Document:

Managed Services Agreement, dated May 13, 2003

 Exhibit 10.17 
  
 Confidential Treatment Requested by CBOT Holdings, Inc. 
  
 EXECUTION 
  
 MANAGED SERVICES AGREEMENT 
  
 This Managed Services Agreement (this “Agreement”), dated as of May 13, 2003, is between LIFFE ADMINISTRATION AND MANAGEMENT, a company
incorporated in England and Wales (“LIFFE”), and BOARD OF TRADE OF THE CITY OF CHICAGO, INC., a Delaware corporation (the “CBOT”). Capitalized terms used but not otherwise defined herein shall have the meanings
ascribed thereto in Section 1. 
  
 RECITALS

  
 A. LIFFE has devised and developed an automated
derivatives trading and order matching system known as “LIFFE CONNECT®” to facilitate the trading of certain securities, futures, and options contracts. The CBOT desires LIFFE’s assistance in operating LIFFE CONNECT for use by the CBOT and in conducting live trading of CBOT
products via LIFFE CONNECT. 
  
 B. LIFFE and the CBOT have entered
into a Software License Agreement, dated January 10, 2003 (the “Software License Agreement”), whereby LIFFE has agreed to grant to the CBOT a license in respect of the Software. 
  
 C. LIFFE and the CBOT have also entered into a Development Services
Agreement, dated March 5, 2003 (the “Development Services Agreement”), whereby LIFFE has agreed to provide to the CBOT a variety of services supporting the creation and implementation of LIFFE CONNECT as a platform for the CBOT
Electronic Exchange, including the procurement and/or delivery to locations agreed upon by the Parties of hardware necessary to support the Software, testing of Software, assistance with the CBOT’s acceptance testing, training of CBOT staff in
respect of certain Components, and assisting the CBOT in providing Market Participants with technical access to the CBOT Electronic Exchange. 
  
 D. In addition, LIFFE has agreed, subject to the terms and conditions hereof, to provide to the CBOT a variety of information technology, operational, and
other services supporting the ongoing operation of LIFFE CONNECT as a platform for the CBOT Electronic Exchange. 
  
 E. This Agreement is supplemental to and shall be read in conjunction with the Software License Agreement and, to the extent applicable, the Development
Services Agreement. 
  
 In consideration of the recitals and the
mutual covenants and agreements hereinafter set forth, the Parties hereto (each a “Party” and collectively the “Parties”) agree as follows: 
  
 AGREEMENT 
  
 1. Definitions 
  
 In this Agreement, the following expressions shall mean, respectively: 
  
 “AAA” shall have the meaning set forth in Section 20.3. 
  
 “AAA Rules” shall have the meaning set forth in Section
20.3. 
  
 “Affiliate” means any Person that,
directly or indirectly, controls, is controlled by or is under common control with a specified Person. 
  
 CONFIDENTIAL INFORMATION REDACTED AND FILED SEPARATELY WITH THE SECURITIES 
 AND EXCHANGE COMMISSION. OMITTED PORTIONS INDICATED BY [**]. 

 Confidential Treatment Requested by CBOT Holdings, Inc. 
  
  
 “Agreement” shall have the meaning set forth above. 
  
 “API” means the LIFFE CONNECT application programming interface from a Trading Application to the Trading Host. 
  
 “AQS Service” shall have the meaning set forth in Section 2.2(e). 
  
 “Arbitration Fees” shall have the meaning set forth in
Section 20.3.7. 
  
 “Audit Data” shall
have the meaning set forth in Section 2.2(g). 
  
 “Audit Data Interface Service” shall have the meaning set forth in Section 2.2(g). 
  
 “Business Day” means any calendar day other than any Saturday, Sunday, U.S. bank holiday, and U.K. public or bank holiday.

  
 “Call” shall mean any notification, inquiry,
request or other communication relating to the CBOT Electronic Exchange, whether conveyed in person or via telephone, email, or other media. 
  
 “Call Management Service” shall have the meaning set forth in Section 2.3(a). 
  
 “Call Record” means that information relating to a Call as
is required by LIFFE and logged into HEAT in such format as is specified by LIFFE. 
  
 “CBOT Call Management Procedures” shall have the meaning set forth in Section 3.1. 
  
 “CBOT Controlled Sites” means those Equipment Installation Sites comprising the CBOT’s Premises and premises owned or controlled by
Market Participants. 
  
 “CBOT Electronic
Exchange” means the electronic facility for the trading of derivatives products listed from time to time by the CBOT in its capacity as a derivatives exchange. 
  
 “CBOT Electronic Exchange Parameters” means those parameters for the CBOT Electronic Exchange agreed upon
by the Parties and set forth in Paragraph 5 of Schedule A. 
  
 “CBOT Indemnitees” shall have the meaning set forth in Section 18.1. 
  
 “CBOT Marketing Materials” shall have the meaning set forth in Section 9.1. 
  
 “CBOT Matching Engine Service” shall have the meaning set
forth in Section 2.2(a). 
  
 “CBOT’s
Premises” means those locations owned or controlled by the CBOT, including such locations used by the CBOT for disaster recovery for CBOT Technology. 
  

“CBOT’s Project Manager” means the individual designated by the CBOT to be responsible on behalf of the CBOT for the day-to-day
management of the CBOT’s obligations under the Agreement. 
  
 “CBOT Property” shall have the meaning set forth in Section 15.2. 
  
 “CBOT Rules” shall have the meaning set forth in Section 7.5. 
  
 CONFIDENTIAL INFORMATION REDACTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. OMITTED PORTIONS
INDICATED BY [**]. 
  

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 Confidential Treatment Requested by CBOT Holdings, Inc. 
  
 “CBOT Technology” means any software, equipment or other
technology that is (i) owned by the CBOT, (ii) licensed to the CBOT by a Person other than LIFFE, or (iii) used by a clearing organization to process or clear contracts traded on the CBOT Electronic Exchange and neither owned by nor licensed to
LIFFE or any Person acting on LIFFE’s behalf. 
  
 “CFTC” means the United States Commodity Futures Trading Commission. 
  
 “Change Control Procedures” shall have the meaning set forth in Section 2.6. 
  
 “Change Management Service” shall have the meaning set
forth in Section 2.3(d). 
  
 “Change
Request” shall have the meaning set forth in Section 2.6. 
  
 “Charge Rates” shall have the meaning set forth in Schedule M. 
  
 “Charges” shall have the meaning set forth in Section 11.1. 
  
 “Claim” shall have the meaning set forth in Section 18.1. 
  
 “Components” means those software applications identified
in Part 1 of Schedule B hereto. 
  
 “Confidential Information” shall have the meaning set forth in Section 16.1. 
  
 “Connect Key Management Facility Service” shall have the meaning set forth in Section 2.2(c). 
  
 “Connection Services Charges” shall have the meaning set
forth in Schedule M. 
  
 “Control” or
“control” means the possession, direct or indirect, of fifty percent (50%) or more of the equity interests of another Person or the power otherwise to direct or cause the direction of the management and policies of such other
Person, whether through ownership of voting securities, by contract or otherwise. 
  
 “Core Network” means the shared service comprising data circuits and hardware, including routers, repeaters, hubs, cabinets, monitors, and telecommunication lines, used to provide connectivity between
(i) LIFFE data centres and (ii) points of presence in London, Chicago, New York, Paris, Amsterdam, and those locations agreed by the Parties, to which points of presence connectivity to Equipment Installation Sites will be provided. 

  
 “Core Network Maintenance Fee” shall have
the meaning set forth in Schedule M. 
  
 “Core
Network Maintenance Service” shall have the meaning set forth in Section 2.4(c). 
  
 “Data Storage Management Service” shall have the meaning set forth in Section 2.3(e). 
  
 “Development Services Agreement” shall have the meaning set
forth in Recital C above. 
  
 “Disaster” means
an Incident in which one or more of the LIFFE data centre facilities hosting the Managed Services has been so severely disrupted as to preclude, in LIFFE’s reasonable judgment, any prospect of providing the affected Managed Services from such
data centre(s) in accordance with the Service Targets.  
  
 CONFIDENTIAL INFORMATION REDACTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. OMITTED PORTIONS INDICATED BY [**]. 
  

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 Confidential Treatment Requested by CBOT Holdings, Inc. 
  
 “Disputes” shall have the meaning set forth in Section
20.1. 
  
 “Documentation” means,
collectively, (i) the documentation set forth in Part 2 of Schedule B, and (ii) any operating manuals, user instructions, technical literature, and other documentation supplied by LIFFE to the CBOT for purposes of assisting the
CBOT’s use of and/or access to the Software. 
  
 “Effective Date” shall be the Go Live Date. 
  
 “Equipment” means the computer hardware, including processors, memory, discs, screens, printers, routers, and hubs to be used with the Software, as provided in accordance with either this Agreement or the Development
Services Agreement.  
  
 “Equipment and Data
Centre Maintenance Fee” shall have the meaning set forth in Schedule M. 
  
 “Equipment and Data Centre Maintenance Service” shall have the meaning set forth in Section 2.4(b). 
  
 “Equipment Changes” shall have the meaning set forth in Section 5.1.3. 
  
 “Equipment Installation Sites” shall have the meaning set
forth in the Development Services Agreement, as may be modified from time to time by agreement of the Parties. 
  
 “Equipment Services Charges” shall have the meaning set forth in Schedule M. 
  
 “Equipment Uplifts” shall have the meaning set forth in
Section 5.1.1. 
  
 “Escrow Agreement”
shall have the meaning set forth in the Software License Agreement. 
  
 “eSpeed” means eSpeed, Inc., a corporation organized and existing under the laws of the State of Delaware, having a place of business at 135 East 57th Street, New York, New York 10022. 
  
 “Exclusions” shall have the meaning set forth in Section
3.2.3. 
  
 “Force Majeure Event” means any
cause beyond a Party’s reasonable control, including, but not limited to, any flood, riot, fire, judicial or governmental action, act of war or terrorism, and labor disputes.  
  
 “Go Live Date” means the earliest date, agreed by the
Parties, upon which Software is made available for use in a real time live trading environment. 
  
 “Governance Committee” shall have the meaning set forth on Schedule C. 
  
 “HEAT” shall have the meaning set forth in Section
2.3(a). 
  
 “ICDR” shall have the meaning
set forth in Section 20.3. 
  
 “IMAC
Service” shall have the meaning set forth in Section 2.2(l). 
  
 CONFIDENTIAL INFORMATION REDACTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. OMITTED PORTIONS INDICATED BY [**]. 
  

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 Confidential Treatment Requested by CBOT Holdings, Inc. 
  
 “Incident” means an act or omission that impacts the Managed
Services in a materially adverse manner. 
  
 “Incident
Management Service” shall have the meaning set forth in Section 2.3(b). 
  
 “Independent Software Vendors” and “ISVs” mean those independent software providers who develop systems via which access to the CBOT Matching Engine may be achieved. 
  
 “Initial Term” shall have the meaning set forth in
Section 12.1. 
  
 “Interfaces” means,
collectively, the API, Trade Data Interface, Audit Data Interface, Standing Data Interface, Market Data Interface and Miscellaneous File Transfer Interface. 
  
 “Interface Sublicense Agreement” shall have the meaning set forth in the Software License Agreement.  
  
 “IRS” shall have the meaning set forth in Section
11.3. 
  
 “License” shall have the meaning
set forth in Section 2 of the Software License Agreement. 
  
 “Licensed Technology” means, collectively, (a) the object code versions of the Software and (b) the Documentation, licensed to the CBOT pursuant to the Software License Agreement. 
  
 “LIFFE CONNECT” means the electronic trading platform which
is proprietary to LIFFE, as such trading platform may be modified from time to time. 
  
 “LIFFE CONNECT Logo” means LIFFE’s registered mark “LIFFE CONNECT and Design,” depicted in Schedule L. 
  
 “LIFFE Data Centre Disaster Recovery Service” shall have the meaning set forth in Section 2.3(c).

  
 “LIFFE Indemnitees” shall have the meaning
set forth in Section 18.2. 
  
 “LIFFE’s
Project Manager” shall have the meaning set forth in Schedule D. 
  
 “LIFFE Project Personnel” means the individuals engaged by LIFFE to perform its obligations under this Agreement. 
  
 “LIFFE Property” shall have the meaning set forth in Section 15.1. 
  
 “Losses” shall have the meaning set forth in Section
18.1. 
  
 “M&C Export Data” means a file
containing information (i) produced, upon request, by the M&C Observer and (ii) transmitted to the CBOT via the Miscellaneous File Transfer Interface. 
  
 “Maintenance Services” shall have the meaning set forth in Section 2.4.  
  
 “Malicious Code” means any computer virus, Trojan horse,
worm, time bomb, or other similar code or hardware component designed to disrupt the operation of, permit unauthorized access to, erase, or modify the Licensed Technology or any operating system upon which the Licensed 
  
 CONFIDENTIAL INFORMATION REDACTED AND FILED SEPARATELY WITH THE SECURITIES
AND EXCHANGE COMMISSION. OMITTED PORTIONS INDICATED BY [**]. 
  

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 Confidential Treatment Requested by CBOT Holdings, Inc. 
  
 Technology is installed, excluding security keys or other disabling
elements of any Software, which elements are designed to effect restrictions on the length of time during which any Software may be used or the number of persons who may use such Software. 
  
 “Managed IT Services” shall have the meaning set forth in
Section 2.2. 
  
 “Managed Services” shall
have the meaning set forth in Section 2.1. 
  
 “Managed Services Fee” shall have the meaning set forth in Schedule M. 
  
 “Managed Support Services” shall have the meaning set forth in Section 2.3. 
  
 “Marks” shall have the meaning set forth in Section
9.2. 
  
 “Market Data” means any
representation that conveys, either directly or indirectly, information and data pertaining to futures and/or options traded on the CBOT Electronic Exchange including, but not limited to, market prices of such futures or options, trade prices,
settlement prices, estimated and actual contract volume, information regarding market activity including off-market trades, best bid, best offer, the size of the best bid or best offer or a discrete number of best bids and best offers then pending
on the CBOT Electronic Exchange along with the corresponding size of each bid and offer. 
  
 “Market Data Interface Service” shall have the meaning set forth in Section 2.2(i). 
  
 “Market Participant” means any Member, ISV, QV, clearing organization or other Person who participates in, accesses or obtains
information from the CBOT Electronic Exchange via an Interface with the Equipment. For the avoidance of doubt, (a) unless otherwise specified by the Parties in writing, that clearing organization designated by the CBOT is not a Market Participant;
and (b) a Person who interfaces with the CBOT Technology, but does not interface with the Equipment via an Interface, is not a Market Participant. 
  
 “Market Participant Testing” shall have the meaning set forth in the Development Services Agreement. 
  
 “Material New Software Release” shall have the meaning set
forth in Section 4.1.1. 
  
 “MCC” means
one or more of the CBOT’s Monitoring and Control Centres. 
  
 “MCC Monitoring and Control Service” shall have the meaning set forth in Section 2.2(b). 
  
 “Media” means the media on which the Software and the Documentation are recorded or printed, as provided by LIFFE to the CBOT.

  
 “Member” means any Person authorized by the
CBOT to trade on the CBOT Electronic Exchange. 
  
 “Member Site” means that premises of a Member at which Equipment is installed via the IMAC Service. 
  
 “Miscellaneous File Transfer Interface Service” shall have the meaning set forth in Section 2.2(j). 
  
 CONFIDENTIAL INFORMATION REDACTED AND FILED SEPARATELY WITH THE SECURITIES

 AND EXCHANGE COMMISSION. OMITTED PORTIONS INDICATED BY [**]. 
  

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 Confidential Treatment Requested by CBOT Holdings, Inc. 
  
 “Monitoring Tools” means screen displays, as agreed by the
Parties, to monitor activity on the CBOT Electronic Exchange, as agreed by the Parties.  
  
 “Monitoring Tools Service” shall have the meaning set forth in Section 2.2(d). 
  
 “New Software Releases” shall have the meaning set forth in
Section 4.1.1. 
  
 “New Terms” shall have
the meaning set forth in Section 12.2. 
  
 “Non-Restricted Documentation” means all Documentation other than Restricted Documentation, including the Documentation identified in Part 2(a) of Schedule B. 
  
 “OIA” means the CBOT’s Office of Investigations and
Audits. 
  
 “OIA Monitoring and Control Service”
shall have the meaning set forth in Section 2.2(b). 
  
 “On-Site” shall have the meaning set forth in Section 3.2.2. 
  
 “Out of Pocket Expenses” shall have the meaning set forth in Section 11.1(h). 
  
 “Party” and “Parties” shall have the meanings set forth above. 
  
 “Payment Date” shall have the meaning set forth in
Section 11.4. 
  
 “Person” means an
individual or a partnership, corporation, limited liability company, trust, joint venture, joint stock company, association, unincorporated organization, government agency or political subdivision thereof, or other entity. 
  
 “Program Services” shall have the meaning set forth in
Section 2.1. 
  
 “Program Services
Charges” shall have the meaning set forth in Schedule M. 
  
 “Quote Vendors” and “QVs” mean those vendors who receive and disseminate, or wish to receive and disseminate, Market Data via an Interface with the Equipment. 
  
 “Relationship Manager” means that individual responsible on
behalf of LIFFE or the CBOT, as applicable, for the day to day management of the relationship between LIFFE and the CBOT. 
  
 “Release Notes” means a summary of any changes applicable to a New Software Release, including a description of additions, enhancements
or corrections to existing functionality, together with a list of known bugs and bug fixes applicable to such New Software Release. 
  
 “Renewal Term” shall have the meaning set forth in Section 12.2. 
  
 “Replacements” means, collectively, replacements, improvements, enhancements, additions and modifications
to and of any Equipment or any portion thereof. 
  
 “Replacement Value” means all Losses associated with replacing and/or repairing Equipment, including the installation and commissioning of replacement technology and removal and disposal of existing equipment. 

 
 CONFIDENTIAL INFORMATION REDACTED AND FILED SEPARATELY WITH THE
SECURITIES 
 AND EXCHANGE COMMISSION. OMITTED PORTIONS INDICATED BY [**]. 
  

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 “Restricted Documentation” means Documentation that is
designated by LIFFE as “LIFFE Restricted” or otherwise specified by LIFFE to be restricted, including the Documentation set forth in Part 2(b) of Schedule B. 
  
 “Service Management Service” shall have the meaning set forth in Section 2.3(f). 
  
 “Service Period” means that time period, agreed upon by the
Parties, [**] 
  
 “Services” shall have the
meaning set forth in Section 2.1. 
  
 “Service
Target” means the targeted level of performance of a Managed Service during the applicable Service Period, as set forth in Paragraph 4 of Schedule A. Each Service Target is defined within the context of one or more Service
Thresholds. 
  
 “Service Threshold” means that
limit, agreed upon by the Parties, in respect of a Managed Service, beyond which the Service Target(s) for such Managed Service may be adversely impacted. The Service Thresholds for each applicable Managed Service are set forth in Paragraph 4
of Schedule A. 
  
 “Service Time” means
the scheduled availability of a Managed Service during a Trading Day, expressed as the (i) schedule start time of the Managed Service, (ii) scheduled close time of the Managed Service, and (iii) number of minutes per Trading Day the Managed Service
is scheduled to be available, as shown in Paragraph 4 of Schedule A. 
  
 “Software” means, collectively, (i) the Components, and (ii) any improvements, enhancements, additions, and modifications to or of the foregoing as LIFFE may provide to the CBOT under this Agreement.

  
 “Software Change” shall have the meaning set
forth in Section 4.2. 
  
 “Software License
Agreement” shall have the meaning set forth in Recital B above. 
  
 “Software Maintenance Fee” shall have the meaning set forth in Schedule M. 
  
 “Software Maintenance Service” shall have the meaning set forth in Section 2.4(a). 
  
 “Specifications” shall have the meaning set forth in the
Development Services Agreement. 
  
 “Standing
Data” means data (including information relating to contracts, traders, and prices) required prior to the commencement of each Trading Day [**] as Schedule A-4 to the Development Services Agreement. 
  
 “Standing Data Interface Service” shall have the meaning
set forth in Section 2.2(f). 
  
 “Summary
Statement of Work” shall have the meaning set forth in Section 2.7. 
  
 “Superseded Versions” shall have the meaning set forth in Section 4.3. 
  
 “System Software” shall have the meaning set forth in Section 5.3.4(c). 
  
 “Taxes” shall have the meaning set forth in Section
11.3. 
  
 CONFIDENTIAL INFORMATION REDACTED AND FILED
SEPARATELY WITH THE SECURITIES 
 AND EXCHANGE COMMISSION. OMITTED PORTIONS INDICATED BY [**]. 
  

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 “Technical Conformance Service” shall have the meaning set
forth in Section 2.2(k). 
  
 “Technical
Conformance Testing” shall have the meaning set forth in the Development Services Agreement. 
  
 “Termination Costs” shall have the meaning set forth in Schedule M. 
  
 “Third Party Materials” means any equipment, hardware, software, and/or other products obtained from any
third party (excluding any such products obtained from any subcontractor or agent of LIFFE in connection with the performance by such subcontractor or agent of Services hereunder). 
  
 “Trade Data” means information relating to orders that are
(i) [**]. 
  
 “Trade Data Interface Service”
shall have the meaning set forth in Section 2.2(h). 
  
 “Trading Application” means any front-end trading application or other software which interfaces with, and has been conformed with, the API. 
  
 “Trading Day” means any calendar day, measured by U.S. Central Time, other than any Saturday,
Sunday, U.S. bank holiday, or other day the CBOT designates as a trading holiday. 
  
 “Trading System” means LIFFE CONNECT as modified, pursuant to the Development Services Agreement or this Agreement, for use as a platform for the CBOT Electronic Exchange. 
  
 “Transition Period” shall have the meaning set forth in
Section 14.3. 
  
 “Upgrades” means,
collectively, improvements, enhancements, additions and modifications to or of the Licensed Technology or any portion thereof, which LIFFE specifies for use and/or access as Licensed Technology. 
  
 “U.S.” means the United States of America. 
  
 “Wagner/eSpeed Patent” means U.S. Letter Patent No.
4,903,201 (the ‘201 patent). 
  
 “Wagner
License” shall have the meaning set forth in Section 17.2. 
  
 “Wide Area Network Router” means a router that provides access to and from the Core Network. 
  

	2.	Services 

  
 2.1    Overview. During the term of this Agreement, LIFFE shall use reasonable efforts to provide to the CBOT (a) managed
information technology services and managed support services, as further detailed in Sections 2.2 and 2.3 and in Schedule A (collectively, the “Managed Services”); (b) the Maintenance Services; and (c) (i) any
Software Changes agreed via a Change Request and, upon the Parties’ agreement, set out in a Summary Statement of Work; and (ii) any other services relating to the operation of the CBOT Electronic Exchange described herein or agreed via a Change
Request (collectively, the “Program Services” and, together with the Managed Services and the Maintenance Services, the “Services”). 
  
 CONFIDENTIAL INFORMATION REDACTED AND FILED SEPARATELY WITH THE SECURITIES 
 AND EXCHANGE COMMISSION. OMITTED PORTIONS INDICATED BY [**]. 
  

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 2.2     Managed Information Technology Services.
LIFFE shall use reasonable efforts to provide the following managed information technology services (collectively, the “Managed IT Services”) in accordance with the relevant Service Times and Service Targets set forth in Schedule
A. Subject to Section 2.5, LIFFE shall have no obligation to meet (but shall continue to use reasonable efforts to provide the Managed IT Services in accordance with) a Service Target (i) for as long as a relevant Service Threshold or
CBOT Electronic Exchange Parameter is exceeded, and (ii) for the duration of the impact upon the Managed Services of such exceeded Service Threshold or CBOT Electronic Exchange Parameter in a manner that impedes LIFFE’s ability to meet the
Service Targets. The Components specified in this Section 2.2 have been licensed to the CBOT pursuant to the Software License Agreement and are set out in Schedule B. 
  

	 	(a)	provision of and [**], the CBOT shall provide to LIFFE a well-founded, reasoned, authoritative opinion of competent United States patent counsel that (i) all Services provided by
LIFFE to the CBOT under the Development Services Agreement, this Agreement, the Consultancy Framework Agreement, and/or any other agreements between the Parties relating to the CBOT Electronic Exchange, including the procurement, installation and
operation of Equipment; (ii) the Equipment, System Software and Licensed Technology; and (iii) the use of such Equipment, System Software and Licensed Technology by or on behalf of the CBOT and Market Participants, are encompassed by the Wagner
License and will not violate the terms of the Wagner License. 

  

	 	(b)	provision of [**] (“MCC Monitoring and Control Service”) and (ii) OIA (“OIA Monitoring and Control Service”); 

  

	 	(c)	provision of the [**] (“Connect Key Management Facility Service”); 

  

	 	(d)	provision of [**], as agreed by the Parties (“Monitoring Tools Service”); 

  

	 	(e)	provision of [**] (“AQS Service”); 

  

	 	(f)	provision and [**] (“Standing Data Interface Service”); 

  

	 	(g)	provision and [**] (“Audit Data Interface Service”); 

  

	 	(h)	delivery from the [**] (“Trade Data Interface Service”); 

  

	 	(i)	delivery from the [**] (“Market Data Interface Service”); 

  

	 	(j)	delivery from the [**] (“Miscellaneous File Transfer Interface Service”); 

  

	 	(k)	assisting the CBOT, as agreed by the Parties, in [**] (“Technical Conformance Service”); and 

  

	 	(l)	provision of a service to [**] (“IMAC Service”). 

  
 2.3    Managed Support Services. LIFFE shall use reasonable efforts to provide the CBOT the following managed support services
(collectively, the “Managed Support Services”), in accordance with the relevant Service Times and Service Targets. Subject to Section 2.5, LIFFE shall have no obligation to meet (but shall continue to use reasonable efforts
to provide the Managed Support Services in accordance with) a Service Target (i) for as long as a relevant Service Threshold or CBOT Electronic Exchange 
  
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 Parameter is exceeded, and (ii) for the duration of the impact upon the Managed Services of
such exceeded Service Threshold or CBOT Electronic Exchange Parameter in a manner that impedes LIFFE’s ability to meet the Service Targets; 
  

	 	(a)	provision of [**] in accordance with any relevant guidelines as may be agreed upon by the Parties, as further detailed in Section 3.2 (“Call Management
Service”); 

  

	 	(b)	provision of a service to [**], as further detailed in Section 3.2 and (y) notify the CBOT of those activities undertaken (“Incident Management Service”);

  

	 	(c)	provision of a service to [**], as further detailed in Section 3.2 and (ii) notify the CBOT of those activities undertaken (“LIFFE Data Centre Disaster Recovery
Service”); 

  

	 	(d)	prior notification, within a reasonable period of time (or if prior notification is not reasonably practicable, prompt notification), [**] (“Change Management
Service”); 

  

	 	(e)	[**] (“Data Storage Management Service”); and 

  

	 	(f)	management of LIFFE’s delivery of the Managed Services and the Maintenance Services in accordance with Schedule C, including: 

  

	 	  	[**] 

  

	 	  	(“Service Management Service”). 

  
 2.4 Maintenance Services. LIFFE shall use reasonable efforts to provide the CBOT the following maintenance services (collectively, the
“Maintenance Services”): 
  

	 	(a)	ongoing maintenance of the Software sufficient to enable LIFFE to deliver the Managed IT Services in accordance with Service Targets and the CBOT Electronic Exchange Parameters, and
including the provision of any New Software Releases in accordance with Section 4.1 (“Software Maintenance Service”). 

  

	 	(b)	ongoing maintenance of the Equipment and of LIFFE data centres hosting the Managed Services sufficient to enable LIFFE to deliver the Managed IT Services in accordance with (i) the
Service Targets, (ii) the CBOT Electronic Exchange Parameters, and (iii) any applicable guidelines issued from time to time by the respective manufacturers or suppliers of the Equipment, and including the provision of Equipment Uplifts in accordance
with Section 5.1.1 and the provision of Replacements in accordance with Section 5.1.2 (“Equipment and Data Centre Maintenance Service”); and 

  

	 	(c)	ongoing maintenance of the Core Network sufficient to enable LIFFE to deliver the Managed IT Services in accordance with (i) the Service Targets, (ii) the CBOT Electronic Exchange
Parameters, and (iii) any applicable guidelines issued from time to time by the respective manufacturers or suppliers of those 

  
 CONFIDENTIAL INFORMATION REDACTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. OMITTED PORTIONS INDICATED BY [**].

  

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	 	data circuits and hardware comprising the Core Network (“Core Network Maintenance Service”). 

  
 2.5    Service Targets. Notwithstanding any
provision herein to the contrary, LIFFE shall not be responsible for any Service Target that is not met to the extent such failure to meet such Service Target is caused by any applicable CBOT Electronic Exchange Parameters and/or Service Thresholds
having been exceeded. 
  
 2.6     Change
Control Procedures. Any requests of either Party for material changes to the nature or scope of the Services to be performed after the Effective Date must be (a) made according to the change control procedures set forth in Schedule D
hereto (“Change Control Procedures”); and (b) agreed to in writing by both Parties, in the form of the “Change Request Form” set forth in Appendix 2 to Schedule D (each such duly completed and executed Change
Request Form, a “Change Request”). Each Change Request shall be incorporated in and subject to the terms and conditions of this Agreement. 
  
 2.7    Summary Statements of Work. In the event a Change Request provides for LIFFE’s delivery hereunder of a Software
Change, upon the Parties’ agreement, the Parties shall agree upon and execute a summary statement of work in the form of the Master Summary Statement of Work set forth in Schedule E hereto (each such duly executed Summary Statement of
Work, a “Summary Statement of Work”). Each Summary Statement of Work shall be incorporated in and subject to the terms and conditions of this Agreement. All services to be provided pursuant to a Summary Statement of Work will
constitute “Program Services” hereunder. 
  
 2.8    Site. Except as otherwise provided in this Agreement or as otherwise agreed by the Parties, the Services will be performed at LIFFE’s offices or at such other locations as LIFFE deems appropriate.
LIFFE agrees that when any LIFFE Project Personnel are present on the CBOT’s Premises, such LIFFE Project Personnel shall use good faith efforts to comply with the CBOT’s Acceptable Use and Harassment Policies as set forth in Schedule
F. 
  
 2.9    Subcontractors.
LIFFE may appoint subcontractors and agents to carry out the whole or any part of its obligations hereunder; provided, however, that (a) LIFFE shall provide the CBOT the name of any individual LIFFE has appointed as its subcontractor
or agent hereunder whose primary residence is located in the United States and whose activities are to be undertaken at the CBOT’s Premises, prior to such individual undertaking such activities, and the CBOT shall have the right, in its
reasonable discretion, to deny access to the CBOT’s Premises to such individual; provided, further, however, that (i) LIFFE shall not be responsible for any delays or other consequences resulting from any such denial and (ii) the CBOT
shall indemnify and hold LIFFE, its Affiliates, and the officers, directors, employees, agents and representatives of LIFFE and its Affiliates harmless from and against any and all Losses reasonably incurred or suffered as a result of such denial;
and (b) LIFFE shall notify the CBOT of the identity of any subcontractor entity whose primary residence is located in the United States and whose activities are to be undertaken at locations other than the CBOT’s Premises. For the avoidance of
doubt, LIFFE shall not have an obligation to notify the CBOT of (x) any individual or subcontractor entity whose primary residence is located outside the United States or (y) any individual whose activities are to be undertaken at any site other
than the CBOT’s Premises. 
  
