Document:

EXHIBIT
10.55

 

Euronext N.V.

 

 

Euronext
Employees Stock Option Plan 2001

 

 

 

Plan Description

 

 

IMPORTANT INFORMATION

 

This Plan Description does not constitute
investment advice, or a recommendation of Euronext to accept the offer
expressed herein. Employees of Euronext who are eligible to participate in the
Euronext Employees Stock Option Plan 2001 (the “Plan”) must rely upon their own
examination of the terms and conditions of the Plan and are advised, if
necessary, to seek independent advice in order to make a balanced judgement of
all that is discussed and described herein.

 

1.                                      Introduction

 

The Euronext
Employees Stock Option Plan 2001 was adopted by the Managing Board of Euronext
N.V. on 13 March 2001 and reviewed and approved by the Supervisory Board on
meetings held on 13 March and 19 April 2001. Purpose of the Plan is to reward
the present Euronext employees in the Netherlands and Belgium for their
continued contribution towards the creation of Euronext, as well as to promote
the long-term success of Euronext by encouraging these employees to focus on
Euronext’s long-range goals by allowing such individuals to acquire a stake in
Euronext. As the details and characteristics of the Plan are specifically
tailored to the public offering and listing of the Euronext shares, the grant
of options will be conditional upon the initial public offering occurring
during 2001.

 

The Plan
supplements the existing employees stock option plan that was adopted by the
general meeting of shareholders of Société des Bourses Françaises S.A. (“SBF”)
before the merger of SBF, Amsterdam Exchanges N.V. and Société de la Bourse de
Valeurs Mobilières de Bruxelles S.A./Effectenbeursvennootschap van Brussel N.V.
into Euronext, and applies to all employees of Euronext Amsterdam and Euronext
Brussels and their respective subsidiaries in the Netherlands and Belgium, as
well as to the employees of Clearnet S.A. employed or working in the
Netherlands or Belgium (as described in section 3 hereof).

 

 

This Plan Description sets
forth the relevant details and characteristics of the Plan.  Country-specific information for Dutch
employees is provided in the Relevant Country Annex attached hereto as Annex A.

 

2.                                      Definitions

 

Except as otherwise
provided, for the purpose of the Plan, capitalised terms used  herein shall have the following meaning:

 

	
  Beneficiary

  	
  a Euronext employee eligible to receive Options on the basis of the
  Plan.

  
	
   

  	
   

  
	
  Euronext Share

  	
  an ordinary share of EUR 1 par value in the capital of Euronext N.V.

  
	
   

  	
   

  
	
  Exercise Period

  	
  the period described in section 7 hereof.

  
	
   

  	
   

  
	
  Exercise Price

  	
  the price at which an Option Holder is entitled to purchase Euronext
  Shares upon exercise of one or more Options, as described more fully in
  section 8 hereof.

  
	
   

  	
   

  
	
  Granting Date

  	
  the date on which Options are granted, as described more fully in
  section 6 hereof, being the date of the Notice of Grant.

  
	
   

  	
   

  
	
  Notice of Grant

  	
  the notice defined in section 6 hereof.

  
	
   

  	
   

  
	
  IPO

  	
  the initial public offering and listing of Euronext Shares.

  
	
   

  	
   

  
	
  IPO Price

  	
  the issue price of Euronext Shares in the IPO applicable to retail
  investors.

  
	
   

  	
   

  
	
  Option

  	
  the right to purchase one Euronext Share at the Exercise Price.

  
	
   

  	
   

  
	
  Option Holder

  	
  each holder of one or more Options.

  
	
   

  	
   

  
	
  Plan

  	
  the Euronext Employees Stock Option Plan 2001 as described herein.

  
	
   

  	
   

  
	
  Selected Beneficiary

  	
  any Beneficiary selected as such pursuant to section 15 hereof.

  
	
   

  	
   

  
	
  Subsidiary

  	
  a subsidiary within the meaning of section 2:24a of the Netherlands
  Civil Code (being a company in respect of which another company holds the majority
  of the voting rights, or has the power to appoint the majority of the
  directors).

  

 

3.                                     Eligibility

 

Beneficiaries eligible to
receive Options under the Plan are, without duplication:

 

 

•                  all employees of Euronext Amsterdam N.V. and
its Subsidiaries, who are employed or working in the Netherlands, Belgium or
France;

•                  all employees of Euronext Brussels N.V./S.A.
and its Subsidiaries, who are employed or working in Belgium, the Netherlands
or France; and

•                  all employees of Clearnet S.A. who are employed
or working in the Netherlands or Belgium;

 

provided that, in each case, the employee as at the
Granting Date is employed on the basis of a regular, formal employment
agreement with the relevant Euronext entity (i.e. not on a temporary employment
(or uitzend) basis), whether for
a fixed or an indefinite period of time; and

 

•                  the members of the Managing Board of Euronext
Amsterdam N.V. and Euronext Brussels S.A./N.V. employed or working in the
Netherlands or Belgium

 

provided that the employment or self employed contracts,
as the case may be, of such members of the Managing Board with Euronext
Amsterdam N.V. and Euronext Brussels S.A./N.V. are still in force at the
Granting Date.

 

4.                                     Options

 

Each Option granted by
Euronext N.V. pursuant to the Plan entitles the Option Holder to purchase one
(1) Euronext Share held by Euronext N.V. itself at the Exercise Price, subject
to and in accordance with the terms hereof, except that Euronext N.V. can
fulfil its obligations arising out of Options being exercised by issuing new
shares instead of transferring treasury shares in the event that it should not
have available a sufficient number of treasury shares to cover the Options that
are exercised. Options are not transferable and cannot otherwise be encumbered
or disposed of by the Option Holder.

 

5.                                     Number of Options

 

Each Beneficiary is entitled
to a number of Options equal to the amount of a fraction A:B (rounded upwards
or downwards to the nearest whole number) in which the numerator (A) is equal
to the amount of the regular gross salary of the Beneficiary for one and a half
(1.5) months expressed in EURO as at the time of the Granting Date, and in
which the denominator (B) is equal to the IPO Price. For the purpose of this
calculation the Beneficiary’s gross salary shall be the amount of such salary
before taxation and deduction of social security premiums (and excluding any
bonuses, premiums, holiday allowances and the like). The confirmation letter
that will be sent to each Beneficiary shortly after the Notice of Grant to
which this Plan Description is attached, will state the gross salary of the
Beneficiary concerned that served as the basis for the calculation of the
number of Options granted.

 

6.                                     Granting Date

 

Subject to acceptance or
refusal in accordance with section 11 hereof, Options are granted by means of a
written notice from Euronext N.V. to the respective Beneficiaries confirming
the granting of Options to such Beneficiary under the terms

 

 

and conditions of the Plan
and stating the manner of calculation of the number of Options granted pursuant
thereto (the “Notice of Grant”). As soon as practicable after despatch of the
Notice of Grant, Euronext N.V. shall specify in writing the exact number of
Options granted to the relevant Beneficiary.

 

7.                                      Exercise Period

 

Option Holders may exercise
their Options starting 36 months after the Granting Date, up to the tenth
anniversary of the Granting Date (the “Exercise Period”).

 

8.                                     Exercise Price

 

The Exercise Price per
Option shall be:

 

(i)                                     in the case of all Belgian Beneficiaries
(including for the avoidance of doubt: the Belgian Selected Beneficiaries): the
amount in Euro equal to the IPO Price;

 

(ii)                                  in the case of all Dutch Selected
Beneficiaries: the amount in Euro equal to the IPO Price; and

 

(i)                                     (iii)  in the case of all Dutch
Beneficiaries other than the Dutch Selected Beneficiaries: the amount in Euro
equal to the IPO Price minus 10%.

 

9.                                     Exercise procedure

 

Options can be exercised by
submitting a duly completed Exercise Notice (in the form of Annex C hereto) to
Euronext N.V., Human Resources Department. Upon receipt of the Exercise Notice
and payment in full of the aggregate Exercise Price, Euronext N.V. shall
arrange for the applicable number of Euronext Shares to be transferred to a
securities account of and/or for the benefit of the Option Holder specified by
him or her in the Exercise Notice. Euronext N.V. shall use its best efforts to
transfer the applicable number of Euronext Shares as soon as practicable after
receipt of the Exercise Notice and Exercise Price.

 

A minimum of 100 Options per
exercise applies, except when exercising all remaining Options. This minimum
number does not apply to Option Holders that are granted less than 100 Options,
provided that such Option Holder exercises his or her Options all at once.

 

10.                              Expiration date

 

The Options and the right to
exercise the same expire on the tenth anniversary of the Granting Date. Options
which have not been exercised by such date shall lapse automatically without
any compensation whatsoever to the Option Holder.

 

 

11.                              Acceptance; Refusal

 

Beneficiaries must
communicate their acceptance or refusal of the Options granted to them to
Euronext N.V., Human Resources Department, no later than 2 September 2001. In
order to expedite this process, Beneficiaries are requested to complete and
return the offer response form attached to the confirmation letter that will be
dispatched shortly after the individual notice of grant provided to each
Beneficiary separately. BENEFICIARIES WHO HAVE NOT RETURNED THEIR OFFER
RESPONSE FORMS ON OR BEFORE 2 SEPTEMBER 2001 SHALL BE DEEMED TO HAVE ACCEPTED
THE OPTIONS GRANTED TO THEM.

 

12.                              No lock-up or transfer
restrictions

 

Euronext Shares transferred
or issued to an Option Holder pursuant to an exercise of Options can be freely
disposed of by the holder. No lock-up or transfer restrictions apply to these
shares. Please also refer to section 16 below.

 

13.                              Termination of employment

 

Upon termination of the
employment of an Option Holder with Euronext N.V. or one of its Subsidiaries
(or upon termination of the services any self-employed Option Holder renders to
Euronext N.V. or one of its Subsidiaries) for whatever reason, except in the
event of (i) death, (ii) disability or (iii) retirement at the scheduled
retirement date, any and all Options which have not been (or could not be)
exercised by the effective date of termination of the employment shall lapse
automatically without entitlement of the Option Holder to reimbursement or
compensation in any respect; provided however, that in the event of death of
the Option Holder - whether prior to or during the Exercise Period - the
relevant Options continue to be exercisable by his or her heirs during a
maximum period of two years after the Option Holder’s death if during the Exercise
Period, or, in the event the Option Holder dies prior to the Exercise Period,
exercisable during the first two years of the Exercise Period. The rights and
obligations under or in respect of Options that have been duly exercised prior
to the effective date of termination shall not be affected by such termination.

 

14.                              Tax treatment of the Options

 

For a description of the tax
treatment of the Options in the Netherlands, please refer to the Relevant
Country Annex attached as Annex A hereto.

 

15.                              Selected Beneficiaries

 

In addition to the Options
granted pursuant to section 5 of this Plan, the Managing Board of Euronext N.V.
may grant additional Options to Selected Beneficiaries. The selection of
Selected Beneficiaries shall be made by the Managing Board subject to the
approval of the Supervisory Board of Euronext N.V. The number of additional
Options to be granted to Selected Beneficiaries shall be calculated in
accordance with the formula set out in section 5 hereof except that the
numerator (A) shall be an amount equal to the regular gross salary of the
Selected Beneficiaries for either six (6), twelve (12), eighteen (18) or twenty
four (24) months. The applicable amount shall be determined by the Managing
Board of Euronext N.V. for each Selected

 

 

Beneficiary individually,
subject to the approval of the Supervisory Board of Euronext N.V.

 

16.                               Insider Trading Rules

 

Option Holders must observe
all applicable laws regarding insider trading, and must comply with all
applicable internal Euronext rules and regulations concerning private
investment transactions and insider trading.

 

17.                              Corporate events; Dilution

 

In the event of any change
in the par value of the Euronext Shares, the Managing Board of Euronext N.V.
may make such adjustments as it, in its sole discretion, deems appropriate in
(a) the description of a Euronext Share covered by each Option, (b) the number
of Options, (c) the Exercise Price, or (d) a combination of the foregoing, in
order to neutralise the effect of dilution of any such event.

 

18.                              Dividend rights

 

The dividend rights attached
to the Euronext Shares which the Option Holder receives upon valid exercise of
his or her Options are the same as the dividend rights attached to all other
Euronext Shares as at that time.

 

19.                              Unforeseen circumstances

 

In all situations not
provided for in this Plan Description, the Managing Board of Euronext N.V.
shall decide subject to and in accordance with all applicable laws.

 

20.                              Governing law; Jurisdiction.

 

The Plan and the Options
granted pursuant thereto are governed by and construed in accordance with the
laws of the Netherlands. All disputes arising from or in connection with the
Plan or any Options granted thereunder shall be submitted to the competent
courts in Amsterdam; provided that for the benefit of Beneficiaries employed or
residing in Belgium, Euronext N.V. also submits to the competent courts of
Brussels.

 

 

ANNEX A

Euronext N.V.

 

 

Euronext
Employees Stock Option Plan 2001

 

 

Relevant Country Annex

(The Netherlands)

 

 

TAXATION OF STOCK OPTIONS

 

Below you will find a brief summary of certain Dutch
tax consequences related to the Euronext Employees Stock Option Plan 2001 under
the Dutch tax laws in force and in effect as at the date hereof, which is
subject to changes in Dutch law, including changes that could have retroactive
effect. This summary has a general nature and is only intended to give general
guidance and should be treated with corresponding caution. It can not be relied
upon with respect to Dutch tax consequences that are not specifically discussed
herein. Any Dutch tax consequences due to the application of a special tax
regime or special interpretation of the law, whether agreed by ruling or
otherwise, are excluded from this summary. This summary only regards the
employees who are resident and working in the Netherlands and are employed by
Euronext Amsterdam N.V. or one of its Dutch resident subsidiaries. We recommend
you to consult your own advisor in respect of the grant of Options to you.

 

This summary first outlines in a general fashion the taxation under the
Euronext plan. The summary also includes a general outline of the Dutch tax
rules in respect of options granted to Employees who are residents of the
Netherlands for tax purposes and who are subject to Dutch wages tax and who
work in the Netherlands.

 

The Euronext Plan

 

Options are considered to be salary. The tax rates are the same as
those applying to your cash salary; progressive rates with a maximum of 52%.

 

Under the Euronext Plan you will not have to pay tax at grant or at
acceptance.  There are two systems
(regime I and regime II) that determine the moment you will be taxed as well as
the amount that will be taxable. Under Regime I you will be taxable at the
third anniversary of grant, provided you are still an employee of Euronext at
that time or, if such event occurs earlier, at your death, disability or
retirement at the scheduled retirement date (“the taxable moment under regime I”).
The tax payable is based on a formula (see below). Basically your tax is calculated
as a percentage of the stock price at that date. Under Regime I, the exercise
of the Options nor the sale of the Shares will be taxable, but you may have to
pay tax annually on the value of the Options and - after exercise - the value
of the Euronext Shares (see below Box III).

 

 

Regime II will only be applicable if you and your employer send a
letter to the competent tax inspector before the taxable moment under regime I
informing him of your choice to be taxed under this regime. Under Regime II two
taxable moments may occur. The first moment is the taxable moment under regime
I (see above). You will be taxable on the difference between the market value
of a Euronext share at grant and the Exercise Price (the intrinsic value at
grant), insofar as such difference is still present at that time, multiplied
with the number of options. The second taxable moment occurs upon your exercise
of an Option on the difference between stock price of the Euronext Shares and
the Exercise Price of the Options you exercise, minus the amount already taxed,
if any. The sale of the Shares will not be taxable but you may have to pay tax
annually on the value of the Euronext Shares (see below Box III).

 

Under both regimes, the value is taxed as income from employment
(maximum rate 52%). The tax paid is irrecoverably paid and no refund and/or
deduction for this tax paid is granted to you in any case. Your employer will
have to withhold the tax.

 

Euronext explicitly refrains from any judgement with respect to the
regime of taxation that you should choose. In case the stock price of the
Euronext Shares increases significantly after the taxable moment under regime I
but prior to your exercise the tax payable would in principle be lower under
regime I. On the other hand, in case the stock price of the Euronext Shares
after the taxable moment under regime I but prior to your exercise drops and
remains below the exercise price under regime I you would have paid tax without
the possibility of deriving a gain. It may be advisable to consult your
personal advisor as to the consequences of your choice.

 

Dutch tax rules

 

An option constitutes taxable income from employment (tax rates up to
52%, 2001). Effective 1 January 2001, Dutch Wage Tax Act contains two
alternative regimes to tax employee stock options:

 

(i)                                     At the time the options become unconditional
(Regime I);

(ii)                                  Upon exercise (Regime II).

 

The principal rule is that employee stock options are taxable under
Regime I. Only upon election, such options can be taxed pursuant to Regime II
(see below).

 

The employer will in principle have to withhold the wage tax payable by
the Dutch employee at the moment of taxation.

 

(i)                                 Regime I

 

At the moment the options become unconditional their value is
calculated as a percentage of the fair market value of the underlying shares at
that moment. The percentage is determined according to the following formula:

 

P = I + V, but at least 4

 

 

In this formula:

 

I  =  [(W - U) / W] x 100; I can be negative

V = (4.5 - 0.1t) x t - (0.09 - 0.002t) x I x t; V cannot be negative

P  = percentage;

I   = intrinsic value; fractions
are rounded down

V  = expectancy value; fractions
are rounded down

W = fair market value of the shares at the taxable moment

U  = the option exercise price

t  = the term of the option after
the taxable moment (in years or in parts thereof)

 

Additional taxation

 

Under this system of taxation, taxation in addition to that at
unconditional grant will be triggered if you engage in certain transactions
before the third anniversary of grant.(1) In principle these
transactions, apart form the Options becoming business assets, are not allowed
under the Euronext Plan.

 

(ii)                             Regime II

 

The employee opting for taxation at exercise should prior to his
employee stock options becoming unconditional inform the tax inspector in
writing (together with his employer) thereof. Under this system, taxation in
respect of the benefit will in principle only take place at exercise(2).
However, taxation in respect of the fact that the exercise price is lower than
the market value of the shares at grant (i.e. the 10% discount to the Dutch
Employees other than the Dutch Selected Employees) cannot be postponed until
exercise. This benefit will be taxable when the options become unconditional
(see above) irrespective of the election made. Taxable pursuant to this system
is the value of the underlying shares in excess of the sum of the exercise
price less the amount already taxed, if any. If the options are not exercised
but disposed off in any other way, the basis for taxation will be the actual
benefit derived through the disposal.

 

Tax Act 2001

 

Under the Income Tax Act 2001 individuals are taxed as follows:

 

•                  Box I comprises business and labour income,
income from periodic payments and income from the taxpayer’s primary residence.
Box I provides for a progressive rate of taxation up to 52%.

•                  Box II comprises income (dividends and
capital gains) derived from a (deemed) “substantial interest” in a company. All
such income is subject to a flat tax rate of 25%.

•                  Box III comprises all other income (i.e.,
investment income). All such income is deemed to be 4% of the average net value
of the taxpayer’s assets and liabilities and will be taxed at a flat rate of
30%.

 

Under the Income Tax Act
2001, employee stock options will be categorised in Box I at grant regardless
which system of taxation (Regime I or II) would be opted for. Under Regime I,
the principal rule is that options will move to Box III on the third

 

(1)          If the options are exercised, sold, pledged,
encumbered or become business assets.

(2)          The moment the employee stock options become
unconditional may coincide with exercise.

 

 

anniversary of grant. Under Regime II the Options will be included in
Box I. The acquired shares will be included in Box III immediately following
the exercise.

 

 

ANNEX B

Euronext N.V.

 

Euronext
Employees Stock Option Plan

2001

 

Q & A

(The Netherlands)

 

1.                                     General

 

What is the purpose of the Plan?

 

Purpose of the Plan is to promote the long-term
success of Euronext by encouraging the employees that have assisted in creating
Euronext, to focus on its long-range goals by allowing such individuals to
acquire a stake in Euronext.

 

Will I be required to pay for my Options?

 

The Options are granted to you in recognition of your
services to Euronext, and do not require any cash payment. To purchase shares
under the Options, however, you must pay the Exercise Price for the number of
shares you wish to acquire.

 

How will I receive my Euronext Shares once I have
exercised my Options?

 

Once you have validly exercised your Option through
submitting to Euronext a duly completed Exercise Notice (attached as Annex C
hereto) and payment in full of the aggregate Exercise Price due, Euronext will
procure that the corresponding number of Euronext Shares will be transferred to
a securities account in the Netherlands, France or Belgium of your preference.
Please make sure that the relevant Exercise Notice clearly and correctly states
all of your account details. If you do not yet have a securities account, please
request your bank to open one well ahead of the projected exercise date.

