Document:

Exhibit 10.49

 

CONFIDENTIAL TREATMENT REQUESTED 

WITH RESPECT TO CERTAIN 

PORTIONS HEREOF DENOTED WITH “    *    ”

 

UMBRELLA SERVICES AGREEMENT

 

AMONG

 

EURONEXT N.V.,

 

ATOS ORIGIN S.A.,

 

ATOSEURONEXT S.A.,

 

and

 

ATOS EUDRONEXT MARKET SOLUTIONS HOLDING S.A.S.

 

               , 2005

 

 

(Relating
to the provision of services by Atos Euronext Market Solutions Holding S.A.S
and its

subsidiaries to Euronext N.V. and its affiliates)

 

 

UMBRELLA SERVICES AGREEMENT

 

This UMBRELLA SERVICES
AGREEMENT (the “Agreement”) is
made as of        , 2005, by and among
EURONEXT N V., a public limited liability company incorporated under the laws
of the Netherlands whose registered office is at Beursplem 5 (1012 JW)
Amsterdam, The Netherlands (“Enronext”);
ATOS ORIGIN SA, a limited liability company incorporated under the laws of
France whose registered office is at Tour les Miroirs – BatC, 18, avenue d’Alsace,
92926 Paris la Défense 92400 Coubevoie, France and registered with the Commerce
and Company Registry under No. 323 623 603 RCS Nanterre (“Atos Origin”); ATOS EURONEXT MARKET
SOLUTIONS HOLDING, a société par actions
simplifiée à direction et conseil de surveillance, whose registered
office is at 6/8 Boulevard Haussmann in Paris (75009) (“Provider”), acting on behalf of itself and
its Affiliates (as defined below), and ATOSEURONEXT S.A., société anonyme à directoire et conseil de
surveillance whose registered office is at Palais de la Bourse,
Place de la Bourse, 75002 Paris, registered on the Paris Companies Register
under the number 425 100 294 RCS, (“AtosEnronext”).
(Euronext, Atos Origin, AtosEuronext and Provider collectively referred to
herein as the “Parties” and each
individually as a “Party”).

 

RECITALS

 

WHEREAS,
Euronext and Atos Origin prior to the date hereof each owned (either directly
or indirectly) 50% of the entire issued share capital of AtosEuronext, a
company providing information technology (“IT”)
services to Euronext in certain jurisdictions, including the Netherlands,
Belgium, Portugal and France, and

 

WHEREAS,
Atos Origin is an IT services company, and

 

WHEREAS,
AtosEuronext owns, among other things, the NSC system which is used by Euronext’s
cash trading markets as a common platform and which has been licensed to a
number of other financial exchanges worldwide; and

 

WHEREAS,
LIFFE (as defined below) is a wholly-owned, indirect
subsidiary of Euronext which operates the London International Financial
Futures and Options Exchange and plays a key role in the operation of the
international derivatives business of Euronext, including the Amsterdam,
Brussels, Lisbon and Paris derivatives markets which operate under the brand
name “Euronextliffe”; and

 

WHEREAS,
prior to the date hereof the division of LIFFE known as Market Solutions (“Market Solutions Division”) has created an
electronic trading platform known as LIFFE CONNECT® which is used by all
Euronextliffe derivatives markets as a single trading platform and which has
been licensed to a number of other financial exchanges in North America and
Asia; and

 

WHEREAS,
Atos Origin and Euronext have formed Provider for the purpose of combining the
services currently provided to Euronext by AtosEuronext and the Market
Solutions Division along with other IT business; and

 

2

 

WHEREAS,
Provider and its wholly owned subsidiaries are responsible for the IT
facilities management of the information systems of Euronext and Euronext’s
Affiliates; and

 

WHEREAS,

 

*

 

WHEREAS,
Atos Origin’s role in respect of any present and future IT services agreements
shall be to ensure that its Affiliates deliver the corresponding services
subject to and in accordance with the applicable terms thereof, and not to
deliver such services directly; and

 

WHEREAS,
the Parties wish to set forth a mutually agreed upon termination and transition
plan

 

*

 

certain other agreed upon
termination events, and

 

WHEREAS,
AtosEuronext is signatory to this Agreement solely for the purpose of giving
effect to the revisions made hereunder to the Interim Contracts (as defined
below).

 

NOW
THEREFORE, in consideration of the covenants and agreements
herein contained, and intending to be legally bound hereby, the Parties agree
as follows

 

1.                         INTERPRETATION

 

1.1                    The following
terms shall have the following meanings.

 

	
  “Action Plan”

  	
   

  	
  shall mean a plan of corrective actions to be
  performed by Provider and/or its Affiliates to remedy performance, which may
  include, without limitation, a waiver procedure with regard to the continued
  applicability of one or more QIs that have triggered Alert 1

  
	
   

  	
   

  	
   

  
	
  “Affiliate”

  	
   

  	
  in relation to a body corporate or person means (i)
  any body corporate or other person that it, directly or indirectly through
  intermediate bodies corporate or other persons, Controls, (ii) any body
  corporate or other person that, directly or indirectly through intermediate
  bodies corporate or other persons, Controls the first mentioned body
  corporate or person; and (iii) any body corporate Controlled by a person or
  body corporate described in sub-clause (ii) of this definition,

  
	
   

  	
   

  	
   

  
	
  “Agreed
  Cost

  Allocation”

  	
   

  	
  shall be as set forth and determined in accordance
  with Schedule 6.

  

 

3

 

	
  *

  	
   

  	
  *

  
	
  “Alert 1” and “Alert 2”

  	
   

  	
  shall mean those levels of qualify of service in
  certain business areas set out in Schedule 2 (“Critical Service Levels”)

  
	
   

  	
   

  	
   

  
	
  “Business Day”

  	
   

  	
  means a day (other than a Saturday or Sunday) on
  which banks are open for business (other than solely for trading and
  settlement in euro) in London, France and the Netherlands.

  
	
   

  	
   

  	
   

  
	
  “Claim
  Resolution Deadline Date”

  	
   

  	
  shall have the meaning given in Clause 16.3

  
	
   

  	
   

  	
   

  
	
  “Confidential Information”

  	
   

  	
  shall have the meaning given to it in Clause 4.8

  
	
   

  	
   

  	
   

  
	
  “Contractual Claims”

  	
   

  	
  shall have the meaning given to it in Clause 5.2

  
	
   

  	
   

  	
   

  
	
  “Control”

  	
   

  	
  a person shall be deemed to have Control of a body
  corporate or other person if that person or body corporate, either directly
  or through intermediate bodies corporate or other persons, possesses or is
  entitled to acquire the majority of the issued share capital or the voting
  rights in that body corporate or person.

  
	
   

  	
   

  	
   

  
	
  “Covered Losses”

  	
   

  	
  shall have the meaning given to it in Clause 5.2

  
	
   

  	
   

  	
   

  
	
  “Critical Month”

  	
   

  	
  shall have the meaning given to it in Clause 3.7

  
	
   

  	
   

  	
   

  
	
  “Critical Service Levels”

  	
   

  	
  shall have the meaning given to it in Clause 3.6 and
  are set out in Schedule 2 to this Agreement.

  
	
   

  	
   

  	
   

  
	
  “Effective Date”

  	
   

  	
  shall mean the date of this Agreement set forth
  above.

  
	
   

  	
   

  	
   

  
	
  “Existing
  Euronext Contracts”

  	
   

  	
  shall mean the ITFMA, Network Services Agreement,
  and the Office Automation Agreement.

  
	
   

  	
   

  	
   

  
	
  “Intellectual
  Property Rights”

  	
   

  	
  shall mean patents, trade marks and service marks,
  rights in designs, trade or business names, domain names, copyrights, rights
  in database compilations and topography rights (whether or not any of these
  is registered and including applications for registration of any such thing)
  and rights under licences and consents in relation to any such thing and all
  rights or forms of protection of a similar nature or having equivalent or
  similar effect to any of these which may subsist anywhere in the world.

  
	
   

  	
   

  	
   

  
	
  “Interim Contracts”

  	
   

  	
  shall mean the Existing Euronext Contracts and the
  Interim Derivatives

  

 

4

 

	
   

  	
  SBU Contract.

  
	
   

  	
   

  
	
  “Interim
  Derivatives

  SBU Contract”

  	
  shall mean the agreement entered into on or about
  the date hereof between Provider (or an Affiliate) and Euronext (or an
  Affiliate) governing the provision of services, as set out therein, to the
  derivatives strategic business unit of Euronext, including, without
  limitation, services to LIFFE via LIFFE CONNECT®, a copy of which is attached
  hereto as Exhibit 1.

  
	
  *

  	
  *

  
	
   

  	
   

  
	
  “ITFMA”

  	
  shall mean the IT Facilities Management Agreement
  between Euronext and AtosEuronext dated October, 2004, a copy of which is
  attached hereto as Exhibit 2.

  
	
   

  	
   

  
	
  “Key Systems”

  	
  shall mean the NSC system and associated and
  ancillary hardware and software, LIFFE CONNECT® and associated and ancillary
  hardware and software, and other systems used by Provider and/or its
  Affiliates to provide the Services.

  
	
   

  	
   

  
	
  “L1FFE”

  	
  shall mean LIFFE Administration and Management, a
  wholly owned subsidiary of Euronext incorporated in England, whose registered
  office is at Cannon Bridge House, 1 Cousin Lane, London, EC4R 3XX and with
  registered number 01591809

  
	
   

  	
   

  
	
  “Losses”

  	
  shall mean all losses, liabilities, damages, claims,
  costs and expenses, including all legal and other costs and expenses arising
  out of the investigation, preparation, defence of any actual or threatened
  claim, proceedings or investigation in which a Party is involved.

  
	
   

  	
   

  
	
  “Network
  Services

  Agreement”

  	
  shall mean the Network Services Agreement between
  Euronext and AtosEuronext entered into on May 24, 2005, a copy of which is attached
  hereto as Exhibit 3.

  
	
   

  	
   

  
	
  *

  	
  *

  
	
   

  	
   

  
	
  “Maximum

  Capacity”

  	
  shall mean the maximum volumes of order or trading
  instructions that can be processed by the Key Systems under normal
  circumstances as set out in the relevant individual service level agreements
  of the Interim Contracts.

  

 

5

 

	
  “Office
  Automation Agreement”

  	
  shall mean the Office Automation Agreement between
  Euronext and AtosEuronext entered into on January 1, 2005, a copy of which is
  attached hereto as Exhibit 4.

  
	
   

  	
   

  
	
  “Parties”

  	
  shall have the meaning given thereto in the recitals.

  
	
   

  	
   

  
	
  “Preferred
  Supplier”

  	
  shall have the meaning set forth in Clause 3.18.

  
	
   

  	
   

  
	
  “QI”

  	
  shall mean the quality indicators defined in
  Schedule 2, comprising the various QIls, QI2s, QI3s and QI4s, each as defined
  therein.

  
	
   

  	
   

  
	
  *

  	
  *

  
	
   

  	
   

  
	
  “Service
  Alterations”

  	
  shall have the meaning given in Clause 3.13.

  
	
   

  	
   

  
	
  “Services”

  	
  shall mean those services including the information
  technology and related services to be provided to Euronext and its
  Affiliates, including, without limitation, the provision of the Key Systems,
  as set out in the Interim Contracts, and the provision of all hardware and
  software, support and maintenance services related thereto, including any
  Service Alterations carried out by Provider and/or its Affiliates, but not
  including any Services individually terminated.

