Document:

Exhibit
10.57

Euronext
N.V.

 

	
   

  
	
  Euronext Employees
  Stock Option Plan

  
	
  (as
  approved by Shareholders on 26 May 2004)

  
	
   

  

 

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 (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
Plan was approved by shareholders on 26 May 2004. The purpose of the Plan
is to regulate the award of options to selected employees of Euronext N.V. and
its Subsidiaries with a view to promoting the long-term success of Euronext.
The aim of the Plan 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 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 (the “SBF Plan”) (ii) the
Euronext Employees Stock Option Plan 2001 and (iii) the Euronext Employees
Stock Option Plan 2002 and applies to selected employees of Euronext N.V. and
its Subsidiaries.

 

1

 

 

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. or a member of the Managing
  Board who is selected to be granted Options by the Supervisory Board on the
  basis of the Plan.

  
	
   

  	
   

  	
   

  
	
  Control

  	
   

  	
  the power of a person to secure by means of the
  holding of Euronext Shares or the possession of voting power in or in
  relation to Euronext N.V. that the affairs of Euronext N.V. are conducted in
  accordance with the wishes of that person.

  
	
   

  	
   

  	
   

  
	
  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 C.

  
	
   

  	
   

  	
   

  
	
  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,.

  
	
   

  	
   

  	
   

  
	
  Grant Period

  	
   

  	
  the period of 42 days commencing on the day
  following the day on which Euronext N.V. makes an announcement of its results
  for the last preceding year, half year, quarter year or any day on which the
  Managing Board resolves that exceptional circumstances exist which justify
  the grant of Options.

  
	
   

  	
   

  	
   

  
	
  Notice of Grant

  	
   

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

  
	
   

  	
   

  	
   

  
	
  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.

  

 

2

 

 

	
  Plan

  	
   

  	
  the Euronext Employees Stock Option Plan 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 or by any other person or
entity at the request of the Managing Board, in the case of an Option granted
to a member of the Managing Board an Option may be granted by the
Supervisory Board of Euronext N.V. (subject to all requisite approvals). In the
case of an Option granted to a member of the Managing Board, any reference in
these rules to a decision of the Managing Board shall, where the context
so requires, be taken to be a reference to a decision of the Supervisory Board.
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 provided  that,
in each case, the employee as at the Grant Date is employed on the basis of a
regular, formal employment agreement with Euronext N.V. or a Subsidiary (i.e.
not on a temporary employment basis), whether for a fixed or an indefinite
period of time.

 

4.        Grant
of Options

 

The
Managing Board may, pursuant to the Plan, grant an Option to a Beneficiary at
any time during a Grant Period.

 

Options
may be granted subject to any objective performance targets or other
conditions of exercise as the Managing Board may determine from time to
time

 

3

 

 

and
such Options may only be exercised during the Exercise Period to the
extent that such targets or conditions are met at the time of exercise.

 

Any
performance target or condition in respect of an Option may only be
altered if events happen which mean that the original condition is no longer
appropriate and the Managing Board considers that the altered term or condition
reflects a fairer measure of the performance requirement, but shall do so only
to the extent that the Managing Board reasonably considers that it will
subsequently be no more difficult for a Beneficiary to satisfy the condition as
so altered than it was for him to achieve the condition in its original form at
the Grant Date.

 

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.        Notice
of Grant

 

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
A (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 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 Belgium will be
advised of the adverse tax consequences of an exercise prior to the end of the
third calendar year

 

4

 

 

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 B (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.

 

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 C (holders of Options
granted pursuant to the UK Approved Schedule only) or Annex D (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 either in the form of a cheque or banker’s draft
or irrevocable instructions to a broker (or other person acting as broker) to
deliver promptly to the Company such 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.

 

Euronext N.V. will fulfil its obligations arising out
of Options being exercised by the transfer of existing Euronext Shares held by
it or by one of its Subsidiaries.

 

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

 

5

 

 

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 (save in jurisdictions where a failure to
return their offer response forms is deemed to be a refusal of the Options
granted to them in which case any such failure shall be deemed to be a refusal
of the Options granted).

 

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.

 

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), (iv) redundancy by reason of collective
dismissal or company reorganisation or (v) any other reason at the
discretion of the Managing Board, 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.      Takeover and Liquidation

 

If any person obtains Control of Euronext N.V as a
result of making an offer (“the Offer”) to acquire Euronext Shares which is
either unconditional or is made on a condition such that if it is satisfied the
person making the Offer will have Control

 

6

 

 

of
Euronext N.V, an Option may be exercised within 6 months of the time when
the person making the Offer has obtained Control of Euronext N.V. and any
condition subject to which the offer is made has been satisfied.

 

For
the purposes of this section 14 a person shall be deemed to have obtained
Control of Euronext N.V. if he and others acting in concert with him have
together obtained Control of it.

 

If any
person becomes bound or entitled to acquire Euronext Shares under any
compulsory acquisition procedure applicable to the Offer an Option may be
exercised at any time when that person remains so bound or entitled and shall,
notwithstanding any other term of this Plan, lapse immediately following such
person no longer remaining so bound or entitled.

 

If
notice is duly given of a resolution for the voluntary winding-up of Euronext
N.V., an Option may be exercised within 2 months from the date of the
resolution.

 

The
Managing Board may at its discretion, and acting fairly and reasonably,
treat any target or condition imposed under section 4 as satisfied if, at
the time of any event referred to in this section 14, the Managing Board
cannot determine whether it is in fact satisfied.

 

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

 

7

 

 

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.

 

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).

 

8

 

 

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

 

(a)       if
so requested by Euronext N.V., 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 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 a jurisdiction outside of the
Netherlands, Euronext N.V. also submits to the competent courts of the
jurisdiction in which the relevant Beneficiary is employed or resides.

 

9

 

 

Euronext
N.V.

 

	
   

  
	
  Euronext Employees Stock Option
  Plan 2004

  
	
   

  

 

 

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
incorporates 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 rules and 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,

  

 

10

 

	
   

  	
   

  	
  each of the corporations other than the employer
  corporation owns stock possessing 50 percent or more 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 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 death 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

 

11

 

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.).

 

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, any other laws of the United
States, any other country or any state thereof and any trading policy of
Euronext N.V. 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 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 offices.

 

12

 

	
   

  
	
  Euronext Employees Stock Option
  Plan

  
	
   

  

 

 

UK Approved Schedule

 

(Inland Revenue Ref: X22811/EJM)

 

 

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.

  
	
   

  	
   

  	
   

  
	
  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 4

  	
   

  	
  Schedule 4 to the Income Tax (Earnings and
  Pension) Act 2003.

  
	
   

  	
   

  	
   

  
	
  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.

  
	
   

  	
   

  	
   

  
	
  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.

  

 

13

 

1.3      Expressions
not otherwise defined herein have the same meanings as they have in Schedule 4.

 

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      Section 13
of the Core Plan shall be read as if the words “any other reason at the
discretion of the Managing Board” do not apply to the UK Approved Options
granted under the UK Approved Plan.

 

2.4      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 9 of Schedule 4.

 

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

 

4.        Grant
of Options

 

14

 

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 (at the date of
grant and exercise of the UK Approved Option) the requirements of paragraphs 16
to 20 of Schedule 4, 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 4 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 22(2) of Schedule 4, 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

 

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.

 

15

 

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 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 Shares Valuation 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 26(3) of Schedule 4),
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 16 (b) or (c) of Schedule 4).

 

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 27 (4) of
Schedule 4 are satisfied, but so that the provisions of the UK Approved
Plan shall for this purpose be construed as if:-

 

(a)       the
new option were a UK Approved Option granted under the UK Approved Plan at the
same time as the old option;

 

(b)       except
for the purposes of the definitions of “Participating Company” and “Subsidiary”
in Rule 1, the reference to “Euronext N.V” in the definition

 

16

 

of “the
Company” in Rule 1 were a reference to the different company mentioned in Rule 6.1.

 

7.        Tax
Liability

 

7.1      If,
on the exercise of an Option (whether in whole or in part), the Company or the
Participant’s employer or former employer becomes liable on behalf of the
Participant to make payment to the appropriate authorities on account of any
amount of tax and/or primary National Insurance contributions (the “Tax
Liability”), then unless:

 

(a)      the
Participant has agreed that he will make a payment to the Company or his
employer or former employer of an amount equal to the Tax Liability;

 

(b)      the
Participant makes such payment within 7 days of being notified by the Company
of the amount of the Tax Liability; and

 

(c)       the
Participant authorises the Company to make any further adjustments through
payroll to ensure that the correct amount is reimbursed to the Company or the
Participant’s employer or former employer in respect of the Tax Liability
arising as a result of the exercise of the Option,

 

the
Company shall only be obliged to deliver (or procure the delivery of) legal
title to such proportion of the Shares in respect of which that Option is
exercised as shall be determined as follows (notwithstanding that beneficial
title shall otherwise pass):

 

	
  A–B

  	
   

  
	
  A

  	
   

  

 

where:-

 

A         is
the aggregate Relevant Value of the Shares in respect of which that Option is
exercised; and

 

B         is
the amount of the Tax Liability arising as a result of the exercise.

