Document:

PepsiCo, Inc. 2007 Long-Term Incentive Plan

 EXHIBIT 10.6 
 PepsiCo, Inc. 
 2007 LONG-TERM INCENTIVE PLAN 
 (as amended and restated effective September 12, 2008) 
 1. Purposes.  
 The purposes of the Plan are to provide
long-term incentives to those persons with significant responsibility for the success and growth of PepsiCo and its subsidiaries, divisions and affiliated businesses, to associate the interests of such persons with those of PepsiCo’s
shareholders, to assist PepsiCo in recruiting, retaining and motivating a diverse group of employees and outside directors on a competitive basis, and to ensure a pay for performance linkage for such employees and outside directors. If approved by
PepsiCo’s shareholders, the Plan shall replace the 2003 Long-Term Incentive Plan, and no further awards shall be made under the 2003 Long-Term Incentive Plan. 
 2. Definitions.  
 For purposes of the Plan: 
  

	 	 (a)
	 “2003 Long-Term Incentive Plan” means the PepsiCo, Inc. 2003 Long-Term Incentive Plan, as amended and restated from time to time.

  

	 	 (b)
	 “Award” means a grant of Options, Stock Appreciation Rights, Restricted Shares, Restricted Stock Units, Performance Shares, Performance Units, Stock
Awards, or any or all of them (but a Stock Award may not be granted to employees or officers). 

  

	 	 (c)
	 “Board” means the Board of Directors of PepsiCo. 

  

	 	 (d)
	 “Cause” has the meaning set forth in Section 11(b)(ii). 

  

	 	 (e)
	 “Change in Control” has the meaning set forth in Section 11(b)(i). 

  

	 	 (f)
	 “Change-in-Control Treatment” has the meaning set forth in Section 11(a)(ii). 

  

	 	 (g)
	 “Code” means the Internal Revenue Code of 1986, as amended. Any reference to a section of the Code shall also be a reference to any successor section
of the Code (or a successor code). 

  

	 	 (h)
	 “Committee” means, with respect to any matter relating to Section 8 of the Plan, the Board, and with respect to all other matters under the Plan,
the Compensation Committee of the Board. The Compensation Committee shall be appointed by the Board and shall consist of two or more outside, disinterested members of the Board. In the judgment of the Board, the 

  

 1 

	 	 
Compensation Committee shall be qualified to administer the Plan as contemplated by (a) Rule 16b-3 of the Exchange Act, (b) Code
Section 162(m) and the regulations thereunder, and (c) any rules and regulations of a stock exchange on which Common Stock is traded. Any member of the Compensation Committee of the Board who does not satisfy the qualifications set out in
the preceding sentence may recuse himself or herself from any vote or other action taken by the Compensation Committee of the Board. The Board may, at any time and in its complete discretion, remove any member of the Compensation Committee and may
fill any vacancy in the Compensation Committee. 

  

	 	 (i)
	 “Common Stock” means the common stock, par value 1 2/3 cents per share, of PepsiCo. 

  

	 	 (j)
	 “Company” means PepsiCo, its subsidiaries, divisions and affiliated businesses. 

  

	 	 (k)
	 “Covered Employee” means any PepsiCo employee for whom PepsiCo is subject to the deductibility limitation imposed by Code Section 162(m).

  

	 	 (l)
	 “Director Deferral Program” means the PepsiCo Director Deferral Program, as amended from time to time, and any successor program.

  

	 	 (m)
	 “Eligible Person” means any of the following individuals who is designated by the Committee as eligible to receive Awards, subject to the conditions
set forth in the Plan: (i) any employee of the Company (including any officer of the Company and any Employee Director) provided that the term employee does not include any individual who is not, as of the grant date of an Award, classified by
the Company as an employee on its corporate books and records even if that individual is later reclassified (by the Company, any court, any governmental agency or otherwise) as an employee as of the grant date; (ii) any consultant or advisor of
the Company; and (iii) any Non-Employee Director who is eligible to receive an Award in accordance with Section 8 hereof. 

  

	 	 (n)
	 “Employee Director” means a member of the Board who is also an employee of the Company. 

  

	 	 (o)
	 “Exchange Act” means the Securities Exchange Act of 1934, as amended from time to time, and any successor thereto. 

  

	 	 (p)
	 “Fair Market Value” on any date means the average of the high and low market prices at which a share of Common Stock shall have been sold on such date,
or the immediately preceding trading day if such date was not a trading day, as reported on the New York Stock Exchange Composite Transactions Listing and, in the case of an ISO, means fair market value as 

  

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determined by the Committee in accordance with Code Section 422 and, in the case of an Option or SAR that is intended to be exempt from Code
Section 409A, fair market value as determined by the Committee in accordance with Code Section 409A. 

  

	 	 (q)
	 “Good Reason” has the meaning set forth in Section 11(b)(iii). 

  

	 	 (r)
	 “Initial Grant” has the meaning set forth in Section 8(b). 

  

	 	 (s)
	 “ISO” means an Option satisfying the requirements of Code Section 422 and designated as an ISO by the Committee. 

  

	 	 (t)
	 “Non-Employee Director” means a member of the Board who is not an employee of the Company. 

  

	 	 (u)
	 “NQSO” or “Non-Qualified Stock Option” means an Option that does not satisfy the requirements of Code Section 422 or that is not
designated as an ISO by the Committee. 

  

	 	 (v)
	 “Options” means the right to purchase shares of Common Stock at a specified price for a specified period of time. 

  

	 	 (w)
	 “Option Exercise Price” means the purchase price per share of Common Stock covered by an Option granted pursuant to the Plan.

  

	 	 (x)
	 “Participant” means an Eligible Person who has received an Award under the Plan. 

  

	 	 (y)
	 “Payment Shares” has the meaning set forth in Section 8(d). 

  

	 	 (z)
	 “PepsiCo” means PepsiCo, Inc., a North Carolina corporation, and its successors and assigns. 

  

	 	 (aa)
	 “Performance Awards” means an Award of Options, Performance Shares, Performance Units, Restricted Shares, Restricted Stock Units or SARs conditioned on
the achievement of Performance Goals during a Performance Period. 

  

	 	 (bb)
	 “Performance-Based Exception” means the performance-based exception to the deductibility limitations of Code Section 162(m), as set forth in Code
Section 162(m)(4)(C). 

  

	 	 (cc)
	 “Performance Goals” means the goals established by the Committee under Section 7(d). 

  

	 	 (dd)
	 “Performance Measures” means the criteria set out in Section 7(d) that may be used by the Committee as the basis for a Performance Goal.

  

 3 

	 	 (ee)
	 “Performance Period” means the period established by the Committee during which the achievement of Performance Goals is assessed in order to determine
whether and to what extent an Award that is conditioned on attaining Performance Goals has been earned. 

  

	 	 (ff)
	 “Performance Shares” means an Award of shares of Common Stock awarded to a Participant based on the achievement of Performance Goals during a
Performance Period. 

  

	 	 (gg)
	 “Performance Units” means an Award denominated in shares of Common Stock, cash or a combination thereof, as determined by the Committee, awarded to a
Participant based on the achievement of Performance Goals during a Performance Period. 

  

	 	 (hh)
	 “Plan” means this PepsiCo, Inc. 2007 Long-Term Incentive Plan, as amended and restated from time to time. 

  

	 	 (ii)
	 “Prior Plans” means the PepsiCo, Inc. 2003 Long-Term Incentive Plan, the PepsiCo, Inc. 1994 Long-Term Incentive Plan, the PepsiCo, Inc. 1995 Stock
Option Incentive Plan, the PepsiCo SharePower Stock Option Plan, the Director Stock Plan, the PepsiCo 1987 Incentive Plan, the Quaker Long Term Incentive Plan of 1990, the Quaker Long Term Incentive Plan of 1999 and the Quaker Stock Compensation
Plan for Outside Directors, each as amended and restated from time to time. 

  

	 	 (jj)
	 “Restricted Shares” means shares of Common Stock that are subject to such restrictions and such other terms and conditions as the Committee may
establish. 

  

	 	 (kk)
	 “Restricted Stock Units” means the right, as described in Section 7(c), to receive an amount, payable in either cash, shares of Common Stock or a
combination thereof, equal to the value of a specified number of shares of Common Stock, subject to such terms and conditions as the Committee may establish. 

  

	 	 (ll)
	 “Restriction Period” means, with respect to Performance Shares, Performance Units, Restricted Shares or Restricted Stock Units, the period during which
any risk of forfeiture or other restrictions set by the Committee remain in effect. Such restrictions remain in effect until such time as they have lapsed under the terms and conditions of the Performance Shares, Performance Units, Restricted Shares
or Restricted Stock Units or as otherwise determined by the Committee. 

  

	 	 (mm)
	 “SharePower Program” means the broad-based equity program under the Plan. 

  

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	 	 (nn)
	 “Stock Appreciation Rights” or “SARs” means the right to receive a payment equal to the excess of the Fair Market Value of a share of Common
Stock on the date the Stock Appreciation Rights are exercised over the exercise price per share of Common Stock established for those Stock Appreciation Rights at the time of grant, multiplied by the number of shares of Common Stock with respect to
which the Stock Appreciation Rights are exercised. 

  

	 	 (oo)
	 “Stock Award” means an Award of shares of Common Stock, including Payment Shares, that are subject to such terms, conditions and restrictions (if any)
as determined by the Committee in accordance with Section 7(e). 

 3. Administration
of the Plan.  
  

	 	 (a)
	 Authority of Committee. The Plan shall be administered by the Committee, which shall have all the powers vested in it by the terms of the
Plan, such powers to include the authority (within the limitations described in the Plan): 

  

	 	 •
	 to select the persons to be granted Awards under the Plan; 

  

	 	 •
	 to determine the type, size and terms of Awards to be made to each Participant; 

  

	 	 •
	 to determine the time when Awards are to be granted and any conditions that must be satisfied before an Award is granted; 

  

	 	 •
	 to establish objectives and conditions for earning Awards; 

  

	 	 •
	 to determine whether an Award shall be evidenced by an agreement and, if so, to determine the terms and conditions of such agreement (which shall not be
inconsistent with the Plan) and who must sign such agreement; 

  

	 	 •
	 to determine whether the conditions for earning an Award have been met and whether an Award will be paid at the end of an applicable Performance Period;

  

	 	 •
	 except as otherwise provided in Section 7(d), to modify the terms of Awards made under the Plan; 

  

	 	 •
	 to determine if, when and under what conditions payment of all or any part of an Award may be deferred; 

  

 5 

	 	 •
	 to determine whether the amount or payment of an Award should be reduced or eliminated; 

  

	 	 •
	 to determine the guidelines and/or procedures for the payment or exercise of Awards; and 

  

	 	 •
	 to determine whether an Award should qualify, regardless of its amount, as deductible in its entirety for federal income tax purposes, including whether any
Awards granted to Covered Employees should comply with the Performance-Based Exception. 

  

	 	 (b)
	 Interpretation of Plan. The Committee shall have full power and authority to administer and interpret the Plan and to adopt or establish such
rules, regulations, agreements, guidelines, procedures and instruments, which are not contrary to the terms of the Plan and which, in its opinion, may be necessary or advisable for the administration and operation of the Plan. The Committee’s
interpretations of the Plan, and all actions taken and determinations made by the Committee pursuant to the powers vested in it hereunder, shall be conclusive and binding on all parties concerned, including PepsiCo, its shareholders and all Eligible
Persons and Participants. 

  

	 	 (c)
	 Delegation of Authority. To the extent not prohibited by law, the Committee (i) may delegate its authority hereunder to one or more of
its members or other persons (except that no such delegation shall be permitted with respect to Awards to Eligible Persons who are subject to Section 16 of the Exchange Act and Awards intended to comply with the Performance-Based Exception) and
(ii) may grant authority to employees or designate employees of the Company to execute documents on behalf of the Committee or to otherwise assist the Committee in the administration and operation of the Plan. 

 4. Eligibility.  
  

	 	 (a)
	 General. Subject to the terms and conditions of the Plan, the Committee may, from time to time, select from all Eligible Persons those to whom
Awards shall be granted under Section 7 and shall determine the nature and amount of each Award. Non-Employee Directors shall be eligible to receive Awards only pursuant to Section 8. 

  

	 	 (b)
	 International Participants. Notwithstanding any provision of the Plan to the contrary, in order to foster and promote achievement of the
purposes of the Plan or to comply with provisions of the laws in countries outside the United States in which the Company operates or has employees, the Committee, in its sole discretion, shall have the power and authority to (i) determine
which Eligible Persons (if any) employed by the Company 

  

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outside the United States should participate in the Plan, (ii) modify the terms and conditions of any Awards made to such Eligible Persons, and
(iii) establish sub-plans, modified Option exercise procedures and other Award terms, conditions and procedures to the extent such actions may be necessary or advisable to comply with provisions of the laws in such countries outside the United
States in order to assure the lawfulness, validity and effectiveness of Awards granted under the Plan and to the extent such actions are consistent with the Committee’s authority to amend the Plan absent shareholder approval pursuant to
Section 13(b). 

 5. Shares of Common Stock Subject to the Plan.  

  

	 	 (a)
	 Authorized Number of Shares. Unless otherwise authorized by PepsiCo’s shareholders and subject to the provisions of this Section 5 and
Section 10, the maximum aggregate number of shares of Common Stock available for issuance under the Plan shall be the total of (i) 65 million plus (ii) the total number of shares of Common Stock underlying awards under the Prior
Plans that are cancelled or expire after the effective date of the Plan without delivery of shares. Any of the authorized shares may be used for any of the types of Awards described in the Plan, except: 

  

	 	 (i)
	 at least 20 million of the authorized shares of Common Stock will be exclusively available for issuance pursuant to Awards under the SharePower Program;

  

	 	 (ii)
	 no more than 20 million of the authorized shares of Common Stock may be issued pursuant to Awards other than Options or SARs; 

 

	 	 (iii)
	 no more than 45 million of the authorized shares of Common Stock may be issued in the form of ISOs; and 

  

	 	 (iv)
	 no more than 150,000 of the authorized shares of Common Stock may be issued in connection with (A) Restricted Shares or Restricted Stock Units having a
time-based Restriction Period less than three years (but in no event less than one year), subject to acceleration due to the Participant’s death, total disability, retirement or retirement eligibility; (B) Restricted Shares or Restricted
Stock Units having a time-based Restriction Period that is actually accelerated due to a Participant’s transfer to an affiliated business; or (C) Stock Awards having a restriction on transferability of less than three years (not including
transfers to satisfy required tax withholding or intra-family transfers permitted by the Committee), subject to acceleration due to the Participant’s death or total disability, in each case described in (A), (B) or (C) above as
specified in the applicable award agreement; provided that such limitation shall not be applicable to Payment Shares. 

  

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	 	 (b)
	 Share Counting. The following rules shall apply in determining the number of shares of Common Stock remaining available for grant under the
Plan: 

  

	 	 (i)
	 In connection with the granting of an Option or other Award, the number of shares of Common Stock available for issuance under the Plan shall be reduced by the
number of shares of Common Stock in respect of which the Option or Award is granted or denominated, including the number of phantom shares of Common Stock under the Director Deferral Program payable in Payment Shares pursuant to Section 8(d).
For example, upon the grant of stock-settled SARs, the number of shares of Common Stock available for issuance under the Plan shall be reduced by the full number of SARs granted, and the number of shares of Common Stock available for issuance under
the Plan shall not thereafter be increased upon the exercise of the SARs and settlement in shares of Common Stock, even if the actual number of shares of Common Stock delivered in settlement of the SARs is less than the full number of SARs
exercised. However, Awards that by their terms do not permit settlement in shares of Common Stock shall not reduce the number of shares of Common Stock available for issuance under the Plan. 

  

	 	 (ii)
	 Any shares of Common Stock that are tendered by a Participant or withheld as full or partial payment of withholding or other taxes or as payment for the exercise
or conversion price of an Award under the Plan shall not be added back to the number of shares of Common Stock available for issuance under the Plan. 

  

	 	 (iii)
	 Whenever any outstanding Option or other Award (or portion thereof) expires, is cancelled, is settled in cash rather than in shares of Common Stock (pursuant to
the terms of an Award that permits but does not require cash settlement) or is otherwise terminated for any reason without having been exercised or payment having been made in the form of shares of Common Stock, the number of shares of Common Stock
available for issuance under the Plan shall be increased by the number of shares of Common Stock allocable to the expired, cancelled, settled or otherwise terminated Option or other Award (or portion thereof). 

  

	 	 (iv)
	 Any shares of Common Stock underlying Awards granted through the assumption of, or in substitution for, outstanding awards previously granted to individuals who
become employees of the Company as a result of a merger, consolidation, acquisition or other corporate transaction involving the Company shall not, unless required by law or regulation, count against the reserve of available shares of Common Stock
under the Plan. 

  

 8 

	 	 (c)
	 Shares to be Delivered. The source of shares of Common Stock to be delivered by the Company under the Plan shall be determined by the Company
and may consist in whole or in part of authorized but unissued shares or repurchased shares. 

 6.
Award Limitations.  
 The maximum number of shares of Common Stock subject to Options and SARs that can
be granted to any Eligible Person during a single calendar year shall not exceed two (2) million. The maximum amount of Awards other than Options and SARs that can be granted to any Eligible Person during a single calendar year shall not exceed
$15 million; provided that the foregoing limitation shall be applied to an Award that is denominated in shares of Common Stock on the basis of the Fair Market Value of such shares on the date the Award is granted. Notwithstanding the limitation set
forth in the preceding sentence, the maximum Award that may be granted to any Eligible Person for a Performance Period longer than one calendar year shall not exceed the foregoing annual maximum multiplied by the number of full calendar years in the
Performance Period. 
 7. Awards to Eligible Persons.  
  

	 	 (a)
	 Options.  

  

	 	 (i)
	 Grants. Subject to the terms and conditions of the Plan, Options may be granted to Eligible Persons. Options may consist of ISOs or NQSOs, as the
Committee shall determine. Options may be granted alone or in tandem with SARs. With respect to Options granted in tandem with SARs, the exercise of either such Options or such SARs will result in the simultaneous cancellation of the same number of
tandem SARs or Options, as the case may be. 

  

	 	 (ii)
	 Option Exercise Price. The Option Exercise Price shall be equal to or, at the Committee’s discretion, greater than the Fair Market Value on the
date the Option is granted, unless the Option was granted through the assumption of, or in substitution for, outstanding awards previously granted to individuals who became employees of the Company as a result of a merger, consolidation, acquisition
or other corporate transaction involving the Company (in which case the assumption or substitution shall be accomplished in a manner that permits the Option to be exempt from Code Section 409A). 

  

	 	 (iii)
	 Term. The term of Options shall be determined by the Committee in its sole discretion, but in no event shall the term exceed ten (10) years from
the date of grant; provided, however, that Awards of NQSOs and SARs covering up to five (5) million shares of Common Stock, in the aggregate, may be issued with a term of up to fifteen (15) years. 

  

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	 	 (iv)
	 ISO Limits. ISOs may be granted only to Eligible Persons who are employees of PepsiCo or of any parent or subsidiary corporation (within the meaning
of Code Section 424) on the date of grant, and may only be granted to an employee who, at the time the Option is granted, does not own stock possessing more than ten percent (10%) of the total combined voting power of all classes of stock
of PepsiCo or of any parent or subsidiary corporation (within the meaning of Code Section 424). The aggregate Fair Market Value of all shares of Common Stock with respect to which ISOs are exercisable by a Participant for the first time during
any calendar year (under all plans of the Company) shall not exceed $100,000 or such other amount as may subsequently be specified by the Code and/or applicable regulations. The aggregate Fair Market Value of such shares shall be determined at the
time the Option is granted. ISOs shall contain such other provisions as the Committee shall deem advisable but shall in all events be consistent with and contain or deem to contain all provisions required in order to qualify as incentive stock
options under Code Section 422. 

  

	 	 (v)
	 No Repricing. Except for adjustments made pursuant to Section 10, the Option Exercise Price for any outstanding Option granted under the Plan
may not be decreased after the date of grant nor may any outstanding Option granted under the Plan be surrendered to the Company as consideration for the grant of a new Option with a lower Option Exercise Price without the approval of PepsiCo’s
shareholders. 

  

	 	 (vi)
	 Form of Payment. The Option Exercise Price shall be paid to the Company at the time of such exercise, subject to any applicable rules or regulations
adopted by the Committee: 

  

	 	 (A)
	 to the extent permitted by applicable law, pursuant to cashless exercise procedures that are, from time to time, approved by the Committee; proceeds from any
such exercise shall be used to pay the exercise costs, which include the Option Exercise Price, statutory minimum applicable taxes, brokerage commissions and SEC fees; any remaining proceeds from the sale shall be delivered to the Participant in
cash or stock as specified by the Participant; 

  

	 	 (B)
	 through the tender of shares of Common Stock owned by the Participant (or by delivering a certification or attestation of ownership of such shares) valued at
their Fair Market Value on the date of exercise; 

  

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	 	 (C)
	 in cash or its equivalent; or 

  

	 	 (D)
	 by any combination of (A), (B), and (C) above. 

  

	 	 (vii)
	 No Dividend Equivalents. No dividends or dividend equivalents may be paid on Options. Except as otherwise provided herein, a Participant shall have
no rights as a holder of Common Stock with respect to shares of Common Stock covered by an Option unless and until such shares of Common Stock have been registered to the Participant as the owner. 

  

	 	 (b)
	 Stock Appreciation Rights.  

  

	 	 (i)
	 Grants. Subject to the terms and provisions of the Plan, SARs may be granted to Eligible Persons. SARs may be granted alone or in tandem with
Options. With respect to SARs granted in tandem with Options, the exercise of either such Options or such SARs will result in the simultaneous cancellation of the same number of tandem SARs or Options, as the case may be.

  

	 	 (ii)
	 Exercise Price. The exercise price per share of Common Stock covered by a SAR granted pursuant to the Plan shall be equal to or, at the
Committee’s discretion, greater than Fair Market Value on the date the SAR is granted, unless the SAR was granted through the assumption of, or in substitution for, outstanding awards previously granted to individuals who became employees of
the Company as a result of a merger, consolidation, acquisition or other corporate transaction involving the Company (in which case the assumption or substitution shall be accomplished in a manner that permits the SAR to be exempt from Code
Section 409A). 

  

	 	 (iii)
	 Term. The term of a SAR shall be determined by the Committee in its sole discretion, but, subject to Section 7(a)(iii), in no event shall the
term exceed ten (10) years from the date of grant. 

  

	 	 (iv)
	 No Repricing. Except for adjustments made pursuant to Section 10, the exercise price for any outstanding SAR granted under the Plan may not be
decreased after the date of grant nor may any outstanding SAR granted under the Plan be surrendered to the Company as consideration for the grant of a new SAR with a lower exercise price without the approval of PepsiCo’s shareholders.

  

	 	 (v)
	 Form of Payment. The Committee may authorize payment of a SAR in the form of cash, Common Stock valued at its Fair Market Value on the date of the
exercise, a combination thereof, or by any other method as the Committee may determine. 

  

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	 	 (vi)
	 No Dividend Equivalents. No dividends or dividend equivalents may be paid on SARs. 

  

	 	 (c)
	 Restricted Shares / Restricted Stock Units.  

