Document:

Trust Agreement

 Exhibit 10.27 
 TRUST AGREEMENT 
 by and among 
 NYSE EURONEXT 
 NYSE GROUP, INC. 
 Wilmington Trust Company, as Delaware Trustee 
 Jacques de Larosière de Champfeu,
as Trustee 
 Charles K. Gifford, as Trustee 
 and 
 John Shepard Reed, as Trustee 
 dated as of 
 April 4, 2007 

 TRUST AGREEMENT 
 This TRUST AGREEMENT, dated as of April 4, 2007 (this “Agreement”), is by and among NYSE Euronext, a Delaware corporation (“NYSE Euronext”), NYSE Group, Inc., a Delaware
corporation (“NYSE Group”), Wilmington Trust Company, a Delaware banking corporation, as Delaware trustee, and Jacques de Larosière de Champfeu, Charles K. Gifford and John Shepard Reed, as trustees, for the purpose of
forming a statutory trust (the “Trust”) under and pursuant to the provisions of the Delaware Statutory Trust Act, 12 Del. C. §§ 3801 et. seq. (the “Delaware Act”). 
 RECITALS 
 WHEREAS, NYSE Euronext,
NYSE Group, Euronext N.V. (“Euronext”) and Jefferson Merger Sub, Inc. have entered into that certain Combination Agreement, dated as of June 1, 2006, as amended and restated as of November 24, 2006 (the
“Combination Agreement”), pursuant to which NYSE Group and Euronext agreed to combine their businesses under NYSE Euronext on the terms and subject to the conditions set forth in the Combination Agreement (the
“Combination”); 
 WHEREAS, NYSE Euronext, NYSE Group and Euronext desire to maintain, following completion of the
Combination, an appropriate regulatory balance between the U.S. Laws, on the one hand, and European Laws, on the other hand, with regard to (i) the NYSE Group Securities Exchanges and the Euronext Regulated Markets, (ii) the issuers listed
on the NYSE Group Securities Exchanges and Euronext Regulated Markets and (iii) the broker-dealers and financial services firms operating on the NYSE Group Securities Exchanges and Euronext Regulated Markets and certain other market
participants; 
 WHEREAS, a Material Adverse Change of European Law could disrupt this regulatory balance and be detrimental to the NYSE
Group Securities Exchanges, the issuers listed on a NYSE Group Securities Exchange and/or the broker-dealers operating on such NYSE Group Securities Exchange; 
 WHEREAS, the parties desire to establish this independent Trust and grant it, subject to the terms and conditions set forth herein, the power to exercise the Remedies in the event that such action is needed to
effectively mitigate the effects of a Material Adverse Change of European Law on a NYSE Group Securities Exchange, the issuers listed on such NYSE Group Securities Exchange and/or the members of such NYSE Group Securities Exchange; 
 WHEREAS, a guiding principle set forth in this Agreement is that the first duty of the Trust shall be to act in the public interests of the markets
operated by NYSE Group and its Subsidiaries to the extent necessary to avoid the application of a Material Adverse Change of European Law to such markets in accordance with the terms and conditions set forth in this Agreement; and 
 WHEREAS, the Trust and the Board of Trustees shall perform their duties and exercise their rights and powers independently in accordance with their
duties and obligations set forth in this Agreement. 

 NOW, THEREFORE, in consideration of the premises and the representations, warranties, covenants and
agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, and intending to be legally bound hereby, the parties hereto hereby agree as follows: 
 ARTICLE I 
 CERTAIN DEFINITIONS AND
INTERPRETATIONS 
 Section 1.1. Definitions. 
 “Advocacy Actions” has the meaning set forth in Section 5.4. 
 “Affected
Subsidiary” means a NYSE Group Securities Exchange to which a Material Adverse Change of European Law applies. 
 “Affiliate” has the meaning given to that term in Rule 405 of the Securities Act, or any successor rule thereunder. 
 “Agreement” has the meaning set forth in the Preamble. 
 “Archipelago Holdings” means Archipelago
Holdings, Inc., a Delaware corporation and a wholly owned subsidiary of NYSE Group. 
 “Assumed Matters” means, with respect
to any Person, any or all of the following matters over which the Trust must assert control in order to cause an Affected Subsidiary to cease to be subject to a Material Adverse Change in European Law: (a) changes to the rules of an Affected
Subsidiary, (b) decisions to enter into (or not enter into) or alter the terms of listing agreements of an Affected Subsidiary with Non-European Issuers; (c) decisions to enter into (or not enter into) or alter the terms of contractual
arrangements with any Non-European Financial Services Firms in relation to an Affected Subsidiary; (d) changes in the information and communications technology for an Affected Subsidiary; and (e) changes in clearing and settlement for an
Affected Subsidiary. 
 “Beneficiary Subsidiary” has the meaning set forth in Section 4.2(b). 
 “Board of Trustees” has the meaning set forth in Section 3.2(b). 
 “Call Option Remedy” has the meaning set forth in Section 4.1(b). 
 “Cause” means, in relation to any Trustee, any of the following: (a) a breach of the duties of the Trustee set forth herein or
under the Delaware Act, (b) any misconduct, fraud, misappropriation or embezzlement by the Trustee, (c) the incapacity to perform the duties set fort herein or under the Delaware Act as a result of insanity, disability or incompetency
(determined by a court of competent jurisdiction or a competent Governmental Entity). 
 “Combination” has the meaning set
forth in the Recitals. 
 “Combination Agreement” has the meaning set forth in the Recitals. 
  

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 “Covered Claim” has the meaning set forth in Section 8.4(a). 
 “Delaware Act” has the meaning set forth in the Preamble. 
 “Delaware Courts” has the meaning set forth in Section 8.4(a). 
 “Delaware
Trustee” has the meaning set forth in Section 3.3(a). 
 “Depositary Receipts” means the certificate(s)
representing the Depositary Shares. 
 “Deposited Securities” has the meaning set forth in Section 4.2. 
 “Depositary Shares” means shares of interest in the Trust that entitle its holder to (a) all of the economic rights of the
Deposited Securities held by the Trust (including, for the avoidance of doubt, all dividends declared on the Deposited Securities and any appreciation of the Deposited Securities), and (b) the rights to vote or cause the voting of the Deposited
Securities on the Retained Matters. Any Depositary Shares shall be issued pursuant to a certificate of designations in a form determined by NYSE Euronext. 
 “Eligibility Requirements” has the meaning set forth in Section 3.2(b). 
 “Euronext” has the meaning set forth in the Recitals. 
 “Euronext Regulated Market” has the
meaning ascribed to “European Regulated Market” in the Bylaws of NYSE Euronext, as it may be amended from time to time; provided, however, that, if the provisions of the Bylaws of NYSE Euronext in which the definition of “European
Regulated Market” shall have been suspended or have been revoked or repealed pursuant to the terms of the Bylaws of NYSE Euronext, then the definition of “European Regulated Market” shall have the meaning ascribed to those terms in
the Bylaws of NYSE Euronext as of immediately prior to such suspension, revocation or repeal, as the case may be, unless otherwise amended pursuant to the terms of this Agreement. 
 “Europe” has the meaning set forth in the Bylaws of NYSE Euronext, as it may be amended from time to time (with
“European” having a correlative meaning); provided, however, that, if the provision of the Bylaws of NYSE Euronext in which the definition of “Europe” appears shall have been suspended or have been revoked or repealed
pursuant to the terms of the Bylaws of NYSE Euronext, then the definition of “Europe” shall have the meaning set forth in the Bylaws of NYSE Euronext as of immediately prior to such suspension, revocation or repeal, as the case may be,
unless otherwise amended pursuant to the terms of this Agreement. 
 “European Exchange Regulations” has the meaning set
forth in the Bylaws of NYSE Euronext, as it may be amended from time to time; provided, however, that, if the provision of the Bylaws of NYSE Euronext in which the definition of “European Exchange Regulations” appears shall have been
suspended or have been revoked or repealed pursuant to the terms of the Bylaws of NYSE Euronext, then the definition of “European Exchange Regulations” shall have the meaning set forth in the Bylaws of NYSE Euronext as of immediately prior
to such suspension, revocation or repeal, as the case may be, unless otherwise amended pursuant to the terms of this Agreement. 
  

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 “European Law” means any law, bill, directive, rule or regulation enacted or executed by
any Governmental Entity in Europe. 
 “European Regulator” has the meaning set forth in the Bylaws of NYSE Euronext, as it
may be amended from time to time; provided, however, that, if the provision of the Bylaws of NYSE Euronext in which the definition of “European Regulator” appears shall have been suspended or have been revoked or repealed pursuant to the
terms of the Bylaws of NYSE Euronext, then the definition of “European Regulator” shall have the meaning set forth in the Bylaws of NYSE Euronext as of immediately prior to such suspension, revocation or repeal, as the case may be, unless
otherwise amended pursuant to the terms of this Agreement. 
 “Exchange Act” means U.S. Securities Exchange Act of 1934, as
amended, and the rules and regulations promulgated thereunder. 
 “Existing European Law” means a European Law enacted on or
prior to the date hereof. 
 “Federal Courts” has the meaning set forth in Section 8.4(a). 
 “Government Entity” means any supranational, national or local government, governmental or regulatory authority, agency, commission,
body or other governmental or regulatory entity. 
 “Initial Trustee” has the meaning set forth in Section 3.4(a).

 “Material Adverse Change of European Law” means, with respect to any NYSE Group Securities Exchange: (i) the
enactment of a New European Law (including the enactment of a New European Law that amends an Existing European Law and including the enactment or adoption of regulations implementing any New European Law or, if applicable, regulations amending or
replacing regulations implementing any New European Law or Existing European Law) or (ii) a change of interpretation of any New European Law or Existing European Law by a competent European Regulatory Authority or a European court of competent
jurisdiction pursuant to an order or judgment that is final, binding and not subject to appeal, in each case having a material adverse effect (including as may result from an increase in the regulatory burden that may occur as a result of such law)
on: 
 (1) a substantial proportion of the Non-European Issuers listed on such NYSE Group Securities Exchange or all of the
Non-European Issuers listed on such NYSE Group Securities Exchange belonging to a single industry sector, in each case solely because (A) the securities of such Non-European Issuers are listed on such NYSE Group Securities Exchange and
(B) such NYSE Group Securities Exchange is owned directly or indirectly by NYSE Euronext (it being understood that, if Non-European Issuers can avoid such material adverse effect by complying with a provision of European Law that is not
materially more burdensome than the requirements of Rule 12g3-2(b) under the Exchange Act for foreign private issuers to be exempt from Section 12(g) under the Exchange Act, then such European Law shall not be deemed to have a material adverse
effect on Non-European Issuers); 
  

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 (2) a substantial proportion of the Non-European Financial Services Firms of such NYSE
Group Securities Exchange solely because (A) such Non-European Financial Services Firms are members of such NYSE Group Securities Exchange (and such firm is not a member of, and does not do business on, a Euronext Regulated Market or other
regulated market within Europe) and (B) such NYSE Group Securities Exchange is owned directly or indirectly by NYSE Euronext; or 
 (3) to the extent the object of such European Law is to regulate the market operating rules, listing standards, or member financial services firm rules for such firms that are not members of, and do not do business
on, a Euronext Regulated Market or other regulated market within Europe, such NYSE Group Securities Exchange in a manner that has a material adverse effect on such NYSE Group Securities Exchange solely because (A) such entity is a NYSE Group
Securities Exchange and (B) such NYSE Group Securities Exchange is owned directly or indirectly by NYSE Euronext; 
 provided, however, that a
“Material Adverse Change of European Law” shall not be deemed to have occurred with respect to any European Law which (and for so long as it) is not effective, enforceable or applicable by reason of any permanent or temporary injunction,
order or other administrative relief or which is not self-effectuating in the absence of implementing regulations which have not yet been adopted. 
 “New European Law” means a European Law enacted after the date hereof. 
 “Nominating and Governance
Committee of NYSE Euronext” means the Nominating and Governance Committee of the Board of Directors of NYSE Euronext. 
 “Non-European Financial Services Firm” means any legal entity (a) incorporated or established in a jurisdiction outside of Europe that is a member of a NYSE Group Securities Exchange and is not a member of any
regulated market in Europe; (b) that is not required to be registered under any European Exchange Regulation (to the extent that the concept of registration exists under any European Exchange Regulation); (c) does not have any securities
listed on any regulated market in Europe and, to the extent that the concept of securities registration exists under any European Exchange Regulation, is not otherwise required to have any of its securities registered under such European Exchange
Regulation; and (d) that has not offered (within the meaning of the European Exchange Regulations) any securities in any jurisdiction in Europe and, to the extent that the concept of securities registration exists under any European Exchange
Regulation, has not filed a registration statement with any European Regulator under European Exchange Regulation. 
 “Non-European
Issuer” means any legal entity (a) incorporated or established in a jurisdiction outside of Europe that has securities listed on NYSE Group Securities Exchange; (b) that does not have any securities listed on a regulated market in
Europe and, to the extent that the concept of securities registration exists under any European Exchange Regulation, is not otherwise required to have any of its securities registered under such European Exchange 

  

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Regulation; and (c) that has not offered (within the meaning of the European Exchange Regulations) any securities in Europe or, to the extent that the
concept of securities registration exists under any European Exchange Regulation, filed a registration statement to register shares with a European Regulator under any European Exchange Regulation. 
 “NYSE Euronext” has the meaning set forth in the Preamble. 
 “NYSE Group” has the meaning set forth in the Preamble. 
 “NYSE Group Securities Exchange” means a U.S. national securities exchange (as defined in the Exchange Act) owned or operated by NYSE Euronext or any of its Subsidiaries from time to time. 

“Person” means any individual, corporation (including not-for-profit), general or limited partnership, limited liability company,
joint venture, estate, trust, association, organization, government or any agency or political subdivision thereof, or any other entity of any kind or nature. 
 “Priority Shares” means, with respect to any Person, shares of preferred stock of such Person that carry (a) no economic right or interest in such Person and (b) the right to vote on, make
proposals with respect to and impose consent requirements to approve actions in relation to, the Assumed Matters of such Person and, only if and to the extent required under applicable law, any other matters of NYSE Group or such Subsidiary,
respectively. Any Priority Shares shall be issued pursuant to a certificate of designations in a form determined by NYSE Euronext. 
 “Priority Share Call Option Remedy” has the meaning set forth in Section 4.1(a). 
 “Remedies” has the meaning set forth in Section 4.1(b). 
 “Resolution Period” has the
meaning set forth in Section 4.1(b). 
 “Retained Matters” means, with respect to any Person, any matter other than an
Assumed Matter. 
 “SEC” means the U.S. Securities and Exchange Commission. 
 “Securities Act” means the U.S. Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder. 
 “Six-Month Remedies” has the meaning set forth in Section 4.1(a). 
 “Subsidiary” means, with respect to any Person, any entity, whether incorporated or unincorporated, of which at least a majority of the
securities or ownership interests having by their terms voting power to elect a majority of the board of directors or other persons performing similar functions is directly or indirectly owned or controlled by such Person or by one or more of the
Subsidiaries of such Person. 
  

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 “Successor Delaware Trustee” has the meaning set forth in Section 3.3(f).

 “Trust” has the meaning set forth in the Preamble. 
 “Trust Property” means all estate, right, title and interest acquired by the Trust pursuant to the this Agreement (including, after the
exercise of the Call Option Remedy, the Deposited Securities), whether held directly or indirectly (including through any corporation or other Subsidiary), as the same may be added to or changed from time to time following the acquisition thereof.

 “Trust Purposes” has the meaning set forth in Section 2.3. 
 “Trustee” means each member of the Board of Trustees (excluding, for the avoidance of doubt, the Delaware Trustee). 
 “U.S. Regulated Subsidiary” has the meaning set forth in the Bylaws of NYSE Euronext, as amended from time to time. 
 “U.S. Subsidiaries’ Confidential Information” has the meaning set forth in Section 6.1. 
 “Voting Share Call Option Remedy” has the meaning set forth in Section 4.1(b). 
 Section 1.2. Interpretation; Absence of Presumption. 
 (a) For the purposes hereof, (i) words in the singular shall be held to include the plural and vice versa and words of one gender shall be held to include the other genders as the context requires; (ii) the
terms “hereof,” “herein,” and “herewith” and words of similar import shall, unless otherwise stated, be construed to refer to this Agreement as a whole and not to any particular provision of this Agreement, and Article,
Section, paragraph and Exhibit are references to the Articles, Sections, paragraphs, Exhibits of or to this Agreement unless otherwise specified; (iii) the word “including” and words of similar import when used in this Agreement shall
mean “including, without limitation,” unless the context otherwise requires or unless otherwise specified; (iv) the word “or” shall not be exclusive; (v) provisions shall apply, when appropriate, to successive events
and transactions; and (vi) any reference to any Person shall include its successors and assigns. The table of contents and headings herein are for convenience of reference only, do not constitute part of this Agreement and shall not be deemed
to limit or otherwise affect any of the provisions hereof. 
 (b) The parties have participated jointly in negotiating and drafting this
Agreement. In the event that an ambiguity or a question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the parties, and no presumption or burden of proof shall arise favoring or disfavoring any party
by virtue of the authorship of any provision of this Agreement. 
  