 

7.2      In
this Rule 7, “Relevant Value” shall mean “the market value of a Share
determined in accordance with Part VIII of the Taxation of Chargeable
Gains Act 1992”.

 

8.        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 22(3) and paragraph 22(4) of Schedule 4.

 

9.        Amendment
and Termination of the UK Approved Plan

 

9.1      If
an amendment is made to a key feature of 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 4, the approval

 

17

 

will
not thereafter have effect until the Inland Revenue have approved the
alteration or addition.

 

9.2      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 4, to the Inland
Revenue.

 

9.3      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.

 

10.      Miscellaneous

 

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.

 

18

 

ANNEX A

 

19

 

 

ANNEX A1

 

[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 (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:

  	
   

  	
  [•]

  
	
  Last date for exercise of Option:

  	
   

  	
  [•]

  

 

Your options have
been granted on the additional terms set out in the Schedule hereto.

 

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

 

Please communicate
your acceptance or refusal of the Options granted hereby to Andrew Deveney at
Cannon Bridge House, 1 Cousin Lane, London, EC4R 3XX 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. at the latest on 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.

 

 

20

 

 

	
  Yours sincerely,

  
	
   

  
	
   

  
	
  [authorised
  representative]

  

 

21

 

 

ANNEX A2

 

[Euronext N.V.
letterhead]

 

To:     [insert
name and address of employee]

 

Amsterdam, [date]

 

NOTICE OF GRANT –
BELGIUM PARTICIPANTS

 

We refer to the
Plan Description of the Euronext Employees Stock Option Plan (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
  hereof1

  	
   

  	
  [•]

  
	
  Last date for exercise of Option:

  	
   

  	
  [•]

  

 

Your options have
been granted on the additional terms set out in the Schedule hereto.

 

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

 

Please communicate
your acceptance or refusal of the Options granted hereby to Andrew Deveney at
Cannon Bridge House, 1 Cousin Lane, London, EC4R 3XX by completing

 

1  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
closing list price over the last 30 calendar days preceding this date][the
closing list price of the day preceding the offer].

 

22

 

 

and returning the
offer response form attached to this Notice of Grant. The Offer Response Form must
be received by Euronext N.V. at the latest on the 60th day following this
Notice of Grant. If you do not return your Offer Response Form by such
date, you will be deemed to have refused the options granted to you.

 

	
  Yours
  sincerely,

  
	
   

  
	
   

  
	
  [authorised
  representative]

  

 

23

 

 

ANNEX A3

 

[Euronext N.V.
letterhead]

 

To:     [insert
name and address of employee]

 

Amsterdam, [date]

 

NOTICE OF GRANT –
PORTUGAL PARTICIPANTS

 

We refer to the
Plan Description of the Euronext Employees Stock Option Plan (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:

  	
   

  	
  [•]

  
	
  Last date for exercise of Option:

  	
   

  	
  [•]

  

 

Your options have
been granted on the additional terms set out in the Schedule hereto.

 

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

 

Please communicate
your acceptance or refusal of the Options granted hereby to Andrew Deveney at
Cannon Bridge House, 1 Cousin Lane, London, EC4R 3XX 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. at the latest on the
60th day following this Notice of Grant. If you do not return your Offer
Response Form by such date, you will be deemed to have refused the options
granted to you.

 

24

 

 

	
  Yours
  sincerely,

  
	
   

  
	
   

  
	
  [authorised
  representative]

  

 

25

 

26

 

27

 

ANNEX A4

 

[Euronext N.V.
letterhead]

 

To:     [insert
name and address of employee]

 

Amsterdam, [date]

 

NOTICE OF GRANT –
UK INLAND REVENUE APPROVED OPTIONS

 

We refer to the UK
Approved Schedule to the Euronext Employees Stock Option Plan (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:

  	
  [•]

  

 

Your options have
been granted on the additional terms set out in the Schedule hereto.

 

Additional
information concerning the Plan and the exercise procedure is contained in the
Euronext Employees Stock Option Plan. Alternatively, please contact Andrew
Deveney at Cannon Bridge House, 1 Cousin Lane, London, EC4R 3XX, for further
information.

 

Executed by the
Company as a deed.

 

	
  Signed

  	
   

  	
  (Director)

  	
   

  
	
   

  	
   

  	
  (Director)

  	
   

  

 

28

 

ANNEX A5

 

[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 (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:

  	
   

  	
  [•]

  

 

Your options have
been granted on the additional terms set out in the Schedule hereto.

 

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

 

Please communicate
your acceptance or refusal of the unapproved options granted hereby to Andrew
Deveney at Cannon Bridge House, 1 Cousin Lane, London, EC4R 3XX 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,

 

29

 

 

[authorised
representative]

 

30

 

 

	
  [Insert
  date]

  	
   

  	
  ANNEX A6

  

 

Mr A N Other

 

 

Dear [  ]

 

NOTICE
OF GRANT – US PARTICIPANTS

 

We are pleased to
inform you that you have been awarded options under the Euronext Employees
Stock Option Plan (the “Plan”) over a total of [Insert figure] Euronext N.V.
shares, at an exercise price of €[Insert figure] per share 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 the company.

 

In order to
maximise the tax effectiveness of the option grant for US executives, the
option grant is in two parts. The following details will apply to your grant of
incentive stock options and non qualified stock options:

 

1.        PART 1
– INCENTIVE STOCK OPTIONS

 

	
  Grant
  Date:

  	
   

  	
  [•]

  
	
  Number
  of Euronext Shares under option:

  	
   

  	
  [•]

  
	
  Exercise
  Price per Euronext Share:

  	
   

  	
  [•]

  
	
  Earliest
  date of Exercise:

  	
   

  	
  [•]

  
	
  Last
  date of Exercise:

  	
   

  	
  [•]

  

 

2.        PART 2
– NON-QUALIFIED STOCK OPTIONS

 

	
  Grant
  Date:

  	
   

  	
  [•]

  
	
  Number
  of Euronext Shares under option:

  	
   

  	
  [•]

  
	
  Exercise
  Price per Euronext Share:

  	
   

  	
  [•]

  
	
  Earliest
  date of Exercise:

  	
   

  	
  [•]

  
	
  Last
  date of Exercise:

  	
   

  	
  [•]

  
	
   

  	
   

  	
   

  
	
  (together
  “the options”).

  	
   

  	
   

  

 

The grant of
options is subject to the terms and conditions set out in the attached Plan,
the Schedule attached hereto, and accompanying tax notes. Please note also
that taxation arrangements may alter and neither Euronext N.V. nor your
employing company shall have any responsibility in respect of changes in
employee liability to US taxation and/or social security charges. For any
additional information concerning the Plan or about the exercise procedure,
please refer to your copy of the Plan or contact your Human Resources
Department.

 

31

 

 

Please confirm
your acceptance or refusal of the grant of the options by completing and
returning to Andrew Deveney at Cannon Bridge House, 1 Cousin Lane, London, EC4R
3XX the attached Offer Response Form within 60 days following the date of
this letter. If your offer response form is not received by that date, you
will be deemed to have accepted the options granted to you.

 

	
  Yours
  sincerely

  
	
   

  
	
  [authorised
  representative]

  

 

32

 

 

ANNEX B

 

33

 

 

ANNEX B

Euronext
N.V.

 

	
   

  
	
  Euronext Employee Stock Option Plan

  
	
   

  

 

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 (8.5%) for determining the taxable
benefit of the options (“Options”) granted under the Euronext N.V. Employees
Stock Option Plan (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 Cannon Bridge House, 1 Cousin Lane,
London, EC4R 3XX, for the attention of Andrew Deveney, so as to reach Euronext
N.V. at the latest on the 60th day following the date of the Notice of Grant.

 

34

 

 

ANNEX C

 

35

 

ANNEX C

Euronext
N.V.

 

	
   

  
	
  UK Approved Schedule to the
  Euronext Employees

  Stock Option Plan

  
	
   

  

 

Exercise Notice

(For UK Approved Option Holders only)

 

I,

 

	
   

  	
  Name:

  	
   

  	
   

  	
   

  
	
   

  	
  Address:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Country: 

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Employed with:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  (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.

 

36

 

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 [•]
in the name of [•] (name and address of banking institution: [•]).

 

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 Andrew Deveney at Cannon Bridge House, 1 Cousin
Lane, London, EC4R 3XX.

 

37

 

ANNEX D

 

38

 

ANNEX D

Euronext
N.V.

 

	
   

  
	
  Euronext Employees
  Stock Option Plan

  
	
   

  

 

Exercise Notice

 

I,

 

	
   

  	
  Name:

  	
   

  	
   

  	
   

  
	
   

  	
  Address:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Country: 

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Employed with:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
  (please specify)

  	
   

  
	
   

  	
  Department: 

  	
   

  	
   

  	
   

  
	
   

  	
  Telephone (office):

  	
   

  	
   

  	
   

  
	
   

  	
  Telephone (home):

  	
   

  	
   

  	
  ,

  
	
   

  	
   

  	
   

  	
   

  	
   

  

 

a beneficiary
under the Euronext Employees Stock Option Plan (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.

