EXHIBIT 10.13

The CORPORATEplan for RetirementSM

EXECUTIVE PLAN

Adoption Agreement

IMPORTANT NOTE

This document has not been approved by the Department of Labor, the Internal Revenue Service or any other governmental entity. An Employer must determine whether the plan is subject to the Federal securities laws and the securities laws of the various states. An Employer may not rely on this document to ensure any particular tax consequences or to ensure that the Plan is “unfunded and maintained primarily for the purpose of providing deferred compensation to a select group of management or highly compensated employees” under the Employee Retirement Income Security Act with respect to the Employer’s particular situation. Fidelity Management Trust Company, its affiliates and employees cannot and do not provide legal or tax advice or opinions in connection with this document. This document does not constitute legal or tax advice or opinions and is not intended or written to be used, and it cannot be used by any taxpayer, for the purposes of avoiding penalties that may be imposed on the taxpayer. This document must be reviewed by the Employer’s attorney prior to adoption.

Plan Number: 44314		ECM NQ 2007 AA
(07/2007)		12/12/2008
© 2007 Fidelity Management & Research Company

ADOPTION AGREEMENT

ARTICLE 1

1.01 PLAN INFORMATION

(a) Name of Plan:

This is the Chicago Board Option Exchange Executive Retirement Plan (the “Plan”).

(b) Plan Status (Check one.):

(1) Adoption Agreement effective date: 01/01/2009.

(2) The Adoption Agreement effective date is (Check (A) or check and complete (B)):

(A) ¨ A new Plan effective date.

(B) x An amendment and restatement of the Plan. The original effective date of the Plan was: 02/16/2005.

1.02 EMPLOYER

(a) Employer Name: Chicago Board Options Exchange, Inc.

(b) The term “Employer” includes the following Related Employer(s) (as defined in Section 2.01(a)(25)) participating in the Plan:

1.03 COVERAGE

(Check (a) and/or (b).)

(a) x The following Employees are eligible to participate in the Plan (Check (1) or (2)):

(1) ¨ Only those Employees designated in writing by the Employer, which writing is hereby incorporated herein.

(2) x Only those Employees in the eligible class described below:

The Chairman of the Board of Directors, the Executive Vice Chairman, the President and each Division Head of the Employer are eligible to participate in the Plan. Individuals performing officer type services on a consulting, contract or other self-employed basis shall not be eligible to participate.

(b) ¨ The following Directors are eligible to participate in the Plan (Check (1) or (2)):

(1) ¨ Only those Directors designated in writing by the Employer, which writing is hereby incorporated herein.

(2) ¨ All Directors, effective as of the later of the date in 1.01(b) or the date the Director becomes a Director.

(Note: A designation in Section 1.03(a)(1) or Section 1.03(b)(1) or a description in Section 1.03(a)(2) must include the effective date of such participation.)

1.04 COMPENSATION

(If Section 1.03(a) is selected, select (a) or (b). If Section 1.03(b) is selected, complete (c)).

For purposes of determining all contributions under the Plan:

(a) ¨ Compensation shall be as defined, with respect to Employees, in the Plan maintained by the Employer:

(1) ¨ to the extent it is in excess of the limit imposed under Code section 401(a)(17).

(2) ¨ notwithstanding the limit imposed under Code section 401(a)(17).

(b) x Compensation shall be as defined in Section 2.01(a)(9) with respect to Employees (Check (1), and/or (2) below, if, and as, appropriate):

(1) ¨ but excluding the following:

(2) ¨ but excluding bonuses, except those bonuses listed in the table in Section 1.05(a)(2).

1.05 CONTRIBUTIONS ON BEHALF OF EMPLOYEES

(a) Deferral Contributions (Complete all that apply):

(1) ¨ Deferral Contributions. Subject to any minimum or maximum deferral amount provided below, the Employer shall make a Deferral Contribution in accordance with, and subject to, Section 4.01 on behalf of each Participant who has an executed salary reduction agreement in effect with the Employer for the applicable calendar year (or portion of the applicable calendar year).

Deferral Contributions	Dollar Amount		% Amount
Type of Compensation	Min	Max	Min	Max
			0	0

(Note: With respect to each type of Compensation, list the minimum and maximum dollar amounts or percentages as whole dollar amounts or whole number percentages.)

