Document:

Employee Stock Purchase Plan

 Exhibit 10.14 
  
 INTERNATIONAL SECURITIES EXCHANGE, INC. 
  
 STOCK PURCHASE PLAN 
  
 Adopted by the Board of Directors on July 22, 2004 
 Approved by the Stockholders on August 16, 2004 
  
 1. Purpose.

  
 (a) The purpose of this Stock Purchase Plan (the
“Plan”) is to provide a means by which employees and directors of International Securities Exchange, Inc., a Delaware corporation (the “Company”), and its Affiliates, as defined in Section 1(b), which are designated
as provided in Section 2(b), may be given an opportunity to purchase stock of the Company. 
  
 (b) The word “Affiliate” as used in the Plan means any parent corporation or subsidiary corporation of the Company, as those terms are defined in Sections 424(e) and (f) (or any comparable successor
provisions), respectively, of the Internal Revenue Code of 1986, as amended (the “Code”). 
  
 (c) The Company, by means of the Plan, seeks to retain the services of its employees and directors, to secure and retain the services of new employees and
directors, and to provide incentives for such persons to exert maximum efforts for the success of the Company. 
  
 (d) The Company intends that the rights to purchase stock of the Company granted under the Plan NOT qualify as options issued under an “employee
stock purchase plan” as that term is defined in Section 423(b) of the Code. 
  
 2. Administration. 
  
 (a) The Plan shall be
administered by the Board of Directors (the “Board”) of the Company unless and until the Board delegates administration to a Committee, as provided in Section 2(c). Whether or not the Board has delegated administration, the Board
shall have the final power to determine all questions of policy and expediency that may arise in the administration of the Plan. 
  
 (b) The Board shall have the power, subject to, and within the limitations of, the express provisions of the Plan: 
  

	 	(i)	To determine when and how rights to purchase stock of the Company shall be granted and the provisions of each offering of such rights (which need not be identical).

  

	 	(ii)	To designate from time to time which Affiliates of the Company shall be eligible to participate in the Plan. 

  

	 	(iii)	To construe and interpret the Plan and rights granted under it, and to establish, amend and revoke rules and regulations for its administration. The Board, in the exercise of this
power, may correct any defect, omission or inconsistency in the Plan, in a manner and to the extent it shall deem necessary or expedient to make the Plan fully effective. 

  

	 	(iv)	To amend, suspend or terminate the Plan as provided in Sections 12 and 15. 

	 	(v)	Generally, to exercise such powers and to perform such acts as the Board deems necessary or expedient to promote the best interests of the Company and its Affiliates.

  
 (c) The Board may delegate administration of the
Plan to a Committee (the “Committee”) composed solely of two (2) or more Non-Employee Directors (as defined in Rule 16b-3 under the Securities Exchange Act of 1934). If administration is delegated to a Committee, the Committee shall
have, in connection with the administration of the Plan, the powers theretofore possessed by the Board, subject, however, to such resolutions, not inconsistent with the provisions of the Plan, as may be adopted from time to time by the Board.
The Board may abolish the Committee at any time and revest in the Board the administration of the Plan. Any later references to “the Board” in this document are deemed to include the Committee. 
  
 (d) Any interpretation of the Plan by the Board of any decision made by it
under the Plan shall be final and binding on all persons. 
  
 3. Shares Subject
to the Plan. 
  
 (a) Subject to the provisions of Section 11
relating to adjustments upon changes in stock, the stock that may be sold pursuant to rights granted under the Plan shall not exceed in the aggregate 150,000 (which upon the stock dividend contemplated in connection with the initial public offering
is expect to become 1,500,000) shares of the Company’s Class A common stock, par value $.01 per share (the “Common Stock”). If any right granted under the Plan shall for any reason terminate without having been exercised, the
Common Stock not purchased under such right shall again become available for the Plan. 
  
 (b) The Common Stock subject to the Plan may be unissued shares or reacquired shares, bought on the market or otherwise. 
  
 4. Grant of Rights; Offering. 
  
 (a) The Board may from time to time grant or provide for the grant of rights to purchase Common Stock pursuant to the Plan to eligible employees and
directors (an “Offering”) on the date or dates (the “Offering Date(s)”) selected by the Board. Each Offering shall be in such form and shall contain such terms and conditions as the Board shall deem appropriate. The
terms and conditions of an Offering shall be incorporated by reference into the Plan and treated as part of the Plan. The provisions of separate Offerings need not be identical, but each Offering shall include (through incorporation of the
provisions of this Plan by reference in the document comprising the Offering or otherwise) the period during which the Offering shall be effective, which period shall not exceed five (5) years beginning with the Offering Date, and the substance of
the provisions contained in Sections 5 through 8, inclusive. 
  
 (b) If a Participant (as defined in Section 5) has more than one (1) right to purchase Common Stock outstanding under the Plan, unless he or she otherwise indicates in agreements or notices delivered hereunder, a right with a lower exercise
price (or an earlier-granted right if two (2) rights have identical exercise prices), shall be exercised to the fullest possible extent before a right with a higher exercise price (or a later-granted right if two (2) rights have identical exercise
prices) shall be exercised. 
  
 5. Eligibility. 
  
 (a) Rights to purchase Common Stock pursuant to the Plan may be granted only
to employees, officers and directors of the Company or its Affiliates (referred to collectively as “Participants”). An employee of the Company or any Affiliate shall not be eligible to be granted rights to purchase Common Stock under the
Plan unless, on the Offering Date, such employee has been in the employ of the Company or any Affiliate for such continuous period preceding such grant as the Board shall require and indicate in the applicable Offering. 
  

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 (b) Unless otherwise determined by the Board and set forth in the terms of the applicable Offering, no
employee of the Company or any Affiliate shall be eligible to participate in an Offering under the Plan unless, on the Offering Date, such employee’s customary employment with the Company or such Affiliate is for at least thirty-five (35) hours
per week. 
  
 6. Rights; Purchase Price. 
  
 (a) On each Offering Date, each Participant, pursuant to an Offering, shall
be granted the right to purchase up to the number of shares of Common Stock purchasable with a percentage designated by the Board not exceeding twenty-five percent (25%) of such Participant’s Base Salary (as defined in Section 7(a)) during the
period which begins on the Offering Date (or such later date as the Board determines for a particular Offering) and ends on the date stated in the Offering, which date shall be no later than the end of the Offering. The Board shall establish one (1)
or more dates during an Offering (the “Purchase Date(s)”) on which rights to purchase Common Stock granted pursuant to the Plan shall be exercised and purchases of Common Stock carried out in accordance with such Offering.