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 ARTICLE II 
 THE TRUST 
 Section 2.1. Name. The name of the Trust shall be the “NYSE Group Trust
I”. 
 Section 2.2. Offices. The address of the principal offices of the Trust on the date of execution of this Agreement
is: 11 Wall Street, New York, New York 10005. 
 Section 2.3. Purposes. The purpose of the Trust (the “Trust
Purposes”) is as follows: In (a) determining whether there has been a Material Adverse Change of European Law with respect to an Affected Subsidiary, (b) determining whether a Material Adverse Change of European Law is continuing
(including for purposes of determining when a Remedy must be unwound), (c) deciding upon the exercise of the Remedies and (d) exercising its rights and powers during the pendency of a Material Adverse Change of European Law, the duty of
the Trust and the Trustees shall be to act in the public interests of the markets operated by NYSE Group and its Subsidiaries if and only to the extent necessary to avoid or eliminate a Material Adverse Change of European Law; in all other
circumstances, the duty of the Trust and the Trustees shall be to act in the best interests of NYSE Euronext. In the event of any conflict between the duties of the Trust and the Trustees to act in any of the circumstances referred to in clauses
(a) through (d) of the preceding sentence, on the one hand, and the duties of the Trust and the Trustees in any other circumstances referred to in the preceding sentence, on the other hand, the former shall prevail. Notwithstanding
anything to the contrary, neither the Trustees nor the Delaware Trustee shall, on behalf of the Trust, enter into or engage into any profit-making trade or business, and neither the Trustees nor the Delaware Trustee shall have any power to take, and
none of them shall take, any actions hereunder other than such as reasonably necessary and incidental to the achievement of the Trust Purposes. 
 Section 2.4. Beneficial Owner. The beneficial owner (as that term is used in the Delaware Act) of the Trust shall be NYSE Euronext and the beneficial owner of any Trust Property shall be NYSE Euronext; provided that (i) to
the extent that such property (including the Deposited Securities) is transferred to the Trust by a Subsidiary of NYSE Euronext, it shall be held for the benefit of such Subsidiary and (ii) to the extent Deposited Securities that are Priority
Shares are issued to the Trust, such Priority Shares shall be held for the benefit of the entity holding all or the majority of the ordinary shares of the issuer of such Priority Shares immediately prior to such issuance. 
 Section 2.5. Duration. 
 (a) The initial term of the Trust shall be ten (10) years from the date of this Agreement. The
Board of Trustees or the Chairman of the SEC may renew the term of the Trust for successive one-year terms by providing written notice to the parties hereto of such extension prior to the scheduled expiration of the Trust; provided, however, that
any extension that would cause the term of the Trust to continue past the 20th anniversary of the date of this
Agreement shall require the prior written consent of NYSE Euronext. Notwithstanding anything to the contrary, NYSE Euronext shall be obligated to provide its consent to continue the term of the Trust, and this Agreement and the rights, powers and
remedies set forth herein shall remain in full force unless and until terminated, amended or novated by the parties hereto with the prior written approval of the SEC. 
  

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 (b) If NYSE Euronext does not provide its prior written consent to the extension of the term of the
Trust, (a) NYSE Euronext must provide written notice to the Chairman of the SEC of its intention not to provide its consent at least one year prior to the scheduled expiration of the Trust; and (b) following a request from the Chairman of
the SEC, NYSE Euronext and NYSE Group will review and discuss with the SEC the possibility of renewing the Trust or adopting alternatives based on the then existing facts and circumstances. Upon the expiration of the term of the Trust, subject to
Section 2.5(a), the Trust shall dissolve and the Trustees shall wind up the affairs of the Trust in accordance with Section 3808 of the Delaware Act and this Agreement be of no further force and effect. 
 (c) Upon completion of the winding up the Trustees shall file a certificate of cancellation with the Secretary of State, terminating the Trust.

 Section 2.6. Certificate of Trust. Promptly following the execution of this Agreement, the members of the Board of Trustees
(as defined below) shall cause an appropriate form of certificate of trust to be filed in the Office of the Secretary of State of Delaware in accordance with the applicable provisions of the Delaware Act. 
 ARTICLE III 
 TRUSTEES

 Section 3.1. Authority. Except as specifically provided in this Agreement, the Trustees shall have exclusive and complete
authority to carry out the Trust Purposes, and shall have no duties or powers except as set forth in this Agreement and applicable law. The Delaware Trustee shall have no duties or powers except as set forth in Section 3.3. Any action taken by
the Board of Trustees in accordance with the terms of this Agreement shall constitute the act of and serve to bind the Trust. In dealing with the Trustees acting on behalf of the Trust, no Person shall be required to inquire into the authority of
the Trustees to bind the Trust. Persons dealing with the Trust shall be entitled to rely conclusively on the power and authority of the Trustees as set forth in this Agreement. 
 Section 3.2. Number and Certain Qualifications of Trustees. 
 (a) There shall be at all times one Delaware Trustee if and for so long as required by Section 3.3. 
 (b) Except to the extent that there shall be one or more vacancies on the Board of Trustees, there shall be at all times three Trustees, who, together, shall constitute the “Board of Trustees,” and who shall satisfy the
eligibility requirements set forth in the following sentence (the “Eligibility Requirements”). A Person can only serve as a Trustee if such Person is: 
 (i) is not subject to any statutory disqualification as defined in Section 3(a)(39) of the Exchange Act; 
 (ii) satisfies the independence requirements applicable to the Board of Directors of New York Stock Exchange LLC; 
  

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 (iii) is of high repute and has experience and expertise in, or knowledge of, the
securities industry, regulation and/or corporate governance; and 
 (iv) is independent to such a degree that the Trustee can
be entrusted to resist undue pressures. 
 (c) The Nominating and Governance Committee of NYSE Euronext shall determine whether a person
satisfies the Eligibility Requirements. Persons nominated by the Nominating and Governance Committee of NYSE Euronext to serve as a Trustee must not be unacceptable to the Staff of the SEC. 
 Section 3.3. Delaware Trustee. 
 (a) If required by the Delaware Act, one trustee (the “Delaware Trustee”) shall be: (1) a natural person who is a resident of the State of Delaware; or (2) if not a natural person, an entity which has its
principal place of business in the State of Delaware, and otherwise meets the requirements of applicable law, including Section 3807 of the Delaware Act. 
 (b) The Delaware Trustee shall be either a natural person who is at least 21 years of age or a legal entity that shall act through one or more authorized officers. 
 (c) The initial Delaware Trustee shall be Wilmington Trust Company, whose offices are located at Rodney Square North, 1100 North Market Street,
Wilmington, DE 19890-0001, Attention: Corporate Trust Administration. 
 (d) Notwithstanding any other provision of this Agreement, the
Delaware Trustee shall not be entitled to exercise any powers, nor shall the Delaware Trustee have any of the duties and responsibilities of any of the Trustees described in this Agreement and the Delaware Trustee shall be a Trustee for the sole and
limited purpose of fulfilling the requirements of Section 3807 of the Delaware Act. 
 (e) No resignation or removal of the Delaware
Trustee and no appointment of a Successor Delaware Trustee pursuant to this Agreement shall become effective until the acceptance of appointment by the Successor Delaware Trustee in accordance with the applicable requirements of this Article.

 (f) Subject to the immediately preceding paragraph, the Delaware Trustee may resign at any time by giving written notice thereof to the
Board of Trustees and to the Board of Directors of NYSE Euronext. Such resignation shall be effective upon the appointment of a successor Delaware Trustee (the “Successor Delaware Trustee”) by the Board of Directors of NYSE
Euronext, which appointment shall require that the Successor Delaware Trustee execute an instrument of acceptance required by Section 3.3(h). If the instrument of acceptance by the Successor Delaware Trustee required by this Section 3.3
shall not have been delivered to the Successor Delaware Trustee within sixty (60) days after the giving of such notice of resignation, the Successor Delaware Trustee may petition, at the expense of the Trust, any court of competent jurisdiction
for the appointment of a Successor Delaware Trustee. Such court may thereupon, after prescribing such notice, if any, as it may deem proper, appoint the Successor Delaware Trustee. 
  

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 (g) The Successor Delaware Trustee may be removed with or without cause by the Board of Directors of NYSE
Euronext, in each case by delivery of notification of removal to the Delaware Trustee and to the Board of Trustees. A Delaware Trustee who is a natural person may also be removed by the Board of Directors of NYSE Euronext if such Delaware Trustee
becomes incompetent or incapacitated, and shall be deemed removed if such Delaware Trustee dies. 
 (h) In the case of the appointment
hereunder of a Successor Delaware Trustee, the retiring Delaware Trustee (except in the case of the death, incompetence or incapacity of a Delaware Trustee who is a natural person) and each Successor Delaware Trustee shall execute and deliver an
amendment hereto wherein each Successor Delaware Trustee shall accept such appointment and which shall contain such provisions as shall be necessary or desirable to transfer and confirm to, and to vest in, each Successor Delaware Trustee all the
rights, powers, and duties of the retiring Delaware Trustee with respect to the Trust; it being understood that nothing herein or in such amendment shall designate such Delaware Trustees as co-Trustees and upon the execution and delivery of such
amendment the resignation or removal of the retiring Delaware Trustee shall become effective to the extent provided therein and each such successor Delaware Trustee, without any further act, deed or conveyance, shall become vested with all the
rights, powers, and duties of the retiring Delaware Trustee; but, on request of the Trust or any successor Delaware Trustee, such retiring Delaware Trustee shall duly assign, transfer and deliver to such successor Delaware Trustee all property of
the Trust, all proceeds thereof and money held by such retiring Delaware Trustee hereunder with respect to the Trust. Any Successor Delaware Trustee shall file an amendment to the certificate of trust with the Delaware Secretary of State reflecting
the name and address of such Successor Delaware Trustee in the State of Delaware. 
 (i) Any Person into which the Delaware Trustee, as the
case may be, may be merged or converted or with which either may be consolidated, or any Person resulting from any merger, conversion or consolidation to which the Delaware Trustee, as the case may be, shall be a party, or any Person succeeding to
all or substantially all the corporate trust business of the Delaware Trustee, shall be the successor of the Delaware Trustee hereunder, without the execution or filing of any paper or any further act on the part of any of the parties hereto (other
than the filing of an amendment to the certificate of trust if required by the Delaware Act); provided, that such Person shall be otherwise qualified and eligible under this Article. 
 (j) The initial Delaware Trustee represents and warrants to the Trust and each of the other parties at the date of this Agreement, and each Successor
Delaware Trustee represents and warrants to the Trust at the time of the Successor Delaware Trustee’s acceptance of its appointment as Delaware Trustee, that: 
 (i) the Delaware Trustee, if other than an individual, is duly organized, validly existing and in good standing under the laws of the
State of Delaware, with power and authority to execute and deliver, and to carry out and perform its obligations under the terms of, this Agreement; 
 (ii) the Delaware Trustee has been authorized to perform its obligations under this Agreement. This Agreement under Delaware law constitutes a 

  

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legal, valid and binding obligation of the Delaware Trustee, enforceable against it in accordance with its terms, subject to applicable bankruptcy,
reorganization, moratorium, insolvency, and other similar laws affecting creditors’ rights generally and to general principles of equity (regardless of whether considered in a proceeding in equity or at law); and 
 (iii) the Delaware Trustee is a natural person who is a resident of the State of Delaware or, if not a natural person, an entity which has
its principal place of business in the State of Delaware and, in either case, a Person that satisfies for the Trust the requirements of Section 3807 of the Delaware Act. 
 Section 3.4. Appointment of Trustees; Term; Successor Trustees. 
 (a) NYSE Euronext hereby appoints Jacques de Larosière de Champfeu, Charles K. Gifford and John Shepard Reed as the initial Trustees (the “Initial Trustees”), which Initial Trustees were
selected jointly by NYSE Group and Euronext. By countersigning this Agreement, the Initial Trustees confirm their acceptance of their appointment in accordance with the terms hereof. 
 (b) Each party hereto represents and warrants to the other parties hereto that this Agreement constitutes a legal, valid and binding obligation of the
Trustee, enforceable against it in accordance with its terms, subject to applicable bankruptcy, reorganization, moratorium, insolvency, and other similar laws affecting creditors’ rights generally and to general principles of equity (regardless
of whether considered in a proceeding in equity or at law). 
 (c) Subject to Section 3.2(b), all Trustees (other than the Initial
Trustees) shall be appointed by the Nominating and Governance Committee of NYSE Euronext. 
 (d) The first three terms of office of the
Trustees shall be three years each. Following the ninth anniversary of the date hereof, the Trustees shall serve for successive terms of one year each. There shall be no limitation to the number of terms that can be served by any Trustee.

 (e) Any Trustee may be removed at any time by the Nominating and Governance Committee of NYSE Euronext for Cause by a written notice
delivered to the Board of Trustees; provided, however, that NYSE Euronext shall provide prior written notice of such removal to the Director of the Division of Market Regulation of the SEC. In the event that such removal would result in no Trustees
being in office, then such removal shall be effective only upon the appointment by the Nominating and Governance Committee of NYSE Euronext of a successor Trustee, who shall have the authority to act as a Trustee of the Trust as of such appointment
and during the pendency of any regulatory approval of such appointment. 
 (f) Any Trustee may resign as such by executing an instrument in
writing to that effect and delivering that instrument to the Nominating and Governance Committee of NYSE Euronext with a copy to the Trust. In the event of a resignation, such Trustee shall promptly: (i) execute and deliver such documents,
instruments or other writings as may be reasonably requested by the Nominating and Governance Committee of NYSE Euronext, to 

  

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effect the termination of such Trustee’s capacity under this Agreement; (ii) deliver, to the remaining Trustees, all assets, documents,
instruments, records and other writings related to the Trust as may be in the possession of such Trustee; and (iii) otherwise assist and cooperate in effecting the assumption of such Trustee’s obligations and functions by his or her
successor Trustee. 
 (g) Upon the resignation, retirement, removal or incompetency (determined by a court of competent jurisdiction or a
competent Government Entity) or death of a Trustee, the Nominating and Governance Committee of NYSE Euronext shall have the power to appoint a successor Trustee for the remaining portion of such Trustee’s current term in office subject to and
in accordance with Section 3.2 and this Section 3.4. Such appointment shall specify the date on which such appointment shall be effective. Every successor Trustee appointed hereunder shall execute, acknowledge and deliver to the Nominating
and Governance Committee of NYSE Euronext and the Trust an instrument accepting such appointment and thereupon such successor Trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers and duties of a
Trustee. 
 (h) The resignation, retirement, removal, incompetency (determined by a court of competent jurisdiction or a competent Government
Entity) or death of a Trustee shall not operate to dissolve, terminate or annul the Trust. Whenever a vacancy in Trustee shall occur, until such vacancy shall be filled by the appointment of a Trustee in accordance with Section 3.4(g), the
Trustee or Trustees remaining in office shall have all the powers granted to the Trustees and shall discharge all the duties imposed upon the Trustees by this Agreement. 
 Section 3.5. Actions by the Trustees; Meetings of the Board of Trustees. 
 (a) Any action of the
Trustees shall require the approval of a majority of the Trustees then in office acting at a meeting where there is present or represented a quorum. A quorum shall exist where there is present or represented a majority of the Trustees then in office
and in no event less than two Trustees; provided, however, that, if there shall be only one Trustee then in office, a quorum shall exist where there is present or represented the sole Trustee then in office. Any action of the Board of Trustees shall
be evidenced by a written consent, approval or instruction, executed by the required number of Trustees to approve such action. The Trustees may adopt their own rules and procedure subject to the terms of this Agreement, but may not delegate the
authority to act on behalf of the Trust or the Trustees to any Person (except to another Trustee to vote on behalf of the first Trustee pursuant to the instructions of such first Trustee at a meeting of the Board of Trustees). 
 (b) Meetings of the Board of Trustees may be held from time to time upon the call of any member of the Board of Trustees. Notice of any in-person
meetings of the Board of Trustees shall be hand delivered or otherwise delivered in writing (including by facsimile or e-mail, with a hard copy by overnight mail) not less than five (5) business days before such meeting. Notice of any
telephonic meetings of the Board of Trustees shall be hand delivered or otherwise delivered in writing (including by facsimile or email, with a hard copy by overnight mail) not less than 48 hours before a meeting. Notices shall contain a brief
statement of the time, place and anticipated purposes of the meeting. Trustees shall be entitled to participate in a meeting of the Board by means of conference telephone or similar communications equipment 

  

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by means of which all persons participating in the meeting can hear each other, and participation in a meeting in this manner shall constitute presence in
person at such meeting. The presence (whether in person or by telephone) of a member of the Board of Trustees at a meeting shall constitute a waiver of notice of such meeting except where such member of the Board of Trustees attends a meeting for
the express purpose of objecting to the transaction of any activity on the ground that the meeting has not been lawfully called or convened. Any member of the Board of Trustees may also waive such notice of in-person or telephonic meetings in
writing by hand delivering or otherwise delivering (including by facsimile or e-mail, with a hard copy by overnight mail) such written waiver to all other members of the Board of Trustees. 
 Section 3.6. Duties of the Trustees. 
 (a) In discharging their duties, the Trustees and the Delaware Trustee shall: 
 (i) consult reasonably and cooperate
in good faith with NYSE Euronext, NYSE Group, Archipelago Holdings, the Affected Subsidiaries and the SEC, including in connection with any exercise of the Remedies; and 
 (ii) in (A) determining whether a Material Adverse Change of European Law has occurred, (B) determining whether a Material
Adverse Change of European Law is continuing (including for purposes of determining when a Remedy must be unwound), (C) deciding upon the exercise of the Remedies and (D) exercising its rights and powers during the pendency of a Material
Adverse Change of European Law, act in the public interests of the markets operated by NYSE Group and its Subsidiaries if and only to the extent necessary to avoid or eliminate a Material Adverse Change of European Law; in all other circumstances,
the duty of the Trust and its Board of Trustees shall be to act in the interests of NYSE Euronext. In the event of any conflict between the duties of the Trust and the Trustees to act in any of the circumstances referred to in clauses
(A) through (D) of the preceding sentence, on the one hand, and the duties of the Trust and the Trustees in any other circumstances referred to in the preceding sentence, on the other hand, the former shall prevail. 
 (b) The Trustees and the Delaware Trustee need perform only those duties as are specifically set forth in this Agreement and as are contemplated by any
other agreement to which the Trustees, the Delaware Trustee or the Trust are a party and no others and no implied covenants or obligations shall be read into this Agreement against or for the benefit of the Trustees. 
 (c) The duties and responsibilities of the Trustees and of the Delaware Trustee shall be as provided by this Agreement and the Delaware Act.
Notwithstanding the foregoing, no provision of this Agreement shall require any Trustee or Delaware Trustee to expend or risk such Trustee’s or Delaware Trustee’s own funds or otherwise incur any financial liability in the performance of
any of such Trustee’s or Delaware Trustee’s duties hereunder, or in the exercise of any of such Trustee’s or Delaware Trustee’s rights or powers. Whether or not therein expressly so provided, every provision of this Agreement
relating to the conduct or affecting the liability of or affording protection to the Trustees or Delaware Trustees shall be subject to the 