  
	
   

  	
   

  
	
  “Service
  Recipient”

  	
  shall mean a person to whom the Services are
  provided, or any person accessing the Services, either directly or
  indirectly, through such person or a client of such person, and/or any other
  person obtaining services similar to the Services from Provider or its
  Affiliates directly

  
	
   

  	
   

  
	
  “Shareholders’
  Agreement”

  	
  shall mean the shareholders’ agreement entered into
  on or about the date hereof between Atos Origin and Euronext governing their
  relationship as shareholders in Provider

  
	
   

  	
   

  
	
  “Strategic
  Business

  Plan”

  	
  shall mean the three year strategic business plan as
  defined in the Shareholders’ Agreement.

  
	
   

  	
   

  
	
  *

  	
  *

  
	
   

  	
   

  
	
  “Termination
  Event”

  	
  shall have the meaning given to it in Clause 6.

  
	
   

  	
   

  
	
  “Transition
  Period”

  	
  shall mean either (i) the period of any Transition
  Plan, or (ii) if no Transition Plan has been agreed, such period as Euronext
  may elect in accordance with Schedule 4, Part II, paragraph 1 (d) hereof.

  
	
   

  	
   

  
	
  “Transition
  Plan”

  	
  shall mean a plan for the transition of Services to
  Euronext or a service provider designated by Euronext on the occurrence of a
  Termination Event or the termination of an individual Service or Interim
  Contract including, inter alia, obligations
  substantially similar to those set out in

  

 

6

 

Schedule
4 (“Transition Obligations”)

 

1.1                    References in
this Agreement to recitals, Clauses and Schedules are to recitals, Clauses and
Schedules of this Agreement, and references in this Agreement to numbered
paragraphs are to numbered paragraphs of the Clause or Schedule in which such
reference is made, unless specified otherwise.

 

1.2                    The headings
in this Agreement are inserted for convenience only and shall not affect its
construction.

 

1.3                    References in
this Agreement to any statute, statutory provision, regulation or EC Directive
include a reference to such statute, statutory provision, regulation or EC
Directive as from time to time amended, modified, re-enacted, extended,
consolidated or replaced (whether before or after the date of this Agreement)
and to any subordinate legislation made from time to time under such statute,
statutory provision, regulation or EC Directive.

 

1.4                    References to
any gender shall include all other genders.

 

1.5                    References to
persons include individuals, bodies corporate, associations, partnerships,
trusts or agencies, whether or not having a separate legal personality.

 

1.6                    References to
any English legal term for any action, remedy, proceeding, document, court,
official, status, concept, state of affairs or thing include, in respect of any
jurisdiction other than England, a reference to the nearest equivalent in such
jurisdiction to the English term.

 

1.7                    References to
a day are to a period of 24 hours running from midnight.

 

1.8                    The words “company”,
“subsidiary”, “subsidiary undertaking” and “holding company” have the same
meanings in this Agreement as defined in the Companies Act 1985.

 

1.9                    References in
this Agreement to any Party shall include, or be deemed to be references to,
(as may be appropriate) its respective successors and permitted assignees or
transferees.

 

1.10              The respective
agreements, representations, warranties, undertakings, indemnities and other
statements contained in or made pursuant to this Agreement are to have effect,
irrespective of anything revealed in any investigation made by or on behalf of
any person.

 

1.11              In this Agreement,
any undertaking by a Party not to do or to omit to do any act or thing includes
an undertaking not to allow, cause or assist in the doing of or omission of
such act or thing.

 

1.12              Unless otherwise
expressly stated to the contrary, any reference to “notice” shall be deemed to
require a notice in writing.

 

7

 

2.                         PROVISION
OF SERVICES

 

2.1                    Subject to the
express provisions of this Agreement, during the Interim Period and, if
Euronext elects, during any Transition Period, A tos shall cause and Provider
shall provide or cause its Affiliates to provide the Services, or such Services
as Euronext shall elect, to Euronext and its Affiliates, in accordance with the
terms of the Interim Contracts.

 

2.2                    Notwithstanding
anything to the contrary contained therein, in the event of a conflict,
ambiguity or discrepancy between the terms of this Agreement and the terms of
any Interim Contract, the terms of this Agreement shall prevail as between the
Parties.

 

3.                         OVERRIDING
TERMS

 

Termination
of the Interim Contracts

 

3.1                    The Parties
agree that, notwithstanding anything to the contrary contained therein, none of
the Interim Contracts shall terminate by reason of the expiry of their stated
terms              *
            and
each of the Interim Contracts shall continue in force and shall be binding on
the Parties
             
*
              and such contracts shall be deemed to be
amended to reflect this.

 

3.2                    Notwithstanding
anything to the contrary herein or therein, Euronext may further extend the
term of one or more of the Interim Contracts to cover any Transition Period or
part thereof, in accordance with Schedule 4, Part II (d), provided that,
subject to Clause 3.3, if Euronext invokes a Termination Event under Clause 6.3
(a) herein, all of the Interim Contracts shall be extended for the remainder of
the period ending             
*             
          
           after the
Effective Date.

 

3.3                    If Euronext
shall invoke a Termination Event under Clause 6.3(a) herein, Euronext may, if
appropriate circumstances arise during the ensuing Transition Period, call a
further Termination Event in accordance with Clause 6.3 (other than Clause
6.3(a)) notwithstanding that a Transition Period shall have already commenced
and in such circumstances may terminate the Interim Contracts without the
limitations set out in Clause 3.2.            *

 

3.4                    Unless
otherwise agreed between the Parties in writing, the Interim Contracts will
terminate as and when this Agreement terminates (and no Party shall have any
claim thereunder or hereunder, save in respect of any breach by either Party of
any obligation that either Party shall have failed to perform prior to such
termination), but this is without prejudice to the termination of any Interim
Contract in accordance with Clause 6.5.

 

Quality
of services

 

Continuing application of existing
service level and key performance targets

 

8

 

3.5                    During the
Term, Provider will use its reasonable endeavours to and cause its Affiliates
to provide such Services as it is required to provide to Euronext and its
Affiliates in line with the service levels and key performance indicators set
out in the Interim Contracts. In addition,
Provider will use its reasonable endeavours to meet any additional service
demands and requirements of Euronext and its Affiliates.

 

Critical
Service Levels enabling Euronext to terminate

 

3.6                    Subject to
Clause 3.9, distinct from any existing service level and/or key performance
targets, and to reflect the importance of the role of Provider to Euronext and
its Affiliates, the Parties have agreed on certain Critical Service Levels, set
out in Schedule 2 (the “Critical Service
Levels”), without prejudice to any remedies which Euronext and/or
its Affiliates may have under the Interim Contracts. Quality of performance of
the Services reaching the Critical Service Levels will not lead to commercial
penalties and/or credits, but may give Euronext the ability to call a
Termination Event in accordance with Clause 6.3(e) below and/or to exercise its
call option under the Shareholders’ Agreement on the terms set out therein.

 

3.7                    The Parties
agree that Euronext shall monitor the QIs for each calendar month, and that a
given calendar month shall be recorded as a critical month (a “Critical Month”) if one or more QI1 has
reached the relevant Alert 2 level and/or two or more other QIs have reached the
relevant Alert 2 level. For the avoidance of doubt, one or more QIs reaching
the level of Alert 1 will not cause a calendar month to be recorded as a
Critical Month, but may trigger the corrective requirements described in
paragraph 4 of Schedule 2.

 

3.8                    For the
avoidance of doubt, the Critical Service Levels in no way alter or amend
Provider’s obligation to provide or to cause its Affiliates to provide the
Services in line with the applicable service levels and key performance
indicators pursuant to Clause 3.5 above, and such service levels and key
performance indicators shall have no bearing on Provider’s compliance with the
Critical Service Levels.

 

3.9                    Euronext shall
provide and Provider shall approve, such approval not to be unreasonably
withheld or delayed, a clearly measurable method that shall be used to monitor
Provider’s performance against the QIs during the Term, and the Parties shall
work promptly to revise the proposal to make any necessary changes prior to
approval.

 

Costs and investment

 

3.10              During the Term,
Provider will, without entailing any reduction in the quality of the Services
provided hereunder, reduce die cost to Euronext of the Services in line with
Part I of Schedule 3 (“Costs and Investment”) and provide certain of the
Services at the agreed costs set out in Part II of Schedule 3 (“Costs and
Investment”). Such reductions and agreed costs are to be reflected in the fees
charged to Euronext under the Interim Contracts.

 

9

 

3.11              Provider and its
Affiliates shall deliver and improve the Services during the Interim Period in
line with the agreed minimum revenue commitments set out in Part III of
Schedule 3 (“Cost and Investment”).

 

3.12              Notwithstanding
their terms, the Interim Contracts are hereby amended to reflect the revised
cost basis, invoicing terms and payment terms set out in Part IV of Schedule 3
(“Costs and Investment”) Provider shall, and shall cause its subsidiaries to,
invoice Euronext for the Services in accordance with such revised terms. The
corresponding terms in the Interim Contracts shall be deemed to be amended to
reflect this revised agreement as of the Effective Date.

 

Change control daring the
Interim Period

 

3.13              Notwithstanding the
commitments and restrictions contained herein, or elsewhere in the Interim
Contracts, the Parties acknowledge that circumstances may arise during the
Interim Period, whether as a result of strategic decisions, a change in the
applicable regulatory regime or otherwise, that may require further development
work and/or new services to be undertaken during the Interim Period or for
existing Services to be supplemented or amended, including, without limitation,
the development of new software, upgrades to existing software, installation of
new hardware, or the update of disaster recovery systems (collectively, “Service Alterations”).

 

3.14              To the extent that
Euronext wishes to implement Service Alterations it shall issue a written
request for a quotation by Provider for the performance of the same. Upon
agreement on the scope of work and price, Euronext shall issue a service order
reflecting such terms to Provider, which shall use reasonable endeavours to
implement the same in accordance with the terms of the applicable order.

 

3.15              Subject to complying
with its obligations under Article 6 of the Master Agreement, if the Parties
cannot agree on the terms of any Service Alterations, Euronext can seek such
Service Alterations from a third party supplier, provided that at all times
during the Interim Period Euronext shall position Provider as its Preferred
Supplier.

 

Intellectual Property
Rights

 

3.16              The Parties agree
that the Intellectual Property Rights in any software developed or altered and
any know-how generated during the Term shall belong to Provider, provided that,
to the extent such developments and alterations have been solely funded (and
their ownership by Euronext is specifically requested in a work order referring
to this Clause) by Euronext and/or its Affiliates, it shall belong exclusively
to Euronext, and Provider will use its reasonable endeavours to notify Euronext
of the existence of such Intellectual Property Rights and to assist in
transferring and registering such rights, to the extent that such rights may be
capable of registration.

 

Assistance to regulators

 

10

 

3.17              The Parties
acknowledge that nothing in this Agreement including, without limitation, any
restrictions on disclosure shall prevent any of them from complying with the requirements,
requests and suggestions of any applicable regulator or similar body. The
Parties will use their reasonable endeavours to assist each other with any
regulatory investigation or audit that may arise during the Term.

 

Preferred Supplier

 

3.18              To the extent that
Euronext is specifically obliged to position Provider as its “Preferred Supplier” in this Agreement,
Euronext shall look solely to Provider to be the supplier of the applicable
services, provided that if the offer made by Provider does not match the
request from Euronext in terms of conditions, quality of services and/or costs,
in which case Euronext may ask a third party to make an offer to supply such
services. If Euronext receives a more favourable offer in terms of conditions,
quality of service and/or costs, Euronext shall be free to retain the services
of the third party if Provider is unable to make a comparable offer to
Euronext, within a period often (10) Business Days following the receipt of
notice from Euronext specifying the features of the third party offer which
Euronext assessed to be more competitive.