  

	 	 (i)
	 Grants. Subject to the terms and provisions of the Plan, Restricted Shares or Restricted Stock Units may be granted to Eligible Persons.

  

	 	 (ii)
	 Restrictions. The Committee shall impose such terms, conditions and/or restrictions on any Restricted Shares or Restricted Stock Units granted
pursuant to the Plan as it may deem advisable including, without limitation: a requirement that Participants pay a stipulated purchase price for each Restricted Share or each Restricted Stock Unit; forfeiture conditions; transfer restrictions;
restrictions based upon the achievement of specific performance goals (Company-wide, divisional, and/or individual); time-based restrictions on vesting; and/or restrictions under applicable federal or state securities laws. Except in the case of
Awards covered by Section 5(a)(iv), any time-based Restriction Period shall be for a minimum of three years (subject to acceleration due to the Participant’s death, total disability, retirement or retirement eligibility, in each case as
specified in the applicable award agreement). To the extent the Restricted Shares or Restricted Stock Units are intended to be deductible under Code Section 162(m), the applicable restrictions shall be based on the achievement of Performance
Goals over a Performance Period, as described in Section 7(d) below. 

  

	 	 (iii)
	 Payment of Restricted Stock Units. Restricted Stock Units that become payable in accordance with their terms and conditions shall be settled in cash,
shares of Common Stock, or a combination of cash and shares, as determined by the Committee. Any person who holds Restricted Stock Units shall have no ownership interest in the shares of Common Stock to which the Restricted Stock Units relate unless
and until payment with respect to such Restricted Stock Units is actually made in shares of Common Stock. The payment date shall be as soon as practicable after the earliest of (A) any vesting date that can be pre-determined at grant under the
terms of an Award Agreement, and (B) the occurrence date of an applicable vesting event (e.g., death, total disability, approved transfer or retirement) specified in the applicable award agreement. 

  

	 	 (iv)
	 Transfer Restrictions. During the Restriction Period, Restricted 

  

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Shares may not be sold, assigned, transferred or otherwise disposed of, or mortgaged, pledged or otherwise encumbered. In order to enforce the limitations
imposed upon the Restricted Shares, the Committee may (a) cause a legend or legends to be placed on any certificates evidencing such Restricted Shares, and/or (b) cause “stop transfer” instructions to be issued, as it deems
necessary or appropriate. Restricted Stock Units may not be sold, assigned, transferred or otherwise disposed of, or mortgaged, pledged, or otherwise encumbered at any time. 

  

	 	 (v)
	 Dividend and Voting Rights. Unless otherwise determined by the Committee, during the Restriction Period, Participants who hold Restricted Shares
shall have the right to receive dividends in cash or other property or other distribution or rights in respect of such shares and shall have the right to vote such shares as the record owners thereof; provided that, unless otherwise determined by
the Committee, any dividends or other property payable to a Participant during the Restriction Period shall be distributed to the Participant only if and when the restrictions imposed on the applicable Restricted Shares lapse. Unless otherwise
determined by the Committee, during the Restriction Period, Participants who hold Restricted Stock Units shall be credited with dividend equivalents in respect of such Restricted Stock Units; provided that, unless otherwise determined by the
Committee, such dividend equivalents shall be distributed (without interest) to the Participant only if and when the restrictions imposed on the applicable Restricted Stock Units lapse. 

  

	 	 (vi)
	 Ownership of Restricted Shares. Restricted Shares issued under the Plan shall be registered in the name of the Participant on the books and records
of the Company or its designee (or by one or more physical certificates if physical certificates are issued with respect to such Restricted Shares) subject to the applicable restrictions imposed by the Plan. If a Restricted Share is forfeited in
accordance with the restrictions that apply to such Restricted Shares, such interest or certificate, as the case may be, shall be cancelled. At the end of the Restriction Period that applies to Restricted Shares, the number of shares to which the
Participant is then entitled shall be delivered to the Participant free and clear of the restrictions, either in certificated or uncertificated form. No shares of Common Stock shall be registered in the name of the Participant with respect to a
Restricted Stock Unit unless and until such unit is paid in shares of Common Stock. 

  

 13 

	 	 (d)
	 Performance Awards.  

  

	 	 (i)
	 Grants. Subject to the provisions of the Plan, Performance Awards may be granted to Eligible Persons. Performance Awards may be granted either alone
or in addition to other Awards made under the Plan. 

  

	 	 (ii)
	 Performance Goals. Unless otherwise determined by the Committee, Performance Awards shall be conditioned on the achievement of Performance Goals
(which shall be based on one or more Performance Measures, as determined by the Committee) over a Performance Period. The Performance Period shall be one year, unless otherwise determined by the Committee, provided that the Restriction Period for
Performance Awards (not including Options, SARs or Awards covered by Section 5(a)(iv)) shall be for a minimum of three years, subject to acceleration due to the Participant’s death or total disability, in each case as specified in the
applicable award agreement. 

  

	 	 (iii)
	 Performance Measures. The Performance Measure(s) to be used for purposes of Performance Awards may be described in terms of objectives that are
related to the individual Participant or objectives that are Company-wide or related to a subsidiary, division, department, region, function or business unit of the Company, and may consist of one or more or any combination of the following
criteria: stock price; market share; sales revenue; cash flow; sales volume; earnings per share; return on equity; return on assets; return on sales; return on invested capital; economic value added; net earnings; total shareholder return; gross
margin; and costs. The Performance Goals based on these Performance Measures may be expressed in absolute terms or relative to the performance of other entities. 

  

	 	 (iv)
	 Negative Discretion. Notwithstanding the achievement of any Performance Goal established under the Plan, the Committee has the discretion to reduce,
but not increase, some or all of a Performance Award that would otherwise be paid to a Participant. 

  

	 	 (v)
	 Extraordinary Events. At, or at any time after, the time an Award is granted, and to the extent permitted under Code Section 162(m) and
the regulations thereunder without adversely affecting the treatment of the Award under the Performance-Based Exception, the Committee, in its sole discretion, may provide for the manner in which performance will be measured against the Performance
Goals (or may adjust the Performance Goals) to reflect the impact of specific corporate transactions, accounting or tax law changes and other extraordinary and nonrecurring events. 

  

 14 

	 	 (vi)
	 Performance-Based Exception. With respect to any Award that is intended to satisfy the conditions for the Performance-Based Exception under Code
Section 162(m): (A) the Committee shall interpret the Plan and this Section 7(d) in light of Code Section 162(m) and the regulations thereunder; (B) the Committee shall have no discretion to amend the Award in any way that
would adversely affect the treatment of the Award under Code Section 162(m) and the regulations thereunder; and (C) such Award shall not be paid until the Committee shall first have certified that the Performance Goals have been achieved.

  

	 	 (e)
	 Stock Awards.  

  

	 	 (i)
	 Grants. Subject to the provisions of the Plan, Stock Awards consisting of shares of Common Stock may be granted pursuant to this
Section 7(e) only to Eligible Persons who are consultants or advisors to the Company and may not be granted to employees of the Company (including Employee Directors). Non-Employee Directors are eligible to receive Stock Awards only pursuant to
Section 8. Stock Awards may be granted either alone or in addition to other Awards made under the Plan. 

  

	 	 (ii)
	 Terms and Conditions. The shares of Common Stock subject to a Stock Award shall be immediately vested at the time of grant and nonforfeitable at all
times but shall be subject to such other terms and conditions, including restrictions on transferability, as determined by the Committee in its discretion subject to Section 5(a)(iv) and the other provisions of the Plan. The shares of Common
Stock subject to a Stock Award shall be registered in the name of the Participant. 

 8.
Awards to Non-Employee Directors.  
  

	 	 (a)
	 Sole Awards. Notwithstanding anything in the other sections of the Plan to the contrary, Non-Employee Directors are eligible to receive only Awards
authorized by this Section 8. The terms applicable under Section 7 for each such category of Award shall apply under this Section 8 to the extent not inconsistent with the provisions of this Section 8. The Committee retains the
discretion to change the amount and terms of the Initial Grant or the types of Awards to Non-Employee Directors notwithstanding paragraphs (a), (b) and (c) of this Section 8. 

  

	 	 (b)
	 Initial Grants. Each newly appointed Non-Employee Director shall, as soon as practicable after initially becoming a member of the Board, be 

  

 15 

	 	 
granted an Award (the “Initial Grant”) of a Stock Award consisting of 1,000 shares of Common Stock subject to the transfer restrictions in
Section 8(c)(i) below. 

  

	 	 (c)
	 Terms of Initial Grants to Non-Employee Directors.  

  

	 	 (i)
	 Shares of Common Stock subject to a Stock Award granted to a Non-Employee Director shall be immediately vested at the time of grant and nonforfeitable at all
times. However, such shares of Common Stock may not be sold, assigned, transferred or otherwise disposed of, or mortgaged pledged or otherwise encumbered, until the date the Non-Employee Director’s membership on the Board ceases (except that
this transfer restriction shall not prohibit: (A) PepsiCo’s retaining shares to satisfy required tax withholding under Section 12(e), and (B) intra-family transfers permitted by the Committee). In order to enforce the limitations
imposed upon such shares of Common Stock, the Committee may (a) cause a legend or legends to be placed on any certificates evidencing such shares, and/or (b) cause “stop transfer” instructions to be issued, as it deems necessary
or appropriate. 

  

	 	 (ii)
	 Non-Employee Directors who hold shares of Common Stock pursuant to a Stock Award granted under this Section 8 shall have the right to receive dividends in
cash or other property and shall have the right to vote such shares as the record owners thereof; provided that any securities of the Company that are distributed to a Non-Employee Director shall be subject to the same transfer restrictions that
apply to such shares of Common Stock. 

  

	 	 (d)
	 Payment Shares. A current or former Non-Employee Director’s interest in phantom shares of Common Stock under the Director Deferral Program,
which results from an elective or mandatory deferral of cash payments, shall be paid in shares of Common Stock (“Payment Shares”) pursuant to the Plan while the Plan remains in effect, to the extent the Director Deferral Program provides
for the stock settlement of such phantom shares. The number of Payment Shares a current or former Non-Employee Director is entitled to receive shall be equal to the number of the Non-Employee Director’s phantom shares of Common Stock under the
Director Deferral Program on the applicable distribution valuation date, and such Payment Shares shall be distributed on the same date such Non-Employee Director would otherwise be entitled to receive the cash payment under the Director Deferral
Program in lieu of which the Payment Shares are being distributed. 

  

 16 

 9. Deferred Payments.  
 Subject to the terms of the Plan, the Committee may determine that all or a portion of any Award to a Participant, whether it is to be paid in cash,
shares of Common Stock or a combination thereof, shall be deferred or may, in its sole discretion, approve deferral elections made by Participants. Deferrals shall be for such periods and upon such terms as the Committee may determine in its sole
discretion, which terms shall be designed to comply with Code Section 409A. Notwithstanding the foregoing, deferral of Option or SAR gains shall not be permitted under the Plan. 
 10. Dilution and Other Adjustments.  
 In the event of any merger, reorganization, consolidation, recapitalization, stock dividend, stock split, combination or exchange of shares or other change in corporate structure affecting any class of Common Stock, the Committee shall make
such adjustments in the class and aggregate number of shares which may be delivered under the Plan as described in Section 5, the individual award maximums under Section 6, the class, number, and Option Exercise Price of outstanding
Options, the class number and exercise price of outstanding SARs and the class and number of shares subject to any other Awards granted under the Plan (provided the number of shares of any class subject to any Award shall always be a whole number),
as may be, and to such extent (if any), determined to be appropriate and equitable by the Committee, and any such adjustment may, in the sole discretion of the Committee, take the form of Options covering more than one class of Common Stock. Such
adjustment shall be conclusive and binding for all purposes of the Plan. Any adjustment of an Option or SAR under this Section 10 shall be accomplished in a manner that permits the Option or SAR to be exempt from Code Section 409A.

 11. Change in Control.  
  

	 	 (a)
	 Impact of Event. Notwithstanding any other provision of the Plan to the contrary, in the event of a Change in Control: 

 

	 	 (i)
	 If and to the extent that outstanding Awards under the Plan (A) are assumed by the successor corporation (or affiliate thereto) or (B) are replaced
with equity awards that preserve the existing value of the Awards at the time of the Change in Control and provide for subsequent payout in accordance with a vesting schedule and Performance Goals, as applicable, that are the same or more favorable
to the Participants than the vesting schedule and Performance Goals applicable to the Awards, then all such Awards or such substitutes thereof shall remain outstanding and be governed by their respective terms and the provisions of the Plan subject
to Section 11(a)(iv) below. 

  

	 	 (ii)
	 If and to the extent that outstanding Awards under the Plan are not 

  

 17 

	 	 
assumed or replaced in accordance with Section 11(a)(i) above, then upon the Change in Control the following treatment (referred to as
“Change-in-Control Treatment”) shall apply to such Awards: (A) outstanding Options and SARs shall immediately vest and become exercisable; (B) the restrictions and other conditions applicable to outstanding Restricted Shares,
Restricted Stock Units and Stock Awards, including vesting requirements, shall immediately lapse; such Awards shall be free of all restrictions and fully vested; and, with respect to Restricted Stock Units, shall be payable immediately in accordance
with their terms or, if later, as of the earliest permissible date under Code Section 409A; and (C) outstanding Performance Awards granted under the Plan shall immediately vest and shall become immediately payable in accordance with their
terms as if 100% of the Performance Goals have been achieved. 

  

	 	 (iii)
	 If and to the extent that outstanding Awards under the Plan are not assumed or replaced in accordance with Section 11(a)(i) above, then in connection with
the application of the Change-in-Control Treatment set forth in Section 11(a)(ii) above, the Board may, in its sole discretion, provide for cancellation of such outstanding Awards at the time of the Change in Control in which case a payment of
cash, property or a combination thereof shall be made to each such Participant upon the consummation of the Change in Control that is determined by the Board in its sole discretion and that is at least equal to the excess (if any) of the value of
the consideration that would be received in such Change in Control by the holders of PepsiCo’s securities relating to such Awards over the exercise or purchase price (if any) for such Awards (except that, in the case of an Option or SAR, such
payment shall be limited as necessary to prevent the Option or SAR from being subject to Code Section 409A). 

  

	 	 (iv)
	 If and to the extent that (A) outstanding Awards are assumed or replaced in accordance with Section 11(a)(i) above and (B) a Participant’s
employment with, or performance of services for, the Company is terminated by the Company for any reasons other than Cause or by such Participant for Good Reason, in each case, within the two-year period commencing on the Change in Control, then, as
of the date of such Participant’s termination, the Change-in-Control Treatment set forth in Section 11(a)(ii) above shall apply to all assumed or replaced Awards of such Participant then outstanding. 

  

	 	 (v)
	 Outstanding Options or SARs that are assumed or replaced in accordance with Section 11(a)(i) may be exercised by the Participant in accordance with the
applicable terms and conditions of such 

  

 18 

	 	 
Award as set forth in the applicable award agreement or elsewhere; provided, however, that Options or SARs that become exercisable in accordance with
Section 11(a)(iv) may be exercised until the expiration of the original full term of such Option or SAR notwithstanding the other original terms and conditions of such Award. 

  

	 	 (b)
	 Definitions.  

  

	 	 (i)
	 For purposes of this Section 11, “Change in Control” means the occurrence of any of the following events: 

  

	 	 (A)
	 acquisition of 20% or more of the outstanding voting securities of PepsiCo by another entity or group; excluding, however, the following (1) any acquisition
by PepsiCo or (2) any acquisition by an employee benefit plan or related trust sponsored or maintained by PepsiCo; 

  

	 	 (B)
	 during any consecutive two-year period, persons who constitute the Board at the beginning of the period cease to constitute at least 50% of the Board (unless the
election of each new Board member was approved by a majority of directors who began the two-year period); 

  

	 	 (C)
	 (1) with respect to Awards granted prior to September 11, 2008, PepsiCo shareholders approve a merger or consolidation of PepsiCo with another company, and
PepsiCo is not the surviving company; or, if after such transaction, the other entity owns, directly or indirectly, 50% or more of the outstanding voting securities of PepsiCo and (2) with respect to Awards granted on or after
September 11, 2008, consummation of a merger or consolidation of the Company with any other corporation, other than a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior thereto
continuing to represent (either by remaining outstanding or by being converted into voting shares of the surviving entity) more than 50% of the combined voting power of the voting securities of the Company or such surviving entity outstanding
immediately after such merger or consolidation; 

  

	 	 (D)
	 PepsiCo shareholders approve a plan of complete liquidation of PepsiCo or the sale or disposition of all or substantially all of PepsiCo’s assets; or

  

	 	 (E)
	 any other event, circumstance, offer or proposal occurs or is made, which is intended to effect a change in the control of PepsiCo, and which results in the
occurrence of one or more of the events set forth in clauses (A) through (D) of this Section 11(b)(i). 

  

 19 

	 	 (ii)
	 For purposes of this Section 11, “Cause” means with respect to any Participant, unless otherwise provided in the applicable award agreement,
(A) the Participant’s willful misconduct that materially injures the Company; (B) the Participant’s conviction of a felony or a plea of nolo contendere by Participant with respect to a felony; or (C) the Participant’s
continued failure to substantially perform his or her duties with the Company (other than by reason of the Participant’s disability) after written demand by the Company that identifies the manner in which the Company believes that the
Participant has not performed his or her duties. A termination for Cause must be communicated to the Participant by written notice that specifies the event or events claimed to provide a basis for termination for Cause. 

 

	 	 (iii)
	 For purposes of this Section 11, “Good Reason” means with respect to any Participant, unless otherwise provided in the applicable award agreement,
without the Participant’s written consent, (A) the Company’s requiring a material change in the Participant’s principal place of employment as it existed immediately prior to the Change in Control, except for reasonably required
travel on the Company’s business that is not materially greater than such travel requirements prior to the Change in Control (for this purpose, a change of 35 or fewer miles shall not be considered a material change in the Participant’s
principal place of employment); (B) a material reduction in the Participant’s compensation (within the meaning of Treasury Regulation § 1.409A-1(n)(2)(ii)(A)(2)) as in effect immediately prior to the Change in Control; or (C) a
material reduction in the Participant’s job responsibilities, authority or duties with the Company as in effect immediately prior to the Change in Control. A termination for Good Reason must be communicated by the Participant to the Company by
written notice that specifies the event or events claimed to provide a basis for termination for Good Reason; provided that the Participant’s written notice must be tendered within ninety (90) days of the occurrence of such event or events
and provided further that the Company shall have failed to remedy such act or omission within thirty (30) days following its receipt of such notice. A Participant’s continued employment shall not constitute consent to, or a waiver of
rights with respect to, any act or failure to act constituting Good Reason hereunder if the Participant actually terminates employment within fourteen (14) days after the Company’s failure to timely remedy or, if earlier, prior to the
second anniversary of the Change in Control. 

  

 20 

 12. Miscellaneous Provisions.  
  

	 	 (a)
	 Misconduct. Except as otherwise provided in agreements covering Awards hereunder, a Participant shall forfeit all rights in his or her
outstanding Awards under the Plan, and all such outstanding Awards shall automatically terminate and lapse, if the Committee determines that such Participant has (i) used for profit or disclosed to unauthorized persons, confidential information
or trade secrets of the Company, (ii) breached any contract with or violated any fiduciary obligation to the Company, including without limitation, a violation of any Company code of conduct, (iii) engaged in unlawful trading in the
securities of PepsiCo or of another company based on information gained as a result of that Participant’s employment or other relationship with the Company, or (iv) committed a felony or other serious crime. 

 

	 	 (b)
	 Rights as Shareholder. Except as otherwise provided herein, a Participant shall have no rights as a holder of Common Stock with respect to Awards
hereunder, unless and until the shares of Common Stock have been registered to the Participant as the owner. 

  

	 	 (c)
	 No Loans. No loans from the Company to Participants shall be permitted in connection with the Plan. 

  

	 	 (d)
	 Assignment or Transfer. Except as otherwise provided under the Plan, no Award under the Plan or any rights or interests therein shall be transferable
other than by will or the laws of descent and distribution. The Committee may, in its discretion, provide that an Award (other than an ISO) is transferable without the payment of any consideration to a Participant’s family member, whether
directly or by means of a trust or otherwise, subject to such terms and conditions as the Committee may impose. For this purpose, “family member” has the meaning given to such term in the General Instructions to the Form S-8 registration
statement under the Securities Act of 1933. All Awards under the Plan shall be exercisable, during the Participant’s lifetime, only by the Participant or a person who is a permitted transferee pursuant to this Section 12(d). Once awarded,
the shares of Common Stock (other than Restricted Shares) received by Participants may be freely transferred, assigned, pledged or otherwise subjected to lien, subject to: (i) the transfer restrictions in Sections 7(e)(ii) and 8(c)(i) above;
and (ii) the restrictions imposed by the Securities Act of 1933, Section 16 of the Exchange Act and PepsiCo’s Insider Trading Policy, each as amended from time to time. 

  

	 	 (e)
	 Withholding Taxes. PepsiCo shall have the right to deduct from all Awards paid in cash to a Participant any taxes required by law to be
withheld with respect to such Awards. All statutory minimum applicable withholding taxes arising with respect to Awards paid in shares of Common Stock to a Participant shall be satisfied by PepsiCo retaining shares of Common 

  

 21 

	 	 
Stock having a Fair Market Value on the date the tax is to be determined that is equal to the amount of such statutory minimum applicable withholding tax
(rounded, if necessary, to the next highest whole number of shares of Common Stock); provided, however, that, subject to any restrictions or limitations that the Committee deems appropriate, a Participant may elect to satisfy such statutory minimum
applicable withholding tax through cash or cash proceeds. 

  

	 	 (f)
	 Currency and Other Restrictions. The obligations of the Company to make delivery of Awards in cash or Common Stock shall be subject to currency or
other restrictions imposed by any governmental authority or regulatory body having jurisdiction over such Awards. 

  

	 	 (g)
	 No Rights to Awards. Neither the Plan nor any action taken hereunder shall be construed as giving any person any right to be retained in the employ
or service of the Company, and the Plan shall not interfere with or limit in any way the right of the Company to terminate any person’s employment or service at any time. Except as set forth herein, no employee or other person shall have any
claim or right to be granted an Award under the Plan. By accepting an Award, the Participant acknowledges and agrees that (i) the Award will be exclusively governed by the terms of the Plan, including the right reserved by the Company to amend
or cancel the Plan at any time without the Company incurring liability to the Participant (except, to the extent the terms of the Award so provide, for Awards already granted under the Plan), (ii) Awards are not a constituent part of salary and
the Participant is not entitled, under the terms and conditions of employment, or by accepting or being granted Awards under the Plan to require Awards to be granted to him or her in the future under the Plan or any other plan, (iii) the value
of Awards received under the Plan shall be excluded from the calculation of termination indemnities or other severance payments or benefits, and (iv) the Participant shall seek all necessary approval under, make all required notifications
under, and comply with all laws, rules and regulations applicable to the ownership of Options and shares of Common Stock and the exercise of Options, including, without limitation, currency and exchange laws, rules and regulations.