  
 (b) In connection with each Offering, the Board may specify a
maximum number of shares that may be purchased by any Participant as well as a maximum aggregate number of shares that may be purchased by all Participants pursuant to such Offering. In addition, in connection with each Offering that contains more
than one (1) Purchase Date, the Board may specify a maximum aggregate number of shares which may be purchased by all Participants on any given Purchase Date under the Offering. If the aggregate purchase of shares upon exercise of rights granted
under the Offering would exceed any such maximum aggregate number, the Board shall make a pro rata allocation of the shares available in as nearly a uniform manner as shall be practicable and as it shall deem to be equitable. 
  
 (c) The purchase price of the stock acquired pursuant to rights granted under
the Plan shall not be less than eighty-five percent (85%) of the fair market value (reasonably determined by the Board) of the stock on the Purchase Date. 
  
 7. Participation; Withdrawal; Termination. 
  
 (a) Eligible employees, officers and directors shall be able to participate in the Plan pursuant to an Offering by delivering an enrollment agreement to
the Company within the time specified in the Offering, in such form as the Company provides. Each such agreement shall authorize payroll deductions of up to the maximum percentage specified by the Board of such Participant’s Base Salary during
the Offering. “Base Salary” is defined as a Participant’s regular salary or wages and in the case of directors, director’s annual and per meeting fees, (including amounts thereof elected to be deferred by the Participant,
that would otherwise have been paid, under any arrangement established by the Company that is intended to comply with Section 125, Section 401(k), Section 402(e)(3), Section 402(h) or section 403(b) of the Code (or any comparable successor
provisions)). Base Salary shall not include the cost of employee benefits paid for by the Company or an Affiliate, education or tuition reimbursements, imputed income arising under any group insurance or benefit program, traveling expenses, business
and moving expense reimbursements, income received in connection with stock options, contributions made by the Company or an Affiliate under any employee benefit plan, and similar items of compensation, as determined by the Board. Notwithstanding
the foregoing, the Board may modify the definition of “Base Salary” with respect to one or more Offerings as the Board determines appropriate. The payroll deductions made for each Participant shall be credited to an account for such
Participant under the Plan and shall be deposited with the general funds of the Company. A Participant may reduce (including to zero) or increase such payroll deductions, and may begin such payroll deductions, after the beginning of any Offering
only as provided for in the Offering. A Participant may make additional payments or contributions into his or her account only if specifically provided for in the Offering and only if the Participant has not had the maximum amount withheld during
the Offering. 
  
 (b) At any time during an Offering, a
Participant may terminate his or her payroll deductions under the Plan and withdraw from the Offering by delivering to the Company a notice of withdrawal in such form as the Company provides. Such withdrawal may be elected at any time prior to

  

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the end of the Offering except as provided by the Board in the Offering. Upon such withdrawal from the Offering by a Participant, the Company shall
distribute to such Participant all of his or her accumulated payroll deductions (reduced to the extent, if any, such deductions have been used to acquire Common Stock for the Participant) under the Offering, without interest, and such
Participant’s interest in that Offering shall be automatically terminated. A Participant’s withdrawal from an Offering will have no effect upon such Participant’s eligibility to participate in any other Offerings under the Plan but
such Participant will be required to deliver a new enrollment agreement in order to participate in subsequent Offerings under the Plan. 
  
 (c) Rights to purchase Common Stock pursuant to any Offering under the Plan shall terminate immediately upon cessation of any Participant’s
employment with the Company and any designated Affiliate, or in the case of a director, cessation of directorship, for any reason, and the Company shall distribute to such Participant all of his or her accumulated payroll deductions (and other
contributions, if any) (reduced to the extent, if any, such deductions have been used to acquire stock for the terminated employee), under the Offering, without interest. 
  
 (d) Rights to purchase Common Stock pursuant to any Offering under the Plan shall not be transferable by a Participant other
than by will or the laws of descent and distribution, or by a beneficiary designation as provided in Section 13, and during a Participant’s lifetime, shall be exercisable only by such Participant. 
  
 (e) As a condition of participating in any Offering, the Board may require
Participants to covenant that any shares of Common Stock purchased pursuant to the Offering will not be sold, transferred or otherwise hypothecated during a designated period (determined by the Board) following the Purchase Date(s) specified in such
Offering. If any participant breaches any such covenant, the Board may restrict the Participant from participating in future Offerings. 
  
 8. Exercise. 
  
 (a) On each Purchase Date specified in the relevant Offering, each Participant’s accumulated payroll deductions and other additional payments or
contributions (if specifically provided for in the Offering) (without any increase for interest) shall be applied to the purchase of whole shares of Common Stock, up to the maximum number of shares permitted pursuant to the terms of the Plan and the
applicable Offering, at the purchase price specified in the Offering. No fractional shares shall be issued upon the exercise of rights granted under the Plan. The amount, if any, of accumulated payroll deductions remaining in each Participant’s
account after the purchase of shares which is less than the amount required to purchase one share of Common Stock on the final Purchase Date of an Offering shall be held in each such Participant’s account for the purchase of shares under
the next Offering under the Plan, unless such Participant withdraws from such next Offering, as provided in Section 7(b), or is no longer eligible to be granted rights under the Plan, as provided in Section 5, in which case such amount shall be
distributed to the Participant after such final Purchase Date, without interest. 
  
 (b) No rights to purchase Common Stock pursuant to an Offering under the Plan may be exercised to any extent unless the shares to be issued upon such exercise under the Plan (including rights granted thereunder) are
covered by an effective registration statement pursuant to the Securities Act of 1933, as amended (the “Securities Act”) and the Plan is in material compliance with all applicable state, foreign and other securities laws and other
laws applicable to the Plan. If on a Purchase Date pursuant to any Offering, the Plan is not so registered or in such compliance, no rights granted under the Plan or any Offering shall be exercised on such Purchase Date, and the Purchase Date shall
be delayed until the Plan is subject to such an effective registration statement and such compliance, except that the Purchase Date shall not be delayed more than twelve (12) months and the Purchase Date shall in no event be more than 5 years
from the Offering Date. If on the Purchase Date of any Offering hereunder, as delayed to the maximum extent permissible, the Plan is not registered and in such compliance, no rights granted under the Plan or any Offering shall be exercised and all
payroll deductions and other payments or contributions accumulated during the Offering (reduced to the extent, if any, such deductions have been used to acquire stock) shall be distributed to the Participants, without interest. 
  

