Document:

Exhibit
10.33

TRUST UNDER

THE NEW YORK STOCK EXCHANGE, INC. SUPPLEMENTAL

EXECUTIVE BENEFIT PLANS

This AGREEMENT, made this 18th day of
March, 1998, by and between New York Stock Exchange, Inc., a New York
corporation (“Company”), and Vanguard Fiduciary Trust Company, a trust company
incorporated under Chapter 10 of the Pennsylvania Banking Code (“Trustee”).

W I T N E
S S E T H:

WHEREAS, the Company has adopted the plans listed
in Exhibit A, attached hereto (each individually referred to herein as a “Plan”
and collectively as the “Plans”);

WHEREAS, Company has incurred or expects to incur
liability under the terms of such Plans with respect to the individuals
participating in such Plans;

WHEREAS, Company wishes to establish a trust
(hereinafter called “Trust”) and to contribute to the Trust assets that shall
be held therein together with income thereon (the “Trust Fund”), subject to the
claims of Company’s creditors in the event of Company’s Insolvency, as herein
defined, until paid to the participants in the Plans (the “Participants”) and
their beneficiaries in such manner and at such times as specified in the Plans;

WHEREAS, it is the intention of the parties that
this Trust shall constitute an unfunded arrangement and shall not affect the
status of the Plans as unfunded plans maintained for the purpose of providing
deferred compensation for a select group of management or highly compensated
employees for purposes of Title I of the Employee Retirement Income Security
Act of 1974, as amended;

 

 

WHEREAS, it is the intention of Company to make
contributions to the Trust to provide itself with a source of funds to assist
it in the meeting of its liabilities under the Plans;

NOW, THEREFORE, the parties do hereby establish
the Trust and agree that the Trust shall be comprised, held and disposed of as
follows;

SECTION 1.                Establishment
of Trust.

(a)           The Company shall initially deposit
amounts with Trustee in trust which shall become the principal of the Trust to
be held, administered and disposed of by Trustee as provided in this Trust
Agreement.

(b)           The Trust hereby established shall be
irrevocable.

(c)           The Trust is intended to be a grantor
trust, of which Company is the grantor, within the meaning of subpart E, part
I, subchapter J, chapter 1, subtitle A of the Internal Revenue Code of 1986, as
amended, and shall be construed accordingly.

(d)           The Trust Fund shall be held separate
and apart from other funds of Company and shall be used exclusively for the
uses and purposes of Plan Participants, their beneficiaries and general
creditors as herein set forth. 
Participants and their beneficiaries shall have no preferred claim on,
or any beneficial ownership interest in, any assets of the Trust.  Any rights created under the Plans and this
Trust Agreement shall be mere unsecured contractual rights of Participants and
their beneficiaries against Company.  Any
assets held by the Trust will be subject to the claims of Company’s general
creditors under federal and state law in the event of insolvency, as defined in
Section 3(a) herein.

(e)           Company, in its sole discretion, may
at any time, or from time to time, make additional deposits of cash or other
property in trust with Trustee to augment the principal

 

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to be held, administered and disposed of by
Trustee as provided in this Trust Agreement. 
Neither Trustee nor any Participant or beneficiary shall have any right
to compel such additional deposits.

SECTION 2.                Payments
to Plan Participants and Their Beneficiaries.

(a)           Company shall deliver to Trustee a
schedule (the “Payment Schedule”) that indicates the amounts payable in respect
of each Participant (and his or her beneficiaries for each Plan), that provides
a formula or other instructions acceptable to Trustee for determining the
amounts so payable from or under the Trust, the form in which such amount is to
be paid (as provided for or available under the Plan), and the time of
commencement for payment of such amounts. 
Except as otherwise provided herein, Trustee shall make payments to the
Participants and their beneficiaries in accordance with such Payment
Schedule.  The Trustee shall make provision
for the reporting and withholding of any federal, state or local taxes that may
be required to be withheld with respect to the payment of benefits pursuant to
the terms of the Plan and shall pay amounts withheld to the appropriate taxing
authorities or determine that such amounts have been reported, withheld and
paid by Company.

(b)           The entitlement of a Participant or
his or her beneficiaries to benefits under a Plan shall be determined by
Company or such party as it shall designate under the Plan, and any claim for
such benefits shall be considered and reviewed under the procedures set out in
the Plan.

(c)           Company may make payment of benefits
directly to all or some Participants or their beneficiaries as they become due
under the terms of the Plan. Company shall notify Trustee of its decision to
make payment of benefits directly prior to the time amounts are payable to
participants or their beneficiaries.  In
the event that the Company makes payments

 

3

 

of benefits directly to a Participant or
beneficiaries, the Company may direct the Trustee to reduce the Participant’s
benefits by the amount paid directly to, or with respect to, the Participant
and treat such amount as an amount contributed pursuant to Section 1(e) and
shall, upon request by the Company, reimburse the Company from the Trust Fund
an amount equal to the amount of the benefits paid directly to the Participant.

(d)           A separate account shall be
established hereunder for each Participant with respect to each of the Plans (“Account”).  Such Account is intended to constitute a
separate share under Section 663(c) of the Code and the regulations
thereunder.  Company shall indicate to
Trustee in writing what portion of each contribution to the Trust is to be
allocated to the Account of each Participant.

(e)           In addition, if an account is not
sufficient to make payments of benefits in accordance with the terms of the
Plans, Company shall make the balance of each such payment as it falls
due.  Trustee shall notify Company where
principal and earnings are not sufficient.

