Document:

EX-4.10

 

Exhibit 4.10

Terms and Conditions

For Incentive or New Hire Options granted to 

Employees under the ASML Stock Option Plan

(Version October 2007)

 

 

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 

GRANTED TO EMPLOYEES UNDER THE ASML STOCK OPTION PLAN

- (Version October 2007)
	 	2 of 10

 

 

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 

GRANTED TO EMPLOYEES UNDER THE ASML STOCK OPTION PLAN

- (Version October 2007)
	 	3 of 10

 

 

	 	 	 	 	 
	 

	 	 	 	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 

GRANTED TO EMPLOYEES UNDER THE ASML STOCK OPTION PLAN

- (Version October 2007)
	 	4 of 10

 

 

	 	 	 	 	 
	 

	 	 	 	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 

GRANTED TO EMPLOYEES UNDER THE ASML STOCK OPTION PLAN

- (Version October 2007)
	 	5 of 10

 

 

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 

GRANTED TO EMPLOYEES UNDER THE ASML STOCK OPTION PLAN

- (Version October 2007)
	 	6 of 10

 

 

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 

GRANTED TO EMPLOYEES UNDER THE ASML STOCK OPTION PLAN

- (Version October 2007)
	 	7 of 10

 

 

	 	 	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 

GRANTED TO EMPLOYEES UNDER THE ASML STOCK OPTION PLAN

- (Version October 2007)
	 	8 of 10

 

 

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

			
	 	 	 
	TERMS AND CONDITIONS FOR INCENTIVE OR NEW HIRE OPTIONS 

GRANTED TO EMPLOYEES UNDER THE ASML STOCK OPTION PLAN

- (Version October 2007)
	 	9 of 10

 

 

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 

GRANTED TO EMPLOYEES UNDER THE ASML STOCK OPTION PLAN

- (Version October 2007)
	 	10 of 10EX-4.11

 

Exhibit
4.11

Terms and Conditions of the

ASML Performance Stock Plan

for Members of the Board of 

Management (Version 1)

 

 

Contents

	 	 	 	 	 	 	 
	ARTICLE 1

	 	DEFINITIONS
	 	 	3	 
	ARTICLE 2

	 	INTERPRETATION
	 	 	6	 
	ARTICLE 3

	 	LAPSE OF AWARDS
	 	 	6	 
	ARTICLE 4

	 	AVAILABILITY OF SHARES
	 	 	6	 
	ARTICLE 5

	 	POWERS	 	 	6	 
	ARTICLE 6

	 	NON-TRANSFERABILITY OF THE SHARES
	 	 	8	 
	ARTICLE 7

	 	AWARDS
	 	 	8	 
	ARTICLE 8

	 	VESTING CONDITIONS AND PERFORMANCE CONDITIONS
	 	 	9	 
	ARTICLE 9

	 	TERMINATION OF EMPLOYMENT
	 	 	10	 
	ARTICLE 10

	 	RELEASE OF AWARDS
	 	 	11	 
	ARTICLE 11

	 	NO GUARANTEE OF EMPLOYMENT
	 	 	12	 
	ARTICLE 12

	 	LEGAL AND REGULATORY REQUIREMENTS’ SHAREHOLDER RIGHTS
	 	 	12	 
	ARTICLE 13

	 	TAX, WITHHOLDINGS AND COSTS
	 	 	13	 
	ARTICLE 14

	 	SECTION 83 OF THE CODE
	 	 	13	 
	ARTICLE 15

	 	REPORTING OBLIGATIONS
	 	 	13	 
	ARTICLE 16

	 	VARIATION OF CAPITAL
	 	 	14	 
	ARTICLE 17

	 	CHANGE OF CONTROL OF THE COMPANY
	 	 	14	 
	ARTICLE 18

	 	PLAN AMENDMENTS, TERMINATION AND SPECIAL PROVISIONS
	 	 	15	 
	ARTICLE 19

	 	NOTIFICATION
	 	 	15	 
	ARTICLE 20

	 	DISPUTES
	 	 	16	 
	ARTICLE 21

	 	UNFUNDED STATUS OF THE PLAN; UNSECURED RIGHT
	 	 	16	 
	ARTICLE 22

	 	GOVERNING LAW
	 	 	16	 

Related document

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 Participant will be
provided with a hard copy of this document.

