Common use of Amendment and Termination of Plan Clause in Contracts

Amendment and Termination of Plan. The Corporation reserves the right, on a case-by-case basis or on a general basis, to amend the Plan in accordance with Section 8.1. No amendment or termination of the Plan that has the effect of removing an Executive from Appendix A may be, without the express written consent of such Executive, (a) effective until a date that is two years after the later of adoption of such amendment or termination or written notice of such amendment or termination to the affected Executive(s); or (b) retroactive. No amendment or termination shall eliminate or reduce any benefit with respect to any Executive who experiences a termination of employment that occurs on or before such amendment or termination becomes effective. EXECUTIVE: CBOE HOLDINGS, INC. By: ________________________________ Signature Title: _______________________________ Attachment: CBOE Holdings, Inc. Executive Severance Plan Appendix C Executives CBOE HOLDINGS, INC. EXECUTIVE SEVERANCE PLAN ACKNOWLEDGMENT AND ACCEPTANCE OF

Amendment and Termination of Plan. The Corporation reserves the right, on a case-by-case basis or on a general basis, to amend the Plan in accordance with Section 8.1. No amendment or termination of the Plan that has the effect of removing an Executive from Appendix A may be, without the express written consent of such Executive, (a) effective until a date that is two years after the later of adoption of such amendment or termination or written notice of such amendment or termination to the affected Executive(s); or (b) retroactive. No amendment or termination shall eliminate or reduce any benefit with respect to any Executive who experiences a termination of employment that occurs on or before such amendment or termination becomes effective. EXECUTIVE: CBOE HOLDINGS, INC. By: ________________________________ Signature Title: _______________________________ Attachment: CBOE Holdings, Inc. Executive Severance Plan Appendix C Executives CBOE HOLDINGS, INC. EXECUTIVE SEVERANCE PLAN ACKNOWLEDGMENT AND ACCEPTANCE OF:

Amendment and Termination of Plan. The Corporation reserves the right, on a case-by-case basis or on a general basis, to amend the Plan in accordance with Section 8.1. No amendment or termination of the Plan that has the effect of removing an Executive from Appendix A may be, without the express written consent of such Executive, (a) effective until a date that is two years after the later of adoption of such amendment or termination or written notice of such amendment or termination to the affected Executive(s); or (b) retroactive. No amendment or termination shall eliminate or reduce any benefit with respect to any Executive who experiences a termination of employment that occurs on or before such amendment or termination becomes effective. EXECUTIVE: CBOE HOLDINGS, INC. By: ________________________________ Signature Title: _______________________________ Attachment: CBOE Holdings, Inc. Executive Severance Plan Appendix C Executives CBOE HOLDINGS, INC. EXECUTIVE SEVERANCE PLAN ACKNOWLEDGMENT AND ACCEPTANCE OFPlan