(f)            In the event that the Company makes
payment of benefits directly to a Participant, the Company may direct the
Trustee to reduce the Participant’s Account by the amount paid directly to the
Participant and treat such amount as an amount contributed pursuant to Section
1(e).

SECTION 3.                Trustee
Responsibility Regarding Payments to Trust Beneficiary When Company is
Insolvent.

(a)           Trustee shall cease payment of
benefits to Participants and their beneficiaries if the Company is
Insolvent.  Company shall be considered “Insolvent”
for purposes of this Trust Agreement if (i) Company is unable to pay its debts
as they become due,

 

4

 

or (ii) Company is subject to a pending proceeding
as a debtor under the United States Bankruptcy Code.

(b)           At all times during the continuance
of this Trust, as provided in Section 1(d) hereof, the Trust Fund shall be
subject to claims of general creditors of Company under federal and state law
as set forth below.

(1)           The Board of Directors and the Chief
Executive Officer of Company shall have the duty to inform Trustee in writing
of Company’s Insolvency.  If a person
claiming to be a creditor of Company alleges in writing to Trustee that Company
has become Insolvent, Trustee shall determine whether Company is Insolvent and,
pending such determination, Trustee shall discontinue payment of benefits to
Participants or their beneficiaries.

(2)           Unless Trustee has actual knowledge
of Company’s Insolvency, or has received notice from Company or a person
claiming to be a creditor alleging that Company is Insolvent, Trustee shall
have no duty to inquire whether Company is Insolvent.  Trustee may in all events rely on such
evidence concerning Company’s solvency as may be furnished to Trustee and that
provides Trustee with a reasonable basis for making a determination concerning
Company’s solvency.

(3)           If at any time Trustee has determined
that Company is Insolvent, the Trustee shall discontinue payments to
Participants or their beneficiaries and shall hold the assets of the Trust for
the benefit of Company’s general creditors. 
Nothing in this Trust Agreement shall in any way diminish any rights of
Participants or their beneficiaries to pursue their rights as general creditors
of Company with respect to benefits due under the Plan or otherwise.

 

5

 

(4)           Trustee shall resume the payment of
benefits to Plan participants or beneficiaries in accordance with Section 2 of
this Trust Agreement only after Trustee has determined that Company is not
Insolvent (or is no longer Insolvent).

(c)           To the extent that there are
sufficient assets in a Participant’s account, if Trustee discontinues the
payment of benefits from the Trust pursuant to subsection 3(b) hereof and
subsequently resumes such payments, the first payment following such
discontinuance shall include the aggregate amount of all payments due to
Participants or their beneficiaries under the terms of the Plan for the period
of such discontinuance, less the aggregate amount of any payments made to
Participants or their beneficiaries by Company in lieu of the payments provided
for hereunder during any such period of discontinuance.

SECTION 4.                Payments
to Company.

Except as provided in Sections 2 or 3 hereof, the
Company shall have no right or power to direct Trustee to return to Company or
to divert to others any of the Trust assets before all payments of benefits
have been made to Participants and their beneficiaries with respect to a Plan
pursuant to the terms of such Plan.

SECTION 5.                Investment
Authority.

(a)           In no event may Trustee invest in
securities (including stock or rights to acquire stock) or obligations issued
by Company, other than a de minimis amount held in common investment vehicles
in which Trustee invests.  All rights
associated with assets of the Trust shall be exercised by Trustee or the person
designated by Trustee, and shall in no event be exercisable by or rest with
Participants.

 

6

 

(b)           The Trust Fund shall be invested by
the Trustee, in its discretion, among any of the regulated investment companies
maintained by The Vanguard Group, Inc. which have been previously designated as
investment fund alternatives by Company (the “Investment Funds”) which are
listed on Appendix A of this Trust Agreement and such other regulated investment
companies which Company may, from time to time, designate in writing, in its
sole discretion, as investment fund alternatives under this Trust Agreement.

(c)           Notwithstanding the provisions of
Section 4(b), Trustee shall invest the Trust Fund as a separate fund for each
Account under the Plans.  The Trustee
shall invest and reinvest each Account, in its discretion, taking, to the
extent the Trustee deems advisable and prudent, into account, written or
telephonic instructions, if any, received from Company or, to the extent
permitted by Company and the applicable Plan, the written or telephone
instructions for deemed investment purposes from each Participant.

(d)           Company shall have the right at any
time, and from time to time in its sole discretion, to substitute assets of
equal fair market value for any asset held by the Trust.  This right is exercisable by Company in a
nonfiduciary capacity without the approval or consent of any person in a
fiduciary capacity.

(e)           Subject to Section 9 hereof, the
Account of each Participant under each of the Plans shall be valued by the
Trustee at least on a monthly basis and shall be credited with all income,
gains and losses of the investments of such Account and such Account’s
allocable share of all fees, compensation, taxes and expenses of the Trust
since the prior valuation date in the proportion that the Account of each
Participant as of the prior valuation date bears to the Accounts of all
Participants under the Trust as of such prior valuation date.

 

7

 

(f)            The Company will indemnify the
Trustee for liability to any party resulting from the Trustee acting without
question on the direction of the Company, unless such actions are contrary to
the express provisions of this Trust Agreement, are the result of the Trustee’s
negligence or willful misconduct or are illegal, incorrect, or otherwise
violates any applicable law or conflicts with the terms of the Plans.

SECTION 6.                Disposition
of Income.

During the term of the Trust, all income received
by the Trust, net of expenses and taxes, shall be accumulated and reinvested.

SECTION 7.                Accounting
by Trustee.

