This excerpt taken from the NDAQ DEF 14A filed May 2, 2005.
A September 22, 2000 letter sets forth certain terms and conditions of Mr. Randichs employment with Nasdaq that commenced on October 30, 2000. The letter provides that Mr. Randich receives a signing bonus of $500,000, a guaranteed base salary of $500,000 through 2004 and guaranteed minimum annual bonuses of $500,000 through 2004. Mr. Randich was also entitled to receive an accrued retention bonus of $950,000 contingent on his remaining employed by Nasdaq with satisfactory performance through December 31, 2004 which was paid in 2005 upon Mr. Randichs satisfaction of these requirements. Mr. Randich also received 150,000 stock options under the Equity Plan pursuant to the terms of the letter. The terms of Mr. Randichs letter expired at the end of 2004.