 2.10    Quality of Services. LIFFE shall use good faith efforts to ensure that the LIFFE Project Personnel engaged in carrying out the Services shall have the skills, experience, qualifications and knowledge
necessary to perform the Services assigned to such LIFFE Project Personnel. LIFFE shall use (and shall require its subcontractors to use) reasonable skill and care in carrying out the Services and shall 
  
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 use good faith efforts to comply with all applicable laws and regulations in the performance
of its obligations under this Agreement. 
  
 2.11    Delays. LIFFE shall not be responsible for any delays or other consequences arising from any failure by the CBOT to perform, or any delay by the CBOT in performing, any of its obligations under this
Agreement. 
  

	3.	Support 

  
 3.1    CBOT’s Support Obligations. The CBOT shall provide Market Participants first-line support regarding the Managed
Services by responding to Calls from Market Participants in accordance with the procedures set forth in Paragraph 1 of Schedule G hereto (the “CBOT Call Management Procedures”). In addition, the CBOT shall comply with
the Call Management Procedures in respect of all Calls from CBOT personnel, or subcontractors or agents of the CBOT, relating to LIFFE’s delivery of the Services. 
  
 3.2    LIFFE’s Support Obligations. 
  

	 	3.2.1	General Obligations. Following LIFFE’s receipt of any Call, LIFFE shall, as part of the Call Management Service, assess the nature of the subject matter of any Call
Record routed to LIFFE and handle the Call in accordance with those procedures set forth in Paragraph 2 of Schedule G and the applicable Service Targets set forth in Paragraph 4.2 of Schedule A, subject to the associated
Service Thresholds and applicable CBOT Electronic Exchange Parameters. 

  

	 	3.2.2	Incidents. If LIFFE determines a Call Record identifies an Incident, LIFFE shall (a) classify the Incident as (i) a Disaster or, in respect of Incidents other than Disasters,
as (ii) Severity 1, 2, 3 or 4, in accordance with the criteria set forth in Paragraph 4.1.4 of Schedule A, and (b) initiate the LIFFE Data Centre Disaster Recovery Service or the Incident Management Service, as appropriate. Such LIFFE
Data Centre Disaster Recovery Service or Incident Management Service will be provided (a) remotely, via telephone or on-line, (b) at CBOT Controlled Sites, (c) at such other locations as LIFFE deems appropriate, or (d) at premises where any
Equipment, Software or Core Network components to which the relevant Incident likely relates may be located (“On-Site”), upon the CBOT’s reasonable request. Notwithstanding the foregoing, in the event that the CBOT requests a
Service be provided On-Site and LIFFE reasonably believes that the same or substantially similar level of service can be provided remotely, then LIFFE shall be required to provide such Service On-Site only upon the CBOT’s written agreement to
pay to LIFFE (i) fees for the time expended by LIFFE in connection with such on-site Service, calculated in accordance with the Charge Rates; and (ii) all associated Out of Pocket Expenses. 

  

	 	3.2.3	Scope of Managed Support Services. Unless otherwise expressly stated herein or agreed upon by the Parties (LIFFE’s agreement not to be unreasonably withheld), LIFFE
shall have no obligation to provide (a) the Call Management Service in respect of any Call that does not relate to LIFFE’s delivery of the Managed Services; or (b) any Managed Support Services with respect to any Disaster, other Incident, or
other act or omission LIFFE reasonably determines was caused by: 

  
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	 	(i)	the modification of the Licensed Technology, or the Equipment or any portion of the Core Network by any Person other than LIFFE or a subcontractor or agent of LIFFE, unless such
modification was made at LIFFE’s direction, with LIFFE’s consent, or pursuant to the Escrow Agreement; 

  

	 	(ii)	integration of Software, in whole or in part, by any Person other than LIFFE or a subcontractor or agent of LIFFE, with any software other than a Trading Application for
which a trader key or view only key has been issued following Market Participant Testing; 

  

	 	(iii)	use of the Software, the Equipment, or the Core Network in a manner or form that is in contravention of this Agreement, the Software License Agreement and/or the Development
Services Agreement, or, in respect of Market Participants, an Interface Sublicense Agreement; 

  

	 	(iv)	any other failure by the CBOT to perform its obligations under this Agreement, the Development Services Agreement or the Software License Agreement; or 

  

	 	(v)	Trading Applications, CBOT Technology, other CBOT Property, property of any Market Participant or any other technology, excluding the Software, the Equipment, and the Core
Network, unless such technology has been (i) provided by or on behalf of LIFFE, or (ii) expressly approved by LIFFE. For the avoidance of doubt, LIFFE’s assistance with Market Participant Testing, LIFFE’s assistance with Technical
Conformance Testing, and LIFFE’s performance of the Technical Conformance Service do not constitute LIFFE’s “approval” of Trading Applications or other technology for purposes of this Section 3.2.3.

  
 (Sections 3.2.3(i) to 3.2.3(v),
collectively, the “Exclusions”). 
  

	 	3.2.4	Services Outside Scope. In the event that (a) the CBOT routes to LIFFE any Call that LIFFE reasonably determines does not relate to LIFFE’s delivery of the Managed
Services, or (b) subject to Paragraph 2.2 of Schedule G, LIFFE otherwise provides any Managed Support Services with respect to any act or omission LIFFE reasonably determines was caused by an Exclusion, then (i) the CBOT shall pay to
LIFFE (x) fees for the time expended by LIFFE in connection with such Managed Support Services, calculated in accordance with the Charge Rates; and (y) all associated Out of Pocket Expenses and (ii) LIFFE shall have no obligation to provide such
Managed Support Services in accordance with the Service Targets. 

  
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	4.	Maintenance 

  
 4.1 New Software Releases.  
  

	 	4.1.1	Overview. From time to time and in LIFFE’s sole discretion, [**]. 

  

	 	4.1.2	Release Notes. [**]. 

  

	 	4.1.3	Implementation. [**]. 

  
 4.2 Software Changes. Any Upgrade to one or more Components that is requested by the CBOT (“Software Change”) shall be provided
only upon, and in accordance with, (a) the Parties’ agreement via a Change Request, and (b) as the Parties deem appropriate, a Summary Statement of Work. The CBOT shall incorporate, and/or require all Market Participants receiving the Software
Change to incorporate, such Software Change into the Trading System in accordance with the terms of the relevant Change Request and/or Summary Statement of Work, as applicable. For the avoidance of any doubt, “Software Change” does not
include (i) any Software provided pursuant to the IMAC Service or (ii) any New Software Release.  
  
 4.3 Superseded Versions. Upon incorporation into the Trading System of a New Software Release or a Software Change, the CBOT shall (a) promptly
return to LIFFE or, with LIFFE’s prior written consent, destroy and certify as destroyed, the version of the Component(s) superseded by such Upgrade and all copies thereof (the “Superseded Version”) in the CBOT’s
possession and/or control, and (b) require each Market Participant to promptly return to LIFFE or, with LIFFE’s prior written consent destroy and certify as destroyed, any Superseded Version in such Market Participant’s possession and/or
control. 
  
 4.4 Scope of Maintenance Services. Unless
otherwise expressly stated herein or agreed upon by the Parties (LIFFE’s agreement not to be unreasonably withheld), LIFFE shall have no obligation to provide the Maintenance Services in respect of any Exclusion. 
  
 4.5 Services Outside Scope. In the event that LIFFE provides any
Maintenance Services in respect of any Exclusion, then the CBOT shall pay to LIFFE (i) fees for the time expended by LIFFE in connection with Maintenance Services in respect of any Exclusion, calculated in accordance with the Charge Rates; and (ii)
all associated Out-of-Pocket Expenses. 
  
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	5.	Equipment 

  
 5.1    Replacements. 
  

	 	5.1.1	Equipment Uplifts. As part of the Equipment and Data Centre Maintenance Service, during the [**] of the Initial Term, and in any event by no later than [**], LIFFE shall (a)
procure those Replacements and System Software identified in Schedule H hereto (“Equipment Uplifts”), and (b) deliver such Equipment Uplifts to, and install such Equipment Uplifts at, such installation sites as are specified
in Schedule H or such other locations as may be agreed upon by the Parties. Such Equipment Uplifts will thereafter be deemed “Equipment” and “System Software,” as appropriate, for purposes of this Agreement.

  

	 	5.1.2	Replacements. As part of the Equipment and Data Centre Maintenance Service, LIFFE may, at its option, replace Equipment or components thereof with other equipment or
components which are substantially similar to the Equipment being replaced or improvements, enhancements, additions or modifications to such Equipment; provided that LIFFE shall provide the CBOT prior notification (or if prior notification is
not feasible, prompt notification) and an opportunity for testing of any Replacements, where the Parties agree that testing is necessary. All such Replacements will thereafter be deemed “Equipment” for purposes of this Agreement.

  

	 	5.1.3	Equipment Changes. Any Replacements requested by the CBOT, other than the Equipment Uplifts, (“Equipment Changes”) shall be procured, delivered and
installed only upon, and in accordance with the Parties’ agreement via a Change Request. Any such Equipment Changes provided by LIFFE hereunder will be deemed “Equipment” for purposes of this Agreement. For the avoidance of any doubt,
“Equipment Changes” does not include any Equipment provided pursuant to the IMAC Service. 

  
 5.2    Disablement and Repossession. 
  

	 	5.2.1	At LIFFE’s Option. LIFFE may, at its option, disable and/or repossess Equipment; provided that LIFFE will not disable and/or repossess Equipment located at a CBOT
Controlled Site without either (a) reasonable cause and (b) providing prior notice to the CBOT, to the extent reasonably practicable. Notwithstanding the foregoing, LIFFE shall, to the extent reasonably practicable, provide the CBOT prior notice of
any disablement or repossession of Equipment at a CBOT Controlled Site. 

  

	 	5.2.2	At the CBOT’s Request. LIFFE shall disable and/or repossess Equipment from any CBOT Controlled Sites as reasonably requested by the CBOT, at the CBOT’s cost.

  
 5.3    Responsibilities
of the CBOT. 
  

	 	5.3.1	Access. The CBOT shall provide (or require a Market Participant to provide, as applicable) LIFFE such access as LIFFE may reasonably request to all CBOT Controlled Sites:

  
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	 	(a)	for purposes of installing any Replacements; 

  

	 	(b)	to enable LIFFE or its designee to carry out its rights and responsibilities under Section 5.2; 

  

	 	(c)	to enable LIFFE or its designee to inspect Equipment or any portion thereof: (i) to determine whether the CBOT is complying or has complied with its obligations under this
Agreement; and/or (ii) to facilitate LIFFE’s efforts to remedy any defect or error in such Equipment; and 

  

	 	(d)	to enable LIFFE or its designee to disable and/or remove Equipment or any portion thereof: (i) if the CBOT has failed, or is failing, to comply with its obligations under this
Agreement; and/or to (ii) facilitate LIFFE’s efforts to remedy any defect or error in such Equipment. 

  

	 	5.3.2	Prior to Installation. In connection with each installation of Equipment at a CBOT Controlled Site, the CBOT shall, at no expense to LIFFE and by such date(s) and at such
time(s) as LIFFE may reasonably request, (a) permit (or require a Market Participant to permit) LIFFE or its designee to inspect such CBOT Controlled Site prior to the delivery of any Equipment thereto; (b) make (or require a Market Participant to
make) such modifications, alterations or additions to such CBOT Controlled Site as LIFFE may reasonably request; and (c) provide (or require a Market Participant to provide) LIFFE with any further assistance and facilities as LIFFE may reasonably
request, including (i) preparing suitable accommodation and environmental conditions for such Equipment and (ii) making available any equipment, software, ancillary plant, fittings, electrical power supply and other facilities sufficient to meet all
reasonable requirements of LIFFE. 

  

	 	5.3.3	Following Installation. With respect to all Equipment located at a CBOT Controlled Site, the CBOT shall (and shall require each Market Participant to) maintain at all times
the accommodation, environment and facilities for the Equipment as may be reasonably specified by LIFFE from time to time. 

  

	 	5.3.4	Restrictions on Use. 

  

	 	(a)	All Equipment. With respect to all Equipment, the CBOT agrees, and shall require each Market Participant to agree: 

  

	 	(i)	not to, and not to permit any other Person (including any Market Participant) to, without the prior written consent of LIFFE, combine the Equipment with any equipment, software, or
other technology (other than Licensed Technology or other technology approved by LIFFE); or 

  

	 	(ii)	not to, and not to permit any other Person (including any Market Participant) to, without the prior written consent of LIFFE, repossess or disable any Equipment; provided,
however, that the CBOT may repossess or disable Equipment on CBOT Controlled 

  
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	 	Sites as may be necessary in conjunction with the CBOT’s monitoring and control of the CBOT Electronic Exchange; 

  

	 	(iii)	not to, and not to permit any other Person (including any Market Participant) to, create any lien or other encumbrance on the Equipment or any part or parts thereof or do any act
(x) which might jeopardize or prejudice the rights of LIFFE or its suppliers in the Equipment or any portion thereof or (y) which might reasonably be expected to result in the Equipment being confiscated, seized, requisitioned, taken in execution,
impounded or otherwise taken from the possession of the CBOT or any Market Participant, as applicable; and 

  

	 	(iv)	to use or interface with the Equipment only in accordance with applicable manufacturers’ recommendations. 

  

	 	(b)	Located at or Accessible from CBOT Controlled Sites. With respect to all Equipment located at or accessible from any CBOT Controlled Site, the CBOT agrees, and shall require
each Market Participant to agree: 

  

	 	(i)	not to, and not to permit any other Person (including any Market Participant) to, interfere or tamper with, alter, amend or modify the Equipment or any part or parts thereof without
the prior written consent of LIFFE; 

  

	 	(ii)	not to, and not to permit any other Person (including any Market Participant) to, move the Equipment or any portion thereof from the CBOT’s Premises without the prior written
consent of LIFFE; and 

  

	 	(iii)	not to, and not to permit any other Person (including any Market Participant) to, interfere or tamper with any serial numbers, identity plates, trademarks, proprietary notices or
other designations, including those of LIFFE or LIFFE’s suppliers, on the Equipment or any portion thereof; and 

  

	 	(c)	Software. With respect to all software embedded in or otherwise included within the Equipment (“System Software”), the CBOT agrees not to, and not to permit
any other Person (including any Market Participant) to: 

  

	 	(i)	copy, modify, duplicate, decompile, reverse engineer, disassemble or otherwise reduce to a humanly perceivable form, make any attempt to discover the source code of, create
derivative works based on, market, sell, provide or make available to any third party, otherwise distribute, or translate the System Software, except as expressly provided herein; 

  

	 	(ii)	remove or alter in any manner any trademarks, trade names, copyright notices or other proprietary or confidentiality notices 

  
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	 	  	or designations, of the CBOT or other Person, contained or displayed in or on the System Software; or 

  

	 	(iii)	upload any computer virus, Trojan horse, worm, time bomb, or other similar code or hardware designed to disrupt the operation of, permit unauthorized access to, erase, or modify the
System Software or Equipment, or otherwise use the System Software to further any purpose which is illegal. 

  

	 	5.3.5	Insurance. With respect to all Equipment located at any CBOT Controlled Site, the CBOT agrees either to (a) arrange to insure the Equipment comprehensively against all
insurable risks with a reputable insurance company, on terms satisfactory to LIFFE (naming LIFFE as a beneficiary), or (b) accept all liability for the Equipment; in each case for the full Replacement Value thereof, from and including the date on
which the Equipment or any portion thereof is delivered to the CBOT Controlled Site, until such time as the Equipment is either returned to or repossessed by LIFFE. Where the Equipment has been insured by an insurance company, the CBOT shall, at the
request of LIFFE, provide to LIFFE either a copy of the relevant portion of such insurance policy or a written certificate evidencing the currency of the same. 

  

	 	5.3.6	Market Participants. 

  

	 	5.3.6.1	Interface Sublicense Agreement. Prior to the installation of any Equipment on premises owned or controlled by any Person wishing to become a Market Participant, the CBOT
shall require such Person to enter into an Interface Sublicense Agreement. 

  

	 	5.3.6.2	Enforcement. The CBOT shall: 

  

	 	(a)	promptly upon becoming aware of such actions, provide LIFFE written notice of (i) any violation by a Market Participant or any other Person of the restrictions set forth in
Section 5.3.4; and (ii) any other acts or omissions of any Person which the CBOT believes (x) might jeopardize or prejudice the rights of LIFFE or its suppliers in the Equipment; (y) may result in the Equipment being confiscated, seized,
requisitioned, taken in execution, impounded or otherwise taken from any location; or (z) threaten the security or operation of the Equipment; and 

  

	 	(b)	promptly upon becoming aware of (i) any claim, demand, or cause of action brought against the CBOT by a Market Participant or any other Person, or any subpoena served upon the CBOT
or (ii) any employee, officer or director thereof, which relates to the Equipment or any component thereof, provide LIFFE written notice of such claim, demand, cause of action or subpoena. 

  

	 	5.3.7	Change Notification. The CBOT shall provide LIFFE’s Project Manager prior written notice (or, if prior written notice is not reasonably practicable, immediate

  
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	 	written notification) of (a) any changes to the physical environment (i) at CBOT’s Premises in which Equipment and/or Software operate (e.g. maintenance or shutdowns of power
supply or temperature control devices), and (ii) to the extent that the CBOT is aware, at any other CBOT Controlled Site in which Equipment and/or Software operate; and (b) any changes to, relocations of, or maintenance of any CBOT Technology that
interfaces with Software and/or Equipment. 

  
 5.4    Responsibilities of LIFFE. 
  

	 	5.4.1	Liens. In the event any Equipment is confiscated, seized, requisitioned, taken in execution, impounded or otherwise taken from the possession of LIFFE as a result of LIFFE
permitting a third party lien or other encumbrance to be placed on such Equipment (excluding any such lien or other encumbrance established in connection with the procurement of such Equipment), LIFFE shall, at LIFFE’s expense, replace
such Equipment. Such Replacements will thereafter be deemed “Equipment” for purposes of this Agreement. 

  

	 	5.4.2	Upgrades and Replacements. Except as expressly provided in this Agreement, nothing herein shall require LIFFE to (a) create any Upgrades or procure or provide any
Replacements; (b) deliver or license to the CBOT for use and/or access as “Licensed Technology” any modifications, enhancements, improvements or additions to the Licensed Technology as LIFFE may choose to create; or (c) provide to the CBOT
for use and/or access as “Equipment” hereunder any replacements, modifications, enhancements, improvements or additions to the Equipment. 

  

	6.	Core Network 

  
 6.1    Permitted Purpose. The CBOT shall use the Core Network solely for purposes of (a) operating (including testing and
development pursuant to the Development Services Agreement or hereunder) the CBOT Electronic Exchange via one or more Interfaces with the Equipment, and (b) carrying out rights or obligations of the CBOT pursuant to the Development Services
Agreement or the Managed Services Agreement. 
  
 6.2    Acceptable Use Policy. The CBOT shall comply, and use reasonable efforts to ensure that all Market Participants comply, with LIFFE’s Core Network Acceptable Use Policy, a copy of which is attached as
Schedule I hereto. 
  
 6.3    Notification 
  

	 	6.3.1	By the CBOT. The CBOT shall promptly notify LIFFE if the CBOT becomes aware of (a) any security vulnerability relating to the Core Network, and (b) any violation of the
Acceptable Use Policy. 

  

	 	6.3.2	By LIFFE. Subject to Section 16, if not so prohibited by a regulatory or other governmental authority or an order of a court of competent jurisdiction, LIFFE shall (a)
promptly notify the CBOT of any judicial or governmental request, requirement or order under law regarding the investigation and/or prosecution of 

  

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	 	activities relating to the CBOT Electronic Exchange, and (b) cooperate with the CBOT to respond to any such request, requirement or order. 

  
 6.4    Suspension 
  

	 	6.4.1	At LIFFE’s Request. In order to protect the CBOT Electronic Exchange and all users of the Core Network, LIFFE may, at its option, suspend access to the Core Network of
the CBOT or any Market Participant in the event of a breach of LIFFE’s Core Network Acceptable Use Policy or the CBOT’s obligations under Section 6.1 by the CBOT or such Market Participant; provided that LIFFE will not
suspend such access without reasonable cause and shall use good faith efforts to provide the CBOT prior notice of any such suspension. 

  

	 	6.4.2	At the CBOT’s Request. LIFFE shall suspend any Market Participant’s access to the Core Network as reasonably requested by the CBOT, at the CBOT’s cost.

  

	7.	General Obligations of the CBOT 

  
 7.1    Dependencies. In addition to all other obligations of the CBOT set forth in this Agreement, the CBOT shall perform those
dependencies set forth in Schedule J hereto. 
  
 7.2    Security. In addition to all other duties of the CBOT specified hereunder and/or in the Software License Agreement and/or Development Services Agreement in respect of Licensed Technology and Equipment and
the use or access thereof by the CBOT and Market Participants, the CBOT shall (a) use reasonable efforts to comply with LIFFE’s security policy, a copy of which is attached as Schedule K hereto; (b) establish and maintain supervisory and
security procedures satisfactory to LIFFE for the purpose of protecting all Licensed Technology and Equipment located at CBOT’s Premises and LIFFE’s rights, title and interest in and to the Licensed Technology and Equipment; (c) require
each Market Participant to establish and maintain supervisory and security procedures appropriate to protect all Licensed Technology and Equipment located at premises owned or controlled by such Market Participant and LIFFE’s rights, title and
interest in and to the Licensed Technology and Equipment; and (d) use reasonable efforts to ensure that no personnel of the CBOT, any Affiliates or subcontractors of the CBOT, any Market Participants, or any agents of the foregoing (other
than LIFFE) shall have access to the Equipment or the Licensed Technology (excluding the Interfaces and Non-Restricted Documentation), unless such personnel has received appropriate training. 
  
 7.3    CBOT’s Premises. In addition to
complying with the requirements set forth in Section 5.3, the CBOT shall provide LIFFE with such office accommodation, facilities (including telephones, fax machines, computer consumables, printers and Internet access), and access to the
CBOT’s Premises as LIFFE reasonably deems necessary to facilitate LIFFE’s performance of the Services. 
  
 7.4    Materials and Assistance. In addition to providing those resources identified in Schedule J and Sections
5.3 and 7.3, in order to facilitate the Parties’ performance of their obligations hereunder, the CBOT shall (a) promptly provide to LIFFE such relevant information and documentation as LIFFE may reasonably request, including
information and documentation relating to network infrastructure, hardware, software, equipment, personnel, documentation, space and office space; (b) ensure that competent personnel are available during normal working hours to provide to LIFFE such
information or other support in relation to LIFFE’s performance of the Services as LIFFE may reasonably request; and (c) use good faith efforts to ensure that such personnel possesses the skills, experience, qualifications, and knowledge
necessary to carry out any tasks to which they may be assigned. 
  
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 7.5     Trading Rules. CBOT rules regarding the
CBOT Electronic Exchange (the “CBOT Rules”) may not conflict with any term set forth in this Agreement, the Software License Agreement, or the Development Services Agreement. 
  
 7.6     Compliance with Laws. The CBOT shall use
good faith efforts to comply with all applicable laws and regulations relating to the operation of the CBOT Electronic Exchange.  
  

	8.	General Obligations of Both Parties 

  
 8.1     Non-Solicitation. Each Party agrees that, during a period from (a) the Effective Date to (b) the earlier of twelve (12)
months after completion of the Services and the effective date of termination of this Agreement, it shall not employ or engage on any other basis, and offer such employment or engagement to, any of the other Party’s employees, contractors, and
consultants who have been associated with the performance of such other Party’s obligations hereunder, without the other Party’s prior agreement in writing. If a Party employs or engages any employee, contractor or consultant of the other
Party in breach of the foregoing obligations, it will pay to the other Party damages in an amount equal to the net annual salary of such employee, contractor or consultant for the twelve (12) months prior to the date such individual, contractor or
consultant is first employed by the Party breaching such obligation. 
  
 8.2     Export Compliance. The CBOT and LIFFE each shall comply with all applicable export laws and regulations of the United States and foreign authorities, including regulatory authorities. For purposes of this
obligation, export laws and regulations include, but are not limited to, all applicable end use controls and all applicable restrictions on the export, reexport and transfer of encryption items. 
  

	9.	Marketing  

  
 9.1     Marketing. The CBOT shall, in accordance with Sections 9.2 to 9.7 below, (a) refer to the automated
derivatives trading and order matching system utilized by the CBOT Electronic Exchange as the “LIFFE CONNECT®” system or platform; and (b) in any and all web pages, brochures, advertisements and all other marketing or promotional materials, press releases, or other media that market,
promote or otherwise reference the Trading System (collectively, the “CBOT Marketing Materials”), (i) in respect of all visual media, prominently display (x) the Mark LIFFE CONNECT® and/or the LIFFE CONNECT Logo and (y) the phrase “e-cbot, powered by LIFFE
CONNECT” in such format as may be agreed upon by the Parties; and (ii) in respect of all broadcast media, prominently broadcast (x) the Mark LIFFE CONNECT® and (y) the phrase “e-cbot, powered by LIFFE CONNECT®” in such format as may be agreed upon by the Parties. 
  
 9.2     License. Subject to the terms and
conditions hereof, LIFFE hereby grants to the CBOT a non-exclusive, non-transferable (except as set forth in Section 25) right and license (a) to use, in [**], and in any additional jurisdictions as LIFFE may agree, LIFFE’s
registered trademarks “LIFFE CONNECT” and the LIFFE CONNECT Logo (collectively, the “Marks”) in connection with the marketing and operation of the CBOT Electronic Exchange and those rights and obligations set forth in this
Agreement, the Software License Agreement and the Development Services Agreement; and (b) to sublicense to ISVs the right to use the Marks subject to all of the terms and conditions set forth in this Section 9 (including Section 9.5).

  
 9.3     Use. The CBOT shall (a) in
each visual CBOT Marketing Material containing or displaying one or both of the Marks, (i) display each Mark together with a superscript “®” placed at the end of the Mark (e.g. LIFFE CONNECT®); and (ii) include, at least once in each such CBOT Marketing Material, the following footnote, or a formative thereof as may be agreed by
LIFFE: “[LIFFE 
  
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 CONNECT®/The LIFFE CONNECT Logo] is a trademark of LIFFE Administration and Management and is registered in Australia, Hong
Kong, Singapore, the United States, and the United Kingdom, is a registered Community Trade Mark, and is the subject of a pending application for registration in Japan”; and (b) otherwise use the Marks in a manner and form consistent with (i)
the usage guidelines set forth in Schedule L hereto, as may be amended by LIFFE from time to time, and (ii) any other usage guidelines and modifications thereof as LIFFE may provide to the CBOT from time to time. 
  
 9.4     Restrictions. The CBOT acknowledges (a)
LIFFE’s exclusive right, title, and interest in and to the Marks and (b) that the CBOT’s permitted use of the Marks will not vest in the CBOT any right, title, or interest in or to the Marks. The CBOT shall not (i) directly or indirectly,
cause to be done any act contesting or in any way impairing LIFFE’s right, title, or interest in the Marks, (ii) in any manner represent that it possesses any ownership interest in the Marks, or (iii) except as expressly permitted hereunder,
adopt, use, attempt to register, or register, at any time or in any jurisdiction, either of the Marks or any term identical to or confusingly similar to either of the Marks. 
  
 9.5     Approval. Prior to the publication, public broadcast or other distribution or
dissemination to Market Participants or other members of the public of any CBOT Marketing Material, the CBOT shall submit to the LIFFE Market Solutions Director of Sales and Marketing or his or her designee a representative sample of such CBOT
Marketing Material for LIFFE’s prior written approval. The CBOT shall not distribute or disseminate to Market Participants or other members of the public any CBOT Marketing Material in respect of which the CBOT has not obtained LIFFE’s
prior written approval. LIFFE has no right under this Agreement to approve the CBOT’s use of trademarks or service marks other than the Marks. 
  
 9.6     Inspection. In order to assure the CBOT’s compliance with the standards and requirements provided herein, the CBOT
shall, upon LIFFE’s reasonable request, (a) make available to representatives of LIFFE information relating to use of the Marks and copies of all CBOT Marketing Materials; and (b) permit such representatives to inspect all such CBOT Marketing
Materials. 
  
 9.7     Violations of the
Marks. The CBOT shall promptly notify LIFFE in writing of any information relating to suspected infringements or other violations of the Marks which the CBOT possesses or of which it becomes aware. Notwithstanding the foregoing, the CBOT shall
have no right to prosecute or otherwise take any action in respect of any such violations; and LIFFE shall have no obligation hereunder to investigate, prosecute or otherwise take any action in respect of any such violations of which it is notified
by the CBOT. 
  
 9.8     No CBOT
License. Unless the Parties agree otherwise (and CBOT shall not unreasonably decline to agree), LIFFE shall not use in any marketing or promotional materials, press releases, or other materials publicly distributed or disseminated by LIFFE any
trademarks or service marks of the CBOT, including “e-cbot” and “CBOT.” 
  
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	10.	Project Management 

  
 10.1    Appointments. In addition to complying with the requirements set forth in Schedule C, each Party shall appoint
and inform the other Party of the identity of a Relationship Manager to serve as the individual responsible for the day to day management of the relationship between LIFFE and the CBOT with respect to the Services. 
  
 10.2    Substitutions. Each Party shall promptly
notify the other in writing of any substitutions for or replacements of such individuals appointed in accordance with Section 10.1, as applicable, and shall take all reasonable steps to minimize any potential adverse effects of such changes.

  

	11.	Charges 

  
 11.1    Payment. In consideration for LIFFE’s performance of the Services hereunder, the CBOT shall, via wire transfer of
immediately available funds to such bank account as LIFFE may specify: 
  

	 	(a)	pay to LIFFE, for LIFFE’s performance of its Equipment procurement obligations under Sections 5.1.1(a) and 5.1.3, the Equipment Services Charges in accordance
with Schedule M; 

  

	 	(b)	pay to LIFFE, in addition to any amounts owed pursuant to Section 3.2.4, the Managed Services Fee set forth in Schedule M; 

  

	 	(c)	pay to LIFFE, in addition to any amounts owed pursuant to Section 4.5, the Software Maintenance Fee set forth in Schedule M; 

  

	 	(d)	pay to LIFFE, in addition to any amounts owed pursuant to Section 4.5, for the Equipment and Data Centre Maintenance Service, the Equipment and Data Centre Maintenance Fee
set forth on Schedule M; 

  

	 	(e)	pay to LIFFE, in addition to any amounts owed pursuant to Section 4.5, the Core Network Maintenance Fee set forth in Schedule M; 

  

	 	(f)	pay to LIFFE, for the IMAC Service, the Connection Services Charges set forth in Schedule M; 

  

	 	(g)	pay to LIFFE, for all Program Services, the Program Services Charges; and 

  

	 	(h)	reimburse LIFFE for any out of pocket expenses incurred by LIFFE hereunder, including all reasonable travel, hotel, subsistence and other out of pocket expenses charged in
accordance with LIFFE’s travel and expense policy attached as Schedule N hereto (collectively, “Out of Pocket Expenses”); 

  
 (such Equipment Services Charges, Managed Services Fee, Software Maintenance Fee, Equipment and Data Centre Maintenance Fee, Core Network
Maintenance Fee, Connection Services Charges, Program Services Charges, Out-of-Pocket Expenses and all other amounts due hereunder, collectively, the “Charges”). 
  
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 All payments hereunder shall be made in pounds sterling; provided that the CBOT may
pay in U.S. dollars any Charges based on such costs incurred by LIFFE hereunder, which costs were denominated in U.S. dollars. 
  