(2 of 16)

 

			
	Article 1	 	Definitions

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

	 	 	 
	Adoption Date

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

	 	the articles of association of the Company as amended from time to time;
	 
	 	 
	Award

	 	the award of Performance Stock under the terms and conditions of the Plan and the corresponding Award
Agreement;
	 
	 	 
	Award Agreement

	 	the signed written agreement, including all annexes thereto, between the Participant and the Company,
setting forth the terms and conditions of the Award in accordance with
Article 7;
	 
	 	 
	Award Letter

	 	the notification of an Award in accordance with Article 7;
	 
	 	 
	Board of Management

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

	 	the United States Internal Revenue Code of 1986, as amended from time to time, or any successor statute;
	 
	Committee

	 	such person or committee of persons and successor person or successor committee of
persons appointed by the Supervisory Board to which the Supervisory Board has delegated such
of its powers in relation to this Plan and any Award Agreement or any other agreement between
the Participant and the Company, as it may determine including any duly appointed agent or
delegate of the Committee; provided, however, that the Committee shall be comprised of such
individuals as may be necessary or appropriate to satisfy applicable securities, tax or other
applicable law;
	 
	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 Release   

	 	the notification in respect of the number
of Shares that is being released to the
Participant at the Release Date;
	 
	 	 
	Date of Award

	 	the date on which an Award is made to a
Participant, which shall be the date
specified in any Award Agreement;

(3 of 16)

 

	 	 	 
	General Meeting

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

	 	the Company and its Group Companies, as may be amended from time to time;
	 
	 	 
	Group Company

	 	an affiliated company of the Company, as may change from time to time, in which the affiliation is
determined by article 2:24c of the Dutch Civil Code, irrespective of the jurisdiction of such company
and irrespective of the place where it has its registered office;
	 
	 	 
	Holding Period

	 	the period after the Release Date in which the Shares acquired upon Release are subject to Transfer
Restrictions in accordance with the terms and conditions of the Plan or any Award Agreement or as
otherwise required in order to comply with applicable law or Company policies;
	 
	 	 
	Incentive Payout Levels

	 	the predefined ranges used to determine the level of payout in the form of Performance Stock to
Participants in accordance with the terms and conditions of the Award Agreement;
	 
	 	 
	Outside Director

	 	a member of the Supervisory Board who satisfies the requirements of an outside director for purposes of
Section 162(m) of the Code or Section 16 of the Securities Exchange Act, as the case may be;
	 
	 	 
	Participant

	 	a member of the Board of Management to whom an Award has been made under the terms and conditions of
the Plan and Award Agreement and/or any other agreement between the member of the Board of Management
or the heirs of such member and the Company;
	 
	 	 
	Performance Conditions

	 	the targets, set at the Date of Award that should be fulfilled during the Performance Period and
certain conditions or restrictions, the satisfaction or lapsing of which are required in order for
Performance Stock to be Released on the applicable Release Date, in accordance with the Plan and any
Award Agreement;
	 
	 	 
	Performance Period

	 	the period, as stipulated in the Award Agreement, comprising three (3) calendar years commencing with
the calendar year in which the Award is made, over which period the fulfilment of the Performance
Conditions is measured in accordance with Article 8;

(4 of 16)

 

	 	 	 
	Performance Stock

	 	Restricted Stock that grants a Participant the right to receive Shares at the Release Date, where such
right is conditional upon (i) the fulfilment of the Performance Conditions or (ii) the fulfilment of
the Performance Conditions and other vesting requirements, and in either case, any other applicable
terms and conditions of the Plan and the applicable Award Agreement;
	 
	 	 
	Plan

	 	the terms and conditions of the ASML Performance Stock Plan for Members of the Board of Management
as amended from time to time in accordance with the provisions hereof;
	 
	 	 
	Release (or Released)

	 	the transfer (‘levering’) of Shares to a Participant;
	 
	 	 
	Release Date

	 	the date upon which Shares underlying an Award are Released and transferred to the Participant;
	 
	 	 
	Remuneration Policy

	 	the Remuneration Policy for the Board of Management of ASML Holding N.V. (version 2006) as adopted by
the General Meeting in accordance with Article 19.1 of the Articles of Association, as amended from
time to time;
	 
	 	 
	Restricted Stock

	 	an award of Shares that grants a Participant the right to receive Shares at the Release Date, where
such right is conditional upon the terms and conditions of this Plan and any applicable Award
Agreement;
	 
	 	 
	Scheme Audit

	 	objective determination of the fulfilment of the Performance Conditions at the end of the Performance
Period by the Company’s auditor or an independent expert appointed by the Supervisory Board;
	 
	 	 
	Securities Exchange Act

	 	the Securities Exchange Act of 1934, as amended from time to time, or any successor statute;
	 
