This excerpt taken from the NDAQ DEF 14A filed May 2, 2005.
A November 30, 2000 letter sets forth certain terms and conditions of Mr. Warrens employment with Nasdaq that commenced on January 2, 2001 at the level of Senior Vice President and Chief Administrative Officer. The letter provides that Mr. Warren receives a signing bonus of $100,000, a guaranteed base salary of $300,000 through 2003 and guaranteed minimum annual bonuses of $150,000 through 2003. The letter also provided for a forgivable loan to Mr. Warren in lieu of relocation assistance in the amount of $200,000 that was never made. Instead, Nasdaq provided a full-recourse loan in lieu of relocation assistance in the amount of $225,000. The interest rate and repayment terms of this loan are described in Certain Relationships and Related TransactionsDirectors and Officers. The terms of Mr. Warrens letter expired at the end of 2003.