2015 Proxy Statement
EŽƟĐĞŽĨϮϬϭϱ ŶŶƵĂůDĞĞƟŶŐŽĨ ^ƚŽĐŬŚŽůĚĞƌƐĂŶĚ WƌŽdžLJ^ƚĂƚĞŵĞŶƚ Wednesday, May 6, 2015 At 9:00 a.m. (EDT) Nasdaq MarketSite | New York, New York 2015PROXYSTATEMENT MARCH27,2015 DearFellowNasdaqStockholders: Wearepleasedtoencloseourlatestproxystatementandinviteyoutoattendthe2015annualmeetingofstockholders onMay6.YoumayelecttoattendthemeetinginNewYorkorvirtuallyviawebcastathttp://ir.nasdaq.com/events.cfm. Whilethestockholdermeetingallowsustodiscusskeyissuesandinitiativesatgreaterlength,wewanttoprovideyou withabriefsummaryofrecentbusinesshighlightsthatillustratethedepthandbreadthofthisfranchiseandourprogress. BUSINESSANDFINANCIALHIGHLIGHTS Ourcommitmenttoourclients,innovationandexecutionyieldedanotheryearofrecordfinancialperformancefor Nasdaqin2014.Recordnetrevenues,nonͲGAAPnetincomeandnonͲGAAPEPSweredrivenbyorganicgrowthand contributionsfromourrecentacquisitions. OrganicrevenuegrowthintheListingServices,InformationServicesandTechnologySolutionssegmentswas4%in2014, consistentwithourmediumͲtermoutlookofmidͲsingledigitrevenuegrowthandwasaccompaniedbyanorganicdecline inexpensesfortheyear.Ofparticularnote,continuedstrongIPOactivityandincreasedmarketsharecontributedtoour bestyearintheU.S.IPOmarketinoveradecadeandthebestyearforNordicIPOssince2000. Ourcontinuedfocusonourclients’tradingneedsandimprovingmarketconditionsledtogoodgainsacrossourdiverse andcompetitiveofferingsintheMarketServicessegment,leadingtoareturnoforganicgrowthafterseveralyearsof postͲfinancialcrisisindustryvolumeheadwinds. Investorsrecognizedthestrengthofourresultsandthestabilityofourbusinessandcashflowthroughstrongstockprice performanceandrelativevaluationgainscomparedtoourpeersandthebroadermarket,enjoyingaboveͲaveragetotal stockholderreturns. GROWINGFROMWITHIN WeknowthatorganicgrowthisfundamentaltocreatinglongͲtermstockholdervalue.Toensurewecontinuetodeliver stronggrowth,weagaincommittedsignificantresourcestoResearchandDevelopment(R&D).Whileourtrackrecordin thisareasuggestsweareontherightcoursewithmanyofourinitiatives,weknowthatwemustbevigilantinour assessmentsofwhatisworkingandwhatisnot,basedondataandclientfeedback. OneareawherewebelieveweareontherightpathistheNasdaqPrivateMarket.Launchedin2014,ithasestablisheda newrangeofliquidityandcapitalmanagementsolutionsforprivatecompaniesandsupportsmorethan60clients, rangingfrompromisingstartͲupstowellͲestablishedprivatecompanieslikeMotleyFool.Asfurthersupportforinnovative youngcompanies,wearecelebrating25yearsinSiliconValleyin2015andextendingourpresenceinthishomeofso manyNasdaqͲlistedcompaniesbylaunchingtheNasdaqEntrepreneurialCenterinSanFrancisco. Nasdaqpridesitselfonbeingapreferredpartnertoourclientsandworkingtobringmorecompetitionandefficiencyto themarkets.ThelaunchofNasdaqFutures(NFX),anewenergyfuturesmarketwiththesupportofleadingcommodities participants,willoffercompetitivepricing,aninnovativeclearingsolutionandhighͲperformancetechnologyforfutures andoptionsbasedonkeyenergybenchmarks.ItwilllaunchinmidͲ2015,pendingregulatoryapproval. AnotherareawhereweremainoptimisticabouttheopportunityforNasdaqandourcustomersistheNLXinitiative, launchedin2013.NLXisaLondonͲbasedmultilateraltradingvenueofferingacompletesuiteofEuropeaninterestrate benchmarkfutures,ahorizontalclearingmodelbringinguniquecapitalefficienciesandcompetitivefeestructures.We continuedtoinvestinNLXin2014,reducingshortͲtermearnings,andrecognizethatwemustdemonstrateprogressand successwiththisinitiativeinthenearterm.Wecontinuetolookfornewwaystobetterserveourclientsbyleveraging ourleadingtechnologyandefficiencies. INTEGRATINGACQUISITIONS Again,ourstrongresultsin2014overallweredrivenbybothbroadͲbasedorganicgrowthandsolidprofitcontributions fromrecentacquisitions.Oursuccesswasdrivenbyourabilitytosuccessfullyincorporatenewacquisitionsintoour organization.Letmeprovideyouwithafewexamples. 2015PROXYSTATEMENT OureSpeedtradingplatformprovidesrealͲtimetradingofbenchmarkU.S.Treasurysecurities,oneofthelargestand mostliquidfixedͲincomecashmarketsintheworld.Lastyear,wemadesignificantinfrastructureinvestments,technology improvementsandnewproductenhancementstotheplatform.Asaresult,wehaveamorecompetitiveofferingandare particularlypleasedwithsuccessfulnewproductlauncheslikeTreasuryBillstrading,wheretheplatformreachedalmost $5billioninnotionaldailyvolumeduringthefourthquarterof2014.However,thebusinesshasyettoperform adequately.Wehavemoreworktodoonmarketshareandrevenuetomakesurethisbusinessreachesitsfullpotential andmeetsourexpectations.Weremainconfidentinourabilitytodeliveronbothfronts. OurCorporateSolutionssuitenowincludesthefullproductofferingandscaleofThomsonReuters’InvestorRelations (IR),PublicRelations(PR),andMultimediaSolutionsbusinesses,enhancingtheperformanceandefficiencyofthis businessthatsupportsover10,000corporateclientsfromprivateownership,throughtheIPO,tolongͲtermdevelopment asapubliccompany.In2014,weworkedtointegratebothacquiredandlegacyCorporateSolutionsplatformsandexpect tocompletethisworkin2015.Webelievethiswillallowustoincreaseresourcesdedicatedtogrowingrevenueand complementthesuccesswehavehadinreducingcosts.InitialclientfeedbackonourNextGenerationplatformsforIR,PR andDirectorsDeskhasbeenveryencouragingandapositivesignthatoureffortsareontherighttrack. EFFECTIVEUSEOFCAPITALANDRESOURCES Capitaldisciplineremainscentraltoourstrategyandcriticalinassuringinvestorsthatdiverse,strongandgrowingcash flowfromourbusinessisdeployedaseffectivelyaspossible.Allinternalandexternalusesofcapitalareevaluatedand prioritizedforexpectedriskͲadjustedreturnsandmonitoredforperformancetosupportongoingcapitalinvestment.In addition,ourpeoplearefundamentaltooursuccessandwealwaysstrivetomakesurethatourtalentevolveswiththe needsofthebusiness.Assuch,NasdaqalsomodifieditsmanagementstructurebycreatingnewPresidentrolesforHansͲ OleJochumsenandAdenaFriedman.Undertheirleadership,thecompanyisbetterpreparedtoserveourclients, stockholdersandemployeesaroundtheglobe.Wealsorevitalizedthecorporateidentity,brand,andlaunchedanew tagline—“IgniteYourAmbition”—thatreinforcesourclientͲcenteredphilosophy. GROWINGSTOCKHOLDERVALUE FirstandforemostatNasdaq,westrivetogrowstockholdervalue.Avitalcomponentofthiseffortisourdisciplined approachtocapitalallocation,asmentionedearlier.Ourbusinessgeneratessubstantialcashflow,allowingustoboth returncapitaltoourstockholdersandinvestinourbusiness.During2014,wereturnedatotalof$276milliontoour stockholders,evenasthecompanycompletedamaterialdeleveragingobjectiveandcontinuedtosignificantlyinvestin newgrowthinitiatives. TheBoardofDirectorsisalsoactivelyengagedincomprehensiveoversightofenterpriserisk.Whetheritinvolvesbusiness strategy,governanceissues,legalchallenges,economictrends,regulatoryactionsorsustainabilityandresource managementconcerns,thisBoardisfocusedontheseissuesandotheremergingissuesthatcontributetooursuccess. WedoeverythinginourpowertomakesurethatNasdaqtechnologyisstrong,secure,innovativeandresilient.TheBoard isregularlybriefedbytechnologyexpertsfrombothwithinandwithoutthecompany,stayingabreastofindustrytrends andbestpractices.TheSECͲmandatedRegulationSCI,forexample,compelsustoadministerrobusttechnologycontrols andtakecorrectiveactionswhenevernecessary.Boardmembersleveragetheirexperiencebyplanningforthefuture throughsmoothandeffectivestrategiestotransitionpeople,programsandpolicies. Finally,webelieveinproactiveandproductiveengagementwithyou,thestockholders.ThisBoardwelcomesstockholder perspectives,andwecarefullyconsidertheinvestorfeedbackwereceive.Youareavaluableresourceforusaswe continuetogrowanddevelopthisfranchise. Thankyou. TheBoardofDirectorsofTheNASDAQOMXGroup,Inc. 2015PROXYSTATEMENT NOTICEOFANNUALMEETINGOFSTOCKHOLDERS MEETINGINFORMATION TotheStockholdersofTheNASDAQOMXGroup,Inc.: DATE: Wednesday,May6,2015 Theannualmeetingwillbeheldforthefollowing purposes: TIME: 9:00a.m.(EDT) PLACE: NasdaqMarketSite 1. Toelect11directorsforaoneͲyearterm; FourTimesSquare 2. Toapprovethecompany’sexecutivecompensation onanadvisorybasis; NewYork,NewYork10036 3. ToratifytheappointmentofErnst&YoungLLPas ourindependentregisteredpublicaccountingfirm forthefiscalyearendingDecember31,2015; Watchalivewebcastofthemeetingonour InvestorRelationswebsite: http://ir.nasdaq.com/events.cfm 4. ToapprovetheNasdaqECIP,asamendedand restated; HOWTOVOTE 5. Toconsiderastockholderproposaldescribedinthe accompanyingproxystatement,ifproperly presentedatthemeeting;and Yourvoteisimportant.Youareeligibletovoteifyou wereastockholderofrecordatthecloseofbusiness onMarch10,2015. 6. Totransactsuchotherbusinessasmayproperly comebeforetheannualmeetingorany adjournmentorpostponementofthemeeting. Pleasereadtheproxystatementwithcareandvote rightawayusinganyofthefollowingmethodsand yourcontrolnumber. Weurgeyoutoreadtheattachedproxystatementfor additionalinformationconcerningthematterstobe consideredatthismeeting. IfyouplantoattendthemeetinginNewYork,youwill needtorequestanadmissionticketinadvanceand presentavalidformofphotoidentificationandproofof ownershipofourcommonstockasoftherecorddateas detailedonpage65oftheproxystatement. BYINTERNETUSINGYOURTABLET ORSMARTPHONE ScanthisQRcode24/7tovotewith yourmobiledevice BYPHONE Call+18006906903intheU.S.or Canadatovoteyourshares Ifyouareunabletoattendinperson,pleaseviewthe livewebcastfromourInvestorRelationswebsite. ByOrderoftheBoardofDirectors, BYINTERNETUSINGYOUR COMPUTER Visit24/7 www.proxyvote.com BYMAIL Castyourballot,signyourproxy card,returnbyfreepost RobertGreifeld ChiefExecutiveOfficer NewYork,NewYork March27,2015 ATTENDTHEANNUALMEETING Voteinperson [THIS PAGE INTENTIONALLY LEFT BLANK] 2015PROXYSTATEMENT TABLEOFCONTENTS PROXYSUMMARY 1 ACRONYMNSANDCERTAINDEFINEDTERMS PROPOSALI:ELECTIONOFDIRECTORS 4 401(k)Plan DIRECTORCOMPENSATION 12 ASC CORPORATEGOVERNANCE 15 COBRA CORPORATERESPONSIBILITY 19 PROPOSALII:APPROVALOFTHECOMPANY’S EXECUTIVECOMPENSATIONONANADVISORYBASIS 20 COMPENSATIONDISCUSSIONANDANALYSIS 21 MANAGEMENTCOMPENSATIONCOMMITTEEREPORT 37 TaxͲqualifiedSection401(k) savingsplan AccountingStandardsCodification ConsolidatedOmnibusBudget ReconciliationAct Code InternalRevenueCodeof1986,as amended ECIP ExecutiveCorporateIncentivePlan EPS EarningsPerShare EquityPlan Nasdaq’sEquityIncentivePlan ERC EmployerRetirementContribution ERM EnterpriseRiskManagement ESPP EmployeeStockPurchasePlan MANAGEMENTCOMPENSATIONCOMMITTEE INTERLOCKSANDINSIDERPARTICIPATION 37 EXECUTIVECOMPENSATIONTABLES 38 Exchange Act SECTION16(a)BENEFICIALOWNERSHIPREPORTING COMPLIANCE 49 FASB SECURITYOWNERSHIPOFCERTAINBENEFICIAL OWNERSANDMANAGEMENT 49 FASBASC Topic718 PROPOSALIII:RATIFICATIONOFTHEAPPOINTMENTOF INDEPENDENTREGISTEREDPUBLICACCOUNTINGFIRM 52 AUDITCOMMITTEEREPORT 53 PROPOSALIV:APPROVALOFTHENASDAQECIP,AS AMENDEDANDRESTATED 54 PROPOSALV:STOCKHOLDERPROPOSAL–RIGHTTOACT BYWRITTENCONSENT 58 OTHERBUSINESS SecuritiesExchangeActof1934,as amended FinancialAccountingStandards Board FASBASCTopic718,“Stock Compensation” FINRA FinancialIndustryRegulatory Authority GAAP GenerallyAcceptedAccounting Principles H.E. HisExcellency IPO InitialPublicOffering Nasdaq TheNASDAQOMXGroup,Inc. PSUs PerformanceShareUnits ROIC ReturnonInvestedCapital RSUs RestrictedStockUnits 60 SEB SkandinaviskaEnskildaBankenAB EXECUTIVEOFFICERS 60 SEC U.S.SecuritiesandExchange Commission CERTAINRELATIONSHIPSANDRELATEDTRANSACTIONS 62 SERP SupplementalExecutive RetirementPlan HELPFULINFORMATION&ONLINERESOURCES 65 S&P Standard&Poor’s ANNEXA:RECONCILIATIONOFU.S.GAAPFINANCIAL MEASURESTONONͲGAAP 71 TSR TotalStockholderReturn ANNEXB:PROPOSEDAMENDEDANDRESTATED NASDAQECIP 73 [THIS PAGE INTENTIONALLY LEFT BLANK] 2015PROXYSTATEMENT PROXYSUMMARY Thissummaryhighlightsinformationcontainedelsewhereinthisproxystatement.Itdoesnotcontainallofthe informationthatyoushouldconsiderinvotingyourshares.Youshouldreadtheentireproxystatement,aswellasour annualreportonForm10ͲK,carefullybeforevoting. VOTINGMATTERSANDBOARDRECOMMENDATIONS BOARDVOTING RECOMMENDATION PAGE REFERENCE FOREACHNOMINEE 4 II. Advisoryvotetoapprovethecompany’sexecutivecompensationon anadvisorybasis FOR 20 III. RatificationoftheappointmentofErnst&YoungLLPasour independentregisteredpublicaccountingfirmforthefiscalyear endingDecember31,2015 FOR 52 IV. ToapprovetheNasdaqECIP,asamendedandrestated FOR 54 V. Stockholderproposal–Righttoactbywrittenconsent AGAINST 58 PROPOSAL I. Electionof11directors PERFORMANCEHIGHLIGHTS Nasdaqcontinuedtodeliverexcellentresultsforstockholdersin2014.Wecontinuedtotakestepstoimproveour strategicpositioning,successfullymeetingtheevolvingdemandsofourdiverseclientbase,andmaintainingthe organization'srelentlessfocusonefficiency. NASDAQOUTPERFORMEDTHES&P500 AND NASDAQCOMPOSITEINDEX ONTOTALSTOCKHOLDERRETURNOVERTHEPAST5YEARS NETREVENUES NONͲGAAPNETINCOME(1) RETURNEDTOSTOCKHOLDERS TOTALSTOCKHOLDERRETURN $2.1 $499 $276 105% BILLION MILLION MILLION Inrepurchasedstockand dividends 3year,including reinvestmentofdividends 9.1%increaseyearͲoverͲ year 12.1%increaseyearͲoverͲ year (1)SeeAnnexAforareconciliationofnonͲGAAPfinancialmeasurestoourresultsasreportedunderU.S.GAAP. THENASDAQOMXGROUP,INC. /1 2015PROXYSTATEMENT CORPORATEGOVERNANCEHIGHLIGHTS Nasdaq’scommitmenttogoodcorporategovernanceisintegraltoourbusiness. + Annualelectionof + Regularexecutive directors + Directorselectedby sessionsofBoardand BoardCommittees + 10ofour11director + SeparationofBoard nomineesare independent + ComprehensiveCodeof + Strongriskmanagement majorityvotein uncontestedelections + Annualindependent + Globalethicsand ChairmanandCEO Boardandmember evaluations + Boardparticipationin + Stockholderabilityto ConductandCorporate GovernanceGuidelines executivesuccession planning program corporatecompliance program + Replacementof callaspecialmeeting supermajorityvoting requirements DIRECTORNOMINEES Informationabouteachdirector’sexperience,qualifications,attributesandskillscanbefoundbeginningonpage6. COMMITTEEMEMBERSHIPS NAME AGE CharleneT.Begley NonͲIndustry;Public 48 2014 RetiredSVP&CIO,GeneralElectric Company X StevenD.Black NonͲIndustry;Public 62 2011 CoͲCEO,BregalInvestments X BörjeE.Ekholm NonͲIndustry 52 2011 CEO&President,InvestorAB X RobertGreifeld Staff 57 2003 CEO,TheNASDAQOMXGroup,Inc. GlennH.Hutchins Industry 59 2005 CoͲFounder,SilverLake X EssaKazim NonͲIndustry 56 2008 Governor,DubaiInternational FinancialCenter;Chairman,Borse DubaiandDubaiFinancialMarket X ThomasA.Kloet NonͲIndustry;Public 56 2015 RetiredCEO&ExecutiveDirector, TMXGroupLimited X JohnD.Markese NonͲIndustry;Public 69 1996 ViceChairman,AmericanAssociation ofIndividualInvestors EllynA.McColgan NonͲIndustry;Public 61 2012 MichaelR.Splinter NonͲIndustry;Issuer 64 LarsR.Wedenborn NonͲIndustry 56 INDEͲ PENDENT AC X NGC X X None X Chair 2 X X Chair X X Chair X RetiredExecutiveAdvisor,Aquiline CapitalPartners,LLC X X 2008 ExecutiveChairman,Applied Materials,Inc. X 2008 CEO,FAMAB X NumberofMeetingsin2014 EC MCC ExecutiveCommittee MCC ManagementCompensation Committee X 10 NGC OTHERPUBLIC CO.BOARDS EC AC AuditCommittee PRINCIPAL OCCUPATION DIRECTOR SINCE X 2 None 1 None None X None X None X Chair 0 6 7 1 None Nominating&Governance Committee THENASDAQOMXGROUP,INC. /2 2015PROXYSTATEMENT STOCKHOLDERENGAGEMENT Wevalueourstockholders’perspectiveonourbusinessesandeachyearinteractwithstockholdersthroughavarietyof engagementactivities.In2014,ourkeystockholderengagementactivitiesincludedinvestorroadshowsinninemajor NorthAmericanandEuropeanmetropolitanregions,investorconferencesinsixcitiesintheU.S.andU.K.,andour2014 annualmeetingofstockholders,heldinStockholmwithelectronicallyͲlinkedparticipationavailableinNewYorkCity.We welcomeinvestorinput,andinparticular,weinvitestockholderfeedbackonthestockholderproposalsetforthin ProposalVofthisproxystatementrelatingtotherighttoactbywrittenconsent. EXECUTIVECOMPENSATIONHIGHLIGHTS Compensationdecisionsmadefor2014werealignedwithNasdaq’sstrongoperationalperformanceandreflectcontinued emphasisonvariable,atͲriskcompensationpaidoutoverthelongͲterm.Compensationdecisionsareintendedto reinforceourfocusonperformanceandsustained,profitablegrowththattranslatesintostockpriceappreciation. 2014annualincentivesreflectedourachievementoftargetedcorporaterevenue($2.1billion)andabovetargetcorporate operatingincome(runrate)results($873.6million)inadditiontoaccomplishmentofstrategicobjectivesandbusiness unitfinancialresults.Theresultingannualincentivepayoutstonamedexecutiveofficersrangedfrom120%Ͳ169%of targetedamounts. OurlongͲtermincentiveplanrewardsnamedexecutiveofficersforlongͲtermTSR.In2012,PSUsweregrantedcontingent uponthreeͲyearrelativeTSRperformanceascomparedtoindustrypeersandS&P500companies.ThethreeͲyear performancecyclecompletedonDecember31,2014withthefollowingresults: • • • • NasdaqcumulativeTSR(perplandesign):82.1% Industrypeerrank:67thpercentile S&P500rank:59thpercentile Payoutat137%oftarget 2014TOTALDIRECTCOMPENSATIONFOREACHNAMEDEXECUTIVEOFFICER CASHINCENTIVE AWARD TARGETGRANTDATE FACEVALUEOF EQUITYAWARDS TOTAL $1,000,000 $2,550,450 $6,649,200 $10,199,650 LeeShavel ChiefFinancialOfficerand ExecutiveVicePresident, CorporateStrategy $500,000 $900,375 $1,272,731 $2,673,106 AdenaT.Friedman President $396,947 $1,636,250 $8,272,690 $10,305,887 HansͲOleJochumsen President $558,409 $1,623,000 $1,636,364 $3,817,773 JohnL.Jacobs FormerExecutiveVice President,Global InformationServices $475,000 $1,183,700 $1,000,003 $2,658,703 NAMEDEXECUTIVEOFFICER RobertGreifeld ChiefExecutiveOfficer BASESALARY HELPFULINFORMATION&ONLINERESOURCES Beginningonpage65,youwillfindanswerstofrequentlyaskedquestionsaboutproxymaterials,voting,ourannual meetingandcompanyfilingsandreports.Wehavealsoincludedalistofresourcesavailableonourwebsite. THENASDAQOMXGROUP,INC. /3 2015PROXYSTATEMENT PROPOSALI:ELECTIONOFDIRECTORS TheBoardofDirectorsunanimouslyrecommendsavoteFOReachofthe nomineesforDirector. ThebusinessandaffairsofNasdaqaremanagedunderthedirectionofourBoardofDirectors.Ourdirectorshavediverse backgroundsandexperienceandrepresentabroadspectrumofviewpoints. PursuanttoourAmendedandRestatedCertificateofIncorporationandByͲLawsandbasedonourgovernanceneeds,the Boardmaydeterminethetotalnumberofdirectors.TheBoardisauthorizedtohave11directorsfollowingour2015 annualmeeting. Eachofthe11nomineesidentifiedinthisproxystatementhasbeennominatedbyourNominating&Governance CommitteeandBoardofDirectorsforelectiontoaoneͲyearterm.Allnomineeshaveconsentedtobenamedinthis proxystatementandtoserveontheNasdaqBoard,ifelected. Inanuncontestedelection,ourdirectorsareelectedbyamajorityofvotescastatanymeetingfortheelectionof directorsatwhichaquorumispresent.Thiselectionisanuncontestedelection,andtherefore,eachofthe11nominees mustreceivetheaffirmativevoteofamajorityofthevotescasttobedulyelectedtotheBoard.Anysharesnotvoted, includingasaresultofabstentionsorbrokernonͲvotes,willnotimpactthevote. Ourcorporategovernanceguidelinesrequirethat,inanuncontestedelection,anincumbentdirectormustsubmitan irrevocableresignationasaconditiontohisorhernominationforelection.Ifanincumbentdirectorfailstoreceivethe requisitenumberofvotesinanuncontestedelection,theirrevocableresignationbecomeseffectiveandsuchresignation willbeconsideredbytheNominating&GovernanceCommittee.ThisCommitteewillrecommendtothefullBoard whetherornottoaccepttheresignation.TheBoardisrequiredtoactontherecommendationandtodisclosepubliclyits decisionͲmakingprocesswithrespecttotheresignation.Alltheincumbentdirectorshavesubmittedtheirrevocable resignation. INFORMATIONWITHRESPECTTODIRECTORNOMINEES InevaluatingcandidatesfornominationtotheBoard,theNominating&GovernanceCommitteereviewstheskills, qualifications,characteristicsandexperiencedesiredfortheBoardasawholeandforitsindividualmembers,withthe objectiveofhavingaBoardthatreflectsdiversebackgroundsandseniorlevelexperienceintheareasofglobalbusiness, finance,legalandregulatory,technologyandmarketing.Characteristicsofalldirectorsincludeintegrity,highpersonal andprofessionalethics,soundbusinessjudgment,theabilityandwillingnesstocommitsufficienttimetofulfilltheir Boardresponsibilities,acommitmenttorepresentingthelongͲterminterestsofourstockholdersandawillingnessto fulfilltheirresponsibilitiesrelatedtoaffiliatedselfͲregulatoryorganizations. InevaluatingthesuitabilityofindividualBoardnominees,theNominating&GovernanceCommitteetakesintoaccount manyfactors,includinggeneralanddiverseunderstandingoftheglobaleconomy,capitalmarkets,financeandother disciplinesrelevanttothesuccessofalargepubliclyͲtradedfinancialservicescompany;ageneralunderstandingof Nasdaq’sbusinessandtechnology;theclassificationrequirementsunderourByͲLaws;theindividual’seducationaland professionalbackgroundandpersonalaccomplishments;andfactorssuchasgeography,gender,ageandethnicdiversity. TheCommitteeevaluateseachindividualcandidateinthecontextoftheBoardasawhole,withtheobjectiveof maintainingagroupofdirectorsthatcanfurtherthesuccessofNasdaq’sbusiness,whilerepresentingtheinterestsof stockholders,employeesandthecommunitiesinwhichthecompanyoperates.Indeterminingwhethertorecommenda BoardmemberforreͲelection,theNominating&GovernanceCommitteealsoconsidersthedirector’spastattendanceat meetings,participationinandcontributionstotheactivitiesoftheBoardandthemostrecentBoardselfͲassessment. THENASDAQOMXGROUP,INC. /4 2015PROXYSTATEMENT TheNominating&GovernanceCommitteeconsiderspossiblecandidatessuggestedbyBoardandCommitteemembers, industrygroups,stockholdersandseniormanagement.InadditiontosubmittingsuggestednomineestotheNominating &GovernanceCommittee,aNasdaqstockholdermaynominateapersonforelectionasadirectoratNasdaq’sannual meetingorataspecialmeeting,providedthestockholderfollowstheproceduresspecifiedinNasdaq’sByͲLaws.The Nominating&GovernanceCommitteereviewsallcandidatesinthesamemanner,regardlessofthesourceofthe recommendation. Inaddition,theNominating&GovernanceCommitteemayengageathirdͲpartysearchfirmfromtimeͲtoͲtimetoassistin identifyingandevaluatingqualifiedcandidates.InconnectionwiththerecruitmentofMr.Kloet,theNominating& GovernanceCommitteeretainedthesearchfirmofHeidrick&Strugglestohelpidentifydirectorprospects,perform candidateoutreach,assistinreferenceandbackgroundchecksandprovideotherrelatedservices. Weareobligatedbythetermsofastockholders’agreementdatedFebruary27,2008betweenNasdaqandBorseDubai, asamended,tonominateandgenerallyusebesteffortstocausetheelectiontotheNasdaqBoardofoneindividual designatedbyBorseDubai,subjecttocertainconditions.H.E.KazimistheindividualdesignatedbyBorseDubaiasits nominee. Wealsoareobligatedbythetermsofastockholders’agreementdatedDecember16,2010betweenNasdaqandInvestor ABtonominateandgenerallyusebesteffortstocausetheelectiontotheNasdaqBoardofoneindividualdesignatedby InvestorAB,subjecttocertainconditions.Mr.EkholmistheindividualdesignatedbyInvestorABasitsnominee. Finally,Nasdaq’scommonstockiscurrentlylistedonTheNasdaqStockMarketandNasdaqDubai.Inordertoqualifyas independentunderthelistingrulesofTheNasdaqStockMarket,adirectormustsatisfyatwoͲparttest.First,thedirector mustnotfallintoanyofseveralcategoriesthatwouldautomaticallydisqualifythedirectorfrombeingdeemed independent.Second,nodirectorqualifiesasindependentunlesstheBoardaffirmativelydeterminesthatthedirectorhas nodirectorindirectrelationshipwiththecompanythatwouldinterferewiththeexerciseofindependentjudgmentin carryingouttheresponsibilitiesofadirector.UndertheNasdaqDubailistingrulesandtheMarketsRulesoftheDubai FinancialServicesAuthority,adirectorisconsideredindependentiftheBoarddeterminesthedirectortobeindependent incharacterandjudgmentandtohavenorelationshiporcircumstancesthatarelikelytoaffect,orcouldappeartoaffect, thedirector’sjudgmentinamannerotherthaninthebestinterestsofthecompany. Basedupondetailedwrittensubmissionsbyeachindividual,theBoardhasdeterminedthatallofourcurrentdirectors areindependentundertherulesofeachofTheNasdaqStockMarketandNasdaqDubai,otherthanMr.Greifeld.Mr. GreifeldisdeemednottobeindependentbecauseheistheCEOofNasdaq.Inaddition,indeterminingtheindependence ofMr.Kloet,theBoardconsideredthatNasdaqandMr.Kloetwererecentlypartytoaconsultingarrangementunder whichMr.KloetprovidedhisexpertiseoncertainEuropeanprojects.Thearrangementterminatedafterapproximately onemonthwhenMr.KloetwasnominatedtoapositionontheBoard.Giventheshortnatureofthearrangement,the factthatitwasterminatedpriortoMr.Kloet’sjoiningtheBoardandthedeminimisamountoffeesreceived,theBoard concludedthatMr.Kloetisanindependentdirector. SUMMARYOFDIRECTORNOMINEES ThefollowingsummarizesthecharacteristicsofthenomineesfordirectorthatledtheBoardtoconcludethateach directornomineeisqualifiedtoserveontheBoard. ALLDIRECTORNOMINEESEXHIBIT • Highpersonalandprofessionalethics • Aprovenrecordofsuccess • AcommitmenttoaffiliatedselfͲregulatory organizations • Knowledgeofcorporategovernance requirementsandpractices • Leadershipexperience • Knowledgeoffinancialservicesandtechnology • AcommitmenttothelongͲterminterestsofour stockholders • Anappreciationofmultiplecultures THENASDAQOMXGROUP,INC. /5 2015PROXYSTATEMENT NOMINEES CHARLENET.BEGLEY Age:48 Directorsince2014 OtherPublicCompanyBoards:RedHat,Inc.;WPPplc BoardCommittees:Audit Ms.BegleyservedinvariouscapacitiesfortheGeneralElectricCompany,adiversifiedinfrastructureandfinancial servicescompany,from1988Ͳ2013.Mostrecently,Ms.BegleyservedinadualroleasSeniorVicePresidentand ChiefInformationOfficer,aswellasPresidentandCEOofGE’sHomeandBusinessSolutionsOffice,fromJanuary 2010ͲDecember2013.Previously,Ms.BegleyservedasPresidentandCEOofGE’sEnterpriseSolutionsfrom2007Ͳ 2009.AtGE,Ms.BegleyservedasPresidentandCEOofGEPlasticsandGETransportation.ShealsoledGE’s CorporateAuditstaffandservedasCFOforGETransportationandGEPlasticsEuropeandIndia.Ms.Begleyisa memberoftheWPPandRedHatauditandnominatingcommittees. SkillsandQualifications • • • • • Significanttechnology,cybersecurity,businessprocessimprovementandoperationalexcellenceexperience Extensiveleadershipexperienceofahighlycomplexglobalindustrialandfinancialservicescompany Riskmanagement,finance,auditandinternationalbusinessoperationsexperience Broadsenioroperationalexperiencespanningdiverseproductsandcompanies Auditcommitteefinancialexpert;servedinanumberoffinanceandauditrolesatGE STEVEND.BLACK Age:62 Directorsince2011 OtherPublicCompanyBoards:None BoardCommittees:ManagementCompensationandNominating&Governance Mr.BlackhasbeenCoͲCEOofBregalInvestments,aprivateequityfirm,sinceSeptember2012.HewastheVice ChairmanofJPMorganChase&Co.fromMarch2010ͲFebruary2011andamemberofthefirm’sOperatingand ExecutiveCommittees.Priortothatposition,Mr.BlackwastheExecutiveChairmanofJPMorganInvestmentBank fromOctober2009ͲMarch2010.Mr.BlackservedasCoͲCEOofJPMorganInvestmentBankfrom2004Ͳ2009.Mr. BlackwastheDeputyCoͲCEOofJPMorganInvestmentBanksince2003.HealsoservedasheadofJPMorgan InvestmentBank’sGlobalEquitiesbusinesssince2000followingacareeratCitigroupanditspredecessorfirms. SkillsandQualifications • • • • • Extensiveleadershipexperienceofahighlycomplexglobalfinancialservicescompany Depthofknowledgefromover40yearsofexperienceintheglobalfinancialservicesindustry Experienceleadingaglobalbusinessinaregulatedindustry Managementdevelopment,compensationandsuccessionplanningexperience Extensivebackgroundininternationalpubliccompanygovernance THENASDAQOMXGROUP,INC. /6 2015PROXYSTATEMENT BÖRJEE.EKHOLM Age:52 Directorsince2011 OtherPublicCompanyBoards:InvestorAB(untilMay12,2015),TelefonaktiebolagetLMEricsson BoardCommittees:Executive,ManagementCompensationandNominating&Governance(Chair) Mr.EkholmisPresidentandCEOofInvestorAB,anindustrialholdingcompany.FollowingtenyearsasPresidentand CEOofInvestorAB,Mr.EkholmwillstepdownfromhiscurrentpositioneffectiveMay12,2015toleadanewdivision ofInvestorAB,PatriciaIndustries.PriortobecomingPresidentandCEOin2005,Mr.Ekholmwasamemberofthe ManagementGroupofInvestorAB,wherehehadoversightofthenewinvestmentsbusiness.Hepreviouslyservedas thePresidentofNovareKapitalAB,anearlyͲstageventurecapitalcompany.Healsoservedinvariouspositionsat McKinsey&Company,Inc.HeisamemberoftheremunerationcommitteeofTelefonaktiebolagetLMEricsson. SkillsandQualifications • • • • • Extensiveleadershipofahighlycomplexglobalfinancialservicescompany Significantexpertiseininternationalbusinessoperations Extensivebackgroundininternationalpubliccompanygovernance Broadknowledgeofinternationalmarketswithexperienceinfinance,accounting,corporatestrategyand technology