	 	 
	Share

	 	an ordinary share in the capital of the Company, having a nominal value of EUR 0.02 (two eurocents) or
any other nominal value such Share may have in the future;
	 
	 	 
	Stock Exchange

	 	the stock exchange of Euronext Amsterdam NV, The Netherlands, or the NASDAQ Stock 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;
	 
	 	 
	Transfer Restrictions

	 	restrictions on the disposition of any Share acquired upon Release during the Holding Period, including
but not limited to

(5 of 16)

 

     transfer restrictions and obligations as determined in the
Award Agreement; and

			
	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,
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 Supervisory Board as a reference to other applicable laws or regulations of any other
country (or region of a country); and
	 
	(vii)	 	references to tax and/or social security contributions and/or withholding taxes shall for
the avoidance of doubt include The Netherlands, the United States and any other jurisdiction
to which a Participant may be subject.

			
	Article 3	 	Lapse of Awards

Where under any of the provisions of the Plan or any Award Agreement it is provided that an Award
shall lapse, such lapsed Award shall cease to confer any rights whatsoever on the Participant
notwithstanding any other provisions of this Plan and any Award Agreement.

			
	Article 4	 	Availability of Shares

The Company shall at all times keep available sufficient authorised and un-issued Shares or shall
ensure that sufficient Shares are available for transfer to satisfy Release to the full extent
possible of all Awards that have neither lapsed nor been fully Released taking account of any
other obligations of the Company to procure for the Release of Shares.

			
	Article 5	 	Powers

	5.1	 	The Plan shall be adopted by the Supervisory Board. The Supervisory Board shall have such
powers and authority as set out in this Plan.
	 
	5.2	 	The Supervisory Board shall have the authority and complete discretion to decide, on an
annual basis and in accordance with a consistent policy regarding frequency, timing and terms
and conditions, to effect Awards and decide the number of Shares to be used to give effect to
such Awards.

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	5.3	 	The Plan shall be administered by the Supervisory Board. The Supervisory Board shall have
such powers and authority delegated to it as set out in the Plan. However, the Supervisory
Board shall determine as soon as practicable after the Adoption Date or at any time, or from
time to time thereafter, if, how and to what extent any of its powers shall be delegated to
the Committee. The Committee shall be provided with written guidelines to this effect,
notwithstanding the authority of the Supervisory Board to amend or withdraw any such
delegation of powers at any time. For purposes of the Plan and any applicable Award
Agreement, references to the Supervisory Board will include the Committee where the context
permits.
	 
	5.4	 	The Supervisory Board, or the Committee if so appointed, shall have the authority and
complete discretion to:

	 	(i)	 	select Participants to whom Awards may from time to time be granted hereunder;
	 
	 	(ii)	 	decide the frequency, timing and terms and conditions of Awards, and the number
of Shares to be used to give effect to such Awards;
	 
	 	(iii)	 	substitute new Awards for previously granted Awards;
	 
	 	(iv)	 	adopt, alter and repeal such administrative rules, guidelines and practices
governing the Plan as it shall, from time to time, deem advisable;
	 
	 	(v)	 	determine, for each Award, the Performance Conditions and/or vesting
requirements, other terms and conditions or other restrictions, if any, that will
apply to such Award;
	 
	 	(vi)	 	determine, for each Award, the vesting schedule, if any, applicable to the
Award;
	 
	 	(vii)	 	construe and interpret the provisions of the Plan, any Award, any Award
Agreement, any other agreement between Participant and the Company, any Confirmation
Letter of Release or other document executed pursuant to the Plan or pursuant to any
Award granted under the Plan;
	 
	 	(viii)	 	amend the terms of any Award theretofore made, prospectively or retroactively, to the
extent such amendment is consistent with the terms and conditions of the Plan,
including to accelerate the date on which any Award becomes vested or restrictions
lapse and to deem any Performance Conditions or other restrictions satisfied; provided
that no such amendment or action shall impair the rights of any Participant without his
consent except to the extent authorised under the Plan;
	 
	 	(ix)	 	determine and communicate, for each Award to which Performance Conditions, time
vesting or other restrictions apply, whether and to what extent the Performance
Conditions, vesting conditions or other restrictions applicable to such Award have been
met, and, as a consequence, the number of Shares to be Released;
	 
	 	(x)	 	determine, for each Award, the Transfer Restrictions, if any, that will be
applicable to the Shares following the Release;
	 
	 	(xi)	 	authorise any person to execute on behalf of the Company, any instrument
required to effectuate an Award; and
	 
	 	(xii)	 	make all other determinations deemed necessary or desirable for the
administration of the Plan.