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 9. Use of Proceeds. 
  
 Proceeds from the sale of Common Stock pursuant to rights granted under the Plan shall constitute general funds of the Company. 
  
 10. Rights as a Stockholder. 
  
 A Participant shall not be deemed to be the holder of, or to have any of the
rights of a holder with respect to, any shares subject to rights pursuant to the Plan unless and until the Participant’s shareholdings acquired upon exercise of rights under the Plan are recorded in the books of the Company (or its transfer
agent). 
  
 11. Adjustments upon Changes in Stock. 
  
 (a) If any change is made in the Common Stock subject to the Plan (through
merger, consolidation, reorganization, recapitalization, stock dividend, dividend in property other than cash, stock split, liquidating dividend, combination of shares, exchange of shares, change in corporate structure or other transaction not
involving the receipt of consideration by the Company), the Plan and outstanding rights may, in the sole discretion of the Board, be appropriately adjusted in the class(es) and maximum number of shares (or other securities) subject to the Plan and
the class(es) and number of shares and price per share of stock subject to outstanding rights. Such adjustments, if any, shall be made by the Board, the determination of which shall be final, binding and conclusive. 
  
 (b) In the event of: (1) a dissolution or liquidation of the Company; (2) a
sale of all or substantially all of the assets of the Company; (3) a merger or consolidation in which the Company is not the surviving corporation; (4) a reverse merger in which the Company is the surviving corporation but the shares of Common Stock
outstanding immediately preceding the merger are converted by virtue of the merger into other property, whether in the form of securities, cash or otherwise; (5) the acquisition by any person, entity or group within the meaning of Section 13(d) or
14(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or any comparable successor provisions (excluding any employee benefit plan, or related trust, sponsored or maintained by the Company or any Affiliate of
the Company) of the beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act, or comparable successor rule) of securities of the Company representing at least fifty percent (50%) of the combined voting power entitled
to vote in the election of directors; or (6) the individuals who, as of the date of the adoption of this Plan, are members of the Board (the “Incumbent Board”) cease for any reason to constitute at least fifty percent (50%) of the
Board; then the Incumbent Board, in its sole discretion, may take any action or arrange for the taking of any action among the following: (i) any surviving or acquiring corporation may assume outstanding rights or substitute similar rights for those
under the Plan, (ii) such rights may continue in full force and effect, (iii) all Participants’ accumulated payroll deductions (or other payments or contributions, if any) may be used to purchase Common Stock immediately prior to or within a
reasonable period of time following the transaction described above and the Participants’ rights under the ongoing Offering terminated or (iv) the outstanding Offering may be cancelled and accumulated payroll deductions (and other payments and
contributions, if any) returned to Participants (reduced to the extent, if any, such amounts have been used to acquire Common Stock for the Participants). For purposes of this Section 11, if the election, or nomination for election by the
Company’s stockholders, of a new director was approved by a vote of at least fifty percent (50%) of the members of the Board then comprising the Incumbent Board, such new director shall upon his or her election be considered a member of the
Incumbent Board. 
  
 12. Amendment of the Plan or Offerings. 
  
 (a) The Board at any time, and from time to time, may amend the Plan or the
terms of one or more Offerings. Except as provided in Section 11 relating to adjustments upon changes in stock, 

  

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however, no amendment shall be effective unless approved by the stockholders of the Company within twelve (12) months before or after the adoption of the
amendment, if the amendment will: 
  

	 	(i)	Increase the number of shares reserved for rights under the Plan; 

  

	 	(ii)	Modify the provisions as to eligibility for participation in the Plan or an Offering (to the extent such modification requires stockholder approval to conform with stock exchange or
securities rules); or 

  

	 	(iii)	Modify the Plan or an Offering in any other way (to the extent such modification requires stockholder approval to conform with stock exchange or securities rules).

  
 (b) The Board may, in its sole discretion,
submit any amendment to the Plan or an Offering for stockholder approval. 
  
 13. Designation of Beneficiary. 
  
 (a) A
Participant may file a written designation of a beneficiary who is to receive any shares and cash, if applicable, from the Participant’s account under the Plan in the event of such Participant’s death subsequent to the end of an Offering
but prior to delivery to the Participant of such shares and cash. In addition, a Participant may file a written designation of a beneficiary who is to receive any cash from the Participant’s account under the Plan in the event of such
Participant’s death during an Offering. 
  
 (b) Such
designation of beneficiary may be changed by the Participant at any time by written notice in the form prescribed by the Company. In the event of the death of a Participant and in the absence of a beneficiary validly designated under the Plan who is
living (or if an entity, is otherwise in existence) at the time of such Participant’s death, the Company shall deliver such shares and/or cash to the executor or administrator of the estate of the Participant, or if no such executor or
administrator has been appointed (to the knowledge of the Company), the Company, in its sole discretion, may deliver such shares and/or cash to the spouse or to any one (1) or more dependents or relatives of the Participant, or if no spouse,
dependent or relative is known to the Company, then to such other person as the Company may determine. 
  
 14. Tax Withholding. 
  
 The Company shall have the right to deduct from any payment or settlement under the Plan, including, without limitation, the delivery or transfer of Common Stock, any federal, state, local or other taxes of any kind which the Board, in its
sole discretion, deems necessary to be withheld to comply with any applicable law, rule or regulation. Shares of Common Stock may be used to satisfy any such withholding. If shares of Common Stock are used to satisfy withholding, they will be valued
based on the fair market value (reasonably determined by the Board) of the Common Stock as of the date the tax withholding is required to be made, such date to be determine by the Board. In addition, the Board may require payment from a Participant
to cover any applicable withholding or employment taxes due upon any payment or settlement under the Plan. 
  
 15. Termination or Suspension of the Plan. 
  
 (a) The Board in its discretion, may suspend or terminate the Plan and/or any Offering at any time. The Plan shall automatically terminate on the earlier of (i) the tenth anniversary of the Effective Date and (ii) the
date on which all the shares subject to the Plan pursuant to Section 3(a) have been issued. No rights may be granted under the Plan while the Plan is suspended or after it is terminated. 
  