  

	 	 (h)
	 Beneficiary Designation. To the extent allowed by the Committee, each Participant under the Plan may, from time to time, name any beneficiary or
beneficiaries (who may be named on a contingent or successive basis) to whom any benefit under the Plan is to be paid in case of his or her death before he or she receives any or all of such benefit. Unless the Committee determines otherwise, each
such designation shall revoke all prior designations by the same Participant, shall be in a form prescribed by the Committee, and shall be effective only when filed by the Participant in writing with the Company during the Participant’s
lifetime. In the absence of any such designation, benefits remaining unpaid at the Participant’s death shall be paid to the Participant’s estate. 

  

 22 

	 	 (i)
	 Costs and Expenses. The cost and expenses of administering the Plan shall be borne by PepsiCo and not charged to any Award or to any Participant.

  

	 	 (j)
	 Fractional Shares. Fractional shares of Common Stock shall not be issued or transferred under an Award, but the Committee may direct that cash be
paid in lieu of fractional shares or may round off fraction shares, in its discretion. 

  

	 	 (k)
	 Funding of Plan. The Plan shall be unfunded and any benefits under the Plan shall represent an unsecured promise to pay by the Company. PepsiCo shall
not be required to establish or fund any special or separate account or to make any other segregation of assets to assure the payment of any Award under the Plan and the existence of any such account or other segregation of assets shall be
consistent with the “unfunded” status of the Plan. 

  

	 	 (l)
	 Indemnification. Provisions for the indemnification of officers and directors of the Company in connection with the administration of the Plan shall
be as set forth in PepsiCo’s Certificate of Incorporation and Bylaws as in effect from time to time. 

  

	 	 (m)
	 Successors. All obligations of PepsiCo under the Plan with respect to Awards granted hereunder shall be binding on any successor to PepsiCo, 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 and/or assets of PepsiCo. 

  

	 	 (n)
	 Compliance with Code Section 409A. The Plan is intended to satisfy the requirements of Code Section 409A and any regulations or guidance
that may be adopted thereunder from time to time, including any transition relief available under applicable guidance related to Code Section 409A. Accordingly, to ensure the exemption from Code Section 409A of potentially exempt Awards
and the compliance with Code Section 409A of other Awards, any payment that under the terms of the Plan or an agreement is to be made as soon as practicable relative to a date shall be made not later than 60 days after such date, and the
Participant may not determine the time of payment. Pursuant to Section 13(b), the Plan may be amended or interpreted by the Committee as it determines necessary or appropriate in accordance with Code Section 409A and to avoid a plan
failure under Code Section 409A(a)(1). 

  

 23 

 13. Effective Date, Governing Law, Amendments and Termination.
 
  

	 	 (a)
	 Effective Date. The Plan was approved by the Board on February 2, 2007 and shall become effective on the date it is approved by PepsiCo’s
shareholders. 

  

	 	 (b)
	 Amendments. The Committee or the Board may at any time terminate or from time to time amend the Plan in whole or in part, but no such action
shall adversely affect any rights or obligations with respect to any Awards granted prior to the date of such termination or amendment without the consent of the affected Participant except to the extent that the Committee reasonably determines that
such termination or amendment is necessary or appropriate to comply with applicable law (including the provisions of Code Section 409A and the regulations thereunder pertaining to the deferral of compensation) or the rules and regulations of
any stock exchange on which Common Stock is listed or quoted. Notwithstanding the foregoing, unless PepsiCo’s shareholders shall have first approved the amendment, no amendment of the Plan shall be effective if the amendment would
(i) increase the maximum number of shares of Common Stock that may be delivered under the Plan or to any one individual (except to the extent such amendment is made pursuant to Section 10 hereof), (ii) extend the maximum period during
which Awards may be granted under the Plan, (iii) add to the types of awards that can be made under the Plan, (iv) change the Performance Measures pursuant to which Performance Awards are earned, (v) modify the requirements as to
eligibility for participation in the Plan, (vi) decrease the grant or exercise price of any Option or SAR to less than the Fair Market Value on the date of grant; or (vii) require shareholder approval pursuant to the Plan or applicable law
or the rules of the principal securities exchange on which shares of Common Stock are traded in order to be effective. 

  

	 	 (c)
	 Governing Law. All questions pertaining to the construction, interpretation, regulation, validity and effect of the provisions of the Plan shall be
determined in accordance with the laws of the State of North Carolina without giving effect to conflict of laws principles. 

  

	 	 (d)
	 Termination. No Awards shall be made under the Plan after the tenth anniversary of the date on which PepsiCo’s shareholders approve the Plan.

  

 24Credit Agreement dated October 10, 2008

 Exhibit 10.1 
 

 
 CHICAGO MERCANTILE EXCHANGE INC. 
 CREDIT AGREEMENT 
 DATED AS OF OCTOBER 10, 2008 
 AMONG 
 CHICAGO MERCANTILE EXCHANGE
INC., 
 EACH OF THE BANKS FROM TIME TO TIME PARTY HERETO 
 AND 
 BANK OF MONTREAL, 
 AS ADMINISTRATIVE AGENT 
 JPMORGAN
CHASE BANK, N.A., 
 AS COLLATERAL AGENT 
 AND 
 BMO CAPITAL MARKETS, 
 AS LEAD ARRANGER 

 CHICAGO MERCANTILE EXCHANGE INC. 
 2008 CREDIT AGREEMENT 
 TABLE OF CONTENTS 
  

					
	 	  	 	  	PAGE
	 ARTICLE I DEFINITIONS
	  	1
		
	 ARTICLE II THE CREDIT
	  	10
			
	 Section 2.1
	  	Revolving Credit Loans	  	10
	 Section 2.2
	  	Ratable Loans	  	10
	 Section 2.3
	  	Payment on Last Day of Interest Period; Payment on Revolving Credit Termination Date	  	10
	 Section 2.4
	  	Reborrowing of Advances	  	11
	 Section 2.5
	  	Optional Principal Payments	  	11
	 Section 2.6
	  	Mandatory Principal Payments	  	11
	 Section 2.7
	  	Adjustments of Commitments	  	11
	 Section 2.8
	  	Upfront Fee; Commitment Fee	  	12
	 Section 2.9
	  	Collateral	  	12
	 Section 2.10
	  	Additional Credit Facility	  	13
	 Section 2.11
	  	Defaulting Banks	  	14
	 Section 2.12
	  	Removal or Replacement of a Bank	  	15
		
	 ARTICLE III FUNDING THE CREDITS
	  	16
			
	 Section 3.1
	  	Method of Borrowing	  	16
	 Section 3.2
	  	Minimum Amount of Each Advance	  	16
	 Section 3.3
	  	Rate Before and After Maturity	  	16
	 Section 3.4
	  	Method of Payment	  	16
	 Section 3.5
	  	Notes; Telephonic Notices	  	17
	 Section 3.6
	  	Interest Payment Dates; Interest Basis	  	17
		
	 ARTICLE IV ADMINISTRATIVE AGENT
	  	18
			
	 Section 4.1
	  	Notice to and Payment by the Banks	  	18
	 Section 4.2
	  	Payment by Banks to Administrative Agent	  	18
	 Section 4.3
	  	Distribution of Payments	  	19
	 Section 4.4
	  	Rescission of Payments by the Company	  	19
	 Section 4.5
	  	Powers Granted to Administrative Agent	  	20
	 Section 4.6
	  	[Reserved]	  	20
	 Section 4.7
	  	[Reserved]	  	20
		
	 ARTICLE V CONDITIONS PRECEDENT
	  	20
			
	 Section 5.1
	  	Conditions Precedent	  	20
	 Section 5.2
	  	Each Advance	  	22

 CHICAGO MERCANTILE EXCHANGE INC.

 2008 CREDIT AGREEMENT 
  

					
		
	 ARTICLE VI REPRESENTATIONS AND WARRANTIES
	  	23
			
	 Section 6.1
	  	Corporate Existence and Standing	  	23
	 Section 6.2
	  	Authorization and Validity	  	23
	 Section 6.3
	  	Compliance with Laws and Contracts	  	23
	 Section 6.4
	  	Financial Statements	  	24
	 Section 6.5
	  	Material Adverse Change	  	24
	 Section 6.6
	  	Subsidiaries	  	24
	 Section 6.7
	  	Accuracy of Information	  	24
	 Section 6.8
	  	Margin Regulations	  	24
	 Section 6.9
	  	Taxes	  	24
	 Section 6.10
	  	Litigation	  	25
	 Section 6.11
	  	ERISA	  	25
		
	 ARTICLE VII COVENANTS
	  	25
			
	 Section 7.1
	  	Financial Reporting	  	25
	 Section 7.2
	  	Use of Proceeds	  	26
	 Section 7.3
	  	Notice of Default	  	27
	 Section 7.4
	  	Conduct of Business	  	27
	 Section 7.5
	  	Compliance with Laws	  	27
	 Section 7.6
	  	Inspection	  	27
	 Section 7.7
	  	Tangible Net Worth	  	27
	 Section 7.8
	  	Liens	  	28
	 Section 7.9
	  	Additional Clearing Members	  	28
	 Section 7.10
	  	CME Rule Changes	  	28
	 Section 7.11
	  	Taxes	  	28
	 Section 7.12
	  	Insurance	  	29
		
	 ARTICLE VIII DEFAULTS
	  	29
			
	 Section 8.1
	  	Representations and Warranties	  	29
	 Section 8.2
	  	Payment Defaults	  	29
	 Section 8.3
	  	Certain Covenant Defaults	  	29
	 Section 8.4
	  	Other Covenant Defaults	  	29
	 Section 8.5
	  	Other Indebtedness	  	29
	 Section 8.6
	  	Bankruptcy, etc.	  	30
	 Section 8.7
	  	Involuntary Bankruptcy, etc.	  	30
	 Section 8.8
	  	Condemnation	  	30
	 Section 8.9
	  	Judgments	  	30
	 Section 8.10
	  	Security Interest; Validity	  	30
	 Section 8.11
	  	CFTC Designation	  	30
		
	 ARTICLE IX ACCELERATION, WAIVERS, AMENDMENTS AND REMEDIES
	  	31
			
	 Section 9.1
	  	Acceleration	  	31
	 Section 9.2
	  	Amendments	  	31
	 Section 9.3
	  	Preservation of Rights	  	32

  

 ii 

 CHICAGO MERCANTILE EXCHANGE INC.

 2008 CREDIT AGREEMENT 
  

					
		
	 ARTICLE X THE AGENTS
	  	32
			
	 Section 10.1
	  	Declaration and Acceptance of Appointment; No Fiduciary Duties	  	32
	 Section 10.2
	  	Reliance by Each Agent	  	33
	 Section 10.3
	  	Reimbursement and Indemnification	  	33
	 Section 10.4
	  	Each Agent in its Individual Capacity	  	33
	 Section 10.5
	  	Resignation or Termination of Agent	  	34
	 Section 10.6
	  	Non-Reliance Representation	  	34
	 Section 10.7
	  	Exculpation	  	34
	 Section 10.8
	  	Collateral Valuation	  	35
		
	 ARTICLE XI GENERAL PROVISIONS
	  	35
			
	 Section 11.1
	  	Successors and Assigns	  	35
	 Section 11.2
	  	Survival of Representations	  	37
	 Section 11.3
	  	Governmental Regulation	  	37
	 Section 11.4
	  	Taxes	  	37
	 Section 11.5
	  	Choice of Law; Jurisdiction	  	40
	 Section 11.6
	  	Headings	  	40
	 Section 11.7
	  	Entire Agreement	  	41
	 Section 11.8
	  	Several Obligations	  	41
	 Section 11.9
	  	Expenses; Indemnification	  	41
	 Section 11.10
	  	Accounting	  	42
	 Section 11.11
	  	Severability of Provisions	  	42
	 Section 11.12
	  	Confidentiality	  	42
	 Section 11.13
	  	WAIVER OF TRIAL BY JURY	  	43
	 Section 11.14
	  	USA Patriot Act Notification	  	43
		
	 ARTICLE XII SETOFF; RATABLE PAYMENTS
	  	44
			
	 Section 12.1
	  	Setoff; Ratable Payments	  	44
		
	 ARTICLE XIII NOTICES
	  	44
			
	 Section 13.1
	  	Giving Notice	  	44
	 Section 13.2
	  	Change of Address	  	45
		
	 ARTICLE XIV COUNTERPARTS
	  	45
		
	 ARTICLE XV SUBORDINATION
	  	45

  

 iii 

 CHICAGO MERCANTILE EXCHANGE INC. 
 CREDIT AGREEMENT 
 This Credit Agreement, dated as of October 10, 2008, is
among Chicago Mercantile Exchange Inc., a Delaware corporation (together with its successors and assigns, “CME” or the “Company”) and a wholly owned subsidiary of CME Group Inc. (together with its successors and
assigns, “Holdings”), the Banks, Bank of Montreal, as Administrative Agent, and JPMorgan Chase Bank, N.A., as Collateral Agent. 
 In consideration of the mutual agreements herein contained, the parties hereto hereby agree as follows: 
 ARTICLE I

 DEFINITIONS 
 The
parties hereto agree as follows: 
 As used in this Agreement: 
 “Accelerated Termination Date” has the meaning set forth in Section 11.9(d). 
 “Accelerated Termination Notice” has the meaning set forth in Section 2.7.2. 
 “Additional
Amount” has the meaning set forth in Section 11.4(a). 
 “Administrative Agent” means Bank of Montreal,
in its capacity as administrative agent for the Banks pursuant to Article X or any successor administrative agent hereunder, together with their respective successors and assigns. 
 “Advance” means a borrowing hereunder consisting of the aggregate amount of the several Loans made to the Company by the Banks at the
same time and having the same maturity date. 
 “Agent” means Administrative Agent or Collateral Agent, as the context may
require, and “Agents” means Administrative Agent and Collateral Agent. 
 “Aggregate Commitment” means the
aggregate of the Commitments of all the Banks hereunder. 
 “Agreement” means this Credit Agreement, as it may be amended,
restated, supplemented or otherwise modified from time to time. 
 “Agreement Accounting Principles” means generally
accepted principles of accounting in effect at the time of the preparation of the financial statements referred to in Section 6.4, applied in a manner consistent with that used in preparing such statements. 

 CHICAGO MERCANTILE EXCHANGE INC.

 2008 CREDIT AGREEMENT 
  

 “Article” means an article of this Agreement unless another document is specifically
referenced. 
 “Assignment Agreement” has the meaning set forth in Section 11.1(c). 
 “Banks” means the banks and other financial institutions listed on the signature pages of this Agreement and their respective successors
and assigns and any other financial institution that becomes a party hereto as a Bank in accordance with Section 9.2(b). 
 “Borrowing Base” means, at any time, an amount equal to the aggregate Discounted Value of all Collateral at such time, excluding, however, the Discounted Value of any Security Deposits and Performance Bonds that are not
subject to a first priority perfected Lien in favor of Collateral Agent, for the ratable benefit of the Banks, pursuant to the Collateral Documents, free and clear of any other Lien other than Liens permitted by subsection (a),
(b) or (c) of Section 7.8. 
 “Borrowing Date” means a date on which an Advance is made
hereunder. 
 “Business Day” means any day other than a Saturday, Sunday or other day on which commercial banks in Chicago,
Illinois or New York, New York are authorized or required by law to close. 
 “Clearing House” means the department of the
Company or NYMEX through which all futures and options on futures trades on or subject to the rules of the applicable exchange are reconciled, settled, adjusted and cleared. 
 “Clearing Member” means a firm qualified to clear trades through either Clearing House, as appropriate. 
 “CME” has the meaning set forth in the preamble hereto. 
 “CME Rules” means the rules of the Company, as amended and in effect from time to time and includes any interpretations thereof. “CME Rule” shall refer to any specifically designated
rule. 
 “CME Security and Pledge Agreement” means that certain CME Security and Pledge Agreement, dated as of
October 10, 2008, by and among the Clearing Members party thereto, the Company and Collateral Agent, substantially in the form of Exhibit I, as the same may be amended, restated, supplemented or otherwise modified from time to time.

 “Collateral” means, collectively, “Collateral” under and as defined in the CME Security and Pledge Agreement
and “Collateral” under and as defined in the NYMEX Security and Pledge Agreement. 
 “Collateral Agent” means
JPMorgan Chase Bank, N.A., in its capacity as collateral agent for the Banks pursuant to Article X or any successor collateral agent hereunder, together with their respective successors and assigns. 
  

 2 

 CHICAGO MERCANTILE EXCHANGE INC.

 2008 CREDIT AGREEMENT 
  

 “Collateral Documents” means each of the Security and Pledge Agreements, the
Securities Account Control Agreement, each Money Fund Control Agreement and all other agreements and documents entered into by the Company or NYMEX in favor of Collateral Agent for the benefit of the Banks for the purpose of effecting the Security
and Pledge Agreements, in each case, as the same may be amended, restated, supplemented or otherwise modified from time to time. 
 “Collateral Notice” has the meaning set forth in Section 10.8. 
 “Commitment” means,
for each Bank, the obligation of such Bank to make Loans to the Company in an aggregate principal amount at any one time outstanding not exceeding the amount set forth opposite its signature below, or as set forth in an Assignment Agreement in the
case of any Bank that becomes a party hereto pursuant to Section 11.1(c), or as agreed to between the Company and the applicable Bank, in the case of any Bank that becomes a party hereto pursuant to Section 9.2(b), in each
case, as such amount may be modified from time to time as provided herein, including, without limitation, pursuant to Section 2.10 hereof. 
 “Company” has the meaning set forth in the preamble hereto. 
 “Concentration
Policy” has the meaning set forth in Annex I. 
 “Consolidated Tangible Net Worth” means at any date the
consolidated shareholders’ equity of the Company and its consolidated Subsidiaries determined in accordance with Agreement Accounting Principles, less their consolidated Intangible Assets, all determined as of such date. For purposes of this
definition “Intangible Assets” means the amount (to the extent reflected in determining such consolidated shareholders’ equity) of (i) all write-ups (other than write-ups resulting from foreign currency translations and
write-ups of assets of a going concern business made within twelve months after the acquisition of such business) subsequent to December 31, 2000 in the book value of any asset owned by the Company or a consolidated Subsidiary, (ii) all
investments in unconsolidated Subsidiaries and all equity investments in Persons which are not Subsidiaries and (iii) all unamortized debt discount and expense, unamortized deferred charges, goodwill, patents, trademarks, service marks, trade
names, copyrights, organization or developmental expenses and other intangible items. 
 “Controlled Group” means all
members of a controlled group of corporations and all trades or businesses (whether or not incorporated) under common control which, together with the Company, are treated as a single employer under Section 414(b) or 414(c) of the Internal
Revenue Code. 
 “Default” means an event described in Article VIII. 
 “Default Excess” means, with respect to any Defaulting Bank, the excess, if any, of such Defaulting Bank’s pro rata share of the
aggregate outstanding principal amount of all Loans (calculated as if all Defaulting Banks (including such Defaulting Bank) had funded all of their respective Defaulted Loans) over the aggregate outstanding principal amount of all Loans of such
Defaulting Bank. 
  

 3 

 CHICAGO MERCANTILE EXCHANGE INC.

 2008 CREDIT AGREEMENT 
  

 “Default Period” means, with respect to any Defaulting Bank, the period commencing
on the date of the applicable Funding Default and ending on the earliest of the following dates: (i) the date on which all Commitments are cancelled or terminated and/or the Obligations are declared or become immediately due and payable,
(ii) the date on which (a) the Default Excess with respect to such Defaulting Bank shall have been reduced to zero (whether by the funding by such Defaulting Bank of any Defaulted Loans of such Defaulting Bank or by the non-pro rata
application of any voluntary or mandatory prepayments of the Loans in accordance with the terms of Section 2.5 or Section 2.6 or by a combination thereof) and (b) such Defaulting Bank shall have delivered to the Company and
Administrative Agent a written reaffirmation of its intention to honor its obligations hereunder with respect to its Commitments, and (iii) the date on which the Company, Administrative Agent and Required Banks waive all Funding Defaults of
such Defaulting Bank in writing. 
 “Defaulted Loan” has the meaning set forth in Section 2.11. 
 “Defaulted Clearing Member” means, as of any time of determination, a Clearing Member that is then in default of its obligations to the
Company or NYMEX under and pursuant to the CME Rules or the NYMEX Rules. 
 “Defaulting Bank” has the meaning set forth in
Section 2.11. 
 “Discounted Value” means, at any time with respect to any asset included in the Collateral, the
discounted market value of such asset determined by multiplying the market value of such asset at the time by the percentage specified on Annex I hereto applicable to such asset based on its asset type, and for some asset types, time to
maturity. It is understood and agreed that the market value of all Security Deposits and Performance Bonds as of any date shall be determined by Collateral Agent in accordance with its usual and customary practices. 
 “ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to time. 
 “Excess Availability” means, as of any date, the lesser of (a) the excess, if any, of the Aggregate Commitment minus the aggregate
principal of all Loans outstanding and (b) the excess, if any, of the Borrowing Base minus the aggregate principal of all Loans outstanding. 
 “Excluded Taxes” means, with respect to any and all payments to any Agent, any Bank or any recipient of any payment to be made by or on account of any obligation of the Company under the Loan Documents, net income taxes,
branch profits taxes, franchise and excise taxes (to the extent imposed in lieu of net income taxes), and all interest, penalties and liabilities with respect thereto, imposed on any Agent or any Bank. 
 “Federal Funds Rate” means the interest rate at which depository institutions lend balances at the Federal Reserve to other depository
institutions overnight. 
 “Fed Funds Target Rate” means for any period, a fluctuating interest rate per annum for each day
during such period equal to the most recent rate set by the Federal Open Market Committee of the Federal Reserve System as the target level for the Federal Funds Rate, as published for such day (or, if such day is not a Business Day, for the
preceding Business Day) by Dow Jones & Company, Inc. in The Wall Street Journal. 
  

 4 

 CHICAGO MERCANTILE EXCHANGE INC.

 2008 CREDIT AGREEMENT 
  

 “Foreign Bank” has the meaning set forth in Section 11.4(f). 

“Funding Default” has the meaning set forth in Section 2.11. 
 “GFX” means that Wholly-Owned Subsidiary of the Company known as the GFX Corporation. 
 “GFX Guaranty” means certain Guaranties by the Company issued to counterparties of GFX related to over-the-counter foreign exchange
transactions entered into by GFX, or certain Guaranties by the Company issued to a banking institution that has provided performance bond collateral, or met performance bond or variation margin obligations on behalf of GFX, related to transactions
in futures. 
 “Guaranty” of a Person means any agreement by which such Person assumes, guarantees, endorses, contingently
agrees to purchase or provide funds for the payment of, or otherwise becomes liable upon, the obligation of any other Person, or agrees to maintain the net worth or working capital or other financial condition of any other Person or otherwise
assures any creditor of such other Person against loss, including, without limitation, any comfort letter, operating agreement or take-or-pay contract and shall include, without limitation, the contingent liability of such Person in connection with
any application for a letter of credit; provided that the term “Guaranty” shall not include endorsements for collection on deposit in the ordinary course of business. 
 “Holdings” has the meaning set forth in the preamble hereto. 
 “Increased Cost Notice” has the meaning set forth in Section 11.9(b). 
 “Indebtedness” of a Person means, without duplication, such Person’s (i) obligations for borrowed money (other than a daylight
overdraft incurred by the Company in the course of effecting daily settlements with Clearing Members), (ii) obligations representing the deferred purchase price of property other than accounts payable arising in the ordinary course of such
Person’s business on terms customary in the trade, (iii) obligations, whether or not assumed, secured by Liens or payable out of the proceeds or production from property (other than futures and options contracts held in a cross-margin
account at the Company) now or hereafter owned or acquired by such Person, (iv) obligations which are evidenced by notes, acceptances, or other instruments, (v) capitalized lease obligations, (vi) obligations for which such Person is
obligated pursuant to a Guaranty (other than the guarantee provided by either Clearing House to Clearing Members in the ordinary course of business for their obligations to one another, or the GFX Guaranties) and (vii) reimbursement obligations
with respect to letters of credit; provided, however, that “Indebtedness” shall not include (a) obligations of the Company to a Cross-Margining Clearing Organization (as such term is defined in the CME Rules or
the NYMEX Rules) arising out of the liquidation of one or more pairs of cross-margin accounts held at either Clearing House and at such Cross-Margining Clearing Organization and (b) obligations of the Company to a pledgee arising out of the
liquidation of one or more pairs of cross-margin pledge accounts held at either Clearing House and at a Cross-Margining Clearing Organization. 
  