 11.2    Fixed Charges. Notwithstanding any provision herein to the contrary, in the event LIFFE performs any Services (a)
specified to be charged on a fixed fee basis, and (b) occasioned by (i) the failure of the CBOT to fulfill, or delay by the CBOT in fulfilling, any of its obligations under this Agreement or (ii) the failure or malfunction of technology not owned,
controlled, or provided by or on behalf of LIFFE hereunder, the CBOT shall pay to LIFFE (x) fees for the time expended by LIFFE in connection with such Services, on a time and materials basis, calculated in accordance with the Charge Rates; and (y)
all associated Out of Pocket Expenses. 
  
 11.3    Taxes. The Charges shall be exclusive of all international, national or state taxes (including withholding taxes), levies, duties, or similar charges, however designated, that may be assessed by any
jurisdiction under current law or as a result of any change in the law following the date thereof (collectively, “Taxes”), and the CBOT shall pay or reimburse LIFFE for all such Taxes that may be levied or imposed in relation to
this Agreement or any of the rights and licenses granted hereunder, excluding (a) any VAT that is recovered by LIFFE and (b) taxes based on the net income of LIFFE. LIFFE will use good faith efforts to recover VAT applicable to any Charges.
Prior to receiving from the CBOT any payment which may be subject to United States withholding taxes, LIFFE shall deliver to the CBOT two original copies of (i) Internal Revenue Service (“IRS”) Form “W-8BEN” (or any
successor forms), accurately completed and duly executed by LIFFE certifying, in Line 9a thereof (or the corresponding line of any successor forms), that the applicable treaty is the United States-United Kingdom Income Tax Convention, and further
certifying the matters set forth in Line 9b and 9c of Form “W-8BEN” (or the corresponding lines of any successor forms) or (ii) IRS Form “W-8ECI” (or any successor form); provided that, unless required by U.S. law, LIFFE
shall not be required to deliver to the CBOT any such Forms if LIFFE assigns, pursuant to Section 25, this Agreement and/or its rights and obligations under this Agreement to an Affiliate of LIFFE which is a United States corporation. LIFFE
hereby agrees, from time to time after the initial delivery by LIFFE of such forms whenever a lapse in time or change of circumstances renders such forms obsolete or inaccurate in any material respect, to deliver to the CBOT two new original copies
of IRS Form “W-8BEN” or IRS Form “W-8ECI” (or any successor forms), accurately completed and duly executed by LIFFE. Notwithstanding this Section 11.3, the relevant Charges shall be paid net of any U.S. federal income
withholding tax caused by the failure of LIFFE to provide the CBOT with such forms, unless a change in applicable law of the United States, enacted or promulgated after the date hereof, makes it impossible for LIFFE to continue to make the
certifications described above. 
  
 11.4    Invoices. LIFFE shall invoice the CBOT as set forth in Schedule M, in pounds sterling; provided, however, that LIFFE will invoice in U.S. dollars any Charges based on costs incurred by LIFFE
hereunder, which costs were denominated in U.S. dollars. For the avoidance of doubt, any amounts paid by LIFFE in pounds sterling will be invoiced to the CBOT in pounds sterling. Each invoice for Program Services Charges or other Services charged on
a time and materials basis hereunder will set forth the name of each of the LIFFE Project Personnel who performed such Program Services, the categories of work performed by such individual, the grade of each such individual, and the Charge Rate for
such individual. Payment of each invoice shall be made by the CBOT within thirty (30) days of the date of receipt of such invoice by the CBOT (the “Payment Date”), unless the CBOT makes a good faith objection to the terms of the
invoice, in which case (a) the CBOT shall pay the undisputed amount of the invoice, and (b) the Parties shall promptly undertake to resolve the disputed portion of the invoice. 
  
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 11.5    Suspension. If the CBOT fails to pay any
undisputed Charges due under this Agreement by the Payment Date, then, without prejudice to any other remedy available to LIFFE, LIFFE may, upon fourteen (14) days prior written notice to the CBOT’s Project Manager and placement of a telephone
call to the CBOT’s Relationship Manager, suspend the Services; provided that the CBOT has not made payment within such period of time. In the event of reinstatement of the Services, the CBOT shall be required to install any such Upgrades
and/or Replacements to the version(s) of the Licensed Technology or Equipment last utilized by the CBOT, as LIFFE may specify. 
  
 11.6    Late Payment. If the CBOT fails to pay any undisputed Charges due under this Agreement by the Payment Date, then
interest shall be charged thereon from the date of issuance of the applicable invoice until the date payment is made, at the rate of the lesser of one and one half percent (1.5%) per month, or the maximum amount allowed under applicable law.

  

	12.	Term 

  
 12.1    Initial Term. The initial term of this Agreement shall commence on the Effective Date and shall continue for a period
of five (5) years from the Effective Date (the “Initial Term”), unless terminated earlier in accordance with Section 13 or as otherwise provided in this Agreement. 
  
 12.2    Renewal. The Parties shall use good faith
efforts to agree upon, by no later than one (1) year prior to the end of the Initial Term or the then current Renewal Term (as applicable), (a) the nature and scope of the Managed Services and any other Services to be provided during the new Renewal
Term, and (b) all associated Service Targets, Service Thresholds, CBOT Electronic Exchange Parameters and Charges; provided that variations in the Charge Rate shall remain subject to Paragraph 5.3 of Schedule M (collectively,
the “New Terms”). UNLESS TERMINATED EARLIER IN ACCORDANCE WITH SECTION 13 OR AS OTHERWISE PROVIDED IN THIS AGREEMENT, THIS AGREEMENT WILL AUTOMATICALLY RENEW FOR NO MORE THAN [**] SUCCESSIVE PERIODS OF [**] YEARS EACH (EACH,
A “RENEWAL TERM”); provided that the Parties have agreed to the New Terms and amended this Agreement accordingly by an instrument in writing signed by a duly authorized representative of each Party. If the New Terms have not
been agreed by a date one (1) year prior to the end of the Initial Term or the then current Renewal Term (as applicable), then CBOT may provide written notice to LIFFE that the CBOT does not intend to renew the Agreement, and the Agreement will
expire at the end of the Initial Term or the then current Renewal Term (as applicable). For the avoidance of doubt, the expiration of the Agreement at the end of the Initial Term or a Renewal Term shall not constitute a termination of the Agreement
pursuant to Section 13, and the CBOT shall not be liable for Termination Costs. 
  

	13.	Termination 

  
 13.1    By CBOT. The CBOT may terminate this Agreement, for any reason, upon written notice to LIFFE provided at least twelve
(12) months prior to the end of the Initial Term or the First Renewal Term (if any). 
  
 13.2    By LIFFE. LIFFE may terminate this Agreement, upon twelve (12) months prior written notice to the CBOT, if [**], or any Affiliate of [**], directly or indirectly acquires control of
the CBOT. 
  
 13.3    By Either Party.

  

	 	13.3.1	Material Breach. Subject to Section 14.3, at any time during the term of this Agreement, either Party may terminate this Agreement immediately upon written

  
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	 	notice to the other Party if the other Party commits a breach of any of its material obligations under this Agreement and fails to remedy such material breach within thirty (30)
days of receipt of written notice thereof. 

  

	 	13.3.2	Insolvency. At any time during the term of this Agreement, either Party may terminate this Agreement upon thirty (30) days prior written notice if: (a) the other Party (i)
becomes insolvent, (ii) voluntarily commences any proceeding or files any petition under the bankruptcy laws of the United States or England and Wales, (iii) becomes subject to any involuntary bankruptcy or insolvency proceedings under the laws of
the United States or England and Wales, which proceedings are not dismissed within thirty (30) days, (iv) makes an assignment for the benefit of its creditors, or (v) appoints a receiver, trustee, custodian or liquidator for a substantial portion
of, its property, assets or business; or (b) the other Party passes a resolution for its winding up or dissolution, or a court of competent jurisdiction makes an order for such other Party’s winding up or dissolution. 

 
 13.4    Automatic Termination. This Agreement
will terminate automatically upon termination of the Software License Agreement. 
  
 13.5    Termination Costs. In the event this Agreement is terminated pursuant to Section 13 (excluding termination by the CBOT pursuant to Section 13.3), the CBOT shall
pay to LIFFE the Termination Costs as set forth in Schedule M. 
  

	14.	Consequences of Termination 

  
 14.1    Equipment, Licensed Technology, and CBOT Marketing Materials. 
  

	 	14.1.1	In CBOT’s Possession. In addition to complying with those requirements set forth in Section 12.1 of the Software License Agreement, upon or prior to the effective date
of expiration or termination of this Agreement, the CBOT shall (a) immediately cease use of the Equipment, the Marks, and all Licensed Technology; and (b) at LIFFE’s request and at the CBOT’s expense, (i) within fourteen (14) days of the
effective date of termination of this Agreement, permanently erase and certify the erasure of the Software (and all copies thereof) from the Equipment and all backup Media; (ii) as LIFFE may elect, promptly return to LIFFE or permit LIFFE to
repossess any Equipment; and (iii) promptly return to LIFFE or, with LIFFE’s prior written consent destroy and certify as destroyed, any and all other LIFFE Property and any and all CBOT Marketing Materials containing or displaying the Marks in
the CBOT’s possession and/or control. 

  

	 	14.1.2	In Market Participants’ Possession. Upon or prior to the effective date of expiration or termination of this Agreement, the CBOT shall, at the CBOT’s expense, (a)
require each Market Participant to (i) immediately cease use of the Equipment and all Licensed Technology; (ii) as LIFFE may elect, either promptly return to LIFFE or permit LIFFE to repossess all Equipment in such Market Participant’s
possession and/or control; and (iii) promptly return to LIFFE or, with LIFFE’s written consent destroy and certify as destroyed, any and all other LIFFE Property and any and all CBOT Marketing Materials containing 

  
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	 	or displaying the Marks within such Market Participant’s possession and/or control; and (b) notwithstanding the foregoing Section 14.1.2(a), return to LIFFE any LIFFE
Property that has been provided to the CBOT by any Market Participant, promptly upon the CBOT’s receipt thereof. 

  
 14.2    Third Party Obligations. In the event of termination of this Agreement, LIFFE will use commercially reasonable efforts
to terminate any contracts with third parties relating to LIFFE’s obligations hereunder (or relevant portions thereof). Notwithstanding the foregoing, the CBOT shall be obligated to reimburse LIFFE for any and all costs and expenses relevant to
this Agreement for which LIFFE is contractually obligated to such third parties as of the termination hereof; provided that (a) LIFFE has used commercially reasonable efforts to mitigate such costs and expenses and (b) LIFFE has, within
ninety (90) days of the effective date of termination of this Agreement, notified the CBOT of the existence and term of the contract, the identity of the counterparty to the contract, and the estimated amount of the CBOT’s payment obligation in
respect of such contract. 
  
 14.3    Transition. In the event of LIFFE’s notice of termination to the CBOT pursuant to Section 13.3.1 for a material breach that is incapable of remedy, LIFFE shall continue to provide to the CBOT
the Managed Services for a period of up to nine (9) months from the date upon which notice of termination is given (the “Transition Period”); provided that, within thirty (30) days following notice of termination, (a) the
CBOT has accepted full liability for such material breach via written notice to LIFFE in a form acceptable to LIFFE, in LIFFE’s sole discretion; and (b) the CBOT has submitted to LIFFE reasonable assurances that it has employed measures
sufficient to prohibit repetition of such material breach. Notwithstanding the foregoing, (i) during any Transition Period, LIFFE shall not be held liable for any failure to perform any obligations under this Agreement (x) that have been
transitioned by the CBOT to a Person other than LIFFE, or (y) that have been wound down or phased out; and (ii) in the event of the CBOT’s breach of any of its material obligations under this Agreement during any Transition Period, LIFFE may
terminate this Agreement immediately upon notice to the CBOT. 
  
 14.4     Survival. The expiration or termination of this Agreement for any reason will not affect the accrued rights of the Parties or the right of either Party to sue for damages arising from a breach of this
Agreement. Notwithstanding expiration or termination of this Agreement, the CBOT shall remain liable to pay LIFFE all sums accrued or due on or prior to the effective date of expiration or termination. Sections 5.2, 5.3.1(b), 5.3.1(c)(i),
5.3.1(d)(i), 5.3.3, 5.3.4, 5.3.5, 5.3.6.2, 6.4, 6.5, 7.2, 8, 9.4, 11, 14, 15, 16, 17, 18, 19, 20, 21, 22, 24, 27, 28, 29, 30, 31, 32 and 34 shall survive beyond the effective date of termination or expiration of this Agreement and shall
remain in full force and effect. 
  

	15.	Proprietary Rights 

  
 15.1    LIFFE Property. As between the CBOT and LIFFE, all rights, title and interest in and to the Licensed Technology and all
portions thereof (excluding the third party software specified in Schedule E of the Software License Agreement), including but not limited to, all Software, Upgrades, and Documentation; all Confidential Information of LIFFE; all Equipment;
all Replacements; the Core Network; the Marks; all other materials whatsoever relating to the Licensed Technology and/or the Equipment and/or the Core Network and provided by LIFFE to the CBOT and/or any Market Participants, including any gateways,
hubs, routers, cables, cabinets and servers; and any other materials provided by or on behalf of LIFFE to the CBOT and/or any Market Participants under this Agreement; including all copyrights, trademarks, patents, trade secrets and other
intellectual property inherent in the foregoing or appurtenant thereto (collectively, “LIFFE Property”) shall be and remain vested in LIFFE (or LIFFE’s Affiliates, suppliers or licensors, as applicable). To the extent, if any,
that ownership of the LIFFE Property does not automatically vest in LIFFE by virtue of this Agreement or otherwise, the 
  
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 CBOT hereby transfers and assigns to LIFFE, as of the date of creation, all rights, title and
interest which the CBOT may have in and to such LIFFE Property. The CBOT undertakes, at the CBOT’s expense, to do or cease to do all such acts as LIFFE may reasonably direct, and to execute, or cause its employees, agents and/or subcontractors
to execute, all such documents as LIFFE deems reasonably necessary or helpful to assure further the rights, title and interest of LIFFE or its nominee in and to such LIFFE Property. 
  
 15.2    CBOT Property. Notwithstanding the foregoing Section 15.1, as between the CBOT and
LIFFE, all rights, title and interest in and to (a) the CBOT Technology (if any); (b) Market Data; (c) Trade Data; (d) Standing Data; (e) all Confidential Information of the CBOT; and (f) all copyrights, trademarks, patents, trade secrets and other
intellectual property inherent in the foregoing or appurtenant thereto (collectively, the “CBOT Property”) shall be and remain vested in the CBOT. To the extent, if any, that ownership of the CBOT Property does not automatically
vest in the CBOT by virtue of this Agreement or otherwise, LIFFE hereby transfers and assigns to the CBOT, as of the date of creation, all rights, title and interest which LIFFE may have in and to such CBOT Property. LIFFE undertakes, at
LIFFE’s expense, to do or cease to do all such acts as the CBOT may reasonably direct, and to execute, or cause its employees, agents and/or subcontractors to execute, all such documents as the CBOT deems reasonably necessary or helpful to
assure further the rights, title and interest of the CBOT or its nominee in and to such CBOT Property. 
  

	16.	Confidentiality 

  
 16.1    Confidential Information. Subject to Section 16.2, each Party shall treat as confidential the terms and
conditions of this Agreement (excluding the existence of this Agreement), all information (a) marked as confidential, “CBOT Restricted” and/or “LIFFE Restricted” (as applicable) or (b) which the recipient should reasonably
know, by its nature or the manner of its disclosure, to be confidential (including, but not limited to, the information and materials the CBOT has obtained rights to use hereunder), which either Party may receive or have access to during or prior to
the performance of this Agreement (“Confidential Information”). Neither Party shall (i) use the Confidential Information of the other Party for any purpose other than the performance of its obligations under this Agreement, the
Software License Agreement, or the Development Services Agreement, or (ii) divulge such Confidential Information (x) without the other Party’s prior written consent, to anyone other than the employees, subcontractors, consultants or advisors of
such Party who are subject to nondisclosure obligations and to whom such disclosure is reasonably necessary to facilitate the performance of this Agreement; or (y) unless requested pursuant to a judicial or governmental request, requirement or order
under law (including disclosure obligations of the Parties under applicable securities laws), in which case, if not so prohibited by a regulatory or other governmental authority or an order of a court of competent jurisdiction, the receiving Party
will promptly notify the other Party of such request; provided that, if, in the opinion of counsel to the receiving Party, such disclosure is required under securities laws, the receiving Party, in consultation with the other Party, shall
additionally use good faith efforts to secure confidential treatment of the information so disclosed. “Confidential Information” of LIFFE includes, but is not limited to, Restricted Documentation and the source code of the Software. For
the avoidance of doubt, with respect to Confidential Information of LIFFE that has been disclosed to the CBOT or to which the CBOT has access, the CBOT shall neither provide or permit [**] access to, nor permit any other Person to provide or permit
[**] access to, any Confidential Information of LIFFE or any derivative work based on such Confidential Information. 
  
 16.2    Exclusions. Notwithstanding Section 16.1, Confidential Information will not include information (a) which is
independently developed by the receiving Party or is lawfully received free of restriction from another source that, to the receiving Party’s knowledge, has the right to furnish such 
  
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 information; (b) after it has become generally available to the public by acts not
attributable to the receiving Party or its employees, consultants or advisors; or (c) which, at the time of disclosure to the receiving Party, was known to the receiving Party free of restriction. 
  

	17.	Warranties 

  
 17.1    LIFFE. LIFFE warrants that (a) it has the requisite corporate power and authority to execute and perform this
Agreement; (b) its execution and performance of its obligations hereunder will not violate any other agreement or regulatory obligation to which it is bound; and (c) to LIFFE’s knowledge, the Software contains no Malicious Code. EXCEPT AS
SPECIFICALLY PROVIDED IN THIS AGREEMENT, LIFFE MAKES NO, AND HEREBY DISCLAIMS ALL, WARRANTIES, CONDITIONS, UNDERTAKINGS, TERMS OR REPRESENTATIONS, EXPRESSED OR IMPLIED BY STATUTE, COMMON LAW OR OTHERWISE, IN RELATION TO THE SERVICES OR THE LICENSED
TECHNOLOGY, EQUIPMENT, CORE NETWORK, OR MARKS, OR ANY PORTION OF THE SAME OR THE USE THEREOF, INCLUDING BUT NOT LIMITED TO ALL IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE AND NON-INFRINGEMENT. LIFFE FURTHER DISCLAIMS ALL
WARRANTIES, IMPLIED OR OTHERWISE, RELATING TO ANY THIRD PARTY MATERIALS. 
  
 17.2    The CBOT. The CBOT hereby warrants to LIFFE that (a) it has the requisite corporate power and authority to execute and perform this Agreement; (b) its execution and performance of
its obligations hereunder will not violate any other agreement or regulatory obligation to which it is bound; (c) it is a valid licensee of the Wagner/eSpeed Patent pursuant to Attachment B to that certain “Settlement Agreement” between
the CBOT, The Chicago Mercantile Exchange, Electronic Trading Systems Corporation and eSpeed, entered into as of August 26, 2002, in settlement of eSpeed, Inc. and Electronic Trading Systems Corporation v. The Board of Trade of the City of
Chicago and The Chicago Mercantile Exchange, before the United States District Court for the Northern District of Texas (Civil Action No. 3:99-CV-1016-M) (the “Wagner License”), a copy of which has been provided to LIFFE; and
(d) the Services, the Equipment and Licensed Technology provided hereunder, and the use of such Equipment and Licensed Technology by or on behalf of the CBOT and Market Participants, are encompassed by such Wagner License and will not violate the
terms of the Wagner License. EXCEPT AS SPECIFICALLY PROVIDED IN THIS AGREEMENT, THE CBOT MAKES NO, AND HEREBY DISCLAIMS ALL, WARRANTIES, CONDITIONS, UNDERTAKINGS, TERMS OR REPRESENTATIONS, EXPRESSED OR IMPLIED BY STATUTE, COMMON LAW OR OTHERWISE, IN
RELATION TO THE LICENSED TECHNOLOGY AND CBOT PROPERTY OR ANY PORTION OF THE SAME OR THE USE THEREOF, INCLUDING BUT NOT LIMITED TO ALL IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE AND NON-INFRINGEMENT. 
  

	18.	Indemnification 

  
 18.1    By LIFFE. LIFFE shall defend, indemnify and hold the CBOT and its Affiliates, and the officers, directors, employees,
agents, and representatives of the CBOT and its Affiliates (“CBOT Indemnitees”) harmless from and against all costs, claims, demands, losses, expenses and liabilities of any nature whatsoever (including reasonable attorneys fees)
(“Losses”) incurred or suffered by such CBOT Indemnitees arising out of, or in connection with, any third party claim, demand, or cause of action (each, a “Claim”) to the extent such Claim is based upon or arises
out of (a) LIFFE’s gross negligence or willful misconduct; (b) LIFFE’s material breach of this Agreement or any part hereof; (c) [**] or (d) [**]; provided that (i) the CBOT shall take no other action which the CBOT, in its
reasonable judgment, believes would be contrary to LIFFE’s interests relative to the Claim; (ii) LIFFE (or any Person acting on 
  
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 behalf of or authorized by LIFFE), at its own expense, shall be entitled to have sole conduct
and control of all legal proceedings in connection with the Claim or the settlement or other compromise thereof; (iii) the CBOT shall give LIFFE (and any Person acting on behalf of or authorized by LIFFE) all reasonable assistance therewith, at
LIFFE’s reasonable expense; and (iv) the CBOT shall use good faith efforts to notify LIFFE as soon as possible, but in any event within five (5) Business Days, after the CBOT becomes aware of the Claim. Notwithstanding the foregoing, LIFFE
shall have no obligation to defend, indemnify, or hold any CBOT Indemnitee harmless from or against any Losses incurred or suffered by such CBOT Indemnitee (x) as a result of the gross negligence or willful misconduct of the CBOT Indemnitee or any
Market Participant, or (y) to the extent any Losses are attributable to the fact that the use of the Licensed Technology and/or Equipment by the CBOT, other CBOT Indemnitee, or any Market Participant has not been in accordance with this Agreement.

  
 18.2    By the CBOT. The CBOT
shall defend, indemnify and hold LIFFE, its Affiliates, and the officers, directors, employees, agents, and representatives of LIFFE and its Affiliates (“LIFFE Indemnitees”) harmless from and against all Losses incurred or suffered
by such LIFFE Indemnitees arising out of, or in connection with, any third party Claim to the extent such Claim is based upon or arises out of: (a) the CBOT’s material breach of this Agreement or any part hereof; (b) the gross negligence or
willful misconduct of the CBOT, any of its Affiliates, or any Members or Market Participants; (c) the CBOT Property or LIFFE’s use thereof; (d) the CBOT’s use of the Licensed Technology, the Equipment, the Core Network or the Marks in
contravention of this Agreement; (e) any violation by any Market Participant of the restrictions set forth in Section 5.3.4; (f) any Claim that the Services provided hereunder, the Equipment, the Core Network or the Licensed Technology
provided hereunder, or the use thereof by or on behalf of the CBOT or Market Participants, infringes or otherwise violates the Wagner/eSpeed Patent; and (g) violation of the LIFFE Core Network Acceptable Use Policy by the CBOT and/or any Market
Participant, except that the CBOT shall have no obligations in respect of this Section 18.2(a), (d) or (g) with regard to any Claim to the extent such Claim is (i) based on a failure by the CBOT or any Market Participant
to comply with the LIFFE Core Network Acceptable Use Policy and (ii) brought by (x) third party exchanges directly using the Core Network or (y) third party members, independent software vendors or quote vendors participating in such third
party exchanges or the Euronext.liffe Exchanges (as defined in the Software License Agreement) directly using the Core Network; provided that (A) LIFFE shall take no action which LIFFE, in its reasonable judgment, believes would be contrary
to the CBOT’s interests relative to the Claim; (B) the CBOT (or any Person acting on behalf of or authorized by the CBOT), at its own expense, shall be entitled to have sole conduct and control of all legal proceedings in connection with the
Claim or the settlement or other compromise thereof; (C) LIFFE shall give the CBOT (and any Person acting on behalf of or authorized by the CBOT) all reasonable assistance in connection therewith at the CBOT’s reasonable expense; and (D) LIFFE
shall use good faith efforts to notify the CBOT as soon as possible, but in any event within five (5) Business Days, after LIFFE becomes aware of the Claim. Notwithstanding the foregoing, the CBOT shall have no obligation to defend, indemnify, or
hold any LIFFE Indemnitee harmless from or against any Losses incurred or suffered by such LIFFE Indemnitee as a result of the gross negligence or willful misconduct of the LIFFE Indemnitee. 
  

	19.	Liability  

  
 19.1    Specific Limitations. LIFFE shall have no liability to the CBOT for any breach of this Agreement or any Losses
(including, but not limited to, the CBOT’s inability to use any part of the Licensed Technology or Equipment or Core Network and the interruption or corruption of any data or information stored, used, generated or transmitted on or via any
Licensed Technology or Equipment or Core Network) under this Agreement arising from (a) any defect in the Licensed Technology, Equipment or Core Network of which LIFFE has not received notice of from the CBOT within five (5) Business 
  
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 Days following the first date upon which the CBOT discovered or otherwise became aware of
such defect, (b) any Force Majeure Event, or (c) any Trading Applications or other Third Party Materials. 
  
 19.2    General Limitation. EXCEPT AS EXPRESSLY PROVIDED IN THIS AGREEMENT, NEITHER PARTY SHALL HAVE LIABILITY TO THE OTHER FOR
ANY LOSS, DAMAGE OR INJURY, DIRECT OR INDIRECT, WHETHER OR NOT CAUSED BY THE NEGLIGENCE OF SUCH PARTY, ITS AFFILIATES, OR THE OFFICERS, EMPLOYEES, AGENTS OR REPRESENTATIVES OF SUCH PARTY OR OF ANY OF ITS AFFILIATES, EXCEPT THAT EACH PARTY
SHALL ACCEPT LIABILITY FOR (A) MATERIAL BREACH OF THIS AGREEMENT, (B) THE GROSS NEGLIGENCE OR WILLFUL MISCONDUCT OF SUCH PARTY, ITS AFFILIATES OR THE OFFICERS, EMPLOYEES, AGENTS OR REPRESENTATIVES OF SUCH PARTY OR OF ANY OF ITS AFFILIATES, AND (C)
FOR DEATH, PERSONAL INJURY AND DIRECT PHYSICAL DAMAGE TO THE TANGIBLE PROPERTY OF THE OTHER CAUSED BY SUCH PARTY, ITS AFFILIATES OR THE OFFICERS, EMPLOYEES, AGENTS OR REPRESENTATIVES OF SUCH PARTY OR OF ANY OF ITS AFFILIATES. EXCEPT WITH REGARD TO
EITHER PARTY’S BREACH OF ITS CONFIDENTIALITY OBLIGATIONS UNDER SECTION 16 OR ITS WARRANTIES SET FORTH IN SECTION 17, NEITHER PARTY SHALL BE LIABLE TO THE OTHER HEREUNDER FOR ANY INDIRECT OR CONSEQUENTIAL LOSS, OR FOR LOSS OF
PROFITS, GOODWILL OR CONTRACTS, WHETHER ARISING FROM NEGLIGENCE, BREACH OF CONTRACT OR OTHERWISE, AND WHETHER OR NOT EITHER PARTY SHALL HAVE BEEN ADVISED OF OR OTHERWISE MIGHT HAVE ANTICIPATED THE POSSIBILITY OF SUCH DAMAGES. 
  
 19.3    Limitation of Liability. The cumulative
liability of LIFFE under this Agreement, the Software License Agreement and the Development Services Agreement, during the respective terms of this Agreement, the Software License Agreement and the Development Services Agreement, however arising,
will not exceed [**]; provided, however, that the limitations set forth in this Section 19.3 will not apply to (a) liability of LIFFE for death or personal injury; (b) fraudulent acts or omissions; or (c) violations of the
confidentiality obligations of Section 16. 
  
 19.4    Claims Against Individuals. Where the liability of a Party (including, but not limited to, any liability with respect to the officers, employees, agents or representatives of a Party or any of its
Affiliates) has been excluded or restricted hereunder, each Party agrees that it shall not bring any claim against any officers, employees, agents or representatives of the other Party or any of its Affiliates or join such officers, employees,
agents or representatives in any claim such that the liability of such officers, employees, agents or representatives and such other Party, when taken together, would be greater than the liability of such other Party hereunder. 
  

	20.	Dispute Resolution 

  
 20.1    Escalation. As used herein, “Disputes” means any claims, disputes, controversies, and other matters in
question between the Parties arising out of or relating to this Agreement or the breach hereof (excluding any third party claims against LIFFE or the CBOT subject to indemnification pursuant to Section 18, but including any
disagreements as to indemnification rights hereunder). Any Dispute between the Parties that (a) relates to Program Services or (b) relates to Managed Services and has not been resolved by the Governance Committee in accordance with Schedule
C, shall in the first instance be referred to the Parties’ Relationship Managers for discussion and resolution. If the Dispute is not resolved by the Relationship Managers within five (5) Business Days, the Dispute will be referred to the
Managing Director of LIFFE Market Solutions and a representative of the CBOT at an equivalent level, who must discuss and, if appropriate, meet within five (5) Business Days to attempt to resolve the 
  
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 Dispute. If the Dispute is not resolved by such second representatives within five (5)
Business Days, the Dispute will be referred to the Parties’ Chief Executive Officers who must discuss and, if appropriate, meet within five (5) Business Days to attempt to resolve the Dispute. If any representative of either Party referred to
in this Section 20.1 is not available for any reason, the affected Party shall be entitled to appoint an appropriate substitute. 
  
 20.2    Mediation. If the Parties cannot resolve any Dispute in accordance with Section 20.1 within thirty (30) Business
Days, they may refer the Dispute to mediation, to be conducted by a single mediator in (i) Chicago, Illinois, if LIFFE has initiated the Dispute, or (ii) London, England, if the CBOT has initiated the Dispute. The Parties shall use good faith
efforts to agree upon a mediator. If the Parties are unable to agree upon a mediator within thirty (30) Business Days, the Parties may seek judicial resolution and remedy of the Dispute without first proceeding with mediation. The Parties shall use
good faith efforts to hold the mediation within thirty (30) Business Days following the selection of a mediator. Unless otherwise agreed by the Parties, no decision resulting from the mediation proceedings will be binding upon the Parties. Unless
expressly provided herein, each Party will bear its own costs (including attorneys fees) relating to the mediation, but the Parties will share equally the fees and expenses charged by the mediator. 
  
 20.3    Arbitration. If a Dispute is not resolved
in accordance with Section 20.2, then either Party may provide written notice to the other Party of an intention to refer the Dispute to arbitration. Any such arbitration shall be: (a) binding; (b) administered by the International Centre for
Dispute Resolution (“ICDR”) of the American Arbitration Association (“AAA”); (c) conducted in accordance with the International Arbitration Rules of the AAA (the “AAA Rules”), as such AAA Rules may
be amended from time to time, except to the extent this Section 20.3 provides otherwise; (d) held in Chicago, Illinois, if the Dispute is initiated by LIFFE and in London, England if the Dispute is initiated by the CBOT; and (e) conducted
using the English language. Upon filing a claim, the filing Party will simultaneously provide written notice of such claim to the other Party and to the relevant administrator at the ICDR. 
  