 (b) If the Plan or an Offering is terminated, on the date of such termination all outstanding rights granted pursuant to the
Plan, or the Offering, as applicable, will immediately expire and 

  

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the Company shall distribute to each affected Participant all of his or her accumulated payroll deductions (and other payments or contributions, if any)
(reduced to the extent, if any, such amounts have been used to acquire stock for the affected Participant), without interest; provided, however, that the Board may, in its sole discretion, provide that the date of termination of the
Plan or an Offering shall constitute a Purchase Date under, in the case of (a) Plan termination, any or all outstanding Offerings, and (b) in the case of an Offering termination, the applicable Offering. 
  
 16. Effective Date of Plan. 
  
 The Plan shall become effective on the same day on which the Company’s
registration statement under the Securities Act with respect to the initial public offering of shares of the Company’s Common Stock becomes effective (the “Effective Date”). 
  
 16. Choice of Law. 
  
 All questions concerning the construction, validity and interpretation of this Plan shall be governed by the law of the
State of Delaware, without regard to such state’s conflict of laws rules. 
  
 IN WITNESS WHEREOF, this Plan is adopted by the Company on this 24th day of August, 2004. 
  
 INTERNATIONAL SECURITIES EXCHANGE, INC. 
  

			
		
	By:	 	/S/    IVERS W.
RILEY        
	 	 	 Name: Ivers W. Riley
 Title: Chairman          

  

 7Omnibus Stock Plan

 Exhibit 10.15 
  
 INTERNATIONAL SECURITIES EXCHANGE, INC. 
 OMNIBUS STOCK PLAN 
  
 ARTICLE 1 
  
 EFFECTIVE DATE AND PURPOSE

  
 1.1. Effective Date. The Plan is effective as the
International Securities Exchange, Inc. (“ISE”) Omnibus Stock Plan as of                     . 
  
 1.2. Purpose of the Plan. The Plan is intended to further the growth
and profitability of ISE by increasing incentives and encouraging Share ownership on the part of ISE’s Employees, Independent Contractors and Members of the Board. The Plan is intended to permit the grant of Awards that constitute Incentive
Stock Options, Non-Qualified Stock Options, SARs, Restricted Stock and Restricted Stock Units. 
  
 ARTICLE 2 
  
 DEFINITIONS 
  
  
 The following words and phrases shall have the following meanings unless a different meaning is plainly required by the context: 
  
 2.1. “1934 Act” means the Securities Exchange Act of 1934,
as amended. Reference to a specific section of the 1934 Act or regulation thereunder shall include such section or regulation, any valid regulation promulgated under such section, and any comparable provision of any future legislation or regulation
amending, supplementing or superseding such section or regulation. 
  
 2.2. “Affiliate” means any corporation or any other entity (including, but not limited to, partnerships and joint ventures) controlled by ISE. 
  
 2.3. “Award” means, individually or collectively, a grant under the Plan of Non-Qualified Stock Options,
Incentive Stock Options, SARs, Restricted Stock or Restricted Stock Units. 
  
 2.4. “Award Agreement” means the written agreement setting forth the terms and conditions applicable to an Award. 
  
 2.5 “Base Price” means the price at which a SAR may be exercised with respect to a Share. 
  
 2.6. “Board” means ISE’s Board of Directors.

  
 2.7. “Code” means the Internal Revenue Code
of 1986, as amended. Reference to a specific section of the Code or regulation thereunder shall include such section or regulation, any valid regulation promulgated thereunder, and any comparable provision of any future legislation or regulation
amending, supplementing or superseding such section or regulation. 
  
 2.8. “Committee” means the “compensation committee” of the Board. 
  
 2.9. “Employee” means an employee of ISE, its subsidiaries, or Affiliates (each an “Employer”) designated by the Board or the
Committee. 
  

 2.10. “Exercise Price” means the price at which a Share subject to an Option may be
purchased upon the exercise of the Option. 
  
 2.11. “Fair
Market Value” means, except as otherwise specified in a particular Award Agreement, (a) in the case of Shares that are traded on an established national or regional securities exchange, the closing transaction price of such a Share as
reported by such exchange on the date as of which such value is being determined or, if there shall be no reported transaction for such date, on the next preceding date for which a transaction was reported, (b) in the case of Shares that are not
traded on an established national or regional securities exchange, the average of the bid and ask prices for such a Share, where quoted for such Shares, or (c) if Fair Market Value cannot be determined under clause (a) or clause (b) above, or if the
Committee determines in its sole discretion that the Shares are too thinly traded for Fair Market Value to be determined pursuant to clause (a) or clause (b), the value as determined by the Committee, in its sole discretion, on a good faith basis.

  
 2.12. “Grant Date” means the date that the
Award is granted. 
  
 2.13. “Incentive Stock
Option” means an Option that is designated as an Incentive Stock Option and is intended by the Committee to meet the requirements of section 422 of the Code. 
  
 2.14. “Independent Contractor” means a person employed by ISE for a specific task, study or project who is
not an Employee. 
  
 2.15. “Member of the Board”
means an individual who is a member of the Board. 
  
 2.16.
“Non-Qualified Stock Option” means an Option that is not an Incentive Stock Option. 
  
 2.17. “Option” means an option to purchase Shares pursuant to Article 5. 
  
 2.18. “Participant” means an Employee, Independent Contractor or Member of the Board with respect to whom
an Award has been granted and remains outstanding. 
  
 2.19
“Performance Goals” means goals established by the Committee as contingencies for Awards to vest and/or become exercisable. 
  
 2.20. “Period of Restriction” means the period during which Restricted Stock or an RSU is subject to forfeiture and/or restrictions on
transferability. 
  
 2.21. “Plan” means this ISE
Omnibus Stock Plan, as set forth in this instrument and as hereafter amended from time to time. 
  
 2.22. “Restricted Stock” means a Stock Award granted pursuant to Article 6 under which the Shares are subject to forfeiture upon such
terms and conditions as specified in the relevant Award Agreement. 
  
 2.23. “Restricted Stock Unit” or “RSU” means a Stock Award granted pursuant to Article 6 subject to a period or periods of time after which the Participant will receive Shares if the conditions contained in
such Stock Award have been met. 
  
 2.24. “Rule
16b-3” means Rule 16b-3 promulgated under the 1934 Act, as amended, and any future regulation amending, supplementing or superseding such regulation. 
  

2.25. “Share” means ISE’s Class A Common Stock, par value $0.01 per share or any security issued by ISE or any successor in
exchange or in substitution therefor. 
  

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 2.26. “Stock Appreciation Right” or “SAR” means an Award granted
pursuant to Article 7, granted alone or in tandem with a related Option which is designated by the Committee as an SAR. 
  
