Document:

exv10w33

Exhibit 10.33

NYSE EURONEXT

OMNIBUS INCENTIVE PLAN

 

(As Amended and Restated Effective October 27, 2010)

 

 

EXECUTION COPY

NYSE EURONEXT

OMNIBUS INCENTIVE PLAN

 

(As Amended and Restated Effective October 27, 2010)

 

ARTICLE I

PURPOSE

     The purpose of this Plan is to enhance the profitability and value of the Company for the
benefit of its stockholders by enabling the Company to offer Eligible Employees, Consultants and
Non-Employee Directors stock-based and cash incentives in the Company to attract, retain and reward
such individuals and strengthen the mutuality of interests between such individuals and the
Company’s stockholders.

     The Plan, which was originally adopted by the Company and approved by its stockholders
effective March 8, 2006 and amended and restated effective May 15, 2008, is hereby further amended
and restated effective October 27, 2010.

ARTICLE II

DEFINITIONS

     For purposes of this Plan, the following terms shall have the following meanings:

     2.1 “Affiliate” means each of the following: (a) any Subsidiary; (b) any Parent; (c)
any corporation, trade or business (including, without limitation, a partnership or limited
liability company) which is directly or indirectly controlled 50% or more (whether by ownership of
stock, assets or an equivalent ownership interest or voting interest) by the Company; (d) any
corporation, trade or business (including, without limitation, a partnership or limited liability
company) which directly or indirectly controls 50% or more (whether by ownership of stock, assets
or an equivalent ownership interest or voting interest) of the Company; and (e) any other entity
in which the Company or any of its Affiliates has a material equity interest and which is
designated as an “Affiliate” by resolution of the Committee; provided that the Common Stock
subject to any Award constitutes “service recipient” stock for purposes of Section 409A of the
Code or otherwise does not subject the Award to Section 409A of the Code.

     2.2 “Appreciation Award” means any Award under the Plan of any Stock Option, Stock
Appreciation Right or Other Stock-Based Award, provided that such Other Stock-Based Award is based
on the appreciation in value of a share of Common Stock in excess of an amount

 

 

equal to at least the Fair Market Value of the Common Stock on the date such Other Stock-Based
Award is granted.

     2.3 “Award” means any award under this Plan of any Stock Option, Stock Appreciation
Right, Restricted Stock, Performance Share, Other Stock-Based Award, or Performance-Based Cash
Award. All Awards shall be confirmed by, and subject to the terms of, a written agreement
executed by the Company and the Participant.

     2.4 “Board” means the Board of Directors of the Company.

     2.5 “Cause” means with respect to a Participant’s Termination of Employment or
Termination of Consultancy, the following: (a) in the case where there is no employment agreement,
consulting agreement, change in control agreement or similar agreement in effect between the
Company or an Affiliate and the Participant at the time of the grant of the Award (or where there
is such an agreement but it does not define “cause” (or words of like import)), termination due
to: (i) a Participant’s conviction of, or plea of guilty or nolo contendere to, a felony; (ii)
perpetration by a Participant of an illegal act, dishonesty, or fraud which could cause
significant economic injury to the Company; (iii) a Participant’s insubordination, refusal to
perform his or her duties or responsibilities for any reason other than illness or incapacity or
materially unsatisfactory performance of his or her duties for the Company; (iv) continuing
willful and deliberate failure by the Participant to perform the Participant’s duties in any
material respect, provided that the Participant is given notice and an opportunity to effectuate a
cure as determined by the Committee; or (v) a Participant’s willful misconduct with regard to the
Company that could have a material adverse effect on the Company; or (b) in the case where there
is an employment agreement, consulting agreement, change in control agreement or similar agreement
in effect between the Company or an Affiliate and the Participant at the time of the grant of the
Award that defines “cause” (or words of like import), “cause” as defined under such agreement;
provided, however, that with regard to any agreement under which the definition of “cause” only
applies on occurrence of a change in control, such definition of “cause” shall not apply until a
change in control actually takes place and then only with regard to a termination thereafter.
With respect to a Participant’s Termination of Directorship, “cause” means an act or failure to
act that constitutes cause for removal of a director under the Certificate of Incorporation and
By-Laws of the Company or applicable Delaware law.

     2.6 “Change in Control” has the meaning set forth in Section 13.2.

     2.7 “Change in Control Price” has the meaning set forth in Section 13.1.

     2.8 “Code” means the Internal Revenue Code of 1986, as amended. Any reference to any
section of the Code shall also be a reference to any successor provision and any Treasury
Regulation promulgated thereunder.

     2.9 “Committee” means: (a) with respect to the application of this Plan to Eligible
Employees and Consultants, a committee or subcommittee of the Board appointed from time to time by
the Board, which committee or subcommittee shall consist of two or more non-employee directors,
each of whom shall be (i) a “non-employee director” as defined in Rule 16b-3, (ii) to the extent
required Section 162(m) of the Code, an “outside director” as defined in

 

 

Section 162(m) of the Code; and (iii) an “independent director” as defined under Section
303A.02 of the NYSE Listed Company Manual or such other applicable stock exchange rule and (b)
with respect to the application of this Plan to Non-Employee Directors, (i) the Board or (ii) a
committee or subcommittee (which may differ from the committee or subcommittee established for the
grant of Awards to employees) comprised of two or more non-employee directors each of whom qualify
as a “non-employee director” as defined in Rule 16b-3 and an “independent director” as defined
under Section 303A.02 of the NYSE Listed Company Manual. To the extent that no Committee exists
that has the authority to administer this Plan, the functions of the Committee shall be exercised
by the Board. If for any reason the appointed Committee does not meet the requirements of Rule
16b-3 or Section 162(m) of the Code, such noncompliance shall not affect the validity of Awards,
grants, interpretations or other actions of the Committee.

     2.10 “Common Stock” means the Common Stock, $0.01 par value per share, of the
Company.

     2.11 “Company” means NYSE Euronext, a Delaware corporation, and its successors by
operation of law.

     2.12 “Consultant” means any natural person who provides bona fide consulting or
advisory services to the Company or its Affiliates pursuant to a written agreement, which services
are not in connection with the offer and sale of securities in a capital raising transaction.

     2.13 “Corporate Transaction” has the meaning set forth in Section 4.2(a).

     2.14 “Detrimental Activity” means: (a) the disclosure to anyone outside the Company
or its Affiliates, or the use in any manner other than in the furtherance of the Company’s or its
Affiliate’s business, without written authorization from the Company, of any confidential
information or proprietary information, relating to the business of the Company or its Affiliates
that is acquired by a Participant prior to the Participant’s Termination; (b) activity while
employed or performing services that results, or if known could result, in the Participant’s
Termination that is classified by the Company as a termination for Cause; (c) the Participant’s
Disparagement, or inducement of others to do so, of the Company or its Affiliates or their past
and present officers, directors, employees or products; or (d) material breach of any agreement
between the Participant and the Company or an Affiliate (including, without limitation, any
employment agreement or noncompetition or nonsolicitation agreement). Unless otherwise determined
by the Committee at grant, Detrimental Activity shall not be deemed to occur after the end of the
one-year period following the Participant’s Termination. For purposes of subsections (a), (c) and
(d) above, the Chief Executive Officer and the General Counsel of the Company shall each have
authority to provide the Participant with written authorization to engage in the activities
contemplated thereby and no other person shall have authority to provide the Participant with such
authorization.

     2.15 “Disability” means with respect to a Participant’s Termination, a permanent and
total disability as defined in Section 22(e)(3) of the Code. A Disability shall only be deemed to
occur at the time of the determination by the Committee of the Disability. Notwithstanding the

 

 

foregoing, for Awards that are subject to Section 409A of the Code, Disability shall mean
that a Participant is disabled under Section 409A(a)(2)(C)(i) or (ii) of the Code.

     2.16 “Disparagement” means making comments or statements to the press, the Company’s
or its Affiliates’ employees, consultants or any individual or entity with whom the Company or its
Affiliates has a business relationship which could reasonably be expected to adversely affect in
any manner: (a) the conduct of the business of the Company or its Affiliates (including, without
limitation, any products or business plans or prospects); or (b) the business reputation of the
Company or its Affiliates, or any of their products, or their past or present officers, directors
or employees.

     2.17 “Effective Date” means the effective date of this Plan as defined in Article
XVII.

     2.18 “Eligible Employees” means each employee of the Company or an Affiliate.

     2.19 “Exchange Act” means the Securities Exchange Act of 1934, as amended. Any
references to any section of the Exchange Act shall also be a reference to any successor
provision.

     2.20 “Fair Market Value” means, unless otherwise required by any applicable provision
of the Code or any regulations issued thereunder, as of any date and except as provided below, the
last sales price reported for the Common Stock on the applicable date: (a) as reported on the
principal national securities exchange in the United States on which it is then traded; or (b) if
not traded on any such national securities exchange, as quoted on an automated quotation system
sponsored by the Financial Industry Regulatory Authority or if the Common Stock shall not have
been reported or quoted on such date, on the first day prior thereto on which the Common Stock was
reported or quoted. For purposes of the grant of any Award, the applicable date shall be the
trading day immediately prior to the date on which the Award is granted. For purposes of the
exercise of any Award, the applicable date shall be the date a notice of exercise is received by
the Committee or, if not a day on which the applicable market is open, the next day that it is
open.

     2.21 “Family Member” means “family member” as defined in Section A.1.(5) of the
general instructions of Form S-8, as may be amended from time to time.

     2.22 “Incentive Stock Option” means any Stock Option awarded to an Eligible Employee
of the Company, its Subsidiaries and its Parent (if any) under this Plan intended to be and
designated as an “Incentive Stock Option” within the meaning of Section 422 of the Code.

     2.23 “Merger Agreement” means the Agreement and Plan of Merger, dated as of April 20,
2005, as amended and restated as of July 20, 2005 and as amended as of October 20, 2005 and
November 2, 2005, by and among the New York Stock Exchange, Inc., Archipelago Holdings, Inc., the
Company, NYSE Merger Sub LLC, NYSE Merger Corporation Sub, Inc. and Archipelago Merger Sub, Inc.

     2.24 “Merger Transaction” means the consummation of the merger transactions
contemplated in the Agreement and Plan of Merger, dated as of April 20, 2005, as amended and

 

 

restated as of July 20, 2005 and as amended as of October 20, 2005 and November 2, 2005, by
and among the New York Stock Exchange, Inc., Archipelago Holdings, Inc., the Company, NYSE Merger
Sub LLC, NYSE Merger Corporation Sub, Inc. and Archipelago Merger Sub, Inc., pursuant to which,
among other things, the NYSE and Archipelago Holdings, Inc. each agreed to combine and become
wholly-owned subsidiaries of the Company.

     2.25 “Merger Transaction Grant Date” means the date described in Section 10.3(a) of
the Plan.

     2.26 “Merger Transaction RSUs” means the restricted stock units granted to Eligible
Employees on the terms and conditions set forth in Section 10.3 hereof.

     2.27 “Non-Employee Director” means a director of the Company who is not an active
employee of the Company or an Affiliate.

     2.28 “Non-Qualified Stock Option” means any Stock Option awarded under this Plan that
is not an Incentive Stock Option.

     2.29 “Other Stock-Based Award” means an Award under Article X of this Plan that is
valued in whole or in part by reference to, or is payable in or otherwise based on, Common Stock,
including, without limitation, a restricted stock unit, a Merger Transaction RSU, or an Award
valued by reference to an Affiliate.

     2.30 “Parent” means any parent corporation of the Company within the meaning of
Section 424(e) of the Code.

     2.31 “Participant” means an Eligible Employee, Non-Employee Director or Consultant to
whom an Award has been granted pursuant to this Plan.

     2.32 “Performance-Based Cash Award” means a cash Award under Article XI of this Plan
that is payable or otherwise based on the attainment of certain pre-established performance goals
during a Performance Period.

     2.33 “Performance Period” has the meaning set forth in Section 9.1.

     2.34 “Performance Share” means an Award made pursuant to Article IX of this Plan of
the right to receive Common Stock or cash of an equivalent value at the end of a specified
Performance Period.

     2.35 “Person” means any individual, corporation, partnership, limited liability
company, firm, joint venture, association, joint-stock company, trust, incorporated organization,
governmental or regulatory or other entity.

     2.36 “Plan” means this NYSE Euronext Omnibus Incentive Plan, as amended from time to
time.

     2.37 “Reference Stock Option” has the meaning set forth in Section 7.1.

 

 

     2.38 “Registration Date” means the first date on which any class of common equity
securities of the Company is required to be registered under Section 12 of the Exchange Act.

     2.39 “Restricted Stock” means an Award of shares of Common Stock under this Plan that
is subject to restrictions under Article VIII.

     2.40 “Restriction Period” has the meaning set forth in Section 8.3(a).

     2.41 “Retirement” means a voluntary Termination of Employment at or after age 55,
except that in no event shall Retirement result from the involuntary termination of a
Participant’s employment by the Company or an Affiliate for any reason whether for Cause or
without Cause. With respect to a Participant’s Termination of Directorship, Retirement means the
failure to stand for reelection or the failure to be reelected on or after the Participant’s
attainment of age 65.

     2.42 “Rule 16b-3” means Rule 16b-3 under Section 16(b) of the Exchange Act as then in
effect or any successor provision.

     2.43 “Section 162(m) of the Code” means the exception for performance-based
compensation under Section 162(m) of the Code and any applicable Treasury regulations thereunder.

     2.44 “Section 409A of the Code” means the nonqualified deferred compensation rules
under Section 409A of the Code and any applicable Treasury regulations thereunder.

     2.45 “Securities Act” means the Securities Act of 1933, as amended and all rules and
regulations promulgated thereunder. Any reference to any section of the Securities Act shall also
be a reference to any successor provision.

     2.46 “Severance Eligible Termination” means an involuntary Termination of Employment
without Cause due to organizational changes and reduction in personnel implemented by the Employer
through the elimination or modification of job function and reduction in headcount or such other
involuntary Termination of Employment without Cause for which severance is payable by the
Employer.

     2.47 “Stock Appreciation Right” means the right pursuant to an Award granted under
Article VII. A Tandem Stock Appreciation Right shall mean the right to surrender to the Company
all (or a portion) of a Stock Option in exchange for a number of shares of Common Stock equal to
the difference between (a) the Fair Market Value on the date such Stock Option (or such portion
thereof) is surrendered, of the Common Stock covered by such Stock Option (or such portion
thereof), and (b) the aggregate exercise price of such Stock Option (or such portion thereof). A
Non-Tandem Stock Appreciation Right shall mean the right to receive a number of shares of Common
Stock equal to the difference between (i) the Fair Market Value of a share of Common Stock on the
date such right is exercised, and (ii) the aggregate exercise price of such right, otherwise than
on surrender of a Stock Option.

