Preview | Employment Agreement |

EMPLOYMENT AGREEMENT dated as of May 3, 2004 by and between NYMEX HOLDINGS, INC. and NEW YORK MERCANTILE EXCHANGE, INC. each having its principal place of business at One North End Avenue, New York, New York 10282 (collectively, the “Company”), and Sean Keating (the “Employee”) an individual residing at 139 Woods End, Basking Ridge NJ 07920

WHEREAS, the parties wish to state the terms on which the Employee is employed by the Company;

NOW, THEREFORE, in consideration of the mutual covenants, representations and acknowledgements contained in this Agreement, the parties agree as follows:

1. Term. Subject to a six (6) month probationary period (the “Probationary Period”), the Company hereby employs the Employee, and the Employee hereby accepts such employment, for a term commencing on May 3, 2004 and ending on May 3, 2007, unless sooner terminated in accordance with the provision of Section 4 or Section 5 (the “Initial Term”). There shall be no extension of this Agreement other than by written instrument executed by both parties hereto. If Company seeks to extend the Agreement, Company and Employee shall make good faith efforts to negotiate an extension of this Agreement no later than sixty (60) days prior to the expiration of the Initial Term. Any such renewal of this Agreement shall be referred to herein as an “Extension Term”. The period during which the Employee is employed hereunder, including the Initial Term and any Extension Term, shall be hereinafter referred to as the (“Term”).

2. Duties. During the Term, the Employee shall be employed by the Company in the position of Senior Vice President/ Clearing Department and, as such, the Employee shall faithfully perform for the Company the duties of said office and shall perform such other duties, as shall be specified and designated from time to time by the Company. In the performance of his duties, Employee shall have reporting obligation to the President of the Company or his designee. The Employee shall devote substantially all of his business time and effort to the performance of his duties hereunder. The Employee shall conduct duties primarily from New York City, New York. The Company acknowledges that Employee’s title and position of Senior Vice President/Clearing Department shall be an officer position pursuant to the by-laws of the Company.

3. Compensation.

3.1 Salary. The Company shall pay the Employee during the Term a salary at the rate of $225,000 per year (the “Annual Salary”). The Employee’s salary will be reviewed at such times and in such manner as reviews given to employees in similar positions as the Employee.

3.2 Bonus. In addition to the Annual Salary for each calendar year ending during the Term of this Agreement, the Employee will be eligible to receive an annual bonus (the “Annual Bonus”) in the sole discretion of the Company. Any such bonus shall be paid at such times and in such manner as bonuses given to employees in similar positions as the Employee.

3.3 Benefits.

(a) The Employee shall be permitted during the Term to participate in any group life, hospitalization or disability insurance plans, health programs, retirement plans, fringe benefit programs, and similar benefits that may be available to other employees of the Company (in similar officer positions) generally on the same terms as such other employees, in each case to the extent that the Employee is eligible under the terms of such plans or programs. The Employee shall be entitled to four (4) weeks paid vacation per calendar year in accordance with Company policy.

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