Document:

EX-4.6

Exhibit 4.6

Terms and Conditions

For Incentive or New Hire Options granted to

Employees under the ASML Stock Option Plan

(Version October 2007)

044 070309 — 1 JHak TC

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	Related documents
	 	 	2	 
	Article 1 —  Definitions
	 	 	3	 
	Article 2 —  Scope and Object
	 	 	5	 
	Article 3 —  Acquisition of Options
	 	 	5	 
	Article 4 —  Acceptance of the Options
	 	 	5	 
	Article 5 —  Option Period
	 	 	6	 
	Article 6 —  Exercise Price
	 	 	6	 
	Article 7 —  Transferability of the Option
	 	 	6	 
	Article 8 —  Exercise of the Option
	 	 	8	 
	Article 9 —  Dilution of Capital
	 	 	9	 
	Article 10 — Taxes and Costs
	 	 	9	 
	Article 11 —  Prevention of Insider Trading
	 	 	10	 
	Article 12 —  Notices
	 	 	10	 
	Article 13 —  Disputes
	 	 	10	 
	Article 14 —  Amendments
	 	 	10	 

Related documents

In these Option Conditions reference is made to the following documents:

	•	 	ASML Stock Option Plan (version 2)
	 
	•	 	ASML Insider Trading Rules

These documents may be consulted on the ASML Intranet.

	 	 	 
	 
	TERMS AND CONDITIONS FOR INCENTIVE OR NEW HIRE OPTIONS

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	GRANTED TO EMPLOYEES UNDER THE ASML STOCK OPTION PLAN
	 	 
	— (Version October 2007)
	 	 
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Article 1 — Definitions

In these Option Terms and Conditions and in related documents, the following terms shall have the
meanings as defined in this Article, unless explicitly stated otherwise.

	 	 	 	 	 
	ASML

	 	:
	 	ASML Holding N.V., having its business address at
De Run 6501 in Veldhoven;
	 
	 	 	 	 
	ASML Group Company

	 	:
	 	an affiliated company of ASML, in which the affiliation is determined by section 24c of Book
2 of the Dutch Civil Code, irrespective of the jurisdiction of such company and irrespective
of the place where it has its registered office;
	 
	 	 	 	 
	Date of Grant

	 	:
	 	the date on which the Option is granted in writing, which date is fixed at October
19th, 2007;
	 
	 	 	 	 
	Embargo Period

	 	:
	 	the period from October 19th, 2007 up to and including
October 18th, 2010;
	 
	 	 	 	 
	Employee

	 	:
	 	a natural person who on the Date of Grant is employed by ASML in job grades 81 through 91
and who is on her or an ASML Group Company’s payroll on that date;
	 
	 	 	 	 
	Employer

	 	:
	 	ASML or ASML Group Company that employs Employee on the Date of Grant;
	 
	 	 	 	 
	Exercise Price

	 	:
	 	the price for which Option Holder may acquire one Share upon the exercise of one Option;
	 
	 	 	 	 
	Option

	 	:
	 	a right granted by Employer to Option Holder to acquire one Share at the end of the Option
Period or the Revised Option Period against payment of the Exercise Price during the Option
Period. Options granted to United States residents or citizens will give such Option
Holders the right to acquire Shares quoted on the NASDAQ while Options granted to all other
Option Holders will give the right to acquire Shares quoted on the AEX;
	 
	 	 	 	 
	Option Conditions

	 	:
	 	the present Terms and Conditions for Incentive or New Hire Options granted to Employees
under the ASML Stock Option Plan — version October 2007, including any

	 	 	 
	 
	TERMS AND CONDITIONS FOR INCENTIVE OR NEW HIRE OPTIONS

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	GRANTED TO EMPLOYEES UNDER THE ASML STOCK OPTION PLAN
	 	 
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	 	 	 	modifications subsequently introduced herein in conformity
with the same;
	 
	 	 	 	 
	Option Holder

	 	:
	 	the holder of an Option, being the person to whom an Option has been granted in writing and who
at the time of granting of such Option is an Employee of ASML or who has become the holder of
such Option by virtue of being Employee’s heir;
	 
	 	 	 	 
	Option Period

	 	:
	 	the period during which the Option may be exercised;
	 
	 	 	 	 
	Option Rules

	 	:
	 	the ASML Stock Option Plan (version 2) including any modifications subsequently introduced
therein in conformity with the same, on which these Option Conditions are based;
	 
	 	 	 	 
	Revised Option Period

	 	:
	 	the applicable Option Period for all — or a part of — the Options after approval by Employer
of a request by Option Holder as mentioned in Article 8;
	 
	 	 	 	 
	Share

	 	:
	 	an ordinary share with a nominal value of EURO 0.02 (two EURO Cents) in the share capital of
ASML, which share is listed on the Euronext Amsterdam (“AEX”) in the Netherlands, or the NASDAQ
Stock Market (“NASDAQ”), New York City, New York, USA, which share is acquired by Option Holder
by exercising an Option granted under these Option Conditions;
	 
