Document:

Exhibit 10.2

 THE NASDAQ OMX GROUP, INC. BOARD COMPENSATION POLICY 

Amended and Restated on July 27, 2010 

Annual Retainer Compensation for Non-Employee Directors 
  

	•	 	 Annual Non-Employee Director (“Director”) compensation will be based on a compensation year in connection with the Annual Meeting. This
enables Directors to receive equity immediately following election and appointment to the Board at the annual shareholders meeting. 

  

	•	 	 Annual Retainer compensation will be equal to a total value of $75,000 for each Director, other than the Chairman of the Board and the Deputy Chairman
of the Board. 

  

	•	 	 Annual Retainer compensation will be equal to a total value of $125,000 for the Chairman of the Board. 

 

	•	 	 Annual Retainer compensation will be equal to a total value of $95,000 for the Deputy Chairman of the Board. 

 

	•	 	 Directors may annually elect to receive 100% or 50% of the Annual Retainer compensation in cash, equity, or two equal portions of cash and equity. If
selected, the equity portion of the annual retainer will be paid in the form of equity awards permitted under The Nasdaq OMX Group, Inc. Equity Incentive Plan (the “Equity Plan”) to be awarded automatically on the date of the annual
shareholders meeting immediately following election and appointment to the Board. Each Director will have the opportunity to make this election during the thirty (30) day period preceding the annual shareholders meeting.

  

	•	 	 Directors will be given an opportunity to review the Director Compensation Policy in advance of the shareholders meeting, and will be asked to make the
election prior to the shareholders meeting if a grant of equity is requested. If the Director declines to make an election, the entire Annual Retainer will be paid in cash. 

 

	•	 	 Calculation of the number of shares of equity to be awarded to Directors who elect to receive part or all of their annual retainer in equity will be
valued at 100% of face value and based on the closing price of Common Stock on the date of the grant. Equity awards are non-transferable and must be issued to the Director. 

 

	•	 	 The cash portion selected will be paid quarterly on arrears, in equal installments, no later than the fifteenth day of the third month following the
end of the quarter; provided, however, that a Director will have a right to receive a cash payment for any given quarter only if that person serves as a Director during all or a portion of that quarter, with the cash payment for a quarter being
prorated in the case of a person who serves as a Director during only a portion of a quarter (other than on account of death or disability). 

  

	•	 	 All Director equity awards will be granted under the Equity Plan. 

 

	•	 	 A Director appointed after the annual shareholders meeting will be eligible to receive a prorated share of the annual retainer compensation.

 Annual Equity for Non-Employee Directors 

 

	•	 	 All Directors will receive equity in the form of equity awards permitted under the Equity Plan, such as Restricted Stock Units, in the amount of
$75,000 per annum. Equity awards are non-transferable and must be issued to the Director. 

  

	•	 	 The annual equity award will be granted to each Director automatically on the date of the annual shareholders meeting immediately following the
Director’s election and appointment to the Board. 

  

	•	 	 Calculation of the number of shares of equity to be awarded will be valued at 100% of face value and based on the closing price of Common Stock on the
date of the grant at a value of $75,000. 

  

	•	 	 The equity award vesting schedule and other pertinent information related to the equity grants are discussed below in the equity award section.

  

	•	 	 A Director appointed after the annual shareholders meeting will be eligible to receive a prorated equity grant at the Director’s first Board
meeting. 

 Board and Committee Meeting Fees for Non-Employee Directors 

 

	•	 	 Each Director will receive a fee of $1,000 for each Board meeting attended. These fees will be paid quarterly in arrears, no later than the end of the
following quarter. 

  

	•	 	 Each Director will receive a fee of $1,000 for each Committee meeting attended. These fees will be paid quarterly in arrears, no later than the end of
the following quarter. 

 Annual Committee Chair Fees 

 

	•	 	 The Chairperson of the Audit Committee will receive an Annual Chair Fee of $25,000. 

 

	•	 	 Each Chairperson of the Finance, Management Compensation, and Corporate Governance Committees will receive an Annual Chair Fee of $15,000.

  

	•	 	 Annual Chair fees will be paid in the form of cash within the first 30 days after the beginning of the annual compensation cycle.

 Audit Committee Member Fees 
  

	•	 	 Each Non-Chair Member of the Audit Committee will receive an annual membership fee of $5,000. 

 

	•	 	 Annual Member fees will be paid in the form of cash within the first 30 days after the beginning of the annual compensation cycle.

 Equity Awards 

 

	•	 	 Vesting  

  

	 	•	 	 Equity awards will vest 100% one (1) year from the date of grant. Equity awards will also vest upon the scheduled expiration of a Director’s
term, if such term is not renewed. 