  

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provisions of this Article. To the extent that, at law or in equity, a Trustee or Delaware Trustee has duties and liabilities relating to the Trust, such
Trustee or Delaware Trustee shall not be liable to the Trust or to any beneficial owner for such Trustee’s or Delaware Trustee’s good faith reliance on the provisions of this Agreement. The provisions of this Agreement, to the extent that
they restrict the duties and liabilities of the Trustees or Delaware Trustee otherwise existing at law or in equity, are agreed by the Trust to replace such other duties and liabilities of the Trustees or Delaware Trustee. 
 (d) Trustees and the Delaware Trustee may consult with counsel acceptable to NYSE Euronext. 
 (e) In the absence of a Trustee’s or Delaware Trustee’s gross negligence, misconduct or bad faith on its part, such Trustee or Delaware Trustee
may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon notices, certificates or opinions that by any provision of this Agreement are permitted or required to be furnished to such Trustee
or Delaware Trustee, provided, that such notices, certificates or opinions conform to the requirements of this Agreement. A Trustee or Delaware Trustee may rely on any document believed by it to be genuine and to have been signed or presented by the
proper person. Such Trustee or Delaware Trustee need not investigate any fact or matter stated in the document. 
 Section 3.7.
Compensation of Trustees. Trustees may be paid such compensation for their services and such reimbursement for expenses of attendance at meetings as the Board of Directors of NYSE Euronext may from time to time determine. 
 ARTICLE IV 
 REMEDIES 

Section 4.1. Exercise of Remedies. 
 (a) If a Material Adverse Change of European Law shall have occurred with respect to an Affected Subsidiary, and such Material Adverse Change of European Law shall continue to be in effect with respect to such Affected Subsidiary for a
period of six months after such occurrence, then, subject to Sections 4.1(c) and 4.1(d) and only upon approval of the Board of Trustees, and following notice to and, if and to the extent required under the laws then applicable, approval by, the SEC,
the Trust may exercise any of the following remedies (each, a “Six-Month Remedy”): 
 (i) deliver
confidential or public and non-binding or binding advice or a recommendation to NYSE Euronext, NYSE Group or Archipelago Holdings with respect to such Affected Subsidiary relating to the Assumed Matters; 
 (ii) assume management responsibilities of NYSE Group, Archipelago Holdings or the Affected Subsidiary solely with respect to some or all
of the Assumed Matters; and 
 (iii) exercise the call option over Priority Shares, as set forth in clause (i) of
Section 4.2(a) (the “Priority Share Call Option Remedy”). 
  

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 (b) If a Material Adverse Change of European Law shall have occurred with respect to an Affected
Subsidiary, and such Material Adverse Change of European Law shall continue to be in effect with respect to such Affected Subsidiary for a period of nine months after such occurrence (the “Resolution Period”), then, subject to
Sections 4.1(c) and 4.1(d) and only upon approval of the Board of Trustees, and following notice to and, if and to the extent required under the laws then applicable, approval by the SEC, the Trust may exercise the call option over the common stock
or voting securities, as set forth in Section 4.2 (such remedy, the “Voting Share Call Option Remedy” and together with the Priority Share Call Option Remedy, the “Call Option Remedies” and together with the Six-Month
Remedies, the “Remedies”). 
 (c) Notwithstanding anything to the contrary in this Agreement, the Trust shall have the right to
exercise a Remedy only if and to the extent that such Remedy (i) causes all Affected Subsidiaries to cease to be subject to a Material Adverse Change of European Law; and (ii) is the Remedy available that causes the least intrusion on the
conduct of the business and operations of NYSE Euronext, NYSE Group, Archipelago Holdings, the Affected Subsidiaries and their respective Subsidiaries by their respective governing bodies. In determining whether a Remedy satisfies the conditions set
forth in clause (ii) of the immediately preceding sentence: 
 (A) negative control by the Trust over the business and
operations of NYSE Euronext, NYSE Group, Archipelago Holdings, the Affected Subsidiaries and their respective Subsidiaries shall be preferred over affirmative control by the Trust; 
 (B) authority of the Trust shall be asserted over the fewest and most narrow decisions of NYSE Euronext, NYSE Group, Archipelago Holdings,
the Affected Subsidiaries and their respective Subsidiaries; 
 (C) a Remedy covering fewer entities and subsidiary entities
(such as an Affected Subsidiary) shall be preferred over a Remedy covering more entities and parent entities (such as NYSE Group); 
 (D) the Priority Share Call Option Remedy shall be viewed as a Remedy of last resort among the Six-Month Remedies; and 
 (E) the Voting Share Call Option Remedy shall be viewed as a Remedy of last resort among all Remedies. 
 (d) Prior to the exercise
of any Remedy, the Board of Trustees must first: 
 (i) consult with the Board of Directors of NYSE Euronext, the Board of
Directors of NYSE Group and the SEC during the Resolution Period to consider alternatives to the exercise of such Remedy, whether as suggested by any of the foregoing or otherwise, to address or mitigate the effects of any Material Adverse Change of
European Law, taking into account any possible adverse consequences for NYSE Euronext or NYSE Group in terms of taxation or accounting treatment, acting in each case in the best interests of NYSE Euronext; and 
  

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 (ii) after such consultation, notify in writing to the Board of Directors of NYSE
Euronext and the Board of Directors of NYSE Group that the Board of Trustees has determined in its reasonable opinion that such Remedy satisfies the conditions set forth in Section 4.1(c). 
 (e) Any determination as to whether there has been a Material Adverse Change of European Law with respect to an Affected Subsidiary and whether such
Material Adverse Change of European Law is continuing shall be made by the Board of Trustees. The Board of Trustees shall be entitled to change its determination as to whether a Material Adverse Change of European Law shall have occurred and/or is
continuing, and in no event shall the Trust be obligated to exercise any Remedy. 
 (f) Without limitation to the standards set forth in
Section 4.1(c), the exercise of one or more Remedies at any point in time shall not limit the right of the Trust to exercise further Remedies at one or more later times. 
 (g) Nothing in this Agreement shall prohibit the SEC from bringing such matters to the attention of the Trustees as the SEC deems relevant or from
providing advice to the Trustees at any time before or after the occurrence of a Material Adverse Change of European Law. 
 (h) Nothing in
this Agreement shall (i) limit the ability of the Trustees to provide confidential non-binding advice to NYSE Euronext at any time before the end of the Resolution Period or (ii) prevent NYSE Euronext, in its sole discretion, from
implementing any remedy at any time before the end of the Resolution Period. 
 Section 4.2. Call Option Remedies. 
 (a) If the Trust shall exercise a Call Option Remedy, NYSE Euronext and NYSE Group, as applicable, shall take, or shall cause their respective
Subsidiaries to take, such actions as are necessary to (i) issue to the Trust, or cause the issuance to the Trust of, the Priority Shares of NYSE Group, Archipelago Holdings or the Affected Subsidiary or (ii) transfer to the Trust, or
cause the transfer to the Trust of, the minimum number of shares of common stock or voting securities of NYSE Group, Archipelago Holdings or the Affected Subsidiary necessary, in the reasonable opinion of the Board of Trustees, to cause all Affected
Subsidiaries to cease to be subject to a Material Adverse Change of European Law (the securities transferred or issued to the Trust, the “Deposited Securities”). 
 (b) In exchange for the issuance or transfer of the Deposited Securities to the Trust, the Trust shall (i) issue Depositary Shares evidenced by
Depositary Receipts to NYSE Euronext (or, to the extent that a Subsidiary of NYSE Euronext is the beneficial owner of such Deposited Securities, to such Subsidiary (a “Beneficiary Subsidiary”), and such Depositary Shares shall
represent all economic rights to which a holder of Deposited Securities is entitled, and (ii) grant an irrevocable proxy to NYSE Euronext (or the Beneficiary Subsidiary, as the case may be) to vote the Deposited Securities on all Retained
Matters. 
 (c) If the Trust shall exercise a Call Option Remedy, the Trust shall deliver a written notice to NYSE Euronext specifying
(i) that the Trust has determined to exercise the 

  

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Priority Share Call Option Remedy or the Voting Share Call Option Remedy, as applicable, in accordance with the terms of this Agreement, (ii) that the
Board of Trustees has determined that such Call Option Remedy is the only Remedy that can cause all of the Affected Subsidiaries to cease to be subject to a Material Adverse Change of European Law; and (iii) whether such Call Option Remedy is
for the Priority Shares and/or voting securities of NYSE Group, Archipelago Holdings and/or the Affected Subsidiary and the number of Priority Shares and/or voting securities to which such Call Option Remedy applies. 
 Section 4.3. Operation of the Trust Property. 
 (a) Subject to Section 2.3, the Trustees shall act in a manner designed to enhance and preserve the Trust Property in the best interest of NYSE Euronext. The Trustees are empowered with respect to the Trust
Property to exercise from time to time in their discretion and without prior judicial authority all powers granted to them in this Agreement including all acts necessary to exercise such powers, such as selecting any associate, officer or employee
of such business and to engage, compensate and discharge such Persons. Persons dealing with the Trust shall not be obligated to look to the application of any moneys or other property paid or delivered to the Trust. All powers and discretions given
to the Trustees by this Agreement shall be absolute and uncontrolled, and each exercise thereof in good faith shall be conclusive on all Persons, including Persons unascertained or not born. 
 (b) Except as otherwise expressly provided in this Agreement, the Trustees shall not be required (i) to file any account or report of the
Trustees’ administration of the Trust hereby created in any court unless demand therefor in writing has been made by any Person entitled by law to make such demand, (ii) to furnish any surety or other security on any official bond for the
proper performance of the Trustees’ duties hereunder, or (iii) to procure authorization by any court in the exercise of any power conferred upon the Trustees by this Agreement. 
 (c) In no event shall the Trust or any Trustee sell, transfer, convey, assign, dispose, pledge (or agree to sell, transfer, convey, assign, dispose or
pledge) any Trust Property except (i) as expressly set forth in Section 4.4 of this Agreement or (ii) in circumstances permitted by the terms of this Agreement, pursuant to written instructions from NYSE Euronext approved by the Board
of Directors of NYSE Euronext. In addition to the foregoing, any transfer, conveyance, assignment, disposition or pledge by the Trust or any Trustee of any equity interest in, or all or substantially all of the assets of, New York Stock Exchange
LLC, NYSE Market, Inc., NYSE Regulation, Inc., NYSE Arca, L.L.C., NYSE Arca, Inc. or NYSE Arca Equities, Inc. (other than any such transfer or disposition to NYSE Euronext or its Subsidiaries pursuant to Section 4.4) shall not be effected until
filed with the SEC under Section 19 of the Exchange Act. 
 Section 4.4. Unwinding of Remedies. 
 (a) Notwithstanding anything to the contrary set forth in this Agreement, NYSE Euronext shall have the right, at any time and regardless of whether a
Material Adverse Change of European Law shall be continuing, to request and cause the unwinding of any Remedy for the purpose of and to the extent necessary to effect a divestiture or spin-off of all or part of its interest in NYSE Group,
Archipelago Holdings or an Affected Subsidiary (whether or not held by the Trust). 
  

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 (b) If and when (1) any Affected Subsidiary shall cease to be subject to a Material Adverse Change
of European Law or (2) NYSE Euronext shall have exercised its right pursuant to Section 4.4(a) of this Agreement: 
 (i) any Remedy implemented by the Trust with respect to such Affected Subsidiary shall be immediately unwound and extinguished, unless otherwise specified by NYSE Euronext; and 
 (ii) NYSE Euronext or the issuer of such Priority Shares (in the case of Deposited Securities that are Priority Shares) or the Beneficiary
Subsidiary (in the case of Deposited Securities that are common stock or voting securities) issuing or transferring any Deposited Securities to the Trust, as the case may be, shall reacquire such Deposited Securities with respect to such Affected
Subsidiary, with simultaneous cancellation of any Depositary Shares with respect to such Affected Subsidiary. 
 None of NYSE Euronext or any
of its Subsidiaries (including any Beneficiary Subsidiary) shall be obligated to make any payment to the Trust or any other Person as a result of reacquisition of Deposited Securities pursuant to this Section 4.4. 
 Section 4.5. Further Assurances. Upon exercise by the Trust of a Remedy in accordance with this Agreement, each of NYSE Euronext and NYSE
Group shall, and shall cause their Subsidiaries to, cooperate and take any and all action, promptly upon the request of the Trust, to implement the relevant Remedy. 
 ARTICLE V 
 CONSIDERATIONS OF THE BOARD; OTHER DUTIES OF THE TRUST 
 Section 5.1. U.S. Regulated Subsidiaries. 
 (a) In discharging his or her responsibilities as a Trustee, Delaware Trustee or officer or employee of the Trust, each Trustee, Delaware Trustee and officer and employee of the Trust, as the case may be, must, to the
fullest extent permitted by applicable law, take into consideration the effect that the Trust’s actions would have on the ability of: 
 (i) the U.S. Regulated Subsidiaries, NYSE Euronext and NYSE Group to discharge their respective responsibilities under the Exchange Act; and 
 (ii) the U.S. Regulated Subsidiaries, NYSE Euronext, NYSE Group, Archipelago Holdings and the Trust (A) to engage in conduct that
fosters and does not interfere with the ability of the U.S. Regulated Subsidiaries, NYSE Euronext, NYSE Group, Archipelago Holdings and the Trust to prevent fraudulent and manipulative acts and practices in the securities markets; (B) to
promote just and equitable principles of trade in the securities markets; (C) to 

  

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foster cooperation and coordination with persons engaged in regulating, clearing, settling, processing information with respect to, and facilitating
transactions in securities; (D) to remove impediments to and perfect the mechanisms of a free and open market in securities and a U.S. national securities market system; and (E) in general, to protect investors and the public interest.

 (b) The Trust, the Trustees, the Delaware Trustee and officers and employees of the Trust shall give due regard to the preservation of the
independence of the self-regulatory function of the U.S. Regulated Subsidiaries (to the extent of each U.S. Regulated Subsidiary’s self-regulatory function) and to its obligations to investors and the general public, and shall not take any
actions that would interfere with the effectuation of any decisions by the board of directors or managers of the U.S. Regulated Subsidiaries relating to their regulatory responsibilities (including enforcement and disciplinary matters) or that would
interfere with the ability of the U.S. Regulated Subsidiaries to carry out their respective responsibilities under the Exchange Act. 
 Section 5.2. Compliance with Laws. 
 (a) In discharging his or her responsibilities as Trustee, Delaware Trustee or
officer or employee of the Trust, each such Trustee, Delaware Trustee or officer or employee of the Trust, as the case may be, shall (a) comply with the U.S. federal securities laws and the rules and regulations thereunder, (b) cooperate
with the SEC and (c) cooperate with the U.S. Regulated Subsidiaries pursuant to, and to the extent of, their regulatory authority. 
 (b)
Nothing in this Article V shall create any duty owed by any Trustee, Delaware Trustee, officer or employee of the Trust to any Person to consider, or afford any particular weight to, any of the foregoing matters or to limit his or her consideration
to the foregoing matters. No Person shall have any rights against the Trust, the Trustees, the Delaware Trustee or any of officer or employee of the Trust under Section 5.1 or this Section 5.2. 
 Section 5.3. Other Duties of the Trust. 
 (a) The Trust shall comply with the U.S. federal securities laws and the rules and regulations thereunder and shall cooperate with the SEC and the U.S. Regulated Subsidiaries pursuant to and to the extent of their respective regulatory
authority, and shall take reasonable steps necessary to cause its agents to cooperate, with the SEC and, where applicable, the U.S. Regulated Subsidiaries pursuant to their regulatory authority. No Person shall have any rights against the
Trust, the Trustees, the Delaware Trustee or any of officer or employee of the Trust under this Section 5.3. 
 (b) The Trust shall take
reasonable steps necessary to cause the Trustees, the Delaware Trustee and the officers and employees of the Trust, prior to accepting a position as a Trustee, Delaware Trustee, officer or employee of the Trust, as applicable, to consent in writing
to the applicability to them of Sections 5.1, 5.2(a) and 5.4 and Article VI, as applicable, with respect to their activities related to any U.S. Regulated Subsidiary. 
 Section 5.4. Submission to Jurisdiction of U.S. Courts and the SEC. The Trust, the Trustees, the Delaware Trustee and the officers and employees of the Trust whose principal 

  

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place of business and residence is outside of the United States shall be deemed to irrevocably submit to the jurisdiction of the U.S. federal courts and the
SEC for the purposes of any suit, action or proceeding pursuant to the U.S. federal securities laws and the rules and regulations thereunder, commenced or initiated by the SEC arising out of, or relating to, the activities of the U.S. Regulated
Subsidiaries (and shall be deemed to agree that the Trust may serve as the U.S. agent for purposes of service of process in such suit, action or proceeding), and the Trust and each such Trustee, Delaware Trustee, officer or employee, by virtue of
his acceptance of any such position, shall be deemed to waive, and agree not to assert by way of motion, as a defense or otherwise in any such suit, action or proceeding, any claims that it or they are not personally subject to the jurisdiction of
the SEC, that such suit, action or proceeding is an inconvenient forum, that the venue of such suit, action or proceeding is improper, or that the subject matter thereof may not be enforced in or by such courts or agency. 
 Section 5.5. Initiatives by the Trustees. The Trustees shall be entitled to, and the SEC shall be entitled to request the Trustees to,
provide advice to and consult with NYSE Euronext, NYSE Group, Archipelago Holdings and the SEC and any other relevant persons or bodies regarding Advocacy Actions, and the Trust and the Board of Trustees shall be entitled to take Advocacy Actions,
to prevent a New European Law or legislative proposal from becoming a Material Adverse Change of European Law, both before and after the enactment of the relevant New European Law or proposal. “Advocacy Actions” shall consist of one or
more of the following: articles, opinion letters, advertising, press releases and lobbying efforts (including those directed at any European legislative or executive body, any European Regulator or other European governmental authority or those
directed at the general public). 
 ARTICLE VI 
 CONFIDENTIAL INFORMATION 
 Section 6.1. Limits on Disclosure. 
 (a) To the fullest extent permitted by applicable law, all confidential information that shall come into the possession of the Trust pertaining to the
self-regulatory function of New York Stock Exchange LLC, NYSE Market, Inc., NYSE Regulation, Inc., NYSE Arca, Inc. and NYSE Arca Equities, Inc. (including but not limited to disciplinary matters, trading data, trading practices and audit
information) contained in the books and records of any of the U.S. Regulated Subsidiaries (the “U.S. Subsidiaries’ Confidential Information”) shall (a) not be made available to any Persons (other than as provided in
Sections 6.2 and 6.3) other than to those officers, directors, employees and agents of NYSE Euronext and NYSE Group and the Trust that have a reasonable need to know the contents thereof; (b) be retained in confidence by the Trust, the
Trustees, the Delaware Trustee and the officers and employees of the Trust; and (c) not be used for any commercial purposes. 
 (b) The
Trust’s books and records related to the U.S. Regulated Subsidiaries shall be maintained within the United States. For so long as the Trust directly or indirectly controls any U.S. Regulated Subsidiary, the books, records, premises, Trustees,
Delaware Trustee, officers and employees of the Trust shall be deemed to be the books, records, premises, Trustees, Delaware Trustee, officers and employees of such U.S. Regulated Subsidiaries for purposes of and subject to oversight pursuant to the
Exchange Act. 
  