	 	 	 	 
	Termination for Cause

	 	:
	 	Cause shall mean (i) any act of personal dishonesty taken by Employee in connection with his or
her responsibilities as Employee and intended to result in a personal enrichment of Employee,
(ii) conviction of a felony, (iii) a willful act by Employee that constitutes gross misconduct
and is injurious to Employer, and (iv) continued violations by Employee of his or her
obligations to Employer which are demonstrably willful and deliberate on his or her part after
(a) there has been delivered to Employee a written demand for performance from Employer that
describes the basis for the belief that he or she has not substantially performed his or her
duties set forth in specific goals to cure such defaults, and (b) he or she has been given 30
(thirty) days during which he or she has been unable to

	 	 	 
	 
	TERMS AND CONDITIONS FOR INCENTIVE OR NEW HIRE OPTIONS

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	 	 	 	cure such failure to perform his or her duties. For
Employees who are resident in the Netherlands, the term
Cause shall have the meaning as stated in section 7:677 in
conjunction with section 7:678 of the Dutch Civil Code at
that time.

The terms defined above in the singular or in the plural shall also comprise the plural and vice
versa, unless in the case concerned it can be inferred otherwise from the text of the Option
Conditions.

Article 2 — Scope and Object

These Option Conditions are part of the Option Rules and contain the terms and conditions that are
applicable to Option Holder pursuant to Article IV of the Option Rules.

Option Holder is aware of the fact that the value of the shares may fluctuate, and that ASML does
not guarantee that Option Holder shall derive any benefit from the Options granted under this ASML
Stock Option Plan — version October 2007.

Nothing in these Option Conditions or related documents by themselves or in combination shall be
construed as an expressed or implied contract of employment or a guarantee of continued future
employment.

Article 3 — Acquisition of Options

Employee is granted Options under these Option Conditions on the Date of Grant by Employer. The
Options are granted in writing.

Article 4 — Acceptance of the Options

	4.1	 	The Options shall be granted under the dissolving condition that within 10 (ten) days after
the Date of Grant, Employee does not inform Employer in writing that Employee does not wish
these Options to be granted to Employee;
	 
	4.2	 	By not rejecting the grant as described in paragraph 1 of this Article, Employee accepts all
of the Options granted pursuant to these Option Conditions;
	 
	4.3	 	Effective from the Date of Grant an Option Agreement will come into existence, unless
Employee has rejected the Options as described in paragraph 1 of this Article.

	 	 	 
	 
	TERMS AND CONDITIONS FOR INCENTIVE OR NEW HIRE OPTIONS

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	GRANTED TO EMPLOYEES UNDER THE ASML STOCK OPTION PLAN
	 	 
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Article 5 — Option Period

	5.1	 	The Option Period shall be 10 (ten) years, counting from the Date of Grant and shall thus end
on October 19th, 2017;
	 
	5.2	 	Options may only be exercised within the Option Period;
	 
	5.3	 	Options that have not been exercised within the Option Period shall lapse after the
expiration of the Option Period;
	 
	5.4	 	Notwithstanding the provisions of paragraphs 1 through 3 of this Article, the Option Period
may be extended under the circumstances as referred to in Article 8.5 by a maximum period of
12 (twelve) months.

Article 6 — Exercise Price

The Exercise Price shall be equal to the closing price “cum dividend” of an ordinary ASML Share on
the Euronext Amsterdam (“AEX”) in the Netherlands on the Date of Grant. For United States residents
or citizens, the Euro denominated Exercise Price will be converted into a United States Dollar
Exercise Price by taking the Exercise Price defined in the first sentence of this Article and
applying the Euro — United States Dollar exchange rate fixing on the Allocation Date as performed
by the European Central Bank at or around 14.00 hours C.E.T.;

Article 7 — Transferability of the Option

	7.1	 	The Option shall be strictly non-transferable and may not be encumbered with a pledge;
	 
	7.2	 	Devolution by last will or hereditary succession pursuant to the statutory provisions shall,
however, not vitiate the Option;
	 
	7.3	 	Option Holder shall not be permitted to conclude any transaction in relation to the Options
on Euronext, Amsterdam, the Netherlands, NASDAQ, New York, United States of America, or any
other stock exchange;
	 
	7.4	 	In the event of Option Holder acting in contravention of the provisions of this Article, the
Options of such Option Holder shall lapse.

	 	 	 
	 
	TERMS AND CONDITIONS FOR INCENTIVE OR NEW HIRE OPTIONS

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	GRANTED TO EMPLOYEES UNDER THE ASML STOCK OPTION PLAN
	 	 
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Article 8 — Exercise of the Option

	8.1	 	The Options may only be exercised on the last day of the Option Period.
	 
	8.2	 	At the request of Option Holder the Option Period may be shortened for all or part of the
Options. The Revised Option Period will then replace the Option Period for part or all the
Options, whichever the request may be. On the last day of the Revised Option Period Option
Holder may exercise the Options for which Option Holder has requested the Revised Option
Period. In the written request Option Holder is required to notify Employer of the requested
end date of the Revised Option Period.
	 