(a)           Trustee shall keep accurate and
detailed records of all investments, receipts, disbursements, and all other
transactions required to be made, including such specific records as shall be
agreed upon in writing between Company and Trustee.  Within ninety (90) days following the close
of each calendar year and within ninety (90) days after the removal or resignation
of Trustee, Trustee shall deliver to Company a written account of its
administration of the Trust during such year or during the period from the
close of the last preceding year to the date of such removal or resignation,
setting forth all investments, receipts, disbursements and other transactions
effected by it, including a description of all securities and investments
purchased and sold with the cost or net proceeds of such purchases or sales
(accrued interest paid or receivable being shown separately), and showing all
cash, securities and other property held in the Trust at the end of such year
or as of the date of such removal or resignation, as the case may be.

 

8

 

(b)           As soon as administratively
practicable following the last day of a calendar quarter, but in no event later
than the last business day of the subsequent calendar quarter, Trustee shall
provide Company with a report of the assets of each Account within the Trust
Fund, and of the income, gains and losses of the investments of said Account
and such Account’s share of any fees, compensation, taxes and expenses of the
Trust Fund allocated to such Account since the last business day of the prior
calendar quarter.

SECTION 8.                Responsibility
of Trustee.

(a)           Trustee shall act with the care,
skill, prudence and diligence under the circumstances then prevailing that a
prudent person acting in like capacity and familiar with such matters would use
in the conduct of an enterprise of a like character and with like aims, provided,
however, that Trustee shall incur no liability to any person for any action
taken pursuant to a direction, request or approval given by Company which is
contemplated by, and in conformity with, the terms of the Plans or this Trust
and is given in writing by Company.  In
the event of a dispute between Company and a Participant or beneficiary,
Trustee may apply to a court of competent jurisdiction to resolve the dispute.

(b)           If Trustee undertakes or defends any
litigation arising in connection with this Trust, Company agrees to indemnify
Trustee against Trustee’s costs, expenses and liabilities (including, without
limitation, attorneys’ fees and expenses) relating thereto and to be primarily
liable for such payments, except as a result of the Trustee’s acts or omissions
constituting negligence, bad faith, fraud or willful misconduct or a breach of
the Trustee’s fiduciary responsibility under applicable law, or any provision
of this Trust Agreement and provided, however, that the foregoing indemnity
shall not directly apply with respect to any dispute between the parties to
this Trust Agreement.  If Company does
not pay such costs, expenses and

 

9

 

liabilities to the extent to which it is obligated
pursuant to the foregoing sentence in a reasonably timely manner, Trustee may
obtain payment from the Trust.  Anything
hereinabove to the contrary notwithstanding, any obligation of Company to
indemnify and hold harmless the Trustee shall be expressly conditioned on the
Trustee giving prior written notice to Company of any such liability and of
each substantial development with respect thereto and the Trustee giving
Company an opportunity to defend or settle the same by counsel selected by Company
and approved by Trustee (which approval shall not be unreasonably
withheld).  The Trustee shall have the
right to retain its own counsel at its own expense in any such proceeding if it
deems, in its reasonable judgment, its interests and Company’s to be
sufficiently in conflict that they could not be represented by the same
counsel.

(c)           Trustee may consult with legal
counsel (who may also be counsel for Company generally) with respect to any of
its duties or obligations hereunder.

(d)           Trustee may hire agents, accountants,
actuaries, investment advisors, financial consultants or other professionals to
assist it in performing any of its duties or obligations hereunder.

(e)           Trustee shall have, without
exclusion, all powers conferred on Trustees by applicable law, unless expressly
provided otherwise herein, provided, however, that if an insurance policy is
held as an asset of the Trust, Trustee shall have no power to name a
beneficiary of the policy other than the Trust, to assign the policy (as
distinct from conversion of the policy to a different form) other than to a
successor Trustee, or to loan to any person the proceeds of any borrowing
against such policy.

(f)            Notwithstanding any powers granted
to Trustee pursuant to this Trust Agreement or to applicable law, Trustee shall
not have any power that could give this Trust the

 

10

 

objective of carrying on a business and dividing
the gains therefrom, within the meaning of section 301.7701-2 of the Procedure
and Administrative Regulations promulgated pursuant to the Internal Revenue
Code.

(g)           Except as provided in Section 14,
unless resulting from the Trustee’s negligence, willful misconduct, lack of
good faith, or breach of its duties under this Agreement, the Company shall
indemnify and save harmless the Trustee from, against, for and in respect of
any and all damages, losses, obligations, liabilities, liens, deficiencies,
costs and expenses, including without limitation, reasonable attorney’s fees
incident to any suit, action, investigation, claim or proceedings suffered,
sustained, incurred or required to be paid by the Trustee in connection with
the Plan or this Agreement, provided, however, that the foregoing indemnity
shall not apply with respect to any dispute between the parties to this Trust
Agreement.  If Company does not directly
pay such costs, expenses and liabilities for which it is liable hereunder in a
reasonably timely manner, Trustee may obtain payment from the Trust.  Anything hereinabove to the contrary notwithstanding,
any obligation of Company to indemnify and hold harmless the Trustee shall be
expressly conditioned on the Trustee giving prior written notice to Company of
any such liability and of each substantial development with respect thereto and
the Trustee giving Company an opportunity to defend or settle the same by
counsel selected by Company and approved by Trustee (which approval shall not
be unreasonably withheld).  The Trustee
shall have the right to retain its own counsel at its own expense in any such
proceeding if it deems, in its reasonable judgment, its interests and Company’s
to be sufficiently in conflict that they could not be represented by the same
counsel.