 

39

 

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 [•]
in the name of [•] (name and address of banking institution: [•]).

 

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 Andrew Deveney at Cannon Bridge House, 1 Cousin
Lane, London, EC4R 3XX.

 

40

 

ANNEX E

 

41

 

ANNEX E1

Euronext N.V.

 

	
   

  
	
  EURONEXT EMPLOYEE STOCK
  OPTION PLAN 2004

  
	
   

  

 

Offer Response Form

 

	
  Name of beneficiary:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Number of options granted:

  	
   

  	
   

  

 

 

Please tick the
appropriate box:

 

	
   

  	
   

  	
  I hereby accept
  the options granted to me by Euronext N.V. pursuant to the Euronext Employee
  Stock Option Plan 

  
	
   

  	
   

  	
  2004 (the “Plan”), and
  agree to its terms and conditions. I have familiarised myself with the
  details and characteristics of the Plan and I am aware of the consequences
  (including tax implications) the Plan may have to my personal situation.

  

 

	
   

  	
   

  	
  I do not accept the
  options granted to me by Euronext N.V. pursuant to the Plan.

  

 

 

	
  Signed and agreed on:

  	
   

  	
   

  	
  in:

  	
   

  	
   

  
	
   

  	
  (Date)

  	
   

  	
   

  	
  (Place)

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  (Signature)

  	
   

  	
   

  	
   

  

 

 

Please return this Offer Response Form to
Cannon Bridge House, 1 Cousin Lane, London, EC4R 3XX, for the attention of
Andrew Deveney so as to reach Euronext N.V. no later than 15 November 2004.
Beneficiaries who have not returned their acceptance forms in time shall be
deemed to have accepted the options granted to them.

 

42

 

ANNEX E2 – BELGIUM AND PORTUGAL

Euronext N.V.

 

	
   

  
	
  EURONEXT EMPLOYEE STOCK
  OPTION PLAN 2004

  
	
   

  

 

Offer Response Form

 

	
  Name of beneficiary:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Number of options granted:

  	
   

  	
   

  

 

Please tick the
appropriate box:

 

	
   

  	
   

  	
  I hereby accept the
  options granted to me by Euronext N.V. pursuant to the Euronext Employee
  Stock Option Plan 

  
	
   

  	
   

  	
  2004 (the “Plan”), and
  agree to its terms and conditions. I have familiarised myself with the
  details and characteristics of the Plan and I am aware of the consequences
  (including tax implications) the Plan may have to my personal situation.

  

 

	
   

  	
   

  	
  I do not accept the
  options granted to me by Euronext N.V. pursuant to the Plan.

  

 

 

	
  Signed and agreed on:

  	
   

  	
   

  	
  in:

  	
   

  	
   

  
	
   

  	
  (Date)

  	
   

  	
   

  	
  (Place)

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  (Signature)

  	
   

  	
   

  	
   

  

 

 

Please return this Offer Response Form to
Cannon Bridge House, 1 Cousin Lane, London, EC4R 3XX, for the attention of
Andrew Deveney so as to reach Euronext N.V. no later than 15 November 2004.
Beneficiaries who have not returned their acceptance forms in time shall be
deemed to have refused the options granted to them.

 

43

 

ANNEX F

Euronext N.V.

 

	
  Euronext Employees Stock Option
  Plan

  

 

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 Euronext 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 F and the rules of the Plan and
governing legislation, the rules and governing legislation shall prevail.

 

Page 1 of 13

 

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:

 

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 Option Law’), options granted to an employee
constitute taxable advantages in kind at the moment of the attribution of
the options. These advantages in kind will be taxed together with and in
the same way as all other professional income earned in the year of attribution
of the options. Tax will be due, even if it would later appear that you cannot
or do not actually exercise the Options.

 

b) Under the Plan and for
Belgian tax purposes, the acceptance letter must have reached the Grantor at
the latest on the sixtieth day following the date of the offer (i.e. the
dated offer in writing as announced to the employee). If not, the Options
will not have been validly attributed under the Plan nor for Belgian tax
purposes.

 

c) If the employee has
accepted the offer in writing before the expiration of the above term, 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.

 

2.                         Taxable
benefit

 

a) In the case of
non-listed options, as are the Options, the taxable 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).1

 

The Option Law provides
that if the exercise price (determined in accordance with French listing rules)
is lower than the tax value of the Euronext 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 Euronext Shares.

 

1                              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 shares 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).

 

Page 2 of 13

 

As the Euronext Shares
are listed on Euronext Paris, for Belgian tax purposes the tax value of the
Euronext Shares to which the percentage is to be applied is, at the election of
the grantor, the average closing list price of the Euronext Shares during the
thirty days preceding the offer or the closing list price of the day preceding
the offer.

 

Since, in the case at
hand, neither 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. The tax will be payable upon
receipt of the notice of assessment with respect to the income year in which
the options were attributed.

 

b) As a general rule, the
applicable percentage is determined at 15 % of the tax value of the
Euronext 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 Euronext 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 Euronext Shares of the company on behalf of which the professional activity
is performed, or to Euronext 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.

 

Page 3 of 13

 

Under the terms of the
Plan, in order to benefit from the beneficial valuation rate of 8.5% (=7.5% + (2*0.5%)), you should 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 B hereto and to be attached to the notice of
grant.

 

If you do not 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, 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 closing list price of 30 calendar
days preceding the offer or, at the election of the grantor, the closing list price
on the day 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.

 

If you do not respect any
commitment made by you, not to exercise your Options before the end of the
third calendar year after which the notice of grant has been sent, the normal
rate will become applicable and you will consequently have to pay taxes on
another 8.5% on the above-mentioned tax value of the Euronext Shares at
ordinary progressive income tax rates.

 

B.                       TAX REGIME
OF EURONEXT 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 Euronext Shares.

 

This paragraph assumes
that none of the Belgian Beneficiaries or Belgian holders of Euronext Shares
will have a substantial interest in Euronext N.V.2

 

2          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.

 

Page 4 of 13

 

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 Euronext Shares or, as a rule,
considerations for the repurchase of Euronext Shares in excess of the average
paid-in capital recognised for Dutch dividend withholding tax purposes;

 

(iii)                 the par value of
Euronext Shares issued to a holder of Euronext Shares or an increase of the par
value of the Euronext 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 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.

 

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 Euronext 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;

 

Page 5 of 13

 

(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 Euronext 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 Euronext 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 Euronext 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 Euronext Shares
attributed to the shareholders by or on behalf of Euronext N.V., in any form
whatsoever; (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.) and (iii) liquidation and redemption
proceeds.

 

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.3 The Belgian withholding tax on liquidation
proceeds and redemption proceeds are subject to a reduced Belgian withholding
tax of 10%. 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.

 

3          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.

 

Page 6 of 13

 

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 10%, or at
the applicable progressive income tax rate, if lower.4 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 Euronext 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 Euronext Shares will not be taxable
as professional income in Belgium. The subsequent sale of the Euronext 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 Euronext 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
Euronext Shares in Belgium. In the event of subscription of Euronext Shares,
the tax equals 0.35% of the subscription price. This tax is limited to an
amount of EUR 250,00 per transaction.

 

4                              See footnote 3.

 

Page 7 of 13

 

Euronext N.V.

 

	
  Euronext
  Employees Stock Option Plan

  

 

Relevant Country Annex

 

(Belgium)

 

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 employees 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 Euronext Shares under the Options, however, you must pay
the Exercise Price for the number of Euronext 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 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.

 

Page 8 of 13

 

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, or any other reason at the discretion of the Managing Board,
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, at the latest on the
ultimate response date stated on such Form. Beneficiaries who have not returned
their Offer Response Forms in time shall not be attributed Options under the
Plan and shall not be subject to Belgian tax on the 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 Euronext
Shares covered by your Options. You will not acquire shareholder rights until
you have received the applicable number of Euronext Shares.

 

Page 9 of 13

 

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, subject to the achievement of the
performance targets attaching to your Options. 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 or
any other reason at the discretion of the Managing Board.

 

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 B hereto.

 

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 be
paid either in the form of a cheque or banker’s draft or irrevocable
instructions to a broker (or other person acting as broker) to deliver promptly
to the Company such Exercise Price.

 

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.

 

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 or any other reason at the
discretion of the Managing Board), 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.

 

Page 10 of 13

 

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 Euronext Shares at the moment of
the offer, if you have benefited from the reduced valuation percentage at the
outset (see “What will be taxed?”).

 

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 Euronext Shares I receive upon exercise of my Options?

 

You may sell or otherwise
dispose of your Euronext 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
Euronext Shares, 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.

 

Page 11 of 13

 

2.        Belgian Taxation5

 

What is
my tax position at grant or acceptance?

