March 23, 2005 John L. Jacobs [Address] Dear John:Severance Agreement • May 13th, 2005 • Nasdaq Stock Market Inc • Security & commodity brokers, dealers, exchanges & services • New York
As you may be aware, the Compensation Committee of the Board of Directors of The Nasdaq Stock Market, Inc. (“Nasdaq”) has recently approved a new policy to provide enhanced severance payments and benefits to all Nasdaq Executive Vice Presidents in the event of certain terminations of employment connected with a change in control of Nasdaq. This letter agreement sets forth your rights under the new policy.