 

What happens if I do not exercise my Options?

 

Your Options will lapse automatically at the tenth
anniversary of the Granting Date, or upon termination of your employment with
Euronext (except in the event of death, disability or retirement at the
scheduled retirement date), whichever is earlier.

 

 

What do I need to do to accept or refuse the Options?

 

You need to return the Offer Response Form annexed to
the confirmation letter that will be sent to you shortly after the notice of
grant of Options, before the ultimate response date stated on such Form.
Beneficiaries who have not returned their Offer Response Forms in time shall be
deemed to have accepted the Options granted to them and shall be taxed
accordingly.

 

My employment agreement with Euronext expires within
one year. Am I eligible to receive Options under the Plan?

 

Yes, provided that you fall within one of the
categories of Beneficiaries set forth under section 3 of the Plan Description.
Please note, however, that you will not be able to exercise your Options in any
event if you are no longer employed at the commencement of the Exercise Period
(which is 36 months after the Granting Date). Please also refer to sections 7, 9,
10 and 13 of the Plan Description for the conditions applicable to a valid
exercise of your Options.

 

Will I be reimbursed by Euronext in respect of any
taxation or other costs incurred in connection with the Options?

 

No. It is therefore imperative that you familiarise
yourself with the tax and other financial consequences the grant of the Options
may have in your situation.

 

Can I transfer my Options?

 

The Options are not transferable, but can be the
object of a bequest and/or inheritance.

 

Can I pledge or otherwise encumber any or all of my
Options?

 

No.

 

When do I acquire the rights of a shareholder?

 

As a holder of Options, you have none of the rights
of a shareholder with respect to the shares covered by your Options. You will
not acquire shareholder rights until you have received the applicable number of
Euronext Shares.

 

When may I exercise my Options?

 

The Options are exercisable as from 36 months after
the Granting Date, until expiry of the Options on the tenth anniversary of the
Granting Date. Options can only be exercised during that period if you are
still employed with Euronext at the time of exercise, or if your employment has
been terminated earlier because of your death, disability or retirement at the
scheduled retirement date.

 

When will my Options expire?

 

The Options expire on the tenth anniversary of the
Granting Date.

 

 

What form of payment is required when I exercise my
Options?

 

The Exercise Price can only be paid in cash.

 

Do I need to exercise my Options all at once?

 

No, you may exercise your Options in instalments.
However, a minimum of 100 Options per exercise applies, except when exercising
all remaining Options.

 

The minimum amount of 100 Options per exercise does
not apply to Option Holders that were granted less than 100 Options. These
Option Holders may exercise less than 100 Options per exercise, provided that
such Option Holder exercises his or her Options all at once.

 

What happens to my Options if my employment with
Euronext terminates?

 

After the termination of your employment (other than
by reason of your death, disability, or retirement at the scheduled retirement
date), you are no longer entitled to exercise your Options. Any exercise made
during the Exercise Period prior to the termination of your employment, however,
are not affected by such termination.

 

What happens to my Options if I die or become
disabled?

 

Disability occurring once the Exercise Period has
started does not affect the right to exercise the Options. In the event of your
death within the Exercise Period, your Options may be exercised during a
maximum period of two (2) years by the person or persons to whom the Options
are transferred by the provisions of your will or the applicable laws of
inheritance. These persons may exercise your Options in accordance with the
terms and conditions of the Plan. In the event of death prior to the start of
the Exercise Period, the said persons may still exercise the Options during the
first two (2) years of the Exercise Period.

 

Apart from the terms and conditions of the Plan, are
there any other rules I must observe?

 

Yes. You must observe all internal Euronext rules regarding private
investment transactions and insider trading, as well as all applicable laws,
including but not limited to those concerning insider trading.

 

When can I sell my shares I received upon exercise of
my Options?

 

You may sell or otherwise dispose of your shares
immediately, provided that all applicable laws and internal regulations
applicable to Euronext employees and other insiders (notably on insider
trading) are observed.

 

Do I have the right to remain employed until my
Options become exercisable?

 

Nothing in the Plan is intended to give any person
the right to remain employed by any Euronext entity for any specific period.
Both you and Euronext will have the right to

 

 

terminate your employment at any time and for any
reason, subject to any employment agreement that may apply, and subject to all
applicable laws.

 

 

2.                                     Netherlands Taxation(3)

 

What is my tax position at grant or acceptance?

 

You will not pay any tax in respect of the Options at
the time your Options are granted or at the time you accept your Options.

 

What is the tax position after grant?

 

Dutch tax law provides for two regimes of taxation:
regime I and regime II.

 

Regime I:

Under regime I you will be taxed when the Options
become unconditional. Taxation arises irrespective of you exercising all or
part of your Optionst.

 

Regime II:

Under regime II you will be taxed when you exercise
your Options. You will also taxed if (and to the extent) the excess of the fair
market value of the underlying Shares at grant over the Exercise Price
is still present at that time the Options becomes unconditional. This amount
will not be subject to tax again upon your exercise of the Options.

 

When will the Options become ‘unconditional’?

 

The Options will become ‘unconditional’ at the third
anniversary of the date of grant, unless you are no longer an employee of
Euronext at that date. The options will also become ‘unconditional’ at your
death, disability or retirement at the scheduled retirement date before
the third anniversary of grant.

 

And after that?

 

Regime I:

If you are taxed under regime I at the third
anniversary of the date of grant the Options become unconditional your Options
- and after exercise your Shares - will become part of your taxable basis in
box III (Schedule A).

 

Regime II:

If you are taxed under regime II after exercise your
Shares will become part of your taxable basis in box III (Schedule A).

 

(3) This brief summary of certain Dutch tax consequences related to the
Euronext Employees Stock Option Plan 2001 under the Dutch tax laws in force and
in effect as at the date hereof, and is subject to changes in Dutch law,
including changes that could have retroactive effect. This summary has a
general nature and is only intended to give general guidance and should be
treated with corresponding caution. It can not be relied upon with respect to
Dutch tax consequences that are not specifically discussed herein. Any Dutch
tax consequences due to the application of a special tax regime or special
interpretation of the law, whether agreed by ruling or otherwise, are excluded
from this summary. This summary only regards the employees who are resident and
working in the Netherlands and are employed by Euronext N.V. or one of its
Dutch resident subsidiaries. We recommend you to consult your own advisor in
respect of the grant of Options to you.

 

 

Under which regime will I be taxed?

 

If you make no election you will be taxed under regime
I. If you wish to be taxed under regime II the competent tax inspector will
have to be notified of this choice in a joint letter by yourself and your
employer before the Options become unconditional

 

Which regime should I choose?

 

Euronext explicitly refrains from any judgement with
respect to the regime of taxation that you should choose. It may be advisable
to consult your personal advisor as to the consequences of your choice.

 

On what basis is my taxable amount calculated?

 

Under regime I: The amount of taxable amount is
calculated by reference to a formula.

 

Under regime II: You are taxed on the basis of your
gain, which is the excess of the share value of the Option Shares over the
exercise price of the Options.

 

At what rate am I taxed?

 

The progressive rates for employment income in Box I
apply.

 

How is the tax paid?

 

Your employer will be obliged to pay the tax on your
behalf. This creates a payable of yourself towards your employer. Your employer
could deduct your tax out of your salary and/or require you to provide the
necessary funds to pay the tax you owe. You may choose to sell some of your
Shares immediately to cover your tax liability.

 

What is the tax position on the sale of your Shares?

 

A capital gain realised on the sale of your Shares will
in itself not be subject to Dutch tax.

 

 

ANNEX C

Euronext N.V.

 

Euronext
Employees Stock Option Plan 2001

 

 

Exercise Notice

 

 

	
  Name:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Address:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Country:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Telephone (office):

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Telephone (home):

  	
   

  	
                                  ,

  

 

a beneficiary under the Euronext Employees Stock Option Plan 2001 (the “Plan”),
hereinafter referred to as the “Beneficiary”;

 

hereby gives notice to Euronext N.V. that it wishes to exercise                       
(specify number, with a minimum of 100 except when exercising all (remaining)
options) options granted to it pursuant to the Plan. The Beneficiary hereby
irrevocably instructs Euronext N.V. to procure the transfer of the
corresponding number of Euronext N.V. shares to the Beneficiary’s securities
account maintained with the banking institution identified below. I am aware
that the transfer of the Euronext shares will only occur once Euronext N.V.
shall have received payment in full of the aggregate exercise price.

 

I am aware of the current Euronext private investment transactions and
insider trading rules and regulations applicable to Euronext employees and
other insiders, and I hereby undertake to observe all such rules if and to the
extent applicable to me.

 

I have transferred the aggregate exercise price of EUR                        
to account number 22.35.06.907 in the name of Euronext Amsterdam N.V. (name and
address of banking institution: Kas-Associatie N.V., Spuistraat 172, Amsterdam,
the Netherlands).

 

 

Upon receipt of the exercise price, please transfer the corresponding
number of Euronext N.V. shares to the following securities account:

 

	
   

  	
  Account number:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  In the name of:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Name of Bank:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Address of Bank:

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Country of Bank:

  	
   

  	
   

  

 

 

	
  Date:

  	
   

  	
  Signature:

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  

 

 

Please send this Exercise Notice to Euronext N.V.,
Human Resources Department, P.O. Box 19163, 1000 GD Amsterdam.Exhibit
10.56

 

	
  V 05 September 2002

  

 

Euronext
N.V.

 

	
   

  
	
  Euronext Employees
  Stock Option Plan 2002

  
	
   

  

 

Plan Description

 

IMPORTANT
INFORMATION

 

This Plan Description does not constitute investment
advice, or a recommendation of Euronext to accept the offer expressed herein.
Employees of Euronext who are eligible to participate in the Euronext Employees
Stock Option Plan 2002 (the “Plan”) must rely upon their own examination of the
terms and conditions of the Plan and are advised, if necessary, to seek
independent advice in order to make a balanced judgement of all that is
discussed and described herein.

 

1.                         Introduction

 

The
Euronext Employees Stock Option Plan 2002 (the “Plan”) was adopted by the
Managing Board of Euronext N.V. on 5 June 2002 and reviewed and approved
by the Supervisory Board on 20 June 2002. Purpose of the Plan is to
provide a regulation for the awarding of options to selected employees of
Euronext in France, the Netherlands, Belgium, the United Kingdom, the United
States and Portugal with a view to promoting the long-term success of Euronext.
Aim is to encourage selected employees to focus on Euronext’s long-range goals
by allowing such individuals to acquire a stake in Euronext.

 

The
Plan supplements the existing employees stock option plans, i.e. (i) the
plan that was adopted by the general meeting of shareholders of Société des
Bourses Francaises S.A. (“SBF”) before the merger of SBF, Amsterdam Exchanges
N.V. and Société de la Bourse de Valeurs Mobilieres de Bruxelles
S.A./Effectenbeursvennootschap van Brussel N.V. into Euronext (the “SBF Plan”),
fand (ii) the Euronext Employees Stock Option Plan 2001, and applies to
selected employees of Euronext Paris, Euronext Amsterdam, Euronext Brussels,
Euronext Lisbon and LIFFE (Holdings) Plc, and their subsidiaries in France, the
Netherlands, Belgium, Portugal, the United States and the United Kingdom, as
well as to the employees of Cleamet S.A. employed or working in France, the
Netherlands or Belgium or Portugal (as described in section 3 hereof).

 

 

 

	
  V 05 September 2002

  

 

This
Plan Description sets forth the relevant details and characteristics of the
Plan. Country-specific information for French employees is provided in the
Relevant Country Annex attached hereto as Annex A, for Dutch employees
in Annex B, for Belgian employees in Annex C, for Portuguese
employees in Annex D, and for UK employees in Annex E.

 

2.                         Definitions

 

Except
as otherwise provided, for the purpose of the Plan, capitalised terms used
herein shall have the following meaning:

 

	
  Beneficiary

  	
   

  	
  a Euronext employee who is selected to be granted
  Options by the Managing Board of Euronext N.V. on the basis of the Plan.

  
	
   

  	
   

  	
   

  
	
  Euronext Share

  	
   

  	
  an ordinary share of EUR 1 par value in the capital
  of Euronext N.V.

  
	
   

  	
   

  	
   

  
	
  Exercise Notice

  	
   

  	
  the notice described in section 9 hereof and
  attached hereto as Annex G.

  
	
   

  	
   

  	
   

  
	
  Exercise Period

  	
   

  	
  the period described in section 7 hereof.

  
	
   

  	
   

  	
   

  
	
  Exercise Price

  	
   

  	
  the price at which an Option Holder is entitled to
  purchase Euronext Shares upon exercise of one or more Options.

  
	
   

  	
   

  	
   

  
	
  Grant Date

  	
   

  	
  the date on which Options are granted, as described
  more fully in section 6 hereof, being the date of the Notice of Grant.

  
	
   

  	
   

  	
   

  
	
  Notice of Grant

  	
   

  	
  the notice defined in section 6 hereof. The form of
  Notice of Grant is attached hereto as Annex F.

  
	
   

  	
   

  	
   

  
	
  Option

  	
   

  	
  the right to purchase one Euronext Share at the
  Exercise Price, subject to and in accordance with the terms of the Plan.

  
	
   

  	
   

  	
   

  
	
  Option Holder

  	
   

  	
  each holder of one or more Options.

  
	
   

  	
   

  	
   

  
	
  Plan

  	
   

  	
  the Euronext Employees Stock Option Plan 2002 as
  described herein.

  
	
   

  	
   

  	
   

  
	
  Subsidiary

  	
   

  	
  a subsidiary within the meaning of section 2:24a
  of the Netherlands Civil Code (being a company in respect of which another
  company holds the majority of the voting rights, or has the power to appoint
  the majority of the directors).

  
	
   

  	
   

  	
   

  
	
  UK Approved Schedule

  	
   

  	
  the UK Approved Schedule to the Plan.

  
	
   

  	
   

  	
   

  
	
  US Schedule

  	
   

  	
  the US Schedule to the Plan

  

 

An
Option may be granted by the Managing Board of Euronext N.V. (subject to
all requisite approvals) or by any other person or entity at the request of the
Managing

 

-2-

 

	
  V 05 September 2002

  

 

Board
of Euronext N.V. and any reference in the rules to the grant of an Option
or to the setting of its terms (or to the fulfilment of an obligation arising
out of an Option) by the Managing Board of Euronext N.V. shall, where the
context so requires, include Options granted by any other person or entity at
the request of the Managing Board of Euronext N.V.

 

For
the avoidance of doubt, a reference to Euronext N.V. shall, where the context
so requires, be taken as a reference to the Managing Board of Euronext N.V.

 

3.                         Eligibility

 

The
Managing Board of Euronext N.V. at its sole discretion but subject to the
approval of the Supervisory Board of Euronext N.V., may decide from time
to time to grant options to certain selected Beneficiaries. Beneficiaries can
only be:

 

-                              employees
of Euronext Paris S.A. and its Subsidiaries, who are employed or working in
France, the Netherlands, Belgium, Portugal or the United Kingdom;

-                              employees
of Euronext Amsterdam N.V. and its Subsidiaries, who are employed or working in
the Netherlands, France, Belgium, Portugal or the United Kingdom;

-                              employees
of Euronext Brussels N.V./S.A. and its Subsidiaries, who are employed or
working in Belgium, France, the Netherlands, Belgium, Portugal or the United
Kingdom;

-                              employees
of Euronext Lisbon S.G.M.R. and its Subsidiaries, who are employed or working
in Portugal, France, the Netherlands, Belgium or the United Kingdom;

-                              employees
of L1FFE (Holdings) plc. and its Subsidiaries, who are employed or working in
the United Kingdom, France, the Netherlands, Belgium or the United States and

-                              employees
of Clearnet S.A. who are employed or working in the Netherlands, Belgium, France
or Portugal;

 

provided
that, in each case, the employee as at the Grant Date is
employed on the basis of a regular, formal employment agreement with the
relevant Euronext entity (i.e. not on a temporary employment (or uitzend) basis), whether for a fixed or an
indefinite period of time; and

 

-                              the
members of the Managing Board of Euronext Paris S.A., Euronext Amsterdam N.V.,
Euronext Brussels S.A./N.V. and Euronext Lisbon S.G.M.R. employed or working in
France, the Netherlands, Belgium or Portugal;

 

provided
that the employment or self employed contracts, as the case may be,
of such members of the Managing Board with the relevant Euronext entity are
still in force at the Grant Date.

 

-3-

 

	
  V 05 September 2002

  

 

4.                         Options

 

Each
Option granted by Euronext N.V. pursuant to the Plan entitles the Option Holder
to purchase one (1) Euronext Share held or issued by Euronext N.V. at the
Exercise Price, subject to and in accordance with the terms hereof. Euronext
N.V. can fulfil its obligations arising out of Options being exercised either
by issuing new Euronext Shares, or by transferring existing Euronext Shares
held by it or by one of its Subsidiaries. Options are not transferable and
cannot otherwise be encumbered or disposed of by the Option Holder.

 

5.                         Number of Options

 

The
Managing Board of Euronext N.V., at its sole discretion but subject to the
approval of the Supervisory Board of Euronext N.V., is entitled to determine
the number of Options each selected Beneficiary will be granted. When
determining which employees are eligible to receive Options under the Plan and
the number of Options such Beneficiary will be entitled to, it will inter alia consider the following
criteria:

 

-                              whether
the Beneficiary is holding a key position within the Euronext organisation;

-                              his/her
regular gross salary; and/or

-                              his
or her performance.

 

6.                         Grant Date

 

Subject
to acceptance or refusal in accordance with section 11 hereof, Options
will be granted by means of a written notice from Euronext N.V. to each of the
selected Beneficiaries substantially in the form of Annex F (the “Notice
of Grant”) or such similar form as determined by the Managing Board of
Euronext N.V.

 

7.                         Exercise Period

 

Option
Holders other than Option Holders employed or working in France or Belgium may exercise
their Options starting 36 months after the Grant Date, up to the seventh
anniversary of the Grant Date (the “Exercise Period”).

 

Option
Holders employed or working in France may exercise their Options starting
48 months after the Grant Date, up to the seventh anniversary of the Grant
Date.

 

Option
Holders employed or working in Belgium are advised of the adverse tax
consequences set out in Annex C of an exercise prior to the end of the third
calendar year following the year in which the Options were granted. In order to
avoid these adverse consequences Belgian Beneficiaries must complete, return
and adhere to what is stated in the Waiver Form attached as Annex H
(or such other similar form as determined by the Managing Board of
Euronext N.V.) within sixty days following the Notice of Grant.

 

Euronext
N.V. is entitled to provide in the Notice of Grant that the Options granted by
means of such notice are exercisable as from an earlier or later date.

 

-4-

 

	
  V 05 September 2002

  

 

8.                         Exercise Price

 

The
Exercise Price will be determined by Euronext N.V. and will be communicated to
the Beneficiary by means of the Notice of Grant.

 

9.                         Exercise procedure

 

Options
can be exercised by submitting a duly completed Exercise Notice (in the form of
Annex G2 (holders of Options granted pursuant to the UK Approved Schedule only)
or Annex G1 (all other Option Holders) hereto or such other similar form as
determined by the Managing Board of Euronext N.V.) to Euronext N.V., Attn.
Human Resources Department. Upon receipt of the Exercise Notice and payment in
full of the aggregate Exercise Price, Euronext N.V. shall arrange for the
applicable number of Euronext Shares to be transferred to a securities account
of and/or for the benefit of the Option Holder specified by him or her in the
Exercise Notice. Euronext N.V. shall use its best efforts to transfer the
applicable number of Euronext Shares as soon as practicable after receipt of the
Exercise Notice and Exercise Price.

 

A
minimum of 100 Options per exercise applies, except when exercising all
(remaining) Options.

 

10.                  Expiration date

 

The
Options and the right to exercise the same expire on the seventh anniversary of
the Grant Date. Options which have not been exercised by such date shall lapse
automatically without any compensation whatsoever to the Option Holder.

 

11.                  Acceptance; Refusal

 

Beneficiaries
(other than those Beneficiaries employed or working in the United Kingdom who
are granted Options under the UK Approved Schedule) must communicate their
acceptance or refusal of the Options granted to them to Euronext N.V., Attn.:
Human Resources Department, within sixty days after the Grant Date.
Beneficiaries will be requested to complete and return the offer response form attached
to the Notice of Grant. Beneficiaries who have not returned their offer
response forms by the date which is within sixty days after the Grant Date
shall be deemed to have accepted the Options granted to them.

 

12.                  Lock-up or transfer restrictions

 

Euronext
Shares transferred or issued to an Option Holder pursuant to an exercise of
Options can be freely disposed of by the holder, unless provided otherwise in
the Notice of Grant. Please also refer to section 15 below.