	 	20.3.1	Selection of Arbitrators. Within ten (10) Business Days of receipt of the ICDR initiation letter, each Party shall select one neutral individual to act as arbitrator. In
addition, the Parties shall submit a written request to AAA to use its normal procedures pursuant to the AAA Rules to appoint the third arbitrator within five (5) Business Days of AAA’s receipt of such request. The arbitrator appointed by AAA
shall serve as the chairperson of the arbitration panel. The Parties agree that the selection of arbitrators must be completed within twenty-five (25) Business Days of receipt by both Parties of the ICDR initiation letter. 

 

	 	20.3.2	Cooperation. The Parties shall cooperate with each other in causing the arbitration to be held in as efficient and expeditious a manner as practicable, and in this respect to
furnish such documents and make available such personnel as the arbitrators may request. 

  

	 	20.3.3	Reduction of Losses. The Parties have selected arbitration to expedite the resolution of Disputes and to reduce the costs and burdens associated with litigation. The Parties
agree that the arbitrators should take these concerns into account when determining whether to authorize discovery and, if discovery is authorized, the scope of permissible discovery and other hearing and pre-hearing procedures. The arbitrators
shall render an award, including a written decision, within ninety (90) calendar days after the arbitration notice is provided, unless 

  
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	 	    	the Parties otherwise agree or the arbitrators make a finding that a Party has carried the burden of showing good cause for a longer time period. 

  

	 	20.3.4	Binding Decision. The decision or award of the arbitrators will be final and binding, and may be used as a basis for judgment thereon in any jurisdiction. The award shall be
in writing, shall be signed by a majority of the arbitrators, and shall include a written decision setting out the reasons for the disposition of any claim. 

  

	 	20.3.5	Punitive Damages. Without limiting any other remedies that may be available under applicable law, the arbitrators shall have no authority to award punitive damages.

  

	 	20.3.6	Confidentiality. All proceedings and decisions of the arbitrators shall be maintained in confidence to the extent legally permissible, and shall not be made public by any
Party or any arbitrator without the prior written consent of the Parties, except as may be required by applicable laws. 

  

	 	20.3.7	Losses. Each Party shall bear its own costs and attorneys fees, and the Parties shall equally bear the fees, costs, and expenses of the arbitrators and the arbitration
proceedings charged by the arbitrators (“Arbitration Fees”); provided, however, that (a) the filing Party shall pay any filing fees charged by the AAA; and (b) the arbitrators may exercise discretion to award costs, but not
attorneys fees or Arbitration Fees, to the prevailing Party. 

  

	 	20.3.8	Obligations. The commencement and pendency of an arbitration under this Section 20.3 shall not relieve either of the Parties of their respective obligations under this
Agreement. 

  

	 	20.3.9	Limitations. A demand for arbitration shall not be made after the date when institution of legal or equitable proceedings based upon such dispute would be barred by the
applicable statute of limitations or laches under the laws of the State of Illinois, and the Parties expressly waive any causes of action relating to any Dispute not brought within the period set forth therein.  

  
 20.4    Limitations. Notwithstanding Sections
20.2 and 20.3, nothing herein restricts the rights of either Party to seek judicial resolution and remedy of (i) any Disputes, following compliance with Sections 20.2 and 20.3, or (ii) any claims, disputes, controversies, or
other matters in question between the Parties arising out of either Party’s breach of its obligations pursuant to Section 16 or Section 17. 
  

	21.	Entire Agreement 

  
 This Agreement, together with the Software License Agreement and the Development Services Agreement entered into by the Parties, constitutes the entire
understanding between the Parties with respect to the subject matter hereof and supersedes all prior representations, agreements, negotiations and discussions between the Parties, including that Letter Agreement entered into by the Parties as of
February 4, 2003. 
  
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	22.	Schedules 

  
 Each of the schedules attached hereto is a part of and incorporated into this Agreement. Unless otherwise indicated therein, all capitalized terms
contained within the Schedules will have the meanings ascribed to them in the main body of this Agreement. 
  

	23.	Amendments 

  
 Except as expressly provided for herein, this Agreement may be amended only by an instrument in writing signed by a duly authorized representative of each
Party. 
  

	24.	Binding Provisions/Third Party Beneficiaries 

  
 This Agreement is binding upon, and shall inure to the benefit of, the Parties and their respective administrators, legal representatives, successors, and
permitted assigns. The Parties agree that no provision of this Agreement is intended, expressly or by implication, to purport to confer a benefit or right of action upon a third party (whether or not in existence, and whether or not named, as of the
Effective Date). 
  

	25.	Assignment and Sublicensing 

  
 Except as otherwise expressly provided herein, the CBOT shall not assign, transfer or sublicense any right or obligation under this Agreement without the
prior written approval of LIFFE. Notwithstanding the foregoing, the CBOT may assign this Agreement to the Electronic Chicago Board of Trade, Inc.; provided that, in the event of any assignment, the CBOT will provide to LIFFE a written
guarantee of the performance of all obligations of the Electronic Chicago Board of Trade, Inc., the specific terms of which guarantee shall be agreed upon by the Parties. LIFFE may, in LIFFE’s sole discretion, assign this Agreement and/or some
or all of its rights and obligations under this Agreement to an Affiliate of LIFFE that is capable of performing the obligations of LIFFE under this Agreement. 
  

	26.	Force Majeure 

  
 If the performance of this Agreement by either Party is prevented, hindered, delayed or otherwise made impracticable by reason of any Force Majeure Event,
that Party shall be excused from such performance to the extent that it is prevented, hindered or delayed by such cause. In the event a Party becomes aware of a Force Majeure Event that will affect its performance under this Agreement, it shall
notify the other Party as soon as reasonably practicable. The Parties shall thereafter work together to take reasonable steps to mitigate the effects of any inability to perform, if practicable. 
  

	27.	Separability of Provisions 

  
 Each provision of this Agreement shall be considered separable; and if, for any reason, any provision of this Agreement is determined by a court of
competent jurisdiction to be invalid, unlawful, or unenforceable, such determination shall not affect the enforceability of the remainder of this Agreement or the validity, lawfulness, or enforceability of such provision in any other jurisdiction.

  

	28.	Waiver 

  
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 The failure of a Party to exercise or enforce any right conferred upon it by
this Agreement shall not be deemed to be a waiver of any such right or operate so as to bar the exercise or enforcement thereof at any time or times hereafter. 
  

	29.	Remedies Not Exclusive 

  
 No remedy conferred by any provision of this Agreement is intended to be exclusive of any other remedy, except as expressly provided in this Agreement,
and each and every remedy shall be cumulative and shall be in addition to every other remedy given hereunder or now or hereafter existing in law or in equity or by statute or otherwise. 
  

	30.	Notices 

  
 Except as otherwise expressly provided herein, all notices, certifications, requests, demands, payments and other communications hereunder: (a) shall be
in writing; (b) may be delivered by certified or registered mail, postage prepaid; by hand; by facsimile; or by any internationally recognized private courier; (c) shall be effective (i) if mailed, on the date ten (10) days after the date of mailing
or (ii) if hand delivered, faxed, or delivered by private courier, on the date of delivery; and (d) shall be addressed as follows: 
  
 If to the CBOT: 
  
 Board of Trade of the City of Chicago, Inc. 
 141 West Jackson Boulevard, Suite 600-A 
 Chicago, Illinois 60604 U.S.A.  
 Attention: Carol A. Burke 
  
 If to LIFFE: 
  
 LIFFE Administration and Management 
 Cannon
Bridge House 
 1 Cousin Lane 
 London, EC4R 3XX (England) 
 Attention: Company Secretary 
  
 or to such other address or addresses as may hereafter be specified by notice given by one
Party to the other. 
  

	31.	Announcements 

  
 Neither Party may refer to this Agreement in any publicity or advertising materials without the other Party’s prior written consent. 
  

	32.	Interpretation 

  
 32.1    Headings, Gender, “Including,” “Control” and Person. References to sections and schedules are to
sections of and schedules to this Agreement unless otherwise indicated. Section headings are inserted for convenience of reference only and shall not affect the construction of this Agreement. The masculine gender shall include the feminine and the
singular number shall include the plural, and vice versa. Any use of the word “including” will be interpreted to mean “including, but not limited to,” 
  
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 unless otherwise indicated. Any use of the terms “controlling,” “controlled
by” or “under common control with” shall have a meaning consistent with the definition of “Control” set forth in Section 1. References to any Person (including the Parties and any other entities referred to) shall be
construed to mean such Person and its successors in interest and permitted assigns, as applicable. 
  
 32.2    Inconsistency. In the event of any inconsistency between the terms of the main body of this Agreement and any Schedule
hereto, the terms of the main body of this Agreement will govern to the extent of the inconsistency. 
  

	33.	Further Assurances 

  
 The Parties shall execute all such further documents and do all such further acts as may be necessary to carry the provisions of this Agreement into full
force and effect. 
  

	34.	Governing Law 

  
 The validity and effectiveness of this Agreement shall be governed by and construed and enforced in accordance with the internal laws of the State of
Illinois, without giving effect to the provisions, policies or principles of any state law relating to choice or conflict of laws. Subject to Section 20, any legal action or proceeding with respect to this Agreement may be brought exclusively
in the Federal or state courts located in Chicago, Illinois, including the United States District Court for the Northern District of Illinois. The United Nations Convention on Contracts for the International Sale of Goods shall not apply to this
Agreement and is hereby disclaimed. 
  

	35.	Counterparts 

  
 This Agreement may be executed in two counterparts, each of which when so executed and delivered shall be deemed an original, and both of which together
shall constitute but one and the same instrument. 
  
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of page intentionally left blank. 
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 IN WITNESS WHEREOF, the Parties have executed this Managed Services Agreement
as of May 13, 2003. 
  

			
	 LIFFE ADMINISTRATION AND MANAGEMENT, a
 company incorporated in England and Wales

	
	By:                                      
                                        
                             
	Name:                                     
                                        
                        
	Its:                                      
                                        
                              

  
  

			
	 BOARD OF TRADE OF THE CITY OF CHICAGO, INC.,
 a Delaware corporation

	
	By:                                      
                                        
                             
	Name:                                     
                                        
                        
	Its:                                      
                                        
                              

  
 CONFIDENTIAL
INFORMATION REDACTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. OMITTED PORTIONS INDICATED BY [**]. 
  

 Confidential Treatment Requested by CBOT Holdings, Inc. 
  
 SCHEDULES 
  
 Schedule A –    Service Targets, Service Thresholds and CBOT Electronic Exchange Parameters for Managed Services
 
  
 Schedule B –    Software and Documentation

  
 Schedule C –    Managed Services and Maintenance
Services Governance 
  
 Schedule D –    Change Control
Procedures 
  
 Schedule E –    Master Summary Statement
of Work 
  
 Schedule F –    CBOT Acceptable Use
and Harassment Policy 
  
 Schedule G –    Call Management
Procedures 
  
 Schedule H –    Uplift to Equipment
 
  
 Schedule I –    LIFFE Core Network Acceptable
Use Policy 
  
 Schedule J –    CBOT Dependencies

  
 Schedule K –    LIFFE Security Policy 
  
 Schedule L –    Trademark Usage Guidelines 
  
 Schedule M –    Charges 
  
 Schedule N –    LIFFE Travel/Expense Policy 
  
 Schedule O –    Credits and Bonuses 
  
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 EXECUTION 
  
 SCHEDULE A 
  
 SERVICE TARGETS, SERVICE THRESHOLDS AND 
 CBOT ELECTRONIC EXCHANGE PARAMETERS FOR MANAGED SERVICES 
  
 [**
30 pages **] 
  
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 EXECUTION 
  
 SCHEDULE B 
  
 SOFTWARE AND DOCUMENTATION 
  
 [** 4 pages **] 
  
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 EXECUTION 
  
 SCHEDULE C 
  
 MANAGED SERVICES AND MAINTENANCE SERVICES GOVERNANCE 
  

	1.	Project Manager and Service Manager 

  

	 	1.1	Appointments. LIFFE shall appoint and inform the CBOT of the identity of a service manager to oversee the Managed Services and the Maintenance Services on a day-to-day basis
(“LIFFE’s Service Manager”). The CBOT shall appoint and inform LIFFE of the identity of CBOT’s Project Manager. Each Party shall promptly notify the other Party in writing of any substitutions or replacements of LIFFE’s
Service Manager or CBOT’s Project Manager, as applicable, and shall take all reasonable steps to minimize any potentially adverse effects of such changes. 

  

	 	1.2	Meetings. Following the end of each Service Period, LIFFE’s Service Manager and CBOT’s Project Manager will meet in person and/or conference telephonically, as the Parties
may agree (“Service Review”), at least once a month (i) to review the Managed Services and the Maintenance Services and discuss the day-to-day operational issues arising from the provision of such Services by LIFFE, including any
management or financial issues relating to the Managed Services or the Maintenance Services, and Change Requests; and (ii) to compare (x) the actual Managed Services provided during the Service Period immediately preceding the date of the meeting to
(y) the Service Targets for such Service Period. LIFFE shall, in consultation with the CBOT, prepare (a) a report regarding such comparison of the Managed Services to the Service Targets (a “Service Report”); and (b) minutes of the Service
Review meeting. 

  

	 	1.3	Service Review. If the reviews conducted pursuant to Paragraph 1.2 above indicate either that (a) a Service Threshold or CBOT Electronic Exchange Parameter in respect of one of the
Managed Services was exceeded during the relevant Service Period or (b) a Service Target was not met during the Service Period, LIFFE’s Service Manager will initiate a further service review with CBOT’s Project Manager to establish an
appropriate course of action in relation to the exceeded Service Threshold and/or CBOT Electronic Exchange Parameter, and/or missed Service Target. Such courses of action may include: 

  

	 	(i)	Renegotiation of the relevant Service Threshold and/or Service Target; 

  

	 	(ii)	No action; or 

  

	 	(iii)	Changes implemented by LIFFE and/or the CBOT. 

  

	 	1.4	Escalation. LIFFE’s Service Manager and CBOT’s Project Manager shall, as promptly as reasonably practicable, escalate to the Governance Committee any issues LIFFE’s
Service Manager and CBOT’s Project Manager are unable to resolve between them. 

  
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	 	1.5	Reports. 

  

	 	(a)	Service Reports. The Interim Service Reports and the Service Reports shall be prepared by LIFFE, in consultation with the CBOT, as set forth in accordance with Paragraph 1.2 above.

  

	 	(b)	Reports for Governance Committee. CBOT’s Project Manager and LIFFE’s Service Manager shall work together to prepare reports relating to (i) any issue requiring escalation
to the Governance Committee in accordance with Paragraph 1.4 above, and (ii) any other matters the Parties wish to present to the Governance Committee, including, for example, Market Participant issues relating to the Managed Services or the
Maintenance Services and overviews of LIFFE’s performance of the Managed Services (the Interim Service Reports, the Service Reports, and such other reports prepared pursuant to this Paragraph 1.5(b), collectively, the “Reports”).

  

	2.	The Governance Committee 

  

	 	2.1	Composition of Committee. In accordance with such terms as the Parties agree upon, the Parties shall establish a “Governance Committee.” LIFFE’s Service Manager and
the CBOT’s Project Manager shall co-chair the Governance Committee. Constitution of the remaining members of the Governance Committee shall be as agreed upon by the Parties. 

  

	 	2.2	Objectives. The objective of the Governance Committee is to act as a forum for each Party to raise and address any operational issues that may arise with respect to the Managed
Services or the Maintenance Services, including (a) issues that have not been resolved between CBOT’s Project Manager and LIFFE’s Service Manager; (b) Change Requests regarding the Managed Services or the Maintenance Services; (c) Market
Participant issues relating to the Managed Services or the Maintenance Services; and (d) an overview of LIFFE’s performance of the Managed Services and the Maintenance Services. 

  

	 	2.3	Meetings. The Governance Committee shall meet in person and/or conference telephonically, as the Parties may agree, at least monthly. Meetings of the Governance Committee may be
called upon reasonable notice by either Party. The agenda for the monthly meetings shall include the following: 

  

	 	(i)	Managed Services performance levels during the preceding month and, in particular, conformity with the Service Targets; 

  

	 	(ii)	Progress of Change Requests regarding the Managed Services or the Maintenance Services; and 

  

	 	(iii)	Any relevant Market Participant issues arising during the preceding month. 

  

	 	2.4	Reports. At any meeting of the Governance Committee, the Parties may present (a) Change Requests under consideration pursuant to the Change Control Procedures and (b) any Reports;
provided that such Change Requests and/or Reports have been distributed to each Governance Committee member prior to such meeting. 

  
 CONFIDENTIAL INFORMATION REDACTED AND FILED SEPARATELY WITH THE SECURITIES 
 AND EXCHANGE COMMISSION. OMITTED PORTIONS INDICATED BY [**]. 
  

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 Confidential Treatment Requested by CBOT Holdings, Inc. 
  
 EXECUTION 
  
 SCHEDULE D 
  
 CHANGE CONTROL PROCEDURES 
  

	1.	OVERVIEW 

  
 The change control procedures set forth herein and diagrammed in chart form in Appendix 1 to this Schedule D, shall be used whenever the CBOT or LIFFE has a requirement to change any component of the Services.

  
 The individual designated by LIFFE to handle the day-to-day management of
Change Requests and/or Summary Statements of Work on behalf of LIFFE (“LIFFE’s Project Manager”) will be the principal contact at LIFFE regarding the change control procedures and will serve as the administrator of the Change Control
Procedures. The representative of the Party requesting the change will be referred to herein as the “Change Requester.” 
  

	2.	PROCEDURES 

  

	2.1	SUBMIT CHANGE REQUEST 

  

	 	(a)	To initiate the change control process, the Change Requester must set forth on a Change Request Form, a copy of which is attached as Appendix 2 to this Schedule D: (i) the name of
the Party requesting the change, (ii) the Change Requester’s name, (iii) the date of the request, (iv) a description of the desired change, (v) the designated priority of such change (i.e., high, normal or low) and (vi) the reason(s) for
requesting the change. 

  

	 	(b)	The Change Requester must then send the Change Request Form to LIFFE’s Project Manager. 

  

	 	(c)	LIFFE’s Project Manager will, within twenty-four (24) hours of receipt of the Change Request Form, acknowledge such receipt by (i) issuing a number to correspond with the
Change Request Form; (ii) noting on the Change Request Form the date of receipt of the Change Request Form, the name of LIFFE’s Project Manager, the Change Request Form number issued, and the date of issuance of such number; and (iii) signing
and dating the appropriate portion of the Form. LIFFE’s Project Manager will then (x) send to the Change Requester and, if the Party requesting the change is LIFFE, to the CBOT’s Project Manager, a copy of the acknowledged Change Request
Form and (y) record on the Change Request Form the date such acknowledged Change Request Form was sent. 

  

	2.2	PRELIMINARY REVIEW OF CHANGE REQUEST 

  
 Following acknowledgment of receipt of the Change Request Form, LIFFE’s Project Manager will undertake a preliminary review of the Change Request
Form to ensure that the Change Requester has provided the requisite details. If LIFFE’s Project Manager, in his or her reasonable judgment, determines that the information provided is insufficient, LIFFE’s Project Manager will contact the
Change Requester to request additional information. This cycle will continue until (i) the requested information is provided or (ii) the Parties agree to file the Change Request Form and close the matter accordingly. LIFFE’s 
  
 CONFIDENTIAL INFORMATION REDACTED AND FILED SEPARATELY WITH THE SECURITIES

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 Confidential Treatment Requested by CBOT Holdings, Inc. 
  
 Project Manager will not proceed with further assessment of the change request until and
unless such additional information is obtained. If LIFFE’s Project Manager disagrees with the priority of the requested change designated on the Change Request Form, LIFFE’s Project Manager and CBOT’s Project Manager shall review and
discuss the nature of the requested change and agree upon the priority for such change. 
  

	2.3	DETERMINATION OF WHETHER AN INITIAL ASSESSMENT IS TO BE CONDUCTED 

  

	 	(a)	Once LIFFE’s Project Manager determines a Change Request Form provides sufficient information and the portions of the Change Request Form noted above have been completed,
LIFFE’s Project Manager will, within (i) ten (10) Business Days, for a low priority change, (ii) four (4) Business Days, for a normal priority change, or (iii) two (2) Business Days, for a high priority change, thereafter contact the Change
Requester and/or, if the Party requesting the change is LIFFE, the CBOT’s Project Manager, to discuss (i) whether an initial assessment of the change request is to be undertaken and (ii) the date by which any initial assessment should be
completed. 

  

	 	(b)	If LIFFE’s Project Manager and the Change Requester and/or, if the Party requesting the change is LIFFE, the CBOT’s Project Manager, agree that no initial assessment of
the change request is to be undertaken, LIFFE’s Project Manager will file the Change Request Form and close the matter accordingly. 

  

	 	(c)	In the circumstance where more than one initial assessment has been undertaken for a particular change request, the Parties may agree to halt the process of assessing the change
request, in which case LIFFE’s Project Manager will file the Change Request Form and close the matter accordingly. 

  

	 	(d)	[**] 

  

	 	(e)	[**] 

  

	2.4	INITIAL ASSESSMENT 

  

	 	(a)	If LIFFE’s Project Manager and the Change Requester and/or, if the Party requesting the change is LIFFE, the CBOT’s Project Manager, agree that an initial assessment is to
be undertaken, LIFFE’s Project Manager will, unless otherwise agreed, commence such initial assessment within (i) ten (10) Business Days, for a low priority change, (ii) four (4) Business Days, for a normal priority change, or (iii) two (2)
Business Days, for a high priority change, thereafter and shall use reasonable efforts to complete the initial assessment by the agreed upon completion date. 

  

	 	(b)	As applicable to the particular change request, [**]: 

  
 [**] 
  

	 	(c)	The Party requesting the change shall use reasonable efforts to ensure that the Change Requester and other appropriate personnel are available to provide to LIFFE’s Project
Manager information or other input or assistance relating to the initial assessment. 

  

	2.5	ACCEPTANCE OF INITIAL ASSESSMENT 

  
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 D-2 

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	 	(a)	Once an initial assessment has been completed, LIFFE’s Project Manager will attach to the relevant Change Request Form a copy of any written results of the initial assessment
and provide to the Change Requester and, if the Party requesting the change is LIFFE, the CBOT’s Project Manager a copy of such results. LIFFE’s Project Manager and the Change Requester and/or, if the Party requesting the change is LIFFE,
the CBOT’s Project Manager, will then discuss the results of the assessment and determine (i) whether to accept or reject the initial assessment and (ii) if the initial assessment is rejected, whether to file the Change Request Form and close
the matter or to continue performing the initial assessment. 

  

	 	(b)	If the initial assessment is rejected and no further work on the initial assessment is to be undertaken, LIFFE’s Project Manager will file the Change Request Form and close the
matter accordingly. 

  

	 	(c)	If the initial assessment is rejected and it is agreed that additional work on the initial assessment is to be conducted, LIFFE’s Project Manager and Change Requester and/or,
if the Party requesting the change is LIFFE, the CBOT’s Project Manager, will agree upon a revised date of completion of the initial assessment and LIFFE’s Project Manager will carry out such further work and repeat the applicable
procedures set out in Paragraphs 2.4(b) and 2.5(a). This cycle will continue until LIFFE’s Project Manager and the Change Requester and/or, if the Party requesting the change is LIFFE, the CBOT’s Project Manager, either (i) agree to the
initial assessment and senior representatives of each Party have executed the appropriate section of the Change Request Form, or (ii) agree to file the Change Request Form and close the matter accordingly. 

  

	2.6	DETAILED PLAN 

  

	 	(a)	If LIFFE’s Project Manager and the Change Requester and/or, if the Party requesting the change is LIFFE, the CBOT’s Project Manager, agree to the initial assessment, then
senior representatives of each Party will indicate such acceptance on the Change Request Form by signing the appropriate section of the Change Request Form. 

  

	 	(b)	LIFFE’s Project Manager will then coordinate the production of a “detailed plan” for the requested change and shall use reasonable efforts to complete the
“detailed plan” by the agreed upon completion date. Each such “detailed plan” will include (i) an estimated schedule for implementation of the change requested, and (ii) the Charges which would be associated with implementation
of the requested change. 

  

	 	(c)	The Parties shall use reasonable efforts to ensure that appropriate personnel are available to provide to LIFFE’s Project Manager information or other input or assistance
relating to creation of the detailed plan. 

  

	2.7	ACCEPTANCE OF DETAILED PLAN 

  

	 	(a)	Once the detailed plan has been completed, LIFFE’s Project Manager will attach to the relevant Change Request Form a copy of the detailed plan and provide to the Change
Requester and, if the Party requesting the change is LIFFE, the CBOT’s Project Manager a copy of such detailed plan. Thereafter, LIFFE’s Project Manager and the Change Requester and/or, if the Party requesting the change is LIFFE, the
CBOT’s Project 

  
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 D-3 

 Confidential Treatment Requested by CBOT Holdings, Inc. 
  
 Manager, will review the completed detailed plan and determine (i) whether
to accept or reject the detailed plan and (ii) if the detailed plan is rejected, whether to file the Change Request Form and close the matter or to continue working on the detailed plan. 
  

	 	(b)	If the detailed plan is rejected and no further work on the detailed plan is to be undertaken, LIFFE’s Project Manager will file the Change Request Form and close the matter
accordingly. 

  

	 	(c)	If the detailed plan is rejected and it is agreed that additional work on the detailed plan is to be conducted, LIFFE’s Project Manager will carry out such further work and
repeat the applicable procedures set forth in Paragraphs 2.6(b) and 2.7(a). This cycle will continue until LIFFE’s Project Manager and the Change Requester and/or, if the Party requesting the change is LIFFE, the CBOT’s Project Manager,
accept the detailed plan or agree to file the Change Request Form and close the matter accordingly. 

  

	2.8	IMPLEMENT SOLUTION 

  

	 	(a)	If LIFFE’s Project Manager and Change Requester and/or, if the Party requesting the change is LIFFE, the CBOT’s Project Manager, agree to accept the detailed plan, then
senior representatives of each Party (i) will indicate acceptance of the change requested and the detailed plan by signing the appropriate section of the Change Request Form and (ii) LIFFE’s Project Manager will coordinate the implementation of
the change requested as per the detailed plan. 

  

	 	(b)	The Parties shall use reasonable efforts to ensure that appropriate personnel are available to provide assistance with implementing the change requested as per the detailed plan.

  

	 	(c)	LIFFE’s Project Manager will periodically provide to the Parties a report of the current status of the implementation of the change requested. 

  

	2.9	COMPLETE CHANGE REQUEST 

  

	 	(a)	Once implementation has been completed, senior representatives of the Parties will each so indicate by signing the appropriate section of the Change Request Form.

  

	 	(b)	LIFFE’s Project Manager will thereafter (i) arrange for an invoice to be sent to the CBOT for any Charges associated with the build, test, and/or implementation as appropriate
of the requested change and (ii) file the completed, and fully executed, Change Request Form. 

  
 CONFIDENTIAL INFORMATION REDACTED AND FILED SEPARATELY WITH THE SECURITIES 
 AND EXCHANGE COMMISSION. OMITTED PORTIONS INDICATED BY [**]. 
  

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 Confidential Treatment Requested by CBOT Holdings, Inc. 
  
 Appendix 1 to Schedule D 
  

					
	 Input Change
 Request
	  	 File CR if
 process
 exhausted
	  	 
			
	 Assess
 Change
 Request
	  	 No
	  	 
			
	 Request Form
 Correct
	  	 	  	 
			
	 Initial Assessment
 With an agreed
 completion date
	  	 File CR if
 process
 exhausted
	  	 
	 	  	 No
	  	 
			
	 Assessment
 Accepted?
	  	 	  	 
			
	Yes	  	 	  	 
			
	 Detailed Plan
 With an agreed
 completion date
	  	 File CR if
 process
 exhausted
	  	 
	 	  	 No
	  	 
			
	 Plan
 Accepted?
	  	 	  	 
			
	Yes	  	 	  	 
			
	Implement Solution	  	 File CR if
 process
 exhausted
	  	 
	  	  
	 	  	 No
	  	 
			
	 Change
 Accepted?
	  	 	  	 
		
	 Dispatch
 Invoice
 On the
 agreed
 basis
	  	 
			
	 Complete Change
 Request
	  	 	  	 

  
 CONFIDENTIAL
INFORMATION REDACTED AND FILED SEPARATELY WITH THE SECURITIES 
 AND EXCHANGE COMMISSION. OMITTED PORTIONS INDICATED BY [**].

  

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 Confidential Treatment Requested by CBOT Holdings, Inc. 
  
 Appendix 2 to Schedule D 
  
 Change Request Form 
  

 Change
Request No. 

  

 Change Requester Details & Authorization 

  

			
	 Name of Change Requester:
                            
	 	 Date of Request:
            /            /           
 

		
	 Party Requesting Change:
  
  
                 LIFE
	 	 [All dates required to be set out
 in this Change Request Form must
 be in the format dd-mmm-yyyy e.g
 LIFFE 29 Jan 2003.]

		
	                 CBOT
	 	 
		
	 Priority of Change Requested:
	 	 
		
	                 high
	 	 
		
	                 normal
	 	 
		
	                 low
	 	 

  

 Description of Change 
  
  
 Continued on separate sheet –    
YES/NO 

 Reason for Requested Change 
  
  
 Continued on separate sheet –     YES/NO 

  
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 Change Request Logged by LIFFE’s
Project Manager 
  
 Change Request Number Issued:
                             
  
 Date Number
Issued:            /            /            
         
  
 Date Request Received:
            /            /             
        
  
 Acknowledgement Sent:
            /            /             
        
  
 Name of the CBOT’s
Project Manager [If LIFFE is the Party requesting the
Change]:                                      
                           
  

Name of LIFFE’s Project Manager:
                                        
             
  
 Signature of LIFFE’s Project Manager:
                                        
       
  

 Initial Assessment Completed (A copy of the written results of the initial assessment is to be attached.) 
  
 Agreed Initial Assessment Completion Date
            /            /             
            
  
 Initial
Assessment Accepted 
  
 [To be signed by senior representatives of each Party.]

  
 Each of the signatories below hereby represents that he or she is authorized
to agree to the initial assessment on behalf of the entity for which he or she has signed. 
  
 LIFFE: 
  

							
	Name:
                                        
                	 	Signature:
                                        
                        
		
	Date:
            /            /           
 	 	 
		
	CBOT:	 	 
		
	Name:
                                        
                	 	Signature:
                                        
                        
		
	Date:
            /            /           
 	 	 

  

  
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 AND EXCHANGE COMMISSION. OMITTED PORTIONS INDICATED BY [**]. 
  

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 Confidential Treatment Requested by CBOT Holdings, Inc. 
  

 Detailed Plan Completed (A copy of the
written results of the initial assessment is to be attached.) 
  
 Agreed Detailed
Plan Completion Date
            /            /            

  
 Detailed Plan Agreed; Implementation to Commence 
  
 [To be signed by senior representatives of each Party.] 
  
 Each of the signatories below hereby represents that he or she is authorized to accept the
detailed plan and this Change Request Form on behalf of the entity for which he or she has signed. 
  
 LIFFE: 
  

							
	Name:
                                        
                	 	Signature:
                                        
                        
		
	Date:
            /            /           
 	 	 
		
	CBOT:	 	 
		
	Name:
                                        
                	 	Signature:
                                        
                        
		
	Date:
            /            /           
 	 	 

  

 CONFIDENTIAL INFORMATION REDACTED AND FILED SEPARATELY WITH THE SECURITIES 
 AND EXCHANGE
COMMISSION. OMITTED PORTIONS INDICATED BY [**]. 
  

 D-8 

 Change Request Agreed 
  
 [To be signed by senior representatives of each Party.] 
  