 

The benefits in kind
resulting from the granting of the Options will constitute taxable advantages
on the sixtieth day following the date of the offering of the Options provided
that you accept the offer in writing at the latest on that sixtieth day. You
are therefore invited to return the Offer Response Form attached to the Notice
of Grant to Euronext NV so that it is received 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?

 

If you do not timely
accept the Options in writing, they will be not be validly attributed and you
will not be taxed thereon,.

 

How will
I be taxed?

 

The benefit, valued as a
certain percentage of the tax value of the Euronext 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.

 

No professional withholding
taxes will be withheld at the moment of the granting of the Options. This
implies with respect to Options attributed in 2004 that the taxes will have to
be paid at the moment you receive your notice of assessment with respect to the
income year 2004 (year of assessment 2005).

 

What
will be taxed?

 

As a general rule, the
taxable benefit will be valued at 17% of the tax value of the Euronext Shares,
i.e. the average closing list price of the Euronext Share over the last 30
calendar days preceding the date of the Notice of Grant or, at the election of
the grantor, the closing list price on the day preceding the offer. 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%.

 

5                              The information provided
in this Annex F 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.

 

Page 12 of 13

 

To this purpose, you are
invited to return the Waiver Form attached as Annex B 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 Euronext 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 Euronext 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 Euronext
Shares.

 

Page 13 of 13

 

 

ANNEX F

 

Euronext N.V.

 

	
  Euronext Employees Stock Option
  Plan

  

 

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 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 F and the rules of
the Plan and governing legislation, the rules and governing legislation shall
prevail.

 

 

Page 1 of 9

 

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 48.09% (rate applicable to the 2003 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 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 Euronext 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
Euronext 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 Euronext 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 Euronext 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 Euronext 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 Euronext 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 Euronext 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 Euronext 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.

 

Page 2 of 9

 

Irrespective
of whether you comply with the minimum holding requirements, the difference
between the price you sell the Euronext 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 Euronext 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 Euronext 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:

 

-                               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 Euronext
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 Euronext 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 Euronext Shares.

 

Page 3 of 9

 

Euronext N.V.

 

	
  Euronext Employees Stock Option
  Plan

  

 

Relevant Country Annex 

(France)

 

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 employees 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 Euronext Shares under the Options, however, you must pay
the Exercise Price for the number of Euronext 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 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.

 

Page 4 of 9

 

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, or any other reason at the discretion of the Managing Board
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 Euronext
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?

 

Subject to the terms of
the Notice of Grant, the Options are as a general rule exercisable as from 36
months after the Grant Date, until expiry of the Options on the seventh
anniversary of the Grant Date, subject to the achievement of the performance
targets attaching to your Options.

 

Page 5 of 9

 

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 or any other reason at the discretion of the Managing Board.

 

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 be
paid either in the form of a cheque or banker’s draft or irrevocable
instructions to a broker (or other person acting as broker) to deliver promptly
to the Company such Exercise Price.

 

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.

 

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 or any other reason at the
discretion of the Managing Board), 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.

 

Page 6 of 9

 

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 Euronext Shares I receive upon exercise of my Options?

 

You may sell or otherwise
dispose of your Euronext 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
Euronext Shares, as the case may be, are observed.

 

However, you should note
that if you dispose of your Euronext 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), 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 any discount exceeding 5%
which will become taxable upon the exercise of your Options).

 

1                              The
information provided in this Annex F 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.

 

Page 7 of 9

 

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
48.09% (rate applicable to the 2003 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 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 Euronext 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
Euronext 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 Euronext 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 Euronext 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 Euronext 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 Euronext 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 Euronext 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 Euronext 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.

 

Page 8 of 9

 

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
Euronext 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 Euronext 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 Euronext Shares.

 

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

 

The difference between
the price you sell the Euronext 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 Euronext 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.

 

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 Euronext
Shares.

 

Page 9 of 9

 

ANNEX F

 

Euronext N.V.

 

	
  Euronext Employees Stock Option Plan

  

 

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 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 F and the rules of the Plan and
governing legislation, the rules and governing legislation shall prevail.

 

Page 1 of 10

 

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 2004).

 

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 two taxable moments may occur.

 

1)                        The first
taxable moment is the earlier of (i) the third anniversary of the Grant Date,
provided you are still an employee of Euronext at that time; or (ii) the moment
that an exception will apply to the general rules that (a) the option will only
be exercisable after the third anniversary of the Grant Date and that (b) the
Options will lapse upon the termination of your employment with Euronext or one
of its Subsidiaries under Clause 13 (Termination of employment) (the most
important being exceptions being your death, disability, retirement, or
redundancy) or Clause  14 (Takeover and
Liquidation) of the Plan Description (“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.

2)                        An
additional levy arises if you exercise or sell your options within three years
of grant1. After lapse of these three years, 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 also 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
the 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 Euronext 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 2004). 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.

 

1                              The moment the option was
agreed upon.

 

Page 2 of 10

 

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%, 2004). 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).

 

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 Euronext 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.lt) 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 Euronext 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)

  

 

Page 3 of 10

 

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 grant2.

 

(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 exercise3.
However, taxation in respect of the fact that the exercise price is lower than
the market value of the Euronext 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 Euronext 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%.

-                               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%.4

-                               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
Euronext Shares will be included in Box III immediately following the exercise.

 

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

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

4                              In this annex we will
assume that you will not hold a substantial interest in Euronext.

 

Page 4 of 10

 

Euronext N.V.

 

	
  Euronext Employees Stock Option
  Plan

  

 

Relevant Country
Annex

(The Netherlands)

 

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 employees 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 Euronext Shares under the Options, however, you must pay
the Exercise Price for the number of Euronext 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 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.

 

Page 5 of 10

 

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, or any other reason at the discretion of the Managing Board,
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 Euronext
Shares covered by your Options. You will not acquire shareholder rights until
you have received the applicable number of Euronext Shares.

 

Page 6 of 10

 

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, subject to the achievement of the
performance targets attaching to your Options. 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 or any other reason at the discretion of the Managing Board.

 

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 be
paid either in the form of a cheque or banker’s draft or irrevocable
instructions to a bank or broker (or other person acting as broker) to deliver
promptly to the Company such Exercise Price.

 

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.

 

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 or any other reason at the
discretion of the Managing Board), 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.

 

Page 7 of 10

 

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
Euronext Shares I receive upon exercise of my Options?

 

You may sell or otherwise
dispose of your Euronext 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
Euronext Shares, 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.

 

Page 8 of 10

 

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 certain cases, including death,
disability, retirement, redundancy or a change of control or liquidation of
Euronext N.V. 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 Euronext
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, which in principle is
the third anniversary of the Grant Date, or, if earlier, at 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),
redundancy by reason of collective dismissal or company reorganisation. The
Options may also become unconditional before the third anniversary of the Grant
Date in certain other cases, including a change of control or liquidation of
Euronext N.V. or if the Managing Board decides you will be able to exercise
your options despite the termination of your employment with Euronext N.V. or
one of its Subsidiaries.

 

5                              This
brief summary of certain Dutch tax consequences related to the Euronext
Employees Stock Option Plan 2004 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.

 

Page 9 of 10

 

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 Euronext 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 Euronext 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 Euronext 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 debt payable by 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 Euronext Shares immediately to cover your tax
liability.

 

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

 

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

 

Page 10 of 10

 

ANNEX F

 

Euronext N.V.

 

	
  Euronext Employees Stock Option
  Plan

  

 

 

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 (the “Euronext Plan”) under Portuguese tax laws in
force and in effect as at the date hereof. Portuguese law may change from time
to time, including changes that could have retrospective effect. This summary
is intended to be for general guidance only and should be treated with
corresponding caution. It cannot be relied upon with respect to any 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 relates to employees who are tax resident
and working in Portugal and are employed by Euronext Lisbon S.G.M.R. or its
subsidiaries. We recommend you consult with 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.

 

This summary outlines in
a general fashion the taxation consequences for you 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 resident and work in Portugal
for tax purposes and who are subject to Portuguese individual income tax (IRS).

 

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

 

Page 1 of 9

 

1.                         The
Euronext Plan

 

Under the Euronext Plan
you will not have to pay tax on the date of grant or acceptance of the option.
Taxation will first occur at the moment the Options are exercised (taxed as
salary income) and later when the Euronext Shares are transferred (taxed as a
rule as capital gains income).

 

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

 

2.                         Portuguese
tax rules

 

Taxation on Exercise

 

According to Portuguese
law, any benefit granted by the employer to an employee under a stock option
plan is taxable as labour income in kind. For these purposes, an employer
includes any entity that pays or bears the cost of the plan and belongs to the
formal employer’s group of companies, regardless of its respective residency.

 

Consequently, income
derived from the exercise of Options should be classed as salary for tax
purposes. The taxable income is equivalent to the positive difference between
the market value (stock price) of the Euronext Shares on the exercise date and
the Exercise Price of the Options. This income is not subject to withholding
tax, but must be included in the employees’ gross income as remuneration in
kind and will be subject to the same progressive rates applicable to cash
salary and other ordinary income, with a maximum marginal rate of 40% for
taxpayers with income exceeding €53,322.