 

-5-

 

	
  V 05 September 2002

  

 

13.                  Termination of employment

 

Upon
termination of the employment of an Option Holder with Euronext N.V. or one of
its Subsidiaries (or upon termination of the services which any self-employed
Option Holder renders to Euronext N.V. or one of its Subsidiaries) for whatever
reason, except in the event of (i) death, (ii) disability, (iii) retirement
at the age at which the Beneficiary is either bound or entitled to retire (or such
other age at which a Beneficiary retires by agreement with his employer), or (iv) redundancy
by reason of collective dismissal or company reorganisation, any and all
Options which have not been (or could not be) exercised by the effective date
of termination of the employment shall lapse automatically without entitlement
of the Option Holder to reimbursement or compensation in any respect; provided
however, that in the event of death of the Option Holder - whether prior to or
during the Exercise Period - the relevant Options continue to be exercisable by
his or her heirs during a maximum period of six months after the Option Holder’s
death. The rights and obligations under or in respect of Options that have been
duly exercised prior to the effective date of termination shall not be affected
by such termination.

 

14.                  Tax treatment of the Options

 

For a
description of the tax treatment of the Options, please refer to the Relevant
Country Annex attached as Annexes A to E hereto.

 

15.                  Insider Trading Rules and
disclosure of holdings

 

Option
Holders must observe all applicable laws, including, without limitation, laws
regarding insider trading and the disclosure of holdings, and must comply with
all applicable internal Euronext rules and regulations concerning private
investment transactions and insider trading.

 

16.                  Corporate events; Dilution

 

In the
event of any change in the par value of the Euronext Shares, the Managing Board
of Euronext N.V. may make such adjustments as it, in its sole discretion,
deems appropriate in (a) the description of a Euronext Share covered by
each Option, (b) the number of Options, (c) the Exercise Price, or (d) a
combination of the foregoing, in order to neutralise the effect of dilution of
any such event.

 

17.                  Dividend rights

 

The
dividend rights attached to the Euronext Shares which the Option Holder
receives upon valid exercise of his or her Options are the same as the dividend
rights attached to all other Euronext Shares outstanding as at that time.

 

18.                  Unforeseen circumstances and
interpretation

 

In all
situations not provided for in this Plan Description, the Managing Board of
Euronext N.V. shall decide, subject to and in accordance with all applicable
laws.

 

-6-

 

	
  V 05 September 2002

  

 

In the
event of any dispute or disagreement as to the interpretation of this Plan, or
as to any question or right arising from or related to this Plan, the decision
of the Managing Board of Euronext N.V. shall be final and binding upon all
persons.

 

19.                  Terms of employment not affected

 

The
rights and obligations of any individual under the terms of his office or
employment with Euronext N.V. or a Subsidiary of Euronext N.V. shall not be
affected by his participation in the Plan or any right which he may have
to participate therein, and an individual who participates therein shall waive
all and any rights to compensation or damages in consequence of the termination
of his office or employment with any such company for any reason whatsoever
insofar as those rights arise or may arise from his ceasing to have rights
under or being entitled to exercise any Option under the Plan as a result of
such termination, or from the loss or diminution in value of such rights or
entitlements.

 

20.                  Option Holders employed or working in
the United Kingdom

 

In the
case of any Options to be granted to Option Holders employed or working in the
United Kingdom, such Options may, at the discretion of the Managing Board of
Euronext N.V, be governed by the provisions of the UK Approved Schedule.

 

In the
case of any Options granted to Option Holders employed or working in the United
Kingdom other than Options granted under the UK Approved Schedule, the
following provisions shall apply:

 

-                              In a
case where any person is obliged to (or would suffer a disadvantage if it were
not to) account for any tax (in any jurisdiction) for which the Beneficiary is
liable by virtue of the exercise of an Option and/or for any social security
contributions recoverable from such Beneficiary (together, the “Tax Liability”),
that Beneficiary has either:

 

(a)                    made a payment
to the relevant person of an amount equal to the Tax Liability; or

 

(b)                    entered into
arrangements acceptable to that person to secure that such a payment is made
(whether by authorising the sale of some or all of the shares subject to the
Option on the Beneficiary’s behalf and the payment to that person of the
relevant amount out of the proceeds of sale or otherwise).

 

-                              Any
Option will lapse and cease to be exercisable if, prior to the date of exercise
of the Option, the Beneficiary:

 

(a)                    has not agreed
with Euronext N.V. and undertaken to any other company which is a “secondary
contributor” (hereafter referred to as the “Secondary Contributor”) in respect
of Class I National Insurance contributions payable in respect of any
Option Gain that the Secondary Contributor may recover from the
Beneficiary the whole of

 

-7-

 

	
  V 05 September 2002

  

 

any
Employer’s NICs; or

 

(b)                    if so
requested by Euronext N.V. or the Secondary Contributor, has not joined with
the Secondary Contributor in making an election (in such terms and such form and
subject to such approval by the UK Inland Revenue as provided in paragraph 3B
of Schedule 1 to the Social Security Contributions and Benefits Act 1992)
for the transfer of the whole of any liability of the Secondary Contributor to
Employer’s NICs to the Beneficiary,

 

and
for these purposes:

 

“Employer’s
NICs” means the amount of secondary Class I National Insurance contributions
payable in respect of any Option Gain; and

 

“Option
Gain” means a gain realised upon the exercise, assignment or release of the
Option, being a gain that is chargeable to income tax under section 135 of
the Income and Corporation Taxes Act 1988.

 

21.                  Option Holders employed or working In
the United States of America.

 

In the
case of any Options to be granted to Option Holders employed or working in the
United States of America, such Options may, at the discretion of the Managing
Board of Euronext N.V be governed by the provisions of the US Schedule.

 

22.                  Governing law; Jurisdiction.

 

The
Plan and the Options granted pursuant thereto are governed by and construed in
accordance with the laws of the Netherlands. All disputes arising from or in
connection with the Plan or any Options granted thereunder shall be submitted
to the competent courts in Amsterdam; provided that for the benefit of
Beneficiaries employed or residing in France, Belgium, Portugal, the United
States or the United Kingdom, Euronext N.V. also submits to the competent
courts of the jurisdiction in which the relevant Beneficiary is employed or
resides.

 

-8-

 

	
  V 05 September 2002

  

 

Euronext
N. V.

 

	
   

  
	
  Euronext Employees
  Stock Option Plan 2002

  
	
   

  

 

UK Approved Schedule

 

(Inland Revenue Ref: X22389)

 

1.                         Definitions and Interpretation

 

1.1.               Unless the context
otherwise requires, all expressions defined in the Core Plan shall have the
same meaning in the UK Approved Plan, save that the word “Option” shall include
a UK Approved Option as defined in rule 1.2;

 

1.2.               In addition, the
following expressions shall have the following meanings in the UK Approved Plan
unless the context otherwise requires:

 

	
  the Company 

  	
   

  	
  Euronext N.V.

  
	
   

  	
   

  	
   

  
	
  the Core Plan 

  	
   

  	
  the Euronext Employees Stock Option Plan 2002.

  
	
   

  	
   

  	
   

  
	
  Eligible Person 

  	
   

  	
  a person who satisfies the criteria in rules 3.1
  and 3.2.

  
	
   

  	
   

  	
   

  
	
  the Inland Revenue

  	
   

  	
  the United Kingdom’s Commissioners of Inland
  Revenue.

  
	
   

  	
   

  	
   

  
	
  Participating Company.

  	
   

  	
  the Company or a Subsidiary of the Company.

  
	
   

  	
   

  	
   

  
	
  the UK Approved Plan

  	
   

  	
  the Euronext Approved Share Option Plan as herein
  set out but subject to any alterations or additions made under Rule 8.1
  below.

  
	
   

  	
   

  	
   

  
	
  Schedule 9 

  	
   

  	
  Schedule 9 to the Taxes Act.

  
	
   

  	
   

  	
   

  
	
  Subsidiary

  	
   

  	
  a body corporate, whether now or hereafter existing,
  which is (a) a subsidiary of the Company within the meaning of Section 736
  of the United Kingdom Companies Act 1985; and is (b) under the control
  of the Company within the meaning of Section 840 of the Taxes Act.

  

 

-9-

 

	
  V 05 September 2002

  

 

	
  the Taxes Act

  	
   

  	
  the United Kingdom’s Income and Corporation Taxes
  Act 1988.

  
	
   

  	
   

  	
   

  
	
  UK Approved Option

  	
   

  	
  an option granted in accordance with the UK Approved
  Plan.

  

 

1.3.               Expressions not
otherwise defined herein have the same meanings as they have in Schedule 9.

 

1.4.               Any reference
herein to any enactment includes a reference to that enactment as from time to
time modified, extended or re-enacted.

 

2.                         Applicability of the Core Plan

 

2.1                  Save as
hereinafter specified, all the terms and provisions of the Core Plan shall
apply mutatis mutandis to the grant of UK Approved Options under the UK
Approved Plan.

 

2.2                  Section 12
of the Core Plan shall be read as if the words “unless provided otherwise in
the Notice of Grant” do not apply to UK Approved Options granted under the UK
Approved Plan.

 

2.3                  The first
paragraph of Section 18 of the Core Plan shall not apply to the UK
Approved Options granted under the UK Approved Plan.

 

3.                         Eligibility

 

3.1                  Subject to rule 3.3
below, a person is an Eligible Person if (and only if) he is a full-time
director or qualifying employee of a Participating Company.

 

3.2                  For the purposes
of rule 3.1 above:

 

(a)                   a person shall
be treated as a full-time director of a Participating Company if he is obliged
to devote to the performance of the duties of his office or employment with
that and any other Participating Company not less than 25 hours a week
(excluding meal breaks);

 

(b)                   a qualifying
employee, in relation to a Participating Company, is an employee of the
Participating Company (other than one who is a director of a Participating
Company).

 

3.3                  A person is not
eligible to be granted an option or to exercise a UK Approved Option under the
UK Approved Plan at any time when he is not eligible to participate in the UK
Approved Plan by virtue of paragraph 8 of Schedule 9.

 

3.4                  Notwithstanding
any thing to the contrary in the Core Plan, a UK Approved Option may only
be exercised by the Beneficiary (or, in the case of his death, his personal

 

-10-

 

	
  V 05 September 2002

  

 

representatives
in which case the option may be exercised for the period of six months
from the date of death).

 

4.                         Grant of Options

 

4.1                  Subject to rule 4.3
below, the Managing Board may grant to any Eligible Person a UK Approved
Option to acquire shares which satisfy the requirements of paragraphs 10 to 14
of Schedule 9, upon the terms set out in the UK Approved Plan and upon
such other objective terms as the Managing Board may reasonably specify.
The performance condition attaching to a UK Approved Option may only be
amended if events occur which cause the Managing Board, acting fairly and
reasonably, to consider that a waived or varied term would be a fairer measure
of performance and would be no more difficult to satisfy than the term as it
existed immediately before such amendment.

 

4.2                  The grant of a
UK Approved Option shall be subject to obtaining any approval or consent which may be
required under the provisions of any regulation or enactment.

 

4.3                  No person shall
be granted UK Approved Options under the UK Approved Plan which would, at the
time they are granted, cause the aggregate market value of the shares which he may acquire
in pursuance of options granted to him under the UK Approved Plan or under any
other share option Plan, not being a savings-related share option Plan,
approved under Schedule 9 and established by the Company or by any
associated company of the Company (and not exercised) to exceed or further
exceed £30,000.

 

4.4                  For the purposes
of rule 4.3 above:-

 

(a) in
the case of a UK Approved Option granted under the UK Approved Plan the
aggregate market value of the shares shall be calculated as on the day by
reference to which the price at which shares may be acquired by the
exercise thereof is determined as mentioned in rule 5.2 below;

 

(b) in
the case of an option granted under any other approved Plan, as at the time
when it was granted or, in a case where an agreement relating to the shares has
been made under paragraph 29 of Schedule 9, such earlier time or times as may be
provided in the agreement; and

 

(c) in
the case of any other option, the aggregate fair market value of shares shall
be calculated as on the day or days by reference to which the price at which
shares may be acquired by the exercise hereof was determined.

 

4.5                  Unless otherwise
agreed with the Inland Revenue, the Euro exchange rate for pounds sterling for
the purposes of calculating the limit in rule 4.3 above shall be the closing
mid-point spot rate derived from the Financial Times (or any successor
publication) on the day by reference to which the price at which shares may be
acquired on the exercise of the option is determined as mentioned in rule 5.2
below

 

-11-

 

	
  V 05 September 2002

  

 

4.6                  Notwithstanding Section 12
of the Core Plan, all shares allotted under the UK Approved Plan shall rank
equally in all respects with shares of the same class then in issue except
for any rights attaching to those shares by reference to a record date prior to
the date of the allotment.

 

4.7                  A UK Approved
Option shall be granted by way of a deed granted under seal or the option
certificate (which shall state the exercise price of the UK Approved Option)
shall be executed in such manner as to take effect in law as a deed

 

5.                         Exercise Price

 

5.1                  Shares shall be
issued to the Beneficiary pursuant to the exercise of an UK Approved Option
only upon receipt by the Company from the Participant of payment in full of the
exercise price in cash and shall be allotted within 30 days following the
effective date of exercise of the Option.

 

5.2                  The price
payable per share on any day shall be determined by the Managing Board prior to
the Date of Grant and shall be equal to the market value (within the meaning of
Part VIII of the Taxation of Chargeable Gains Act 1992) of shares of the
same class as those shares, as agreed in advance for the purposes of the
UK Approved Plan with the Shares Valuation Division of the Inland Revenue, on
the Date of Grant (or such other day as may be agreed in advance with the
Inland Revenue).

 

6.                         Option Roll-Over

 

6.1                  If any company (“the
acquiring company”) obtains control of the Company as a result of making:-

 

(a) a
general offer to acquire the whole of the issued ordinary share capital of the
Company which is made on a condition such that if it is satisfied the person
making the offer will have control of the Company, or

 

(b) a
general offer to acquire all the shares in the Company which are of the same class as
the shares which may be acquired by the exercise of UK Approved Options
granted under the UK Approved Plan,

 

any
Participant may at any time within the appropriate period (which
expression shall be construed in accordance with paragraph 15(2) of Schedule 9),
by agreement with the acquiring company, release any UK Approved Option granted
under the UK Approved Plan which has not lapsed (“the old option”) in
consideration of the grant to him of an option (“the new option”) which (for
the purposes of that paragraph) is equivalent to the old option but relates to
shares in a different company (whether the acquiring company itself or some
other company falling within paragraph 10(b) or (c) of Schedule 9).

 

6.2                  The new option
shall not be regarded for the purposes of rule 6.1 above as equivalent to
the old option unless the conditions set out in paragraph 15(3) of Schedule 9
are

 

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  V 05 September 2002

  

 

satisfied,
but so that the provisions of the UK Approved Plan shall for this purpose be
construed as if the new option were a UK Approved Option granted under the UK
Approved Plan at the same time as the old option;

 

7.                         Adjustments upon Changes in Capitalisation

 

No
adjustment shall be made to a UK Approved Option at a time when the UK Approved
Plan is approved by the Inland Revenue under Schedule 9 without the prior
approval of the Inland Revenue and unless the adjustment is permitted by
Paragraph 29 of Schedule 9.

 

8.                         Amendment and Termination of the UK Approved Plan

 

8.1                  If an amendment
is made to the UK Approved Plan or to the terms (other than a performance
condition) of a UK Approved Option at a time when the UK Approved Plan is
approved by the Inland Revenue under Schedule 9, the approval will not
thereafter have effect until the Inland Revenue have approved the alteration or
addition.

 

8.2                  As soon as
reasonably practicable after making any amendment to the UK Approved Plan under
rule 8.1 above, the Managing Board shall give notice in writing thereof to
any Participant affected thereby and, if the UK Approved Plan is then approved
by the Inland Revenue under Schedule 9, to the Inland Revenue.

 

8.3                  In accordance
with the Managing Board’s powers under the Core Plan, the Managing Board shall
if it deems necessary delegate authority to any one or more of the officers of
the Company to be responsible for the administration of the UK Approved Plan.

 

9.                         Miscellaneous

 

9.1                  The rights and
obligations of any individual under the terms of his office or employment with
any Group Member shall not be affected by his participation in the UK Approved
Plan or any right which he may have to participate in it, and an
individual who participates in it shall waive any and all rights to
compensation or damages in consequence of the termination of his office or
employment for any reason whatsoever insofar as those rights arise or may arise
form his ceasing to have rights under or be entitled to exercise any
option as a result of such termination.

 

-13-

 

	
  V 05 September 2002

  

 

Euronext N.V.

 

	
   

  
	
  Euronext Employees
  Stock Option Plan 2002

  
	
   

  

 

US Schedule

 

1.                         Options Granted to US
Employees

 

1.1                  This US Schedule constitutes
the part of the Plan that will govern the grant of Options to
Beneficiaries in the United States under this US Schedule and
incorporations the Rules of the Plan, as set forth above, as modified by
the provisions of this US Schedule. Unless the context otherwise requires, all
expressions defined in the Core Plan shall have the same meaning in this US Schedule –
save as defined in Rule 1.2 below;

 

1.2                  In this US Schedule the
following expressions shall have the following meanings:

 

	
  Beneficiary

  	
   

  	
  a Euronext employee, or an employee of a Subsidiary,
  who is selected to be granted Options by the Managing Board of Euronext N.V.
  on the basis of the Plan, or after the Beneficiary’s death, his or her estate
  of beneficiary.

  
	
   

  	
   

  	
   

  
	
  Code

  	
   

  	
  the United States Internal Revenue Code of 1986 (as
  amended), and the regulations promulgated thereunder, as in effect from time
  to time.

  
	
   

  	
   

  	
   

  
	
  Incentive Stock Option

  	
   

  	
  an Option satisfying the requirements of section 422
  of the Code.

  
	
   

  	
   

  	
   

  
	
  Market Value

  	
   

  	
  at any date the fair market value of a Euronext
  Share on that date, as determined by the Managing Board of Euronext N.V.

  
	
   

  	
   

  	
   

  
	
  Nonqualified Option

  	
   

  	
  an Option that is not an Incentive Stock Option.

  
	
   

  	
   

  	
   

  
	
  Subsidiary

  	
   

  	
  any corporation in an unbroken chain of corporations
  that includes Euronext ending with the employer corporation if, at the time
  of the granting of the Option, each of the corporations other than the
  employer corporation owns stock possessing 50 percent or more

  

 

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  V 05 September 2002

  

 

	
   

  	
   

  	
  of the total
  combined voting power of all classes of stock in one of the other
  corporations in such chain.

  

 

1.3                  The Managing
Board of Euronext N.V. will (a) administer this US Schedule, (b) establish
from time to time such rules and regulations as it may deem
appropriate for the proper administration of this US Schedule, and (c) make
such determinations and interpretations (including, without limitation, factual
determinations) and take such actions as it may deem necessary or
advisable, including, without limitation, determinations, interpretations and
actions to ensure that Options that are intended to qualify as Incentive Stock
Options shall so qualify. The Managing Board of Euronext N.V. may grant
either Nonqualified Options or an Incentive Stock Options over Euronext Shares
to any employee who is employed in the United States and who is eligible to be
granted an Option under the Core Plan upon the terms set out in the Core Plan,
subject to the additional terms and conditions in this Rule 1 of the US
Schedule.

 

1.4                  Subject to sub-rule 1.5
below, the Exercise Price for an Incentive Stock Option granted hereunder may not
be less than the Market Value of a Euronext Share.

 

1.5                  A person who,
within the meaning of section 422(b)(6) of the Code, is deemed to own
shares in Euronext N.V. possessing more than 10 per cent. of the total combined
voting power of all classes of shares of Euronext N.V. (or of its parent or
Subsidiary corporations within the meaning in section 424 of the Code)
shall be eligible to receive an Incentive Stock Option only if the Exercise
Price thereunder is at least 110 per cent. of the Market Value of a Euronext
Share on the Grant Date and only if the term of the Option does not exceed five
years.

 

1.6                  The aggregate
Market Value determined at the Grant Date of the number of Euronext Shares with
respect to which Incentive Stock Options first become exercisable by any person
in any calendar year shall not exceed US$100,000 and for the purposes of
determining this limit, the Euro exchange rate for US dollars shall be the
closing mid-point spot rate derived from the Financial Times (or any successor
publication) on the Grant Date.

 

1.7                  Section 421(a) of
the Code will apply to an Incentive Stock Option provided it is exercised no
more than (i) twelve months after the date of termination of employment
because of total and permanent disability or (ii) three months after the
date of termination of employment for any reason other than total and permanent
disability or death.