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 Section 6.2. Certain Disclosure Permitted. Notwithstanding Section 6.1, nothing in this
Agreement shall be interpreted so as to limit or impede: 
 (a) the rights of the SEC or any of the U.S. Regulated
Subsidiaries to have access to and examine such U.S. Subsidiaries’ Confidential Information pursuant to the U.S. federal securities laws and the rules and regulations thereunder; or 
 (b) the ability of any directors, officers, employees or agents of NYSE Euronext or any Trustees, Delaware Trustee, officers, employees or
agents of the Trust to disclose the U.S. Subsidiaries’ Confidential Information to the SEC or the U.S. Regulated Subsidiaries. 
 Section 6.3. Inspection. The Trust’s books and records shall be subject at all times to inspection and copying by: 
 (a) the SEC; 
 (b) any U.S. Regulated Subsidiary; provided that such books and records are
related to the operation or administration of such U.S. Regulated Subsidiary or any other U.S. Regulated Subsidiary over which such U.S. Regulated Subsidiary has regulatory authority or oversight; and 
 (c) NYSE Euronext and NYSE Group and their respective officers, directors, employees and agents. 
 ARTICLE VII 
 LIABILITY,
INDEMNIFICATION AND EXCULPATION 
 Section 7.1. Liability. 
 (a) Except as expressly set forth in this Agreement, the Trustees and the Delaware Trustee shall not be: 
 (i) personally liable for the payment of any amounts owed by the Trust, which payment shall be made solely from the assets of the Trust,
if any; or 
 (ii) required to pay to the Trust or to any beneficial owner of the Trust any deficit upon dissolution of the
Trust or otherwise. 
 (b) The Trustees will have no liability to any Person unless it shall be established in a final and non-appealable
judicial determination by clear and convincing evidence that any decision or action of the Trustees was undertaken in bad faith or misconduct, and, in any event, any liability will be limited to actual, proximate, and quantifiable damages.

 (c) Neither NYSE Group nor NYSE Euronext shall be liable in any capacity (whether as grantor, beneficial owner or otherwise) for any
actions of the Trustees pursuant to this Agreement or for any debts, liabilities or other obligations of the Trust or the Trustees. Pursuant to Section 3803(a) of the Delaware Act, as applicable, NYSE Euronext and NYSE 

  

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Group shall be entitled to the same limitation of personal liability extended to stockholders of private corporations for profit organized under the General
Corporation Law of the State of Delaware. 
 Section 7.2. Exculpation. No Trustee, Delaware Trustee, officer or employee of the
Trust shall be liable to the Trust, or any other Person who has an interest in the Trust, for any loss, damage or claim incurred by reason of any act or omission performed or omitted by such Trustee, Delaware Trustee, officer or employee of the
trust in good faith on behalf of the Trust and in a manner reasonably believed to be within the scope of the authority conferred on such Trustee, Delaware Trustee, officer or employee by this Agreement, except that a Trustee shall be liable for any
such loss, damage or claim incurred by reason of the willful misconduct or gross negligence of such Trustee, Delaware Trustee, officer or employee. 
 Section 7.3. Indemnification. To the fullest extent permitted by applicable law, a Trustee, Delaware Trustee, officer or employee shall be entitled to indemnification from the Trust and NYSE Euronext for any loss, damage or
claim incurred by such Trustee, Delaware Trustee, officer or employee by reason of any act or omission performed or omitted by such Trustee, Delaware Trustee, officer or employee in good faith on behalf of the Trust and in a manner reasonably
believed to be within the scope of the authority conferred on such Trustee, Delaware Trustee, officer or employee by this Agreement, except that no Trustee, Delaware Trustee, officer or employee shall be entitled to be indemnified in respect of any
loss, damage or claim incurred by such Trustee, Delaware Trustee, officer or employee by reason of willful misconduct or gross negligence with respect to such acts or omissions. 
 Section 7.4. Insurance. The Trust shall purchase and maintain insurance to cover its indemnification obligations set forth herein, as well as
any other liabilities of the Trustees. The Trustees, on behalf of the Trust, shall provide notice to the other Trustees, if any, thirty (30) days prior to the expiration or termination of such insurance. 
 Section 7.5. Survival. This Article VII shall survive any termination of this Agreement and dissolution of the Trust. 
 ARTICLE VIII 
 MISCELLANEOUS

 Section 8.1. Capital, Costs and Expenses. NYSE Euronext shall fund an initial amount of capital of the Trust and shall pay
as its own costs, or reimburse to the Trust or indemnify it against, any and all costs and expenses incurred by the Trust. The initial capital contribution to be made by NYSE Euronext in accordance with the Delaware Act shall constitute the initial
Trust Property. 
 Section 8.2. Amendments. Except as otherwise provided in this Agreement, and subject to the prior written
approval of the SEC as and to the extent required under the Exchange Act, this Agreement may only be amended by a written instrument signed by (a) NYSE Euronext, (b) NYSE Group, (c) the Trust and (d) if the amendment affects the
rights, powers, duties, obligations or immunities of the Delaware Trustee or the Trustees, the Delaware Trustee and the Trustees, as applicable. Notwithstanding the forgoing, for so long as NYSE 

  

 23 

 
Euronext or the Trust shall control, directly or indirectly, any of New York Stock Exchange LLC, NYSE Market, Inc., NYSE Regulation, Inc., NYSE Arca, L.L.C.,
NYSE Arca, Inc. or NYSE Arca Equities, Inc., before any amendment or repeal of any provision of this Agreement shall be effective, such amendment or repeal shall be submitted to the boards of directors of New York Stock Exchange LLC, NYSE Market,
Inc., NYSE Regulation, Inc., NYSE Arca, Inc. and NYSE Arca Equities, Inc., and if any or all of such boards of directors shall determine that such amendment or repeal must be filed with or filed with and approved by the SEC under Section 19 of
the Exchange Act and the rules promulgated thereunder before such amendment or repeal may be effectuated, then such amendment or repeal shall not be effectuated until filed with or filed with and approved by the SEC, as the case may be. Any
amendment adopted in accordance with the foregoing shall be binding upon the parties to this Agreement. 
 Section 8.3. Governing
Law. This Agreement and the rights of the parties hereunder shall be governed by and interpreted in accordance with the laws of the State of Delaware and all rights and remedies shall be governed by such laws without regard to the principles of
conflict of laws of the State of Delaware or any other jurisdiction that would call for the application of the law of any jurisdiction other than the State of Delaware; provided, however, that, to the fullest extent permitted by law, there shall not
be applicable to the Trust, the Trustees or this Agreement any provision of the laws (statutory or common) of the State of Delaware pertaining to trusts (except the Delaware Act) that relate to or regulate, in a manner inconsistent with the terms
hereof (a) the filing with any court or governmental body or agency of Trustee accounts or schedules of Trustee fees and charges, (b) affirmative requirements to post bonds for trustees, officers, agents or employees of a trust,
(c) the necessity for obtaining court or other governmental approval concerning the acquisition, holding or disposition of real or personal property, (d) fees or other sums payable to trustees, officers, agents or employees of a trust,
(e) the allocation of receipts and expenditures to income or principal, (f) restrictions or limitations on the permissible nature, amount or concentration of trust investments or requirements relating to the titling, storage or other
manner of holding or investing trust assets or (g) the establishment of fiduciary or other standards of responsibility or limitations on the acts or powers of trustees that are inconsistent with the limitations or liabilities or authorities and
powers of the Trustees as set forth or referenced in this Agreement. Section 3540 and, to the fullest extent permitted by applicable law, Section 3561, of Title 12 of the Delaware Code shall not apply to the Trust. 
 Section 8.4. Jurisdiction; Waiver of Jury Trial. 
 (a) The parties hereby (i) irrevocably submit to the exclusive jurisdiction of the courts of the State of Delaware (the “Delaware Courts”) and the Federal Courts of the United States of America
located in the State of Delaware (the “Federal Courts”) in respect of any claim, dispute or controversy relating to or arising out of the negotiation, interpretation or enforcement of this Agreement or any of the documents referred
to in this Agreement or the transactions contemplated hereby or thereby (any such claim being a “Covered Claim”); (ii) irrevocably agree to request that the Delaware or Federal Courts adjudicate any Covered Claim on an
expedited basis and to cooperate with each other to assure that an expedited resolution of any such dispute is achieved; (iii) waive, and agree not to assert, as a defense in any action, suit or proceeding raising a Covered Claim that any of
the parties hereto is not subject to the personal jurisdiction of the Delaware or Federal Courts or that such action, suit or proceeding may not be 

  

 24 

 
brought or is not maintainable in said Courts or that the venue thereof may be inappropriate or inconvenient or that this Agreement or any such document may
not be enforced in or by such Courts; and (iv) irrevocably agree to abide by the rules of procedure applied by the Delaware or Federal Court (as the case the may be) (including but not limited to procedures for expedited pre-trial discovery)
and waive any objection to any such procedure on the ground that such procedure would not be permitted in the courts of some other jurisdiction or would be contrary to the laws of some other jurisdiction. The parties further agree that any Covered
Claim has a significant connection with the State of Delaware and with the United States, and will not contend otherwise in any proceeding in any court of any other jurisdiction. Each party represents that it has agreed to the jurisdiction of the
Delaware and Federal Courts in respect of Covered Claims after being fully and adequately advised by legal counsel of its own choice concerning the procedures and law applied in the Delaware and Federal Courts and has not relied on any
representation by any other party or its Affiliates, representatives or advisors as to the content, scope, or effect of such procedures and law, and will not contend otherwise in any proceeding in any court of any jurisdiction. Notwithstanding the
foregoing, nothing in this Agreement shall limit the right of NYSE Group, NYSE Euronext or any of their respective Subsidiaries or Affiliates to commence or prosecute any legal action against Euronext or any of its Subsidiaries or Affiliates in any
court of competent jurisdiction in France, The Netherlands, or elsewhere to enforce the judgments and orders of the Delaware or Federal Courts. 
 (b) Each party hereby irrevocably agrees that it will not oppose, on any ground, the recognition, enforcement, or exequatur in a French, Dutch or other court of any judgment (including but not limited to a judgment requiring specific
performance) rendered by a Delaware or Federal Court in respect of a Covered Claim. 
 (c) EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY
CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY
LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT, OR THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT. EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT: (i) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS
REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER; (ii) EACH PARTY UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER; (iii) EACH PARTY MAKES
THIS WAIVER VOLUNTARILY; AND (iv) EACH PARTY HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 8.4. 
 Section 8.5. Entire Agreement. This Agreement contains the entire agreement of the parties with respect to the subject matter hereof and
supersedes any and all prior agreements and understandings, whether written or oral, with respect to the subject matter hereof. 
  

 25 

 Section 8.6. Counterparts. This Agreement may be executed in one or more counterparts, all of
which shall be considered one and the same agreement, and shall become effective when one or more counterparts have been signed by each of the parties and delivered to the other party. 
 Section 8.7. Third Parties. None of the provisions of this Agreement shall be for the benefit of or enforceable by any creditor or employee
of NYSE Group, NYSE Euronext, the Trust or the Trustees, any stockholder or customer of NYSE Group, NYSE Euronext or the Delaware Trustee, any Non-European Financial Services Firm or Non-European Issuer. Nothing in this Agreement shall be deemed to
create any right in any Person not a party hereto, and this instrument shall not be construed in any respect to be a contract in whole or in part for the benefit of any third Person. No Person not a party hereto shall have any right to compel
performance NYSE Group, NYSE Euronext, the Trust, the Trustees or the Delaware Trustee of its obligations hereunder. 
 Section 8.8.
Notices. All notices and other communications hereunder shall be sufficiently given for all purposes hereunder if in writing and delivered personally, sent by documented overnight delivery service or, to the extent receipt is confirmed,
facsimile or other electronic transmission service to the appropriate address or number as set forth below, and shall be deemed delivered when delivered or transmitted, if during regular business hours, or on the next business day, if after regular
business hours, in the case of personal delivery or telecopy, facsimile or other electronic transmission service, and one business day after having been consigned for delivery, in the case of documented overnight delivery service. 
 Notices to the Trust shall be addressed to: 
 NYSE Group Trust I 
 c/o NYSE Euronext 
 11 Wall Street 
 New York, NY 10005 
 Attention: Office of the General Counsel 
 Facsimile: (212) 656-8101 
 or at such
other address and to the attention of such other person as the Trust may designate by written notice to the parties hereto. 
 Notices to the
Delaware Trustee shall be addressed to: 
 Wilmington Trust Company 
 Rodney Square North 
 1100 N. Market Street 
 Attention: Corporate Trust Administration 
 Facsimile: (302) 636- 4145 
 or at such
other address and to the attention of such other person as the Delaware Trustee may designate by written notice to the parties hereto. 
  

 26 

 Notices to NYSE Euronext or NYSE Group shall be addressed to: 
 NYSE Euronext 
 11 Wall Street 
 New York, NY 10005 
 Attention: Office of the General Counsel 
 Telecopy Number: (212) 656-8101 
 or at such other address and to the attention of such other person as NYSE Euronext
may designate by written notice to the parties hereto. 
 Section 8.9. Severability. Any provision hereof which is invalid or
unenforceable shall be ineffective to the extent of such invalidity or unenforceability, without affecting in any way the remaining provisions hereof. 
 Section 8.10. Assignment. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns; provided, however, that none of the parties hereto
will directly or indirectly assign (except any assignment that occurs by operation of law or in connection with a merger, tender offer, exchange offer or sale of all or substantially all of the assets of a party) its rights or delegate its
obligations under this Agreement without the express prior written consent of (a) NYSE Euronext, (b) NYSE Group, (c) the Trust and (d) the SEC. 
 Section 8.11. Certain Tax Matters. It is the intention of the parties that, for United States federal income tax purposes, (a) the Trust be treated as one or more grantor trusts, and (b) any
Trust Property held by the Trust be treated as owned by NYSE Euronext (provided that (i) to the extent Trust Property (including Deposited Securities) is transferred to the Trust by a Subsidiary of NYSE Euronext, such Trust Property shall be
treated as owned by such Subsidiary, and (ii) to the extent Deposited Securities that are Priority Shares are issued to the Trust, such Priority Shares shall be treated as owned by the NYSE Euronext Subsidiary holding all or the majority of the
ordinary shares of the issuer of Priority Shares immediately prior to such issuance). 
  

 27 

 IN WITNESS WHEREOF, each of the parties has caused this Agreement to be duly executed on its behalf, all as of the day
and year first above written. 
  

			
	NYSE EURONEXT
		
	By:	 	 /s/ Rachel Robbins

	Name:	 	Rachel F. Robbins
	Title:	 	General Counsel
	
	NYSE GROUP, INC.
		
