Document:

2007 Omnibus Equity Compensation Plan

 Exhibit 10.1 
 ORTHOVITA, INC. 
 2007 OMNIBUS EQUITY COMPENSATION PLAN 
 As Amended on June 23, 2009 
 1. Purpose 
 The purpose of the Orthovita, Inc. 2007 Omnibus Equity Compensation Plan, as amended
on June 23, 2009 (the “Plan”), is to provide (i) designated employees of Orthovita, Inc. (the “Company”) and its parent or subsidiaries, (ii) non-employee members of the board of directors of the Company and
(iii) consultants who perform valuable services for the Company or its subsidiaries with the opportunity to receive grants of stock options, stock units, stock awards, stock appreciation rights and other stock-based awards. The Company believes
that the Plan will encourage the participants to contribute materially to the growth of the Company, thereby benefiting the Company’s shareholders, and will align the economic interests of the participants with those of the shareholders.

 The Orthovita, Inc. 1997 Equity Compensation Plan (the “1997 Plan”) will be merged with and into this Plan as of the Effective
Date, and no additional grants will be made thereafter under the 1997 Plan. Outstanding grants under the 1997 Plan will continue in effect according to their terms as in effect on the Effective Date (subject to such amendments as the Committee (as
defined below) determines, consistent with the 1997 Plan), and the shares with respect to outstanding grants under the 1997 Plan will be issued or transferred under this Plan. 
 2. Definitions 
 Whenever used in this Plan, the following terms will have the respective meanings set forth below: 
 (a)
“Board” means the Company’s Board of Directors. 
 (b) “Change of Control” shall be
deemed to have occurred if: 
 (i) Any “person” (as such term is used in sections 13(d) and 14(d) of the Exchange
Act) becomes a “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing more than 50% of the voting power of the then outstanding securities of the Company;
provided that a Change of Control shall not be deemed to occur as a result of a transaction in which the Company becomes a subsidiary of another corporation and in which the shareholders of the Company, immediately prior to the transaction, will
beneficially own, immediately after the transaction, shares entitling such shareholders to more than 50% of all votes to which all shareholders of the parent corporation would be entitled in the election of directors; 
 (ii) The consummation of (A) a merger or consolidation of the Company with another corporation where the shareholders of the Company,
immediately prior to the merger or consolidation, will not beneficially own, immediately after the merger or consolidation, shares entitling such shareholders to more than 50% of all votes to which all shareholders of the surviving corporation would
be entitled in the election of directors, (B) a sale or other disposition of all or substantially all of the assets of the Company, or (C) a liquidation or dissolution of the Company; or 
 (iii) Individuals who, as of the Effective Date, constitute the Board (the “Incumbent Directors”) cease for any reason to
constitute at least a majority of the Board; provided, that any person becoming a director subsequent to such date whose election, or nomination for election by the Company’s shareholders, was approved by a vote of at least a majority of the
Incumbent Directors who are directors at the time of such vote shall be, for purposes of this Plan, an Incumbent Director. 

 (c) “Code” means the Internal Revenue Code of 1986, as amended.

 (d) “Committee” means (i) with respect to Grants to Employees and Consultants, the Board,
Compensation Committee of the Board or another committee appointed by the Board to administer the Plan, (ii) with respect to Grants made to Non-Employee Directors, the Board, and (iii) with respect to Grants that are intended to be
“qualified performance-based compensation” under section 162(m) of the Code, a committee that consists of two or more persons appointed by the Board, all of whom shall be “outside directors” as defined under
section 162(m) of the Code and related Treasury regulations. 
 (e) “Company” means Orthovita, Inc. and
any successor corporation. 
 (f) “Company Stock” means the common stock of the Company. 
 (g) “Consultants” means any consultant or advisor who performs services to the Company or any of its subsidiaries.

 (h) “Disability” shall mean a Participant’s becoming disabled within the meaning of the
Company’s long-term disability plan then in effect. 
 (i) “Dividend Equivalent” means an amount
calculated with respect to a Stock Unit, which is determined by multiplying the number of shares of Company Stock subject to the Stock Unit by the per-share cash dividend, or the per-share fair market value (as determined by the Committee) of any
dividend in consideration other than cash, paid by the Company on its Company Stock. If interest is credited on accumulated dividend equivalents, the term “Dividend Equivalent” shall include the accrued interest. 
 (j) “Effective Date” of the Plan means April 12, 2007, subject to approval of the Plan by the shareholders of the
Company. 
 (k) “Employed by, or provide services to, the Employer” shall mean employment as an Employee,
Consultant or Non-Employee Director (so that, for purposes of exercising Options and SARs and satisfying conditions with respect to Stock Units, Stock Awards and Other Stock-Based Awards, a Participant shall not be considered to have terminated
employment until the Participant ceases to be an Employee, Consultant and Non-Employee Director), unless the Board determines otherwise in the Grant Agreement. 
 (l) “Employee” means an employee of the Employer (including an officer or director who is also an employee), but
excluding any person who is classified by the Employer as a “contractor” or “consultant,” no matter how characterized by the Internal Revenue Service, other governmental agency or a court. Any change of characterization of an
individual by the Internal Revenue Service or any court or government agency shall have no effect upon the classification of an individual as an Employee for purposes of this Plan, unless the Committee determines otherwise. 
 (m) “Employer” means the Company and its subsidiaries. 
 (n) “Exchange Act” means the Securities Exchange Act of 1934, as amended. 
 (o) “Exercise Price” means the per share price at which shares of Company Stock may be purchased under an Option, as
designated by the Committee. 
 (p) “Fair Market Value” of Company Stock means, unless the Committee
determines otherwise with respect to a particular Grant, (i) if the principal trading market for the Company Stock is a national securities exchange, the last reported sale price of Company Stock on the relevant date or (if there were no trades
on that date) the latest preceding date upon which a sale was reported, (ii) if the Company Stock is not principally traded on such exchange, the mean between the last reported “bid” and “asked” prices of Company Stock on
the relevant date, as reported on the OTC Bulletin Board or (iii) if the Company Stock is not publicly traded or, if publicly traded, is not so reported, the Fair Market Value per share shall be as determined by the Committee. 