(2) ¨ Deferral Contributions with respect to Bonus Compensation only. The Employer requires Participants to enter into a special salary reduction agreement to make Deferral Contributions with respect to one or more Bonuses, subject to minimum and maximum deferral limitations, as provided in the table below.

Treated As

Dollar Amount

% Amount

Deferral Contributions
Type of Bonus

Performance
Based

Non-
Performance
Based

Min

Max

Min

Max

(Note: With respect to each type of Bonus, list the minimum and maximum dollar amounts or percentages as whole dollar amounts or whole number percentages. In the event a bonus identified as a Performance-based Bonus above does not constitute a Performance-based Bonus with respect to any Participant, such Bonus will be treated as a Non-Performance-based Bonus with respect to such Participant.)

(b) Matching Contributions (Choose (1) or (2) below, and (3) below, as applicable):

(1) ¨ The Employer shall make a Matching Contribution on behalf of each Employee Participant in an amount described below:

(A) ¨ % of the Employee Participant’s Deferral Contributions for the calendar year.

(B) ¨ The amount, if any, declared by the Employer in writing, which writing is herby incorporated herein.

(2) ¨ Matching Contribution Offset. For each Employee Participant who has made elective contributions (as defined in 26 CFR section 1.401(k)-6 (“QP Deferrals”)) of the maximum permitted under Code section 402(g), or the maximum permitted under the terms of the Plan (the “QP”), to the QP, the Employer shall make a Matching Contribution in an amount equal to (A) minus (B) below:

(A) The matching contributions (as defined in 26 CFR section 1.401(m)-1(a)(2) (“QP Match”)) that the Employee Participant would have received under the QP on the sum of the Deferral Contributions and the Participant’s QP Deferrals, determined as though—

· no limits otherwise imposed by the tax law applied to such QP match; and

· the Employee Participant’s Deferral Contributions had been made to the QP.

(B) The QP Match actually made to such Employee Participant under the QP for the applicable calendar year.

Provided, however, that the Matching Contributions made on behalf of any Employee Participant pursuant to this Section 1.05(b)(2) shall be limited as provided in Section 4.02 hereof.

(3) ¨ Matching Contribution Limits (Check the appropriate box (es)):

(A) ¨ Deferral Contributions in excess of % of the Employee Participant’s Compensation for the calendar year shall not be considered for Matching Contributions.

(B) ¨ Matching Contributions for each Employee Participant for each calendar year shall be limited to $ .

(1) x Fixed Employer Contributions. The Employer shall make an Employer Contribution on behalf of each Employee Participant in an amount determined as described below:

The Employer will contribute an amount equal to 6% of the Participant’s Compensation each Plan Year. CBOE will credit a semi-monthly amount based upon the following table to accounts of the Chairman of the Board of Directors, the Executive Vice Chairman, the President and each Division Head of the Employer.

Age as of January 1st
of each calendar year	Additional Contribution Percentage
Under 45	1	%
45-49	3	%
50-54	6	%
55-59	9	%
60-64	11	%
65 and over	0	%

(2) ¨ Discretionary Employer Contributions. The Employer may make Employer Contributions to the accounts of Employee Participants in any amount (which amount may be zero), as determined by the Employer in its sole discretion from time to time in a writing, which is hereby incorporated herein.

1.06 CONTRIBUTIONS ON BEHALF OF DIRECTORS

(a) ¨ Director Deferral Contributions

The Employer shall make a Deferral Contribution in accordance with, and subject to, Section 4.01 on behalf of each Director

Participant who has an executed deferral agreement in effect with the Employer for the applicable calendar year (or portion of the applicable calendar year), which deferral agreement shall be subject to any minimum and/or maximum deferral amounts provided in the table below.

Deferral Contributions	Dollar Amount		% Amount
Type of Compensation	Min	Max	Min	Max

(Note: With respect to each type of Compensation, list the minimum and maximum dollar amounts or percentages as whole dollar amounts or whole number percentages.)