 2.27. “Stock Award” means an Award of Restricted Stock or an RSU pursuant to Article 6. 
  
 2.28. “Ten Percent Holder” means an Employee (together with
persons whose stock ownership is attributed to the Employee pursuant to section 424(d) of the Code) who, at the time an Option is granted, owns stock representing more than ten percent of the voting power of all classes of stock of ISE. 

 
 ARTICLE 3 
  
 ADMINISTRATION  
  
 3.1. The Committee. The Plan shall be administered by the Committee.
It is intended that each member of the Committee shall qualify as (a) a “non-employee director” under Rule 16b-3, (b) an “outside director” under section 162(m) of the Code and (c) an “independent director” under the
rules of any national securities exchange or national securities association, as applicable. If it is later determined that one or more members of the Committee do not so qualify, actions taken by the Committee prior to such determination shall be
valid despite such failure to qualify. 
  
 3.2. Authority and
Action of the Committee. It shall be the duty of the Committee to administer the Plan in accordance with the Plan’s provisions. The Committee shall have all powers and discretion necessary or appropriate to administer the Plan and to
control its operation, including, but not limited to, the power to (a) determine which Employees, Independent Contractors and Members of the Board shall be eligible to receive Awards and to grant Awards, (b) prescribe the form, amount, timing and
other terms and conditions of each Award, (c) interpret the Plan and the Award Agreements, (d) adopt such procedures as it deems necessary or appropriate to permit participation in the Plan by eligible Employees, Independent Contractors and Members
of the Board, (e) adopt such rules as it deems necessary or appropriate for the administration, interpretation and application of the Plan, and (f) interpret, amend or revoke any such procedures or rules. The acts of the Committee shall be either
(i) acts of a majority of the members of the Committee present at any meeting at which a quorum is present or (ii) acts approved in writing by all of the members of the Committee without a meeting. A majority of the Committee shall constitute a
quorum. 
  
 3.3. Delegation by the Committee. The Committee
in its sole discretion and on such terms and conditions as it may provide may delegate all or any part of its authority and powers under the Plan to one or more Members of the Board and/or officers of ISE; provided, however, that the
Committee may not delegate its authority or power with respect to (a) the selection for participation in this Plan of an officer or other person subject to Section 16 of the 1934 Act or decisions concerning the timing, pricing or amount of an Award
to such an officer or person or (b) any Award that is intended to satisfy the requirements applicable to “qualified performance-based compensation” under section 162(m) of the Code. 
  
 3.4. Decisions Binding. All determinations, decisions and
interpretations of the Committee, the Board, and any delegate of the Committee pursuant to the provisions of the Plan shall be final, conclusive, and binding on all persons, and shall be given the maximum deference permitted by law. 
  
 3.5. Restrictions on Incentive Stock Options. Incentive Stock Options
may not be granted more than 10 years from the date the Plan is adopted or the date the Plan is approved by ISE’s shareholders, whichever is earlier. Incentive Stock Options are not transferable, except by will or the laws of descent. If this
Plan is not approved within 12 months before or after the Effective Date, no further Incentive Stock Options may be granted and any previously granted shall remain valid but be deemed to be Non-Qualified Stock Options. 
  

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 3.6. Performance Goals. The Committee shall have the authority to grant Awards under this Plan
that are contingent upon the achievement of Performance Goals. Such Performance Goals are to be specified in the relevant Award Agreement and may be based on such factors including, but not limited to: (a) revenue, (b) earnings per Share, (c) net
income per Share, (d) Share price, (e) pre-tax profits, (f) net earnings, (g) net income, (h) operating income, (i) cash flow, (j) earnings before interest, taxes, depreciation and amortization, (k) sales, (l) total stockholder return relative to
assets, (m) total stockholder return relative to peers, (n) financial returns (including, without limitation, return on assets, return on equity and return on investment), (o) cost reduction targets, (p) customer satisfaction, (q) customer growth,
(r) employee satisfaction, (s) gross margin, (t) revenue growth, or (u) any combination of the foregoing, or such other criteria as the Committee may determine. Performance Goals may be in respect of the performance of the ISE, any of its Affiliates
or any combination thereof on either a consolidated, business unit or divisional level. Performance Goals may be absolute or relative (to prior performance of ISE or to the performance of one or more other entities or external indices) and may be
expressed in terms of a progression within a specified range. 
  
 ARTICLE 4 
  
 SHARES SUBJECT TO THE PLAN 

  
 4.1. Number of Shares. Subject to adjustment as
provided in Section 4.3, 460,000 (which upon the stock dividend contemplated in connection with the initial public offering is expected to become 4,600,000) Shares shall be available for grants of Awards under the Plan. The maximum number of Shares
with respect to which Restricted Stock, RSUs, Options or SARs or a combination thereof may be granted during any year to any person shall be 46,000 (which upon the stock dividend contemplated in connection with the initial public offering is
expected to become 460,000) Shares subject to adjustment as provided in Section 4.3. Shares awarded under the Plan may be either authorized but unissued Shares, authorized and issued Shares reacquired and held as treasury Shares or a combination
thereof. 
  
 4.2. Lapsed Awards. To the extent that Shares
subject to an outstanding Option (except to the extent Shares are issued or delivered by ISE in connection with the exercise of a tandem SAR) or other Award are not issued or delivered by reason of the expiration, cancellation, forfeiture or other
termination of such Award or by reason of the delivery or withholding of Shares to pay all or a portion of the Exercise Price of an Award, if any, or to satisfy all or a portion of the tax withholding obligations relating to an Award, then such
Shares shall again be available under this Plan. 
  
 4.3.
Adjustments in Awards and Authorized Shares. In the event of any merger, reorganization, consolidation, recapitalization, liquidation, stock dividend, split-up, share combination, or other similar change in the corporate structure of ISE
affecting the Shares, the Committee may adjust the number, class and series of ISE’s securities or the securities of any successor corporation available under the Plan, the number, class, series and purchase price of securities subject to
outstanding Awards, and the numerical limit of Section 4.1 in such manner as the Committee in its sole discretion shall determine to be appropriate to prevent the dilution or diminution of such Awards. If any such adjustment would result in a
fractional security being (a) available under this Plan, such fractional security shall be disregarded, or (b) subject to an outstanding Award under this Plan, ISE shall pay the holder of such Award, in connection with the first vesting, exercise or
settlement of such Award in whole or in part occurring after such adjustment, an amount in cash determined by multiplying (i) the fraction of such security (rounded to the nearest hundredth) by (ii) the excess, if any, of (A) the Fair Market Value
on the vesting, exercise or settlement date over (B) the Exercise Price or Base Price, if any, of such Award. 
  