  

	 	•	 	 Upon a Director’s resignation (other than for death or disability) prior to the end of the Director’s term, equity awards will be forfeited.

  

	 	•	 	 Upon termination of a Director for “Misconduct,” all equity awards will be forfeited without further consideration to the Director.

  

	 	•	 	 Upon termination of a Director on account of his death or disability, Equity Awards will vest. 

 

	 	•	 	 Shortly after vesting, your vested shares will appear in your account at E*trade. You may view your information by logging directly onto your online
E*Trade account at https://us.etrade.com/e/t/user/login_sp. Additionally, you may contact E*Trade’s Executive Services Team at 1.866.987.2339 or via email at executive services@etrade.com 

 

	•	 	 Equity Agreements, Share Restrictions & Voting Rights  

 

	 	•	 	 Equity awards will be evidenced by an Equity Award Agreement to be entered into with each Director and will be governed by the Equity Plan.

  

	 	•	 	 Once vested, shares will be freely tradable. NASDAQ OMX does not have a repurchase right or obligation. 

 

	 	•	 	 Shares will be freely transferable upon vesting. Trading in these shares, however, will be subject to the Policy Statement On Trading In NASDAQ
OMX and Other Securities By Directors and Officers and to any contractual restrictions on transfer, such as lock-up agreements, that may be applicable 

 

	•	 	 Reporting and Disclosure  

  

	 	•	 	 SEC Form 4s (Change in Beneficial Ownership) must be filed by each Director with the SEC within 2 days of equity grants. The Director may request
NASDAQ OMX’s assistance in the preparation and filing of Section 16 reports via the “COMPANY ASSISTANCE WITH SECTION 16 REPORTING” form and by providing a completed Power of Attorney and CIK/CCC Code, if the Director has a
CIK/CCC Code currently assigned. 

  

	 	•	 	 Equity will be reflected as stock owned by Directors, if required, in the Beneficial Ownership Table of the NASDAQ OMX Proxy and will be disclosed
under the general Director compensation section of the Proxy.Summary of Compensation for Named Executive Officers.

 Exhibit 10.1 

Summary of 2010 Compensation Arrangements for Named Executive Officers 

Base Salary 
 As of
August 4, 2010, the base salary of each of the “named executive officers”, as defined in Item 402 of Regulation S-K, of MicroStrategy Incorporated (“MicroStrategy” and collectively with its subsidiaries the
“Company”), was as follows: 
  

				
	 Michael J. Saylor, Chairman of the Board, President and Chief Executive Officer
	  	$	875,000
	 Sanju K. Bansal, Vice Chairman of the Board, Executive Vice President and Chief Operating Officer
	  	$	400,000
	 Jonathan F. Klein, Executive Vice President, Law & General Counsel
	  	$	550,000
	 Douglas K. Thede, Executive Vice President, Finance & Chief Financial Officer
	  	$	400,000
	 Paul N. Zolfaghari, Executive Vice President, Worldwide Sales & Operations
	  	$	450,000
	 Jeffrey A. Bedell, Executive Vice President, Technology & Chief Technology Officer
	  	$	400,000

 Cash Bonus Compensation 

 The Compensation Committee is authorized to develop, adopt and implement compensation arrangements, including cash bonus
awards, for Mr. Saylor. The Compensation Committee established a formula for determining the bonus amount with respect to Mr. Saylor’s performance for 2010 that is calculated using the following graduated rates based on the
Company’s achievement of specified levels of diluted earnings per share (DEPS), up to a maximum potential bonus payment of $4,800,000, subject to the Compensation Committee’s discretion to award a cash bonus amount lower than the amount
calculated using the formula: 
  

	 	•	 	 $400,000 per dollar of DEPS for the first dollar of DEPS, plus 

 

	 	•	 	 $500,000 per dollar of DEPS for the second dollar of DEPS, plus 

 

	 	•	 	 $600,000 per dollar of DEPS for each dollar of DEPS over $2.00. 

The Chief Executive Officer is authorized to develop, adopt and implement compensation arrangements, including cash bonus awards, for
Messrs. Bansal, Klein, Thede, Zolfaghari and Bedell. 
 The Chief Executive Officer established cash bonus targets for each of
Messrs. Bansal, Klein, Thede and Bedell for 2010 in the amounts of $450,000, $750,000, $400,000 and $450,000, respectively. Awards pursuant to the foregoing cash bonus targets will be determined by the Chief Executive Officer based on the Chief
Executive Officer’s subjective evaluation of the individual’s performance in the context of general economic and industry conditions and Company performance during 2010. 