Managementdevelopment,compensationandsuccessionplanningexperience ROBERTGREIFELD Age:57 Directorsince2003 OtherPublicCompanyBoards:None BoardCommittees:Executive Mr.GreifeldwasappointedCEOandelectedtotheBoardin2003.PriortojoiningNasdaq,hewasExecutiveVice PresidentatSunGardDataSystems,Inc.,aglobalproviderofintegratedsoftwareandprocessingsolutionsfor financialservicesandaproviderofinformationavailabilityservices.Mr.GreifeldjoinedSunGardin1999through SunGard’sacquisitionofAutomatedSecuritiesClearance,Inc.,wherefrom1991Ͳ1999,Mr.GreifeldwasthePresident andCOO. SkillsandQualifications • • • • • Extensiveleadershipofahighlycomplexglobalfinancialservicescompanyinaregulatedindustry Significantexperienceintechnologyleadership,aswellasorganizationalandoperationalmanagement Transactionalexperiencenegotiatingandstructuringmergersandacquisitions Managementdevelopment,compensationandsuccessionplanningexperience Extensivebackgroundininternationalpubliccompanygovernance THENASDAQOMXGROUP,INC. /7 2015PROXYSTATEMENT GLENNH.HUTCHINS Age:59 Directorsince2005 OtherPublicCompanyBoards:AT&T BoardCommittees:Executive(Chair)andManagementCompensation Mr.HutchinsisaCoͲFounderofSilverLake,atechnologyinvestmentfirmthatwasestablishedinJanuary1999.He hasbeenaClassBDirectoroftheFederalReserveBankofNewYorksinceAugust2011.Mr.HutchinsistheChairman oftheBoardofDirectorsofSunGardCapitalCorp. SkillsandQualifications • • • • • Extensiveleadershipof,andtransactionalexperienceas,aprivateequityinvestor InͲdepthknowledgeofthetechnologysector Managementdevelopment,compensationandsuccessionplanningexperience Extensiveexperienceinthepublicpolicysector Significantexperienceintechnologyleadership,aswellasorganizationalandoperationalmanagement ESSAKAZIM Age:56 Directorsince2008 OtherPublicCompanyBoards:None BoardCommittees:Executive H.E.KazimhasbeenGovernoroftheDubaiInternationalFinancialCentersinceJanuary2014.Since2006,hehas servedasChairmanofBorseDubaiandChairmanoftheDubaiFinancialMarket.H.E.Kazimbeganhiscareerasa SeniorAnalystintheResearchandStatisticsDepartmentoftheUAECentralBankin1988,andthenhemovedtothe DubaiDepartmentofEconomicDevelopmentasDirectorofPlanningandDevelopmentin1993.Hewasthen appointedDirectorGeneraloftheDubaiFinancialMarketfrom1999Ͳ2006.H.E.KazimisamemberoftheSupreme FiscalCommitteeofDubai. SkillsandQualifications • • • • • Extensiveleadershipofacomplexglobalbusinessinaregulatedindustry Broadknowledgeofinternationalmarketswithexperienceinfinance,accounting,corporatestrategyand technology Managementdevelopment,compensationandsuccessionplanningexperience Significantexperienceintechnologyleadership,aswellasorganizationalandoperationalmanagement Extensivebackgroundininternationalpubliccompanygovernance THENASDAQOMXGROUP,INC. /8 2015PROXYSTATEMENT THOMASA.KLOET Age:56 Directorsince2015 OtherPublicCompanyBoards:None BoardCommittees:None Mr.KloetwasthefirstCEOandExecutiveDirectorofTMXGroupLimited,theholdingcompanyoftheTorontoStock Exchange,TSXVentureExchange,MontrealExchange,CanadianDepositoryforSecurities,CanadianDerivatives ClearingCorporationandtheBOXOptionsExchange,from2008Ͳ2014.Previously,heservedasSeniorExecutiveVice PresidentandCOOofFimatAmerica’sfrom2003Ͳ2008,overseeingalloperatingunitsoftheU.S.brokerͲdealerof SociétéGénérale.Mr.KloetservedasCEOoftheSingaporeExchangefrom2000Ͳ2002andasseniorvicepresident andchiefadministrativeofficerofABNAMROfrom1997Ͳ2000.Mr.KloetservedasaBoardmember,treasurerand clearingchairmanoftheChicagoMercantileExchangefrom1995Ͳ2000.HeservedasCOOofCreditAgricoleFutures, Inc.from1990Ͳ1997,CFOofIndexFuturesGroupfrom1988Ͳ1990,DirectorofInternalAuditatChicagoMercantile Exchangefrom1985Ͳ1988andRegulatoryStaffAuditoratChicagoMercantileExchangefrom1981Ͳ1982.Mr.Kloetis aCertifiedPublicAccountantandamemberoftheAmericanInstituteofCertifiedPublicAccountants.Heisalsoa memberoftheU.S.CommodityFuturesTradingCommission’sMarketRiskAdvisoryCommitteeandwasinducted intotheFuturesIndustryAssociationHallofFameinMarch2015. SkillsandQualifications • • • • • Leadershipofacomplexglobalbusinessinfinancialmarketsandregulatedindustries Broadknowledgeofinternationalmarketswithexperienceinfinance,accountingandcorporatestrategy Managementdevelopment,compensationandsuccessionplanningexperience Significantexperienceintechnologyleadership,aswellasorganizational,operationalandriskmanagement Extensivebackgroundininternationalpubliccompanygovernance JOHND.MARKESE Age:69 Directorsince1996 OtherPublicCompanyBoards:None BoardCommittees:Audit(Chair),ExecutiveandNominating&Governance Dr.MarkeseservedonFINRA'sBoardofGovernorsfrom1998Ͳ2002.SincehisretirementinOctober2010,Dr. MarkesehasbeentheViceChairmanoftheAmericanAssociationofIndividualInvestors,anotͲforͲprofitorganization providinginvestmenteducationtoindividualinvestorsfoundedin1978.Previously,Dr.MarkesewasthePresident andCEOoftheAmericanAssociationofIndividualInvestors. SkillsandQualifications • • • • • Auditcommitteefinancialexpert,basedonover40yearsofworkinfinance ExtensivefinancialexpertiseacquiredthroughadoctoraldegreeinFinanceandteachingbusinessschool classesintheareasofCorporateFinance,FinancialCaseAnalysis,PortfolioManagementandInvestment Analysis Extensiveexperienceinriskmanagement,financialoperations,accounting,financialcontrolsandreporting Extensivebackgroundininternationalpubliccompanygovernance Providesimportantinsightsfromtheperspectiveoftheindividualinvestorcommunity THENASDAQOMXGROUP,INC. /9 2015PROXYSTATEMENT ELLYNA.MCCOLGAN Age:61 Directorsince2012 OtherPublicCompanyBoards:None BoardCommittees:AuditandNominating&Governance FromSeptember2010ͲSeptember2014,Ms.McColganwasanExecutiveAdvisoratAquilineCapitalPartners,LLC,a privateequityfirmthatinvestsinthefinancialservicessector.SheworkedasaprivateconsultantfromFebruary 2009ͲSeptember2010.FromApril2008ͲJanuary2009,Ms.McColganwasPresidentandCOOoftheGlobalWealth ManagementGroupofMorganStanley.Priortothat,sheservedinvariousseniormanagementpositionsatFidelity Investmentsfrom1990Ͳ2007.Ms.McColganwasadirectorandmemberoftheauditcommitteeatPrimericafrom 2010Ͳ2011. SkillsandQualifications • • • • • Extensiveleadershipexperienceofahighlycomplexglobalfinancialservicescompany Experiencemanaginginternationalbusinessoperations Auditcommitteefinancialexpert;significantexperiencemanagingCFOs Extensiveexperienceinriskmanagement,financialoperations,accounting,financialcontrolsandreporting Significantmanagementdevelopment,compensationandsuccessionplanningexperience MICHAELR.SPLINTER Age:64 Directorsince2008 OtherPublicCompanyBoards:AppliedMaterials,Inc. BoardCommittees:ExecutiveandManagementCompensation(Chair) Mr.SplinterhasservedasExecutiveChairmanoftheBoardofDirectorsofAppliedMaterials,Inc.,agloballeaderin nanomanufacturingtechnology™solutionsfortheelectronicsindustry,sinceSeptember2013.AtAppliedMaterials, heservedasChairmanoftheBoardofDirectorsfromMarch2009ͲSeptember2013,CEOfromApril2003ͲSeptember 2013andPresidentfromApril2003ͲJune2012.Anengineerandtechnologist,Mr.Splinterisa40Ͳyearveteranofthe semiconductorindustry.PriortojoiningAppliedMaterials,Mr.SplinterwasanexecutiveatIntelCorporation. SkillsandQualifications • • • • • Leadershipofacomplexglobaltechnologybusiness ExtensivebackgroundininternationalpubliccompanygovernanceataNasdaqͲlistedcompany Managementdevelopment,compensationandsuccessionplanningexperience Significantinternationalbusinessoperationsexperience Technology,cybersecurity,businessprocessimprovementandoperationalexcellenceexperience THENASDAQOMXGROUP,INC. /10 2015PROXYSTATEMENT LARSR.WEDENBORN Age:56 Directorsince2008 OtherPublicCompanyBoards:None BoardCommittees:Audit Mr.WedenbornwaselectedChairmanoftheNasdaqOMXNordicLtd.BoardinOctober2009.HeisCEOofFAMAB, whichiswhollyownedbytheWallenbergFoundations.Hestartedhiscareerasanauditor.During1991Ͳ2000,hewas DeputyManagingDirectorandCFOatAlfredBerg,aScandinavianinvestmentbank.HeservedwithInvestorAB,a Swedishindustrialholdingcompany,asExecutiveVicePresidentandCFOfrom2000Ͳ2007.Mr.Wedenbornwasa memberoftheBoardofOMXABpriortoitsacquisitionbyNasdaq. SkillsandQualifications • • • • • Extensiveleadershipofahighlycomplexfinancialorganization Auditcommitteefinancialexpert;MasterofEconomics,UniversityofUppsala Extensiveexperienceinriskmanagement,financialoperations,accounting,financialcontrolsandreporting Extensivebackgroundininternationalpubliccompanygovernance Managementdevelopment,compensationandsuccessionplanningexperience THENASDAQOMXGROUP,INC. /11 2015PROXYSTATEMENT DIRECTORCOMPENSATION AnnualnonͲemployeedirectorcompensationisbaseduponacompensationyearbeginningandendinginMay.Staff directorsdonotreceivecompensationforservingontheBoard.Thefollowingtableshowsthecompensationpolicyfor nonͲemployeedirectorscurrentlyineffect. ITEM AnnualretainerforBoardmembers(otherthantheChairman) MAY2014–MAY2015(1) $80,000 AnnualretainerforBoardChairman $205,000 AnnualequityawardforallBoardmembers(grantdatemarketvalue) $115,000 AnnualAuditCommitteeChaircompensation AnnualAuditCommitteemembercompensation AnnualManagementCompensationCommittee Chaircompensation AnnualManagementCompensationCommitteemembercompensation AnnualNominating&GovernanceCommitteeChaircompensation $25,000 $5,000 $25,000 $5,000 $15,000 Boardmeetingattendancefee(permeeting) $1,500 Committeemeetingattendancefee(permeeting) $1,500 (1) Theamountsinthistableremainedunchangedascomparedtothepriorcompensationyear,excepttheannualretainerfortheBoardChairman increasedto$205,000from$180,000. EachnonͲemployeedirectormayelecttoreceivetheannualretainerincash(payableinequalsemiͲannual installments),equityoracombinationofcashandequity.Theannualequityawardandanyequityelectedaspartof theannualretainerareawardedautomaticallyonthedateoftheannualmeetingofstockholdersimmediately followingelectionandappointmenttotheBoard.Theseequityawardsvestinfulloneyearfromthedateofgrant. EachnonͲemployeedirectoralsomayelecttoreceiveCommitteeChair,Committeememberand/ormeetingfeesin cashorequity.CashpaymentsforCommitteeservicearemadeinalumpsumnearthebeginningofthecompensation year.IfadirectorelectstoreceiveequityforCommitteeserviceinlieuofcash,theequitywillbeawardedonthedate oftheannualmeetingofstockholdersandwillvestinfulloneyearfromthedateofgrant.CashpaymentsforBoard andCommitteemeetingfeesaremadeinarrearsonasemiͲannualbasis.IfadirectorelectstoreceiveequityforBoard andCommitteemeetingfeesinlieuofcash,theequitywillbeawardedonthedateofthenextannualmeetingof stockholdersandwillvestinfullimmediately. AllequitypaidtoBoardmembersconsistsofRSUs.Theamountofequitytobeawardediscalculatedbasedonthe closingmarketpriceofourcommonstockonthedateoftheannualmeeting.Unvestedequityisforfeitedincertain circumstancesuponterminationofthedirector’sserviceontheBoard. DirectorsarereimbursedforbusinessexpensesandreasonabletravelexpensesforattendingBoardandCommittee meetings.NonͲemployeedirectorsdonotreceiveretirement,healthorlifeinsurancebenefits.Nasdaqprovideseach nonͲemployeedirectorwithdirectorandofficerliabilityinsurancecoverage,aswellasaccidentaldeathand dismembermentandtravelinsuranceforandonlywhentravelingonbehalfofNasdaq. THENASDAQOMXGROUP,INC. /12 2015PROXYSTATEMENT STOCKOWNERSHIPGUIDELINES Underourstockownershipguidelines,nonͲemployeedirectorsmustmaintainaminimumownershiplevelinNasdaq commonstockoffivetimestheannualcashretainer.Sharesownedoutright,throughsharedownershipandinthe formofvestedandunvestedrestrictedstock,aretakenintoconsiderationindeterminingcompliancewiththesestock ownershipguidelines.Exceptionstothispolicymaybenecessaryorappropriateinindividualsituations,andthe ChairmanoftheBoardmayapprovesuchexceptionsfromtimetotime.Newdirectorshaveuntilfouryearsaftertheir initialelectiontotheBoardtoobtaintheminimumownershiplevel.Allofthedirectorswhowererequiredtobein compliancewiththeguidelinesonDecember31,2014wereincompliancewiththeguidelinesasofthatdate. 2014DIRECTORCOMPENSATIONTABLE CHANGE INPENSIONVALUE AND NONͲEQUITY NONQUALIFIED INCENTIVEPLAN DEFERRED ALLOTHER COMPENSATION COMPENSATION COMPENSATION ($) EARNINGS($) ($) FEESEARNED ORPAID INCASH ($)(2)(3) STOCK AWARDS($) (4)(5)(6) OPTION AWARDS ($) CharleneT.Begley $74,828 $115,017 – – – – $189,845 StevenD.Black $53,500 $225,569 – – – – $279,069 BörjeE.Ekholm $199,000 $115,017 – – – – $314,017 GlennH.Hutchins $23,000 $202,581 – – – – $225,581 EssaKazim $99,500 $115,017 – – – – $214,517 – – – – – – – JohnD.Markese(7) $225,000 $115,017 – – – – $340,017 EllynA.McColgan $50,000 $195,053 – – – – $245,053 ThomasF.O’Neill $99,500 $115,017 – – – – $214,517 JamesS.Riepe $49,000 – – – – – $49,000 MichaelR.Splinter $46,000 $202,581 – – – – $248,581 LarsR.Wedenborn(8) $113,764 $195,053 – – – – $308,817 NAME(1) ThomasA.Kloet TOTAL($) (1) RobertGreifeldisnotincludedinthistableasheisanemployeeofNasdaqandthusreceivesnocompensationforhisserviceasadirector.For informationonthecompensationreceivedbyMr.Greifeldasanemployeeofthecompany,see“CompensationDiscussionandAnalysis”and “ExecutiveCompensationTables.” (2) Thedifferencesinfeesearnedorpaidincashreportedinthiscolumnlargelyreflectdifferencesineachindividualdirector’selectiontoreceive theannualretainerincash,RSUsoracombinationofcashandRSUs.ThiselectionismadeatthebeginningoftheBoardcompensationyearin Mayandappliesthroughouttheyear.Inaddition,thedifferenceinfeesearnedorpaidalsoreflectsCommitteeserviceandmeeting attendance. (3) Asdiscussedabove,NasdaqallowsdirectorstoreceiveCommitteeChair,Committeememberand/ormeetingfeesinequity,ratherthancash. Accordingly,Messrs.Black,HutchinsandSplinterhaveelectedtoreceivetheamountsreportedinthiscolumnintheformofequitythatwillbe awardedinMay2015. (4) TheamountsreportedinthiscolumnreflectthegrantdatefairvalueofthestockawardscomputedinaccordancewithFASBASCTopic718. Theassumptionsusedinthecalculationoftheseamountsareincludedinnote12tothecompany’sauditedfinancialstatementsforthefiscal THENASDAQOMXGROUP,INC. /13 2015PROXYSTATEMENT yearendedDecember31,2014includedinourannualreportonForm10ͲK.ThedifferencesintheamountsreportedamongnonͲemployee directorsprimarilyreflectdifferencesineachindividualdirector’selectiontoreceiveaportionoftheannualretainerincashorRSUs. (5) Thesestockawards,whichwereawardedonMay7,2014,representtheannualequityawardandanyportionoftheannualretainerthatthe directorelectedtoreceiveinequity.EachnonͲemployeedirectorreceivedtheannualequityaward,whichconsistedof3,117RSUswithagrant datefairvalueof$115,017.Messrs.Black,Hutchins,Splinter,WedenbornandMs.McColganelectedtoreceivealloftheirannualretainersin equity,sotheyeachreceivedanadditional2,169RSUswithagrantdatefairvalueof$80,036foratotalgrantdatefairvalueof$195,053.In addition,Messrs.Black,HutchinsandSplinterelectedtoreceiveCommitteeChair,Committeememberand/ormeetingfeesinequity,rather thancash.Accordingly,Mr.Blackreceivedanadditional827RSUswithagrantdatefairvalueof$30,516andMessrs.HutchinsandSplinter receivedanadditional204RSUswithagrantdatefairvalueof$7,528. (6) TheaggregatenumberofunvestedandvestedsharesandunitsofrestrictedstockbeneficiallyownedbyeachnonͲemployeedirectorasof December31,2014issummarizedinthefollowingtable: NUMBEROFUNVESTEDRESTRICTED SHARESANDUNITS NUMBEROFVESTEDRESTRICTED SHARESANDUNITS CharleneBegley 3,117 – StevenD.Black 5,286 10,560 BörjeE.Ekholm 3,117 23,033 GlennH.Hutchins 5,286 23,440 EssaKazim 3,117 21,357 ThomasA.Kloet – – JohnD.Markese 3,117 56,781 EllynA.McColgan 5,286 15,034 ThomasF.O’Neill 3,117 13,831 – 31,777 MichaelR.Splinter 5,286 28,612 LarsR.Wedenborn 5,286 2,599 DIRECTOR JamesS.Riepe (7) FeesearnedbyDr.Markeseinclude$75,000forhisserviceasadirectorofourU.S.exchangesubsidiaries. (8) FeesearnedbyMr.Wedenborninclude$37,264(€28,041)forhisserviceasChairmanoftheBoardofNASDAQOMXNordicLtd.Thisamount wasconvertedtoU.S.dollarsfromeurosatanexchangerateof$1.3289pereuro,whichwastheaverageexchangeratefor2014. THENASDAQOMXGROUP,INC. /14 2015PROXYSTATEMENT CORPORATEGOVERNANCE ThefollowingsectionprovidesanoverviewofourcorporategovernancestructureandtheresponsibilitiesoftheBoard andeachofitsCommittees. GOVERNANCEDOCUMENTSANDCHARTERS ThefollowingmaterialsrelatedtocorporategovernanceatNasdaqarereviewedregularlybytheBoard.These materialsareavailableonourwebsite(see“OnlineResources”onpage69).Thesedocumentsarealsoavailable, freeofcharge,bywritingtoJoanC.Conley,SeniorVicePresidentandCorporateSecretary,TheNASDAQOMX Group,Inc.,805KingFarmBoulevard,Rockville,MD20850,orbyemail([email protected]). • BoardofDirectorsDutiesandObligations • NasdaqBoardCommitteeCharters • CorporateGovernanceGuidelines • • NasdaqCodeofConductfortheBoardof Directors ProceduresforCommunicatingwiththeBoard ofDirectors • NasdaqCodeofEthics THEBOARD’SPURPOSE TheNasdaqBoardrepresentsandactsonbehalfofourstockholdersand iscommittedtostrongcorporategovernancepolicies,practicesand proceduresdesignedtomaketheBoardmoreeffectiveinexercisingits oversightrole.WhiletheBoarddoesnothaveresponsibilityfordayͲtoͲ daymanagementofthecompany,itstaysinformedaboutthecompany’s businessandprovidesguidancetocompanymanagementthrough periodicmeetings,sitevisitsandotherinteractions.TheBoardisdeeply involvedinthecompany’sstrategicplanningprocess,leadership development,successionplanningandoversightofriskmanagement.The BoardhascreatedastrongCommitteestructuredesignedtoensure effectiveandefficientBoardoperations. ATTENDANCEATBOARDMEETINGS TheBoardheld14meetingsduringtheyearendedDecember31,2014,andtheBoardmetinexecutivesessionwithout managementpresentduringallofthosemeetings.Noneofthecurrentdirectorsattendedfewerthan75%ofthe meetingsoftheBoardandthoseCommitteesonwhichthedirectorservedduringthe2014calendaryear. ATTENDANCEATMEETINGSOFSTOCKHOLDERS Nasdaq’spolicyistoencouragealldirectorstoattendannualandspecialmeetingsofourstockholders.Tenofthe currentmembersoftheBoardattendedtheannualmeetingheldonMay7,2014. THENASDAQOMXGROUP,INC. /15 2015PROXYSTATEMENT BOARD’SLEADERSHIPSTRUCTURE InaccordancewithourCorporateGovernanceGuidelines,NasdaqseparatestherolesofChairmanoftheBoardand CEO.NasdaqbelievesthatthisseparationofrolespromotesmoreeffectivecommunicationchannelsfortheBoardto expressitsviewsonmanagement.Nasdaq’sCEO,RobertGreifeld,whohasovertwentyyears’experienceinthe securitiesindustry,isresponsibleforthestrategicdirection,dayͲtoͲdayleadershipandperformanceofNasdaq.The ChairmanofNasdaq’sBoard,BörjeE.Ekholm,whobringstotheBoardtheperspectiveofalargestockholder,provides guidancetotheCEO,presidesovermeetingsandexecutivesessionsoftheBoardandservesastheprimaryliaison betweentheCEOandtheotherdirectors.Webelievethatthisseparationofrolesandallocationofdistinct responsibilitiestoeachrolefacilitatescommunicationbetweenseniormanagementandthefullBoardaboutissues suchascorporategovernance,managementdevelopment,successionplanning,executivecompensationandcompany performance. BOARD’SRISKOVERSIGHTROLE Nasdaq’smanagementhasdayͲtoͲdayresponsibilityfor:(i)identifyingrisksandassessingtheminrelationtoNasdaq’s strategiesandobjectives,(ii)implementingsuitableriskmitigationplans,processesandcontrolsand(iii)appropriately managingrisksinamannerthatservesthebestinterestsofNasdaq,itsstockholdersandotherstakeholders.Nasdaq hasaGlobalRiskSteeringCommittee,comprisedofemployees,thatregularlyreviewsrisksformaterialityandrefers significantriskstotheBoardorspecificBoardCommittees.TosupporttheworkoftheGlobalRiskSteeringCommittee, NasdaqalsohasrecentlycreatedaTechnologyRiskSteeringCommittee,whichisresponsibleformonitoringsystems risksacrosstheorganization,andaGlobalComplianceCouncil,whichmonitorsregulatoryandcorporatecompliance risksacrossthecompany. Nasdaq’sBoardhasultimateresponsibilityforoverseeingriskmanagementwithafocusonthemostsignificantrisks facingthecompany.TheBoardisassistedinmeetingthisresponsibilitybyseveralBoardCommitteesasdescribed below.Furthermore,nonͲmanagementdirectorsmeetinexecutivesessiononaregularbasiswithoutthepresenceof managementtodiscussmatters,includingmatterspertainingtorisk.NasdaqdoesnotbelievethattheBoard’srolein riskoversighthasaffecteditsleadershipstructure. CODEOFETHICS:BOARDANDEMPLOYEES WehaveadoptedtheNasdaqCodeofEthics,whichisapplicabletoallofouremployees,includingtheprincipal executiveofficer,theprincipalfinancialofficerandthecontrollerandprincipalaccountingofficer,andcontractors.In addition,wehaveaseparateNasdaqCodeofConductfortheBoard,whichcontainsprovisionsspecificallyapplicableto directors.WepostamendmentstoorwaiversfromtheNasdaqCodeofEthics(totheextentapplicabletotheprincipal executiveofficer,theprincipalfinancialofficerorthecontrollerandprincipalaccountingofficer)ortotheNasdaqCode ofConductfortheBoardonourwebsite(see“OnlineResources”onpage69).Wealsodiscloseamendmentsorwaivers tothecodesinanymannerotherwiserequiredbythestandardsapplicabletocompanieslistedonTheNasdaqStock Market. ANNUALINDEPENDENTBOARDANDMEMBEREVALUATIONS TheBoardconductsanannualperformanceevaluationthroughanindependentconsultant.Thisprocess,whichis overseenbytheNominating&GovernanceCommittee,includesbothareviewoftheBoardasawholeandmember selfͲassessments.Amongotherthings,theevaluationassessestheeffectivenessoftheoperationsoftheBoardand eachCommittee. SUCCESSIONPLANNING Onanannualbasis,theManagementCompensationCommittee,theBoardandtheCEOreviewthesuccessionplanning andmanagementdevelopmentprogram.TheManagementCompensationCommitteereviewsthelongͲterm successionplanfordevelopment,retentionandreplacementofseniorofficers.Inaddition,theCEOprepares,andthe Boardreviews,ashortͲtermsuccessionplanthatdelineatesatemporarydelegationofauthoritytocertainofficersof thecompany,ifalloraportionoftheseniorofficersshouldunexpectedlybecomeunabletoperformtheirduties.In THENASDAQOMXGROUP,INC. /16 2015PROXYSTATEMENT conjunctionwiththeannualreportofthesuccessionplan,theCEOalsoreportsonNasdaq’sprogramforsenior managementleadershipdevelopment. BOARDCOMMITTEESANDRESPONSIBILITIES ThestandingCommitteesoftheBoardinclude:theAuditCommittee,theExecutiveCommittee,theManagement CompensationCommitteeandtheNominating&GovernanceCommittee.EachoftheseCommittees,otherthanthe ExecutiveCommittee,iscomposedexclusivelyofdirectorsdeterminedbytheBoardtobeindependent.TheChairof eachCommitteereportstotheBoardinChairman’sSessionorExecutiveSessiononactionstakenateachmeeting. EachCommitteehastheauthoritytoretainindependentadvisers.EachCommitteehasacharterthatisavailableon Nasdaq’swebsite(see“OnlineResources”onpage69). AUDITCOMMITTEE 2014Meetings:10 JohnD.Markese(Chair) CharleneT.Begley EllynA.McColgan LarsR.Wedenborn PrimaryResponsibilities: • OverseesNasdaq’sfinancialreportingprocessonbehalfoftheBoard. • Appoints,retains,approvesthecompensationofandoverseestheindependent registeredpublicaccountingfirm. • AssiststheBoardbyreviewinganddiscussingthequalityandintegrityof accounting,auditing,staffingandfinancialreportingpracticesatNasdaq. • AssiststheBoardbyreviewingtheadequacyandeffectivenessofinternal controlsoverNasdaq’sriskmanagementandregulatoryprogram. • Reviewsallrelatedpartytransactions. • AssiststheBoardinreviewinganddiscussingNasdaq’sglobalethicsand corporatecomplianceprogramandconfidentialwhistleblowerprocess. • AssiststheBoardinitsoversightoftheinternalauditfunction. RiskOversightRole: • Reviewsthefinancialinformation,thesystemsofinternalcontrols,financial reportingandthelegalandcomplianceprocess. • ReviewstheERMstructureandprocess. Independence: • EachmemberoftheAuditCommitteeisindependentasdefinedinRule10AͲ3 adoptedpursuanttotheSarbanesͲOxleyActof2002andinthelistingrulesofThe NasdaqStockMarket.TheBoarddeterminedthatallofthemembersoftheAudit Committeeare“auditcommitteefinancialexperts”withinthemeaningofSEC regulations.Eachalsomeetsthe“financialsophistication”standardofThe NasdaqStockMarket. EXECUTIVECOMMITTEE 2014Meetings:None GlennH.Hutchins(Chair) BörjeE.Ekholm RobertGreifeld EssaKazim JohnD.Markese MichaelR.Splinter PrimaryResponsibilities: • SubjecttothelimitationsinourByͲLaws,theExecutiveCommitteehasthe generalpowerandauthorityoftheBoardtoactinthemanagementofits businessandaffairs. THENASDAQOMXGROUP,INC. /17 2015PROXYSTATEMENT MANAGEMENT COMPENSATION COMMITTEE PrimaryResponsibilities: • Establishescompensationphilosophy. • ReviewsallcompensationandbenefitprogramsapplicabletoNasdaq’sexecutive officersannually.AnymaterialchangesarepresentedtothefullBoardfor 2014Meetings:6 approval. MichaelR.Splinter(Chair) • Reviews,andreferstotheBoardforapproval,thebasesalary,incentive StevenD.Black compensation,performancegoalsandequityawardsforexecutiveofficers. BörjeE.Ekholm • Reviewsandapprovesemploymentagreements,severancearrangementsand GlennH.Hutchins changeͲinͲcontrolagreementsforexecutiveofficers.Suchagreementsforthe CEOalsoarereferredtothefullBoardforapproval. • ReviewsandapprovesthebasesalaryandincentivecompensationforthosenonͲ executiveofficerswithtargettotalcashcompensationinexcessof$750,000oran equityawardvaluedinexcessof$600,000. RiskOversightRole: • Monitorstherisksassociatedwithelementsofthecompensationprogram, includingorganizationalstructure,compensationplansandgoals,succession planning,organizationaldevelopmentandselectionprocesses. • EvaluatestheeffectthecompensationstructuremayhaveonriskͲrelated decisions. Independence: • EachmemberoftheManagementCompensationCommitteeisindependentand meetstheadditionaleligibilityrequirementssetforthinthelistingrulesofThe NasdaqStockMarket. NOMINATING& GOVERNANCE COMMITTEE 2014Meetings:7 BörjeE.Ekholm(Chair) StevenD.Black JohnD.Markese EllynA.McColgan PrimaryResponsibilities: • DeterminestheskillsandqualificationsnecessaryfortheNasdaqBoardand developscriteriaforselectingpotentialdirectors. • Identifies,reviews,evaluatesandnominatescandidatesforvacanciesonthe NasdaqBoard. • PerformsanannualreviewoftheoveralleffectivenessoftheBoard. • Monitorscompanycompliancewithcorporategovernancerequirements. • ReviewsandrecommendstheBoardandCommitteeleadershipstructure. • ReviewsandrecommendstotheBoardcandidatesforelectionasofficerswith therankofExecutiveVicePresidentorabove. • TogetherwiththeManagementCompensationCommittee,annuallyreviewsthe performanceoftheCEO. RiskOversightRole: • Overseesrisksrelatedtothecompany’sgovernancestructure,trends,policies andprocesses. • MonitorsindependenceoftheBoard. Independence: • EachmemberoftheNominating&GovernanceCommitteeisindependent,as requiredbythelistingrulesofTheNasdaqStockMarket. THENASDAQOMXGROUP,INC. /18 2015PROXYSTATEMENT CORPORATERESPONSIBILITY Nasdaqexpandeditscommitmenttosmartandsustainablebusinesspracticesin 2014bycreatingarobustCorporateResponsibilityProgram.Thisprogramis madeupofthreeseparateyetrelatedworkstreams:sustainability,philanthropy, andvolunteerism.Weregularlyprovideoutreach,educationandassistanceto dozensofNasdaqͲlistedpubliccompaniesinthesethreeareas—throughthe creationandlaunchofcorporatesustainabilityprograms,underwritingoriginal researchandcollaborativeprojectsorsimplyprovidingapublicforumforthe discussionofcorporateresponsibilitybestpractices. Nasdaqisalsoincreasinglyactiveinglobalthoughtleadershipwhenitcomesto theexchangeindustry.WepartneredwiththeUnitedNationstocreatethe SustainableStockExchangesInitiativeandserveasChairofthesustainability workinggroupattheWorldFederationofExchanges.Botheffortsinvolvedozens ofstockexchanges,frommanydifferentnationsandeconomiccircumstances,all voluntarilyworkingtogethertofindconsensusonthematerialvalueof responsibleandtransparentbusinesspractices.Weproactivelyengageour employees,ourcustomers,ourregulatorsandevenotherexchangesinthequest formoresustainableandinclusivebusinesspractices. SUSTAINABILITY CreatinglongͲtermvaluebyfocusingonkeyenvironmental,social,andgovernancepractices • Morethan40sustainabilityͲrelatedeventsatMarketSite,oursignaturelocationinNewYork • Integrationofanewandmorerobustenvironmentalmetricstrackingtool • Participationinvirtuallyallofthemajorsustainabilityreportingprograms • Quarterlywebinarsforissuers,focusedonenergymanagement,supplychainandrelatedtopics • Researchandanalysisofgreeninvestmenttrends,aswellasourownproductsuite PHILANTHROPY Usingtheeconomicpowerandglobalreachofourenterprisetocreatepositivechangeintheworld • Launchofanew,dollarͲforͲdollaremployeedonationmatchingprogram • GrantsandothercharitablegiftsviatheNasdaqEducationalFoundation(see“OnlineResources”onpage69). • CreationofanewNasdaqEntrepreneurialCenterinSanFrancisco(openingFall2015) VOLUNTEERISM Buildingstrongerconnectionsbetweenourbusiness,ouremployeesandthecommunitiesthatweserve • Paidleavetimeforemployeestovolunteerinlocal,charitableoreducationalinstitutions • Moredetailedtrackingandreportingofemployeevolunteeringhoursandcauses • MentoringthroughrelationshipswithNasdaqEducationalFoundationpartners • CreatedtheWomen’sInitiativeatNasdaqtoengage,educateandempowerfemaleprofessionalsacrossall divisionsofNasdaqandchampionthefirm’sculturalvalues.Thisorganizationhasmorethan400members locatedin18countries. THENASDAQOMXGROUP,INC. /19 2015PROXYSTATEMENT PROPOSALII:APPROVALOFTHECOMPANY’SEXECUTIVE COMPENSATIONONANADVISORYBASIS TheBoardofDirectorsunanimouslyrecommendsavoteFORtheapprovalofthe company’sexecutivecompensationonanadvisorybasis. Weareaskingstockholderstoapprove,onanadvisorybasis,thecompany’sexecutivecompensationasreportedin thisproxystatement.Thisvoteisnotintendedtoaddressanyspecificitemofcompensation,butrathertheoverall compensationofournamedexecutiveofficersandtheexecutivecompensationprogramandpracticesdescribedin thisproxystatement. WeurgestockholderstoreadtheCompensationDiscussionandAnalysisbeginningonpage21ofthisproxystatement, aswellastheexecutivecompensationtablesandnarrativebeginningonpage38.TheCompensationDiscussionand AnalysisdescribesourexecutivecompensationprogramandthedecisionsmadebyourManagementCompensation Committeein2014inmoredetail.Thecompensationtablesprovidedetailedinformationonthecompensationofour namedexecutiveofficers.TheBoardandtheManagementCompensationCommitteebelievethatthecompensation programforournamedexecutiveofficershasbeeneffectiveinmeetingthecoreprinciplesdescribedinthe CompensationDiscussionandAnalysisinthisproxystatement,andhascontributedtothecompany’slongͲterm success. InaccordancewithSection14AoftheExchangeAct,andasamatterofgoodcorporategovernance,weareasking stockholderstoapprovethefollowingadvisoryresolutionatthe2015annualmeetingofstockholders: RESOLVED,thatthestockholdersofTheNASDAQOMXGroup,Inc.approve,onanadvisorybasis,the compensationofNasdaq’snamedexecutiveofficers,asdisclosedintheproxystatementforNasdaq’s2015 annualmeetingofstockholderspursuanttothecompensationdisclosurerulesoftheSEC,includingthe CompensationDiscussionandAnalysis,theexecutivecompensationtablesandotherrelatedtablesandnarrative disclosure. ThisadvisoryvoteisnotbindingontheBoardandtheManagementCompensationCommittee.AlthoughnonͲbinding, theBoardandtheManagementCompensationCommitteewillreviewandconsidertheoutcomeofthevotewhen makingfuturedecisionsregardingourexecutivecompensationprogram. TheBoardhasadoptedapolicyprovidingforannualstockholderadvisoryvotestoapprovethecompany’sexecutive compensation.Thenextadvisoryvotetoapproveexecutivecompensationwilloccuratthe2016annualmeetingof stockholders. THENASDAQOMXGROUP,INC. /20 2015PROXYSTATEMENT COMPENSATIONDISCUSSIONANDANALYSIS ThisCompensationDiscussionandAnalysisprovidesasummaryofourexecutivecompensationphilosophyand programsanddescribesthecompensationdecisionswehavemadeundertheseprogramsandthefactorsconsidered inmakingthosedecisions.ThisCompensationandAnalysisfocusesonthecompensationofourCEOandtheother namedexecutiveofficersfor2014. Wedesignourexecutivecompensationprogramtorewardfinancialandoperationalperformance,effectivestrategic leadershipandachievementofbusinessunitgoalsandobjectives,whicharekeyelementsindrivingstockholdervalue andsustainablegrowth.Ourcompensationprogramisgroundedinbestpracticesandethicalandresponsibleconduct. OurCompensationDiscussionandAnalysisisorganizedasfollows: • BusinessPerformance • CompensationDecisionMaking • WhatWePayandWhy:ElementsofExecutiveCompensation • RiskMitigationandOtherPayPractices BUSINESSPERFORMANCE Weachievedstrongfinancialandoperationalperformanceacrossmanyofourbusinessunitsin2014.Weachieved recordresultswhilecontinuingtodiversifyourbusiness,investsignificantlyinfutureinitiatives,andintegrateour recentacquisitions.Ourperformancein2014includedthefollowinghighlights. (1)SeeAnnexAforareconciliationofnonͲGAAPfinancialmeasurestoourresultsasreportedunderU.S.GAAP. KEYBUSINESSACHIEVEMENTS • WeledallU.S.exchangeswith189IPOs,a50%increasewhencomparedtotheprioryear,andwelcomedatotal of327newlistings.Wealsowon17listingvenueswitches. • Duetoimprovedvolumeinthemarketsandourprogressinexpandingfunctionalityandproductofferings,our netcashequitytradingrevenuesrose17.4%. • Forthefifthconsecutiveyear,weledallexchangeoperatorsinconsolidatedU.S.equityoptionsmarketshare. • OurDataProductsbusinessrevenuegrew6.1%yearͲoverͲyear,witha38%increaseinsubscribersforNasdaqBasic. • Nasdaqindexeswerethebasisfor166exchangetradedproductswithover$99billioninassetsundermanagement. • 98%ofS&P500and81%ofFTSEcompanieswereclientsofourTechnologySolutionsbusiness. • OurMarketTechnologybusinesshadarecordyearforneworderintake,announcingnewcontractswithThe JapanExchangeGroup,theSingaporeExchangeandthePhilippinesStockExchange,amongothers. THENASDAQOMXGROUP,INC. /21 2015PROXYSTATEMENT STOCKHOLDERRETURN • Returned$276milliontoourinvestorsthroughrepurchasesofourcommonstockandthepaymentofquarterly cashdividends. • 22%yearͲoverͲyeargrowthinourstockprice,significantlyoutperformingtheS&P500. COMPENSATIONDECISIONMAKING KEYGOVERNANCEFEATURESOFEXECUTIVECOMPENSATIONPROGRAM Thefollowingtablesummarizesthespecificfeaturesofourexecutivecompensationprogram.Webelieveourexecutive compensationpracticesdriveperformanceandserveourstockholders’longͲterminterests. WHATWEDO + Wepayforperformance. WHATWEDON’TDO – Wedonotguaranteebonuspaymentsforour namedexecutiveofficers. + Wehaverobuststockownershipguidelines. – WedonotallowhedgingorpledgingofNasdaq stock. + Wehave“clawback”policies. – Wenolongerawardstockoptions. + Weprovidechangeincontrolprotectionthat – WedonotpaytaxgrossͲupsonseverance requiresa“doubletrigger.” + Weprovideonlylimitedperquisites. arrangements. – Wedonotprovideongoingsupplementalexecutive retirementplans;allbenefitshavebeenfrozen. + Weconductacomprehensiveannualrisk assessmentofourcompensationprogram. – WedonotpermitreͲpricingofunderwaterstock options. COMPENSATIONPHILOSOPHY WehaveendeavoredtocreateaperformanceͲbasedcompensationprogramthatmeetstheneedsofourglobal companyanditsstockholders.Onanannualbasis,theManagementCompensationCommitteereviewsNasdaq’s compensationphilosophy,programsandpractices.ThefollowingcoreprinciplesreflecttheManagement CompensationCommittee’scurrentcompensationphilosophy: x ThecompensationprogramcreateslongͲtermstockholdervaluebyfosteringanownershipculture.We promoteemployeestockownership,andownerbehavior,bygrantingequitytoallemployeesandproviding theabilitytobuysharesthroughourESPP. x Thecompensationprogramfocusesonkeybusinessobjectives.Ourcompensationprogramstartswith strategicandfinancialgoalsandobjectives,whichinformallcompensationdecisions.Compensationdecisions arealsostronglyinfluencedbyclientfocus,regulatorycomplianceandethicalbehavior. x ThecompensationprogramsupportsahighͲperformanceenvironmentviaperformanceͲbasedrewards. VariablepayisemphasizedoverfixedpaythroughparticipationofallemployeesinannualandlongͲterm incentiveplans. THENASDAQOMXGROUP,INC. /22 2015PROXYSTATEMENT x Thecompensationprogramreinforcestheimportanceofmeetingand/orexceedingperformancetargets throughsuperiorawardsforsuperiorperformanceandthroughdifferentiatedawardsbasedon performanceachieved.However,compensationplansandarrangementsdonotencourageexcessiveriskͲ takingbymanagement. x ThecompensationprogramenablesNasdaqtocompeteeffectivelyfortalent.Theprogramisdesignedto attract,motivateandretaintalented,highͲperformingindividualswhoarewillingtocommittooursuccess andtobuildlongͲtermstockholdervalue. x Wecommunicatecompensationobjectivesandprogramclearly.Ongoingemployeeeducationalprograms ensurethatthecompensationobjectivesandprogramarewellunderstoodandserveasaneffective motivationaltool. Ourphilosophyisbasedonthefollowingguidingprinciples.Eachindividualcomponentofcompensationisconsidered independentlyandisnotbasedonaformula.Eachcomponent,however,isintendedtobecomplementarytothe overallcompensationpackageawardedtotheexecutive. PAYFORPERFORMANCE RETENTION COMPETITIVEMARKETANALYSIS LongͲtermtimeͲbasedvesting featuresensurethatanemployee mustremainwiththecompanyfora periodoftimetoreceivevaluefrom thegrant. Totalcompensationshouldbe sufficientlycompetitivewithindustry peerstoattractandretainexecutives withsimilarlevelsofexperience,skills, educationandresponsibilities. Asubstantialportionofcompensation shouldbevariableor“atrisk”and directlylinkedtoindividual,company andbusinessunitperformance. INTERNALEQUITY COLLATERALIMPLICATIONS STOCKHOLDERALIGNMENT Compensationshouldtakeintoaccount thedifferentlevelsofresponsibilities andperformanceamongourexecutives andbetweenourCEO,whois responsiblefortheentireorganization, andourotherexecutives,whoare responsibleforafunctionalareaora lineofbusiness. Ourtotalcompensationmix encouragesexecutivestotake appropriateriskstoimproveour performanceandbuildlongͲterm stockholdervalue. Thefinancialinterestsofexecutives shouldbealignedwiththelongͲterm interestsofourstockholdersthrough stockͲbasedcompensationand performancemetricsthatcorrelate withlongͲtermstockholdervalue. SAYONPAYRESULTSANDSTOCKHOLDEROUTREACH EachyearwecarefullyconsidertheresultsofourSayonPayadvisoryvotefromtheprioryear.Atour2014annual meetingofstockholders,over98%ofthevotescastwereinfavoroftheadvisoryvotetoapproveexecutive compensation.Wefeeltheseresultsdemonstratedsignificantstockholdersupportofourcompensationprogram’s designandgoals,andwetookintoaccounttheresultsofthisadvisoryvotewhenmakingcompensationdecisions THENASDAQOMXGROUP,INC. /23 2015PROXYSTATEMENT throughtheremainderof2014andintoearly2015.InadditiontotheSayonPayresults,wealsoconsidermanyother factorsinevaluatingourexecutivecompensationprograms,includingourpayforperformancephilosophyanda competitivemarketanalysisofpeercompanies.ConsistentwithourSayonPayresultsandtheseotherfactors,in2014 weretainedthecoreelementsofourexecutivecompensationprogram,policiesanddecisionsandbelievethatour programscontinuetoappropriatelyincentivizeourseniormanagement. InadditiontotheperspectiveprovidedbytheSayonPayresults,wealsocarefullysolicitandconsiderfeedbackfrom ourstockholdersonexecutivecompensation,corporategovernanceandotherissuesthroughouttheyear.We welcomeinputfromourstockholdersonourexecutivecompensationprogramthroughthecommunicationprocess discussedin“StockholderCommunicationwithDirectors.” COMPENSATIONDETERMINATIONS Wehaveestablishedaprocessforevaluatingtheperformanceofthecompany,theCEOandothernamedexecutive officersforcompensationpurposes.Onanannualbasis,theManagementCompensationCommittee,theBoardand Nominating&GovernanceCommitteereviewourCEO’sperformanceinexecutivesession.Aspartoftheirdeliberative process,theManagementCompensationCommitteeandBoardevaluateourCEO’sperformanceagainstthepreͲ establishedcorporategoalsanddetermineappropriateCEOcompensation.ThefactorsconsideredincludeourCEO’s performanceagainsthisannualperformanceobjectives,theperformanceofthecompany,thequalityand developmentofthemanagementteamandthemanagementoftheCEOandexecutivesuccessionplan. Withthesupportofthehumanresourcesdepartment,ourCEOdevelopscompensationrecommendationsforeachof thePresidentsandExecutiveVicePresidentsforconsiderationbytheManagementCompensationCommitteeandthe Board.Aspartofthisprocess,ourCEOmeetsindividuallywitheachexecutivetodiscusshisorherperformanceagainst preͲestablishedobjectivesdeterminedduringthepreviousyear,aswellasperformanceobjectivesanddevelopment plansforthecomingyear.Thismeetinggiveseachexecutiveanopportunitytopresenthisorherperspectiveofhisor herperformanceandpotentialobjectivesandchallengesfortheupcomingyear.OurCEOpresentstheresultsofthe meetingswitheachexecutivetotheManagementCompensationCommitteefortheirreviewandconsiderationaspart oftheirdeliberationprocess. COMPETITIVEPOSTITIONING Toevaluatetheexternalcompetitivenessofourexecutivecompensationprogram,wecomparecertainelementsofthe programtosimilarelementsusedbypeercompanies.Insetting2014compensationlevels,theManagement CompensationCommitteeusedacomprehensivepeergroup,consistingof20companies,forcompetitivemarket analysisofthecompensationprogramforournamedexecutiveofficers.Webelieveusinganddisclosingapeergroup supportsgoodgovernanceandprovidesvaluableinputintocompensationlevelsanddesign. Thepeergrouphasremainedthesameforthepastseveralyears.Wheninitiallyformingthepeergroup,weconsidered potentialpeersamongbothdirectindustrycompetitorsandcompaniesinrelatedindustrieswithsimilartalentneeds. Afteridentifyingpotentialpeersonthisbasis,weusedthefollowingsevenscreeningcriteriatoselectappropriatepeer companies: • • • • revenuesize; marketcapitalizationsize; financialperformance; directexchangecompetitors; • • • financialservicescompanies; technologyͲdependentcompanies;and companieswithglobalcomplexity. Eachofthesefactorswasinitiallyweightedequallytodevelopamorerefinedlistofcompaniesforconsideration.We thenfurtherreviewedeachremainingcompanytodetermineitsappropriatenessforthefinalpeergroupwitha particularfocusonidentifyingmeaningfultalentpeers.Certaincompanieswereeliminatedbecauseoffactorssuchasa significantlydifferentmarketcapitalization,limitedcompetitivepositionforexecutivetalentorlimitedglobal complexityrelativetoNasdaq. THENASDAQOMXGROUP,INC. /24 2015PROXYSTATEMENT WebelievethecurrentpeergroupincludesanaccuraterepresentationofNasdaq’sindustrycompetitorsandsizeͲ relevant,talentͲfocusedcomparators.Inaddition,webelievethatyearͲoverͲyearconsistencyinpeergroupusageis desirableforreviewingtrendsinmarketpaymovement. Thepeergroupconsistsofthefollowingcompanies: • AutomaticDataProcessing, Inc. • BGCPartnersInc. • CBOEHoldings,Inc. • CMEGroupInc. • DeutscheBörse • DiscoverFinancialServices • DSTSystems,Inc. • E*TRADEFinancialCorporation • FidelityNationalInformation Services,Inc. • Fiserv,Inc. • IntercontinentalExchange,Inc. • InvescoLtd. • LeggMason,Inc. • LondonStockExchangeGroupplc • MasterCardIncorporated • NYSEEuronext(removedfor2015 uponacquisition) • TDAmeritradeHolding Corporation • TMXGroupInc. • TheCharlesSchwabCorporation • VisaInc. Inadditiontothepeergroup,wealsotakeintoaccountthatNasdaqfacescompetitionfortalentfromprivatefirms, suchashighfrequencyandothersmalltradingfirmsandprivateequityfunds,forwhichpubliccompensationdatais notavailable. Peergroupdataservesasonlyonereferencepointinevaluatingourexecutivecompensationprogram.Weusethis datatoseehowvariouselementsofourexecutivecompensationprogramcomparetoothercompanies.However,we donotsetthecompensationofourexecutivesbasedonthisdataortargetexecutivecompensationtoaspecific percentileofthecompensationsetbyourcompetitors.Instead,thecomparisonisconductedsolelytodetermineifthe compensationiscompetitivetothemarket.Eachexecutiveisevaluatedindividuallybasedonskills,knowledge, performance,developmentpotentialand,intheManagementCompensationCommittee’sbusinessjudgment,the valueheorshebringstotheorganizationandNasdaq’sretentionrisk. CEO’SROLEINTHEEXECUTIVECOMPENSATIONPROCESS Mr.GreifeldregularlyattendsManagementCompensationCommitteemeetingsattheinvitationoftheManagement CompensationCommittee.Mr.GreifeldprovideshisperspectivetotheManagementCompensationCommittee regardingexecutivecompensationmattersgenerallyandthespecificperformanceoftheotherexecutiveofficers. However,inaccordancewiththelistingrulesofTheNasdaqStockMarket,Mr.Greifelddoesnotvoteonexecutive compensationmattersorattendexecutivesessionsoftheManagementCompensationCommitteeorBoard,and Mr.Greifeldisnotpresentwhenhisowncompensationisbeingdiscussedorapproved. ROLEOFCOMPENSATIONCONSULTANTS In2014,ourHumanResourcesDepartmentengagedMeridianCompensationPartnerstoassiststaffingatheringdata, reviewingbestpracticesandmakingrecommendationstotheManagementCompensationCommitteeaboutour executivecompensationprogram.MeridiandoesnotprovideanyotherservicestoNasdaqotherthanexecutive compensationconsulting.MeridiandoesnotdirectlyadvisetheManagementCompensationCommitteeorattend meetings.In2014,wepaidMeridian$19,123infeesfordeterminingorrecommendingtheamountorformof executiveanddirectorcompensationand$154,520infeesforotherservices. TALLYSHEETS WhenrecommendingcompensationfortheCEOandothernamedexecutiveofficers,theManagementCompensation Committeereviewstallysheetsthatdetailthevariouselementsofcompensation,includingequitycompensation,for eachexecutive.Thesetallysheetsareusedtoevaluatetheappropriatenessofthetotalcompensationpackage,to compareeachexecutive’stotalcompensationopportunitywithhisorheractualpayoutandtoensurethatthe compensationappropriatelyreflectsthecompensationprogram’sfocusonpayforperformance. THENASDAQOMXGROUP,INC. /25 2015PROXYSTATEMENT WHATWEPAYANDWHY:ELEMENTSOFEXECUTIVECOMPENSATION FIXED ELEMENT BaseSalaries DESCRIPTION • Fixedamountofcompensationfor serviceduringtheyear OBJECTIVES • Rewardscopeofresponsibility, experienceandindividualperformance • AtͲriskcompensation,dependentongoal • Promotestrongbusinessresultsby rewardingvaluedrivers,withoutcreating achievement Annual anincentivetotakeexcessiverisk • FormulaͲdrivenannualincentivelinkedto Incentive • Serveaskeycompensationvehiclefor corporatefinancialandothergoalsand Compensation rewardingresultsanddifferentiating businessunitstrategicobjectives individualperformanceeachyear ATͲRISK BENEFITS SEVERANCE OTHER • Awardvaluesaregrantedbasedon • Motivateandrewardexecutivesfor marketcompetitivenormsandindividual outperformingpeersoverseveralyears performance • Ensurethatexecutiveshaveasignificant LongͲTerm • PSUsareearnedandvestedafterathreeͲ stakeinthelongͲtermfinancialsuccessof yearperformancecycle thecompany,alignedwiththe Incentive stockholderexperience Compensation • PSUspaidinsharesofcommonstock uponvestingbasedonrelativeTSR • PromotelongerͲtermretention rankingcomparedtopeersandtothe broadmarket,overeachcycle Retirement andHealth and Welfare • 401(k)Planwithcompanymatch,plus additionaldiscretionarycontributions basedonyearsofservice • Comprehensivewelfarebenefits • Frozenpensionplan,frozenSERPand discontinuedSupplementalERCplan • ProvidemarketͲcompetitivebenefitsto attractandretaintoptalent • Frozenplansreflectlegacyarrangements • Severanceandrelatedbenefitspaidupon • Assistinattractingtoptalent terminationwithoutcauseorresignation • Preserveexecutiveobjectivitywhen forgoodreasonfollowingachangein Limited consideringtransactionsinthebest control interestofstockholders Severance Arrangements • Equityvestingprovisionsupon • Retentionofexecutivesthroughachange terminationpostͲchangeincontrol – incontrol ChangeIn • Equityprovisionskeepexecutiveswhole Control insituationswheresharesmaynolonger existorawardscannototherwisebe replaced • Limitedamountsunderemployment Limited arrangementswithsomeexecutive Severance Arrangements officers • Discretionaryguidelines,forinvoluntary – terminationswithoutcause Other • Assistinattractingtoptalent • Providetransitionassistanceif employmentendsinvoluntarily • Allowthecompanytoobtainreleaseof employmentͲrelatedclaims • Limitedadditionalbenefitsprovidedto certainexecutives,includingfinancial counseling,annualhealthexams, supplementalinsurance(nonͲU.S.),and caranddrivertotheCEO • Providenominaladditionalassistance thatallowsexecutivestofocusontheir duties Limited Perquisites THENASDAQOMXGROUP,INC. /26 2015PROXYSTATEMENT Wehavethreeelementsof totaldirectcompensation: basesalary,cashincentive awardsandlongͲterm equitycompensation.As illustratedinthe accompanyingchart,in 2014,90%ofthenamed executiveofficers’total directcompensationwas performancebasedoratͲ risk.63%wasintheform oflongͲtermequity compensation,while27% relatedtocashincentive awardsand10%relatedto basesalary. BASESALARY WenormallyreviewbasesalariesonanannualbasisinDecember.Inaddition,wemaymakeadjustmentstobase salariesduringtheyearinresponsetosignificantchangesinanexecutive’sresponsibilitiesoreventsthatwouldimpact thelongͲtermretentionofakeyexecutive.Salariesareestablishedatlevelscommensuratewitheachexecutive’stitle, positionandexperience,recognizingthateachexecutiveismanagingacomponentofacomplexglobalcompany. UnderthetermsofMr.Greifeld’semploymentagreement,hisbasesalaryfor2014was$1million,whichhasremained unchangedsince2006,consistentwiththetermsofhisemploymentagreementandtheprovisionsofSection162(m)of theCodethatlimittaxdeductibilityfornonͲperformanceͲbasedcompensation. During2014,Mr.Jochumsen’sbasesalarywasincreasedwhenhewaspromotedtoPresidentandrelocatedtothe UnitedStates.Asaresultofhischangeinresponsibilities,Mr.Jochumsenenteredintoanewemploymentagreement thatsethisbasesalaryat$600,000. Thefollowingtableshowseachnamedexecutiveofficer’sbasesalaryatDecember31,2014and2013. BASESALARYAT DECEMBER31,2014 BASESALARYAT DECEMBER31,2013 $1,000,000 $1,000,000 LeeShavel $500,000 $500,000 AdenaT.Friedman $750,000 – HansͲOleJochumsen(1) $600,000 $516,096 JohnL.Jacobs $475,000 $475,000 NAMEDEXECUTIVEOFFICER RobertGreifeld (1) Mr.Jochumsen’s2013basesalaryof3,360,000SwedishkronaisconvertedintoU.S.dollarsatanexchangerateof$0.1536perkrona,which wastheaverageexchangeratefor2013. THENASDAQOMXGROUP,INC. /27 2015PROXYSTATEMENT ANNUALINCENTIVECOMPENSATION AnnualperformanceͲbasedcashincentivesareanintegralpartofourexecutivecompensationprogram.Ournamed executiveofficersreceivesuchawardsthroughourECIP. PlanͲBasedTargetAwardOpportunities.Atthebeginningofeachyear,targetannualcashincentiveaward opportunitiesareestablishedforournamedexecutiveofficers.Consistentwithhisemploymentagreement, Mr.Greifeld’stargetannualcashincentiveawardopportunityfor2014was210%ofbasesalary.For2014,thetarget annualcashincentiveawardopportunitiesforeachoftheothernamedexecutiveofficersweresetatamountsranging from$700,000to$1,250,000,whichrepresents147%to167%ofbasesalary,basedonanassessmentofeachofficer’s positionandresponsibilities,thecompetitivemarketanalysisandthecompany’sretentionobjectives. Thefollowingtargetincentiveopportunitieswereadjustedin2014: • Mr.Jochumsen’stargetincentivecompensationwasincreasedinconnectionwithhispromotiontoPresident. • Mr.Jacobs’targetincentivecompensationwasincreasedtoreflectincreasedresponsibilitiesassociatedwith his2013promotiontoExecutiveVicePresident,GlobalInformationServices,andtobetteralignwith competitiveexternalnorms. Thefollowingtableshowseachnamedexecutiveofficer’stargetannualincentiveopportunityin2014and2013. 2014TARGETANNUALINCENTIVE OPPORTUNITY 2013TARGETANNUALINCENTIVE OPPORTUNITY $2,100,000 $2,100,000 $750,000 $750,000 AdenaT.Friedman $1,250,000 N/A HansͲOleJochumsen(1) $1,000,000 $768,000 $700,000 $600,000 NAMEDEXECUTIVEOFFICER RobertGreifeld LeeShavel JohnL.Jacobs (1) Mr.Jochumsen’s2013targetannualincentiveopportunityisconvertedfromSwedishkronaintoU.S.dollarsatanexchangerateof$0.1536 perkrona,whichwastheaverageexchangeratefor2013. PerformanceGoals.Theannualcashincentiveawardpaymentsforourexecutivesarebasedontheachievementof preͲestablishedperformancegoals.TheCEOselectsandrecommendsgoalsforeachPresidentandExecutiveVice Presidentbasedontheirareasofresponsibilityandinputfromeachexecutive.TheManagementCompensation CommitteeandtheBoardreviewandconsiderourCEO’srecommendationsandapprovethegoalsforthecomingyear afteridentifyingtheobjectivesmostcriticaltoourfuturegrowthandmostlikelytoholdexecutivesaccountableforthe operationsforwhichtheyareresponsible. Theannualcashincentiveawardsaretiedtoresultsinthefollowingareas: • • fivecorporateobjectives,including: o operatingincome(runrate),whichmeasuresbusinessefficiencyandprofitability; o netrevenue,whichmeasurestheabilitytodriverevenuegrowth; o enterprisesystemresiliency,whichmeasuresconcentrationrisk,systemstabilityandfailover/disaster recovery; o enterprisedevelopment,whichmeasuresleaderdevelopmentandsuccession,andoverallemployee satisfactionandmotivation;and o enterpriseemployeeengagement,whichmeasuresoverallemployeesatisfactionandmotivation;and businessunitstrategicobjectives,whicharedefinedbusinessunitͲspecificgoalsthatcontributetothe company’sshortandlongͲtermperformance. THENASDAQOMXGROUP,INC. /28 2015PROXYSTATEMENT Operatingincome(runrate)andnetrevenuearethecompany’sprimarymeasuresofshortͲtermbusinesssuccessand keydriversoflongͲtermstockholdervalue.Operatingincome(runrate)andnetrevenuetargetsaresetatthe beginningofeachyear,aspartofthecompany’sannualbudgetingprocess,andaresubjecttoadjustmentfor transactionsandotherextraordinaryevents.Thesystemresiliency,leadershipdevelopmentandemployee engagementobjectivesareestablishedatthebeginningoftheyearbytheManagementCompensationCommitteeand Boardtofocustheexecutiveteamoncertainenterpriseinitiatives. Businessunitstrategicobjectivesalsoareestablishedatthebeginningoftheyear,andaresubjecttoadjustmentfor transactionsandotherextraordinaryevents.ThebusinessunitstrategicobjectivesconsistoffinancialandnonͲfinancial strategicobjectivesspecifictothebusinessunit.TheManagementCompensationCommitteeandBoardsetthe businessunitstrategicobjectivestoreflectthekeyresponsibilitiesofeachexecutiveandincentfocusonparticular objectivesin2014. Wesetgoalsatlevelswherethemaximumpayoutwouldbedifficulttoachieveandbeyondbudgetassumptions.The followingtableshowseachnamedexecutiveofficer’sperformanceobjectivesfor2014andtherelativeweightingof theseobjectives. CORPORATE OPERATING INCOME (RUNRATE) CORPORATE NETREVENUE ENTERPRISE SYSTEM RESILIENCY ENTERPRISE DEVELOPMENT &ENGAGEMENT ENTERPRISE EMPLOYEE ENGAGEMENT BUSINESS UNIT FINANCIAL AND STRATEGIC OBJECTIVES RobertGreifeld 55% 20% 15% 10% 0% 0% LeeShavel 45% 10% 0% 0% 10% 35% AdenaT.Friedman 10% 10% 0% 0% 5%(1) 75% HansͲOleJochumsen 10% 10% 0% 0% 10% 70% JohnL.Jacobs 10% 10% 0% 0% 10% 70% (1)5%weightingreflectsmidͲyearstartdateandimpactonemployeeengagement. PotentialPayouts.Payoutsaredeterminedaftertheendoftheyearandarebasedonthesumof(i)actual performanceundereachcorporateobjectiveand(ii)actualperformanceagainstanexecutive’sbusinessunitstrategic objectives.Eachgoalapplicabletothenamedexecutiveofficersfor2014hadaminimum,targetandmaximum performancelevel. Scoringofeachgoalisbasedonactualgoalachievementcomparedtothetarget.In2014,payoutsoneachgoalcould varybetween0%and200%ofthetarget.However,thenonͲfinancialgoalsweresubjecttoafundingmodifieraligned withtheachievementofeithercorporateorbusinessunitfinancialgoals.Thislimitationensuresthatthepayoutof overachievementagainstnonͲfinancialgoalsisalignedwithfinancialresults. Payoutsundertheincentivecompensationprogramalsotakeintoaccountethicalandresponsibleconduct,andawards aresubjecttoadjustmentatthefulldiscretionoftheManagementCompensationCommittee. THENASDAQOMXGROUP,INC. /29 2015PROXYSTATEMENT CorporateObjectivesPerformancevs.Goals.Thetablebelowsummarizesthe2014corporateobjectives. MINIMUM (0%PAYOUT) TARGET (100%PAYOUT) MAXIMUM (200% PAYOUT) NASDAQ’S RESULTSFOR 2014AS MEASUREDFOR COMPENSATION PURPOSES $792m $843mͲ$863m $918m $873.6m 119% $1,990m $2,075mͲ $2,105m $2,190m $2,088.5m 100% EnterpriseEmployee Engagement 5% improvement 10% improvement 15% improvement 10% improvement 100% EnterpriseLeadership andEngagement 5% improvement/ Leadership Development Progress 10% improvement/ Leadership Development Progress 15% improvement/ Leadership Development Progress 150% performance 144% Allbusiness unitsmeetfloor performanceof resiliencygoals Allbusiness unitsmeet target performanceof resiliencygoals Allbusiness unitsmeet ceiling performanceof resiliencygoals 197% performance 144% CORPORATEOBJECTIVE OperatingIncome (RunRate)(1) NetRevenue(1) EnterpriseSystem Resiliency PAYOUT PERCENTAGEOF TARGET INCENTIVE AWARD AMOUNT(2) (1) Forcompensationpurposes,operatingincome(runrate)andnetrevenueexcludetheeffectsofforeignexchange.Operatingincome(run rate)alsoexcludesnonͲrecurringexpenseitemsrelatingtothefollowing:integrationexpensesrelatedtorecentlyacquiredbusinesses,a chargerelatedtothereversalofareceivableunderataxsharingagreementwithanunrelatedthirdparty,andotherexpenses.Asaresult, thesecalculationsdifferfromtheU.S.GAAPcalculationsofoperatingincomeandrevenueslesstransactionͲbasedexpensesreportedin ourannualreportonForm10ͲK. (2) Forsomegoals,overachievementfundingamountwascappedbyoperatingincome(runrate)results. THENASDAQOMXGROUP,INC. /30 2015PROXYSTATEMENT 2014BusinessUnitFinancialandStrategicObjectivesPerformancevs.Goals.TheManagementCompensation CommitteeandBoardassessedeachofficer’sachievementofthebusinessunitstrategicobjectivesin2014,as describedbelow. NAMED EXECUTIVE OFFICER LeeShavel GOAL GOAL WEIGHTING SCOREASA PERCENTOF TARGET FUNDEDSCORE ASAPERCENT OFTARGET(1) CorporateStrategy 