	By:	 	 /s/ Rachel Robbins

	Name:	 	Rachel F. Robbins
	Title:	 	Executive Vice President and General Counsel
	
	WILMINGTON TRUST COMPANY, not in its individual capacity but solely as Delaware Trustee
		
	By:	 	 /s/ Michele C. Harra

	Name:	 	Michele C. Harra
	Title:	 	Financial Services Officer
		
	By:	 	 /s/ Jacques de Larosière de Champfeu

	Name:	 	Jacques de Larosière de Champfeu, as Trustee and not in his individual capacity
		
	By:	 	 /s/ Charles K. Gifford

	Name:	 	Charles K. Gifford, as Trustee and not in his individual capacity
		
	By:	 	 /s/ John Shepard Reed

	Name:	 	John Shepard Reed, as Trustee and not in his individual capacity

  

 28Governance and Option Agreement

 Exhibit 10.28 
 GOVERNANCE AND OPTION AGREEMENT 
 by and among 
 NYSE EURONEXT, 
 EURONEXT N.V., 
 NYSE EURONEXT (HOLDING) N.V. 
 and 
 STICHTING NYSE EURONEXT 
 dated as of

 April 4, 2007 
  

 TABLE OF CONTENTS 
  

							
	 	  	Page
Number
	GOVERNANCE AND OPTION AGREEMENT	  	2
	RECITALS	  	2
	1	  	CERTAIN DEFINITIONS AND INTERPRETATIONS	  	3
		  	1.1	  	Definitions	  	3
		  	1.2	  	Interpretation; Absence of Presumption	  	8
	2	  	THE FOUNDATION	  	9
		  	2.1	  	Name	  	9
		  	2.2	  	Offices	  	9
		  	2.3	  	Purposes	  	9
		  	2.4	  	Articles of Incorporation	  	9
		  	2.5	  	Priority Shares	  	10
	3	  	BOARD OF DIRECTORS	  	10
		  	3.1	  	Authority	  	10
		  	3.2	  	Number and Certain Qualifications of Directors	  	10
		  	3.3	  	Appointment of Directors; Term; Successor Directors	  	11
		  	3.4	  	Actions by the Directors; Meetings of the Board of Directors	  	12
		  	3.5	  	Duties of the Directors	  	13
		  	3.6	  	Compensation of Directors	  	14
	4	  	REMEDIES	  	14
		  	4.1	  	Exercise of Remedies	  	14
		  	4.2	  	Call Option Remedies	  	17
		  	4.3	  	Operation of the Foundation Property	  	18
		  	4.4	  	Unwinding of Remedies	  	18
		  	4.5	  	Further Assurances	  	19
	5	  	CONSIDERATIONS OF THE BOARD	  	19
		  	5.1	  	Euronext Subsidiaries	  	19
		  	5.2	  	Compliance with Laws	  	20
		  	5.3	  	Submission to Jurisdiction of Amsterdam Courts and the European Regulators	  	20
		  	5.4	  	Initiatives by the Board	  	22
		  	5.5	  	Request from NYSE Euronext or DNO Holder	  	22
	6	  	CONFIDENTIAL INFORMATION	  	23
		  	6.1	  	Limits on Disclosure	  	23
		  	6.2	  	Certain Disclosure Permitted	  	23
		  	6.3	  	Inspection	  	24
	7	  	LIABILITY, INDEMNIFICATION AND EXCULPATION	  	24
		  	7.1	  	Liability	  	24
		  	7.2	  	Exculpation	  	25
		  	7.3	  	Indemnification	  	25
		  	7.4	  	Insurance	  	25

  

 -i- 

							
		  	7.5	  	Survival	  	25
	8	  	MISCELLANEOUS	  	25
		  	8.1	  	Capital, Costs and Expenses	  	25
		  	8.2	  	Amendments	  	26
		  	8.3	  	Governing Law	  	26
		  	8.4	  	Jurisdiction	  	26
		  	8.5	  	Entire Agreement	  	26
		  	8.6	  	Counterparts	  	27
		  	8.7	  	Governing language	  	27
		  	8.8	  	Third Parties	  	27
		  	8.9	  	Notices	  	27
		  	8.10	  	Severability	  	28
		  	8.11	  	Assignment	  	29
		  	8.12	  	Accession by Euronext N.V. (New)	  	29
		  	8.13	  	Termination	  	29
		  	8.14	  	Certain United States Tax Matters	  	30

  

 -ii- 

 GOVERNANCE AND OPTION AGREEMENT 
 This GOVERNANCE AND OPTION AGREEMENT, dated as of April 4, 2007 (this “Agreement”), is by and among NYSE Euronext, a Delaware corporation (“NYSE Euronext”),
Euronext N.V., a public limited company incorporated and existing under the laws of the Netherlands (“Euronext”), NYSE Euronext (Holding) N.V., a public limited company incorporated and existing under the laws of the
Netherlands (“Holdco”), and Stichting NYSE Euronext, a foundation (stichting) incorporated and existing under the laws of the Netherlands (the “Foundation”), 
 RECITALS 
 WHEREAS, NYSE Euronext, NYSE Group, Inc.
(“NYSE Group”), Euronext and Jefferson Merger Sub, Inc. have entered into that certain Combination Agreement, dated as of June 1, 2006, as amended and restated as of November 24, 2006 (the “Combination
Agreement”), pursuant to which NYSE Group and Euronext agreed to combine their businesses under NYSE Euronext on the terms and subject to the conditions set forth in the Combination Agreement (the “Combination”);

 WHEREAS, NYSE Euronext, NYSE Group and Euronext desire to maintain, following completion of the Combination, an appropriate regulatory balance between the
U.S. Laws, on the one hand, and European Laws, on the other hand, with regard to (i) the Euronext Regulated Markets and the NYSE Group Securities Exchanges, (ii) the issuers listed on the Euronext Regulated Markets and the NYSE Group
Securities Exchanges and (iii) the broker-dealers and financial services firms operating on the Euronext Regulated Markets and the NYSE Group Securities Exchanges and certain other market participants; 
 WHEREAS, a Material Adverse Change of U.S. Law could disrupt this regulatory balance and be detrimental to the Euronext Regulated Markets, the issuers listed on a
Euronext Regulated Markets and/or the broker-dealers operating on such Euronext Regulated Markets; 
 WHEREAS, the parties desire to establish this
independent Foundation and grant it, subject to the terms and conditions set forth herein, the power to exercise the Remedies in the event that such action is needed to effectively mitigate the effects of a Material Adverse Change of U.S. Law on a
Euronext Regulated Market, the issuers listed on such Euronext Regulated Market and/or the members of such Euronext Regulated Market; 
 WHEREAS, the
Foundation and the Board of Directors shall perform their duties and exercise their rights and powers independently in accordance with their duties and obligations set forth in this Agreement and in the Articles of Incorporation; 
 WHEREAS, a guiding principle set forth in this Agreement and in the Articles of Incorporation is that the first duty of the Foundation shall be to act in the public
interests of the markets operated by Euronext and its Subsidiaries to the extent necessary to avoid the application of a Material Adverse Change of U.S. Law to such markets in accordance with the terms and conditions set forth in this Agreement and
in the Articles of Incorporation; and 
  

 -2- 

 WHEREAS, the European Regulators have approved this Agreement, the Articles of Incorporation and the Conditions of
Administration. 
 NOW, THEREFORE, the parties hereto hereby agree as follows: 
  

	1	CERTAIN DEFINITIONS AND INTERPRETATIONS 

  

	1.1	Definitions 

 “Advocacy Actions” has the
meaning set forth in Section 5.4. 
 “Affected Subsidiary” means a Euronext Market Subsidiary owning or operating a Euronext
Regulated Market to which a Material Adverse Change of U.S. Law applies. 
 “Agreement” has the meaning set forth in the Preamble.

 “Articles of Incorporation” means the articles of incorporation of the Foundation as laid down in its deed of incorporation dated
April 3, 2007, as amended from time to time in accordance with the terms thereof and hereof. 
 “Assumed Matters” means, with
respect to any Person, any or all of the following matters over which the Foundation must assert control in order to cause an Affected Subsidiary to cease to be subject to a Material Adverse Change in U.S. Law: (a) changes to the Rules of an
Affected Subsidiary, (b) decisions to enter into (or not enter into) or alter the terms of listing agreements of an Affected Subsidiary with Non-U.S. Issuers; (c) decisions to enter into (or not enter into) or alter the terms of
contractual arrangements with any Non-U.S. Financial Services Firms in relation to an Affected Subsidiary; (d) changes in the information and communications technology for an Affected Subsidiary; (e) changes in clearing and settlement for
an Affected Subsidiary; and (f) decisions to eliminate or impair the existence or continuation of a Euronext Regulated Market. 
 “Beneficiary Subsidiary” has the meaning set forth in Section 4.2(b). 
 “Board of Directors”
has the meaning set forth in Section 3.2(a). 
 “Call Option Remedy” has the meaning set forth in Section 4.1(b).

 “Cause” means, in relation to a Director, any of the following: (a) a breach of the duties of the Director set forth herein,
in Dutch law or in the Articles of Incorporation, (b) any misconduct, fraud, misappropriation or embezzlement by the Director, and (c) the incapacity to perform the duties set fort herein, in Dutch law or in the Articles of Incorporation
as a result of insanity, disability or incompetency (determined by a court of competent jurisdiction or a competent Governmental Entity). 
  

 -3- 

 “College of European Regulators” means the Committee of Chairmen of the European Regulators
originally established pursuant to Memoranda of Understanding dated 22 March 2001 and 3 March 2003. 
 “Combination” has
the meaning set forth in the Recitals. 
 “Combination Agreement” has the meaning set forth in the Recitals. 
 “Conditions of Administration” means the conditions of administration (administratievoorwaarden) established by the Foundation setting
forth the terms and conditions governing the Depositary Receipts. 
 “Covered Claim” has the meaning set forth in
Section 8.4(a). 
 “Depositary Receipts” means the registered certificates (certificaten) representing the Deposited
Securities (including all economic rights to which a holder of the Deposited Securities is entitled) to be issued by the Foundation in accordance with and subject to the Conditions of Administration. 
 “Deposited Securities” has the meaning set forth in Section 4.2(a). 
 “Director” means, at any time, each member of the Board of Directors of the Foundation. 
 “Eligibility Requirements” has the meaning set forth in Section 3.2(a). 
 “Euronext” has the
meaning set forth in the Recitals. 
 “Euronext Confidential Information” has the meaning set forth in Section 6.1. 

“Euronext Market Subsidiary” has the meaning ascribed to “European Market Subsidiary” set forth in the Bylaws of NYSE Euronext as it
may be amended from time to time; provided, however, that, if the provision of the Bylaws of NYSE Euronext in which the definition of “European Market Subsidiary” appears shall have been suspended or have been revoked or
repealed pursuant to the terms of the Bylaws of NYSE Euronext, then the definition of “Euronext Market Subsidiary” shall have the meaning set forth in the Bylaws of NYSE Euronext as of immediately prior to such suspension, revocation or
repeal, as the case may be, unless otherwise amended pursuant to the terms of this Agreement. 
 “Euronext Regulated Market” has the
meaning ascribed to “European Regulated Market” in the Bylaws of NYSE Euronext as it may be amended from time to time; provided, however, that, if the provision of the Bylaws of NYSE Euronext in which the definition of
“European Regulated Market” appears shall have been suspended or have been revoked or repealed pursuant to the terms of the Bylaws of NYSE Euronext, then the definition of “Euronext Regulated Market” shall have the meaning set
forth in the Bylaws of NYSE Euronext as of immediately prior to such suspension, revocation or repeal, as the case may be, unless otherwise amended pursuant to the terms of this Agreement. 
 “Europe” has the meaning set forth in the Bylaws of NYSE Euronext as it may be amended from time to time; provided, however, that,
if the provision of the Bylaws of NYSE Euronext in which the definition of 

  

 -4- 

 
“Europe” appears shall have been suspended or have been revoked or repealed pursuant to the terms of the Bylaws of NYSE Euronext, then the
definition of “Europe” shall have the meaning set forth in the Bylaws of NYSE Euronext as of immediately prior to such suspension, revocation or repeal, as the case may be, unless otherwise amended pursuant to the terms of this Agreement.

 “European Exchange Regulation” has the meaning set forth in the Bylaws of NYSE Euronext as it may be amended from time to time;
provided, however, that, if the provision of the Bylaws of NYSE Euronext in which the definition of “European Exchange Regulation” appears shall have been suspended or have been revoked or repealed pursuant to the terms of
the Bylaws of NYSE Euronext, then the definition of “European Exchange Regulation” shall have the meaning set forth in the Bylaws of NYSE Euronext as of immediately prior to such suspension, revocation or repeal, as the case may be, unless
otherwise amended pursuant to the terms of this Agreement. 
 “European Law” means any law, bill, directive, rule or regulation
enacted or executed by any Governmental Entity in Europe. 
 “European Regulator” has the meaning set forth in the Bylaws of NYSE
Euronext as it may be amended from time to time; provided, however, that, if the provision of the Bylaws of NYSE Euronext in which the definition of “European Regulator” appears shall have been suspended or have been revoked
or repealed pursuant to the terms of the Bylaws of NYSE Euronext, then the definition of “European Regulator” shall have the meaning set forth in the Bylaws of NYSE Euronext as of immediately prior to such suspension, revocation or repeal,
as the case may be, unless otherwise amended pursuant to the terms of this Agreement. 
 “Exchange Act” means U.S. Securities
Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder. 
 “Existing U.S. Laws” means U.S. Laws
enacted on or prior to the date hereof. 
 “Foundation Property” means all estate, right, title and interest acquired by the
Foundation pursuant to this Agreement (including, after the exercise of the Call Option Remedy, the Deposited Securities), whether held directly or indirectly (including through any corporation or other Subsidiary), as the same may be added to or
changed from time to time following the acquisition thereof. 
 “Foundation Purposes” has the meaning set forth in Section 2.3.

 “Government Entity” means any supranational, national or local government, governmental or regulatory authority, agency,
commission, body or other governmental or regulatory entity. 
 “Initial Directors” has the meaning set forth in Section 3.3(a).

 “Material Adverse Change of U.S. Law” means, with respect to any Euronext Regulated Market: 
 (i) the enactment of a New U.S. Law (including the enactment of a New U.S. Law that amends an Existing U.S. Law and including the enactment or adoption of
regulations implementing any New U.S. Law or, if applicable, regulations amending or replacing regulations implementing any New U.S. Law or Existing U.S. Law); or 
  

 -5- 

 (ii) a change of interpretation of any New U.S. Law or Existing U.S. Law or regulations by a competent U.S.
Regulatory Authority or a U.S. court of competent jurisdiction pursuant to an order or judgment that is final, binding and not subject to appeal; 
 in each
case having a material adverse effect (including as may result from an increase in the regulatory burden that may occur as a result of such law) on: 
  

	1)	a substantial proportion of the Non-U.S. Issuers listed on such Euronext Regulated Market or all of the Non-U.S. Issuers listed on such Euronext Regulated Market belonging to a
single industry sector, in each case solely because (A) the securities of such Non-U.S. Issuers are listed on such Euronext Regulated Market and (B) such Euronext Regulated Market is owned directly or indirectly by NYSE Euronext (it being
understood that if Non-U.S. Issuers can avoid such material adverse effect by complying with Rule 12g3-2(b) under the Exchange Act, as in effect as of the completion of the Combination, or a provision not materially more burdensome, then such U.S.
Laws shall not be deemed to have a material adverse effect on Non-U.S. Issuers); 

  

	2)	a substantial proportion of the Non-U.S. Financial Services Firms of such Euronext Regulated Market solely because (A) such Non-U.S. Financial Services Firms are members of
such Euronext Regulated Market (and such firm is not a member of, and does not do business on, a NYSE Group Securities Exchange or other U.S. market) and (B) such Euronext Regulated Market is owned directly or indirectly by NYSE Euronext; or

  

	3)	to the extent the object of such U.S. Law is to regulate the market operating rules, listing standards, or member financial services firm rules for such firms that are not members
of, and do not do business on, a NYSE Group Securities Exchange or other U.S. market, any holder of an exchange license for a Euronext Regulated Market in a manner that has a material adverse effect on such Euronext Regulated Market solely because
(A) such holder operates a Euronext Regulated Market and (B) such Euronext Regulated Market is owned directly or indirectly by NYSE Euronext; 

 provided, however, that a “Material Adverse Change of U.S. Law” shall not be deemed to have occurred with respect to any U.S. Law which (and for so long as it) is not effective, enforceable or
applicable by reason of any permanent or temporary injunction, order or other administrative relief or which is not self-effectuating in the absence of implementing regulations which have not yet been adopted. 
 “New U.S. Law” means a U.S. Law enacted after the date hereof. 
 “Nominating and Governance Committee of NYSE Euronext” means the Nominating and Governance Committee of the Board of Directors of NYSE Euronext. 
  

 -6- 

 “Non-U.S. Financial Services Firm” means any legal entity (a) incorporated or established in
a jurisdiction outside of the United States that is a member of a Euronext Regulated Market and is not a member of any market, securities exchange or securities association in the United States; (b) that is not required to be registered under
the Exchange Act; (c) that does not have any securities listed on any U.S. securities exchange and is not otherwise required to have any of its securities registered under the Exchange Act; (d) that has not offered (within the meaning of
the Securities Act) any securities in the United States and has not filed a registration statement with the SEC under the Securities Act; (e) that does not engage in business in the United States; and (f) is not a member of the National
Association of Securities Dealers. 
 “Non-U.S. Issuer” means any legal entity (a) incorporated or established in a jurisdiction
outside of the United States that has securities listed on a Euronext Regulated Market; (b) that does not have any securities listed on a U.S. securities exchange and is not otherwise required to have any of its securities registered under the
Exchange Act; and (c) that has not offered (within the meaning of the Securities Act) any securities in the United States or filed a registration statement with the SEC under the Securities Act. 
 “NYSE Euronext” has the meaning set forth in the Preamble. 
 “NYSE Group” has the meaning set forth in the Preamble. 
 “NYSE Group Securities Exchange” means a
U.S. national securities exchange (as defined in the Exchange Act) owned or operated by NYSE Euronext or any of its Subsidiaries from time to time. 
 “Ordinary Shares” means, with respect to Euronext or any Subsidiary of Euronext, any and all ordinary or common shares or other voting securities forming part of its capital other than Priority Shares. 
 “Ordinary Share Call Option Remedy” has the meaning set forth in Section 4.1(b). 
 “Person” means any individual, corporation (including not-for-profit), general or limited partnership, limited liability company, joint venture,
estate, trust, association, organization, government or any agency or political subdivision thereof, or any other entity of any kind or nature. 
 “Priority Shares” means, with respect to Euronext or any Subsidiary of Euronext, shares of preferred stock of Euronext or such Subsidiary, respectively, that carry (a) no or a limited economic right or interest
in Euronext or such Subsidiary, respectively, and (b) the right to vote on, make proposals with respect to, and impose consent requirements to approve actions in relation to, the Assumed Matters and, only if and to the extent required under
applicable law, any other matters of Euronext or such Subsidiary, respectively. Any Priority Shares shall be issued pursuant to the articles of association or other relevant constituent documents of Euronext or such Subsidiary, as the case may be.