(b) Matching and Employer Contributions:

(1) ¨ Matching Contributions. The Employer shall make a Matching Contribution on behalf of each Director Participant in an amount determined as described below:

(2) ¨ Fixed Employer Contributions. The Employer shall make an Employer Contribution on behalf of each Director Participant in an amount determined as described below:

(3) ¨ Discretionary Employer Contributions. The Employer may make Employer Contributions to the accounts of Director Participants in any amount (which amount may be zero), as determined by the Employer in its sole discretion from time to time, in a writing, which is hereby incorporated herein.

1.07 DISTRIBUTIONS

The form and timing of distributions from the Participant’s vested Account shall be made consistent with the elections in this Section 1.07.

(a) (1) Distribution options to be provided to Participants

(A) Specified
Date

(B) Specified
Age

(D) Earlier of
Separation or
Age

(E) Earlier of
Separation or
Specified Date

(F) Disability

(G) Change in
Control

(H) Death

Deferral
Contribution

o Lump Sum

¨ Installments

¨ Lump Sum

¨ Installments

¨ Lump Sum

¨ Lump Sum

¨ Installments

Matching Contributions

¨ Lump Sum

¨ Installments

¨ Lump Sum

¨ Lump Sum

¨ Installments

Employer Contributions

¨ Lump Sum

¨ Installments

x Lump Sum

x Installments

¨ Lump Sum

¨ Installments

x Lump Sum

¨ Lump Sum

¨ Installments

(Note: If the Employer elects (F), (G), or (H) above, the Employer must also elect (A), (B), (C), (D), or (E) above, and the Participant must also elect (A), (B), (C), (D), or (E) above. In the event the Employer elects only a single payment trigger and/or payment method above, then such single payment trigger and/or payment method shall automatically apply to the Participant. If the employer elects to provide for payment upon a specified date or age, and the employer applies a vesting schedule to amounts that may be subject to such payment trigger(s), the employer must apply a minimum deferral period, the number of years of which must be greater than the number of years required for 100% vesting in any such amounts. If the employer elects to provide for payment upon disability, and the employer applies a vesting schedule to amounts that may be subject to such payment trigger, the employer must also elect to apply 100% vesting in any such amounts upon disability and/or death.)

(2) x A Participant incurs a Disability when the Participant (Check at least one if Section 1.07(a)(1)(F) or if Section 1.08(e)(3) is elected):

(A) ¨ is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than 12 months.

(B) x is, by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, receiving income replacement benefits for a period of not less than 3 months under an accident and health plan covering employees of the Employer.

(D) o is determined to be disabled pursuant to the following disability insurance program: the definition of disability under which complies with the requirements in regulations under Code section 409A.

(Note: If more than one box above is checked, then the Participant will have a Disability if he satisfies as least one of the descriptions corresponding to one of such checked boxes.)

(3) x Regardless of any payment trigger and, as applicable, payment method, to which the Participant would otherwise be subject pursuant to (1) above, the first to occur of the following Plan-level payment triggers will cause payment to the Participant commencing pursuant to Section 1.07(c)(1) below in a lump sum, provided such Plan-level payment trigger occurs prior to the payment trigger to which the Participant would otherwise be subject.

Payment Trigger

(A) ¨ Separation from Service prior to:

(B) ¨ Separation from Service

(D) ¨ Change in Control

(b) Distribution Election Change

A Participant

(1) x shall

(2) ¨ shall not

be permitted to modify a scheduled distribution election in accordance with Section 8.01(b) hereof.

(1) Each lump sum distribution and the first distribution in a series of installment payments (if applicable) shall commence as elected in (A), (B) or (C) below:

(A) ¨ Monthly on the 1st day of the month which day next follows the applicable triggering event described in 1.07(a).

(B) ¨ Quarterly on the 1st day of the following months , , , or (list one month in each calendar quarter) which day next follows the applicable triggering event described in 1.07(a).

(C) x Annually on the 1st day of February (month) which day next follows the applicable triggering event described in 1.07(a)

(Note: Notwithstanding the above: a six-month delay shall be imposed with respect to certain distributions to Specified Employees; a Participant who chooses payment on a Specified Date will choose a month, year or quarter (as applicable) only, and payment will be made on the applicable date elected in (A), (B) or (C) above that falls within such month, year or quarter elected by the Participant.)

(2) The commencement of distributions pursuant to the evens elected in Section 1.07(a)(1) and Section 1.07(a) (3) shall be modified by application of the following:

(A) ¨ Separation from Service Event Delay – Separation from Service will be treated as not having occurred for months after the date of such event.