(h)           Notwithstanding any other provision
to the contrary, the Company shall not be required to reimburse the Trustee for
any costs or expenses under Section 7(b), (c) or (d)

 

11

 

unless the Company provided the Trustee with its
approval prior to the Trustee incurring such costs or expenses.

SECTION 9.                Compensation
and Expenses of Trustee.

Company may, in its sole discretion, pay all or a
portion of the administrative fees related to the maintenance of the Trust,
compensation or any other expenses assessed on the Trust Fund as agreed by
Company and the Trustee pursuant to a fee schedule attached hereto as Exhibit
B.  To the extent not so paid, fees and
expenses shall be paid from the Trust.

SECTION 10.              Resignation
and Removal of Trustee.

(a)           Trustee may resign at any time by written
notice to Company, which shall be effective forty-five (45) days after receipt
of such notice unless Company and Trustee agree otherwise.

(b)           Trustee may be removed by Company on
thirty (30) days notice or upon shorter notice accepted by Trustee.

(c)           Upon resignation or removal of
Trustee and appointment of a successor Trustee, all assets shall subsequently
be transferred to the successor Trustee. 
The transfer shall be completed within ninety (90) days after receipt of
notice of resignation, removal or transfer, unless Company extends the time
limit.

(d)           If Trustee resigns or is removed, a
successor shall be appointed, in accordance with Section 11 hereof, by the
effective date of resignation or removal under paragraphs (a) or (b) of this
section.  If no such appointment has been
made, Trustee may apply to a court of competent jurisdiction for appointment of
a successor or for instructions. All 

 

12

 

reasonable expenses of Trustee in connection with
the proceeding shall be allowed as administrative expenses of the Trust.

SECTION 11.              Appointment
of Successor.

(a)           If Trustee resigns or is removed in
accordance with Section 10(a) or (b) hereof, Company may appoint any third
party, such as a bank trust department or other party that may be granted
corporate trustee powers under state law, as a successor to replace Trustee
upon resignation or removal.  The
appointment shall be effective when accepted in writing by the new trustee, who
shall have all of the rights and powers of the former Trustee, including
ownership rights in the Trust assets. 
The former Trustee shall execute any instrument necessary or reasonably
requested by Company or the successor trustee to evidence the transfer.

(b)           The successor trustee need not but
may, in the discretion of the successor trustee or Company examine the records
and acts of any prior trustee and may retain or dispose of existing Trust
assets, subject to Section 7 and 8 hereof. 
The successor trustee shall not be responsible for and Company shall
indemnify and defend the successor trustee from any claim or liability
resulting from any action or inaction of any prior trustee or from any other
past event or any condition existing at the time it becomes successor trustee.

SECTION 12.              Amendment
or Termination. 

(a)           This Trust Agreement may be amended
by a written instrument executed by Trustee and Company.  Notwithstanding the foregoing, no such
amendment shall conflict with the terms of the Plans or make the Trust
revocable after it has become irrevocable in accordance with Section 1(b)
hereof.

 

13

 

(b)           The Trust shall not terminate until
the date on which Participants and their beneficiaries are no longer entitled
to benefits pursuant to the terms of each of the Plans.  Upon termination of the Trust any assets
remaining in the Trust shall be returned to Company.

(c)           Upon written approval of participants
or beneficiaries entitled to payment of benefits pursuant to the terms of each
of the Plans, Company may terminate this Trust prior to the time all benefit
payments under each of the Plans have been made.  All assets in the Trust at termination shall
be returned to Company.

SECTION 13.              Miscellaneous.

(a)           Any provision of this Trust Agreement
prohibited by law shall be ineffective to the extent of any such prohibition,
without invalidating the remaining provisions hereof.

(b)           Benefits payable to Participants arid
their beneficiaries under this Trust Agreement may not be anticipated, assigned
(either at law or in equity), alienated, pledged, encumbered or subjected to
attachment, garnishment, levy, execution or other legal or equitable process.

(c)           This Trust Agreement shall be
governed by and construed in accordance with the laws of the Commonwealth of
Pennsylvania.

SECTION
14.              Notwithstanding any other
provision to the contrary, the Trustee shall defend and hold the Company,
Participants and beneficiaries harmless from, and indemnify the Company,
Participants and beneficiaries against, any and all liability, loss, damages,
court costs or reasonable expenses (including reasonable attorneys’ fees and
disbursements) which the Company, Participants and beneficiaries incur or
suffer (including, without limitation, any

 

14

 

obligations
under the Plans) as a result pf the Trust Assets becoming subject to
alienation, transfer, assignment, garnishment, execution or levy of any kind as
a result of the Trust Assets being treated as commingled with the assets of any
other entity, the Trust Assets being treated as being part of another trust of
any kind, or the Trust being treated as part of another trust of any kind.

SECTION 15.              Additional
Agreements. 

The parties contemplate that additional entities
may adopt one or more of the Plans.  The
Trustee agrees that, if requested by the Company and any additional entities,
separate trust agreement will be entered into between such other entities and
the Trustee which will be the same or substantially similar to this Trust.

SECTION 16.              Effective
Date.

The effective date of
this Trust Agreement shall be March 18, 1998.

IN WITNESS WHEREOF, this instrument has been
executed as of the day and year first above written. 

