Document:

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                                                                   Exhibit 10.36

                    GENERAL RELEASE AND SEPARATION AGREEMENT
                    ----------------------------------------

     By this General Release and Separation Agreement ("Agreement"), between
David J. Vitale ("Vitale") and the Board of Trade of the City of Chicago
("CBOT"), the parties hereby stipulate and agree as follows:

     WHEREAS, Vitale and the CBOT entered into an employment agreement on or
about February 20, 2001 (the "Employment Agreement") for a term of four years
(the "Employment Period"); and

     WHEREAS, said Employment Agreement was amended by a letter agreement
between the parties dated February 19, 2002 (the "Letter Agreement"); and

     WHEREAS, Vitale and the CBOT wish to sever their employment relationship
and terminate the Employment Period on terms and conditions which both parties
consider reasonable and appropriate; and

     WHEREAS, Vitale and the CBOT desire to avoid any litigation and controversy
and to settle and compromise fully any and all claims and issues that have been
raised, or could have been raised, as a result of Vitale's employment
relationship with the CBOT, the parties' Employment Agreement, the Letter
Agreement and any other claims; and

     WHEREAS, the parties have agreed to the terms of this Agreement in order to
completely resolve any and all issues between them.

     NOW, THEREFORE, in consideration of the mutual promises and agreements set
forth herein, it is agreed by and between Vitale and the CBOT that:

     1. Vitale will voluntarily resign from all offices and directorships with
the CBOT effective November 4, 2002, and shall be relieved of his duties and
responsibilities as set forth in Paragraph 2 of the Employment Agreement at
that time. Vitale shall continue as an

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active employee, on paid-vacation status, until November 30, 2002, at which time
his employment shall terminate.

     2. The CBOT will pay Vitale his Base Salary, as defined in Paragraph 3(a)
of the Employment Agreement ($1,250,000 per annum), through December 31, 2004.

     3. The CBOT agrees to pay Vitale a Performance Bonus for the 2002 fiscal
year in cash in the amount of $500,000 and his 2002 supplemental 401(k) plan
payment (including tax gross-up thereunder), less withholdings and deductions
required by law, on or before December 31, 2002, even though Vitale will not be
employed by the CBOT for the full fiscal year.

     4. Notwithstanding the provisions of the Employment Agreement relating to
the forfeiture of the Incentive Award, Vitale will remain vested in, and retain
the right to exercise, his vested Appreciation Units for the period ending March
31, 2003. Any portion of his vested Appreciation Units, which now total 40% of
the Incentive Award referenced in Paragraph 3(d) of and Appendix A to the
Employment Agreement, that is not exercised during the period ending March 31,
2003 shall be forfeited; provided further that Vitale shall be entitled to
exercise his vested Appreciation Units only in accordance with the terms set
forth in Appendix A to the Employment Agreement and in the Letter Agreement
except as expressly modified herein. Provided further that Vitale shall be
entitled to exercise his vested Appreciated Units if and only if he has complied
with and continues to comply with the terms set forth in Paragraphs 5, 6 and 7
of the Employment Agreement.

     5. The CBOT shall continue to provide Vitale all health benefits covering
Vitale (and his covered dependents) on the date hereof, at the CBOT's cost, for
a period of one year from the effective date of his termination of employment.
Thereafter, Vitale shall be entitled to all benefits under COBRA (and other
similar statutes) as provided by applicable law. In the

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event that Vitale obtains other employment with company paid health insurance
benefits, however, the CBOT's obligation to bear the costs of continued health
insurance benefits will cease.

     6. The CBOT agrees to provide Vitale with an office, clerical assistance
and a parking space at the CBOT's principal offices, located at 141 West Jackson
Boulevard, Chicago, Illinois 60604, for a period of one year from the effective
date of his termination of employment.