 “Priority Share Call Option Remedy” has the meaning set forth in Section 4.1(a). 
 “Remedies” has the meaning set forth in Section 4.1(b). 
  

 -7- 

 “Resolution Period” has the meaning set forth in Section 4.1(b). 
 “Retained Matters” means, with respect to Euronext or any Euronext Subsidiary, any matter other than an Assumed Matter. 
 “Rules” means, with respect to a Subsidiary of Euronext, the rules or regulations, established or issued by it in relation to the operation of
the Euronext Regulated Market operated by it. 
 “SEC” means the U.S. Securities and Exchange Commission. 
 “Securities Act” means the U.S. Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder. 
 “Six-Month Remedies” has the meaning set forth in Section 4.1(a). 
 “Subsidiary” means, with respect to any Person, any entity, whether incorporated or unincorporated, of which at least a majority of the securities or ownership interests having by their terms
voting power to elect a majority of the board of directors or other persons performing similar functions is directly or indirectly owned or controlled by such Person or by one or more of the Subsidiaries of such Person. 
 “U.S. Law” means any law, bill, directive, rule or regulation enacted or executed by any Governmental Entity in the United States. 
 “U.S. Regulatory Authority” means any Governmental Entity in the United States in charge of the regulation of securities, derivatives or
securities exchanges under the Exchange Act. 
  

	1.2	Interpretation; Absence of Presumption 

  

	(a)	For the purposes hereof, (i) words in the singular shall be held to include the plural and vice versa and words of one gender shall be held to include the other genders as the
context requires; (ii) the terms “hereof,” “herein,” and “herewith” and words of similar import shall, unless otherwise stated, be construed to refer to this Agreement as a whole and not to any particular provision
of this Agreement, and Article, Section, paragraph and Exhibit are references to the Articles, Sections, paragraphs, Exhibits of or to this Agreement unless otherwise specified; (iii) the word “including” and words of similar import
when used in this Agreement shall mean “including, without limitation,” unless the context otherwise requires or unless otherwise specified; (iv) the word “or” shall not be exclusive; (v) provisions shall apply, when
appropriate, to successive events and transactions; and (vi) any reference to any Person shall include its successors and assigns. The table of contents and headings herein are for convenience of reference only, do not constitute part of this
Agreement and shall not be deemed to limit or otherwise affect any of the provisions hereof. 

  

	(b)	The parties have participated jointly in negotiating and drafting this Agreement. In the event that an ambiguity or a question of intent or interpretation arises, this Agreement
shall be construed as if drafted jointly by the parties, and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any provision of this Agreement. 

  

 -8- 

	2	THE FOUNDATION 

  

	2.1	Name 

 The Foundation has been incorporated on
April 3, 2007 under the name Stichting NYSE Euronext. 
  

	2.2	Offices 

 The address of the principal offices of
the Foundation on the date of execution of this Agreement is: Beursplein 5, 1012 JW Amsterdam, The Netherlands. 
  

	2.3	Purposes 

 The purpose of the Foundation (the
“Foundation Purposes”) is as follows: in (A) determining whether there has been a Material Adverse Change of U.S. Law with respect to an Affected Subsidiary, (B) determining whether a Material Adverse Change of U.S. Law is
continuing (including for purposes of determining when a Remedy must be unwound), (C) deciding upon the exercise of the Remedies and (D) exercising its rights and powers during the pendency of a Material Adverse Change of U.S. Law, the
duty of the Foundation and its Board shall be to act in the public interests of the markets operated by Euronext and its Subsidiaries if and only to the extent necessary to avoid or eliminate a Material Adverse Change of U.S. Law; in all other
circumstances, the duty of the Foundation and its Board shall be to act in the best interests of NYSE Euronext. In the event of any conflict between the duties of the Foundation and the Board to act in any of the circumstances referred to in
(A) to (D) (inclusive) and the duties to act in any other circumstances referred to in the preceding sentence, the first mentioned duties shall prevail. Notwithstanding anything to the contrary, the Foundation shall not enter into or
engage into any profit making trade or business, and it shall not have any power to take, and it shall not take, any actions hereunder other than such as reasonably necessary and incidental to the achievement of the Foundation Purposes. 

 

	2.4	Articles of Incorporation 

 The Articles of
Incorporation of the Foundation as currently in effect are as set out in its deed of incorporation dated April 3, 2007, a copy of which is attached hereto as Exhibit 1. In the event of any discrepancy between any provision of this
Agreement and the corresponding provision of the Articles of Incorporation, the latter shall be construed and applied to the extent permitted by applicable law in accordance with the former. 
  

 -9- 

	2.5	Priority Shares 

 The parties hereto note and agree
that NYSE Euronext and Euronext shall cause the articles of association or other relevant constituent documents of Euronext and the respective Euronext Market Subsidiaries to authorize a separate class of Priority Shares, which in each case shall
comprise the smallest number of such shares as may be needed to give effect to the terms of this Agreement. Similarly, the terms of such shares shall only provide for such economic rights and voting rights in relation to Retained Matters attached to
them as shall be required under applicable law and as shall be necessary to give effect to the terms of this Agreement. The parties note and agree that the class of Priority Shares provided for under the articles of association of Euronext shall
comprise only one share. 
  

	3	BOARD OF DIRECTORS 

  

	3.1	Authority 

 Except as specifically provided in this
Agreement, the Board of Directors shall have exclusive and complete authority to carry out the Foundation Purposes and shall have no duties or powers except as set forth in this Agreement, the Articles of Incorporation and applicable law. Any action
taken by the Board of Directors in accordance with the terms of this Agreement and the Articles of Incorporation shall constitute the act of and serve to bind the Foundation. In dealing with the Board of Directors acting on behalf of the Foundation,
no Person shall be required to inquire into the authority of the Board of Directors to bind the Foundation. Persons dealing with the Foundation shall be entitled to rely conclusively on the power and authority of the Board of Directors as set forth
in this Agreement. 
  

	3.2	Number and Certain Qualifications of Directors 

  

	(a)	Except to the extent that there shall be one or more vacancies on the Board of Directors, there shall be at all times three Directors, being individuals who, together, shall
constitute the “Board of Directors,” and who shall satisfy the eligibility requirements set forth in the following sentence (the “Eligibility Requirements”). A Person can only serve as a Director if
such Person: 

  

	 	(i)	is not subject to any statutory disqualification as defined in Section 3(a)(39) of the Exchange Act as at the date of incorporation of the Foundation; 

 

	 	(ii)	satisfies the independence requirements of the Board of Directors of NYSE Euronext; 

  

	 	(iii)	is of high repute and has experience and expertise in, or knowledge of, the securities industry, regulation and/or corporate governance; and 

  

 -10- 

	 	(iv)	is independent to such a degree that the Director can be entrusted to resist undue pressures. 

  

	(b)	The Nominating and Governance Committee of NYSE Euronext shall determine whether a person satisfies the Eligibility Requirements. In addition to satisfying any applicable
requirements under Dutch law for director candidates in the context of the requisite declaration of no-objection to be issued by the Dutch Minister of Finance in relation to the potential acquisition of control by the Foundation over Euronext and
its Subsidiaries pursuant to the terms of this Agreement, the College of European Regulators shall have the right to reject any nominee to the Board of the Directors if it determines that such nominee fails to satisfy any of the Eligibility
Requirements. In that case, such nominee shall not be appointed as a member of the Board of Directors. 

  

	3.3	Appointment of Directors; Term; Successor Directors 

  

	(a)	NYSE Euronext hereby appoints Mr. Jacques de Larosière de Champfeu, Jonkheer Aarnout Loudon and Mr. John S. Reed as the initial Directors (the
“Initial Directors”), which Initial Directors were selected jointly by NYSE Group and Euronext. By countersigning this Agreement, the Initial Directors confirm their acceptance of their appointment in accordance with the
terms hereof. 

  

	(b)	Each party hereto represents and warrants to the other parties hereto that this Agreement constitutes a legal, valid and binding obligation of such party, enforceable against it in
accordance with its terms, subject to applicable bankruptcy, reorganization, moratorium, insolvency, and other similar laws affecting creditors’ rights generally and to general principles of equity. 

  

	(c)	Subject to Section 3.2(b), all Directors shall be appointed by the Nominating and Governance Committee of NYSE Euronext. Without limitation to the preceding provisions of
Section 3.2 and this Section 3.3, it shall be a condition to the appointment of each Director that he or she has signed an instrument confirming his or her acceptance of and agreement with the terms and conditions set out herein.

  

	(d)	The first three terms of office of the Directors shall be three years each. Following the ninth anniversary of the date hereof, the Directors shall serve for successive terms of one
year each. There shall be no limitation to the number of terms that can be served by any Director. 

  

	(e)	Any Director may be removed at any time by the Nominating and Governance Committee of NYSE Euronext for Cause by a written notice delivered to the Board of Directors;
provided, however, that NYSE Euronext shall provide prior written notice of such removal to the College of European Regulators. In the event that such removal would result in no Directors being in office, then such removal shall be effective
only upon the appointment by the Nominating and Governance Committee of NYSE Euronext of a successor Director, who shall have the authority to act as a Director of the Foundation as of such appointment and during the pendency of any regulatory
approval of such appointment. 

  

 -11- 

	(f)	Any Director may resign as such by executing an instrument in writing to that effect and delivering that instrument to the Nominating and Governance Committee of NYSE Euronext with
a copy to the Foundation. In the event of a resignation, such Director shall promptly: (i) execute and deliver such documents, instruments or other writings as may be reasonably requested by the Nominating and Governance Committee of NYSE
Euronext, to effect the termination of such Director’s capacity under the Articles of Incorporation and this Agreement; (ii) deliver, to the remaining Directors, all assets, documents, instruments, records and other writings related to the
Foundation as may be in the possession of such Director; and (iii) otherwise assist and cooperate in effecting the assumption of such Director’s obligations and functions by his or her successor Director. 

  

	(g)	Upon the resignation, retirement, removal or incompetency (determined by a court of competent jurisdiction or a competent Government Entity) or death of a Director, the Nominating
and Governance Committee of NYSE Euronext shall have the power to appoint a successor Director for the remaining portion of such Director’s current term in office subject to and in accordance with Section 3.2 hereof and this
Section 3.3 and the applicable provisions of the Articles of Incorporation. Such appointment shall specify the date on which such appointment shall be effective. Every successor Director appointed hereunder shall execute, acknowledge and
deliver to the Nominating and Governance Committee of NYSE Euronext and the Foundation an instrument accepting such appointment and thereupon such successor Director, without any further act, deed or conveyance, shall become vested with all the
rights, powers and duties of a Director. 

  

	(h)	The resignation, retirement, removal, incompetency (determined by a court of competent jurisdiction or Government Entity) or death of a Director shall not operate to dissolve,
terminate or annul the Foundation. Whenever a vacancy in Director shall occur, until such vacancy shall be filled by the appointment of a Director in accordance with Section 3.3(g), the Directors or Director remaining in office shall have all
the powers granted to the Directors and shall discharge all the duties imposed upon the Directors by this Agreement and the Articles of Incorporation. 

  

	3.4	Actions by the Directors; Meetings of the Board of Directors 

  

	(a)	Any action of the Directors shall require the approval of a majority of the Directors then in office acting at a meeting where there is present or represented a quorum. A quorum
shall exist where there is present or represented a majority of the Directors then in office and in no event less than two Directors; provided, however, that if there shall be only one Director in office, a quorum shall exist where there is
present the sole Director then in office. 

  

	(b)	 Any action of the Board of Directors shall be evidenced by a written consent, approval or instruction, executed by the required number of Directors to approve such
action. The Directors 

  

 -12- 

	 	 
may adopt their own rules and procedures subject to the terms of this Agreement and of the Articles of Incorporation but may not delegate the authority to
act on behalf of the Foundation or the Directors to any Person (except to another Director to vote on behalf of the first Director pursuant to the instructions of such first Director at a meeting of the Board of Directors).

  

	(c)	Meetings of the Board of Directors may be held from time to time upon the call of any member of the Board of Directors. Notice of any in-person meetings of the Board of Directors
shall be hand delivered or otherwise delivered in writing (including by facsimile or e-mail, with a hard copy by overnight mail) not less than five (5) business days before such meeting. Notice of any telephonic meetings of the Board of
Directors shall be hand delivered or otherwise delivered in writing (including by facsimile or email, with a hard copy by overnight mail) not less than 48 hours before a meeting. Notices shall contain a brief statement of the time, place and
anticipated purposes of the meeting. 

  

	(d)	Directors shall be entitled to participate in a meeting of the Board by means of conference telephone or similar communications equipment by means of which all persons participating
in the meeting can hear each other and participation in a meeting in this manner shall constitute presence in person at such meeting. The presence (whether in person or by telephone) of a member of the Board of Directors at a meeting shall
constitute a waiver of notice of such meeting except where such member of the Board of Directors attends a meeting for the express purpose of objecting to the transaction of any activity on the ground that the meeting has not been lawfully called or
convened. Any member of the Board of Directors may also waive such notice of in-person or telephonic meetings in writing by hand delivering or otherwise delivering (including by facsimile or e-mail, with a hard copy by overnight mail) such written
waiver to all other members of the Board of Directors. 

  

	3.5	Duties of the Directors 

  

	(a)	In discharging their duties, the Foundation and its Directors shall: 

  

	 	(i)	consult reasonably and cooperate in good faith with NYSE Euronext, Euronext, its relevant Affected Subsidiaries and the relevant European Regulators, including in connection with
any exercise of the Remedies; and 

  

	 	(ii)	in (A) determining whether a Material Adverse Change of U.S. Law has occurred, (B) determining whether a Material Adverse Change of U.S. Law is continuing (including for
purposes of determining when a Remedy must be unwound), (C) deciding upon the exercise of the Remedies, and (D) exercising its rights and powers during the pendency of a Material Adverse Change of U.S. Law, act in the public interests of
the markets operated by Euronext and its Subsidiaries if and only to the extent necessary to avoid or eliminate a Material Adverse Change of U.S. Law; in all other circumstances, the duty of the Foundation and its Board shall be to act in the
interests of NYSE Euronext. In the event of any conflict between the duties of the Board to act in any of the circumstances referred to in (A) to (D) (inclusive) and the duties to act in any other circumstances referred to in the preceding
sentence, the first mentioned duties shall prevail. 

  

 -13- 

	(b)	The Directors and the Foundation need perform only those duties as are specifically set forth in this Agreement and the Articles of Incorporation or applicable Dutch law and as are
contemplated by any other agreement to which the Directors or the Foundation are a party and no other and no implied covenants or obligations shall be read into this Agreement against or for the benefit of the Directors or the Foundation.

  

	(c)	The duties and responsibilities of the Directors shall be as provided by this Agreement, the Articles of Incorporation and applicable Dutch law. Notwithstanding the foregoing, no
provision of this Agreement shall require any Director to expend or risk such Director’s own funds or otherwise incur any financial liability in the performance of any of such Director’s duties hereunder, or in the exercise of any of such
Director’s rights or powers. Whether or not therein expressly so provided, every provision of this Agreement relating to the conduct or affecting the liability of or affording protection to the Directors shall be subject to the provisions of
this Article. To the extent that a Director has duties and liabilities relating to the Foundation, such Director shall not be liable to the Foundation or to any other Person for such Director’s good faith reliance on the provisions of this
Agreement. 

  

	(d)	In the absence of a Director’s gross negligence, misconduct or bad faith on its part, such Director may conclusively rely, as to the truth of the statements and the correctness
of the opinions expressed therein, upon notices, certificates or opinions that by any provision of this Agreement or the Articles of Incorporation are permitted or required to be furnished to such Director, provided, that such notices,
certificates or opinions conform to the requirements of this Agreement or the Articles of Incorporation. A Director may rely on any document believed by it to be genuine and to have been signed or presented by the proper person. Such Director need
not investigate any fact or matter stated in the document. 

  

	3.6	Compensation of Directors 

 Directors may be paid
such compensation for their services and such reimbursement for expenses of attendance at meetings as the Board of Directors of NYSE Euronext may from time to time determine. 
  