	8.3	 	A written request for a Revised Option Period during the Embargo Period shall not be honoured
by Employer.
	 
	8.4	 	The Options may be exercised only in accordance with established ASML procedures existing at
the time of exercise;
	 
	8.5	 	When exercising the Options Option Holder must comply with the “ASML Rules of Conduct
concerning Insider Information”, as in force at the time of exercising;
	 
	8.6	 	In case of termination of the employment relationship between Employee and Employer due to
Employee’s (i) death, or (ii) incapability to act, the Options may be exercised during the
entire Option Period, after the Embargo Period has expired. In case the remaining Option
Period, measured from the moment of termination for aforementioned reasons, consists of less
than 12 (twelve) months, the Option Period will be extended such that the remaining Option
Period will be at least 12 (twelve) months counting from the date of the termination.
Therefore, if the date of termination for reasons mentioned in the first sentence of this
Article, falls within 12 (twelve) months before the end of the Option Period as defined in
Article 5.1, the Option Period will effectively be prolonged beyond the period as defined in
Article 5.1;
	 
	 	 	In case of termination of the employment relationship between Employee and Employer due to
Employee’s (iii) retirement or (iv) occupational disability (within the meaning of the
Dutch Disablement Benefits Act [Wet op de Arbeidsongeschiktheids-verzekering]), the
Options may be exercised during the entire Option Period, after the Embargo Period has
expired;
	 
	 	 	Retirement for these Option Conditions is defined as (a) leaving the employment of
Employer at the age of 55 (fifty five) years or later in case Employee is eligible to
(early) retirement payments paid by a State, Federal or private pension fund, or (b)
leaving the employment of Employer under the “Rule of 65” without being eligible to
(early) retirement payments paid by a State, Federal or private pension fund.

	 	 	 
	 
	TERMS AND CONDITIONS FOR INCENTIVE OR NEW HIRE OPTIONS

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The “Rule of 65” determines that Employee is deemed to retire for these Option Conditions
in case Employee leaves the employment of Employer at the age of 55 (fifty five) years
after 10 (ten) years of continued employment with ASML, ASML Group Company or her legal
predecessors. For every additional year in excess of 55 (fifty five) years of age,
Employee is required to have one year less of continued employment, until the age of 65
(sixty five) years. Employee is deemed to retire for these Option Conditions in case
Employee leaves the employment of Employer at the age of 65 (sixty five) years with one or
less years of continued employment with ASML, ASML Group Company or her legal
predecessors. Paragraph 9 of Article 8 is not applicable;

	8.7	 	If, during the Option Period, Employee is terminated for Cause by Employer or Employee is
terminated by Employer on account of another reason imputable to Employee, regardless of
whether employment activities have been terminated, any Options not yet exercised shall lapse
forthwith. All Options that have thus become null and void will do so without Option Holder
being entitled to any compensation in this respect from Employer or another ASML Group
Company. Paragraph 9 of Article 8 is not applicable;
	 
	8.8	 	In case of termination of the employment relationship between Employee and Employer for
reasons other than those mentioned in paragraph 6 or 7 of Article 8, without immediate
re-employment of Employee by Employer or another ASML Group Company, all Options granted which
are not exercised at the time of termination of the employment relationship shall lapse
forthwith, insofar as paragraph 9 of Article 8 is not applicable. All Options that have thus
become null and void will do so without Option Holder being entitled to any compensation in
this respect from Employer or another ASML Group Company;
	 
	8.9	 	In case of termination of the employment relationship between Employee and Employer as
described in paragraph 8 of Article 8, other than being voluntary termination by Employee, the
following “90 day rule” will apply.
	 
	 	 	The “90 day rule” determines that exercisable options may be exercised for a period 90
days from the Date of Notice, the Date of Notice being the date on which the Formal Notice
Period commences. In the absence of a Formal Notice Period exercisable options may be
exercised for 90 days from the Date of Termination, the Date of Termination being the date
on which the employment relationship between Employee and Employer is terminated. Options
that become exercisable after the expiration of the embargo period during the 90 day
period may be exercised until the end of the 90 day period as stipulated in this
paragraph.

	 	 	 
	 
	TERMS AND CONDITIONS FOR INCENTIVE OR NEW HIRE OPTIONS

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	GRANTED TO EMPLOYEES UNDER THE ASML STOCK OPTION PLAN
	 	 
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	8.10	 	The Options may be exercised by Option Holder for the total number allocated or in tranches
of 100 or multiples thereof (with the exception of the last tranche), with the provision that
each exercise must take place within the Option Period, provided such exercise is not in
conflict with the provisions of Article 11.