     7. Notwithstanding any provision to the contrary in Paragraph 7 of the
Employment Agreement, the CBOT agrees that the Non-Compete Period will be
limited to a period of one year from the effective date of Vitale's resignation
from office except with respect to the following entities, their affiliates and
subsidiaries: Eurex, BrokerTec, the St. Louis Merchants Exchange and the Board
of Trade Clearing Corporation. With respect to those entities, their affiliates
and subsidiaries, the Non-Compete Period shall be two years from the effective
date of Vitale's resignation from office. In all other respects, however, Vitale
will be required to comply with the terms of the Employment Agreement, including
but not limited to Paragraphs 5, 6 and 7 pertaining to Confidential Information,
Inventions and Patents, Non-Compete, and Non-Solicitation. For this purpose,
"affiliate" means with respect to each of the foregoing four named companies
("special competitors"): (i) any entity beneficially owning more than 50% of the
vote and value of all equity interests ("control") of a special competitor, (ii)
any entity controlled by a special competitor, and (iii) any entity controlled
by an entity that controls a special competitor. For this purpose, a
"subsidiary" is any entity in which a special competitor owns 80% or more of the
vote and value of all equity interests in such entity.

     8. Vitale understands and agrees that the compensation and benefits
provided for in Paragraphs 2 through 6 of this Agreement, and benefits payable
or otherwise provided under

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CBOT group benefit plans for its employees, constitute all of the compensation
and benefits to which Vitale is entitled as a result of his separation from
employment with the CBOT, and Vitale hereby waives any and all other claims for
additional compensation and/or benefits to which he may otherwise have been
entitled under the Employment Agreement and/or Letter Agreement.

     9. In exchange for the promises of the CBOT set forth in Paragraphs 4
through 6 of this Agreement, which Vitale agrees constitute consideration which
is not otherwise owed or due to him, Vitale agrees, for himself, his heirs,
successors, assigns or executors, to release and forever discharge the CBOT, any
of its affiliated or related companies, and its and their past and present
directors, officers, members, employees, representatives and insurers from any
and all claims, suits, demands, causes of action, contracts, covenants,
obligations, debts, costs, expenses, attorneys' fees, liabilities of whatever
kind or nature in law or equity, by statute or otherwise whether now known or
unknown, vested or contingent, suspected or unsuspected, and whether or not
concealed or hidden, which have existed or may have existed, or which do exist,
arising from any matter whatsoever, at the present time or at any time prior to
the date of this Agreement (the "Claims"), including, but not limited to: (1)
any and all claims under the Illinois Wage Payment and Collection Act, the
Americans With Disabilities Act, the Family and Medical Leave Act, Title VII of
the Civil Rights Act of 1964, The Civil Rights Act of 1866, the Rehabilitation
Act of 1973, the Age Discrimination in Employment Act, the Illinois
Constitution, the Illinois Human Rights Act, the Chicago Human Rights Ordinance,
the Fair Labor Standards Act, the Illinois Minimum Wage Law, Federal Executive
Order 11246 and any other statute, law, order, regulation or enactment of any
type; (2) any and all claims for breach of contract, express or implied,
including but not limited to any claims for breach of the Employment Agreement
and/or Letter Agreement, retaliatory discharge, wrongful discharge and/or any
other tort or common law

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cause of action; and (3) any and all claims for attorneys' fees or costs. The
foregoing to the contrary notwithstanding, "Claims" shall not include: (x) any
and all claims under any employee benefit plan and (y) any and all claims for
enforcement of this Agreement.

     10. In signing this Agreement, Vitale acknowledges that he intends that it
shall be effective as a bar to each and every one of the Claims hereinabove
mentioned or implied. Vitale expressly consents that this Agreement shall be
given full force and effect according to each and all of its express terms and
provisions, including those relating to unknown and unsuspected Claims
(notwithstanding any state statute that expressly limits the effectiveness of a
general release of unknown, unsuspected and unanticipated Claims), if any, as
well as those relating to any other Claims hereinabove mentioned or implied.
Vitale acknowledges and agrees that the General Release contained in Paragraph 9
is an essential and material term of this Agreement and without such General
Release the CBOT would not have made the promises set forth in Paragraphs 4
through 6 of this Agreement. Vitale further agrees that in the event he brings
his own Claim in which he seeks damages against the CBOT or any other released
party, or in the event he seeks to recover against the CBOT or any other
released party in any Claim brought by a governmental agency on his behalf, this
General Release shall serve as a complete defense to such Claims.

