X0202 4 2004-11-15 0001107389 ARCHIPELAGO HOLDINGS INC AX 0001238129 MUNOZ GEORGE 100 SOUTH WACKER DRIVE, SUITE 1800 C/O ARCHIPELAGO HOLDINGS, INC. CHICAGO IL 60606 1 0 0 0 Restricted Stock Units 0 2004-11-15 2004-11-15 4 A 0 3335 0 A Common Stock 3335 D Granted under the Archipelago Holdings, Inc. 2004 Stock Incentive Plan. Each RSU represents a right to recive one share of the Issuer's Common Stock (or cash equal to the fair market value thereof) upon the director's resignation or other termination of service from the Company's Board of Directors. The number of RSUs awarded to the Reporting Person was determined by dividing the dollar value granted to the Reporting Person as RSU compensation by $14.07 (the closing price of the Issuer's Common Stock on the Arca Exchange on October 21, 2004). The RSUs are service based and will vest in four equal installments (specifically on the first, second, third and fouth anniversaries of the date of grant), subject to the Reporting Person's continued service as a Director of the Company. Generally, unvested units will be cancelled upon the Reporting Person's termination of his services as a Director of the Company. Cynthia A. Lance under Power of Attorney for George Munoz 2004-11-15