 

	
  *

  	
  *

  
	
   

  	
   

  
	
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  *

  
	
   

  	
   

  
	
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  *

  
	
   

  	
   

  
	
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  *

  

 

11

 

	
  *

  	
  *

  
	
   

  	
   

  
	
  *

  	
  *

  
	
   

  	
   

  
	
  *

  	
  *

  

 

4.7                    Each Party
shall, if it considers it reasonably necessary in the circumstances, provide
the other Parties, without unreasonable delay, with the financial and operating
data and other information that are reasonably required or reasonably requested            
*            foregoing
shall not require a Party to disclose any information that, in its reasonable
judgment, would violate a Party’s obligations with respect to confidentiality.
In addition, each Party shall, and shall cause each, of their officers,
employees, agents, accountants, and counsel to, afford the officers, employees,
agents, accountants, counsel, and other representatives of the other Party
reasonable access, during regular business hours and upon reasonable advance
notice, to its offices, properties, plants, other facilities, books and
records, officers, directors, employees, agents, accountants, and counsel,
provided, however, that the foregoing shall not require a Party to permit any
inspection that, in its reasonable judgment, would violate a Party’s
obligations with respect to confidentiality, and that such inspections shall be
conducted in a manner so as not to unreasonably disrupt the conduct of the
business of the other Party

 

Confidentiality

 

4.8                    Each party
shall treat as confidential all sensitive, non-public information of the other
(“Confidential Information”)
obtained as a result of negotiating and entering into this Agreement or any of
its business or assets or, in the case of Provider and its Affiliates, through
the provision of Services to Euronext and its Affiliates and which relates to:

 

(a)                    the provisions
of this Agreement and/or the New Contract;

 

(b)                   the
negotiations relating to this Agreement and/or the New Contract;

 

(c)                    Provider and
its Affiliates or their business or assets, or

 

(d)                   any other Party
and their Affiliates or business or assets.

 

12

 

4.9                    Each Party
shall

 

(a)                    not disclose
any such Confidential Information to any person other than to any of its
directors or employees whose duties reasonably require them to know such
information,

 

(b)                   not use any
such Confidential Information other than for the purpose of developing or
negotiating the New Contract; and

 

(c)                    procure that
any person to whom such Confidential Information is disclosed by it complies
with the restrictions set out in Clauses 4.8 to 4.14 as if such person were a
party to this Agreement.

 

4.10              Notwithstanding the
provisions of Clause 4.9, any Party may disclose any Confidential Information:

 

(a)                    if and to the
extent required by applicable law or regulation, provided that, the Party
intending to make such disclosure shall use its reasonable endeavours,
consistent with such applicable law or regulation, to consult with the other
Party with respect to the manner and form of any necessary disclosure;

 

(b)                   if and to the
extent required by any securities exchange or regulatory or governmental body
to which that Party is subject, wherever situated, whether or not the
requirement for information has the force of law, provided that the Party
intending to make such disclosure shall use its reasonable endeavours,
consistent with any applicable law, to consult with the other Party with
respect to the manner and form of any such disclosure;

 

(c)                    to its
professional advisers, auditors and bankers, provided the same agree to
appropriate confidentiality undertakings, or

 

(d)                   if and to the
extent the information has come into the public domain through no fault of that
Party or through a breach of this Agreement or the Shareholders’ Agreement.

 

4.11              Except as provided
in Clause 4.12 below, neither Party shall make, or cause to be made, any public
disclosure, press release or announcement regarding the execution or terms of
this Agreement or the preparations or negotiations for the New Contract without
the prior approval of the other Parties hereto, which approval shall not be
unreasonably withheld or delayed.

 

4.12              Notwithstanding the
previous provisions of Clause 4.11, any Party may, whenever practicable after
consultation with the other Parties, make a public disclosure, press release,
or announcement:

 

(a)                    if and to the
extent required by applicable law or regulation; or

 

13

 

(b)                   if and to the
extent required by any securities exchange or regulatory or governmental body
to which that Party is subject, wherever situated, whether or not the
requirement for information has the force of law.

 

4.13              In the event that
this Agreement
terminates                        *            for
whatever reason, Provider will, upon the written request of Euronext, promptly
deliver or cause to be delivered to Euronext or destroy, with such destruction
to be certified to Euronext, all documents or other matter furnished by
Euronext or its agents or representatives to Provider or Provider’s
representatives in connection with the preparations or negotiations for a New
Contract, together with all copies thereof in the possession of Provider or the
Provider’s representatives.

 

4.14              The restrictions
contained in Clauses 4.8 to 4.13 shall continue to apply to each Party without
limit in time.

 

Fees and Expenses

 

4.15              Euronext and
Provider shall each bear their own costs, fees, and expenses incurred in
connection with the development, preparation, negotiations, execution, and
delivery of the New Contract, including, without limitation, fees and expenses
of financial, legal, and accounting advisors and other outside consultants

 

5.                         UNDERTAKINGS
BY PROVIDER

 

5.1                    Provider
undertakes to Euronext that it shall

 

(a)                             *       use
its reasonable endeavours to retain any key employees that play a significant
role in the provision of the Services to Euronext and its Affiliates, including
but not limited to any employees referred to in any retention plan implemented
by Provider and/or its Affiliates,

 

(b)                   Ensure that the
Services are provided in accordance with all applicable laws and regulations,
provided that, unless otherwise expressly stated herein, Euronext shall be
responsible for notifying the Provider of changes that should be made in
performance of the Services to correct any actual or potential non-compliance
with applicable laws and regulations relating specifically to the regulated
status of Euronext and its Affiliates, such changes to performance to be dealt
with as Service Alterations in accordance with the terms hereof; and

 

(c)                    Use its
reasonable endeavours along with Euronext to agree on a Transition Plan within
      *      following
the Effective Date, and any additional period as instructed by Euronext.

 

Insurance and indemnity

 

5.2                    The Parties
recognise that Euronext and its Affiliates wish to be protected during the Term
against (a) Losses relating to the Services arising from claims against
Euronext

 

14

 

and/or its Affiliates by
Service Recipients (“Recipient Claims”),
and (b) all other Losses relating
to the Services to the extent that they arise as a result of failure, negligent
performance of, breach or other events in connection with Provider’s
obligations under this Agreement and/or the Interim Contracts in accordance
with their terms (“Contractual Claims”, together with Recipient Claims, the “Covered Losses”).

 

5.3       The Parties shall use all reasonable
endeavours to keep an               *               during              *               ,
Provider shall notify Euronext without unreasonable delay if at any time there
is no               *               
, and Provider shall, following the establishment of               *               
or any               *               ,
notify Euronext without unreasonable delay of the scheduled termination date of
              *               
and any change thereto of which it is notified, or if it becomes aware that any
              *               
obtained will lapse prior to termination, giving full details of the same. Provider
shall, in any event, use its reasonable endeavours to notify Euronext of such
termination date or the date of any lapse no later three months prior to such
event occuring. If Provider shall fail to carry out its obligations under               *               
and as a result thereof Euronext shall be materially prejudiced in its ability
to               *               
as contemplated herein, the               *               
of this Agreement shall              *               .
Where possible Euronext shall notify Provider of any such prejudice, and shall
give Provider an opportunity to remedy the same. Provider shall provide
Euronext with a copy of any
              *               .

 

5.4       Provider shall be liable to Euronext for
any               *               
during
              *               
, provided that (a) Euronext shall under no circumstances               *               
through whatever means               *               
from Provider in excess of the amount, if any, actually recovered by Provider               *               ,
irrespective of whether such               *               
has or has not been               *               ,
and (b) Provider's liability in respect of               *               
shall be determined in accordance with the terms of the applicable contracts.

 

5.5       An "              *               "
shall mean
              *               :

 

            (a)       Available
in the market under terms which               *               ;

            

            (b)       To               *               
to               *               
in respect of the amount of               *               ;
and

 

            (c)       To be               *               
and/or               *               
as applicable               *               
by               *               ,
provided that the amounts of any               *               
and               *               
are paid to
              *               
by               *               
       and               *               
shall have instructed               *               
to purchase such               *               .

 

5.6       Provider hereby authorises and grants
Euronext full authority to enable it to exercise control over               *               
and any               *               
in Provider's name, save that Provider shall have no liability in respect of
Euronext's control Provider shall

 

15

 

and the Parties shall
cause it to, if requested, execute a power of attorney to allow Euronext to act
on its behalf in this respect.

 

5.7                    If Euronext
shall reasonably request, Provider shall promptly provide any details relating
to the provision of its Services, including any performance relating to Losses,
or any statement in respect thereof                     *                                .

 

5.8                    If at the
Effective Date or at any time during the Term place then, notwithstanding
anything else in this Agreement or the Interim Contracts, Euronext shall                       *                                 and
the Parties shall use all reasonable endeavours to assist Euronext with the
same. In addition, Provider shall use all reasonable endeavours to provide
Euronext with any assistance necessary to manage                       *                                 ;
including by providing Euronext or such person as it shall nominate with such
information regarding the performance of the Services by Provider as Euronext
may require.

 

5.9                                *             Provider
shall at all times maintain adequate insurance cover itself over (a) the assets
of Provider’s business, and (b) any liabilities that may arise in the course of
its business, whether under this Agreement or otherwise.

 

6.                         TERM,
TERMINATION AND EXIT

 

Term

 

6.1                    This Agreement
shall commence on the Effective Date and shall terminate and have no further
effect, subject to any obligations of confidentiality set out herein,                         *                *                           at
the end of the Term (which shall be a maximum period of:              *              unless
terminated in accordance with the terms of this Agreement),              *              .

 

Exit
management

 

6.2                    Unless
otherwise agreed between the Parties, at the Effective Date the Parties will
assign a technical team to work together to agree upon the Transition Plan that
will permit Euronext to transfer the provision of the Services to other parties              *              .

 

Termination
Events

 

6.3                    The following
shall, if Euronext shall elect by giving notice in writing to Provider and
Atos, constitute a “Termination Event”.

 

(a)                                                                                         *

 

16

 

(b)                   It becomes
illegal or contrary to the requirements of Euronext’s regulatory regime as
explicitly stated by a Euronext regulator for the Services to continue to be
provided by Provider and/or its subsidiaries, whether as a result of any
decision by an applicable regulator, or otherwise;

 

(c)                    The occurrence
of an act of God, civil disturbance, explosion, sabotage, strike, riot, flood,
act of public enemy, war, or terrorist act, provided that such occurrence was
outside the control of the Parties which substantially prevents Provider from
performing the Services for a period of 30 days;

 

(d)                   Any of the
Parties becomes insolvent, ceases trading, enters into liquidation, whether
compulsory or voluntary, other than for the purposes of an amalgamation or
reconstruction, or makes an arrangement with its creditors or petitions for an
administration order or if a trustee, administrator or administrative receiver
or general officer is appointed over all or any part of its assets or if it
generally becomes unable to pay its debts, or

 

(e)                    Provided that
a methodology has been approved in accordance with Clause 3.9, there is
unacceptable quality of service, in that a Critical Month is recorded for any
three (3) calendar months in any five (5) calendar month period, and the
escalation processes in the applicable Interim Contracts and Schedule 2 have
been ineffective to remedy the issue to the Parties’ mutual satisfaction such
that Euronext has issued a notice to Provider stating that this is the case.

 

Consequences
of a Termination Event

 

6.4                    On the
occurrence of a Termination Event:

 

(a)                    any agreed
Transition Plan shall come into effect and the Parties agree to comply with its
provisions, or, if no Transition Plan has been agreed, the Parties will carry
out the obligations set out in Schedule 4 (“Transition Obligations”) which, for
the avoidance of doubt, will include, if Euronext shall so elect, the continued
provision of the Services (including the Key Systems), and

 

(b)                   the Agreed Cost
Allocations in Schedule 6 will be complied with.