     2.48 “Stock Option” or “Option” means any option to purchase shares of Common
Stock pursuant to Article VI.

 

 

     2.49 “Subsidiary” means any subsidiary corporation of the Company within the meaning
of Section 424(f) of the Code.

     2.50 “Ten Percent Stockholder” means a person owning stock possessing more than 10%
of the total combined voting power of all classes of stock of the Company, its Subsidiaries or its
Parent.

     2.51 “Termination” means a Termination of Employment, Termination of Directorship or
Termination of Consultancy, as applicable.

     2.52 “Termination of Consultancy” means: (a) that the Consultant is no longer acting
as a consultant to the Company or an Affiliate; or (b) when an entity which is retaining a
Participant as a Consultant ceases to be an Affiliate unless the Participant otherwise is, or
thereupon becomes, a Consultant to the Company or another Affiliate at the time the entity ceases
to be an Affiliate. In the event that a Consultant becomes an Eligible Employee or a Non-Employee
Director upon the termination of his or her consultancy, unless otherwise determined by the
Committee, in its sole discretion, no Termination of Consultancy shall be deemed to occur until
such time as such Consultant is no longer a Consultant, an Eligible Employee or a Non-Employee
Director. Notwithstanding the foregoing, the Committee may, in its sole discretion, otherwise
define Termination of Consultancy in the Award agreement or, if no rights of a Participant are
reduced, may otherwise define Termination of Consultancy thereafter.

     2.53 “Termination of Directorship” means that the Non-Employee Director has ceased to
be a director of the Company; except that if a Non-Employee Director becomes an Eligible Employee
or a Consultant upon the termination of his or her directorship, his or her ceasing to be a
director of the Company shall not be treated as a Termination of Directorship unless and until the
Participant has a Termination of Employment or Termination of Consultancy, as the case may be.

     2.54 “Termination of Employment” means: (a) a termination of employment (for reasons
other than a military or personal leave of absence granted by the Company) of a Participant from
the Company and its Affiliates; or (b) when an entity which is employing a Participant ceases to
be an Affiliate, unless the Participant otherwise is, or thereupon becomes, employed by the
Company or another Affiliate at the time the entity ceases to be an Affiliate. In the event that
an Eligible Employee becomes a Consultant or a Non-Employee Director upon the termination of his
or her employment, unless otherwise determined by the Committee, in its sole discretion, no
Termination of Employment shall be deemed to occur until such time as such Eligible Employee is no
longer an Eligible Employee, or a Consultant or a Non-Employee Director. Notwithstanding the
foregoing, the Committee may, in its sole discretion, otherwise define Termination of Employment
in the Award agreement or, if no rights of a Participant are reduced, may otherwise define
Termination of Employment thereafter.

     2.55 “Transfer” means: (a) when used as a noun, any direct or indirect transfer,
sale, assignment, pledge, hypothecation, encumbrance or other disposition (including the issuance
of equity in a Person), whether for value or no value and whether voluntary or involuntary
(including by operation of law), and (b) when used as a verb, to directly or indirectly transfer,

 

 

sell, assign, pledge, encumber, charge, hypothecate or otherwise dispose of (including the
issuance of equity in a Person) whether for value or for no value and whether voluntarily or
involuntarily (including by operation of law). “Transferred” and “Transferable” shall have a
correlative meaning.

ARTICLE III

ADMINISTRATION

     3.1 The Committee. The Plan shall be administered and interpreted by the Committee.

     3.2 Grants of Awards. The Committee shall have full authority to grant, pursuant to
the terms of this Plan, to Eligible Employees, Consultants and Non-Employee Directors (i) Stock
Options, (ii) Stock Appreciation Rights, (iii) Restricted Stock, (iv) Performance Shares; (v)
Other Stock-Based Awards; and (vi) Performance-Based Cash Awards, although Non-Employee Directors
are not eligible to receive Performance-Based Cash Awards. In particular, the Committee shall
have the authority:

	 	(a)	 	to select the Eligible Employees, Consultants and Non-Employee
Directors to whom Awards may from time to time be granted hereunder;
	 
	 	(b)	 	to determine whether and to what extent Awards, or any
combination thereof, are to be granted hereunder to one or more Eligible
Employees, Consultants and Non-Employee Directors;
	 
	 	(c)	 	to determine the number of shares of Common Stock to be covered
by each Award granted hereunder;
	 
	 	(d)	 	to determine the terms and conditions, not inconsistent with
the terms of this Plan, of any Award granted hereunder (including, but not
limited to, the exercise or purchase price (if any), any restriction or
limitation, any vesting schedule or acceleration thereof, or any forfeiture
restrictions or
	 
	 	(e)	 	waiver thereof, regarding any Award and the shares of Common
Stock relating thereto, based on such factors, if any, as the Committee shall
determine, in its sole discretion);
	 
	 	(f)	 	to determine whether, to what extent and under what
circumstances grants of Options and other Awards under this Plan are to operate
on a tandem basis and/or in conjunction with or apart from other awards made by
the Company outside of this Plan;
	 
	 	(g)	 	to determine whether and under what circumstances a Stock
Option may be settled in cash, Common Stock and/or Restricted Stock under
Section 6.3(d);

 

 

	 	(h)	 	to determine whether, to what extent and under what
circumstances Common Stock and other amounts payable with respect to an Award
under this Plan shall be deferred either automatically or at the election of
the Participant in any case, in a manner intended to comply with Section 409A
of the Code;
	 
	 	(i)	 	to determine whether a Stock Option is an Incentive Stock
Option or Non-Qualified Stock Option;
	 
	 	(j)	 	to determine whether to require a Participant, as a condition
of the granting of any Award, to not sell or otherwise dispose of shares
acquired pursuant to the exercise of an Award for a period of time as
determined by the Committee, in its sole discretion, following the date of the
acquisition of such Award;
	 
	 	(k)	 	to determine whether a Restricted Stock Unit shall
automatically vest in full on the date of the Participant’s Termination of
Employment if the result of a Severance Eligible Termination; and
	 
	 	(l)	 	to determine whether a Restricted Stock Unit shall continue to
vest during the period that the Participant receives enhanced severance from
the Employer following the Participant’s Termination of Employment due to a
Severance Eligible Termination; provided, however, that if such continued
vesting is to be provided, the Restricted Stock Unit to be granted shall be
designed in a manner that is intended to comply with the requirements of
Section 409A.

     3.3 Guidelines. Subject to Article XIV hereof, the Committee shall, in its sole
discretion, have the authority to adopt, alter and repeal such administrative rules, guidelines
and practices governing this Plan and perform all acts, including the delegation of its
responsibilities (to the extent permitted by applicable law and applicable stock exchange rules),
as it shall, from time to time, deem advisable; to construe and interpret the terms and provisions
of this Plan and any Award issued under this Plan (and any agreements relating thereto); and to
otherwise supervise the administration of this Plan. The Committee may authorize the Chief
Executive Officer of the Company to grant Awards, other than Awards intended to be
“performance-based” under Section 162(m) of the Code, to Eligible Employees, other than employees
subject to Section 16 of the Exchange Act, subject to applicable law and such limitations as the
Committee may determine from time to time in its discretion. The Committee may, in its sole
discretion, correct any defect, supply any omission or reconcile any inconsistency in this Plan or
in any agreement relating thereto in the manner and to the extent it shall deem necessary to
effectuate the purpose and intent of this Plan. The Committee may, in its sole discretion, adopt
special guidelines and provisions for persons who are residing in or employed in, or subject to,
the taxes of, any domestic or foreign jurisdictions to comply with applicable tax and securities
laws of such domestic or foreign jurisdictions. This Plan is intended to comply with the
applicable requirements of Rule 16b-3 and with respect to Awards intended to be
“performance-based,” the applicable provisions of Section 162(m) of the Code and this Plan shall
be limited, construed and interpreted in a manner so as to comply therewith.

 

 

     3.4 Decisions Final. Any decision, interpretation or other action made or taken in
good faith by or at the direction of the Company, the Board or the Committee (or any of its
members) arising out of or in connection with this Plan shall be within the absolute discretion of
all and each of them, as the case may be, and shall be final, binding and conclusive on the
Company and all employees and Participants and their respective heirs, executors, administrators,
successors and assigns.

     3.5 Procedures. If the Committee is appointed, the Board shall designate one of the
members of the Committee as chairman and the Committee shall hold meetings, subject to the By-Laws
of the Company, at such times and places as it shall deem advisable, including, without
limitation, by telephone conference or by written consent to the extent permitted by applicable
law. A majority of the Committee members shall constitute a quorum. All determinations of the
Committee shall be made by a majority of its members. Any decision or determination reduced to
writing and signed by all the Committee members in accordance with the By-Laws of the Company,
shall be fully effective as if it had been made by a vote at a meeting duly called and held. The
Committee shall keep minutes of its meetings and shall make such rules and regulations for the
conduct of its business as it shall deem advisable.

     3.6 Designation of Consultants/Liability.

	 	(a)	 	The Committee may, in its sole discretion, designate employees
of the Company and professional advisors to assist the Committee in the
administration of this Plan and (to the extent permitted by applicable law and
applicable exchange rules) may grant authority to officers to grant Awards
and/or execute agreements or other documents on behalf of the Committee.
	 
	 	(b)	 	The Committee may, in its sole discretion, employ such legal
counsel, consultants and agents as it may deem desirable for the administration
of this Plan and may rely upon any opinion received from any such counsel or
consultant and any computation received from any such consultant or agent.
Expenses incurred by the Committee or the Board in the engagement of any such
counsel, consultant or agent shall be paid by the Company. The Committee, its
members and any person designated pursuant to subsection (a) above shall not be
liable for any action or determination made in good faith with respect to this
Plan. To the maximum extent permitted by applicable law, no officer of the
Company or member or former member of the Committee or of the Board shall be
liable for any action or determination made in good faith with respect to this
Plan or any Award granted under it.

     3.7 Indemnification. To the maximum extent permitted by applicable law and the
Certificate of Incorporation and By-Laws of the Company and to the extent not covered by insurance
directly insuring such person, each officer or employee of the Company or any Affiliate and member
or former member of the Committee or the Board shall be indemnified and held harmless by the
Company against any cost or expense (including reasonable fees of counsel reasonably acceptable to
the Committee) or liability (including any sum paid in

 

 

settlement of a claim with the approval of the Committee), and advanced amounts necessary to
pay the foregoing at the earliest time and to the fullest extent permitted, arising out of any act
or omission to act in connection with the administration of this Plan, except to the extent
arising out of such officer’s, employee’s, member’s or former member’s fraud. Such
indemnification shall be in addition to any rights of indemnification the officers, employees,
directors or members or former officers, directors or members may have under applicable law or
under the Certificate of Incorporation or By-Laws of the Company or any Affiliate.
Notwithstanding anything else herein, this indemnification will not apply to the actions or
determinations made by an individual with regard to Awards granted to him or her under this Plan.

ARTICLE IV

SHARE LIMITATION

     4.1 Shares.

	 	(a)	 	General Limitations. The aggregate number of shares of
Common Stock that may be issued (including as dividends or dividend equivalents
with respect to Awards granted under this Plan) or used for reference purposes
or with respect to which Awards may be granted under this Plan shall not exceed
9,000,000 shares (subject to any increase or decrease pursuant to Section 4.2)
which may be either authorized and unissued Common Stock or Common Stock held
in or acquired for the treasury of the Company or both. Any shares of Common
Stock that are subject to Awards other than Appreciation Awards shall be
counted against the foregoing limit as 3 shares for every share granted. If
any Option, Stock Appreciation Right or Other Stock-Based Award that is an
Appreciation Award granted under this Plan expires, terminates or is canceled
for any reason without having been exercised in full, the number of shares of
Common Stock underlying any unexercised Award shall again be available for the
purpose of Awards under the Plan. If any shares of Restricted Stock,
Performance Shares or Other Stock-Based Awards that are not Appreciation Awards
granted under this Plan are forfeited for any reason, the number of forfeited
shares of Restricted Stock, Performance Shares or Other Stock-Based Awards that
are not Appreciation Awards shall again be available for purposes of Awards
under the Plan, as provided in this Section 4.1(a). If a Tandem Stock
Appreciation Right or a Limited Stock Appreciation Right is granted in tandem
with an Option, such grant shall only apply once against the maximum number of
shares of Common Stock which may be issued under this Plan. Notwithstanding
anything herein to the contrary, any share of Common Stock that again becomes
available for grant pursuant to this Section 4.1(a) shall be added back as one
share of Common Stock if such share were subject to an Appreciation Award
(e.g., a Stock Appreciation Right) granted under the Plan and as 3
shares if such share was subject to an Award other than an Appreciation Award
granted under the Plan.

 

 

	 	(b)	 	Individual Participant Limitations. (i) The maximum
number of shares of Common Stock subject to any Award of Stock Options, Stock
Appreciation Rights, Performance Shares, Other Stock-Based Awards, shares of
Restricted Stock for which the grant of such Award or the lapse of the relevant
Restriction Period is subject to the attainment of Performance Goals in
accordance with Section 8.3(a)(ii) herein which may be granted under this Plan
during any fiscal year of the Company to each Participant shall be 600,000
shares per type of Award (which shall be subject to any further increase or
decrease pursuant to Section 4.2), provided that the maximum number of shares
of Common Stock for all types of Awards does not exceed 600,000 (which shall be
subject to any further increase or decrease pursuant to Section 4.2) during any
fiscal year of the Company. If a Tandem Stock Appreciation Right is granted or
a Limited Stock Appreciation Right is granted in tandem with a Stock Option, it
shall apply against the Eligible Employee’s or Consultant’s individual share
limitations for both Stock Appreciation Rights and Stock Options; (ii) there
are no annual individual Eligible Employee or Consultant share limitations on
Restricted Stock for which the grant of such Award or the lapse of the relevant
Restriction Period is not subject to attainment of Performance Goals in
accordance with Section 8.3(a)(ii) hereof; (iii) the maximum value at grant of
Performance Shares which may be granted under this Plan during any fiscal year
of the Company to each Eligible Employee or Consultant shall be $15,000,000.
Each Performance Share shall be referenced to one share of Common Stock and
shall be charged against the available shares under this Plan at the time the
unit value measurement is converted to a referenced number of shares of Common
Stock in accordance with Section 10.1; or (iv) the individual Participant
limitations set forth in this Section 4.1(b) shall be cumulative; that is, to
the extent that shares of Common Stock for which Awards are permitted to be
granted to an Eligible Employee or Consultant during a fiscal year are not
covered by an Award to such Eligible Employee or Consultant in a fiscal year,
the number of shares of Common Stock available for Awards to such Eligible
Employee or Consultant shall automatically increase in the subsequent fiscal
years during the term of the Plan until used. The maximum payment under any
Performance-Based Cash Award payable with respect to any fiscal year of the
Company and for which the grant of such Award is subject to the attainment of
Performance Goals in accordance with Section 11.2(c) herein which may be
granted under this Plan with respect to any fiscal year of the Company to each
Eligible Employee or Consultant shall be $15,000,000.

