall, in connection with its discussions with Landlord regarding the parameters of Tenant’s exterior signage, provide, at Tenant’s sole cost and expense, drawings of its proposals showing all dimensions, materials and colors and the method by which such signage will be affixed to the Building.  Tenant shall be responsible for the cost of all maintenance associated with its exterior signage and any necessary replacement thereof, as well as for the cost of removal from the Building exterior and the repair of any material damage caused by such removal at the earlier to occur of the date on which Tenant no longer has a right to such signage or the termination of the Term (such obligation to survive the termination of the Term).  “Special Notice” shall mean written notice from Landlord or its designee to Tenant sent in accordance with the notice provisions of the Lease as amended specifying that Landlord intends to terminate Tenant’s signage rights under Section 32.X.3 of the Lease as amended if Tenant fails to cure such event of default within ten (10) business days following the effective date of notice under the Lease.  

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4.    After the installation of the new elevators for the Office Section, Landlord and Tenant will in good faith collaborate on the design, layout, and location of prominent signage on the Office Section security desk and on the location of such security desk, on the level of Tenant’s reception presence and requirements for visitor escort by Tenant from the security desk to the Premises.  The results of such collaboration shall be taken into account by Landlord in Landlord’s good faith determination of design, layout and location of the desk and Tenant’s signage and the level of Tenant’s reception area presence, all of which shall be detailed in an amendment to the Lease as then amended.
For purposes of clauses 1, 2 and 3 of this Article 32.X, (i) until September 30, 2018, the end of the current term of the sublease from Tenant to InsightSquared, Inc., dated June 11, 2015, or the earlier termination of such sublease, space subject to such sublease occupied by InsightSquared, Inc., shall be deemed to be occupied by Tenant, (ii) except as otherwise provided in clause (i) hereof, Tenant shall not be deemed to be in occupancy of space it has subleased to a third party that is not an affiliate of Tenant, and (iii) Tenant shall otherwise be deemed to be in occupancy of space whether or not Tenant has improved such space or is conducting business therein.  For purposes of the foregoing, a third party shall be an affiliate of Tenant if such third party controls, is controlled by or is under common control with the Tenant.
Exhibit F attached hereto sets forth two general locations for Tenant’s exterior signage which are acceptable to Landlord subject to the provisions of Article 32.X of the Lease as amended hereby. 
11.    Brokerage.  Tenant represents that Tenant has dealt with (and only with) Transwestern/RBJ as broker in connection with this Fifth Amendment, and that insofar as Tenant knows, no other broker negotiated this Fifth Amendment or is entitled to any commission in connection therewith.  Tenant agrees to indemnify, defend and hold harmless Landlord its employees and agents from and against any claims made by any broker or finder other than the broker described above for a commission or fee in connection with this Fifth Amendment or any sublease hereunder (but nothing herein shall be construed as permitting any such sublease) provided that Landlord has not in fact retained such broker or finder.  Landlord agrees to indemnify, defend and hold harmless Tenant, its employees and agents from and against any claims made by any broker or finder named above or any other broker claiming to have earned a commission or fee in connection with this Fifth Amendment, provided Tenant has not in fact retained such broker or finder.  In addition, Landlord shall pay the fees of Transwestern/RBJ with respect to this Fifth Amendment in accordance with a separate agreement with such broker.
12.    Parking.  For periods from and after the date hereof, Article 37 of the Original Lease shall read in its entirety as follows:
“Tenant shall have the right during the Term to use up to twenty-five (25) non-reserved parking spaces in the garage located within and serving the Property (“Copley Garage”) and up to seventy-six (76) non-reserved parking spaces in the garage in the property adjacent to the Building and located on Dartmouth Street (“Dartmouth Street Garage”); provided, however, for every additional 3,500 rentable square feet of space incorporated in the Premises by reason of the addition to the Premises of the Amendment 5 Expansion Spaces or the Potential Expansion Space or by reason of the exercise of a right of first offer, Tenant will be entitled to use (subject to the notification to Landlord set forth below) from and after the date of such addition, at the monthly rate and on the same terms as other spaces used by Tenant therein, one additional non-reserved parking space in the Dartmouth Street Garage.  Tenant shall, by September 1 of each year, notify Landlord of the number of spaces, up to the maximum number to which Tenant is then entitled, that Tenant will in fact use during the following calendar year; and Tenant shall have the right to use, and shall be responsible to pay, during such following calendar year for such spaces at the prevailing monthly rate therefor generally charged to Office Section tenants by the operator of the respective garage from time to time.  In the event Tenant becomes entitled to additional spaces by reason of the addition of leased space to the Premises, Tenant may notify the Landlord (i) as to the number of such additional spaces Tenant will require for the balance of the then calendar year no later than the commencement date of the term for the additional leased space and (ii) as to the number of such additional spaces Tenant will require for the next succeeding calendar year no later than the earlier of (a) such commencement date and (b) 