Article 9 — Dilution of Capital

	9.1	 	If at any time the issued capital of ASML increases, for instance as a result of (i) a
resolution to issue shares with a pre-emption right for the holders of the Shares at that time
outstanding, (ii) a stock dividend, or (iii) a capitalisation of reserves, the Exercise Price
and/or the number of Options allocated may be adjusted in such a manner as the Board of
Management shall then decide;
	 
	9.2	 	The adjustments by the Board of Management as referred to in Article 9.1 shall be binding
after an independent accountant, and member of the Netherlands Institute for Registered
Accountants [Nederlands Instituut voor Register Accountants], has issued a certificate stating
that the adjustments have been determined in a reasonable manner. Adjustment of the Exercise
Price and or the number of Options shall take place on the day preceding the day on which
notice was given of the aforementioned resolutions. Any tax and/or social insurance
contributions payable as a result of the above shall be for the account of Option Holder;
	 
	9.3	 	An adjustment of the Exercise Price and/or the number of Options allocated and the
computation upon which the same are based shall be notified as soon as possible to Option
Holder in writing.

Article 10 — Taxes and Costs

	10.1	 	All taxes and/or social insurance contributions payable as a result of the Options allocated
and/or as a result of Option being owned and/or exercised by Option Holder or Option Holder’s
heirs, including possible consequences of an amendment of the Option Conditions, shall be
entirely for the account of Option Holder or Option Holder’s heirs as the case may be;
	 
	10.2	 	Option Holder, or Option Holder’s heirs as the case may be, shall be liable for all the costs
relating to the exercise of Options, including but not limited to costs charged by stock
brokers in connection with the acquired Shares resulting from the exercise of Options and the
contiguous sale of such Shares;

	 	 	 
	 
	TERMS AND CONDITIONS FOR INCENTIVE OR NEW HIRE OPTIONS

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	10.3	 	Costs relating to the issue and/or acquisition of Shares in the capital of ASML shall be for
the account of ASML.

Article 11 — Prevention of Insider Trading

Option Holder who, by not rejecting the Options granted as mentioned in Article 4, accepts the
Option Conditions, shall at the same time, be deemed to accept the applicable “ASML Rules of
Conduct concerning Insider Information” and to act accordingly.

Article 12 — Notices

	12.1	 	Notices which must be given by ASML to Option Holder pursuant to or in connection with the
Option Rules and/or the Option Conditions shall be regarded as correctly addressed if sent to
the address of Option Holder as recorded in the Human Resources & Organisation Staff Records
of the ASML Group Company;
	 
	12.2	 	Notices which must be given by Option Holder to ASML pursuant to or in connection with the
Option Rules and/or the Option Conditions shall be regarded as correctly addressed if sent to
the address of ASML as listed with the Chamber of Commerce, for the attention of the ASML
Stock Option Administrator.

Article 13 — Disputes

	13.1	 	The Option Rules, the Option Conditions, the annexes thereto, and all further documents
relating to the Option Rules and/or the Option Conditions shall be governed by the laws of the
Netherlands;
	 
	13.2	 	All disputes arising from the Option Rules, the Option Conditions, the annexes thereto, and
further documents relating to the Option Rules and/or the Option Conditions, shall in the
first instance, be settled by the District Court of Eindhoven.

Article 14 — Amendments

	14.1	 	The Board of Management shall have the power to amend the Option Rules and/or Option
Conditions or add further provisions to the same at any time;
	 
	14.2	 	Option Holder shall be informed of any amendments or measures as referred to in this Article
in good time, in writing.

	 	 	 
	 
	TERMS AND CONDITIONS FOR INCENTIVE OR NEW HIRE OPTIONS

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	044 070309 — 4 JHakEX-4.7

Exhibit 4.7

Terms and Conditions of the

ASML Incentive Stock Option Plan

for Employees

(version 1)

044 070922 JHak ASML Incentive Stock Option Plan for Employees — version 1

 

 

ASML Incentive Stock Option Plan for Employees

Contents

	 	 	 	 	 	 	 
	Related documents	 	 	2	 
	Article 1
	 	Definitions	 	 	3	 
	Article 2
	 	Interpretation	 	 	5	 
	Article 3
	 	Scope and Object	 	 	6	 
	Article 4
	 	Grant of Options	 	 	6	 
	Article 5
	 	Option Period	 	 	6	 
	Article 6
	 	Exercise Price	 	 	7	 
	Article 7
	 	Non-transferability of the Option	 	 	7	 
	Article 8
	 	Exercise of Options	 	 	7	 
	Article 9
	 	Conditions	 	 	8	 
	Article 10
	 	Termination of employment	 	 	8	 
	Article 11
	 	Variation of capital	 	 	10	 
	Article 12
	 	Tax, social security and costs	 	 	10	 
	Article 13
	 	Prevention of Insider Trading	 	 	11	 
	Article 14
	 	Notices	 	 	11	 
	Article 15
	 	Governing Law and Disputes	 	 	11	 
	Article 16
	 	Amendments	 	 	12	 

Related documents

In these terms and conditions reference is being made to the ASML Insider Trading Rules 2005, as
amended from time to time (the ‘ASML Insider Trading Rules’). This document can be consulted on the
ASML Intranet. In case of the absence of access to the ASML Intranet, the Employee will be provided
with a hard copy of this document.