10% 150% 144% Price/EarningsGrowth 10% 188% 188% AcquisitionandShareRepurchaseROICPerformance 10% 50% 50% RiskManagement(Resiliency) 5% 166% 166% GlobalTechnologySolutionsMargin 30% 82% 82% CorporateClientGroupListingMargin 20% 173% 173% GlobalInformationSolutionsMargin 20% 174% 174% IPOCrossResiliencyandEnhancements 5% 200% 200% GlobalTrading&MarketServicesProfitability 40% 200% 200% GlobalTrading&MarketServicesRevenue 20% 180% 180% GlobalTrading&MarketServicesSystemsResiliency 10% 200% 144% GlobalInformationServicesProfitability 35% 200% 200% GlobalInformationServicesRevenue 30% 200% 200% GlobalInformationServicesSystemsResiliency 5% 200% 144% AdenaT. Friedman HansͲOle Jochumsen JohnL.Jacobs (1) Forsomegoals,overachievementfundingiscappedbyoperatingincome(runrate)results. AwardPayouts.Inearly2014,theManagementCompensationCommitteeandBoarddeterminedthefinallevelsof achievementforeachofthegoalsandapprovedpayoutamounts. In2014,theactualannualcashincentiveawardpaymentsforourCEOandCFOwerelowerthanthosein2013.These resultsreflectthatperformanceunderthe2014corporateoperatingincome(runrate)goal,whichwasestablished basedonthecompanyfinancialbudget,wasnotasstrongasin2013.Thecashincentivepaymentsfortheothernamed executiveofficers(otherthanMs.Friedmanwhojoinedthecompanyin2014)increasedgenerallyin2014dueto promotionsthatresultedinanexpansionofresponsibilitiesandincreasesintargetbonusopportunities. NAMEDEXECUTIVEOFFICER 2014ECIPAWARDPAYOUT 2013ECIPAWARDPAYOUT $2,550,450 $2,794,050 $900,375 $1,135,500 AdenaT.Friedman $1,636,250 N/A HansͲOleJochumsen $1,623,000 $1,383,168 JohnL.Jacobs $1,183,700 $1,020,600 RobertGreifeld LeeShavel THENASDAQOMXGROUP,INC. /31 2015PROXYSTATEMENT LONGͲTERMINCENTIVECOMPENSATION LongͲtermincentivecompensationconsistsentirelyofequityawards.Since2012,wehavegrantedequityawardsto seniormanagementunderaperformanceͲbasedlongͲtermincentiveprogramthatfocusesonTSR.Consistentwithour payforperformancephilosophy,thisprogramrepresents100%ofournamedexecutiveofficer’slongͲtermstockͲbased compensation. Undertheprogram,eachnamedexecutiveofficerreceivedagrantofPSUssubjecttoathreeͲyearcumulative performanceperiodbeginningonJanuary1,2014andendingonDecember31,2016.Performanceisdeterminedby comparingNasdaq’sTSRtotwogroupsofcompanies,eachweighted50%.OnegroupconsistsofallS&P500 companies,andtheothergroupconsistsofthefollowingexchangecompanies: • • • • • ASXLimited BGCPartners,Inc. BM&FBovespa BolsaMexicanadeValores BolsasYMercadosEspanoles • • • • • CBOEHoldings,Inc. CMEGroupInc. DeutscheBörseAG HongKongStockExchange ICAPplc • • • • • IntercontinentalExchange,Inc. JapanExchange LondonStockExchangeGroupplc SingaporeExchange TMXGroupInc. TheTSRresultsaremeasuredatthebeginningandendofthethreeͲyearperformanceperiod.Nasdaq’srelative performancerankingagainsteachofthesegroupswilldeterminethefinalnumberofsharesdeliveredtoeach individual.Themaximumpayoutwillbe200%ofthetargetnumberofPSUsgrantedifNasdaqranksatthe85th percentileoraboveofbothgroups.However,ifNasdaq’sTSRisnegativeforthethreeͲyearperformanceperiod, regardlessofTSRranking,thepayoutcannotexceed100%ofthetargetnumberofPSUsgranted. Belowisatableshowingtheamountofsharesagranteemayreceivebasedupondifferentlevelsofachievement againsteachofthegroups.Foreachgroup,theresultingsharesearnedwillbecalculatedbymultiplyingtherelevant percentagefromthetablebelowbyoneͲhalfofthetargetawardamount. PERCENTILERANKOFNASDAQ’STHREEͲYEARTSR VERSUSTHERELEVANTGROUP TH >=85 Percentile TH 67.5 Percentile RESULTINGSHARESEARNED 200% 150% TH 100% TH 50% TH 15 Percentile 30% 0Percentile 0% 50 Percentile 25 Percentile Forlevelsofachievementbetweenpoints,theresultingsharesearnedwillbecalculatedbasedonstraightͲline interpolation. ThevalueofMr.Greifeld’s2014equityawardtargetwasslightlylowerthanin2013.InsettingMr.Greifeld’s2014 equityawardtarget,theManagementCompensationCommitteefocusedonmotivatinglongtermperformance,with significantupsideanddownsidebasedonperformancerelativetopeers.Historicalawardsandtheretentionvalueof Mr.Greifeld’soutstandingequityweretakenintoaccountwhendeterminingthetargetamountofhisaward.Peer groupdataalsowasconsideredinestablishingamarketͲcompetitiveawardlevel. Mr.Greifeldrecommendedthespecificequityawardtargetsforeachoftheothernamedexecutiveofficers,which variedamongexecutivesdependinguponresponsibilitiesandretentionconsiderations.TheManagement CompensationCommitteeandBoardevaluatedtheserecommendationsanddeterminedthattheamountofeach THENASDAQOMXGROUP,INC. /32 2015PROXYSTATEMENT awardreflectedtheindividual’scontributions,wasalignedwithcompetitivemarketlevelsandwasappropriatefor retentionpurposes. ThetargetamountandtargetfacevalueofthePSUsawardedtoeachofthenamedexecutiveofficersunderthis programissetforthinthetablebelow.The2014awardswereapprovedonMarch26,2014andgrantedonMarch31, 2014,whichwasthedateofNasdaq’sannualemployeeequitygrant. NAMEDEXECUTIVEOFFICER TARGETPSUS TARGETGRANTDATEFACEVALUE RobertGreifeld 180,000 $6,649,200 LeeShavel 34,454 $1,272,731 HansͲOleJochumsen 29,532 $1,090,912 JohnL.Jacobs 27,071 $1,000,003 PromotionGranttoMr.Jochumsen.InApril2014,Mr.JochumsenwaspromotedfromExecutiveVicePresident, TransactionServicesNordicstoPresident,GlobalTransactionMarketServices.Inconnectionwiththeexpansionofhis duties,hereceivedanequityawardtargetedat14,899PSUs,valuedat$545,452infacevalue,thatissubjecttothe sameperformancemeasuresandvestingtermsasthePSUsdescribedabovethatweregrantedtothenamedexecutive officersin2014. NewHireGrantforMs.Friedman.Ms.FriedmanwasappointedPresidentonJune16,2014.Pursuanttoher employmentagreement,thecompanyawardedanequitygranttoMs.Friedmanuponherstartdate.Thegrant consistedofRSUs,withatargetgrantdatefacevalueof$5,999,975,whichvestinequalinstallmentsonthefirst, secondandthirdanniversariesofthegrant,andPSUs,withatargetgrantdatefacevalueof$2,272,715,thatare subjecttothesameperformancemeasuresandvestingtermsasthePSUsdescribedabovethatweregrantedtothe othernamedexecutiveofficersin2014.TheManagementCompensationCommitteeandBoarddeterminedthevalue ofthisequitygrantaspartofthetotalcompensationpackagedesignedtorecruitMs.Friedmantojointhecompany. ThisgrantservedasMs.Friedman’s2014annualequityawardandoffsetaportionoftheequityvalueMs.Friedman forfeitedwhenleavingherprioremployer. Settlementof2012PSUGrants.InFebruary2014,theManagementCompensationCommitteeevaluatedand approvedtheperformanceresultsforthePSUsgrantedtoseniorexecutivesin2012,includingMessrs.Greifeld, Jochumsen,ShavelandJacobs.ThesePSUsweresubjecttoathreeͲyearcumulativeperformanceperiodbeginningon January1,2012andendingonDecember31,2014andperformancewasdeterminedbycomparingNasdaq’sTSRto twogroupsofcompanies,eachweighted50%.OnegroupconsistedofallS&P500companies,andtheothergroup consistedof13peerexchangecompanies. Thefollowingtablesetsforththe2012PSUperformancemeasureresults. EQUITY AWARD 2012 ThreeͲ Year PSU Award CUMULATIVETSR WEIGHTING 50% 82.1% 50% PERFORMANCE FACTORS PERCENTILERANK PAYOUT Basedon RelativeTSR AgainsttheS&P 500 59th 126% Basedon RelativeTSR AgainstPeers 67th BLENDED PAYOUT 137% 147% THENASDAQOMXGROUP,INC. /33 2015PROXYSTATEMENT Basedontheseresults,thenamedexecutiveofficersearnedthenumberofPSUssetforthbelowascomparedtothe targetamountsgranted. NAMEDEXECUTIVEOFFICER TARGETPSUS PSUSEARNED RobertGreifeld 247,440 338,287 LeeShavel 59,727 81,656 HansͲOleJochumsen 51,195 69,991 JohnL.Jacobs 36,263 49,577 GeneralEquityAwardGrantPractices.TheManagementCompensationCommitteeandtheBoardconsiderwhetherto makeequityawardsatregularlyscheduledmeetingswhicharescheduledwellinadvancewithoutregardtomaterial companynewsannouncements.Thereferencepriceforcalculatingthevalueofequityawardsgrantedistheclosing marketpriceofNasdaq’scommonstockonthedateofgrant.Existingequityownershiplevelsarenotafactorinaward determinationsaswedonotwanttodiscourageseniorexecutivesfromholdingsignificantamountsofNasdaq’s commonstock. Throughouttheperformanceperiodsforequityawards,theManagementCompensationCommitteereceivesupdates ontheexecutives’progressinachievingapplicableperformancemeasuresandmonitorsthecompensationexpense thatthecompanyisincurringforoutstandingequityawards.Webelievethatthecurrentandexpectedexpense amountsarereasonableandjustifiedinlightoftheManagementCompensationCommittee’sgoalsofaligningthelongͲ terminterestsofofficersandemployeeswiththoseofstockholdersandretainingthecurrentmanagementteam. BENEFITS U.S.Benefits.Nasdaqprovidesacomprehensivebenefitsprogramtoourexecutives,includingthenamedexecutive officers,whichmirrorstheprogramofferedtoourotheremployees.Thesebenefitsinclude,amongothersthings, 401(k)with6%matchandemployerretirementcontributions,healthandwelfarebenefitsandanemployeeshare purchaseprogram.Undertheseplans,ournamedexecutiveofficersparticipateonthesametermsasotheremployees. AsofJanuary1,2014,NasdaqdiscontinuedcontributionstotheSupplementalERC,whichwasaplandesignedto enhanceretirementcontributionsforcertainofficerswhosebasesalariesortotalcontributionstoqualifiedplans exceededcertainIRSlimitations.Namedexecutiveofficersformerlyparticipatedinthisplan. NonͲU.S.Benefits.MostemployeesoutsideoftheU.S.arecoveredbylocalretirementplansorbyapplicablesocial laws.PriortohisrelocationtotheU.S.,Mr.JochumsenparticipatedinanonͲU.S.definedcontributionpensionplan. Underthistypeofplan,Nasdaqmakesannualcontributionsequaltoapercentageoffixedsalarytoparticipants’ personalaccounts.Eachparticipantisfreetoinvestcontributionsasheorshechooses.Participantsarenottaxedon thecontributionsuntiltheyarewithdrawnuponretirement. SEVERANCEARRANGEMENTS Exceptinthelimitedcircumstancesdescribedinthisproxystatement,wearenotobligatedtopaygeneralseveranceor otherenhancedbenefitstoanynamedexecutiveofficeruponterminationofhisorheremployment.However,the ManagementCompensationCommitteehasthediscretiontopayseveranceplanbenefits.Severanceplandecisionsdo notinfluencetheManagementCompensationCommittee’sotherrecommendationsregardingcompensationasthese otherdecisionsarefocusedonmotivatingourexecutivestoremainwithNasdaqandcontributetoourfuturesuccess. Webelievethatthetermsfortriggeringpaymentundereachofthearrangementsdescribedinthisproxystatement arereasonable.Forexample,thesearrangementsusewhatisknownasa“doubletrigger,”meaningthataseverance paymentasaresultofachangeincontrolisactivatedonlyupontheoccurrenceofbothachangeincontrolofthe companyandalossofemployment.BenefitsunderthesearrangementswillbeprovidedonlyifNasdaqisthetarget THENASDAQOMXGROUP,INC. /34 2015PROXYSTATEMENT organization.Inaddition,achangeincontrolunderthesearrangementsislimitedtosituationswheretheacquirer obtainsamajorityofNasdaq’svotingsecuritiesorthecurrentmembersofourBoard(ortheirapprovedsuccessors) ceasetoconstituteamajorityoftheBoard. ForfurtherinformationonNasdaq’slimitedseverancearrangements,see“ExecutiveCompensationTables–Potential PaymentsuponTerminationandChangeinControl.” PERQUISITES Becauseourexecutivecompensationprogramemphasizespayforperformance,itincludesveryfewperquisitesforour executives.Inviewofthedemandsofhisposition,weprovideMr.Greifeldwithacompanycaranddriverforusewhen conductingcompanybusiness.OfficersatthelevelofSeniorVicePresidentandaboveareeligibletoreceivebasic financialplanningservicesandexecutivehealthexams.Participationineachoftheseprogramsisvoluntary.Wealso provideextendedsicknessinsurancetocertainnonͲU.S.executives.WedonotprovidetaxgrossͲuppaymentson perquisites,otherthanunderemploymentorhiringarrangements. During2014,Mr.JochumsenreceivedaoneͲtimepaymentof$112,856(or$69,363,netoftaxes)forrelocation expensesincurredforhismovefromSwedentotheU.S.inconnectionwithhispromotiontoPresident. RISKMITIGATIONANDOTHERPAYPRACTICES RISKASSESSMENTOFCOMPENSATIONPROGRAM Wemonitortherisksassociatedwithourcompensationprogramonanongoingbasis.InMarch2015,theManagement CompensationCommitteeandAuditCommitteewerepresentedwiththeresultsofanannualformalassessmentofour employeecompensationprograminordertoevaluatetherisksarisingfromourcompensationpoliciesandpractices. Thisriskassessmentreportreflectedacomprehensivereviewandanalysisofthecomponentsofourcompensation program,includingtheperformancemeasuresestablishedunderthe2015cashperformanceͲbasedincentiveaward program.TheManagementCompensationCommitteeandAuditCommitteebothconcluded,basedontherisk assessmentreport’sfindings,thatanyrisksarisingfromourcompensationprogramarenotreasonablylikelytohavea materialadverseeffectonthecompany. TheriskassessmentwasperformedbyaninternalworkinggroupconsistingofemployeesintheHumanResources,Risk ManagementandInternalAuditDepartments,aswellastheOfficesofGeneralCounselandCorporateSecretary.The findingswerepresentedtotheGlobalRiskSteeringCommittee,whichconcurredwiththeworkinggroup’sreport.The riskassessmentincludedthefollowingsteps: • • • • collectionandreviewofexistingNasdaqcompensationpoliciesandpaystructures; developmentofariskassessmentscorecard,analysisapproachandtimeline; conductofaqualitativeriskassessmentofperformancegoalstodetermineoverallrisklevel;and reviewandevaluationofcontrolsthatmightmitigaterisktaking(e.g.,equityvestingstructure,incentive recoupmentpolicyandstockownershipguidelines). STOCKOWNERSHIPGUIDELINES Wehavelongrecognizedtheimportanceofstockownershipasanimportantmeansofcloselyaligningtheinterestsof ourexecutiveswiththeinterestsofourstockholders.InadditiontousingequityawardsasaprimarylongͲterm incentivecompensationtool,wehaveinplacestockownershipguidelinesforourCEO,Presidents,CFO,ExecutiveVice PresidentsandSeniorVicePresidents.Underitscharter,theManagementCompensationCommitteeisresponsiblefor reviewingannuallythestockownershipguidelinesandverifyingcompliance. Undertheguidelines,thecoveredexecutivesareexpectedtoownspecifieddollaramountsofNasdaqcommonstock basedonamultipleoftheirbasesalary.Themultipleisdeterminedbyofficerlevel:ourCEOmustholdsharesvaluedat sixtimesbasesalary,ourPresidentsandCFOmustholdafourtimesmultiple,otherExecutiveVicePresidentsmust THENASDAQOMXGROUP,INC. /35 2015PROXYSTATEMENT holdathreetimesmultipleandSeniorVicePresidentsmustholdaonetimesmultiple.Individualholdings,shares jointlyownedwithimmediatefamilymembersorheldintrust,sharesofrestrictedstock(includingvestedand unvested),sharesunderlyingPSUsaftercompletionoftheperformanceperiodandsharespurchasedorheldthrough Nasdaq’splans,suchastheNasdaqESPP,counttowardsatisfyingtheguidelines.Newexecutivesandexecutiveswho incuramaterialchangeintheirresponsibilitiesareexpectedtomeettheapplicablelevelofownershipwithinfour yearsoftheirstartdateorthedateofthechangeinresponsibilities. STOCKHOLDINGGUIDELINES Weencourageourseniorexecutivestoretainequitygrantsuntiltheapplicablestockownershipleveldiscussedabove isreached.Underthestockownershipguidelines,theseofficersmustholdthespecifieddollaramountsofstock throughtheendoftheiremploymentwithNasdaq.Wefeelthatourguidelinesprovideproperalignmentofthe interestsofourmanagementandourstockholders,andtherefore,wedonothaveadditionalstockholding requirementsbeyondthestockownershipguidelines. TRADINGCONTROLSANDHEDGINGANDPLEDGINGPOLICIES Weprohibitdirectorsorexecutiveofficersfromengaginginsecuritiestransactionsthatallowthemeithertoinsulate themselves,orprofit,fromadeclineinNasdaq’sstockprice(withtheexceptionofsellingsharesoutright).Specifically, theseindividualsmaynotenterintohedgingtransactionswithrespecttoNasdaq’scommonstock,includingshortsales andtransactionsinderivativesecurities.Finally,theseindividualsmaynotpledge,hypothecateorotherwiseencumber theirsharesofNasdaqcommonstock. Nasdaqpermitsallemployees,includingthenamedexecutiveofficers,toenterintoplansestablishedunderRule10b5Ͳ 1oftheExchangeActtoenablethemtotradeinourstock,includingstockreceivedthroughequitygrants,during periodsinwhichtheymightnototherwisebeabletotradebecausematerialnonpublicinformationaboutNasdaqhas notbeenpubliclyreleased.Theseplansincludespecificinstructionstoabrokertotradeonbehalfoftheemployeeif ourstockpricereachesaspecifiedlevelorifcertainothereventsoccur,andtherefore,theemployeenolonger controlsthedecisiontotrade. INCENTIVERECOUPMENTPOLICY TheBoardandManagementCompensationCommitteehaveadoptedanincentiverecoupmentor“clawback”policy thatisapplicabletothenamedexecutiveofficersandotherExecutiveVicePresidents.Thepolicyprovidesthatthe companymayrecoupanycashorequityincentivepaymentspredicatedupontheachievementoffinancialresultsor operatingmetricsthataresubsequentlydeterminedtobeincorrectonaccountofmaterialerrors,materialomissions, fraudormisconduct. GLOBALETHICSANDCORPORATECOMPLIANCEPROGRAM TheBoardannuallyreviewsthecompany’sglobalethicsandcorporatecomplianceprogram,includingthecodeof ethicsandsupportingpolicies.Nasdaqwilltakeactiontoremedyanyfraudulentorintentionalmisconductbyan employee.Disciplinewouldvarydependingonthefactsandcircumstances,andmayincludenegativeadjustmentof compensationawards,terminationofemploymentorinitiationofanactionforbreachoffiduciarydutyunderthe company’scodeofethics.Theseremedieswouldbeinadditionto,andnotinlieuof,anyactionsimposedbylaw enforcementagencies,regulatorsorotherauthorities. THENASDAQOMXGROUP,INC. /36 2015PROXYSTATEMENT TAXANDACCOUNTINGIMPLICATIONSOFEXECUTIVECOMPENSATION TheManagementCompensationCommitteeconsiderstheincometaxconsequencesofindividualcompensation elementswhenitisanalyzingtheoveralllevelofcompensationandthemixofcompensationamongindividual elements. Section162(m)oftheCodeprovidesalimitof$1millionontheremunerationthatmaybedeductedbyapublic companyinanyyearinrespectoftheCEOandthethreeothermosthighlycompensatedexecutiveofficers(otherthan theprincipalfinancialofficer).However,“performanceͲbasedcompensation”isfullydeductibleiftheplanunderwhich thecompensationispaidhasbeenapprovedbythestockholdersandmeetsotherrequirements.Weattemptto structureourcompensationarrangementssothatamountspaidaretaxdeductibletotheextentfeasibleand consistentwithouroverallcompensationobjectives.Dependingupontherelevantcircumstancesatthetime,the ManagementCompensationCommitteemaydeterminetoawardcompensationthatmaynotbedeductible.Inmaking thisdetermination,theManagementCompensationCommitteebalancesthepurposesandneedsofourexecutive compensationprogramagainstthepotentialtaximplications. Generally,underU.S.GAAP,compensationisexpensedasearned.Equitycompensationisexpensedinaccordancewith FASBASCTopic718,whichisgenerallyoverthevestingperiod. MANAGEMENTCOMPENSATIONCOMMITTEEREPORT TheManagementCompensationCommitteereviewedanddiscussedtheCompensationDiscussionandAnalysiswith ourmanagement.Aftersuchdiscussions,theManagementCompensationCommitteerecommendedtoNasdaq’s BoardofDirectorsthattheCompensationDiscussionandAnalysisbeincludedinthisproxystatementandincorporated byreferenceintoNasdaq’sannualreportonForm10ͲK. THEMANAGEMENTCOMPENSATIONCOMMITTEE MichaelR.Splinter,Chair StevenD.Black BörjeE.Ekholm GlennH.Hutchins MANAGEMENTCOMPENSATIONCOMMITTEEINTERLOCKS ANDINSIDERPARTICIPATION NoneofthemembersoftheManagementCompensationCommitteeisanexecutiveofficer,employeeorformer officerofNasdaq.WiththeexceptionofMr.Greifeld,noneofNasdaq’sexecutiveofficersservesasacurrentmember oftheNasdaqBoard.NoneofNasdaq’sexecutiveofficersservesasadirectororamemberofthecompensation committeeofanyentitythathasoneormoreexecutiveofficersservingontheNasdaqBoardorManagement CompensationCommittee.ForinformationontransactionswithentitiesaffiliatedwithourManagementCompensation Committeemembers,see“CertainRelationshipsandRelatedTransactions”onpage62. THENASDAQOMXGROUP,INC. /37 2015PROXYSTATEMENT EXECUTIVECOMPENSATIONTABLES Thefollowingtables,narrativeandfootnotespresentthecompensationofthenamedexecutiveofficersduring2014in theformatmandatedbytheSEC. 2014SUMMARYCOMPENSATIONTABLE CHANGEIN PENSIONVALUE AND NONQUALIFIED DEFERRED ALLOTHER COMPENSATION COMPENSATION EARNINGS($)(4) ($)(5) BONUS ($) STOCK AWARDS ($)(2) OPTION AWARDS ($) NONͲEQUITY INCENTIVEPLAN COMPENSATION ($)(3) 2014 $1,000,000 – $7,763,400 – $2,550,450 $711,724 $58,355 $12,083,929 2013 $1,000,000 – $9,944,870 – $2,794,050 – $101,104 $13,840,024 2012 $1,000,000 – $5,567,400 – $1,350,000 $916,164 $77,742 $8,911,306 2014 $500,000 – $1,486,001 – $900,375 – $17,350 $2,903,726 2013 $500,000 – $1,678,054 – $1,135,500 – $24,550 $3,338,104 2012 $500,000 – $1,343,857 – $878,625 – $22,450 $2,744,932 AdenaT. Friedman(6) 2014 $396,947 – $8,449,284 – $1,636,250 $61,907 $8,678 $10,553,066 President 2014 $558,409 – $1,916,309 – $1,623,000 – $262,963 $4,360,681 2013 $516,096 – $1,438,326 – $1,383,168 – $132,039 $3,469,629 2012 $496,608 – $1,151,887 – $889,387 – $116,638 $2,654,520 2014 $475,000 – $1,167,572 – $1,183,700 $446,853 $58,537 $3,331,662 NAMEAND PRINCIPAL POSITION RobertGreifeld ChiefExecutive Officer LeeShavel ChiefFinancial Officerand ExecutiveVice President, Corporate Strategy HansͲOle Jochumsen YEAR SALARY ($)(1) TOTAL ($) President JohnL.Jacobs Former ExecutiveVice President, Global Information Services (1) ForMr.Jochumsen,certainamountsreportedinthisproxystatementwerepaidinSwedishkrona.TheseamountsareconvertedtoU.S.dollars fromkronaatanexchangerateof$0.1462perkrona,whichwastheaverageexchangeratefor2014. (2) Theamountsreportedinthiscolumnreflectthegrantdatefairvalueofthestockawards,includingPSUsandRSUs,computedinaccordance withFASBASCTopic718.Theassumptionsusedinthecalculationoftheseamountsareincludedinnote12tothecompany’sauditedfinancial statementsforthefiscalyearendedDecember31,2014includedinourannualreportonForm10ͲK.Sincethe2014PSUawardpayoutsare contingentonTSRͲrelatedperformanceͲbasedvestingconditions,thegrantdatefairvaluesweredeterminedbasedonaMonteCarlo simulationmodel. TheMonteCarlosimulationmodeltakesintoaccountexpectedpricemovementofNasdaqstockascomparedtopeercompanies.Asaresultof thecompany’spreͲgrant2014TSRperformancerelativetopeercompanies,theMonteCarlosimulationmodelassignedasignificantlyhigher THENASDAQOMXGROUP,INC. /38 2015PROXYSTATEMENT valuetoeach2014PSUthantheclosingpriceofNasdaq’sstockonthegrantdate.Therefore,thevaluereflectedinthe2014Summary CompensationTabledoesnotreflectthetargetgrantdatefacevalueshownintheLongͲTermStockͲBasedCompensationsectionofthe CompensationDiscussionandAnalysisinthisproxystatement,andthereisnoassurancethatthetargetgrantdatefacevaluesorFASBASC Topic718fairvalueswilleverberealizedbytheCEOortheothernamedexecutiveofficers.Thetablebelowsummarizesthetargetgrantdate facevalueofPSUgrantsthattheManagementCompensationCommitteeandtheBoardapprovedforthenamedexecutiveofficerscomparedto theFASBASCTopic718fairvalue. NAME YEAR TARGETPSUS TARGETGRANTDATEFACEVALUE FASBASCTOPIC718FAIRVALUE RobertGreifeld 2014 180,000 $6,649,200 $7,763,400 LeeShavel 2014 34,454 $1,272,731 $1,486,001 AdenaT.Friedman 2014 62,181 $2,272,715 $2,449,309 HansͲOleJochumsen 2014 44,431 $1,636,364 $1,916,309 JohnL.Jacobs 2014 27,071 $1,000,003 $1,167,572 (3) TheamountsreportedinthiscolumnreflectthecashawardsmadetothenamedexecutiveofficersundertheECIPorotherperformanceͲbased incentivecompensationprograms. (4) Theamountsreportedinthiscolumnreflecttheactuarialincreaseinthepresentvalueofthenamedexecutiveofficers’benefitsunderall pensionplansestablishedbyNasdaq.NoamountisreportedinthiscolumnforMr.Greifeldfor2013astheactuarialpresentvalueofhis benefitsunderthepensionplansdecreasedby$417,127.Assumptionsusedincalculatingtheamountsincludea4.20%discountrateasof December31,2014,a4.90%discountrateasofDecember31,2013,a4.00%discountrateasofDecember31,2012,a5.00%discountrateasof December31,2011,retirementatage62(whichistheearliestageatwhichaparticipantmayretireandreceiveunreducedbenefitsunderthe plans)andotherassumptionsusedforfinancialreportingpurposesunderU.S.GAAPasdescribedinnote11toourauditedfinancialstatements forthefiscalyearendedDecember31,2014includedinourannualreportonForm10ͲK.Thenamedexecutiveofficersmaynotcurrentlybe entitledtoreceivebenefitsunderthepensionplansifsuchamountsarenotvested.NoneofthenamedexecutiveofficersreceivedaboveͲmarket orpreferentialearningsondeferredcompensationin2014,2013or2012. (5) Thefollowingtablesetsforththe2014amountsreportedinthe“AllOtherCompensation”columnbytype. NAME RobertGreifeld(a) COSTOF EXECUTIVE HEALTH COSTOF CONTRIBUTION INCREMENTAL EXAMOR FINANCIAL/ TOTHE401(K) COSTOF EXTENDED TAX PLANOR TOTAL PERSONALUSE SICKNESS PLANNING OTHERDEFINED CONTRIBUTION VACATION RELOCATION ALLOTHER OFCOMPANY INSURANCE SERVICES CONTRIBUTION TOTHEBASIC PAY EXPENSES COMPENSATION ($) CAR($) ($) ($) PLANS($) ERC($) ($) ($) $20,605 $4,350 – $23,000 LeeShavel – AdenaT.Friedman – HansͲOle Jochumsen(b) JohnL.Jacobs $10,400 $4,350 – $13,000 – – $7,524 $1,154 – – $5,407 $45,885 $85,948 $4,662 – $4,350 $15,187 $18,200 $20,800 – – $58,355 – – $17,350 – – $8,678 $8,205 $112,856 $262,963 – – $58,537 (a) Theincrementalcostofpersonaluseofthecompanycar(includingcommutation)iscalculatedbasedonanallocationofthecostofthe driver,tolls,fuel,maintenanceandotherrelatedexpenses. (b) ForMr.Jochumsen,thecontributiontothe401(k)planorotherdefinedcontributionplansincludesataxgrossͲuppaymentof$12,043and therelocationexpensesincludeataxgrossͲuppaymentof$43,493. (6) Ms.FriedmanbeganemploymentasPresidenteffectiveJune16,2014. THENASDAQOMXGROUP,INC. /39 2015PROXYSTATEMENT 2014GRANTSOFPLANͲBASEDAWARDSTABLE ESTIMATEDFUTUREPAYOUTS ESTIMATEDFUTUREPAYOUTS ALLOTHER ALLOTHER UNDERNONͲEQUITYINCENTIVE UNDEREQUITYINCENTIVE STOCK OPTION GRANT PLANAWARDS(1) PLANAWARDS(2) AWARDS: AWARDS: EXERCISE DATEFAIR NAME Robert Greifeld LeeShavel AdenaT. Friedman HansͲOle Jochumsen JohnL. Jacobs COMMITTEE AND/OR BOARD APPROVAL DATE GRANT DATE THRESͲ HOLD ($) TARGET ($) MAXIMUM ($) THRESͲ HOLD (#) TARGET (#) NUMBER NUMBER ORBASE VALUEOF OFSHARES OF PRICEOF STOCKAND OF SECURITIES OPTION OPTION MAXIMUM STOCKOR UNDERLYING AWARDS AWARDS($) UNITS(#) OPTIONS(#) ($/SH) (3) (#) 3/26/2014 3/26/2014 – $2,100,000 $4,200,000 – – 3/26/2014 3/31/2014 – – – – 180,000 3/26/2014 3/26/2014 – $750,000 $1,500,000 – – 3/26/2014 3/31/2014 – – – – 34,454 7/29/2014 7/29/2014 – $1,250,000 $2,500,000 – – – – – – – 6/16/2014 – – – 62,181 124,362 164,158 – – $8,449,284 3/26/2014 3/26/2014 – $1,000,000 $2,000,000 – – – – – – – 3/26/2014 3/31/2014 – – – – 29,532 59,064 – – – $1,273,715 4/21/2014 4/23/2014 – – – – 14,899 29,798 – – – $642,594 3/26/2014 3/26/2014 – $700,000 $1,400,000 – – – – – – – 3/26/2014 3/31/2014 – – 27,071 54,142 – – – $1,167,572 5/8/2014 – – – – – – – – – – $7,763,400 – – – – – 68,908 – – – $1,486,001 – 360,000 (1) TheamountsreportedinthesecolumnsrepresentthepossiblerangeofpaymentsundertheECIPorotherperformanceͲbasedincentive compensationprograms.ForinformationabouttheamountsactuallyearnedbyeachnamedexecutiveofficerundertheECIPorother performanceͲbasedincentivecompensationprograms,see“ExecutiveCompensationTables–2014SummaryCompensationTable.”Amounts areconsideredearnedinfiscalyear2014althoughtheywerenotpaiduntil2015. (2) TheamountsreportedinthesecolumnsrepresentthepossiblerangeofPSUsthateachnamedexecutiveofficermayearnundertheEquityPlan, dependingonhisorherachievementofperformancegoalsestablishedbytheManagementCompensationCommitteeandBoard. (3) Theamountsreportedinthiscolumnrepresentthegrantdatefairvalueofthetotalequityawardsreportedinthepreviouscolumnscalculated pursuanttoFASBASCTopic718basedupontheassumptionsdiscussedinnote12tothecompany’sauditedfinancialstatementsforthefiscal yearendedDecember31,2014includedinourannualreportonForm10ͲK.Forfurtherinformationaboutthecalculationoftheseamounts,see “ExecutiveCompensationTables–2014SummaryCompensationTable”onpage38. THENASDAQOMXGROUP,INC. /40 2015PROXYSTATEMENT 2014OUTSTANDINGEQUITYAWARDSATFISCALYEARͲENDTABLE NAME Robert Greifeld NUMBEROF SECURITIES UNDERLYING UNEXERCISED OPTIONS(#) EXERCISABLE EQUITY INCENTIVE PLANAWARDS: NUMBEROF NUMBEROF SECURITIES SECURITIES UNDERLYING UNDERLYING UNEXERCISED UNEXERCISED OPTIONS(#) UNEARNED UNEXERCISABLE OPTIONS(#) OPTION EXERCISE PRICE($) EQUITY INCENTIVE PLAN MARKET AWARDS: NUMBEROF VALUEOF NUMBEROF SHARESOR SHARESOR UNEARNED UNITSOF UNITSOF SHARES,UNITS STOCK STOCK OROTHER OPTION THATHAVE THATHAVE RIGHTSTHAT EXPIRATION NOTVESTED NOTVESTED HAVENOT DATE (#) ($) VESTED(#) EQUITY INCENTIVE PLANAWARDS: MARKETOR PAYOUTVALUE OFUNEARNED SHARES,UNITS OROTHER RIGHTSTHAT HAVENOT VESTED($) 960,000 – – $35.92 12/13/2016 – – – – 900,000 – – $21.31 06/30/2019 – – – – – – – – – – – 227,000(3) $10,886,920 – – – – – – – 180,000(4) $8,632,800 41,257 – – $24.94 – – – 05/23/2021 – – – – – – 50,120(1) $2,403,755 – – – – – – – – – 38,303(3) $1,837,012 – – – – – – – 34,454(4) $1,652,414 – – – AdenaT. Friedman – – – – – 164,158(2) $7,873,018 – – – – – 62,181(4) $2,982,201 15,771 – – $41.36 03/24/2018 – – – – LeeShavel – 22,059 – – $19.75 03/04/2020 – – – – HansͲOle 33,995 – – Jochumsen $25.28 03/28/2021 – – – – – – – – – – – 32,831(3) $1,574,575 – – – – – – – 44,431(4) $2,130,911 32,558 – – $35.92 12/13/2016 – – – – 22,564 – – $45.38 12/12/2017 – – – – 45,528 – – $25.07 12/17/2018 – – – – 22,059 – – $19.75 03/04/2020 – – – – 22,663 – – $25.28 03/28/2021 – – – – JohnL. Jacobs – – – – – – – 27,359(3) $1,312,138 – – – – – – – 27,071(4) $1,298,325 (1) TheseRSUswillvestonMay23,2015. (2) TheseRSUswillvestastooneͲthirdoneachofJune16,2015,June16,2016andJune16,2017. (3) ThisPSUawardissubjecttoathreeͲyearperformanceperiodendingonDecember31,2015.Theamountreportedisthetargetawardamount, althoughtheactualnumberofsharesawardedcouldrangefrom0%to200%ofthetargetawardamount,dependingonthelevelof achievementofcertainspecifiedperformancegoalsestablishedbytheManagementCompensationCommitteeandBoard. (4) ThisPSUawardissubjecttoathreeͲyearperformanceperiodendingonDecember31,2016.Theamountreportedisthetargetawardamount, althoughtheactualnumberofsharesawardedcouldrangefrom0%to200%ofthetargetawardamount,dependingonthelevelof achievementofcertainspecifiedperformancegoalsestablishedbytheManagementCompensationCommitteeandBoard. THENASDAQOMXGROUP,INC. /41 2015PROXYSTATEMENT 2014OPTIONEXERCISESANDSTOCKVESTEDTABLE STOCKAWARDS NUMBEROFSHARES ACQUIREDONVESTING(#) VALUEREALIZEDON VESTING($)(1) RobertGreifeld 338,287(2) $16,887,287 LeeShavel 154,230(3) $ 6,980,035 AdenaT.Friedman – – HansͲOleJochumsen 88,980(4) $4,404,663 JohnL.Jacobs 62,236(5) $3,082,009 NAME (1) Theamountsreportedinthiscolumnarecalculatedbymultiplyingthenumberofsharesofstockthatvestedbytheclosingmarketpriceofour commonstockonthevestingdate. (2) Theamountreportedincludes174,050sharesthatwerewithheldtopaytaxesinconnectionwiththevesting(s). (3) Theamountreportedinclude79,062sharesthatwerewithheldtopaytaxesinconnectionwiththevesting(s). (4) Theamountreportedincludes30,985sharesthatwerewithheldtopaytaxesinconnectionwiththevesting(s). (5) Theamountreportedincludes31,431sharesthatwerewithheldtopaytaxesinconnectionwiththevesting(s). 