 

1.8                  Subject to any
adjustment by the Managing Board of Euronext N.V. pursuant to sub-rule 1.9
below, no Incentive Stock Options shall be granted under the Core Plan which
would, at the time they are granted, cause the number of Euronext Shares which
shall have been or may be acquired in pursuance of Incentive Stock Options
so granted to exceed 6,105,598 (which represents approximately 5 per cent. of
the ordinary share capital of Euronext N.V. in issue on the date the Core Plan
is adopted by Euronext N.V.).

 

-15-

 

	
  V 05 September 2002

  

 

1.9                  In the event of
any variation of the share capital of Euronext N.V. or in the event Euronext
N.V. makes a demerger by way of exempt distribution under section 213 of
the Income and Corporation Taxes Act 1988 or pays a special dividend or repurchases
its share capital, the Managing Board of Euronext N.V. may make such
adjustments as it considers appropriate
to the number of shares specified in sub-rule 1.8 above.

 

1.10           Notwithstanding any
other provisions of the Plan, Euronext N.V. will not be required to issue or
cause to be issued any Euronext Shares if at such time such issuance would
violate the United States Federal Securities laws or any other laws of the
United States or any state thereof. In addition, the holder of any Euronext
Shares issued hereunder agrees not to sell or transfer such Euronext Shares in
violation of the United States Federal Securities laws or any other laws of the
United States or any state thereof. Euronext N.V. shall have the right in its
sole discretion to modify the terms of the Plan at any time and from time to
time as it deems necessary or appropriate to ensure or facilitate such
compliance with the foregoing and to include appropriate legends on any Options
or Euronext Shares issued or caused to be issued hereunder.

 

1.11           No Incentive Stock
Option or Nonqualified Option shall be transferable by the Beneficiary except
by will or pursuant to the laws of descent and distribution and an Incentive
Stock Option shall only be exercisable by the corresponding Beneficiary during
such Beneficiary’s lifetime.

 

1.12           This US Schedule may be
modified to ensure that any Option that is intended to be an Incentive Stock
Option under this US Schedule will comply with the requirements of Section 422
of the Code.

 

1.13           As a condition to the
obligation of Euronext to deliver Euronext Shares in connection with the
exercise of any Option awarded under this US Schedule, the Beneficiary shall
pay Euronext, or the Subsidiary that employs the Beneficiary, such amount as may be
required by Euronext or such Subsidiary for the purpose of satisfying any
withholding requirement in connection with liability for any U.S. federal,
state or local taxes of any kind.

 

1.14           If a Beneficiary makes
a disposition, within the meaning of 424(c) of the Code of any Shares
issued to such Beneficiary pursuant to the exercise of an Incentive Stock
Option within the two-year period commencing on the Grant Date or within the
one-year period commencing on the date of transfer of the Share to the
Beneficiary pursuant to the exercise of such Incentive Stock Option, the
Beneficiary shall, within ten days of such disposition, notify Euronext, or the
Subsidiary that employs the Participant, by delivery of written notice to
Euronext or such Subsidiary at its principal executive office.

 

-16-

 

	
  V 05 September 2002

  

 

ANNEX A

 

-17-

 

	
  V 05 September 2002

  

 

ANNEX A

 

Euronext
N.V.

 

	
   

  
	
  Euronext Employees Stock
  Option Plan 2002

  
	
   

  

 

Relevant Country Annex 

(France)

 

Taxation of Stock Options

 

Below
you will find a brief summary of certain French tax and social security
consequences related to the Euronext Employees Stock Option Plan 2002
under the French tax and social security
laws in force and in effect as at the date hereof, which is subject to changes
in French law, including changes that could have retroactive effect. This
summary has a general nature and is only intended to give general guidance and
should be treated with corresponding caution. It cannot be relied upon with
respect to French tax and social security consequences that are not
specifically discussed herein. Any French tax and social security consequences
due to the application of a special tax or social security regime or special
interpretation of the law, whether agreed by ruling or otherwise, are excluded
from this summary. This summary only regards the employees who are resident and
working in France and are employed by Euronext Paris S.A. or one of its French
resident subsidiaries. We recommend you to consult your own advisor in respect
of the grant of Options to you.

 

This
summary first outlines in a general fashion the taxation under the Plan. The
summary also includes a general outline of the French tax and social security rules in
respect of options granted to Employees who are residents of France for tax
purposes and who are subject to French income tax and social security
contributions and who work in France.

 

In
the event of any conflict between the terms of this Annex A and the rules of
the Plan and governing legislation, the rules and governing legislation
shall prevail.

 

The Euronext Plan

 

Under French tax
law, Options are generally considered to be salary and subject to income tax
accordingly, i.e. according to a progressive scale with a maximum rate of
52.75% (rate applicable to the 2001 income). In addition, they are subject to
CSG at the rate of 7.5% and to CRDS at the rate of 0.5% and give rise to
employee’s social security contributions.

 

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  V 05 September 2002

  

 

However, Articles
80 bis and 163 bis-C of the French Tax Code provide for a favourable tax and
social security regime which applies to Options Plans which fulfil certain
requirements.

 

The Euronext Plan
allows you to benefit from this favourable tax and social security regime
provided that you comply with certain conditions and in particular that you do
not dispose of the shares purchased upon the exercise of your Options within 4
years after the date of grant.

 

Under this
favourable tax and social security regime, the following rates apply:

 

-                               where
the Acquisition Gain (i.e. the difference between the market value of the
shares on the day your options are exercised and the option exercise price)
realised during a calendar year is less than EUR 152,500, then you will be
taxed upon the sale of your shares at a rate of 40% (30% capital gains tax, CSG
at 7.5%, CRDS at 0.5% and a specific social contribution of 2%), provided that
you do not dispose of the shares for a minimum period of four years from the
date of grant of your options. This rate is reduced to 26% (16% capital gains
tax, CSG at 7.5%, CRDS at 0.5% and a specific social contribution of 2%) if the
shares are not disposed of for at least two years after the date of exercise of
the options provided that the exercise occurs at least four years after the
date of grant. The Acquisition Gain under EUR 152,500 will be exempt from
employee social security contributions;

 

-                               where
the Acquisition Gain realised during a calendar year exceeds EUR 152,500, you
will be taxed upon the sale of your shares at a rate of 50% (40% capital gains
tax, CSG at 7.5%, CRDS at 0.5% and a specific social contribution of 2%)
provided that you do not dispose of the shares for a minimum period of four
years from the date of grant of your options. This rate is reduced to 40% (30%
capital gains tax, CSG at 7.5%, CRDS at 0.5% and a specific social contribution
of 2%) if the shares are not disposed of for at least two years after the date
of exercise of the options provided that the exercise occurs at least four
years after the date of grant. The Acquisition Gain over EUR 152,500 will be
exempt from other employee social security contributions.

 

Irrespective of
whether you comply with the minimum holding requirements, the difference
between the price you sell the shares for and their fair market value on the
day your options are exercised (the “Sale Gain”) will be taxed upon the sale of
the shares as a capital gain at a rate of 26% (capital gains tax at 16%, CSG at
7.5%, CRDS at 0.5% and a specific social contribution of 2%). The Sale Gain
will be exempt from other employee social security contributions.

 

Under the Euronext
Plan you will have to pay tax and social security contributions in principle
only upon the disposal of the shares acquired upon the exercise of your
options.

 

If you are taxed
under the privileged tax and social security regime it will be your
responsibility to pay any tax, CSG, CRDS and specific social contributions arising
in respect of both your Acquisition Gains and Sale Gains.

 

If you are not
taxed under the privileged tax and social security regime, then:

 

-19-

 

	
  V 05 September 2002

  

 

-                               in
respect of any Acquisition Gains your employer will be responsible for
collecting and paying CSG, CRDS, specific and employee social security
contributions on your behalf. If your salary, in the month of exercise, is
insufficient for the purposes of meeting these liabilities some of the shares
you acquire on the exercise of your options will be sold in order to raise any
further funds which may be required. It will be your responsibility to pay
any income tax arising upon the sale of your shares;

 

-                               in
respect of any Sale Gains it will be your responsibility to pay any capital
gains tax, CSG, CRDS and specific social contributions arising upon the sale of
your shares.

 

-20-

 

	
  V 05 September 2002

  

 

Euronext
N.V.

 

	
   

  
	
  Euronext Employees Stock
  Option Plan 2002

  
	
   

  

 

Relevant Country Annex

(France)

 

Q&A

 

1.                         General

 

What
is the purpose of the Plan?

 

Purpose
of the Plan is to promote the long-term success of Euronext by encouraging the
employees that have assisted in creating Euronext, to focus on its long-range
goals by allowing such individuals to acquire a stake in Euronext.

 

Will
I be required to pay for my Options?

 

The
Options are granted to you in recognition of your services to Euronext, and do
not require any cash payment. To purchase shares under the Options, however,
you must pay the Exercise Price for the number of shares you wish to acquire.

 

How
will I receive my Euronext Shares once I have exercised my Options?

 

Once
you have validly exercised your Option through submitting to Euronext a  duly completed Exercise
Notice (attached as Annex G hereto) and payment in full of the aggregate
Exercise Price due, Euronext will procure that the corresponding number of
Euronext Shares will be transferred to a securities account of your preference.
Please make sure that the relevant Exercise Notice clearly and correctly states
all of your account details. If you do not yet have a securities account,
please request your bank to open one well ahead of the projected exercise date.

 

-21-

 

	
  V 05 September 2002

  

 

What happens if I
do not exercise my Options?

 

Your
Options will lapse automatically at the seventh anniversary of the Grant Date,
or upon termination of your employment with Euronext (except in the event of
death, disability or retirement or redundancy by reason of collective dismissal
or company reorganisation, whichever is earlier).

 

What do I need to
do to accept or refuse the Options?

 

You
need to return the Offer Response Form annexed to the Notice of Grant,
before the ultimate response date stated on such Form. Beneficiaries who have
not returned their Offer Response Forms in time shall be deemed to have
accepted the Options granted to them and shall be taxed accordingly.

 

Will I be
reimbursed by Euronext in respect of any taxation or other costs incurred in
connection with the Options?

 

No. It
is therefore imperative that you familiarise yourself with the tax and other
financial consequences the grant of the Options may have in your
situation.

 

Can I transfer my
Options?

 

The
Options are not transferable, but can be the object of a bequest and/or
inheritance.

 

Can I pledge or
otherwise encumber any or all of my Options?

 

No.

 

When do I acquire
the rights of a shareholder?

 

As
a holder of Options, you have none of the rights of a shareholder with respect
to the shares covered by your Options. You will not acquire shareholder rights
until you have received the applicable number of Euronext Shares.

 

When may I
exercise my Options?

 

The
Options are exercisable as from 48 months after the Grant Date, until expiry of
the Options on the seventh anniversary of the Grant Date. Options can only be
exercised during that period if you are still employed with Euronext at the
time of exercise, or if your employment has been terminated earlier because of
your death, disability, retirement at the age at which you are bound or
entitled to retire (or such other age at which you retire by agreement with
your employer) or redundancy by reason of collective dismissal or company
reorganisation.

 

When will my
Options expire?

 

The
Options expire on the seventh anniversary of the Grant Date.

 

-22-

 

	
  V 05 September 2002

  

 

What form of
payment is required when I exercise my Options?

 

The
Exercise Price can only be paid in cash.

 

Do I need to
exercise my Options all at once?

 

No,
you may exercise your Options in instalments. However, a minimum of 100
Options per exercise applies, except when exercising all remaining Options.

 

The
minimum amount of 100 Options per exercise does not apply to Option Holders
that were granted less than 100 Options. These Option Holders may exercise
less than 100 Options per exercise, provided that such Option Holder exercises
his or her Options all at once.

 

What happens to my
Options if my employment with Euronext terminates?

 

After
the termination of your employment (other than by reason of your death,
disability, retirement at the age at which you are bound or entitled to retire
(or such other age at which you retire by agreement with your employer) or
redundancy by reason of collective dismissal or company reorganisation), you
are no longer entitled to exercise your Options. Any exercise made during the
Exercise Period prior to the termination of your employment, however, is not
affected by such termination.

 

What happens to my
Options if I die or become disabled?

 

Disability
occurring once the Exercise Period has started does not affect the right to
exercise the Options. In the event of your death within the Exercise Period,
your Options may be exercised during a maximum period of six (6) months
by the person or persons to whom the Options are transferred by the provisions
of your will or the applicable laws of inheritance. These persons may exercise
your Options in accordance with the terms and conditions of the Plan. In the
event of death prior to the start of the Exercise Period, the said persons may still
exercise the Options during six (6) months after your death.

 

Apart from
the terms and conditions of the Plan, are there any other rules I must
observe?

 

Yes.
You must observe all internal Euronext rules regarding private investment
transactions and insider trading, as well as all applicable laws, including but
not limited to those concerning insider trading.

 

When can I sell my
shares I received upon exercise of my Options?

 

You
may sell or otherwise dispose of your shares immediately, provided that
all applicable laws and internal regulations (notably on insider trading)
applicable to Euronext employees and/or other persons who may have inside
knowledge with respect to the Euronext Share, as the case may be, are
observed.

 

However,
you should note that if you dispose of your shares within 4 years after the
date the Option were granted, you will not be able to benefit from the
favourable tax and social security

 

-23-

 

	
  V 05 September 2002

  

 

regime
(see below), except in the event of death.

 

Do I have the
right to remain employed until my Options become exercisable?

 

Nothing
in the Plan is intended to give any person the right to remain employed by any
Euronext entity for any specific period. Both you and Euronext will have the
right to terminate your employment at any time and for any reason, subject to
any employment agreement that may apply, and subject to all applicable
laws.

 

2.        French Taxation1

 

What is my tax
position at grant or acceptance?

 

You
will not pay any tax in respect of the Options at the time your Options are
granted or at the time you exercise your Options (with the exception of the
Discount exceeding 5% which will become taxable upon the exercise of your
Options).

 

What is the tax
position after grant?

 

Under
French tax law, Options are generally considered to be salary and subject to
income tax accordingly, i.e. according to a progressive scale with a maximum
rate of 52.75% (rate applicable to the 2001 income). In addition, they are
subject to CSG at the rate of 7.5% and to CRDS at the rate of 0.5% and give
rise to employee’s social security contributions.

 

However,
Articles 80 bis and 163 bis-C of the French Tax Code provides for a favourable
tax and social security regime which applies to Options Plans which fulfill
certain requirements.

 

The
Euronext Plan allows you to benefit from this favourable tax and social
security regime provided that you comply with certain conditions and in
particular that you do not dispose of the shares purchased upon the exercise of
your Options within 4 years after the date of grant.

 

Under
this favourable tax and social security regime, the following rates apply:

 

-                               where the Acquisition Gain (i.e. the difference
between the market value of the shares on the day your options are exercised
and the option exercise price) realised during a calendar year is less than EUR
152,500, then you will be taxed upon the sale of your shares at a rate of 40%
(30% capital gains tax, CSG at 7.5%, CRDS at 0.5% and a specific social
contribution of 2%), provided that you do not dispose of the shares for a
minimum period of four years from the date of grant of your options. This rate
is reduced to 26% (16% capital gains tax, CSG at 7.5%, CRDS at 0.5% and a
specific social contribution of 2%) if the shares are not disposed of for at
least two years after

 

1                              The information provided
in this Annex A is intended as general guidance only (and does not constitute
formal advice) and relate only to employees resident in France at the relevant
time. It is not a full description of all the circumstances in which a tax or
social security liability may arise in relation to your options and/or the
shares acquired by you under the Plan. Tax laws may change from time to
time. You should also note that you are personally responsible for meeting all
tax costs and social security charges arising on either the grant, vesting or
exercise of options or the sale of shares after exercise. You are therefore
strongly recommended to consult a professional tax adviser before exercising
your options or selling your shares.

 

-24-

 

	
  V 05 September 2002

  

 

the date of exercise of the options provided that the
exercise occurs at least four years after the date of grant. The Acquisition
Gain under EUR 152,500 will be exempt from employee social security
contributions;

 

-                               where the Acquisition Gain realised during a calendar
year exceeds EUR 152,500, you will be taxed upon the sale of your shares at a
rate of 50% (40% capital gains tax, CSG at 7.5%, CRDS at 0.5% and a specific
social contribution of 2%) provided that you do not dispose of the shares for a
minimum period of four years from the date of grant of your options. This rate
is reduced to 40% (30% capital gains tax, CSG at 7.5%, CRDS at 0.5% and a
specific social contribution of 2%) if the shares are not disposed of for at
least two years after the date of exercise of the options provided that the
exercise occurs at least four years after the date of grant. The Acquisition
Gain over EUR 152,500 will be exempt from other employee social security
contributions.

 

Under which regime
will I be taxed?

 

You
will not be able to benefit from the favourable tax and social security regime
if you do not comply in particular with the minimum holding requirements, i.e.
if you dispose of the shares acquired pursuant to the exercise of your Options
within 4 years after the date of grant.

 

Which regime
should I choose?

 

Euronext
explicitly refrains from any judgement with respect to the regime of taxation
that you should choose. It may be advisable to consult your personal
advisor as to the consequences of your choice.

 

How is the tax
paid?

 

If
you are taxed under the privileged tax and social security regime it will be
your responsibility to pay any tax, CSG, CRDS and specific social contributions
arising in respect of both your Acquisition Gains and Sale Gains.

 

If
you are not taxed under the privileged tax and social security regime then:

 

-                               in respect of any Acquisition Gains your employer
will be responsible for collecting and paying CSG, CRDS, and employee social
security contributions on your behalf. If your salary, in the month of
exercise, is insufficient for the purposes of meeting these liabilities some of
the shares you acquire on the exercise of your options will be sold in order to
raise any further funds which may be required. It will be your
responsibility to pay any income tax arising upon the sale of your shares;

 

-                               in respect of any Sale Gains it will be your
responsibility to pay any capital gains tax, CSG, CRDS and specific social
contributions arising upon the sale of your shares.

 

What is the tax
position on the sale of my Shares?

 

The
difference between the price you sell the shares for and their fair market
value on the day

 

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  V 05 September 2002

  

 

your
options are exercised (the “Sale Gain”) will be taxed upon the sale of the
shares as a capital gain at a rate of 26% (capital gains tax at 16%, CSG at
7.5%, CRDS at 0.5% and a specific social contribution of 2%). The Sale Gain
will be exempt from other employee social security contributions.

 

-26-

 

V 05 September 2002

 

ANNEX B

 

-27-

 

V 05 September 2002

 

ANNEX B

Euronext
N. V.

 

	
  Euronext Employees Stock Option Plan 2002

  

 

Relevant
Country Annex 

(The Netherlands)

 

Taxation of Stock Options

 

 

Below
you will find a brief summary of certain Dutch tax consequences related to the
Euronext Employees Stock Option Plan 2002 under the Dutch tax laws in force and
in effect as at the date hereof, which is subject to changes in Dutch law,
including changes that could have retroactive effect. This summary has a
general nature and is only intended to give general guidance and should be
treated with corresponding caution. It cannot be relied upon with respect to
Dutch tax consequences that are not specifically discussed herein. Any Dutch
tax consequences due to the application of a special tax regime or special
interpretation of the law, whether agreed by ruling or otherwise, are excluded
from this summary. This summary only regards the employees who are resident and
working in the Netherlands and are employed by Euronext Amsterdam N.V. or one
of its Dutch resident subsidiaries. We recommend you to consult your own
advisor in respect of the grant of Options to you.

 

This
summary first outlines in a general fashion the Dutch taxation under the
Euronext plan. The summary also includes a general outline of the Dutch tax
rules in respect of options granted to Employees who are residents of the Netherlands
for tax purposes and who are subject to Dutch wages tax and who work in the
Netherlands.

 

In the
event of any conflict between the terms of this Annex B and the rules of the
Plan and governing legislation, the rules and governing legislation shall prevail.

 

1.                         The
Euronext Plan

 

Options are considered to
be salary. The tax rates are the same as those applying to your cash salary;
progressive rates with a maximum of 52% (rate of 2002).

 

Under the Euronext Plan
you will not have to pay tax at grant or at acceptance. There are two systems
(Regime I and Regime II) that determine the moment you will be taxed as well as
the amount that will be taxable. Under Regime I you will be taxable at the
third anniversary of

 

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V 05 September 2002

 

grant,2 provided you are
still an employee of Euronext at that time or, if such event occurs earlier, at
your death, disability or retirement at the
age at which you are bound or entitled to retire (or such other age at which
you retire by agreement with your employer) (“the taxable moment
under Regime I”). The tax payable is based on a formula (see below). Basically
your tax is calculated as a percentage of the stock price at that date. An
additional levy arises if you exercise or sell your options within three years
of grant. In addition, you may have to pay tax annually on the value of the
Options and/or the Euronext Shares (see below Box III).