 (q) “Grant” means an Option, Stock Unit, Stock Award, SAR or Other
Stock-Based Award granted under the Plan. 
 (r) “Grant Agreement” means the written instrument that sets
forth the terms and conditions of a Grant, including all amendments thereto. 
 (s) “Incentive Stock Option”
means an Option that is intended to meet the requirements of an incentive stock option under section 422 of the Code. 
 (t)
“Non-Employee Director” means a member of the Board who is not an Employee. 
 (u) “Nonqualified
Stock Option” means an Option that is not intended to be taxed as an incentive stock option under section 422 of the Code. 
 (v) “1933 Act” means the Securities Act of 1933, as amended. 
 (w) “Option” means
an option to purchase shares of Company Stock, as described in Section 7. 
 (x) “Other Stock-Based
Award” means a grant that is based on, measured by or payable in Company Stock (other than an Option, Stock Unit, Stock Award or SAR), as described in Section 11. 
 (y) “Participant” means an Employee, Non-Employee Director or Consultant designated by the Committee to participate in
the Plan. 
 (z) “Plan” means this Orthovita, Inc. 2007 Omnibus Equity Compensation Plan, as may be amended
from time to time. 
 (aa) “SAR” means a stock appreciation right as described in Section 10.

 (bb) “Stock Award” means an award of Company Stock as described in Section 9. 
 (cc) “Stock Unit” means an award of a phantom unit representing a share of Company Stock, as described in Section 8.

 (dd) “Termination for Cause” shall mean, except to the extent otherwise provided in a Participant’s
Grant Agreement, a finding by the Board, after full consideration of the facts presented on behalf of both the Employer and the Participant, that the Participant has breached his or her employment or service contract with the Employer, or has been
engaged in disloyalty to the Employer, including, without limitation, fraud, embezzlement, theft, commission of a felony or proven dishonesty in the course of his or her employment or service, or has disclosed trade secrets or confidential
information of the Employer to persons not entitled to receive such information. 
 3. Administration 

 (a) Committee. The Plan shall be administered and interpreted by the Committee. Ministerial functions may be
performed by an administrative committee comprised of Company employees appointed by the Committee. 
 (b) Committee
Authority. The Committee shall have the authority to (i) determine the Participants to whom Grants shall be made under the Plan, (ii) determine the type, size and terms and conditions of the Grants to be made to each such Participant,
(iii) determine the time when the Grants will be made and the duration of any applicable exercise or restriction period, including the criteria for exercisability and the acceleration of exercisability, (iv) amend the terms and conditions
of any previously issued Grant, subject to the provisions of Section 19 below, and (v) deal with any other matters arising under the Plan. 

 (c) Committee Determinations. The Committee shall have full power and express
discretionary authority to administer and interpret the Plan, to make factual determinations and to adopt or amend such rules, regulations, agreements and instruments for implementing the Plan and for the conduct of its business as it deems
necessary or advisable, in its sole discretion. The Committee’s interpretations of the Plan and all determinations made by the Committee pursuant to the powers vested in it hereunder shall be conclusive and binding on all persons having any
interest in the Plan or in any awards granted hereunder. All powers of the Committee shall be executed in its sole discretion, in the best interest of the Company, not as a fiduciary, and in keeping with the objectives of the Plan and need not be
uniform as to similarly situated Participants. 
 (d) Delegation of Authority. Notwithstanding the foregoing, the Board
may delegate to the Chief Executive Officer, in his capacity as a Board member of the Company, the authority to make grants under the Plan, which grants shall not exceed 50,000 option shares to any person per year, to Employees or Consultants of the
Company and its subsidiaries who are not subject to the restrictions of section 16(b) of the Exchange Act and who are not expected to be subject to the limitations of section 162(m) of the Code. The grant of authority under this subsection 1(d)
shall be subject to such conditions and limitations as may be determined by the Board. 
 4. Grants

 (a) Grants under the Plan may consist of Options as described in Section 7, Stock Units as described in
Section 8, Stock Awards as described in Section 9, SARs as described in Section 10 and Other Stock-Based Awards as described in Section 11. All Grants shall be subject to such terms and conditions as the Committee deems
appropriate and as are specified in writing by the Committee to the Participant in the Grant Agreement. 
 (b) All Grants
shall be made conditional upon the Participant’s acknowledgement, in writing or by acceptance of the Grant, that all decisions and determinations of the Committee shall be final and binding on the Participant, his or her beneficiaries and any
other person having or claiming an interest under such Grant. Grants under a particular Section of the Plan need not be uniform as among the Participants. 
 5. Shares Subject to the Plan 
 (a) Shares
Authorized. The total aggregate number of shares of Company Stock that may be issued under the Plan is 13,594,318 shares, subject to adjustment as described in subsection (d) below. This aggregate number shall include the shares remaining
to be issued under the 1997 Plan (including shares with respect to outstanding grants and shares available for future grants). 
 (b) Source of Shares; Share Counting. Shares issued under the Plan may be authorized but unissued shares of Company Stock or reacquired shares of Company Stock, including shares purchased by the Company on the open market for
purposes of the Plan. If and to the extent Options or SARs granted under the Plan terminate, expire, or are canceled, forfeited, exchanged or surrendered without having been exercised, and if and to the extent that any Stock Awards, Stock Units, or
Other Stock-Based Awards are forfeited or terminated, or otherwise are not paid in full, the shares reserved for such Grants shall again be available for purposes of the Plan. Shares of Stock surrendered in payment of the Exercise Price of an
Option, and shares withheld or surrendered for payment of taxes, shall not be available for re-issuance under the Plan. If SARs are granted, the full number of shares subject to the SARs shall be considered issued under the Plan, without regard to
the number of shares issued upon exercise of the SARs and without regard to any cash settlement of the SARs. To the extent that a Grant of Stock Units or other Stock-Based Awards is designated in the Grant Agreement to be paid in cash, and not in
shares of Company Stock, such Grants shall not count against the share limits in subsection (a). 