2014PENSIONBENEFITSTABLE NAME(1) RobertGreifeld AdenaT.Friedman JohnL.Jacobs PLANNAME NUMBEROFYEARS CREDITED SERVICE(#)(2) PRESENTVALUE OFACCUMULATED BENEFIT($)(3) PAYMENTS DURINGLASTFISCAL YEAR($) PensionPlan 4.00 $149,180 – SERP 4.00 $4,946,773 – PensionPlan 13.92 $302,420 – SERP 13.92 PensionPlan 24.17 $871,158 – SERP 24.17 $2,143,060 – – – (1) Messrs.JochumsenandShavelarenotparticipantsinthepensionplanorSERP. (2) SincethepensionplanandSERPwerefrozenin2007,thenumberofyearsofcreditedserviceforeachnamedexecutiveofficerunderthoseplans differsfromsuchofficer’snumberofyearsofactualservicewithNasdaq.AsofDecember31,2014,Mr.Greifeldhad11.67yearsofactual servicewithNasdaq,whileMs.Friedmanhad18.42yearsandMr.Jacobshad31.83years.Generally,participantsinthepensionplanbecame vestedinretirementbenefitsundertheplanafterfiveyearsofservicefromtheparticipant’sdateofhire.ParticipantsintheSERPgenerally becamevestedinretirementbenefitsundertheSERPafterreachingage55andcompleting10yearsofservice.AsofDecember31,2014, Messrs.GreifeldandJacobswerevestedinbenefitspayableunderboththepensionplanandtheSERP,andMs.Friedmanwasvestedin benefitspayableunderthepensionplan. (3) Theamountsreportedcomprisetheactuarialpresentvalueofthenamedexecutiveofficer’saccumulatedbenefitunderthepensionplanand SERPasofDecember31,2014.Assumptionsusedincalculatingtheamountsincludea4.20%discountrateasofDecember31,2014,retirement atage62(whichistheearliestageatwhichaparticipantmayretireandreceiveunreducedbenefitsundertheplans)andotherassumptions usedforfinancialstatementreportingpurposesunderU.S.GAAPasdescribedinnote11tothecompany’sauditedfinancialstatementsforthe fiscalyearendedDecember31,2014includedinourannualreportonForm10ͲK. THENASDAQOMXGROUP,INC. /42 2015PROXYSTATEMENT 2014NONQUALIFIEDDEFERREDCOMPENSATIONTABLE(1) EXECUTIVE CONTRIBUTIONS INLASTFY($) REGISTRANT CONTRIBUTIONS INLASTFY($) AGGREGATE EARNINGS INLASTFY($)(3) AGGREGATE WITHDRAWALS/ DISTRIBUTIONS($) AGGREGATE BALANCE ATLASTFYE($) RobertGreifeld – – $14,395 – $ 260,594 LeeShavel – – $642 – $ 11,989 JohnL.Jacobs – – $8,507 – $ 153,462 NAME(2) (1) AsofJanuary1,2014,NasdaqdiscontinuedcontributionstotheSupplementalERC,whichwasaplandesignedtoenhanceretirement contributionsforcertainofficerswhosebasesalariesortotalcontributionstoqualifiedplansexceededcertainIRSlimitations.In2014,named executiveofficerscontinuedtoreceiveinterestonpriorcontributionstotheplan. (2) Ms.FriedmanandMr.JochumsenarenotcurrentlyparticipantsintheSupplementalERC. (3) Theamountsreportedinthiscolumnrepresentinterestearnedduring2014onaccountbalances.Interestispaidatanannualrateof7%(which isthe10ͲyearU.S.TreasurysecuritiesrateontheeffectivedateoftheSupplementalERCprogramplusanadditional1%). EMPLOYMENTAGREEMENTS Nasdaqcurrentlyhasemploymentagreementswiththreeofitsnamedexecutiveofficers,Mr.Greifeld,Ms.Friedman andMr.Jochumsen,asdescribedfurtherbelow.Inadditiontotheemploymentagreements,Nasdaqhasentereda confidentiality,nonͲsolicitationandinventionassignmentagreementwitheachofMr.Greifeld,Ms.FriedmanandMr. Jochumsen. Eachemploymentagreementprohibitstherelevantnamedexecutiveofficerfromrenderingservicestoacompeting entityforaperiodoftwoyearsfollowingthelastdateofemployment.Toreceivecertainterminationpaymentsand benefits,theofficermustexecuteageneralreleaseofclaimsagainstNasdaq.Inaddition,terminationpaymentsand benefitsmaybediscontinuediftheofficerbreachestherestrictivecovenantsineithertheemploymentagreementor theconfidentiality,nonͲsolicitationandinventionassignmentagreement. Eachemploymentagreementsetsforththepaymentsandbenefitsthattherelevantnamedexecutiveofficerwill receiveundervariousterminationscenarios.Forfurtherinformationaboutthesepaymentsandbenefits,see “ExecutiveCompensationTables–PotentialPaymentsuponTerminationandChangeinControl.” ROBERTGREIFELD Mr.Greifeld’semploymentisgovernedbyanemploymentagreementdatedFebruary22,2012andamemorandumof understandingdatedDecember11,2012. Theemploymentagreementhasatermoffiveyears,withnoautomaticrenewals.Theagreementprovidesfor: • • anannualbasesalaryofnolessthan$1,000,000;and annualincentivecompensationthatistargetedatnotlessthan200%ofbasesalarybasedontheachievement ofoneormoreperformancegoalsestablishedbytheManagementCompensationCommittee. Althoughnoequityawardgrantsareguaranteedundertheagreement,Mr.Greifeldmayreceivegrantsofequity awards,basedontheManagementCompensationCommittee’sevaluationoftheperformanceofNasdaqand Mr.Greifeld,peergroupmarketdataandinternalequity,andconsistentwithpastpractices. ThememorandumofunderstandingbetweenMr.GreifeldandNasdaqclarifiesthemeaningofcertaintermsrelevant tothecalculationofseverancepaymentsunderhisemploymentagreement. THENASDAQOMXGROUP,INC. /43 2015PROXYSTATEMENT ADENAT.FRIEDMAN OnMay9,2014,NasdaqenteredintoanemploymentagreementwithMs.Friedman.Thetermoftheagreementis June12,2014toJune12,2019. TheagreementprovidesthatMs.FriedmanwillreportdirectlytotheCEOandreceive: • anannualbasesalaryofnolessthan$750,000;and • annualincentivecompensationthatistargetedatnotlessthan$1,250,000basedontheachievementofoneor moreperformancegoalsestablishedbytheCEOandtheManagementCompensationCommittee. Theagreementprovidedforthe2014grantsofRSUsandPSUstoMs.Friedmanthatarediscussedfurtherabove.For eachofthecalendaryears2015,2016,2017and2018,Ms.Friedmanshallbeeligibleforatargetequitycompensation awardofnotlessthan$3,000,000invalueinaccordancewiththetermsoftheEquityPlan. HANSͲOLEJOCHUMSEN OnAugust5,2014,NasdaqenteredintoanewemploymentagreementwithHansͲOleJochumsen.Thetermofthe employmentagreementisAugust5,2014toAugust5,2019. TheagreementprovidesthatMr.JochumsenwillreportdirectlytotheCEOandreceive: • anannualbasesalaryofnolessthan$600,000;and • annualincentivecompensationthatistargetedatnotlessthan$1,000,000basedontheachievementofoneor moreperformancegoalsestablishedbytheCEOandtheManagementCompensationCommittee. Foreachofthecalendaryears2015,2016,2017and2018,Mr.Jochumsenshallbeeligibleforatargetequity compensationawardofnotlessthan$1,900,000invalueinaccordancewiththetermsoftheEquityPlan. POTENTIALPAYMENTSUPONTERMINATIONANDCHANGEINCONTROL OurCEOandPresidentshaveemploymentagreementsthatprovideforlimitedpaymentsandbenefitsintheeventthe executive’semploymentisterminatedfollowingachangeincontrolofthecompany.Inaddition,wehaveadopteda changeincontrolseveranceplancoveringourothernamedexecutiveofficersprovidinglimitedpaymentsandbenefits iftheiremploymentisterminatedinconnectionwithachangeincontrol.Paymentsandbenefitsunderthese agreementsandtheplanaresubjecttoa“doubletrigger,”meaningthatpaymentsaremadeonlywhenbothachange incontrolofthecompanyandalossofemploymentoccur.WealsohaveprovisionsinourEquityPlanthatprovidefor theacceleratedvestingofequityawardsifemploymentisterminatedduetoachangeincontrol. THENASDAQOMXGROUP,INC. /44 2015PROXYSTATEMENT CHANGEINCONTROL EmploymentAgreements.Undertheemploymentagreements,ifMr.Greifeld,Ms.FriedmanorMr.Jochumsen’s employmentisterminatedwithintwoyearsafterachangeincontroleitherbythecompanywithoutcauseorthe executiveforgoodreason,theexecutivewillbeentitledtothefollowingseverancepaymentsandbenefitsfromthe company: • acashpaymentequaltothesumof:(i)twotimestheprioryear’sannualbasesalary,(ii)thetargetbonus amountfortheyearpriortotheyearterminationoccursand(iii)anyproratatargetbonusfortheyearof terminationifperformancegoalsaresatisfied; • ataxablemonthlycashpaymentequaltotheemployer’sshareoftheCOBRApremiumforthehighestlevelof coverageavailableunderthecompany’sgrouphealthplans,untiltheearlierof24monthsorthedateheorshe iseligibleforcoverageunderanotheremployer’shealthcareplan;and • continuedlifeinsuranceandaccidentaldeathanddismembermentinsurancebenefitsforthesameperiodas thecontinuedhealthcoveragepayments. Undera“bestnetprovision,”ifamountspayableduetoachangeincontrolwouldbesubjecttoanexcisetaxunder Section4999,paymentsorbenefitstotheexecutivewouldbereducedtoanamountthatwouldnottriggeranexcise tax. Eachexecutive’srighttotheamountsdescribedaboveissubjecttohisorhercompliancewithseveralrestrictive covenantsintheemploymentagreementandaconfidentiality,nonͲsolicitationandinventionassignmentagreement, includingcovenantsrequiringtheexecutivetomaintaintheconfidentialityofthecompany’sproprietaryinformation andtorefrainfromdisparagingthecompany.Eachexecutivealsoisprohibitedfromsolicitingthecompany’s employeesorrenderingservicestoacompetitorfortwoyearsfollowingtermination.Further,toreceivebenefits,each executivemustexecuteageneralreleaseofclaimsagainstthecompany.Inaddition,thechangeincontrolpayments andbenefitsmaybediscontinuediftheexecutivebreachestherestrictivecovenants. ChangeinControlSeverancePlan.Underthecompany’schangeincontrolseveranceplan,ExecutiveVicePresidents, includingLeeShavel,areentitledtobenefitsintheeventofachangeincontrol.Iftheexecutive’semploymentis terminatedbythecompanywithoutcausewithintwoyearsfollowingachangeincontrolorbytheexecutiveforgood reasonwithinoneyearafterachangeincontrol,thenheorshewillbeentitledtothefollowingseverancepayments andbenefitsfromthecompany: • acashpaymentequaltothesumof(i)twotimesannualbasesalary,(ii)thetargetbonusamountasdefinedby theECIP,(iii)anyproratatargetbonusfortheyearofterminationand(iv)anyunpaidbonuswhichhadbeen earnedforacompletedplanyear; • paymentoftheemployer’sshareofCOBRApremiumsforcontinuedcoverageunderhealthplansuntilthe earlierof24monthsfollowingtermination,orthedatetheexecutiveiseligibleforcoverageunderanother employer’shealthcareplan;and • outplacementservicesforupto12months,withamaximumvalueof$50,000. Undera“bestnetprovision,”ifamountspayableduetoachangeincontrolwouldbesubjecttoanexcisetaxunder Section4999,paymentsorbenefitstotheexecutivewouldbereducedtoanamountthatwouldnottriggeranexcise tax. Thechangeincontrolseveranceplancontainsrestrictivecovenants,which,amongotherthings,requiretheexecutive tomaintaintheconfidentialityofthecompany’sproprietaryinformationandtorefrainfromdisparagingthecompany. Eachexecutivealsoisprohibitedfromsolicitingthecompany’semployeesorrenderingservicestoacompetitorforone yearfollowingtermination.Further,toreceivethebenefits,theexecutivemustexecuteageneralreleaseofclaims againstthecompany.Inaddition,thechangeincontrolpaymentsandbenefitsmaybediscontinuediftheexecutive breachestherestrictivecovenants. THENASDAQOMXGROUP,INC. /45 2015PROXYSTATEMENT EquityPlan.UndertheEquityPlan,ifoutstandingawardsareassumedorsubstitutedbythesuccessorcompanyandan employee,includinganamedexecutiveofficer,isinvoluntarilyterminatedbythecompanyotherthanforcausewithin aoneͲyearperiodafterachangeincontrol,allunvestedequityawardswillvestontheterminationdate.Forawards notassumedorsubstitutedbythesuccessorcompany,allunvestedawardsshallvestimmediatelypriortotheeffective timeofthechangeincontrol. TERMINATION(OTHERTHANFORCAUSEORCHANGEINCONTROL) EmploymentAgreements.Undertheemploymentagreements,ifMr.Greifeld’s,Ms.Friedman’sorMr.Jochumsen’s employmentisterminatedbythecompanywithoutcause,orbytheexecutiveforgoodreason,heorshewillbe entitledtothefollowingseverancepaymentsandbenefitsfromthecompany: • acashpaymentequaltothesumof:(i)twotimestheprioryear’sannualbasesalary,(ii)thetargetbonus amountfortheyearpriortotheyearterminatedand(iii)anyproratatargetbonusfortheyearoftermination ifperformancegoalsaresatisfied;and • ataxablemonthlycashpaymentequaltotheemployer’sshareoftheCOBRApremiumforthehighestlevelof coverageavailableunderthecompany’sgrouphealthplans,untiltheearlierof24monthsorthedateheorshe iseligibleforcoverageunderanotheremployer’shealthcareplan. Additionally,inordertoensureasmoothtransitiontosuccessors,Messrs.GreifeldandJochumsenmayterminatetheir employmentbyprovidingthecompanywithatleast270dayspriorwrittennotice.Iftheexecutive’semploymentis terminatedwithpriordeliveryofthisnotice,hewillbeentitledtothefollowingpaymentsandbenefits: • acashpaymentequaltoanyproratatargetbonusfortheyearofterminationifperformancegoalsare satisfied;and • continuedvestingofalloutstandingequityawardsbasedonactualperformanceduringtherelevant performanceperiod. SeveranceforNamedExecutiveOfficers.Severancepaymentsandbenefitspayabletonamedexecutiveofficersnot subjecttoanemploymentagreementorotherseverancearrangementwouldbemadeatthesolediscretionofthe companyandtheManagementCompensationCommittee.Thesepaymentsarebasedonhistoricalpracticesand predeterminedguidelinesthathavebeenapprovedbytheManagementCompensationCommittee. IncentivePayments.UndertheECIP,intheeventanamedexecutiveofficer’semploymentisterminatedforanyreason otherthandeath,disabilityorretirement,theexecutive’srighttoanonͲequityincentiveplancompensationawardfor theyearofterminationisforfeited.TheManagementCompensationCommittee,initssolediscretion,maypayapro rataincentivecompensationawardtotheexecutivefortheyearoftermination. Equity.UnderMr.Greifeld’sstockoptionagreements,hisvestedstockoptionswouldremainexercisablefor36 months. DEATHORDISABILITY IncentivePayments.UndertheECIP,anamedexecutiveofficermay,inthediscretionoftheManagement CompensationCommittee,receiveaprorataportionofhisorherincentivecompensationawardintheeventofdeath ordisability.UndertheCEOandPresidents’employmentagreements,intheeventofdeathordisability,eachexecutive isentitledtoaproratatargetbonusfortheyearoftermination. Equity.UnderMr.Greifeld’semploymentagreement,intheeventofdeathordisability,heisentitledtoaccelerated vestingofallunvestedstockoptionsthatwereawardedasoftheeffectivedateofhisagreement.UnderMr. Jochumsen’sandMs.Friedman’semploymentagreements,intheeventofdeathordisability,heorsheisentitledto acceleratedvestingofallunvestedequitythatwasawardedasoftheeffectivedateofhisorheragreement. THENASDAQOMXGROUP,INC. /46 2015PROXYSTATEMENT Withrespecttotheothernamedexecutiveofficers,undertherelevanttermsandconditionsoftheEquityPlanandthe individualequityawardagreements,allstockoptionsorRSUsthatwouldhavevestedwithinoneyearfromthedateof deathordisabilitywillimmediatelyvestandallvestedoptionsmaybeexerciseduntiltheearlierofoneyearfromthe dateofdeathordisabilityortheirexpirationdate.UnderthePSUawardagreementsforallthenamedexecutive officers,intheeventofdisability,unvestedPSUawardswillbeforfeited.Intheeventofdeath,unvestedPSUawards willvestuponthelaterofthedateofdeathorthedatetheperformanceperiodfortheawardsiscompleted. OTHERARRANGEMENTS Mr.Jacobs’lastdateofemploymentwiththecompanywasJanuary2,2015.Inconnectionwithhisretirement announcement,Mr.Jacobsenteredintoatransitionagreementwiththecompany.Underthetermsoftheagreement, Mr.Jacobsreceivedthebenefitsprovidedduetoretirementandapaymentintheamountof$1,412,500(minus applicabletaxesandwithholdings),tobepaidin30periodicpaymentsonthecompany’sregularpayschedule.Mr. JacobsalsoenteredintoaconsultingagreementwiththecompanyeffectiveJanuary2015withaminimumtermofsix months.Mr.JacobsalsoiseligibleforCOBRAcoverage,atactiveemployeerates,for18monthsvaluedat$30,196and otherperquisitesvaluedatapproximately$75,000. Theagreementincludesseveralrestrictivecovenants,includingcovenantsrequiringconfidentialityofthecompany’s proprietaryinformationandnonͲdisparagement,andageneralreleaseofclaims.Healsoisprohibitedfromrendering servicesforacompetingentityforoneyearfollowingthedateofdeparture. ESTIMATEDCHANGEINCONTROLORTERMINATIONPAYMENTSANDBENEFITS Thetablesbelowreflectthepaymentsandbenefitspayabletoeachnamedexecutiveofficerintheeventofa terminationoftheexecutive’semploymentunderseveraldifferentcircumstances.Theamountsshownassumethat terminationwaseffectiveasofDecember31,2014,giventheexecutive’scompensationandservicelevelsasofthat date,andareestimatesoftheamountsthatwouldbepayabletothenamedexecutiveofficersineachsituation.The actualamountstobepaidcanonlybedeterminedatthetimeofanexecutive’sactualseparationfromthecompany. Factorsthatmayaffectthenatureandamountofpaymentsmadeonterminationofemployment,amongothers, includethetimingoftheevent,compensationlevel,themarketpriceofthecompany’scommonstockandthe executive’sage.Amountsshownintheeventofaninvoluntaryterminationofemploymentfornamedexecutive officerswithoutanemploymentagreementarebasedonhistoricalpracticesandpredeterminedguidelines.The reportedvalueoftheacceleratedvestingofoutstandingequityawardsisbasedontheintrinsicvalueoftheseawards (thevaluebaseduponthemarketpriceofthecompany’scommonstockonDecember31,2014,reducedinthecaseof stockoptions,bytheoptionexerciseprice).Theamountsshowninthetabledonotincludepaymentsandbenefits availablegenerallytosalariedemployees,suchasaccruedvacationpay,pensionbenefitsandanydeath,disabilityor welfarebenefitsavailableunderbroadͲbasedplans.Forinformationonpensionanddeferredcompensationplans,see the“PensionBenefitsTable”onpage42. THENASDAQOMXGROUP,INC. /47 2015PROXYSTATEMENT INVOLUNTARYNOT FORCAUSEOR VOLUNTARYWITH GOODREASON ROBERTGREIFELD SeveranceandOther EquityVesting DEATH/ DISABILITY $6,200,000 Vestedoptions exercisablefor 36months TERMINATIONDUETO CHANGEINCONTROL ("DOUBLEͲTRIGGER") $2,100,000 $2,100,000 $6,200,000 $19,519,720 $19,519,720 $10,135,531 Health&WelfareBenefits $41,044 – – $45,880 TOTAL $6,241,044 $21,619,720 $21,619,720 $16,381,411 LEESHAVEL Severance $1,500,000 – – $1,750,000 NonͲEquityIncentive Compensation $900,375 $900,375 – $900,375 EquityVesting – $5,893,181(1) – $4,179,234 Health&WelfareBenefits $20,845 – – $41,690 OutplacementServices $20,400 – – $20,400 TOTAL $2,441,620 $6,793,556 – $6,891,699 ADENAT.FRIEDMAN SeveranceandOther $4,000,000 $1,250,000 – $4,000,000 EquityVesting – $10,855,219 – $8,325,137 Health&WelfareBenefits $41,690 – – $46,046 TOTAL $4,041,690 $12,105,219 – $12,371,183 HANSͲOLEJOCHUMSEN (1) RESIGNATION THROUGHNONͲ CONTINUATION NOTICE SeveranceandOther $2,968,000 $1,000,000 $1,000,000 $2,968,000 EquityVesting $3,705,486 $3,705,486 $3,705,486 $1,759,988 Health&WelfareBenefits $28,074 – – $31,566 TOTAL $6,701,560 $4,705,486 $4,705,486 $4,759,554 Upondisability,unvestedPSUswithafacevalueof$3,489,426onDecember31,2014wouldhavebeenforfeited. THENASDAQOMXGROUP,INC. /48 2015PROXYSTATEMENT SECTION16(a)BENEFICIALOWNERSHIPREPORTING COMPLIANCE Section16(a)oftheExchangeAct,andregulationsoftheSECthereunder,requireourexecutiveofficersanddirectors, andpersonswhobeneficiallyownmorethan10%ofaregisteredclassofourequitysecurities,tofilereportsofinitial ownershipandchangesinownershipwiththeSEC.Basedsolelyonourreviewofcopiesofsuchformsreceivedby Nasdaq,oronwrittenrepresentationsfromreportingpersonsthatnootherreportswererequiredforsuchpersons, webelievethatduring2014,ourexecutiveofficers,directorsand10%stockholderscompliedwithalloftheSection 16(a)filingrequirements,exceptonFebruary2,2015,EdwardS.KnightfiledalateForm5reportingtwocharitable gifts,andonFebruary9,2015,RobertGreifeldfiledalateForm5reportingonecharitablegift. SECURITYOWNERSHIPOFCERTAINBENEFICIALOWNERS ANDMANAGEMENT Thefollowingtableandaccompanyingfootnotesshowinformationregardingthebeneficialownershipofourcommon stockasoftherecorddateby: • eachpersonwhoisknownbyustoownbeneficiallymorethan5%ofourcommonstock; • eachcurrentdirectorandnomineefordirector; • eachnamedexecutiveofficer;and • alldirectorsandexecutiveofficersasagroup. Exceptasotherwiseindicated,webelievethatthebeneficialownerslistedbelow,basedoninformationfurnishedby suchowners,willhavesoleinvestmentandvotingpowerwithrespecttosuchshares,subjecttocommunityproperty lawswhereapplicable.Sharesofcommonstockunderlyingoptionsthatarecurrentlyexercisableorexercisablewithin 60daysareconsideredoutstandingandbeneficiallyownedbythepersonholdingtheoptionsforthepurposesof computingthepercentageownershipofthatperson,butarenottreatedasoutstandingforthepurposeofcomputing thepercentageownershipofanyotherperson.HoldersofRSUsandPSUsgrantedundertheEquityPlanhavetheright todirectthevotingofthesharesunderlyingthoseRSUsandPSUsonlytotheextentthesharesarevested. Asoftherecorddate,169,188,070sharesofcommonstockwereoutstanding.Exceptasnotedbelow,eachstockholder isentitledtothenumberofvotesequaltothenumberofsharesofcommonstockheldbysuchstockholder,subjectto the5%votinglimitationcontainedinourAmendedandRestatedCertificateofIncorporation. THENASDAQOMXGROUP,INC. /49 2015PROXYSTATEMENT COMMONSTOCK BENEFICIALLYOWNED PERCENTOFCLASS(1) BorseDubaiLimited(2) Level7,PrecinctBuilding5,GateDistrictDIFC,DubaiUAE 29,780,515 17.6% InvestorAB(3) PatriciaHoldingAB,Arsenalsgatan8C,SͲ10332,Stockholm,SwedenV7 19,394,142 11.5% MassachusettsFinancialServicesCompany(4) 111HuntingtonAvenue,Boston,MA02199 15,208,236 9.0% BlackRock,Inc.(5) nd 55East52 Street,NewYork,NY10022 11,499,834 6.8% TheVanguardGroup,Inc.(6) 100VanguardBlvd.,Malvern,PA19355 8,673,284 5.1% CharleneT.Begley – * StevenD.Black(7) 10,560 * BörjeE.Ekholm(8) 33,033 * GlennH.Hutchins(9) 177,740 * EssaKazim(10) 21,357 * ThomasA.Kloet – * JohnD.Markese(11) 58,205 * EllynA.McColgan(12) 15,034 * ThomasF.O’Neill(13) 13,831 * MichaelR.Splinter(14) 28,612 * LarsR.Wedenborn(15) 42,599 * 2,762,868 1.6% AdenaT.Friedman(17) 34,451 * HansͲOleJochumsen(18) 142,401 * JohnL.Jacobs(19) 281,380 * LeeShavel(20) 133,016 * 3,852,315 2.2% NAMEOFBENEFICIALOWNER RobertGreifeld(16) AllDirectorsandExecutiveOfficersofNasdaqasaGroup(23Persons) * Representslessthan1%. (1) ManyoftheEuropeancountrieswhereweoperateregulatedentitiesrequirepriorgovernmentalapprovalbeforeaninvestoracquires10%or greaterofourcommonstock. (2) Asoftherecorddate,basedsolelyoninformationincludedinanamendmenttoSchedule13D,filedMarch27,2012,BorseDubaihadshared votinganddispositivepowerover29,780,515shares.BorseDubaiisamajorityͲownedsubsidiaryofInvestmentCorporationofDubai,and therefore,eachofBorseDubaiandInvestmentCorporationofDubaimaybedeemedtobethebeneficialownerofthe29,780,515sharesheld byBorseDubai.BorseDubaiandNasdaqhaveenteredintoanagreementthatlimitsBorseDubai’svotingpowerto4.35%ofNasdaq’stotal outstandingshares.AllofthesharesheldbyBorseDubaiarepledgedassecurityforoutstandingindebtedness. (3) Asoftherecorddate,basedsolelyoninformationincludedinaForm4,filedMay25,2012,PatriciaHoldingABhadsolevotinganddispositive powerover19,394,142shares.PatriciaHoldingABis100%ownedandcontrolledbyInvestorAB,andtherefore,eachofPatriciaHoldingABand InvestorABmaybedeemedtobethebeneficialownerofthe19,394,142sharesheldbyPatriciaHoldingAB. (4) Asoftherecorddate,basedsolelyoninformationincludedinaSchedule13G,filedFebruary3,2015,MassachusettsFinancialServices Companyindicatedthatithasbeneficialownershipof,andsoledispositivepowerwithrespectto,15,208,236sharesandsolevotingpower withrespectto14,112,692shares. THENASDAQOMXGROUP,INC. /50 2015PROXYSTATEMENT (5) Asoftherecorddate,basedsolelyoninformationincludedinaSchedule13G/A,filedFebruary9,2015,BlackRock,Inc.indicatedthatithas beneficialownershipof,andsoledispositivepowerwithrespectto,11,499,834sharesandsolevotingpowerwithrespectto10,401,346shares asaresultofbeingaparentcompanyorcontrolpersonofthefollowingsubsidiaries:BlackRock(Luxembourg)S.A.,BlackRock(Netherlands) B.V.,BlackRockAdvisors(UK)Limited,BlackRockAdvisors,LLC,BlackRockAssetManagementCanadaLimited,BlackRockAssetManagement IrelandLimited,BlackRockCapitalManagement,BlackRockFinancialManagement,Inc.,BlackRockFundAdvisors,BlackRockInstitutionalTrust Company,N.A.,BlackRockInternationalLimited,BlackRockInvestmentManagement(Australia)Limited,BlackRockInvestmentManagement (UK)Ltd,BlackRockInvestmentManagement,LLC,BlackRockJapanCoLtd,andBlackRockLifeLimited. (6) Asoftherecorddate,basedsolelyoninformationincludedinaSchedule13G,filedFebruary11,2015,TheVanguardGroup,Inc.indicatedthat ithasbeneficialownershipof8,673,284shares,solevotingpowerwithrespectto198,367shares,soledispositivepowerwithrespectto 8,483,217sharesandshareddispositivepowerwithrespectto190,067shares.TheSchedule13Gincludessharesbeneficiallyownedbythe followingwhollyownedsubsidiariesofTheVanguardGroup,Inc.:VanguardFiduciaryTrustCompany,asaresultofitsservingasinvestment managerofcollectivetrustaccounts(157,767shares);andVanguardInvestmentsAustralia,Ltd.,asaresultofitsservingasinvestment managerofAustralianinvestmentofferings(72,900shares). (7) Represents10,560vestedsharesofrestrictedstockgrantedundertheEquityPlan. (8) Represents(i)23,033vestedsharesofrestrictedstockgrantedundertheEquityPlanand(ii)10,000sharesacquiredthroughopenmarket purchases.ExcludessharesofNasdaqcommonstockownedbyPatriciaHoldingAB.PatriciaHoldingABisawhollyownedsubsidiaryofInvestor AB,ofwhichMr.EkholmisPresidentandCEO.Mr.Ekholmdisclaimsbeneficialownershipofsuchshares. (9) Represents23,440vestedsharesofrestrictedstockgrantedundertheEquityPlan.Mr.HutchinsdisclaimsbeneficialownershipofanyNasdaq securitiesthatmaybeheldbySilverLakeoritsaffiliates,excepttotheextentofanypecuniaryinteresthemayhavetherein.Alsoincludes 154,300sharesheldbytheHutchinsFamilyFoundation,aprivatecharitablefoundation.Mr.HutchinsservesasChairmanoftheHutchins FamilyFoundationandassuchmaybedeemedtobeneficiallyownsuchshares,whichhedisclaims. (10) Represents21,357vestedsharesofrestrictedstockgrantedundertheEquityPlan.ExcludessharesofNasdaqcommonstockownedbyBorse Dubai.H.E.Kazim,whoisChairmanofBorseDubai,disclaimsbeneficialownershipofsuchshares. (11) Represents(i)1,424sharesofstockacquireduponexerciseofvestedstockoptionsand(ii)56,781vestedsharesofrestrictedstockgranted undertheEquityPlan.AllofthesesharesareheldbytheJohnD.MarkeseTrustSeptember2,1999,ofwhichDr.Markeseisatrusteeand beneficiary. (12) Represents15,034vestedsharesofrestrictedstockgrantedundertheEquityPlan. (13) Represents13,831vestedsharesofrestrictedstockgrantedundertheEquityPlan. (14) Represents28,612vestedsharesofrestrictedstockgrantedundertheEquityPlan. (15) Represents(i)2,599vestedsharesofrestrictedstockgrantedundertheEquityPlan,(ii)30,000sharesheldbyapensioninsurancefundinthe nameofFAMAB,whichisMr.Wedenborn’semployerand(iii)10,000sharesheldbyapensioninsurancefundinthenameofInvestorAB, whichisMr.Wedenborn’sformeremployer. (16) Represents(i)338,052sharesofstockacquireduponexerciseofvestedstockoptions,(ii)1,860,000vestedoptionstopurchasestockgranted undertheEquityPlan,(iii)209,383vestedsharesofrestrictedstock,(iv)354,795vestedsharesunderlyingPSUsgrantedundertheEquityPlan and(v)638sharesofstockpurchasedpursuanttotheESPP. (17) Represents34,451sharesgrantedundertheEquityPlanorpurchasedpursuanttotheESPPwhenMs.Friedmanwaspreviouslyanemployeeof Nasdaq. (18) Represents(i)71,825vestedoptionstopurchasestockgrantedundertheEquityPlan,(ii)69,938vestedsharesunderlyingPSUsgrantedunder theEquityPlanand(iii)638sharesofstockpurchasedpursuanttotheESPP. (19) Represents(i)145,372vestedoptionstopurchasestockgrantedundertheEquityPlan,(ii)33,934vestedsharesofrestrictedstock,(iii)82,735 vestedsharesunderlyingPSUsgrantedundertheEquityPlanand(iv)19,339sharesofstockpurchasedpursuanttotheESPP. (20) Represents(i)41,257vestedoptionstopurchasestockgrantedundertheEquityPlan,(ii)35,502vestedsharesofrestrictedstockgrantedunder theEquityPlanand(iii)56,257vestedsharesunderlyingPSUsgrantedundertheEquityPlan. THENASDAQOMXGROUP,INC. /51 2015PROXYSTATEMENT PROPOSALIII:RATIFICATIONOFTHEAPPOINTMENTOF INDEPENDENTREGISTEREDPUBLICACCOUNTINGFIRM TheBoardofDirectorsunanimouslyrecommendsavoteFORratificationofthe appointmentofErnst&YoungLLPasNasdaq’sindependentregisteredpublic accountingfirmfortheyearendedDecember31,2015. TheAuditCommitteeoftheBoardhasselectedErnst&YoungLLPasourindependentregisteredpublicaccountingfirm toauditourfinancialstatementsforfiscalyear2015.TheselectionisbasedontheresultsoftheCommittee’sannual evaluationofthefirm.TheCommitteeandthefullBoardbelievethatthecontinuedretentionofErnst&Youngasthe independentregisteredauditorisinthebestinterestsofthecompanyanditsstockholders.Weareaskingthe stockholderstoratifytheAuditCommittee’sselectionofErnst&YoungLLPforfiscalyear2015.Intheeventthe stockholdersfailtoratifytheselectionofErnst&YoungLLP,theAuditCommitteewillreconsiderthisselection. Ernst&YoungLLPhasauditedNasdaq’sfinancialstatementssincefiscalyear1986.ThecurrentErnst&YoungLLPlead engagementpartnerwasdesignatedcommencingwiththe2014audit.RepresentativesofErnst&YoungLLPare expectedtobepresentattheannualmeetingwiththeopportunitytomakeastatementiftheydesiretodoso,andare expectedtobeavailabletorespondtoappropriatequestions. ThetablebelowshowstheamountoffeesNasdaqpaidtoErnst&YoungLLPforfiscalyears2014and2013(including expenses).DetailsofthefeesarebasedonthecategoriesprovidedbytheSECauditorindependencerulesthatbecame effectivein2003. 