 

Regime II will only be
applicable if you and your employer send a letter to the competent tax
inspector before the taxable moment under Regime I informing him of your choice
to be taxed under this regime. Under Regime II two taxable moments may occur.

 

1)                        The first
taxable moment is the taxable moment under Regime I (see above). You will be
taxable on the excess of the market value of a Euronext share at grant over the
Exercise Price (the intrinsic value at grant, if any), insofar as such excess
is still present at that time, multiplied with the number of options.

 

2)                        The other
taxable moment occurs upon your exercise of an Option on the difference between
stock price of the Euronext Shares and the Exercise Price of the Options you
exercise, minus the amount already taxed pursuant to 1), if any. The sale of
the Shares will not be taxable but you may have to pay tax annually on the
value of the Euronext Shares (see below Box III).

 

Under both regimes, the
value is taxed as income from employment (maximum rate 52%, rate of 2002). The
tax paid is irrecoverably paid and no refund and/or deduction for this tax paid
is granted to you in any case. Your employer will have to withhold the tax.

 

Euronext explicitly
refrains from any judgement with respect to the regime of taxation that you
should choose. In case the stock price of the Euronext Shares increases
significantly after the taxable moment under Regime I but prior to your
exercise the tax payable would in principle be lower under Regime I. On the
other hand, in case the stock price of the Euronext Shares after the taxable
moment under Regime I but prior to your exercise drops and remains below the
exercise price under Regime I you would have paid tax without the possibility
of deriving a gain. It may be advisable to consult your personal advisor as to
the consequences of your choice.

 

2.                         Dutch tax
rules (general)

 

An option constitutes
taxable income from employment (tax rates up to 52%, 2002). The Dutch Wage Tax
Act contains two alternative regimes to tax employee stock options:

 

(i)                        At the
time the options become unconditional (Regime I);

 

(ii)                     Upon exercise
(Regime II).

 

The principal rule is
that employee stock options are taxable under Regime I. Only upon election,
such options can be taxed pursuant to Regime II (see below).

 

2                              The moment the option was
agreed upon.

 

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V 05 September 2002

 

The employer will in
principle have to withhold the wage tax payable by the Dutch employee at the
moment of taxation.

 

(i)                       Regime I

 

At the moment the options
become unconditional their value is calculated as a percentage of the fair
market value of the underlying shares at that moment. The percentage is
determined according to the following formula:

 

P = I + V, but at least 4

 

In this formula:

 

I = [(W - U) / W] x 100;
I can be negative

V = (4.5 - 0.1t) x t - (0.09 - 0.002t) x I x t; V cannot be negative

 

P = percentage;

I = intrinsic value;
fractions are rounded down

V = expectancy value;
fractions are rounded down

W = fair market value of
the shares at the taxable moment

U = the option exercise
price

t = the term of the
option after the taxable moment (in years or in parts thereof)

 

Additional
taxation

 

Under this system of
taxation, taxation in addition to that at unconditional grant will be triggered
if you engage in certain transactions before the third anniversary of grant3.

 

(ii)                   Regime II

 

The employee opting for
taxation at exercise should prior to his employee stock options becoming
unconditional inform the tax inspector in writing (together with his employer)
thereof. Under this system, taxation in respect of the benefit will in
principle only take place at exercise4.
However, taxation in respect of the fact that the exercise price is lower than
the market value of the shares at grant cannot be postponed until exercise.
This benefit will be taxable when the options become unconditional (see above)
irrespective of the election made. Taxable pursuant to this system is the value
of the underlying shares in excess of the sum of the exercise price less the
amount already taxed, if any. If the options are not exercised but disposed off
in any other way, the basis for taxation will be the actual benefit derived
through the disposal.

 

3.                         Income
Tax Act 2001

 

Under the Income Tax Act
2001, individuals are taxed as follows:

 

-                               Box
I comprises business and labour income, income from periodic payments and
income from the taxpayer’s primary residence. Box I provides for a progressive
rate of taxation up to 52%.

 

3                              If the options are
exercised, sold, pledged, encumbered or become business assets.

4                              The moment the employee
stock options become unconditional may coincide with exercise.

 

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V 05 September 2002

 

-                               Box
II comprises income (dividends and capital gains) derived from a (deemed)
“substantial interest” in a company. All such income is subject to a flat tax
rate of 25%.

-                               Box
III comprises all other income (i.e., investment income). All such income is
deemed to be 4% of the average net value of the taxpayer’s assets and
liabilities and will be taxed at a flat rate of 30%.

 

Under the Income Tax Act
2001, employee stock options will be categorised in Box I at grant regardless
which system of taxation (Regime I or II) would be opted for. Under Regime I,
the principal rule is that options will move to Box III on the later of (i) the
third anniversary of grant; and (ii) the moment the options become
unconditional. Under Regime II the Options will be included in Box I. The
acquired shares will be included in Box III immediately following the exercise.

 

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V 05 September 2002

 

Euronext N.V.

 

	
  Euronext Employees Stock Option Plan 2002

  

 

Relevant
Country Annex

(The Netherlands)

 

Q&A

 

 

1.                         General

 

What is
the purpose of the Plan?

 

Purpose
of the Plan is to promote the long-term success of Euronext by encouraging the
employees that have assisted in creating Euronext, to focus on its long-range
goals by allowing such individuals to acquire a stake in Euronext.

 

Will I
be required to pay for my Options?

 

The
Options are granted to you in recognition of your services to Euronext, and do
not require any cash payment. To purchase shares under the Options, however,
you must pay the Exercise Price for the number of shares you wish to acquire.

 

How will
I receive my Euronext Shares once I have exercised my Options?

 

Once
you have validly exercised your Option through submitting to Euronext a duly
completed Exercise Notice (attached as Annex G hereto) and payment in
full of the aggregate Exercise Price due, Euronext will procure that the
corresponding number of Euronext Shares will be transferred to a securities
account of your preference. Please make sure that the relevant Exercise Notice
clearly and correctly states all of your account details. If you do not yet
have a securities account, please request your bank to open one well ahead of
the projected exercise date.

 

What
happens if I do not exercise my Options?

 

Your
Options will lapse automatically at the seventh anniversary of the Grant Date,
or upon termination of your employment with Euronext (except in the event of
death, disability, retirement, or redundancy by reason of collective dismissal
or company reorganisation, whichever is earlier).

 

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V 05 September 2002

 

What do
I need to do to accept or refuse the Options?

 

You
need to return the Offer Response Form annexed to the Notice of Grant, before
the ultimate response date stated on such Form. Beneficiaries who have not
returned their Offer Response Forms in time shall be deemed to have accepted
the Options granted to them and shall be taxed accordingly.

 

Will I
be reimbursed by Euronext in respect of any taxation or other costs incurred in
connection with the Options?

 

No. It
is therefore imperative that you familiarise yourself with the tax and other
financial consequences the grant of the Options may have in your situation.

 

Can I
transfer my Options?

 

The
Options are not transferable, but can be the object of a bequest and/or
inheritance.

 

Can I
pledge or otherwise encumber any or all of my Options?

 

No.

 

When do
I acquire the rights of a shareholder?

 

As a
holder of Options, you have none of the rights of a shareholder with respect to
the shares covered by your Options. You will not acquire shareholder rights
until you have received the applicable number of Euronext Shares.

 

When may
I exercise my Options?

 

The
Options are exercisable as from 36 months after the Grant Date, until expiry of
the Options on the seventh anniversary of the Grant Date. Options can only be
exercised during that period if you are still employed with Euronext at the
time of exercise, or if your employment has been terminated earlier because of
your death, disability or retirement at the age at which you are bound or
entitled to retire (or such other age at which you retire by agreement with
your employer) or redundancy by reason of collective dismissal or company
reorganisation.

 

When
will my Options expire?

 

The
Options expire on the seventh anniversary of the Grant Date.

 

What
form of payment is required when I exercise my Options?

 

The
Exercise Price can only be paid in cash.

 

Do I
need to exercise my Options all at once?

 

No, you
may exercise your Options in instalments. However, a minimum of 100 Options per

 

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V 05 September 2002

 

exercise
applies, except when exercising all remaining Options.

 

The
minimum amount of 100 Options per exercise does not apply to Option Holders
that were granted less than 100 Options. These Option Holders may exercise less
than 100 Options per exercise, provided that such Option Holder exercises his
or her Options all at once.

 

What
happens to my Options if my employment with Euronext terminates?

 

After
the termination of your employment (other than by reason of your death,
disability, or retirement at the age at which you are bound or entitled to
retire (or such other age at which you retire by agreement with your employer)
or redundancy by reason of collective dismissal or company reorganisation), you
are no longer entitled to exercise your Options. Any exercise made during the
Exercise Period prior to the termination of your employment, however, is not
affected by such termination.

 

What
happens to my Options if I die or become disabled?

 

Disability
occurring once the Exercise Period has started does not affect the right to
exercise the Options. In the event of your death within the Exercise Period,
your Options may be exercised during a maximum period of six (6) months by the
person or persons to whom the Options are transferred by the provisions of your
will or the applicable laws of inheritance. These persons may exercise your
Options in accordance with the terms and conditions of the Plan. In the event
of death prior to the start of the Exercise Period, the said persons may still
exercise the Options during six (6) months after your death.

 

Apart
from the terms and conditions of the Plan, are there any other rules I must
observe?

 

Yes.
You must observe all internal Euronext rules regarding private investment transactions
and insider trading, as well as all applicable laws, including but not limited
to those concerning insider trading.

 

When can
I sell my shares I received upon exercise of my Options?

 

You may
sell or otherwise dispose of your shares immediately, provided that all
applicable laws and internal regulations (notably on insider trading)
applicable to Euronext employees and/or other persons who may have inside
knowledge with respect to the Euronext Share, as the case maybe, are observed.

 

However,
you should note that if you dispose of your shares within 4 years after the
date the Option were granted, you will not be able to benefit from the
favourable tax and social security regime (see below), save certain
circumstances (dismissal or redundancy, retirement, disability or death).

 

Do I
have the right to remain employed until my Options become exercisable?

 

Nothing
in the Plan is intended to give any person the right to remain employed by any
Euronext entity for any specific period. Both you and Euronext will have the
right to terminate your employment at any time and for any reason, subject to
any employment agreement that

 

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V 05 September 2002

 

may
apply, and subject to all applicable laws.

 

2.        Netherlands Taxation5

 

What is
my tax position at grant or acceptance?

 

You
will not pay any tax in respect of the Options at the time your Options are
granted or at the time you accept your Options.

 

What is
the tax position after grant?

 

Dutch
tax law provides for two regimes of taxation: regime I and regime II.

 

Regime
I:

Under
regime I you will be taxed when the Options become unconditional. Taxation
arises irrespective of you exercising all or part of your Options (in case of
the death, disability or retirement before the third anniversary of grant this
may be different). Additional taxation, other than perhaps Box III taxation,
can be avoided.

 

Regime
II:

Under
regime II you will be taxed when you exercise your Options. You will also taxed
if (and to the extent) there is an excess of the fair market value of the
underlying Shares at grant over the Exercise Price and this excess is
still present at that time the Options becomes unconditional. This amount will
not be subject to tax again upon your exercise of the Options.

 

When
will the Options become ‘unconditional’?

 

The
Options will become ‘unconditional’ as soon as you can exercise your Options,
or, if earlier, at your death, disability or retirement at the age at which you
are bound or entitled to retire (or such other age at which you retire by
agreement with your employer).

 

And
after that?

 

Regime
I:

If you
are taxed under Regime I, at the third anniversary of the grant (i.e. when the
option was agreed upon) your Options - and after exercise your Shares - will
become part of your taxable basis in box III (Schedule A).

 

5                              This brief summary of
certain Dutch tax consequences related to the Euronext Employees Stock Option
Plan 2002 under the Dutch tax laws in force and in effect as at the date
hereof, and is subject to changes in Dutch law, including changes that could
have retroactive effect. This summary has a general nature and is only intended
to give general guidance and should be treated with corresponding caution. It
cannot be relied upon with respect to Dutch tax consequences that are not
specifically discussed herein. Any Dutch tax consequences due to the
application of a special tax regime or special interpretation of the law,
whether agreed by ruling or otherwise, are excluded from this summary. This
summary only regards the employees who are resident and working in the
Netherlands and are employed by Euronext N.V. or one of its Dutch resident
subsidiaries. We recommend you to consult your own advisor in respect of the
grant of Options to you.

 

-35-

 

V 05 September 2002

 

Regime
II:

If you
are taxed under Regime II after exercise your Shares will become part of your
taxable basis in box III (Schedule A).

 

Under
which regime will I be taxed?

 

If you
make no election you will be taxed under regime I. If you wish to be taxed
under regime II the competent tax inspector will have to be notified of this
choice  in a joint
letter by yourself and your employer before the Options become unconditional.

 

Which
regime should I choose?

 

Euronext
explicitly refrains from any judgement with respect to the regime of taxation
that you should choose. It may be advisable to consult your personal advisor as
to the consequences of your choice.

 

On what
basis is my taxable amount calculated?

 

Under
regime I: The taxable amount at unconditional grant is calculated by reference
to a formula. The additional taxation, if any, is the gain minus the amount
already taxed.

Under
regime II: You are taxed on the basis of your gain, which is the excess of the
share value of the Option Shares over the exercise price of the Options.

 

At what
rate am I taxed?

 

The
progressive rates for employment income in Box I apply.

 

How is
the tax paid?

 

Your
employer will be obliged to pay the tax on your behalf. This creates a payable
of yourself towards your employer. Your employer could deduct your tax out of
your salary and/or require you to provide the necessary funds to pay the tax
you owe. You may choose to sell some of your Shares immediately
to cover your tax liability.

 

What is
the tax position on the sale of your Shares?

 

A
capital gain realised on the sale of your Shares will in itself not be subject
to Dutch tax.

 

-36-

 

V 05 September 2002

 

ANNEX C

 

-37-

 

V 05 September 2002

 

ANNEX
C

Euronext N. V.

 

	
  Euronext Employees Stock Option
  Plan 2002

  

 

Relevant
Country Annex

(Belgium)

 

Taxation
of Stock Options

 

 

Below you will find a
brief summary of the tax regime applicable to Belgian Beneficiaries in their
capacity of employees or to individuals residing in Belgium under self-employed
status with the Euronext Group. It is assumed that the latter do not operate
via management- or other companies. It is furthermore assumed that the Options
and Option Shares are held as a private investment and that the Options are
granted with respect to professional activities carried on in Belgium.

 

The text is based on the
Belgian and Dutch tax laws (and the interpretation thereof) as in force on the
date this document is issued and applies subject to future amendments of laws
(or changes in their interpretation), with retroactive effect if applicable.
This text has a general nature and is only intended to give general guidance
and should be treated with corresponding caution. It cannot be relied upon with
respect to Belgian or Dutch tax consequences that are not specifically
discussed herein. Any Belgian or Dutch tax consequences due to the application
of a special tax regime or special interpretation of the law, whether agreed by
ruling or otherwise, are excluded from this summary. You are recommended to
consult your own tax advisor in respect of the grant of Options to you.

 

In the event of any
conflict between the terms of this Annex C and the rules of the Plan and
governing legislation, the rules and governing legislation shall prevail.

 

A.                       TAXATION OF
THE BELGIAN OPTION HOLDERS ON THE GRANTING OF OPTIONS

 

The tax regime applicable
to the Options granted to you for free under the Plan is the following:

 

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V 05 September 2002

 

1.                         Taxable
moment

 

a) Under the Law of 26
March 1999 concerning the Belgian Action Plan for Employment of 1998 and
various provisions (hereinafter ‘the Options Law’), options granted to an
employee constitute advantages in kind taxable at the moment of the
attribution of the options. These advantages in kind will be taxed together
and in the same way as all other professional income.

 

b) The Option Law
provides that for tax purposes the attribution is deemed to take place on the
sixtieth day following the date of the offer unless the employee has
declined such offer in writing before the expiration of this term. Please note
that under the Plan and for Belgian tax purposes the refusal must have reached
the Grantor before the latter date. Therefore, if you do not refuse the offer,
the Options will be validly attributed under the Plan and for Belgian tax
purposes, and you will be taxed thereon, even if it would later appear that you
cannot or do not actually exercise the Options.

 

2.                         Taxable
benefit

 

a) The benefit, valued as
a certain percentage (cfr. hereafter) of the tax value of the Euronext Shares
at the moment of the offer, will constitute part of the Beneficiary’s
professional income and will be taxable at the applicable progressive rate
(to be increased by municipal surcharge generally varying from 5 to 8% of the
tax due and the additional crisis tax.6 Such additional crisis tax has been abolished
for individuals persons as from year income 2003).7

 

The Option Law provides
that if the exercise price is lower that the tax value of the shares upon offer
at the time of the offer – and the options are consequently ‘in the money’ – ,
such difference is to be added to the taxable benefit determined as a
percentage of the value of the shares.

 

If the shares are listed,
as are the Euronext Shares, the tax value of the shares to which the percentage
is to be applied is, at the election of the grantor, the average list price of
the shares during the thirty days preceding the offer or the closing list price
of the day preceding the offer.

 

The Option Law provides
that if the exercise price is lower than the tax value of the shares upon offer
at the time of the offer – and the options are consequently ‘in the money’ –,
such difference is to be added to the taxable benefit determined as a
percentage of the value of the shares.

 

6                              For income earned during
2002, the rate of the crisis contribution depends on the amount of income of
the tax payer. If his global taxable income is lower than EUR 29,747.24 (BEF
1,200,000,–), the applicable rate is reduced to 0. If his global taxable income
lies between EUR 29,747.25 (BEF 1,200,000.–) and EUR 30,986.70 (BEF 1,250,000.–),
the applicable rate is 1% multiplied by the difference between the taxable
income and EUR 29,747.24 over EUR 1,239.46 (BEF 50,000) and if the taxpayer’s
income exceeds EUR 30,986.70 (BEF 1,250,000), the applicable rate is 1%.

 

7                              As a result of the grant
of the benefit, no social security will in principle be due if the exercise
price of the options is not lower than the tax value of the share at the time
of the offer and there is not at any time conferred a certain benefit to the
beneficiary of the option (article 19, §2, 18° Royal Decree of 28 November
1969, as amended by the Royal Decree of 5 October 1999).

 

-39-

 

V 05 September 2002

 

Since, in the case at
hand, Euronext Brussels S.A./N.V. nor any other Belgian resident company or
branch of the Euronext group will intervene in the granting of the options in
whatsoever way, no withholding tax will have to be withheld on the benefit
resulting from participation to the Plan.

 

b) As a general rule, the
applicable percentage is determined at 15% of the tax value of the
shares, to be increased with 1% for each year or portion of a year that the
options can be exercised after five years as of the date of the offer.

 

However, under certain
conditions the percentage is reduced to 7.5%, to be increased with 0.5% for
each year or portion of a year that the options can be exercised after five
years as of the date of the offer. To benefit from this reduced percentage of
7.5%, the following conditions have to be met:

 

1° the exercise price of
the options must be irrevocably ascertained at the time of the offer;

 

2° the option may not be
exercised before the end of the third calendar year after the year in which the
offer was made, nor after the end of the tenth calendar year after that in
which the offer was made;

 

3° the option may not be
transferable except by will or by the laws of descent and distribution;

 

4° the risk of a decrease
in value of the underlying shares may not be covered either directly or
indirectly by the person who grants the options, nor by a person with whom a
connection of mutual dependence exists;

 

5° the option must relate
to shares of the company on behalf of which the professional activity is
performed, or to shares of another company which has a direct or indirect
participation in the first-mentioned company.

 

If the stock option plan
does not meet the second or the third condition, the Law authorizes that the
employees commit themselves to respect the above-mentioned conditions, so that
the employees may still benefit from the preferential rate.

 

As the Plan does not meet
the second above-mentioned condition, the applicable valuation rate should in
principle be 17% (=15% + (2*1%)). If the Exercise Price is lower than the tax
value of the Euronext Shares (determined as the average list price of 30
calendar days preceding the offer), the Options will be in-the-money.
Consequently, the difference between the Exercise Price and the tax value of
the Euronext Shares will have to be added to the taxable benefit.

 

In order to benefit from
the beneficial valuation rate of 8.5% (=7.5% + (2*0.5%)), you could commit
yourself in writing not to exercise the Options before the end of the third
calendar year after which the notice of grant has been sent, by returning the
Waiver Form attached as Annex H hereto and to be attached to the notice of
grant.