			
	 	 	 
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ASML Incentive Stock Option Plan for Employees

Article 1 Definitions

In the terms and conditions of this Plan and in the related documents, the following terms and
expressions shall have the meanings as set out and below, unless explicitly stated otherwise:

	 	 	 
	Adoption Date

	 	the date on which this Plan is adopted by the Board of Management;
	 
	 	 
	Articles of Association

	 	the articles of association of the Company
as amended from time to time;
	 
	 	 
	Board of Management

	 	the board of directors of the Company as
mentioned in Article 13 of the Articles of
Association;
	 
	 	 
	Choice Form

	 	the form used by Employee on which he
indicates whether he wishes to participate
in the Incentive Option Plan for Employees
and/or Incentive Share Plan for Employees,
which form is submitted to and received by
the Company duly signed before the Date of
Grant;
	 
	 	 
	Company

	 	ASML Holding N.V., having its registered
seat at De Run 6501, 5504 DR Veldhoven, The
Netherlands, registered with the Chamber of
Commerce (Kamer van Koophandel) of
Oost-Brabant under registration number
17085815;
	 
	 	 
	Confirmation Letter of Vesting

	 	the notification in respect of the number
of Options that becomes exercisable per the
Vesting Date, at the end of the Embargo
Period;
	 
	 	 
	Date of Grant

	 	the date on which an Option is granted to a
Participant, which shall be the date
specified in the Option Agreement;
	 
	 	 
	Embargo Period

	 	the period following the Date of Grant as
specified in the Option Agreement, in which
an Option cannot be exercised;
	 
	 	 
	Employee

	 	a natural person who is employed by the
Company in job grades 81 through 91 on the
Date of Grant and who is on her or a Group
Company’s payroll on that date;
	 
	 	 
	Employer

	 	the Company or Group Company which employs
Employee on the Date of Grant;
	 
	 	 
	Exercise Period

	 	the period following the Embargo Period in
which an Option can be exercised in
accordance with Article 8;

			
	 	 	 
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ASML Incentive Stock Option Plan for Employees

	 	 	 
	Exercise Price

	 	the price at which the Participant may
acquire one Share upon the exercise of one
Option, which is determined in accordance
with Article 6;
	 
	 	 
	Expiration Date

	 	the last day of the Option Period, being
the last day on which the Option can be
exercised as specified in the Option
Agreement;
	 
	 	 
	General Meeting

	 	the general meeting of shareholders as
mentioned in Article 27 of the Articles of
Association;
	 
	 	 
	Group Company

	 	an affiliated company of the Company, which
affiliation is determined by section 24c of
Book 2 of the Dutch Civil Code,
irrespective of the jurisdiction of such
company and irrespective of the place where
it has its registered office;
	 
	 	 
	Option

	 	a right granted by the Company to the
Participant to acquire one Share during the
Exercise Period for payment of the Exercise
Price. Options granted to United States
residents or citizens will give such
Participants the right to acquire Shares
quoted on the NASDAQ Global Select Market,
while Options granted to all other
Participants will give the right to acquire
Shares quoted on the NYSE Euronext;
	 
	 	 
	Option Agreement

	 	the signed written agreement, including all
annexes thereto, if any, between the
Participant and the Company, setting forth
the terms and conditions of the Options in
accordance with Article 4;
	 
	 	 
	Option Period

	 	the period in which the Option remains
valid beginning at the Date of Grant and
ending per the Expiration Date as specified
in the Option Agreement in accordance with
Article 5.1;
	 
	 	 
	Option Rules

	 	the ASML Stock Option Plan (version 2)
including any modifications subsequently
introduced therein, on which this Plan is
based;
	 
	 	 
	Participant

	 	an Employee of the Company or of any Group
Company to whom an Option has been granted
under the terms and conditions of this Plan
or the heirs of such Employee;
	 
	 	 
	Plan

	 	the terms and conditions of the ASML
Incentive Stock Option Plan for Employees
including the Option Agreement and the

			
	 	 	 
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ASML Incentive Stock Option Plan for Employees

	 	 	 
	 

	 	Confirmation Letter of Vesting in its present form or as
amended from time to time in accordance with the provisions
hereof;
	 
	 	 
	Scheme Audit

	 	objective determination of the fulfilment
of any conditions under this Plan, by the
Company’s auditor or an expert acting
independently as appointed by the Board of
Management;
	 
	 	 
	Share

	 	an ordinary share in the capital of the
Company, having a nominal value of EUR
0.09 (nine eurocents) or any other nominal
value such Share may have in the future;
	 
	 	 
	Stock Exchange

	 	the stock exchange of NYSE Euronext Stock
Exchange at Amsterdam, The Netherlands, or
the NASDAQ Global Select Market, New York
City, New York, United States of America;
	 
	 	 
	Supervisory Board

	 	the board of supervisory directors of the
Company as mentioned in Article 20 of the
Articles of Association;
	 
	 	 
	Termination for Cause

	 	shall have the meaning as stated in
section 7:677 in conjunction with section
7:678 of the Dutch Civil Code at that time
or have the meaning as defined in any
other jurisdiction to which a Participant
may be subject; and
	 
	 	 
	Vesting Date

	 	the date upon which the Options underlying
the grant become exercisable.