	
  ATTEST:

  	
  NEW YORK STOCK EXCHANGE,
  INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
  /s/ JAMES E. BUCK

  	
   

  	
  By:

  	
  /s/ FRANK Z. ASHEN

  
	
   

  	
  Title: 

  	
  Sr. Vice President Human
  Resources

  
	
   

  	
   

  
	
  ATTEST:

  	
  VANGUARD FIDUCIARY TRUST
  COMPANY

  
	
   

  	
   

  
	
   

  	
   

  
	
  /s/

  	
   

  	
  By:

  	
  /s/

  
	
   

  	
  Title:

  	
  Vice President — Legal

  
	
   

  	
   

  
	
   

  	
   

  

 

15

 

EXHIBIT A

1.                                       New York Stock Exchange,
Inc. Supplemental Executive Savings Plan, amended and restated August 1, 1997

2.                                       New York Stock Exchange,
Inc. Deferred Compensation Plan for Performance Awards, Effective August 1,
1997

3.                                       New York Stock Exchange,
Inc. ICP Deferral Plan, Effective December 1, 1997

4.                                       New York Stock Exchange,
Inc. Capital Accumulation Plan, Effective as of January 1, 1998

 

16Exhibit 10.34

 

 

 

NEW YORK STOCK EXCHANGE,
INC.

CAPITAL ACCUMULATION PLAN

Effective as of January
1, 1998

 

 

 

 

New York Stock Exchange,
Inc.

Capital Accumulation Plan

The New York Stock
Exchange, Inc. Capital Accumulation Plan, effective as of January 1, 1998, is
intended to provide supplemental retirement benefits to a select group of
management and highly compensated employees of the New York Stock Exchange,
Inc.

1.             DEFINITIONS.  For purposes of this
Plan, the following definitions apply:

(a)           “Accumulation Account”
means the individual account established by the NYSE for a Participant to which
book entry contributions made to the Plan on behalf of a Participant and Earnings
thereon shall be credited.

(b)           “Accumulation Benefits”
means the vested portion of Accumulation Account.

(c)           “Beneficiary”
means the person or persons (if any) designated or deemed designated by the
Participant under the New York Stock Exchange, Inc. Supplemental Executive
Savings Plan (the “SESP”) to receive his benefits under the SESP in the event
of the Participant’s death.  If a Participant
is not a participant under the SESP, the Participant’s Beneficiary shall be,
unless otherwise specified by the Participant in a written election filed with
the Committee upon such form and in such manner as specified by the Committee,
the person or persons (if any) designated or deemed designated by the
Participant under the New York Stock Exchange and Subsidiary Companies Employee
Savings Plan (the “Savings Plan”) to receive his benefits under the Savings
Plan in the event of the Participant’s death. 
If a Participant is not a participant under the SESP or the Savings
Plan, the Participant’s Beneficiary shall be, unless otherwise specified by the
Participant in a written election filed with the Committee upon such form and in
such manner as specified by the Committee, the person or persons (if any)
designated or deemed designated by the Participant under the New York Stock
Exchange, Inc. ICP Award Deferral Plan (the “ICP Plan”) to receive his benefits
under the ICP Plan in the event of the Participant’s death.  If a Participant is not a participant under
the SESP, the Savings Plan, or the ICP Plan, the Participant’s Beneficiary
shall be, unless otherwise specified by the Participant in a written election
filed with the Committee upon such form and in such manner as specified by the
Committee, the Participant’s estate.  In
the event that two (2) or more persons are the Participant’s Beneficiary under
the SESP, the Savings Plan, or the ICP Plan, as applicable, then each such
person shall be entitled to receive payment under this Plan in the same
proportion as the proportion of benefits such person is entitled to receive
under the SESP, the Savings Plan, or the ICP Plan, as applicable.

(d)           “Board” means the
Board of Directors of the NYSE.

(e)           “Code” means the
Internal Revenue Code of 1986, as amended.

(f)            “Committee”
means the Committee of at least two (2) individuals appointed by the Board for
purposes of administering the Plan, or any successor committee.  If a Participant serves on the Committee,
such Participant shall not be authorized to make any determinations or decisions
with respect to his participation hereunder or with respect to payment of Accumulation
Benefits to such Participant hereunder.

 

 

(g)           “Disability”
means a total and permanent disability, as defined in Section 22(e)(3) of the Code,
as determined by the Human Resources Policy and Compensation Committee of the Board.

(h)           “Earnings”
means, for any Plan Year, earnings on amounts in the Accumulation Account computed
in accordance with Section 4 hereof, and credited as a book entry to the Participant’s
Accumulation Account.

(i)            “ERISA” means
the Employee Retirement Income Security Act of 1974, as amended.

(j)            “ICP” means the
annual incentive compensation plan adopted by the NYSE, effective as of January
1, 1984, as amended from time to time.

(k)           “ICP Award”
means the amount payable (or would have been paid if not for an election made
pursuant to the New York Stock Exchange, Inc. ICP Award Deferral Plan to defer
all or a portion of such amounts) under the ICP to a Participant pursuant to
the terms of ICP.

(l)            “LTIP” means the
NYSE Long Term Incentive Plan, effective as of April 4, 1996, as amended from
time to time.

(m)          “LTIP Award”
means the amount payable under the LTIP to a Participant pursuant to the terms of
the LTIP.

(n)           “NYSE” means the
New York Stock Exchange, Inc. and any successor by merger, consolidation, purchase
or otherwise.

(o)           “Participant”
means each of the employees set forth on Exhibit A hereto and any other employee
who is designated as a Participant in this Plan by the Human Resources Policy
and Compensation Committee of the Board. 
An individual who was designated as a Participant in this Plan and has a
balance in his Accumulation Account but who has incurred a Termination of Employment
or has been designated as ineligible to continue to participate in the Plan
shall not be eligible to have further book entry contributions made to his
Accumulation Account pursuant to Section 5(a) herein.

(p)           “Performance Award”
means the ICP Award and/or the LTIP Award.

(q)           “Plan” means the
New York Stock Exchange, Inc. Capital Accumulation Plan.

