Cboe Global Markets,

CBOE
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CBOE GLOBAL MARKETS, INC. : Change in Directors or Principal Officers, Financial Statements and Exhibits (form 8-K)

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02/14/2020 | 11:29 pm

Item 5.02. Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.






CEO Employment Agreement




Cboe Global Markets, Inc. (the "Company") entered into an amended and restated
employment agreement, dated February 11, 2020 (the "Agreement"), with Edward T.
Tilly
, the Chairman, President and Chief Executive Officer of the Company. The
material changes from Mr. Tilly's prior employment agreement, which was dated
May 16, 2019, include:



(a) establishing a new employment term lasting until December 31, 2022, which
term will continue to be subject to automatic subsequent one-year renewal
periods in the absence of notice from the parties (each a "Renewal Period");



(b) providing for an annual base salary of $1,265,000, a 2020 target annual
bonus of $2,087,250 payable in cash, and a 2020 target annual equity incentive
compensation award with a value of $4,700,000;



(c) in the event of Mr. Tilly's termination without cause or Mr. Tilly's
termination for good reason, providing for, in addition to the other benefits
previously disclosed, vesting in full (not pro-rata) of Mr. Tilly's then
outstanding performance-based restricted stock unit awards ("PSUs") at actual
performance achieved; and



(d) in the event of Mr. Tilly's voluntary termination without good reason,
providing for: (i) payment of accrued but unpaid base salary through the date of
termination; (ii) if not already paid prior to termination, payment of bonus
equal to the bonus that Mr. Tilly would have received for the calendar year
prior to which termination occurs, based on actual performance; (iii) if
termination is on or after January 1, 2023, vesting in full (not pro-rata) of
outstanding PSUs granted prior to January 1, 2023, at actual performance
achieved; and (iv) if termination is after the completion of a Renewal Period,
vesting in full (not pro-rata) of outstanding PSUs granted during such Renewal
Period, at actual applicable performance achieved.



The foregoing description of the Agreement is only a summary and is qualified in
its entirety by the full text of the Agreement, which is filed as Exhibit 10.1
to this Current Report on Form 8-K and incorporated herein by reference.






CEO Award Agreements




On February 11, 2020, the Board of Directors of the Company approved forms of
Performance-Based Restricted Stock Unit Award Agreements (the "Award
Agreements") for Mr. Tilly expected to be granted under the Second Amended and
Restated Cboe Global Markets, Inc.
(f/k/a CBOE Holdings, Inc.) Long-Term
Incentive Plan. The material changes from Mr. Tilly's outstanding granted PSUs,
include:



(a) in the event of Mr. Tilly's retirement or voluntary termination of service
on or after January 1, 2023, providing for vesting in full (not pro-rata) at
actual performance achieved; and



(b) in the event of Mr. Tilly's termination without cause or Mr. Tilly's
termination for good reason at any time, providing for vesting in full (not
pro-rata) at actual performance achieved.



The foregoing description of the Award Agreements is only a summary and is
qualified in its entirety by the full text of the Award Agreements, which are
filed herewith as Exhibits 10.2 and 10.3 and are incorporated herein by
reference.



ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.






(d) Exhibits




10.1 Employment Agreement, by and between Cboe Global Markets, Inc. and Edward



T. Tilly, dated February 11, 2020 (filed herewith).*





10.2 Form of 2020 Restricted Stock Unit Award Agreement for Edward T. Tilly



(relative total shareholder return) (filed herewith).*





10.3 Form of 2020 Restricted Stock Unit Award Agreement for Edward T. Tilly



(earnings per share) (filed herewith).*





104Cover Page Interactive Data File (the cover page XBRL tags are embedded in
the Inline XBRL document).



*Indicates Management Compensatory Plan, Contract or Arrangement.

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