Article 2 Interpretation

Words or expressions used in the Plan shall where appropriate:

	(i)	 	when denoting the masculine gender include the feminine and vice versa;
	 
	(ii)	 	when denoting the singular include the plural and vice versa;
	 
	(iii)	 	when referring to any enactment be construed as a reference to that enactment as for the
time being consolidated, amended, re-enacted or replaced and shall include any regulations
made there under;
	 
	(iv)	 	when a period of time is specified and starts from a given day or the day of an act or event
or ends on a given day, be calculated inclusive of that day;
	 
	(v)	 	be construed such that the headings and sub-headings are for ease of reference only, and do
not affect the interpretation of any Article;
	 
	(vi)	 	when referring to any enactment or regulations under Dutch law, be construed at the
discretion of the Board of Management as a reference to other applicable laws or regulations
of any other country (or region of a country), unless mentioned otherwise; and

			
	 	 	 
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ASML Incentive Stock Option Plan for Employees

	(vii)	 	references to tax and/or social security contributions and/or withholding taxes shall for
the avoidance of doubt include The Netherlands and any other jurisdiction to which a
Participant may be subject.

Article 3 Scope and Object

This Plan forms part of the Option Rules and contains the terms and conditions that are applicable
to the Participant pursuant to Article IV of the Option Rules.

Article 4 Grant of Options

	4.1	 	A grant of Options can be made quarterly two days after the date of publication of the
Company’s financial results, in accordance with a consistent policy regarding frequency,
timing and terms and conditions, and subject to the ASML Insider Trading Rules and applicable
mandatory provisions regarding insider trading, as amended from time to time.
	 
	4.2	 	Each grant shall be evidenced by an Option Agreement concluded between the Participant and
the Company, setting forth the terms and conditions pertaining to such grant. By signing the
Option Agreement or associated Choice Form the Participant acknowledges that he has read the
Plan and the ASML Insider Trading Rules and declares that he fully understands and will fully
comply with the provisions of the Plan and the ASML Insider Trading Rules.
	 
	4.3	 	An Option Agreement shall specify, inter alia, the number of Options granted, the Date of
Grant, the Option Period, the Embargo Period, the Exercise Period, the Exercise Price, the
Performance Condition, the Performance Period and all such other information as required by
the terms and conditions of this Plan.
	 
	4.4	 	If the Participant wishes to participate in the Plan, he is required to return a signed copy
of the Choice Form before the Date of Grant or the Option Agreement to the Company within one
(1) calendar month following the date on which the Option Agreement has been signed by the
Company as stated in the Option Agreement. Option Agreements or Choice Forms signed and
returned before the due date will be considered accepted by the Participant on the date the
Option Agreement has been signed by the Company.
	 
	4.5	 	Except for the payment provisions as set out in Article 13, no consideration shall be payable
by a Participant for the grant of an Option made for his benefit.

Article 5 Option Period

	5.1	 	The Option Period shall be a period of ten (10) years commencing on the Date of Grant as
specified in the Option Agreement.

			
	 	 	 
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	5.2	 	Options may only be exercised within the Exercise Period following the expiry of the Embargo
Period as specified in the Option Agreement in accordance with the provisions of Article 8 of
this Plan.
	 
	5.3	 	Options that have not been exercised within the Exercise Period shall lapse on the day
following the Expiration Date and become null and void.
	 
	5.4	 	Notwithstanding the provisions of paragraphs 1 through 3 of this Article, the Option Period
may be extended under the circumstances as referred to in Article 9.5 by a maximum period of
12 (twelve) months.

Article 6 Exercise Price

The Exercise Price shall be equal to the closing price ‘cum dividend’ of a Share on the NYSE
Euronext Stock Exchange, Amsterdam, The Netherlands on the Date of Grant. For United States
residents or citizens, the EUR (euro) denominated Exercise Price will be converted into a USD
(United States dollar) Exercise Price by taking the Exercise Price defined in the first sentence of
this Article and applying the EUR—USD exchange rate fixing on the Date of Grant as published by
the European Central Bank at or around 14.00 hours C.E.T.

Article 7 Non-transferability of the Option

The Option granted is strictly personal and non-transferable. No Option shall be capable of being
sold, transferred or assigned by the Participant other than in a manner specified in the Plan and
the Option cannot be charged, pledged, encumbered or otherwise used for the purpose of creating
security title or interest of whatever nature.

Article 8 Exercise of Options

	8.1	 	Notwithstanding the provisions of Article 10, Options are exercisable at any time during the
Exercise Period, provided that the Participant is employed by the Company or any Group Company
on the last day of the Embargo Period.
	 
	8.2	 	Options may be exercised only in accordance with established ASML procedures existing at the
time of exercise.
	 
	8.3	 	When exercising Options the Participant must comply with the ASML Insider Trading Rules, as
in force at the time of exercise.
	 