 Each of the signatories below hereby represents that he or she is authorized to accept the
detailed plan and this Change Request Form on behalf of the entity for which he or she has signed. 
  
 LIFFE: 
  

							
	Name:
                                        
                	 	Signature:
                                        
                        
		
	Date:
            /            /           
 	 	 
		
	CBOT:	 	 
		
	Name:
                                        
                	 	Signature:
                                        
                        
		
	Date:
            /            /           
 	 	 

  

  
 CONFIDENTIAL INFORMATION REDACTED AND FILED SEPARATELY WITH THE SECURITIES 
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 Confidential Treatment Requested by CBOT Holdings, Inc. 
  
 EXECUTION 
  
 SCHEDULE E 
  
 MASTER SUMMARY STATEMENT OF WORK 
  
 This Master Summary Statement of Work (this “SSOW”), dated as of the last date signed below (the “SSOW Execution Date”) is between
LIFFE ADMINISTRATION AND MANAGEMENT, a company incorporated in England and Wales (“LIFFE”), and BOARD OF TRADE OF THE CITY OF CHICAGO, INC., a Delaware corporation (the “CBOT”). 
  
 This SSOW, including all Change Requests attached as Appendix A hereto, shall
be incorporated by reference into the Managed Services Agreement between the Parties, dated as of May 1, 2003 (the “MSA”), and is subject to the terms and conditions of the MSA. Unless otherwise indicated, capitalized terms used but not
otherwise defined herein shall have the meaning ascribed to them in the MSA. 
  

	1.	Definitions 

  
 If used in this SSOW, the following expressions shall mean, respectively: 
  
 “Accepted” means issuance by the CBOT of an Acceptance Certificate in relation to the Software Change. 

 
 “Acceptance Criteria” means the criteria derived from the
Software Change Specifications that must be met by the Software Change in order to pass the relevant Acceptance Test. 
  
 “Acceptance Test” means a test comprised of the Acceptance Criteria, Test Cases and Test Data, and carried out in accordance with the relevant
Test Plan and Paragraph 3. 
  
 “Acceptance Testing”
shall have the meaning set forth in Paragraph 2.2(c). 
  
 “Catch Up Period” shall have the meaning set forth in Paragraph 2.3.2. 
  
 “CBOT Defect” shall have the meaning set forth in Paragraph 3.3.2.2. 
  
 “CBOT Deliverables” means any and all software, documentation, or other deliverables required to be provided by the CBOT pursuant to this SSOW.

  
 “CBOT Software” shall have the meaning set forth in
Paragraph 3.1. 
  
 “Documentation” means any operating
manuals, user instructions, technical literature, and other documentation supplied by LIFFE to the CBOT for the purposes of assisting the CBOT’s use of and/or access to the Software Change and incorporation of the Software Change into the
Trading System. 
  
 “Evidence” means evidence of a
defect in the Software Change, including the date the defect is detected; the environment (test or production) in which the defect occurred; the business impact 
  

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 of the defect; component or subsystem—with the version number in which
the defect is detected; the transaction being executed upon detection of the defect; the screen name if the defect can be evidenced by an online component; any inputs (including Standing Data) evidencing the defect; expected outputs/behavior;
outputs (such as messages and message logs) evidencing the defect; whether the market mode at the time of the defect is repeatable (yes/no); any stack trace and core dumps evidencing the defect; the scenario that caused the failure (to be in a step
by step format); the settings of the user defined fields within the application (price limit values, etc.); and any information, logs or traces evidencing the defect which are generated by any third party application. 
  
 “Final Acceptance Certificate” means a certificate issued by the
CBOT in accordance with Paragraph 3.4, which certificate acknowledges that the Software Change is ready to be made available for use in a real time live trading environment, and may note any subsequent obligations agreed by the Parties. 

 
 “Initial Acceptance Certificate” means a certificate issued by
the CBOT in accordance with Paragraph 3.3.3. 
  
 “Integration Testing” shall have the meaning set forth in Paragraph 2.2(d). 
  
 “Key Milestones” shall have the meaning set forth in Paragraph 2.3.1. 
  
 “Material Defect” means a defect which results in a failure of the key functionality of the Software Change to
materially conform to the Software Change Specifications. For the avoidance of doubt,”Material Defect” shall not include any failures of a cosmetic or trivial nature, failures which do not materially impact upon the use of the Trading
System, including the Software Change, or failures with respect to which a viable workaround has been identified. 
  
 “Milestones” shall have the meaning set forth in Paragraph 2.3. “MSA” shall have the meaning set forth above. 
  
 “Program Services Deliverables” means any and all Software Change,
documentation, or other deliverables required to be provided by LIFFE pursuant to this SSOW. 
  
 “Project Manager” means that individual responsible on behalf of LIFFE or the CBOT, as applicable, for the day to day management of the Program Services. 
  
 “Simulations” shall have the meaning set forth in Paragraph
2.2(e). 
  
 “Software Change Specifications” means any
specifications for the Software Change agreed upon by the Parties and set forth in Appendix A. 
  
 “SSOW” shall have the meaning set forth above. 
  
 “SSOW Effective Date” shall have the meaning set forth above. 
  
 “SSOW Go Live Date” means the earliest date, agreed by the Parties, upon which any Software Change delivered by
LIFFE under this SSOW is made available for use in a real time live trading environment. 
  
 CONFIDENTIAL INFORMATION REDACTED AND FILED SEPARATELY WITH THE SECURITIES 
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COMMISSION. OMITTED PORTIONS INDICATED BY [**]. 
  

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 “System Testing” shall have the meaning set forth in Paragraph
2.2(a). 
  
 “Test Cases” means those scripted tests
used to verify Test Data. 
  
 “Test Data” means a set
of input values or conditions and results in either value form or condition form, to verify that the performance of the Software Change materially conforms to the Software Change Specifications. 
  
 “Test Material” means, collectively, Acceptance Criteria, Test
Cases, Test Data and Test Plans. 
  
 “Test Plans” means
one or more documents setting out the procedures (including the detailed timing) for each Acceptance Test, based on the Acceptance Criteria. 
  

	2.	Services 

  
 2.1 Overview. LIFFE shall use reasonable efforts to provide to the CBOT the Program Services set forth in Change Request(s) attached as Appendix A, in
accordance with the terms of such Appendix A, this SSOW and the remaining portions of the MSA. Any requests by either Party for material changes to the nature or scope of the Program Services to be delivered under this SSOW must be made in
accordance with the Change Control Procedures. Appendix A shall (a) set forth any Software Change Specifications; (b) specify any locations agreed upon by the Parties to which such Software Change is to be delivered or at which it is to be
installed; and (c) specify the operating system(s) on which the Software Change may be used. 
  
 2.2 Software Development Services. Unless otherwise specified in Appendix A, the Program Services to be delivered under this SSOW shall include the following: 
  

	 	(a)	testing of the Software Change, prior to releasing such Software Change to the CBOT for any Acceptance Testing to be conducted under this SSOW, in order to ascertain whether the
Software Change materially conforms to any Software Change Specifications (“System Testing”); 

  

	 	(b)	physical delivery of the Software Change and any related Documentation LIFFE has agreed to provide to, and installation of the Software Change at such location(s) as may be agreed
upon by the Parties; 

  

	 	(c)	assisting the CBOT with Acceptance Testing of the Software Change, in accordance with the procedures set forth in Paragraph 3 (“Acceptance Testing”);

  

	 	(d)	assisting the CBOT with testing whether individual and collective components of CBOT Technology conform with the Software Change (or any interface components thereof), and whether
any interface components of the Software Change perform in accordance with the Software Change Specifications in accordance with the procedures set forth in Paragraph 3 (“Integration Testing”); and 

  

	 	(e)	assisting the CBOT with simulations of the CBOT Electronic Exchange utilizing the Software Change (“Simulations”). 

  
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 2.3 Milestones. Any milestones in respect of the Program Services agreed upon
by the Parties shall be set out in Appendix A (the “Milestones”). LIFFE shall use reasonable efforts to meet any such Milestones, and shall have at its disposal the resources necessary to meet such Milestones. The CBOT acknowledges that
(a) such Milestones are goals, not guarantees; and (b) LIFFE’s ability to meet such Milestones (i) is contingent upon the CBOT’s compliance with its applicable obligations under the MSA, including the CBOT’s obligations under Section
11 of the MSA and this SSOW; and (ii) may be affected by the CBOT’s initiation of a further Change Request resulting in modification of the nature or scope of the Program Services and any reinstatement of the Program Services following
suspension of the Program Services pursuant to Section 10.5 of the MSA. 
  

	 	2.3.1	Key Milestone Likely Not To Be Met. In the event that Appendix A identifies any key Milestones pertaining to the Program Services (“Key Milestones”) and LIFFE reasonably
anticipates that any such Key Milestones may not be met, then LIFFE shall notify the CBOT promptly of the potential delay, and shall inform the CBOT of LIFFE’s basis for such determination. Thereafter, (a) the Parties shall cooperate to
identify resources, and to devise and carry out measures, to facilitate the prompt completion of the Program Services associated with such Key Milestone, and (b) LIFFE’s Project Manager shall report on a daily basis to the CBOT’s Project
Manager LIFFE’s progress in endeavoring to meet the Key Milestone. 

  

	 	2.3.2	Missed Key Milestone. In the event that any Key Milestone is not met, LIFFE shall promptly notify the CBOT of the missed Key Milestone. Thereafter, (a) the Director of Global
Programme Delivery, LIFFE Market Solutions shall report on a daily basis to a representative of the CBOT at an equivalent level LIFFE’s progress towards the completion of the Program Services associated with such Key Milestone; and (b) the
Parties shall (i) continue to carry out any measures devised in accordance with Paragraph 2.3.1 or, if no such measures have been devised, cooperate to identify resources, and to devise and carry out measures, to facilitate the prompt completion of
the Program Services associated with the missed Key Milestone; (ii) cooperate to identify resources, and to devise and carry out measures, to mitigate the impact upon future Milestones of missing such Key Milestone; and (iii) agree, in advance of
carrying out any further endeavors to complete the Program Services associated with the Key Milestone, [**] associated with the missed Key Milestone during the period between the Key Milestone and the date of completion of the Program Services
associated with such Key Milestone (the “Catch Up Period”); provided, however, that (x) [**] in the event the delay in meeting the Key Milestone is a result of the CBOT’s failure to fulfill any of its obligations under this SSOW or
other portions of the MSA; and (y) if the services associated with the missed Key Milestone are solely the responsibility of LIFFE, [**] during the Catch Up Period. Once the Program Services associated with the Key Milestone have been completed,
LIFFE shall notify the CBOT of the date of completion of such Program Services. 

  

	 	2.3.3	[**]. In the event that any Key Milestone is not met, with respect to Charges for all Program Services performed by LIFFE during the Catch Up Period, the CBOT may, at its option and
upon written notice to LIFFE, [**], the Payment Date for such Charges; provided, however, that no [**] pursuant to this Paragraph 

  
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 Confidential Treatment Requested by CBOT Holdings, Inc. 
  
 2.3.3 shall be made in the event the delay in meeting the Key Milestone is a
result of the CBOT’s failure to fulfill any of its obligations under this SSOW or other applicable portions of the MSA, including its obligations under Section 11 of the MSA. Notwithstanding the foregoing, the Parties agree that, upon the SSOW
Go Live Date, all Program Services associated with Key Milestones will be deemed to have been completed. 
  

	 	2.3.4	Disputes. In the event of any Dispute with respect to the foregoing Paragraphs 2.3.1 to 2.3.3, the Parties shall address such Dispute in accordance with Section 19 of the MSA.

  
 2.4 Progress Reports. LIFFE shall provide the
CBOT written reports regarding the status of LIFFE’s performance of the Program Services, at intervals to be agreed upon by the Parties. 
  

	3.	Acceptance Testing 

  
 3.1 System Testing. Acceptance testing shall not commence until (a) LIFFE has notified the CBOT in writing that LIFFE has reasonably determined that the
Software Change materially conforms to the Software Change Specifications and (b) the CBOT has notified LIFFE in writing that the CBOT has reasonably determined that CBOT Deliverables comprising software (the “CBOT Software”) materially
conforms to the CBOT’s specifications for such CBOT Software and any Interfaces specifications identified on Appendix A. Between delivery of such notice to the other Party and the CBOT’s issuance of the Initial Acceptance Certificate, (i)
LIFFE shall endeavor to provide the CBOT written notice of any modifications of the Software Change, and (ii) the CBOT shall endeavor to provide LIFFE written notice of any modifications to the CBOT Software. 
  
 3.2 Preparation. Unless otherwise specified in Appendix A, Acceptance Testing
will consist of two phases: Integration Testing and Simulations. By no later than the applicable Milestones, or such dates as are otherwise agreed upon by the Parties, the CBOT shall, in consultation with LIFFE, prepare and submit to LIFFE
Acceptance Criteria, Test Cases, Test Data, and Test Plans in respect of the Software Change, suitable to demonstrate that such Software Change can be integrated with the Software (as defined in the MSA) and that the Software Change materially
conforms to the applicable portions of the Software Change Specifications. LIFFE shall review each such submission and shall notify the CBOT of its objections or concerns with the submission. The CBOT shall cooperate in good faith to modify the Test
Material to address LIFFE’s reasonable objections and create mutually acceptable Test Material. 
  
 3.3 Integration Testing. 
  

	 	3.3.1	Notification. Unless otherwise specified in Appendix A, commencing upon any relevant Milestone set forth in Appendix A or upon any alternative date agreed upon by the Parties, the
CBOT shall, with LIFFE’s reasonable assistance, carry out Integration Testing at LIFFE’s offices in London and the CBOT’s facilities in Chicago, or elsewhere as the Parties may deem most appropriate to facilitate acceptance testing
and to meet any relevant Milestones. 

  

	 	3.3.2	Suspected Defects. 

  

	 	3.3.2.1	Material Defects. If a Material Defect is suspected, (a) the CBOT shall, immediately upon becoming aware of such suspected Material Defect, 

  
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 provide LIFFE’s Project Manager written notice of such suspected
Material Defect, together with all Evidence of such suspected Material Defect reasonably available to the CBOT, and (b) at LIFFE’s request, the Parties shall re-perform the relevant Integration Testing and present the results thereof to each
Party’s Project Manager. If the Parties agree that Integration Testing has revealed a Material Defect, the Parties shall document the nature of the Material Defect identified by the Integration Testing. As soon as reasonably practicable
thereafter, (i) LIFFE shall use reasonable efforts to remedy the Material Defect and shall notify the CBOT’s Project Manager once LIFFE reasonably believes the Material Defect has been remedied; and (ii) the Parties shall repeat the Integration
Testing, in whole or in part as necessary, to confirm that such Material Defect has been remedied. If such initial efforts to remedy the Material Defect prove unsuccessful, this cycle shall be repeated until (x) Integration Testing results reveal no
Material Defects or (y) the CBOT otherwise agrees to issue an Initial Acceptance Certificate, and the CBOT shall not repeated cycle (s) in the event that the need to repeat such incur any Charges for Services in respect of such cycle is due to
LIFFE’s failure to remedy the Material Defect. 
  

	 	3.3.2.2	CBOT Defects. If Integration Testing reveals a defect in the CBOT Software (a “CBOT Defect”), the Parties shall document the nature of the CBOT Defect identified by the
Integration Testing and provide to the CBOT’s Project Manager any evidence of the CBOT Defect discovered during Integration Testing. As soon as reasonably practicable thereafter, unless otherwise agreed by the Parties, (i) the CBOT shall use
reasonable efforts to remedy the CBOT Defect and shall notify LIFFE’s Project Manager once the CBOT reasonably believes the CBOT Defect has been remedied; and (ii) the Parties shall repeat the Integration Testing, in whole or in part as
necessary, to confirm that such CBOT Defect has been remedied. If such efforts to remedy the CBOT Defect prove unsuccessful, this cycle shall be repeated until Integration Testing results reveal no CBOT Defects. 

  

	 	3.3.3	Initial Acceptance Certificate. Unless otherwise specified in Appendix A, once all of the Software Change has completed Integration Testing successfully, the CBOT shall promptly
sign and deliver to LIFFE’s Project Manager an Initial Acceptance Certificate, which shall evidence the CBOT’s Acceptance of the Software Change. Following the delivery of the Initial Acceptance Certificate and subject to the terms
thereof, no modifications, other than such configuration changes as are agreed upon by the Parties and may be necessary for purposes of carrying out the Simulations and/or for making the Software Change and the CBOT Software available for trading in
a real time live trading environment, shall be made to the Software Change or the CBOT Software prior to the SSOW Go Live Date, without the written consent of the Parties. 

  
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	 	3.4	Simulations. 

  

	 	3.4.1	Notification. Unless otherwise specified in Appendix A, following issuance of the Initial Acceptance Certificate and in accordance with any relevant Milestone, the CBOT shall, with
LIFFE’s reasonable assistance, carry out Simulations. 

  

	 	3.4.2	Suspected Defects. 

  

	 	3.4.2.1	Material Defects. If a Material Defect is suspected, (a) the CBOT shall, immediately upon becoming aware of such suspected Material Defect, provide LIFFE’s Project Manager
written notice of such suspected Material Defect, together with all Evidence of such suspected Material Defect reasonably available to the CBOT, and (b) at LIFFE’s request, the Parties shall re-perform the relevant Simulation and present the
results thereof to each Party’s Project Manager. If the Parties agree that a Simulation has revealed a Material Defect, the Parties shall document the nature of the Material Defect identified by the Simulation. As soon as reasonably practicable
thereafter, (i) LIFFE shall use reasonable efforts to remedy the Material Defect and shall notify the CBOT’s Project Manager once LIFFE reasonably believes the Material Defect has been remedied; and (ii) the Parties shall repeat the Simulation,
in whole or in part as necessary, to confirm that such Material Defect has been remedied. If such initial efforts to remedy the Material Defect prove unsuccessful, this cycle shall be repeated until (x) Simulation results reveal no Material Defects
or (y) the CBOT otherwise agrees to issue a Final Acceptance Certificate, and the CBOT shall not incur any Charges for Services in respect of such repeated cycly(s) in the event that the need to repeat such cycle is due to LIFFE’s failure to
remedy the Material Defect. 

  

	 	3.4.2.2	CBOT Defects. If a Simulation reveals a CBOT Defect, the Parties shall document the nature of the CBOT Defect identified by the Simulation and provide to CBOT’s Project Manager
any Evidence of the CBOT Defect discovered during Simulation. As soon as reasonably practicable thereafter, (i) the CBOT shall use reasonable efforts to remedy the CBOT Defect and shall notify LIFFE’s Project Manager once the CBOT reasonably
believes the CBOT Defect has been remedied; and (ii) the Parties shall repeat the Simulation, in whole or in part as necessary, to confirm that such CBOT Defect has been remedied. If such efforts to remedy the CBOT Defect prove unsuccessful, this
cycle shall be repeated until Simulation results reveal no CBOT Defects. 

  

	 	3.4.3	Final Acceptance Certificate. Unless otherwise specified in Appendix A, once the Software Change has completed Simulations successfully, the CBOT shall promptly sign and deliver to
LIFFE’s Project Manager a Final Acceptance Certificate. Following the delivery of the Final Acceptance Certificate and subject to the terms thereof, no modifications, other than such configuration changes as are agreed upon by the Parties and
may be necessary for purposes of making the Software Change and the CBOT Software available for trading in a real time live trading environment, shall be made to the Software Change or the CBOT Software prior to the SSOW Go Live Date, without the
written consent of the Parties. 

  
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 3.5 SSOW Go Live Date. Notwithstanding any provision to the contrary herein,
unless otherwise specified in Appendix A, the Software Change will not be made available for use in a real time live trading environment until and unless the CBOT has delivered to LIFFE’s Project Manager an executed Final Acceptance Certificate
in accordance with Paragraph 3.4.3. 
  
 3.6 Disputes. Any Dispute
relating to Acceptance Testing shall be addressed in accordance with the dispute resolution procedures set forth in Section 19 of the MSA. 
  
 3.7 Acceptance. All Software Change that has been Accepted pursuant to the terms of this SSOW shall be deemed “Software” within the meaning of
the MSA. 
  

	4.	CBOT’s Dependencies 

  
 In addition to all other obligations of the CBOT set forth in this SSOW and other portions of the MSA, the CBOT shall comply with those dependencies set
forth in Appendix A. 
  

	5.	Project Managers 

  
 5.1 Appointments. Each Party shall appoint and inform the other Party of the identity of a Project Manager to serve as the primary points of contact
between LIFFE and the CBOT with respect to the Program Services to be delivered under this SSOW. 
  
 5.2 Substitutions. Each Party shall promptly notify the other in writing of any substitutions for or replacements of such individuals appointed in
accordance with Paragraph 5.1, as applicable, and shall take all reasonable steps to minimize any potential adverse effects of such changes. 
  

	6.	Charges 

  
 In consideration for LIFFE’s performance of the Program Services hereunder, the CBOT shall pay to LIFFE the Program Services Charges, in accordance
with Section 10 and Schedule M of the MSA. 
  

	7.	Term 

  
 The term of this SSOW will commence upon the SSOW Effective Date and will continue until the (a) completion of the Program Services or (b) the expiration or termination of the MSA, unless otherwise agreed by the
Parties. 
  

	8.	Proprietary Rights 

  
 In accordance with Section 14 of the MSA, as between the CBOT and LIFFE, all rights, title and interest in and to all Program Services Deliverables and
other materials provided by LIFFE under this SSOW, including all copyrights, trademarks, patents, trade secrets and other intellectual property inherent in the foregoing or appurtenant thereto, shall be and remain vested in LIFFE (or LIFFE’s
Affiliates, suppliers or licensors, as applicable). 
  
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 IN WITNESS WHEREOF, the Parties have executed this Master Summary Statement
of Work as of the SSOW Effective Date. 
  

			
	 LIFFE ADMINISTRATION AND MANAGEMENT, a
 company incorporated in England and Wales

		
	 By:
	 	  

	 Name:
	 	  

	 Its:
	 	  

	 Date:
	 	  

  

			
	 BOARD OF TRADE OF THE CITY OF CHICAGO, INC.,
 a Delaware corporation

		
	 By:
	 	  

	 Name:
	 	  

	 Its:
	 	  

	 Date:
	 	  

  
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 Appendix A 
  
 [Change Request(s)] 
  
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 EXECUTION 
  
 SCHEDULE F 
  
 CBOT’S ACCEPTABLE USE AND HARASSMENT POLICIES 
  
 Chicago Board of Trade 
 Information Security
Program Management 
  
 Acceptable Use Policy 
  
 Requirements 
 Table of Contents 
  

					
	1.	 	 User Responsibilities
	  	Page 2
			
	2.	 	 Prohibited Uses
	  	Page 2
			
	3.	 	 Operational Data
	  	Page 3
			
	4.	 	 Right to Privacy
	  	Page 4
			
	5.	 	 Discoverability of Electronic Information
	  	Page 4
			
	6.	 	 Audits of the System
	  	Page 4
			
	7.	 	 Monitoring
	  	Page 4
			
	8.	 	 Non-Compliance Disciplinary Actions
	  	Page 4

  
 Chicago Board of Trade

 Information Security Program Management 
  
 Acceptable Use Policy 
  
 General Policy 
  
 Chicago Board of Trade (CBOT®) requires that the use of the computing systems and facilities located at, or operated by, the Chicago Board of Trade (CBOT) will be conducted in an effective, efficient, ethical, and lawful manner. 
  
 This Acceptable Use Policy (referred to as “Policy”) supersedes any and all prior
policies relating to the subject matter contained herein. The CBOT reserves the right to change or supplement this Policy at any time. 
  
 Purpose 
  
 The Chicago Board of Trade’s Acceptable Use Policy is intended to assure that the use of the computing systems and facilities located at, or operated by, the Chicago Board of Trade (CBOT) is conducted in an
effective, efficient, ethical, and lawful manner. 
  
 Applicability

  
 This policy applies to all Chicago Board of Trade systems users of the
computing systems and facilities located at, or operated by, the Chicago Board of Trade (CBOT). 
  
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 Key Definitions 
  
 CBOT Computing Systems and Facilities – Any system including but not limited to individual desktop and laptop
computers, file and network servers, networks, floppy disks, magnetic tapes, CDROM devices, telecommunications systems, or other computing and storage devices provided or supported by any CBOT division. Throughout the Policy, the CBOT’s
Computing Systems and Facilities are collectively referred to as “CBOT Systems”. 
  
 Use – The use of data/programs stored on CBOT Systems. 
  
 User – The person granted an account or accounts on CBOT Systems in order to perform work in support of a CBOT program or project. A user may be an employee, temporary help, contractor, consultant, or third party
with whom special arrangements have been made. 
  
 Note: The
terms user, worker, and employee are all used to represent a full-time employee, part-time employee, temporary help, contractor, consultant, or third party that has special arrangements that give telecommuting access to CBOT systems. 
  
 Responsibility for Implementing the Policy 
  
 Managers of all the Chicago Board of Trade systems users of the computing systems and
facilities located at, or operated by, the Chicago Board of Trade (CBOT) are responsible for assuring that the use of these computing systems and facilities is conducted in an effective, efficient, ethical, and lawful manner. Requirements

  

	1.	User Responsibilities The following requirements govern User Responsibilities: 

  

	1.1	CBOT Systems are owned by CBOT and are operated by CBOT employees, consultants, and other third parties such as temporary workers and are to be used for authorized CBOT purposes
only. Users are authorized to prepare and store incidental personal data on CBOT systems provided that such usage does not interfere with or affect the user’s performance or violate the law or any CBOT standards of conduct. The CBOT assumes no
liability for loss, damage, disclosure or misuse of any such incidental personal data stored on CBOT Systems. 

  

	1.2	Users are responsible for protecting any information used and/or stored within their CBOT accounts in accordance with the CBOT Information Security Policies and Standards.

  

	1.3	Users are required to report any weaknesses in CBOT Systems and any incidents of possible misuse or violation of this Policy to their supervisor and Information Security Program
management. 

  

	2.	Prohibited Uses Prohibited uses of CBOT Systems include but are not limited to the following: 

  

	2.1	Users shall not attempt to access any data or programs contained on CBOT Systems for which they do not have authorization. 

  

	2.2	Users shall not attempt to access CBOT Systems remotely except to transmit or retrieve electronic mail (e-mail) or voicemail messages unless authorized by a Vice President or
Department Director. 

  
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	2.3	Users shall not attempt to access non-CBOT Systems (e.g. the Internet or external dial-up facilities) from CBOT Systems unless authorized by a Vice President or Department Director.

  

	2.4	Users shall not install software programs on CBOT Systems. Software programs may be installed on CBOT Systems only by Departmental LAN (Local Area Network) Administrators or those
authorized by Information Technology Department Senior Management. 

  

	2.5	Users may not use software that is not owned by, or licensed to, the CBOT. This includes using CBOT Systems to copy any software documents or other information protected under
copyright law. 

  

	2.6	Users shall not make unauthorized copies of system configuration files (e.g. password files) for their own personal use or on the behalf of others. 

  

	2.7	Users shall not purposely engage in activity with the intent to: 

  

	 	•	harass, discriminate against, or intimidate others; 

  

	 	•	degrade the performance of CBOT systems; 

  

	 	•	deprive an authorized CBOT user access to a CBOT resource; 

  

	 	•	obtain extra resources beyond those allocated (e.g. circumvent disk 

  

	 	•	quotas or otherwise violate resource allocation policies); 

  

	 	•	circumvent security measures or gain access to a CBOT System for which 

  

	 	•	proper authorization has not been granted. 

  

	2.8	Users shall not purposely create, store, transmit, or view illegal, offensive, or inappropriate material, including but not limited to pornography, hate/crime/violence-related
material, and drug/alcohol-related material. 

  

	2.9	Users shall not use CBOT Systems to frequently engage in the solicitation of non-CBOT business ventures or any political, religious, charitable, or personal causes unless authorized
in writing by the CBOT. 

  

	2.10	Users shall not download, install, or run security programs or utilities which reveal weaknesses in the security of a system. 

  

	2.11	Users shall not remove CBOT Systems (e.g. software, hardware, design specifications) from the CBOT premises unless authorized by a Vice President or Department Director.

  

	2.12	Users shall not forward any attorney-client message from CBOT legal counsel to anyone else without said counsel’s authorization. 

  

	2.13	Users shall not transmit non-public information or attorney-client communications via the Internet or other extranet connectivity. 

  

	3.	Operational Data The following requirements govern Operational Data: 

  

	3.1	Users may not access “operational data” on CBOT Systems (i.e. non-public data that relates to the operations of the CBOT, its members, member firms, or other market
participants), except pursuant to a regulatory purpose and upon approval by a Vice President or Department Director. 

  
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	3.2	Users authorized to access operational data may not update, delete, or modify any such data unless authorized by a Vice President or Department Director. 

 

	3.3	Non-CBOT users may not access operational data on CBOT Systems except pursuant to a regulatory purpose, upon approval by a Vice President or Department Director and upon execution
of a confidentiality agreement. 

  

	4.	Right to Privacy The following requirements govern Right to Privacy: 

  
 The CBOT has legal ownership of all information stored on or transmitted from CBOT Systems. Therefore, users should have no expectation of privacy associated with the
information they store in or send through CBOT Systems. 
  
 To properly maintain
and manage this information, the CBOT reserves the right to access, review, monitor, copy, modify, and delete any information (including personal data) transmitted through or stored on CBOT Systems and, where appropriate, to disclose it to any
party. 
  

	5.	Discoverability of Electronic Information The following requirements govern Discoverability of Electronic Information: 

  
 Electronic information transmitted or stored anywhere on CBOT Systems is subject to discovery
and may be admissible in court or administrative proceedings. 
  

	6.	Audits of the System The following requirements govern Audits of the System: 

  

To ensure compliance with these policies, the CBOT may, without notice, conduct periodic audits of CBOT Systems. The CBOT reserves the right to conduct special audits
at any time when a violation of this Policy is suspected. The CBOT will investigate all information security incidents and report them to senior management. 
  

	7.	Monitoring The following requirements govern Monitoring: 

  

	7.1	In general terms, the CBOT does not engage in blanket monitoring of employee communications on CBOT systems. The CBOT does, however, reserve the right to monitor, access, retrieve,
read, and/or disclose employee communications when: (a) a legitimate business need exists that cannot be satisfied by other means, (b) the involved employee is unavailable and timing is critical to a business activity, (c) there is reasonable cause
to suspect criminal activity or policy violation, or (d) monitoring is required by law, regulation, or third-party agreement. 

  

	7.2	CBOT employees will be notified of all CBOT Systems monitoring policies. CBOT employees and their managers will be informed about all monitoring activities with the only permissible
exception being investigations of suspected criminal activity. 

  

	8.	Non-Compliance Disciplinary Actions The following requirements govern Non-Compliance Disciplinary Actions: 

  

	8.1	The CBOT reserves the right to revoke the privileges of any user at any time. Any noncompliance with these CBOT Systems user requirements will constitute a security violation and
will be reported to the management of the CBOT user and Information Security Program Management. Security violations may result in short-term or permanent loss of access to CBOT Systems. Serious violations will result in disciplinary action,
including termination of employment. 

  
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	8.2	Users who abuse their CBOT Systems privileges may also be subject to external disciplinary action including civil or criminal legal action. By making use of CBOT Systems, users
consent to allow all information they store on CBOT Systems to be divulged to law enforcement at the discretion of CBOT senior executive management. 

  
 Harassment Policy 
  
 Sexual harassment is an infringement of an employee’s, applicant’s or consultant’s right to work in an environment free from unlawful sexual pressure. The
CBOT® is strongly committed to a workplace free of
sexual harassment. In keeping with this policy, the CBOT will not tolerate sexual harassment of employees, applicants, or consultants by other employees or non-employees in the workplace. 
  