(r)           “Plan Year”
means the twelve (12) month period ending December 31.

(s)           “Qualifying Entity”
means the Securities Industry Automation Corporation, the National Securities
Clearing Corporation or The Depository Trust Company, and any of such entities’
subsidiaries designated by the NYSE as a Qualifying Entity.  An entity in which the NYSE possesses an
ownership interest but which does not qualify as a Subsidiary under the Plan
may be designated as a Qualifying Entity by the NYSE for the purpose or
describing the occurrence of a Termination of Employment.

 

-2-

 

(t)            “Savings Plan”
means the New York Stock Exchange and Subsidiary Companies Employee Savings
Plan, as amended from time to time.

(u)           “Spouse” means a
Participant’s legal spouse at the time of the Participant’s death.

(v)            “Subsidiary”
means any corporation (other than the NYSE and any Qualifying Entity) in an
unbroken chain of corporations beginning with the NYSE if, each of the corporations
other than the last corporation in the unbroken chain owns stock possessing
fifty percent (50%) or more of the total combined voting power of all classes
of stock in one of the other corporations in such chain.

(w)           “Termination of Employment”
means termination of employment as an employee of the NYSE, all Subsidiaries,
and all Qualifying Entities for any reason whatsoever, including without
limitation, Disability.  Notwithstanding
the foregoing, a Termination of Employment shall not be deemed to occur if an
employee transfers to, or otherwise immediately commences employment with, a
Qualifying Entity or a Subsidiary until such employee incurs a Termination of
Employment with the NYSE, all Subsidiaries (including, as provided in the next
sentence, any former Subsidiaries) and all Qualifying Entities.  If a Subsidiary of the NYSE ceases to be a Subsidiary
of the NYSE, an employee of such entity will not be deemed to incur a
Termination of Employment solely as a result of such change in status unless
and until the Committee determines, in its sole discretion, that such employee
has incurred a Termination of Employment and when such Termination of
Employment is deemed to have occurred.

2.             CONTRIBUTIONS AND AMOUNT OF ACCUMULATION BENEFITS

(a)           The NYSE shall make a book entry
contribution to the Accumulation Account of each Participant in an amount equal
to:

(i)                                     twenty-five percent (25%) of the total
amount of the Participant’s ICP Award; and

(ii)                                  twenty-five percent (25%) of the total
amount of the Participant’s LTIP Award.

The NYSE shall make such
book entry contribution at such time as the applicable Performance Award is
paid to the Participant.  Notwithstanding
the foregoing, no book entry contribution shall be made to any Accumulation
Account with respect to any Performance Award paid prior to the Effective Date
of the Plan.

(b)           Earnings shall be credited to a
Participant’s Accumulation Account as provided in Section 4 below.

3.             VESTING

(a)           A Participant shall become vested in
his Accumulation Account based on his age while continuously employed by the
NYSE, as follows:

 

-3-

 

	
  AGE

  	
   

  	
  % Vested

  	
   

  
	
  Younger than 50

  	
   

  	
  0

  	
  %

  
	
  50 but younger than 51

  	
   

  	
  10

  	
  %

  
	
  51 but younger than 52

  	
   

  	
  20

  	
  %

  
	
  52 but younger than 53

  	
   

  	
  30

  	
  %

  
	
  53 but younger than 54

  	
   

  	
  50

  	
  %

  
	
  54 but younger than 55

  	
   

  	
  70

  	
  %

  
	
  55 and older

  	
   

  	
  100

  	
  %

  

 

(b)           The Human Resources Policy and Compensation
Committee of the Board, in its sole discretion, may vest a Participant in the
Participant’s Accumulation Account with respect to any Participant who incurs a
Termination of Employment at the initiation of the NYSE, as determined in the
sole discretion of the Human Resources Policy and Compensation Committee of the
Board.  Any vesting pursuant to this
paragraph shall only be effective if made in writing.

(c)           Notwithstanding any other provision
to the contrary, if any Participant shall die or incur a Disability while he is
employed by the NYSE, the Participant’s entire interest in his Accumulation Account
shall fully vest.

4.             MEASUREMENT OF EARNINGS

(a)           Earnings on the nonvested portion of a
Participant’s Accumulation Account shall be computed using a rate of eight
percent (8%) per annum.  The Committee
may change the designated measuring alternative at any time as it may
determine, in its sole discretion.  The
Committee shall credit the Earnings computed under this Section 4(a), to the balance
in each Participant’s Accumulation Account as of the last business day of each
calendar month, or such other dates which are selected by the Committee in its
sole discretion.

(b)           The measurement of Earnings on the
vested portion of an Accumulation Account shall be selected by each Participant
in writing, on a form prescribed by the Committee, from among the measuring
alternatives offered by the Committee for the measuring of Earnings.  Each Participant may change the selection of
his measuring alternatives for measuring of Earnings on Accumulation Benefits
as of the beginning of any calendar month (or at such other times and in such
manner as prescribed by the Committee, in its sole discretion), subject to such
notice and other administrative procedures as established by the Committee.  The Committee shall credit the Earnings
computed under this Section, Section 4(b), to the balance in each Participant’s
Accumulation Account as of the last business day of each calendar month, or
such other dates as are selected by the Committee in its sole discretion, at a
rate equal to the performance of the measuring alternatives selected by the
Participant for the calendar month (or such other applicable period) to which
such selection relates.

 

-4-

 

(c)           The Committee may, in its sole
discretion, establish rules and procedures for the crediting of Earnings
factors and the election of measuring alternatives pursuant to this Section 4.