 (c) Individual Limits. All Grants under the Plan shall be expressed in shares of
Company Stock. The maximum aggregate number of shares of Company Stock with respect to which all Grants may be made under the Plan to any individual during any calendar year shall be 500,000 shares, subject to adjustment as described in subsection
(d) below. The individual limits of this subsection (d) shall apply without regard to whether the Grants are to be paid in Company Stock or cash. All cash payments (other than with respect to Dividend Equivalents) shall equal the Fair
Market Value of the shares of Company Stock to which the cash payments relate. 
 (d) Adjustments. If there is any
change in the number or kind of shares of Company Stock outstanding (i) by reason of a stock dividend, spinoff, recapitalization, stock split, or combination or exchange of shares, (ii) by reason of a merger, reorganization or
consolidation, (iii) by reason of a reclassification or change in par value, or (iv) by reason of any other extraordinary or unusual event affecting the outstanding Company Stock as a class without the Company’s receipt of
consideration, or if the value of outstanding shares of Company Stock is substantially reduced as a result of a spinoff or the Company’s payment of an extraordinary dividend or distribution, the maximum number of shares of Company Stock
available for issuance under the Plan, the maximum number of shares of Company Stock for which any individual may receive Grants in any year, the kind and number of shares covered by outstanding Grants, the kind and number of shares issued and to be
issued under the Plan, and the price per share or the applicable market value of such Grants shall be equitably adjusted to reflect any increase or decrease in the number of, or change in the kind or value of, the issued shares of Company Stock to
preclude, to the extent practicable, the enlargement or dilution of rights and benefits under the Plan and such outstanding Grants; provided, however, that any fractional shares resulting from such adjustment shall be eliminated. In addition, in the
event of a Change of Control of the Company, the provisions of Section 16 of the Plan shall apply. Any adjustments to outstanding Grants shall be consistent with section 409A or 424 of the Code, to the extent applicable. 
 6. Eligibility for Participation 
 (a) Eligible Persons. All Employees, Non-Employee Directors and Consultants shall be eligible to participate in the Plan.

 (b) Selection of Participants. The Committee shall select Employees, Non-Employee Directors and Consultants to
receive Grants and shall determine the number of shares of Company Stock subject to each Grant. 
 7. Options

 (a) General Requirements. The Committee may grant Options to Employees, Non-Employee Directors or
Consultants upon such terms and conditions as the Committee deems appropriate under this Section 7. The Committee shall determine the number of shares of Company Stock that will be subject to each Grant of Options to Employees, Non-Employee
Directors or Consultants. 
 (b) Type of Option, Price and Term. 
 (i) The Committee may grant Incentive Stock Options or Nonqualified Stock Options or any combination of the two, all in accordance with
the terms and conditions set forth herein. Incentive Stock Options may be granted only to Employees of the Company or its parents or subsidiaries, as defined in section 424 of the Code. Nonqualified Stock Options may be granted to Employees,
Non-Employee Directors or Consultants. 
 (ii) The Exercise Price of Company Stock subject to an Option shall be determined by
the Committee and may be equal to or greater than the Fair Market Value of a share of Company Stock on the date the Option is granted. However, an Incentive Stock Option may not be granted to an Employee who, at the time of grant, owns stock
possessing more than 

 
10% of the total combined voting power of all classes of stock of the Company or any parent or subsidiary, as defined in section 424 of the Code, unless the
Exercise Price per share is not less than 110% of the Fair Market Value of the Company Stock on the date of grant. 
 (iii)
The Committee shall determine the term of each Option, which shall not exceed ten years from the date of grant. However, an Incentive Stock Option that is granted to an Employee who, at the time of grant, owns stock possessing more than 10% of the
total combined voting power of all classes of stock of the Company or any parent or subsidiary, as defined in section 424 of the Code, may not have a term that exceeds five years from the date of grant. 
 (c) Exercisability of Options. 
 (i) Options shall become exercisable in accordance with such terms and conditions as may be determined by the Committee and specified in the Grant Agreement. The Committee may grant Options that are subject to
achievement of performance goals or other conditions. The Committee may accelerate the exercisability of any or all outstanding Options at any time for any reason. 
 (ii) The Committee may provide in a Grant Agreement that the Participant may elect to exercise part or all of an Option before it
otherwise has become exercisable. Any shares so purchased shall be restricted shares and shall be subject to a repurchase right in favor of the Company during a specified restriction period, with the repurchase price equal to the lesser of
(A) the Exercise Price or (B) the Fair Market Value of such shares at the time of repurchase, or such other restrictions as the Committee deems appropriate. 
 (iii) Options granted to persons who are non-exempt employees under the Fair Labor Standards Act of 1938, as amended, may not be
exercisable for at least six months after the date of grant (except that such Options may become exercisable, as determined by the Committee, upon the Participant’s death, disability or retirement, or upon a Change of Control or other
circumstances permitted by applicable regulations). 
 (d) Termination of Employment, Disability or Death. 

(i) Except as provided below or in a Grant Agreement, an Option may only be exercised while the Participant is employed by, or provide
services to, the Employer as an Employee, Consultant or member of the Board. In the event that a Participant ceases to be employed by, or provide services to, the Employer for any reason other than a Disability, death, or Termination for Cause, any
Option which is otherwise exercisable by the Participant shall terminate unless exercised within 90 days of the date on which the Participant ceases to be employed by, or provide services to, the Employer (or within such other period of time as may
be specified in the Grant Agreement), but in any event no later than the date of expiration of the Option term. Any of the Participant’s Options that are not otherwise exercisable as of the date on which the Participant ceases to be employed
by, or provide services to, the Employer shall terminate as of such date. 
 (ii) In the event the Participant ceases to be
employed by, or provide services to, the Employer on account of a Termination for Cause, any Option held by the Participant shall terminate as of the date the Participant ceases to be employed by, or provide services to, the Employer. In addition,
the Participant shall automatically forfeit all Option shares for any exercised portion of an Option for which the Employer has not yet delivered the share certificates, upon refund by the Employer of the Exercise Price paid by the Participant for
such shares. 
 (iii) In the event the Participant ceases to be employed by, or provide services to, the Employer because of
the Participant’s Disability, any Option which is otherwise exercisable by the Participant shall terminate unless exercised within one year after the date on which the 