 

Termination
of individual Services or Interim Contracts

 

6.5                    Without
prejudice to any other of Euronext’s rights under this Clause 6, in the event
that:

 

(a)                    There is              *              or

 

(b)                   a significant
change in the              *

 

17

 

or

 

(c)                    there is              *              .

 

and Euronext gives Provider              *              year’s
notice of termination, or

 

(d)                   any              *              as
amended by this Agreement becomes              *              ,

 

Euronext may, provided it              *              .

 

Continued
right to the Key Systems

 

6.6                    To the extent
not otherwise provided for in this Agreement, and save as may otherwise be
expressly agreed in writing, the Parties agree that they shall include in the
Transition Plan or under Schedule 4 and agree all the terms of commercial licences
and other agreements about which the Parties are then aware that will be
required by Euronext to enable it and its Affiliates to use, operate and modify
(for it and its Affiliates) and, if it shall elect, to have transferred to it,
all the assets and rights constituting the Key Systems after the termination of
the Agreement, provided that the pricing for such licences (which shall be on a
one-off basis) shall be in accordance with the licensor’s public price list and
shall not exceed, for the NSC system, a one-off amount of twice the annual
amount of the NSC, Software Licence Price (as such term is used in the ITFMA)
and, for the LIFFE CONNECT® system, a one-off amount of twice the annual amount
of the LIFFE CONNECT® licence price and shall not duplicate any Agreed Cost
Allocation amount that may be payable by Euronext under Schedule 6 hereto. If,
for whatever reason, another Party to this Agreement or one of its Affiliates
shall at any time own or be a, licensee from a party other than Euronext or its
Affiliates of any such asset or right, it will grant Euronext a licence to use
such asset or right to provide the Key Systems whilst it retains any such
interest in accordance with its standard pricing and licensing terms and the
pricing limits set out above, For the avoidance of doubt, nothing in this
Clause 6.6 shall give Euronext the right to sell any rights licensed pursuant
to this Clause to third parties

 

6.7                    The provisions
of Clause 6.6 shall survive the termination of this Agreement for whatever reason.

 

18

 

7.                         NOTICES

 

7.1                    All notices
and other communications hereunder shall be in writing and shall be deemed
given when mailed, delivered personally, telecopied (which is confirmed) or
sent by an overnight courier service, to the Parties at the following addresses
(or at such other address for a Party as shall be specified by such Party by
like notice)

 

(a)                    To Euronext:

 

Euronext 

LRCEA 

39 rue Cambon F 75039 

Paris Cedex 01 

France

 

Fax: +33 1 49 27 54 18

 

Attention:     The Executive Director;

 

(b)                   To Atos Origin:

 

Atos Origin 

Tour Les Miroirs 

18, Avenue d’Alsace 

92926 Paris La Défense Cedex 

France

 

Fax: +33 1 55 91 25 25

 

Attention:     The Chairman & CEO,
                        and copy to The
General Counsel,

 

(c)                    To AtosEuronext
S.A.:

 

AtosEuronext S.A.

C/o Atos Euronext Market Solutions 

6/8 Boulevard Haussmann 

75009 Paris 

France

 

Fax: +33 1 73 03 03 15

 

Attention:     The President
                        and copy to The
Finance Director; and

 

(d)                   To Provider:

 

19

 

Atos Euronext Market
Solutions Holding

6/8 Boulevard Haussmann 

75009 Paris 

France

 

Fax: +33 1 73 03 03 15

 

Attention:     The President
                        and copy to The
Finance Director.

 

7.2                    All notices
shall be deemed to have been duly given as follows:

 

(a)                    if sent by
registered mail, return receipt requested, seven Business Days after mailing;

 

(b)                   if sent by
telecopy, then provided that a copy of the notice is also mailed by registered
mail return receipt requested by no later than the next Business Day following
the sending of the telecopy in question, notice shall be deemed to be given on
such next Business Day following the sending of the telecopy; or

 

(c)                    if by personal
delivery or by outside overnight delivery service, then on the next Business
Day following the day of such delivery, provided that it shall be required that
in the case of personal delivery the addressee or a person at the premises
signs and dates a receipt and that in the case of an outside overnight delivery
service, such service provides an attestation as to the date and place of the
delivery.

 

8.                         NO
PARTNERSHIP

 

8.1                    Nothing in
this Agreement and no action taken by the Parties under this Agreement shall
constitute a partnership, association or other co-operative entity between any
of the Parties or constitute any Party the agent of any other Party for any
purpose.

 

9.                         COSTS AND
EXPENSES

 

9.1                    Except as
otherwise stated in this agreement, each Party shall pay its own costs and
expenses in relation to the negotiation, preparation, execution and carrying
into effect of this Agreement.

 

10.                  ASSIGNMENT AND
VARIATION

 

10.1              This Agreement shall
inure to the benefit of and be binding upon each of the Parties hereto and
their respective successors and permitted assigns, but neither this Agreement
nor any of the rights, interests or obligations hereunder shall be assigned by
any Party without the prior written consent of the other Parties; provided,
however, that any Party may assign its rights under this Agreement to any of
its Affiliates upon written notice to the other Parties. The Party assigning
its rights under this Agreement to an Affiliate shall still be liable for such
assigned rights until and unless a valid novation is executed.

 

20

 

10.2              This Agreement and
the exhibits and schedules attached to this Agreement may be varied, amended or
extended only by the written agreement of the Parties through their duly
authorised officers or representatives.

 

11.                  ENTIRE AGREEMENT

 

11.1              Save as expressly
set out to the contrary herein, the terms and conditions contained in this
Agreement constitute the entire agreement among the Parties relating to the
subject matter of this Agreement and shall supersede all previous
communications among the Parties with respect to the subject matter of this
Agreement. No Party has entered into this Agreement in reliance upon a
representation, warranty or undertaking of the other Parties that is not set
out, referred to or incorporated in this Agreement.

 

12.                  THIRD PARTIES

 

12.1              Except as expressly
stated in this Agreement, a person who is not a Party to this Agreement may not
enforce any of its terms under the Contract (Rights of Third Parties) Act 1999,
nor shall the consent of any such third party be required for the amendment or
termination hereof.

 

12.2              The Parties
undertake to use their reasonable endeavours to ensure that their Affiliates
comply with those provisions of this Agreement that are applicable to them.

 

13.                  REMEDIES AND
WAIVERS

 

Delay or
omission

 

13.1              No failure or delay
on the part of any Party in the exercise of any power or right under this
Agreement shall operate as a waiver thereof. No single or partial exercise of
any right or power hereunder shall operate as a waiver of such right or of any
other right or power. The waiver by any Party of a breach of any provision of
this Agreement shall not operate or be construed as a waiver of any other or
subsequent breach hereunder. All rights and remedies existing under this
Agreement are cumulative with, and not exclusive of, any rights or remedies
otherwise available.

 

Damages
not an adequate remedy

 

13.2              Notwithstanding any
express remedies provided under this Agreement and without prejudice to any
other right or remedy which any Party may have, each Party acknowledges and
agrees that damages alone may not be an adequate remedy for any breach by it of
the provisions of this Agreement. It is accordingly agreed that the Parties
shall be entitled, to the fullest extent possible under applicable law, to an
injunction or injunctions, or other equitable remedies including, without
limitation, the remedy of specific performance from a court of competent
jurisdiction to prevent breaches of this Agreement, this being in addition to
any other remedy to which they are entitled.

 

21

 

14.                  INVALIDITY

 

14.1              If any provision of
this Agreement is held illegal or unenforceable in a judicial proceeding, such
provision shall be amended to give effect thereto to the greatest extent permitted
by applicable law and, if such amendment is not permitted by applicable law,
shall be severed from the agreement in which it is included and shall be
inoperative, and the remainder of the agreement shall remain binding on the
Parties hereto

 

15.                  COUNTERPARTS

 

15.1              This Agreement may
be signed in one or more counterparts (including by facsimile), each of which
shall constitute an original and all of which together shall constitute one and
the same agreement.

 

16.                  APPLICABLE LAW

 

16.1              This Agreement and
the relationship among the Parties to it shall be governed by and construed in
accordance with English law.

 

16.2              Without prejudice to
Clause 13.2, any controversy, claim or disputes arising under or relating to
this Agreement between any of the Parties, shall be resolved through the
procedures specified in this Clause 16. The resolution of any disputes under
this section (whether through the negotiation, mediation or arbitration
procedures specified herein) shall be final and binding upon the Parties to such
dispute. The procedures set forth in this section shall be initiated by the
delivery of a written notice by any of the Parties to another Party stating
that the claiming Party has a claim against the other Party, describing in
reasonable detail the nature and amount of such claim and the basis thereof.

 

16.3              Prior to the
submission of any dispute to the arbitration procedure specified in Clause
16.4, in the Parties shall make every effort in good faith to resolve such
dispute by mutual agreement within sixty (60) days following the initiation of
the procedures set forth in this section (the date on which such sixty (60)
days expires, or any extension of such period as the Parties may mutually agree
to in writing, is hereby called the “Claim
Resolution Deadline Date”).

 

16.4              All disputes arising
out of or in connection with this Agreement and which have not been resolved by
the Claim Resolution Deadline Date shall be finally settled under the Rules of
Arbitration of the International Chamber of Commerce by one arbitrator
appointed in accordance with the said rules. With respect to such arbitration,
the Parties agree that the seat of the arbitration shall be Paris, and that the
arbitral proceedings shall be conducted in English.

 

16.5              The fees and
expenses of the arbitration shall be shared equally by each Party. Except as
otherwise provided in the proceeding sentence, each Party to the dispute shall
bear all costs and expenses incurred by it in connection with the conduct of
the procedures described in this section.

 

16.6              Any dispute
resolution proceeding held pursuant to this Clause 16 shall not be public. In
addition, except as may be required by law, each Party to the dispute, their
respective

 

22

 

representatives, the
arbitrator shall strictly maintain the confidentiality of all issues, disputes,
arguments, positions, interpretations, awards, determinations, enclosures,
exhibits, summaries, compilations, studies, analyses, notes, documents,
statements, schedules and other similar items associated therewith

 

16.7              Without prejudice to
Clause 13.2, the Parties hereby
renounce all recourse to litigation and agree that the award of the arbitrator
shall be final and binding.

 

23

 

IN WITNESS WHEREOF this
Agreement has been entered into on the day and year first above written -

 

	
  SIGNED
  by HUGH FREEDBERG

  	
  )

  	
  /s/ Hugh Freedberg

  	
   

  
	
  for
  and on behalf of

  	
  )

  	
   

  	
   

  
	
  EURONEXT N.V.

  	
  )

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  AND SIGNED by OLIVIER LEFEBVRE

  	
  )

  	
  /s/ Olivier Lefebvre

  	
   

  
	
  for
  and on behalf of

  	
  )

  	
   

  	
   

  
	
  EURONEXT N.V.

  	
  )

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SIGNED by GÉRARD GUERGUERIAN

  	
  )

  	
  /s/
  Gérard Guerguerian

  	
   

  
	
  for
  and on behalf of

  	
  )

  	
   

  	
   

  
	
  ATOS ORIGIN S.A.

  	
  )

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SIGNED by JEAN-MARC BOUHELIER

  	
  )

  	
  /s/ Jean-Marc Bouhelier

  	
   

  
	
  for
  and on behalf of

  	
  )

  	
   

  	
   

  
	
  ATOSEURONEXT S.A.