	4	REMEDIES 

  

	4.1	Exercise of Remedies 

  

	(a)	 If a Material Adverse Change of U.S. Law shall have occurred with respect to an Affected Subsidiary, and such Material Adverse Change of U.S. Law shall continue to
be in effect with respect to such Affected Subsidiary for a period of six (6) months after such occurrence, then, 

  

 -14- 

	 	 
subject to Sections 4.1(c) and 4.1(d) and only upon approval of the Board of Directors and following notice to and, if and to the extent required under
European Exchange Regulations applicable at the time, approval by the applicable European Regulators, the Foundation may exercise any of the following remedies (each a “Six-Month Remedy”): 

  

	 	(i)	deliver confidential or public and non-binding or binding advice or a recommendation to NYSE Euronext or Euronext with respect to such Affected Subsidiary relating to the Assumed
Matters; 

  

	 	(ii)	assume management responsibilities of Euronext or the Affected Subsidiary solely with respect to some or all of the Assumed Matters; and 

  

	 	(iii)	exercise the call option over Priority Shares, as set forth in clause (i) of Section 4.2(a) (the “Priority Share Call Option Remedy”).

  

	(b)	If a Material Adverse Change of U.S. Law shall have occurred with respect to an Affected Subsidiary, and such Material Adverse Change of U.S. Law shall continue to be in effect with
respect to such Affected Subsidiary for a period of nine (9) months after such occurrence (the “Resolution Period”), then, subject to Sections 4.1(c) and 4.1(d) and only upon approval of the Board of Directors and
following notice to and, if and to the extent required under European Exchange Regulations applicable at the time, approval by the applicable European Regulators, the Foundation may exercise the call option over Ordinary Shares, as set forth in
clause (ii) of Section 4.2(b) (such remedy, the “Ordinary Share Call Option Remedy” and together with the Priority Share Call Option Remedy, the “Call Option Remedies” and together with the
Six-Month Remedies, the “Remedies”). 

  

	(c)	Notwithstanding anything to the contrary in this Agreement, the Foundation shall have the right to exercise a Remedy only if and to the extent that such Remedy (i) causes all
Affected Subsidiaries to cease to be subject to a Material Adverse Change of U.S. Law; and (ii) is the Remedy available that causes the least intrusion on the conduct of the business and operations of NYSE Euronext, Euronext, the Affected
Subsidiaries and their respective Subsidiaries by their respective governing bodies. In determining whether a Remedy satisfies the conditions set forth in clause (ii) of the immediately preceding sentence: 

  

	 	A.	negative control by the Foundation over the business and operations of NYSE Euronext, Euronext, the Affected Subsidiaries and their respective Subsidiaries shall be preferred over
affirmative control by the Foundation; 

  

	 	B.	authority of the Foundation shall be asserted over the fewest and most narrow decisions of NYSE Euronext, Euronext, the Affected Subsidiaries and their respective Subsidiaries;

  

 -15- 

	 	C.	a Remedy covering fewer entities and subsidiary entities (such as an Affected Subsidiary) shall be preferred over a Remedy covering more entities and parent entities (such as
Euronext); 

  

	 	D.	the Priority Share Call Option Remedy shall be viewed as a Remedy of last resort among the Six-Month Remedies; and 

  

	 	E.	the Ordinary Share Call Option Remedy shall be viewed as a Remedy of last resort among all Remedies. 

  

	(d)	Prior to the exercise of any Remedy, the Board of Directors must first: 

  

	 	(i)	consult with the Board of Directors of NYSE Euronext, the Board of Directors of Euronext and the College of European Regulators and any other relevant European Regulators during the
Resolution Period to consider alternatives to the exercise of such Remedy, whether as suggested by any of the foregoing or otherwise, to address or mitigate the effects of any Material Adverse Change of U.S. Law, taking into account any possible
adverse consequences for NYSE Euronext or Euronext in terms of taxation or accounting treatment, acting in each case in the best interests of NYSE Euronext; and 

  

	 	(ii)	after such consultation, notify in writing to the Board of Directors of NYSE Euronext and the Managing Board and the Supervisory Board of Euronext that the Board of Directors has
determined in its reasonable opinion that such Remedy satisfies the conditions set forth in Section 4.1(c). 

  

	(e)	Any determination as to whether there has been a Material Adverse Change of U.S. Law with respect to an Affected Subsidiary and whether such Material Adverse Change of U.S. Law is
continuing shall be made by the Board of Directors. The Board of Directors shall be entitled to change its determination as to whether a Material Adverse Change of U.S. Law shall have occurred and/or is continuing, and in no event shall the
Foundation be obligated to exercise any Remedy. 

  

 -16- 

	(f)	Without limitation to the standards set forth in section 4.1(c) above, the exercise of one or more Remedies at any point in time shall not limit the right of the Foundation to
exercise further Remedies at one or more later times. 

  

	(g)	Nothing in this Agreement shall prohibit the European Regulators from bringing such matters to the attention of the Board of Directors as the European Regulators deem relevant or
from providing advice to the Board of Directors at any time before or after the occurrence of a Material Adverse Change of U.S. Law. 

  

	(h)	Nothing in this Agreement shall (i) limit the ability of the Board of Directors to provide confidential non-binding advice to NYSE Euronext at any time before the end of the
Resolution Period or (ii) prevent NYSE Euronext, in its sole discretion, from implementing any remedy at any time before the end of the Resolution Period. 

  

	4.2	Call Option Remedies 

  

	(a)	If the Foundation shall exercise a Call Option Remedy, NYSE Euronext, Holdco and Euronext, as applicable, shall take, or shall cause their respective Subsidiaries to take, such
actions as are necessary to (i) issue to the Foundation, or cause the issuance to the Foundation of, the Priority Shares of Euronext or the Affected Subsidiary or (ii) transfer to the Foundation, or cause the transfer to the Foundation of,
the minimum number of Ordinary Shares of Euronext or the Affected Subsidiary necessary, in the reasonable opinion of the Board of Directors, to cause all Affected Subsidiaries to cease to be subject to a Material Adverse Change of U.S. Law (the
securities transferred or issued to the Foundation, the “Deposited Securities”). 

  

	(b)	In exchange for the issuance or transfer of the Deposited Securities to the Foundation, the Foundation shall (i) issue Depositary Receipts to NYSE Euronext or, if not NYSE
Euronext itself, to (A) in the case of Deposited Securities that are Priority Shares, the entity holding a majority of voting securities of the issuer of the Priority Shares and (B) in the case of Deposited Securities that are Ordinary
Shares, the Subsidiary that transferred such Ordinary Shares to the Foundation (each, a “Beneficiary Subsidiary”), and such Depositary Receipts shall represent all economic rights to which a holder of the Deposited Securities
is entitled and (ii) grant an irrevocable proxy to NYSE Euronext (or such Beneficiary Subsidiary, as the case may be) to vote the Deposited Securities on all Retained Matters. In the case of the Depositary Receipts issued in respect of the
Priority Shares, the proxy shall be irrevocable and shall cover all Retained Matters. In the case of Depositary Receipts issued in respect of Ordinary Shares, the proxy shall be irrevocable and shall cover all Retained Matters, except if and to the
extent the granting of such proxy would prevent the Ordinary Share Call Option Remedy from causing the Affected Subsidiaries to cease to be subject to a Material Adverse Change of U.S. Law (in which case the proxy shall cover as many of the Retained
Matters and be irrevocable to the maximum extent possible such that the Ordinary Share Call Option Remedy may cause the Affected Subsidiaries to cease to be subject to a Material Adverse Change of U.S. Law). 

  

 -17- 

	(c)	If the Foundation shall exercise a Call Option Remedy, the Foundation shall deliver a written notice to NYSE Euronext specifying (i) that the Board of Directors has determined
to exercise the Priority Share Call Option Remedy or the Ordinary Share Call Option Remedy, as applicable, in accordance with the terms of this Agreement, (ii) that the Board of Directors has determined that such Call Option Remedy is the
only Remedy that can cause all of the Affected Subsidiaries to cease to be subject to a Material Adverse Change of U.S. Law; and (iii) whether such Call Option Remedy is for Priority Shares and/or Ordinary Shares of Euronext and/or any Affected
Subsidiary or Subsidiaries and the number of Priority Shares and/or Ordinary Shares to which such Call Option Remedy applies. 

  

	4.3	Operation of the Foundation Property 

  

	(a)	Subject to Section 2.3, the Board of Directors shall act in a manner designed to enhance and preserve the Foundation Property in the best interest of NYSE Euronext. The Board
of Directors is empowered with respect to the Foundation Property to exercise from time to time in its discretion and without prior judicial authority all powers granted to them in this Agreement including all acts necessary to exercise such powers,
such as selecting any associate, officer or employee of such business and to engage, compensate and discharge such Persons. Persons dealing with the Foundation shall not be obligated to look to the application of any moneys or other property paid or
delivered to the Foundation. All powers and discretions given to the Board of Directors or the Foundation by this Agreement shall be absolute and uncontrolled, and each exercise thereof in good faith shall be conclusive on all Persons, including
Persons unascertained or not born. 

  

	(b)	Except as otherwise expressly provided in this Agreement, the Board of Directors shall not be required (i) to file any account or report of the Directors’ administration
of the Foundation hereby created in any court unless demand therefor in writing has been made by any Person entitled by law to make such demand, (ii) to furnish any surety for the proper performance of the Directors’ duties hereunder or
(iii) to procure authorization by any court in the exercise of any power conferred upon the Directors by this Agreement. 

  

	(c)	In no event shall the Foundation or any Director sell, transfer, convey, assign, dispose, pledge (or agree to sell, transfer, convey, assign, dispose or pledge) any Deposited
Securities or other property of the Foundation except (i) as expressly set forth in Section 4.4 of this Agreement, (ii) as expressly set forth in the Articles of Incorporation or the Conditions of Administration or (iii) in
circumstances permitted by the terms of this Agreement, pursuant to written instruction from NYSE Euronext approved by the Board of Directors of NYSE Euronext. 

  

	4.4	Unwinding of Remedies 

  

	(a)	Notwithstanding anything to the contrary set forth in this Agreement, NYSE Euronext shall have the right, at any time and regardless of whether a Material Adverse Change of U.S. Law
shall be continuing, to request and cause the unwinding of any Remedy for the purpose of and to the extent necessary to effect a divestiture or spin-off of all or part of its interest in Euronext or the Affected Subsidiary (whether or not held by
the Foundation). 

  

 -18- 

	(b)	If and when (1) any Affected Subsidiary shall cease to be subject to a Material Adverse Change of U.S. Law or (2) NYSE Euronext shall have exercised its right pursuant to
Section 4.4(a) of this Agreement: 

  

	 	(i)	any Remedy implemented by the Foundation with respect to such Affected Subsidiary shall be immediately unwound and extinguished, unless otherwise specified by NYSE Euronext; and

  

	 	(ii)	NYSE Euronext or the issuer of such Priority Shares (in the case of Deposited Securities that are Priority Shares) or the Beneficiary Subsidiary (in the case of Deposited Securities
that are Ordinary Shares) issuing or transferring any Deposited Securities to the Foundation, as the case may be, shall reacquire such Deposited Securities with respect to such Affected Subsidiary, with simultaneous cancellation of any Depositary
Receipts with respect to such Affected Subsidiary. 

 None of NYSE Euronext or any of its Subsidiaries (including any
Beneficiary Subsidiary) shall be obligated to make any payment to the Foundation or any other Person as a result of the reacquisition of Deposited Securities pursuant to this Section 4.4. 
  

	4.5	Further Assurances 

 Upon exercise by the Foundation
of a Remedy in accordance with this Agreement, each of NYSE Euronext and Euronext shall, and shall cause their Subsidiaries to, cooperate and take any and all action, promptly upon the request of the Foundation, to implement the relevant Remedy.

  

	5	CONSIDERATIONS OF THE BOARD 

  

	5.1	Euronext Subsidiaries 

  

	(a)	Without limitation to Section 2.3 and Section 3.5, in discharging his or her responsibilities as a Director, each Director must, to the fullest extent permitted by
applicable law, take into consideration the effect that the Foundation’s actions would have on the ability of: 

  

	 	(i)	Euronext and the Euronext Market Subsidiaries to carry out their respective responsibilities under the European Exchange Regulations as actual or deemed operators of Euronext
Regulated Markets; and 

  

 -19- 

	 	(ii)	NYSE Euronext, Euronext, the Euronext Market Subsidiaries and the Euronext Regulated Markets (A) to engage in conduct that fosters and does not interfere with the ability of
NYSE Euronext, Euronext, the Euronext Market Subsidiaries and the Euronext Regulated Markets to prevent fraudulent and manipulative acts and practices in the securities markets; (B) to promote just and equitable principles of trade in the
securities markets; (C) to foster cooperation and coordination with persons engaged in regulating, clearing, settling, processing information with respect to, and facilitating transactions in securities; (D) to remove impediments to and
perfect the mechanisms of a free and open market in securities; and (E) in general, to protect investors and the public interest. 

  

	(b)	The Foundation and its Directors shall give due regard to the preservation of the independence of the self-regulatory function of the Euronext Market Subsidiaries (to the extent of
each Euronext Market Subsidiary’s self-regulatory function) and to its obligations to investors and the general public, and shall not take any actions that would interfere with the effectuation of any decisions by the board of directors or
managers of the Euronext Market Subsidiaries relating to their regulatory responsibilities (including enforcement and disciplinary matters) or that would interfere with the ability of the Euronext Market Subsidiaries to carry out their respective
responsibilities under the European Exchange Regulations. 

  

	5.2	Compliance with Laws 

  

	(a)	In discharging his or her responsibilities as Director, each such Director shall (a) comply with the European Exchange Regulations and the rules and regulations thereunder,
(b) cooperate with the European Regulators and (c) cooperate with the Euronext Market Subsidiaries pursuant to, and to the extent of, their regulatory authority. 

  

	(b)	Nothing in this Article 5 shall create any duty owed by any Director, officer or employee of the Foundation to any Person to consider, or afford any particular weight to, any of the
foregoing matters or to limit his or her consideration to the foregoing matters. No Person shall have any rights against any Director of the Foundation, the Foundation or any of its officers or employees under Section 5.1 or this
Section 5.2. 

  

	5.3	Submission to Jurisdiction of Amsterdam Courts and the European Regulators  

 To the extent necessary for purposes of the European Exchange Regulations and to the extent permitted and possible under applicable law, the Foundation and each of the Directors shall be deemed to irrevocably submit
to the jurisdiction of the courts of Amsterdam and of each other European capital where a Euronext Market Subsidiary has its principal office or corporate seat and to the jurisdiction of the relevant European Regulators for the purposes of any suit,
action or proceeding pursuant to the European Exchange Regulations and the rules and regulations thereunder, commenced or initiated by any European Regulator arising out of, or relating to, the activities of the Euronext Market Subsidiaries (and
shall be deemed to agree that the Foundation may serve as the agent for purposes of service of process in such suit, action or proceeding), and 

  

 -20- 

 
the Foundation and each such Director, by virtue of his acceptance of any such position, shall be deemed to waive, and agree not to assert by way of motion,
as a defence or otherwise in any such suit, action or proceeding, any claims that it or they are not personally subject to the jurisdiction of the relevant European Regulator, that such suit, action or proceeding is an inconvenient forum or that the
venue of such suit, action or proceeding is improper, or that the venue of such suit, action or proceeding is improper, or that the subject matter thereof may not be enforced in or by such courts or agency. 
  

 -21- 

	5.4	Initiatives by the Board 

 The Foundation and the
Board of Directors shall be entitled to, and the European Regulators shall be entitled to request the Foundation and the Board of Directors to, provide advice to and consult with NYSE Euronext, Euronext, the European Regulators and any other
relevant persons or bodies regarding Advocacy Actions, and the Foundation and the Board of Directors shall be entitled to take Advocacy Actions, to prevent a New U.S. Law or legislative proposal from becoming a Material Adverse Change of U.S. Law,
both before and after the enactment of the relevant New U.S. Law or proposal. “Advocacy Actions” shall consist of one or more of the following: articles, opinion letters, advertising, press releases and lobbying efforts
(including those directed at U.S. Congress, the U.S. President, the SEC or other U.S. Governmental Entity or those directed at the general public). 
  

	5.5	Request from NYSE Euronext or DNO Holder 

  

	(a)	Notwithstanding Section 4.1(c), Section 4.1(d), Section 4.1(e) or any other provision of this Agreement, if and when requested by NYSE Euronext, the Foundation and
its Board shall be authorized, and obligated, to exercise any Remedy, including but not limited to any Call Option Remedy, as shall be so requested, subject to the prior written approval of the College of European Regulators and any other relevant
European Regulators as and to the extent required under applicable European Exchange Regulations (including the terms and conditions of any relevant exchange licenses or recognitions or declarations of non-objection issued to or in respect of any
Euronext Market Subsidiary or Euronext Regulated Market). 

  

	(b)	Notwithstanding Section 4.1(c), Section 4.1(d), Section 4.1(e) or any other provision of this Agreement, if and when requested by NYSE Euronext, Holdco or NYSE
Euronext (International) B.V. (each, a “DNO Holder”), in each case having been so directed by the Dutch Minister of Finance pursuant to Section 6.3 of any of the declarations of non-objection granted on February 20, 2007
by the Dutch Minister of Finance under the Dutch Act on Financial Supervision (Wet financieel toezicht 2006; as amended from time to time, the “Act”) to each of the respective DNO Holders, as amended (each, a
“DNO”), the Foundation and its Board shall be authorized and obligated to exercise any Remedy, including but not limited to any Call Option Remedy, with respect to Euronext (or Euronext (Holdings) N.V.) only as shall be so requested
by any DNO Holder pursuant to the directions of the Dutch Minister of Finance. 