 5 

 CHICAGO MERCANTILE EXCHANGE INC.

 2008 CREDIT AGREEMENT 
  

 “Indemnified Amounts” has the meaning set forth in Section 11.9(a).

 “Indemnified Party” has the meaning set forth in Section 11.9(a). 
 “Indemnified Taxes” means Taxes other than Excluded Taxes. 
 “Lien” means, with respect to an asset, any security interest, mortgage, pledge, lien, claim, charge, encumbrance, title retention
agreement, lessor’s interest under a capitalized lease or analogous instrument, in, of or on such asset. 
 “Loan”
means, with respect to a Bank, such Bank’s portion of any Advance. 
 “Loan Documents” means this Agreement, the Notes
and the Collateral Documents. 
 “Material Adverse Effect” means a material adverse effect on the Company’s financial
position or the Company’s ability to perform its obligations in the ordinary course of business as they become due. 
 “Member
Attorney-in-Fact” means CME or NYMEX in its capacity as attorney-in-fact for the Clearing Members pursuant to the power of attorney authorized in CME Rule 817 or NYMEX Rule 9.23A, as applicable. 
 “Minimum Credit Rating” has the meaning set forth in Annex I. 
 “Money Fund Control Agreement” has the meaning set forth in the CME Security and Pledge Agreement. 
 “Money Fund Shares” has the meaning set forth in the CME Security and Pledge Agreement. 
 “Money Gridlock Situation” means (1) a disruption in the clearing and settlement operations of either Clearing House due to
temporary problems or delays in obtaining or making settlement payments due to delays, overuse or other similar problems with the Fed Wire or similar money transfer systems or (2) the failure of a Cross-Margining Clearing Organization to
approve one or more withdrawals by either Clearing House from a cross-margining bank account held either by the Company or NYMEX and such Cross-Margining Clearing Organization jointly, or by a Clearing Member cross-margining its positions at either
Clearing House with its own or an affiliate’s positions at such Cross-Margining Clearing Organization. 
 “Multiemployer
Plan” means a Plan maintained pursuant to a collective bargaining agreement or any other arrangement to which the Company or any member of the Controlled Group is a party to which more than one employer is obligated to make contributions.

  

 6 

 CHICAGO MERCANTILE EXCHANGE INC.

 2008 CREDIT AGREEMENT 
  

 “Nationally Recognized Statistical Rating Organizations” or “NRSRO”
means the Security and Exchange Commission’s designation as a nationally recognized statistical rating organization. As of September 15, 2008, there are five NRSROs: A.M. Best Company, Inc., Dominion Bond Rating Service Limited, Fitch,
Inc., Moody’s Investors Service Inc., and Standard & Poor’s Division of the McGraw Hill Companies, Inc. 
 “New
Lending Office” has the meaning set forth in Section 11.4(f). 
 “Non-Terminating Bank” has the meaning
set forth in Section 2.7.2. 
 “Note” means a promissory note in substantially the form of Exhibit A
hereto, duly executed and delivered to each of the Banks by the Company and payable to the order of each Bank in the amount of such Bank’s Commitment, including any amendment, modification, renewal or replacement of such promissory note.

 “NYMEX” means New York Mercantile Exchange, Inc., a Delaware corporation, together with its successors and assigns.

 “NYMEX Rules” means the rules of NYMEX, as amended and in effect from time to time and includes any interpretations
thereof. “NYMEX Rule” shall refer to any specifically designated rule. 
 “NYMEX Security and Pledge Agreement”
means that certain NYMEX Security and Pledge Agreement, dated as of October 10, 2008, by and among the Clearing Members party thereto, NYMEX and Collateral Agent, substantially in the form of Exhibit J, as the same may be amended,
restated, supplemented or otherwise modified from time to time. 
 “Obligations” means all unpaid principal of, and accrued
and unpaid interest on, the Notes (including, without limitation, interest accruing after the filing of any petition in bankruptcy, or the commencement of any insolvency, reorganization or like proceeding, relating to the Company, whether or not a
claim for such interest is allowed in such proceeding), all accrued and unpaid commitment fees and all other obligations of the Company to any Agent or any Bank arising under the Loan Documents whether direct or indirect, absolute or contingent, due
or to become due, or now existing or hereafter incurred. 
 “Other Taxes” means any and all present or future stamp or
documentary taxes or any other excise or property taxes, charges or similar levies arising from any payment made under any Loan Document or from the execution, delivery or enforcement of, or otherwise with respect to, any Loan Document. 

“Participants” has the meaning set forth in Section 11.1(b). 
 “PBGC” means the Pension Benefit Guaranty Corporation and its successors and assigns. 
 “Performance Bonds” means the assets deposited with either Clearing House by each Clearing Member as security for its obligations to the
applicable Clearing House pursuant to CME Rule 820 or NYMEX Rule 9.05, as applicable. 
  

 7 

 CHICAGO MERCANTILE EXCHANGE INC.

 2008 CREDIT AGREEMENT 
  

 “Person” means any corporation, natural person, firm, joint venture, partnership,
limited liability company, trust, unincorporated organization, enterprise, government or any department or agency of any government. 
 “Plan” means an employee pension benefit plan which is covered by Title IV of ERISA or subject to the minimum funding standards under Section 412 of the Internal Revenue Code as to which the Company or any Subsidiary
may have any liability. 
 “Principal Bank” has the meaning set forth in Section 4.5. 
 “Purchasers” has the meaning set forth in Section 11.1(c). 
 “Regulation U” means Regulation U of the Board of Governors of the Federal Reserve System from time to time in effect and shall include
any successor or other regulation or official interpretation of said Board of Governors relating to the extension of credit by banks for the purpose of purchasing or carrying margin stocks applicable to member banks of the Federal Reserve System.

 “Reportable Event” means a reportable event as defined in Section 4043 of ERISA and the regulations issued under
such Section, with respect to a Plan, excluding, however, such events as to which the PBGC by regulation waived the requirement of Section 4043(a) of ERISA that it be notified within 30 days of the occurrence of such event (provided that
a failure to meet the minimum funding standard of Section 412 of the Internal Revenue Code and of Section 302 of ERISA shall be a reportable event regardless of the issuance of any such waivers in accordance with Section 412(d) of the
Internal Revenue Code). 
 “Required Banks” means the Banks holding at least 51% of the aggregate unpaid principal amount of
the outstanding Advance(s), or, if no Advance(s) are outstanding, Banks having at least 51% of the Aggregate Commitment. 
 “Restructuring” has the meaning set forth in Section 11.9(c). 
 “Restructuring
Notice” has the meaning set forth in Section 11.9(c). 
 “Revolving Credit Termination Date” means
October 9, 2009 or any earlier date on which the Aggregate Commitment is terminated pursuant to this Agreement. 
 “Section” means a numbered section of this Agreement, unless another document is specifically referenced. 
 “Securities Account Control Agreement” means that certain Securities Account Control Agreement, dated as of October 10, 2008, by and among the Clearing Members party thereto, the Company, JPMorgan Chase Bank, N.A., as
Securities Intermediary (as defined therein), and Collateral Agent, substantially in the form of Exhibit H, as the same may be amended, restated, supplemented or otherwise modified from time to time. 
 “Securities Accounts” means, collectively, the Securities Account (as defined in each of the CME Security and Pledge Agreement and the
NYMEX Security and Pledge Agreement) and the BONY Securities Account (as defined in the CME Security and Pledge Agreement). 
  

 8 

 CHICAGO MERCANTILE EXCHANGE INC.

 2008 CREDIT AGREEMENT 
  

 “Security and Pledge Agreements” means, collectively, the CME Security and Pledge
Agreement and the NYMEX Security and Pledge Agreement. 
 “Security Deposits” means the assets deposited with either
Clearing House by a Clearing Member as security for its obligations to such Clearing House pursuant to CME Rule 816 or NYMEX Rule 9.03. 
 “Single Employer Plan” means a Plan maintained by the Company or any member of the Controlled Group for employees of the Company or any member of the Controlled Group. 
 “Subsidiary” means any corporation more than 50% of the outstanding voting securities of which shall at the time be owned or controlled,
directly or indirectly, by the Company or by one or more Subsidiaries or by the Company and one or more Subsidiaries, or any similar business organization which is so owned or controlled. 
 “Surplus Funds” means funds in excess of those needed for normal operations in the Clearing House Accounts and the General Accounts,
each as referenced in CME Rule 802.B or NYMEX Rule 9.03. 
 “Survivor” has the meaning set forth in
Section 11.9(c). 
 “Taxes” means any and all present or future taxes, levies, imposts, duties, fees,
deductions, charges or withholdings imposed by any governmental authority. 
 “Terminated Commitment” has the meaning set
forth in Section 2.7.2. 
 “Termination Notice” has the meaning set forth in Section 11.9(c).

 “Test Draw” means a nominal Advance made for the purpose of testing communication and draw procedures with Administrative
Agent. 
 “2.7.2 Effective Date” has the meaning set forth in Section 2.7.2. 
 “2.7.2 Notice” has the meaning set forth in Section 2.7.2. 
 “Unfunded Liabilities” means, (i) in the case of Single Employer Plans, the amount (if any) by which the present value of all
vested nonforfeitable benefits under such Plan exceeds the fair market value of all Plan assets allocable to such benefits, all determined as of the then most recent valuation date for such Plan, and (ii) in the case of Multiemployer Plans, the
withdrawal liability of the Company and Subsidiaries. 
 “Unmatured Default” means an event which but for the lapse of time
or the giving of notice, or both, would constitute a Default. 
  

 9 

 CHICAGO MERCANTILE EXCHANGE INC.

 2008 CREDIT AGREEMENT 
  

 “UCC” means the Uniform Commercial Code as in effect from time to time in the state
of Illinois. 
 “USA Patriot Act” means the Uniting and Strengthening America by Providing Appropriate Tools Required to
Intercept and Obstruct Terrorism Act of 2001, Pub. L. No. 107-56,115 Stat. 272 (2001), as amended. 
 “Wholly-Owned
Subsidiary” means any Subsidiary all of the outstanding voting securities of which shall at the time be owned or controlled, directly or indirectly, by the Company or one or more Wholly-Owned Subsidiaries, or by the Company and one or more
Wholly-Owned Subsidiaries, or any similar business organization which is so owned or controlled. 
 The foregoing definitions shall be
equally applicable to both the singular and plural forms of the defined terms. Unless the context otherwise requires, any reference to any law, rule or regulation (including, without limitation, any CME Rule or any NYMEX Rule) shall be construed as
a reference to the same as it may from time to time be amended, modified, supplemented or replaced. 
 ARTICLE II 
 THE CREDIT 
 Section 2.1 Revolving
Credit Loans. Through and including the Revolving Credit Termination Date, each Bank severally agrees, on the terms and conditions set forth in this Agreement and in its Note, to make Loans to the Company from time to time in amounts not to
exceed in the aggregate at any one time outstanding the amount of its Commitment; provided, however, that no Loan shall be made if, after giving effect thereto, the aggregate outstanding principal of all Loans would exceed the lesser
of (A) the Aggregate Commitment or (B) the Borrowing Base. Subject to the terms of this Agreement, the Company may borrow, repay and reborrow at any time through the Revolving Credit Termination Date. The obligations of any Bank to make
Loans hereunder shall cease at 4:01 p.m. (Chicago time) on the Revolving Credit Termination Date. 
 Section 2.2 Ratable Loans. Each
Advance hereunder shall consist of Loans made from the several Banks, ratably in proportion to the amounts of their respective Commitments on the date of such Advance. 
 Section 2.3 Payment on Last Day of Interest Period; Payment on Revolving Credit Termination Date. 
 (a) Each Advance and accrued and unpaid interest thereon shall be due and payable 30 days after such Advance is made, except in the case of a Test Draw which shall be repaid pursuant to the provisions of Section 7.2 hereof.

  

 10 

 CHICAGO MERCANTILE EXCHANGE INC.

 2008 CREDIT AGREEMENT 
  

 (b) Each then outstanding Advance and accrued and unpaid interest thereon shall be due and payable
on the Revolving Credit Termination Date. 
 Section 2.4 Reborrowing of Advances. No Loans may be made hereunder to repay Advances
without the consent of all of the Banks. 
 Section 2.5 Optional Principal Payments. The Company may from time to time prepay, without
premium or penalty, all or a portion of any outstanding Advance, pro rata among the Banks, in accordance with their respective shares of such Advance by giving notice of such prepayment by 10:00 a.m. (Chicago time) on the date of such payment to
Administrative Agent. Administrative Agent shall promptly provide a copy of such notice to each Bank. Repayment of principal pursuant to this Section 2.5 shall be applied to prepay the outstanding Loans, pro rata, and shall be
accompanied by accrued and unpaid interest thereon. 
 Section 2.6 Mandatory Principal Payments. On any day on which the aggregate
outstanding principal of the Loans exceeds the Borrowing Base or the Aggregate Commitment, such excess shall be immediately due and payable without the necessity of any notice or demand. Repayment of such excess amounts shall be applied to prepay
the outstanding Loans, pro rata, and shall be accompanied by accrued and unpaid interest thereon. 
 Section 2.7 Adjustments of
Commitments. 
 Section 2.7.1 Adjustments by the Company. The Company may permanently reduce the Aggregate Commitment, in whole or
in part ratably among the Banks, in proportion to the amounts of their respective Commitments in integral multiples of $1,000,000, upon at least three Business Days’ written notice to Administrative Agent, which shall promptly provide a copy of
such notice to each Bank. Such notice shall specify the amount of any such reduction; provided, however, that, subject to Sections 2.7.2, 11.9(b) and 11.9(c), the amount of the Aggregate Commitment may not be
reduced below the outstanding principal amount of the Advance(s), and provided further that a reduction by the Company of the Aggregate Commitment to zero shall terminate this Agreement as of the effective date of such reduction. All accrued
and unpaid commitment fees shall be payable on the effective date of such termination. 
 Section 2.7.2 Adjustments by Banks for
Accelerated Termination. If the Commitment of a Bank hereunder is terminated pursuant to Section 2.12, 11.9(b) or 11.9(c), the Company shall immediately notify Administrative Agent in writing of such termination
(“Accelerated Termination Notice”) and shall state the amount of such terminating Bank’s Commitment (“Terminated Commitment”) in the Accelerated Termination Notice. Administrative Agent shall promptly provide a
copy of the Accelerated Termination Notice to each remaining Bank (each a “Non-Terminating Bank”). Each Non-Terminating Bank shall notify the Company, in writing, on or before the fifth Business Day (second Business Day in the event
of a termination pursuant to Section 2.12) after the date of the Accelerated Termination Notice, if and by what amount such Bank is willing to increase its Commitment, which amount shall be equal to all or some portion of the Terminated
Commitment (each, a “2.7.2 Notice”). Any Non-Terminating Bank that fails to so notify the Company on or before such fifth Business Day (or second Business Day, as applicable), shall be deemed to have declined to increase its 

  

 11 

 CHICAGO MERCANTILE EXCHANGE INC.

 2008 CREDIT AGREEMENT 
  

 
Commitment. If offers to increase Commitments are made by two or more Non-Terminating Banks in an aggregate amount greater than the aggregate amount of the
Terminated Commitment, such Non-Terminating Banks and the Company hereby agree that such offers shall be allocated as nearly as possible in proportion to the aggregate amount of such offers, so that the aggregate amount thereof will not exceed the
amount of the Terminated Commitment. On or before the sixth Business Day (or the third Business Day in the event of a termination pursuant to Section 2.12) after the date of the Accelerated Termination Notice, the Company shall notify
Administrative Agent and each Non-Terminating Bank of the amount by which each such Non-Terminating Bank’s Commitment has been increased, which amount shall not exceed the amount of such Non-Terminating Bank’s offer to increase its
Commitment in such Bank’s 2.7.2 Notice. All increases of Commitments by the Banks under this Section 2.7.2 shall become effective on the terminating Bank’s Accelerated Termination Date (“2.7.2 Effective Date”).
The Company shall promptly, and in no event later than the 2.7.2 Effective Date, deliver to each Bank whose Commitment has been increased pursuant to this Section 2.7.2 a new Note reflecting such Bank’s new Commitment amount and
each such Bank shall promptly, after repayment to such Bank of such Bank’s ratable share of all Advances outstanding on the 2.7.2 Effective Date, return to the Company such Bank’s superseded Note. On the 2.7.2 Effective Date, the
Commitments shall be adjusted to reflect any such increases. 
 Section 2.8 Upfront Fee; Commitment Fee. 
 (a) On or before October 13, 2008, the Company agrees to pay to Administrative Agent for the ratable account of the Banks an upfront fee of 2/100 of
1% of the amount of such Bank’s outstanding Commitment. 
 (b) From the date hereof to and including the Revolving Credit Termination
Date, the Company agrees to pay to Administrative Agent for the ratable account of the Banks a commitment fee of 10/100 of 1% per annum (on the basis of a year consisting of 360 days and for actual days elapsed) on the daily amount of such
Bank’s ratable share (determined in proportion to its respective Commitment) of the excess of (i) the amount of the Aggregate Commitment over (ii) the aggregate principal amount of all outstanding Advances of the Banks, payable in
arrears on the last day of each November, February, May and August hereafter and on the Revolving Credit Termination Date, commencing on the first of such dates to occur after the date hereof. 
 Section 2.9 Collateral. 
 (a)
All Obligations of the Company under this Agreement, the Notes and all other Loan Documents shall be secured by the Collateral in accordance with the Collateral Documents. 
 (b) (i) The Company may from time to time replace any security credited to any Securities Account or any Money Fund Shares subject to the Lien of the
CME Security and Pledge Agreement with another security of a type described in CME Rule 816 or CME Rule 820 or withdraw any security credited to any Securities Account or any Money Fund Shares subject to the Lien of the CME Security and Pledge
Agreement, provided that after giving effect to such replacement or withdrawal, the aggregate principal amount of all remaining Loans 

  

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outstanding as of the date of such replacement or withdrawal shall not exceed the Borrowing Base as of the date of such replacement or withdrawal (as
determined by the Company and, if any Advances are outstanding hereunder at the time of such replacement or withdrawal, confirmed to the Company by the Collateral Agent) and (ii) NYMEX may from time to time replace any security credited to any
Securities Account with another security of a type described in NYMEX Rule 9.03 or NYMEX Rule 9.05 or withdraw any security credited to any Securities Account, provided that after giving effect to such replacement or withdrawal, the aggregate
principal amount of all remaining Loans outstanding as of the date of such replacement or withdrawal shall not exceed the Borrowing Base as of the date of such replacement or withdrawal (as determined by the Company and, if any Advances are
outstanding hereunder at the time of such replacement or withdrawal, confirmed to the Company by the Collateral Agent). 
 (c) The Company
may from time to time direct Collateral Agent to (and Collateral Agent shall upon the request of the Company) liquidate any securities credited to any Securities Account and any Money Fund Shares and apply the proceeds thereof and any other amounts
credited to any Securities Account to repay any outstanding Loans, provided that after giving effect to such liquidation and the repayment of such Loans, the aggregate principal amount of all remaining Loans outstanding as of the date of such
removal shall not exceed the Borrowing Base as of the date of such removal. 
 (d) Upon any replacement, liquidation or withdrawal of
Collateral pursuant to subsection (b) or (c) above, the Lien of Collateral Agent on the replaced, liquidated or withdrawn Collateral, as applicable, shall be deemed released without further consent of Collateral Agent or any
Bank. 
 Section 2.10 Additional Credit Facility. 
 (a) The Company may, at its option and without the consent of the Banks, in a minimum amount of $25,000,000 on each occasion, seek to increase the Aggregate Commitment by up to an aggregate amount of $400,000,000
(resulting in a maximum Aggregate Commitment of $1,000,000,000) upon at least three (3) Business Days’ prior written notice to Administrative Agent and Collateral Agent, which notice shall specify the amount of any such increase and shall
be delivered at a time when no Default or Unmatured Default has occurred and is continuing. The Company may, after giving such notice and in its sole discretion, offer the increase in the Aggregate Commitment to other lenders or entities reasonably
acceptable to Administrative Agent and the Company. No increase in the Aggregate Commitment shall become effective until the existing or new Banks extending such new or increased Commitment amount and the Company shall have delivered to
Administrative Agent a document reasonably satisfactory to Administrative Agent and the Company pursuant to which any such existing Bank states the amount of its Commitment increase, any such new Bank states its Commitment amount and agrees to
assume and accept the obligations and rights of a Bank hereunder and the Company accepts such new or increased Commitments. The Banks (new or existing) shall accept an assignment from the existing Banks, and the existing Banks shall make an
assignment to the new or existing Banks accepting a new or increased Commitment, of a direct interest in each then outstanding Advance such that, after giving effect thereto, all credit exposure hereunder is held ratably by the Banks in proportion
to their respective Commitments. Assignments pursuant to the preceding sentence shall be made in exchange for the principal 

  

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amount assigned plus accrued and unpaid interest and accrued and unpaid facility fees. Any such increase of the Aggregate Commitment shall be subject to
receipt by Administrative Agent from the Company of such supplemental opinions, resolutions, certificates and other documents as Administrative Agent may reasonably request. 
 (b) In addition to the foregoing, to the extent that the Company has reduced the Aggregate Commitment with respect to any or all of the Banks, the
Company may, from time to time, increase any portion of any such Bank’s respective Commitment, with such Bank’s consent, in an amount up to the amount so reduced, provided that each such Bank shall accept an assignment from the
existing Banks, and the existing Banks shall make an assignment to each such Bank of a direct interest in each then outstanding Advance such that, after giving effect thereto, all credit exposure hereunder is held ratably by the Banks in proportion
to their respective Commitments. The documents evidencing any such increase in the Commitment shall be in a form reasonably acceptable to the Company and Administrative Agent. 
 (c) This Section 2.10 shall supercede any provisions contained in this Agreement to the contrary. 
 Section 2.11 Defaulting Banks. Anything contained herein to the contrary notwithstanding, in the event that any Bank defaults (a
“Defaulting Bank”) in its obligation to fund (a “Funding Default”) any Loan (a “Defaulted Loan”), then (a) during any Default Period with respect to such Defaulting Bank, such Defaulting Bank
shall be deemed not to be a “Bank” for purposes of voting on any matters (including the granting of any consents or waivers) with respect to any of the Loan Documents; (b) to the extent permitted by applicable law, until such time as
the Default Excess with respect to such Defaulting Bank shall have been reduced to zero, (i) any voluntary prepayment of any outstanding Advance shall, if the Company so directs at the time of making such voluntary prepayment, be applied to the
Loans of other Banks as if such Defaulting Bank had no Loans outstanding and the outstanding Commitment of such Defaulting Bank were zero, and (ii) any mandatory prepayment of the Advances shall, if the Company so directs at the time of making
such mandatory prepayment, be applied to the Loans of other Banks (but not to the Loans of such Defaulting Bank) as if such Defaulting Bank had funded all Defaulted Loans of such Defaulting Bank; (c) such Defaulting Bank’s Commitment and
outstanding Loans shall be excluded for purposes of calculating the commitment fee payable to the Banks pursuant to Section 2.8 in respect of any day during any Default Period with respect to such Defaulting Bank, and such Defaulting Bank shall
not be entitled to receive any commitment fee pursuant to Section 2.8 with respect to such Defaulting Bank’s Commitment in respect of any Default Period with respect to such Defaulting Bank; and (d) other than for purposes of
Section 2.6, the outstanding Advances and Loans of the Banks as at any date of determination shall be calculated as if such Defaulting Bank had funded all Defaulted Loans of such Defaulting Bank. No Commitment of any Bank shall be increased or
otherwise affected, and, except as otherwise expressly provided in this Section 2.11, performance by the Company of its obligations hereunder and the other Loan Documents shall not be excused or otherwise modified as a result of any Funding
Default or the operation of this Section 2.11. The rights and remedies against a Defaulting Bank under this Section 2.11 are in addition to other rights and remedies which the Company may have against such Defaulting Bank with respect to
any Funding Default and which Administrative Agent or any Bank may have against such Defaulting Bank with respect to any Funding Default. 
  