  	
  )

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  SIGNED by JEAN-MARC BOUHELIER

  	
  )

  	
  /s/ Jean-Marc Bouhelier

  	
   

  
	
  for and on behalf of

  	
  )

  	
   

  	
   

  
	
  ATOS EURONEXT MARKET

  	
  )

  	
   

  	
   

  
	
  SOLUTIONS HOLDING S.A.S.

  	
  )

  	
   

  	
   

  

 

 

24

 

SCHEDULE 1

 

List of exhibited documents

 

1.         Interim Derivatives SBU Contract;

 

2.         ITFMA;

 

3.         Network Services Agreement; and

 

4.         Office Automation Agreement.

 

25

 

SCHEDULE 2

 

Critical Service Levels

 

This Schedule sets out
the Critical Service Levels agreed between the Parties.

 

Principles

 

1.                          The
Parties agree that the Critical Service Levels are not substitutes for and do
not alter any target service levels previously agreed in relation to the
Services and set out in the Interim Contracts. The aim of the Critical Service
Levels is to monitor and enable Euronext to act upon any significant
deterioration in the provision of the Services by Provider and its Affiliates.

 

2.                          The
Parties agree that, within a given Global Business Area (as defined and set out
below) during a given calendar month, one incident cannot be treated as the
cause of more than one QI hitting Alert 1 or Alert 2 in such Global Business
Area.

 

Alert levels

 

3.                          The
Critical Service Levels are defined by reference to a number of distinct.
Business Areas and are split into two categories, each of which represents a
deterioration in the quality of performance by Provider measured in aggregate
minutes over a calendar month. A sustained deterioration of performance in a
given Business Area during an individual calendar month would first trigger “Alert 1” and, if it continues to
deteriorate, would subsequently trigger “Alert
2”

 

4.                          Alert 1
is designed to enable Provider to implement a remedy. If Alert 1 is triggered,
Provider will immediately and expeditiously compile an Action Plan, the costs
of which will be borne by Provider, unless such actions involve the purchase of
new hardware and/or software in which case the Parties will negotiate to agree
the amount, if any, to be contributed by Euronext. The costs associated with
each Action Plan will be agreed and the Parties recognise that Provider is not
expected to pay all of the costs associated with each Action Plan. For the
avoidance of doubt, triggering Alert 1 in a number of months will not trigger
Alert 2. Whether or not Provider has already compiled an Action Plan in respect
of the same deterioration, should performance in a relevant Business Area
deteriorate to the level of Alert 2, Provider shall propose a distinct Action
Plan in respect of such deterioration

 

5.                          The
system of Alerts shall remain in force during the implementation of any agreed
Action Plan. However, if quality of performance in a given Business Area has
deteriorated to the level of Alert 1 or Alert 2 and Provider has proposed a reasonable Action Plan in accordance
with the above paragraph and Euronext shall have rejected or delayed the
implementation of such Action Plan by more than two (2) months, or such Action
Plan is currently in progress and not yet implemented, the Parties agree that
the triggering of Alert 1 or Alert 2 for the

 

26

 

same cause and in the
same Business Area only will not occur until the Parties have agreed on and
have implemented a corrective Action Plan.

 

6.                          The
application of the Critical Service Level regime under this Schedule may be
waived temporarily if significant new or updated hardware or software is
installed to provide the Services, in relation to such hardware or software,
and if Euronext refuses to provide such waiver Provider shall be under no
obligation to implement any such changes.

 

7.                          If
Provider shall have developed or recommended an Action Plan at no additional
charge to Euronext, or if Provider shall have identified and notified Euronext
of a reasonable change to the provision of the Services which, if implemented,
would prevent an Alert from occurring, such Alert will be excluded from the
Critical Service Level regime until the identified change has been implemented.

 

8.                          If Euronext
shall have accepted a change to or modification of the provision of the
Services that includes any actually known error, defect or fault and such
error, defect or fault subsequently triggers an Alert, the Parties agree that
such Alert shall be excluded from the Critical Service Level regime.

 

The
seven key Business Areas

 

9.                          The
Parties have agreed on seven (7) key business areas subject to the Alert system
(“Business Areas”).

 

*

 

*

 

(c)                    Derivatives
SBU Products traded on the Financial trading host;

 

(d)                   Derivatives SBU
Products traded on the Equities trading host;

 

(e)                    Information
Services SBU – Dissemination of market data feed to vendors and calculation and
dissemination of Euronext indexes (the “IS
Business Area”);

 

(f)                      Cash SBU
Post Trading Services; and

 

(g)                   Derivatives SBU
Post Trading Services

 

The Business Areas set
out in the above sub-paragraphs (a), (b) and (f) shall be collectively known as
the “Cash Business Area”, and
those set out in (c), (d) and (g) as the “Derivatives
Business Area” (and together the Derivatives Business Area, the Cash
Business Area and the IS Business Area shall be known as the “Global Business Areas”). The Parties agree
that during the twelve (12) months immediately following the Effective Date,
notwithstanding anything else set out in

 

27

 

this Agreement, they
shall treat each of the Global Business Areas as being distinct, in that, in
order to call a Termination Event under Clause 6.3(e) of this Agreement, (i)
the aggregation of QIs and Alerts to record a Critical Month shall be calculated on an individual basis for each
of the Global Business Areas, and that (ii) a Termination Event under Clause
6.3(e) during such period can only be called in relation to a series of Critical
Months (as set out in Clause 6.3(e)) recorded in one of such Global Business
Areas.

 

Quality
indicators and monitoring

 

10.                    For each
Business Area there are distinct quality indicators (“QI”), defined as follows (subject to any
variations in specific Business Areas set out in paragraph 12 of this
Schedule).

 

(a)                    Duration in minutes of total market or service
interruptions (“QI1”)
The total length of a market or service interruption after a Euronext SBU has
determined a market or service to be not viable and, as a result, users are
denied access; and such market or service interruption period shall include any
pre-open phase required to reopen the market;

 

(b)                   Duration in minutes of partial market or service
degradations (“QI2”) A
partial degradation occurs when (i) a subset of financial instruments traded on
one or more markets operated by Euronext and/or its Affiliates accounting for
at least            *            of
the traded volume for a given
Business Area are unavailable for trading, (ii) users accounting for at least            *            of
the traded volume of a given Business Area cannot access the market or service
(and users shall include Service Recipients, access points and Euronext
Derivatives or Cash Market Operations, although the volume threshold does not
apply to CMO and DMO, in respect of which the degradations considered are those
when market operation tools (e.g. SPI for Cash Markets and M&C Observer for
Derivatives) are wholly unavailable), (iii) the securities of a company undergoing
a public offering are not available for trading on the first scheduled trading
day or a new derivative product is not available for trading on the first
scheduled day of trading, or (iv) market schedules (including, without
limitation “pre-open”, “market open”, and “market close”) are delayed. The
assessment of the 15% threshold applicable to (i) and (ii) above shall be
calculated using market statistics over the 3 preceding months;

 

(c)                    Order or message processing slowdowns in minutes for
all periods where Maximum Capacity has not been exceeded (“QI3”). slowdowns are defined as trading or
pre-opening phases of            *            during
which            *            of
orders or messages are processed in one second or more. QI3 is obtained by the sum of these slowdowns
over any calendar month. Only trading phases with more than 200 orders are
considered. For the Business Areas in sub-paragraphs 9(c), 9(d) and 9(e), QI3
will hit Alert 1 and Alert

 

28

 

2 levels regardless of
the calculation above, if the monthly percentage of orders or messages
processed in less than one second, is respectively lower then
   *    and    *   
and

 

(d)                    Duration in minutes of Post Trade service
degradations (“QI4”):Post
trade service degradations are defined as periods when a service is not
available (applies to post trade services only) as further defined in sub-
paragraphs 12(f) and (g) below.

 

(e)                     The Parties
note that an Action Plan has previously been developed for QI3 in the Business
Areas in sub-paragraphs 9(c) and 9(d) with a view to increasing the Maximum
Capacities by June 2006. Furthermore, QI3 as applicable to the Business Area in
sub-paragraph 9(e) is suspended for Information Services until Provider shall
have implemented appropriate measurement tools

 

11.                   QI1, QI2 and
QI3 apply to Business Areas set out in sub-paragraphs 9(a) to (e) in and QI4
applies only to the Business Areas set out in sub-paragraphs 9(f) and (g). The
relevant QI thresholds triggering Alerts are set out in paragraph 12 below and
in sub-paragraph 10(c) above.

 

12.                   Alert systems for each Business Area

 

(a)                     Cash SBU Products listed or traded on NSC-VE (CP1)

 

Cash Products 1

 

	
  All in

  minutes

  	
   

  	
  Total market

  interruptions

  (QI1)

  	
   

  	
  Partial market

  degradations

  (QI2)

  	
   

  	
  Order processing Slowdowns

  (QI3)

  
	
  Thresholds

  (per month)

  	
   

  	
  

  Alert 1:    *

  Alert 2:    *

  	
   

  	
  

  A1:    *

  A2:    *

  	
   

  	
  Sum of slowdown phases

  A1.    *

  A2.    *

  
	
  Rules

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  Slowdowns measured from Hub to trading host to Hub
  (opening and closing phases excluded).

  

 

(b)                    Cash SBU Products listed or traded on NSC-VW, NSC-VL,
TCS (CP2)

 

29

 

Cash Products 2

 

	
  All in minutes

  	
   

  	
  Total market

  interruptions

  (QI1)

  	
   

  	
  Partial market

  degradations

  (QI2)

  	
   

  	
  Order processing slowdowns

  (QI3)

  
	
  Thresholds

  (per month)

  	
   

  	
  

  Alert 1    *

  Alert 2:    *

  	
   

  	
  

  Al:    *

  A2    *

  	
   

  	
  Sum of slowdown phases:

  Al    *

  A2:   *

  
	
  Rules

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  Slowdowns measured from Hub to trading host to Hub
  (opening and closing phases excluded).

  

 

The alert levels are a
weighted average of levels for each of the 3 systems considered, NSC VW, NSC VL
and TCS, with the respective weighting     *

 

As a consequence, a
market interruption affecting the NSC VW service alone will trigger Alert 1
only if its duration is at least equal to
      *      . To
trigger Alert 2, such a market interruption needs to
last:      *       minutes

 

(c)                     Derivatives SBU Products traded on the financial
trading host (DPF)

 

Derivatives Products – Financials

 

	
  All in

  minutes

  	
   

  	
  Total market

  interruptions

  (QI1)

  	
   

  	
  Partial market

  degradations

  (QI2)

  	
   

  	
  Order processing slowdowns (QI3)

  
	
  Thresholds

  (per month)

  	
   

  	
  

  Alert 1    *

  Alert 2    *

  	
   

  	
  

  Al.    *

  A2:    *

  	
   

  	
  Sum of slowdown phases’ 

  Al    *

  A2    *

  
	
  Rule

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  Slowdowns measured at the trading host (opening and
  closing phases excluded)

  

 

(d)                    Derivatives SBU Products traded on the Equities
trading host

 

30

 

Derivatives Products – Equities

 

	
  All in

  minutes

  	
   

  	
  Total market

  interruptions

  (QI1)

  	
   

  	
  Partial market

  degradations (QI2)

  	
   

  	
  Order processing slowdowns

  (QI3)

  
	
  Thresholds

  (per month)

  	
   

  	
  

  Alert 1.    *

  Alert 2:    *

  	
   

  	
  

  Al:    *

  A2.    *

  	
   

  	
  Sum of slowdown phases

  A1    *

  A2:    *

  
	
  Rule

  	
   

  	
   

  	
   

  	
   

  	
   

  	
  Slowdowns measured at the trading host (opening and
  closing phases excluded).