 

Taxation on Subsequent
Sale of Stock

 

As a rule, any gains
arising on the subsequent sale of the Euronext Shares (to entities other than
the employer), will be characterised as capital gains. The gain will be
equivalent to the difference between the market value of the Euronext Shares on
the date of exercise and the consideration received for the Euronext Shares
when sold. The first-in-first-out criterion is applicable when valuing Euronext
Shares acquired on different exercise dates.

 

Capital gains from the
sale of stock in corporations (the equivalent of the Portuguese sociedades
anonimas) are exempt from tax in Portugal if such stock is held for a period
longer than 12 months. Capital gains from the transfer of stock held for a
period of less than 12 months is subject to tax at a special rate of 10% (the
taxpayer may elect to include these gains as ordinary income which would be
taxed at the general progressive rates).

 

Page 2 of 9

 

Dividends distributed by
Euronext N.V. to Portuguese employees are subject to a maximum 10% withholding
tax in The Netherlands in accordance with the Portugal/ Netherlands Double Tax
Treaty. The employee should include the dividends in his final income tax
return. The dividend income will be 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 country of residence, gives a credit for Dutch withholding tax on dividends
against the Portuguese tax paid on the same income. However, this credit cannot
exceed the Portuguese tax payable on the dividends.

 

 

If the dividends arising
from Euronext 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 as described above. The 15% withholding tax should be
considered as a payment on account of the final tax due and therefore off-set
against the final tax due or reimbursed if no final tax is payable or if the
tax is lower than the 15% suffered.

 

Page 3 of 9

 

Euronext N.V.

 

	
  Euronext Employees Stock Option
  Plan

  

 

 

Relevant Country Annex

 

(Portugal)

 

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 employees to focus
on its long-term 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 Euronext Shares under the Options, however, you must pay
the Exercise Price for the number of Euronext 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 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.

 

Page 4 of 9

 

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 or any other reason at the discretion of the Managing Board,
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 the 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 that the grant of 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 Euronext
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, subject to the achievement of the
performance targets attaching to your Options.

 

Page 5 of 9

 

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 or for any other reason at the discretion of the Managing Board.

 

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 be
paid either in the form of a cheque or banker’s draft or irrevocable
instructions to a broker (or other person acting as broker) to deliver promptly
to the Company the Exercise Price.

 

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.

 

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 or any other reason at the
discretion of the Managing Board), 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.

 

Page 6 of 9

 

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 Euronext Shares I received upon exercise of my Options?

 

You may sell or otherwise
dispose of your Euronext 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
Euronext Shares, as the case may be, are observed.

 

However, you should note
that if you dispose of your Euronext 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 in certain circumstances
(dismissal or redundancy, retirement, disability or death or any other reason
at the discretion of the Managing Board).

 

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.                         Portuguese
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 accept your Options.

 

1                              This
brief summary of certain Portuguese tax consequences relating to the Euronext
Employees Stock Option Plan 2004 under the Portuguese tax laws in force and in
effect as at the date hereof is subject to changes in Portuguese law, including
changes that could have retroactive effect. This summary is of 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 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.

 

Page 7 of 9

 

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
Exercise Price is below the market value of the Euronext Shares upon exercise.

 

The exercise of the
Options should not be subject to social security contributions provided that
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 considered to be an irregular bonus and therefore not
subject to social security contributions.

 

On what
basis is my taxable amount calculated?

 

You are taxed for IRS
(and, if applicable, social security) purposes on 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 marginal rate of 40% applicable to
individuals with gross income exceeding € 53,322.

 

If any 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?

 

IRS due will be paid by
yourself after filing the relevant 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.

 

If any 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 Euronext Shares will be treated as a capital gain provided the Euronext
Shares are not acquired by Euronext Lisbon S.G.M.R. or by other group
companies. In this latter case, any gains would be treated for IRS purposes as
income from employment and taxed accordingly.

 

Page 8 of 9

 

The capital gains arising
from the sale of Euronext Shares to third parties is equivalent to the
difference between the consideration for the sale (net of any sale costs) and
the stock price at the moment the Option was exercised. The first-in-first-out
criteria is applicable.

 

Capital gains from the
sale of stock in corporations (the equivalent of the Portuguese sociedades
anonimas) are exempt from tax in Portugal if such stock was held for a period
longer than 12 months. Capital gains from the transfer of stock held for a
period of less than 12 months is subject to tax at a special rate of 10% (the
taxpayer may elect to include this gain as ordinary income which would be taxed
at the general progressive rates).

 

The gain made on the sale of stock will be exempt from social security
contributions.

 

Page 9 of 9

 

 

 

ANNEX F

 

Euronext N.V.

 

	
  Euronext Employees Stock Option Plan

  

 

 

Relevant
Country Annex

(United Kingdom)

 

Taxation
of Stock Options

 

 

The advice 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 social security
liability may arise in relation to your approved and unapproved options and/or
the Euronext 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 Euronext Shares after
exercise. You are therefore strongly recommended to consult a professional tax
adviser before exercising your approved and unapproved options or selling your
Euronext Shares.

 

In the event of any
conflict between the terms of this Annex F 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 (an “Approved Option”) or whether your
Option will be unapproved for tax purposes (an “Unapproved Option”).

 

Page 1 of 9

 

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. In
certain limited circumstances (e.g. on certain corporate events occurring such
as a takeover) an income tax charge could arise and you would be provided with
more information should such an event occur.

 

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
2004/5 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) will 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, you will be charged to
capital gains tax on any difference between the Exercise Price and the proceeds
of sale. The rates of capital gains tax for the 2004/5 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 (£8,200 for the tax year 2004/5).

 

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.

 

Page 2 of 9

 

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
Options. 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 Options 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 Options.

 

Page 3 of 9

 

Euronext N.V.

 

	
  Euronext Employees Stock Option Plan

  

 

 

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 employees 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 Euronext Shares under the Options, however, you must pay
the Exercise Price for the number of Euronext 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 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.

 

Page 4 of 9

 

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, or in the case of an Unapproved Option any other reason at the
discretion of the Managing Board, 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 Euronext
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, subject to the achievement of the
performance targets attaching to your Options. 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 or in
the case of an Unapproved Option for any other reason at the discretion of the
Managing Board.

 

Page 5 of 9

 

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 be
paid either in the form of a cheque or banker’s draft or irrevocable
instructions to a broker (or other person acting as broker) to deliver promptly
to the Company such Exercise Price.

 

 

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 than 100
Options).

 

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 or in the case of an Unapproved
Option any other reason at the discretion of the Managing Board), 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.

 

Page 6 of 9

 

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
Euronext Shares I receive upon exercise of my Options?

 

You may sell or otherwise
dispose of your Euronext 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
Euronext Shares, 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.

 

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 (an “Approved Option”) or whether your
Option will be unapproved for tax purposes (an “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 following the third anniversary of the Grant Date no income tax
or National Insurance contributions are due.

 

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.

 

Page 7 of 9

 

On the exercise of an
Unapproved Option, 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 2004/5 income tax is charged at 22% for basic
rate tax payers and 40% for higher rate tax payers.

 

When and how do I have to
pay the tax?

 

Income tax and any
National Insurance 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 National Insurance
liability is available. You will be able to claim a deduction for the
employers’ secondary National Insurance liability in calculating the tax
chargeable on the Unapproved Option gain.

 

Will I be subject to any
tax and National Insurance charges when I sell my Euronext Shares ?

 

Capital gains tax may be
due on any gains which are made. There are no National Insurance charges.

 

On the sale of Euronext
Shares acquired on the exercise of an Approved Option, you will be charged to
capital gains tax on any difference between the Exercise Price and the proceeds
of sale.

 

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.

 

Page 8 of 9

 

What is the rate of
capital gains tax?

 

The rates of capital
gains tax for the 2004/5 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 (£8,200 for the tax year 2004/5).

 

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 Euronext Shares be taxable?

 

Any dividends declared on
the Euronext Shares held following exercise will be chargeable to income tax at
10% for lower rate tax payers 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 National Insurance contributions are due on dividends declared.

 

Page 9 of 9

 

 

 

 

ANNEX F

 

	
  Euronext Employees Stock Option
  Plan 2004

  

 

 

Relevant
Country Annex

 

(United
States)

 

Q&A

 

 

THE SHARES TO BE OFFERED
UNDER THE PLAN HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED, AND ARE BEING OFFERED AND SOLD IN RELIANCE ON AN
EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THAT ACT. ACCORDINGLY, THE
OFFER AND SALE OF THE SHARES BY THE COMPANY AND THE DISPOSITION OF SUCH SHARES
BY THE PURCHASERS ARE SUBJECT TO LIMITATIONS DESCRIBED HEREIN.