	5.5	 	Notwithstanding the foregoing, if at any time the Committee to which some or all
administrative duties under the Plan have been delegated, shall not be in office, then the
Supervisory Board shall exercise the functions of the Committee specified in the Plan. The
Supervisory Board may exercise any or all of the functions of the Committee specified in the
Plan, except that:

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	 	(a)	 	at such time as any Award is subject to the limitations under Section 162(m) of
the Code, the administration of the Plan shall be supervised by a committee of the
Supervisory Board consisting solely of Outside Directors who satisfy the applicable
requirements of Section 162(m);
	 
	 	(b)	 	at such time as the Company or any Group Company are subject to the limitations
under Section 16(b) of the Securities Exchange Act, the committee of the Supervisory
Board shall consist solely of Outside Directors who satisfy the applicable requirements
of Section 16(b) of the Securities Exchange Act; and
	 
	 	(c)	 	to the extent applicable, the Plan shall be administered by a committee of the
Supervisory Board that is comprised solely of members who satisfy the applicable
requirements of any stock exchange on which the Shares may then be listed.

	5.6	 	Subject to this Article 5, the Supervisory Board or the Committee’s interpretation and
construction of any provision of the Plan, any Award Agreement, any other agreement between
Participant and the Company or any Group Company, any Confirmation Letter of Release or any
other instrument executed under the Plan, shall be final and binding on all persons claiming
an interest in an Award granted under the Plan. To the extent permitted by applicable law, no
member of the Supervisory Board or the Committee, nor any officer or employee of the Group
acting on behalf of the Supervisory Board or the Committee, shall be personally liable for any
action, determination, or interpretation taken or made in good faith with respect to the Plan,
and all members of the Supervisory Board or the Committee and each and any officer or employee
of the Group acting on their behalf shall, to the extent permitted by law, be fully
indemnified and protected by the Company in respect of any such action, determination or
interpretation.

			
	Article 6	 	Non-Transferability of the Shares

Subject to the provisions of the Plan or any Award Agreement, the Participant is required to retain
his Shares during the Holding Period even if his employment with the Company or a Group Company is
terminated for whatever reason. No Shares shall, during the Holding Period, or such other period
specified in an Award Agreement, be capable of being sold, transferred or assigned by the
Participant other than in a manner specified in the Plan and/or Award Agreement, and the Shares
cannot be charged, pledged, encumbered or otherwise used for the purpose of creating security title
or interest of whatever nature, unless the Award Agreement, the Award Letter and/or the
Confirmation Letter of Release explicitly allow such charge, pledge, encumbering, or such giving of
security title or interest. During the Holding Period, the Participant shall not be allowed to
issue or grant any option or similar instruments over Shares, unless specified otherwise in the
Award Agreement. Within these limits, the Supervisory Board, or the Committee if so appointed, may
provide for the lapse of such restrictions in instalments where deemed appropriate.

			
	Article 7	 	Awards

	7.1	 	Awards can be made annually on the date of publication of the Company’s annual financial
results in accordance with a consistent policy regarding frequency, timing and terms and
conditions, or, as the case may be, upon the occurrence of a specific event, at any time on or
after the Adoption Date. The Awards, including the Shares underlying such Awards, shall at all

(8 of 16)

 

	 	 	times be subject to the ASML Insider Trading Rules and applicable mandatory provisions
regarding insider trading, as amended from time to time, as well as any and all applicable
laws.
	 
	7.2	 	Each Award shall be evidenced by an Award Agreement entered into between the Participant and
the Company, setting forth the terms and conditions pertaining to such Award. By signing the
Award Agreement, 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.
	 
	7.3	 	An Award Agreement shall specify the terms and conditions applicable to the Award, including,
without limitation, the Date of Award, the vesting schedule applicable to the Award, the
Performance Conditions, if any, including the Incentive Payout Levels, if any, and/or other
terms and conditions or restrictions applicable to the Award, if any, the Release Date, the
Transfer Restrictions, if any, and all such other information as required by the terms and
conditions of the Plan.
	 
	7.4	 	If a Participant wishes to participate in the Plan, he is required to return a signed copy of
the Award Agreement to the Company within thirty (30) calendar days after the date the Award
Agreement has been signed by the Company, or within the time period otherwise established by
the Supervisory Board or Committee, if so appointed, or as set forth in the Award Agreement.
Award Agreements signed and returned before this due date will be considered accepted by the
Participant on the date the Award Agreement was signed by the Company.
	 