 

If you would no longer
respect the above-mentioned commitment, the normal rate will become applicable
and you will consequently have to pay taxes on another 8.5% of

 

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V 05 September 2002

 

the above-mentioned tax
value of the shares at ordinary progressive income tax rates.

 

B.                       TAX REGIME
OF SHARES ACQUIRED UPON EXERCISING THE OPTIONS

 

1.                         Dutch
taxation

 

This paragraph outlines
in general certain Dutch tax consequences for Belgian Option Holders who will
hold Option Shares.

 

This paragraph assumes
that none of the Belgian Beneficiaries or Belgian holders of Option Shares will
have a substantial interest in Euronext N.V.8

 

a)                        Withholding
tax

 

Dividends distributed by
Euronext N.V. generally are subject to a withholding tax imposed by the
Netherlands at a rate of 25%.

 

The expression
“dividends” as used in this paragraph includes, but is not limited to:

 

(i)                       distributions
in cash or in kind, deemed and constructive distributions and repayments of
paid-in capital not recognised for Dutch dividend withholding tax purposes;

 

(ii)                    liquidation
proceeds, proceeds of redemption of the shares or, as a rule, considerations
for the repurchase of shares in excess of the average paid-in capital
recognised for Dutch dividend withholding tax purposes;

 

(iii)                 the par value of
shares issued to a holder of shares or an increase of the par value of the
shares, as the case may be, to the extent that it does not appear that a
contribution, recognised for Dutch dividend withholding tax purposes, has been
made or will be made; and

 

(iv)                partial repayment
of paid-in capital, recognised for Dutch dividend withholding tax purposes, if
and to the extent that there are net profits (“zuivere winst”).

 

If an individual that is
a recipient of dividends distributed by Euronext N.V. is not a

 

8                              Generally, a holder of
shares will have a substantial interest if such holder, alone or together with
his or her spouse holds, directly or indirectly: (a) the ownership of, or
certain other rights over, shares representing 5% or more of the total issued
and outstanding capital (or the issued and outstanding capital of any class of
shares) of a company which has capital divided into shares and which is a
resident of the Netherlands (“a Company”); or (b) rights to acquire shares,
whether or not already issued, that represent at any time (and from time to
time) 5% or more of the total issued and outstanding capital (or the issued and
outstanding capital of any class of shares) of a Company; or (c) the ownership
of certain profit participating certificates that relate to 5% or more of
annual profit and/or to 5% or more of liquidation proceeds of a Company. A
deemed substantial interest is present if (part of) a substantial interest has
been disposed of, or is deemed to have been disposed of, on a non-recognition
basis. A deemed substantial interest is also present if a holder of shares does
not, but his or her spouse or certain other relatives (including foster
children) do have a substantial interest. The above description does not cover
all possible situations where a substantial interest or a deemed substantial
interest may exist.

 

-41-

 

V 05 September 2002

 

resident or a deemed
resident in the Netherlands, but is a resident for tax purposes in Belgium, the
following may apply. Under the double taxation convention that is in effect
between Belgium and the Netherlands, such recipient may, under the terms of
that double taxation convention, be eligible for a reduction of this rate to
15% of the dividends by way of a partial exemption or refund. Pursuant to that
taxation convention a number of formalities are required for the application of
such partial exemption or refund.9

 

b)                        Income tax

 

Belgian holders of
Euronext Shares should not be subject to Dutch income tax on income or capital
gains in respect of the Shares, provided that such holder:

 

(i)                       is not a
resident of the Netherlands and has not elected to be treated as a resident of
the Netherlands for tax purposes;

 

(ii)                    does not have
an enterprise, or an interest in an enterprise, which is, in whole or in part,
carried on through a permanent establishment or a permanent representative in
the Netherlands to which or to whom the Euronext Shares or payments in respect
of the Shares are attributable; and

 

(iii)                 is not entitled
to a share in the profits of an enterprise effectively managed in the
Netherlands, other than by way of the holding of shares or through an
employment contract, to which enterprise the Euronext Shares or payments in
respect of the Euronext Shares are attributable; and

 

(iv)                does not carry out
and has not carried out employment activities in the Netherlands with which the
holding of or income derived from the Euronext Shares is connected.

 

2.        Belgian taxation

 

a)                        Income
tax: taxation of dividends for individual investors who are resident in Belgium
and who are holding the Shares as a private investment

 

Taxation in the
Netherlands (see Chapter B.1 above) is, according to article 10 of the Income
Tax Treaty, reduced to 15% of the gross amount of the dividends, provided that
a number of formalities and conditions are met.

 

For Belgian income tax
purposes, dividends include among others: (i) all benefits from shares
attributed to the shareholders by or on behalf of Euronext N.V., in any form
whatsoever; and (ii) reductions of statutory capital (to the extent that the
capital reduction would not qualify as a tax exempt reduction of fiscal capital
in the meaning of article 18, 2° I.T.C.).

 

Under current Belgian tax
law, liquidation and redemption proceeds do not constitute

 

9                              The Netherlands and
Belgium have negotiated a new tax treaty that has not yet come into effect, but
may become effective as of 1 January 2003 or thereafter. Under this treaty the
same percentage of the reduction applies.

 

-42-

 

V 05 September 2002

 

personal property income
for Belgian resident individual investors. 10

 

If an individual collects
Dutch source dividends through a Belgian paying agent, the agent must withhold
Belgian withholding tax at the rate of 25% on the gross amount of the dividends
after deduction of Dutch withholding tax.11 The Belgian withholding tax is the final tax.
Dividends, which have been subject to withholding tax, must not be reported in
the individual’s annual income tax return.

 

If the dividends are
collected directly abroad, the beneficiary must report them in his annual tax
return. If reported, the dividends will be taxed at a rate of 25%, or at the
applicable progressive income tax rate, if lower. Reporting the dividends also
has as a consequence that the amount of income tax payable will be increased by
municipal surcharge generally varying from 5% to 8% of the tax due.

 

There is no tax credit
for foreign taxes.

 

b)                        Income
tax: taxation of capital gains for individual investors who are resident in
Belgium, and who are holding the Shares as a private investment

 

According to article 13
of the Income Tax Treaty, capital gains realised by a Belgian resident
individual investor are in principle not subject to taxation in the
Netherlands. According to article 42, § 2 of the Option Law, capital gains
realised when exercising the Options or the Option Shares will not be taxable
as professional income in Belgium. The subsequent sale of the Shares is in
principle a transaction taking place in the usual management of a private
estate and the capital gain generated by such sale does not give rise to
taxation.

 

c)                         Stock
exchange tax

 

Provided that no
professional intermediaries intervene in the transaction in Belgium, the
delivery of the Option Shares is exempted from the tax on stock exchange
transaction. If professional intermediaries intervene, Belgian residents are
subject to the tax on stock exchange transactions in the amount of 0,17% -but
limited to EUR 250,00 per transaction- on each subsequent sale and purchase of
Shares in Belgium. In the event of subscription of shares, the tax equals 0.35%
of the subscription price. This tax is limited to an amount of EUR 250,00 per
transaction.

 

10                         Under proposed law,
liquidation and redemption proceeds are characterised as dividends subject to a
reduced withholding tax of 10%.

 

11                         The rate of 25% will, however,
be reduced to 15% if the shares attributed to the Option Holders are so-called
VVPR Shares (Verlaagde Voorheffing/Précompte Réduit).
To benefit from this reduced rate, a number of conditions must be fulfilled,
e.g. the shares may only be issued after 1 January 1994.

 

-43-

 

V 05 September 2002

 

Euronext
N.V.

 

	
  Euronext Employees Stock Option Plan 2002

  

 

Relevant Country Annex

(Belgium)

 

Q&A

 

 

1.                         General

 

What is
the purpose of the Plan?

 

Purpose
of the Plan is to promote the long-term success of Euronext by encouraging the
employees that have assisted in creating Euronext, to focus on its long-range
goals by allowing such individuals to acquire a stake in Euronext.

 

Will I
be required to pay for my Options?

 

The
Options are granted to you in recognition of your services to Euronext, and do
not require any cash payment. To purchase shares under the Options, however,
you must pay the Exercise Price for the number of shares you wish to acquire.

 

How will
I receive my Euronext Shares once I have exercised my Options?

 

Once
you have validly exercised your Option through submitting to Euronext a
duly completed Exercise Notice (attached as Annex
G hereto) and payment in full of the aggregate Exercise Price due, Euronext
will procure that the corresponding number of Euronext Shares will be
transferred to a securities account of your preference. Please make sure that
the relevant Exercise Notice clearly and correctly states all of your account
details. If you do not yet have a securities account, please request your bank
to open one well ahead of the projected exercise date.

 

What
happens if I do not exercise my Options?

 

Your
Options will lapse automatically at the seventh anniversary of the Grant Date, or
upon termination of your employment with Euronext (except in the event of
death, disability, retirement, or redundancy by reason of collective dismissal
or company reorganisation, whichever is earlier).

 

-44-

 

V 05 September 2002

 

What do
I need to do to accept or refuse the Options?

 

You
need to return the Offer Response Form annexed to the Notice of Grant, before
the ultimate response date stated on such Form. Beneficiaries who have not
returned their Offer Response Forms in time shall be deemed to have accepted
the Options granted to them and shall be taxed accordingly.

 

Will I
be reimbursed by Euronext in respect of any taxation or other costs incurred in
connection with the Options?

 

No. It
is therefore imperative that you familiarise yourself with the tax and other
financial consequences the grant of the Options may have in your situation.

 

Can I
transfer my Options?

 

The
Options are not transferable, but can be the object of a bequest and/or
inheritance.

 

Can I
pledge or otherwise encumber any or all of my Options?

 

No.

 

When do
I acquire the rights of a shareholder?

 

As a
holder of Options, you have none of the rights of a shareholder with respect to
the shares covered by your Options. You will not acquire shareholder rights
until you have received the applicable number of Euronext Shares.

 

When may
I exercise my Options?

 

The
Options are exercisable as from 36 months after the Grant Date, until expiry of
the Options on the seventh anniversary of the Grant Date. Options can only be
exercised during that period if you are still employed with Euronext at the
time of exercise, or if your employment has been terminated earlier because of
your death, disability, retirement at the age at which you are bound or
entitled to retire (or such other age at which you retire by agreement with
your employer) or redundancy by reason of collective dismissal or company
reorganisation.

 

You
should note, however, that in order to benefit from the reduced valuation rate
provided by Belgian tax laws, you must commit yourself in writing not to
exercise the Options prior to the end of the third calendar year after that in
which the notice of grant will be sent.

 

In this
respect, you are invited to return the Waiver Form attached as Annex H hereto.

 

When
will my Options expire?

 

The
Options expire on the seventh anniversary of the Grant Date.

 

-45-

 

V 05 September 2002

 

What form of payment is
required when I exercise my Options?

 

The
Exercise Price can only be paid in cash.

 

Do I need to exercise my
Options all at once?

 

No, you
may exercise your Options in instalments. However, a minimum of 100 Options per
exercise applies, except when exercising all remaining Options.

 

The
minimum amount of 100 Options per exercise does not apply to Option Holders
that were granted less than 100 Options. These Option Holders may exercise less
than 100 Options per exercise, provided that such Option Holder exercises his
or her Options all at once.

 

What happens to my
Options if my employment with Euronext terminates?

 

After
the termination of your employment (other than by reason of your death,
disability, or retirement at the age at which you are bound or entitled to
retire (or such other age at which you retire by agreement with your employer)
or redundancy by reason of collective dismissal or company reorganisation), you
are no longer entitled to exercise your Options. Any exercise made during the
Exercise Period prior to the termination of your employment, however, is not
affected by such termination.

 

What happens to my
Options if I die or become disabled?

 

Disability
occurring once the Exercise Period has started does not affect the right to
exercise the Options. In the event of your death within the Exercise Period,
your Options may be exercised during a maximum period of six (6) months by the
person or persons to whom the Options are transferred by the provisions of your
will or the applicable laws of inheritance. These persons may exercise your Options
in accordance with the terms and conditions of the Plan. In the event of death
prior to the start of the Exercise Period, the said persons may still exercise
the Options during six (6) months after your death. It must be noted that the
exercise of the Options prior to the end of the third calendar year after the
date of grant will trigger the taxation, at ordinary rates, of an additional
benefit valued at 8.5% of the tax value of the Shares at the moment of the
offer.

 

Apart from the terms and
conditions of the Plan, are there any other rules I must observe?

 

Yes.
You must observe all internal Euronext rules regarding private investment
transactions and insider trading, as well as all applicable laws, including but
not limited to those concerning insider trading.

 

When can I sell my shares
I received upon exercise of my Options?

 

You may
sell or otherwise dispose of your shares immediately, provided that all
applicable laws and internal regulations (notably on insider trading)
applicable to Euronext employees and/or other persons who may have inside
knowledge with respect to the Euronext Share, as the case may be, are observed.

 

-46-

 

V 05 September 2002

 

Do I have the right to
remain employed until my Options become exercisable?

 

Nothing
in the Plan is intended to give any person the right to remain employed by any
Euronext entity for any specific period. Both you and Euronext will have the
right to terminate your employment at any time and for any reason, subject to
any employment agreement that may apply, and subject to all applicable laws.

 

 

2.        Belgian Taxation12

 

What is my tax position
at grant or acceptance?

 

The
benefits in kind resulting from the granting of the Options will be taxable on
the sixtieth day following the date of the granting of the Options unless you
refuse the offer in writing before the expiration of this term. You are
therefore invited to return the Offer Response Form attached to the Notice of
Grant to Euronext NV no later than the date to be indicated in the Notice of
Grant.

 

What happens if I do not
refuse the offer in writing before the expiration of the 60th day
following the date of the offer?

 

Even if
you did not want to accept the Options, they will be deemed to be validly attributed
and you will be taxed thereon, irrespective of whether you cannot or do not
actually exercise the Options.

 

How will I be taxed?

 

The
benefit, valued as a certain percentage of the tax value of the Shares at the
moment of the offer, will be taxable in the same way as your other professional
income and will be taxed at the applicable progressive income tax rate to be
increased by municipal surcharge generally varying from 5 to 8% of the tax due
and for the income year 2002, the additional crisis tax of 1% of tax due if
your global taxable income exceeds EUR 30,986.70. As of income year 2003, there
will be no additional crisis tax anymore.

 

No
professional withholding taxes will be withheld at the moment of the granting
of the Options. This implies that the taxes will have to be paid at the moment
you receive your notice of assessment with respect to the income year 2002
(year of assessment 2003).

 

What will be taxed?

 

As a
general rule, the taxable benefit will be valued at 20% of the tax value of the
Shares, i.e. the average list price of the Euronext Share over the last 30
calendar days preceding the date

 

12                         The information provided in
this Annex C is intended as general guidance only (and does not constitute
formal advice) and relates only to employees resident in Belgium at the
relevant time. It is not a full description of all the circumstances in which a
tax or social security liability may arise in relation to your options and/or
the shares acquired by you under the scheme. Tax laws may change from time to
time. You should also note that you are personally responsible for meeting all
tax costs and social security charges arising on either the grant, vesting or
exercise of options or the sale of shares after exercise. You are therefore
strongly recommended to consult a professional tax adviser before exercising
your options or selling your shares.

 

-47-

 

V 05 September 2002

 

of the
Notice of Grant. If, however, you commit yourself in writing not to exercise
your Options before the end of the third calendar year after the year in which
the notice of grant will be sent, the applicable percentage will be reduced to
8.5%.

 

To this purpose, you are invited
to return the Waiver Form attached as Annex H hereto.

 

In
addition, if the Options are in the money, i.e. the Exercise Price is higher
than the tax value, the difference between the Exercise Price and the tax value
has to be added to the taxable benefit.

 

What
happens if I do not longer respect my commitment not to exercise my Options
before or after the dates  indicated in
the notice of grant?

 

You
will be taxed on another 8.5% of the tax value of the Shares at ordinary income
tax rates.

 

What is my tax position
at the moment I exercise my Options?

 

You will
not be taxed anymore at the time of exercise of your Options.

 

What is my tax position
at the moment I dispose of the Shares I acquired pursuant to the exercise of my
Options?

 

You
will, in principle, not be taxed on the capital gains you realize on the
disposal of your Shares.

 

-48-

 

V 05 September 2002

 

ANNEX D

 

-49-

 

V 05 September 2002

 

ANNEX D

Euronext
N.V.

 

	
  Euronext Employees Stock Option Plan 2002

  

 

Relevant Country Annex 

(Portugal)

 

Taxation of Stock Options

 

 

Below
you will find a brief  summary
of certain Portuguese tax consequences related to the Euronext Employees Stock
Option Plan 2002 under the Portuguese tax laws in force and in effect as at the
date hereof, which is subject to changes in Portuguese law, including changes
that could have retroactive effect. This summary has a general nature and is
only intended to give general guidance and should be treated with corresponding
caution. It can not be relied upon with respect to Portuguese tax consequences
that are not specifically discussed herein. Any Portuguese tax consequences due
to the application of a special tax regime or special interpretation of the
law, whether agreed by ruling or otherwise, are excluded from this summary.
This summary only regards the employees who are resident and working in
Portugal and are employed by Euronext Lisbon S.G.M.R. or its subsidiaries. We
recommend you to consult your own advisor in respect of the grant of Options to
you, especially in case you are an expatriate employee working in France, the
Netherlands, Belgium or the United Kingdom.

 

This
summary first outlines in a general fashion the taxation under the Euronext
plan. The summary also includes a general outline of the Portuguese tax rules
in respect of options granted to Employees who are residents in Portugal for
tax purposes and who are subject to Portuguese individual income tax (IRS) and
who work in Portugal.

 

In the
event of any conflict between the terms of this Annex D and the rules of the
Plan and governing legislation, the rules and governing legislation shall
prevail.

 

1.                         The
Euronext Plan

 

Options are considered to
be salary. The tax rates are the same as those applying to your cash salary;
progressive rates with a maximum rate of 40% being applicable to income over €
51,251.48.

 

Under the Euronext Plan
you will not have to pay tax at grant or at acceptance. Taxation will only
occur at the moment the Options are exercised.

 

-50-

 

V 05 September 2002

 

Under the relevant
regime, the difference between the market value (stock price) of the Euronext
Shares and the Exercise Price of the Options will be taxed for IRS purposes, as
income from employment (maximum rate 40%). Said income is not subject to
withholding tax, being included in the employees remuneration receipt as a
remuneration in kind apart from the salary subject to withholding tax.

 

Provided
the Options are not granted on a regular basis, no social security
contributions are due.

 

2.                         Portuguese
tax rules

 

According to Portuguese
law, any benefit granted by the employer to the employees under a Stock Option
Plan is taxable as labour income in kind. For such purposes, employer is any
entity that pays or bears the cost of the plan as long as such entity belongs
to the Group of companies of the employer, regardless of respective residency.

 

Employee is not only the
individual that has the labour contract with the employer but also any other
member of the family of the former.

 

The taxable benefits
include not only the exercise of the Options attributed but also the sale or
renunciation of the Options in favour of the employer, being taxable in this
latter case the positive difference between the amount paid by the employer to
acquire or remunerate the employee for the renunciation, and the amount
previously paid by the latter for such rights.

 

Also the resale of the
Option Shares to the employer will be treated as income from employment, in
this case being taxable the positive difference between the price for such sale
and the market price considered at the moment the option to acquire the Shares
now sold has been exercised.

 

Taxable income will be
subject to the IRS progressive rates for employment income, with a maximum rate
of 40% being applicable to income over € 51,251.48.

 

Income deriving from the
sale of Option Shares to third entities, other than the employer, will be
treated as capital gain being subject to IRS, under the above described
conditions.

 

The assessment of capital
gains is determined by the difference between the sale amount (free from any
sales related charges) and the stock price determined at the moment the option
to acquire the Shares now sold has been exercised. The FIFO criteria is
applicable.

 

According to Law
109-B/2001, of 27 December, capital gains arising from shares acquired as from
1 January 2003 will be taxed taking into consideration the net positive balance
between the yearly assessed capital gains and losses made on the sale of shares
(and other financial assets), only 50% of the said net positive balance being
considered for the purpose of the IRS due at the progressive rates above

 

-51-

 

V 05 September 2002

 

referred.

 

If the net positive
balance is less than € 2,500, the capital gain in question will not be subject
to IRS taxation. Notwithstanding, this amount should still be considered for
the purposes of determining the applicable IRS tax rate.

 

Provided the Option Shares
are deposited in a bank or other financial institutions located in Portugal,
capital gains will be subject to a 10% withholding tax, the amount withheld
being considered as payment on account of the final income tax due.

