Extension Notice to Employment Agreement between CBOT and Bernard W. Dan
The Board of Trade of the City of Chicago, Inc. (CBOT) and Bernard W. Dan have agreed to extend Mr. Dan's employment agreement for two additional years, from December 31, 2006 to December 31, 2008. During this period, Mr. Dan will receive a base salary of $1,200,000 per year and a minimum performance bonus of $500,000 per year. The parties may later agree to modify the bonus structure. This notice serves as formal confirmation of the extension, pending Mr. Dan's acceptance by signature.
Exhibit 10.24
Charles P. Carey
Chairman of the Board
May 4, 2005
Mr. Bernard W. Dan
Chicago Board of Trade
141 W. Jackson Blvd
Suite 600-A
Chicago, Illinois 60604
| RE: | Employment Agreement dated September 1, 2003 between CBOT and Bernard Dan – Extension Notice |
Dear Mr. Dan:
Pursuant to paragraph 4(a) of the Employment Agreement dated September 1, 2003 between the Board of Trade of the City of Chicago, Inc (CBOT) and Bernard Dan, please consider this as notice from the CBOT to extend the term of the Agreement from December 31, 2006 to and including December 31, 2008. As provided in paragraph 4(a), your Base Salary for each of the two additional years (i.e., 2007 and 2008) shall be $1,200,000.00 per year and the your minimum Performance Bonus for each of the two additional years shall be $500,000.00 per year. This extension is made with the parties’ understanding that, subject to their subsequent agreement, the minimum guaranty aspect of the Bonus may be replaced or modified by a long term incentive compensation component to the Employment Agreement.
Please indicate your acceptance of this two year extension by affixing your signature on the line provided below. After you have signed this notice, kindly return it to me. I have enclosed a duplicate original for your records.
BOARD OF TRADE OF THE CITY OF CHICAGO, INC.
| By: | /s/ Charles P. Carey | |
| Charles P. Carey, Chairman |
| Accepted: | ||
| /s/ Bernard W. Dan | ||
| Bernard W. Dan, CEO & President | ||
141 W. Jackson Blvd.
Chicago, Illinois 60604 -2994
312 ###-###-####
Fax: 312 ###-###-####
Email: ***@***