The Chief Executive Officer adopted a cash bonus plan for Mr. Zolfaghari relating to his performance for each of the quarters in the
fiscal year ending December 31, 2010 and for the full 2010 fiscal year. Under Mr. Zolfaghari’s bonus plan for 2010, he is eligible to receive: 
  

	 	•	 	 quarterly cash bonus awards determined by multiplying 0.50% by MicroStrategy’s Core Operating Income (as defined below) for each quarter in 2010;
and 

  

	 	•	 	 an annual cash bonus award determined by multiplying 0.75% by the increase in the value of the Company’s maintenance contracts worldwide between
the end of 2009 and the end of 2010. 

 Performance Incentive Plan 

Awards under the Performance Incentive Plan (the “Plan”) consist of the right to receive a cash amount that is either (A) a
fixed amount determined at the time of grant of the award or (B) an amount calculated by multiplying a percentage that is specified at the time of grant of the award (“Bonus Percentage”) by MicroStrategy’s Core Operating Income
(as defined below) for the performance period of the award, in each case subject to reduction at the discretion of the administrator of the award for a specified amount of time following the applicable performance period, and otherwise in accordance
with the terms and conditions of the Plan. For purposes of the Plan, “Core Operating Income” means income from operations before financing and other income and income taxes of 

 
MicroStrategy’s consolidated core business intelligence business unit. Payment of a bonus amount with respect to an award will occur within 31 days after the third anniversary of the last
day of the fiscal year in which the performance period of the award occurs (a “Payment Date”), subject to the award recipient being continuously employed during such three-year period and the other terms and conditions of the Plan. If an
award recipient dies, becomes disabled or retires in a circumstance that would constitute a qualifying retirement under the Plan (any such event, a “Special Separation Event”) before the completion of the performance period of the award,
the award recipient would be eligible to receive a pro rata portion of the cash bonus amount pertaining to the award based on the number of months of the award recipient’s employment with respect to such performance period (rounded down to the
nearest whole month), payable on the Payment Date of such award. If a Special Separation Event occurs after the completion of the performance period of the award, but prior to the Payment Date of the award, the award recipient would be eligible to
receive the full bonus amount pertaining to the award, payable on the Payment Date of such award. 
 Bonus amounts may be
reduced or recouped by the Company, in whole or in part, in the event the award administrator determines that the award recipient has engaged in fraud or misconduct. The award administrator may also reduce, in whole or in part, a bonus amount
payable to a recipient if the Company experiences a financial restatement and a previously determined bonus amount payable under an award is greater than it would be if such amount were determined based on the restated financial statement. The total
amount paid under the Plan to any individual participant may not exceed $1,500,000 in any fiscal year (the “Annual Cap”). 

On March 30, 2010, the Compensation Committee granted the following awards under the Plan, each of which has a performance period of
fiscal year 2010: 
 Sanju K. Bansal, Vice Chairman of the Board, Executive Vice President and Chief Operating Officer of MicroStrategy,
received an award with the Bonus Percentage of 0.4848%; 
 Jonathan F. Klein, Executive Vice President, Law & General Counsel of
MicroStrategy, received an award with the Bonus Percentage of 0.6667%; 
 Douglas K. Thede, Executive Vice President, Finance & Chief
Financial Officer of MicroStrategy, received an award with the Bonus Percentage of 0.4242%; 
 Paul N. Zolfaghari, Executive Vice President,
Worldwide Sales & Operations of MicroStrategy, received an award with the Bonus Percentage of 0.6667%; and 
 Jeffrey A. Bedell,
Executive Vice President, Technology & Chief Technology Officer of MicroStrategy, received an award with the Bonus Percentage of 0.5152%. 

Pursuant to these awards, each of the named executive officers indicated above is eligible to receive, upon satisfaction of the terms and
conditions of his award and subject to the Annual Cap, a cash bonus amount equal to the applicable Bonus Percentage multiplied by MicroStrategy’s Core Operating Income for fiscal year 2010. 

Option Awards 
 The
Compensation Committee may also, from time to time, award each of the named executive officers compensation in the form of stock options granted under the Company’s Second Amended and Restated 1999 Stock Option Plan. 

In addition, the named executive officers are eligible to receive options, restricted stock awards and other awards under the Amended and
Restated 2009 Stock Incentive Plan of Angel.com Incorporated (“Angel.com”), a wholly owned subsidiary of MicroStrategy. 