  

 

(e)                     Information services – Market data feed and Indexes

 

Information Service

 

	
  All in minutes

  	
   

  	
  Total service

  interruptions (QI1)

  	
   

  	
  Partial service

  degradations (QI2)

  	
   

  	
  Message processing

  slowdowns (QI3)

  
	
  Thresholds

  (per month)

  	
   

  	
  

  Alert 1.    *

  Alert 2:    *

  	
   

  	
  

  A1:    *

  A2.    *

  	
   

  	
  Sum of slowdown phases

  Al.    *

  A2.    *

  
	
  Rules

  	
   

  	
  Outages apply to EMDS and associated interfaces only
  and exclude any time attributable to the software supplier of EMDS as
  governed by “Cicada — IS-SBU Contract”

  	
   

  	
  Degradations apply to EMDS and associated interfaces,
  only and exclude any time attributable to the software supplier of EMDS as
  governed by “Cicada — IS-SBU Contract”

  	
   

  	
  Slowdowns apply to EMDS and associated interfaces
  only

  

 

The alert levels in the
table above are a combination of distinct levels for each of the 2 areas
considered, Market data feed and Indexes, with the respective weightings
of   *  
and     *

 

To trigger Alert 1 (respt
2), a total service interruption of MDF or Key Indexes alone needs to last at
least      *

 

31

 

Specific QI definition for Indexes

 

	
  All in

  minutes

  	
   

  	
  Total service interruptions

  	
   

  	
  Partial service degradation

  	
   

  	
  Message

  processing

  slowdowns on

  key indexes

  
	
  Rule

  	
   

  	
  Total service interruption occurs when some Key
  indexes are not calculated or disseminated. Key indexes are indexes which
  serve as underlying of derivatives contracts traded on Euronext markets or
  which are generating license fees from external parties.

  	
   

  	
  Partial Service degradation occurs when some Non Key
  indexes are not calculated or disseminated. Non Key indexes are all indexes
  calculated and disseminated by Euronext which are not Key indexes based on
  the adjacent definition.

  	
   

  	
  Not Applicable

  

 

(f)                      Cash SBU Post Trading Services

 

Cash Post Trading Services

 

	
  All in minutes

  	
   

  	
  Post Trade service degradations Cash SBU QI4

  
	
  Thresholds

  (per month)

  	
   

  	
  Alert 1            *            in
  one single day or            *            over
  one calendar month

  Alert 2.            *            in
  one single day or            *            over
  one calendar month

  
	
  Rule

  	
   

  	
  Post Trade service degradations occur when delivery
  of trades to the clearing system is wholly interrupted

  

 

(g)                   Derivatives SBU Post Trading Services

 

Derivatives Post Trading Services

 

	
  All in minutes

  	
   

  	
  Post Trade service degradations Derivatives SBU QI4

  
	
  Thresholds

  (per month)

  	
   

  	
  Alert 1.            *            in
  one single day or            *            over
  one calendar month or EDSP not provided in LCH Clearnet by 9pm UKtime once in a calendar month

  Alert 2.            *            in
  one single day or            *            over
  one calendar month or EDSP not provided LCH Clearnet by 9pm UK time            *            

  

 

32

 

	
   

  	
   

  	
  Post Trade service degradations occur

  when delivery of continental derivatives trades to
  the clearing system is wholly interrupted

  OR

  when TRS is wholly unavailable

  OR

  when CPS is wholly unavailable

  

 

33

 

SCHEDULE 3

 

Costs and investment

 

PART I – Provider cost
redaction obligations and methodology

 

1.                         As soon
as practicable, and in any event within 90 days after the Effective Date,
Provider will submit to Euronext a savings plan (for this Schedule only, the “Savings Plan”) containing a list of
projects that will, if approved by Euronext, generate for Euronext at least of            *            of
savings annually beginning thirty (30) months from the Effective Date (when
compared with the pro forma aggregate
amounts charged to Euronext and its Affiliates during the year ended 2005
pursuant to the Interim Contracts), provided that Euronext agrees to contribute
on a one-off basis and if required up to an aggregate of            *            byway of investment during such thirty (30) month period For the avoidance
of doubt, actions or projects initiated during the first six calendar months of
2005 that have generated or will generate savings are to be included in the            *            Savings
Plan target.

 

2.                         If
Euronext rejects a specific project in the Savings Plan, the agreed cost
reduction of            *            will
be decreased by the amount of the cost reduction Provider can evidence was to
be generated by such project.

 

3.                         Each
specific project in the Savings Plan will include a detailed business case
describing the one-off cost associated with such project and the related impact
on the service fee charged to Euronext.

 

4.                         The
following two tables set out indicative descriptions of the anticipated cost
savings in given areas:

 

a.         Indicative High-level
description of cost redactions and related one-off costs

 

	
  In M€

  	
   

  	
  Savings

  	
   

  	
  One-off

  costs

  	
   

  
	
  Staff savings

  	
   

  	
  *

  	
   

  	
  *

  	
   

  
	
  Data centre and
  office savings

  	
   

  	
  *

  	
   

  	
  *

  	
   

  
	
  Support
  functions

  	
   

  	
  *

  	
   

  	
  *

  	
   

  
	
  Telecom or other
  technical

  	
   

  	
  *

  	
   

  	
  *

  	
   

  
	
  costs

  	
   

  	
  *

  	
   

  	
  *

  	
   

  
	
  Hardware refresh

  	
   

  	
  *

  	
   

  	
  *

  	
   

  
	
  Total

  	
   

  	
  *

  	
   

  	
  *

  	
   

  

 

34

 

b.
Indicative timing of cost savings implementation

 

	
   

  	
   

  	
  2005

  	
   

  	
  2006

  	
   

  	
  2007

  	
   

  	
  2008

  	
   

  
	
  Cost Savings

  	
   

  	
  *

  	
   

  	
  *

  	
   

  	
  *

  	
   

  	
  *

  	
   

  
	
  One-off costs

  	
   

  	
  *

  	
   

  	
  *

  	
   

  	
  *

  	
   

  	
  *

  	
   

  
	
  Cumulated
  synergies

  	
   

  	
  *

  	
   

  	
  *

  	
   

  	
  *

  	
   

  	
  *

  	
   

  

 

5.                         The
overall cost reductions discussed in this Schedule and to be set out in the
Savings Plan are based on the assumption that the current premises used by LMS are
charged to LMS at a rate of    *    Euros per
year (including data centre and offices)

 

6.                         In the
event that this assumption is incorrect for whatever reason, the savings
achieved by the Savings Plan will be altered to reflect such changes.

 

PART II
– Agreed Costs

 

Run

 

7.                         The
Parties agree that:

 

a.                         In the
event of an agreed reduction in the scope of Services, any charge to Euronext
for the Services will be reduced to reflect such change of scope and Euronext
will pay for the costs as set out below:

 

*

 

b.                        In the
event of an agreed increase in the scope of Services:

 

i                               The
cost of any new hardware and associated software and services required to
perform the Services will be invoiced to Euronext at            *            and

 

 

ii                            Such new
Services will be charged at    *

 

Projects

 

8.                         The
Parties agree that the billing rate for any specific projects not falling
within the Services is set as follows

*

*

 

35

 

*

 

PART III – Agreed spending levels

 

9                            The
Parties agree that the minimum volume commitment for any Euronext IT projects
will be    *

 

PART IV – Cost basis, invoicing and payment terms

 

10        The Parties agree on the following
invoicing and payment terms:

a.                                                                                              *

b.                                                                                              *

 

 

36

 

SCHEDULE 4

 

Transition Obligations

 

It is generally intended
that any handover of the Services during a Transition Period be covered by an
agreed Transition Plan. This Schedule sets out the obligations on Euronext and
Atos Origin in the unlikely event that a Termination Event occurs or Euronext
exercises its partial termination rights under Clause 6.5, and no formal
Transition Plan has been agreed. The Parties agree that the aim of this
Schedule is to ensure that the Transition Services (as defined below) continue
to be provided to Euronext and its Affiliates without interruption during any
period of transition during which such Transition Services are assumed by a New
Outsourcing Contractor or Euronext and, if relevant, to ensure that Euronext
and/or Provider can still service third party contracts.

 

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

 

	
  “New
  Outsourcing Contractor”

  	
   

  	
  shall mean one or more third party provider whom
  Euronext may appoint to provide some or all of the Transition Services on
  termination of this Agreement, including any provider invited by Euronext to
  provide proposals for providing such Transition Services.

  
	
   

  	
   

  	
   

  
	
  “Obligor”

  	
   

  	
  shall be (i) Atos Origin if a Termination Event
  shall have occurred or if Euronext shall have exercised its partial
  termination rights under Clause 6.5, provided that in any event it shall be
  (ii) Euronext, if it shall have exercised its call option under Clause 13 of
  the Shareholders’ Agreement.

  
	
   

  	
   

  	
   

  
	
  “Parties”

  	
   

  	
  shall mean Atos Origin and Euronext.

  
	
   

  	
   

  	
   

  
	
  “Third Party Supplier”

  	
   

  	
  shall mean an external supplier to Provider of
  hardware, software, communications, premises and/or services in connection
  with the Services.

  
	
   

  	
   

  	
   

  
	
  “Transferring Assets”

  	
   

  	
  shall mean the assets used to provide the Transition
  Services including, without limitation all assets necessary to operate the
  Key Systems.

  
	
   

  	
   

  	
   

  
	
  “Transition Services”

  	
   

  	
  shall, (i) for the purposes of determining the
  responsibilities of the Parties after a Termination Event, include the
  Services along with all services, as Euronext may elect, provided by Provider
  and its subsidiaries to parties other than the Parties or their Affiliates
  immediately prior to termination, and (ii) for the purposes of determining
  the responsibilities of the Parties after Euronext has elected to terminate
  any Interim Contract pursuant to Clause 6.5, shall mean such Interim
  Contract, as the case may be.

  

 

37

 

PART I –
General obligations during a Transition Period

 

Without limiting the
specific obligations set out in Part II of this Schedule, during a Transition
Period the Parties shall, in good faith, agree procedures and a timescale for
the following, provided that, if the Parties cannot agree within a reasonable
period of time, Euronext shall be able to decide such procedures and timescales
using its commercially reasonable judgement.

 

1.                         A
programme for the transfer process, including details of the means of ensuring
continuing provision of the Services throughout the transfer process;

 

2.                         Plans for
communicating with staff, suppliers and customers of each Party to avoid any
detriment to Euronext’s business as a result of the transfer;

 

3.                         Plans for
the transfer of personnel engaged in the undertaking;

 

4.                         A list of
the security tasks necessary at termination;

 

5.                         Processes
and procedures used in the performance and monitoring of the Transition
Services,

 

6.                         Establishing
comprehensive lists of (i) the assets used to provide the Transition Services,
(ii) the contracts relating to software and other Intellectual Property Rights
whether of Provider or any Third Party Supplier, used to provide the Transition
Services, (iii) documentation and source code for any software developed by
Provider in the course of providing the Services, and (iv) up-to-date
documentation used in delivering the Transition Services.

 

PART II – Specific
obligations during a Transition Period

 

1.                         In each
case if Euronext so elects, Obligor shall use its reasonable endeavours to
procure that.

 

General obligations

 

(a)                     Provider will
liaise with the Parties, making available for such purposes such Provider liaison staff as the Parties may
reasonably require, and acting in good faith, to ensure a mutually satisfactory
handover to Euronext and/or any New Outsourcing Contractor the assets, rights,
staff and know-how used historically in providing the Transition Services.