2014 2013 $6,867,280 $6,604,363 Auditfees(1) AuditͲrelatedfees(2) AuditandauditͲrelatedfees Taxfees Allotherfees(3) TOTAL(4) 520,000 595,000 7,387,280 7,199,363 28,000 – 400,000 191,395 $7,815,280 $7,390,758 (1) Auditserviceswereprovidedgloballyin2014and2013.FeesrelatedtoauditsofinternationalsubsidiariesaretranslatedintoU.S.dollars. (2) The2014and2013auditͲrelatedfeesprimarilyincludeduediligenceonstrategicinitiatives,includingmergersandacquisitions,aswellasother attestationreportsissued. (3) The2014and2013otherfeesprimarilyrelatetoSwedishFinancialSupervisoryAuthoritylistingrequirementsforcompaniesapplyingfora listingonNASDAQOMXStockholmAB.Thevalidationofthecompanyisrequiredtobeperformedbyanexternalaccountingfirm.Thefeesare collectedfromthelistingcompanybyusandpaidtoErnst&YoungLLPonbehalfofthelistingcompany. (4) FeesexcludeservicesprovidedtoNasdaq’snonͲprofitentitiesandservicesprovidedinrelationtoNasdaq’sroleasadministratorforthe UnlistedTradingPrivilegesPlan. AuditfeesprimarilyrepresentfeesfortheauditofNasdaq’sannualfinancialstatementsincludedinourannualreport onForm10ͲK,thereviewofNasdaq’squarterlyreportsonForm10ͲQ,statutoryauditsofsubsidiariesasrequiredby statutesandregulations,accountingconsultationsonmattersaddressedduringtheauditorinterimreviews,comfort lettersandconsents,andinternalcontrolattestationandreportingrequirementsofSection404oftheSarbanesͲOxley Actof2002.AuditͲrelatedfeesprimarilyrepresentfeesforconsultationsassociatedwithstrategicinitiatives,including mergersandacquisitions. UndertheSarbanesͲOxleyAct,theAuditCommitteeisresponsiblefortheappointment,retention,approvalof compensationandoversightoftheservicesprovidedbyNasdaq’sindependentregisteredpublicaccountingfirm.The AuditCommitteeisrequiredtopreͲapprovebothauditandnonͲauditservicesperformedbytheindependent registeredpublicaccountingfirm,andNasdaq’sAuditCommitteepreͲapprovedallsuchservicesin2014and2013. THENASDAQOMXGROUP,INC. /52 2015PROXYSTATEMENT AUDITCOMMITTEEREPORT Inaccordancewithitswrittencharter,theAuditCommitteeoftheBoardofDirectorsassiststheBoardinfulfillingits responsibilityforoversightofthequalityandintegrityofNasdaq’saccounting,auditing,financialreportingpractices andriskmanagement.TheAuditCommitteealsoassiststheBoardbyreviewinganddiscussingtheeffectivenessof controlsoverNasdaq’sregulatoryandERMstructureandprocess.TheAuditCommitteealsoassiststheBoardby reviewinganddiscussingNasdaq’sglobalethicsandcorporatecomplianceprogramandconfidentialwhistleblower process.TheAuditCommitteechartercomplieswiththeapplicableprovisionsoftheSarbanesͲOxleyActof2002and relatedrulesoftheSECandTheNasdaqStockMarket.ThecompletetextofthecharterisavailableonNasdaq’s website(see“OnlineResources”onpage69). EachoftheAuditCommitteemembersmeetstheindependencecriteriaprescribedbyRule10AͲ3adoptedpursuantto theSarbanesͲOxleyActof2002andisan“independentdirector”asdefinedinthelistingrulesofTheNasdaqStock Market.EachoftheAuditCommitteemembersmeetsthefinancialknowledgerequirementsofTheNasdaqStock MarketandhasbeendesignatedbytheBoardofDirectorsasan“auditcommitteefinancialexpert”underSECrules. TheAuditCommitteeobtainedfromtheindependentregisteredpublicaccountingfirmaformalwrittenstatement describingallrelationshipsbetweenthefirmandNasdaqthatmightbearonthefirm’sindependence,consistentwith theapplicablerequirementsofthePublicCompanyAccountingOversightBoard.TheAuditCommitteediscussedwith theindependentregisteredpublicaccountingfirmanyrelationshipsthatmayimpactthefirm’sobjectivityand independenceandsatisfieditselfastothefirm’sindependence.TheAuditCommitteediscussedandreviewedwiththe independentregisteredpublicaccountingfirmallcommunicationsrequiredbygenerallyacceptedauditingstandards, includingthosedescribedinAuditingStandardNo.16,“CommunicationswithAuditCommittees”asadoptedbythe PublicCompanyAccountingOversightBoard,andwithandwithoutmanagementpresent,discussedandreviewedthe resultsoftheindependentregisteredpublicaccountingfirm’sexaminationofthefinancialstatements.TheAudit CommitteealsodiscussedtheresultsoftheinternalauditexaminationsandERMprogramresults.TheAudit CommitteeapprovedallauditandallowablenonͲauditservices. TheAuditCommitteediscussedwithmanagement,theinternalauditorsandtheindependentregisteredpublic accountingfirmthequalityandadequacyofNasdaq’sinternalcontrolsandtheinternalauditfunction’sorganization, responsibilities,budgetandstaffing.TheAuditCommitteereviewedwithboththeindependentregisteredpublic accountingfirmandtheinternalauditorstheirauditplans,auditscopeandidentificationofauditrisks.Inaddition,the AuditCommitteereviewedandapprovedallrelatedpartytransactions. TheAuditCommitteereviewedanddiscussedNasdaq’sauditedfinancialstatementsasofandforthefiscalyearended December31,2014,withmanagementandtheindependentregisteredpublicaccountingfirm.Managementhasthe responsibilityforthepreparationofNasdaq’sfinancialstatementsandtheindependentregisteredpublicaccounting firmhastheresponsibilityfortheexaminationofthosestatements.Also,theAuditCommitteecompleteditsoversight oftheglobalethicsandcorporatecomplianceprogramandconfidentialwhistleblowerprocess. BasedontheaboveͲmentionedreviewsanddiscussions,theAuditCommitteerecommendedtotheBoardofDirectors thattheauditedfinancialstatementsbeincludedinNasdaq’sannualreportonForm10ͲKforthefiscalyearended December31,2014forfilingwiththeSEC. THEAUDITCOMMITTEE JohnD.Markese,Chair CharleneT.Begley EllynA.McColgan LarsR.Wedenborn THENASDAQOMXGROUP,INC. /53 2015PROXYSTATEMENT PROPOSALIV:APPROVALOFTHENASDAQECIP,AS AMENDEDANDRESTATED P TheBoardofDirectorsunanimouslyrecommendsavoteFORtheapprovaloftheNasdaq ECIP,asamendedandrestated. PerformanceͲbasedincentivesareafoundationofourcompensationprogram.Accordingly,weofferannual performanceͲbasedcashincentiveawardsunderourexecutivecorporateincentiveplantokeyemployeeswith significantresponsibilityforthesuccessandgrowthofNasdaq.TheNasdaqECIP,asamendedandrestated,isdesigned to:(1)promoteattainmentofthecompany’ssignificantbusinessobjectives,(2)encourageandrewardmanagement teamworkacrosstheentirecompanyand(3)assistintheattractionandretentionofemployeesvitaltothecompany’s longͲtermsuccess. WeareaskingforyourapprovaloftheECIPinordertomeetthestockholderapprovalrequirementsunderSection 162(m)oftheCode.Generally,Section162(m)oftheCodelimitsthetaxdeductibilityofcompensationpaidtocovered employeesto$1millionperofficerperyearunlessthecompensationqualifiesas“performanceͲbased.”Compensation qualifiesasperformanceͲbasedonlyifitispayableonaccountofperformanceandsatisfiesotherrequirements,oneof whichisthattheplanunderwhichthecompensationispaidbeapprovedbystockholders.Approvalofthisproposal willconstitutetherequiredapprovalforSection162(m)purposes. AsummaryoftheECIPissetforthbelow.Thesummaryisqualifiedinitsentiretybyreferencetothefulltextofthe ECIPattachedasAnnexBonpage73ofthisproxystatement. QUESTIONSANDANSWERSABOUTTHEECIP 1. WhatarethematerialchangestotheECIP? TheECIPissubstantiallysimilartothepriorversion,whichwasapprovedbythecompany’sstockholdersatthe2010 annualmeeting,exceptfortwomaterialchanges.First,therevisedECIPenhancesthelistofavailableperformance measurestobetteralignwithcompanyperformancemeasuresandmatchthelistofperformancecriteriaintheEquity Plan,whichwasapprovedbystockholdersatlastyear’sannualmeeting.Second,therevisedECIPclarifiesthatawards undertheECIPmaybesubjecttothecompany’sincentiverecoupmentpolicy. 2. HowistheECIPadministered? TheECIPisadministeredbytheManagementCompensationCommittee.TheManagementCompensationCommittee hasfullauthorityanddiscretionto:(i)determineeligibilityforparticipationintheECIP,(ii)makeawardsunderthe ECIP,(iii)establishthetermsandconditionsofawards(including,withoutlimitation,thelengthoftheperformance period,theperformancegoalsandtheperformancemeasures)and(iv)determineandcertifywhetherthe performancegoalshavebeenachieved. TheManagementCompensationCommitteeisauthorizedtointerprettheECIP,adoptadministrativerules,regulations, proceduresandguidelinesfortheplan,andcorrectanydefectsandotherinconsistenciesintheplan. THENASDAQOMXGROUP,INC. /54 2015PROXYSTATEMENT 3. WhoiseligibletoparticipateintheECIP? ParticipationintheECIPislimitedtoactiveemployeesofthecompanyorparticipatingaffiliateswhoareemployedin anexecutivecapacity.TheCEO,orhisorherdesignee,mayrecommendemployeesforselectionasparticipantsinthe ECIP,andtheManagementCompensationCommittee,initssolediscretion,hastheauthoritytoselectemployeesto participate.AsofMarch27,2015,thereare11officersandkeyemployeesofthecompanywhoareeligibleto participateintheECIP. 4. WhattypesofawardsaremadeundertheECIP? TheManagementCompensationCommitteemay,initsdiscretion,grantperformanceͲbasedcashawardstoeligible participantsundertheECIP.Noawardpaidtoaparticipantforaperformanceperiodofoneyearormoremayexceed thegreaterof3%ofthecompany’sbeforeͲtaxnetincomeor$3,000,000.Aperformanceperiodgenerallyisacalendar yearbutcanbelongerorshorterifapprovedbytheManagementCompensationCommittee.Foraperformanceperiod oflessthanoneyear,themaximumawardlimitwillbeproͲrated. 5. Whatperformancemeasuresareused? CashawardsundertheECIPwillbeconditionedupontheachievementofpreͲestablishedgoalsrelatingtooneormore ofthefollowingperformancemeasuresasestablishedbytheManagementCompensationCommittee: x earningsbeforeinterestandtaxes; x earningsbeforeinterest,taxes,depreciationandamortization; x earningspershareofNasdaq’scommonstock; x operatingincome,netincome,netincomefromoperations,revenues,netrevenuesornetexchangerevenues (beforeoraftertaxes,andwhichmaytakeintoaccountorexcludetheeffectofnonͲrecurringorextraordinary chargesand/orexpenses); x operatingorprofitmarginornetprofit(beforeoraftertaxes,andwhichmaytakeintoaccountorexcludethe effectofnonͲrecurringorextraordinarychargesand/orexpenses); x revenuegrowth; x sharepriceortotalshareholderreturn; x marketshare; x returnmeasures(includingwithoutlimitationreturnonassetsornetassets,capital,revenue,netrevenue, incomeornetincome); x cashflow(includingwithoutlimitationoperatingcashflowand/orfreecashflow; x adherencetobudgetorexpensetargets; x planningaccuracy(asmeasuredbycomparingplannedresultstoactualresults); x objectivelydeterminableeffectiveness,efficiency,businessretention/expansion,businesssupportorother operationalorsupportgoals;and x businesseffectivenesssurveyresultsorobjectivelydeterminableemployeeengagementordevelopment goals. Performancemeasuresmayrelatetothecompanyasawholeortoabusinessunit,division,departmentorfunctionof thecompanyoranysubsidiary,asspecifiedbytheManagementCompensationCommittee.Performancemaybe measuredonanabsolutebasisorrelativetoapreͲestablishedtarget,toapreviousyear’sorperiod’sresultsortoa designatedcomparisongrouporcompanyorstockmarketindex,ineachcaseasspecifiedbytheManagement CompensationCommittee. THENASDAQOMXGROUP,INC. /55 2015PROXYSTATEMENT 6. Whenaregoalsestablished? Thegoalsforaperformanceperiod,andthemethodforcomputingtheamountpayableonattainmentofgoals, generallyareestablishednolaterthanninety(90)daysafterthebeginningofanapplicableperformanceperiod,or duringashorterperiodifrequiredbySection162(m). 7. Arebonusesrequiredtobepaidifperformancegoalsaremet? No.TheManagementCompensationCommitteemayreduce(includingtozero)theamountofanyawardifit concludesthatreductionisnecessaryorappropriateinitsdiscretion,butmaynotincreaseanyawardthatisintended tobeperformanceͲbasedcompensationunderSection162(m)oftheCode. TheManagementCompensationCommittee,initsdiscretion,alsomayestablishadditionalrestrictionsorconditions thatmustbesatisfiedasaconditiontopaymentofalloraportionofanaward.Theserestrictionsandconditionsmay include,amongothers,thereceiptbyaparticipantofaspecifiedannualperformancerating,avestingrequirement and/ortheachievementofspecifiedperformancegoalsbythecompany,businessunitorparticipant. 8. Whenareawardspaid? PaymentofawardswillbemadeaspromptlyaspracticableaftertheManagementCompensationCommitteehas certifiedinwritingtheachievementofapplicableperformancegoalsandothermaterialterms.Ifanawardissubjectto avestingrequirementorsatisfactionofotherconditions,paymentwillbemadeassoonaspracticablefollowingthe participant’ssatisfactionoftheotherapplicablerequirementorcondition.Innoevent,however,mayanawardbepaid laterthantwoandoneͲhalf(21/2)monthsfollowingtheendofthecalendaryearthatincludestheendofthe performanceperiodor,iflater,thedatetheotherrequirementorconditionissatisfied. 9. Whathappensintheeventofaparticipant’sterminationofemployment? Undertheplan,intheeventaparticipant’semploymentisterminatedbyreasonofdeath,disabilityorretirement(as definedintheECIP),theawardshallbereducedonaproͲratedbasistoreflectpartialparticipationduringthe performanceperiodthroughthedateofsuchtermination,subjecttotheManagementCompensationCommittee’s certificationthat,withrespecttoterminationofemploymentduetoretirement,theapplicableperformancegoal(s)for theperformanceperiodhavebeenmet. Undertheplan,intheeventaparticipant’semploymentisterminatedforanyreasonotherthandeath,disabilityor retirement,alloftheparticipant’srightstoanawardfortheperformanceperiodtheninprogressshallbeforfeited. However,theManagementCompensationCommitteemay,initssolediscretion,payaproͲratedawardfortheportion oftheperformanceperiod,iftheManagementCompensationCommitteecertifiesthattheapplicableperformance goalsfortheperformanceperiodhavebeenmet.ProͲratedawardsshallbepaidonthenormalpaymentdateforthe relevantperformanceperiod. 10.Areawardstransferable? No.Aparticipant’srightsundertheECIPmaynotbeassigned,pledgedorotherwisetransferredexcept,intheeventof theparticipant’sdeath,totheparticipant’sdesignatedbeneficiaryor,otherwise,bywillorbythelawsofdescentand distribution. THENASDAQOMXGROUP,INC. /56 2015PROXYSTATEMENT 11.CantheECIPbeamendedorterminated? Yes.TheManagementCompensationCommitteemayamend,suspendorterminatetheECIPatanytime.No amendment,however,maybemadewithouttheconsentofthecompany’sstockholdersiftheeffectofsuch amendmentwouldbetocauseoutstandingorpendingawardstoceasetoqualifyfortheperformanceͲbased compensationexceptiontoSection162(m)oftheCode.TheManagementCompensationCommitteemayatanytime (withouttheconsentofparticipants)modify,amendorterminateanyoralloftheprovisionsoftheECIPtotheextent necessarytoconformsuchprovisionstoSection409AoftheCode.TheECIPwillremainineffectuntilitisterminated bytheBoardortheManagementCompensationCommittee. 12.Whatarethefederalincometaxconsequencestoparticipants? Whenanypartofanawardispaidincashtoaparticipant,theparticipantwillrealizecompensationtaxableasordinary income,subjecttoapplicableincomeandemploymenttaxwithholding,inanamountequaltothecashpaid. 13.Arethereanylimitationsonthecompany’sdeductions? Thecompanywillgenerallybeentitledtoadeductioninthesameamountandatthesametimethattheparticipant recognizesordinaryincome.Withcertainexceptions,Section162(m)oftheCodelimitsthecompany’sdeductionfor compensationinexcessof$1milliondollarspaidtothecompany’sCEOanditsthreeotherhighestͲpaidexecutive officers(otherthantheprincipalfinancialofficer).Compensationpaidtocoveredemployeesisnotsubjecttothe deductionlimitationifitisconsidered“qualifiedperformanceͲbasedcompensation”withinthemeaningofSection 162(m)oftheCode.Ifthecompany’sstockholdersapprovetheECIP,thecompanyintendsthatperformanceawards (intendedtobetreatedasqualifiedperformanceͲbasedcompensationasdefinedintheCode)grantedtocovered employeesundertheECIPwillsatisfytherequirementsofqualifiedperformanceͲbasedcompensation,andtherefore, thecompanywillbeentitledtoadeductionwithrespecttothepaymentofsuchawards.However,withrespectto awardsthatarenotintendedtobetreatedasqualifiedperformanceͲbasedcompensationasdefinedintheCode,the deductionthatthecompanymightotherwisereceivemaybedisallowed. 14.WhatbenefitsareexpectedtobeprovidedundertheECIP? Thecashincentiveawardsfor2014thatwerepaidinFebruary2015tonamedexecutiveofficersunderthe2010ECIP arelistedinthe“NonͲEquityIncentivePlanCompensation”columnoftheSummaryCompensationTableabove.Since thecashincentiveawardsfor2015aresubjecttothesatisfactionofperformancegoals,theactualamountstobepaid undertheECIPforperformanceduring2015havenotbeendetermined.Additionally,sinceawardsundertheECIPin futureyearsaredeterminedbytheManagementCompensationCommitteeinitssolediscretionandsuchawardsare basedonfutureachievementofperformancegoals,thebenefitsoramountsthatwillbereceivedorallocatedunder theECIPinthefuturearenotpresentlydeterminable. THENASDAQOMXGROUP,INC. /57 2015PROXYSTATEMENT PROPOSALV:STOCKHOLDERPROPOSAL–RIGHTTOACTBY WRITTENCONSENT TheBoardofDirectorsunanimouslyrecommendsavoteAGAINSTProposalV. Mr.KennethSteiner,14StonerAve.,2M,GreatNeck,NY11021,ownerofnolessthan500sharesofNasdaqcommon stock,hasinformedNasdaqthatheplanstointroducethefollowingproposalattheannualmeeting.Wearenot responsiblefortheaccuracyorcontentoftheproposalandsupportingstatement,whicharepresentedbelowas receivedfromtheproponent. STOCKHOLDERPROPOSALANDSUPPORTINGSTATEMENT “PROPOSAL5ͲRIGHTTOACTBYWRITTENCONSENT Resolved,Shareholdersrequestthatourboardofdirectorsundertakesuchstepsasmaybenecessarytopermitwritten consentbyshareholdersentitledtocasttheminimumnumberofvotesthatwouldbenecessarytoauthorizetheaction atameetingatwhichallshareholdersentitledtovotethereonwerepresentandvoting.Thiswrittenconsentistobe consistentwithapplicablelawandconsistentwithgivingshareholdersthefullestpowertoactbywrittenconsent consistentwithapplicablelaw.Thisincludesshareholderabilitytoinitiateanytopicforwrittenconsentconsistentwith applicablelaw. Ashareholderrighttoactbywrittenconsentandtocallaspecialmeetingare2complimentarywaystobringan importantmattertotheattentionofbothmanagementandshareholdersoutsidetheannualmeetingcycle. Ashareholderrighttoactbywrittenconsentisonemethodtoequalizeourlimitedprovisionsforshareholderstocalla specialmeeting.Forinstanceittakes15%ofNASDAQshareholders,withatleastoneͲyearofcontinuouslystock ownership,tocallaspecialmeeting.Delawarelawallows10%ofshareholderstocallaspecialmeetingwithout mandatingaholdingperiod. TheaverageholdingperiodforstockislessthanoneͲyearaccordingto"StockMarketInvestorsHaveBecomeAbsurdly Impatient."Thuspotentially50%ofNASDAQshareholderscouldnowbedisenfranchisedfromhavinganyvoice whatsoeverincallingaspecialmeetingaccordingtoourrules. Ashareholderrighttoactbywrittenconsentalsowonmajorityshareholdersupportat13majorcompaniesinasingle year.Thisincluded67%ͲsupportatbothAllstateandSprint.Hundredsofmajorcompaniesenableshareholderstoact bywrittenconsent.WetSeal(WTSLA)shareholderssuccessfullyusedwrittenconsenttoreplacecertain underperformingdirectorsin2012. Pleasevotetoprotectshareholdervalue: RIGHTTOACTBYWRITTENCONSENTͲPROPOSAL5” THENASDAQOMXGROUP,INC. /58 2015PROXYSTATEMENT BOARDOFDIRECTORS’STATEMENTINOPPOSITION TheBoardofDirectorshasgivencarefulconsiderationtothestockholderproposalandbelievesthatitisnotinthebest interestsofNasdaqanditsstockholders. Onthecontrary,theproposalcouldactuallybeharmfultotheinterestsofstockholdersbecauseitcouldallowactions tobetakenbyafewstockholdersoutsideoftheopenandtransparentforumofastockholders’meeting.Currently,any matterthatNasdaqoritsstockholderswishtopresentforastockholdervotemustbenoticedinadvanceand presentedatameetingofstockholders.Thisprocessallowsallstockholderstoconsider,discussandvoteonpending stockholderactions.Theproposal,ifimplemented,couldallowasmallgroupofstockholderswithnofiduciarydutiesto otherstockholderstoactonsignificantmatterswithoutprovidingpriornoticetothecompany,theotherstockholders orthemarket.Adoptionofthisproposalcouldresultinactionbeingtakenwithoutsomestockholders’knowledgeor participation,therebydisenfranchisingthosestockholders.Inaddition,actionbywrittenconsentcouldbeusedto promotethenarrowselfͲinterestsofsomestockholders(includingthosewhoaccumulateashortͲtermvotingposition throughtheborrowingofshares)thatareinconsistentwiththelongͲtermbestinterestsofthecompanyandits stockholders.TheBoardbelievesthatallstockholdersshouldhavetheopportunitytoconsider,discussandvoteon pendingsignificantmattersthroughthedemocraticandtransparentforumofastockholders’meeting,wheretheymay considerargumentsforandagainstanyaction,includingthecompany’sposition. Further,actionbywrittenconsenthasthepotentialtocreatesubstantialconfusionforstockholders.Multiple stockholdergroupscouldsolicitmultiplewrittenconsentssimultaneously,someofwhichmaybeduplicativeor contradictory.Permittingactionbywrittenconsentoutsideof,andinadditionto,thetraditionalsettingofa stockholders’meetingisapotentiallycumbersomeandtimeͲconsumingprocessthatcoulddistractmanagementand theBoardfromtheirfocusonincreasingstockholdervalue,andresultinsignificantadministrativeburdensand expenses,withlittleornocorrespondingbenefittostockholders. Giventhecompany’scurrentgovernanceprocedures,theBoardbelievestheadoptionofthisproposalisnotonly inappropriatebutalsounnecessarybecausestockholdershaveampleopportunitytotakeactionataproperlycalled stockholders’meeting.Nasdaq’sgovernancedocumentsallowstockholderstonominatepersonsforelectiontothe BoardorproposeotherbusinesstobeconsideredatanannualorspecialmeetingcalledbytheBoard.Inaddition,in January2014,ourByͲLawswereamended,followingstockholderandSECapproval,toallowstockholdersholdingat least15%ofNasdaq’svotingpowertocallaspecialmeetingofstockholders.Actionatameeting,whetherannualor special,ispreferabletoactionbywrittenconsentbecauseameetingensuresthatallstockholdersreceivenoticeofthe proposalsunderconsideration,allowstheBoardtomakeaconsideredrecommendationregardingthetopicsforvoting andgivesallstockholdersanopportunitytoparticipateinthevoting. Adoptionofthisproposalisalsounnecessarybecausewehaveadoptedanumberofbestpracticesthatenhance stockholderrightsandparticipationinourgovernance.Suchpracticesincludeourannualelectionsofdirectors, majorityvotingfordirectorsinuncontestedelectionsandseparationoftheBoardChairmanandCEOroles.Inaddition, in2013,weimplementedchangestoourcorporategovernancedocumentsthatreplacedeachsupermajorityvoting requirementwitha“majorityofoutstandingshares”votingrequirement.Finally,thecompanyusesvariousmeansto seekoutstockholderviewsoutsidetheconfinesofformalstockholders’meetings,considersthatinputandacts accordingly.Forexample,weparticipateinregularengagementwithourstockholdersonexecutivecompensation, corporategovernanceandotherissues.Asevidenceofitseffectivegovernanceframework,thecompanyreceivedthe bestpossibleGovernanceQuickScoreof1onascaleof1to10fromInstitutionalShareholderServicesInc.in2014. Accordingly,theBoardofDirectorsbelievesthatthestockholderproposaltoallowstockholderactionbywritten consentisinappropriate,unnecessaryandnotinthebestinterestsofNasdaqanditsstockholders. THENASDAQOMXGROUP,INC. /59 2015PROXYSTATEMENT OTHERBUSINESS TheNasdaqBoardknowsofnobusinessotherthanthemattersdescribedinthisproxystatementthatwillbe presentedattheannualmeeting.Totheextentthatmattersnotknownatthistimemayproperlycomebeforethe annualmeeting,absentinstructionsthereontothecontrary,theenclosedproxywillconferdiscretionaryauthoritywith respecttosuchothermatters,anditistheintentionofthepersonsnamedintheproxytovoteinaccordancewiththeir judgmentonsuchothermatters. EXECUTIVEOFFICERS NAME AGE POSITION RobertGreifeld 57 ChiefExecutiveOfficer AdenaT.Friedman 45 President HansͲOleJochumsen 57 President SalilS.Donde 57 ExecutiveVicePresident,GlobalInformationServices AnnaM.Ewing 54 ExecutiveVicePresident,GlobalCorporateSolutions P.C.NelsonGriggs 44 ExecutiveVicePresident,ListingServices RonaldHassen 63 SeniorVicePresident,ControllerandPrincipalAccountingOfficer EdwardS.Knight 64 ExecutiveVicePresident,GeneralCounselandChiefRegulatoryOfficer LarsOttersgård 50 ExecutiveVicePresident,MarketTechnology BradleyJ.Peterson 55 ExecutiveVicePresidentandChiefInformationOfficer LeeShavel 47 ChiefFinancialOfficerandExecutiveVicePresident,CorporateStrategy ThomasA.Wittman 50 ExecutiveVicePresident,GlobalHeadofEquities RobertGreifeld,amemberofourBoardofDirectors,hasservedasCEOsinceMay2003.PriortojoiningNasdaq, Mr.GreifeldwasanExecutiveVicePresidentatSunGardDataSystems,Inc.,aglobalproviderofintegratedsoftware andprocessingsolutionsforfinancialservicesandaproviderofinformationavailabilityservices.Mr.Greifeldjoined SunGardin1999throughSunGard’sacquisitionofAutomatedSecuritiesClearance,Inc.,wherefrom1991to1999, Mr.GreifeldwasthePresidentandCOO. AdenaT.FriedmanhasservedasPresidentsinceJune2014withresponsibilityforthebusinessunitswithinGlobal CapitalAccess,Technology&Insights.Previously,sheservedasCFOandManagingDirectorofTheCarlyleGroupfrom March2011throughJune2014.PriortojoiningCarlyle,Ms.FriedmanservedinseveralpositionsatNasdaqovera tenureof17years,includingasExecutiveVicePresidentofCorporateStrategyfromOctober2003throughMarch2011 andasCFOfromAugust2009throughMarch2011.Ms.FriedmanjoinedNasdaqin1993. HansͲOleJochumsenhasservedasPresidentsinceMay2014withresponsibilityforthebusinessunitswithinGlobal TradingandMarketServices.HeservedasExecutiveVicePresidentofGlobalMarketServicesfromMarch2014 throughMay2014andExecutiveVicePresidentofTransactionServicesNordicfromFebruary2008throughMarch 2014.Previously,Mr.JochumsenwasthePresidentofInformationServices&NewMarketsforOMX.Priortothat,he servedasPresidentandCEOoftheCopenhagenStockExchange(nowcalledNasdaqCopenhagenA/S)andFUTOP ClearingcentralenLtd.PriortojoiningOMXin1998,Mr.JochumsenservedasPresidentandmemberoftheExecutive ManagementofBGBankfrom1996to1998andasPresidentandmemberoftheExecutiveManagementofGirobank from1994to1996.From1990to1994,hewasaPresidentandmemberoftheExecutiveManagementofBRFkredit. THENASDAQOMXGROUP,INC. /60 2015PROXYSTATEMENT SalilS.DondehasservedasExecutiveVicePresident,GlobalInformationServicessinceFebruary2015.Priortojoining Nasdaq,Mr.DondeheldleadershiprolesasCEOofLewtanTechnologies,Inc.fromJune2011throughOctober2014 andasCEOofMarshall&Swift/BoeckhfromFebruary2009throughJuly2011,amongotherleadershiproleshehas heldinthebroaderfinancialservicesindustry. AnnaM.EwinghasservedasExecutiveVicePresident,GlobalCorporateSolutionssinceOctober2014.Previously,she wasExecutiveVicePresidentandChiefInformationOfficerfromDecember2005throughJanuary2013andExecutive VicePresident,GlobalTechnologySolutionsfromJanuary2013throughOctober2014.SheservedasSeniorVice