     11. Vitale and the CBOT agree that no interest or right Vitale has, or any
of his beneficiaries has, to receive payment or to receive benefits under this
Agreement shall be subject in any manner to sale, transfer, assignment, pledge,
attachment, garnishment, or other alienation or encumbrance of any kind, except
as required by law. Nor may such interest or right to receive payment or
distribution be taken, voluntarily or involuntarily, for the satisfaction of the

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obligations or debts of, or other claims against Vitale or his beneficiaries,
including for alimony, except to the extent required by law.

     12. This Agreement shall not be construed as an admission of any wrongdoing
by Vitale or by the CBOT, its affiliates, or its and their directors, officers,
members, agents or employees.

     13. The parties agree to issue a joint press release concerning this
Agreement and the separation of Vitale's employment with the CBOT, a copy of
which is attached hereto as Exhibit A. In the event either party receives an
inquiry about this Agreement or the separation of Vitale's employment with the
CBOT, each party agrees to respond in a manner consistent with the information
provided in the joint press release.

     14. This Agreement shall be interpreted in accordance with the laws of the
State of Illinois. Whenever possible, each provision of his Agreement shall be
interpreted in a manner as to be effective and valid under applicable law, but
if any provision shall be held to be prohibited or invalid under applicable law,
such provision shall be ineffective only to the extent of such prohibition or
invalidity, without invalidating or affecting the remainder of such provision or
any of the remaining provisions of this Agreement.

     15. Vitale specifically acknowledges that, at least 21 days prior to the
required date for executing this document, he was given a complete copy of this
Agreement and by this Agreement was advised in writing to consult with an
attorney concerning its meaning and effect.

     16. Vitale understands that after he signs this Agreement, he has seven (7)
days to revoke it. If Vitale desires to revoke the Agreement, a written
revocation must be delivered to the CBOT's attorney, Joseph E. Tilson, at 123
North Wacker Drive, Suite 1800, Chicago, Illinois 60606, within seven (7)
calendar days of the date Vitale signs this Agreement.

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     17. If this Agreement is revoked within seven (7) days of signing, the
CBOT shall be relieved of all obligations under this Agreement.

     18. Each party acknowledges that he or it has read and understands this
Agreement and voluntarily enters into same with full knowledge of its terms
and conditions. Each party further acknowledges that the terms of this
Agreement are valid and binding.

     19. The indemnification of Vitale set forth at Section 9(b) of his
Employment Agreement shall apply to his service as a member of the Board of
Directors of the CBOT (and each Committee thereof on which he serves) in
like manner as is provided for his service as an officer thereunder and, any
provision of Sections 8, 9 and 10 of this Agreement to the contrary
notwithstanding, such officer's(s') and director's indemnification shall
survive the termination of Vitale's employment in accordance with Section 11
of the Employment Agreement.

     20. The CBOT shall pay all professional fees and expenses incurred by
Vitale in connection with his separation of employment and the preparation of
this Agreement.

BY AND FOR THE CBOT, AGREED TO AND ACCEPTED:

By:    /s/ Nickolas J. Neubauer
       ------------------------

Its:   Chairman
       --------
Dated: 11/4/02
       -------

Signed and sworn to before me this 31st day of October, 2002.

 /s/   Ellen M. Paparelli
-------------------------
         NOTARY PUBLIC

BY AND FOR DAVID J. VITALE, AGREED TO AND ACCEPTED:

By:    /s/ DAVID J. VITALE
       ---------------------
           DAVID J. VITALE

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Dated: ___________________________________

Signed and sworn to before me this 31st day
of October, 2002
/s/ Ellen M. Paparelli
-------------------------------------
           NOTARY PUBLIC

                                        8<PAGE>
                                                                   Exhibit 10.38

                                                                  [LOGO OF CBOT]

David J. Vitale
President and
Chief Executive Officer

                                              May 15, 2001

Mr. Bernard Dan
309 N. Montclair Avenue
Glen Ellyn, IL 60137

Dear Bernie:

This letter will serve as a supplement to my letter dated May 11, 2001,
concerning your prospective employment by the Chicago Board of Trade. As part of
our offer of employment, and as an exception to our standard severance policy,
in the event that you are terminated by the Company other than for cause, as a
result of a change of control or any other development, you will be entitled to
a severance benefit in the amount of your full annual salary plus CBOT payment
for benefits under COBRA to be paid over a period of twelve months from the date
of termination. This severance benefit will be contingent upon your signing the
standard Separation Agreement which the Company employs in such matters. I hope
this information satisfactorily addresses the issues which we have discussed,
and I look forward to finalizing our arrangements.