 
Participant ceases to be employed by, or provide services to, the Employer (or within such other period of time as may be specified in the Grant Agreement),
but in any event no later than the date of expiration of the Option term. Any of the Participant’s Options which are not otherwise exercisable as of the date on which the Participant ceases to be employed by, or provide services to, the
Employer shall terminate as of such date. 
 (iv) If the Participant dies while employed by, or provide services to, the
Employer or within 90 days after the date on which the Participant ceases to be employed or provide services on account of a termination of employment or service specified in Section 5(d)(i) above (or within such other period of time as may be
specified in the Grant Agreement), any Option that is otherwise exercisable by the Participant shall terminate unless exercised within one year after the date on which the Participant ceases to be employed by, or provide services to, the Employer
(or within such other period of time as may be specified in the Grant Agreement), but in any event no later than the date of expiration of the Option term. Any of the Participant’s Options that are not otherwise exercisable as of the date on
which the Participant ceases to be employed by, or provide services to, the Employer shall terminate as of such date. 
 (e)
Exercise of Options. A Participant may exercise an Option that has become exercisable, in whole or in part, by delivering a notice of exercise to the Company. The Participant shall pay the Exercise Price for the Option (i) in cash,
(ii) if permitted by the Committee, by delivering shares of Company Stock owned by the Participant and having a Fair Market Value on the date of exercise equal to the Exercise Price or by attestation to ownership of shares of Company Stock
having an aggregate Fair Market Value on the date of exercise equal to the Exercise Price, (iii) by payment through a broker in accordance with procedures permitted by Regulation T of the Federal Reserve Board, (iv) by such other method as
the Committee may approve, to the extent permitted by applicable law, or (v) through any combination of the foregoing. Shares of Company Stock used to exercise an Option shall have been held by the Participant for the requisite period of time
to avoid adverse accounting consequences to the Company with respect to the Option. Payment for the shares pursuant to the Option, and any required withholding taxes, must be received by the time specified by the Committee depending on the type of
payment being made, but in all cases prior to the issuance of the Company Stock. 
 (f) Limits on Incentive Stock
Options. Each Incentive Stock Option shall provide that, if the aggregate Fair Market Value of the stock on the date of the grant with respect to which Incentive Stock Options are exercisable for the first time by a Participant during any
calendar year, under the Plan or any other stock option plan of the Company or a parent or subsidiary, as defined in section 424 of the Code, exceeds $100,000, then the Option, as to the excess, shall be treated as a Nonqualified Stock Option. An
Incentive Stock Option shall not be granted to any person who is not an Employee of the Company or a parent or subsidiary, as defined in section 424 of the Code. 
 8. Stock Units 
 (a) General Requirements. The
Committee may grant Stock Units to Employees, Non-Employee Directors or Consultants, upon such terms and conditions as the Committee deems appropriate under this Section 8. Each Stock Unit shall represent the right of the Participant to receive
a share of Company Stock or an amount based on the value of a share of Company Stock. All Stock Units shall be credited to bookkeeping accounts on the Company’s records for purposes of the Plan. 
 (b) Terms of Stock Units. The Committee may grant Stock Units that are payable on terms and conditions determined by the Committee,
which may include payment based on achievement of performance goals. Stock Units may be paid at the end of a specified vesting or performance period, or payment may be deferred to a date authorized by the Committee. The Committee shall determine the
number of Stock Units to be granted and the requirements applicable to such Stock Units. 

 (c) Payment With Respect to Stock Units. Payment with respect to Stock Units shall
be made in cash, in Company Stock, or in a combination of the two, as determined by the Committee. The Grant Agreement shall specify the maximum number of shares that can be issued under the Stock Units. 
 (d) Requirement of Employment or Service. The Committee shall determine in the Grant Agreement under what circumstances a
Participant may retain Stock Units after termination of the Participant’s employment or service, and the circumstances under which Stock Units may be forfeited. Unless the Committee determines otherwise, if the Participant ceases to be employed
by, or provide service to, the Employer during a specified period, or if other conditions established by the Committee are not met, the Participant’s Stock Units shall be forfeited. 
 (e) Dividend Equivalents. The Committee may grant Dividend Equivalents in connection with Stock Units, under such terms and
conditions as the Committee deems appropriate. Dividend Equivalents may be paid to Participants currently or may be deferred. All Dividend Equivalents that are not paid currently shall be credited to bookkeeping accounts on the Company’s
records for purposes of the Plan. Dividend Equivalents may be accrued as a cash obligation, or may be converted to additional Stock Units for the Participant, and deferred Dividend Equivalents may accrue interest, all as determined by the Committee.
The Committee may provide that Dividend Equivalents shall be payable based on the achievement of specific performance goals. Dividend Equivalents may be payable in cash or shares of Company Stock or in a combination of the two, as determined by the
Committee. 
 9. Stock Awards 
 (a) General Requirements. The Committee may issue shares of Company Stock to Employees, Non-Employee Directors or Consultants under
a Stock Award, upon such terms and conditions as the Committee deems appropriate under this Section 9. Shares of Company Stock issued pursuant to Stock Awards may be issued for cash consideration or for no cash consideration, and subject to
restrictions or no restrictions, as determined by the Committee. The Committee may establish conditions under which restrictions on Stock Awards shall lapse over a period of time or according to such other criteria as the Committee deems
appropriate, including restrictions based upon the achievement of specific performance goals. The Committee shall determine the number of shares of Company Stock to be issued pursuant to a Stock Award. 
 (b) Requirement of Employment or Service. The Committee shall determine in the Grant Agreement under what circumstances a
Participant may retain Stock Awards after termination of the Participant’s employment or service, and the circumstances under which Stock Awards may be forfeited. Unless the Committee determines otherwise, if the Participant ceases to be
employed by, or provide services to, the Employer during a period designated in the Grant Agreement, or if other specified conditions are not met, the Stock Award shall terminate as to all shares covered by the Grant as to which the restrictions
have not lapsed, and those shares of Company Stock must be immediately returned to the Company. 
 (c) Restrictions on
Transfer. While Stock Awards are subject to restrictions, a Participant may not sell, assign, transfer, pledge or otherwise dispose of the shares of a Stock Award except upon death as described in Section 15(a). If certificates are issued,
each certificate for a share of a Stock Award shall contain a legend giving appropriate notice of the restrictions in the Grant. The Participant shall be entitled to have the legend removed when all restrictions on such shares have lapsed. The
Company may retain possession of any certificates for Stock Awards until all restrictions on such shares have lapsed. 