 Other Compensation 

On February 25, 2005, the Company entered into an agreement with Alcantara LLC, a Delaware limited liability company
(“Alcantara”), of which Mr. Saylor is the sole member. Under the agreement, the Company is (i) providing to Alcantara use of approximately 150 square feet of office space within the Company’s leased space at 1861
International Drive, McLean, Virginia, (ii) providing to Alcantara various related services, and (iii) providing to Mr. Saylor gross-up payments in respect of taxes that he may incur as a result of the arrangement. The agreement does
not require any rental or other payments from Alcantara or Mr. Saylor. MicroStrategy has filed a copy of this agreement as Exhibit 10.19 to the Annual Report on Form 10-K for the fiscal year ended December 31, 2004. 

The Company also pays Mr. Saylor’s monthly dues at a private club that offers dining services and hosts business, professional
and social community events. 
 The Company is authorized to make available, from time to time, tickets to sporting, charity,
dining, entertainment or similar events as well as use of corporate suites, club memberships or similar facilities that the Company may acquire (“Corporate Development Programs”), for personal use by Company personnel to the extent a
Corporate Development Program is not at such time being used exclusively by the Company for business purposes. Eligible personnel include members of MicroStrategy’s Board of Directors (the “Board”), executive officers of the Company
and other employees of the Company. Any such personal use may be deemed compensation to such persons. 
 The Company has adopted
a policy authorizing the Company to make available, from time to time, any designated vehicle that the Company owns or may acquire (“Designated Vehicles”) for personal use by eligible Company personnel, to the extent the Designated Vehicle
is not at such time being used exclusively by the Company for business purposes. Eligible personnel include the Chief Executive Officer and any employees and members of the Board authorized by the Chief Executive Officer to use Designated Vehicles.
Any such personal use may be deemed compensation to such persons. 
 The Company is also authorized to acquire the services of
one or more drivers for vehicles other than a Company vehicle (such services, “Alternative Car Services”) for personal use by eligible Company personnel. Eligible personnel include the Chief Executive Officer and any employees and members
of the Board authorized by the Chief Executive Officer to use Alternative Car Services. Any such personal use may be deemed compensation to such persons. The Company has established a policy that the aggregate compensation to all Company personnel
as a result of use of Alternative Car Services, together with all associated tax gross-up payments, may not exceed $150,000 in any fiscal year. 

The Company has adopted an aircraft use policy which, among other things, permits certain personal use of the fractional interest that
the Company has leased in a Gulfstream Aerospace 450 (the “G450”) through a fractional interest program operated by NetJets International, Inc. (“NetJets”). The fractional interest includes certain rights to use the G450 as well
as other aircraft operated by NetJets (collectively, the “NetJets Aircraft”). The aircraft use policy permits personal use of the NetJets Aircraft by (i) the Chief Executive Officer, (ii) non-employee members of the Board to the
extent approved by the Board’s Special Committee on Board Member Aircraft Use and (iii) other employees of the Company to the extent approved by the Chief Executive Officer, when the NetJets Aircraft is not otherwise being used by the
Company exclusively for business use. Any such personal use may be deemed compensation to such persons. 
 From time to time,
the Board may hold meetings and other related activities in various locations for which the Company’s payment of the expenses of Company participants and Company participants’ guests may be deemed compensation to Company participants
(“Meeting Activities”). 
 Each year the Company sponsors a “President’s Club” trip for Company sales
and services personnel who have met specified performance criteria as well as certain executive officers and their guests (“President’s Club Events”). Participation in President’s Club Events by Company personnel may be deemed
compensation to such persons. The Company has established a policy that the compensation imputed to Mr. Saylor as a result of such participation, excluding any associated tax gross-up payments, may not exceed $30,000 in any fiscal year.

 In addition, the Company may hold, host or otherwise arrange parties, outings or other similar entertainment events at which
Mr. Saylor and Mr. Bansal are permitted to entertain personal guests (“Entertainment Events”) and 

 
are paid a tax gross-up for taxes they may incur as a result of such event, as described below. The Company has established a policy that the aggregate incremental cost to the Company of such
Entertainment Events (to the extent that they are not Corporate Development Programs) attributable to each of Mr. Saylor and Mr. Bansal, including all tax gross-up payments, may not exceed $75,000 in any fiscal year. 

To the extent that personal use of Corporate Development Programs, Designated Vehicles, Alternative Car Services or the NetJets Aircraft
or participation in President’s Club Events, Entertainment Events or Meeting Activities is deemed compensation to an executive officer, the Company pays to (or withholds and pays to the appropriate taxing authority on behalf of) such executive
officer a “tax gross-up” in cash, which would approximate the amount of the individual’s (i) federal and state income and payroll taxes on the taxable income associated with such participation or personal use plus
(ii) federal and state income and payroll taxes on the taxes that the individual may incur as a result of the payment of taxes by the Company, subject to the aggregate amount limitations described above, if applicable.

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