	7.5	 	Each Participant granted an Award of Restricted Stock under the Plan shall not have any
rights with respect to such Award, unless and until such Participant has executed an Award
Agreement evidencing the Award and has delivered a fully executed copy thereof to the Company,
and has otherwise complied with the then applicable terms and conditions. Unless otherwise
provided in an Award Agreement, notwithstanding the foregoing, any Award of Performance Stock
shall not be considered outstanding for any purpose, and no dividends, voting or other rights
of a shareholder shall attach to such Performance Stock until such time as the Performance
Conditions and any other conditions have been satisfied or restrictions have lapsed and the
Shares have been Released to the Participant.
	 
	7.6	 	Except as provided in the Plan or in an Award Agreement, no consideration shall be payable by
a Participant for an Award made to him.

			
	Article 8	 	Vesting Conditions and Performance Conditions

	8.1	 	In accordance with the Remuneration Policy, the Supervisory Board shall have the authority
and complete discretion to impose Performance Conditions and Incentive Payout Levels, being
conditions and limitations in addition to any conditions and limitations contained in this
Plan which must be satisfied prior to the Release of such Award, provided that such additional
conditions and limitations shall:

	 	(i)	 	be objective and are specified at the Date of Award in the Award Agreement; and
	 
	 	(ii)	 	be such that the Release of such an Award after the Scheme Audit and the
fulfilment or attainment of any Performance Conditions and limitations so specified
shall not be

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	 	 	 	dependent upon the further discretion of any person, other than the determination by
the Supervisory Board 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 occurs which causes the Supervisory Board to consider
that a waived, varied or amended condition would be a fairer measure of performance and
would not be more difficult nor easier to satisfy than any existing additional
conditions.

	8.2	 	Save as provided in Article 9, a certain number of Shares will be Released upon the Release
Date stated in the Award Agreement provided that:

	 	(i)	 	the Performance Conditions imposed on the Award in accordance with Article 8.1
have, based on the Scheme Audit, been fulfilled and attained at the end of the
Performance Period; and
	 
	 	(ii)	 	the Participant is employed within the Group at the Release Date or, in case
the Participant is no longer employed within the Group at the Release Date, the
employment of the Participant within the Group has terminated for a reason other than
those mentioned in Article 9.2.

	8.3	 	Pursuant to Article 5.2, where necessary or desirable for the administration of the Plan, the
Supervisory Board shall establish operating guidelines regarding, inter alia, the Performance
Conditions and the procedure for arranging, operating and completing the Scheme Audit.
	 
	8.4	 	Promotion, demotion or transfers within the Company or Group of a Participant at any time
during the Performance Period shall not affect the outstanding Awards and the Performance
Conditions attached to these Awards.

			
	Article 9	 	Termination of Employment

	9.1	 	Save as provided in Article 9.2, if a Participant ceases to be employed with the Company or a
Group Company, the Shares underlying his Award shall continue to be Released upon the Release
Date(s) provided and to the extent that the Performance Conditions have been met, but the
number of Shares Released shall be the number of Performance Stock multiplied by a factor
reflecting the period in which the Participant was employed with the Company or Group Company
during the year in which the Award is made. This factor is calculated by dividing the period
of actual employment during the year in which the Award is made in terms of months rounded up
to the nearest whole month by the total calendar year, in terms of months. The Shares Released
shall not or no longer be subject to Transfer Restrictions.
	 
	9.2	 	If a Participant is given notice of termination of employment in circumstances involving
fraud, gross negligence, wilful misconduct or any activity detrimental to the Company and/or
any Group Company, all his Awards shall lapse on the date that such notice of termination of
employment is given. Released Shares shall remain subject to the Transfer Restrictions during
the Holding Period as determined in the Plan and applicable Award Agreements.
	 
	9.3	 	If a Participant dies or ceases to be employed with the Company or Group Company as a result
of disability or incapacity to act, the number of Shares Released shall be the at target

(10 of 16)

 

	 	 	number of Performance Stock as mentioned in the Award Agreement multiplied by a factor
reflecting the period in which the Participant was employed with the Company or Group
Company during the year in which the Award is made. This factor is calculated in accordance
with Article 9.1. Notwithstanding this pro-rated Release, the Supervisory Board in its
absolute discretion may waive the application of this pro-rated calculation and determine
that the Release of the Award shall be made in whole. The Shares Released shall not or no
longer be subject to Transfer Restrictions as from the date of Participant’s death or
cessation of employment with Company or Group Company as stipulated in this article.
	 