PresidentofTechnologyServicesinourOperations&TechnologyGroupfromOctober2000throughDecember2005. BeforejoiningNasdaq,Ms.EwingwasManagingDirector,ElectronicCommerceatCIBCWorldMarketsinNewYork andToronto,wheresheservedasManagingDirectorofGlobalApplicationsServicesandasafoundingmemberof CIBC.com.Beforethat,Ms.EwingservedasVicePresidentatMerrillLynch,wheresheheldvariousleadershippositions withintheCorporateandInstitutionalClientGroupTechnologyDivision,includingGlobalHeadofInstitutionalClient Technology,GlobalHeadofFinancialFuturesandOptionsTechnology,GlobalHeadofPrimeBrokerageTechnologyand RegionalHeadofTechnologyatMerrillLynchCanada. P.C.NelsonGriggshasservedasExecutiveVicePresident,ListingServicessinceOctober2014.Previously,Mr.Griggs wasSeniorVicePresident,NewListingsfromJuly2012throughOctober2014,SeniorVicePresident,ListingsAsiaSales fromApril2011throughJune2012andVicePresident,ListingsfromJuly2007throughMarch2011.Mr.Griggsjoined Nasdaqin2002andhasservedinavarietyofotherroleswithintheListingServicesbusiness.PriortojoiningNasdaq, Mr.GriggsworkedatFidelityInvestmentsandaSanFranciscoͲbasedstartͲupcompany. RonaldHassenhasservedasSeniorVicePresidentandControllersinceMarch2002andPrincipalAccountingOfficer sinceMay2002.Inaddition,Mr.HassenservedasInterimCFOfromMarch2011throughMay2011andTreasurerfrom November2002throughJanuary2007.PriortojoiningNasdaq,Mr.HassenservedasControllerofDeutscheBank NorthAmericafromJune1999,afteritsacquisitionofBankersTrustCompany.Mr.HassenjoinedBankersTrustin 1989,servingasPrincipalAccountingOfficerfrom1997untilthecompany’sacquisitionbyDeutscheBank. EdwardS.KnighthasservedasExecutiveVicePresidentandGeneralCounselsinceOctober2000andChiefRegulatory OfficersinceJanuary2006.Previously,Mr.KnightservedasExecutiveVicePresidentandChiefLegalOfficerofFINRA fromJuly1999toOctober2000.PriortojoiningFINRA,Mr.KnightservedasGeneralCounseloftheU.S.Departmentof theTreasuryfromSeptember1994toJune1999.Mr.KnightalsoservesasadirectorofNasdaqDubai. LarsOttersgårdhasservedasExecutiveVicePresident,MarketTechnologysinceOctober2014.Previously,Mr. OttersgårdwasSeniorVicePresident,MarketTechnologyfrom2008toOctober2014.Mr.OttersgårdjoinedOMXin 2006asGlobalHeadofSalesforthecompany'scommercialtechnologybusiness.PriortojoiningOMX,Mr.Ottersgård heldvariouspositionsatIBMfortwentyyears,wherehecoveredtheNordicandEuropeanmarkets,andwasmost recentlyaseniorexecutiveforstrategicoutsourcingforthedistributionandcommunicationindustries. BradleyJ.PetersonhasservedasExecutiveVicePresidentandChiefInformationOfficersinceFebruary2013. Previously,Mr.PetersonservedasExecutiveVicePresidentandChiefInformationOfficeratCharlesSchwab,Inc.since May2008.Mr.PetersonwasChiefInformationOfficerateBayfromApril2003throughMay2008.FromJuly2001 throughMarch2003,Mr.PetersonwastheManagingDirectorandCOOatEpochSecuritiesafteritsmergerwith GoldmanSachsGroup,Inc.HealsohasheldseniorexecutivepositionsatEpochPartners,Inc.,CharlesSchwab& CompanyandPacificBellWireless(nowpartofAT&T). LeeShavelhasservedasCFOandExecutiveVicePresident,CorporateStrategysinceMay2011.BeforejoiningNasdaq, Mr.ShavelwasAmericasHeadofFinancialInstitutionsInvestmentBankingatBankofAmericaMerrill Lynch.Previously,hewasHeadofFinance,SecuritiesandTechnologyandGlobalCOOfortheFinancialInstitutions GroupatMerrillLynch.Mr.ShaveljoinedMerrillLynchin1993asanAssociate,comingfromCiticorpwhereheworked asanAssociateintheFinancialInstitutionsGroup. THENASDAQOMXGROUP,INC. /61 2015PROXYSTATEMENT ThomasA.WittmanhasservedasExecutiveVicePresident,GlobalHeadofEquitiessinceMay2014.Previously,Mr. WittmanwasSeniorVicePresident,HeadofU.S.EquitiesandDerivativesfromJune2013throughApril2014.Mr. WittmanalsoservedasSeniorVicePresidentofU.S.OptionsfromMarch2010throughJune2013.Mr.Wittmanjoined Nasdaqin2008afterNasdaqacquiredThePhiladelphiaStockExchange,whereMr.Wittmanbeganhisexchangecareer in1987asasoftwaredeveloper. CERTAINRELATIONSHIPSANDRELATEDTRANSACTIONS TheAuditCommitteeofourBoardofDirectorshasadoptedawrittenpolicyregardingrelatedpartytransactions.For purposesofthepolicy,a“relatedparty”generallyincludesdirectors,directornominees,executiveofficers,greater than5%stockholders,immediatefamilymembersofanyoftheforegoing,entitiesthatareaffiliatedwithanyofthe foregoingandourindependentauditingfirm.Underthepolicy,alltransactionswithrelatedpartiesaresubjectto ongoingreviewandapprovalorratificationbytheAuditCommittee. Indeterminingwhethertoapproveorratifyarelatedpartytransaction,theAuditCommitteeconsiders,amongother things,thefollowingfactors: • whetherthetermsoftherelatedpartytransactionarefairtoNasdaqandwhethersuchtermswouldbeonthe samebasisifthetransactiondidnotinvolvearelatedparty; • whethertherearebusinessreasonsforNasdaqtoenterintotherelatedpartytransaction; • whethertherelatedpartytransactionwouldimpairtheindependenceofanoutsidedirector; • whethertherelatedpartytransactionwouldpresentaconflictofinterestforanydirectororexecutiveofficerof Nasdaq,takingintoaccount: • o thesizeofthetransaction; o theoverallfinancialpositionofthedirectororexecutiveofficer; o thedirectorindirectnatureofthedirector’sorexecutiveofficer’sinterestinthetransaction; o theongoingnatureofanyproposedrelationship;and o anyotherfactorsdeemedrelevant; whethertherelatedpartytransactionismaterial,takingintoaccount: o theimportanceoftheinteresttotherelatedparty; o therelationshipoftherelatedpartytothetransactionandofrelatedpartiestoeachother; o thedollaramountinvolved;and o thesignificanceofthetransactiontoNasdaqinvestorsinlightofallthecircumstances. Underthepolicy,relatedpartytransactionsthatareconductedintheordinarycourseofNasdaq’sbusinessandon substantiallythesametermsasthoseprevailingatthetimeforcomparableservicesprovidedtounrelatedthirdparties ortoNasdaq’semployeesonabroadbasisareconsideredpreͲapprovedbytheAuditCommittee. ThefollowingsectiondescribestransactionssincethebeginningofthefiscalyearendedDecember31,2014,inwhich Nasdaqoranyofitssubsidiarieswasaparty,inwhichtheamountinvolvedexceeded$120,000andinwhichadirector, adirectornominee,anexecutiveofficer,asecurityholderknowntoownmorethanfivepercentofourcommonstock oranimmediatefamilymemberofanyoftheforegoinghad,orwillhave,adirectorindirectmaterialinterest.In accordancewithourpolicyonrelatedpartytransactions,allofthetransactionsdiscussedbelow,otherthanthosethat receivedpreͲapprovalasdiscussedabove,havebeenapprovedorratifiedbytheAuditCommitteeofourBoardof Directors. THENASDAQOMXGROUP,INC. /62 2015PROXYSTATEMENT BORSEDUBAI Asoftherecorddate,BorseDubaiownedapproximately17.6%ofNasdaq’scommonstock.Nasdaqisobligatedbythe termsofastockholders’agreementwithBorseDubaitonominateandgenerallyusebesteffortstocausetheelection totheNasdaqBoardofonedirectordesignatedbyBorseDubai,subjecttocertainconditions.EssaKazim,theChairman ofBorseDubai,hasbeendesignatedbyBorseDubaiasitsnomineewithrespecttothe2015annualmeeting.During thefiscalyearendedDecember31,2014,BorseDubaioritsaffiliatespaidNasdaqapproximately$1.2millionfor technologyservicesintheordinarycourseofbusiness.NasdaqandBorseDubaihaveagreedthat,inconsiderationfora releasebyBorseDubaiofcertainpotentialcontractualclaims,NasdaqwillissueacredittoBorseDubaiinJanuary2017 forapproximately$5milliontobeappliedtowardcertaintechnologyservicesprovidedbyNasdaqafterthatdate. INVESTORAB Asoftherecorddate,InvestorABownedapproximately11.5%ofNasdaq’scommonstock.Nasdaqisobligatedbythe termsofastockholders’agreementwithInvestorABtonominateandgenerallyusebesteffortstocausetheelectionto theNasdaqBoardofonedirectordesignatedbyInvestorAB,subjecttocertainconditions.BörjeE.Ekholm,the PresidentandCEOofInvestorAB,hasbeendesignatedbyInvestorABasitsnomineewithrespecttothe2015annual meeting.DuringthefiscalyearendedDecember31,2014,InvestorABoritsaffiliatespaidNasdaqapproximately$0.4 millionfordataproducts,issuerservicesandotherfeesintheordinarycourseofbusiness. InvestorABisanindustrialholdingcompanythatinvestsinothercompaniesintheordinarycourseofbusiness.Oneof InvestorAB’sportfoliocompaniesisSEB,afinancialservicescompany,whichisalenderunderNasdaq’screditfacilities andacustomerofNasdaq.DuringthefiscalyearendedDecember31,2014,NasdaqpaidSEBoritsaffiliates approximately$61.5millioninprincipalpayments,$0.4millionininterestpaymentsand$0.7millioninotherbanking fees.DuringthefiscalyearendedDecember31,2014,SEBoritsaffiliatespaidNasdaqapproximately$8.7millionfor transactionservices,dataproductsandotherfeesintheordinarycourseofbusiness. InvestorAB’sportfoliocompaniesalsoincludecertaincompaniesthatarelistedononeormoreoftheexchangesthat weoperate.DuringthefiscalyearendedDecember31,2014,theseentitiesortheiraffiliatesmadethefollowing approximatepaymentstoNasdaqforissuerservices,corporatesolutionsorotherservicesintheordinarycourseof business:ABBLtd.($0.4million),AstraZeneca($0.7million),AtlasCopcoAB($0.6million),ElectroluxAB($0.4million), EQTCorporation($0.2million),HusqvarnaAB($0.2million),RaptorPharmaceuticalCorp.($0.1million),SaabAB($0.3 million)andWärtsilä($0.2million).Inaddition,duringthefiscalyearendedDecember31,2014,wepaidProjectplace InternationalABoritsaffiliatesapproximately$0.2millionfortechnologyservicesintheordinarycourseofbusiness. OTHERGREATERTHAN5%STOCKHOLDERS Asoftherecorddate,MassachusettsFinancialServicesCompanyownedapproximately9.0%ofNasdaq’scommon stock.DuringthefiscalyearendedDecember31,2014,MassachusettsFinancialServicesoritsaffiliatespaidus approximately$0.3millionfordataproductsintheordinarycourseofbusiness. Asoftherecorddate,BlackRock,Inc.ownedapproximately6.8%ofNasdaq’scommonstock.Duringthefiscalyear endedDecember31,2014,BlackRockoritsaffiliatespaidusapproximately$3.0millionfortransactionservicesinthe ordinarycourseofbusiness. Asoftherecorddate,TheVanguardGroup,Inc.ownedapproximately5.1%ofNasdaq’scommonstock.Duringthe fiscalyearendedDecember31,2014,Vanguardoritsaffiliatespaidusapproximately$1.6millionfordataproducts, corporatesolutionsandotherservices,andwepaidVanguardoritsaffiliates$0.2millioninconnectionwiththe administrationofour401(k)Plan,allintheordinarycourseofbusiness. THENASDAQOMXGROUP,INC. /63 2015PROXYSTATEMENT SILVERLAKE GlennH.Hutchins,oneofourdirectors,isaCoͲFounderofSilverLake.SilverLakeisaprivateinvestmentfirmthat investsinothercompaniesintheordinarycourseofbusiness.DuringthefiscalyearendedDecember31,2014,we engagedinthefollowingtransactionswithcertainofSilverLake’sportfoliocompaniesortheiraffiliatesintheordinary courseofbusiness. • Avagopaidusapproximately$0.2millionforcorporatesolutions. • WepaidBlackLineSystemsapproximately$0.2millionforfinancialsoftware. • Dellpaidusapproximately$0.2millionforissuerservices,andwepaidDell$8.0millionforcomputer equipmentandrelatedservices. • InteractiveDataCorporationpaidusapproximately$13.2millionfordataproducts. • IPCSystemspaidusapproximately$0.2millionfortransactionservices. • MercuryPaymentSystemspaidusapproximately$0.1millionforissuerservicesandcorporatesolutions. • NXPSemiconductorspaidusapproximately$0.2millionforissuerservicesandcorporatesolutions. • SunGardpaidusapproximately$8.2millionfortransactionservicesanddataproducts. • VirtuFinancialpaidusapproximately$28.8millionfortransactionservicesanddataproducts. OTHERTRANSACTIONSWITHENTITIESAFFILIATEDWITHOURDIRECTORS JamesS.Riepe,oneofourformerdirectors,isaSeniorAdvisoratT.RowePriceGroup,Inc.,whichengagesintrading andothercommercialactivitieswithus.DuringthefiscalyearendedDecember31,2014,T.RowePriceoritsaffiliates paidusapproximately$0.4millionfortransactionservicesanddataproductsintheordinarycourseofbusiness. MichaelR.Splinter,oneofourdirectors,istheExecutiveChairmanoftheBoardofDirectorsofAppliedMaterials, whichengagesincommercialactivitieswithus.DuringthefiscalyearendedDecember31,2014,AppliedMaterialsor itsaffiliatespaidusapproximately$0.7millionforissuerservices. THENASDAQOMXGROUP,INC. /64 2015PROXYSTATEMENT HELPFULINFORMATION&ONLINERESOURCES QUESTIONSANDANSWERSABOUTOURANNUALMEETING 1. WhydidIreceivethisproxystatement? TheBoardissolicitingyourproxytovoteattheannualmeetingbecauseyouwereastockholderatthecloseof businessontherecorddateofMarch10,2015andyouareentitledtovoteatthemeeting. Theproxystatementsummarizestheinformationyouneedtoknowtovoteattheannualmeeting.Youdonot needtoattendtheannualmeetingtovoteyourshares. 2. HowdoIvote? Youcanvotebyanyofthefollowingmethods: x ByInternet.ThenoticeofInternetavailabilityofproxymaterialscontainsthewebsiteaddress (www.proxyvote.com)forInternetproxysubmission.Internetproxysubmissionisavailable24hoursaday until11:59p.m.(EDT)onMay5,2015.Youmustenteryourcontrolnumber,whichisprintedinthelowerright handcornerofthenoticeofInternetavailability,andyouwillbegiventheopportunitytoconfirmthatyour instructionshavebeenproperlyrecorded. x ByTelephone.IntheU.S.andCanada,youcanvoteyoursharesbycalling+18006906903.Telephoneproxy submissionisavailable24hoursadayuntil11:59p.m.(EDT)onMay5,2015.Whenyousubmitaproxyby telephone,youwillberequiredtoenteryourcontrolnumber.YouwillthenreceiveeasyͲtoͲfollowvoice promptsallowingyoutoinstructtheproxyholdershowtovoteyoursharesandtoconfirmthatyour instructionshavebeenproperlyrecorded.IfyouarelocatedoutsidetheU.S.orCanada,youshouldinstruct theproxyholdershowtovoteyoursharesbyInternetorbymail. x ByMail.Ifyouchoosetosubmitaproxybymailafterrequestingandreceivingprintedproxymaterials,simply complete,signanddateyourproxycardandreturnitinthepostageͲpaidenvelopeprovided. x InPersonattheAnnualMeeting.Allstockholdersmayvoteinpersonattheannualmeeting.Ifyouwishto attendtheannualmeeting,youwillneedtorequestanadmissionticketinadvance.Youcanrequestaticket byfollowingtheinstructionssetforthbelow. 3. WhatdoIneedtodotoattendtheannualmeeting? Ifyouwishtoattendtheannualmeeting,youmustbeastockholderontherecorddateandrequestanadmission ticketinadvancebyvisitingwww.proxyvote.comandfollowingtheinstructionsprovided(youwillneedthe12digit numberincludedonyourproxycard,voterinstructionformornotice).Ticketswillbeissuedonlytostockholders. Requestsforadmissionticketswillbeprocessedintheorderinwhichtheyarereceivedandmustberequestedno laterthan11:59p.m.(EDT)onMay5,2015.Pleasenotethatseatingislimitedandrequestsforticketswillbe acceptedonafirstͲcome,firstͲservedbasis. Atthemeeting,eachstockholderwillberequiredtopresentavalidpictureidentificationsuchasadriver’slicense orpassportwiththeiradmissionticket.IfyouareabeneficialownerofNasdaqsharesheldbyabank,brokeror othernominee,youalsowillneedproofofownershiptobeadmittedtothemeeting.Arecentbrokerage statementorletterfromthebank,brokerorothernomineeisanexampleofproofofownership.Ifyouwantto voteinpersonandyourNasdaqsharesareheldbyabank,brokerorothernominee,youwillhavetoobtaina proxy,executedinyourfavor,fromtheholderofrecord. Directionstotheannualmeetingareavailableonourwebsite(see“OnlineResources”onpage69).Cameras (includingcellphoneswithphotographiccapabilities),recordingdevicesandotherelectronicdeviceswillnotbe permitted.Youmayberequiredtoenterthroughasecuritycheckpointbeforebeinggrantedaccesstothe meeting. THENASDAQOMXGROUP,INC. /65 2015PROXYSTATEMENT Stockholdersmaysubmitquestionsinadvanceofthemeetingbyvisitingourstockholderforumat www.proxyvote.com. 4. Whatisthedifferencebetweenholdingsharesasastockholderofrecordandasabeneficialowner? Ifyoursharesareregistereddirectlyinyournamewithourregistrarandtransferagent,Computershare,youare considereda“stockholderofrecord”withrespecttothoseshares.Ifyoursharesareheldinabankorbrokerage account,youareconsideredthe“beneficialowner”ofthoseshares. 5.HowdoIcompletetheproxy? TheproxyprovidesthateachstockholdermayvotehisorherNasdaqshares“For”or“Against”or“Abstain”for individualnomineesandforeachoftheotherproposals.Whichevermethodyouselecttotransmityour instructions,theproxyholderswillvoteyoursharesasprovidedbythoseinstructions.IFYOUPROVIDEAPROXY WITHOUTSPECIFICVOTINGINSTRUCTIONS,YOURNASDAQSHARESWILLBEVOTEDBYTHEPROXYHOLDERS“FOR” THEELECTIONOFTHEDIRECTORSNAMEDINTHISPROXYSTATEMENT,“FOR”PROPOSALSII,III,ANDIVAND “AGAINST”PROPOSALV. IfyourNasdaqsharesareheldbyabroker,bankorothernomineethatdoesnothaveexpressauthoritytovoteon aparticularmatter,youwillreceiveinstructionsfromyournominee,whichyoumustfollowtohaveyourNasdaq sharesvoted.Thebroker,bankorothernomineemayvoteonlytheNasdaqsharesthatitholdsforyouasprovided byyourinstructions,subjecttocertainexceptionsdescribedbelow. 6. CanIchangemyvote? Youcanchangeyourvotebyrevokingyourproxyatanytimebeforeitisexercisedinoneofthreeways: • submitalaterdatedproxy(includingaproxysubmittedthroughtheInternet,bytelephoneorbyproxy card); • notifyNasdaq’sCorporateSecretary,JoanC.Conley,[email protected],thatyou arerevokingyourproxy;or • voteinpersonattheannualmeeting. IfyouareabeneficialownerofNasdaqsharesheldbyabank,brokerorothernominee,youwillneedtocontact thebank,brokerorothernomineetorevokeyourproxy. 7. HowmanyvotesdoIhave? Eachshareofcommonstockhasonevote,subjecttothevotinglimitationinourAmendedandRestatedCertificate ofIncorporationthatgenerallyprohibitsastockholderfromvotinginexcessof5%ofthetotalvotingpowerof Nasdaq. 8. Ismyvoteconfidential? Yourindividualvoteisconfidentialandwillnotbedisclosedtothirdparties.Proxies,ballotsandvotingtabulations arehandledonaconfidentialbasistoprotectyourvotingprivacy.Thisinformationwillnotbedisplayedexceptas requiredbylaw. 9. Whatconstitutesaquorum? Thepresenceoftheholdersofamajority(greaterthan50%)ofthevotesentitledtobecastatthemeeting constitutesaquorum.Presencemaybeinpersonorbyproxy.Youwillbeconsideredpartofthequorumifyou submitaproxybyInternet,bytelephoneorbyreturningasignedanddatedproxycard(ifproxymaterialsare requestedinprintedform)orifyouvoteinpersonattheannualmeeting.AbstentionsandbrokernonͲvotesare countedaspresentandentitledtovoteatthemeetingforpurposesofdeterminingaquorum. THENASDAQOMXGROUP,INC. /66 2015PROXYSTATEMENT 10.Whatvoteisrequiredtoelecteachdirector? Ourdirectorsareelectedbytheholdersofamajorityofvotescastatanymeetingfortheelectionofdirectorsat whichaquorumispresentandthereisanuncontestedelection.Eachofthe11nomineesmustreceivethe affirmativevoteoftheholdersofamajorityofthevotescastfortheelectionofdirectorstobedulyelectedtothe Boardinanuncontestedelection.Anysharesnotvoted,forexamplebyabstentionor,ifapplicable,brokernonͲ vote,willnotimpactthevote. 11.Whatvoteisrequiredtoapprovetheotherproposals? Theremainingproposalsrequireanaffirmativevoteoftheholdersofamajorityofthevotespresentinpersonor representedbyproxyatthemeetingandentitledtovoteonthematter.Abstentionshavetheeffectofavote againsttheseproposals.BrokernonͲvotes,ifapplicable,havenoeffectontheseproposals. Thestockholdervotetoapproveexecutivecompensationisanadvisoryvoteonlyand,therefore,theresultofthat votewillnotbebindingonourBoardorManagementCompensationCommittee.OurBoardandManagement CompensationCommitteewill,however,considertheoutcomeofthevotewhenevaluatingourexecutive compensationprograminthefuture. Thestockholderproposalisprecatory,meaningthatitrequeststhattheBoardtakeaspecificaction,and therefore,theresultsofthevoteonthatproposalwillnotbebindingontheBoard. 12.WhatisabrokernonͲvote? Ifyouareabeneficialownerwhosesharesareheldofrecordbyabroker,youmustinstructthebrokerhowtovote yourshares.Ifyoudonotprovidevotinginstructions,yourshareswillnotbevotedonanyproposalonwhichthe brokerdoesnothavediscretionaryauthoritytovote.Thisiscalleda“brokernonͲvote.”Theratificationofthe appointmentofErnst&YoungLLPasourregisteredindependentpublicaccountingfirmisconsidereda“routine” matter.Accordingly,brokersmayvotesharesonthisproposalwithoutyourinstructions,andtherewillbeno brokernonͲvoteswithrespecttothisproposal.Theotherproposalsareconsidered“nonͲroutine,”andbrokers cannotvotesharesontheseproposalswithoutyourinstructions. Ifyouholdyoursharesthroughabroker,itisimportantthatyoucastyourvoteifyouwantittocountonallofthe matterstobeconsideredattheannualmeetingotherthantheratificationoftheappointmentofourindependent registeredpublicaccountingfirm.Thus,ifyouholdyoursharesinstreetnameandyoudonotinstructyourbroker howtovoteonthesematters,novoteswillbecastonyourbehalf. 13. Whowillcountthevotes? BroadridgeFinancialSolutions,Inc.tabulatesthevotesandactsasinspectorofelections. 14. WherecanIfindtheresultsoftheannualmeeting? Preliminaryresultswillbeannouncedatthemeetingand,thereafter,finalresultswillbereportedinacurrent reportonForm8ͲK,whichisexpectedtobefiledwiththeSECwithinfourbusinessdaysafterthemeeting. 15. Whoispayingthecostsofthisproxysolicitation? Wewillpaythecostofsolicitingproxies.Proxiesmaybesolicitedonourbehalfbydirectors,officersoremployees (whowillnotreceiveanyadditionalcompensationforthesesolicitations),inpersonorbytelephone,electronic transmissionandfacsimiletransmission.Nasdaqwill,uponrequest,reimbursebrokers,banksandothernominees fortheirreasonableexpensesinsendingproxymaterialstotheirbeneficialowners/customersandobtainingtheir proxies.WehavehiredD.F.King&Co.,Inc.toassistinsolicitingproxiesatafeeof$8,500pluscostsandexpenses fortheseservices. THENASDAQOMXGROUP,INC. /67 2015PROXYSTATEMENT 16. Whatis“householding”andhowdoesitaffectme? NasdaqhasadoptedapracticeapprovedbytheSECknownas“householding”toreduceprintingandpostagefees forthemeetingnotice.“Householding”meansthatstockholderswhosharethesamelastnameandaddresswill receiveonlyonecopyofproxymaterials,unlesswereceiveinstructionstothecontraryfromanystockholderat thataddress.Ifyouprefertoreceivemultiplecopiesoftheproxymaterialsatthesameaddress,pleasecontactthe NasdaqInvestorRelationsDepartmentinwriting(Attention:EdwardDitmire,OneLibertyPlaza,49thFloor,New York,NewYork10006),byemail([email protected])orbytelephone(+12124018737). 17.Whoelseisentitledtovoteatthemeeting? Alistofholdersentitledtovoteattheannualmeetingwillbeavailableattheannualmeetingandforatleast10 dayspriortotheannualmeeting,betweenthehoursof9:00a.m.and5:00p.m.(EDT),atourprincipalexecutive offices,OneLibertyPlaza,50thFloor,NewYork,NewYork10006.Youmayarrangetoreviewthislistbycontacting Nasdaq’sCorporateSecretary,JoanC.Conley([email protected]). OTHERINFORMATION STOCKHOLDERCOMMUNICATIONWITHDIRECTORS Weregularlyengagewithourstockholderstodiscussexecutivecompensation,corporategovernanceandotherissues. StockholdersandotherpartiesinterestedincommunicatingdirectlywiththeBoard,theChairmanoftheBoard,other individualdirectorsorparticularNasdaqBoardCommitteesmaydosobyaddressingcorrespondencetotheintended recipientatthefollowingaddress. JoanC.Conley SeniorVicePresidentandCorporateSecretary TheNASDAQOMXGroup,Inc. 805KingFarmBoulevard Rockville,MD20850 Email:[email protected] Nasdaq’sCorporateSecretaryregularlyforwardsallcorrespondencetotheBoard,BoardmembersorCommittees.In addition,concernsrelatingtoaccounting,internalcontrolsorauditingmattersareimmediatelybroughttothe attentionofNasdaq’sInternalAuditDepartmentandOfficeofGeneralCounselandhandledinaccordancewith proceduresestablishedbytheAuditCommitteewithrespecttosuchmatters. SECFILINGSANDREPORTS OurannualreportonForm10ͲK,quarterlyreportsonForm10ͲQ,currentreportsonForm8ͲKandanyamendmentsto thosereportsareavailablefreeofchargeonourwebsite(see“OnlineResources”onpage69).Wewillfurnish,without charge,acopyoftheannualreportonForm10ͲK,includingthefinancialstatementsandfinancialstatement schedule,toanystockholderuponrequesttotheNasdaqInvestorRelationsDepartment,Attention:EdwardDitmire, OneLibertyPlaza,49thFloor,NewYork,NewYork10006,inwritingorbyemail([email protected]). STOCKHOLDERPROPOSALSANDNOMINATIONSOFDIRECTORS NasdaqstockholderswhowishtosubmitproposalspursuanttoRule14aͲ8oftheExchangeActforinclusioninthe proxystatementforNasdaq’s2016annualmeetingmustsubmitthemonorbeforeNovember28,2015tothe CorporateSecretaryandmustotherwisecomplywiththerequirementsofRule14aͲ8. Astockholderwhowishestonominateapersonforelectionasdirectoratanannualorspecialmeeting,ortointroduce anitemofbusinessatanannualmeeting,mustalsocomplywiththeproceduresspecifiedinNasdaq’sByͲLaws.Under THENASDAQOMXGROUP,INC. /68 2015PROXYSTATEMENT theseprocedures,astockholdermustsubmittheproposednomineeorproposeditemofbusinessbydeliveringa noticecontainingcertaininformation,assetforthintheByͲLaws,tobereceivedbyNasdaq’sCorporateSecretaryin accordancewiththefollowingtimeframes. • Inthecaseofanominationorproposeditemofbusinessforanannualmeeting,thenoticemustnormallybe deliverednotmorethan120norlessthan90dayspriortothefirstanniversaryoftheprioryear’smeeting. Assumingthe2016annualmeetingisheldaccordingtothisyear’sschedule,thenoticemustbedeliveredon orpriortothecloseofbusinessonFebruary6,2016,butnoearlierthanJanuary7,2016. • However,ifNasdaqholdsitsannualmeetingonadatethatismorethan30daysbeforeor70daysaftersuch anniversarydate,thenoticemustbedeliverednoearlierthan120dayspriortothedateoftheannual meetingnorlaterthanthelaterof(i)theninetiethdaypriortothedateoftheannualmeetingor(ii)thetenth dayfollowingthedayonwhichpublicannouncementofthedateofsuchmeetingisfirstmadebyNasdaq. • IfNasdaqholdsaspecialmeetingtoelectdirectors,thenoticewithrespecttothenominationofapersonfor electionasdirectormustbedeliverednoearlierthan120dayspriortothedateofthespecialmeetingnor laterthanthelaterof(i)theninetiethdaypriortothedateofthespecialmeetingor(ii)thetenthday followingthedayonwhichpublicannouncementofthedateofsuchmeetingandthenomineesproposedby theNasdaqBoardisfirstmadebyNasdaq. Inaddition,NasdaqstockholdersmayrecommendindividualsforconsiderationbytheNominating&Governance CommitteefornominationtotheNasdaqBoard.Holdersshouldsubmitsuchrecommendationsinwriting,together withanysupportingdocumentationtheholderdeemsappropriate,toNasdaq’sCorporateSecretarypriorto December31,2015. ONLINERESOURCES AmendedandRestatedCertificateofIncorporation http://nasdaq.cchwallstreet.com/NASDAQTools/PlatformViewer.asp?select ednode=chp_1_1_3&manual=%2Fnasdaq%2Fmain%2FnasdaqͲcorporg%2F AnnualReports http://ir.nasdaqomx.com/annuals.cfm AuditCommitteeCharter http://ir.nasdaqomx.com/documentdisplay.cfm?DocumentID=195 BoardofDirectorsDuties&Obligations http://files.shareholder.com/downloads/NDAQ/3905710385x0x242364/FC 621CDDͲC330Ͳ45CEͲ87E4Ͳ39DC5A071408/QOMXͲDutiesandObligations.pdf ByͲLawsofNasdaq http://nasdaq.cchwallstreet.com/NASDAQTools/PlatformViewer.asp?select ednode=chp_1_1_3_4&manual=%2Fnasdaq%2Fmain%2FnasdaqͲ corporg%2F CorporateGovernanceGuidelines http://ir.nasdaqomx.com/documentdisplay.cfm?DocumentID=191 CorporateSustainability http://www.nasdaqomx.com/aboutus/sustainability CorporateWebsite http://business.nasdaq.com/ ExecutiveCommitteeCharter http://ir.nasdaqomx.com/documentdisplay.cfm?DocumentID=197 InvestorRelations http://ir.nasdaqomx.com/ ManagementCompensationCommitteeCharter http://ir.nasdaqomx.com/documentdisplay.cfm?DocumentID=200 NasdaqCodeofConductfortheBoardofDirectors http://ir.nasdaqomx.com/documentdisplay.cfm?DocumentID=192 NasdaqCodeofEthics http://www.nasdaqomx.com/aboutus/sustainability/ethics NasdaqEducationalFoundation http://www.nasdaqomx.com/services/initiatives/educationalfoundation Nominating&GovernanceCommitteeCharter http://ir.nasdaqomx.com/documentdisplay.cfm?DocumentID=201 ProceduresforCommunicatingwiththeBoardof Directors http://ir.nasdaqomx.com/documentdisplay.cfm?DocumentID=574 SECFilingsandReports http://ir.nasdaqomx.com/sec.cfm THENASDAQOMXGROUP,INC. /69 2015PROXYSTATEMENT InaccordancewithrulesoftheSEC,insteadofmailingprintedcopiesofourproxymaterialstoeachstockholderof record,wearefurnishingtheproxymaterialsforthe2015annualmeetingbyprovidingaccesstothesedocuments ontheInternet.AnoticeofInternetavailabilityofproxymaterialsisbeingmailedtoourstockholders.Wefirst mailedordeliveredthisnoticeonoraboutMarch27,2015.ThenoticeofInternetavailabilitycontainsinstructions foraccessingandreviewingourproxymaterialsandsubmittingaproxyovertheInternet.Ourproxymaterialswere madeavailableatwww.proxyvote.comonthedatethatwefirstmailedordeliveredthenoticeofInternet availability.ThenoticealsowilltellyouhowtorequestourproxymaterialsinprintedformorbyeͲmail,atno charge.Thenoticecontainsacontrolnumberthatyouwillneedtosubmitaproxyforyourshares. THENASDAQOMXGROUP,INC. /70 2015PROXYSTATEMENT ANNEXA:RECONCILIATIONOFU.S.GAAPFINANCIAL MEASURESTONONͲGAAP Inthisproxystatement,wehaveprovidednonͲGAAPnetincomeattributabletoNasdaqandnonͲGAAPdiluted earningspershare.ManagementusesthisnonͲGAAPinformationinternally,alongwithU.S.GAAPinformation,in evaluatingourperformanceandinmakingfinancialandoperationaldecisions. Webelieveourpresentationofthesemeasuresprovidesinvestorswithgreatertransparencyandsupplementaldata relatingtoourfinancialconditionandresultsofoperations.Inaddition,webelievethepresentationofthesemeasures isusefultoinvestorsforperiodͲtoͲperiodcomparisonofresultsastheitemsdescribedbelowdonotreflectoperating performance.Thesemeasuresarenotinaccordancewith,oranalternativeto,U.S.GAAP,andmaybedifferentfrom nonͲGAAPmeasuresusedbyothercompanies.Investorsshouldnotrelyonanysinglefinancialmeasurewhen evaluatingourbusiness.WerecommendinvestorsreviewtheU.S.GAAPfinancialmeasuresincludedinthecompany’s auditedfinancialstatementsforthefiscalyearendedDecember31,2014includedinourannualreportonForm10ͲK. WhenviewedinconjunctionwithourU.S.GAAPresultsandtheaccompanyingreconciliation,webelievethesenonͲ GAAPmeasuresprovidegreatertransparencyandamorecompleteunderstandingoffactorsaffectingourbusiness thanU.S.GAAPmeasuresalone.Ourmanagementusesthesemeasurestoevaluateoperatingperformance,and managementdecisionsduringthereportingperiodaremadebyexcludingcertainitemsthatwebelievehaveless significanceon,ordonotimpact,thedayͲtoͲdayperformanceofourbusiness.Weunderstandthatanalystsand investorsregularlyrelyonnonͲGAAPfinancialmeasures,suchasnonͲGAAPnetincomeandnonͲGAAPdilutedearnings pershare,toassessoperatingperformance.WeusenonͲGAAPnetincomeattributabletoNasdaqandnonͲGAAP dilutedearningspersharebecausetheymoreclearlyhighlighttrendsinourbusinessthatmaynototherwisebe apparentwhenrelyingsolelyonU.S.GAAPfinancialmeasures,sincethesemeasureseliminatefromourresultsspecific financialitemsthathavelessbearingonouroperatingperformance.NonͲGAAPnetincomeattributabletoNasdaqfor theperiodspresentedbelowiscalculatedbyadjustingnetincomeattributabletoNasdaqforchargesorgainsrelated toacquisitionanddivestituretransactions,integrationactivitiesrelatedtoacquisitions,othersignificantinfrequent chargesorgainsandtheirrelatedincometaxeffectsthatarenotrelatedtoourcorebusiness.Wedonotbelievethese itemsarerepresentativeofourfutureoperatingperformancesincethesechargeswerenotconsistentwithourcore operatingperformance. THENASDAQOMXGROUP,INC. /71 2015PROXYSTATEMENT ThefollowingtablerepresentsreconciliationsbetweenU.S.GAAPnetincomeanddilutedearningspershareandnonͲ GAAPnetincomeanddilutedearningspershare: YEARENDED DECEMBER31,2014 NET INCOME YEARENDED DECEMBER31,2012 YEARENDED DECEMBER31,2013 DILUTED EARNINGSPER SHARE NET INCOME DILUTED EARNINGSPER SHARE NET INCOME DILUTED EARNINGSPER SHARE (inmillions,exceptshareandpershareamounts) U.S.GAAPnetincome attributabletoNasdaqand dilutedearningspershare $ 414 NonͲGAAPadjustments(1): Mergerandstrategic initiatives 81 0.47 Assetimpairmentcharges 49 Subleaselossreserve Extinguishmentofdebt $ 2.39 $ $ 2.25 $ 352 $ 2.04 22 0.13 4 0.02 0.28 14 0.08 40 0.23 11 0.07 – – – – 11 0.07 – – – – Speciallegalexpense 2 0.01 3 0.02 7 0.04 Restructuringcharges – – 9 0.05 44 0.26 Voluntaryaccommodation program – – 44 0.26 – – Gainonsaleofinvestment security – – (30) (0.18) – – SECmatter – – 10 0.06 – – Incomefromopenpositions relatingtotheoperations oftheexchange – – – – (11) (0.06) Lossondivestitureofbusiness – – – – 14 0.08 Other 2 – (3) (0.02) – – Adjustmenttotheincometax provisiontoreflectnonͲ GAAPadjustments(2) (72) (0.42) (13) (0.07) (32) (0.19) Significanttaxadjustments, net 1 0.01 4 0.02 14 0.08 TotalnonͲGAAP adjustments,netoftax 85 0.49 60 0.35 80 0.46 NonͲGAAPnetincome attributabletoNasdaqand dilutedearningspershare $ 499 2.88 $ 445 432 $ 2.50 WeightedͲaveragecommon sharesoutstandingfordiluted earningspershare $ 385 173,018,849 $ 2.60 171,266,146 $ 172,587,870 (1) PleaserefertoourannualreportonForm10ͲKforexplanationsofthesenonͲGAAPadjustments. (2) Wedeterminethetaxeffectofeachitembasedonthetaxrulesintherespectivejurisdictionwherethetransactionoccurred. THENASDAQOMXGROUP,INC. /72 2015PROXYSTATEMENT ANNEXB:PROPOSEDAMENDEDANDRESTATEDNASDAQECIP TheNASDAQOMXGroup,Inc. ExecutiveCorporateIncentivePlan (EffectiveJanuary1,2015) Article1. EstablishmentandPurpose 1.1 EstablishmentoftheECIP.TheNASDAQOMXGroup,Inc.,aDelawarecorporation(the“Company”or “Nasdaq”),herebyestablishesTheNASDAQOMXGroup,Inc.ExecutiveCorporateIncentivePlan(the“ECIP”orthe “Plan”). 