 Sexual harassment consists of unlawful verbal or physical conduct directed at a person when that conduct is based on that person’s sex
and has a substantial adverse effect on him or her in the workplace. Such conduct may include, but is not limited to, the following: 
  

	1.	requests for sexual favors that may or may not be accompanied by threats or promises of preferential treatment with respect to an individual’s employment status;

  

	2.	verbal, written or graphic communications of a sexual nature, including lewd or sexually suggestive comments, off-color jokes of a sexual nature or displays of sexually explicit
pictures, photos, posters, cartoons, books, magazines or other items; or 

  

	3.	patting, pinching, hitting or any other unnecessary contact with another person’s body or threats to take such action. 

  
 Any employee, applicant or consultant who believes that he or she has been sexually harassed
in the workplace should report the harassment as soon as possible after it occurs to their supervisor. Any complaint regarding harassment by a CBOT employee should be presented to the complaining individual’s supervisor or the CBOT Human
Resources Department. Any supervisor who receives such a complaint must notify the Human Resources Department of the complaint as soon as possible. Complaints pertaining to harassment by members or member firm employees should be directed to the
head of Investigations in the Office of Investigations and Audits. Complaints pertaining to harassment by other non-employees should be directed to the Human Resources Department. The CBOT will thoroughly investigate all complaints and will keep
them confidential, only disclosing them on a “need-to-know” basis. 
  
 The CBOT will not retaliate against any person who has been harassed and/or has reported the harassment. No supervisor or other employee may in any way base an employment decision regarding a person on the fact that the person has been
harassed and/or has reported the harassment to the CBOT. 
  
 The CBOT will not
tolerate any violations of this policy. Violations of this policy by employees or consultants will subject the offending employee(s) or consultant(s) to appropriate disciplinary action up to and including discharge from employment or termination of
services. Members and their employees who violate this policy will also be subject to appropriate disciplinary action. 
  
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 EXECUTION 
  
 SCHEDULE G 
  
 CALL MANAGEMENT PROCEDURES 
  
 1. CBOT’s Call Management Obligations. 
  
 1.1 Market Participants. Upon receipt of each Call from a Market Participant, the CBOT shall: 
  

	 	1.1.1	Assess whether the Call relates to LIFFE’s delivery of the Managed Services. 

  

	 	1.1.2	If the CBOT determines the Call relates to LIFFE’s delivery of the Managed Services: 

  

	 	        	[**] 

  

	 	1.1.3	If the CBOT determines the Call does not relate to LIFFE’s delivery of the Managed Services: 

  

	 	        	[**] 

  
 1.2 CBOT Personnel. In addition to performing the obligations set forth in Paragraph 1.1, the CBOT shall: 
  

	 	        	[**] 

  
 2. LIFFE’s Call Management Obligations. 
  

	 	2.1	Calls Routed by the CBOT. [**] 

  

	 	2.2	Direct Calls from Market Participants. [**] 

  
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 EXECUTION 
  
 SCHEDULE H 
  
 EQUIPMENT UPLIFT 
  
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 EXECUTION 
  
 SCHEDULE I 
  
 LIFFE CORE NETWORK ACCEPTABLE USE POLICY 
  

	1.	Permitted Purpose 

  
 Except as otherwise agreed by LIFFE, those Persons authorized to use the Core Network in relation to the CBOT Electronic Exchange (“Users”)
shall use the Core Network solely for purposes of participating in, accessing or obtaining information from the CBOT Electronic Exchange via an Interface with the Equipment. 
  

	2.	Compliance with Laws 

  
 Users shall use the Core Network in accordance with all applicable laws and regulations and any additional reasonable requirements as LIFFE may deem
necessary to protect the Core Network. Without limiting the foregoing, Users shall not use, transmit, distribute or store via the Core Network any data, information or other material (“Data”) which (i) infringes or otherwise violates any
copyright, trademark, trade secret or other intellectual property of any individual or entity; (ii) is pornographic, obscene, or exploitative of a minor; (iii) is menacing, malicious, illegally threatening or defamatory; or (iv) violates export laws
or otherwise violates any applicable treaty, law or regulation. 
  

	3.	Harmful Activities 

  
 Users shall not use the Core Network to transmit, distribute or store any Data or undertake any other activities that may be harmful to or otherwise
interfere with (i) the Core Network or the use thereof by any other User or other authorized user of the Core Network, or (ii) any system, network or equipment of LIFFE or any third party, including: (i) intercepting or attempting to intercept Data
or other transmissions passing over the Core Network; (ii) forwarding chain letters; (iii) sending multiple e-mails or large transmissions that could reasonably be expected to annoy or harass or to impose a disproportionately large load on, or
degrade the functionality of, the Core Network (e.g., “mail bombing”); (iv) sending any e-mail containing misleading or incorrect headers or information rendering the origin of the e-mail unclear or deceptive; (v) sending bulk or
unsolicited e-mail messages (“spamming”), either directly or by relaying; or (vi) transmitting any virus, worm or Trojan Horse. 
  

	4.	Security 

  
 4.1 Users shall not violate or attempt to violate the security of the Core Network or interfere or attempt to interfere with LIFFE’s
systems, networks, authentication measures, servers or equipment or with the use of or access to the Core Network by any other User or any other authorized user of the Core Network. Such prohibited activity includes (i) logging into a server where
access is not authorized; (ii) probing, scanning, or testing the security or vulnerability of the Core Network or other networks; and (iii) 
  
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 attempting to gain access via the Core Network to any account or computer
resource not belonging to such User (“spoofing”). 
  
 4.2 Users shall not monitor Data or traffic on the Core Network except via a Trading Application or Interface. 
  

	5.	Enforcement 

  
 Except as may be agreed between LIFFE and the CBOT, LIFFE shall have no obligation to monitor or exercise control over any Data transmitted, distributed or stored by any User via the Core Network. Notwithstanding the
foregoing, LIFFE reserves the right to monitor and control activities undertaken via the Core Network. 
  

	6.	Responsibility 

  
 Each User is fully responsible for all uses of the Core Network undertaken (i) by such User or (ii) via such User’s Trading Application or Interface.

  
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 EXECUTION 
  
 SCHEDULE J 
  
 CBOT DEPENDENCIES 
  
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 EXECUTION 
  
 SCHEDULE K 
  
 LIFFE SECURITY POLICY 
  
 [*2 pages*] 
  
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 EXECUTION 
  
 SCHEDULE L 
  
 TRADEMARK USAGE GUIDELINES 
  
 LIFFE CONNECT® Logotype Standards 
  
 Contents 
  

									
	 1
	 	BASIC ELEMENTS	  	2
				
	 	 	1.1	 	Logotype	  	2
				
	 	 	1.2	 	LIFFE CONNECT® colours	  	2
			
	 2
	 	DESIGN GUIDELINES FOR PRINT	  	3
				
	 	 	2.1	 	Critical space	  	3
				
	 	 	2.2	 	Colours	  	3
					
	 	 	 	 	2.2.1	 	LIFFE CONNECT® Gold	  	3
					
	 	 	 	 	2.2.2	 	LIFFE CONNECT® Red	  	3
					
	 	 	 	 	2.2.3	 	LIFFE CONNECT® Black	  	3
				
	 	 	2.3	 	Logotype backgrounds	  	3
			
	 3
	 	DESIGN GUIDELINES FOR THE WEB	  	4
				
	 	 	3.1	 	Critical space	  	4
				
	 	 	3.2	 	Colours	  	4
					
	 	 	 	 	3.2.1	 	LIFFE CONNECT® Gold	  	4
					
	 	 	 	 	3.2.2	 	LIFFE CONNECT® Red	  	4
					
	 	 	 	 	3.2.3	 	LIFFE CONNECT® Black	  	4
				
	 	 	3.3	 	Logotype backgrounds	  	4
				
	 	 	3.4	 	Logo rendering	  	4
			
	 4
	 	TEXT	  	5

  
 © LIFFE 2002, 2003 
  
 All proprietary rights and interest in this publication shall be vested in LIFFE
Administration and Management (“LIFFE”) and all other rights including, but without limitation, patent, registered design, copyright, trademark, service mark, connected with this publication shall also be vested in LIFFE. LIFFE
CONNECT® is a trademark of LIFFE Administration and
Management. No part of this publication may be redistributed or reproduced in any form or by any means or used to make any derivative work (such as translation, transformation, or adaptation) without written permission from LIFFE. LIFFE reserves the
right to revise this publication and to make changes in content from time to time without obligation on the part of LIFFE to provide notification of such revision or change. 
  
 LIFFE Administration and Management 
 Cannon
Bridge House . 1 Cousin Lane . London EC4R 3XX . United Kingdom 
 Telephone: +44 (0)20 7623 0444 Fax: +44 (0)20 7588 3624 
 http://www.liffe.com/ 
 Registered in England no 1591809 
  
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 AND EXCHANGE COMMISSION. OMITTED PORTIONS INDICATED BY [**]. 
  

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 Confidential Treatment Requested by CBOT Holdings, Inc. 
  
 LIFFE Administration and Management is a part of the Euronext Group. 
  
 1 Basic elements 
  
 [LOGO OF LIFFE CONNECT®] 
  
 1.1 Logotype 
  
 The LIFFE CONNECT®
logotype is legally protected and registered and must be reproduced accurately. The logo has been specially drawn and must not be altered or modified in any way. The logo must always be used horizontally and never at an angle. 
  
 1.2 LIFFE CONNECT® colours 
  
 The LIFFE CONNECT® logo is made up of three colours: gold, red and black. They are defined and specified below for print and web. 
  
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 2 Design Guidelines for Print 
  
 2.1 Critical space 
  
 Space equivalent to the height of the main lettering of the logotype is to be kept around all four sides of the logotype. This is a minimum and more should always be
given if possible. 
  
 2.2 Colours 
  
 2.2.1 LIFFE CONNECT® Gold 
  
 [**] 
  
 2.2.2 LIFFE CONNECT® Red 
  
 [**] 
  
 2.2.3 LIFFE CONNECT® Black 
  
 Black 
  
 2.3 Logotype backgrounds 
  
 Wherever possible,
the logotype should be reproduced in LIFFE CONNECT®
gold, red and black. 
  
 In cases where only one colour reproduction of the
logotype is possible it should appear in single colour only using either LIFFE CONNECT® gold, red, black or white. 
  
 On single
colour items the logotype may appear in the colour that the item is printed. 
  
 When appearing out of a coloured background the logotype must appear reversed ‘white out’ or in one colour black. 
  
 On four colour items the pantone colours may be converted to the equivalent in cmyk. 
  
 CONFIDENTIAL INFORMATION REDACTED AND FILED SEPARATELY WITH THE SECURITIES 
 AND EXCHANGE COMMISSION. OMITTED PORTIONS INDICATED BY [**]. 
  

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 Confidential Treatment Requested by CBOT Holdings, Inc. 
  
 3 Design Guidelines for the Web 
  
 3.1 Critical space 
  
 Space equivalent to the height of the logotype L is to be kept around all four sides of the logotype. This is a minimum and more should always be given if possible.

  
 3.2 Colours 
  
 3.2.1 LIFFE CONNECT® Gold 
  
 [**] 
  
 3.2.2 LIFFE CONNECT® Red 
  
 [**] 
  
 3.2.3 LIFFE CONNECT® Black 
  
 [**] 
  
 3.3 Logotype backgrounds 
  
 Wherever possible,
the logotype should be reproduced in LIFFE CONNECT®
gold, red and black. 
  
 When appearing out of a coloured background the logotype
must appear reversed ‘white out’ or in black. 
  
 3.4 Logo rendering

  
 The LIFFE CONNECT® logotype must be rendered in its entirety as an image. It must never be generated
client-side. When rendered the logotype should be clear, clean and crisp. Overall dimensions should be to an exact number of pixels to avoid excessive anti-aliasing. 
  
 If used in Flash animations the logotype should be imported as a vector image. It should not be modified or distorted. 
  
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 4 Text 
  
 LIFFE CONNECT® should be written in capitals and with the trademark registration symbol® at all times. 
  
 For web sites, this only applies where LIFFE CONNECT® appears in a heading or as body text on a web page. It is not relevant for file names or directory structures. 
  
 CONFIDENTIAL INFORMATION REDACTED AND FILED SEPARATELY WITH THE SECURITIES

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 EXECUTION 
  
 SCHEDULE M 
  
 CHARGES 
  
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 LIFFE TRAVEL/EXPENSE POLICY 
  
 1. Air Travel 
  
 All LIFFE staff travel British Airways Club Class for any journey in excess of 4 hours. If a Business Class seat is not available or the time or airport of departure is not convenient, then the traveler may choose
Business Class with Virgin Atlantic. If Business Class Seats with neither British Airways nor Virgin Atlantic are available within a 2 hour window either side of the preferred departure time, then the traveler may choose Business Class with any
other airline. 
  
 If the journey is less than 4 hours then Economy Class travel
will be used. Within the U.S. we do not have a limitation on which airlines are selected. 
  
 2. Hotels 
  
 LIFFE staff will reside in
reasonable accommodation when staying away from home overnight on business. This is dependant upon location and duration, but LIFFE suggests that a rate no greater than [**] per night is reasonable for the staff in the U.S. 
  
 Accommodation for consultants over weekends will be charged. 
  
 3. Expenses 
  
 LIFFE generally does not expect the staff working away from the office to incur average general expenses in excess of [**] per day. This
will include all local travel to and from the CBOT office, meals, calls, laundry, etc. 
  
 All expenses except those of an exceptional nature and pre-agreed by the client, will be not be charged. Exceptional expenses will be charged and identified individually on any invoice. 
  
 4. General 
  
 The CBOT will not be charged for the time a LIFFE consultant is on flights unless LIFFE incurs a charge. This would only be the case where
the consultant is a staff contractor. 
  
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INFORMATION REDACTED AND FILED SEPARATELY WITH THE SECURITIES 
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 CREDITS AND BONUSES 
  
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 Appendix 1 to Schedule 0 
  
 [*61 pages omitted*] 
  
 CONFIDENTIAL INFORMATION REDACTED AND FILED SEPARATELY WITH THE SECURITIES 
 AND EXCHANGE COMMISSION. OMITTED PORTIONS INDICATED BY [**].Clearing Services Agreement, dated April 16, 2003

 Exhibit 10.18 
  
 Confidential Treatment Requested by CBOT Holding, Inc. 
  
 CLEARING SERVICES AGREEMENT 
  

EFFECTIVE THE 16th DAY OF APRIL 2003 
  
 BETWEEN 
  
 CHICAGO MERCANTILE EXCHANGE INC., a business corporation organized under the laws of the State of Delaware and having its principal office situated at 30 South Wacker Drive, Chicago, Illinois 60606 U.S.A., duly
represented by its Chairman of the Board, Terrence Duffy, and by its President and Chief Executive Officer, James J. McNulty, (hereinafter referred to at times as “CME”), 
  
 AND 
  
 THE BOARD OF TRADE OF THE CITY OF CHICAGO, INC., a non share corporation organized under the laws of the State of Delaware and having its principal office situated at 141
W. Jackson Blvd., Chicago, Illinois 60604 U.S.A., duly represented by its Chairman, Charles P. Carey, and by its President and Chief Executive Officer, Bernard W. Dan, (hereinafter referred to at times as “CBOT”). 
  
 Each of CBOT and CME is referred to herein as a “Party”, and collectively they are
referred to as the “Parties.” 
  
 RECITALS:

  
 WHEREAS, CME is registered with the Commodity
Futures Trading Commission (the “CFTC”) as a designated contract market (“DCM”) and a “derivative clearing organization “ (“DCO”) within the meaning of the Commodity Exchange Act, as amended (the
“CEA”), and seeks to provide clearing services, as defined herein, for CBOT futures and options contracts; 
  
 WHEREAS, CBOT is registered with the CFTC as a DCM and intends to register as a DCO within the meaning of the CEA, as amended, and seeks to have
CME provide clearing services, as defined herein, for CBOT futures and options contracts; 
  
 WHEREAS, the Parties intend to provide substantial benefits to their customers by clearing their listed contracts through the same clearing house; 
  
 WHEREAS, the Parties intend to enhance the efficient use of capital by their members by employing CME’s system
of financial guarantees and providing for more efficient portfolio risk margining of certain positions held at CME’s clearing house; and 
  
 WHEREAS, the Parties intend to cooperatively promote the advantages of clearing certain CBOT products by means of CME systems, all on the terms and
subject to the conditions set forth in this Agreement. 
  
 CONFIDENTIAL INFORMATION REDACTED AND FILED SEPARATELY WITH THE SECURITIES 
 AND EXCHANGE COMMISSION. OMITTED PORTIONS
INDICATED BY [**]. 
  

 Confidential Treatment Requested by CBOT Holdings, Inc. 
  
 NOW, THEREFORE, in consideration of the mutual covenants contained
herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and with the intent to be legally bound, the Parties hereby agree as follows: 
  

	1.	INTERPRETATION 

  

	 	1.1.	Definitions. 

  
 In this Agreement, unless the context otherwise requires: 
  

	 	1.1.1.	Agreement means the Clearing Services Agreement, effective as of April 16, 2003, by and between CME and CBOT. 

  

	 	1.1.2.	BOTCC shall have the meaning set forth in Section 7.3. 

  

	 	1.1.3.	CBOT Clearing Member means an individual or firm that meets CBOT’s requirements to clear CBOT Products on or after the Effective Date. 

 

	 	1.1.4.	CBOT Core Products means CBOT’s U.S. Treasury, agricultural and federal funds based products as of the Effective Date. 

  

	 	1.1.5.	CBOT Data shall have the meaning set forth in Section 5.1. 

  

	 	1.1.6.	CBOT Products means all futures and futures options listed for trading on CBOT on the Launch Date or thereafter. 

  

	 	1.1.7.	CBOT Sole Proprietorship Clearing Member shall have the meaning set forth in Section 7.4. 

  

	 	1.1.8.	CEA shall have the meaning set forth in the first Recital. 

  

	 	1.1.9.	CFTC shall have the meaning set forth in the first Recital. 

  

	 	1.1.10.	Clearing Members means CBOT Clearing Members and/or CME Clearing Members, as the context requires.  

  

	 	1.1.11.	Clearing Services means the clearing, settlement and related services to be provided by CME under this Agreement, as further described in Schedule A.

  

	 	1.1.12.	Clearing Systems shall have the meaning set forth in Section 3.4. 

  

	 	1.1.13.	CME Clearing Member means an individual or firm that meets CME’s requirements for clearing membership.  

  

	 	1.1.14.	CME Rules means CME’s rules and clearing procedures, including interpretations and explanations.  

  

	 	1.1.15.	DCM shall have the meaning set forth in the first Recital. 

  
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 1.1.16. DCO shall have the meaning set forth in the
first Recital. 
  
 1.1.17. Dispute
Notice shall have the meaning set forth in Section 19.4. 
  
 1.1.18. Effective Date means April 16, 2003. 
  
 1.1.19. EFS shall have the meaning set forth in Section 3.1. 
  
 1.1.20. FCMs shall have the meaning set forth in
Section 7.6. 
  
 1.1.21. Indemnified
Party shall have the meaning set forth in Section 16.1. 
  
 1.1.22. Indemnifying Party shall have the meaning set forth in Section 16.1. 
  
 1.1.23. Initial Term shall have the meaning set forth in Section 2. 
  
 1.1.24. Launch Date means the first trading day for
CBOT Products as to which transactions are required to be cleared through CME. The Launch Date is the trading date of January 2, 2004. 
  
 1.1.25. Market Participant means an individual or firm that engages in trading futures and options contracts.  

 
 1.1.26. Material Breach means a breach of a
provision of this Agreement that is material to a Party’s obligations under the Agreement. 
  
 1.1.27. Operational Policies and Procedures shall have the meaning set forth in Section 3.2. 
  
 1.1.28. Party and Parties shall have the
meaning set forth in the Preamble. 
  
 1.1.29. Proprietary Business Information shall have the meaning set forth in Section 13.1. 
  
 1.1.30. Renewal Term shall have the meaning set forth in Section 2. 
  
 1.1.31. Replica CBOT Products shall have the
meaning set forth in Section 6.4. 
  
 1.1.32. Special CME Clearing Member means a CBOT Clearing Member that qualifies as a CME Clearing Member for purposes of clearing CBOT Products pursuant to this Agreement, as set forth more fully in Section 7. 
  
 1.1.33. Transition Clearing Services shall have the
meaning set forth in Section 12. 
  
 1.1.34.
Transition Costs shall have the meaning set forth in Section 12.4. 
  
 1.1.35. Term shall have the meaning set forth in Section 2. 
  
 1.1.36. Unexcused Breach shall have the meaning set forth in Section 10.1. 
  
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	 	1.2.	References. Unless something in the subject matter or context is inconsistent with the resulting interpretation, all references to Sections and Schedules are to Sections and
Schedules of this Agreement. The words “hereto”, “herein”, “of this Agreement”, “under this Agreement” and similar expressions mean and refer to this Agreement. 

  

	 	1.3.	Schedules. The Schedules forming part of this Agreement are as follows: 

  
 Schedule A    Clearing Services 
 Schedule B    Fees 
 Schedule C    Project Development Plan 
  

	 	1.4.	Headings. The inclusion of headings in this Agreement is for convenience of reference only and does not affect the construction or interpretation of this Agreement.

  

	2.	Initial Term; Renewal Term. This Agreement shall commence on the Effective Date and, unless terminated earlier in accordance with its terms, shall terminate on January 10,
2008 (the “Initial Term”). Upon expiration of the Initial Term, this Agreement shall automatically renew for successive three-year renewal terms (each a “Renewal Term”) unless either Party notifies the other Party in writing at
least six (6) months prior to the beginning of the applicable Renewal Term of its decision not to renew. The Initial Term and the Renewal Terms, if any, are collectively referred to in this Agreement as the “Term”.

  

	3.	Clearing Services.  

  

	 	3.1.	Services Provided. Commencing with the Launch Date until the termination of this Agreement, whether at the end of the Initial Term or any Renewal Term, each as specified in
Section 2 above, and until expiration of any post-termination obligations, CME shall provide to CBOT the Clearing Services described in Schedule A hereto. The Clearing Services shall be provided by CME with proper and reasonable care in conformance
with the standards and procedures by which CME performs such services for its listed contracts, except that trades matched by CBOT shall not be guaranteed until the matched trade record is received by CME. CBOT reserves the right to charge fees for
post-trade transactions and related services for CBOT Products even if CME does not now charge a fee for such transactions. Subject to the provisions of Section 3.10 respecting change request procedures and payment of development cost, if
applicable, CME agrees to facilitate the implementation of such charges, including providing CBOT access to CME’s Exchange Fee System (“EFS”), and to provide CBOT with any necessary data related to such policies and fees. CBOT shall
pay CME for any reasonable additional costs it may incur in providing data and other support to CBOT in response to a request authorized by this Section 3.1. 

  

	 	3.2.	Operational Policies and Procedures. CME’s operational practices, policies and procedures related to implementing and performing Clearing Services, including, without
limitation, establishing marking prices that vary from settlement prices submitted by CBOT, where such settlement prices materially deviate from appropriate market prices; the timeline for CME’s receipt of information and data necessary to

  
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	 	perform the Clearing Services and CME’s delivery of information and data to CBOT, Clearing Members and other third parties; data file formats; the manner in which CME makes
information available to Clearing Members; and the mechanics of CME’s automated delivery processes shall be the same as CME’s existing practices, policies and procedures, including the automated delivery system to be developed by CME as
provided by Schedule A (collectively, the “Operational Policies and Procedures”), provided that nothing in the Operational Policies and Procedures shall contravene any provision set forth in this Agreement. 

  

	 	3.3.	Fungibility and Cross-Margining of CBOT Products. CBOT shall have sole authority to determine (i) whether CBOT Products shall be risk offset against other products pursuant
to CME’s portfolio margining policies or any cross-margining agreement and (ii) whether CBOT Products shall be made fungible, at the clearing level, against products that are cleared by CME and listed for trading by CME, by another contract
market, or by any other entity. CME may accept or reject any risk offset or fungibility arrangement against products traded at CME that may be proposed by CBOT. CME shall support cross-margining of CBOT Products as set forth in Schedule A. CME
support for cross-margining arrangements or fungibility of CBOT Products other than as set forth above or in Schedule A shall be subject to the change request procedures set forth in Section 3.10, below. 

  

	 	3.4.	Clearing Systems. The systems owned by or licensed to CME that are utilized by CME in connection with providing Clearing Services are referred to herein as the “Clearing
Systems.” CME shall pay to the appropriate software manufacturers, suppliers and distributors all license fees, royalties, use charges, taxes or other payments associated with the Clearing Systems’ intellectual property and technology
utilized by CME in providing Clearing Services. 

  

	 	3.5.	CME Personnel. CME shall make available, at all times, a sufficient number of individuals who are properly qualified to perform and who will perform the Clearing Services in
accordance with this Agreement. 

  

	 	3.6.	Cooperation as to Development Work. The Parties acknowledge and agree that, after the Effective Date, they will be engaged in development work as described in Schedule C
hereto. The Parties agree to cooperate and use all reasonable efforts to perform the tasks necessary to complete such development work in accordance with the time table set forth in Schedule C. CME shall be primarily responsible for such development
work. 

  

	 	3.7.	Technical Cooperation. The Parties acknowledge that CME may have to incorporate new equipment into or modify its Clearing Systems in ways that will require testing from time
to time. Each Party acknowledges that, in implementing and testing such new equipment or modifications, it may require the technical assistance and cooperation of the other, and both Parties agree to provide such assistance and cooperation. CBOT
shall have the obligation of securing any necessary assistance of its third party providers. 

  

	 	3.8.	Backup and Disaster Recovery. CME will provide, as a part of the Clearing Services, backup and disaster recovery services and procedures and functions for the Clearing

  
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	 	Systems and the Clearing Services using the backup and disaster recovery systems that CME employs for its own contracts. 

  

	 	3.9.	CME Modifications. CME may make modifications to the Clearing Systems and Clearing Services on its own initiative and at its own expense as it may reasonably deem necessary
or desirable, provided that any such modifications do not (i) materially increase CBOT’s total costs of receiving the Clearing Services, (ii) require CBOT to make material changes to its systems, software, or equipment other than with respect
to changes made in the ordinary course of business, or (iii) violate the CEA, applicable rules and regulations thereunder, or other applicable CFTC requirements. If any changes desired by CME would violate the conditions described in clauses (i) or
(ii) above, CME will obtain CBOT’s written consent, which shall not be unreasonably withheld, prior to making any such change. 

  

	 	3.10.	Change Requests. CME will make modifications and enhancements to its Clearing Systems at the request and expense of CBOT, where such changes are necessary to provide Clearing
Services for a CBOT Product with characteristics significantly different from futures and futures options products traded as of the Effective Date or additional cross margining arrangements, if in CME’s sole judgment such changes will not
impair functionality or materially increase operational costs. CBOT shall pay a commercially reasonable fee, to be agreed in advance, to cover the cost of all such changes. All such requests will be addressed to a designated representative of
CME’s clearing house. 

  

	 	3.10.1.	CME response to requests. CME shall respond to requests from CBOT concerning modifications or enhancements to the Clearing Services by evaluating the request, including the
cost of the requested change and the impact of the requested change upon clearing services provided by CME as to other products and upon CME’s technical systems, and providing a response in accordance with this Section to CBOT concerning such
request within thirty (30) days of CME’s receipt of the request (unless the complexity of the request reasonably requires a longer period, in which case CME shall provide an initial response). 

  

	 	3.10.2.	No material concerns. If CME reasonably determines in its sole judgment that the requested change will not materially impair clearing services or materially increase
operational costs to CME or CME Clearing Members, CME shall submit to CBOT a reasonably detailed proposal for implementing the change, which need not be binding, and which shall include an estimate of the amount to be paid to CME for the requested
change. 

  

	 	3.10.3.	Material concerns. If CME reasonably determines in its sole judgment that the requested change will materially impair functionality or materially increase operational costs
to CME or CME Clearing Members, CME may, but shall not be required to, submit to CBOT a reasonably detailed proposal for implementing the change, including cost estimates, which need not be binding. 

  
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	 	3.10.4.	Negotiations in good faith. In any case, the Parties shall negotiate in good faith as to any requested change and the terms of CME’s proposal, if any. Any change
implemented by CME pursuant to this Section shall be made at the sole expense of CBOT at a commercially reasonable fee or upon any other financial basis to be agreed upon between the Parties. Such financial arrangement may include upfront fees
and/or modifications to the fee structure set forth in Schedule B. Except as otherwise agreed between CME and CBOT in a writing that specifically purports to amend this Agreement and is executed by individuals with authority to do so, CME and/or its
licensors, as applicable, shall own all right, title and interest in any intellectual property created by the Parties in connection with any such implemented change that is used by CME in connection with providing Clearing Services. CME will grant
CBOT a license covering its free use of its contribution to any intellectual property developed by CME. 

  

	 	3.11.	Assistance with Regulatory Matters. CME agrees to actively participate in, and make available sufficient human and technical resources for, any submissions or presentations
to, or meetings or discussions with, the staff of the CFTC respecting CME’s provision of Clearing Services for CBOT Products. If CME reasonably determines that CME’s active participation in such submissions, presentations, meetings or
discussions with the CFTC may result in the disclosure of CME’s confidential or proprietary information, CBOT will cooperate with CME to secure appropriate nondisclosure and confidentiality commitments from the CFTC prior to requiring
CME’s active participation in any such submissions, presentations, meetings or discussions. 

  

	4.	CBOT Payment of Fees and Expenses. 

  

	 	4.1.	Generally. CBOT will pay fees for the Clearing Services provided by CME in accordance with this Agreement as set forth in Schedule B hereto. 

  

	 	4.2.	Invoicing. CME shall invoice CBOT and CBOT shall pay such invoices as provided in Schedule B. If CME does not receive any payment from CBOT in time required by schedule B,
CME shall notify CBOT thereof and, if CBOT fails to pay such amount within fifteen (15) days of CBOT’s receipt of such notice, CME may declare CBOT in Material Breach of this Agreement and may thereafter exercise its rights set forth in Section
10.1 below. 

  

	 	4.3.	Initial Development Fee. CBOT shall reimburse CME for start-up costs incurred by CME in connection with preparations to perform its obligations under this Agreement up to a
maximum amount of $2 million. CME’s start-up costs may include, without limitation, costs associated with hardware purchased; software purchased, licensed, or developed internally; additional office space and other equipment required to support
CME’s operations on behalf of CBOT; and CME employee, consultant and independent contractor time billed either at an actual rate per hour or reasonable average rate per hour (including reasonable benefits costs and allocation of overhead). Such
start-up costs incurred by CME shall be reimbursed by CBOT and such payments shall be non- 

  
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	 	refundable, without regard to termination of this Agreement for any reason. Such costs shall be billed monthly and promptly paid. 

  

	 	4.4.	CBOT Costs of Formatting Data. CBOT shall be responsible for and bear any costs of formatting trading data for use by its compliance and surveillance systems.

  

	5.	CME Intellectual Property.  

  

	 	5.1.	CME Ownership. Subject to any different agreement between the Parties pursuant to Section 3.10.4, CME and its licensors, as applicable, shall have sole and exclusive
ownership of all right, title and interest in and to the intellectual property and technology developed or used by CME in connection with providing Clearing Services. No provision of this Agreement shall be construed to bind or obligate CME in any
way to develop, make further enhancements to or maintain any current or future version of the Clearing 21® system software or any of the Clearing Systems, provided that CME agrees that it will provide to CBOT the same Clearing Services utilizing the same systems CME applies to clearing the
futures and options contracts traded on CME. 