     4.2 Changes.

	 	(a)	 	The existence of this Plan and the Awards granted hereunder
shall not affect in any way the right or power of the Board or the stockholders
of the Company to make or authorize (i) any adjustment, recapitalization,
reclassification, reorganization or other change in the Company’s capital

 

 

	 	 	 	structure or its business, including without limitation, any stock split,
reverse stock split, stock dividend, cash dividend or dividend or
distribution of cash, stock or other property, share combination or similar
event affecting the capital structure of the Company; (ii) any merger,
consolidation, acquisition of property or shares, separation, spin-off,
reorganization, stock rights offering, liquidation, disaffiliation or
similar event affecting the Company or any of its Affiliates (a “Corporate
Transaction”); (iii) any issuance of bonds, debentures, preferred or prior
preference stock ahead or affecting the Common Stock, (iv) the dissolution
or liquidation of the Company or any Affiliate, (v) any sale or transfer of
all or part of the assets or business of the Company or any Affiliate; or
(vi) any other corporate act or proceeding (a “Capital Change”).

	 	(b)	 	Subject to the provisions of Section 4.2(d) and compliance with
applicable legal and regulatory requirements, in the event of a Capital Change
or Corporate Transaction (each, a “Section 4.2 Event”), the Committee or the
Board shall make appropriate and equitable substitutions or adjustments to:
(i) the aggregate number and/or kind of shares of Common Stock or other
securities reserved for issuance and delivery under the Plan; (ii) the various
maximum limitations set forth in Section 4.1 upon certain types of Awards
(other than the cash based award limits) and upon the grants to individuals of
certain types of Awards; (iii) the number and kind of shares of Common Stock or
other securities subject to outstanding Awards; and (iv) the exercise price of
outstanding Options and Stock Appreciation Rights. and grants to individuals of
certain types of Awards. In addition, if there shall occur any change in the
capital structure or the business of the Company that is not a Section 4.2
Event (an “Other Extraordinary Event”), including by reason of any
extraordinary dividend (whether cash or stock), any conversion, any adjustment,
any issuance of any class of securities convertible or exercisable into, or
exercisable for, any class of stock, or any sale or transfer of all or
substantially all the Company’s assets or business, then the Committee, in its
sole discretion, may adjust any Award and make such other adjustments to the
Plan. Any adjustment pursuant to this Section 4.2 shall be consistent with the
applicable Section 4.2 Event or the applicable Other Extraordinary Event, as
the case may be, and in such manner as the Committee may, in its sole
discretion, deem appropriate and equitable to prevent substantial dilution or
enlargement of the rights granted to, or available for, Participants under the
Plan. Any such adjustment determined by the Committee shall be final, binding
and conclusive on the Company and all Participants and their respective heirs,
executors, administrators, successors and permitted assigns. Except as
expressly provided in this Section 4.2 or in the applicable Award agreement, a
Participant shall have no rights by reason of any Section 4.2 Event or any
Other Extraordinary Event.

 

 

	 	(c)	 	Fractional shares of Common Stock resulting from any adjustment
in Awards pursuant to Section 4.2(a) or (b) shall be aggregated until, and
eliminated at, the time of exercise by rounding-down for fractions less than
one-half and rounding-up for fractions equal to or greater than
one-half. No cash settlements shall be made with respect to fractional
shares eliminated by rounding. Notice of any adjustment shall be given by
the Committee to each Participant whose Award has been adjusted and such
adjustment (whether or not such notice is given) shall be effective and
binding for all purposes of this Plan.
	 
	 	(d)	 	In the case of a Corporate Transaction, the Committee may, in
its discretion, (i) cancel all outstanding Awards in exchange for payments of
cash, property or a combination thereof having an aggregate value equal to the
value of such Awards, as determined by the Committee or the Board in its sole
discretion (it being understood that in the case of a Corporate Transaction
with respect to which shareholders of Common Stock receive consideration other
than publicly-traded equity securities of the ultimate surviving entity, any
such determination by the Committee or the Board that the value of an Option or
Stock Appreciation Right shall for this purpose be deemed to equal the excess,
if any, of the value of the consideration being paid for each share of Common
Stock pursuant to such Corporate Transaction over the exercise price of such
Option or Stock Appreciation Right shall conclusively be deemed valid); (ii)
substitute other property (including, without limitation, cash or other
securities of the Company and securities of entities other than the Company)
for the shares of Common Stock subject to outstanding Awards; and (iii) in
connection with any disaffiliation, arrange for the assumption of Awards, or
replacement of Awards with new awards based on other property or other
securities (including, without limitation, other securities of the Company and
securities of entities other than the Company), by the affected Subsidiary,
Affiliate, or division or by the entity that controls such Subsidiary,
Affiliate, or division following such disaffiliation (as well as any
corresponding adjustments to Awards that remain based upon Company securities).
If a Corporate Transaction occurs but the Committee does not take the actions
specified in this Section 4.2(d), then the provisions of Section 4.2(b) and
Article XIII shall apply. Any action or adjustment authorized under this
Section 4.2(d) and taken by the Committee or the Board shall be final, binding
and conclusive on the Company, the Board and all Participants and their
respective heirs, executors, administrators, successors and permitted assigns.

     4.3 Minimum Purchase Price. Notwithstanding any provision of this Plan to the
contrary, if authorized but previously unissued shares of Common Stock are issued under this Plan,
such shares shall not be issued for a consideration that is less than as permitted under
applicable law.

 

 

ARTICLE V

ELIGIBILITY — GENERAL REQUIREMENTS FOR AWARDS

     5.1 General Eligibility. All Eligible Employees, Consultants, Non-Employee Directors
and prospective employees and consultants are eligible to be granted Awards, subject to the terms
and conditions of this Plan. Eligibility for the grant of Awards and actual participation in this
Plan shall be determined by the Committee in its sole discretion.

     5.2 Incentive Stock Options. Notwithstanding anything herein to the contrary, only
Eligible Employees of the Company, its Subsidiaries and its Parent (if any) are eligible to be
granted Incentive Stock Options under this Plan. Eligibility for the grant of an Incentive Stock
Option and actual participation in this Plan shall be determined by the Committee in its sole
discretion.

     5.3 General Requirement. The vesting and exercise of Awards granted to a prospective
employee or consultant are conditioned upon such individual actually becoming an Eligible Employee
or Consultant.

     5.4 Special Rules — NYSE Regulation, Inc. Unless the Board determines otherwise,
all Awards granted under the Plan shall be subject to the special rules set forth in Article XX
hereof which govern the treatment of Awards held by Participants who transfer to employment with
NYSE Regulation, Inc.

ARTICLE VI

STOCK OPTIONS

     6.1 Options. Stock Options may be granted alone or in addition to other Awards
granted under this Plan. Each Stock Option granted under this Plan shall be of one of two types:
(a) an Incentive Stock Option or (b) a Non-Qualified Stock Option.

     6.2 Grants. The Committee shall, in its sole discretion, have the authority to grant
to any Eligible Employee (subject to Section 5.2) Incentive Stock Options, Non-Qualified Stock
Options, or both types of Stock Options. The Committee shall, in its sole discretion, have the
authority to grant Non-Qualified Stock Options to any Consultant or Non-Employee Director. To the
extent that any Stock Option does not qualify as an Incentive Stock Option (whether because of its
provisions or the time or manner of its exercise or otherwise), such Stock Option or the portion
thereof which does not qualify shall constitute a separate Non-Qualified Stock Option.

     6.3 Terms of Options. Options granted under this Plan shall be subject to the
following terms and conditions and shall be in such form and contain such additional terms and
conditions, not inconsistent with the terms of this Plan, as the Committee, in its sole
discretion, shall deem desirable:

	 	(a)	 	Exercise Price. The exercise price per share of Common
Stock subject to a Stock Option shall be determined by the Committee at the
time of grant,

 

 

	 	 	 	provided that the per share exercise price of a Stock Option shall not be
less than 100% (or, in the case of an Incentive Stock Option granted to a
Ten Percent Stockholder, 110%) of the Fair Market Value of the Common Stock
at the time of grant.
	 
	 	(b)	 	Stock Option Term. The term of each Stock Option shall
be fixed by the Committee, provided that no Stock Option shall be exercisable
more than 10 years after the date the Option is granted; and provided further
that the term of an Incentive Stock Option granted to a Ten Percent Stockholder
shall not exceed five years.
	 
	 	(c)	 	Exercisability. Stock Options shall be exercisable at
such time or times and subject to such terms and conditions as shall be
determined by the Committee at grant. If the Committee provides, in its
discretion, that any Stock Option is exercisable subject to certain limitations
(including, without limitation, that such Stock Option is exercisable only in
installments or within certain time periods), the Committee may waive such
limitations on the exercisability at any time at or after grant in whole or in
part (including, without limitation, waiver of the installment exercise
provisions or acceleration of the time at which such Stock Option may be
exercised), based on such factors, if any, as the Committee shall determine, in
its sole discretion. Unless otherwise determined by the Committee at grant,
the Option agreement shall provide that (i) in the event the Participant
engages in Detrimental Activity prior to any exercise of the Stock Option, all
Stock Options held by the Participant shall thereupon terminate and expire,
(ii) as a condition of the exercise of a Stock Option, the Participant shall be
required to certify (or shall be deemed to have certified) at the time of
exercise in a manner acceptable to the Company that the Participant is in
compliance with the terms and conditions of the Plan and that the Participant
has not engaged in, and does not intend to engage in, any Detrimental Activity,
and (iii) in the event the Participant engages in Detrimental Activity during
the one year period commencing on the later of the date the Stock Option is
exercised or becomes vested, the Company shall be entitled to recover from the
Participant at any time within one year after such exercise or vesting, and the
Participant shall pay over to the Company, an amount equal to any gain realized
as a result of the exercise (whether at the time of exercise or thereafter).
	 
	 	(d)	 	Method of Exercise. Subject to whatever installment
exercise and waiting period provisions apply under subsection (c) above, to the
extent vested, Stock Options may be exercised in whole or in part at any time
during the Option term, by giving written notice of exercise to the Company
specifying the number of shares of Common Stock to be purchased. Such notice
shall be accompanied by payment in full of the purchase price as follows: (i)
in cash or by check, bank draft or money order payable to the order of the
Company; (ii) solely to the extent permitted by applicable

 

 

	 	 	 	law, if the Common Stock is traded on a national securities exchange or
quoted on a national quotation system sponsored by the Financial Industry
Regulatory Authority, and the Committee authorizes, through a procedure
whereby the Participant delivers irrevocable instructions to a broker
reasonably acceptable to the Committee to deliver promptly to the Company an
amount equal to the purchase price; or (iii) on such other terms and
conditions as may be acceptable to the Committee, including, without
limitation, the relinquishment of Stock Options or by payment in full or in
part in the form of Common Stock owned by the Participant based on the Fair
Market Value of the Common Stock on the payment date as determined by the
Committee, in its sole discretion. No shares of Common Stock shall be
issued until payment therefor, as provided herein, has been made or provided
for.
	 
	 	(e)	 	Non-Transferability of Options. No Stock Option shall
be Transferable by the Participant otherwise than by will or by the laws of
descent and distribution, and all Stock Options shall be exercisable, during
the Participant’s lifetime, only by the Participant. Notwithstanding the
foregoing, the Committee may determine, in its sole discretion, at the time of
grant or thereafter that a Non-Qualified Stock Option that is otherwise not
Transferable pursuant to this Section is Transferable to a Family Member in
whole or in part and in such circumstances, and under such conditions, as
determined by the Committee, in its sole discretion. A
	 
	 	 	 	Non-Qualified Stock Option that is Transferred to a Family Member pursuant
to the preceding sentence (i) may not be subsequently Transferred otherwise
than by will or by the laws of descent and distribution and (ii) remains
subject to the terms of this Plan and the applicable Award agreement. Any
shares of Common Stock acquired upon the exercise of a Non-Qualified Stock
Option by a permissible transferee of a Non-Qualified Stock Option or a
permissible transferee pursuant to a Transfer after the exercise of the
Non-Qualified Stock Option shall be subject to the terms of this Plan and
the applicable Award agreement.
	 
	 	(f)	 	Termination by Death or Disability. Unless otherwise
determined by the Committee at grant, or if no rights of the Participant are
reduced, thereafter, if Participant’s Termination is by reason of death or
Disability, all Stock Options that are held by such Participant that are vested
and exercisable at the time of the Participant’s Termination may be exercised
by the Participant (or, in the case of death, by the legal representative of
the Participant’s estate) at any time within a period of one year from the date
of such Termination, but in no event beyond the expiration of the stated term
of such Stock Options.
	 
	 	(g)	 	Termination due to Retirement. Unless otherwise
determined by the Committee at grant, or if no rights of the Participant are
reduced, thereafter, if a Participant’s Termination is by Retirement, all
unvested

 

 

	 	 	 	Stock Options held by such Participant that would have vested on the first
scheduled vesting date next following the Participant’s Retirement shall
immediately vest and become exercisable on the last day of the month
immediately preceding the Participant’s Retirement and all unvested Stock
Options shall be forfeited. All Stock Options that are vested and
exercisable at the time of the Participant’s Termination due to Retirement
may be exercised by the Participant at any time within a period of one year
from the date of such Termination due to Retirement, but in no event beyond
the expiration of the stated term of such Stock Options; provided, however,
if the Participant dies within such exercise period, all unexercised Stock
Options held by such Participant shall thereafter be exercisable, to the
extent to which they were exercisable at the time of death, for a period of
one year from the date of such death, but in no event beyond the expiration
of the stated term of such Stock Options.
	 
	 	(h)	 	Involuntary Termination Without Cause. Unless
otherwise determined by the Committee at grant, or if no rights of the
Participant are reduced, thereafter, if a Participant’s Termination is by
involuntary termination without Cause, all Stock Options that are held by such
Participant that are vested and exercisable at the time of the Participant’s
Termination may be exercised by the Participant at any time within a period of
90 days from the date of such Termination, but in no event beyond the
expiration of the stated term of such Stock Options.
	 
	 	(i)	 	Voluntary Termination. Unless otherwise determined by
the Committee at grant, or if no rights of the Participant are reduced,
thereafter, if a Participant’s Termination is voluntary (other than a voluntary
termination described in subsection (j)(y) below), all Stock Options that are
held by such Participant that are vested and exercisable at the time of the
Participant’s Termination may be exercised by the Participant at any time
within a period of 30 days from the date of such Termination, but in no event
beyond the expiration of the stated term of such Stock Options.
	 