 

However, one should note
that according to Law 16-B/2002, of 31 May, the Portuguese Government has been
authorised to change the above tax regime so as to exempt from IRS capital
gains arising from the disposal of shares which have been held for more than 12
months.

 

Under this new regime, if
the 12 month period is not satisfied, capital gains will be taxed at a 10% flat
rate on any positive balance between the assessed capital gains and losses made
on the sale of financial assets in a given year. Capital gains should still be
determined by calculating the difference between the sale price (less any sales
related charges) and the acquisition cost of the shares.

 

Dividends distributed by
Euronext N.V. to Portuguese employees can be subject to a maximum 10%
withholding tax in The Netherlands in accordance with the Portugal/The
Netherlands Tax Treaty. The employee should disclose the dividends in his final
income tax return, being the same added to the other income derived by the
individual for the year and tax will be calculated on the total taxable income
for the year at progressive rates up to 40%, as referred above. Portugal, as
the residence country, gives a credit for Dutch withholding tax on the
dividends against the Portuguese tax on the same income. However, this credit
cannot exceed the Portuguese tax on the dividends.

 

If the dividends arising
from Euronext N.V. shares are paid to Portuguese employees by a paying agent
resident in Portugal (e.g. a bank), these dividends will be subject to a 15%
Portuguese withholding tax. The employee should disclose the dividends in his
final income tax return in the same manner above described. The 15% withholding
tax should be considered as a payment on account of the final tax due and
therefore set off against the final tax due or reimbursed if no final tax is
payable or the same is lower than the 15% suffered.

 

-52-

 

V 05 September 2002

 

Euronext
N.V.

 

	
  Euronext Employees Stock Option Plan

  2002

  

 

Relevant
Country Annex

(Portugal)

 

Q&A

 

 

1.                         General

 

What is the purpose of
the Plan?

 

Purpose
of the Plan is to promote the long-term success of Euronext by encouraging the
employees that have assisted in creating Euronext, to focus on its long-range
goals by allowing such individuals to acquire a stake in Euronext.

 

Will I be required to pay
for my Options?

 

The
Options are granted to you in recognition of your services to Euronext, and do
not require any cash payment. To purchase shares under the Options, however,
you must pay the Exercise Price for the number of shares you wish to acquire.

 

How will I receive my
Euronext Shares once I have exercised my Options?

 

Once
you have validly exercised your Option through submitting to Euronext a duly
completed Exercise Notice (attached as Annex G hereto) and payment in
full of the aggregate Exercise Price due, Euronext will procure that the
corresponding number of Euronext Shares will be transferred to a securities
account of your preference. Please make sure that the relevant Exercise Notice
clearly and correctly states all of your account details. If you do not yet
have a securities account, please request your bank to open one well ahead of
the projected exercise date.

 

What happens if I do not
exercise my Options?

 

Your
Options will lapse automatically at the seventh anniversary of the Grant Date,
or upon termination of your employment with Euronext (except in the event of
death, disability or retirement, or redundancy by reason of collective
dismissal or company reorganisation,

 

-53-

 

V 05 September 2002

 

whichever
is earlier).

 

What do I need to do to
accept or refuse the Options?

 

You
need to return the Offer Response Form annexed to the Notice of Grant, before
the ultimate response date stated on such Form. Beneficiaries who have not
returned their Offer Response Forms in time shall be deemed to have refused the
Options granted to them.

 

Will I be reimbursed by
Euronext in respect of any taxation or other costs incurred in connection with
the Options?

 

No. It
is therefore imperative that you familiarise yourself with the tax and other
financial consequences the grant of the Options may have in your situation.

 

Can I transfer my
Options?

 

The
Options are not transferable, but can be the object of a bequest and/or inheritance.

 

Can I pledge or otherwise
encumber any or all of my Options?

 

No.

 

When do I acquire the
rights of a shareholder?

 

As a
holder of Options, you have none of the rights of a shareholder with respect to
the shares covered by your Options. You will not acquire shareholder rights
until you have received the applicable number of Euronext Shares.

 

When may I exercise my
Options?

 

The
Options are exercisable as from 36 months after the Grant Date, until expiry of
the Options on the seventh anniversary of the Grant Date. Options can only be
exercised during that period if you are still employed with Euronext at the
time of exercise, or if your employment has been terminated earlier because of
your death, disability, retirement at the age at which you are bound or
entitled to retire (or such other age at which you retire by agreement with
your employer) or redundancy by reason of collective dismissal or company
reorganisation.

 

When will my Options
expire?

 

The
Options expire on the seventh anniversary of the Grant Date.

 

What form of payment is
required when I exercise my Options?

 

The
Exercise Price can only be paid in cash.

 

Do I need to exercise my
Options all at once?

 

No, you
may exercise your Options in instalments. However, a minimum of 100 Options per

 

-54-

 

V 05 September 2002

 

exercise
applies, except when exercising all remaining Options.

 

The
minimum amount of 100 Options per exercise does not apply to Option Holders
that were granted less than 100 Options. These Option Holders may exercise less
than 100 Options per exercise, provided that such Option Holder exercises his
or her Options all at once.

 

What
happens to my Options if my employment with Euronext terminates?

 

After
the termination of your employment (other than by reason of your death,
disability, or retirement at the age at which you are bound or entitled to
retire (or such other age at which you retire by agreement with your employer)
or redundancy by reason of collective dismissal or company reorganisation), you
are no longer entitled to exercise your Options. Any exercise made during the
Exercise Period prior to the termination of your employment, however, is not
affected by such termination.

 

What
happens to my Options if I die or become disabled?

 

Disability
occurring once the Exercise Period has started does not affect the right to
exercise the Options. In the event of your death within the Exercise Period,
your Options may be exercised during a maximum period of six (6) months by the person
or persons to whom the Options are transferred by the provisions of your will
or the applicable laws of inheritance. These persons may exercise your Options
in accordance with the terms and conditions of the Plan. In the event of death
prior to the start of the Exercise Period, the said persons may still exercise
the Options during six (6) months after your death.

 

Apart
from the terms and conditions of the Plan, are there any other rules I must
observe?

 

Yes.
You must observe all internal Euronext rules regarding private investment
transactions and insider trading, as well as all applicable laws, including but
not limited to those concerning insider trading.

 

When can
I sell my shares I received upon exercise of my Options?

 

You may
sell or otherwise dispose of your shares immediately, provided that all
applicable laws and internal regulations (notably on insider trading)
applicable to Euronext employees and/or other persons who may have inside
knowledge with respect to the Euronext Share, as the case maybe, are observed.

 

However,
you should note that if you dispose of your shares within 4 years after the
date the Option were granted, you will not be able to benefit from the
favourable tax and social security regime (see below), save certain circumstances
(dismissal or redundancy, retirement, disability or death).

 

Do I
have the right to remain employed until my Options become exercisable?

 

Nothing
in the Plan is intended to give any person the right to remain employed by any
Euronext entity for any specific period. Both you and Euronext will have the
right to terminate your employment at any time and for any reason, subject to
any employment agreement that

 

-55-

 

V 05 September 2002

 

may
apply, and subject to all applicable laws.

 

 

2.                         Portuguese
Taxation13

 

What is
my tax position at grant or acceptance?

 

You
will not pay any tax in respect of the Options at the time your Options are
granted or at the time you accept your Options.

 

What is
the tax position after grant?

 

Individual
income tax (IRS) will only be due at the moment the Options are exercised and
provided the Option value is below market price.

 

Besides
IRS, the exercise of the Options may also trigger social security
contributions.

 

However,
it may be possible to avoid paying such contributions provided the Options are
not attributed on a regular basis. Although the Law does not specify what is
deemed as a regular basis, it is commonly understood that stock option plans
are usually qualified as irregular bonus and therefore, exempt from social
security contributions.

 

On what
basis is my taxable amount calculated?

 

You are
taxed for IRS and social security purposes (except in the case of directors,
managers and other board members, where the social security overall basis is
limited to 12 times the national minimum salary) on the basis of your gain,
which is the difference between the stock price of the Euronext Shares and the
Exercise Price of the Options you exercise.

 

At what
rate am I taxed?

 

At the
IRS progressive rates for employment income, with a maximum rate of 40% being
applicable to income over €51,251.48.

 

If
social security contributions are due, you are taxed at a rate of 11% (10% in
case of directors, managers or other board members, limited to 12 times the
national minimum salary).

 

How is
the tax paid?

 

13                         This brief summary of certain
Portuguese tax consequences related to the Euronext Employees Stock Option Plan
2002 under the Portuguese tax laws in force and in effect as at the date
hereof, and is subject to changes in Portuguese law, including changes that
could have retroactive effect. This summary has a general nature and is only
intended to give general guidance and should be treated with corresponding
caution. It cannot be relied upon with respect to Portuguese tax consequences
that are not specifically discussed herein. Any Portuguese tax consequences due
to the application of a special tax regime or special interpretation of the
law, whether agreed by ruling or otherwise, are excluded from this summary.
This summary only regards the employees who are resident and working in
Portugal and are employed by Euronext Lisbon S.G.M.R. or its subsidiaries. We
recommend you to consult your own advisor in respect of the grant of Options to
you, especially if you are an expatriate employee working in France, the
Netherlands, Belgium or the United Kingdom.

 

-56-

 

 

V 05 September 2002

 

In case
of IRS due, the tax will be paid by yourself after filing the competent tax
return and upon assessment made by the Portuguese Tax Authorities. This also
applies in case of capital gains arising from the sale of your shares except in
what regards the 10% withholding tax payable in case the Option Shares are
deposited in a Portuguese bank or other financial institution.

 

In case
social security contributions are due, your employer will be responsible for
collecting and paying the amounts due on your behalf.

 

What is
the tax position on the sale of your Shares?

 

Income
deriving from the sale of Option Shares will be treated as a capital gain
provided the same are not acquired by Euronext Lisbon S.G.M.R. or by other
group companies. In this latter case, capital gains so realised will be treated
for IRS purposes as income from employment being applicable the above described
conditions.

 

The
assessment of capital gains arising from the sale of Option Shares to third
parties is determined by the difference between the sale amount (free from any
sales related charges) and the stock price determined at the moment the option
to acquire the Shares now sold has been exercised. The FIFO criteria is
applicable.

 

According
to Law 109-B/2001, of 27 December, capital gains will be taxed according to the
net positive balance between the yearly assessed capital gains and losses made
on the sale of shares (and other financial assets), only 50% of the said net
positive balance being considered for the purpose of the IRS due at the
progressive rates above referred.

 

If the
net positive balance is less than €2,500, the capital gain in question is not
subject to IRS taxation. Notwithstanding, this amount should still be
considered for the purposes of determining the applicable IRS tax rate.

 

Provided
the Option Shares are deposited in a bank or other financial institutions
located in Portugal, capital gains will be subject to a 10% withholding tax the
amount withheld, being considered as payment on account of the final income tax
due.

 

However,
one should note that according to a recent authorisation granted by the
National Parliament to Portuguese Government, it is expected that the above tax
regime is considerably changed so as to exempt from IRS capital gains arising
from the disposal of shares which have been held for more than 12 months.

 

Under
this new regime, if the 12 month period is not satisfied, capital gains will be
taxed at a 10% flat rate on any positive balance between the assessed capital
gains and losses made on the sale of financial assets in a given year. Capital
gains should still be determined by calculating the difference between the sale
price (less any sales related charges) and the acquisition cost of the shares.

 

The
sale gain obtained will be exempt from social security contributions.

 

-57-

 

V 05 September 2002

 

ANNEX E

 

-58-

 

 

V 05 September 2002

 

ANNEX E

Euronext N.V.

 

	
  Euronext Employees Stock Option Plan 2002

  

 

Relevant Country Annex

(United Kingdom)

 

Taxation of Stock Options

 

 

The
advice given set out below is intended to be for general guidance only and
relates only to employees resident and ordinarily resident in the United
Kingdom. It is not a full description of all the circumstances in which a tax
or security liability may arise in relation to your approved and unapproved
options and/or the shares acquired by you under the Plan. Tax laws may change
from time to time. You should also note that you are personally responsible for
meeting all tax costs and social security charges arising in connection with
your approved and unapproved options or the sale of shares after exercise. You
are therefore strongly recommended to consult a professional tax adviser before
exercising your approved and unapproved options or selling your shares.

 

In the
event of any conflict between the terms of this Annex E and the rules of the
Plan and the rules of the UK Approved Schedule (in the case of approved
options) and governing legislation, the rules and governing legislation shall
prevail.

 

The
Euronext Plan

 

You will be informed
whether your Option is an approved option granted under the UK Schedule to the
Euronext Employees Stock Option Plan 2002 (an “Approved Option”) or whether
your Option will be unapproved for tax purposes (an “Unapproved Option”).

 

Income
Tax and National Insurance Contributions

 

In the case of an
Approved Option, no income tax or social security charges will be due, provided
that the Approved Option is not exercised within 3 years of the Grant Date and
provided you have not previously exercised any other option not being a
savings-related share option approved by the UK Inland Revenue with the period
of three years prior to the date of exercise in circumstances in which you
obtained tax relief.

 

If you choose to exercise
an Approved Option within the period of three years from the Grant Date or have
previously exercised an option approved by the UK Inland Revenue within the
period of three years prior to the date of exercise in circumstances in which
you obtained tax

 

-59-

 

V 05 September 2002

 

relief you will be liable
to income tax on the difference between the market value of the Euronext Shares
on the date of exercise and the Exercise Price at your marginal rate. For the
tax year 2002/3 income tax is charged at 22% for basic rate tax payers and 40%
for higher rate tax payers. No Social Security charges are due on the exercise
of Approved Options.

 

On the exercise of an
Unapproved Option the difference between the market value of the Euronext
Shares on the date of exercise and the Exercise Price is subject to income tax.
You will be liable to pay income tax at your marginal rate. For the tax year
2002/3 income tax is charged at 22% for basic rate tax payers and 40% for
higher rate tax payers.

 

On the exercise of an
Unapproved Option, social security contributions (National Insurance
contributions) may also be due.

 

Capital
Gains Tax

 

Euronext Shares are
treated as acquired for capital gains tax purposes when an Option is exercised.

 

When Euronext Shares
acquired by the exercise of an Option are disposed of, any capital gain is
chargeable to capital gains tax.

 

On the sale of Euronext
Shares acquired on the exercise of an Approved Option, where income tax was
not due on exercise, you will be charged to capital gains tax on any
difference between the Exercise Price and the proceeds of sale. Where income
tax was due on the exercise of your Approved Options, you will be
charged to capital gains tax on any difference between the sale proceeds and
the market value of the Euronext Shares on the date of exercise. The rates of
capital gains tax for the 2002/3 tax year are 20% for basic rate tax payers and
40% for higher rate payers.

 

On the sale of Euronext
Shares acquired on the exercise of an Unapproved Option, you will be charged to
capital gains tax on any difference between the sale proceeds and the market
value of the Euronext Shares on the date of exercise.

 

Taper
Relief

 

Where you remain employed
within the Euronext group and sell Euronext Shares, your chargeable gain will
be reduced by 50% after one year and 75% after two years from the date you
acquire the Euronext Shares. Any gains will then be subject to the annual
personal exemption (£7,700 for the tax year 2002/3).

 

Dividends

 

If any dividends are
declared on the Euronext Shares held following exercise, the dividends will be
chargeable to income tax at 10% for lower rate tax payers and 32.5% for higher
rate tax payers. No Social Security charges arise on dividends declared.

 

-60-

 

V 05 September 2002

 

Secondary National
Insurance (Unapproved Options)

 

Your Unapproved Options
have been granted to you on terms that you will if required reimburse your
employing company for any employer’s secondary national insurance contributions
arising on the exercise, assignment, cancellation or release of the Unapproved
Option. You will need to agree to this arrangement by entering into an election
or agreement with your employing company which will be provided to you in due
course.

 

You will not be allowed
to exercise your Unapproved Option unless and until such election or agreement
has been entered into.

 

A special tax relief for
employees who agree to meet their employer’s secondary NIC liability is
available. You will be able to claim a deduction for the employer’s secondary
NIC liability in calculating the income tax chargeable on the exercise of the
Unapproved Option.

 

-61-

 

V 05 September 2002

 

Euronext
N.V.

 

	
  Euronext Employees Stock Option Plan 2002

  

 

Relevant Country Annex 

(United Kingdom)

 

Q&A

 

 

1.        General

 

What is the purpose of
the Plan?

 

The
purpose of the Plan is to promote the long-term success of Euronext by
encouraging the employees that have assisted in creating Euronext, to focus on
its long-range goals by allowing such individuals to acquire a stake in
Euronext.

 

Will I be required to pay
for my Options?

 

The
Options are granted to you in recognition of your services to Euronext, and do
not require any cash payment. To purchase shares under the Options, however,
you must pay the Exercise Price for the number of shares you wish to acquire.

 

How will I receive my
Euronext Shares once I have exercised my Options?

 

Once
you have validly exercised your Option through submitting to Euronext a duly
completed Exercise Notice (attached as Annex G hereto) and payment in
full of the aggregate Exercise Price due, Euronext will procure that the
corresponding number of Euronext Shares will be transferred to a securities
account of your preference. Please make sure that the relevant Exercise Notice
clearly and correctly states all of your account details. If you do not yet
have a securities account, please request your bank to open one well ahead of
the projected exercise date.

 

What happens if I do not
exercise my Options?

 

Your
Options will lapse automatically at the seventh anniversary of the Grant Date,
or

 

-62-

 

 

V 05 September 2002

 

upon
termination of your employment with Euronext (except in the event of death,
disability or retirement or redundancy by reason of collective dismissal or
company reorganisation, whichever is earlier).

 

Will I be reimbursed by
Euronext in respect of any taxation or other costs incurred in connection with
the Options?

 

No. It
is therefore imperative that you familiarise yourself with the tax and other
financial consequences of being granted or exercising an Option.

 

Can I transfer my
Options?

 

The
Options are not transferable save in the event of death when they may be
exercised by your personal representatives.

 

Can I pledge or otherwise
encumber any or all of my Options?

 

No.

 

When do I acquire the
rights of a shareholder?

 

As a
holder of Options, you have none of the rights of a shareholder with respect to
the shares covered by your Options. You will not acquire shareholder rights
until you have exercised your Options and received the relevant number of
Euronext Shares.

 

When may I exercise my
Options?

 

The Options
are exercisable as from 36 months after the Grant Date, until expiry of the
Options on the seventh anniversary of the Grant Date. Options can only be
exercised during that period if you are still employed with Euronext at the
time of exercise, or if your employment has been terminated earlier because of
your death, disability, retirement at the age at which you are bound or
entitled to retire (or such other age at which you retire by agreement with
your employer) or redundancy by reason of collective dismissal or company
reorganisation.

 

When will my Options
expire?

 

The
Options expire on the seventh anniversary of the Grant Date.

 

What
form of payment is required when I exercise my Options?

 

The
Exercise Price can only be paid in cash.

 

Do I
need to exercise my Options all at once?

 

No,
you may exercise your Options in
instalments. However, a minimum of 100 Options per exercise applies, except
when exercising all remaining Options (when you hold less

 

-63-

 

V 05 September 2002

 

than
100 Options).

 

The
minimum amount of 100 Options per exercise does not apply to Option Holders
that were granted less than 100 Options. These Option Holders may exercise less
than 100 Options per exercise, provided that such Option Holder exercises his
or her Options all at once.

 

What happens to my
Options if my employment with Euronext terminates?

 

After
the termination of your employment (other than by reason of your death,
disability, or retirement at the age at which you are bound or entitled to
retire (or such other age at which you retire by agreement with your employer)
or redundancy by reason of collective dismissal or company reorganisation), you
are no longer entitled to exercise your Options. Any exercise made during the
Exercise Period prior to the termination of your employment, however, is not
affected by such termination.

 

What happens to my
Options if I die or become disabled?

 

Disability
occurring once the Exercise Period has started does not affect the right to
exercise the Options. In the event of your death within the Exercise Period,
your Options may be exercised during a maximum period of six (6) months by the
person or persons to whom the Options are transferred by law. Such persons may
exercise your Options in accordance with the terms and conditions of the Plan.
In the event of death prior to the start of the Exercise Period, such persons
may still exercise the Options during the six (6) months after your death.

 

Apart from the terms and
conditions of the Plan, are there any other rules I must observe?

 

Yes.
You must observe all internal Euronext rules regarding private investment
transactions and insider trading, as well as all applicable laws, including but
not limited to those concerning insider trading.

 

When can I sell my shares
I received upon exercise of my Options?