  

	(c)	 Notwithstanding Section 4.4(b)(ii) of this Agreement, any and all Ordinary Shares or Priority Shares transferred or issued to and held by the Foundation
pursuant to the exercise of a Remedy under Section 5.5(a) or Section 5.5(b) shall continue to be held by the Foundation until NYSE Euronext or the relevant other DNO Holder making the request under Section 5.5(a) or
Section 5.5(b), as the case may be, shall withdraw such request (in which case the Remedy shall be unwound in accordance with Section 4.4). However, nothing in this paragraph (c) shall limit the rights and powers of the Foundation and
its Board to exercise a Remedy in accordance with the provisions of this Agreement other than this Section 5.5. It is understood and agreed that if the 

  

 -22- 

	 	 
Board has concluded at any time prior to or after a request is withdrawn as referred to in the first sentence of this Section 5.5(c) that a Material
Adverse Change of U.S. Law has occurred and is continuing, the other provisions of this Agreement, including Sections 4.1, 4.2 and 4.3, shall prevail over the first sentence of this Section 5.5(c) and the Board shall decide upon the exercise of
the rights and powers of the Foundation and the Board thereunder in its sole discretion and independent from any DNO Holder in accordance with the terms of this Agreement (other than this Section 5.5). 

  

	(d)	For the avoidance of doubt, any such Ordinary Shares and Priority Shares transferred or issued to and held by the Foundation pursuant to the exercise of a Remedy under
Section 5.5(a) or Section 5.5(b) shall be deemed to have been transferred or issued to the Foundation pursuant to a Call Option Remedy and shall be treated accordingly for all purposes of this Agreement (subject to Section 5.5(c) of
this Agreement) and otherwise. 

  

	(e)	The parties note and agree that the preceding provisions of this Section 5.5 do not constitute and shall not be understood as being intended to constitute, a waiver of any
rights or remedies that any DNO Holder and/or the Foundation may have under the Act or otherwise under applicable law to challenge, object or appeal against any direction by the Dutch Minister of Finance (or any other relevant European Regulator)
pursuant to or in connection with any DNO or otherwise. 

  

	6	CONFIDENTIAL INFORMATION 

  

	6.1	Limits on Disclosure 

 To the fullest extent
permitted by applicable law, all confidential information that shall come into the possession of the Foundation pertaining to the self-regulatory function of any Euronext Market Subsidiary under the European Exchange Regulations as operator of a
Euronext Regulated Market (including but not limited to disciplinary matters, trading data, trading practices and audit information) contained in the books and records of any of the Euronext Market Subsidiaries (the “Euronext Confidential
Information”) shall (a) not be made available to any Persons (other than as provided in Sections 6.2 and 6.3) other than to those officers, directors, employees and agents of NYSE Euronext and Euronext and Directors that have a
reasonable need to know the contents thereof; (b) be retained in confidence by the Foundation and the Directors; and (c) not be used for any commercial purposes. 
  

	6.2	Certain Disclosure Permitted 

 Notwithstanding
Section 6.1, nothing in this Agreement shall be interpreted so as to limit or impede: 
  

	(a)	the rights of the European Regulators or any of the Euronext Market Subsidiaries to have access to and examine such Euronext Confidential Information pursuant to the European
Exchange Regulations and the rules and regulations thereunder; or 

  

 -23- 

	(b)	the ability of any officers, directors, employees or agents of NYSE Euronext, Euronext or the Directors to disclose the Euronext Confidential Information received in accordance with
relevant applicable law to the European Regulators or the Euronext Market Subsidiaries. 

  

	6.3	Inspection 

 The Foundation’s books and records
shall be subject at all times to inspection and copying by: 
  

	(a)	the European Regulators; 

  

	(b)	any Euronext Market Subsidiary; provided, that such books and records are related to the operation or administration of such Euronext Market Subsidiary or any other Euronext
Market Subsidiary over which such Euronext Market Subsidiary has regulatory authority or oversight; and 

  

	(c)	NYSE Euronext and Euronext and their respective officers, directors, employees and agents. 

  

	7	LIABILITY, INDEMNIFICATION AND EXCULPATION 

  

	7.1	Liability 

  

	(a)	Except as expressly set forth in this Agreement, the Directors shall not be: 

  

	 	(i)	personally liable for the payment of any amounts owed by the Foundation, which payment shall be made solely from the assets of the Foundation, if any; or 

 

	 	(ii)	required to pay to the Foundation or to any other Person any deficit upon dissolution of the Foundation or otherwise. 

  

	(b)	The Directors will have no liability to any Person unless such liability shall be established in a final and non-appealable judicial determination by a court of competent
jurisdiction in accordance with applicable law. 

  

	(c)	None of Euronext, NYSE Euronext or any of their affiliates, directors, officers or employees shall be liable in any capacity for any actions of the Directors of the Foundation
pursuant to this Agreement or for any debts, liabilities or other obligations of the Foundation or the Directors except as expressly provided herein. 

  

 -24- 

	7.2	Exculpation 

 No Director or officer or employee of
the Foundation shall be liable to the Foundation, or any other Person, for any loss, damage or claim incurred by reason of any act or omission performed or omitted by such Director or officer or employee of the Foundation in good faith on behalf of
the Foundation and in a manner reasonably believed to be within the scope of the authority conferred on such Director by this Agreement, the Articles of Incorporation or applicable law, except that a Director shall be liable for any such loss,
damage or claim incurred by reason of such Director’s wilful misconduct or gross negligence. 
  

	7.3	Indemnification 

 To the fullest extent permitted by
applicable law, a Director shall be entitled to indemnification from the Foundation, Euronext and NYSE Euronext, and each of the Foundation, Euronext and NYSE Euronext hereby undertakes to indemnify each Director and each former Director, for any
loss, damage or claim incurred by such Director by reason of any act or omission performed or omitted by such Director in good faith on behalf of the Foundation and in a manner reasonably believed to be within the scope of the authority conferred on
such Director by this Agreement, the Articles of Incorporation or applicable law, except that no Director shall be entitled to be indemnified in respect of any loss, damage or claim incurred by such Director by reason of wilful misconduct or gross
negligence with respect to such acts or omissions; provided, that the Foundation, Euronext and NYSE Euronext shall each have full liability towards each of the Directors under this Section 7.3 on a joint and several basis
(hoofdelijk). 
  

	7.4	Insurance 

 Euronext on behalf of the Foundation
shall purchase and maintain insurance to cover its indemnification obligations set forth herein, as well as any other liabilities of the Directors. Euronext shall provide notice to the Directors thirty (30) days prior to the expiration or
termination of such insurance. 
  

	7.5	Survival 

 This Article 7 shall survive any
termination of this Agreement and dissolution of the Foundation. 
  

	8	MISCELLANEOUS 

  

	8.1	Capital, Costs and Expenses 

 Euronext shall fund an
initial amount of capital of the Foundation and shall pay as its own costs, or reimburse to the Foundation or indemnify it against, any and all costs and expenses incurred by the Foundation. 
  

 -25- 

	8.2	Amendments 

 Except as otherwise provided in this
Agreement, and subject to the prior written approval of the College of European Regulators and any other relevant European Regulators as and to the extent required under applicable European Exchange Regulations (including the terms and conditions of
any relevant exchange licenses or recognitions or declarations of non-objection issued to or in respect of any Euronext Market Subsidiary or Euronext Regulated Market), this Agreement may only be amended by a written instrument signed by
(a) NYSE Euronext, (b) Euronext and (c) the Foundation; provided, however, that no provision of this Agreement granting rights or benefits to or creating obligations of Directors personally, can be amended without the written
consent of the Directors in office for the time being. Any amendment adopted in accordance with the foregoing shall be binding upon the parties to this Agreement. 
  

	8.3	Governing Law 

 This Agreement and the rights of the
parties hereunder and any disputes arising under or in connection with this Agreement shall be governed by and interpreted in accordance with the laws of the Netherlands. 
  

	8.4	Jurisdiction 

  

	(a)	The parties hereby irrevocably submit to the exclusive jurisdiction of the courts of Amsterdam, the Netherlands, in respect of any claim, dispute or controversy relating to or
arising out of or in connection with the negotiation, interpretation or enforcement of this Agreement or any of the documents referred to in this Agreement or the transactions contemplated hereby or thereby (any such claim being a
“Covered Claim”. Notwithstanding the foregoing, nothing in this Agreement shall limit the right of the Foundation, Euronext, or any of its Subsidiaries to commence or prosecute any legal action against NYSE Euronext or any of
its Subsidiaries in any court of competent jurisdiction in the United States or elsewhere to enforce the judgments and orders of the Dutch courts. 

  

	(b)	Each party hereby irrevocably agrees that it will not oppose, on any ground, the recognition, enforcement, or exequatur in a U.S. or other court of any judgment (including but not
limited to a judgment requiring specific performance) rendered in respect of a Covered Claim by the courts of Amsterdam in first instance or any other Dutch court in higher instance based on the submission to jurisdiction set out in
Section 8.4(a). 

  

	8.5	Entire Agreement 

 Without limitation to the
provisions of the Articles of Incorporation, this Agreement contains the entire agreement of the parties with respect to the subject matter hereof and supersedes any and all prior agreements and understandings, whether written or oral, with respect
to the subject matter hereof. 
  

 -26- 

	8.6	Counterparts 

 This Agreement may be executed in one
or more counterparts, all of which shall be considered one and the same agreement, and shall become effective when one or more counterparts have been signed by each of the parties and delivered to the other party. 
  

	8.7	Governing language 

 This Agreement has been drafted
and established in the English language. This English version shall be the official version and shall prevail over any translation thereof. 
  

	8.8	Third Parties 

 None of the provisions of this
Agreement shall be for the benefit of or enforceable by any creditor or employee of Euronext, NYSE Euronext, the Foundation or the Directors, any shareholder or customer of Euronext, NYSE Euronext, any Non-U.S. Financial Services Firm or Non-U.S.
Issuer. Nothing in this Agreement shall be deemed to create any right in any Person not a party hereto, and this instrument shall not be construed in any respect to be a contract in whole or in part for the benefit of any third Person. No Person not
a party hereto shall have any right to compel performance by Euronext, NYSE Euronext, the Foundation, or the Directors of its obligations hereunder. 
  

	8.9	Notices  

 All notices and other communications
hereunder shall be sufficiently given for all purposes hereunder if in writing and delivered personally, sent by documented overnight delivery service or, to the extent receipt is confirmed, facsimile or other electronic transmission service to the
appropriate address or number as set forth below, and shall be deemed delivered when delivered or transmitted, if during regular business hours, or on the next business day, if after regular business hours, in the case of personal delivery or
telecopy, facsimile or other electronic transmission service, and one business day after having been consigned for delivery, in the case of documented overnight delivery service. 
 Notices to the Foundation shall be addressed to: 
 Stichting NYSE Euronext 
 c/o Euronext N.V. 
 Beursplein 5 
  

 -27- 

 1012 JW Amsterdam 
 Attention: Corporate Secretary 
 Facsimile: +31 20 550 4899 
 or at such other address and to the attention of such other person as the Foundation may designate by written notice to the parties hereto. 
 Notices to Euronext and Holdco shall be addressed to: 
 Euronext N.V. 
 Beursplein 5 
 1012 JW Amsterdam 
 Attention: Corporate Secretary 
 Facsimile: +31 20 550 4899 
 with a copy to: 
 Euronext N.V. 
 39 rue Cambon 
 75039 Paris Cedex 01 
 Attention: General
Counsel 
 Facsimile: +33 1 4927 5418 
 or at such other address and to the attention of such other person as Euronext or Holdco may designate by written notice to the parties hereto. 
 Notices to NYSE Euronext shall be addressed to: 
 NYSE Euronext 
 11 Wall Street 
 New York, NY 10005

 Attention: General Counsel 
 Telecopy Number: +1 212 656 8101 
 or at such other address and to the attention of such other person as NYSE Euronext may designate
by written notice to the parties hereto. 
  

	8.10	Severability 

 Any provision hereof which is invalid
or unenforceable shall be ineffective to the extent of such invalidity or unenforceability, without affecting in any way the remaining provisions hereof. 
  

 -28- 

	8.11	Assignment. 

 This Agreement shall be binding upon
and inure to the benefit of the parties hereto and their respective successors and assigns; provided, however, that none of the parties hereto will directly or indirectly assign (except any assignment that occurs by operation of law or
in connection with a merger, tender offer, exchange offer or sale of all or substantially all of the assets of a party) its rights or delegate its obligations under this Agreement without the express prior written consent of (a) NYSE Euronext,
(b) Euronext, (c) the Foundation and (d) the College of European Regulators and any other relevant European Regulators as and to the extent required under applicable European Exchange Regulations (including the terms and conditions of
any relevant exchange licenses or recognitions or declarations of non-objection issued to or in respect of any Euronext Market Subsidiary or Euronext Regulated Market). 
  

	8.12	Accession by Euronext N.V. (New) 

 In the event that
Euronext ceases to exist or is dissolved in the course of and as a result of the Post-Closing Reorganization (as described and defined in the Combination Agreement), Holdco or Euronext, as appropriate, will procure that the company referred to in
the Combination Agreement as “Euronext Sub” (“Euronext (New)”) will accede to this Agreement as if it were an original party hereto, by execution of a written instrument to that effect, without any further action
being required on the part of the other parties to this Agreement which hereby confirm their approval of such accession. Effective as of the time Euronext (New) shall have acquired from Euronext all or substantially all of the latter’s assets
and liabilities in the context of the Post-Closing Reorganization, Euronext (New) shall replace Euronext as a party to this Agreement and Euronext shall cease to be a party hereto. As of that time, unless the context requires otherwise, all
references in this Agreement to “Euronext N.V.” shall be read or construed as references to Euronext (New). 
  

	8.13	Termination 

  

	 (a)
	 The initial term of this Agreement shall be ten (10) years from the date hereof. The Board of Directors or the
College of European Regulators may renew the term of this Agreement for successive one-year terms by providing written notice to the parties hereto of such extension prior to the scheduled expiration of this Agreement; provided, however, that any
extension that would cause the term of this Agreement to continue past the 20th anniversary of the date of this
Agreement shall require the prior written consent of NYSE Euronext. Notwithstanding anything to the contrary, NYSE Euronext shall be obligated to provide its consent to continue the term of this Agreement, and this Agreement and the rights, powers
and remedies set forth herein shall remain in full force unless and until terminated, amended or novated by the parties hereto with the prior written approval of the College of European Regulators. 

  

	(b)	 If NYSE Euronext does not provide its prior written consent to the extension of the term of this Agreement, (a) NYSE Euronext must provide written notice to
the College of European Regulators of its intention not to provide its consent at least one year prior to the scheduled 

  

 -29- 

	 	 
expiration of this Agreement; and (b) following a request from the College of European Regulators, NYSE Euronext and Euronext will review and discuss
with the College of European Regulators the possibility of renewing this Agreement or adopting alternatives based on the then existing facts and circumstances. Upon the expiration of the term of this Agreement, subject to Section 8.13(a), this
Agreement shall terminate and be of no further force or effect. 

  

	(c)	The parties hereto note and agree that pursuant to its Articles of Incorporation, the Foundation shall automatically be dissolved and enter into liquidation upon termination of this
Agreement in accordance with its terms, unless this Agreement is novated or replaced by alternative arrangements pursuant to Section 8.13(a). 

  

	8.14	Certain United States Tax Matters 

 The Foundation
shall make an entity classification election pursuant to U.S. Treasury Regulation Section 301.7701-3 to be treated as a “disregarded entity” for United States federal income tax purposes effective as of a date to be specified by NYSE
Euronext. It is the intention of the parties that, for United States federal income tax purposes, any property held by the Foundation pursuant to this Agreement be treated as held in trust for, and owned by, NYSE Euronext (provided that (i) to
the extent such property (including Deposited Securities that are Ordinary Shares) is transferred to the Foundation by a Subsidiary of NYSE Euronext, it shall be treated as held in trust for, and owned by, such Subsidiary, and (ii) to the
extent Deposited Securities that are Priority Shares are issued to the Foundation, such Priority Shares shall be treated as held in trust for, and owned by, the NYSE Euronext Subsidiary holding all or the majority of the Ordinary Shares of the
issuer of the Priority Shares immediately prior to such issuance). 
  

 -30- 

 IN WITNESS WHEREOF, each of the parties has caused this Agreement to be duly executed on its behalf, all as of the day
and year first above written. 
  

									
	NYSE EURONEXT	 		 		 	
					
	By:	  	 /s/ Rachel F. Robbins
	 		 		 	
	Name:	  	Rachel F. Robbins	 		 		 	
	Title:	  	Executive Vice President and General Counsel	 		 		 	
				
	EURONEXT N.V.	 		 		 	
					
	By:	  	 /s/ Joost van der Does de Willebois
	 		 	By:	 	 /s/ Hugh Freedberg

	Name:	  	Joost van der Does de Willebois	 		 	Name:	 	Hugh Freedberg
	Title:	  	Chief Financial Officer	 		 	Title:	 	
				
	NYSE EURONEXT (HOLDING) N.V.	 		 		 	
					
	By:	  	 /s/ John A. Thain
	 		 		 	
	Name:	  	John A. Thain	 		 		 	
	Title:	  	Sole Managing Director	 		 		 	
			
	STICHTING NYSE EURONEXT	 		 	THE DIRECTORS
					
	By:	  	/s/ Jacques de Larosière de Champfeu	 		 	By:	 	 /s/ Jacques de Larosière de Champfeu

	Name:	  	Jacques de Larosière de Champfeu	 		 	Name:	 	Jacques de Larosière de Champfeu
	Title:	  	Member of the Board	 		 		 	
					
	By:	  	 /s/ Aarnout Loudon
	 		 	By:	 	 /s/ Aarnout Loudon

	Name:	  	Aarnout Loudon	 		 	Name:	 	Aarnout Loudon
	Title:	  	Member of the Board	 		 		 	
					
	By:	  	 /s/ John S. Reed
	 		 	By:	 	  
 /s/ John S.
Reed

	Name:	  	John S. Reed	 		 	Name:	 	John S. Reed
	Title:	  	Member of the Board	 		 		 	

  

 -31-

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