  

	 	5.2.	CBOT Ownership of Data. As between CBOT and CME, any and all trading data, surveillance records, investigation reports and other similar data or information created,
generated, collected, or processed by CME in the performance of the Clearing Services (“CBOT Data”) is and will remain the sole property of CBOT, and CME will and hereby does, without additional consideration, assign to CBOT any and all
right, title and interest that CME may now or hereafter possess in and to the CBOT Data. Except as provided below, CBOT Data will not be utilized by CME for any purpose other than the performance of Clearing Services under this Agreement and will
not be sold, assigned, leased or otherwise transferred, disposed of or provided to third parties by CME or commercially exploited by or on behalf of CME. 

  

	 	5.3.	CME Delivery of CBOT Data. CME will promptly retrieve and deliver to CBOT a copy of all CBOT Data (or such portions as will be specified by CBOT), in the format and on the
media reasonably prescribed by CBOT, at CBOT’s reasonable request from time to time. Upon termination of this Agreement or at the completion of any requested Transition Clearing Services (whichever is later), if requested by CBOT, CME will
destroy or securely erase all copies of the CBOT Data in CME’s possession or under CME’s control, except that CME may retain copies of such CBOT Data for its appropriate regulatory and surveillance purposes. 

  

	 	5.4.	Protection of CBOT Data. CME will take those measures that CME takes to protect its own most confidential data of like kind, but not less than reasonable measures: (i) to
preserve the security of the CBOT Data; (ii) to prevent unauthorized access to or modification of any CBOT Data; and (iii) to establish and maintain environmental, safety, facility and data security procedures and other safeguards against
destruction, loss, alteration or theft of, or unauthorized access to, any CBOT Data. 

  
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	 	5.5.	CME Use of CBOT Data. Notwithstanding CBOT’s ownership of CBOT Data as described above, CME shall be free to use CBOT Data with respect to the performance of the
Clearing Services. 

  

	6.	CBOT Contracts Subject to Clearing Services 

  

	 	6.1.	Launch Date. On the Launch Date, CME shall commence clearing of all CBOT Products. 

  

	 	6.2.	CBOT Products. Except as otherwise specified in this Agreement, all CBOT Products shall be subject to this Agreement and shall be cleared by CME, including any futures and
options contracts traded at CME that CBOT also determines to list for trading. However, if a new CBOT Product requires changes to the Clearing Systems, Section 3.10 shall govern the timing of CME’s response to a notification by CBOT of such
requested change. Products other than futures and futures options products may be cleared by CME as CBOT Products under this Agreement only by mutual written agreement of the Parties. 

  

	 	6.3.	Notification to CME. CBOT shall notify CME of the classes and maturity dates of the CBOT Products that it intends to list for trading in accordance with the Operational
Policies and Procedures. CBOT shall also submit to CME in advance of listing any CBOT Product a copy of the contract specifications for the product, and shall provide CME advance notice thereafter of any changes in contract specifications for the
product. 

  

	 	6.4.	Replica CBOT Products. CME may offer and provide its clearing services to any exchange that lists for trading any product, including CBOT Core Products where the underlying
deliverable commodity is the same or substantially the same as in a CBOT Core Product (“Replica CBOT Products”). If CME determines to provide clearing services for Replica CBOT Products traded or executed on any exchange other than CBOT,
CME will notify CBOT at the time CME agrees to provide clearing services for, or thirty (30) days before CME begins clearing, such Replica CBOT Products, whichever is sooner. CBOT thereafter shall have ninety (90) days following receipt of such
notice to determine whether to terminate this Agreement without penalty in light of such CME decision. 

  

	 	6.5.	Notices. Notwithstanding Section 19.5, notices required under this Section 6 may be delivered by e-mail or through any other electronic method to which the Parties agree as a
part of their operational discussions. 

  

	7.	Admission of CBOT Clearing Members. 

  

	 	7.1.	Generally. CME shall admit as Special CME Clearing Members all firms, including sole proprietorships, that were CBOT Clearing Members as of the Effective Date. CME shall also
admit as Special CME Clearing Members any firms that become CBOT Clearing Members after the Effective Date if such firms meet CME’s requirements for clearing members other than requirements respecting ownership of CME memberships or CME common
stock. CBOT Clearing Members admitted as Special CME Clearing 

  
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	 	Members pursuant to this Agreement shall be authorized to clear CBOT Products, to the extent permitted by CBOT as of the Effective Date. The rights of such individuals or firms as
Special CME Clearing Members may not be assigned or transferred voluntarily or by operation of law. For the avoidance of doubt, Special CME Clearing Members shall be permitted to clear other products cleared by CME only to the extent permitted by
CME. 

  

	 	7.2.	Process for Admission. Following the Effective Date, CME shall, in consultation with CBOT, adopt rules for the admission of CBOT Clearing Members as Special CME Clearing
Members. Any CBOT Clearing Member admitted as a Special CME Clearing Member pursuant to Section 7.1 of this Agreement or under the rules adopted pursuant to this Section 7.2 shall be considered to be admitted pursuant to this Agreement and shall be
subject to all of the rules, requirements and obligations of CME’s clearing house, other than admission requirements, including ownership of CME memberships or CME common stock, and capital rules, except as hereinafter provided in this Section
7. 

  

	 	7.3.	Minimum Capital Rules. Any CBOT Clearing Member that is operating in compliance as of the Effective Date, and that continues to remain in compliance through the Launch Date,
with the Board of Trade Clearing Corporation (“BOTCC”) rules respecting initial or admission capital requirements that are in effect on the Effective Date shall be deemed to be in compliance with CME minimum capital rules on the Launch
Date. After that date, CME may increase or decrease the capital requirements for any Special CME Clearing Member on an individualized basis if the Special CME Clearing Member’s risk profile changes materially, provided that CME may not, in any
event, treat Special CME Clearing Members as a class or group for these purposes. To the extent any Special CME Clearing Member that is not also a CME Clearing Member is required by CME to increase its minimum capital, such increase may be achieved
through the acquisition of additional CBOT memberships. 

  

	 	7.4.	Provisions for CBOT Clearing Members Joining After the Effective Date. Any CBOT Clearing Member that was not a CBOT Clearing Member as of the Effective Date, but that becomes
a Special CME Clearing Member thereafter, shall be subject to the following provisions with respect to capital requirements: (i) the CME capital requirement for such Special CME Clearing Member will be equivalent to the BOTCC requirement that would
have applied to such CBOT Clearing Member if it had been a CBOT Clearing Member on the Effective Date, but (ii) CME may in its discretion require such Special CME Clearing Member to hold additional assets in an aggregate value equal to the
difference between the CME minimum capital requirement and the BOTCC capital requirement described in clause (i) above. If CME requires a Special CME Clearing Member to hold additional assets as set forth in clause (ii) above, the assets allowed to
be held in satisfaction of such requirement shall include CBOT memberships. 

  

	 	7.5.	Special Rules for CBOT Sole Proprietorship Clearing Members. Any CBOT Clearing Member that is a sole proprietorship (“CBOT Sole Proprietorship Clearing Member”) as
of the Effective Date, admitted as a Special CME Clearing Member 

  
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	 	pursuant to this Section 7, shall be excused from compliance with the CME minimum capital rules for the Initial Term of this Agreement, and shall be subject to no other minimum
capital requirements imposed by CME provided that such CBOT Sole Proprietorship Clearing Member (i) was in compliance with the BOTCC rules respecting initial or admission capital requirements that are in effect on the Effective Date, (ii) continues
to operate in compliance with such BOTCC rules that were in effect on the Effective Date, and (iii) does not materially change its risk profile (in which case a change in minimum capital requirements by CME shall be subject to the provisions of
Section 7.3). Any other CBOT Sole Proprietorship Clearing Member admitted as a Special CME Clearing Member shall be subject to special CME minimum capital rules that shall be agreed to by CME and CBOT. After the Initial Term of this Agreement has
expired, all CBOT Sole Proprietorship Clearing Members shall be subject to those special capital rules. 

  

	 	7.6.	Lien on CBOT Memberships. Each CBOT Clearing Member admitted hereunder as a Special CME Clearing Member shall execute in favor of CME a lien against the CBOT membership
interests required to be held by CBOT for clearing status, as of the Effective Date, to qualify as a CBOT Clearing Member or otherwise required to be held under Section 7.4. The lien shall be the first lien against such membership interests
following release of any prior lien held by BOTCC, which release shall be requested by the CBOT Clearing Member promptly following the Launch Date. Each Special CME Clearing Member will be subject to a requirement to continue to hold at least the
same number of CBOT memberships that CBOT required such Special CME Clearing Member to hold for clearing member status as of the Effective Date. 

  

	 	7.7.	Audit of Non-FCM CBOT Clearing Members. CBOT shall periodically audit its Clearing Members that are not futures commission merchants (“FCMs”) and shall promptly
share the results with CME’s clearing house. 

  

	8.	Transfer of CBOT Open Interest. 

  

	 	8.1.	CBOT Rules. Promptly following the execution of this Agreement, CBOT shall draft and submit to the CFTC for approval rules that provide for the clearing of CBOT Products at
the CME clearing house, to the extent provided herein, and rules that will facilitate the transfer of open interest in CBOT Products from BOTCC to CME. CBOT shall use its best efforts to ensure that such rules are approved by the CFTC reasonably in
advance of the Launch Date, and CME shall use its best efforts to provide such assistance as CBOT may request in securing such approval. 

  

	 	8.2.	CME Rules. Promptly following the execution of this Agreement, CME shall draft and submit to the CFTC for approval rules that provide for the clearing of CBOT Products at the
CME clearing house, to the extent provided herein, and that will facilitate the transfer of open interest in CBOT Products from BOTCC to CME. CME shall use its best efforts to ensure that such rules are approved by the CFTC reasonably in advance of
the Launch Date, and CBOT shall use its best efforts to provide such assistance as CME may request in securing such approval. 

  
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	 	8.3.	CME Margining of Positions. CME shall margin the positions so transferred prior to the opening of trading in CBOT Products on the Launch Date, and the relevant Special CME
Clearing Members shall be required to post the necessary performance bonds. 

  

	 	8.4.	CBOT Clearing Members. CME may require that, in order to participate in the transfer of open interest described in this Section, CBOT Clearing Members that intend to become
Special CME Clearing Members have completed CME’s application process for Special CME Clearing Member status, have contributed to CME’s security deposit pool, and have established appropriate banking relationships by a date certain prior
to the Launch Date. 

  

	9.	Network Interconnections Between CBOT and CME 

  

	 	9.1.	Facilities. CME shall establish and maintain an appropriate router or routers at CBOT for the purposes of (i) delivering data to CME for clearing purposes, (ii) delivering
data to CBOT for regulatory purposes, and (iii) exchanging data between the Parties for all other purposes required by this Agreement and the Schedules hereto. CME shall establish and maintain appropriate telecommunications circuits between CBOT and
CME as necessary to handle message flow and data delivery as set forth above. CBOT shall provide computer room floor space and inside wiring for such routers and shall provide CME or any telecommunications provider with which it contracts for such
services reasonable access for maintenance and testing purposes. 

  

	 	9.2.	Outsourcing Permitted. CME may fulfill its obligation to establish and maintain the routers and telecommunications circuits described in Section 9.1 through appropriate
contractual arrangements with telecommunications service providers and/or other technology service providers. 

  

	 	9.3.	Financial Terms. CBOT shall be responsible for paying, via reimbursement to CME or direct billing, all third party or other direct costs (not to include CME employee or CME
independent contractor time) associated with the establishment and maintenance of the telecommunications circuits and routers described in Section 9.1, provided that (i) where CME has a negotiated rate with an applicable telecommunications provider,
CME shall attempt to secure for CBOT any preferential rate available under such contract, and (ii) in no event shall the amounts paid by CBOT under this Section exceed the published tariff rate of the applicable telecommunications provider. Unless
CME arranges for CBOT to be billed directly by the applicable telecommunications provider, CME shall submit to CBOT an invoice for reimbursement of fees or other third-party costs actually paid by CME, and CBOT shall pay CME such amounts no later
than the final business day of the calendar month following the month in which CME invoices CBOT. 

  

	10.	Breach of Agreement; Termination.  

  

	 	10.1.	Breach of Agreement; Termination for Unexcused Breach. If either Party is in breach of this Agreement, the non-breaching Party shall be required to provide written notice
specifying such breach to the other Party, within five (5) business days of becoming aware of such breach, prior to submitting any Dispute Notice under Section 

  
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	 	19.4 or exercising any right to terminate as set forth in this Section 10.1. The breaching Party shall have thirty (30) days from receipt of such notice to cure such breach. If the
breaching Party cures such breach within such 30-day period, the right of termination or to submit a Dispute Notice shall expire and the breaching Party shall not be subject to any further remedy or liability in respect of such breach. If the
breaching Party does not cure such breach within such 30-day period, the following remedies apply: (i) if the breach is a Material Breach, such breach shall be deemed an “Unexcused Breach” and the non-breaching Party shall have thirty (30)
days during which to [**] and (ii) if the breach is not a Material Breach, the non-breaching Party shall have thirty (30) days during which to [**] For the avoidance of doubt, if this Agreement is not terminated by the end of any such thirty 30-day
period permitting termination, it shall continue according to its terms. 

  

	 	10.2.	Bankruptcy. Either Party may terminate this Agreement immediately upon the occurrence of any of the following events affecting the other Party: 

  

			
	 10.2.1.
	 	Insolvency. The other Party admits its inability to pay its debts generally as they become due, or makes an assignment of substantially all of its assets for the benefit of its
creditors;
		
	 10.2.2.
	 	Bankruptcy Filed. A proceeding in bankruptcy or for the reorganization of the other Party or for the readjustment of its debts, under the United States Bankruptcy Code or any other
State or Federal law for the relief of debtors now or hereafter existing, is commenced by or against the other Party and is not discharged within sixty (60) days of commencement; or
		
	 10.2.3.
	 	Receiver Appointed. A receiver or trustee is appointed in a bankruptcy proceeding for the other Party or for any substantial part of its assets, or any proceedings are instituted for
the dissolution or the full or partial liquidation of such Party, and such receiver or trustee is not discharged within sixty (60) days of his or her appointment or such proceedings are not discharged within sixty (60) days of their commencement, as
the case may be.

  

	 	10.3.	Liquidated Damages. [**] 

  

	 	10.4.	[**] 

  

	 	10.5.	CME Termination If Rules Not Approved. If the CFTC fails to approve the rules that will allow CME to perform the Clearing Services by July 15, 2003, then CME may, within
thirty (30) days at its sole discretion, terminate this Agreement (by August 15, 2003) by written notice to CBOT, without application of any cure period, unless the CFTC has approved such rules before CME exercises its right to terminate.
Termination by CME pursuant hereto shall not constitute a breach by either Party. If CME does not exercise its right to terminate, then the Agreement shall continue according to its terms. 

  

	 	10.6.	Legal Or Regulatory Matters. If either Party is precluded from performing its obligations under the Agreement by statute, regulation or legal action of any

  
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	 	governmental agency, including failure of the CFTC to approve necessary rules (including rules necessary to transfer the open interest) by the Launch Date, either Party may
terminate this Agreement by written notice, without application of any cure period, and upon such termination both Parties shall be excused, without penalty or liquidated damages, from any further performance under the Agreement. If the Parties
elect not to terminate this Agreement, they shall renegotiate in good faith the Launch Date, the Initial Term and payment of CME’s costs of continuing to be prepared to begin performance under this Agreement. 

  

	 	10.7.	[**] If CBOT fails to perform any of its obligations under this Agreement because it is [**] However, if CBOT’s failure to perform is [**] In such case CME shall provide
written notice of its intent to terminate, and CBOT shall have [**] CBOT shall exert its best efforts to permit CME to intervene or otherwise participate in any action that might result in an injunction barring performance by either Party of its
obligations under this Agreement. 

  

	 	10.8.	CME Provision of Clearing Services for Replica CBOT Products. Section 6.4 shall govern the respective rights of the parties if CME notifies CBOT that CME will offer clearing
services for Replica CBOT Products. 

  

	 	10.9.	Inability to Meet Launch Date. If CME’s provision of services under this Agreement on the Launch Date is deficient to an extent that prevents CBOT from operating its
exchange for a substantial portion of the trading day on the Launch Date due solely or primarily to failures or problems that were within CME’s ability to prevent or mitigate, failure to perform shall be CME’s responsibility and shall
constitute a Material Breach by CME. In such case, within five (5) business days thereafter CBOT may either (i) seek to terminate this Agreement by exercising its rights as set forth in Section 10.1, or (ii) without application of any provision of
Section 10.1, including any cure period, file a Dispute Notice and pursue a claim for damages, provided that any such claim for damages shall be subject to the special limitation of liability set forth in the first sentence of Section 15.1. If
CME’s provision of services under this Agreement on the Launch Date is deficient to an extent that prevents CBOT from operating its exchange for a substantial portion of the trading day on the Launch Date due solely or primarily to failures or
problems that were within CBOT’s ability to prevent or mitigate, and CBOT failed to prevent or mitigate such failures or problems despite receiving notice from CME concerning the risk of failing to meet the Launch Date, then the failure to
perform shall be the responsibility of CBOT and shall constitute a Material Breach by CBOT, which shall trigger CME’s rights under Section 10.1. For purposes of this Section 10.9, a failure by CBOT’s electronic trade matching facility
service provider that was within such service provider’s ability to prevent or mitigate shall be deemed a failure by CBOT. In any situation described in this Section 10.9 and throughout any applicable cure period, the Parties shall remain in
regular communication concerning the failure at issue, and the breaching Party shall give prompt notice to the other Party if it determines that it will not cure the breach within the cure period. 

  
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	 	10.10.	Joint Press Release. If either Party terminates this Agreement prior to or immediately following the Launch Date, the Parties shall work together to issue a joint press
release and, if appropriate, hold a joint press conference, concerning the termination of the Agreement. 

  

	 	10.11.	Break-up Fees Reasonable. The Parties agree that the liquidated damages and break-up fees set forth in this Section 10 represent a reasonable measure of damages to CME or
CBOT, as the case may be, under the circumstances resulting in such termination. The Parties agree that calculating the measure of damages to either Party under the circumstances under which break-up fees are to be paid would be extremely difficult
given the complexities of the business arrangements, the uncertainty of the revenues to be earned by either Party through the arrangements set forth in this Agreement, and the uncertainty of the value of opportunities that will have been lost by the
terminating Party under the circumstances. 

  

	 	10.12.	Action for Damages. For the avoidance of doubt, either Party may bring an action for damages against the other Party alleging any breach of this Agreement (except where an
alleged breach has been cured, as described in Section 10.1) in lieu of invoking any right to terminate and receive agreed liquidated damages as described in any provision of Section 10. Any such action for damages shall be subject to the applicable
limitation of liability set forth in Section 15.1 or Section 15.2. 

  

	11.	Limited Right to Continuance of Clearing Services. Notwithstanding any other provision of this Agreement, upon termination of this Agreement for any reason, if CBOT is unable
to engage another entity prepared and able to provide services comparable to the Clearing Services on commercially reasonable terms, CBOT shall have the right to require that CME continue providing any or all of the Clearing Services, as set forth
below. For the avoidance of doubt, pricing terms generally shall be deemed commercially reasonable, and alternate services generally shall be deemed comparable, if such terms and services are reasonably similar to those accepted by other parties
receiving services from other clearing services providers. 

  

	 	11.1.	Six-Month Continuation Period. In the event that (i) this Agreement is terminated by CME as a result of an Unexcused Breach by CBOT, (ii) CBOT elects not to renew this
Agreement pursuant to Section 2 above, or (iii) this Agreement is terminated for any other reason except those described in Section 11.2, CBOT may require that CME continue to provide Clearing Services after the termination of this Agreement or
expiration of the Initial Term or Renewal Term of this Agreement, as the case may be, for 180 days. 

  

	 	11.2.	One-Year Continuation Period. In the event that (i) this Agreement is terminated by CBOT as a result of an Unexcused Breach by CME, (ii) this Agreement is terminated by CBOT
pursuant to Section 6.4, or (iii) CME elects not to renew this Agreement pursuant to Section 2 above, CBOT may require that CME continue providing Clearing Services after the termination or expiration date, as the case may be, for up to one (1)
year. 

  
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	 	11.3.	Payment of Fees. In the event that CBOT requires CME to continue to provide all or substantially all of the Clearing Services pursuant to this Section 11, CBOT shall pay CME
for these Clearing Services at the fees set forth in Schedule B. In the event that this Agreement is terminated by CME for nonpayment of fees, bankruptcy or insolvency, or if CBOT fails to timely pay fees during the continuation period, CME shall
not be required to continue to provide Clearing Services unless CBOT pays CME monthly in advance for the continued provision of such Clearing Services based upon a reasonable estimate of the amounts likely to be due in respect of each month. CME
agrees to credit back to CBOT any estimated amounts paid by CBOT that are later determined to be over-payments by CBOT. 

  

	 	11.4.	Notice to CME. If CBOT elects to require the continuation of any Clearing Services under this Section 11, then CBOT shall give at least ninety (90) days prior written notice
to CME of the date for cessation of such continuation of Clearing Services. 

  

	 	11.5.	Hold Over by CBOT. If CBOT is unable to transfer to another provider of clearing services at the conclusion of any of the periods provided above for the limited continuation
of Clearing Services, CME shall continue to provide the Clearing Services. During the period that CME provides clearing services under this Section 11.5, CBOT shall pay a fee of [**] plus all additional costs incurred by reason of CBOT’s
failure to transfer to another DCO, including without limitation any necessary retention bonuses or employment benefits or fees, in addition to the fees set forth in Schedule B, for each month that it holds over. 

  

	 	11.6.	Continuation is Not Renewal. Continuation of Clearing Services under this Section 11 shall not be deemed a renewal of this Agreement under Section 2 beyond the termination
date. 

  

	12.	Transition Clearing Services. In connection with the termination of this Agreement for any reason or expiration of the Initial Term or Renewal Term of this Agreement,
as the case may be, and in order to assist CBOT in terminating the Clearing Services and transitioning such services to another entity in an orderly manner, CME shall, if and as requested by CBOT, provide the following services (the “Transition
Clearing Services”): 

  

	 	12.1.	Transition Plan. CME and CBOT shall cooperate to prepare a transition plan setting forth the respective tasks to be accomplished by each Party in connection with the
transition and a schedule pursuant to which such tasks are to be completed; 

  

	 	12.2.	Necessary Date. CME shall provide CBOT with all data and other information maintained by CME necessary to transfer responsibility for providing the Clearing Services to
another entity as of the date services are no longer rendered by CME and all hardcopy records relating to other CBOT Data maintained by CME, except that CME may retain copies of such data and other information for its appropriate regulatory and
surveillance purposes; Such data and other information shall be provided to CBOT on magnetic tape or such other storage medium, and in such format, reasonably acceptable to CBOT; 

  
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	 	12.3.	Transfer of Positions. CME shall transfer any open positions in CBOT Products from CME to the new DCO selected by CBOT in accordance with directions CME shall receive from
CBOT for such transfer; and 

  

	 	12.4.	Reimbursement of Costs. CBOT shall pay or reimburse CME for any and all costs (“Transition Costs”) reasonably and actually incurred by CME that are directly
attributable to providing Transition Clearing Services in accordance with this Section 12 (with the rates for any CME employees used to perform such Clearing Services reasonably reflecting CME’s fully loaded costs with respect to such
employees, plus a commercially reasonable profit margin); provided that CME shall act in good faith and use commercially reasonable efforts to minimize and mitigate any Transition Costs. 

  

	13.	Confidentiality. 

  

	 	13.1.	Generally. CBOT and CME each acknowledges that it will receive during the term of this Agreement confidential or proprietary information of the other Party relating to the
Clearing Services and Clearing Systems. (All such information is collectively referred to in this Agreement as “Proprietary Business Information.”) Materials embodying such information and within the scope of this Section 13.1 shall bear
reasonable legends to such effect to the extent appropriate. Each Party agrees to take reasonable steps to maintain the confidentiality of the Proprietary Business Information of the other Party, and each Party agrees to use such information only in
connection with the performance of its obligations and the exercise of its rights under this Agreement and for appropriate regulatory and surveillance purposes. In the event that this Agreement is terminated for any reason, each Party agrees that it
shall use reasonable efforts to return to the other Party or destroy all Proprietary Business Information of the other Party in its possession in tangible form and that it shall not knowingly retain any copies thereof, except that each Party may
retain copies of the other Party’s Proprietary Business Information for its appropriate regulatory and surveillance purposes. 

  

	 	13.2.	Exclusions. In no event shall the provisions of this Section 13 apply to any information that: (i) was rightfully known to the receiving Party prior to its receipt from the
disclosing Party, or becomes rightfully known to the receiving Party other than as a result of the relationship between the Parties pursuant to this Agreement; (ii) is or becomes public knowledge through no fault of the receiving Party; (iii) is
disclosed to the receiving Party by a third Party with the right to disclose the information without restriction or subject to restrictions to which the receiving Party has conformed; or (iv) is independently developed by the receiving Party without
use of any confidential or proprietary information of the disclosing Party. Notwithstanding anything in Section 13.1 above to the contrary, each Party may disclose any Proprietary Business Information received by it to the extent that it is required
by subpoena or other order of court, law or other regulation, or required or requested by any governmental or regulatory authority having jurisdiction or required pursuant to an information sharing agreement, rule, or policy with another
self-regulatory body, to furnish such Proprietary Business Information to any third Party, or as otherwise permitted in this Agreement; provided that, in any such case, the receiving Party shall provide the disclosing Party with prompt

  
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	 	notice thereof so that the disclosing Party may seek an appropriate protective order. In the absence of a protective order, if the receiving Party is nonetheless, in the opinion of
its counsel, compelled to furnish Proprietary Business Information to any third Party or else stand liable for contempt or suffer other censure or penalty, such Party may furnish such information without liability under this Section 13 or otherwise.

  

	14.	Force Majeure. Each Party shall be excused from performance under this Agreement and shall have no liability to the other Party to the extent that, and for any period during
which, it is prevented from performing any of its obligations hereunder as a result of any act, or failure to act, of the other Party or by an act of God, war, civil disturbance, act of terrorism, court order (except as provided in Section 10), or
other cause beyond its reasonable control (including, without limitation, failures or fluctuations in the electrical or mechanical equipment, communication lines, heat, light or telecommunications, in each case to the extent beyond its reasonable
control), provided that each party agrees to apply fully its disaster recovery system to minimize any reduction in service it has agreed to provide under this Agreement. 

  

	15.	Liability Limits; Indemnification. 

  

	 	15.1.	CME. In any action brought by CBOT against CME, whether in contract, tort or otherwise, alleging a Material Breach by CME of Section 10.9, and any continuing deficiency,
CME’s liability to CBOT for consequential damages, excluding punitive damages, caused by CME’s failure to provide Clearing Services under this Agreement shall be limited to an amount not to exceed $30,000,000. In any other action brought
by CBOT against CME, whether in contract, tort or otherwise, CME’s liability to CBOT under this Agreement shall be limited to an amount not to exceed $10,000,000, provided that in the event CBOT exercises its right to terminate this Agreement
under Section 10.1 and receives $10,000,000 in liquidated damages, CBOT shall have no other claim for money damages against CME and CBOT shall retain its right to continued and transitional clearing services in accordance with Sections 11 and 12 of
this Agreement. Notwithstanding the foregoing, but subject to the provisions of Section 16 below, CME shall indemnify, defend and hold harmless CBOT and its directors, officers, employees and agents, in accordance with the procedures described in
Section 16.1 below, from and against any and all losses, liabilities, damages and claims, and all related costs and expenses (including without limitation reasonable attorneys’ fees), arising from the willful misconduct on the part of CME, its
directors, officers, employees or agents. 

  

	 	15.2.	CBOT. In any action brought by CME against CBOT, whether in contract, tort or otherwise, CBOT’s liability to CME under this Agreement shall be limited to an amount not
to exceed $10,000,000, provided that in the event CME exercises its right to terminate this Agreement under Section 10.1 and receives the liquidated damages specified in that Section 10, CME shall have no other claim for money damages against CBOT.
The liability limits provided for in this Section 15.2 shall not apply to liability of CBOT to CME to pay fees owed to CME hereunder. Notwithstanding the foregoing, but subject to the provisions of Section 16 below, CBOT shall indemnify, defend and
hold harmless CME and its directors, officers, employees and agents, in accordance with the 

  
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	 	  	procedures described in Section 16.1 below, from and against any and all losses, liabilities, damages and claims, and all related costs and expenses (including without limitation
reasonable attorneys’ fees), arising from the willful misconduct on the part of CBOT, its directors, officers, employees or agents. 

  

	16.	Indemnity  

  

	 	16.1.	 	Procedure. If any third Party notifies either Party (the “Indemnified Party”) with respect to any matter which may give rise to a claim for indemnification against
the other Party (the “Indemnifying Party”), then the Indemnified Party shall promptly notify the Indemnifying Party thereof; provided, however, that no delay on the part of the Indemnified Party in notifying the Indemnifying Party shall
relieve the Indemnifying Party from any liability or obligation hereunder, except to the extent (if any) that the Indemnifying Party is damaged by such delay. If the Indemnifying Party notifies the Indemnified Party that it is assuming the defense
of any claim: 

  

	 	16.1.1.	Defense of Claim. The Indemnifying Party shall defend the Indemnified Party against such claim with counsel of its choice reasonably satisfactory to the Indemnified Party;

  

	 	16.1.2.	Separate Co-counsel Permitted. The Indemnified Party may retain separate co-counsel at its sole cost and expense (except that the Indemnifying Party shall be responsible for
the fees and expenses of the separate co-counsel to the extent that the Indemnified Party concludes reasonably that the counsel the Indemnifying Party has selected has a conflict of interest); 

  

	 	16.1.3.	Consent Decree or Settlement. The Indemnified Party shall not, without foregoing the benefits of this Section 16.1, consent to the entry of any judgment or enter into any
settlement with respect to such claim without the prior written consent of the Indemnifying Party, which consent shall not be unreasonably withheld or delayed; and 

  

	 	16.1.4.	Full Release. The Indemnifying Party shall not consent to the entry of any judgment with respect to the matter or enter into any settlement which does not include a provision
whereby the plaintiff or claimant releases the Indemnified Party from any and all responsibility and liability with respect to such claim, without the prior written consent of the Indemnified Party. 

  

	17.	Consequential and Punitive Damages. The Parties have agreed on liquidated damages for various beaches that are the basis for a Party’s exercise of its right to terminate
this Agreement under certain provisions, and the Parties have also agreed to the liability limits set forth in Section 15. Except with respect to consequential damages authorized under the first sentence of Section 15.1 and an action for
indemnification under the last sentence of Section 15.1 and the last sentence of Section 15.2, neither Party shall be liable for, nor will the measure of damages include, any punitive or special damages or amounts for loss of income or profits, even
if such damages were foreseeable. 

  
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	18.	Public Announcements. 

  

	 	18.1.	 	Requirements Generally. CME and CBOT each agree that it will not issue any public announcement concerning CME’s provision of Clearing Services, the terms of this
Agreement, the negotiations between CME and CBOT leading up to and following the execution of this Agreement, or any other matter related in any way to this Agreement that, for each Party, involves the other Party, without (i) consulting with the
other Party prior to issuing the announcement so that such announcements may be issued jointly, if appropriate; (ii) providing the other Party an advance copy of the proposed press release or other announcement not later than three (3) business days
prior to its release; and (iii) in the case of public appearances by directors, officers or other officials associated with a Party at which any of the foregoing matters are likely to be discussed, providing advance notice to the other Party of such
appearance and, if possible, extending an invitation to the other Party for a representative of its own to be included in such appearance. 