 4 

 ARTICLE 5 
  

STOCK OPTIONS  
  
 5.1. Grant of Options. Subject to the provisions of the Plan, Options may be granted to Participants at such times, and subject to such terms and
conditions, as determined by the Committee in its sole discretion. An Award of Options may include Incentive Stock Options, Non-Qualified Stock Options, or a combination thereof; provided, that no Incentive Stock Option shall be granted more than
ten years after the earlier of (i) the date this Plan is adopted by the Board or (ii) the date this Plan is approved by ISE’s shareholders. 
  
 5.2. Award Agreement. Each Option shall be evidenced by an Award Agreement that shall specify the Exercise Price, the expiration date of the
Option, the number of Shares to which the Option pertains, any conditions to the exercise of all or a portion of the Option, and such other terms and conditions as the Committee, in its discretion, shall determine. The Award Agreement pertaining to
an Option shall designate such Option as an Incentive Stock Option or a Non-Qualified Stock Option. Notwithstanding any such designation, to the extent that the aggregate Fair Market Value (determined as of the Grant Date) of Shares with respect to
which Options designated as Incentive Stock Options are exercisable for the first time by a Participant during any calendar year (under this Plan or any other plan of ISE, or any parent or subsidiary as defined in section 424 of the Code) exceeds
$100,000, such Options shall constitute Non-Qualified Stock Options. For purposes of the preceding sentence, Incentive Stock Options shall be taken into account in the order in which they are granted. 
  
 5.3. Exercise Price. Subject to the other provisions of this Section,
the Exercise Price with respect to Shares subject to an Option shall be determined by the Committee in its sole discretion. In the case of an Incentive Stock Option, the Exercise Price shall be not less than one hundred percent (100%) of the Fair
Market Value of a Share on the Grant Date; provided, however, that the Exercise Price with respect to a Ten Percent Shareholder shall not be less than one hundred-ten percent (110%) of the Fair Market Value of a Share on the Grant Date. 

 
 5.4. Expiration Dates. Each Option shall terminate not later than
the expiration date specified in the Award Agreement pertaining to such Option; provided, however, that the expiration date with respect to an Incentive Stock Option shall not be later than the tenth anniversary of its Grant Date and
the expiration date with respect to an Incentive Stock Option granted to a Ten Percent Holder shall not be later than the fifth anniversary of its Grant Date. 
  

5.5. Exercisability of Options. Subject to Section 5.4, Options granted under the Plan shall be exercisable at such times, and shall be subject
to such restrictions and conditions, as the Committee shall determine in its sole discretion. After an Option is granted, the Committee, in its sole discretion, may accelerate the Exercisability of the Option. The exercise of an Option is contingent
upon payment by the Optionee of the amount sufficient to pay all taxes required to be withheld by any governmental agency. Such payment may be in any form approved by the Committee. 
  
 5.6. Method of Exercise. Options shall be exercised by the Participant’s delivery of a written notice of
exercise to the Chief Financial Officer of ISE (or his or her designee), setting forth the number of Shares with respect to which the Option is to be exercised, accompanied by full payment of the Exercise Price with respect to each such Share and an
amount sufficient to pay all taxes required to be withheld by any governmental agency. The Exercise Price shall be payable to ISE in full in cash or its equivalent. The Committee, in its sole discretion, also may permit exercise (a) by tendering
previously acquired Shares which have been held by the Optionee for at least six months having an aggregate Fair Market Value at the time of exercise equal to the aggregate Exercise Price of the Shares with respect to which the Option is to be
exercised, or (b) by any other means which the Committee, in its sole discretion, determines to both provide legal consideration for the Shares, and to be consistent with the purposes of the Plan. As 
  

 5 

 soon as practicable after receipt of a written notification of exercise and full payment for the Shares with respect to
which the Option is exercised, ISE shall deliver to the Participant Share certificates (which may be in book entry form) for such Shares with respect to which the Option is exercised. 
  
 5.7. Restrictions on Share Transferability. The Committee may impose such restrictions on any Shares acquired
pursuant to the exercise of an Option as it may deem advisable, including, but not limited to, restrictions related to applicable federal securities laws, the requirements of any national securities exchange or system upon which Shares are then
listed or traded, or any blue sky or state securities laws. 
  
 ARTICLE 6 
  
 STOCK AWARDS

  
 6.1. Grant of Stock Awards. Subject to the
provisions of the Plan, Stock Awards may be granted to such Participants at such times, and subject to such terms and conditions, as determined by the Committee in its sole discretion. 
  
 6.2. Stock Award Agreement. Each Stock Award shall be evidenced by an Award Agreement that shall specify the number
of Shares granted, the price, if any, to be paid for the Shares and the Period of Restriction applicable to a Restricted Stock Award or RSU Award and such other terms and conditions as the Committee, in its sole discretion, shall determine.

  
 6.3. Transferability/Share Certificates. Shares subject
to an Award of Restricted Stock may not be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated during a Period of Restriction. During the Period of Restriction, a Restricted Stock Award may be registered in the holder’s
name or a nominee’s name at the discretion of ISE and may bear a legend as described in Section 6.4.2. Unless the Committee determines otherwise, Shares of Restricted Stock shall be held by ISE as escrow agent during the applicable Period of
Restriction, together with stock powers or other instruments of assignment (including a power of attorney), each endorsed in blank with a guarantee of signature if deemed necessary or appropriate by ISE, which would permit transfer to ISE of all or
a portion of the Shares subject to the Restricted Stock Award in the event such Award is forfeited in whole or part. 
  
 6.4. Other Restrictions. The Committee, in its sole discretion, may impose such other restrictions on Shares subject to an Award of Restricted
Stock as it may deem advisable or appropriate. 
  
 6.4.1.
General Restrictions. The Committee may set restrictions based upon applicable federal or state securities laws, or any other basis determined by the Committee in its discretion. 
  
 6.4.2. Legend on Certificates. The Committee, in its discretion, may legend the certificates representing Restricted
Stock during the Period of Restriction to give appropriate notice of such restrictions. For example, the Committee may determine that some or all certificates representing Shares of Restricted Stock shall bear the following legend: “The sale or
other transfer of the shares of stock represented by this certificate, whether voluntary, involuntary, or by operation of law, is subject to certain restrictions on transfer as set forth in the International Securities Exchange, Inc.
(“ISE”), Omnibus Stock Plan (the “Plan”), and in a Restricted Stock Agreement (as defined by the Plan). A copy of the Plan and such Restricted Stock Agreement may be obtained from the Chief Financial Officer of ISE.”