5.             PAYMENT OF ACCUMULATION BENEFITS

(a)           Within thirty (30) days following the
date an employee is designated as a Participant, he may make an election
regarding the form and timing of his future receipt of Accumulation Benefits
from the Plan, which election shall be deemed to be valid and binding hereunder.
 A Participant may elect to receive his
Accumulation Benefits in the standard lump sum distribution form or in
approximately equal annual installments, over a period as elected by the
Participant but not in excess of ten (10) years, to commence as soon as administratively
feasible following (i) his Termination of Employment (other than by reason of
death) or (ii) the January 1 next following his Termination of Employment, as
elected by the Participant at the time of such initial election.  The Accumulation Account of a Participant who
elects to receive annual installment payments shall continue to be credited
with Earnings until the final installment is paid.  If a Participant does not make an installment
election, Accumulation Benefits shall be paid to him in a single lump sum as
soon as administratively feasible after his Termination of Employment.

(b)           A Participant may make an election or
change his existing election, on a form prescribed by and filed with the
Committee, at any time at least one (1) year prior to his Termination of
Employment, to receive his Accumulation Benefits in a lump sum or in
approximately equal annual installments, over a period as elected by the
Participant but not in excess of ten (10) years, and commencing as soon as
administratively feasible following (i) his Termination of Employment (other
than by reason of death) or (ii) the January 1 next following his Termination
of Employment as the Participant elects.

(c)           If a Participant dies prior to
receiving his total Accumulation Benefits, the unpaid portion of such
Accumulation Benefits shall be paid to the Participant’s Beneficiary in a
single lump sum, as soon as administratively feasible following the Participant’s
death, provided, however, that the Participant shall have the right, in a
writing filed with the Committee, to make elections, prior to his Termination
of Employment, to have all or a portion of such Accumulation Benefits payable
or remaining payable at his death to be paid to his Spouse (i) in approximately
equal annual installments, over a period as elected by the Participant but not
in excess of the lesser of ten (10) years or the remaining installments if the
Participant is already receiving installments, and (ii) to commence as soon as
administratively feasible following (i) his death or (ii) the January 1 next
following his death, as elected by the Participant.  Such elections (or any election to revoke or
change a prior election) must be made and filed with the Committee at least one
year prior to the earlier of the Participant’s death or Termination of
Employment, provided, however, that the initial election of an employee shall
be binding if filed with the Committee prior to the end of the thirty (30) day
period commencing on the date the employee first becomes a Participant.  If the Participant shall not have a Spouse at
the time of his death, the unpaid portion of the Participant’s Accumulation Benefits
shall be paid to the Participant’s Beneficiary in a single lump sum, as soon as
administratively feasible following the Participant’s death.

 

-5-

 

6.             FORFEITURE

The Human Resources
Policy and Compensation Committee of the Board may forfeit the benefits of a
Participant (or his Beneficiary, if the Participant has died) under the Plan in
the event that the Participant is discharged for willful, deliberate, or gross
misconduct, or if such grounds exist at the time of the Participant’s
Termination of Employment even if such Termination of Employment is for other
reasons.  Such determination, and whether
or not benefits shall be forfeited shall be determined by the Human Resources
Policy and Compensation Committee of the Board in its sole discretion, based on
the relevant facts and circumstances.

7.             CLAIMS PROCEDURE

(a)           The Committee shall be responsible
for determining all claims for benefits under this Plan by the Participants or
their Beneficiaries, in its sole discretion, based on the Plan documents.  Within ninety (90) days after receiving a
claim (or within up to one hundred eighty (180) days, if the claimant is
notified of the need for additional time, including notification of the reason
for the delay), the Committee shall notify the Participant or Beneficiary of
its decision in writing, giving the reasons for its decision if adverse to the
claimant.  If the decision is adverse to
the claimant, the Committee shall advise him of the Plan provisions involved,
of any additional information which he must provide to perfect his claim and
why, and of his right to request a review of the decision.

(b)           A claimant may request a review of an
adverse decision by written request to the Committee made within sixty (60)
days after receipt of the decision.  The
claimant, or his duly authorized representative, may review pertinent documents
and submit written issues and comments.

(c)           Within sixty (60) days after
receiving a request for review (or up to one hundred twenty (120) days after
such receipt if the Participant is notified of the delay and the reasons therefor),
the Committee shall notify the claimant in writing of (i) its decision, (ii)
the reasons therefor, and (iii) the Plan provisions upon which it is based.

(d)           The Committee may at any time alter
the claims procedure set forth above, so long as the revised claims procedure
complies with ERISA, and the regulations issued thereunder.

(e)           The Committee shall have the full
power and authority to interpret, construe and administer this Plan in their
sole discretion based on the provisions of the Plan documents and to decide any
questions and settle all controversies that may arise in connection with the
Plan.  The Committee’s interpretations
and construction thereof, and actions thereunder, made in the sole discretion
of the Committee, including any valuation of the Accumulation Benefits, any
determination under this Section 7, or the amount of the payment to be made hereunder,
shall be based on the Plan documents and shall be final, binding and conclusive
on all persons.  No member of the
Committee shall be liable to any person for any action taken or omitted in
connection with the interpretation and administration of this Plan.  To the extent that a form prescribed by the
Committee to be used in the operation and administration of the Plan does not

 

-6-

 

conflict with the terms
and provisions of the Plan document, such form shall be evidence of (i) the
Committee’s interpretation, construction and administration of this Plan and
(ii) decisions or rules made by the Committee pursuant to the authority granted
to the Committee under the Plan.