	9.4	 	Any benefits derived by the Participant under this Plan shall not be taken into account
for the purposes of determining the Participant’s contribution or entitlement to benefits
under any pension or retirement arrangement or for the purposes of determining any other
claim for compensation the Participant may have against the Company or against any other
Group Company.
	 
	9.5	 	Subject to Article 9, where the employment of the Participant terminates for whatever reason,
the Participant shall not be entitled to any compensation or damages including damages
following unfair dismissal, any other form of breach of contract or any claim for compensation
for the loss of employment insofar as such compensation or damages arise or may arise from the
Participant ceasing to have rights under, or ceasing to be entitled to receive Performance
Stock under this Plan as a result of such termination. The Plan shall not at any time affect
the rights of the Company or a Group Company to terminate such Participant’s status as a
Participant, whether with or without cause.
	 
	9.6	 	The Award of Performance Stock shall not entitle nor preclude the Participant from
participating in another Award under the Plan or participation in any other plan operated by
the Company or Group Company.

			
	Article 10	 	Release of Awards

	10.1	 	Shares underlying Awards shall be Released subject to Articles 13.1 to 13.4 only upon
satisfaction of all terms and conditions set forth in the Plan, the applicable Award
Agreement or any other agreement between the Participant and the Company to the Participant
as soon as practicable following the Performance Period and finalisation of the Scheme
Audit, provided that the vesting requirements and/or other conditions or restrictions have
lapsed. Notwithstanding the foregoing, if the Company reasonably determines that it is
necessary or appropriate for any portion of the Award to be delayed in order to avoid
additional tax, interest and/or penalties under Section 409A of the Code, then such portion
of the Award shall be made on the earliest date permitted under Section 409A of the Code
without the imposition of any additional tax, interest and/or penalties. A Release of Shares
shall only be made if the Participant has fulfilled all his obligations towards the Company
or any Group Company under this Plan. The Release of Shares is confirmed to the Participant
in the Confirmation Letter of Release.
	 
	10.2	 	From and following the Release Date, the Shares may be subject to the Transfer Restrictions
during the Holding Period and to any other obligations as set forth in the Award Agreement and
reconfirmed in the Confirmation Letter of Release.

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	10.3	 	The Release of Shares shall is subject to the ASML Insider Trading Rules and applicable
mandatory provisions regarding insider trading, as amended from time to time, as well as
applicable laws.
	 
	10.4	 	The Participant shall not be entitled to any payment or indemnification of damages insofar
such damages arise or may arise from a delayed Release under this Article 10.
	 
	10.5	 	The Supervisory Board, or Committee if so appointed, shall have the power to allow Awards to
be Released at a date prior to the Release Date as may be stipulated in the Award Agreement.

			
	Article 11	 	No Guarantee of Employment

	11.1	 	Nothing in the Plan, Award Agreements or other related documents by themselves or in
combination shall be construed as an express or implied contract of employment or a guarantee
of continued future employment, unless expressly stated in such document.
	 
	11.2	 	An Award made under this Plan or any Award Agreement shall not be, or construed to be, a
guarantee to the Participant that the employment of the Participant with the Company or with
any Group Company will continue.
	 
	11.3	 	Any benefits derived by the Participant under this Plan shall not be taken into account for
the purposes of determining the Participant’s contribution or entitlement to benefits under
any pension or retirement arrangement or for the purposes of determining any other claim for
compensation the Participant may have against the Company or against a Group Company.
	 
	11.4	 	An Award made under the Plan shall not entitle nor preclude, unless otherwise agreed between
the Participant and the Company or any Group Company, the Participant from participating in
another Award under the Plan or from participating in any other plan operated by the Company
or Group Company.

			
	Article 12	 	Legal and Regulatory Requirements’ Shareholder Rights

	12.1	 	Shares granted under the Plan shall be subject to any necessary regulatory consents for the
time being in force and it shall be the responsibility of the Company and, where relevant of
the Participant, to comply with any requirements to be fulfilled in order to obtain or obviate
the necessity for any such consent. In addition, no Shares shall be Released prior to the
satisfaction of any and all applicable legal and regulatory requirements relating to such
Release.
	 
	12.2	 	Unless otherwise provided in an Award Agreement, Shares subject to an Award granted under the
Plan will be granted without the benefit of any rights (including shareholder rights)
attaching thereto by reference to a record date preceding the Release Date. Except for such
rights attaching to Shares by reference to a record date prior to the date on which the Shares
are allotted and issued, Released Shares shall be identical and rank pari passu in all
respects with the Shares in the same class then in issue.