 

THE
SECURITIES DESCRIBED HEREIN HAVE NOT BEEN RECOMMENDED BY ANY FEDERAL OR STATE
SECURITIES COMMISSION OR REGULATORY AUTHORITY. THE FOREGOING AUTHORITIES HAVE
NOT CONFIRMED THE ACCURACY OR DETERMINED THE ADEQUACY OF THIS DOCUMENT. ANY
REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.

 

THIS
DOCUMENT IS NOT AN OFFER TO SELL, OR A SOLICITATION OF AN OFFER TO BUY, ANY
SHARES. SUCH AN OFFER WILL BE MADE TO EMPLOYEES ELIGIBLE TO PARTICIPATE IN THE
PLAN ONLY UPON COMMENCEMENT OF THE SUBSCRIPTION PERIOD (AS DEFINED BELOW) AND
UPON COMMUNICATION OF THE PRICE AT WHICH ELIGIBLE EMPLOYEES WILL BE ENTITLED TO
PURCHASE SHARES UNDER THE PLAN.

 

The date of this document is 30
September, 2004

 

Page 1 of 8

 

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 employees 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 Euronext Shares under the Options,
however, you must pay the Exercise Price for the number of Euronext 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 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 a
termination due to death or total and permanent disability or retirement or
redundancy by reason of collective dismissal or company reorganisation, or any
other reason at the discretion of the Managing Board, the post termination exercise
period for Incentive Stock Options may be for a period no greater than 12
months following termination because of total and permanent disability or death
and no greater than 3 months following any other termination).

 

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.

 

Page 2 of 8

 

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 Euronext 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
expiration of the Options on the seventh anniversary of the Grant Date, subject
to the achievement of the performance targets attaching to your Options.
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 or total and permanent 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 or for any other reason at the
discretion of the Managing Board (the post termination exercise period for
Incentive Stock Options may be for a period no greater than 12 months following
termination because of total and permanent disability or death) and no greater
than 3 months following any other termination).

 

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 be paid either in the form of a personal check or banker’s
draft or irrevocable instructions to a broker (or other person acting as
broker) to deliver promptly to the Company such Exercise Price.

 

 

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 than 100 Options).

 

Page 3 of 8

 

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 or any other reason at the
discretion of the Managing Board), you will no longer be entitled to exercise
your Options. Any exercise made 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 Incentive
Stock Options may be exercised during a maximum period of six (6) months by
your estate, 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
Euronext Shares I receive upon exercise of my Options?

 

You may sell or otherwise
dispose of your Euronext 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
Euronext Shares, 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.

 

Page 4 of 8

 

SUMMARY OF TAX CONSEQUENCES FOR TAX RESIDENTS OF THE
UNITED STATES

 

The following is a
general summary of the U.S. federal income tax consequences of the issuance and
exercise of stock options granted under the Euronext Employees Stock Option
Plan 2004 (the “Plan”). This summary applies to you only if you are a
citizen or resident of the United States for tax purposes and is for general
information purposes only.

 

The following discussion
does not purport to be complete, and does not cover, among other things,
foreign, state and local tax treatment of awards under the Plan.

 

You should be aware that
differences in the financial situations of individuals who have received Plan
awards may cause federal, state and local tax consequences to vary. You are urged to consult your own
accountant, legal counsel or other financial advisor regarding the tax
consequences to you of participating in the Plan.

 

The tax consequences of
Incentive Stock Options and stock options that are not Incentive Stock Options
(which we refer to as “Nonqualified Stock Options”) differ as described
in the frequently asked questions posed below.

 

INCENTIVE STOCK OPTIONS

 

1.1                  Will the grant
of an Incentive Stock Option result in federal income tax liability to me?

 

No.

 

1.2                  Will the
exercise of an Incentive Stock Option result in federal income tax liability to
me?

 

No. You will not
recognize taxable income at the time the Incentive Stock Option is exercised.
However, the amount by which the fair market value (at the time of exercise) of
the purchased shares exceeds the exercise price will be included in your income
for purposes of the alternative minimum tax (see more detailed explanation
below).

 

1.3                  When will I be
subject to federal income tax on shares purchased under an Incentive Stock
Option?

 

Generally, you will
recognize income in the year in which you sell or make any other disposition of
the shares purchased under your Incentive Stock Option. A disposition of your
Incentive Stock Option shares will occur in the event you transfer legal title
to those shares. However, a disposition will not occur if you simply transfer
the shares to your spouse or if you engage in any of the following
transactions: a transfer into joint ownership with right of survivorship
provided you remain one of the joint owners, a pledge of the shares as
collateral for a loan, a transfer by bequest or inheritance upon your death or
certain tax-free exchanges of the shares permitted under the U.S. Internal
Revenue Code.

 

Page 5 of 8

 

1.4                  How is my
federal income tax liability determined when I sell my shares?

 

Your federal income tax
liability will depend upon whether you make a qualifying or disqualifying
disposition of the shares purchased under your Incentive Stock Option. A qualifying
disposition will occur if the sale or other disposition of the shares takes
place more than two (2) years after the date the Incentive Stock Option was
granted and more than one (1) year after the date the option was
exercised for the particular shares involved in the disposition. Disqualifying
dispositions are those which are made before both of these minimum holding
periods are satisfied.

 

1.5                  What if I make a
qualifying disposition?

 

If you dispose of your
shares after the minimum holding periods have been satisfied, you will
recognize a long-term capital gain equal to the excess of (i) the amount
realized upon the sale or disposition over (ii) the exercise price paid for the
shares. You will recognize a long-term capital loss if the amount realized is
lower than the exercise price paid for the shares.

 

Example:
On December 1, 2004, you are granted an Incentive Stock Option for 5,000 shares
with an exercise price of $0.25 per share. On December 1, 2006, you exercise
this option for 2,500 vested shares when the fair market value is $2.00 per
share. The purchased shares are held until December 15, 2007, when you sell
those shares for $5.00 per share.

 

Because the disposition
of the shares is made more than two years after the grant date of the Incentive
Stock Option and more than one year after the option was exercised for the
shares sold on December 15, 2007, the sale represents a qualifying disposition
of such shares, and for federal income tax purposes, you will recognize a long-term
capital gain of $4.75 per share.

 

1.6                  What are the
normal tax rules for a disqualifying disposition?

 

Normally, if the shares
purchased under your Incentive Stock Option are made the subject of a disqualifying
disposition, you will recognize ordinary income at the time of the disposition
in an amount equal to the excess of (i) the fair market value of the shares on
the exercise date over (ii) the exercise price paid for those shares. Any
additional gain recognized upon the disqualifying disposition will be capital
gain, which will be long-term if the shares have been held for more than one
(1) year following the exercise date of the option.

 

Example:
On December 1, 2004, you are granted an Incentive Stock Option for 5,000 shares
with an exercise price of $0.25 per share. On December 1, 2006, this option is
exercised for 2,500 vested shares when the fair market value is $2.00 per
share. The purchased shares are held until April 1, 2007, when you sell those
shares for $5.00 per share.

 

Page 6 of 8

 

Because the disposition
of the shares is made less than one year after the exercise date of the
Incentive Stock Option, the sale represents a disqualifying disposition of the
shares, and for federal income tax purposes, the gain upon the sale will be
divided into two components:

 

Ordinary Income:
You will recognize ordinary income in the amount of $1.75 per share, the excess
of the $2.00 per share fair market value of the shares on the date the option
was exercised over the $0.25 per share exercise price.

 

Capital Gain:
You will also recognize a short-term capital gain of $3.00 per share with
respect to each share sold.

 

1.7                  Is there a limit
to the number of Incentive Stock Options I can receive during any period?

 

Yes. Regardless of what
they are called at grant, options will be taxed as Nonqualified Stock Options
to the extent that, in a given calendar year, you have total Incentive Stock
Options vesting under all of the plans of Euronext and its subsidiaries such
that the aggregate fair market of the underlying shares (determined as of the
date of grant of the relevant option) exceeds $100,000. Under these
circumstances, the options that cause the total value of shares to exceed
$100,000 are treated as Nonqualified Stock Options.

 

NONQUALIFIED STOCK
OPTIONS

 

1.8                  Will the grant
of a Nonqualified Stock Option result in federal income tax liability to me?

 

No.

 

1.9                  What federal
income tax liability results upon the exercise of a Nonqualified Stock Option?

 

Normally, you will
recognize ordinary income in the year in which the Nonqualified Stock Option is
exercised in an amount equal to the excess of (i) the fair market value of the
purchased shares on the exercise date over (ii) the exercise price paid for
those shares, and your employer will have to collect all the applicable
withholding taxes with respect to such income.

 

1.10           Will I recognize
additional income when I sell shares acquired under a Nonqualified Stock
Option?

 

Yes. You will recognize a
capital gain to the extent the amount realized upon the sale of such shares
exceeds their fair market value at the time you recognized the ordinary income
with respect to their acquisition. A capital loss will result to the extent the
amount realized upon the sale is less than such fair market value. The gain or
loss will be long-term if the shares are held for more than one (1) year prior
to the disposition. The holding period for vested shares will start at the time
the Nonqualified Stock Option is exercised for those shares.