  
 6.5. Removal of Restrictions. Shares of Restricted
Stock covered by a Restricted Stock Award made under the Plan shall be released from escrow as soon as practicable after the termination of the Period of Restriction and, subject to ISE’s right to require payment of any taxes, a certificate or
certificates evidencing ownership of the requisite number of Shares shall be delivered to the Participant. 
  

 6 

 6.6. Voting Rights. During the Period of Restriction, Participants holding Shares of Restricted
Stock granted hereunder may exercise full voting rights with respect to those Shares, unless otherwise provided in the Award Agreement. 
  
 6.7. Dividends and Other Distributions. During the Period of Restriction, Participants holding Shares of Restricted Stock shall be entitled to
receive all dividends and other distributions paid with respect to such Shares unless otherwise provided in the Award Agreement. If any such dividends or distributions are paid in Shares, the Shares shall be deposited with ISE and shall be subject
to the same restrictions on transferability and forfeitability as the Shares of Restricted Stock with respect to which they were paid. 
  
 ARTICLE 7 
  
 STOCK APPRECIATION RIGHTS  
  
 7.1. Grant of SARs. Subject to the provisions of the Plan, SARs may be granted to such Participants at such times, and subject to such terms and conditions, as shall be determined by the Committee in its sole
discretion; provided, that any tandem SAR (i.e., a SAR granted in tandem with an Option) related to an Incentive Stock Option shall be granted at the same time that such Incentive Stock Option is granted. 
  
 7.2. Base Price and Other Terms. The Committee, subject to the
provisions of the Plan, shall have complete discretion to determine the terms and conditions of SARs granted under the Plan. Without limiting the foregoing, the Base Price with respect to Shares subject to a tandem SAR shall be the same as the
Exercise Price with respect to the Shares subject to the related Option. 
  
 7.3. SAR Agreement. Each SAR grant shall be evidenced by an Award Agreement that shall specify the Base Price, the term of the SAR, the conditions of exercise, and such other terms and conditions as the
Committee, in its sole discretion, shall determine. 
  
 7.4.
Expiration Dates. Each SAR shall terminate no later than the expiration date specified in the Award Agreement for that SAR; provided, however, that the expiration date with respect to a tandem SAR shall not be later than the expiration date
of the related Option. 
  
 7.5. Payment of SAR Amount. A
SAR may be exercised (a) by the Participant’s delivery of a written notice of exercise to the Chief Financial Officer of ISE (or his or her designee) setting forth the number of whole SARs which are being exercised, (b) in the case of a tandem
SAR, by surrendering to ISE any Options which are cancelled by reason of the exercise of such SAR, and (c) by executing such documents as ISE may reasonably request. Upon exercise of a SAR, the Participant shall be entitled to receive payment from
ISE in an amount determined by multiplying: (i) the amount by which the Fair Market Value of a Share on the date of exercise exceeds the Base Price specified in the Award Agreement pertaining to such SAR; by (ii) the number of Shares with respect to
which the SAR is exercised. 
  
 7.6. Payment Upon Exercise of
SAR. Unless otherwise specified in the Award Agreement pertaining to a SAR, payment to a Participant upon the exercise of the SAR may be made, as determined by the Committee in its sole discretion, either (a) in cash, (b) in Shares with a Fair
Market Value equal to the amount of the payment or (c) in a combination thereof. 
  

 7 

 ARTICLE 8 
  

MISCELLANEOUS  
  
 8.1. No Effect on Employment or Service. Nothing in the Plan shall interfere with or limit in any way the right of ISE to terminate any
Participant’s employment or service at any time, for any reason and with or without cause. 
  
 8.2. Participation. No person shall have the right to be selected to receive an Award under this Plan, or, having been so selected, to be selected
to receive a future Award. 
  
 8.3. Indemnification. Each
person who is or shall have been a member of the Committee, or of the Board, shall be indemnified and held harmless by ISE against and from (a) any loss, cost, liability, or expense that may be imposed upon or reasonably incurred by him or her in
connection with or resulting from any claim, action, suit, or proceeding to which he or she may be a party or in which he or she may be involved by reason of any good faith action taken or good faith failure to act under the Plan or any Award
Agreement, and (b) from any and all amounts paid by him or her in settlement thereof, with ISE’s approval, or paid by him or her in satisfaction of any judgment in any such claim, action, suit, or proceeding against him or her, provided he or
she shall give ISE an opportunity, at its own expense, to handle and defend the same before he or she undertakes to handle and defend it on his or her own behalf. The foregoing right of indemnification shall not be exclusive of any other rights of
indemnification to which such persons may be entitled under ISE’s Certificate of Incorporation or By-Laws, by contract, as a matter of law, or otherwise, or under any power that ISE may have to indemnify them or hold them harmless. 

 
 8.4. Successors. All obligations of ISE under the Plan, with
respect to Awards granted hereunder, shall be binding on any successor to ISE, whether the existence of such successor is the result of a direct or indirect purchase, merger, consolidation or otherwise, of all or substantially all of the business or
assets of ISE. 
  
 8.5. Beneficiary Designations. Subject
to the restrictions in section 8.6 below, a Participant under the Plan may name a beneficiary or beneficiaries to whom any vested but unpaid Award shall be paid in the event of the Participant’s death. For purposes of this section, a
beneficiary may include a designated trust having as its primary beneficiary a family member of a Participant. Each such designation shall revoke all prior designations by the Participant and shall be effective only if given in a form and manner
acceptable to the Committee. In the absence of any such designation, any vested benefits remaining unpaid at the Participant’s death shall be paid to the Participant’s estate and, subject to the terms of the Plan and of the applicable
Award Agreement, any unexercised vested Award may be exercised by the administrator or executor of the Participant’s estate. 
  
 8.6. Nontransferability of Awards. Unless otherwise determined by the Committee with respect to an Award other than an Incentive Stock Option, no
Award granted under the Plan may be sold, transferred, pledged, assigned, or otherwise alienated or hypothecated, other than by will, by the laws of descent and distribution. All rights with respect to an Award granted to a Participant shall be
available during his or her lifetime only to the Participant and may be exercised only by the Participant or the Participant’s legal representative. 
  