	 	(j)	 	Termination for Cause. Unless otherwise determined by
the Committee at grant, or if no rights of the Participant are reduced,
thereafter, if a Participant’s Termination (x) is for Cause or (y) is a
voluntary Termination (as provided in subsection (i) above) after the
occurrence of an event that would be grounds for a Termination for Cause, all
Stock Options, whether vested or not vested, that are held by such Participant
shall thereupon terminate and expire as of the date of such Termination.
	 
	 	(k)	 	Unvested Stock Options. Except as provided in Section
6.5(g) or as otherwise determined by the Committee at grant, or if no rights of
the Participant are reduced, thereafter, Stock Options that are not vested as
of the date of a Participant’s Termination for any reason shall terminate and
expire as of the date of such Termination.

 

 

	 	(l)	 	Incentive Stock Option Limitations. To the extent that
the aggregate Fair Market Value (determined as of the time of grant) of the
Common Stock with respect to which Incentive Stock Options are exercisable for
the first time by an Eligible Employee during any calendar year under this Plan
and/or any other stock option plan of the Company, any Subsidiary or any Parent
exceeds $100,000, such Options shall be treated as Non-Qualified Stock Options.
Should any provision of this Plan not be necessary in order for the Stock
Options to qualify as Incentive Stock Options, or should any additional
provisions be required, the Committee may, in its sole discretion, amend this
Plan accordingly, without the necessity of obtaining the approval of the
stockholders of the Company.
	 
	 	(m)	 	Form, Modification, Extension and Renewal of Stock
Options. Subject to the terms and conditions and within the limitations of
this Plan, Stock Options shall be evidenced by such form of agreement or grant
as is approved by the Committee, and the Committee may, in its sole discretion
modify, extend or renew outstanding Stock Options granted under this Plan
(provided that the rights of a Participant are not reduced without his or her
consent and provided further that such action does not subject the Stock Option
to Section 409A of the Code). Notwithstanding the foregoing, an outstanding
Option may not be modified to reduce the exercise price thereof nor may a new
Option at a lower price be substituted for a surrendered Option (other than
adjustments or substitutions in accordance with Section 4.2), unless such
action is approved by the stockholders of the Company.
	 
	 	(n)	 	Other Terms and Conditions. Stock Options may contain
such other provisions, which shall not be inconsistent with any of the terms of
this Plan, as the Committee shall, in its sole discretion, deem appropriate.

ARTICLE VII

STOCK APPRECIATION RIGHTS

     7.1 Tandem Stock Appreciation Rights. Stock Appreciation Rights may be granted in
conjunction with all or part of any Stock Option (a “Reference Stock Option”) granted under this
Plan (“Tandem Stock Appreciation Rights”). In the case of a Non-Qualified Stock Option, such
rights may be granted either at or after the time of the grant of such Reference Stock Option. In
the case of an Incentive Stock Option, such rights may be granted only at the time of the grant of
such Reference Stock Option.

     7.2 Terms and Conditions of Tandem Stock Appreciation Rights. Tandem Stock
Appreciation Rights granted hereunder shall be subject to such terms and conditions, not
inconsistent with the provisions of this Plan, as shall be determined from time to time by the
Committee in its sole discretion, and the following:

 

 

	 	(a)	 	Exercise Price. The exercise price per share of Common
Stock subject to a Tandem Stock Appreciation Right shall be determined by the
Committee at the time of grant, provided that the per share exercise price of a
Tandem Stock Appreciation Right shall not be less than 100% of the Fair Market
Value of the Common Stock at the time of grant.
	 
	 	(b)	 	Term. A Tandem Stock Appreciation Right or applicable
portion thereof granted with respect to a Reference Stock Option shall
terminate and no longer be exercisable upon the termination or exercise of the
Reference Stock Option, except that, unless otherwise determined by the
Committee, in its sole discretion, at the time of grant, a Tandem Stock
Appreciation Right granted with respect to less than the full number of shares
covered by the Reference Stock Option shall not be reduced until and then only
to the extent the exercise or termination of the Reference Stock Option causes
the number of shares covered by the Tandem Stock Appreciation Right to exceed
the number of shares remaining available and unexercised under the Reference
Stock Option.
	 
	 	(c)	 	Exercisability. Tandem Stock Appreciation Rights shall
be exercisable only at such time or times and to the extent that the Reference
Stock Options to which they relate shall be exercisable in accordance with the
provisions of Article VI, and shall be subject to the provisions of Section
6.3(c).
	 
	 	(d)	 	Method of Exercise. A Tandem Stock Appreciation Right
may be exercised by the Participant by surrendering the applicable portion of
the Reference Stock Option. Upon such exercise and surrender, the Participant
shall be entitled to receive an amount determined in the manner prescribed in
this Section 7.2. Stock Options which have been so surrendered, in whole or in
part, shall no longer be exercisable to the extent the related Tandem Stock
Appreciation Rights have been exercised.
	 
	 	(e)	 	Payment. Upon the exercise of a Tandem Stock
Appreciation Right, a Participant shall be entitled to receive up to, but no
more than, an amount in cash and/or Common Stock (as chosen by the Committee in
its sole discretion at grant, or thereafter if no rights of a Participant are
reduced) equal in value to the excess of the Fair Market Value of one share of
Common Stock over the Option exercise price per share specified in the
Reference Stock Option agreement, multiplied by the number of shares in respect
of which the Tandem Stock Appreciation Right shall have been exercised.
	 
	 	(f)	 	Deemed Exercise of Reference Stock Option. Upon the
exercise of a Tandem Stock Appreciation Right, the Reference Stock Option or
part thereof to which such Stock Appreciation Right is related shall be deemed
to have been exercised for the purpose of the limitation set forth in

 

 

	 	 	 	Article IV of the Plan on the number of shares of Common Stock to be issued under
the Plan.
	 
	 	(g)	 	Non-Transferability. Tandem Stock Appreciation Rights
shall be Transferable only when and to the extent that the underlying Stock
Option would be Transferable under Section 6.3(e) of the Plan.

     7.3 Non-Tandem Stock Appreciation Rights. Non-Tandem Stock Appreciation Rights may
also be granted without reference to any Stock Options granted under this Plan.

     7.4 Terms and Conditions of Non-Tandem Stock Appreciation Rights. Non-Tandem Stock
Appreciation Rights granted hereunder shall be subject to such terms and conditions, not
inconsistent with the provisions of this Plan, as shall be determined from time to time by the
Committee in its sole discretion, and the following:

	 	(a)	 	Exercise Price. The exercise price per share of Common
Stock subject to a Non-Tandem Stock Appreciation Right shall be determined by
the Committee at the time of grant, provided that the per share exercise price
of a Non-Tandem Stock Appreciation Right shall not be less than 100% of the
Fair Market Value of the Common Stock at the time of grant.
	 
	 	(b)	 	Term. The term of each Non-Tandem Stock Appreciation
Right shall be fixed by the Committee, but shall not be greater than 7 years
after the date the right is granted.
	 
	 	(c)	 	Exercisability. Non-Tandem Stock Appreciation Rights
shall be exercisable at such time or times and subject to such terms and
conditions as shall be determined by the Committee at grant. If the Committee
provides, in its discretion, that any such right is exercisable subject to
certain limitations (including, without limitation, that it is exercisable only
in installments or within certain time periods), the Committee may waive such
limitations on the exercisability at any time at or after grant in whole or in
part (including, without limitation, waiver of the installment exercise
provisions or acceleration of the time at which such right may be exercised),
based on such factors, if any, as the Committee shall determine, in its sole
discretion. Unless otherwise determined by the Committee at grant, the Award
agreement shall provide that (i) in the event the Participant engages in
Detrimental Activity prior to any exercise of the Non-Tandem Stock Appreciation
Right, all Non-Tandem Stock Appreciation Rights held by the Participant shall
thereupon terminate and expire, (ii) as a condition of the exercise of a
Non-Tandem Stock Appreciation Right, the Participant shall be required to
certify (or shall be deemed to have certified) at the time of exercise in a
manner acceptable to the Company that the Participant is in compliance with the
terms and conditions of the Plan and that the Participant has not engaged in,
and does not intend to engage in, any Detrimental Activity, and (iii) in the
event the Participant engages in Detrimental Activity during the one-year
period

 

 

	 	 	 	commencing on the later of the date the Non-Tandem Stock Appreciation Right
is exercised or becomes vested, the Company shall be entitled to recover
from the Participant at any time within one year after such exercise or
vesting, and the Participant shall pay over to the Company, an amount equal
to any gain realized as a result of the exercise (whether at the time of
exercise or thereafter).
	 
	 	(d)	 	Method of Exercise. Subject to whatever installment
exercise and waiting period provisions apply under subsection (b) above,
Non-Tandem Stock Appreciation Rights may be exercised in whole or in part at
any time in accordance with the applicable Award agreement, by giving written
notice of exercise to the Company specifying the number of Non-Tandem Stock
Appreciation Rights to be exercised.
	 
	 	(e)	 	Payment. Upon the exercise of a Non-Tandem Stock
Appreciation Right a Participant shall be entitled to receive, for each right
exercised, up to, but no more than, an amount in cash and/or Common Stock (as
chosen by the Committee in its sole discretion at grant, or thereafter if no
rights of a Participant are reduced) equal in value to the excess of the Fair
Market Value of one share of Common Stock on the date the right is exercised
over the Fair Market Value of one share of Common Stock on the date the right
was awarded to the Participant.
	 
	 	(f)	 	Non-Transferability. No Non-Tandem Stock Appreciation
Rights shall be Transferable by the Participant otherwise than by will or by
the laws of descent and distribution, and all such rights shall be exercisable,
during the Participant’s lifetime, only by the Participant.
	 
	 	(g)	 	Termination. Unless otherwise provided in an Award
agreement, upon Termination, Non-Tandem Stock Appreciation Rights shall be
exercised in accordance with the provisions of Section 6.3 (f) through (k) of
the Plan.

     7.5 Limited Stock Appreciation Rights. The Committee may, in its sole discretion,
grant Tandem and Non-Tandem Stock Appreciation Rights either as a general Stock Appreciation Right
or as a Limited Stock Appreciation Right. Limited Stock Appreciation Rights may be exercised only
upon the occurrence of a Change in Control or such other event as the Committee may, in its sole
discretion, designate at the time of grant or thereafter. Upon the exercise of Limited Stock
Appreciation Rights, except as otherwise provided in an Award agreement, the Participant shall
receive in cash or Common Stock, as determined by the Committee, an amount equal to the amount (a)
set forth in Section 7.2(e) with respect to Tandem Stock Appreciation Rights, or (b) set forth in
Section 7.4(e) with respect to Non-Tandem Stock Appreciation Rights, as applicable.

 

 

ARTICLE VIII

RESTRICTED STOCK

     8.1 Awards of Restricted Stock. Shares of Restricted Stock may be issued either
alone or in addition to other Awards granted under the Plan. The Committee shall, in its sole
discretion, determine the Eligible Employees, Consultants and Non-Employee Directors, to whom, and
the time or times at which, grants of Restricted Stock shall be made, the number of shares to be
awarded, the price (if any) to be paid by the Participant (subject to Section 8.2), the time or
times within which such Awards may be subject to forfeiture, the vesting schedule and rights to
acceleration thereof, and all other terms and conditions of the Awards. The Committee may
condition the grant or vesting of Restricted Stock upon the attainment of specified performance
targets (including, the Performance Goals specified in Exhibit A attached hereto) or such other
factors as the Committee may determine, in its sole discretion, including to comply with the
requirements of Section 162(m) of the Code.

     Unless otherwise determined by the Committee at grant, each Award of Restricted Stock shall
provide that in the event the Participant engages in Detrimental Activity prior to, or during the
one-year period after, any vesting of Restricted Stock, the Committee may direct that all unvested
Restricted Stock shall be immediately forfeited to the Company and that the Participant shall pay
over to the Company an amount equal to the Fair Market Value at the time of vesting of any
Restricted Stock which had vested in the period referred to above.

     8.2 Awards and Certificates. Eligible Employees, Consultants and Non-Employee
Directors selected to receive Restricted Stock shall not have any rights with respect to such
Award, unless and until such Participant has delivered a fully executed copy of the agreement
evidencing the Award to the Company and has otherwise complied with the applicable terms and
conditions of such Award. Further, such Award shall be subject to the following conditions:

	 	(a)	 	Purchase Price. The purchase price of Restricted Stock
shall be fixed by the Committee. Subject to Section 4.3, the purchase price
for shares of Restricted Stock may be zero to the extent permitted by
applicable law, and, to the extent not so permitted, such purchase price may
not be less than par value.
	 
	 	(b)	 	Acceptance. Awards of Restricted Stock must be
accepted within a period of 60 days (or such other period as the Committee may
specify) after the grant date, by executing a Restricted Stock agreement and by
paying whatever price (if any) the Committee has designated thereunder.
	 
	 	(c)	 	Legend. Each Participant receiving Restricted Stock
shall be issued a stock certificate in respect of such shares of Restricted
Stock, unless the Committee elects to use another system, such as book entries
by the transfer agent, as evidencing ownership of shares of Restricted Stock.
Such certificate shall be registered in the name of such Participant, and
shall, in addition to such legends required by applicable securities laws,

 

 

	 	 	 	bear an appropriate legend referring to the terms, conditions, and
restrictions applicable to such Award, substantially in the following form:
	 
	 	 	 	“The anticipation, alienation, attachment, sale, transfer, assignment,
pledge, encumbrance or charge of the shares of stock represented hereby are
subject to the terms and conditions (including forfeiture) of the NYSE
Euronext (the “Company”) Omnibus Incentive Plan (the “Plan”) and an
Agreement entered into between the registered owner and the Company
evidencing the award under the Plan. Copies of such Plan and Agreement are
on file at the principal office of the Company.”
	 
	 	(d)	 	Custody. If stock certificates are issued in respect
of shares of Restricted Stock, the Committee may require that any stock
certificates evidencing such shares be held in custody by the Company until the
restrictions thereon shall have lapsed, and that, as a condition of any grant
of Restricted Stock, the Participant shall have delivered a duly signed stock
power, endorsed in blank, relating to the Common Stock covered by such Award.

     8.3 Restrictions and Conditions. The shares of Restricted Stock awarded pursuant to
this Plan shall be subject to the following restrictions and conditions:

	 	(a)	 	Restriction Period. The Participant shall not be
permitted to Transfer shares of Restricted Stock awarded under this Plan during
the period or periods set by the Committee (the “Restriction Period”)
commencing on the date of such Award, as set forth in the Restricted Stock
Award agreement and such agreement shall set forth a vesting schedule and any
events which would accelerate vesting of the shares of Restricted Stock.
Within these limits, based on service, attainment of Performance Goals pursuant
to Section 8.3(a)(ii) below and/or such other factors or criteria as the
Committee may determine in its sole discretion, the Committee may condition the
grant or provide for the lapse of such restrictions in installments in whole or
in part, or may accelerate the vesting of all or any part of any Restricted
Stock Award and/or waive the deferral limitations for all or any part of any
Restricted Stock Award.
	 