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 Section 2.12 Removal or Replacement of a Bank. Anything contained herein to the contrary
notwithstanding, in the event that: (a) (i) any Bank shall become a Defaulting Bank (or any Bank at the direction or request of any regulatory agency or authority shall default in its obligation to fund any Loan or any Bank with a
Commitment has been deemed insolvent or become the subject of a bankruptcy or insolvency proceeding, each of which Banks shall, for the purposes of this Section 2.12 only, be deemed a “Defaulting Bank”), (ii) the Default Period
for such Defaulting Bank shall remain in effect, and (iii) such Defaulting Bank shall fail to cure the default as a result of which it has become a Defaulting Bank within five Business Days after Company’s request that it cure such default
or (b) in connection with any proposed amendment, modification, termination, waiver or consent with respect to any of the provisions hereof as contemplated by Section 9.2(a), the consent of Required Banks shall have been obtained but the
consent of one or more of such other Banks (each a “Non Consenting Bank”) whose consent is required shall not have been obtained; then, with respect to each such Defaulting Bank or Non Consenting Bank (the “Terminated
Bank”), the Company may, by giving written notice to Administrative Agent and any Terminated Bank of its election to do so, (1) elect to cause such Terminated Bank (and such Terminated Bank hereby irrevocably agrees) to assign its
outstanding Loans and its Commitments, if any, in full to one or more Purchasers (each a “Replacement Bank”) in accordance with the provisions of Section 11.1(c) and the Company shall pay the fees, if any, payable thereunder in
connection with any such assignment from a Non-Consenting Bank and the Defaulting Bank shall pay the fees, if any, payable thereunder in connection with any such assignment from such Defaulting Bank; provided, (i) on the date of such
assignment, the Replacement Bank shall pay to Terminated Bank an amount equal to the sum of (A) an amount equal to the principal of, and all accrued interest on, all outstanding Loans of the Terminated Bank and (B) subject to
Section 2.11, an amount equal to all accrued, but theretofore unpaid fees owing to such Terminated Bank pursuant to Section 2.8 plus all other Obligations owing to such Terminated Bank under this Agreement and (ii) in the event such
Terminated Bank is a Non Consenting Bank, each Replacement Bank shall consent, at the time of such assignment, to each matter in respect of which such Terminated Bank was a Non Consenting Bank or (2) elect to terminate such Bank’s
Commitment and obligations to make Loans hereunder, provided that the Company shall send written notice to such Bank specifying a date at least 3 Business Days after the date of such notice on which such Bank’s Commitment and obligation
to make Loans hereunder shall be terminated and such termination shall be subject to the terms of Section 11.9(d). Upon the prepayment of all amounts owing to any Terminated Bank and the termination of such Terminated Bank’s Commitments,
if any, such Terminated Bank shall no longer constitute a “Bank” for purposes hereof; provided, any rights of such Terminated Bank to indemnification hereunder shall survive as to such Terminated Bank. Each Bank agrees that if the Company
exercises its option hereunder to cause an assignment by such Bank as a Non-Consenting Bank or Terminated Bank, such Bank shall, promptly after receipt of written notice of such election, execute and deliver all documentation necessary to effectuate
such assignment in accordance with Section 11.1(c). In the event that a Bank does not comply with the requirements of the immediately preceding sentence within one Business Day after receipt of such notice and the Company has otherwise complied
with the requirements of this Section 2.12 set forth above, each Bank hereby authorizes and directs the Administrative Agent to execute and deliver such documentation as may be required to give effect to an assignment in accordance with
Section 11.1(c) on behalf of a Non-Consenting Bank or Terminated Bank and any such documentation so executed by the Administrative Agent shall be effective for purposes of documenting an assignment pursuant to Section 11.1(c). 

 

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 ARTICLE III 
 FUNDING THE CREDITS 
 Section 3.1 Method of Borrowing. The Company shall give Administrative
Agent and Collateral Agent notice not later than 3:45 p.m. (Chicago time) on the Borrowing Date of each Advance, specifying the amount of such Advance. Subject to Section 4.1 and the satisfaction of the applicable conditions precedent
set forth in Article V, each Bank severally shall make available to Administrative Agent, in the specified account located at Administrative Agent, its pro rata share of the full amount of each Advance in immediately available funds.
Following the receipt of a notice of Advance from the Company, Collateral Agent shall determine the aggregate market value of the Collateral and the Borrowing Base in accordance with the terms hereof and promptly, but in any event, not later than
4:15 p.m. (Chicago time), provide the Company, Administrative Agent and each Bank with a Collateral Notice. Upon determination of the Borrowing Base, Administrative Agent shall make available to the Company, not later than 4:45 p.m. (Chicago time)
on the Borrowing Date, in immediately available funds the lesser of (a) the aggregate amount of each Bank’s pro rata share of the Advance to the extent such amount has been funded by such Bank at such time or (b) the Excess
Availability. 
 Section 3.2 Minimum Amount of Each Advance. Except in the case of a Test Draw, each Advance shall be in the minimum
amount of $10,000,000 (and in integral multiples of $250,000 if in excess thereof), provided, however, that any Advance may be in the aggregate amount of the Excess Availability. 
 Section 3.3 Rate Before and After Maturity. Prior to maturity, Advances shall bear interest at the Fed Funds Target Rate plus 75/100 of
1% per annum. Any Advance not paid at maturity, whether by acceleration or otherwise, shall bear interest until paid in full at a rate per annum equal to the Fed Funds Target Rate plus 2.4% per annum. In the event that a change in the Fed
Funds Target Rate is announced or published at the time a Loan is outstanding, such change shall become effective at the time it is announced or published. 
 Section 3.4 Method of Payment. All payments (including prepayments) of principal, interest, commitment fees and other amounts payable hereunder by the Company shall be made without setoff or counterclaim in
immediately available funds to Administrative Agent, for the benefit of the Banks, at the address specified pursuant to Article XIII. All such payments shall be applied to principal, interest, fees, expenses and other amounts due and payable
hereunder in the following order: first, to amounts payable hereunder other than principal, interest and commitment fees; second, to commitment fees (in chronological order in accordance with the dates such fees became due and payable); and third,
to principal of, and interest on, the Advances (in chronological order in accordance with the dates such Advances were made; and as to any single Advance, first to interest thereon and second to principal thereof). Subject to the 

  

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provisions of Section 4.4 and, except with respect to payments made to a Bank whose Commitment is terminated (or whose commitment fee is revised)
pursuant to Section 2.12, 11.9(b) or 11.9(c), (a) all payments of principal of, and interest on, the Advances shall be made by Administrative Agent to the Banks ratably among the Banks, in proportion to the outstanding
principal amount of their respective Loans constituting part of such Advance and (b) all payments of commitment fees and other amounts payable hereunder by Administrative Agent to the Banks shall be made to the Banks ratably among the Banks, in
proportion to the amounts of their respective Commitments on the date such payment is made. 
 Section 3.5 Notes; Telephonic
Notices. 
 (a) Each Bank shall maintain in accordance with its usual and customary practices an account or accounts evidencing the Loans
made by such Bank from time to time, including the amounts of principal and interest payable and paid to such Bank from time to time under this Agreement and the Notes; and each Bank is hereby authorized to record the principal amount of each of its
Loans and each repayment on the schedule attached to its Note or in its books and records; provided, however, that the failure to so record shall not affect the Company’s obligations under such Note. Administrative Agent shall also maintain
accounts in which it will record (i) the amount of each Loan made hereunder, (ii) the amount of any principal or interest due and payable or to become due and payable from the Company to each Bank hereunder and (iii) the amount of any
sum received by Administrative Agent hereunder from the Company and each Bank’s share thereof. The entries maintained in the accounts maintained by the Banks and Administrative Agent pursuant to this Section shall be prima facie evidence
(absent manifest error) of the existence and amounts of the Obligations therein recorded; provided, however, that the failure of Administrative Agent or any Bank to maintain such accounts or any error therein shall not in any manner affect the
obligation of the Company to repay the Loans in accordance with their terms. In the event the records maintained by a Bank conflict with the records maintained by Administrative Agent, the records maintained by Administrative Agent shall control.

 (b) The Company hereby authorizes the Banks and Administrative Agent to extend Advances based on telephonic notices made by any Persons
any such Bank or Administrative Agent in good faith believes to be acting on behalf of the Company. The Company agrees to deliver promptly to Administrative Agent a written confirmation of each telephonic notice signed by an authorized signatory. If
the written confirmation differs in any material respect from the action taken by Administrative Agent, the records of Administrative Agent shall govern absent manifest error. 
 Section 3.6 Interest Payment Dates; Interest Basis. Interest accrued on each Advance prior to maturity shall be payable to Administrative Agent
for the benefit of the Banks on the date on which the Advance is paid or prepaid, whether due to acceleration or otherwise. Interest accrued on each Advance after maturity shall be payable on demand. Interest and commitment fees shall be calculated
for actual days elapsed on the basis of a 360-day year. Interest shall be payable for the day an Advance is made but not for the day of any payment on the amount paid if payment is received prior to 10:00 a.m. (Chicago time). If any payment of
principal of, or interest on, an Advance shall become due on a day which is not a Business Day, such payment shall be made on the next succeeding Business Day and, in the case of a principal payment, such extension of time shall be included in
computing interest in connection with such payment. 
  

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 ARTICLE IV 
 ADMINISTRATIVE AGENT 
 Section 4.1 Notice to and Payment by the Banks. Promptly after
receiving notice from the Company of each Advance requested pursuant to Section 3.1, Administrative Agent shall notify each of the applicable Banks by telephone (which may, at the option of Administrative Agent, be accompanied by
facsimile transmission), of each Advance, which notice shall state: (a) the dollar amount of such Advance; (b) each Bank’s ratable share of such Advance; (c) the date and time when such Advance is to be made; and (d) the
account located at Administrative Agent to which the applicable Bank’s ratable share of such Advance shall be sent. Except as hereinafter provided, promptly after receipt of such notice from Administrative Agent and, in any event, before the
time specified in such notice as the time when such Advance is to be made to the Company, each applicable Bank shall transfer its ratable share of such Advance to Administrative Agent by Federal Reserve wire transfer or, in the event of a failure of
the Federal Reserve wire transfer system, in other immediately available funds via the SWIFT (Society for Worldwide Interbank Financial Telecommunication) system or otherwise. 
 Section 4.2 Payment by Banks to Administrative Agent. 
 (a) Unless Administrative Agent shall have been notified by a Bank prior to one half-hour after receipt of a notice from the Company of an Advance requested pursuant to Section 3.1 on the date on which such Bank
is scheduled to make payment to Administrative Agent of the proceeds of a Loan (which notice shall be effective upon receipt) that such Bank does not intend to make such payment, Administrative Agent may assume that such Bank has made such payment
when due and Administrative Agent may in reliance upon such assumption (but shall not be required to) make available to the Company the proceeds of the Loan to be made by such Bank and, if any Bank has not in fact made such payment to Administrative
Agent, such Bank shall, on demand, pay to Administrative Agent the amount made available to the Company attributable to such Bank together with interest thereon in respect of each day during the period commencing on the date such amount was made
available to the Company and ending on (but excluding) the date such Bank pays such amount to Administrative Agent at a rate per annum equal to: (i) from the date the related advance was made by Administrative Agent to the date two
(2) Business Days after payment by such Bank is due hereunder, the Federal Funds Target Rate for each such day and (ii) from the date two (2) Business Days after the date such payment is due from such Bank to the date such payment is
made by such Bank, the Federal Funds Target Rate in effect for each such day plus 2.4%. If such amount is not received from such Bank by Administrative Agent immediately upon demand, the Company will, on demand, repay to Administrative Agent the
proceeds of the Loan attributable to such Bank with interest thereon at a rate per annum equal to the interest rate applicable to the relevant Loan. 
  

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 (b) The failure of any Bank to make a payment to Administrative Agent of the proceeds of the Loan to
be made by such Bank shall not relieve any other Bank of its obligation hereunder to make payment to Administrative Agent of the proceeds of a Loan, but no Bank shall be responsible for the failure of any other Bank to make the payment required to
be made by such other Bank. 
 Section 4.3 Distribution of Payments. Whenever Administrative Agent receives from, or on behalf of
the Company, or any other person or party, a payment of principal, interest or commitment fees or other amount payable in connection with the Loans with respect to any of which the applicable Banks are entitled to receive a share, Administrative
Agent shall promptly pay to such Banks, in lawful money of the United States of America and in the kind of funds so received by Administrative Agent, the amount due each of such Banks as determined pursuant to this Agreement; provided,
however, that the amount of such distribution shall be adjusted to the extent that amounts are owed by any Bank to Administrative Agent pursuant to Section 4.2 or are required to be returned to Administrative Agent pursuant to
Section 4.4. If any payment of principal, interest or commitment fees or other amount payable in connection with the Loans is received from or on behalf of the Company by Administrative Agent before 10:00 a.m. (Chicago time) on any
Business Day, Administrative Agent shall use reasonable efforts to wire transfer the appropriate portion of the same to the applicable Banks that same Business Day, but in any event shall wire the same to each of such Banks before the end of the
next Business Day. In the event that Administrative Agent receives any such payment from or on behalf of the Company before 10:00 a.m. (Chicago time) on any Business Day and does not transfer to the applicable Banks the appropriate portion of such
payment on that day, the Company shall, promptly upon receipt of notice from any such Bank, pay directly to such Bank an amount equal to the interest on such portion, at the Fed Funds Target Rate or, with respect to any payment of principal on a
Loan, at the rate set forth in Section 3.3, for the period commencing on the day Administrative Agent receives such payment up to but not including the following Business Day. 
 Section 4.4 Rescission of Payments by the Company. If all or part of any payment made by the Company to Administrative Agent of principal,
interest or commitment fees or other amount payable in connection with the Loans is rescinded or must otherwise be returned for any reason and if Administrative Agent has paid to any of the Banks such Bank’s ratable share therein, such Bank
shall, upon telephone notice from Administrative Agent, forthwith pay to Administrative Agent, on the date of such telephone notice (if notice is received by Administrative Agent at or prior to 10:00 a.m. Chicago time) or on the next Business Day
(if notice is received by Administrative Agent after 10:00 a.m. Chicago time), an amount equal to such Bank’s ratable interest in the amount that was rescinded or that must be so returned by Administrative Agent. Administrative Agent shall
promptly return to the Company, or to whomever shall be legally entitled thereto pursuant to an order of a court of competent jurisdiction, each such amount (or any lesser amount) that is received from each Bank. Administrative Agent shall have no
obligation to the Company for any amount that Administrative Agent paid to any Bank and that is not repaid by such Bank, provided that Administrative Agent did in fact provide such Bank with the notice described above to the effect that such
payment was rescinded or must be returned. 
  

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 Section 4.5 Powers Granted to Administrative Agent. 
 (a) The Company and one or more Banks (each a “Principal Bank”) may, upon mutual agreement, from time to time request another Bank to act as an
additional agent for the purpose of administering and servicing the Loans of the Principal Banks. Upon the acceptance of the offer to service by the proposed additional agent (which shall be in the sole discretion of such proposed administrative
agent), such Bank shall be an additional agent (“Additional Agent”) hereunder and as administrator of the Loans of the Principal Banks for which it acts (and not as an agent, employee or fiduciary), shall be entitled to exercise all
such powers as are incidental to the powers to receive and collect funds from the Principal Banks and the Company as provided for in this Agreement, and to take such other actions with respect to such Loans as are provided hereby or as may be from
time to time agreed by such Additional Agent and the Principal Banks. In acting under this Agreement, Additional Agent agrees to exercise the same degree of care in administering such Loans as it would use in managing its own loans; provided,
however, that this sentence shall not make Additional Agent a fiduciary to any Principal Bank. The Principal Banks and the Company hereby agree and acknowledge that (i) in performing the duties provided for in this Agreement, Additional Agent
is acting solely for the benefit of the Principal Banks and are in no way to be construed to be acting as agent for the Company; and (ii) the servicing arrangement provided for herein is not intended to constitute, and shall not be construed to
establish, a partnership or joint venture between Additional Agent and the Principal Banks, or between Additional Agent and the Company. 
 (b) The Company shall promptly notify Administrative Agent of the appointment of an Additional Agent. To the extent an Additional Agent will perform any function or duty currently performed by Administrative Agent, Administrative Agent
shall cease its performance of such function or duty when the Company directs Administrative Agent to cease such performance. An Additional Agent shall not be deemed an agent or fiduciary of Administrative Agent. 
 Section 4.6 [Reserved] 
 Section 4.7 [Reserved] 
 ARTICLE V 
 CONDITIONS PRECEDENT 
 Section 5.1 Conditions Precedent. 
 (a) Conditions to Closing. This Agreement shall become effective as of the date hereof upon the execution and delivery of a counterpart hereto by
each party hereto. 
 (b) Conditions to Initial Advance. No Bank shall be required to make the initial Advance hereunder unless the
Company has furnished to Administrative Agent on or prior to the date of the initial Advance in sufficient counterparts for each of the Banks the following (except any of the following that the Company or Administrative Agent has previously
delivered to each Bank): 
 (i) A copy of the certificate of incorporation of the Company certified by the Delaware Secretary
of State and certified by a secretary or assistant secretary of the Company to be true and correct as of the date hereof. 
  

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 (ii) A copy of the bylaws of the Company certified by a secretary or assistant
secretary of the Company to be true and correct as of the date hereof. 
 (iii) A certificate of good standing with respect to
the Company, certified by the Secretary of State of Delaware. 
 (iv) A copy, certified by the secretary or assistant
secretary of the Company, of the Company’s Board of Directors’ resolutions authorizing the execution of the Loan Documents. 
 (v) An incumbency certificate, in substantially the form of Exhibit G hereto, executed by the secretary or assistant secretary of the Company, which shall identify by name and title and bear the signature of
the officers of the Company authorized to sign the Loan Documents and to make borrowings hereunder, including telephonic borrowings, upon which certificate Administrative Agent and the Banks shall be entitled to rely until informed of any change in
writing by the Company. 
 (vi) A certificate, signed by the (a) chief executive officer of the Company,
(b) president of the Company, (c) managing director & president of the Clearing House division of the Company, or (d) managing director & chief financial officer of the Company, or in each case his or her delegate,
in substantially the form of Exhibit B hereto. Such certificate may be furnished by the Company by any means set forth in Section 13.1 hereof, and shall be deemed given to Administrative Agent as provided therein. 
 (vii) A written opinion of the Company’s counsel, addressed to Administrative Agent and the Banks (or upon which Administrative Agent
and the Banks may rely), covering the matters set forth in Exhibit C hereto. 
 (viii) Notes, each duly executed and
delivered by the Company and payable to the order of the respective Bank. 
 (ix) A copy of the CME Security and Pledge
Agreement, duly executed and delivered by the Company, for itself and as Member Attorney-in-Fact on behalf of each grantor named therein, and Collateral Agent. 
 (x) A copy of the NYMEX Security and Pledge Agreement, duly executed and delivered by NYMEX, for itself and as Member Attorney-in-Fact on
behalf of each grantor named therein, and Collateral Agent. 
  

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 (xi) A copy of the Securities Account Control Agreement, duly executed and delivered
by the Company, JPMorgan Chase Bank, N.A., as Securities Intermediary (as defined therein), and Collateral Agent. 
 (xii) A
copy of the Securities Account Control Agreement, duly executed and delivered by the Company, for itself and as Member Attorney-in-Fact on behalf of the grantors named therein, The Bank of New York Mellon, N.A. as Securities Intermediary (as defined
therein), and Collateral Agent. 
 (xiii) A copy of the Uncertificated Securities Control Agreement, duly executed and
delivered by the Company, for itself and as Member Attorney-in-Fact on behalf of certain of the grantors named therein, NYMEX, as Member Attorney-in-Fact on behalf of certain of the grantors named therein, Phoenix Equity Planning Corporation, as
Transfer Agent (as defined therein), and Collateral Agent. 
 (xiv) A copy of the Uncertificated Securities Control Agreement,
duly executed and delivered by the Company, for itself and as Member Attorney-in-Fact on behalf of certain of the grantors named therein, NYMEX, as Member Attorney-in-Fact on behalf of certain of the grantors named therein, Boston Financial Data
Services, Inc., as Transfer Agent (as defined therein), and Collateral Agent. 
 Section 5.2 Each Advance. No Bank shall be
required to make any Advance (including the initial Advance), unless on the applicable Borrowing Date both before and immediately after giving effect to the Advance: 
 (a) There exists no Default or Unmatured Default. 
 (b) The representations and warranties contained in
Article VI are true and correct in all material respects as of such Borrowing Date except for deemed changes in the Schedules hereto reflecting transactions permitted by this Agreement. 
 (c) The Company has furnished to Administrative Agent a certificate, substantially in the form of Exhibit D, which sets forth in reasonable
detail the intended use of the proceeds of such Advance (which shall comply with Section 7.2 hereof) and confirms that such proceeds will not be used to repay maturing Advances except as permitted pursuant to Section 2.4
hereof. Such certificate may be furnished by Company by any means set forth in Section 13.1 hereof, and shall be deemed delivered to Administrative Agent as provided therein. 
 (d) The aggregate outstanding principal of all Loans, after giving effect to the Loans to be made on such Borrowing Date, does not exceed the lesser of
(i) the Aggregate Commitment and (ii) the Borrowing Base as of such date. 
  