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	Article 13	 	Tax, Withholdings and Costs

	13.1	 	All applicable taxes and withholdings resulting from any Award granted or Released to a
Participant under the Plan shall be the sole responsibility of the Participant.

	13.2	 	It shall be a condition of the obligation of the Company to issue or to procure the Release
of the Shares to the Participant and the Participant shall permit the Company or any other
Group Company to withhold and account for an amount equal to any applicable tax or
withholding. The Participant shall pay to the Company or the applicable Group Company
promptly upon request, and in any event at the time the Participant recognises taxable income
in respect to the Shares subject to the Restricted Stock or (if the Participant makes an
election under Section 83(b) of the Code in connection with such grant pursuant to Article 16
of the Plan), an amount equal to the taxes the Company determines it is required to withhold
under applicable tax laws with respect to the Shares subject to the Restricted Stock. The
Participant may satisfy the foregoing requirement by making a payment to the Company in cash
or in such other manner as determined by the Supervisory Board or the Committee, if so
appointed.
	 
	13.3	 	The Plan is based on the applicable tax and other legislation and regulations in effect as of
the Adoption Date. If any tax law or other legislation or regulations are adopted or amended
after the Adoption Date, any resulting tax or other liability shall be the sole responsibility
of the Participant.
	 
	13.4	 	Except as described in this Article 13, any tax or similar liability arising out of the sale
or disposal of Shares by the Participant shall be the sole responsibility of the Participant.
	 
	13.5	 	The costs of introducing, adopting, operating and administering this Plan shall be borne by
the Company. Except for the Release of Shares, the costs associated with the sale and
retention of the Shares shall be borne by the Participant.
	 
	13.6	 	The Company shall, where appropriate, recharge the costs of operating the Plan to its
participating Group Companies if and to the extent Participants are employed by these Group
Companies.

			
	Article 14	 	Section 83 of the Code

If any Participant shall, in connection with the grant of an Award under the Plan, make the
election permitted under Section 83(b) of the Code (i.e., an election to include in gross
income in the year of transfer the amounts specified in Section 83(b) of the Code), such
Participant shall notify the Company of such election within five days of filing notice of the
election with the United States.
Internal Revenue Service, in addition to any filing and a notification required pursuant to
regulation issued under the authority of Section 83(b) of the Code.

			
	Article 15	 	Reporting obligations

The Company shall not issue or procure the transfer of Shares to Participants, until such time as
the Company is satisfied that the Company or Group Company that
employs the Participant and the

(13 of 16)

 

Participant are aware of, and will carry out, their reporting obligations in respect of the
transfer or issue of Shares where necessary.

			
	Article 16	 	Variation of Capital

	16.1	 	Subject to Article 18, 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 Shares in issue
(including any change in the currency in which Shares are denominated) the number of Shares
subject to any Award and reserve for distribution under the Plan shall be equitably 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.
	 
	16.2	 	Notice of any adjustment shall be given by the Company to those Participants affected by such
adjustment.

			
	Article 17	 	Change of Control of the Company

	17.1	 	Subject to the Articles of Association, required approval of the General Meeting and any
applicable laws as well as the terms and conditions of any applicable Award Agreement, in the
event of the Company’s dissolution, liquidation, sale of all or substantially all of its
assets, merger, split, consolidation or similar transaction, change in control or
share-for-share exchange, the Supervisory Board shall have the power to:

	 	(i)	 	with respect to any Awards, provide that part or all applicable vesting
requirements and/or Performance Conditions or other conditions or requirements shall be
deemed to be satisfied and for all or part of the outstanding Shares subject to the
Award, the Shares shall be Released within six months of the date the Supervisory Board
has determined that the transaction or event has occurred in line with the provisions
of this Article 17 and that the applicable requirements of Articles 17.2 to 17.5 have
been satisfied; or
	 
	 	(ii)	 	provide for the payment of an amount in cash equal to the closing price on the
relevant Stock Exchange of the Shares to be Released as described in Article 17.1(i) at
the date the change of control has occurred; or
	 
	 	(iii)	 	take whatever actions or other steps that the Supervisory Board considers
necessary or appropriate.

	17.2	 	Subject to Article 17.1 all adjustments and/or payments described in Article 17.1 sub (i),
(ii) and (iii) shall be made by the Supervisory Board and shall be checked and approved by an
independent advisor. Such approval shall be conclusive and binding on all persons.
	 