(B) ¨ Plan Level Delay – all distribution events (other than those based on Specified Date or Specified Age) will be treated as not having occurred for days (insert number of days but not more than 30).

(d) Installment Frequency and Duration

If installments are available under the Plan pursuant to Section 1.07(a), a Participant shall be permitted to elect that the installments will be paid (Complete 1 and 2 below):

(1) at the following intervals:

(A) x Monthly commencing on the day elected in Section 1.07(c)(1).

(B) x Quarterly commending on the day elected in Section 1.07(c)(1) (with payments made at three-month intervals thereafter).

(2) over the following term(s) (Complete either (A) or (B)):

(A) x Any term of whole years between 1 (minimum of 1) and 10 (maximum of 30).

(B) o Any of the whole year terms selected below.

¨ 1	¨ 2	¨ 3	¨ 4	¨ 5	¨ 6
¨ 7	¨ 8	¨ 9	¨ 10	¨ 11	¨ 12
¨ 13	¨ 14	¨ 15	¨ 16	¨ 17	¨ 18
¨ 19	¨ 20	¨ 21	¨ 22	¨ 23	¨ 24
¨ 25	¨ 26	¨ 27	¨ 28	¨ 29	¨ 30

(Note: Only elect a term of one year if Section 1.07(d)(1)(A) and/or Section 1.07(d)(1)(B) is elected above.)

(e) Conversion to Lump Sum

o Notwithstanding anything herein to the contrary, if the Participant’s vested Account at the time such Account becomes payable to him hereunder does not exceed $ distribution of the Participant’s vested Account shall automatically be made in the form of a single lump sum at the time prescribed in Section 1.07(c)(1).

(f) Distribution Rules Applicable to Pre-effective Date Accruals

o Benefits accrued under the Plan (subject to Code section 409A) prior to the date in Section 1.01(b)(1) above are subject to distribution rules not described in Section 1.07(a) through (e), and such rules are described in Attachment A Re: PRE EFFECTIVE DATE ACCRUAL DISTRIBUTION RULES.

1.08 VESTING SCHEDULE

(a) (1) The Participant’s vested percentage in Matching Contributions elected in Section 1.05(b) shall be based upon the following schedule and unless Section 1.08(a)(2) is checked below will be based on the elapsed time method as described in Section 7.03(b).

Years of Service		Vesting %

(2) ¨ Vesting shall be based on the class year method as described in Section 7.03(c).

(b) (1) The Participant’s vested percentage in Employer Contributions elected in Section 1.05(c) shall be based upon the following schedule and unless Section 1.08(b)(2) is checked below will be based on the elapsed time method as described in Section 7.03(b).

Years of Service		Vesting %
0		0
1		20
2		40
3		60
4		80
5		100

(2) ¨ Vesting shall be based on the class year method as described in Section 7.03(c).

(1) ¨ for new plans, service prior to the Effective Date as defined in Section 1.01(b)(2)(A).

(2) ¨ for existing plans converting from another plan document, service prior to the original Effective Date as defined in Section 1.01(b)(2)(B).

(Note: Do not elect to apply this Section 1.08(c) if vesting is based only on the class year method.).

(d) x Notwithstanding anything to the contrary herein, a Participant will forfeit his Matching Contributions and Employer Contributions (regardless of whether vested) upon the occurrence of the following event(s):

See Attachment B.

(Note: Contributions with respect to Directors, which are 100% vested at all times, are subject to the rule in this subsection (d).)

(e) A Participant will be 100% vested in his Matching Contributions and Employer Contributions upon (Check the appropriate box(es)):

(1) ¨ Retirement eligibility is the date the Participant attains age and completes Years of Service, as defined in Section 7.03(b).

(2) x Death.

AMENDMENT EXECUTION PAGE
(Fidelity’s Copy)

Plan Name:	Chicago Board Option Exchange Executive Retirement Plan (the “Plan”)

Employer:	Chicago Board Options Exchange, Inc.

(Note: These execution pages are to be completed in the event the Employ modifies any prior election(s) or makes a new election(s) in this Adoption Agreement. Attach the amended page(s) of the Adoption Agreement to these execution pages.)