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 The Company’s receipt of the proceeds of any Loan hereunder shall constitute a representation and warranty by
the Company that the conditions contained in Sections 5.2(a) and (b) have been satisfied. 
 ARTICLE VI 

REPRESENTATIONS AND WARRANTIES 
 The Company represents and warrants to the Banks, as of the date hereof and the date of each Advance, that: 
 Section 6.1
Corporate Existence and Standing. Each of the Company and the Subsidiaries is a corporation duly incorporated, validly existing and in good standing under the laws of its jurisdiction of incorporation and has all requisite authority to
conduct its business in each jurisdiction in which its business is conducted and where the failure to have such authority would reasonably be expected to have a Material Adverse Effect. 
 Section 6.2 Authorization and Validity. 
 (a) The Company has the corporate power and authority and legal right to execute and deliver the Loan Documents and to perform its obligations thereunder. The execution and delivery by the Company of the Loan Documents and the performance
of its obligations thereunder have been duly authorized by proper corporate proceedings. The Company has duly executed and delivered the Loan Documents, and the Loan Documents constitute legal, valid and binding obligations of the Company,
enforceable against the Company in accordance with their terms, except as enforceability may be limited by bankruptcy, insolvency or similar laws affecting the enforcement of creditors’ rights generally and by general principles of equity
(whether enforcement is considered in a proceeding at law or in equity). 
 (b) The Company has the authority pursuant to CME Rules 816, 817
and 820 to execute and deliver, as Member Attorney-in-Fact on behalf of the applicable Clearing Members, the Collateral Documents. Pursuant to CME Rule 817, the Company has the authority, as Member Attorney-in-Fact on behalf of the applicable
Clearing Members, to cause the Security Deposits to be subject to the Lien of the Collateral Documents to secure the Obligations. Pursuant to CME Rule 817, the Company has the authority, as Member Attorney-in-Fact on behalf of the applicable
Clearing Members, to cause the Performance Bonds of Defaulted Clearing Members to be subject to the Lien of the Collateral Documents to secure the Obligations. CME Rules 816, 817, 820 and 913.B, as set forth in Exhibit K, have been duly
adopted and are in full force and effect. 
 Section 6.3 Compliance with Laws and Contracts. Neither the execution and delivery
by the Company of the Loan Documents, nor the consummation of the transactions therein contemplated, nor compliance with the provisions thereof will violate any law, rule, regulation, order, writ, judgment, injunction, decree or award binding on the
Company or any Subsidiary or the Company’s or any Subsidiary’s articles of incorporation or by-laws or the provisions of any material indenture, instrument or agreement to which the Company or any 

  

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Subsidiary is a party or is subject, or by which it, or its property, is bound, or conflict with or constitute a default thereunder. No order, consent,
approval, license, authorization, or validation of, or filing, recording or registration with, or exemption by, any governmental or public body or authority, or any subdivision thereof, that has not been obtained is required to authorize, or is
required in connection with the execution, delivery and performance of, or the legality, validity, binding effect or enforceability of, any of the Loan Documents as against the Company. 
 Section 6.4 Financial Statements. The most recent annual, audited consolidated financial statements of Holdings and its subsidiaries (which
include the Company and the Subsidiaries) heretofore delivered to the Banks were prepared in accordance with generally accepted accounting principles in effect on the date such statements were prepared and fairly present in all material respects the
consolidated financial condition and operations of Holdings and its subsidiaries at such date and the consolidated results of their operations for the period covered thereby. 
 Section 6.5 Material Adverse Change. No material adverse change in the business, financial condition, or results of operations of the Company
and the Subsidiaries has occurred since the date of the financial statements referred to in Section 6.4; provided, however, that in the event the Company utilizes its own funds to repay all or any portion of an Advance, and
such repayment results in such a material adverse change, then such material adverse change shall not be deemed to have occurred until the thirty-first consecutive day that such material adverse change continues. 
 Section 6.6 Subsidiaries. Schedule I contains an accurate list of all of the presently existing Subsidiaries of the Company, setting
forth their respective jurisdictions of incorporation and the percentage of their respective capital stock owned by the Company or other Subsidiaries. All of the issued and outstanding shares of capital stock of such Subsidiaries have been duly
authorized and issued and are fully paid and non-assessable. 
 Section 6.7 Accuracy of Information. No written information,
exhibit or report furnished by the Company or any Subsidiary to any Bank in connection with the negotiation of the Loan Documents contained any material misstatement of fact or omitted to state a material fact or any fact necessary to make the
statements contained therein not materially misleading in light of the circumstances existing at the time furnished. 
 Section 6.8
Margin Regulations. Margin Stock (as defined in Regulation U) constitutes less than 25% of those assets of the Company and its Subsidiaries which are subject to any limitation on sale, pledge, or other restriction hereunder. No proceeds of
any Loans will be used to “purchase” or “carry” any “margin stock” (each as defined in Regulation U), or for any purpose that violates the provisions of Regulation T, U or X of the Board of Governors of the Federal
Reserve System as now and from time to time hereafter in effect. 
 Section 6.9 Taxes. The Company and its Subsidiaries have
filed all United States federal tax returns and all other material tax returns which are required to be filed by any of them and have paid all taxes due pursuant to said returns or pursuant to any assessment received by the Company or any such
Subsidiary, except such taxes, if any, as are being contested in good faith. To the best of the Company’s knowledge, no tax liens have been filed 
  

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and no claims are being asserted with respect to any such taxes other than those taxes that are being contested in good faith. The charges, accruals and
reserves on the books of the Company and its Subsidiaries in respect of any taxes or other governmental charges are adequate. 
 Section 6.10
Litigation. Except as set forth in Schedule II attached hereto, there is no litigation or proceeding before any governmental authority pending or, to the knowledge of any of their officers, threatened, against or affecting the Company
or any Subsidiary of the Company which might reasonably be expected to materially adversely affect the business, financial condition or results of operations of the Company or the ability of the Company to perform its obligations under the Loan
Documents. 
 Section 6.11 ERISA. Each Plan complies in all material respects with all applicable requirements of law and regulations,
no Reportable Event has occurred with respect to any Plan, neither the Company nor any of its Subsidiaries has withdrawn from any Plan or initiated steps to do so, and no steps have been taken to terminate any Plan. 
 ARTICLE VII 
 COVENANTS

 During the term of this Agreement and thereafter as long as any Advances remain outstanding hereunder, unless the Required Banks shall
otherwise consent in writing: 
 Section 7.1 Financial Reporting. The Company will maintain, for itself and each Subsidiary, a system
of accounting established and administered in order to permit preparation of financial statements in accordance with generally accepted accounting principles, and furnish to Administrative Agent (and Administrative Agent will furnish a copy to each
Bank): 
 (a) Within 120 days after the close of each of its fiscal years, an unqualified audit report certified by independent certified
public accountants, acceptable to the Required Banks, prepared in accordance with Agreement Accounting Principles on a consolidated basis for Holdings and its subsidiaries (including the Company), including balance sheets as of the end of such
period, and statements of income, changes in shareholders’ equity and a statement of cash flows for the year then ended, accompanied by any management letter prepared by said accountants and by a certificate of said accountants in substantially
the form of Exhibit E hereto, or if, in the opinion of such accountants, such certificate is not applicable, a description of any Default or Unmatured Default relating to accounting matters that in their opinion exists, stating the nature and
status thereof. 
 (b) Within 120 days after the close of each of its fiscal years, for the Company and its Subsidiaries, an unaudited
consolidated balance sheet as at the end of such period and unaudited consolidated statements of income, changes in shareholders’ equity and a statement of cash flow for the year then ended, each prepared in a manner consistent with the
preparation of Holdings’ year-end statements and in accordance with Agreement Accounting Principles (other than the absence of footnotes). 
  

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 (c) Within 45 days after the close of the first three quarterly periods of each of its fiscal years,
for the Company and its Subsidiaries, an unaudited consolidated balance sheet as at the close of each such period and unaudited consolidated statements of income, changes in shareholders’ equity and cash flows from the beginning of such fiscal
year to the end of such quarter, each prepared in a manner consistent with the preparation of the Company’s year-end statements and in accordance with Agreement Accounting Principles (other than the absence of footnotes and subject to normal
year-end adjustments). 
 (d) Within 45 days after the close of the first three quarterly periods of each of the Company’s fiscal years
and within 120 days after the close of each of the Company’s fiscal years, a report of (i) current Surplus Funds, (ii) the aggregate amount of Security Deposits being held by the Company including a breakdown of the asset types making
up such Security Deposits and the location thereof and (iii) the aggregate amount of Performance Bonds of Defaulted Clearing Members being held by the Company including a breakdown of the asset types making up such Performance Bonds and the
location thereof. 
 (e) Within the time periods set forth herein for the furnishing of the financial statements required hereunder, a
certificate signed by its managing director & chief financial officer or another managing director, in substantially the form of Exhibit F hereto, (i) certifying that, to the knowledge of such officer or director, no Default or
Unmatured Default has occurred during the period covered by such financial statements that is still continuing or (ii) if any Default or Unmatured Default exists, showing the calculations set forth in Exhibit F as well as setting forth a
description of the nature and status of such Default or Unmatured Default. 
 (f) Within 120 days after the close of each fiscal year, a
statement of the Unfunded Liabilities of each Plan, signed by the managing director & chief financial officer of the Company or another managing director, or, in the event there are no Unfunded Liabilities, a certificate signed by its
managing director & chief financial officer or another managing director to that effect. 
 (g) As soon as possible and in any
event within 10 days after the Company knows that any Reportable Event has occurred with respect to any Plan, a statement, signed by the managing director & chief financial officer of the Company or another managing director, describing
said Reportable Event and the action which the Company proposes to take with respect thereto. 
 (h) Such other information (including
non-financial information) as any Bank may from time to time reasonably request. 
 Section 7.2 Use of Proceeds. Except in the case of
a Test Draw, the Company will only use the proceeds of the Advances to provide temporary liquidity in circumstances where CME or NYMEX is entitled to use the Security Deposits and Performance Bonds of the Clearing Members to satisfy any outstanding
obligations of any defaulting Clearing Members to CME or NYMEX as provided in the CME Rules or the NYMEX Rules, to provide temporary liquidity in the event of a liquidity constraint or default by a depositary and in circumstances where a Money
Gridlock Situation that affects the Company’s or NYMEX’s operations exists. Additionally, the Company may use the proceeds of the Advances to fulfill its obligations under 

  

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the GFX Guaranty, provided, however, that the Company may use the proceeds for such purposes only up to the amount of Surplus Funds on any
given day. Additionally, the Company from time to time may conduct Test Draws which may be repaid on the Borrowing Date or on the Business Day immediately following such Borrowing Date. The Company will not, nor will it permit any Subsidiary to, use
any of the proceeds of the Loans to “purchase” or “carry” any “margin stock” (each as defined in Regulation U) or for any purpose that violates the provisions of Regulation T, U or X of the Board of the Federal Reserve
System as now and from time to time hereafter in effect. 
 Section 7.3 Notice of Default. The Company will, and will cause each
Subsidiary to, give prompt notice in writing to the Banks of the occurrence of any Default or Unmatured Default and of any other development, financial or otherwise, which would reasonably be expected to materially adversely affect its business,
properties or affairs or the ability of the Company to repay the Obligations. 
 Section 7.4 Conduct of Business. The Company will,
and will cause each Subsidiary to, carry on and conduct its business in substantially the same manner and in substantially the same fields of enterprise as it is presently conducted and to do all things necessary to remain duly incorporated, validly
existing and in good standing as a domestic corporation in its jurisdiction of incorporation and maintain all requisite authority to conduct its business in each jurisdiction in which its business is conducted and where the failure to have such
authority would reasonably be expected to have a Material Adverse Effect. 
 Section 7.5 Compliance with Laws. The Company will, and
will cause each Subsidiary to, comply with all laws, rules, regulations, orders, writs, judgments, injunctions, decrees or awards to which it may be subject, except where the failure to so comply would not reasonably be expected to have a Material
Adverse Effect. 
 Section 7.6 Inspection. The Company will, and will cause each Subsidiary to, permit Administrative Agent and
Collateral Agent or its representatives and agents, to inspect any of the properties, corporate books and financial records of the Company and each Subsidiary, to examine and make copies of the books of accounts and other financial records of the
Company and each Subsidiary, and to discuss the affairs, finances and accounts of the Company and each Subsidiary (the foregoing activities, an “Audit”) with, and to be advised as to the same by, their respective officers at such
reasonable times and intervals as Administrative Agent may designate; provided that so long as no Default has occurred and is continuing the Company shall only be responsible for the costs and expenses of one Audit per 12-month period.

 Section 7.7 Tangible Net Worth. The Company will maintain at all times a Consolidated Tangible Net Worth of not less than
$96,000,000. In the event that the Company exercises its right to increase the Aggregate Commitment under Section 2.10(a), the minimum Consolidated Tangible Net Worth that the Company will maintain will increase on a ratable basis to the
increase in the Aggregate Commitment such that if the Company increases the Aggregate Commitment by $200,000,000 (resulting in a maximum Aggregate Commitment of $1,000,000,000), the minimum Consolidated Tangible Net Worth to be maintained by the
Company would increase by $24,000,000 to $120,000,000. If the Company exercises its rights to decrease the Aggregate Commitment under this Agreement, the minimum Consolidated Tangible 

  

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Net Worth to be maintained by the Company will decrease on a ratable basis, provided, however, that under no circumstances will the minimum
Consolidated Tangible Net Worth be reduced to less than $90,000,000. Any such ratable increase or decrease in the Company’s maintenance of the Consolidated Tangible Net Worth shall be effective immediately upon the related increase or decrease
in the Aggregate Commitment in accordance with the terms of this Agreement. 
 Section 7.8 Liens. The Company will not, nor will it
permit any Subsidiary to, create or incur any Lien in, of or on the Collateral, except: 
 (a) Liens in favor of Collateral Agent.

 (b) Liens in favor of the Company, which Liens are subordinated to the Liens in favor of Collateral Agent in accordance with Article
XV hereof. 
 (c) Liens arising out of repurchase agreements or reverse repurchase agreements entered into by the Company or any
Subsidiary. 
 (d) Liens arising out of judgments or awards against the Company or any Subsidiary, in an amount of not more than $5,000,000
in the aggregate, which judgment or award is vacated, discharged, satisfied or stayed or bonded pending appeal within 60 days from the entry thereof. 
 Section 7.9 Additional Clearing Members. Promptly upon any Person becoming a Clearing Member of CME, the Company will execute and deliver, as Member Attorney-in-Fact, a supplement to the Security and Pledge
Agreement, substantially in the form of Exhibit A thereto, joining such Clearing Member as a party to the Security and Pledge Agreement and a supplement to the Securities Account Control Agreement, substantially in the form of Exhibit B thereto,
joining such Clearing Member as a party to the Securities Account Control Agreement. If such new Clearing Member deposits Money Fund Shares in satisfaction of their Security Deposit requirement to the extent such Money Fund Shares are included in
the Borrowing Base, the Company will execute and deliver, as Member Attorney-in-Fact, a Money Fund Control Agreement, substantially in the form of Exhibit C to the Security and Pledge Agreement with respect to such Money Fund Shares for the purpose
of granting to Collateral Agent control (within the meaning of the UCC) of the Money Fund Shares subject thereto. 
 Section 7.10 CME Rule
Changes. The Company will not, without the prior written consent of the Banks, amend, revoke, or rescind any CME Rule in any manner that would have a materially adverse effect on the Lien granted to Collateral Agent in the Collateral or the
ability of Collateral Agent to enforce any of its rights under the Collateral Documents. 
 Section 7.11 Taxes. The Company will, and
will cause each Subsidiary to, pay when due all taxes, assessments and governmental charges and levies upon it or its income, profits or property, except those (i) which are being contested in good faith by appropriate proceedings and with
respect to which adequate reserves have been set aside on the books of the Company or such Subsidiary, as applicable, or (ii) as to which the failure to pay would not reasonably be expected to have a Material Adverse Effect. 
  

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 Section 7.12 Insurance. The Company will, and will cause each Subsidiary to, maintain with
financially sound and reputable insurance companies insurance on all their property in such amounts and covering such risks as is consistent with sound business practice in the industry, and the Company will furnish to Administrative Agent upon
request of any Bank information as to the insurance carried. Administrative Agent shall furnish such information to each Bank. 
 ARTICLE
VIII 
 DEFAULTS 
 The
occurrence of any one or more of the following events shall constitute a Default: 
 Section 8.1 Representations and Warranties. Any
representation or warranty made or deemed made by or on behalf of the Company or any Subsidiary to the Banks in this Agreement or in any certificate or written information delivered in connection with this Agreement or any other Loan Document shall
be materially false as of the date on which made or deemed to have been made. 
 Section 8.2 Payment Defaults. Nonpayment of the
principal of any Note when due, nonpayment of interest upon any Note within five days after the same becomes due or nonpayment of any commitment fee or other obligation under any of the Loan Documents within 10 days after the same becomes due.

 Section 8.3 Certain Covenant Defaults. (i) Any breach by the Company of any of the terms required to be observed by it under
Section 7.1 (other than Section 7.1(g)), which continues unremedied for 10 days after the Company receives written notice of such breach from any Bank; (ii) (a) any breach by the Company of any of the terms required to
be observed by it under Section 7.2, 7.7, 7.8 or 7.10 or (b) any breach by NYMEX of any of the terms required to be observed by it under Section 5.2(c) of the NYMEX Security and Pledge Agreement; or
(iii) (a) any material breach by the Company of any of the other terms or provisions required to be observed by it under Article VII or (b) any material breach by NYMEX of any of the terms required to be observed by it under
Section 5.2(b) of the NYMEX Security and Pledge Agreement. 
 Section 8.4 Other Covenant Defaults. The breach by the
Company or NYMEX (other than a breach which constitutes a Default under Section 8.1, 8.2 or 8.3) of any of the terms or provisions of this Agreement or any other Loan Document to which such Person is a party which is not
remedied within five days after written notice from any Bank. 
 Section 8.5 Other Indebtedness. Failure of the Company or any
Subsidiary to pay any Indebtedness in an aggregate amount in excess of $5,000,000 when due; or the default by the Company or any Subsidiary in the performance of any term, provision or condition contained in any agreement under which any such
Indebtedness was created or is governed, which results in such Indebtedness being accelerated or declared to be due and payable or required to be prepaid, redeemed or defeased (other than by a regularly scheduled repayment, redemption or defeasance
or mandatory prepayment, redemption or defeasance) prior to its stated maturity. 
  

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 Section 8.6 Bankruptcy, etc. The Company or any Subsidiary shall (a) have an order for
relief entered with respect to it under the federal bankruptcy code, (b) not pay, or admit in writing its inability to pay, its debts generally as they become due, (c) make an assignment for the benefit of creditors, (d) apply for,
seek, consent to, or acquiesce in, the appointment of a receiver, custodian, trustee, examiner, liquidator or similar official for it or any substantial part of its property, (e) institute any proceeding seeking an order for relief under the
federal bankruptcy code or seeking to adjudicate it a bankrupt or insolvent, or seeking dissolution, winding up, liquidation, reorganization, arrangement, adjustment or composition of it or its debts under any law relating to bankruptcy, insolvency
or reorganization or relief of debtors or fail to file an answer or other pleading denying the material allegations of any such proceeding filed against it, (f) take any corporate action to authorize or effect any of the foregoing actions set
forth in this Section 8.6 or (g) fail to contest in good faith any appointment or proceeding described in Section 8.7. 
 Section 8.7 Involuntary Bankruptcy, etc. Without the application, approval or consent of the Company or any Subsidiary, a receiver, trustee, examiner, liquidator or similar official shall be appointed for the Company or any
Subsidiary or any substantial part of its property, or a proceeding described in Section 8.6(e) shall be instituted against the Company or any Subsidiary and such appointment continues undischarged or such proceeding continues
undismissed or unstayed for a period of 45 consecutive days. 
 Section 8.8 Condemnation. Any court, government or governmental agency
shall condemn, seize or otherwise appropriate, or take custody or control of all or any substantial portion of the property of the Company or any Subsidiary. 
 Section 8.9 Judgments. The Company or any Subsidiary shall fail to pay, bond or otherwise discharge, within 30 days of the entry thereof, any judgment or order for the payment of money in excess of $250,000,
which is not stayed on appeal or otherwise being appropriately contested in good faith. 
 Section 8.10 Security Interest; Validity.
Collateral Agent, for the ratable benefit of the Banks, shall cease to have a valid and perfected first priority security interest in the Collateral other than any Money Fund Shares that have not been included in the Borrowing Base and other than in
connection with any release of Collateral contemplated hereby or by any other Loan Document; or the Company shall assert the invalidity of any such security interest or the invalidity or unenforceability of any Collateral Document; or any Collateral
Document shall be terminated without Collateral Agent’s written consent. 
 Section 8.11 CFTC Designation. The Commodity Futures
Trading Commission (or its successor) shall revoke or suspend the designation of the Company as a contract market under the Commodity Exchange Act, as amended for any futures contract other than for reasons of dormancy or low volume in such contract
or for reasons of disruptions in the underlying market for such contract. 
  