	 	 	 	(ii) Objective Performance Goals, Formulae or Standards. If the grant of
shares of Restricted Stock or the lapse of restrictions is based on the
attainment of Performance Goals, the Committee shall establish the
Performance Goals and the applicable vesting percentage of the Restricted
Stock Award applicable to each Participant or class of Participants in
writing prior to the beginning of the applicable fiscal year or at such
later date as otherwise determined by the Committee and while the outcome of
the Performance Goals are substantially uncertain. Such Performance Goals
may incorporate provisions for disregarding (or adjusting for) changes in
accounting methods, corporate transactions (including, without limitation,
dispositions and acquisitions) and other similar type events or

 

 

	 	 	 	circumstances. With regard to a Restricted Stock Award that is intended to
comply with Section 162(m) of the Code, to the extent any such provision
would create impermissible discretion under Section 162(m) of the Code or
otherwise violate Section 162(m) of the Code, such provision shall be of no
force or effect. The applicable Performance Goals shall be based on one or
more of the performance criteria set forth in Exhibit A hereto.
	 
	 	(b)	 	Rights as a Stockholder. Except as provided in this
subsection (b) and subsection (a) above and as otherwise determined by the
Committee, the Participant shall have, with respect to the shares of Restricted
Stock, all of the rights of a holder of shares of Common Stock of the Company
including, without limitation, the right to receive any dividends, the right to
vote such shares and, subject to and conditioned upon the full vesting of
shares of Restricted Stock, the right to tender such shares. The Committee
may, in its sole discretion, determine at the time of grant that the payment of
dividends shall be deferred until, and conditioned upon, the expiration of the
applicable Restriction Period.
	 
	 	(c)	 	Termination. Unless otherwise specified in the
applicable Restricted Stock Award agreement, upon a Participant’s Termination
for any reason during the relevant Restriction Period, all Restricted Stock
still subject to restriction will be forfeited.
	 
	 	(d)	 	Lapse of Restrictions. If and when the Restriction
Period expires without a prior forfeiture of the Restricted Stock, the
certificates for such shares shall be delivered to the Participant. All
legends shall be removed from said certificates at the time of delivery to the
Participant, except as otherwise required by applicable law or other
limitations imposed by the Committee.

ARTICLE IX

PERFORMANCE SHARES

     9.1 Award of Performance Shares. Performance Shares may be awarded either alone or
in addition to other Awards granted under this Plan. The Committee shall, in its sole discretion,
determine the Eligible Employees, Consultants and Non-Employee Directors, to whom, and the time or
times at which, Performance Shares shall be awarded, the number of Performance Shares to be
awarded to any person, the duration of the period (the “Performance Period”) during which, and the
conditions under which, receipt of the Shares will be deferred, and the other terms and conditions
of the Award in addition to those set forth in Section 9.2.

     Unless otherwise determined by the Committee at grant, each Award of Performance Shares shall
provide that in the event the Participant engages in Detrimental Activity prior to, or during the
one-year period after, any vesting of Performance Shares, the Committee may direct (at any time
within one year thereafter) that all unvested Performance Shares shall be

 

 

immediately forfeited to the Company and that the Participant shall pay over to the Company an
amount equal to any gain the Participant realized from any Performance Shares which had vested in
the period referred to above.

     Except as otherwise provided herein, the Committee shall condition the right to payment of any
Performance Share upon the attainment of objective performance goals established pursuant to
Section 9.2(c) below.

     9.2 Terms and Conditions. Performance Shares awarded pursuant to this Article IX
shall be subject to the following terms and conditions:

	 	(a)	 	Earning of Performance Share Award. At the expiration
of the applicable Performance Period, the Committee shall determine the extent
to which the performance goals established pursuant to Section 9.2(c) are
achieved and the percentage of each Performance Share Award that has been
earned.
	 
	 	(b)	 	Non-Transferability. Subject to the applicable
provisions of the Award agreement and this Plan, Performance Shares may not be
Transferred during the Performance Period.
	 
	 	(c)	 	Objective Performance Goals, Formulae or Standards.
The Committee shall establish the objective Performance Goals for the earning
of Performance Shares based on a Performance Period applicable to each
Participant or class of Participants in writing prior to the beginning of the
applicable Performance Period or at such later date as permitted under Section
162(m) of the Code and while the outcome of the Performance Goals are
substantially uncertain. Such Performance Goals may incorporate, if and only
to the extent permitted under Section 162(m) of the Code, provisions for
disregarding (or adjusting for) changes in accounting methods, corporate
transactions (including, without limitation, dispositions and acquisitions) and
other similar type events or circumstances. To the extent any such provision
would create impermissible discretion under Section 162(m) of the Code or
otherwise violate Section 162(m) of the Code, such provision shall be of no
force or effect. The applicable Performance Goals shall be based on one or
more of the performance criteria set forth in Exhibit A hereto.
	 
	 	(d)	 	Dividend Equivalents. If any cash dividends (whether
regular or extraordinary) are paid on shares of Common Stock during the
Performance Period applicable to a Participant’s Award of Performance Shares,
the Committee (or its delegate) shall determine, in accordance with Section
409A of the Code and the terms of this Plan and the applicable Award agreement,
whether such Participant shall be eligible to receive any payments with respect
to such dividends and, if so, the terms of such payments, including without
limitation (i) the amounts of such payments, (ii) any vesting or forfeiture
conditions to such payments and

 

 

	 	(iii)	 	whether such payments shall be made (x) currently or on a deferred
basis, (y) in cash or shares of Common Stock and (z) with respect to the
period prior to the vesting of such Award. The Committee (or its delegate)
may make such determination at the time of grant of such Award or at any
time thereafter (but in all events not later than December 31 of the year
prior to the year for which any such payments are made); provided that, if
such determination is made after the time of grant, the Participant shall be
provided with written notice of such determination, which notice shall
constitute an amendment to the applicable Award agreement.
	 
	 	(e)	 	Payment. Following the Committee’s determination in
accordance with subsection (a) above, shares of Common Stock or, as determined
by the Committee in its sole discretion, the cash equivalent of such shares
shall be delivered to the Eligible Employee, Consultant or Non-Employee
Director, or his legal representative, in an amount equal to such individual’s
earned Performance Share. Notwithstanding the foregoing, the Committee may, in
its sole discretion, award an amount less than the earned Performance Share
and/or subject the payment of all or part of any Performance Share to
additional vesting, forfeiture and deferral conditions as it deems appropriate.
	 
	 	(f)	 	Termination. Subject to the applicable provisions of
the Award agreement, upon a Participant’s Termination for any reason during the
Performance Period for a given Award, the Performance Shares in question will
be forfeited.
	 
	 	(g)	 	Accelerated Vesting. Based on service, performance
and/or such other factors or criteria, if any, as the Committee may determine,
the Committee may, in its sole discretion, at or after grant, accelerate the
vesting of all or any part of any Performance Share Award and/or waive the
deferral limitations for all or any part of such Award.

ARTICLE X

OTHER STOCK-BASED AWARDS

     10.1 Other Awards. The Committee, in its sole discretion, is authorized to grant to
Eligible Employees, Consultants and Non-Employee Directors Other Stock-Based Awards that are
payable in, valued in whole or in part by reference to, or otherwise based on or related to shares
of Common Stock, including but not limited to, shares of Common Stock awarded purely as a bonus
and not subject to any restrictions or conditions, shares of Common Stock in payment of the
amounts due under an incentive or performance plan sponsored or maintained by the Company or an
Affiliate, performance units, dividend equivalent units, stock equivalent units, restricted stock
units and deferred stock units. To the extent permitted by law, the Committee may, in its sole
discretion, permit Eligible Employees and/or Non-Employee Directors to defer all or a portion of
their cash compensation in the form of Other Stock-Based Awards granted under this Plan, subject
to the terms and conditions of any deferred

 

 

compensation arrangement established by the Company, which shall be in a manner intended to
comply with Section 409A of the Code. Other Stock-Based Awards may be granted either alone or in
addition to or in tandem with other Awards granted under the Plan.

     Subject to the provisions of this Plan, the Committee shall, in its sole discretion, have
authority to determine the Eligible Employees, Consultants and Non-Employee Directors to whom, and
the time or times at which, such Awards shall be made, the number of shares of Common Stock to be
awarded pursuant to such Awards, and all other conditions of the Awards. The Committee may also
provide for the grant of Common Stock under such Awards upon the completion of a specified
performance period.

     The Committee may condition the grant or vesting of Other Stock-Based Awards upon the
attainment of specified Performance Goals set forth on Exhibit A as the Committee may determine, in
its sole discretion; provided that to the extent that such Other Stock-Based Awards are intended to
comply with Section 162(m) of the Code, the Committee shall establish the objective Performance
Goals for the vesting of such Other Stock-Based Awards based on a performance period applicable to
each Participant or class of Participants in writing prior to the beginning of the applicable
performance period or at such later date as permitted under Section 162(m) of the Code and while
the outcome of the Performance Goals are substantially uncertain. Such Performance Goals may
incorporate, if and only to the extent permitted under Section 162(m) of the Code, provisions for
disregarding (or adjusting for) changes in accounting methods, corporate transactions (including,
without limitation, dispositions and acquisitions) and other similar type events or circumstances.
To the extent any such provision would create impermissible discretion under Section 162(m) of the
Code or otherwise violate Section 162(m) of the Code, such provision shall be of no force or
effect. The applicable Performance Goals shall be based on one or more of the performance criteria
set forth in Exhibit A hereto.

     10.2 Terms and Conditions. Other Stock-Based Awards made pursuant to this Article X
shall be subject to the following terms and conditions:

	 	(a)	 	Non-Transferability. Subject to the applicable
provisions of the Award agreement and this Plan, shares of Common Stock subject
to Awards made under this Article X may not be Transferred prior to the date on
which the shares are issued, or, if later, the date on which any applicable
restriction, performance or deferral period lapses.
	 
	 	(b)	 	Dividend Equivalents. If any cash dividends (whether
regular or extraordinary) are paid on shares of Common Stock during the period
in which a Participant’s Award is outstanding, the Committee (or its delegate)
shall determine, in accordance with Section 409A of the Code and the terms of
this Plan and the applicable Award agreement, whether such Participant shall be
eligible to receive any payments with respect to such dividends and, if so, the
terms of such payments, including without limitation (i) the amounts of such
payments, (ii) any vesting or forfeiture conditions to such payments and (iii)
whether such payments shall be made (x) currently or on a deferred basis, (y)
in cash or shares of Common Stock and (z) with respect to the period prior to
the vesting of such

 

 

	 	 	 	Award. The Committee (or its delegate) may make such determination at the time of
grant of such Award or at any time thereafter (but in all events not later
than December 31 of the year prior to the year for which any such payments
are made); provided that, if such determination is made after the time of
grant, the Participant shall be provided with written notice of such
determination, which notice shall constitute an amendment to the applicable
Award agreement.
	 
	 	(c)	 	Vesting. Any Award under this Article X and any Common
Stock covered by any such Award shall vest or be forfeited to the extent so
provided in the Award agreement, as determined by the Committee, in its sole
discretion.
	 
	 	(d)	 	Price. Common Stock issued on a bonus basis under this
Article X may be issued for no cash consideration; Common Stock purchased
pursuant to a purchase right awarded under this Article X shall be priced, as
determined by the Committee in its sole discretion.
	 
	 	(e)	 	Payment. Form of payment for the Other Stock-Based
Award shall be specified in the Award agreement.

     10.3 Grant of Restricted Stock Units in Connection with the Merger Transaction.

	 	(a)	 	Grant of RSUs. In connection with the Merger
Transaction, the Committee, in its sole discretion, shall authorize the grant
of restricted stock units to Eligible Employees on the terms and conditions set
forth in this Section 10.3. All such restricted stock units (hereinafter,
“Merger Transaction RSUs”) will be granted on the closing date of the Merger
Transaction or as soon as practicable thereafter (the “Merger Transaction Grant
Date”). All Merger Transaction RSUs will be granted subject to the terms and
conditions of the Plan and each Award will be memorialized in a separate
agreement between the Company and the Participant.
	 
	 	(b)	 	Vesting. All Merger Transaction RSUs shall vest on a
cumulative basis, as follows: (i) 50% shall vest immediately on the Merger
Transaction Grant Date; (ii) an additional 25% shall vest on the first
anniversary of the Merger Transaction Grant Date; and (iii) the balance of each
Award (25%) shall vest on the second anniversary of the Merger Transaction
Grant Date.
	 
	 	(c)	 	Distribution. Subject to the provisions of Section
10.3(d), on or as soon as reasonably practicable following the applicable
vesting date, the Company shall distribute one share of Common Stock with
respect to each Merger Transaction RSU that vests on such date (subject to
share adjustment pursuant to Article IV of the Plan, as applicable.) Upon
delivery of such

 

 

	 	 	 	shares of Common Stock, all obligations of the Company with respect to each
such Merger Transaction RSU shall be satisfied.
	 
	 	(d)	 	Lock-Up Period. In no event shall any shares of Common
Stock subject to a Merger Transaction RSU be distributed prior to the
expiration of the Lock-Up Period, as defined in Section 5.1 of the Merger
Agreement, which period shall end on the third anniversary of the Merger
Transaction Grant Date.
	 
	 	(e)	 	Employment Termination. Upon a Participant’s
Termination, other than for Cause, all un-vested Merger Transaction RSUs shall
automatically be forfeited and all vested Merger Transaction RSUs shall be
distributed as soon as practicable following the expiration of the Lock-Up
Period in the manner described in Section 10.3(c) or 10.3(f), as applicable.
In the event of a Participant’s Termination for Cause, all Merger Transaction
RSUs, whether or not vested and whether or not payable in Common Stock or cash,
shall be forfeited.
	 
	 	(f)	 	Transfer to NYSE Regulation, Inc. Notwithstanding any
contrary provision contained in this Article X, if a Participant transfers
employment to NYSE Regulation, Inc., any Merger Transaction RSUs granted to
such Participant prior to such employment transfer shall automatically be
converted from a deferred stock award to a deferred cash award (“Cash Award”)
but shall otherwise continue to be subject to the terms and conditions of the
Plan, including this Article X and the vesting schedule set forth in Section
10.3(b) above and the forfeiture provisions in Section 10.3(e). The value of
the Cash Award shall be calculated on the basis of 90% of the Fair Market
Value of a share of Common Stock on the effective date of the Participant’s
transfer of employment from the Company or Affiliate to NYSE Regulation, Inc.
The Cash Award, which shall be payable from the general assets of the Company,
subject to its creditors, shall be paid to the Participant as soon as
practicable following the expiration of the Lock-Up Period. The Cash Award
payable under this Section 10.3(f) shall be adjusted annually for earnings at a
money market fund rate, or at the rate of return on another stable value
investment vehicle designed for the preservation of principal, as determined by
the Company. Upon payment of the Cash Award to the Participant, all
obligations of the Company with respect to the Merger Transaction RSUs granted
to such Participant shall be satisfied.
	 