 8.7. No Rights as Stockholder. Except to the limited extent provided in Sections 6.6 and 6.7, no Participant (nor any beneficiary) shall have any
of the rights or privileges of a stockholder of ISE with respect to any Shares issuable pursuant to an Award (or exercise thereof), unless and until certificates representing such Shares shall have been issued, recorded on the records of ISE or its
transfer agents or registrars, and delivered to the Participant (or beneficiary). 
  

 8 

 8.8. Withholding Requirements. Prior to the delivery of any Shares or cash pursuant to an Award
(or exercise thereof), ISE shall have the power and the right to deduct or withhold, or require a Participant to remit to ISE, an amount sufficient to satisfy any federal, state, local and foreign taxes of any kind (including, but not limited to,
the Participant’s FICA and SDI obligations) which the Committee, in its sole discretion, deems necessary to be withheld or remitted to comply with the Code and/or any other applicable law, rule or regulation with respect to such Award (or
exercise thereof). 
  
 8.9. Withholding Arrangements. The
Committee, in its sole discretion and pursuant to such procedures as it may specify from time to time, may permit or require a Participant to satisfy all or part of the tax withholding obligations in connection with an Award by (a) having ISE
withhold otherwise deliverable Shares, or (b) delivering to ISE already-owned Shares having a Fair Market Value equal to the amount required to be withheld, provided such Shares have been held by the Participant for at least six months. 

 
 8.10. Deferrals. The Committee, in its sole discretion, may permit
a Participant to defer receipt of the payment of cash or the delivery of Shares that would otherwise be delivered to a Participant under the Plan. Any such deferral elections shall be subject to such rules and procedures as shall be determined by
the Committee in its sole discretion. 
  
 8.11. Restrictions on
Shares. Each Award made hereunder shall be subject to the requirement that if at any time ISE determines that the listing, registration or qualification of the Shares subject to such Award upon any securities exchange or under any law, or the
consent or approval of any governmental body, or the taking of any other action is necessary or desirable as a condition of, or in connection with, the exercise or settlement of such Award or the delivery of Shares thereunder, such Award shall not
be exercised or settled and such Shares shall not be delivered unless such listing, registration, qualification, consent, approval or other action shall have been effected or obtained, free of any conditions not acceptable to ISE. ISE may require
that certificates evidencing Shares delivered pursuant to any Award made hereunder bear a legend indicating that the sale, transfer or other disposition thereof by the holder is prohibited except in compliance with the Securities Act of 1933, as
amended, and the rules and regulations thereunder. 
  
 8.12.
Members of the Board/Special Restriction. Any Member of the Board who has received Shares under this Plan may not sell, transfer, pledge, assign, or otherwise alienate or hypothecate fifty-percent of such Shares until six months after such
person has terminated his or her service with the Board. 
  
 8.13.
Changes in Capital Structure. Notwithstanding any provision in this Plan or any Award Agreement, in the event of any changes in the outstanding stock or in the capital structure of ISE by reason of stock or extraordinary cash dividends, stock
splits, reverse stock splits, recapitalizations, reorganizations, mergers, consolidations, combinations, exchanges or other relevant changes in capitalization (each of the forgoing a “Corporate Event”) in connection with which the holders
of Shares receive shares of common stock that are registered under section 12 of the 1934 Act, there shall be substituted for each Share available under this Plan, whether or not then subject to an outstanding Award, the number and class of shares
into which each outstanding Share shall be converted pursuant to such Corporate Event. In the event of any such substitution, the Exercise Price per share in the case of an Option and the Base Price in the case of a SAR shall be appropriately
adjusted by the Committee (whose determination shall be final, binding and conclusive), such adjustments to be made in the case of outstanding Options and SARs without an increase in the aggregate Exercise Price or Base Price, respectively.
Notwithstanding any provision in this Plan or any Award Agreement, in the event of a Corporate Event, the Committee may, in its sole discretion, cancel some or all of the outstanding Awards and pay to each holder of a cancelled Award a payment in
cash or securities an amount that the Committee, in its sole discretion, in good faith determines to be the equivalent value of such Award on the date of the Corporate Event (e.g., in the case of an Option, the amount of the “spread”).

  

 9 

 ARTICLE 9 
  

AMENDMENT, TERMINATION AND DURATION  
  
 9.1. Amendment, Suspension or Termination. The Board, in its sole discretion, may amend, suspend or terminate the Plan, or any part thereof, at any
time and for any reason, subject to any requirement of stockholder approval required by applicable law, rule or regulation, including section 422 of the Code, section 162(m) of the Code and the rules of the New York Stock Exchange. The amendment,
suspension or termination of the Plan shall not, without the consent of the Participant, alter or impair any rights or obligations under any Award theretofore granted to such Participant. No Award may be granted during any period of suspension or
after termination of the Plan. 
  
 9.2. Duration of the
Plan. The Plan shall, subject to Section 9.1 (regarding the Board’s right to amend or terminate the Plan), terminate ten years after adoption by the Board, unless earlier terminated by the Board. The termination of the Plan shall not affect
any Awards granted prior to the termination of the Plan. 
  
 ARTICLE 10 
  
 LEGAL CONSTRUCTION 

  
 10.1. Gender and Number. Except where otherwise
indicated by the context, any masculine term used herein also shall include the feminine; the plural shall include the singular and the singular shall include the plural. 
  
 10.2. Severability. In the event any provision of the Plan shall be held illegal or invalid for any reason, the
illegality or invalidity shall not affect the remaining parts of the Plan and the Plan shall be construed and enforced as if the illegal or invalid provision had not been included. 
  
 10.3. Requirements of Law. The granting of Awards and the issuance of Shares under the Plan shall be subject to all
applicable laws, rules and regulations, and to such approvals by any governmental agencies or national securities exchanges as may be required. 
  
 10.4. Governing Law. The Plan and all Award Agreements shall be construed in accordance with and governed by the laws of the State of Delaware, but
without regard to its conflict of law provisions. 
  
 10.5.
Captions. Captions are provided herein for convenience only, and shall not serve as a basis for interpretation or construction of the Plan. 
  
 10.6. Incentive Stock Options. Should any Option granted under this Plan be designated an “Incentive Stock Option,” but fail, for any
reason, to meet the requirements of the Code for such a designation, then such Option shall be deemed to be a Non-Qualified Stock Option and shall be valid as such according to its terms. 
  

 10

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