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 ARTICLE IX 
 ACCELERATION, WAIVERS, AMENDMENTS AND REMEDIES 
 Section 9.1 Acceleration. If any Default
described in Section 8.6 or 8.7 occurs, the obligations of the Banks to make Loans hereunder shall automatically terminate and the Obligations shall immediately become due and payable without any election or action on the part of
any Bank. If any other Default occurs, Administrative Agent may, or upon the direction of the Required Banks shall, terminate or suspend the Commitments of the Banks to make Loans hereunder, or declare the Obligations to be due and payable, or both,
whereupon such Obligations shall become immediately due and payable, without presentment, demand, protest or notice of any kind, all of which the Company hereby expressly waives. In addition, at any time after which the Obligations have become due
and payable and the obligations of the Banks to make Loans hereunder have terminated in accordance with this Section 9.1, Collateral Agent may, with the consent of the Required Banks (or shall, upon the direction of the Required Banks),
enforce any and all rights and interest created under the Collateral Documents or the UCC, including, without limitation, foreclosing the security interests created pursuant to the Collateral Documents by any available judicial procedure, and
exercise all other rights and remedies of Collateral Agent otherwise available under any other provision of this Agreement, by operation of law, at equity or otherwise, all of which are hereby expressly preserved and all of which rights shall be
cumulative. 
 Section 9.2 Amendments. Subject to the provisions of this Section 9.2, the Required Banks or Administrative
Agent (with the written consent of the Required Banks) and the Company may enter into agreements supplemental hereto for the purpose of adding or modifying any provisions to the Loan Documents or changing in any manner the rights of the Banks or the
Company hereunder or waiving any Default hereunder; provided, however, that: 
 (a) the consent of the Company and all of the
Banks (other than any Defaulting Banks) shall be required to (i) reduce the percentage specified in the definition of Required Banks, (ii) reduce the principal amount of or extend the maturity date for any Advance or reduce the rate or
change the time of payment of interest thereon, (iii) reduce the rate or change the time of payment of any commitment fee, (iv) adjust the amount of the Commitment of any Bank except as otherwise permitted herein, (v) amend
Section 2.7, 2.8, 5.2, this Section 9.2, or Section 12.1(b) or (c), (vi) extend the Revolving Credit Termination Date, (vii) permit the Company to assign its rights under this
Agreement, (viii) amend the definition of “Borrowing Base” or “Discounted Value” or the provisions of Annex I hereto (except as set forth in clause (c) below) or (ix) release any of the
Collateral from the Lien granted pursuant to the Collateral Documents to the extent that on the date of such release the aggregate outstanding principal amount of all Loans exceed, or will immediately after such release exceed, the Borrowing Base,
other than as permitted by this Agreement or any other Loan Document (including without limitation Section 2.9 of this Agreement); 
 (b) the Company may add a new Bank(s) under the terms of this Agreement, provided, however, that each such new Bank shall agree in writing to be bound by the terms of this Agreement without the consent of the Banks;

  

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 (c) the Company may modify the Concentration Policy or Minimum Credit Rating, each as set forth on
Annex I hereto, at any time, if such modification results in an imposition of a more restrictive Concentration Policy or Minimum Credit Rating than that set forth on Annex I without the consent of the Banks. The Company may modify the
Concentration Policy or Minimum Credit Rating upon approval of the Required Banks if such modification results in the imposition of a less restrictive Concentration Policy or Minimum Credit Rating than that set forth on Annex I; and

 (d) any amendment, modification or waiver of any provision of any Loan Documents that affects the rights or obligations of an Agent shall
not be effective without such Agent’s prior written consent. 
 Section 9.3 Preservation of Rights. No delay or omission of the
Banks to exercise any right under the Loan Documents shall impair such right or be construed to be a waiver of any Default or an acquiescence therein, and the making of a Loan notwithstanding the existence of a Default or the inability of the
Company to satisfy the conditions precedent to such Loan shall not constitute any waiver or acquiescence. Any single or partial exercise of any such right shall not preclude other or further exercise thereof or the exercise of any other right, and
no waiver, amendment or other variation of the terms, conditions or provisions of the Loan Documents whatsoever shall be valid unless in writing signed by the Banks required pursuant to Section 9.2, and then only to the extent in such
writing specifically set forth. All remedies contained in the Loan Documents or by law afforded shall be cumulative and all shall be available to the Banks until the Obligations have been paid in full and the Commitments have been terminated.

 ARTICLE X 
 THE
AGENTS 
 Section 10.1 Declaration and Acceptance of Appointment; No Fiduciary Duties. Subject to the terms and conditions hereof,
each Bank hereby appoints and authorizes Bank of Montreal as its administrative agent hereunder and under the other Loan Documents and JPMorgan Chase Bank, N.A. to act as its collateral agent hereunder and under each of the Collateral Documents and
other Loan Documents, each with such powers as are expressly delegated to each Agent by the terms of this Agreement, the Collateral Documents, and the other Loan Documents, together with such other powers as are reasonably incidental thereto. Each
of Bank of Montreal and JPMorgan Chase Bank, N.A., by its execution hereof, hereby accepts the appointment made under this Section 10.1. Neither Administrative Agent nor Collateral Agent shall have any duties or responsibilities except
those expressly set forth in this Agreement, the Collateral Documents and the other Loan Documents, or be a trustee for, or have any fiduciary obligation to, any Bank, and no implied covenants, functions, responsibilities, duties, obligations or
liabilities on the part of either Administrative Agent or Collateral Agent shall be read into this Agreement or any other Loan Document or otherwise exist for such Agent. In performing its functions and duties hereunder and under the other Loan
Documents, Administrative Agent and Collateral Agent shall act solely as agents for the Banks and do not assume nor shall be deemed 

  

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to have assumed any obligation or relationship of trust or agency with or for the Company or any of its successors or assigns. Neither Administrative Agent
nor Collateral Agent shall be required to take any action that exposes such Agent to personal liability or that is contrary to this Agreement, any other Loan Document or applicable law. The appointment and authority of each Agent hereunder shall
terminate upon the indefeasible payment in full of all Obligations and the termination of the Commitments. Each Bank hereby authorizes Collateral Agent to execute each of the Collateral Documents on behalf of such Bank (the terms of which shall be
binding on such Bank). 
 Section 10.2 Reliance by Each Agent. Each Agent shall in all cases be entitled to rely, and shall be
fully protected in relying, upon any document or conversation believed by it in good faith to be genuine and correct and to have been signed, sent or made by the proper Person or Persons and upon advice and statements of legal counsel (including,
without limitation, counsel to the Company), independent accountants and other experts selected by such Agent and acceptable to the Required Banks. Each Agent shall in all cases be fully justified in failing or refusing to take any action under this
Agreement or any other Loan Document unless it shall first receive advice or concurrence of the Company or the Required Banks (or, if required, all of the Banks), as applicable, as it deems appropriate and it shall first be indemnified to its
satisfaction by the Banks, provided that unless and until such Agent shall have received such advice, such Agent may take or refrain from taking any action, as such Agent shall deem advisable and in the best interests of the Banks. Each Agent
shall in all cases be fully protected in acting, or in refraining from acting, in accordance with a request of the Company or the Required Banks or all of the Banks, as applicable, and such request and any action taken or failure to act pursuant
thereto shall be binding upon all the Banks. 
 Section 10.3 Reimbursement and Indemnification. The Banks severally agree to
reimburse and indemnify each Agent and its officers, directors, employees, representatives and agents ratably in proportion to the amounts of their respective Commitments, to the extent not paid or reimbursed by the Company (i) for any amounts
for which such Agent, acting in its capacity as Agent, is entitled to reimbursement by the Company hereunder or under any other Loan Document and (ii) for any other actual out-of-pocket expenses incurred by such Agent, in its capacity as Agent
and acting on behalf of the Banks, in connection with the administration and enforcement of this Agreement and the other Loan Documents, except in each case, for any amounts or expenses that arise as a result of the gross negligence or willful
misconduct of such Agent. 
 Section 10.4 Each Agent in its Individual Capacity. Each Agent and its affiliates may make loans to,
accept deposits from and generally engage in any kind of business with the Company or any affiliate of the Company as though such Agent were not an Agent hereunder. With respect to the making of Loans pursuant to this Agreement, each Agent shall
have the same rights and powers under this Agreement in its individual capacity as any Bank and may exercise the same as though it were not an Agent, and the terms “Bank,” and “Banks” shall include each Agent in its
individual capacity. 
  

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 Section 10.5 Resignation or Termination of Agent. 
 (a) Any Agent may resign its position as such at any time upon ninety (90) days’ prior notice to the Company, the other Agent and the Banks.
Any Agent may be terminated by the Required Banks (excluding any Bank then acting as such Agent) at any time upon thirty (30) days’ prior notice to the Company, the Agents and the other Banks. The Required Banks, with the consent of the
Company (such consent not to be unreasonably withheld), may appoint a successor Agent to succeed any Agent that resigns or is terminated pursuant to this Section 10.5. Subsequent to the effective date of such resignation or termination, the
resigning or terminated (as applicable) Agent shall have no further obligations in that capacity under this Agreement. 
 (b) If no
successor Collateral Agent shall have been appointed by the Company and the Required Banks and shall have accepted such appointment prior to the effective date of the resignation or termination of the then acting Collateral Agent, the resigning or
terminated Collateral Agent may appoint a successor Collateral Agent, which shall be a bank or trust company organized under the laws of the United States of America or any State thereof, having a combined capital and surplus of at least
$500,000,000. 
 (c) Unless and until a successor administrative agent is appointed by the Company and the applicable Principal Banks acting
together, (i) the services performed by such Administrative Agent hereunder shall be performed by the individual Principal Banks and the Company, each of its own behalf, and (ii) any payments or communications made by the Company to such
Administrative Agent hereunder shall be made directly to the applicable individual Principal Banks. 
 Section 10.6 Non-Reliance
Representation. Each of the Banks acknowledges and represents that it has, independently of and without reliance upon any Agent, and based solely upon its own expertise (and the expertise of its agents and independent advisors, if any) and upon
financial statements and other information deemed appropriate by it, made its own credit analysis of the Company and made its own decision to enter into this Agreement. Each of the Banks further acknowledges and represents that it will,
independently of and without reliance upon any Agent, and based solely upon its own expertise (and the expertise of its agents and independent advisors, if any) and upon such documents and information as it shall deem appropriate at the time,
continue to make its own credit analysis of the Company and its own decisions with respect to this Agreement. 
 Section 10.7
Exculpation. No Agent nor any of its shareholders, directors, officers, employees or agents shall be liable to the Banks, or any of them individually, for any obligation, undertaking, act or judgment of the Company or any other Person, or for
any error of judgment or any action taken or omitted to be taken by such Agent (except and to the extent that the same arises from gross negligence or willful misconduct on the part of such Agent), or be bound to ascertain or inquire as to the
performance or observance of any term of any of the Loan Documents. Without limiting the generality of the foregoing, each Agent: (a) may consult with legal counsel selected by it and shall not be liable for any action taken or omitted to be
taken in good faith by it in accordance with the advice of such counsel; (b) makes no warranty or representation and shall not be responsible for any warranty or representation made in or in connection with any of the Loan Documents by any
Person other than such Agent, or for the financial condition of the Company or any other Person, or for the observance or performance of 

  

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any obligations of the Company or any other Person other than such Agent, or for the truth or accuracy of any document provided to such Agent that such Agent
has initially received from, or that such Agent has prepared based upon information received from, the Company or any other Person, except for Collateral Agent’s responsibility under Section 10.8; (c) makes no warranty or
representation and shall not be responsible for the due execution, validity, enforceability, sufficiency or collectibility of any of the Loan Documents; (d) shall incur no liability under or in respect of any such agreement or document by
acting upon any notice (by telephone or otherwise), or writing (including telex and telegraphic communication) believed by it in good faith to be genuine and to be signed or sent by the proper party or Person; and (e) makes no warranty or
guarantee as to: (i) future payments by the Company or any other obligor or guarantor of the Loans, (ii) the Company’s future compliance with or performance of any of the terms and conditions contained in the Loan Documents, or
(iii) the collectibility of the Loans. 
 Section 10.8 Collateral Valuation. Collateral Agent shall monitor the market value
of the Collateral. On each Borrowing Date, promptly after receiving notice from the Company of a proposed borrowing, on each subsequent day on which there is an outstanding Advance, and on the last day of each calendar month (or, if such day is not
a Business Day, the next succeeding Business Day), commencing with the first such date to occur after the date hereof, Collateral Agent shall determine the aggregate market value of all Collateral on and as of such date in accordance with its usual
and customary practices and shall advise and notify (which may be by telephone) the Company, Administrative Agent and each Bank thereof (each a “Collateral Notice”). Collateral Agent agrees to deliver promptly to the Company,
Administrative Agent and each Bank a written confirmation of any telephonic Collateral Notice which is given on a Borrowing Date. 
 ARTICLE XI 
 GENERAL PROVISIONS 
 Section 11.1 Successors and Assigns. 
 (a) The provisions of this Agreement shall be binding
upon and inure to the benefit of the parties hereto and their respective successors and assigns, except that the Company may not assign or otherwise transfer any of its rights under this Agreement. 
 (b) Any Bank may, in accordance with applicable law, at any time sell to one or more banks, financial institutions or other entities
(“Participants”) participating interests in any Loan owing to such Bank, any Note held by such Bank, any Commitment of such Bank or any other interest of such Bank hereunder. In the event of any such sale by a Bank of participating
interests to a Participant, such Bank’s obligations under this Agreement to the other parties to this Agreement shall remain unchanged, such Bank shall remain solely responsible for the performance thereof and the Company and each Agent shall
continue to deal solely and directly with such Bank in connection with such Bank’s rights and obligations under this Agreement and the other Loan Documents. In no event shall a Bank that sells a participating interest be obligated to the
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under any of the other Loan Documents except that such Bank may agree that it will not, without the consent of such Participant, agree to (A) reduce the
principal of, or interest payable on (or reduce the rate of interest applicable to), the Loans of such Bank or any fees or other amounts payable to such Bank hereunder which, in each case, are related to the participation sold to such Participant
or, (B) postpone the date fixed for any payment of the principal of, or interest on, the Loans of such Bank or other amounts payable to such Bank hereunder which, in each case, are related to the participation sold to such Participant.

 (c) Any Bank may (or in accordance with Section 11.4(h) shall), in accordance with applicable law, and with the consent of
the Company (such consent not to be unreasonably withheld), and with the consent of Administrative Agent upon the occurrence and during the continuance of a Default pursuant to Sections 8.2, 8.6 or 8.7 (such consent not to be
unreasonably withheld), at any time sell to any financial institution (all such purchasers, collectively, “Purchasers”) all or any part of its rights and obligations under this Agreement and the Note held by it pursuant to an
assignment agreement (an “Assignment Agreement”), executed by such Purchaser and such Bank and delivered to the Company and each Agent; provided that the consent of the Company to any such assignment shall not be required if
(A) a Default has occurred and is continuing, (B) the assignment is by a Bank to an affiliate of such Bank or another existing Bank or (C) the assignment (including any pledge) is by any Bank of its Notes and its rights hereunder with
respect thereto to any Federal Reserve Bank. Upon such execution and delivery of an Assignment Agreement, from and after the effective date as specified therein, (x) the Purchaser thereunder shall be a party hereto and shall be bound by the
provisions hereto and, to the extent provided in such Assignment Agreement, shall have the rights and obligations of a Bank hereunder, with its Commitment as set forth in such Assignment Agreement, and (y) the transferor Bank thereunder shall,
to the extent provided in such Assignment Agreement, be released from its obligations under this Agreement (and, in the case of an Assignment Agreement covering all or the remaining portion of a transferor Bank’s rights and obligations under
this Agreement, such transferor Bank shall cease to be a party hereto). Upon delivery of the Assignment Agreement to the Company and each Agent, the Company, each Agent and the Banks may treat the Purchaser as the owner of the Loans and Commitment
recorded therein for all purposes of this Agreement. 
 (d) On the effective date specified in any Assignment Agreement, or as soon as
possible thereafter, the Company shall execute and deliver to the applicable Purchaser, a new Note to the order of such Purchaser reflecting the Commitment and outstanding Loans obtained by it pursuant to such Assignment Agreement and, if the
transferor Bank has retained a Commitment and Loans hereunder, a new Note in exchange for the Note held by the transferor Bank (which existing Note shall be surrendered to the Company) to the order of the transferor Bank reflecting the Commitment
and outstanding Loans retained by it hereunder. Such new Notes shall be dated the effective date of the Assignment Agreement as specified therein and shall otherwise be in the form of the Note replaced thereby. The Note surrendered by the transferor
Bank shall be returned by the transferor Bank to the Company marked “canceled”. 
 (e) The Company authorizes each Bank to
disclose to any Participant or Purchaser and any prospective Participant or Purchaser any and all financial and other information in such Bank’s possession concerning the Company which has been delivered to such Bank by or on behalf of the
Company pursuant to this Agreement; provided that such Participant or Purchaser or prospective Participant or Purchaser agrees to be bound by the confidentiality provisions contained in Section 11.12. 
  

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 (f) If, pursuant to this Section 11.1, any interest in this Agreement or any Note is
transferred to any Purchaser which is organized under the laws of any jurisdiction other than the United States or any state thereof, such Purchaser, concurrently with the effectiveness of such transfer and becoming a party to this Agreement
pursuant to the applicable Assignment Agreement shall, (i) represent to the transferor Bank (for the benefit of the transferor Bank, each Agent and the Company) that under applicable law and treaties then in effect no United States federal
taxes will be required to be withheld by any Agent, the Company or the transferor Bank with respect to any payments to be made to such Purchaser hereunder, (ii) furnish to the Company the documentation described in Section 11.4(f),
(wherein such Purchaser claims entitlement to complete exemption from U.S. federal withholding tax on all payments hereunder) and (iii) agree to otherwise comply with the terms of Section 11.4(f). 
 (g) Notwithstanding anything to the contrary contained in this Section 11.1, no Bank may assign or sell participations, or otherwise
syndicate all or any portion of such bank’s interests under this Agreement or any other Loan Document to any Person who is (i) listed on the Specially Designated Nationals and Blocked Persons List (the “SDN List”)
maintained by the U.S. Department of Treasury Office of Foreign Assets Control (“OFAC”) and/or on any other similar list maintained by the OFAC pursuant to any authorizing statute, executive order or regulation or (ii) either
(x) included within the term “designated national” as defined in the Cuban Assets Control Regulations, 31 C.F.R. Part 515, or (y) designated under Sections 1(a), 1(b), 1(c) or 1(d) of Executive Order No. 13224, 66 Fed. Reg.
49079 (published September 25, 2001) or similarly designated under any related enabling legislation or any other similar executive orders. 
 (h) The transferor Bank shall pay to Administrative Agent for its own account a fee of $3,500. 
 Section 11.2 Survival of
Representations. All representations and warranties of the Company contained in this Agreement shall survive delivery of the Notes and the making of the Loans herein contemplated. 
 Section 11.3 Governmental Regulation. Anything contained in this Agreement to the contrary notwithstanding, no Bank shall be obligated to
extend credit to the Company in violation of any limitation or prohibition provided by any applicable statute or regulation. 
 Section 11.4 Taxes. 
 (a) All payments to any Bank with respect to the Loans shall be made free and clear of, and
without deduction for any Indemnified Taxes or Other Taxes; provided that if the Company shall be required to deduct any Indemnified Taxes or Other Taxes from such payments, then (i) the sum payable shall be increased by the amount (the
“Additional Amount”) necessary so that after making all required deductions (including deductions applicable to additional sums described in this paragraph) such Bank receives an amount equal to the sum it would have received had no
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such deductions and (iii) the Company shall pay the full amount deducted to the relevant governmental authority in accordance with applicable law. In
addition, to the extent not paid in accordance with the preceding sentence, the Company shall pay any Other Taxes to the relevant governmental authority in accordance with applicable law. 
 (b) Subject to subsections (g) and (h) below, the Company shall indemnify each Bank for Indemnified Taxes and Other Taxes paid
by such Bank, provided, however, that the Company shall not be obligated to make payment to any Bank in respect of penalties, interest and other similar liabilities attributable to such Indemnified Taxes or Other Taxes if such
penalties, interest or other similar liabilities are attributable to the gross negligence or willful misconduct of such Bank. 
 (c) If a
Bank shall become aware that it is entitled to claim a refund from a governmental authority in respect of Indemnified Taxes or Other Taxes paid by the Company pursuant to this Section 11.4, including Indemnified Taxes or Other Taxes as
to which it has been indemnified by the Company, or with respect to which the Company has paid Additional Amounts pursuant hereto, it shall promptly notify the Company of the availability of such refund claim and, if such Bank determines in good
faith that making a claim for refund will not have a material adverse effect on its taxes or business operations, shall, within 30 days after receipt of a request by the Company, make a claim to such governmental authority for such refund at the
Company’s expense. If a Bank receives a refund in respect of any Indemnified Taxes or Other Taxes paid by the Company pursuant hereto, it shall within 30 days from the date of such receipt pay over such refund to the Company (but only to the
extent of Indemnified Taxes or Other Taxes paid pursuant to hereto, including indemnity payments made or Additional Amounts paid, by the Company under this Section 11.4 with respect to the Indemnified Taxes or Other Taxes giving rise to
such refund), net of all out of pocket expenses of such Bank and without interest (other than interest paid by the relevant governmental authority with respect to such refund). 
 (d) If any Bank is or becomes eligible under any applicable law, regulation, treaty or other rule to a reduced rate of taxation, or a complete exemption
from withholding, with respect to Indemnified Taxes or Other Taxes on payments made to it by the Company, such Bank shall, upon the request, and at the cost and expense, of the Company, complete and deliver from time to time any certificate, form or
other document requested by the Company, the completion and delivery of which are a precondition to obtaining the benefit of such reduced rate or exemption, provided that the taking of such action by such Bank, would not, in the reasonable
judgment of such Bank be disadvantageous or prejudicial to such Bank or inconsistent with its internal policies or legal or regulatory restrictions. For any period with respect to which a Bank has failed to provide any such certificate, form or
other document requested by the Company, such Bank shall not be entitled to any payment under this Section 11.4 in respect of any Indemnified Taxes or Other Taxes that would not have been imposed but for such failure. 
 (e) Each Bank organized under the laws of a jurisdiction in the United States, any State thereof or the District of Columbia (other than Banks that are
corporations or otherwise exempt from United States backup withholding Tax) shall (i) deliver to the Company, upon execution hereof (or, with respect to Persons becoming Banks hereunder by assignment, 

  

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upon execution of the relevant assignment agreement), two original copies of United States Internal Revenue Form W-9 or any successor form, properly
completed and duly executed by such Bank, certifying that such Bank is exempt from United States backup withholding Tax on payments of interest made under the Loan Documents and (ii) thereafter, at each time it is so reasonably requested in
writing by the Company, deliver within a reasonable time two original copies of an updated Form W-9 or any successor form thereto. 
 (f)
Each Bank that is organized under the laws of a jurisdiction other than the United States, any State thereof or the District of Columbia (each such Bank, a “Foreign Bank”) that is entitled to an exemption from or reduction of
withholding Tax under the laws of the jurisdiction in which the Company is located, or any treaty to which such jurisdiction is a party, with respect to payments under the Loan Documents shall deliver to the Company, upon execution hereof (or, with
respect to Persons becoming Banks hereunder by assignment, upon execution of the relevant assignment agreement), such properly completed and duly executed documentation prescribed by applicable law or reasonably requested by the Company as will
permit such payments to be made without withholding or at a reduced rate, unless in the good faith opinion of the Foreign Bank such documentation would expose the Foreign Bank to any material adverse consequences or risk. Such documentation shall be
delivered by each Foreign Bank on or before the date it becomes a Bank and on or before the date, if any, such Foreign Bank changes its applicable lending office by designating a different lending office with respect to its Loans (a “New
Lending Office”). In addition, each Foreign Bank shall deliver such forms promptly upon the obsolescence or invalidity of any form previously delivered by such Foreign Bank. Each Bank (and, in the case of a Foreign Bank, its lending
office), represents that on the date hereof, payments made hereunder by the Company to it would not be subject to United States Federal withholding tax. 
 (g) Notwithstanding the provisions of subsection (a) and (b) above, the Company shall not be required to indemnify any Foreign Bank, or to pay any Additional Amounts to any Foreign Bank, in
respect of United States Federal withholding tax pursuant to subsection (a) or (b) above, (A) to the extent that the obligation to withhold amounts with respect to United States Federal withholding tax existed on the
date such Foreign Bank became a Bank; (B) with respect to payments to a New Lending Office with respect to a Loan, but only to the extent that such withholding tax exceeds any withholding tax that would have been imposed on such Bank had it not
designated such New Lending Office; (C) with respect to a change by such Foreign Bank of the jurisdiction in which it is organized, incorporated, controlled or managed, or in which it is doing business, from the date such Foreign Bank changed
such jurisdiction, but only to the extent that such withholding tax exceeds any withholding tax that would have been imposed on such Bank had it not changed the jurisdiction in which it is organized, incorporated, controlled or managed, or in which
it is doing business; or (D) to the extent that the obligation to pay such indemnity payment or Additional Amounts would not have arisen but for a failure by such Foreign Bank to comply with the provisions of Section 11.4(f).