	 	(g)	 	Other Terms and Conditions. Merger Transaction RSUs
may contain such other provisions, which shall not be inconsistent with any of
the terms of this Plan, as the Committee shall, in its sole discretion, deem
appropriate. Merger Transaction RSUs shall be memorialized in a written
agreement between the Company and the Participant.

 

 

ARTICLE XI

PERFORMANCE-BASED CASH AWARDS

     11.1 Performance-Based Cash Awards. Performance-Based Cash Awards may be granted
either alone or in addition to or in tandem with Stock Options, Stock Appreciation Rights, or
Restricted Stock. Subject to the provisions of this Plan, the Committee shall, in its sole
discretion, have authority to determine the Eligible Employees and Consultants to whom, and the
time or times at which, such Awards shall be made, the dollar amount to be awarded pursuant to
such Awards, and all other conditions of the Awards. The Committee may also provide for the
payment of dollar amount under such Awards upon the completion of a specified Performance Period.

     For each Participant, the Committee may specify a targeted performance award. The individual
target award may be expressed, at the Committee’s discretion, as a fixed dollar amount, a
percentage of base pay or total pay (excluding payments made under the Plan), or an amount
determined pursuant to an objective formula or standard. Establishment of an individual target
award for a Participant for a calendar year shall not imply or require that the same level
individual target award (if any such award is established by the Committee for the relevant
Participant) be set for any subsequent calendar year. At the time the Performance Goals are
established, the Committee shall prescribe a formula to determine the percentages (which may be
greater than 100%) of the individual target award which may be payable based upon the degree of
attainment of the Performance Goals during the calendar year. Notwithstanding anything else
herein, the Committee may, in its sole discretion, elect to pay a Participant an amount that is
less than the Participant’s individual target award (or attained percentage thereof) regardless of
the degree of attainment of the Performance Goals; provided that no such discretion to reduce an
Award earned based on achievement of the applicable Performance Goals shall be permitted for the
calendar year in which a Change in Control of the Company occurs, or during such calendar year
with regard to the prior calendar year if the Awards for the prior calendar year have not been
made by the time of the Change in Control of the Company, with regard to individuals who were
Participants at the time of the Change in Control of the Company.

     11.2 Terms and Conditions. Performance-Based Awards made pursuant to this Article XI
shall be subject to the following terms and conditions:

	 	(a)	 	Vesting of Performance-Based Cash Award. At the
expiration of the applicable Performance Period, the Committee shall determine
and certify in writing the extent to which the Performance Goals established
pursuant to Section 11.2(c) are achieved and the percentage of the
Participant’s individual target award has been vested and earned.
	 
	 	(b)	 	Waiver of Limitation. In the event of the
Participant’s Retirement, Disability or death, or in cases of special
circumstances, the Committee may, in its sole discretion, waive in whole or in
part any or all of the limitations imposed hereunder (if any) with respect to
any or all of an Award under this Article XI.

 

 

	 	(c)	 	Objective Performance Goals, Formulae or Standards.

	 	(i)	 	The Committee shall establish the objective
Performance Goals and the individual target award (if any) applicable
to each Participant or class of Participants in writing prior to the
beginning of the applicable Performance Period or at such later date as
permitted under Section 162(m) of the Code and while the outcome of the
Performance Goals are substantially uncertain. Such Performance Goals
may incorporate, if and only to the extent permitted under Section
162(m) of the Code, provisions for disregarding (or adjusting for)
changes in accounting methods, corporate transactions (including,
without limitation, dispositions and acquisitions) and other similar
type events or circumstances. To the extent any Performance-Based
Award is intended to comply with the provisions of Section 162(m) of
the Code, if any provision would create impermissible discretion under
Section 162(m) of the Code or otherwise violate Section 162(m) of the
Code, such provision shall be of no force or effect. The applicable
Performance Goals shall be based on one or more of the performance
criteria set forth in Exhibit A hereto.
	 
	 	(ii)	 	The measurements used in Performance Goals set
under the Plan shall be determined in accordance with Generally
Accepted Accounting Principles (“GAAP”), except, to the extent that any
objective Performance Goals are used, if any measurements require
deviation from GAAP, such deviation shall be at the discretion of the
Committee at the time the Performance Goals are set or at such later
time to the extent permitted under Section 162(m) of the Code.

	 	(d)	 	Payment. Following the Committee’s determination and
certification in accordance with subsection (a) above, the Performance-Based
Cash Award amount shall be delivered to the Eligible Employee or his legal
representative, in accordance with the terms and conditions of the Award
agreement.

ARTICLE XII

NON-EMPLOYEE DIRECTOR AWARDS

     12.1 Discretionary Awards to Non-Employee Directors. A Non-Employee Director shall
be eligible to receive Awards under the Plan in accordance with its terms, including those set
forth in this Article XII and such other terms and conditions as may be established by the Board
consistent with the terms of the Plan and set forth in an Award agreement at grant or thereafter.

 

 

     12.2 Acceleration of Exercisability. All Awards granted to a Non-Employee Director
and not previously vested or exercisable shall become fully vested and exercisable upon such
director’s death or, in the case of all Awards other than Restricted Stock, the Non-Employee
Director’s Retirement, and all Awards granted to Non-Employee Directors and not previously vested
or exercisable shall become fully vested and exercisable immediately upon a Change in Control (as
defined in Section 13.2).

     12.3 Changes.

	 	(a)	 	The Awards to a Non-Employee Director shall be subject to
Sections 4.2(a), (b) and (c) of the Plan and this Section 12.3.
	 
	 	(b)	 	If the Company shall not be the surviving corporation in any
merger or consolidation, or if the Company is to be dissolved or liquidated,
then, unless the surviving corporation assumes the Stock Options or substitutes
new Stock Options which are determined by the Board in its sole discretion to
be substantially similar in nature and equivalent in terms and value for Stock
Options then outstanding, upon the effective date of such merger,
consolidation, liquidation or dissolution, any unexercised Stock Options shall
expire without additional compensation to the holder thereof; provided, that,
the Board shall deliver notice to each Non-Employee Director at least 30 days
prior to the date of consummation of such merger, consolidation, dissolution or
liquidation which would result in the expiration of the Stock Options and
during the period from the date on which such notice of termination is
delivered to the consummation of the merger, consolidation, dissolution or
liquidation, such Participant shall have the right to exercise in full,
effective as of such consummation, all Stock Options that are then outstanding
(without regard to limitations on exercise otherwise contained in the Stock
Options) but contingent on occurrence of the merger, consolidation, dissolution
or liquidation, and, provided that, if the contemplated transaction does not
take place within a 90 day period after giving such notice for any reason
whatsoever, the notice, accelerated vesting and exercise shall be null and void
and, if and when appropriate, new notice shall be given as aforesaid.

ARTICLE XIII

CHANGE IN CONTROL PROVISIONS

     13.1 Benefits. In the event of a Change in Control of the Company and except as
otherwise provided by the Committee in any Award agreement, a Participant’s unvested Award shall
not vest and a Participant’s Award shall be treated in accordance with one of the following
methods determined by the Committee, in its sole discretion:

	 	(a)	 	Awards, whether or not then vested, shall be continued,
assumed, have new rights substituted therefor or be treated in accordance with
Section 4.2(d) hereof, as determined by the Committee in its sole discretion,
and

 

 

	 	 	 	restrictions to which any shares of Restricted Stock or any other Award
granted prior to the Change in Control are subject shall not lapse upon a
Change in Control and the Restricted Stock or other Award shall, where
appropriate in the sole discretion of the Committee, receive the same
distribution as other Common Stock on such terms as determined by the
Committee; provided that, the Committee may, in its sole discretion, decide
to award additional Restricted Stock or other Award in lieu of any cash
distribution. Notwithstanding anything to the contrary herein, for purposes
of Incentive Stock Options, any assumed or substituted Stock Option shall
comply with the requirements of Treasury Regulation Section 1.424-1 (and any
amendments thereto).
	 
	 	(b)	 	The Committee, in its sole discretion, may provide for the
purchase of any Awards by the Company or an Affiliate for an amount of cash
equal to the excess of the Change in Control Price (as defined below) of the
shares of Common Stock covered by such Awards, over the aggregate exercise
price of such Awards. For purposes of this Section 13.1, “Change in Control
Price” shall mean the highest price per share of Common Stock paid in any
transaction related to a Change in Control of the Company.
	 
	 	(c)	 	The Committee may, in its sole discretion, provide for the
cancellation of any Awards without payment, if the Change in Control Price is
less than the Fair Market Value of such Award on the date of grant.
	 
	 	(d)	 	Notwithstanding anything else herein, the Committee may, in its
sole discretion, provide for accelerated vesting or lapse of restrictions, of
an Award at the time of grant or at any time thereafter.

     13.2 Change in Control. Unless otherwise determined by the Committee, a “Change in
Control” shall be deemed to occur following any transaction if:

	 	(a)	 	Any individual, entity or group (within the meaning of Section
13(d)(3) or 14(d)(2) of the Exchange Act)) (a “Person”) becomes the beneficial
owner (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of
50.1% or more of either (A) the then outstanding shares of common stock of the
Company (the “Outstanding Company Common Stock”) or (B) the combined voting
power of the then outstanding voting securities of the Company entitled to vote
generally in the election of directors (the “Outstanding Company Voting
Securities”); provided, however, that, for purposes of this Section 13.2(a),
the following acquisitions shall not constitute a Change in Control: (i) any
acquisition directly from the Company, (ii) any acquisition by the Company,
(iii) any acquisition by any employee benefit plan (or related trust) sponsored
or maintained by the Company or any Affiliate or (iv) any acquisition by any
corporation

 

 

	 	 	 	pursuant to a transaction that complies with Sections 13.2(c)(i), (ii) and
(iii);
	 
	 	(b)	 	Any time at which individuals who, as of the Effective Date,
constitute the Board (the “Incumbent Board”) cease for any reason to constitute
at least a majority of the Board; provided, however, that any individual
becoming a director subsequent to the Effective Date whose election, or
nomination for election by the Company’s stockholders, was approved by a vote
of at least a majority of the directors then comprising the Incumbent Board
shall be considered as though such individual were a member of the Incumbent
Board, but excluding, for this purpose, any such individual whose initial
assumption of office occurs as a result of an actual or threatened election
contest with respect to the election or removal of directors or other actual or
threatened solicitation of proxies or consents by or on behalf of a Person
other than the Board;
	 
	 	(c)	 	Consummation of a reorganization, merger, statutory share
exchange or consolidation or similar transaction involving the Company or any
of its subsidiaries, a sale or other disposition of all or substantially all of
the assets of the Company, or the acquisition of assets or stock of another
entity by the Company or any of its subsidiaries (each, a “Business
Combination”), in each case unless, following such Business Combination, (i)
all or substantially all of the individuals and entities that were the
beneficial owners of the Outstanding Company Common Stock and the Outstanding
Company Voting Securities immediately prior to such Business Combination
beneficially own, directly or indirectly, more than 50% of the then-outstanding
shares of common stock and the combined voting power of the then-outstanding
voting securities entitled to vote generally in the election of directors, as
the case may be, of the corporation resulting from such Business Combination
(including, without limitation, a corporation that, as a result of such
transaction, owns the Company or all or substantially all of the Company’s
assets either directly or through one or more subsidiaries) in substantially
the same proportions as their ownership immediately prior to such Business
Combination of the Outstanding Company Common Stock and the Outstanding Company
Voting Securities, as the case may be, (ii) no Person (excluding any
corporation resulting from such Business Combination or any employee benefit
plan (or related trust) of the Company or such corporation resulting from such
Business Combination) beneficially owns, directly or indirectly, 50.1% or more
of, respectively, the then-outstanding shares of common stock of the
corporation resulting from such Business Combination or the combined voting
power of the then-outstanding voting securities of such corporation, except to
the extent that such ownership existed prior to the Business Combination, and
(iii) at least a majority of the members of the board of directors of the
corporation resulting from such Business Combination were members of the
Incumbent Board at the time of the

 

 

	 	 	 	execution of the initial agreement or of the action of the Board providing
for such Business Combination; or
	 
	 	(d)	 	Approval by the stockholders of the Company of a complete
liquidation or dissolution of the Company;

provided, however, that a Change in Control shall not occur for purposes of the Plan unless it
constitutes a “change in control” for purposes of Section 409A of the Code; provided, further,
however, that the foregoing proviso shall not apply to an Award that is granted after May 15, 2008
unless the Award is intended to comply with Section 409A of the Code and payment under the Award is
triggered by a Change in Control.

ARTICLE XIV

TERMINATION OR AMENDMENT OF PLAN

     14.1 Termination or Amendment. Notwithstanding any other provision of this Plan, the
Board or the Committee may at any time, and from time to time, amend, in whole or in part, any or
all of the provisions of this Plan (including any amendment deemed necessary to ensure that the
Company may comply with any regulatory requirement referred to in Article XVI), or suspend or
terminate it entirely, retroactively or otherwise; provided, however, that, unless otherwise
required by law or specifically provided herein, the rights of a Participant with respect to
Awards granted prior to such amendment, suspension or termination, may not be impaired without the
consent of such Participant and, provided further, without the approval of the stockholders of the
Company in accordance with the laws of the State of Delaware, to the extent required by the
applicable provisions of Rule 16b-3, or Section 162(m) of the Code, pursuant to the requirements
of the NYSE Listed Company Manual, or, to the extent applicable to Incentive Stock Options,
Section 422 of the Code, no amendment may be made which would:

	 	(a)	 	increase the aggregate number of shares of Common Stock that
may be issued under this Plan pursuant to Section 4.1 (except by operation of
Section 4.2);
	 
	 	(b)	 	increase the maximum individual Participant limitations for a
fiscal year under Section 4.1(b) (except by operation of Section 4.2);
	 
	 	(c)	 	change the classification of Eligible Employees or Consultants
eligible to receive Awards under this Plan;
	 
	 	(d)	 	decrease the minimum option price of any Stock Option or Stock
Appreciation Right;
	 
	 	(e)	 	extend the maximum option period under Section 6.3;
	 
	 	(f)	 	alter the Performance Goals for the Award of Restricted Stock,
Performance Shares or Other Stock-Based Awards subject to satisfaction of
Performance Goals as set forth in Exhibit A;

 

 

	 	(g)	 	award any Stock Option or Stock Appreciation Right in
replacement of a canceled Stock Option or Stock Appreciation Right with a
higher exercise price, except in accordance with Section 6.3(m); or
	 
	 	(h)	 	require stockholder approval in order for this Plan to continue
to comply with the applicable provisions of Section 162(m) of the Code or, to
the extent applicable to Incentive Stock Options, Section 422 of the Code. In
no event may this Plan be amended without the approval of the stockholders of
the Company in accordance with the applicable laws of the State of Delaware to
increase the aggregate number of shares of Common Stock that may be issued
under this Plan, decrease the minimum exercise price of any Stock Option or
Stock Appreciation Right, or to make any other amendment that would require
stockholder approval under the NYSE Listed Company Manual, or the rules of any
other exchange or system on which the Company’s securities are listed or traded
at the request of the Company.