 

Page 7 of 8

 

ALTERNATIVE MINIMUM TAX

 

1.11           What is the alternative
minimum tax?

 

The alternative minimum
tax is an alternative method of calculating the income tax you must pay each
year in order to assure that a minimum amount of tax is paid for the year.

 

1.12           How is the alternative
minimum taxable income calculated?

 

Your alternative minimum
taxable income is based upon your regular taxable income for the year, adjusted
to (i) include certain additional items of income and tax preference and (ii)
disallow or limit certain deductions otherwise allowable for regular tax
purposes.

 

1.13           Is the spread on an
Incentive Stock Option at the time of exercise normally includible in
alternative minimum taxable income?

 

Yes. The spread on the
shares purchased under an Incentive Stock Option (the excess of the fair market
value of the purchased shares at the time of exercise over the aggregate
exercise price paid for those shares) is normally included in the optionee’s
alternative minimum taxable income at the time of exercise, whether or not the
shares are subsequently made the subject of a disqualifying disposition.

 

WITHHOLDING TAXES

 

1.14           What are my employer’s
withholding obligations in connection with my stock options?

 

The Internal Revenue Code
requires your employer to withhold taxes with respect to compensation that you
recognize in connection with Plan awards. This compensation is also typically
subject to employment taxes (FICA and FUTA).

 

As a condition to the
exercise of a stock option or your receipt of shares after such exercise, your
employer may require you to pay the amount necessary to cover any withholding
taxes or other charges imposed on it and that arise in connection with the
award.

 

Page 8 of 8Exhibit 10.58

 

Euronext N.V. Executive Incentive Plan

 

 

Objective of the Plan

 

Overview

 

The objective of the
Euronext N.V. Executive Incentive Plan (“EIP”) is to:

 

•                            award
performance shares subject to the achievement of longer-term performance
conditions aligned to shareholder interests;

 

•                            provide
a clear link between executive reward and shareholder value;

 

•                            support
retention and recruitment of key staff.

 

The EIP delivers these
objectives through the award of Euronext N.V. shares to Participants based on
the Company’s performance over a three year Performance Period, conditional on
continuing employment. Participants will be permitted only to dispose of
sufficient Shares from the award upon vesting to satisfy any immediate Tax
Liability due in relation to the Plan, and will then be required to hold the
balance of the Shares until the fifth anniversary of the Target Share Award
Date.

 

How the EIP Works

 

The EIP is a
discretionary share plan administered by an Authorising Board.

 

The Authorising Board invites
selected individuals, including members of the Managing Board, to participate
in the EIP.

 

When individuals are
invited to join the Plan, the Authorising Board will notify them of their
Target Share Award, including the Target Share Award Date.

 

The Target Share Award
will be a specified number of Euronext N.V. shares but limited to 100% of a
Participant’s salary.

 

The Supervisory Board (or
such body duly authorized by them to do so) will set Performance Targets in
respect of each Target Share Award, typically at the outset of the first
financial year of the Performance Period. These Performance Targets will be
notified to Participants and, unless otherwise approved by shareholders, will
be based on the Company’s published Earnings Per Share (“EPS”) compared to that
of a Comparator Group.

 

The Comparator Group will
be:

 

-                              Deutsche
Börse AG, London Stock Exchange and OMX;

-                              the
companies in the Euronext 100; and

 

 

 

-                              the
companies in the Financials Economic Sector of the FTSEurofirst 100 (excluding
any companies also represented in either of the two preceding categories).

 

Following the end of the
third financial year of the Performance Period, Participants will receive an
EIP Award equal to the number of Shares calculated below, provided that the
Participant has remained continuously employed by Euronext through the three
financial years of the Performance Period and is still in continuous employment
at the EIP Award Date:

 

	
  Earnings Per Share Performance

  	
   

  	
  EIP
  Award as a percentage of Shares under the Target Share Award

  
	
  Below median of Comparator Group

  	
   

  	
  Zero

  
	
  Median of Comparator Group

  	
   

  	
  50%

  
	
  75th percentile of Comparator Group

  	
   

  	
  100%

  
	
  85th percentile or above of Comparator Group

  	
   

  	
  120%

  

 

Between median and the 75th percentile and
between the 75th percentile and 85th percentile the EIP Award will be on a sliding
linear scale.

 

The EIP Award Date will
typically be on the date that the annual financial results of the Company are
published following the third financial year of the Performance Period.

 

If a Participant ceases
to be employed within the Euronext Group before the EIP Award Date the
Participant will not be eligible to receive an EIP Award except where special
conditions concerning the treatment of leavers apply. These provisions may
allow Participants who leave to keep some or all of their awards under the EIP,
depending on the circumstances in which they cease employment.

 

 

 

Rules

 

The rules of the EIP are
set out in the sections below. In the event of any conflict between the section
entitled “Objectives of the Plan” and the rules, the rules shall take
precedence.

 

1.                          Authorising
Board

 

The “Supervisory Board” of Euronext N.V. (or a
duly constituted committee authorised by them to administer the EIP) will act
as the Authorising Board for members of the Managing Board.

 

The “Managing Board” of Euronext N.V. (or a
duly constituted committee authorised by them to administer the EIP) will act
as the Authorising Board for all Participants in the Plan who are not members
of the Managing Board.

 

2.                          Participation

 

Any person employed by
Euronext N.V. or one of its subsidiaries (“Euronext
Group” or the “Group”) and
any Managing Board member is eligible to participate in the EIP.

 

Selected individuals will
be invited to participate in the EIP by the Authorising Board (“Participants”).

 

3.                          Duration
of an EIP Award

 

Each EIP Award under the
Plan will be made in respect of a Performance Period.

 

4.                          Target
Share Award

 

When the Authorising
Board invites a Participant to participate in the EIP, the Authorising Board
will notify the Participant of their Target Share Award, including the date on
which the Target Share Award was made (“Target
Share Award Date”).

 

The Target Share Award in
respect of a Performance Period will be in respect of a specified number of
Shares which will not exceed 100% of a Participant’s Salary.

 

5.                          Performance
Targets

 

The Supervisory Board (or
such body duly authorised by them) will set Performance Targets for the
Performance Period.

 

The Performance Targets
set by the Supervisory Board for the EIP will (unless otherwise approved by the
shareholders of the Company) be based on the Company’s published Earnings Per
Share (“EPS”) compared to that of a comparator group (“Comparator Group”).

 

 

The Comparator Group will
be:

 

-                               Deutsche
Börse AG, London Stock Exchange and OMX;

-                               the
companies in the Euronext 100; and

-                                the
companies in the Financials Economic Sector of the FTSEurofirst 100

(excluding any companies also represented in either of the two preceding
categories).

 

Performance Targets will
cover the three financial years of a Performance Period and will be advised to
Participants accordingly.

 

6.                          Assessing
Actual Performance

 

After the completion of
the third financial year of a Performance Period, the Supervisory Board (or
such body duly authorised by them) will evaluate the actual performance of
Euronext over the Performance Period against the Performance Targets.

 

7.                          Determining
the EIP Award

 

After the completion of
the third financial year of a Performance Period, the Supervisory Board will
determine the EIP Awards under the Plan.

 

The EIP Award will be
calculated as follows:

 

	
  Earnings Per Share performance

  	
   

  	
  EIP
  Award as a percentage of Shares under the Target Share Award

  
	
  Below median of Comparator Group

  	
   

  	
  Zero

  
	
  Median of Comparator Group

  	
   

  	
  50%

  
	
  75th percentile of Comparator Group

  	
   

  	
  100%

  
	
  85th percentile or above of Comparator Group

  	
   

  	
  120%

  

 

Consequently, the maximum
number of Shares in an EIP Award will be 120% of the Target Share Award and the
minimum number of Shares in an EIP Award will be zero.

 

Eligibility for the EIP
Award is conditional upon the Participant’s continuous employment within the
Euronext Group for the full duration of the Performance Period and up to and
including the EIP Award Date, as described in rule 8.

 

8.                          Continuous
Employment Condition

 

To be eligible for an EIP
Award, the Participant must have been continuously employed within the Euronext
Group over the three financial years of the Performance Period and must remain
so continuously employed at the EIP Award Date.

 

In the event that the
Participant is under notice of termination at the EIP Award Date or is subject
to disciplinary procedures, the Authorising Board may exercise its sole
discretion to defer or cancel the Participant’s EIP Award.

 

 

If a Participant
ceases to be employed within the Euronext Group before the EIP Award Date,
special provisions concerning the treatment of leavers will apply, as described
in rule 10.

 

9.                          EIP
Award Date

 

Subject to rules 10 and
11 below, the EIP Award Date will be the date upon which Shares are transferred
to a Participant provided that:

 

(1)                    the EIP Award
Date will not be prior to publication of the full year financial results of the
Company for the third financial year of the Performance Period;

 

(2)                    the transfer
of Shares will at all times be subject to the requirements of the Company’s
Code of Conduct; and

 

(3)                    except where
rules 10 or 11 below apply, the Participant will be permitted only to dispose
of sufficient Shares from the EIP Award to satisfy any immediate Tax Liability
due, and will then be required not to assign, charge or otherwise dispose of
his Shares (or any interest therein) before the fifth anniversary of the Target
Share Award Date.