The following section(s) of the Plan are hereby amended effective as of the date(s) set forth below:

Section Amended		Effective Date

IN WITNESS WHEREOF, the Employer has caused this Amendment to be executed on the date below.

	Employer	Chicago Board Options Exchange, Inc.

	By	/s/ Deborah Woods

	Title	Vice President Human Resources

	Date:	December 12, 2008

AMENDMENT EXECUTION PAGE
(Employer’s Copy)

Plan Name:	Chicago Board Option Exchange Executive Retirement Plan (the “Plan”)

Employer:	Chicago Board Options Exchange, Inc.

The following section(s) of the Plan are hereby amended effective as of the date(s) set forth below:

Section Amended		Effective Date

IN WITNESS WHEREOF, the Employer has caused this Amendment to be executed on the date below.

	Employer	Chicago Board Options Exchange, Inc.

	By	/s/ Deborah Woods

	Title	Vice President Human Resources

	Date:	December 12, 2008

ATTACHMENT B

Re: SUPERSEDING PROVISIONS
for
Plan Name: Chicago Board Option Exchange Executive Retirement Plan

(a) Superseding Provision(s) - The following provisions supersede other provisions of this Adoption Agreement and/or the Basic Plan Document as described below:

Notwithstanding anything to the contrary in Section 1.04, for purposes of determining Employer Contributions under the Plan, Compensation shall include only base compensation and bonuses (including amounts deferred by the Participant under the Chicago Board Options Exchange Deferred Compensation Plan for Officers). Compensation shall specifically exclude amounts contributed by the Employer under the Senior Executive Cafeteria Plan.

CBOE Seat Fund Executive Summary - Confidential

1. New Investment Option. Effective March 22, 2007, an additional investment option, the CBOE Seat Fund, will be available for the annual Discretionary Employer Contributions to the Chicago Board Options Exchange Executive Retirement Plan (the “Plan”). This investment option will represent a hypothetical membership in CBOE and track the value of one CBOE seat.

2. Valuation of Investment. The initial aggregate value of the Seat Fund will be based upon the fair market value and a discount. An independent financial advisory firm will recommend discount percentage. The Fund will be valued monthly. The average price of the last three seat sales for the applicable month will be used to determine the value of the hypothetical membership at the end of each month.

3. Amount of Investment. In lieu of the 6% discretionary contribution, for fiscal years ending 2006, 2007 and 2008 the CBOE contribution will be equal to $509,600. This was calculated as follows:

Seat sale 3/12/07	$	2,270,000
Seat sale 3/12/07	$	2,200,000
Seat sale 3/1/07	$	1,900,000
Average	$	2,123,333
Discount = 28%	$	1,528,800
One third	$	509,600

The participant allocation formula will be based upon the percentage each participant normally receives from the total CBOE discretionary amount made to the plan. For example, if the 6% total for all eligible participants is $500,000 and the participant’s 6% discretionary contribution for 2006 equals $50,000, this participant would receive 10% of $509,600, the seat value awarded, or $50,960.

4. Vesting. A participant’s interest in membership units of the Seat Fund would vest in the same manner as the balance of his or her accounts under the Plan.

5. Distributions. The Plan will make any distributions from the Seat Fund in cash equal to the market value of a membership unit as of the last preceding monthly valuation date prior to the distribution date.

If a participant’s termination of employment with CBOE occurs for any reason other than death, the balance of his or her account will be paid, as elected by the participant, in a single lump sum payment, or in annual installments over a period of ten or fewer years. If payments are made in installments, the unpaid portion of the participant’s balance shall continue to be adjusted to reflect gains and losses.

In the event of a participant’s death, the entire unpaid balance of his or her account will be paid in a single lump sum, as soon as practicable after death, to his or her designated beneficiary. Beneficiary designations are made by written instrument or other means prescribed by CBOE.

6. Asset Transfer. A participant may elect to liquidate his or her vested membership units in the “Seat Fund” and transfer the value to one or more of the investment options offered by Fidelity under the Plan, only by giving the Plan six months advance written notice. The date of the transfer must be thirty-six (36) months or more from the date of share purchase. The election to transfer shares will be irrevocable. The value of the membership units liquidated under the Seat fund will be determined as of the date of transfer.