8.             CONSTRUCTION OF THE PLAN

This Plan is “unfunded”
and Accumulation Benefits payable hereunder shall be paid by the NYSE out of
its general assets.  Participants and
their Beneficiaries shall not have any interest in any specific asset of the
NYSE as a result of this Plan.  Nothing
contained in this Plan and no action taken pursuant to the provisions of this
Plan shall create or be construed to create a trust of any kind, or a fiduciary
relationship between the NYSE, the Committee, and the Participants, their
Beneficiaries or any other person.  Any
funds which may be invested under the provisions of this Plan shall continue
for all purposes to be part of the general funds of the NYSE and no person
other than the NYSE shall by virtue of the provisions of this Plan have any
interest in such funds.  To the extent
that any person acquires a right to receive payments from the NYSE under this
Plan, such right shall be no greater than the right of any unsecured general
creditor of the NYSE.  The NYSE may, in
its sole discretion, establish a “rabbi trust” to pay Accumulation Benefits
hereunder.

9.             LIMITATION OF RIGHTS

Nothing contained herein
shall be construed as conferring upon an employee the right to continue in the
employ of the NYSE as an employee or in any other capacity or to interfere with
the right of the NYSE to discharge him at any time for any reason whatsoever.

10.          PAYMENT NOT SALARY

Any Accumulation Benefits
payable under this Plan or any book entry made to an Accumulation Account shall
not be deemed salary or other compensation to the employee for the purposes of
computing benefits to which he may be entitled under any pension plan or other
arrangement of the NYSE maintained for the benefit of its employees.

11.          SEVERABILITY

In case any provision of
this Plan shall be illegal or invalid for any reason, said illegality or invalidity
shall not affect the remaining parts hereof, but this Plan shall be construed
and enforced as if such illegal and invalid provision never existed.

12.          WITHHOLDING

All payments under this
Plan shall be subject to the withholding of such amounts relating to federal,
state or local taxes as the NYSE may reasonably determine it should withhold
based on applicable law or regulations.

13.          ASSIGNMENT

The Plan shall be binding
upon and inure to the benefit of the NYSE, its successors and assigns and the
Participants and their Beneficiaries, heirs, executors,

 

-7-

 

administrators and
legal representatives.  In the event that
the NYSE sells or transfers all or substantially all of the assets of its business
or all or substantially all of the assets of a division and, in either event,
the acquiror of such assets assumes the obligations hereunder with regard to a
Participant, the NYSE shall be released from any liability imposed herein and
shall have no obligation to pay or provide any benefits payable hereunder with
regard to such Participant.

14.          NON-ALIENATION OF BENEFITS

The benefits payable
under this Plan shall not be subject to alienation, transfer, assignment, garnishment,
execution or levy of any kind, and any attempt to cause any benefits to be so
subjected shall not be recognized.

15.          GOVERNING LAW

To the extent legally
required, the Code and ERISA shall govern this Plan, and, if any provision
hereof is in violation of any applicable requirement of the Code or ERISA, the
NYSE reserves the right to retroactively amend the Plan to comply therewith.  To the extent not governed by the Code and
ERISA, the Plan shall be governed by the laws of the State of New York, without
regard to conflict of law provisions.

16.          AMENDMENT OR TERMINATION OF PLAN

The Board (or a duly
authorized committee thereof), or a person designated by the Board may, in his
or its sole and absolute discretion, amend this Plan from time to time and at
any time in such manner as he or it deems appropriate or desirable, and the
Board (or a duly authorized committee thereof) or a person designated by the
Board may, in its sole and absolute discretion, terminate the Plan for any
reason or no reason from time to time and at any time in such manner as it
deems appropriate or desirable.  No
amendment or termination shall reduce or terminate the then vested benefit of
any Participant or Beneficiary.  Upon an
amendment or termination, the NYSE shall not be required to distribute a
Participant’s accrued Accumulation Benefits prior to the Participant’s
Termination of Employment, but, in the event of a termination of the Plan, may
do so in a lump sum at the discretion of the NYSE.

17.          NON-EXCLUSIVITY

The adoption of this Plan
by the NYSE shall not be construed as creating any limitations on the power of
the NYSE to adopt such other supplemental retirement income arrangements as it
deems desirable, and such arrangements may be either generally applicable or limited
in application.

18.          GENDER AND NUMBER

Wherever used in this
Plan, the masculine shall be deemed to include the feminine and the singular
shall be deemed to include the plural, unless the context clearly indicates
otherwise.

 

-8-

 

19.          HEADINGS AND CAPTIONS

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

20.          INTERPRETATION OF THE PLAN

The Committee shall have
the authority to adopt, alter or repeal such administrative rules, guidelines
and practices governing the Plan and perform all acts as it shall from time to
time deem advisable; to construe and interpret the terms and provisions of the
Plan; and to otherwise supervise the administration of the Plan.

21.          EFFECTIVE DATE

The Plan shall be
effective as of January 1, 1998.

22.          ENTIRE AGREEMENT

This Plan, along with the
Participants’ elections hereunder, constitutes the entire agreement between the
NYSE and the Participants pertaining to the subject matter herein and
supersedes any other plan or agreement, whether written or oral, pertaining to
the subject matter herein.  No agreements
or representations, other than as set forth herein, have been made by the NYSE
with respect to the subject matter herein.

IN WITNESS WHEREOF, the NYSE has caused this Plan to be
executed this 16th day of April, 1998.

	
   

  	
  NEW
  YORK STOCK EXCHANGE, INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ KEITH R. HELSBY

  
	
   

  	
   

  	
   

  
	
   

  	
  Title:

  	
  Sr. Vice
  President, Finance

  

 

 

-9-

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