 (h) If any Bank requests compensation under this Section 11.4, or if the Company is required to pay any additional amount to
any governmental authority for the account of any Bank pursuant to this Section 11.4, then such Bank shall use reasonable efforts to designate a different lending office for funding or booking its Loans hereunder or to assign its rights
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avoiding or eliminating the amounts payable pursuant to this Section 11.4, provided that such designation or assignment shall be on such
terms that such Bank and its lending office, in such Bank’s sole judgment, suffer no economic, legal, regulatory or other disadvantage and would not otherwise be disadvantageous to such Bank. The Company hereby agrees to pay all reasonable
costs and expenses incurred by any Bank in connection with any such designation or assignment. 
 If Bank requests compensation under this
Section 11.4, or if the Company is required to pay any additional amount to any governmental authority for the account of any Bank pursuant to this Section 11.4, then the Company may, at its sole expense and effort, upon
notice to such Bank, require such Bank to assign and delegate, without recourse, in accordance with and subject to the restrictions contained in Section 11.1, all of such Bank’s interests, rights and obligations under this Agreement
to one or more assignees that shall assume such obligations (which assignee or assignees may be one or more other Banks); provided that (i) such Bank shall have received payment of an amount equal to the outstanding principal of its
Loans, accrued and unpaid interest thereon, accrued and unpaid fees and all other amounts payable to it hereunder from the assignee (to the extent of such outstanding principal and accrued interest and fees) or the Company (in the case of all other
amounts) and (ii) such assignment will result in a reduction in such compensation or payments. A Bank shall not be required to make any such assignment and delegation if, prior thereto, as a result of a waiver by such Bank or otherwise, the
circumstances entitling the Company to require such assignment and delegation cease to apply. 
 A certificate of the relevant Bank setting forth the
basis for any amounts (and the calculation thereof and methodology in calculating, each in reasonable detail) claimed under this Section 11.4 shall be delivered to the Company and shall be conclusive absent manifest error. Failure or
delay on the part of a Bank to demand compensation of any amount under this Section shall not constitute a waiver of such Bank’s right to demand such compensation; provided that the Company shall not be required to compensate any such
Bank for any amounts claimed under this Section that are incurred more than 90 days prior to the date that such Bank notifies the Company of the circumstances giving rise to such amounts and such Bank’s intention to claim compensation therefor;
provided, further, that if the circumstances giving rise to such amounts have retroactive effect, then the 90-day period referred to above shall be extended to include the period of retroactive effect thereof. 
 (i) Any payment required to be made by the Company to any Bank under this Section 11.4 shall be deemed an Obligation and be secured by the
Collateral. 
 Section 11.5 Choice of Law; Jurisdiction. THE LOAN DOCUMENTS (OTHER THAN THOSE CONTAINING A CONTRARY EXPRESS
CHOICE OF LAW PROVISION) SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF ILLINOIS. The Company and the Banks hereby irrevocably submit to the non-exclusive jurisdiction of any United States federal or Illinois state court sitting in
Chicago, Illinois in any action or proceedings arising out of or relating to any Loan Documents and the Company and the Banks hereby irrevocably agree that all claims in respect of such action or proceeding may be heard and determined in any such
court. 
 Section 11.6 Headings. Section headings in the Loan Documents are for convenience of reference only, and shall not
govern the interpretation of any of the provisions of the Loan Documents. 
  

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 Section 11.7 Entire Agreement. The Loan Documents embody the entire agreement and
understanding among the Company and the Banks and supersede all prior agreements and understandings among the Company and the Banks relating to the subject matter thereof. 
 Section 11.8 Several Obligations. The respective obligations of the Banks hereunder are several and not joint and no Bank shall be the
partner or agent of any other. The failure of any Bank to perform any of its obligations hereunder shall not relieve any other Bank from any of its obligations hereunder. 
 Section 11.9 Expenses; Indemnification. 
 (a) The Company shall reimburse each Agent and each
Bank for any reasonable costs, internal charges and out-of-pocket expenses (including reasonable attorneys’ fees and time charges of attorneys, which attorneys may be employees of such Agent or such Bank, as applicable) paid or incurred by such
Agent or such Bank, as applicable, in connection with the collection, liquidation and enforcement of the Loan Documents and/or the Collateral. The Company further agrees to indemnify each Agent, each Bank and their respective directors, officers and
employees (each an “Indemnified Party”) against all losses, claims, damages, penalties, judgments, liabilities and expenses (including, without limitation, all expenses of litigation or preparation therefor) which any of them may
pay or incur arising out of or relating to this Agreement, the other Loan Documents, the transactions contemplated hereby or the direct or indirect application or proposed application of the proceeds of any Loan hereunder (all of the foregoing being
collectively referred to as “Indemnified Amounts”), excluding, however, in all of the foregoing instances, Indemnified Amounts arising from the gross negligence or willful misconduct on the part of the Indemnified Party seeking
indemnification and Indemnified Amounts consisting of taxes imposed on or measured by the overall net income of the Indemnified Party seeking indemnification. 
 (b) If, after the date hereof, any law or any governmental rule, regulation, policy, guideline or directive (whether or not having the force of law) is adopted, or there is any change in the interpretation thereof, or
the compliance of any Bank with such, which, in any case, affects the amount of capital required or expected to be maintained by such Bank or any corporation controlling such Bank, and such Bank reasonably determines the amount of capital required
is increased by or based upon the existence of this Agreement or its Commitment hereunder and such increased capital results in increased costs to such Bank, then, such Bank shall notify the Company of such fact and shall provide a reasonably
detailed description of such increased costs in the notice (“Increased Cost Notice”), together with documentation from the relevant regulatory body setting forth such increased capital requirement, and within 15 days of the
Company’s receipt of such Increased Cost Notice, the Company shall, in its sole discretion, determine whether to terminate such Bank’s Commitment and obligation to make Loans hereunder, or to attempt to negotiate with such Bank a revised
commitment fee (which revision shall not constitute an amendment to Section 2.8 hereof for the purposes of Section 9.2) and any other reimbursements provided for hereunder which reflect such Bank’s increased costs. In
the event that the Company determines to terminate such Bank’s Commitment and obligation to make Loans hereunder, the Company shall send written notice to such Bank within 15 days of the Company’s receipt of the Increased Cost Notice
specifying a 

  

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date at least 30 days thereafter on which such Bank’s Commitment and obligation to make Loans hereunder shall be terminated. In the event that the
Company determines to attempt to negotiate with such Bank a revised commitment fee and other reimbursements, and the Company and such Bank are unable to agree, within 30 days of the date of the Increased Cost Notice, upon such revised fees and other
reimbursements, such Bank may send written notice to the Company, or the Company may send written notice to such Bank specifying a date at least 30 days thereafter on which the Bank’s Commitment and obligation to make Loans hereunder shall be
terminated. Any payment required to be made by the Company under this Section 11.9(b) shall be deemed an Obligation and be secured by the Collateral. 
 (c) At least 45 days prior to the proposed consummation date of any merger or consolidation of the Company with or into any other Person in which the Company shall not be the surviving entity (such transaction, a
“Restructuring”), the Company will give written notice thereof to Administrative Agent (a “Restructuring Notice”), which notice shall set forth the material terms and conditions of such Restructuring, including the
identity of the surviving entity of such Restructuring (the “Survivor”). Administrative Agent shall promptly provide a copy of the Restructuring Notice to each Bank. Upon receipt of a Restructuring Notice, a Bank may elect, in its
sole discretion, to terminate its Commitment hereunder by notifying the Company and Administrative Agent thereof, which may be by telephone (a “Termination Notice”) within 15 days of such Bank’s receipt of the Restructuring
Notice, which termination shall become effective no sooner than 30 days after the Company’s receipt of the Termination Notice. Any Bank that fails to deliver a Termination Notice within 15 days after its receipt of a Restructuring Notice shall
be deemed to have elected to terminate its Commitment. 
 (d) The effective date of any termination of a Bank’s Commitment hereunder
pursuant to subsection (b) or (c) above or pursuant to Section 2.12 is referred to herein as such Bank’s “Accelerated Termination Date”. Any such termination shall not accelerate the maturity
of any Loans outstanding to such Bank; subject to Section 2.11, commitment fees to such Bank shall cease to accrue as of its Accelerated Termination Date; and the Company shall be responsible for any and all Obligations and accrued and
unpaid costs (including increased costs), fees and expenses incurred with respect to such Bank prior to its Accelerated Termination Date subject to Section 2.11. The obligations of the Company under this Section 11.9 shall
survive the termination of this Agreement. 
 Section 11.10 Accounting. Except as provided to the contrary herein, all accounting
terms used herein shall be interpreted and all accounting determinations hereunder shall be made in accordance with Agreement Accounting Principles. 
 Section 11.11 Severability of Provisions. Any provision in any Loan Document that is held to be inoperative, unenforceable, or invalid in any jurisdiction shall, as to that jurisdiction, be inoperative,
unenforceable, or invalid without affecting the remaining provisions in that jurisdiction or the operation, enforceability, or validity of that provision in any other jurisdiction, and to this end the provisions of all Loan Documents are declared to
be severable. 
 Section 11.12 Confidentiality. Each of the Banks and each Agent agrees to maintain the confidentiality of the
Company Information, except that Company Information may 
  

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be disclosed (a) to its affiliates, directors, officers, employees and agents, including accountants, legal counsel and other advisors who have a need
to know such information (it being understood that the Persons to whom such disclosure is made will be informed of the confidential nature of such Company Information and agree to keep such Company Information confidential on terms substantially
similar to this Section 11.12), (b) to any governmental agency or representative thereof, provided that prior to such disclosure, the disclosing party shall, to the extent practicable and to the extent not prohibited by
applicable laws, promptly inform the Company of such potential disclosure, (c) to the extent required by applicable laws or regulations or by any subpoena or similar legal process or to the extent reasonably required in connection with any
litigation relating to this Agreement or the Collateral to which such Bank or such Agent, as applicable, is a party, (d) subject to an agreement containing provisions substantially the same as those described in this Section 11.12,
to any Purchaser or Participant or any prospective Purchaser or Participant, (e) with the consent of the Company or (f) to the extent such Company Information becomes publicly available other than as a result of a breach of its
confidentiality obligations as described in this Section 11.12. 
 As used in this Section, “Company
Information” means all information received from the Company or any of its Subsidiaries or Affiliates relating to Holdings or any of its subsidiaries (including the Company) or any of their respective affiliates, or their businesses, other
than any such information that is available to any Agent or any Bank, as applicable, on a non-confidential basis prior to disclosure by the Company. 
 Section 11.13 WAIVER OF TRIAL BY JURY. TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ALL RIGHT OF TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM
ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT OR ANY MATTER ARISING HEREUNDER OR THEREUNDER. 
 Section 11.14 USA Patriot Act
Notification. The following notification is provided to the Company pursuant to Section 326 of the USA Patriot Act: 
 IMPORTANT
INFORMATION ABOUT PROCEDURES FOR OPENING A NEW ACCOUNT. To help the government of the United States of America fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and
record information that identifies each Person that opens an account, including any deposit account, treasury management account, loan, other extension of credit, or other financial services product. Accordingly, when the Company opens an account,
Administrative Agent, Collateral Agent and the Banks will ask for the Company’s name, tax identification number, business address, and other information that will allow Administrative Agent, Collateral Agent and the Banks to identify such
Company. Administrative Agent, Collateral Agent and the Banks may also ask to see the Company’s legal organizational documents or other identifying documents. 
  

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 ARTICLE XII 
 SETOFF; RATABLE PAYMENTS 
 Section 12.1 Setoff; Ratable Payments. 
 (a) In addition to, and without limitation of, any rights of the Banks under applicable law, if the Company becomes insolvent, however evidenced, or any
Default occurs and is continuing, any indebtedness from any Bank to the Company (including all account balances, whether provisional or final and whether or not collected or available but excluding any accounts designated as or representing
“customer segregated funds” accounts and any accounts pledged to such Bank to secure an overdraft facility to ensure the settlement of foreign currency futures and options contracts traded on the Company) may be offset and applied toward
the payment of the Obligations owing to such Bank, whether or not the Obligations, or any part thereof, shall then be due. 
 (b) Subject to
Section 2.11, if any Bank, whether by setoff or otherwise, has payment made to it upon any Loan in a greater proportion than that received by any other Bank upon any Loan constituting a portion of the same Advance, such Bank shall
distribute to Administrative Agent an amount equal to each of the other Banks’ pro rata share of such payment. Such payment shall be distributed ratably between the Banks in proportion to each Bank’s respective share of the total
Obligations outstanding under this Agreement. Any payment distributed pursuant to this subsection (b) to Administrative Agent shall be distributed by Administrative Agent to the applicable Banks in accordance with the provisions of this
Agreement. 
 (c) Subject to Section 2.11, if any Bank, whether in connection with setoff or amounts which might be subject to
setoff or otherwise, receives collateral or other protection for any category of its Obligations or such amounts which may be subject to setoff, in any case, in excess of its pro rata share thereof, such Bank agrees, promptly upon demand, to take
such action necessary such that all Banks share in the benefits of such collateral ratably in proportion to their Obligations of the same category. In case any such payment is disturbed by legal process, or otherwise, appropriate further adjustments
shall be made. 
 (d) The Company agrees that any holder of a participation in a Loan may, to the fullest extent permitted by law, exercise
all its rights of payment with respect to such participation as if such holder were the direct creditor of the Company in the amount of the participation. 
 ARTICLE XIII 
 NOTICES 
 Section 13.1 Giving Notice. Except as otherwise herein provided, any notice required or permitted to be given under this Agreement shall be
in writing and shall be deemed, given (i) when delivered if sent by an overnight courier service, or (ii) when sent by facsimile, 

  

 44 

 CHICAGO MERCANTILE EXCHANGE INC.

 2008 CREDIT AGREEMENT 
  

 
telex or SWIFT message, in each case, addressed to the Company, the Agents and the Banks at the addresses or transmission numbers indicated below their
signatures to the Agreement or otherwise notified to the Company, the Agents or the Banks, as applicable. 
 Section 13.2 Change of
Address. The Company, any Agent and any Bank may each change the address for service of notice upon it by a notice in writing to the other parties hereto. 
 ARTICLE XIV 
 COUNTERPARTS 
 This Agreement may be executed in any number of counterparts, all of which taken together shall constitute one agreement, and any of the parties hereto
may execute this Agreement by signing any such counterpart. This Agreement shall be effective when it has been executed by the Company, the Agents and the Banks. 
 ARTICLE XV 
 SUBORDINATION 
 The Company hereby subordinates its Lien on the Collateral to the Lien therein granted to Collateral Agent pursuant to the Collateral Documents, and,
except as permitted by Section 2.9, the Company shall not take any action of any nature whatsoever to enforce its Lien until all of the Obligations have been paid in full and the Commitments have been terminated. 
 (Signature Pages Follow) 
  

 45 

 CHICAGO MERCANTILE EXCHANGE INC.

 2008 CREDIT AGREEMENT 
  

 IN WITNESS WHEREOF, the Company, the Agents and the Banks have executed this Agreement as of
the date first above written. 
  

			
	CHICAGO MERCANTILE EXCHANGE INC.
	(a Delaware corporation)
		
	By:	 	 /s/ Craig S. Donohue

	Name:	 	Craig S. Donohue
	Title:	 	Chief Executive Officer
	
	Date: October 10, 2008
	
	20 South Wacker Drive
	Chicago, Illinois 60606
	Fax: (312) 930-3187
	S.W.I.F.T.: XCMEUS4C
	
	Attention: Managing Director & President, Clearing House Division
	
	With a copy to:
	20 South Wacker Drive
	Chicago, Illinois 60606
	Fax: (312) 930-3187
	S.W.I.F.T.: XCMEUS4C
	Attention: General Counsel

  

 S-1 

 CHICAGO MERCANTILE EXCHANGE INC.

 2008 CREDIT AGREEMENT 
  

					
	Commitments	 	
		
	$45,000,000.00	 	 BANK OF MONTREAL,
 individually and as
Administrative Agent

			
		 	By:	 	 /s/ Linda C. Haven

		 	Name:	 	Linda C. Haven
		 	Title:	 	Managing Director
		
		 	111 West Monroe Street
		 	Chicago, Illinois 60603
		 	Fax: (312) 765-8201
		
		 	Attention: Linda Haven

  

 S-2 

 CHICAGO MERCANTILE EXCHANGE INC.

 2008 CREDIT AGREEMENT 
  

					
	$60,000,000.00	 	 JPMORGAN CHASE BANK, N.A.,
 individually
and as Collateral Agent

			
		 	By:	 	 /s/ Alexeev J. Taboas

		 	Name:	 	Alexeev Taboas
		 	Title:	 	Vice President
		
		 	277 Park Avenue, 36th Floor
		 	New York, New York 10172
		 	Fax: (212) 270-1511
		
		 	Attention: Alexeev Taboas

  

 S-3 

 CHICAGO MERCANTILE EXCHANGE INC.

 2008 CREDIT AGREEMENT 
  

					
	$60,000,000.00	 	BANK OF AMERICA, N.A.
			
		 	By:	 	 /s/ Maryanne Fitzmaurice

		 	Name:	 	Maryanne Fitzmaurice
		 	Title:	 	Sr. Vice President
		
		 	NY1-503-05-07
		 	335 Madison Avenue, 5th Floor
		 	New York, NY 10017
		 	Fax: (212) 503-7027
		
		 	Attention: Maryanne Fitzmaurice

  

 S-4 

 CHICAGO MERCANTILE EXCHANGE INC.

 2008 CREDIT AGREEMENT 
  

					
	$50,000,000.00	 	BANK OF NEW YORK MELLON, N.A.
			
		 	By:	 	 /s/ Thomas Caruso

		 	Name:	 	Thomas Caruso
		 	Title:	 	First Vice President
		
		 	One Wall Street
		 	New York, New York 10286
		 	Fax: (212) 809-9566
		
		 	Attention: Thomas Caruso

  

 S-5 

 CHICAGO MERCANTILE EXCHANGE INC.

 2008 CREDIT AGREEMENT 
  

					
	$60,000,000.00	 	THE BANK OF TOKYO-MITSUBISHI UFJ, LTD.
			
		 	By:	 	 /s/ Victor Pierzchalski

		 	Name:	 	Victor Pierzchalski
		 	Title:	 	Authorized Signatory
		
		 	1251 Avenue of the Americas
		 	New York, NY 10020-1104
		 	Fax: (212) 782-6440 with a copy to (312) 696-4535
		
		 	Attention: US Corporate Banking - Thomas Denio

  

 S-6 

 CHICAGO MERCANTILE EXCHANGE INC.

 2008 CREDIT AGREEMENT 
  

					
	$15,000,000.00	 	BROWN BROTHERS HARRIMAN & CO.
			
		 	By:	 	 /s/ ERIC C. ANDREN

		 	Name:	 	ERIC C. ANDREN
		 	Title:	 	SENIOR VICE PRESIDENT
		
		 	140 Broadway
		 	New York, New York 10005
		 	Fax: (212) 493-8065
		
		 	Attention: Antoinette Cleary

  

 S-7 

 CHICAGO MERCANTILE EXCHANGE INC.

 2008 CREDIT AGREEMENT 
  

					
	[$60,000,000.00]	 	CITICORP USA, INC.
			
		 	By:	 	 /s/ Thomas Fontana

		 	Name:	 	Thomas Fontana
		 	Title:	 	Managing Director
		
		 	388 Greenwich Street, 22nd Floor
		 	New York, New York 10013
		 	Fax: (212) 816-1212
		
		 	Attention: Frank Mula

  

 S-8 

 CHICAGO MERCANTILE EXCHANGE INC.

 2008 CREDIT AGREEMENT 
  

					
	$40,000,000.00	 	FIFTH THIRD BANK CHICAGO,
		 	a Michigan banking corporation
			
		 	By:	 	 /s/ Joseph A. Wemhoff

		 	Name:	 	Joseph A. Wemhoff
		 	Title:	 	Vice President
		
		 	 222 S. Riverside Plaza, GRVR0D
 Chicago,
Illinois 60606
 Fax: (312) 704-7365
  
 Attention: Joseph A. Wemhoff

  

 S-9 

 CHICAGO MERCANTILE EXCHANGE INC.

 2008 CREDIT AGREEMENT 
  

					
	$45,000,000.00	 	HARRIS N.A.
			
		 	By:	 	 /s/ Linda C. Haven

		 	Name:	 	Linda C. Haven
		 	Title:	 	Managing Director
		
		 	 111 West Monroe Street
 Chicago, Illinois
60603
 Fax: (312) 765-8201
  
 Attention: Linda Haven

  

 S-10 

 CHICAGO MERCANTILE EXCHANGE INC.

 2008 CREDIT AGREEMENT 
  

					
	$25,000,000.00	 	HSBC BANK USA
			
		 	By:	 	 /s/ Paul Lopez

		 	Name:	 	Paul Lopez
		 	Title:	 	Senior Vice President
		
		 	 452 Fifth Avenue
 New York, New York 10018

 Fax: (212) 525-2479
  
 Attention: Joseph Travaglione

  

 S-11 

 CHICAGO MERCANTILE EXCHANGE INC.

 2008 CREDIT AGREEMENT 
  

					
	$50,000,000.00	 	PNC BANK, NATIONAL ASSOCIATION
			
		 	By:	 	 /s/ Carolyn Schwarz

		 	Name:	 	Carolyn Schwarz
		 	Title:	 	Vice President
		
		 	 One PNC Plaza
 249 Fifth Avenue

Pittsburgh, Pennsylvania 15222
 Fax: (412) 762-3236
  
 Attention: Carolyn Schwarz

  

 S-12 

 CHICAGO MERCANTILE EXCHANGE INC.

 2008 CREDIT AGREEMENT 
  

					
	$40,000,000.00	 	STATE STREET BANK AND TRUST COMPANY
			
		 	By:	 	 /s/ Juan G. Sierra

		 	Name:	 	Juan G. Sierra
		 	Title:	 	Vice President
		
		 	 100 Huntington Avenue
 Tower 2, Floor 4

 Boston, Massachusetts 02206
 Fax:
(617) 937-8890
  
 Attention: Juan Sierra, Vice President

  

 S-13 

 CHICAGO MERCANTILE EXCHANGE INC.

 2008 CREDIT AGREEMENT 
  

					
	$25,000,000.00	 	US BANK NATIONAL ASSOCIATION
			
		 	By:	 	 /s/ James N. DeVries

		 	Name:	 	James N. DeVries
		 	Title:	 	Senior Vice President
		
		 	 U.S. Bank - Corporate Banking Chicago
 209
South LaSalle Street, Suite 410
 Chicago, Illinois 60604
 Fax:
312-325-8754
  
 Attention: James DeVries

  

 S-14 

 CHICAGO MERCANTILE EXCHANGE INC.

 2008 CREDIT AGREEMENT 
  

					
	[$25,000,000.00]	 	WELLS FARGO BANK, NATIONAL ASSOCIATION
			
		 	By:	 	 /s/ Robert P. Callahan

		 	Name:	 	Robert P. Callahan
		 	Title:	 	Assistant Vice President
		
		 	 Financial Institutions Division
 MAC
E2616-290
 230 West Monroe Street
 Chicago, Illinois
60606
 Fax: 312-845-8606
  
 Attention: Robert Callahan

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