7. Funding. CBOE has established a rabbi trust to informally fund amounts payable under the Plan. CBOE may decide to hold the seat purchased in 2006 in this rabbi trust or another rabbi trust. Assets and investments under the rabbi trust continue to be treated as assets of the CBOE for all tax, financial and legal purposes.

8. Expenses. Although expenses are not anticipated, any expenses attributable to management or trusteeship of the Seat Fund will be charged against participants’ investments in the Fund, on a pro rata basis.

9. Taxation of Earnings. Earnings associated with the Seat Fund, will be taxed to the CBOE, either as the owner of the actual membership or as the grantor of the rabbi trust (if investments in the Seat Fund are funded through the trust). However, a participant would be taxed on all amounts distributed to the participant from the Plan (e.g., upon employment termination).

10. Demutualization. If the CBOE were to demutualize and convert to stock ownership, the value of the membership units in the Seat Fund would be transferred to funds offered through the Executive Retirement Plan via Fidelity.

11. Change in Control. Immediate vesting will occur upon a change of control of CBOE. If a change of control occurs prior to the end of final payment of all membership units, the participant will not be required to fund the outstanding balance. If elected by the participant, his or her entire interest in the Plan shall be distributed as soon as practicable after the date of consummation of a change of control.

For purposes of the Plan, a “Change in Control” of CBOE shall be deemed to occur on the effective time of (i) a merger or consolidation of CBOE with one or more other corporations as a result of which holders of the outstanding capital stock of CBOE entitled to vote for the election of directors (“Voting Stock”) of CBOE immediately prior to such merger hold less than 50% of the Voting Stock of the surviving or resulting corporation, or (ii) a transfer of substantially all of the property of CBOE other than to an entity of which CBOE owns at least 50% of the Voting Stock.

12. Termination for Cause. If a participant’s employment with CBOE is terminated for Cause, the entire balance in his or her account is forfeited. Cause is deemed to exist if, and only if:

(a) The participant engages, during the performance of his or her duties for CBOE, in acts or omissions constituting dishonesty, intentional breach of fiduciary obligation or intentional wrongdoing or malfeasance;

(b) The participant intentionally disobeys or disregards a lawful and proper direction of the Board, or

(c) The participant materially breaches an employment agreement entered into with CBOE, and the breach is incapable of being cured or remains uncured for thirty days following receipt by the participant of written notice from CBOE specifying the nature of the breach and demanding its cure.

The following will not constitute Cause:

(a) Any personal or policy disagreement between a participant and CBOE, or any member of CBOE or of the Board; or

(b) Any action taken by a participant in connection with his or her duties for CBOE, or any failure to act, if the participant acted or failed to act in good faith and in a manner he or she reasonably believed to be in the best interests of CBOE, and he or she had no reason to believe the conduct was unlawful.

13. Amendment or Termination. CBOE may amend or terminate the Plan at any time, but cannot reduce the account balance of a participant as of the effective date of the amendment or termination.

1.07 DISTRIBUTIONS

The form and timing of distributions from the Participant’s vested Account shall be made consistent with the elections in this Section 1.07