 

(b)                    Provider shall
cooperate fully with Euronext, any New Outsourcing Contractor and Third Party
Suppliers in order to ensure an orderly transfer of the Transition Services to
one or more New Outsourcing Contractors, Euronext and/or its Affiliates

 

(c)                     The Provider
will

 

(i)                       provide
information on the Transition Services in sufficient detail to form the basis
of an invitation to tender for services,

 

38

 

(ii)                    allow Euronext
or any New Outsourcing Contractor to conduct a due diligence process in respect
of the Transition Services;

 

(iii)                 promptly answer
questions about the Transition Services which may be asked by Euronext or any
New Outsourcing Contractor.

 

Interim obligation to
provide Services

 

(d)                    Provider will,
if so requested by Euronext, continue to provide the Transition Services or
such Services as Euronext selects, in each case during the period up to
         *         
from a Termination Event, or such short period as it may require, as specified
by Euronext, on the same terms as applied to the provision of such Services
immediately prior to such Termination Event occurring. During such time,
Euronext may negotiate with any third parties for the provision of replacement
services and share the Provider’s and its Affiliates’ Confidential Information
that may be reasonably required for the delivery of such replacement services,
provided such information is shared pursuant to an industry standard
non-disclosure agreement

 

Assets etc. used to
provide the Transition Services

 

(e)                     Provider
transfers the Transferring Assets to Euronext and/or any New Outsourcing
Contractor at book value.

 

(f)                       Provider
assigns, consents to the novation of or otherwise transfers to Euronext and/or
any New Outsourcing Contractor all contracts and rights used to provide the
Transition Services to Euronext and its Affiliates. Specifically, and without
limitation to the foregoing, Provider will use its reasonable endeavours to
procure the transfer to Euronext or to a third party nominated by Euronext in
Euronext’s sole discretion, of any third party software licences Provider may
have obtained in its own name in order to provide the Transition Services.

 

(g)                    Provider
assigns to Euronext and/or any New Outsourcing Contractor any and all
Intellectual Property Rights and all proprietary software, documentation and
know-how used in providing the Transition Services to Euronext, provided that
Atos Origin may, for Intellectual Property Rights, proprietary software and
know- how historically used by Atos Origin to provide services to third
parties, require Euronext to grant a licence to Atos Origin to use such
Intellectual Property Rights.

 

(h)                    here assets
used in the Transition Services are located on Provider’s premises, the
Provider will grant reasonable rights of access to enable Euronext or the New
Outsourcing Contractor to remove such assets transferred to Euronext or the New
Outsourcing Contractor in a reasonable time.

 

Employees concerned in
providing the Transition Services

 

39

 

(i)                        To the
extent that they do not transfer by operation of law, Euronext shall have the
right exercisable in its sole discretion to make an offer to employ any
employees or other staff of Provider whose primary responsibility prior to
termination involved the provision of Transition Services in accordance with
this Agreement, provided that in making any such offer Euronext shall deliver
to Provider a list of those employees to whom it wishes to make such offers and
Provider shall have the right to require the removal of up to thirty per cent.
of the names on such list.

 

40

 

SCHEDULE 5

 

Process for agreeing New Contract

 

This Schedule sets out the
process for agreeing the New Contract, which it is envisaged will be a contract
for a maximum period of              *               Pursuant to Clause 4.6 of the Agreement,
the Parties will follow this process when conducting negotiations in respect of
the New Contract.

 

PART I – Establishment of
Negotiation Teams and membership

 

Establishment

 

1.                         Each of
Euronext and Provider will allocate a sufficient number of employees to ensure
that continued progress is capable of being made in the negotiation of the New
Contract, each of whom shall have the appropriate level of seniority, relevant
skills and qualifications, and the necessary authority to conduct such
negotiation (the “Negotiation Teams”)

 

Contract manager

 

2.                         Each
Negotiation Team will be headed by an individual who will be responsible on
behalf of each of Euronext and Provider, as applicable, for negotiating the New
Contract (the “Contract Manager”)

 

Change of members

 

3.                         Each of
Euronext and Provider, in its sole discretion, may change from time to time
which of its employees are designated as members of the Negotiation Team and as
Contract Manager, provided, however, that, unless such change is the result of
death, illness or termination for cause or voluntary departure, (a) such change
shall not obstruct, delay, or complicate the negotiations for the New Contract,
and (b) shall be disclosed to the other Party at least thirty days in advance,
and no later than is reasonably possible and, in any event, before the first
meeting between the Negotiation Teams of Euronext and Provider following the
change.

 

4.                         Notwithstanding
anything in the foregoing paragraph 3 to the contrary, if a regular member of a
Negotiation Team is unable to act due to absence, illness or other cause,
Euronext or Provider, as applicable, may appoint another member having a
similar level of seniority, skills, qualifications, and powers to serve as an
alternative member, provided, however, that such change shall be notified to
the other Party as soon as reasonably possible and, in any event, before the
meeting between the Negotiation Teams of Euronext and Provider in which the
alternative member is to attend.

 

Subcommittees

 

5.                         The
Negotiating Teams of Euronext and Provider may agree between them to establish
subcommittees or working groups from time to time to address specific issues,

 

41

 

PART II –
Responsibilities of Negotiation Teams

 

6.                         The
responsibilities of the Negotiation Teams will include (a) negotiating in good
faith and subject to the terms and conditions of Clause 4 of the Agreement all
the provisions of the New Contract, including, without limitation, technical
and legal requirements and financial terms, (b) internally managing and
supervising the negotiations for the New Contract, (c) obtaining the
information that is reasonably required for developing, preparing, drafting,
and negotiating the New Contract and delivering such information to the
Negotiating Team of the other Party, (d) coordinating the approval by Euronext or
Provider, as applicable, of the provisions of the New Contract, and (e) all
other activities reasonably necessary for the preparation, negotiation, and
execution of the New Contract in accordance with Clause 4 of the Agreement.

 

PART III – Meetings

 

Frequency of meetings

 

7.                         The
Negotiation Teams of Euronext and Provider will meet in Paris or London to
discuss, develop, prepare, draft, and negotiate the New Contract. Such meetings
may occur as frequently as the Negotiation Teams consider appropriate, provided,
however, that such meetings will occur at least twice per month.

 

Attendance at meetings

 

8.                         The
Contract Manager of Euronext and the Contract Manager of Provider will normally
be expected to attend and, if requested by the Negotiation Team of the other
Party, shall attend meetings between the Negotiation Teams.

 

9.                         At the
discretion of each Negotiation Team, others (including directors, internal and
external auditor(s) and other managers) might be invited to attend meetings or
parts of meetings between the Negotiation Teams.

 

External advisors

 

10.                   Each of the
Negotiation Teams of Euronext and Provider is authorised to obtain outside
legal or other independent professional advice if it considers this necessary,
and to secure the attendance of external professional advisers at the
Negotiation Teams’ meetings.

 

Quorum

 

11.                   A meeting
between the Negotiation Teams of Euronext and Provider at which two (2) or more
members of each of the Negotiation Teams of Euronext and Provider are present
shall be competent to exercise all or any of the authorities, power, and
discretions vested in or exercisable by the Negotiation Team, as provided in
paragraph 6 of this Schedule 5.

 

42

 

PART IV – Benchmarking

 

*

 

43

 

Schedule 6

 

Agreed Cost Allocation

 

For the purposes of this
Schedule the following terms shall have the following meanings:

 

	
  “Asset Book Value” 

  or
  “Cost 1”

  	
   

  	
  shall mean
                  
  * 

  
	
   

  	
   

  	
   

  
	
  “Restructuring

  Costs” or “Cost 2”

  	
   

  	
  shall mean restructuring costs and expenses (other
  than a cost in the category Cost 1, Cost 3 or Cost 4) that Provider shall
  have incurred as
                 
  *

  
	
   

  	
   

  	
   

  
	
  “LIFFE
  CONNECT

  Exit Cost” or “Cost 3”

  	
   

  	
  shall mean the amount of the agreed fee covering the
  period from the Effective Date to
             *
             for LIFFE
  CONNECT® that remains payable as at the Termination Date.

  
	
   

  	
   

  	
   

  
	
  “Loss
  of Revenue

  Compensation” or

  “Cost
  4”

  	
   

  	
  shall mean:

   

  (i) in the event that a
  notice of a Termination Event is given on the date
             *
             after the Effective Date, an amount equal
  to       *      of the amount charged to Euronext and its
  Affiliates under the Interim Contracts during the
               *
              
  prior to such date (the “initial Revenue Compensation”), or

   

  (ii) in the event that notice of a Termination Event
  is given after the above date, shall mean such amount as is equal to              *

   

   

  For the avoidance of doubt
  and notwithstanding the provisions set out herein, no amount is payable in
  respect of this Cost 4 if notice of a Termination Event is given prior to the
  expiry of the period ending
             *
             after the
  Effective Date.

  
	
   

  	
   

  	
   

  
	
  “Total Aggregate

  Cost”

  	
   

  	
  shall mean the aggregate
  of Cost 1, Cost 2, Cost 3 and Cost 4

  
	
   

  	
   

  	
   

  
	
  “Expiry Date”

  	
   

  	
  shall mean the date falling
               *
              after the
  Effective Date.

  
	
   

  	
   

  	
   

  
	
  “Termination Date”

  	
   

  	
  shall mean, in relation to any payment made pursuant
  to this Schedule 6, the date on which the relevant Services cease to be
  provided to

  

 

44

 

Euronext
under this Agreement.

 

1                             In
the event of notice of a Termination Event being given by Euronext, an amount
(the “Agreed Cost  Allocation”) shall be paid by Euronext to Provider, in accordance with the
following terms.

 

a.                          No New Contract. If notice of a
Termination Event has been given under Clause 6.3(a) of this Agreement and
Euronext subsequently elects to terminate this Agreement following the Interim
Period

 

*

 

b.                         Regulatory requirement  If notice of a Termination Event
has been given under Clause 6.3(b) of this Agreement then Euronext shall pay to
Provider an amount equal to
             *

 

c.                          Force majeure  If
notice of a Termination Event has been given under Clause 6.3(c) of this
Agreement then Euronext shall pay to Provider an amount equal to
             *

 

d.                         Critical Service Level failure   If notice of a Termination Event
has been given under Clause 6.3 (e) of this Agreement then Euronext shall pay
to Provider an amount equal to
             *
            and
            

 

e.                          Interim Contracts 
If Euronext shall terminate an individual Interim Contract
pursuant to Clause 6.5 of this Agreement then Euronext shall pay to Provider an
amount equal
               
*                 as
applicable, amended to reflect the amounts if any represented by
             *
               provided that if Euronext shall have
terminated both the ITFMA and the Interim Derivatives SBU Contract pursuant to
Clause 6.5 then it shall in addition pay an amount equal to
               
*

 

Provided that, where
Provider can recover costs and expenses under this provision, it must provide
Euronext with evidence of such costs and expenses.

 

45

 

2.                          Any amount
payable pursuant to this Schedule 6 shall (i) be subject to an obligation on
Provider to mitigate all such costs and expenses as may arise and (ii) be paid
to Provider as soon as practicable after the date on which the relevant
Services cease to be provided under this Agreement, provided that any amounts
payable to Provider by Euronext in respect of
           *
          are paid as soon as
reasonably practicable after such costs, if any, are incurred.

 

3.                          When
calculating the Agreed Cost Allocation the Parties will ensure that no amount
shall be payable to the extent that it duplicates amounts to be paid separately
by Euronext which takes into account the subject matter of the cost categories
set out in this Schedule 6, including, without limitation, any amounts paid
under a Transition Plan or pursuant to Schedule 4.