	17.3	 	Except as expressly provided in this Article 17, no Participant shall be afforded any rights
by reason of any capital or corporate reorganisation of the Company. Any new Awards or the
replacement of Awards shall not affect any Awards previously effected under the Plan.

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	17.4	 	An Award effected pursuant to the Plan shall not affect in any way the right or power of the
Company to effect any capital or corporate reorganisation.

	17.5	 	If a corporate event occurs constituting a change of control of a Group Company due to which
the Participant is no longer employed within the Group, the Supervisory Board can at its
absolute discretion provide for any adjustments or payments as deemed appropriate such as,
inter alia, continuation of the Plan or settlement of the outstanding Awards of the
Participant immediately prior to such corporate event.

			
	Article 18	 	Plan Amendments, Termination and Special Provisions

	18.1	 	Subject to the Articles of Association, the Supervisory Board may from time to time at its
absolute discretion amend, alter, or terminate the Plan, for such reason as the Supervisory
Board, in its sole discretion, deems appropriate, including to facilitate the administration
of the Awards, to reflect changes in legislation or to obtain or maintain a favourable tax,
exchange control, legal, accounting or regulatory treatment for Participants, the Company or
any other Group Company.
	 
	18.2	 	Without limiting the foregoing, if and to the extent that any provision of an Award is
required to comply with Section 409A of the Code, such provision shall be administered and
interpreted in a manner consistent with the requirements of such Section. If and solely to the
extent that such provision as currently written would conflict with Section 409A of the Code,
the Supervisory Board, or the Committee, if so appointed, shall have the authority, without
the consent of the Participant, to administer such provision and to amend the Award with
respect to such provision to the extent the Supervisory Board or the Committee deems necessary
or appropriate for the purposes of avoiding any portion of amounts owed to the Participant
being retroactively included in the taxable income of the Participant for any prior taxable
year.
	 
	18.3	 	In addition, unless the Supervisory Board determines otherwhise, the Supervisory Board shall
obtain approval of the General Meeting, if applicable, for any amendment that would require
such approval in order to satisfy the requirements of applicable law or stock exchange rules.
	 
	18.4	 	The Supervisory Board, or the Committee if so appointed, may amend the terms of any Award
theretofore granted, prospectively or retroactively; however, subject to Articles 16 or 17 of
the Plan, no such amendment shall impair the rights of any Participant without his consent.

			
	Article 19	 	Notification

	19.1	 	Written notice of any amendment made in accordance with the terms of this Plan shall be given
to those Participants affected by such amendment.
	 
	19.2	 	Any notice or other document required to be given to any Participant with respect to the
operation of the Plan shall be regarded as correctly addressed if sent to the address of the
Participant as recorded in the 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
Supervisory Board or such committee designated by the Supervisory Board for this purpose.

(15 of 16)

 

	 	 	Any notice or other document required to be given by a Participant to the Company, any other
Group Company or the Supervisory Board shall be delivered in the format required by the
Company, any other Group Company or the Supervisory Board as communicated to the Participant
in advance. Notices sent by regular mail, unless received earlier, shall be deemed to have
been given on the fifth day following the date the notice is post-marked.
	 
	19.3	 	Participants shall be subject to and bound by the terms and conditions of applicable insider
trading rules as set forth in the ASML Insider Trading Rules and applicable mandatory
provisions, as amended from time to time, as well as any and all applicable laws. Such ASML
Insider Trading Rules, mandatory provisions and applicable laws may restrict the rights of the
Participants under this Plan. Participants are expected to be familiar with the ASML Insider
Trading Rules, the insider trading rules and any other information, guidance and/or
regulations issued by the Company or any other Group Company or relevant governmental or
regulatory bodies, and neither the Company nor any other Group Company shall incur any
liability in the event the Participant fails to comply with such rules.

			
	Article 20	 	Disputes

The decision of the Supervisory Board in any dispute or question relating to any Award shall be
final and conclusive subject to the terms and conditions of this Plan.

			
	Article 21	 	Unfunded Status of the Plan; Unsecured Right

The Plan is intended to constitute an “unfunded” plan for incentive compensation for United
States purposes. Any right to receive Shares or other consideration of any kind under the
Plan or any Award Agreement shall be no greater than that of an unsecured general creditor of
the Company. No Award may be assigned, transferred, encumbered or subject to any legal
process for the payment of any claim against a Participant.

			
	Article 22	 	Governing law

This Plan, including its formation, existence, construction, performance, validity and all aspects
whatsoever of the Plan, any term of the Plan and Award 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 courts of
Eindhoven, The Netherlands.

*****

(16 of 16)

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