(a) (1) Distribution options to be provided to Participants

(A) Specified
Date

(B) Specified
Age

(D) Earlier of
Separation or
Age

(E) Earlier of
Separation or
Specified Date

(F) Disability

(G) Change in
Control

(H) Death

Deferral
Contribution

o Lump Sum

o Installments

o Lump Sum

o Installments

o Lump Sum

o Installments

o Lump Sum

o Installments

o Lump Sum

o Installments

o Lump Sum

o Installments

o Lump Sum

o Installments

Matching Contributions

o Lump Sum

o Installments

o Lump Sum

o Installments

o Lump Sum

o Installments

o Lump Sum

o Installments

o Lump Sum

o Installments

o Lump Sum

o Installments

o Lump Sum

o Installments

Employer Contributions

o Lump Sum

o Installments

o Lump Sum

o Installments

o Lump Sum

o Installments

o Lump Sum

o Installments

x Lump Sum

x Installments

o Lump Sum

o Installments

x Lump Sum

o Lump Sum

o Installments

(Note: If the Employer elects (F), (G), or (H) above, the Employer must also elect (A), (B), (C), (D), or (E) above, and the Participant must also elect (A), (B), (C), (D), or (E) above. In the event the Employer elects only a single payment trigger and/or payment method above, then such single payment trigger and/or payment method shall automatically apply to the Participant. If the employer elects to provide for payment upon a specified date or age, and the employer applies a vesting schedule to amounts that may be subject to such payment trigger(s), the employer must apply a minimum deferral period, the number of years of which must be greater than the number of years required for 100% vesting in any such amounts. If the employer elects to provide for payment upon disability and/or death, and the employer applies a vesting schedule to amounts that may be subject to such payment trigger, the employer must also elect to apply 100% vesting in any such amounts upon disability and/or death.)

(2) x A Participant incurs a Disability when the Participant (Check at least one if Section 1.07(a)(1)(F) or if Section 1.08(e)(3) is elected):

(A) o is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than 12 months.

Plan Number: 44314		ECM NQ 2007 AA
(07/2007)		6/15/2009
© 2007 Fidelity Management & Research Company

(Note: If more than one box above is checked, then the Participant will have a Disability if he satisfies at least one of the descriptions corresponding to one of such checked boxes.)

Payment Trigger

(A) o Separation from Service prior to:

(B) o Separation from Service

(D) o Change in Control

(b) Distribution Election Change

A Participant

(1) x shall

(2) o shall not

be permitted to modify a scheduled distribution election in accordance with Section 8.01(b) hereof.

(1) Each lump sum distribution and the first distribution in a series of installment payments (if applicable) shall commence as elected in (A), (B) or (C) below:

(A) o Monthly on the day of the month which day next follows the applicable triggering event described in 1.07(a).

(B) o Quarterly on the day of the following months , , , or (list one month in each calendar quarter) which day next follows the applicable triggering event described in 1.07(a).

(C) x Annually on the 1st day of February (month) which day next follows the applicable triggering event described in 1.07(a)

(2) The commencement of distributions pursuant to the evens elected in Section 1.07(a)(1) and Section 1.07(a)(3) shall be modified by application of the following:

(A) o Separation from Service Event Delay — Separation from Service will be treated as not having occurred for months after the date of such event.

(B) o Plan Level Delay — all distribution events (other than those based on Specified Date or Specified Age) will be treated as not having occurred for days (insert number of days but not more than 30).

(d) Installment Frequency and Duration

If installments are available under the Plan pursuant to Section 1.07(a), a Participant shall be permitted to elect that the installments will be paid (Complete 1 and 2 below):

(1) at the following intervals:

(A) x Monthly commencing on the day elected in Section 1.07(c)(1).

(B) x Quarterly commending on the day elected in Section 1.07(c)(1) (with payments made at three-month intervals thereafter).

(2) over the following term(s) (Complete either (A) or (B)):

(A) x Any term of whole years between 1 (minimum of 1) and 10 (maximum of 30).

(B) o Any of the whole year terms selected below.

o 1	o 2	o 3	o 4	o 5	o 6
o 7	o 8	o 9	o 10	o 11	o 12
o 13	o 14	o 15	o 16	o 17	o 18
o 19	o 20	o 21	o 22	o 23	o 24
o 25	o 26	o 27	o 28	o 29	o 30

(Note: Only elect a term of one year if Section 1.07(d)(1)(A) and/or Section 1.07(d)(1)(B) is elected above.)

(e) Conversion to Lump Sum

(f) Distribution Rules Applicable to Pre-effective Date Accruals

AMENDMENT EXECUTION PAGE
(Employer’s Copy)

Plan Name: Chicago Board Option Exchange Executive Retirement Plan (the “Plan”)

Employer: Chicago Board Options Exchange, Inc.

(Note: These execution pages are to be completed in the event the Employer modifies any prior election(s) or makes a new election(s) in this Adoption Agreement. Attach the amended page(s) of the Adoption Agreement to these execution pages.)

Section Amended		Effective Date
1.07 Distributions		07/15/2009

IN WITNESS WHEREOF, the Employer has caused this Amendment to be executed on the date below.

	Employer	Chicago Board Options Exchange, Inc.

	By	/s/ Deborah Woods

	Title	Vice President Human Resources

	Date:	June 16, 2009