 

You may
sell or otherwise dispose of your shares immediately, provided that all
applicable laws and internal regulations (notably on insider trading)
applicable to Euronext employees and/or other persons who may have inside
knowledge with respect to the Euronext Share, as the case may be, are observed.

 

Do I have the right to
remain employed until my Options become exercisable?

 

Nothing
in the Plan is intended to give any person the right to remain employed by any
Euronext entity for any specific period. Both you and Euronext will have the
right to terminate your employment at any time and for any reason, subject to
any employment agreement that may apply, and subject to all applicable laws.

 

-64-

 

V 05 September 2002

 

2.        UK Taxation.

 

You will be informed
whether your Option is an approved option granted under the UK Schedule to the
Euronext Employees Stock Option Plan 2002 (an “Approved Option”) or whether
your Option will be unapproved for tax purposes (as “Unapproved Option”).

 

Will I be subject to any
tax or social security charges when my options are granted?

 

No.
There will be no upfront income tax or social security charges on the grant of
your options.

 

Will I be subject to any
tax or social security charges on the exercise of my Options?

 

Approved Options

 

On the
exercise of an Approved Option, no income tax or social security charges are
normally due, provided that the option is not exercised within three years of
the Grant Date and provided you have not previously exercised an option not
being a savings-related approved by the UK Inland Revenue within the period of
three years prior to the date of exercise in circumstances in which you
obtained tax relief.

 

If you
exercise an Approved Option within the period of three years from the Grant
Date or have previously exercised an option approved by the UK Inland Revenue
within the period of three years prior to the date of exercise in circumstances
in which you obtained tax relief you will be liable to income tax on the
difference between the market value of the Euronext Shares on the date of
exercise and the Exercise Price.

 

No
social security charges are due on the exercise of Approved Options.

 

Unapproved Options

 

On the
exercise of an Unapproved Option you will be liable to income tax on the
difference between the market value of the Euronext Shares on the date of
exercise and the Exercise Price.

 

On the
exercise of an Unapproved Option, if you have not reached the upper earnings
cap at that time (£30,420 for the tax year 2002/3) National Insurance
contributions will also be due at the rate then prevailing.

 

What are the income tax
rates?

 

If you
are liable to pay income tax on the exercise of your options, you will be
charged at your marginal rate. For the tax year 2002/3 income tax is charged at
22% for basic rate tax payers and 40% for higher rate tax payers.

 

-65-

 

 

V 05 September 2002

 

When and how do I have to
pay the tax?

 

In
situations where income tax is due on the exercise of an Approved Option, this
income tax must be declared on a self-assessment tax return which is due by 31
January in the year following the tax year in question. If you do not usually
receive a self-assessment tax return from the Inland Revenue you must contact
your local Tax Office to request one.

 

On the
exercise of an Unapproved Option, income tax and any social security
contributions are due and are collected via the PAYE system. In order to
reimburse your employer for this amount you will need to provide, on exercise,
a cheque in the amount equal to the PAYE liability or provide instructions for
the withholding of such number of the resulting Euronext Shares which may then
be sold onto the market to cover this liability.

 

Are there any other
payments I will have to make when exercising my Unapproved Option?

 

Your
Unapproved Option will be granted on terms that you will if required agree to
reimburse your employing Company for any employers’ secondary national
insurance contributions arising on the exercise, assignment, cancellation or
release of the Unapproved Option. You will need to agree to this arrangement by
entering into an election or agreement with your employing company which will
be provided to you in due course. You will not be permitted to exercise your
Unapproved Option unless and until such election or agreement has been entered
into.

 

A
special tax relief for employees who agree to meet their employers’ secondary
NIC liability is available. You will be able to claim a deduction for the
employers’ secondary NIC liability in calculating the tax chargeable on the
Unapproved Option gain.

 

Will I be subject to any
tax and social security charges when I sell my shares?

 

Capital
gains tax may be due on any gains which are made. There are no social security
charges.

 

On the
sale of Euronext Shares acquired on the exercise of an Approved Option, where
income tax was not due on exercise, you will be charged to capital gains tax on
any difference between the Exercise Price and the proceeds of sale.

 

Where
income tax was due on the exercise of your Approved Options, you will be
charged to capital gains tax on any difference between the sale proceeds and
the market value of the Euronext Shares on the date of exercise.

 

On the
sale of Euronext Shares acquired on the exercise of an Unapproved Option, you
will be charged to capital gains tax on any difference between the sale
proceeds and the market value of the Euronext Shares on the date of exercise.

 

-66-

 

 

V 05 September 2002

 

What is
the rate of capital gains tax?

 

The
rates of capital gains tax for the 2002/3 tax year are 20% for basic rate tax
payers and 40% for higher rate tax payers.

 

Any
gains which are liable to capital gains tax may be reduced as a result of
“taper” relief which reduces the amount of the chargeable gain depending on the
number of whole years during which your Euronext Shares have been held. Where
you remain employed within the Euronext group and sell Euronext shares, your
chargeable gain will be reduced by 50% after one year and 75% after two years
from the acquisition of the Euronext Shares. Any gains will then be subject to
the annual personal exemption of £7,700 (for the tax year 2002/3).

 

When and
how do I have to pay this capital gains tax?

 

Capital
gains are declared on your self-assessment tax return which must be completed
by 31 January in the year following the end of the tax year in question. If you
do not receive a self-assessment tax return you must request one from your
local Tax Office.

 

Will
dividends paid on the shares be taxable?

 

Any
dividends declared on the Euronext Shares held following exercise will be
chargeable to income tax at 10% for lower rate taxpayers and 32.5% for higher
rate tax payers. Any tax which is due on dividends is collected via your
self-assessment tax return. If you do not normally receive a self-assessment
tax return you must request one from your local Tax Office.

 

No
social security charges are due on dividends declared.

 

-67-

 

V 05 September 2002

 

ANNEX F

 

-68-

 

V 05 September 2002

 

ANNEX F1

 

[Euronext N.V. letterhead]

 

To:      [insert name and address of employee]

 

Amsterdam, [date]

 

NOTICE OF GRANT

 

We refer to the Plan
Description of the Euronext Employees Stock Option Plan 2002 (the “Plan”), a
copy of which is enclosed herewith. We are pleased to inform you that you have
been granted options as at the date hereof subject to and in accordance with
the terms and conditions of the Plan.

 

These options are granted
to you in recognition of your continued efforts towards the success and further
development of Euronext and to invest in a long-lasting relationship by
allowing you to acquire a stake in our company.

 

The details of your
options are as follows:

 

	
  Grant
  Date:

  	
   

  	
  [•]

  
	
  Number
  of Euronext Shares:

  	
   

  	
  [•]

  
	
  Exercise
  Price per Euronext Share:

  	
   

  	
  [•]

  
	
  [Tax
  value of the Euronext Share as at the date hereof]14

  	
   

  	
  [•]

  
	
  Last
  date for exercise of Option:

  	
   

  	
  [•]

  

 

For any additional
information concerning the Plan or about the exercise procedure, please refer
to your copy of the Euronext Employees Stock Option Plan 2002 or contact your
Human Resources Department.

 

Please communicate your
acceptance or refusal of the Options granted hereby to Euronext N.V., Attn.
Human Resources Department by completing and returning the offer response form
attached to this Notice of Grant. The Offer Response Form must be received by
Euronext N.V. prior to the 60th day following this Notice of Grant. If your
Offer Response Form shall not have been received by Euronext N.V. by such date,
you will be deemed to have accepted the options granted to you.15

 

14                         Pursuant to Belgian tax law
and solely for Belgian tax purposes, Euronext N.V. has elected to determine the
tax value of the Euronext Shares as the average list price over the last 30
calendar days preceding this date.

 

15                         In the Notice of Grant that will
be sent to Beneficiaries employed or working in Portugal, this last sentence
will read: ‘If you do not return you offer response form by such date, you will
be deemed to have refused the options granted to you.

 

-69-

 

V 05 September 2002

 

Yours sincerely,

 

 

[authorised
representative]

 

-70-

 

V 05 September 2002

 

ANNEX
F2

 

[Euronext
N.V. letterhead]

 

To:     [insert name and address of employee]

 

Amsterdam, [date]

 

NOTICE
OF GRANT - UK INLAND REVENUE APPROVED OPTIONS16

 

We refer to the UK
Approved Schedule to the Euronext Employees Stock Option Plan 2002 (the
“Plan”), a copy of which is enclosed herewith. We are pleased to inform you
that you have been granted Inland Revenue approved options as at the date
hereof subject to and in accordance with the terms and conditions of the UK
Approved Schedule to the Plan.

 

The details of your
approved options are as follows:

 

	
  Grant Date:

  	
   

  	
  [•]

  
	
  Number of Euronext Shares:

  	
   

  	
  [•]

  
	
  Exercise Price per Euronext Share:

  	
   

  	
  [•]

  
	
  Last date for exercise of Option:

  	
   

  	
  [•]

  

 

Additional information
concerning the Plan and the exercise procedure is contained in the Euronext
Employees Stock Option Plan 2002. Alternatively, please contact Paul Bienkov,
Euronext.liffe Human Resources, for further information.

 

It is hereby certified
that this instrument falls within the category L in the Schedule to the Stamp
Duty (Exempt Instruments) Regulations 1987.

 

Executed by the Company
as a deed.

 

	
  Signed

  	
   

  	
  (Director)

  
	
   

  	
   

  	
  (Director)

  

 

 

16                         For UK Beneficiaries only.

 

-71-

 

 

V 05 September 2002

 

ANNEX
F3

 

[Euronext N.V.
letterhead]

 

To:                [insert name and
address of employee]

 

Amsterdam, [date]

 

NOTICE
OF GRANT – UK PARTICIPANTS

 

We refer to the Plan
Description of the Euronext Employees Stock Option Plan 2002 (the “Plan”), a
copy of which is enclosed herewith. We are pleased to inform you that you have
been granted options as at the date hereof subject to and in accordance with
the terms and conditions of the Plan. You will receive [•] options of which [•]
will be Inland Revenue approved options. Details of these approved options will
be supplied to you separately.

 

These options are granted
to you in recognition of your continued efforts towards the success and further
development of Euronext and to invest in a long-lasting relationship by
allowing you to acquire a stake in our company.

 

The details of your
unapproved options are as follows:

 

	
  Grant Date:

  	
   

  	
  [•]

  
	
  Number of Euronext Shares:

  	
   

  	
  [•]

  
	
  Exercise Price per Euronext Share:

  	
   

  	
  [•]

  
	
  Last date for exercise of Option:

  	
   

  	
  [•]

  

 

For any additional
information concerning the Plan or about the exercise procedure, please refer
to your copy of the Euronext Employees Stock Option Plan 2002 or contact your
Human Resources Department.

 

Please communicate your
acceptance or refusal of the unapproved options granted hereby to Euronext
N.V., Attn. Human Resources Department by completing and returning the offer
response form attached to this Notice of Grant. The Offer Response Form must be
received by Euronext N.V. prior to the 60th day following this Notice of Grant.
If your Offer Response Form shall not have been received by Euronext N.V. by
such date, you will be deemed to have accepted the options granted to you.

 

Yours sincerely,

 

 

[authorised
representative]

 

-72-

 

V 05 September 2002

 

ANNEX F4

 

[Euronext N.V.
letterhead]

 

To:                [insert name and
address of employee]

 

Amsterdam, [date]

 

NOTICE OF GRANT - US
PARTICIPANTS

 

We refer to the Plan
Description of the Euronext Employees Stock Option Plan 2002 (the “Plan”), a
copy of which is enclosed herewith. We are pleased to inform you that you have
been granted options as at the date hereof subject to and in accordance with
the terms and conditions of the Plan. You will receive [•] options of which [•]
will be Incentive Stock Options. Details of these approved options will be
supplied to you separately.

 

These options are granted
to you in recognition of your continued efforts towards the success and further
development of Euronext and to invest in a long-lasting relationship by
allowing you to acquire a stake in our company.

 

The details of your
non-qualified options are as follows:

 

	
  Grant Date:

  	
   

  	
  [•]

  
	
  Number of Euronext Shares:

  	
   

  	
  [•]

  
	
  Exercise Price per Euronext Share:

  	
   

  	
  [•]

  
	
  Last date for exercise of Option:

  	
   

  	
  [•]

  

 

For any additional
information concerning the Plan or about the exercise procedure, please refer
to your copy of the Euronext Employees Stock Option Plan 2002 or contact your
Human Resources Department.

 

Please communicate your
acceptance or refusal of the Options granted hereby to Euronext N.V., Attn.
Human Resources Department by completing and returning the offer response form
attached to this Notice of Grant. The Offer Response Form must be received by
Euronext N.V. prior to the 60th day following this Notice of Grant. If your
Offer Response Form shall not have been received by Euronext N.V. by such date,
you will be deemed to have accepted the options granted to you.

 

Yours sincerely,

 

 

[authorised
representative]

 

-73-

 

V 05 September 2002

 

ANNEX G

 

-74-

 

V 05 September 2002

 

ANNEX G1

Euronext
N.V.

 

	
  Euronext Employees Stock Option Plan 2002

  

 

Exercise
Notice

 

I,

 

	
   

  	
  Name:

  	
   

  	
   

  	
   

  
	
   

  	
  Address:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Country: 

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Employed with:

  	
   

  	
  o         Euronext
  Paris S.A.

  	
   

  
	
   

  	
   

  	
   

  	
  o         Euronext Amsterdam N.V.

  	
   

  
	
   

  	
   

  	
   

  	
  o         Euronext Brussels S.A./N.V.

  	
   

  
	
   

  	
   

  	
   

  	
  o         Euronext Lisbon S.G.M.R.

  	
   

  
	
   

  	
   

  	
   

  	
  o         Clearnet S.A.

  	
   

  
	
   

  	
   

  	
   

  	
  o         LIFFE (Holdings) Plc.

  	
   

  
	
   

  	
   

  	
   

  	
  o         Other:

  	
   

  	
   (please
  specify)

  
	
   

  	
  Department: 

  	
   

  	
   

  	
   

  
	
   

  	
  Telephone (office):

  	
   

  	
   

  	
   

  
	
   

  	
  Telephone (home):

  	
   

  	
   

  	
  ,

  
	
   

  	
   

  	
   

  	
   

  	
   

  
							

 

a beneficiary under the
Euronext Employees Stock Option Plan 2002 (the “Plan”);

 

hereby give notice to
Euronext N.V. that I wish to exercise ____________ (specify number, with a
minimum of 100 except when exercising all (remaining) options) options granted
to me pursuant to the Plan. I hereby irrevocably instruct Euronext N.V. to
procure the transfer of the corresponding number of Euronext N.V. shares to my
securities account maintained with the banking institution identified below.

 

I am aware that the
transfer of the Euronext shares will only occur once Euronext N.V. shall have
received payment in full of the aggregate exercise price.

 

-75-

 

V 05 September 2002

 

I am aware of the current
Euronext private investment transactions and insider trading rules and
regulations applicable to Euronext employees and other insiders, and I hereby
undertake to observe all such rules if and to the extent applicable.

 

I have transferred the
aggregate exercise price of EUR _____________ to account number 22.35.06.907 in
the name of Euronext Amsterdam N.V. (name and address of banking institution:
Kas-Associatie N.V., Spuistraat 172, Amsterdam, the Netherlands).

 

Upon receipt of the
exercise price, please transfer the corresponding number of Euronext N.V.
shares to the following securities account:

 

	
   

  	
  Account number:

  	
   

  	
   

  	
   

  
	
   

  	
  In the name of:

  	
   

  	
   

  	
   

  
	
   

  	
  Name of Bank:

  	
   

  	
   

  	
   

  
	
   

  	
  Address of Bank:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Country of Bank:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  

 

	
  

  Date:

  	
   

  	
  

  Signature:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
					

 

 

Please
send this Exercise Notice to Euronext N.V., Human Resources Department, P.O.
Box 19163, 1000 GD Amsterdam.

 

-76-

 

V 05 September 2002

 

ANNEX G2

Euronext
N.V.

 

	
  UK Approved Schedule to the Euronext

  Employees Stock Option Plan 2002

  

 

Exercise
Notice

(For UK Approved Option Holders only)

 

	
   

  	
  Name:

  	
   

  	
   

  	
   

  
	
   

  	
  Address:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Country: 

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Employed with:

  	
   

  	
  o         Euronext
  Paris S.A.

  	
   

  
	
   

  	
   

  	
   

  	
  o         Euronext Amsterdam N.V.

  	
   

  
	
   

  	
   

  	
   

  	
  o         Euronext Brussels S.A./N.V.

  	
   

  
	
   

  	
   

  	
   

  	
  o         Euronext Lisbon S.G.M.R.

  	
   

  
	
   

  	
   

  	
   

  	
  o         Clearnet S.A.

  	
   

  
	
   

  	
   

  	
   

  	
  o         LIFFE (Holdings) Plc.

  	
   

  
	
   

  	
   

  	
   

  	
  o         Other:

  	
   

  	
   (please
  specify)

  
	
   

  	
  Department: 

  	
   

  	
   

  	
   

  
	
   

  	
  Telephone (office):

  	
   

  	
   

  	
   

  
	
   

  	
  Telephone (home):

  	
   

  	
   

  	
  ,

  
	
   

  	
   

  	
   

  	
   

  	
   

  
							

 

a beneficiary under the
Euronext Approved Share Option Plan (the “UK Approved Plan”);

 

hereby give notice to
Euronext N.V. that I wish to exercise ______________ (specify number, with a
minimum of 100 except when exercising all (remaining) options) options granted
to me pursuant to the UK Approved Plan. I hereby irrevocably instruct Euronext
N.V. to procure the transfer of the corresponding number of Euronext N.V.
shares to my securities account maintained with the banking institution
identified below.

 

-77-

 

V 05 September 2002

 

I am aware that the
transfer of the Euronext shares will only occur once Euronext N.V. shall have
received payment in full of the aggregate exercise price.

 

I am aware of the current
Euronext private investment transactions and insider trading rules and
regulations applicable to Euronext employees and other insiders, and I hereby
undertake to observe all such rules if and to the extent applicable.

 

I have transferred the
aggregate exercise price of EUR _____________ to account number 22.35.06.907 in
the name of Euronext Amsterdam N.V. (name and address of banking institution:
Kas-Associatie N.V., Spuistraat 172, Amsterdam, the Netherlands).

 

Upon receipt of the
exercise price, please transfer the corresponding number of Euronext N.V.
shares to the following securities account:

 

	
   

  	
  Account number:

  	
   

  	
   

  	
   

  
	
   

  	
  In the name of:

  	
   

  	
   

  	
   

  
	
   

  	
  Name of Bank:

  	
   

  	
   

  	
   

  
	
   

  	
  Address of Bank:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Country of Bank:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  

 

	
  

  Date:

  	
   

  	
  

  Signature:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
					

 

Please send this Exercise Notice to
Euronext N.V., Human Resources Department, P.O. Box 19163, 1000 GD Amsterdam.

 

-78-

 

V 05 September 2002

 

ANNEX H

 

-79-

 

V 05 September 2002

 

ANNEX H

Euronext
N. V.

 

	
  Euronext Employee Stock Option
  Plan 2002

  

 

Waiver Form

(For Belgian Beneficiaries only)

 

	
  

  Important notice: This Waiver Form needs to be completed
  and returned by Belgian tax residents and by Beneficiaries employed or
  working in Belgium only. All other Beneficiaries do not need to complete this
  form.

   

  

 

Undertaking to benefit
from the reduced valuation rate ([•]%) for determining the taxable benefit of
the options (“Options”) granted under the Euronext N.V. Employees Stock Option
Plan 2002 (the “Plan”).

 

	
  Name
  of employee:

  	
  [·]

  
	
   

  	
   

  
	
  Number
  of Options granted:

  	
  [·]

  
	
   

  	
   

  
	
  The undersigned
  residing at

  	
   

  
	
  [please insert home
  address] confirms his/her undertaking not to exercise the Options granted to
  him/her under the Plan, prior to the end of the third calendar year following
  the year during which the Options were offered.

  

 

	
  Signed
  and agreed on:

  	
   

  	
   

  	
  in:

  	
   

  	
   

  
	
   

  	
  (Date)

  	
   

  	
   

  	
  (Place)

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  (Signature)

  	
   

  	
   

  	
   

  

 

	
  Please
  return this Waiver Form to Euronext N.V., P.O. Box 19163, 1000 GD Amsterdam,
  the Netherlands, for the attention of Mr. Jan Ghyssaert, Corporate Office
  Director, so as to reach Euronext N.V. prior to the 60th day following the
  date of the Notice of Grant.

  

 

-80-

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