	8.4	 	Options may be exercised by the Participant for the total number of underlying Shares or in
tranches of 100 or multiples thereof (with the exception of the last tranche), with the
provision that each exercise must take place within the Exercise Period, provided such
exercise is not in conflict with the provisions of Article 14.

			
	 	 	 
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Article 9 Conditions

	9.1	 	The Board of Management shall have the authority and complete discretion to impose any
conditions and limitations in addition to any conditions and limitations contained in this
Plan which must be achieved during a certain period in order for the Option to become
exercisable, provided that such additional conditions and limitations shall:

	 	(i)	 	be objective and are specified in the Option Agreement; and
	 
	 	(ii)	 	be such that the grant of the Option after the Scheme Audit and the
fulfilment or attainment of any conditions and limitations so specified shall not be
dependent upon the further discretion of any person, other than the determination by
the Board of Management that such conditions or limitations have been fulfilled based
on the Scheme Audit; and
	 
	 	(iii)	 	not be capable of amendment, variation or waiver unless a major change in
the organisation and/or the market and/or business circumstances occurs which causes
the Board of Management to consider that a waived, varied or amended condition would
be a fairer measure and would not be more difficult nor easier to satisfy than any
existing additional conditions.

	9.2	 	Notwithstanding the provisions of Article 10, the Options will become exercisable upon the
Vesting Date stated in the Option Agreement provided that:

	 	(i)	 	the conditions imposed on the grant in accordance with Article 9.1 have,
based on the Scheme Audit, been fulfilled and attained;
	 
	 	(ii)	 	the Embargo Period has ended; and
	 
	 	(iii)	 	the Participant is employed within the Group at the Vesting Date.

	9.3	 	Where necessary or desirable for the administration of the Plan, the Board of Management
shall establish operating guidelines regarding, inter alia, conditions and the procedure for
arranging, operating and completing the Scheme Audit. Participants are deemed to comply with
these operating guidelines where applicable.
	 
	9.4	 	Promotion, demotion or transfers within the Company or Group Company of a Participant at any
time during the Embargo Period shall not affect any Option nor shall it affect the fulfilment
of any conditions attached to any Option granted.

Article 10 Termination of employment

	10.1	 	In case of termination of the employment relationship between Employee and Employer for
reasons other than those mentioned in Articles 10.3 to 10.5, without immediate re-employment
of Employee by Employer or another Group Company, all Options granted which are not exercised
at the time of termination of the employment relationship shall lapse forthwith, insofar as
Article 10.2 is not applicable. All Options that have thus become null and void will do so
without Participant being entitled to any compensation in this respect from Employer or
another Group Company.

			
	 	 	 
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	10.2	 	In case of termination of the employment relationship between Employee and Employer as
described in Article 10.1, other than being voluntary termination by Employee, the following
“90 Day Period Rule” will apply.
	 
	 	 	The “90 Day Period Rule” determines that exercisable options may be exercised for a period
90 days from the Date of Notice. The “Date of Notice” for this Article being the date on
which the Formal Notice Period commences. In the absence of a Formal Notice Period
exercisable options may be exercised for 90 days from the Date of Termination. The “Date
of Termination” for this Article being the date on which the employment relationship
between Employee and Employer is terminated. Options that become exercisable after the
expiration of the Embargo Period during the 90 day period may be exercised until the end
of the 90 day period as stipulated in this paragraph.
	 
	10.3	 	If, during the Option Period, Employee is terminated for Cause by Employer, regardless of
whether employment activities have been terminated, any Options not yet exercised on the Date
of Notice, or in the absence of a Date of Notice the Date of Termination, shall lapse
immediately and become null and void. All Options that have thus become null and void will do
so without Participant being entitled to any compensation in this respect from Employer or
another Group Company. Article 10.2 is not applicable.
	 
	10.4	 	In case of termination of the employment relationship between Employee and Employer due to
Employee’s (i) death, or (ii) incapability to act, the Options may be exercised during the
entire Option Period as per the Date of Termination. In case the remaining Option Period,
measured from the Date of Termination for aforementioned reasons, consists of less than 12
(twelve) months, the Option Period will be extended such that the remaining Option Period will
be at least 12 (twelve) months counting from the Date of Termination. Therefore, if the Date
of Termination for reasons mentioned in the first sentence of this Article, falls within 12
(twelve) months before the end of the Option Period as defined in Article 5.1, the Option
Period will effectively be prolonged beyond the period as defined in Article 5.1. Article 10.2
is not applicable.
	 
	10.5	 	In case of termination of the employment relationship between Employee and Employer due to
Employee’s (iii) retirement or (iv) occupational disability (within the meaning of the Dutch
“Work and Income according to Capacity to Work” Act [Wet Werk en Inkomen naar
Arbeidsvermogen]), the Options may be exercised during the entire Option Period, after the
Embargo Period has expired.
	 
	 	 	Retirement for this Plan is defined as (a) leaving the employment of Employer at the age
of 55 (fifty five) years or later in case Employee is eligible to (early) retirement
payments paid by a State, Federal or private pension fund, or (b) leaving the employment
of Employer under the “Rule of 65” without being eligible to (early) retirement payments
paid by a State, Federal or private pension fund.