 (d) Right to Vote and to Receive Dividends. The Committee shall determine to what
extent, and under what conditions, the Participant shall have the right to vote shares of Stock Awards and to receive any dividends or other distributions paid on such shares during the restriction period. Unless the Committee determines otherwise,
while Stock Awards are subject to any restrictions, the Participant shall have the right to vote shares of Stock Awards and to receive any dividends or other distributions paid on such shares, subject to any restrictions deemed appropriate by the
Committee. The Committee may determine that dividends on Stock Awards shall be withheld while the Stock Awards are subject to restrictions and that the dividends shall be payable only upon the lapse of the restrictions on the Stock Awards, or on
such other terms as the Committee determines. Dividends that are not paid currently shall be credited to bookkeeping accounts on the Company’s records for purposes of the Plan. Accumulated dividends may accrue interest, as determined by the
Committee, and shall be paid in cash, shares of Company Stock, or in such other form as dividends are paid on Company Stock, as determined by the Committee. 
 10. Stock Appreciation Rights 
 (a) General
Requirements. The Committee may grant SARs to Employees, Non-Employee Directors or Consultants separately or in tandem with an Option. The Committee shall establish the number of shares, the terms and the base amount of the SAR at the time the
SAR is granted. The base amount of each SAR shall not be less than the Fair Market Value of a share of Company Stock as of the date of grant of the SAR. 
 (b) Tandem SARs. The Committee may grant tandem SARs either at the time the Option is granted or at any time thereafter while the Option remains outstanding; provided, however, that, in the case of an Incentive
Stock Option, SARs may be granted only at the date of the grant of the Incentive Stock Option. In the case of tandem SARs, the number of SARs granted to a Participant that shall be exercisable during a specified period shall not exceed the number of
shares of Company Stock that the Participant may purchase upon the exercise of the related Option during such period. Upon the exercise of an Option, the SARs relating to the Company Stock covered by such Option shall terminate. Upon the exercise of
SARs, the related Option shall terminate to the extent of an equal number of shares of Company Stock. 
 (c)
Exercisability. An SAR shall become exercisable in accordance with such terms and conditions as may be specified. The Committee may grant SARs that are subject to achievement of performance goals or other conditions. The Committee may
accelerate the exercisability of any or all outstanding SARs at any time for any reason. The Committee shall determine in the Grant Agreement under what circumstances and during what periods a Participant may exercise an SAR after termination of
employment or service. A tandem SAR shall be exercisable only while the Option to which it is related is exercisable. SARs may only be exercised while the Participant is employed by, or providing services to, the Employer or during the applicable
period after termination of employment as described in Section 7(d). 
 (d) Grants to Non-Exempt Employees. SARs
granted to persons who are non-exempt employees under the Fair Labor Standards Act of 1938, as amended, may not be exercisable for at least six months after the date of grant (except that such SARs may become exercisable, as determined by the
Committee, upon the Participant’s death, Disability or retirement, or upon a Change of Control or other circumstances permitted by applicable regulations). 
 (e) Exercise of SARs. When a Participant exercises SARs, the Participant shall receive in settlement of such SARs an amount equal
to the value of the stock appreciation for the number of SARs exercised. The stock appreciation for an SAR is the amount by which the Fair Market Value of the underlying Company Stock on the date of exercise of the SAR exceeds the base amount of the
SAR as specified in the Grant Agreement. 

 (f) Form of Payment. The Committee shall determine whether the stock appreciation
for an SAR shall be paid in the form of shares of Company Stock, cash or a combination of the two. For purposes of calculating the number of shares of Company Stock to be received, shares of Company Stock shall be valued at their Fair Market Value
on the date of exercise of the SAR. If shares of Company Stock are to be received upon exercise of an SAR, cash shall be delivered in lieu of any fractional share. 
 11. Other Stock-Based Awards 
 The Committee may grant other awards not
specified in Sections 7, 8, 9 or 10 above that are based on or measured by Company Stock to Employees, Non-Employee Directors or Consultants, on such terms and conditions as the Committee deems appropriate. Other Stock-Based Awards may be granted
subject to achievement of performance goals or other conditions and may be payable in Company Stock or cash, or in a combination of the two, as determined by the Committee in the Grant Agreement. 
 12. Qualified Performance-Based Compensation 
 (a) Designation as Qualified Performance-Based Compensation. The Committee may determine that Stock Units, Stock Awards or Other
Stock-Based Awards granted to an Employee shall be considered “qualified performance-based compensation” under section 162(m) of the Code, in which case the provisions of this Section 12 shall apply. 
 (b) Performance Goals. When Grants are made under this Section 12, the Committee shall establish in writing (i) the
objective performance goals that must be met, (ii) the period during which performance will be measured, (iii) the maximum amounts that may be paid if the performance goals are met, and (iv) any other conditions that the Committee
deems appropriate and consistent with the requirements of section 162(m) of the Code for “qualified performance-based compensation.” The performance goals shall satisfy the requirements for “qualified performance-based
compensation,” including the requirement that the achievement of the goals be substantially uncertain at the time they are established and that the performance goals be established in such a way that a third party with knowledge of the relevant
facts could determine whether and to what extent the performance goals have been met. The Committee shall not have discretion to increase the amount of compensation that is payable, but may reduce the amount of compensation that is payable, pursuant
to Grants identified by the Committee as “qualified performance-based compensation.” 
 (c) Criteria Used for
Objective Performance Goals. The Committee shall use objectively determinable performance goals based on one or more of the following criteria: stock price, earnings per share, price- earnings multiples, net earnings, operating earnings,
revenue, number of days sales outstanding in accounts receivable, productivity, margin, EBITDA (earnings before interest, taxes, depreciation and amortization), net capital employed, return on assets, shareholder return, return on equity, return on
capital employed, growth in assets, unit volume, sales, cash flow, market share, relative performance to a comparison group designated by the Committee, or strategic business criteria consisting of one or more objectives based on meeting specified
revenue goals, market penetration goals, customer growth, geographic business expansion goals, cost targets, budgetary goals, regulatory approvals or clearances of products, regulatory, clinical trial and product development milestones, or goals
relating to acquisitions or divestitures. The performance goals may relate to one or more business units or the performance of the Company and its subsidiaries as a whole, or any combination of the foregoing. Performance goals need not be uniform as
among Participants. 
 (d) Timing of Establishment of Goals. The Committee shall establish the performance goals in
writing either before the beginning of the performance period or during a period ending no later than the earlier of (i) 90 days after the beginning of the performance period or (ii) the date on which 25% of the performance period has been
completed, or such other date as may be required or permitted under applicable regulations under section 162(m) of the Code. 