  

	 	18.2.	 	Definition. For purposes of this Section, a “public announcement” shall include, without limitation, (i) any press release, press statement or press conference,
(ii) any brochures or notices to be delivered or made available to the public generally (including marketing materials), and (iii) any notice to be circulated to Clearing Members or Market Participants, that, in each case, includes or may include
material information that has not previously been released about the terms of or negotiations surrounding this Agreement or the relationship between CME and CBOT that is established through this Agreement. 

  

	 	18.3.	 	Joint Press Releases, Statements and Conferences. Notwithstanding the foregoing, the Parties shall use their best efforts to ensure that any press release, press statement or
press conference the primary topic of which concerns this Agreement or the relationship between CME and CBOT shall be a joint press release, press statement or press conference. 

  

	19.	Miscellaneous. 

  

	 	19.1.	 	Benefits of Agreement. This Agreement shall be binding upon, and inure to the benefit of, the Parties hereto and their respective successors. Except to the extent provided in
Sections 15.1 and 15.2 above with respect to the directors, officers, employees and agents of CBOT and CME, respectively, nothing in this Agreement, express or implied, shall give to any other person or entity any benefit or any legal or equitable
right or remedy. 

  

	 	19.2.	 	Waiver. Except as expressly provided herein, neither Party shall, by mere lapse of time, without giving notice or taking any other action, be deemed to have waived any breach
by the other Party of any of the provisions of this Agreement. 

  

	 	19.3.	 	Governing Law. This Agreement shall be construed and enforced in accordance with the laws of the State of Illinois (other than the laws thereof that would require reference
to the laws of any other jurisdiction). 

  
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	 	19.4.	 	Dispute Resolution. A Party shall not commence a litigation proceeding against the other Party unless that Party first gives written notice to the other Party setting forth
the nature of the dispute (“Dispute Notice”). The Parties shall attempt in good faith to resolve the dispute by mediation with a mediator selected by mutual agreement of the Parties. If the Parties cannot agree on the selection of a
mediator within twenty (20) days after delivery of the Dispute Notice, or if the dispute has not been resolved by mediation as provided by this Section 19.4 within sixty (60) days after the delivery of the Dispute Notice, then either Party may
commence litigation. The state courts of the County of Cook, Illinois and the United States District Court for the Northern District of Illinois shall have the exclusive jurisdiction over any and all litigated claims arising out of or relating to
this Agreement or the subject matter hereof. Each of the Parties hereby irrevocably (i) submits to the personal jurisdiction of such courts over such Party in connection with any litigation, proceeding or other legal action arising out of or in
connection with this Agreement or the subject matter hereof, (ii) waives to the fullest extent permitted by law any objection to the venue of any such litigation, proceeding or action which is brought in any such court, and (iii) agrees to the
mailing of service of process to the address specified below for such Party as an alternative method of service of process in any legal proceeding brought in any such court. 

  

	 	19.5.	 	Notices. All communications or notices required or permitted to be given under this Agreement shall be sufficiently given for all purposes hereunder if given in writing and
(i) delivered personally, (ii) deposited in the United States mail, postage prepaid and return receipt requested, (iii) delivered by a recognized document overnight delivery service or (iv) sent by telecopy, facsimile or other electronic
transmission service (provided a confirmation of delivery is received). All notices delivered in accordance with this Section 19.5 shall be sent to the appropriate address or facsimile number set forth below, or to such other address or facsimile
number or to the attention of such other person as the recipient Party may have specified by prior written notice to the sending Party. 

  

			
	 CME Contact
	  	CBOT Contact
		
	 Mr. Craig Donohue
 Executive Vice President and Chief
Administrative Officer Chicago Mercantile Exchange Inc. 30 South Wacker Drive Chicago, Illinois 60606 Facsimile No.: 312-930-3323
	  	 Ms. Carole Burke
 Executive Vice President, Chief of
Staff and General Counsel CBOT 141 W. Jackson Blvd Chicago, Illinois 60604
 Facsimile No.: 312-341-3392

  

	 	19.6.	 	Severability. If any provision of this Agreement is deemed to be illegal or unenforceable by any court of competent jurisdiction, (i) such provision shall be deemed to be
severable from the remainder of this Agreement, (ii) the effect of such determination shall be limited to such provision to the extent reasonably practicable, and 

  
 CONFIDENTIAL INFORMATION REDACTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. OMITTED PORTIONS
INDICATED BY [**]. 
  

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	 	(iii)	the validity, legality and enforceability of such provision in any other jurisdiction shall not in any way be affected or impaired thereby. 

  

	 	19.7.	 	Amendments. No provision of this Agreement may be amended, modified, supplemented or waived, except by an agreement in writing executed and delivered by authorized
representatives of both Parties. 

  

	 	19.8.	 	Entire Agreement. This Agreement, including the Schedules hereto, constitutes the entire agreement and understanding, and supersedes any and all prior agreements and
understandings, whether written or oral, between the Parties with respect to the subject matter hereof. 

  

	 	19.9.	 	Relationship of Parties. CME, in providing the Clearing Services, is acting only as an independent contractor. Except as expressly provided in this Agreement or any other
agreement to which CME and CBOT are parties, CME does not undertake to perform any obligations of CBOT, whether regulatory or contractual, or to assume any responsibility for the business or operations of CBOT. 

  

	 	19.10.	 	Counterparts. This Agreement may be executed in one or more counterparts, each of which when so executed shall be an original, but all of which together shall constitute but
one and the same instrument. 

  

	 	19.11.	 	Assignment. This Agreement may not be assigned in whole or in part by either Party hereto without the prior written consent of the other Party hereto. CBOT may assign this
Agreement and its rights and obligations hereunder to an entity to which CBOT is selling all or substantially all of its assets without the prior written consent of CME. The consummation of the transactions contemplated by CBOT’s proposed
restructuring shall not be deemed to be such an assignment or sale for purposes of this Agreement. CME may assign this Agreement and its rights and obligations hereunder, in their entirety, to an entity to which CME is selling all or substantially
all of its clearing assets without the prior written consent of CBOT. 

  

	 	19.12.	 	Survival. Following any termination of this Agreement in accordance with its terms and the expiration of the post-termination obligations of CME pursuant to Sections
11 and 12 hereof, all obligations hereunder of each Party to the other shall terminate and (without limiting the generality of the foregoing) CME shall have no further obligation to provide Clearing Services to CBOT. Notwithstanding the foregoing,
however, the provisions of Sections 13, 15, 16 and 17 of this Agreement (including this Section 19.12) shall survive and remain in effect following any termination of this Agreement in accordance with its terms and the expiration of the
post-termination obligations of CME. 

  
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 IN WITNESS WHEREOF, the Parties have caused this Agreement to be executed by their duly authorized representatives as of the date first above written. 
  

									
	 CHICAGO MERCANTILE EXCHANGE INC.
	 	 	 	 THE BOARD OF TRADE OF THE CITY

 OF CHICAGO, INC.

					
	By:	 	                                      
                                        
                                       
 	 	 	 	By:	 	                                      
                                        
                                       
 
	 	 	Terrence A. Duffy,	 	 	 	 	 	Charles P. Carey
	 	 	Chairman of the Board, CME	 	 	 	 	 	Chairman of the Board, CBOT
	 	 	Date:                                     
                                        
                              	 	 	 	 	 	Date:                                     
                                        
                              

  

									
					
	By:	 	                                      
                                        
                                       
 	 	 	 	By:	 	                                      
                                        
                                       
 
	 	 	James J. McNulty	 	 	 	 	 	Bernard W. Dan
	 	 	President and Chief Executive Officer	 	 	 	 	 	President and Chief Executive Officer
	 	 	Date:                                     
                                        
                              	 	 	 	 	 	Date:                                     
                                        
                              

  
 CONFIDENTIAL
INFORMATION REDACTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. OMITTED PORTIONS INDICATED BY [**]. 
  

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 EXECUTION COPY 
  
 SCHEDULE A 
 DESCRIPTION OF CLEARING AND SETTLEMENT SERVICES 
  
 In accordance
with the terms of this Agreement, CME shall provide clearing services as follows with respect to transactions in CBOT Products: 
  
 Electronic Trade Acceptance. CME shall accept for clearing and guarantee matched trades submitted to CME by CBOT (or CBOT’s electronic trade matching facility
service provider) in accordance with the CME Rules and the Operational Policies and Procedures in effect from time to time. 
  
 Pit Trade Acceptance—Electronic Devices. CME shall receive unmatched trade records submitted to CME by CBOT from electronic pit trading technology devices,
and CME shall accept for clearing and guarantee such trades upon matching by CME in accordance with the CME Rules and the Operational Policies and Procedures in effect from time to time. 
  
 Pit Trade Acceptance—Open Outcry. CME shall receive unmatched trade records submitted to CME by Special CME Clearing Members for
trades executed without benefit of electronic pit trading technology devices, and CME shall accept for clearing and guarantee such trades upon matching by CME in accordance with the CME Rules and the Operational Policies and Procedures in effect
from time to time. 
  
 Ex-Pit Trade Acceptance. CME shall receive unmatched
trade records submitted to CME by Special CME Clearing Members for ex-pit trades (blocks and EFPs) that are executed in accordance with CBOT rules, and CME shall accept for clearing and guarantee such trades upon payment of initial settlement
variation and performance bond by the applicable settlement bank for each party to the transaction, as set forth in the CME Rules and the Operational Policies and Procedures in effect from time to time. 
  
 Requirements for CME Trade Acceptance. In addition to the other requirements that may
be set forth in this Agreement, the CME Rules and the Operational Policies and Procedures, the following requirements apply to CME’s receipt and acceptance for clearing of trades as set forth in this Schedule A: 
  
 Origins for Matched and Unmatched Trade Records. CME will support up
to four origins for transactions in CBOT Products—house, house market-maker, customer, and customer market-maker—subject to final confirmation by CBOT promptly following the effective date. 
  
 Report Formats. Message formats for trade records, including but not
limited to, trade registers, out-trade and EQC reports, and brokers’ matched and unmatched trade reports shall conform to CME specifications. 
  
 CONFIDENTIAL INFORMATION REDACTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. OMITTED PORTIONS INDICATED BY [**].

  

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 Confidential Treatment Requested by CBOT Holdings, Inc. 
  
 Opposite House Switches. CME will not support the current modified
contra matching practice currently employed by BOTCC with respect to unmatched trades in CBOT products. However, CME will facilitate matching of unmatched trades by performing automatic opposite house switches for unmatched trades in CBOT products,
as CME does for unmatched trades in its own products, in accordance with the CME Rules and the Operational Policies and Procedures. CME will explore the functional requirements for integrating modified contra-matching processes as a possible
enhancement after the Launch Date. 
  
 SLEDs. CME
will not support single-line spread entry functionality (“SLEDs”) as of the Launch Date. CME will use reasonable efforts, in consultation with CBOT, to implement SLEDs for transactions in CBOT products by February 20, 2004.

  
 Position Maintenance and Settlement. On a daily basis CME shall
calculate and collect original margin, premium and variation margin on futures and options trades and positions in the accounts of Special CME Clearing Members. CME shall settle the gains and losses associated with futures and options trades and
positions in the accounts of clearing members at least once each business day, typically twice each business day, and more frequently as CME determines is warranted by market volatility. 
  
 CME PCS Process. CME’s position change submission (PCS) process will be used for reporting final positions and
spreadable positions and to determine each clearing member’s final position for margining purposes and for exercise and assignment of options, as well as for determining the exchange open interest to be reported for each business day.

  
 Net Margining of CBOT Products. CME will support net
margining of positions in CBOT Products in substantially the same manner as the current procedures employed by BOTCC with respect to performance bond requirements. Notwithstanding the foregoing, CME may adjust formulas for calculating security
deposit requirements or assessment of security deposit contributions with respect to net-margined products, as CME in its reasonable discretion deems appropriate in order to fairly and equitably calculate security deposit requirements, given
differences between positions subject to gross margining and positions subject to net margining. 
  
 SPAN Files. CME will generate and distribute to Special CME Clearing Members’ and customers’ SPAN files reflecting SPAN margining of
positions in CBOT Products. SPAN files will be distributed over the internet and through any other means specified in the CME Rules and the Operational Policies and Procedures. CME may generate and distribute joint SPAN files for positions in CBOT
Products, CME products and products of any other exchange for which CME provides clearing services or linked clearing. 
  
 Authority Over Clearing Firm Margin Requirements. CME will work with CBOT to develop a coordinated performance bond / margin review process such
that CME can receive input from CBOT as to performance bond / margin requirements. Such process 
  
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 shall involve monthly meetings with representatives designated by CBOT and
will involve data analysis and discussions with respect to how and when to implement changes to clearing firm level performance bond / margin requirements; provided however, that ultimate control over performance bond / margin requirements at the
clearing member level shall reside with CME. Notwithstanding the foregoing, CME agrees that determinations by CME with respect to performance bond / margin requirements for CBOT Core Products shall be made strictly on the basis of risk management
principles and shall not involve competitive considerations associated with CME products and competing CBOT Products. Additionally, CME shall not recognize clearing member level spreads between CBOT Products and products of any other exchange
without the prior written approval of CBOT. 
  
 Authority Over
Customer Level Requirements. CBOT shall have ultimate control over customer level exchange minimum performance bond / margin and spread requirements, provided that CBOT shall consult with CME as to such requirements as a part of the coordinated
review process to be developed between CME and CBOT.  
  
 Acceptable Collateral. CME will review the forms of collateral currently accepted by BOTCC that are not currently accepted by CME and, where in CME’s judgment such additional forms of collateral are frequently used and not
unduly costly or risky to accept, CME will amend the CME Rules to accept such forms of collateral with respect to CBOT Products. Notwithstanding the foregoing, CME will conduct this review process prior to the Launch Date only if time permits.

  
 Transfers. CME shall effect the transfer of positions in CBOT Products
between Special CME Clearing Members, where applicable, in accordance with the CME Rules and Operational Policies and Procedures in effect from time to time. Transferred positions will be guaranteed by CME to the transferee only upon payment of
initial settlement variation and performance bond by the transferor or the transferee, as applicable. 
  
 Give-Up Transactions. CME will make the allocate claim system (“ACS”) available to Special CME Clearing Members for processing give-up transactions. 
  
 Exercise and Assignment. CME will provide exercise and assignment functionality to
Special CME Clearing Members with respect to positions in options products, including at option expiration, as set forth in the CME Rules and the Operational Policies and Procedures. CME will not support option expiration processing on Saturdays,
and option expiration processing for CBOT Products as of the Launch Date will be completed on Fridays (or another business day, with respect to Friday holidays) in accordance with the CME Rules and the Operational Policies and Procedures.

  
 Deliveries. CME will provide automated support to CBOT in connection
with deliveries management of CBOT Products, including inventory of deliverable positions, inventory of deliverable supply, delivery intent processing, delivery assignment, and delivery invoicing, except that CBOT shall maintain responsibility for
management and operation of the registration and delivery process. CME will provide automated deliveries support as of the Launch Date of 
  
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 financial and equity CBOT Products that are listed for trading by CBOT as of the Effective
Date. CME will use its best efforts to implement automated deliveries support of other CBOT Products that are listed for trading by CBOT as of the Effective Date, including agricultural products, as of the Launch Date or as soon thereafter as is
practicable. CME shall provide automated deliveries support for new CBOT Products (or for changed features of existing CBOT Products) listed for trading by CBOT after the Effective Date, provided that the product characteristics permit automation of
deliveries management through means substantially similar to those that CME then employs with respect to other products cleared by CME. If significant development work will be required by CME to provide automated deliveries support for such products
listed for trading by CBOT after the Effective Date, the work will be subject to the change request procedures set forth in Section 3.10. 
  
 Settlement Banks. CME will interface with all banks that serve as settlement banks for transactions in CME products to provide settlement services for transactions
in CBOT Products also, provided that such banks agree to serve as settlement banks for transactions in CBOT Products. Additionally, CME will use best efforts to establish a settlement bank relationship with Lakeside Bank and, as appropriate, Burling
Bank, prior to the Launch Date. 
  
 Large Trader Reports. CME will
collect on CBOT’s behalf the large trader submissions from Special CME Clearing Members or their clients and forward such submissions to the CFTC and to CBOT for regulatory purposes. The CME clearing house shall be authorized to use this data
to perform the type of account level stress testing it performs on its own products to identify concentration of client exposure at a clearing member. CME shall facilitate reporting of large trader data for CBOT products by accepting transmissions
of such data in standard formats. CME shall construct an application that maintains a database of firms, customer accounts, and EINs (the term CBOT uses for the number used to aggregate customer accounts by beneficial owner). For each
reported position, the application shall search in the database by the firm and customer account: a) if the firm and customer account is found, the application shall tag the position with the EIN for it; and b) if the firm and customer account is
not found, the application shall assign the EIN, using CBOT’s standard convention, and tag the position with the newly-assigned EIN. The application shall then prepare a datafile of reported positions for transmission to CBOT, with each
position tagged with its EIN. The application shall further provide CBOT staff with an interface for viewing and modifying the EIN assigned to a particular firm and customer account. CBOT shall provide an initial datafile or files for loading this
application with its existing EINs and their associated firm and customer accounts. CME shall prepare position limit reports against the large trader data for provision to CBOT. Other than these enumerated processes, all responsibility for large
trader reporting analysis and other larger trader-related functions remains with CBOT. 
  
 Calculation and Collection of Fees. CME will calculate, bill and collect clearing fees from Special CME Clearing Members for transactions in CBOT Products, using the transaction types for which CME currently
bills clearing members with respect to transactions in its own products. The rate billed will be determined by CBOT for the fee for initial cleared transactions, including block trades, EFPs and other alternative execution procedures, and by CME for
post-trade 
  
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 transaction types (including, without limitation, give-ups, transfers, option exercise and
assignment, and deliveries). 
  
 Operational Timeline. Except as otherwise
set forth in the CME Rules or the Operational Policies and Procedures, the operational timeline for clearing services and submission of reports for transactions and positions in CBOT Products shall be the same as it is with respect to transactions
and positions for CME products. CME anticipates using single, combined clearing process cycles for both CME products and CBOT Products. Consequently, CME’s deadlines and requirements shall apply with respect to processes including, but not
limited to, trade report submission deadlines, out-trade report production, final reconciliation and option exercise deadlines, mark-to-market and settlement cycles (including intra-day cycles), collateral substitution and withdrawal deadlines, and
pay/collect procedures. 
  
 Support for Existing and Future CBOT Product
Characteristics. Subject to any specific limitations set forth in this Schedule A or elsewhere in this Agreement, in providing the Clearing Services CME will develop systems and adopt practices as necessary to support the product features and
characteristics of CBOT products as they are listed for trading as of the Effective Date, including, without limitation, fractional price formats and variable cabinet pricing. CME shall similarly support new product features and characteristics of
existing CBOT Products or those that CBOT may list for trading in the future, provided, however, that if the features and characteristics of such products differ materially from those of products then cleared by CME, CME’s support of such new
product features or characteristics shall be subject to the change request procedures set forth in Section 3.10. 
  
 Security Deposit Management and Assessment. CME will calculate and collect from Special CME Clearing Members security deposit contributions in accordance with the
CME Rules and the Operational Policies and Procedures in effect from time to time. CME shall have the authority, as set forth in the CME Rules and the Operational Policies and Procedures in effect from time to time, to seize the security deposits of
Special CME Clearing Members and to further exercise certain limited assessment powers in the event of a default by either a Special CME Clearing Member or a CME clearing member. For the avoidance of doubt, CME shall manage a joint security deposit
pool for the benefit of Special CME Clearing Members and CME clearing members with respect to transactions in CME products, transactions in CBOT Products, and transactions in the products of any other exchange for which CME provides clearing
services or linked clearing, unless CME’s agreement with such other exchange prohibits a joint guarantee fund. Consequently, the security deposit contributions of CME-only clearing members may be assessed as a result of defaults as to
transactions in CBOT Products, and the contributions of CBOT-only clearing members who are Special CME Clearing Members may be assessed as a result of defaults as to transactions in CME products.  
  
 Support for Cross-Margining of CBOT Products. CME will provide support for and will
participate in cross-margining of positions in CBOT Products held by Special CME Clearing Members pursuant to CBOT’s existing cross-margining arrangements with GSCC and OCC, provided that CBOT shall secure any necessary amendments to substitute
CME for BOTCC in its current cross-margining agreements with GSCC and OCC. CME will provide support for and 
  
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 will participate in cross-margining of positions in CBOT Products held by Special CME
Clearing Members under any other cross-margining agreements (or amendments to existing agreements) into which CBOT may enter in the future, provided that (i) such support, including without limitation the development of necessary interfaces, shall
be subject to the change request procedures set forth in Section 3.10, and (ii) CME may decline to support such cross-margining agreement if CME concludes, in its sole reasonable judgment after consultation and negotiation with CBOT and the other
party, that such proposed cross-margining arrangement presents an unacceptable credit risk to CME. 
  
 Information and Reports for CBOT. With respect to each trading day, CME will deliver to CBOT the following reports in accordance with the Operational Policies and Procedures: 
  

	 	a.	End-of-day volume and open interest file; 

  

	 	b.	End-of-day transaction listing file; and 

  

	 	c.	Large trader data file as submitted by Clearing Members 

  
 Information and Reports From CBOT. CBOT (or a third-party service provider to CBOT, if CBOT delegates such obligation) shall provide the following reports and
information to CME in accordance with the Operations Policies and Procedures: 
  

	 	a.	A daily data file of the CBOT Products eligible for trading on the next business day; 

  

	 	b.	Information on the performance bond requirements CBOT sets for the customer level exchange minimum requirements, which must be provided at least three to five business days prior to
their effective date except in situations where changes are driven by unusual market volatility. Such data is required in order for CME to produce the appropriate customer level SPAN files; 

  

	 	c.	A daily data file of eligible CBOT traders for the next trading day, together with identification of each trader’s guarantor Special CME Clearing Member;

  

	 	d.	Two-sided matched trade record messages, in near real time, for trades executed electronically on LIFFE Connect; 

  

	 	e.	One-sided (unmatched) trade record messages, in near real time, from any electronic trading floor technology devices where CBOT rather than the Special CME Clearing Members will be
the source of the trade data; 

  

	 	f.	Two-sided matched trade messages in near real time for any pit trades matched by any trade matching system for such trades as CBOT may implement; 

  

	 	g.	Real time quote stream of CBOT prices for real-time clearing house and Special CME Clearing Member risk management; and 

  
 CONFIDENTIAL INFORMATION REDACTED AND FILED SEPARATELY WITH THE SECURITIES
AND EXCHANGE COMMISSION. OMITTED PORTIONS INDICATED BY [**]. 
  

 A-6 

 Confidential Treatment Requested by CBOT Holdings, Inc. 
  

	 	h.	End of day settlement prices received both via a datafile and via the real time quote stream to be received by approximately 2:30-2:45 p.m. for products that settle by 2:00 p.m. and
by approximately 3:45-4:00 p.m. for products that settle later than 2:00 p.m. The purpose of receiving such end-of-day settlement prices in a timely manner is to facilitate the timely publication of daily SPAN files for CBOT Products and to allow
Clearing Members to begin bookkeeping processing in a timely manner. 

  
 Information and Reports for Clearing Members. CME will make available to each Special CME Clearing Member on every business day the following information, in machine readable format in accordance with the CME Rules and the
Operational Policies and Procedures: 
  

	 	a.	futures and options transactions accepted by CME for each account of the Special CME Clearing Member; 

  

	 	b.	obligations to receive or deliver products or instruments underlying matured physically settled futures contracts in the Special CME Clearing Member’s accounts;

  

	 	c.	give-up trades, position transfers and other transactions in the Special CME Clearing Member’s accounts involving CBOT Products; 

  

	 	d.	EFP transactions, which will be identified as such by CME using an available “data field” when such transactions are identified as such to CME by CBOT or Special CME
Clearing Members ; 

  

	 	e.	block trades, which will be identified as such by CME using an available “data field” when such transactions are identified as such to CME by CBOT or Special CME Clearing
Members; 

  

	 	f.	the daily mark-to-market of each open position in futures held by each Special CME Clearing Member; and 

  

	 	g.	amounts of money due to and from CME from and to each Special CME Clearing Member for each account held by the Special CME Clearing Member with CME. 

  
 File Formats Generally. The formats for data files and/or messages to be exchanged
among CME, CBOT, any third-party service provider to CBOT or any other entity with which CME must exchange data in connection with providing Clearing Services, shall be as mutually agreed by CME and CBOT promptly after the execution of this
Agreement. If any disagreement arises, generally the principle that the receiving party specifies the format shall control. 
  
 Special CME Clearing Member Access to CME Clearing Systems. CME will permit Special CME Clearing Members to access CME’s automated and online systems for all
clearing and position management functionality for use in connection with positions in CBOT Products on substantially the same basis as CME permits such access with respect to positions in its own products (unless unique characteristics of a
particular CBOT Product preclude use of such functionality). 
  
 CONFIDENTIAL INFORMATION REDACTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. OMITTED PORTIONS INDICATED BY [**]. 
  

 A-7 

 Confidential Treatment Requested by CBOT Holdings, Inc. 
  
 Services Complete. Except as otherwise specified in this Agreement, in the CME Rules
or the Operational Policies and Procedures, the services set forth above are the complete clearing services that CME will provide to CBOT pursuant to this Agreement. Without limiting the generality of the foregoing, CBOT understands that CME will
not provide additional services relating to market regulation, generating statistical information, managing time and sales information, managing membership requirements, or daily bulletin processing. 
  
 CONFIDENTIAL INFORMATION REDACTED AND FILED SEPARATELY WITH THE SECURITIES
AND EXCHANGE COMMISSION. OMITTED PORTIONS INDICATED BY [**]. 
  

 A-8 

 Confidential Treatment Requested by CBOT Holdings, Inc. 
  
 Schedule B 
  
 [**4 pages omitted**] 
  
 CONFIDENTIAL INFORMATION REDACTED AND FILED SEPARATELY WITH THE SECURITIES
AND EXCHANGE COMMISSION. OMITTED PORTIONS INDICATED BY [**]. 
  

 B-1 

 Confidential Treatment Requested by CBOT Holdings, Inc. 
  
 Schedule C 
 Project Development Plan 
  
 Outlined below are the terms to which the Parties have agreed concerning the development of and compliance with a detailed project plan for implementing the arrangements described in this Agreement. 
  
 Terms Relating to Plan 
  
 A. Development of the Plan. Immediately following the Effective Date
of this Agreement and on an ongoing basis throughout the development period prior to the Launch Date, the Parties will use their best efforts to update the project development plan (the “Plan”, as updated from time to time during the
development period). The Plan shall identify, with reasonable detail, (i) all material information that must be exchanged between the Parties, (ii) any outstanding matters that must be agreed to between the Parties or decisions that must be reached
by one Party, (iii) all material tasks that must be completed by either Party, and (iv) the timeline upon which such tasks must be completed in order to meet the Launch Date. The Parties shall also use their best efforts to jointly develop and
incorporate within the Plan an (i) outline and timeline for completing legal documentation, including necessary regulatory filings and any documentation that must be executed by Special CME Clearing Members or other entities, and (ii) and outline
and timeline for other communications with Special CME Clearing Members, ISVs, market data vendors, back-office service bureaus and any other entity with which information must be shared in order to effectuate a successful launch of Clearing
Services. 
  
 B. Mutual Best Efforts to Participate and Adhere
to Plan. Each of the Parties shall use its best efforts to participate fully in the planning process and to complete its required tasks in accordance with the timeline identified in the Plan. CME understands and agrees that it has primary
responsibility for completing the development work necessary to implement Clearing Services as described in Schedule A. CBOT understands and agrees that it also will have development work to complete in order to effectively implement Clearing
Services, including without limitation any development work necessary to provide to CME the information and reports specified to be provided by CBOT in Schedule A. Both Parties understand and agree that their full participation will be required for
multiple phases of systems testing, including a comprehensive end-to-end testing phase of the fully integrated systems, which testing may require overtime, weekend and holiday work. 
  
 C. Failure to Adhere to Plan. A failure to meet a particular internal deadline set forth in the Plan by either Party
shall not be deemed a Material Breach of this Agreement. However, if either Party concludes that a serious failure or multiple failures to conform to the tasks and timelines set forth in the Plan jeopardizes the Parties’ ability to meet the
Launch Date, the concerned Party shall so notify the relevant management personnel of the other Party (including the individuals identified in Section 19.5) in writing, which may be by e-mail, and the Parties shall use reasonable efforts to resolve
the matter and adjust the Plan to the concerned Party’s satisfaction. If such efforts are not successful, the concerned Party may, not sooner than ten (10) business days after delivering the notice, submit the matter to arbitration. If the
arbitrator concludes that one of the Parties is primarily and substantially at fault for the failure and that the failure does jeopardize the Launch Date, the other Party shall have the option to terminate this 
  
 CONFIDENTIAL INFORMATION REDACTED AND FILED SEPARATELY WITH THE SECURITIES
AND EXCHANGE COMMISSION. OMITTED PORTIONS INDICATED BY [**]. 
  

 C-1 

 Confidential Treatment Requested by CBOT Holdings, Inc. 
  
 Agreement for an Unexcused Breach under Section 10.1, without application of any notice and
cure period. 
  
 Project Review Teams 
  
 Immediately following the Effective Date, each Party will identify
individuals to participate in the following review teams, each of which will review matters assigned to it and develop any related elements of the Plan. Where a team is assigned to identify interface requirements or other technical requirements, the
team shall produce at least a high-level functional specifications document. The Parties agree that the project review teams shall complete the process of fully defining requirements for each aspect of the project described below by May 16, 2003,
meaning that the teams will have decided how to resolve any open issues and have documented and circulated their assigned elements of the Plan, including any functional specifications documents. 
  
 A. Product Review Team. Matters to review: 
  
 Review contract specifications in detail 
  
 Identify specifications not currently supported by CME

  
 Document variable cabinet pricing
requirements 
  
 Review product and price file
layouts 
  
 Identify product and price interface
requirements 
  
 Review market related layouts

  
 Map MD layouts 
  
 Identify MD interface requirements 
  
 B. Deliveries Review Team. Matters to review: 
  
 Review delivery requirements 
  
 Determine information that must be shared to complete
automated deliveries processes development work 
  
 Review deliveries file layouts 
  
 Identify deliveries interface requirements 
  
 C.
Regulatory Review Team. Matters to review: 
  
 Review regulatory file layouts 
  
 Identify regulatory interface requirements 
  
 D.
Membership Review Team. Matters to review: 
  
 Review membership file layouts 
  
 Identify membership interface requirements 
  
 E.
Trade Review Team. Matters to review: 
  
 CONFIDENTIAL
INFORMATION REDACTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION. OMITTED PORTIONS INDICATED BY [**]. 
  

 C-2 

 Confidential Treatment Requested by CBOT Holdings, Inc. 
  
 Review trade related file layouts 
  
 Map trade layouts 
  
 Identify trade interface requirements 
  
 CONFIDENTIAL INFORMATION REDACTED AND FILED SEPARATELY WITH THE SECURITIES
AND EXCHANGE COMMISSION. OMITTED PORTIONS INDICATED BY [**]. 
  

 C-3

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