			
	 	 	 
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The “Rule of 65” determines that Employee is deemed to retire for these Option Conditions
in case Employee leaves the employment of Employer at the age of 55 (fifty five) years
after 10 (ten) years of continued employment with ASML, Group Company or her legal
predecessors. For every additional year in excess of 55 (fifty five) years of age,
Employee is required to have one year less of continued employment, until the age of 65
(sixty five) years. Employee is deemed to retire for these Option Conditions in case
Employee leaves the employment of Employer at the age of 65 (sixty five) years with one or
less years of continued employment with ASML, Group Company or her legal predecessors.
Article 10.2 is not applicable.

Article 11 Variation of capital

	11.1	 	Subject to Article 7, in the event of a share split, reverse share split, any capitalisation
issue (other than a capitalisation issue in substitution for, or as an alternative to, a cash
dividend), or rights issue or rights offer or any reduction, sub-division, consolidation or
other variation of the capital of the Company affecting the number of Options in issue
(including any change in the currency in which Options are denominated), the number of Options
subject to any grant may be adjusted by the Company without prejudice (including retrospective
adjustments where appropriate) in such manner as the Company considers to be in its opinion
fair and reasonable, however, in no event shall the Company be obliged to make such
adjustment.
	 
	11.2	 	Notice of any adjustment shall be given by the Company to those Participants affected by such
adjustment.

Article 12 Tax, social security and costs

	12.1	 	All applicable personal tax and employee social security contributions as a result of or in
respect of the implementation of the Plan shall be borne by the Participant.
	 
	12.2	 	It shall be the obligation of the Company to issue or to procure the grant of the Options to
the Participant and the Participant shall permit the Company or any Group Company to withhold
and account for an amount equal to any wage or income tax, employee’s social security
contributions liability and any other liabilities for which the Company or a Group Company as
the case may be, has an obligation to withhold and account.
	 
	12.3	 	Whenever Options are to be granted under the Plan, the Company or any Group Company may
require the Participant to remit to the Company or a Group Company or upon the request of the
Participant to deduct as a one-off payment from the net salary or the net annual bonus (if
any) of the Participant, an amount sufficient to satisfy all withholding tax requirements at
the time of the exercise, including, but not limited to, the withholding of wage tax, income
tax and employee social security contributions.
	 
	12.4	 	The Plan is based on the applicable tax and social security legislation and regulations
prevailing at the Adoption Date. If any tax and/or social security legislation or regulations
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amended after the Adoption Date and any tax or employee social security contributions
become payable, the costs and risks related thereto shall be borne by the Participant.

	12.5	 	For the avoidance of doubt, the provisions of Articles 12.1 to 12.4 shall apply to a
Participant’s liabilities that may arise on the exercise in more than one jurisdiction.
	 
	12.6	 	The Participant shall be liable for all costs relating to the exercise of the Option
including but not limited to costs charged by stock brokers in connection with the Shares acquired
following the exercise of the Options and subsequent sale of such Shares.
	 
	12.7	 	Costs relating to the issue of new and/or transfer of existing Shares following the exercise
of Options shall be for the account of the Company.

Article 13 Prevention of Insider Trading

The Participant who signs the Option Agreement shall at the same time be deemed to accept the
applicable ASML Insider Trading Rules and act accordingly.

Article 14 Notices

	14.1	 	Notices which must be given by the Company to the Participant pursuant to or in connection
with the Option Rules and/or the Plan shall be regarded as correctly addressed if sent to the
address of the Participant as recorded in the Human Resources and Organization Staff
Records Department of the Company or any other address as may appear to the Company
to be appropriate, or by e-mail message or in any other format agreed in advance between
the Participant and the person giving the notice on behalf of the Board of Management.
	 
	14.2	 	Any notice or other document required to be given to the Company or the Board of Management
shall be delivered in a format agreed in advance between the Participant and the person
receiving the notice. Notices sent by post, unless received earlier, shall be deemed to have
been given on the fifth day following the date of posting.

Article 15 Governing Law and Disputes

	15.1	 	This Plan, including its formation, existence, construction, performance, validity and all
aspects whatsoever of the Plan, any term of the Plan and Grant made under it, shall be
governed by the law of The Netherlands, except where mandatory local law shall apply. The
Company and the Participants irrevocably submit, in respect of any suit, action or proceeding
related to the interpretation or enforcement of the Plan, to the exclusive jurisdiction of the
District Court of ‘s-Hertogenbosch, The Netherlands.
	 
	15.2	 	The decision of the Board of Management in any dispute or question relating to any Award
shall be final and conclusive subject to the terms and conditions of this Plan.

			
	 	 	 
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Article 16 Amendments

	16.1	 	The Board of Management shall have the power to amend the Option Rules and/or the Plan or add
further provisions to the same at any time.
	 
	16.2	 	The Participant shall be informed in writing of any amendments or measures as referred to
in this Article.

			
	 	 	 
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