 (e) Certification of Results. The Committee shall certify the performance results
for the performance period specified in the Grant Agreement after the performance period ends. The Committee shall determine the amount, if any, to be paid pursuant to each Grant based on the achievement of the performance goals and the satisfaction
of all other terms of the Grant Agreement. 
 (f) Death, Disability or Other Circumstances. The Committee may provide
in the Grant Agreement that Grants under this Section 12 shall be payable, in whole or in part, in the event of the Participant’s death or disability, a Change of Control or under other circumstances consistent with the Treasury
regulations and rulings under section 162(m) of the Code. 
 13. Deferrals  
 The Committee may permit or require a Participant to defer receipt of the payment of cash or the delivery of shares that would otherwise be due to the
Participant in connection with any Grant. The Committee shall establish rules and procedures for any such deferrals, consistent with applicable requirements of section 409A of the Code. 
 14. Withholding of Taxes  
 (a) Required Withholding. All Grants under the Plan shall be subject to applicable federal (including FICA), state and local tax withholding requirements. The Company may require that the Participant or other
person receiving or exercising Grants pay to the Company the amount of any federal, state or local taxes that the Company is required to withhold with respect to such Grants, or the Company may deduct from other wages paid by the Company the amount
of any withholding taxes due with respect to such Grants. 
 (b) Election to Withhold Shares. If the Committee so
permits, shares of Company Stock may be withheld to satisfy the Company’s tax withholding obligation with respect to Grants paid in Company Stock, at the time such Grants become taxable, up to an amount that does not exceed the minimum
applicable withholding tax rate for federal (including FICA), state and local tax liabilities. 
 15. Transferability of Grants
 
 (a) Restrictions on Transfer. Except as described in subsection (b) below, only the Participant
may exercise rights under a Grant during the Participant’s lifetime, and a Participant may not transfer those rights except by will or by the laws of descent and distribution. When a Participant dies, the personal representative or other person
entitled to succeed to the rights of the Participant may exercise such rights. Any such successor must furnish proof satisfactory to the Company of his or her right to receive the Grant under the Participant’s will or under the applicable laws
of descent and distribution. 
 (b) Transfer of Nonqualified Stock Options to or for Family Members. Notwithstanding
the foregoing, the Committee may provide, in a Grant Agreement, that a Participant may transfer Nonqualified Stock Options to family members, or one or more trusts or other entities for the benefit of or owned by family members, consistent with
applicable securities laws, according to such terms as the Committee may determine; provided that the Participant receives no consideration for the transfer of a Nonqualified Stock Option and the transferred Nonqualified Stock Option shall continue
to be subject to the same terms and conditions as were applicable to the Nonqualified Stock Option immediately before the transfer. 

 16. Consequences of a Change of Control 
 (a) In the event of a Change of Control, unless the Committee determines otherwise: (i) all outstanding Options and SARs shall be
fully exercisable, and restrictions on outstanding Stock Awards and Stock Units shall lapse, as of the date of the Change of Control or at such other time as the Committee determines, and (ii) the Committee may require that Participants
surrender their outstanding Options and SARs in exchange for one or more payments by the Company, in cash or Company Stock as determined by the Committee, in an amount equal to the amount, if any, by which the then Fair Market Value of the shares of
Company Stock subject to the Participant’s unexercised Options and SARs exceeds the Exercise Price, and on such terms as the Committee determines. 
 (b) In addition, in the event of a Change of Control, the Committee may take any one or more of the following actions with respect to any or all outstanding Grants, without the consent of any Participant:
(i) after giving Participants an opportunity to exercise their outstanding Options and SARs, the Committee may terminate any or all unexercised Options and SARs at such time as the Committee deems appropriate, (ii) with respect to
Participants holding Stock Units and Other Stock-Based Awards, the Committee may determine that such Participants shall receive one or more payments in settlement of such Stock Units and Other Stock-Based Awards, in such amount and form and on such
terms as may be determined by the Committee, or (iii) the Committee may determine that all outstanding Options and SARs that are not exercised shall be assumed by, or replaced with comparable options or rights by the surviving corporation (or a
parent or subsidiary of the surviving corporation), and other outstanding Grants that remain in effect after the Change of Control shall be converted to similar grants of the surviving corporation (or a parent or subsidiary of the surviving
corporation). Such acceleration, surrender, termination, settlement or conversion shall take place as of the date of the Change of Control or such other date as the Committee may specify. The Committee may provide in a Grant Agreement that a sale or
other transaction involving a subsidiary or other business unit of the Company shall be considered a Change of Control for purposes of a Grant, or the Committee may establish other provisions that shall be applicable in the event of a specified
transaction. 
 17. Requirements for Issuance of Shares 
 No Company Stock shall be issued in connection with any Grant hereunder unless and until all legal requirements applicable to the issuance of such Company
Stock have been complied with to the satisfaction of the Committee. The Committee shall have the right to condition any Grant made to any Participant hereunder on such Participant’s undertaking in writing to comply with such restrictions on his
or her subsequent disposition of such shares of Company Stock as the Committee shall deem necessary or advisable, and certificates representing such shares may be legended to reflect any such restrictions. Certificates representing shares of Company
Stock issued under the Plan will be subject to such stop-transfer orders and other restrictions as may be required by applicable laws, regulations and interpretations, including any requirement that a legend be placed thereon. No Participant shall
have any right as a shareholder with respect to Company Stock covered by a Grant until shares have been issued to the Participant. 
 18. Amendment and Termination of the Plan 
 (a) Amendment. The Board may
amend or terminate the Plan at any time; provided, however, that the Board shall not amend the Plan without approval of the shareholders of the Company if such approval is required in order to comply with the Code or applicable laws, or to comply
with applicable stock exchange requirements. No amendment or termination of this Plan shall, without the consent of the Participant, materially impair any rights or obligations under any Grant previously made to the Participant under the Plan,
unless such right has been reserved in the Plan or the Grant Agreement, or except as provided in Section 19(b) below. Notwithstanding anything in the Plan to the contrary, the Board may amend the Plan in such manner as it deems appropriate in
the event of a change in applicable law or regulations. 