 

10.                    Treatment of
Leavers

 

If the Participant ceases
to be employed within the Euronext Group before the EIP Award Date in any
circumstances other than those listed below, the Participant will not be
eligible to receive an EIP Award.

 

The Participant (or in
the event of the Participant’s death, the Participant’s legal representative(s))
will be eligible for an EIP Award if the Participant ceases to be employed
within the Euronext Group before the EIP Award Date by reason of:

 

a.                         death;

b.                        retirement at normal retirement age;

c.                         redundancy as defined under any applicable
local legislation;

d.                        mutual agreement (for example, early
retirement);

e.                         disability;

f.                           ill-health;

g.                        transfer of the Participant’s employment (or
employing company) by the Euronext Group to a company outside the Euronext
Group; or

h.                        any other circumstances agreed by the
Authorising Board in its absolute discretion to justify such an award.

 

 

In the event that a
Participant ceases to be employed within the Euronext Group before the EIP
Award Date as a result of the death of the Participant, the EIP Award will be
calculated as the full number of Shares under the Participant’s Target Share
Award.

 

In the event that a
Participant ceases to be employed within the Euronext Group before the EIP
Award Date as a result of any of the reasons specified in 10(b)-(h) above
(inclusive), the EIP Award will be calculated (1) in accordance with rule 7
above and (2) subject to the absolute discretion of the Authorising Board,
further limited on a pro rata basis to reflect the amount of time which has
elapsed from the Target Share Award Date to the date on which the Participant
ceases to be employed within the Euronext Group.

 

EIP Awards for
Participants who cease to be employed within the Euronext Group before the EIP
Award Date as a result of the death of the Participant will be satisfied on (or
as soon as reasonably practicable after) the date of their cessation of
employment (provided that the transfer of Shares will at all times be subject
to the requirements of the Company’s Code of Conduct).

 

EIP Awards for
Participants who cease to be employed within the Euronext Group before the EIP
Award Date as a result of any of the reasons specified in 10(b)-(h) above
(inclusive) will be satisfied on the EIP Award Date pursuant to rule 9 above.

 

11.                    Corporate
Transactions

 

In the event of a
Transaction, the Supervisory Board may exercise its sole discretion to:

 

•                            waive
the Performance Targets and pay out in full those Target Share Awards already
notified to Participants in the Plan; or

 

•                            terminate
the EIP and pay out EIP Awards to the extent that the Supervisory Board
considers appropriate taking into account the performance of the Company to
date in comparison with the Performance Targets and such other matters as the
Supervisory Board considers appropriate; or

 

•                            roll-forward
Target Share Awards already granted under the Plan into an alternative
incentive plan.

 

The Supervisory Board has
the sole and absolute discretion to determine whether any event constitutes a
Transaction and what action, if any, is justified in response to such a
Transaction. In the event of a roll-forward of Target Share Awards into an
alternative incentive plan the Supervisory Board will decide the appropriate
mechanism for converting Target Share Awards.

 

 

12.                    Corporate
Events - Dilution

 

In the event of any
variation in the share capital of Euronext, the Supervisory Board may make such
adjustments as it, in its sole discretion, deems appropriate in either the
description of a Share or the number of Shares awarded under the Plan, in order
to neutralise the effect of dilution of any such event.

 

13.                    Alterations to
the Plan

 

The Authorising Board may
exercise its discretion to make such minor alterations to the operation of the
Plan as it sees fit, provided that no such alteration shall be made to the
manifest disadvantage of a Participant.

 

Any substantial changes
to the EIP, for example but not limited to, changes concerning:

 

•                            the
total number of shares available for EIP awards;

 

•                            individual
limits on Target Share Awards under the EIP;

 

•                            the
value of the EIP Award as calculated in accordance with rule 7 or rule 10,

 

will require Euronext
N.V. shareholder approval.

 

In addition, any Target
Share Awards made to any member of the Managing Board will require Euronext
N.V. shareholder approval.

 

The Authorising Board may
implement the EIP subject to such modifications as the Authorising Board
considers necessary or desirable to take account of or to mitigate or to comply
with relevant overseas taxation, securities or exchange control laws provided
that the terms of participation for Participants in such jurisdictions are not
overall more favourable than the terms of EIP Awards made to other Participants
under the Plan.

 

14.                    Source of
Shares

 

The Plan shall operate
only in respect of existing Shares and accordingly (unless prior shareholder
approval has been obtained) no new Shares shall be issued pursuant to the Plan.

 

15.                    Miscellaneous

 

Any disputes regarding
the interpretation of the rules or the terms of any Target Share Award or EIP
Award shall be determined by the Authorising Board (upon such advice as it
shall consider necessary) and any decision in relation thereto shall be final
and binding.

 

Participants shall not be
entitled to receive copies of accounts or notices sent to holders of Shares nor
to exercise voting rights nor to receive dividends in respect of Shares which
have not been transferred to such Participants pursuant to the EIP.

 

 

No Target Share Award may
be made following the tenth anniversary of the adoption of the EIP.

 

16.                    Terms of Employment

 

The rights and
obligations of any individual under the terms of his office or employment with
the Company or any past or present member of the Euronext Group shall not be
affected by his participation in the EIP and the EIP shall not form part of any
contract of employment between the individual and any such company.

 

A Participant shall have
no right to participate in the EIP or to be made a Target Share Award or an EIP
Award under the EIP.

 

An individual who
participates in the EIP shall waive all and any rights to compensation or
damages in consequence of the termination of his office or employment with any
such company mentioned in this rule 16 for any reason whatsoever, whether
lawfully or otherwise, insofar as those rights arise or may arise from his
ceasing to be a Participant in the EIP as a result of such termination,
including by reason of the operation of the terms of the EIP or the provisions
of any statute or law relating to taxation.

 

Benefits under the EIP
shall not form part of a Participant’s remuneration for any purpose and shall
not be pensionable.

 

17.                    Data Collection

 

By participating in the
EIP, the Participant consents to the collection, processing, transmission and
storage by the Company, in any form whatsoever, of any data of a professional
or personal nature which is necessary for the purposes of introducing and
administering the EIP. The Company may share such information with any member
of the Euronext Group or the Company’s registrars, brokers, other third party
administrator or trustee or any person who obtains Control of the Company or
acquires the company, undertaking or part-undertaking which employs the
Participant, whether within or outside of the European Economic Area.

 

18.                    Taxation

 

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 Participant is liable by virtue
of the making of a Target Share Award and/or the transfer of Shares and/or for
any social security (or similar) contributions recoverable from such
Participant (together, the “Tax Liability”), the making of the Target Share Award
and/or the transfer of such Shares shall be subject to the Participant either:

 

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

 

 

(b)                   entering 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 to be transferred
to the Participant on the Participant’s behalf and the payment to that person
of the relevant amount out of the proceeds of sale or otherwise).

 

19.                    Law

 

The Plan is governed by
and construed in accordance with the laws of the Netherlands. All disputes
arising from or in connection with the Plan thereunder shall be submitted to
the competent courts in Amsterdam.

 

20.                    Definitions

 

“the
Company” or “Euronext” means
Euronext N.V.;

 

“Control”
means the power of a person to secure by means of the holding
of Shares or the possession of voting power in or in relation to Euronext N.V.
that the affairs of Euronext N.V. are conducted in accordance with the wishes
of that person;

 

“EIP” or
“the Plan” means the Euronext N.V.
Executive Incentive Plan;

 

“EIP
Award” means the transfer of Shares equal to the aggregate of
the number of Shares specified in the Target Share Award, but subject to:

 

1.                          any
variation in accordance with rule 7 to the extent that the Performance Targets
set by the Supervisory Board have or have not been met; and

 

2.                          the
Participant remaining in continuous employment within the Euronext Group
through the three financial years of the Performance Period and remaining in
continuous employment on the EIP Award Date as set out in rule 8;

 

“EIP
Award Date” means the date referred to in rule 9;

 

“Performance
Period” in respect of each Target Share Award means the three
financial years commencing with the financial year in which the Participant is
invited to participate in the EIP;

 

“Performance
Targets” means the performance targets referred to in rule 5;

 

“Salary”
means basic salary plus (if applicable) 13th month
salary plus (if applicable) contractual holiday pay;

 

“Share”
means an ordinary share of €1 in the share capital of Euronext N.V.;

 

 

“Subsidiary”
means 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);

 

“Target
Share Award” means a conditional promise made by the Company
to transfer, or to procure the transfer of, Shares under the EIP which may be
transferred into the name of the Participant on the EIP Award Date subject to
the rules of this Plan;

 

“Transaction”
means any transaction involving the merger, sale, change of
Control or any other significant financial reconstruction of Euronext N. V. or
another significant part of the Euronext Group.

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