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September 1 of the year in which such commencement date occurs.  Tenant will then be obligated to pay Landlord (or the garage operator, as Landlord shall direct) for the additional spaces so committed at the appropriate rate for such periods.  In the event Tenant fails to notify Landlord as to its commitment for the next succeeding calendar year by the specified date for such notification, time being of the essence, the then current calendar year commitment shall be applicable to the next succeeding calendar year. To the extent Tenant does not commit to use (and pay for), in a given calendar year, the maximum number of spaces to which Tenant is entitled hereunder, Tenant shall not have the right to use such spaces during such succeeding calendar year, but Tenant shall again have the election to increase (up to the maximum) or decrease the number of spaces to which it commits for a calendar year during the Term by giving the appropriate notice by September 1 of the calendar year prior to the calendar year for which the election is to take effect.  Notwithstanding the assignment of any spaces to the Dartmouth Street Garage, Landlord shall have the right to designate all or any of such spaces to be for parking in the Copley Garage (at the rates payable therein from time to time).  Although payment for the number of spaces so committed shall be payable to the operator of the parking garage, the obligation to make such payment shall be an obligation to pay Additional Rent under the Lease.
13.    Miscellaneous.
		
	A.
	This Fifth Amendment sets forth the entire agreement between the parties with respect to the matters set forth herein.  There have been no additional oral or written representations or agreements.  Under no circumstances shall Tenant be entitled to any Rent abatement, improvement allowance, leasehold improvements, or other work to the Premises, or any similar economic incentives that may have been provided Tenant in connection with entering into the Lease, unless specifically set forth in this Fifth Amendment or the Lease as amended hereby.  Exhibits attached hereto are incorporated herein by reference.

		
	B.
	Landlord and Tenant hereby agree to execute, acknowledge and deliver, in recordable form, an amended notice of the Lease to reflect all of the Premises leased by Tenant under the Lease, consistent with the provisions of Massachusetts General Laws, Chapter 183, Section 4.  Landlord represents and warrants to Tenant that as of the date of Landlord’s execution of this Fifth Amendment, there is no mortgage on the Building or the Property.  Landlord shall request and use reasonable efforts to obtain from the DOT a recognition agreement with respect to this Fifth Amendment consistent with the provisions of the last paragraph of Article 21 of the Lease.

		
	C.
	Except as herein modified or amended, the provisions, conditions and terms of the Lease shall remain unchanged and in full force and effect.

		
	D.
	In the case of any inconsistency between the provisions of the Lease and this Fifth Amendment, the provisions of this Fifth Amendment shall govern and control.

		
	E.
	Submission of this Fifth Amendment by Landlord is not an offer to enter into this Fifth Amendment, but rather is a solicitation for such an offer by Tenant.  Neither party shall be bound by this Fifth Amendment until such party has executed and delivered the same to the other party.

[Signatures appear on the next succeeding page]

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8740051.13

IN WITNESS WHEREOF, Landlord and Tenant have caused this document to be executed under seal as of the date first above written.

LANDLORD:
COPLEY PLACE ASSOCIATES, LLC, a Delaware limited liability company
		
	By:
	SPG COPLEY ASSOCIATES, LLC, a Delaware limited liability company, 
managing member

By: /s/ David J. Contis 
       David J. Contis 
       hereunto duly authorized

TENANT:
WAYFAIR LLC

By: /s/ Enrique Colbert 
Its: General Counsel and not individually 
hereunto duly authorized

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8740051.13

Exhibit A
Amendment 5 Expansion Spaces

	
				