     The Committee may amend the terms of any Award theretofore granted, prospectively or
retroactively, but, subject to Article IV above or as otherwise specifically provided herein, no
such amendment or other action by the Committee shall impair the rights of any holder without the
holder’s consent.

ARTICLE XV

UNFUNDED PLAN

     15.1 Unfunded Status of Plan. This Plan is an “unfunded” plan for incentive and
deferred compensation. With respect to any payments as to which a Participant has a fixed and
vested interest but that are not yet made to a Participant by the Company, nothing contained
herein shall give any such Participant any rights that are greater than those of a general
unsecured creditor of the Company.

ARTICLE XVI

GENERAL PROVISIONS

     16.1 Legend. The Committee may require each person receiving shares of Common Stock
pursuant to a Stock Option or other Award under the Plan to represent to and agree with the
Company in writing that the Participant is acquiring the shares without a view to distribution
thereof. In addition to any legend required by this Plan, the certificates for such shares may
include any legend that the Committee, in its sole discretion, deems appropriate to reflect any
restrictions on Transfer.

     All certificates for shares of Common Stock delivered under the Plan shall be subject to such
stop transfer orders and other restrictions as the Committee may, in its sole discretion, deem
advisable under the rules, regulations and other requirements of the Securities and Exchange
Commission, any stock exchange upon which the Common Stock is then listed or any national

 

 

securities exchange system upon whose system the Common Stock is then quoted, any applicable
Federal or state securities law, and any applicable corporate law, and the Committee may cause a
legend or legends to be put on any such certificates to make appropriate reference to such
restrictions.

     16.2 Other Plans. Nothing contained in this Plan shall prevent the Board from
adopting other or additional compensation arrangements, subject to stockholder approval if such
approval is required; and such arrangements may be either generally applicable or applicable only
in specific cases.

     16.3 No Right to Employment/Directorship/Consultancy. Neither this Plan nor the
grant of any Option or other Award hereunder shall give any Participant or other employee,
Consultant or Non-Employee Director any right with respect to continuance of employment,
consultancy or directorship by the Company or any Affiliate, nor shall they be a limitation in any
way on the right of the Company or any Affiliate by which an employee is employed or a Consultant
or Non-Employee Director is retained to terminate his or her employment, consultancy or
directorship at any time.

     16.4 Withholding of Taxes. The Company shall have the right to deduct from any
payment to be made pursuant to this Plan, or to otherwise require, prior to the issuance or
delivery of any shares of Common Stock or the payment of any cash hereunder, payment by the
Participant of, any Federal, state or local taxes required by law to be withheld. Upon the
vesting of Restricted Stock (or other Award that is taxable upon vesting), or upon making an
election under Section 83(b) of the Code, a Participant shall pay all required withholding to the
Company. Any statutorily required withholding obligation with regard to any Participant may be
satisfied, subject to the prior consent of the Committee, by reducing the number of shares of
Common Stock otherwise deliverable or by delivering shares of Common Stock already owned. Any
fraction of a share of Common Stock required to satisfy such tax obligations shall be disregarded
and the amount due shall be paid instead in cash by the Participant.

     16.5 No Assignment of Benefits. No Award or other benefit payable under this Plan
shall, except as otherwise specifically provided by law or permitted by the Committee, be
Transferable in any manner, and any attempt to Transfer any such benefit shall be void, and any
such benefit shall not in any manner be liable for or subject to the debts, contracts,
liabilities, engagements or torts of any person who shall be entitled to such benefit, nor shall
it be subject to attachment or legal process for or against such person.

     16.6 Listing and Other Conditions.

	 	(a)	 	Unless otherwise determined by the Committee, as long as the
Common Stock is listed on a national securities exchange or system sponsored by
a national securities association, the issue of any shares of Common Stock
pursuant to an Award shall be conditioned upon such shares being listed on such
exchange or system. The Company shall have no obligation to issue such shares
unless and until such shares are so listed, and the right to exercise any
Option or other Award with respect to such shares shall be suspended until such
listing has been effected.

 

 

	 	(b)	 	If at any time counsel to the Company shall be of the opinion
that any sale or delivery of shares of Common Stock pursuant to an Option or
other Award is or may in the circumstances be unlawful or result in the
imposition of excise taxes on the Company under the statutes, rules or
regulations of any applicable jurisdiction, the Company shall have no
obligation to make such sale or delivery, or to make any application or to
effect or to maintain any qualification or registration under the Securities
Act or otherwise, with respect to shares of Common Stock or Awards, and the
right to exercise any Option or other Award shall be suspended until, in the
opinion of said counsel, such sale or delivery shall be lawful or will not
result in the imposition of excise taxes on the Company.
	 
	 	(c)	 	Upon termination of any period of suspension under this Section
16.6, any Award affected by such suspension which shall not then have expired
or terminated shall be reinstated as to all shares available before such
suspension and as to shares which would otherwise have become available during
the period of such suspension, but no such suspension shall extend the term of
any Award.
	 
	 	(d)	 	A Participant shall be required to supply the Company with any
certificates, representations and information that the Company requests and
otherwise cooperate with the Company in obtaining any listing, registration,
qualification, exemption, consent or approval the Company deems necessary or
appropriate.

     16.7 Governing Law. This Plan and actions taken in connection herewith shall be
governed and construed in accordance with the laws of the State of Delaware (regardless of the law
that might otherwise govern under applicable Delaware principles of conflict of laws).

     16.8 Construction. Wherever any words are used in this Plan in the masculine gender
they shall be construed as though they were also used in the feminine gender in all cases where
they would so apply, and wherever any words are used herein in the singular form they shall be
construed as though they were also used in the plural form in all cases where they would so apply.

     16.9 Other Benefits. No Award granted or paid out under this Plan shall be deemed
compensation for purposes of computing benefits under any retirement plan of the Company or its
Affiliates nor affect any benefits under any other benefit plan now or subsequently in effect
under which the availability or amount of benefits is related to the level of compensation.

     16.10 Costs. The Company shall bear all expenses associated with administering this
Plan, including expenses of issuing Common Stock pursuant to any Awards hereunder.

     16.11 No Right to Same Benefits. The provisions of Awards need not be the same with
respect to each Participant, and such Awards to individual Participants need not be the same in
subsequent years.

 

 

     16.12 Death/Disability. The Committee may in its sole discretion require the
transferee of a Participant to supply it with written notice of the Participant’s death or
Disability and to supply it with a copy of the will (in the case of the Participant’s death) or
such other evidence as the Committee deems necessary to establish the validity of the transfer of
an Award. The Committee may, in its discretion, also require that the agreement of the transferee
to be bound by all of the terms and conditions of the Plan.

     16.13 Section 16(b) of the Exchange Act. All elections and transactions under this
Plan by persons subject to Section 16 of the Exchange Act involving shares of Common Stock are
intended to comply with any applicable exemptive condition under Rule 16b-3. The Committee may,
in its sole discretion, establish and adopt written administrative guidelines, designed to
facilitate compliance with Section 16(b) of the Exchange Act, as it may deem necessary or proper
for the administration and operation of this Plan and the transaction of business thereunder.

     16.14 Section 409A of the Code. Awards under the Plan are intended to comply with,
or be exempt from, the applicable requirements of Section 409A of the Code and shall be limited,
construed and interpreted in accordance with such intent. Although the Company does not guarantee
any particular tax treatment, to the extent that any Award is subject to Section 409A of the Code,
it shall be paid in a manner that is intended to comply with Section 409A of the Code, including
regulations and any other guidance issued by the Secretary of the Treasury and the Internal
Revenue Service with respect thereto.

     16.15 Successor and Assigns. The Plan shall be binding on all successors and
permitted assigns of a Participant, including, without limitation, the estate of such Participant
and the executor, administrator or trustee of such estate.

     16.16 Severability of Provisions. If any provision of the Plan shall be held invalid
or unenforceable, such invalidity or unenforceability shall not affect any other provisions
hereof, and the Plan shall be construed and enforced as if such provisions had not been included.

     16.17 Payments to Minors, Etc. Any benefit payable to or for the benefit of a minor,
an incompetent person or other person incapable of receipt thereof shall be deemed paid when paid
to such person’s guardian or to the party providing or reasonably appearing to provide for the
care of such person, and such payment shall fully discharge the Committee, the Board, the Company,
its Affiliates and their employees, agents and representatives with respect thereto.

     16.18 Headings and Captions. The headings and captions herein are provided for
reference and convenience only, shall not be considered part of the Plan, and shall not be
employed in the construction of the Plan.

ARTICLE XVII

EFFECTIVE DATE OF PLAN

     The Plan will become effective on May 15, 2008 subject to the approval of the Company’s
stockholders on such date.

 

 

ARTICLE XVIII

TERM OF PLAN

     No Award shall be granted pursuant to the Plan on or after May 15, 2018, but awards granted
prior to such date may extend beyond that date. Notwithstanding the foregoing provisions, provided
that no Award (other than a Stock Option or Stock Appreciation Right) that is intended to be
“performance-based” under Section 162(m) of the Code shall be granted on or after the fifth
anniversary of the date of stockholder approval of the Plan as restated effective May 15, 2008,
unless the Performance Goals set forth on Exhibit A are reapproved (or other designated performance
goals are approved) by the stockholders no later than the first stockholder meeting that occurs in
the fifth year following the year in which stockholders approve the Performance Goals set forth on
Exhibit A.

ARTICLE XIX

NAME OF PLAN

     This Plan shall be known as the “NYSE Euronext Omnibus Incentive Plan.”

 

 

ARTICLE XX

SPECIAL PROVISIONS APPLICABLE TO

PARTICIPANTS TRANSFERRED TO

EMPLOYMENT WITH NYSE REGULATION, INC.

     20.1 Applicability of Article. Unless the Board determines otherwise, all Awards
granted under this Plan shall be subject to, and governed by, the provisions of this Article XX

     20.2 Affected Participants. In the event that a Participant transfers from
employment with the Company or an Affiliate to employment with NYSE Regulation, Inc., also an
Affiliate, any Awards held by such Participant shall be subject to the forfeiture and/or mandated
divestiture provisions set forth in Section 20.3 below. For purposes of this Article XX, a
Participant who transfers to employment with NYSE Regulation, Inc. shall be referred to as an
“Affected Participant.” Notwithstanding any contrary provision contained in this Plan, Merger
Transaction RSUs granted prior to the Affected Participant’s transfer of employment to NYSE
Regulation, Inc. shall be handled in accordance with the provisions of Section 10.3(f) of the Plan
and the individual Award agreement.

     20.3 Forfeiture/Required Divestiture. Any Award held by an Affected Participant
shall be subject to the forfeiture and required divestiture requirements set forth in this Section
20.3.

	 	(a)	 	Forfeiture. The portion of any Award that is not
vested at the time of the Affected Participant’s transfer of employment to NYSE
Regulation, Inc. shall automatically be forfeited effective as of such date of
transfer. As soon as practicable following the Participant’s transfer of
employment, NYSE Regulation, Inc. shall grant the Participant an award under
its cash bonus plan (or other comparable plan then in effect) equal in value to
90% of the Fair Market Value of the forfeited portion of the Award determined
as of the date of forfeiture. NYSE Regulation, Inc. shall set the terms and
conditions of the new award; provided, however, that the vesting schedule
applicable to the new award shall be the same as the vesting schedule that had
been applicable to the Award (or portion thereof) required to be forfeited
under this Section 20.3.
	 
	 	(b)	 	Divestiture. An Affected Participant holding vested
shares of Common Stock and/or vested but unexercised Awards acquired under the
Plan shall be required to take either or both of the following actions, to the
extent applicable, within the time periods prescribed herein: (i) the
Participant shall sell all vested shares of Common Stock within six months
following the effective date of the Participant’s transfer of employment to
NYSE Regulation, Inc. and (ii) the Participant shall exercise the vested
portion of all Awards and sell the underlying shares of Common Stock within six
months following the effective date of the Participant’s transfer of employment
to NYSE Regulation, Inc. Notwithstanding any contrary provision contained
herein, any Participant required to exercise and/or

 

 

	 	 	 	divest shares of Common Stock pursuant to this Article XX shall not be
subject to the transfer and related restrictions in effect during the
Lock-Up Period.
	 
	 	(c)	 	Other Terms and Conditions. Individual Award
agreements shall specify such other terms and conditions as the Committee may
deem to be necessary to implement the provisions of this Article XX.

 

 

EXHIBIT A

PERFORMANCE GOALS

     Performance goals established for purposes of the grant or vesting of Awards of Restricted
Stock, Other Stock-Based Awards, Performance Shares and/or Performance-Based Cash Awards, each
intended to be “performance-based” under Section 162(m) of the Code shall be based on the
attainment of certain target levels of, or a specified increase or decrease (as applicable) in one
or more of the following performance goals determined in accordance with generally accepted
accounting principles (GAAP) or International Financial Reporting Standards (IFRS) (“Performance
Goals”):

	 	(a)	 	enterprise value or value creation targets;
	 
	 	(b)	 	pre-tax or after-tax income (whether on a gross or net basis or
pro forma Non-GAAP or US GAAP basis);
	 
	 	(c)	 	earnings including operating income, earnings before or after
taxes, earnings before or after interest, depreciation, amortization or
extraordinary or special items;
	 
	 	(d)	 	net income excluding amortization of intangible assets,
depreciation and impairment of goodwill and intangible assets;
	 
	 	(e)	 	return on assets (gross or net), return on investment, return
on capital or return on equity;
	 
	 	(f)	 	revenue (net or gross), revenue growth or return on revenue;
	 
	 	(g)	 	cash flow;
	 
	 	(h)	 	operating margin or margin profit;
	 
	 	(i)	 	gross profit or gross profit return on investment;
	 
	 	(j)	 	gross margin or gross margin on investment;
	 
	 	(k)	 	working capital;
	 
	 	(l)	 	specified objectives with regard to limiting the level of
increase in all or a portion of the Company’s bank debt or other long-term or
short-term public or private debt or other similar financial obligations of the
Company, which may be calculated net of cash balances and/or other offsets and
adjustments as may be established by the Committee in its sole discretion;

 

 

	 	(m)	 	earnings per share (basic or diluted) or earnings per share
from continuing operations;
	 
	 	(n)	 	stock price, total stockholder return, fair market value of the
shares of the Company’s Common Stock or the growth in the value of an
investment in shares of the Company’s Common Stock assuming the reinvestment of
dividends;
	 
	 	(o)	 	a transaction that results in the sale of stock or assets of
the Company; or
	 
	 	(p)	 	reduction in expenses.

