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This excerpt taken from the NDAQ DEF 14A filed Apr 21, 2006. Nasdaq Insurance Agency, LLC
In December 2002, we purchased NASD’s 50.0% interest in NASD Insurance Agency, LLC (subsequently renamed the Nasdaq Insurance Agency, LLC) for a purchase price consisting of an upfront payment of $0.5 million and future contingent payments of up to $5.1 million based on the cash flows of the business through 2011. In December 2004, Nasdaq amended our payment terms with NASD to extend future contingent payments based on the cash flows of the business through 2016. On January 1, 2005, Nasdaq acquired the remaining 50.0% interest in the Nasdaq Insurance Agency, which it did not previously own, from a subsidiary of American International Group, Inc. for a nominal amount. We paid NASD $1.5 million in the fourth quarter of 2005 as settlement of NASD’s claims on Nasdaq Insurance Agency’s future cash flows and no further payments will be made to NASD as a result of this acquisition.
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