	TOWER
	FLOOR
	RENTABLE SQUARE FOOTAGE
	ADD TO PREMISES DATE

	One
	1
	33,633
	On Execution and Delivery Hereof

	Two
	5
	27,853
	January 1, 2017

	Two
	6
	28,737
	January 1, 2017

	Two
	7
	18,481
	January 1, 2017

	Three
	5
	19,862
	January 1, 2017

	Three
	6
	34,919
	January 1, 2017

Exhibit A-1-
8740051.13

Exhibit B 
Floor Plans of Amendment 5 Expansion Spaces

Exhibit B-1-
8740051.13

Exhibit B-2-
8740051.13

Exhibit B-3-
8740051.13

Exhibit B-4-
8740051.13

Exhibit B-5-
8740051.13

Exhibit B-6-
8740051.13

Exhibit C
Current Premises Base Rent for the Period July, 2025 through December 31, 2017

	
				
	Period
	Annual Base Rent per Rentable Square Foot
	Annual Base Rent
	Monthly Installment of Annual Base Rent

	July 1, 2025-June 30, 2026
	$45.25
	$17,239,978.50
	$1,436,664.88

	July 1, 2026-June 30, 2027
	$46.25
	$17,620,972.50
	$1,468,414.38

	July 1, 2027-December 31, 2027
	$47.25
	$18,001,966.50
	$1,500,163.88

Exhibit C -1-
8740051.13

Exhibit D
Expansion Space Base Rent

	
				
	Period
	Annual Base Rent 
Per Rentable 
Square Foot
	Annual 
Base Rent
	Monthly 
Installment of 
Annual 
Base Rent (proportionately for any partial month

	January 1, 2017 through June 30, 2017
	$36.25
	None
	None

	July 1, 2017 through August 31, 2017
	$37.25
	None
	None

	September 1, 2017 through February 28, 2018, based on 63,485 rsf
	$37.25
	$2,364,816.25
	$197,068.02

	March 1, 2018 through March 30, 2018, based on 113,485 rsf
	$37.25
	$4,227,316.25
	$352,276.35

	April 1, 2018 through June 30, 2018, based on 163,485 rsf
	$37.25
	$6,089,816.25
	$507,484.69

	July 1, 2018 through June 30, 2019, based on 163,485 rsf
	$38.25
	$6,253,301.25
	$521,108.44

	July 1, 2019 through June 30, 2020, based on 163,485 rsf
	$39.25
	$6,416,786.25
	$534,732.19

	July 1, 2020 through June 30, 2021, based on 163,485 rsf
	$40.25
	$6,580,271.25
	$548,355.94

	July 1, 2021 through June 30, 2022, based on 163,485 rsf
	$41.25
	$6,743,756.25
	$561,979.69

	July 1, 2022 through June 30, 2023, based on 163,485 rsf
	$42.25
	$6,907,241.25
	$575,603.44

	July 1, 2023 through June 30, 2024, based on 163,485 rsf
	$43.25
	$7,070,726.25
	$589,227.19

	July 1, 2024 through June 30, 2025, based on 163,485 rsf
	$44.25
	$7,234,211.25
	$602,850.94

	July 1, 2025 through June 30, 2026, based on 163,485 rsf
	$45.25
	$7,397,696.25
	$616,474.69

Exhibit D 
8740051.13

	
				
	Period
	Annual Base Rent 
Per Rentable 
Square Foot
	Annual 
Base Rent
	Monthly 
Installment of 
Annual 
Base Rent (proportionately for any partial month

	July 1, 2026 through June 30, 2027, based on 163,485 rsf
	$46.25
	$7,561,181.25
	630,098,44

	July 1, 2027 through December 31, 2027, based on 163,485 rsf
	$47.25
	$7,724,666.25
	$643,722.19

Notwithstanding the foregoing, if Landlord is unable to deliver the portion of the Amendment 5 Expansion Spaces to be delivered on January 1, 2017 by reason of the holdover by the existing tenant thereof, the Base Rent and Additional Rent on account of Taxes and Expenses otherwise payable commencing September 1, 2017, shall be abated proportionately for the number of days that elapse between January 1, 2017 and the date on which such Amendment 5 Expansion Spaces are in fact delivered to Tenant.

Exhibit D 
8740051.13

Exhibit E
Potential Expansion Space

	
			
	Tower
	Floor
	Rentable Square Feet

	One
	2
	39,414

	One
	6
	3,881

	Two
	2
	29,573

	Two
	3
	27,830

Exhibit E -1-
8740051.13

Exhibit F
Acceptable Exterior Signage Locations

Exterior Signage, subject to the provisions of the Fifth Amendment to Lease may be located in the two locations on the exterior walls of the Building, respectively designated as 1 and 2 on the above drawing.

Exhibit F -1-
8740051.13

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