                                              Sincerely,

                                              /s/ David J. Vitale
                                              -------------------
                                              David J Vitale

DJV/vp

141 W. Jackson Blvd.
Chicago, Illinois 60604-2994
312 435-3602
Fax: 312 341-3392

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                                                   [LOGO CHICAGO BOARD OF TRADE]

David J. Vitale
President and
Chief Executive Officer

                                                                    May 11, 2001

Mr. Bernard Dan
309 N. Montclair Avenue
Glen Ellyn, IL 60137

Dear Bernie:

I am impressed with your credentials and believe that you would be a valuable
asset to the Chicago Board of Trade (CBOT(R)). As such, I would like to offer
you the position of Executive Vice President, starting on June 1, 2001, or such
other date as is mutually convenient. I think you will find that the CBOT has
much to offer -- from exciting opportunities to a very generous compensation and
benefits package.

As an Executive Vice President, your work will not only directly impact the CBOT
and its members, but your influence will also extend to the entire futures
industry. You will be faced with many challenges, and your competence and skill
will be tested, but the payoff is great -- through setting a future course for
the exchange, you will have the opportunity to impact the worldwide economy.

     In addition to the experience of restoring a Chicago institution back to
its position as the world's leading derivatives exchange, you would also receive
a competitive compensation and benefits package. Your compensation would include
an annual base salary of $350,000 as well as the opportunity to earn an
additional 50% of your base salary in incentive pay, at expected performance
levels. For calendar year of 2001 employment, however, you will be guaranteed to
receive incentive pay in the amount of $150,000 payable in December, which is
when annual incentives are usually paid. In addition, in recognition of
compensation you will forego at your existing employer, we will pay you a lump
sum of $150,000 at the time of hiring.

You would also receive an extensive executive benefits package that includes:

..    A comprehensive health care program

..    An executive medical reimbursement plan that covers "extras" such as
     deductibles, coinsurance payments, vision care, orthodontia, and more

..    Medex worldwide medical assistance benefits

..    Very robust life, accident, and travel accident insurance coverage

..    Group disability income insurance as well as supplemental executive
     long-term disability coverage

..    Full membership in the Metropolitan Fitness Club at no charge to you

..    Tuition reimbursement for 100% of eligible tuition expenses

..    The ability to pay for health care, dependent day care, medical and dental
     premiums, mass transit, and parking at work with tax free dollars

141 W. Jackson Blvd.
Chicago, Illinois 60604-2994
312 435-3602
Fax: 312 341-3392

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..  A 401K plan that matches 100% of your before-tax contributions up to 4% of
   your earnings
..  A pension plan
..  Vacation and sick pay for time off work, including nine paid holidays, 20
   vacation days, eight personal days, and ten sick days (prorated during your
   first year)
..  Work-life programs such as an adoption assistance plan, employee assistance
   program, child and elder care referral services, and legal and financial
   referrals and information
..  Alternative work arrangements such as telecommuting and compressed work
   periods

Refer to the attachments for more detailed benefits information.

In addition to the benefits listed above, our restructuring proposal states our
intention to offer a stock option plan once the CBOT shifts to a for-profit
environment which is anticipated to occur in the third or fourth quarter of this
year. Although a plan design has not yet been formalized, these types of plans
generally allow you to purchase shares at a discounted per-share price.
Typically, shares would vest after a set period of time, and you would be able
to exercise your options after a pre-determined number of years of employment. I
can assure that the grant sizes will be competitive.

Your excellent reputation as a business leader is well deserved, and I hold you
in high regard. I believe that you could directly impact the success of the CBOT
and that you would find your work here fulfilling. I ask that you seriously
consider our offer, and I can assure you that in return for your acceptance of
the position, the CBOT will provide you with professional growth and personal
security. This offer is subject to your review and, as we discussed, the
approval of our Board of Directors. Please contact me at (312) 435-3602 if you
have any questions.

                                                Sincerely,

                                                /s/ David J. Vitale
                                                -------------------
                                                David J. Vitale

DJV/vp
Attachments

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