 (b) No Repricing Without Shareholder Approval. Except for adjustments contemplated
by Section 5(d), the Committee may not reprice Options or SARs, nor may the Board amend the Plan to permit repricing of Options or SARs, unless the shareholders of the Company provide prior approval for such repricing. 
 (c) Shareholder Approval for “Qualified Performance-Based Compensation.” If Grants are made under Section 12 above,
the Plan must be reapproved by the Company’s shareholders no later than the first shareholders meeting that occurs in the fifth year following the year in which the shareholders previously approved the provisions of Section 12, if
additional Grants are to be made under Section 12 and if required by section 162(m) of the Code or the regulations thereunder. 
 (d) Termination of Plan. The Plan shall terminate on the day immediately preceding the tenth anniversary of its Effective Date, unless the Plan is terminated earlier by the Board or is extended by the Board with the approval of the
shareholders. The termination of the Plan shall not impair the power and authority of the Committee with respect to an outstanding Grant. 
 19. Miscellaneous 
 (a) Effective Date. The Plan shall be effective as of
the Effective Date. 
 (b) Grants in Connection with Corporate Transactions and Otherwise. Nothing contained in this
Plan shall be construed to (i) limit the right of the Committee to make Grants under this Plan in connection with the acquisition, by purchase, lease, merger, consolidation or otherwise, of the business or assets of any corporation, firm or
association, including Grants to employees thereof who become Employees, or for other proper corporate purposes, or (ii) limit the right of the Company to grant stock options or make other stock-based awards outside of this Plan. Without
limiting the foregoing, the Committee may make a Grant to an employee of another corporation who becomes an Employee by reason of a corporate merger, consolidation, acquisition of stock or property, reorganization or liquidation involving the
Company in substitution for a grant made by such corporation. The terms and conditions of the Grants may vary from the terms and conditions required by the Plan and from those of the substituted stock incentives, as determined by the Committee

 (c) Compliance with Law. The Plan, the exercise of Options and the obligations of the Company to issue or transfer
shares of Company Stock under Grants shall be subject to all applicable laws and to approvals by any governmental or regulatory agency as may be required. With respect to persons subject to section 16 of the Exchange Act, it is the intent of the
Company that the Plan and all transactions under the Plan comply with all applicable provisions of Rule 16b-3 or its successors under the Exchange Act. In addition, it is the intent of the Company that Incentive Stock Options comply with the
applicable provisions of section 422 of the Code, that Grants of “qualified performance-based compensation” comply with the applicable provisions of section 162(m) of the Code and that, to the extent applicable, Grants comply with the
requirements of section 409A of the Code or an exception from such requirements. To the extent that any legal requirement of section 16 of the Exchange Act or section 422, 162(m) or 409A of the Code as set forth in the Plan ceases to be required
under section 16 of the Exchange Act or section 422, 162(m) or 409A of the Code, that Plan provision shall cease to apply. The Committee may revoke any Grant if it is contrary to law or modify a Grant to bring it into compliance with any valid and
mandatory government regulation. The Committee may also adopt rules regarding the withholding of taxes on payments to Participants. The Committee may, in its sole discretion, agree to limit its authority under this Section. 

 (d) Enforceability. The Plan shall be binding upon and enforceable against the
Company and its successors and assigns. 
 (e) Funding of the Plan; Limitation on Rights. This Plan shall be unfunded.
The Company shall not be required to establish any special or separate fund or to make any other segregation of assets to assure the payment of any Grants under this Plan. Nothing contained in the Plan and no action taken pursuant hereto shall
create or be construed to create a fiduciary relationship between the Company and any Participant or any other person. No Participant or any other person shall under any circumstances acquire any property interest in any specific assets of the
Company. To the extent that any person acquires a right to receive payment from the Company hereunder, such right shall be no greater than the right of any unsecured general creditor of the Company. 
 (f) Rights of Participants. Nothing in this Plan shall entitle any Employee, Non-Employee Director or Consultant or other person to
any claim or right to receive a Grant under this Plan. Neither this Plan nor any action taken hereunder shall be construed as giving any individual any rights to be retained by or in the employment or service of the Employer. 
 (g) No Fractional Shares. No fractional shares of Company Stock shall be issued or delivered pursuant to the Plan or any Grant. The
Committee shall determine whether cash, other awards or other property shall be issued or paid in lieu of such fractional shares or whether such fractional shares or any rights thereto shall be forfeited or otherwise eliminated. 
 (h) Employees Subject to Taxation Outside the United States. With respect to Participants who are subject to taxation in countries
other than the United States, the Committee may make Grants on such terms and conditions as the Committee deems appropriate to comply with the laws of the applicable countries, and the Committee may create such procedures, addenda and subplans and
make such modifications as may be necessary or advisable to comply with such laws. 
 (i) Governing Law. The validity,
construction, interpretation and effect of the Plan and Grant Agreements issued under the Plan shall be governed and construed by and determined in accordance with the laws of the Commonwealth of Pennsylvania, without giving effect to the conflict
of laws provisions thereof.Amendment to the Shareholders' Agreement relating to Qatar Securities Market

 Exhibit 10.1 
 Execution Copy 
 AMENDMENT 
 TO THE 
 SHAREHOLDERS AGREEMENT 
 THIS AMENDMENT TO THE SHAREHOLDERS AGREEMENT (this “Amendment”) is made and entered into as of 19 June, 2009. Capitalized terms
used in this Amendment, and not defined herein, shall have the meanings ascribed to such terms in the Shareholders Agreement, dated June 24, 2008, by and between the Qatar Investment Authority (the “QIA”) and NYSE Euronext
(“NYSE Euronext”) (the “Shareholders Agreement”). 
 ARTICLE I 
 RECITALS 
 WHEREAS, QIA and NYSE Euronext are Parties to the Shareholders Agreement; 
 WHEREAS, Euronext N.V. and
Qatar Holding LLC shall become a Party to the Shareholders Agreement pursuant to a Deed of Adherence to be signed as of the date hereof; 
 WHEREAS, Qatar Exchange Company (Q.S.C.), an “Article 68-Company” under the Commercial Companies Law of Qatar having its principal place of business at Grand Hamad Street, Doha, State of Qatar, shall
become a Party to the Shareholders Agreement pursuant to a Joinder to be signed as of the date hereof; 
 WHEREAS, QIA
and NYSE Euronext (together, the “Parties”) wish to amend certain portions of the Shareholders Agreement; and 
 WHEREAS, Clause 15.3 of the Shareholders Agreement states that the Shareholders Agreement “may be modified, amended or changed in any respect only if in writing and duly signed by the Parties against whom such modification,
amendment or change is sought, and in the event of any doubt against whom such modification, amendment or change is sought, by all Parties”; 
  