 

46Exhibit
10.59

UNOFFICIAL
TRANSLATION ONLY FOR INTERNAL USE

EMPLOYMENT CONTRACT

Director in accordance with the articles of
association

THE UNDERSIGNED;

1.               Euronext Amsterdam N.V., a public limited liability company established and
having its registered office at Beursplein 5, 1012 JW Amsterdam, legally
represented in this matter by the Chairman of the Supervisory Board of Euronext
N.V. Mr. J.M.
Hessels, the Chairman of the Managing Board of Euronext N.V. Mr. J.F. Théodore,
and the Human Resources Director of Euronext Amsterdam N.V., Mr. S.B.L. Evers,
hereinafter referred to as “the Employer”;

and

2.               Mr. JJ.M. van der Does de Willebois, born on 24
January 1959 and currently residing at Violenweg 16, 2597 KL The Hague, hereinafter referred to as “the Employee”;

WHEREAS:

—              The Employer wishes to enter into an employment
contract with the Employee, and the Employee shall be employed by the Employer in accordance with the terms,
conditions and stipulations set out below.

—              The Employer is a wholly-owned subsidiary of Euronext
N.V., for which company the Employee shall also work.  Where this employment contract refers to “the
Employer”, this shall also be
understood to mean Euronext N.V.

—              The Supervisory Board of Euronext N.V has nominated
the Employee for the position of managing director of Euronext N.V. in
accordance with article 16.3 of Euronext N.V.’s articles of association and
shall notify shareholders of the intended appointment at the next general
meeting of Euronext N.V.

—              The Employee shall be appointed Chairman of the Board
of Management of Euronext Amsterdam N.V. at the next general meeting of
Euronext Amsterdam N.V.

—              In view of the intended appointment of the
Employee to the position of managing director in accordance with the articles of
association of Euronext N.V., all decisions relating to the Employee’s
remuneration and/or terms and conditions of employment shall be taken by the
Supervisory Board of Euronext N.V.

 

 

1

 

 

HEREBY AGREE AS FOLLOWS:

Article 1                                                   Duration

1.1                                                                                 The
Employee shall be employed by the Employer for a period of four years as from 1
November 2004, or as of an earlier date if possible.  If the employment contract is to be renewed,
the Employer shall inform the Employee of this fact before the end of the 2007
financial year.  The parties have
expressed their intention to extend the contract period by a similar
length of time in the event that the Employee’s performance is
Satisfactory.  If the contract expires and is
not renewed, the Employee shall participate in the 2008 variable bonus scheme
for the Managing Board of Euronext N.V, on a pro-rata basis.  The Employee shall participate in the 2004
bonus scheme for the Managing Board of Euronext N.V. on a pro-rata basis.

1.2                                                                                 This
employment contract may be terminated before it expires by means of notice
given by registered post at the end of a calendar month, with due observance of
a notice period of three months by the Employee or six months by the Employer,
as appropriate.

1.3                                                                                 If the Employee is dismissed during the
period referred to in article 1.1, the maximum compensation that can be
provided as severance pay shall be the Employee’s annual salary (fixed
component of remuneration).  If, in the
circumstances, this severance pay is manifestly unreasonable, a maximum amount
of two years’ salary may be paid.  The
Employer shall decide whether such a situation exists, in accordance with the
requirements of reasonableness and fairness. 
In the event that the Employee is deemed to be failing — as referred to
in the Dutch Corporate Governance Code (provision 11.2 and the notes to best
practice provision 11.2.7) — no severance pay will be awarded.

Article 2                                                   Position/activities

2.1                                                                                 In addition to his responsibilities as a
member of the Managing Board of Euronext N.V. as prescribed by the articles of
association, the Employee shall be responsible for the financial policy of the
group of companies to which the Employer belongs and shall act as the Chairman
of the Board of Management of Euronext Amsterdam N.V.  A Job description is enclosed (Appendix I).

2.2                                                                                 The
Employee shall work at the Amsterdam and Paris sites of the group to which the
Employer belongs.  The terms and
conditions governing his work in Paris shall be agreed separately.  A copy of these terms and conditions is
enclosed (Appendix II).

2.3                                                                                 The
Employee shall perform his work to the best of his ability and shall devote all
his skills and energy to promoting the interests of the group and the Employer.

 

2

 

Article 3                                                   Additional offices/positions

The Employee shall not accept any additional
positions, paid or otherwise, with or for third parties without obtaining
prior, express written permission from the Chairman of the Supervisory
Board.  Any remuneration received in
connection with such additional positions shall be for the Employer.

Article 4                                                   Salary and fringe benefits

4.1                                                                                 The
Employee shall be paid a gross annual salary of €375,000, inclusive of holiday
pay and thirteenth month bonus.  The
salary shall be paid in twelve (12) equal instalments before the end of each
month by means of a transfer to
the bank account or giro account indicated by the Employee.  The holiday pay and thirteenth month bonus
included in the salary shall be paid to the Employee on the dates on which the
Employer usually makes such payments.  If
the Employee receives income from any other company that forms part of the
group to which the Employer belongs, this income shall be deducted from the
amount stated above.

4.2                                                                                 The
Supervisory Board has set the maximum bonus that can be obtained for the year
2004 at 125% of basic salary, based on the bonus policy set out in the annual
report for 2003.  The performance
criteria that govern the awarding of the bonus and the amount of bonus awarded
are set once a year by the Supervisory Board. 
The Employee shall be informed at the start of each year of the maximum
bonus that can be obtained that year and the criteria imposed by the
Supervisory Board.  The Employee shall
not be entitled to receive any bonus payment if, prior to the day on which the
bonus is paid, the employment contract is terminated either by the Employee or by the Employer
for urgent reasons.

4.3                                                                                 On
entering employment, the Employee shall be eligible for 40,000 options under
the option plan that applies within the company, the Euronext
Employees Stock Option Plan 2004, which was approved by shareholders at the annual general
meeting on 26 May 2004.  A copy of this
plan shall be sent to the Employee under separate cover.

4.4                                                                                 The
Employer shall also compensate the Employee for all reasonable business
expenses, as determined by the Employer, that are incurred in connection with
the Employee’s work.  This shall be done
in accordance with the group’s policy on claiming business expenses and on the
basis of the submission of an itemized expense claim together with original
vouchers.

4.5                                                                                 The
Employee is entitled to 25 days’ holiday a year, which shall be taken after
giving due consideration to the Interests of the Employer and the group to
which it belongs.

4.6                                                                                 All other fringe benefits set out in the
Staff Manual of Euronext Amsterdam apply to the Employee, except where this
employment contract explicitly states otherwise.

 

3

 

Article 5                                                   Leased car

The Employee is entitled to a leased car in accordance with the car lease
scheme of Euronext Amsterdam N.V.

The company car and company
chauffeur shall be at the disposal of the Employee for travel relating to his
activities in and around
Amsterdam (including commuting).

Article 6                                                   Telephone/fax

The Employer shall reimburse
the Employee for all reasonable costs incurred in connection with the use of a mobile telephone
and for all costs relating to the telephone and fax at the Employee’s
residential address in the Netherlands. 
Any tax payable in connection with telephone or fax usage shall be for
the account of the Employee.

Article 7                                                   Pension

The Employee shall
participate in the Employer’s group pension scheme in accordance with the terms
and conditions set out in the Staff Manual of Euronext Amsterdam.  If the basic terms and conditions of the
Employer’s group pension scheme are changed during the term of this contract
with material consequences for the Employee’s pension scheme, the consequences
of this change for the Employee shall be discussed in advance with the
Employee, taking due account of the pension schemes that apply to the other
members of the Managing Board of Euronext N.V. (level playing field).

Article 8                                                   Incapacity for work

The arrangements relating to illness
and incapacity for work as set out in the Staff Manual of Euronext Amsterdam
shall apply to the Employee. 
Furthermore, if the Employee becomes unfit for work (as defined in the
Staff Manual of Euronext Amsterdam) within two months of commencing employment,
he shall continue to receive his full salary (fixed component of remuneration).

Article 9                                                   Confidentiality

9.1                                                                                 For the duration of the employment
contract as well as thereafter, the Employee shall make no announcements
whatsoever that contain information about the Employer or companies affiliated
with the Employer which he knows or ought to know is confidential.  The Employee shall also ensure that such
confidential information cannot be used by others.

9.2                                                                                 The Employee may
not keep in his possession or show or make available to third parties any books, correspondence,
notes, drawings, calculations or other documents belonging to the Employer or
to make any copies or drawings thereof,

 

4

 

digital
or otherwise, except where this is necessary in the course of his work, unless
he has obtained prior written permission from the Employer.

9.3                                                                                 All documents
containing confidential information, such as correspondence, notes, drawings
and calculations, as well as copies thereof, digital or otherwise, irrespective
of whether they have been made available to the Employee or are addressed
personally to the Employee, must be returned immediately to the Employer as
soon as requested, but in any event by the time the employment contract is
terminated, together with all other company property that the Employee has in
his possession.  The employee may not
retain any copies, digital or otherwise, of these documents.

Article 10                                             Prohibition on recruitment of other
employees

For the duration of the
employment contract and for a period of twelve (12) months thereafter, the
Employee may not recruit any employees of the Employer or any companies
affiliated with the Employer to perform work for any other party unless the
Employer’s express permission has been obtained.

Article 11                                             Competition

For a period of twelve (12)
months following the termination of the employment contract, the Employee may
not be involved in activities in the same area as the Employer’s business
activities or in a related area unless he has obtained the Employer’s express
written permission.

Article 12                                             Gifts

12.1                                                                           For the duration of the employment
contract, the Employee may not accept or stipulate any commission, concessions
or payment in any form whatsoever for himself unless the express written
permission of the Chairman of the Supervisory Board of Euronext N.V. has been
obtained.

12.2                                                                           The Employee may not accept any gifts or other benefits of any kind from
third parties other than token gifts if it can be assumed that they have been
offered to the Employee in connection with his position or the work he performs
for the Employer.  If the Employee is
offered such gifts or benefits by third parties, he must immediately report
this to the Chairman of the Managing Board or the Chairman of the Supervisory
Board of Euronext N.V.

Article 13                                             Conversion

If any article of this
employment contract or component thereof is declared null and void or otherwise
proves unenforceable, all other provisions shall continue to apply,

 

5

 

Article 14                                             General provisions

14.1                                                                           This employment contract is governed by
Dutch law.

14.2                                                                           Any
disputes relating to or ensuing from this employment contract shall be
submitted to the competent court in Amsterdam exclusively unless the parties
agree in writing to other arrangements.

14.3                                                                           The
Employer has given the Employee a copy of the Staff Manual of
Euronext Amsterdam.  The provisions of the Staff Manual apply
except where this employment contract explicitly states otherwise.  By signing this employment contract, the
Employee declares that he agrees to the provisions of the Staff Manual.

14.4                                                                           This employment contract is not governed
by a collective labour agreement.

14.5                                                                           All
amendments and/or additions to this
employment contract shall be agreed between the parties in writing and require
signing by both parties to become effective.

14.6                                                                           Notwithstanding
the provisions of the previous article, the Employer has the right to make
changes unilaterally to the terms and conditions of employment agreed between
the parties if the importance of the amendments can in all reasonableness and
fairness be considered to outweigh the Employee’s interests.

14.7                                                                           Contrary to the provisions of article 661 (1) of Book 7 of the Dutch Civil
Code and article 170 (3)
of Book 6 of the Dutch Civil Code, the Employer may institute recovery proceedings
against the Employee for damage caused to the Employer or a third party by the
Employee, to the extent that the Employee is insured against such damage.

 

6

 

Thus drawn up and signed in duplicate on 8  September
2004

	
  On
  behalf of the Employer:

  	
   

  	
  The
  Employee:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  J.M.
  Hessels

  	
   

  	
  J.J.M.
  van der Does de Willebois

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  J.F.
  Théodore

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  S
  B.L. Evers

  	
   

  	
   

  

 

 

7

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