     To the extent permitted under Section 162(m) of the Code, the Committee may, in its sole
discretion, also exclude, or adjust to reflect, the impact of an event or occurrence which the
Committee determines should be appropriately excluded or adjusted, including:

	 	(a)	 	restructurings, discontinued operations, extraordinary items or
events, and other unusual or non-recurring charges as described in Accounting
Principles Board Opinion No. 30 such as merger-related expenses and/or
management’s discussion and analysis of financial condition and results of
operations appearing or incorporated by reference in the Company’s Form 10-K
for the applicable year;
	 
	 	(b)	 	an event either not directly related to the operations of the
Company or not within the reasonable control of the Company’s management; or
	 
	 	(c)	 	a change in tax law or accounting standards required by
generally accepted accounting principles.

     Performance Goals may also be based upon individual Participant performance goals, as
determined by the Committee, in its sole discretion.

     In addition, such Performance Goals may be based upon the attainment of specified levels of
Company (or subsidiary, division, other operational unit or administrative department of the
Company) performance under one or more of the measures described above relative to the performance
of other corporations. To the extent permitted under Section 162(m) of the Code, but only to the
extent permitted under Section 162(m) of the Code (including, without limitation, compliance with
any requirements for stockholder approval), the Committee may:

	 	(a)	 	designate additional business criteria on which the performance
goals may be based; or
	 
	 	(b)	 	adjust, modify or amend the aforementioned business criteria.exv10w34

Exhibit 10.34

RESTRICTED STOCK UNIT AGREEMENT

PURSUANT TO THE

NYSE EURONEXT OMNIBUS INCENTIVE PLAN

[Form of Agreement for Employees Generally]

This Agreement (this “Agreement”) entered into on this [•] day of [•], 20__,
by and between NYSE Euronext (the “Company”) and [insert name] (the “Participant”).

WITNESSETH:

WHEREAS, the Company has adopted the NYSE Euronext Omnibus Incentive Plan (the “Plan”), which is
administered by the committee appointed by the Company’s Board of Directors (the “Committee”); and

WHEREAS, pursuant to Section 10.1 of the Plan, the Committee may grant restricted stock units to
the Participant, as an Eligible Employee.

NOW, THEREFORE, for and in consideration of the mutual promises herein contained, and for other
good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the
parties agree as follows:

1. Grant of Restricted Stock Units.

Subject to the restrictions and other conditions set forth herein and in the Plan, the Committee
has authorized this grant of [insert number of shares of Common Stock issuable on settlement of
award] restricted stock units (the “RSUs”) to the Participant on [insert date] (the “Grant Date”).

2. Vesting and Distribution Schedule

     (a) Subject to Sections 3 and 7, (a) the RSUs shall vest [insert applicable vesting schedule,
including whether RSUs are scheduled to cliff vest or vest pro rata in tranches] and (b) on or as
soon as practicable following the applicable vesting date (and in all events not later than 60 days
following such date), the Company shall distribute to the Participant one share of Common Stock
(such shares, collectively, the “RSU Shares”) with respect to each RSU that vests on such date.
Upon any distribution of any of the RSU Shares under this Agreement, all obligations of the Company
with respect to the corresponding RSUs shall be deemed satisfied.

3. Termination of Employment.

Upon [(i)] a Termination of the Participant as a result of an Involuntary Termination (as defined
below), [Retirement], Disability or death [or (ii) a Change in Control], the number of RSUs
determined pursuant to the following sentence shall immediately become vested, and the Company
shall distribute to the Participant (or, in the event of death, to his or her estate) one RSU Share
for each vested RSU not later than 75 days following such Termination [or Change in Control];
provided that[, in the case of any such Termination,] such accelerated vesting and distribution
shall be subject to (i) any requirement set forth in an employment agreement entered into between
the Participant and the Company or an Affiliate that is in effect as of the date of

 

 

such Termination (the “Employment Agreement”) to execute and not revoke a release of claims or (ii)
if no such employment agreement is then in effect, the Participant’s execution (not later than 60
days after such Termination), and non revocation, of a legally sufficient release in a form then to
be provided by the Company. If the 75th day following such Termination occurs in the
calendar year following the year in which such Termination occurs, such distribution shall be made
in such following year. The number of RSUs that shall vest pursuant to this Section 3 shall equal
[insert applicable formula]. Upon a Termination of the Participant for any reason, any RSUs that
are unvested as of immediately prior to such Termination and that do not vest upon such Termination
shall be forfeited. “Involuntary Termination” shall have the meaning assigned to such term (or a
like term) in the Employment Agreement, or if no such agreement is in effect as of the date of
Termination, shall mean the Termination of the Participant by the Company or an Affiliate, without
Cause, including (without limitation) pursuant to a formal division, department or
organization-wide reduction in force. Each of the Committee and the Company’s senior Human
Resources officer (and any designee thereof) shall have the discretion to determine whether the
Participant’s employment has been terminated pursuant to an Involuntary Termination for purposes of
the Plan and this Agreement. Such decision shall be final and binding on the Participant, the
Company, its Affiliates and all of their respective successors and assigns. Notwithstanding any
contrary provision contained herein, in the event of the Participant’s Termination for Cause, all
of the RSUs, whether or not vested, shall be forfeited.

4. Rights as a Stockholder; Transferability.

The Participant shall have no rights as a stockholder with respect to the RSU Shares, unless and
until the Participant has become the holder of record upon distribution of such Shares.
Adjustments shall be made for dividends in cash or other property, distributions or other rights
with respect to the RSUs or the RSU Shares, only to the extent expressly provided in Section 10 or
the Plan. Unless and until the RSU Shares are distributed to the Participant, such RSU Shares
shall not be Transferable by the Participant.

5. Withholding.

The Participant shall pay, or make arrangements to pay, in a manner satisfactory to the Company, an
amount equal to the amount of all applicable federal, state and local or foreign taxes [, including
personal social security contributions,]1 [including, without limitation, withholding
obligations under the “pay as you earn” (PAYE) system and national insurance and social security
liabilities]2 that the Company is required to withhold at any time with respect to the
RSUs and the RSU Shares. In the absence of such arrangements, the Company or one of its Affiliates
shall have the right to withhold such taxes from [the Participant’s normal pay or
other]3 amounts payable to the Participant [(other than normal pay)]4 to the
extent permitted

 

			
	1	 	The bracketed language is included in awards
to employees in Belgium.
	 
	2	 	The bracketed language is included in awards
to employees in the United Kingdom.
	 
	3	 	The bracketed language is included in all
awards other than those to employees in Portugal.
	 
	4	 	The bracketed language is included in awards
to employees in Portugal.

 

 

under applicable law. In addition, any statutorily required withholding obligation may be
satisfied, in whole or in part, at the Participant’s election, in the form and manner prescribed by
the Committee, including by delivery of shares of Common Stock (including RSU Shares).

6. Provisions of Plan Control.

This Agreement is subject to all of the terms, conditions and provisions of the Plan, including,
without limitation, the amendment provisions thereof, and to such rules, regulations and
interpretations relating to the Plan as may be adopted by the Committee and as may be in effect
from time to time. The Plan is incorporated herein by reference. Capitalized terms in this
Agreement that are not otherwise defined shall have the same meanings as set forth in the Plan.
The Participant has read carefully, and understands, the terms, conditions and provisions of the
Plan. If and to the extent that this Agreement conflicts or is inconsistent with the terms,
conditions and provisions of the Plan, the Plan shall control, and this Agreement shall be deemed
to be modified accordingly. This Agreement and the Plan contain the entire understanding of the
parties with respect to the subject matter hereof and supersede any prior agreements between the
Company and the Participant with respect to the subject matter hereof.

7. Amendment; Section 409A of the Code.

To the extent applicable, the Board or the Committee may at any time and from time to time amend,
in whole or in part, any or all of the provisions of this Agreement to comply with Section 409A of
the Code or any other applicable law and may also amend, suspend or terminate this Agreement
subject to the terms of the Plan. While the Company does not guarantee any particular tax
treatment with respect to the RSUs and the RSU shares, payment of the RSU Shares is intended either
to qualify as a “short-term deferral” under Section 409A of the Code or to comply with Section
409A. Notwithstanding the foregoing or anything else in this Agreement, if the Committee considers
the Participant to be one of the Company’s “specified employees” under Section 409A of the Code at
the time of the Participant’s Termination and such Termination constitutes a “separation from
service” under Section 409A, any distribution that otherwise would be made to the Participant with
respect to the RSUs as a result of such Termination shall not be made until the date that is six
months after such Termination, except to the extent that earlier distribution would not result in
the Participant incurring interest or additional tax under Section 409A of the Code.

8. Notices.

Any notice or communication given hereunder shall be in writing and shall be deemed to have been
duly given when delivered in person, or by United States mail, to the appropriate party at the
address set forth below (or such other address as the party shall from time to time specify):

If to the Company, to:

NYSE Euronext

11 Wall Street

New York, New York 10005

Attention: [insert name]

 

 

If to the Participant, to the address on file with the Company.

9. No Obligation to Continue Employment.

This Agreement is not an agreement of employment. This Agreement does not guarantee that the
Company or its Affiliates will employ or retain, or continue to employ or retain, the Participant
during the entire, or any portion of the, term of this Agreement, including but not limited to any
period during which any RSU is outstanding, nor does it modify in any respect the Company’s or its
Affiliates’ right to terminate or modify the Participant’s employment or compensation.

10. Dividend Equivalents.

     (a) The Company shall determine whether, if any cash dividends (whether regular or
extraordinary) are paid on shares of Common Stock during any year in which any of the RSUs remain
outstanding, the Participant shall be eligible to receive any amounts with respect to such cash
dividends and, if so, whether such amounts shall be payable in cash (any such amounts, “Cash
Dividend Equivalents”) or shares of Common Stock (any such shares, “Dividend Shares”). Such
determination shall be made not later than December 31 of the year prior to any year for which any
such amounts are payable; provided that, for any such amounts payable for the year in which the
Grant Date occurs, such determination shall be made not later than 30 days following the Grant
Date.

     (b) The amount of any Cash Dividend Equivalent shall equal the amount of the cash dividend
that the Participant would have received on the undistributed RSU Shares and, if applicable, the
undistributed Dividend Shares had such Shares been distributed to the Participant as of the
applicable dividend record date. Any such Cash Dividend Equivalent shall be paid to the
Participant on or within 30 days after the date on which the applicable dividend is paid.

     (c) The aggregate Fair Market Value of any Dividend Shares as of the applicable dividend
record date shall equal the amount of the cash dividend that the Participant would have received on
the undistributed RSU Shares and, if applicable, the undistributed Dividend Shares had such Shares
been distributed to the Participant as of such record date. The terms set forth in Sections 2, 3
and 7 relating to vesting, forfeiture and distribution that apply to the RSUs outstanding as of
such record date shall apply also to such Dividend Shares.

11. Miscellaneous.

     (a) This Agreement shall inure to the benefit of and be binding upon the parties hereto and
their respective heirs, legal representatives, successors and assigns.

     (b) Provisions contained in any Employment Agreement relating to golden parachute tax,
mitigation and offset, resolution of disputes, governing law and survival of the Employment
Agreement are incorporated mutatis mutandis into this Agreement.

     (c) If any provision of this Agreement shall be declared by any court or arbitrator of
competent jurisdiction to be invalid, illegal or incapable of being enforced in whole or in part,

 

 

the remaining conditions and provisions or portions thereof shall nevertheless remain in full force
and effect and enforceable to the extent they are valid, legal and enforceable.

12. Transfer of Personal Data.

[The Participant authorizes, agrees and unambiguously consents to the transmission by the Company
(or any Affiliate) of any personal data information related to the RSUs, for legitimate business
purposes (including, without limitation, the administration of the Plan) out of the Participant’s
home country and including to countries with less data protection than the data protection provided
by the Participant’s home country. This authorization/consent is freely given by the
Participant.]5

[The Participant consents to the holding and processing of data about him and his dependants
(including sensitive personal data) for the purposes of administering the RSUs granted hereunder
and the disclosure of such data (even outside the European Union) to the Company and/or any
Affiliate and to any potential purchaser thereof and to the advisors of the Company and/or any
Affiliate and to the Committee (or its authorized delegate).]6

[13. Employment Damages Exclusion.

The Participant acknowledges and agrees that participation in the Plan is a matter entirely
separate from any pension right or entitlement that the Participant may have pursuant to the
Participant’s terms and conditions of employment with the Company and/or its Affiliates. The
Participant understands and agrees that if he leaves the employment of the Company and/or its
Affiliates or otherwise ceases to be an Eligible Employee, he shall not be entitled to any
compensation for any loss of any right or benefit or prospective right or benefit under the Plan
which he might otherwise have enjoyed whether such compensation is claimed by way of damages for
wrongful dismissal or other breach of contract or by way of compensation for loss of office or
otherwise howsoever.]7

14. NO ACQUIRED RIGHTS.

THE PARTICIPANT ACKNOWLEDGES AND AGREES THAT: (A) THE COMPANY MAY TERMINATE OR AMEND THE PLAN AT
ANY TIME; (B) THE AWARD OF RESTRICTED STOCK UNITS MADE UNDER THIS AGREEMENT IS EXCEPTIONAL AND
UNIQUE AND IS COMPLETELY INDEPENDENT OF ANY OTHER AWARD OR GRANT AND IS MADE AT THE SOLE DISCRETION
OF THE COMPANY; AND (C) NO PAST GRANTS OR AWARDS (INCLUDING, WITHOUT LIMITATION, THE RESTRICTED
STOCK UNITS AWARDED HEREUNDER) GIVE THE PARTICIPANT ANY RIGHT TO ANY GRANTS OR AWARDS IN THE FUTURE
WHATSOEVER.

 

			
	5	 	This provision is included in all awards
other than those to employees in the United Kingdom.
	 
	6	 	This provision is included in awards to
employees in the United Kingdom.
	 
	7	 	This provision is included in awards to
employees in the United Kingdom.

 

 

[Acceptance of this Agreement by the Participant constitutes acceptance of these terms,
effective as of the day and year first set forth above.]8

[IN WITNESS WHEREOF, the parties have executed this Agreement as of the day and year first set
forth above.

NYSE EURONEXT

Name:

Title:

PARTICIPANT

___________________________]9

[(SIGNATURE REQUIRED)]10

 

			
	8	 	This provision is included only in awards to
employees in the United States.
	 
	9	 	Signatures are included in awards to
employees other than in the United States.
	 
	10	 	The signature of the award recipient is
required in awards to employees in Belgium.

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