1.2 Approval.UponapprovalbytheBoardofDirectors,theECIPshallbeeffectiveasofJanuary1,2015 (the“EffectiveDate”)andshallremainineffectuntilterminatedbytheBoard.Notwithstandinganythinghereintothe contrary,theECIPshallbenullandvoidifitisnotapproved,inaseparateaffirmativevoteoftheholdersofatleasta majorityofthesharesofthecommonstockoftheCompanycast,inpersonorbyproxy,atthefirststockholders’ meetingtooccurin2015.Oncesuchapprovalisobtained,ifapplicable,theECIPshallbefullyeffectiveasofthe EffectiveDate. 1.3 Purpose.ThepurposeoftheECIPistoattract,retain,andmotivatekeyexecutivesbyprovidingcash incentiveawardstodesignatedexecutivesoftheCompany,Subsidiaries,andaffiliates.TheECIPisdesignedtofurther linkanexecutive’sinterestswiththatofNasdaq’sstockholders.TheECIPisintendedtoprovidecashincentiveawards, contingentuponcontinuedemploymentandmeetingcertainCompanyandindividualbusinessunitperformancegoals, tocertainkeyexecutiveswhomakesubstantialcontributionstotheCompany.TheECIPalsoprovidesthatAwards reflectindividualperformance,subjecttoArticle5.AwardspaidundertheECIPareintendedtoqualifyasperformance basedcompensationdeductiblebytheCompanyunderthequalifiedperformancebasedexceptiontoSection162(m) oftheCode. Article2. Definitions AsusedintheECIP,thefollowingtermsshallhavethemeaningssetforthbelow: 2.1 “Award”meanstheactualawardearnedduringaPlanYearbyaParticipant,asdeterminedbythe CommitteefollowingtheendofthePlanYear. 2.2 “Board”meanstheBoardofDirectorsoftheCompany. 2.3 “Cause”means,unlessotherwisedefinedinanemploymentagreementbetweentheParticipantand theCompany,(i)theengagingbytheParticipantinwillfulmisconductthatisinjurioustotheCompanyoritsaffiliates, (ii)theembezzlementormisappropriationoffundsorpropertyoftheCompanyoritsaffiliatesbytheParticipant,or theconvictionoftheParticipantofafelonyortheentranceofapleaofguiltyornolocontenderebytheParticipantto afelony,(iii)thewillfulfailureorrefusalbytheParticipanttosubstantiallyperformhisorherdutiesorresponsibilities thatcontinuesafterbeingbroughttotheattentionoftheParticipant(otherthananysuchfailureresultingfromthe Participant’sincapacityduetoDisability),or(iv)theviolationbytheParticipantofanyrestrictivecovenantsentered intobetweentheParticipantandtheCompanyortheCompany’sCodeofConduct. 2.4 “Code”meanstheInternalRevenueCodeof1986,asamended,andanyfinaltreasuryregulations promulgatedthereunder. 2.5 “Committee”meanstheManagementCompensationCommitteeoftheBoard,whichCommitteehas beendesignatedbytheBoardto,amongotherthings,administertheECIP.TheCommitteeshallbecomposedofnot lessthantheminimumnumberofpersonsfromtimetotimerequiredbySection16oftheSecuritiesExchangeActof 1934,asamended,andSection162(m)oftheCode,eachofwhom,totheextentnecessarytocomplywithSection16 andSection162(m)only,isa“NonͲEmployeeDirector”andan“OutsideDirector”withinthemeaningofSection16and Section162(m),respectively,andtheminimumnumber,ifany,requiredbylistingrulesofTheNasdaqStockMarket. 2.6 “Company”meansTheNASDAQOMXGroup,Inc.,aDelawarecorporation(includinganySubsidiaries designatedtoparticipateintheECIP),andanysuccessorthereto. THENASDAQOMXGROUP,INC. /73 2015PROXYSTATEMENT 2.7 “Disability”means,unlessotherwisedefinedinanemploymentagreementbetweentheParticipant andtheCompany,adisabilitythatwouldqualifyassuchundertheCompany’sthencurrentlongͲtermdisabilityplan. 2.8 “IndividualAward”meansthetargetawardestablishedforeachParticipantunderArticle5oftheECIP. 2.9 “Participant”meansanactiveemployeeoftheCompany,oraSubsidiary,whoisemployedinan executivecapacity,anddesignatedbytheCommitteetoparticipateintheECIPduringaPlanYear. 2.10 “PaymentDate”meansthedateuponwhichanAwardshallbepaidoutinaccordancewithArticle6. 2.11 “PerformanceGoals”meansthegoalsselectedbytheCommitteeforanyPlanYearbasedupononeor moreofthePerformanceMeasures,assetforthinArticle5oftheECIP. 2.12 “PerformanceMeasures”means,unlessanduntiltheCommitteeorBoardproposesforstockholder voteandstockholdersapproveachangeinthegeneralPerformanceMeasuressetforthherein,theperformance criteriauponwhichthePerformanceGoal(s)foraparticularPerformancePeriodarebased;theperformancecriteria shallbelimitedtoanyoneormoreofthefollowingPerformanceMeasures: (a) Earningsbeforeinterestandtaxes; (b) Earningsbeforeinterest,taxes,depreciationandamortization; (c) EarningsperShare; (d) Operatingincome,netincome,netincomefromoperations,revenues,netrevenuesornet exchangerevenues(beforeoraftertaxes,andwhichmaytakeintoaccountorexcludetheeffect ofnonͲrecurringorextraordinarychargesand/orexpenses); (e) Operatingorprofitmarginornetprofit(beforeoraftertaxes,andwhichmaytakeintoaccount orexcludetheeffectofnonͲrecurringorextraordinarychargesand/orexpenses); (f) Revenuegrowth; (g) Sharepriceortotalshareholderreturn; (h) Marketshare; (i) Returnmeasures(includingwithoutlimitationreturnonassetsornetassets,capital,revenue, netrevenue,incomeornetincome); (j) Cashflow(includingwithoutlimitationoperatingcashflowand/orfreecashflow); (k) Adherencetobudgetorexpensetargets; (l) Planningaccuracy(asmeasuredbycomparingplannedresultstoactualresults); (m)Objectivelydeterminableeffectiveness,efficiency,businessretention/expansion,business supportorotheroperationalorsupportgoals;and (n) Businesseffectivenesssurveyresultsorobjectivelydeterminableemployeeengagementor developmentgoals. AnyPerformanceMeasure(s)maybeusedtomeasuretheperformanceoftheCompanyasawholeorany businessunit,division,departmentorfunctionoftheCompanyoranySubsidiary,eitherindividually,alternativelyorin anycombination,andmeasuredoveraperiodoftimeincludinganyportionofayear,annuallyorcumulativelyovera periodofyears,calculatedbasedonU.S.generallyacceptedaccountingprinciples(GAAP)oronanonͲGAAPbasis,and onanabsolutebasisorrelativetoapreͲestablishedtarget,toapreviousyear’sorperiod’sresultsortoadesignated comparisongrouporcompanyorstockmarketindex,ineachcaseasspecifiedbytheCommittee. 2.13 “PerformancePeriod”means,inrelationtoanyAward,thePlanYearorotherperiodforwhicha Participant’sperformanceisbeingcalculated,witheachsuchperiodconstitutingaseparatePerformancePeriod. 2.14 “PlanYear”meanstheCompany’sfiscalyear,whichcommenceseachJanuary1standconcludeseach December31st. 2.15 “Retirement”means,unlessotherwisedefinedinanemploymentagreementbetweentheParticipant andtheCompany,aParticipantwhoiseligibletoretirefromtheCompanyoranAffiliateunderthetermsofanytax THENASDAQOMXGROUP,INC. /74 2015PROXYSTATEMENT qualifiedCompanyretirementplanor,ifaParticipantisnotcoveredbyanysuchplan,retirementonoraftersuchdate asofwhichtheParticipanthasbothattainedtheageof55yearsandhas10yearsofemploymentwiththeCompany andterminateshisemploymentwiththeCompanyotherthanforCauseordeath. 2.16 “Shares”meanssharesofthecommonstock,$0.01parvalue,oftheCompany,orsuchothersecurities oftheCompanyasmaybedesignatedbytheCommitteefromtimetotime. 2.17 “Subsidiary”hasthemeaningsetforthinSection424(f)oftheCode. Article3. 3.1 Administration TheECIPAdministrator.TheCommitteeshalladministertheECIP. 3.2 AdministrationoftheECIP.TheCommittee,initssolediscretion,shalldetermineeligibilityfor participationintheECIP,establishtheIndividualAwardswhichmaybeearnedbyeachParticipant(whichmaybe expressedintermsofdollaramount,percentageofsalaryoranyothermeasurement,andwhichmayhave,butarenot requiredtohave,threshold,targetandmaximumpayouts),establishthetermsandconditionsofeachAward(including thePerformancePeriodandPerformanceGoal(s)andPerformanceMeasure(s)tobeutilizedforeachParticipant, whichmaybebasedonindividual,Company,Subsidiaryand/orbusinessunitperformance),calculate,determineand certifyeachParticipant’slevelofattainmentofsuchPerformanceGoalsorothertermsandconditions,andcalculate theAwardforeachParticipantbaseduponsuchlevelofattainment.Exceptasotherwisehereinexpresslyprovided, fullpowerandauthoritytoconstrue,interpret,andadministertheECIPshallbevestedintheCommittee,including withoutlimitationtocorrectanydefect,supplyanyomissionorreconcileanyinconsistencyorconflictinthePlanor anyawardunderthePlan.TheCommitteehasthepowertoamendorterminatetheECIPasfurtherdescribedherein. TheCommitteemayatanytimeadoptsuchrules,regulations,policies,orpractices,as,initssolediscretion,itshall determinetobenecessaryorappropriatefortheadministrationof,ortheperformanceofitsrespectiveresponsibilities under,theECIP.TheCommitteemayatanytimeamend,modify,suspend,orterminatesuchrules,regulations, policies,orpractices. 3.3 DecisionsBinding.AlldeterminationsanddecisionsoftheCommitteeastoanydisputedquestion arisingundertheECIP,includingquestionsofconstructionandinterpretation,shallbefinal,binding,andconclusive uponallparties. 3.4 NoLiabilitytoCommitteeMembers.NomemberoftheCommitteeshallbepersonallyliablebyreason ofanycontractorotherinstrumentrelatedtotheECIPexecutedbysuchmemberoronhisorherbehalfinhisorher capacityasamemberoftheCommittee,norforanymistakeofjudgmentmadeingoodfaith,andtheCompanyshall indemnifyandholdharmlesseachemployee,officer,ordirectoroftheCompanytowhomanydutyorpowerrelating totheadministrationorinterpretationoftheECIPmaybeallocatedordelegated,againstanycostorexpense (includinglegalfees,disbursementsandotherrelatedcharges)orliability(includinganysumpaidinsettlementofa claimwiththeapprovaloftheBoard)arisingoutofanyactoromissiontoactinconnectionwiththeECIPunlessarising outofsuchperson’sownfraudorbadfaith. 3.4.1 Theforegoingrightofindemnificationshallnotbeexclusiveofanyotherrightsof indemnificationtowhichsuchpersonsmaybeentitledundertheCompany’sAmendedandRestatedCertificateof IncorporationorByͲLaws,asamatteroflaw,orotherwise,oranypowerthattheCompanymayhavetoindemnify themorholdthemharmless. Article4. EligibilityandParticipation 4.1 Eligibility.OnlyactiveemployeesoftheCompanyanditsparticipatingSubsidiarieswhoareemployed inanexecutivecapacitymaybeeligibletoparticipateintheECIPandreceiveAwardshereunder. 4.2 Participation.OnlyeligibleindividualswhoarechosenanddesignatedbytheCommitteetoparticipate intheECIPwithrespecttoanygivenPlanYearorotherPerformancePeriodmayparticipateintheECIPforthatPlan YearorotherPerformancePeriod.TheChiefExecutiveOfficer(“CEO”)oftheCompany,andsuchotherpersonsasthe CEOmaydesignate,shallrecommendtotheCommitteeemployees(whomayincludesuchrecommendingperson)for selectionasParticipants.Suchdesignatedemployeesshallbesonotifiedinwritingorviaelectroniccommunication,as THENASDAQOMXGROUP,INC. /75 2015PROXYSTATEMENT soonasispracticableafterselection.TheCommitteemayaddtoordeleteindividualsfromthelistofdesignated Participantsatanytimeandfromtimetotime,atitssolediscretion. 4.3 NoRighttoParticipate.NoParticipantshallatanytimehavearighttobeselectedforparticipationin theECIPforanyPerformancePeriod,despitehavingpreviouslyparticipatedintheECIP. Article5. AwardDetermination 5.1 Targets,InGeneral.AtthebeginningofeachPerformancePeriod,butnotlaterthanthe90thdayofthe PerformancePeriod,theCommitteeshallestablishIndividualAwardsforeachParticipant,paymentofwhichshallbe conditioneduponsatisfactionofspecificPerformanceGoalsforthePerformancePeriodestablishedbytheCommittee inwritinginadvanceofthePerformancePeriod,orwithinsuchperiodasmaybepermittedbyregulationsissuedunder Section162(m)oftheCode.Notwithstandingtheforegoing,foranyPerformancePeriodoflessthanoneyear,the Committeeshalltaketheforegoingactionspriortothelapseof25%ofthePerformancePeriod.Thepaymentofan Award,ifany,shallbebaseduponthedegreeofachievementofthePerformanceGoals;provided,however,thatthe Committeemay,initssolediscretion,reducesomeoralloftheamountwhichwouldotherwisebepayablewith respecttoanAward.TheCommitteeshallnotuseitsdiscretionaryauthoritytoincrease,directlyorindirectly,the amountofapaymenttoanyParticipantabovethemaximumIndividualAwardawardedforsuchPerformancePeriod. 5.1.1 TheCommittee,initssolediscretion,mayalsoestablishsuchotheradditionalrestrictionsor conditionsthatmustbesatisfiedasaconditionprecedenttothepaymentofalloraportionofanyAward.Such additionalrestrictionsorconditionsshallbeestablishednolaterthanthedatetheCommitteedeterminesthe PerformanceGoal(s)foraPerformancePeriod.SuchadditionalrestrictionsorconditionsneednotbeperformanceͲ basedandmayinclude,amongotherthings,thereceiptbyaParticipantofaspecifiedannualperformancerating,a vestingrequirementofcontinuedemploymentbytheParticipantuntiladatewhichmaybebeyondtheendofa PerformancePeriod,and/ortheachievementofspecifiedperformancegoalsbytheCompany,businessunitor Participant. 5.2 PerformanceGoals.ThePerformanceGoalsestablishedbytheCommitteeforaPerformancePeriod shallbebasedononeormorePerformanceMeasures. 5.2.1 TheCommitteeisauthorized,initssoleandabsolutediscretion,toadjustormodifythe calculationofaPerformanceGoalforaPerformancePeriodtoincludeorexcludetheeffectofanyoneormoreofthe followingoccurrencesthatoccurduringaPerformancePeriod: (a) assetwriteͲdowns; (b) significantlitigationorclaimjudgmentsorsettlements; (c) theeffectofchangesintaxlaws,accountingstandardsorprinciples,orotherlawsorregulatory rulesaffectingreportedresults; (d) anyreorganizationandrestructuringprograms,includingwithoutlimitationtheinternal restructuringofdepartmentsorunitsorfunctionswithintheCompanythatsignificantlyaffect expenseand/orbudgettargetsuponwhichaPerformanceMeasureisbased; (e) extraordinarynonrecurringitemsasdescribedinAccountingStandardCodificationTopic225 (formerlyStatementofFinancialAccountingStandards145)(oranysuccessorpronouncement thereto)and/orinmanagement’sdiscussionandanalysisoffinancialconditionandresultsof operationsappearingintheCompany’sannualreporttostockholdersfortheapplicableyearor period; (f) acquisitions,divestituresorsalesofsignificantassets; (g) anyotherspecificunusualornonrecurringevents,orobjectivelydeterminablecategorythereof; (h) foreignexchangegainsandlosses;and (i) achangeintheCompany’sfiscalyear. SuchinclusionorexclusionshallbeprescribedinaformthatmeetstherequirementsofCodeSection162(m)for deductibility. THENASDAQOMXGROUP,INC. /76 2015PROXYSTATEMENT 5.2.2 Intheeventthatapplicabletaxand/orsecuritieslawschangetopermitCommitteediscretion toalterthegoverningPerformanceMeasureswithoutobtainingstockholderapprovalofsuchchanges,theCommittee shallhavesolediscretiontomakesuchchangeswithoutobtainingstockholderapproval. 5.3 PaymentofAwards.AtthetimethePerformanceGoalsareestablished,theCommitteeshallprescribe aformulatodeterminethepercentageoftheIndividualAward,whichmaybepayablebaseduponthedegreeof attainmentofthePerformanceGoalsduringthePlanYear.IftheminimumPerformanceGoalsestablishedbythe Committeearenotmet,nopaymentwillbemadetoanyParticipant.Totheextentthattheminimumortarget PerformanceGoalsaresatisfiedorsurpassed,anduponwrittencertificationbytheCommitteethatthePerformance Goalshavebeensatisfiedtoaparticularextent,paymentoftheAwardshallbemadeinaccordancewiththeprescribed formulabaseduponapercentageoftheIndividualAwardunlesstheCommitteedetermines,initssolediscretion,to reducethepaymenttobemade. 5.4 MaximumAward.ThemaximumIndividualAwardpayabletoanyParticipantforanyPerformance Periodofoneyearormoreshallnotexceedthegreaterof3%oftheCompany’sbeforetaxnetincomeor$3million. TheforegoingmaximumannuallimitshallbeproratedwithrespecttoanyindividualAwardpayablewithrespecttoa PerformancePeriodthatisshorterthanoneyear. Article6. PaymentofAwards 6.1 FormandTimingofPayment.EachParticipant’sAwardshallbepaidinone(1)lumpsumcash payment,nolaterthanMarch15afterthecloseofthePlanYearinwhichthePerformancePeriodwithrespecttothe Awardends(suchdatebeinghereinafterreferredtoasthe“PaymentDate”). 6.1.1 NotwithstandingSection6.1above,intheeventtheCommitteehad,atthetimetheAward wasmade,imposedavestingrequirementofcontinuedemploymentuntilaspecifieddateafterthePerformance PeriodbeforetheAwardcanbepaid,theAwardshallbepaidassoonaspracticableafterthelasttooccurof(i)the PaymentDatedescribedinSection6.1,or(ii)thevestingdate,butinnoeventlaterthanMarch15followingtheclose ofthePlanYearinwhichthelaterof(i)or(ii)occurs. 6.2 UnsecuredInterest.NoParticipantoranyotherpartyclaiminganinterestinamountsearnedunder theECIPshallhaveanyinterestwhatsoeverinanyspecificassetoftheCompany.Totheextentthatanypartyacquires arighttoreceivepaymentsundertheECIP,suchrightshallbeequivalenttothatofanunsecuredgeneralcreditorof theCompany. 6.3 ActiveEmployment.ExceptasprovidedinArticle7,noAwardshallbepaidtoanyParticipantwhois notanactiveemployeeoftheCompanyoroneofitsSubsidiariesonthelastdayoftheapplicablePerformancePeriod andonthePaymentDateorsuchlaterdateasestablishedinaccordancewithparagraph6.1.1. Article7. TerminationofEmployment 7.1 TerminationofEmploymentDuetoDeath,Disability,orRetirement.IntheeventaParticipant’s employmentisterminatedbyreasonofdeath,Disability,orRetirement,theAwarddeterminedinaccordancewith Section5.3hereinshallbereducedtoreflectpartialparticipationduringthePerformancePeriodthroughthedateof suchtermination,providedandsubjecttotheCommittee’scertificationthat,withrespecttoaterminationof employmentduetoRetirement,theapplicablePerformanceGoal(s)forthePerformancePeriodhavebeenmet.A reducedAwardshallbedeterminedbymultiplyingsaidAwardbyafraction:thenumeratorofwhichshallbethe numberofdaysofemploymentinthePerformancePeriodthroughthedateofemploymenttermination,andthe denominatorofwhichshallbethetotalnumberofdaysinthePerformancePeriod.InthecaseofaParticipant’s Disability,theemploymentterminationshallbedeemedtohaveoccurredonthedatethattheCommitteedetermines theParticipanttobeDisabled.ThereducedAwardthusdeterminedshallbepaidonthePaymentDatewithrespectto thePerformancePeriodastowhichsuchAwardrelatestotheParticipantorhisbeneficiaryinaccordancewithArticle9 hereof. 7.2 TerminationofEmploymentforOtherReasons.IntheeventaParticipant’semploymentisterminated foranyreasonotherthandeath,Disability,orRetirement,alloftheParticipant’srightstoanAwardforthe PerformancePeriodtheninprogressshallbeforfeited.However,theCommittee,initssolediscretion,maypaya THENASDAQOMXGROUP,INC. /77 2015PROXYSTATEMENT proratedAwardfortheportionofthePerformancePeriodthattheParticipantwasemployedbytheCompany, computedasdeterminedbytheCommittee,providedandsubjecttotheCommittee’scertificationthattheApplicable PerformanceGoal(s)forthePerformancePeriodhavebeenmet.ThereducedAwardthusdeterminedshallbepaidon thePaymentDatewithrespecttothePerformancePeriodastowhichsuchAwardrelates.Notwithstandingthe foregoing,intheeventaParticipantisterminatedforCause,theParticipantshallinalleventsforfeitanyAwardnot alreadypaid. Article8. RightsofParticipants 8.1 Employment.TheCompanyintendsthattheAwardsprovidedundertheECIPbeatermofemployment andapartofeachParticipant’scompensation.ParticipationintheECIPshallnotconstituteanagreement(a)ofthe Participanttoremainintheemployofandtorenderhis/herservicestotheCompany,or(b)oftheCompanyto continuetoemploysuchParticipant,andtheCompanymay,subjecttoanyapplicableemploymentagreement, terminatetheemploymentofaParticipantatanytimewithorwithoutcause. 8.2 Nontransferability.NorightorinterestofanyParticipantintheECIPshallbeassignableor transferable,orsubjecttoanylien,directly,byoperationoflaworotherwise,including,butnotlimitedto,execution, levy,garnishment,attachment,pledge,andbankruptcy. Article9. BeneficiaryDesignationandPaymenttoPersonsOtherThantheParticipant 9.1 BeneficiaryDesignation.EachParticipantundertheECIPmay,fromtimetotime,nameanybeneficiary orbeneficiaries(whomaybenamedcontingentlyorsuccessively)towhomanybenefitundertheECIPistobepaidin caseofhisdeathbeforehereceivesanyorallofsuchbenefit.Eachdesignationwillrevokeallpriordesignationsbythe sameParticipant,shallbeinaformprescribedbytheCommittee,andwillbeeffectiveonlywhenfiledbythe ParticipantinwritingwiththeCommitteeduringhislifetime.Intheabsenceofanysuchdesignation,benefits remainingunpaidattheParticipant’sdeathshallbepaidtotheParticipant’sestate. 9.2 Incapacity.IftheCommitteeshallfindthatanypersontowhomanyamountispayableundertheECIP isunabletocareforhisaffairsbecauseofincapacity,illnessoraccident,orisaminor,orhasdied,thenanypayment duetosuchpersonorhisestate(unlessapriorclaimthereforehasbeenmadebyadulyappointedlegal representative)may,iftheCommitteesodirects,bepaidtohisspouse,achild,arelative,aninstitutionmaintainingor havingcustodyofsuchperson,oranyotherpersondeemedbytheCommittee,initssolediscretion,tobeaproper recipientonbehalfofsuchpersonotherwiseentitledtopayment.Anysuchpaymentshallbeacompletedischargeof theliabilityoftheCompanytherefor. Article10. Amendments TheCommitteemayamend,suspendorterminatetheECIPatanytime;providedthatnoamendmentmaybe madewithouttheapprovaloftheCompany’sstockholdersiftheeffectofsuchamendmentwouldbetocause outstandingorpendingAwardstoceasetoqualifyfortheperformanceͲbasedcompensationexceptiontoSection 162(m)oftheCode.NotwithstandingtheforegoingoranyprovisionoftheECIPtothecontrary,theCommitteemayat anytime(withouttheconsentoftheParticipant)modify,amendorterminateanyorallprovisionsofthisECIPtothe extentnecessarytoensurethatpaymentsundertheECIParenot“deferredcompensation”subjecttoSection409Aof theCode(or,alternatively,conformtotherequirementsofSection409AoftheCode). Article11. Miscellaneous 11.1 GoverningLaw.Thevalidity,construction,andeffectoftheECIPandanyrulesandregulationsrelating totheECIPandanyAwardshallbedeterminedinaccordancewiththelawsoftheStateofDelawarewithoutgiving effecttotheconflictoflawprinciplesthereof. 11.2 WithholdingTaxes.TheCompanyshalldeductfromallpaymentsundertheECIPanyfederal,state, localorothertaxesrequiredbylawtobewithheldwithrespecttosuchpayments. 11.3 GenderandNumber.Exceptwhereotherwiseindicatedbythecontext,anymasculinetermused hereinalsoshallincludethefeminine;thepluralshallincludethesingular,andthesingularshallincludetheplural. THENASDAQOMXGROUP,INC. /78 2015PROXYSTATEMENT 11.4 Severability.IntheeventanyprovisionoftheECIPshallbeheldillegalorinvalidforanyreason,the illegalityorinvalidityshallnotaffecttheremainingpartsoftheECIP,andtheECIPshallbeconstruedandenforcedasif theillegalorinvalidprovisionhadnotbeenincluded. 11.5 RightsNotTransferable.AParticipant’srightsundertheECIPmaynotbeassigned,pledgedor otherwisetransferredexcept,intheeventoftheParticipant’sdeath,totheParticipant’sdesignatedbeneficiaryor,in theabsenceofsuchadesignation,bywillorbythelawsofdescentanddistribution. 11.6 CostsoftheECIPandUnfundedPlan.AllcostsofimplementingandadministeringtheECIPshallbe bornebytheCompany.Participantsshallhavenoright,title,orinterestwhatsoeverinortoanyinvestmentswhichthe CompanymaymaketoaiditinmeetingitsobligationsundertheECIP.NothingcontainedintheECIP,andnoaction takenpursuanttoitsprovisions,shallcreateorbeconstruedtocreateatrustofanykind,orafiduciaryrelationship betweentheCompanyandanyParticipant,beneficiary,legalrepresentativeoranyotherperson.Totheextentthat anypersonacquiresarighttoreceivepaymentsfromtheCompanyundertheECIP,suchrightshallbenogreaterthan therightofanunsecuredgeneralcreditoroftheCompany.Allpaymentstobemadehereundershallbepaidfromthe generalfundsoftheCompanyandnospecialorseparatefundshallbeestablishedandnosegregationofassetsshallbe madetoassurepaymentofsuchamountsexceptasexpresslysetforthintheECIP. TheECIPisnotintendedtobesubjecttotheEmployeeRetirementIncomeSecurityActof1974,asamended. 11.7 RetirementPlansandWelfareBenefitPlans.Exceptasspecifiedintheemployeebenefitplanin question,AwardsundertheECIPwillnotbeincludedas“compensation”forpurposesoftheCompany’sretirement plans(bothqualifiedandnonqualified)orwelfarebenefitplans. 11.8 Nonexclusively.TheadoptionoftheECIPshallnotbeconstruedascreatinganylimitationsonthe poweroftheBoardorCommitteetoadoptsuchothercompensationarrangements,asitmaydeemdesirableforany Participant. 11.9 Successors.AllobligationsoftheCompanyundertheECIPwithrespecttoIndividualAwardsand AwardsgrantedhereundershallbebindinguponanysuccessortotheCompany,whethertheexistenceofsuch successoristheresultofadirectorindirectpurchase,merger,consolidation,orotherwise,ofallorsubstantiallyallof thebusinessand/orassetsoftheCompany. 11.10 Interpretation.TheECIP,theIndividualAwards,andAwardsaredesignedand,totheextent determinedbytheCommittee,initssolediscretion,intendedtocomplywithCodeSection162(m),andallprovisions hereofshallbeconstruedinamannertosocomply. 11.11 ClawbackPolicy.ParticipantsandAwardsgrantedhereundermaybesubjecttotheCompany’s incentiverecoupmentpolicy. 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