	 	1.1	NOW, THEREFORE, in consideration of the premises, covenants and agreements contained in the Shareholders Agreement and this Amendment, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound hereby, the Parties hereby agree to amend certain portions of the Shareholders Agreement as follows: 

 ARTICLE II 
 AMENDMENTS 
 Section 2.1. At the end of Recital D the following sentence shall be added: 
 “following the Signing Date, the Parties have agreed that the investment of NYSE Euronext shall amount to 20% of the outstanding share capital of
the Company instead of 25%;”, 

 and Recital G of the Shareholders Agreement is hereby deleted in its entirety and replaced with the
following new Recital G: 
 “whereas QIA, the Company and NYSE Euronext and its Affiliates have agreed to negotiate in good faith and to
enter into a definitive Subscription Agreement (hereafter, the “Subscription Agreement”), Services Agreement (hereafter, the “Services Agreement”) and Managed Services Agreement (hereafter, the “Managed
Services Agreement”), IT Services Agreement (hereafter, the “IT Services Agreement”), Software License Agreement (hereafter, the “Software License Agreement”), Software Maintenance Agreement (hereafter, the
“Software Maintenance Agreement”), Software Escrow Agreement (hereafter, the “Software Escrow Agreement”) and Parent Company Guarantee (hereafter, the “Parent Company Guarantee” and, together with
the Managed Services Agreement, the IT Services Agreement, the Software License Agreement, the Software Maintenance Agreement and the Software Escrow Agreement, hereafter the “Technology Agreements”), prepared in accordance with,
respectively, the Subscription Term Sheet, the Services Term Sheet and the IT Term Sheet and such other terms as the Parties may agree;” 
 Section 2.2. After the definition of “Confidential Information”, the following new definition shall be inserted: 
 “Deferred Instalment” shall have the meaning as set forth in the Subscription Agreement.” 
 The definition of “Equity Investment” in Clause 1.1 of the Shareholders Agreement is hereby deleted in its entirety and replaced with the following new definition: 
 ““Equity Investment” means, in relation to NYSE Euronext, the total amount of the Subscription Price as defined in the Subscription
Agreement and, at the time such amount is measured, any such other contribution which NYSE Euronext may have made to the equity capital of the Company in accordance with this Agreement after Closing; provided, that, to the extent that NYSE Euronext
or its Affiliates shall be released from the payment of any then outstanding Deferred Instalments (as defined in the Subscription Agreement) following completion of a Drag Along Sale, only the portions of the Subscription Price already paid in
accordance with the Subscription Agreement at the time such amount is measured shall be treated as if contributed for purposes of the foregoing;” 

 Section 2.3. The definition of “Material Adverse Change of Qatari Law”,
“Material Adverse Change of Non-Qatari Law” and “Special Arrangement” are hereby deleted in their entirety from Clause 1.1 of the Shareholders Agreement. 
 Section 2.4. The definition of “Minority Protection Rights” in Clause 1.1 of the Shareholders Agreement is hereby deleted in
its entirety and replaced with the following new definition: 
 ““Minority Protection Rights” has the meaning ascribed
to it in Clause 8.11;” 
 Section 2.5. The following new defined terms are hereby added to Clause 1.1 of the
Shareholders Agreement: 
 “Non-Qatari Securities Law” means statutes, laws, ordinances, regulations, rules, codes, orders,
principles of common law, injunctions, decrees, or final, binding judgments, enacted, promulgated, issued, enforced or entered by any competent governmental or supranational authority or other competent body or entity exercising governmental
functions (including self-regulatory organizations) or any court or tribunal (with respect to any actions taken by any court or tribunal, to the extent such actions have the force of law), in each case relating to securities, derivatives, financial
instruments, commodities futures, or financial services in jurisdictions outside of the State of Qatar where NYSE Euronext or any of its Subsidiaries or Affiliates operates authorised exchanges or markets or is subject to a material regulation with
respect to the foregoing.” 
 “Qatari Securities Law” means statutes, laws, ordinances, regulations, rules, codes,
orders, principles of common law, injunctions, decrees, or final, binding judgments, enacted, promulgated, issued, enforced or entered by any competent governmental or supranational authority or other competent body or entity exercising governmental
functions (including self-regulatory organizations), or any court or tribunal (with respect to any actions taken by any court or tribunal, to the extent such actions have the force of law), in each case relating to securities, derivatives, financial
instruments, commodities futures, or financial services within the State of Qatar.” 
 Section 2.6. The definition of
“Opening Balance Sheet” in Clause 1.1 of the Shareholders Agreement is hereby deleted in its entirety and replaced with the following definition: 
 “Opening Balance Sheet” means a pro forma interim balance sheet of the Company as of 1 April, 2009 prepared on the assumption of a transfer of the DSM business to the Company on such date,
related to which the Company’s auditors have issued a “reporting Accountants Report” in accordance with ISAE No. 3400;” 

 and a new definition is inserted as follows: 
 “Transfer Balance Sheet” means an interim balance sheet of DSM as of March 31, 2009, which has been audited by DSM’s
auditors;” 
 Section 2.7. All references in the Shareholders Agreement to the “Technology Agreement” shall
be replaced by the words “Technology Agreements”. 
 Section 2.8. Clause 2.4 of the Shareholders Agreement is
hereby deleted in its entirety and replaced with the following new Clause 2.4: 
 “QIA undertakes: (a) to organize the Company prior to Closing as an “Article 68 Company” with Articles of Association, which shall not contain provisions that contradict the terms of this Agreement; (b) to
contribute or cause to be contributed in kind the Business of DSM to the Company by way of a Resolution of the Minister of Economy and Finance as contemplated by Qatar Law No (33) of 2005 (as amended) and to enter into a business transfer
agreement between DSM and the Company or otherwise cause the Company to own such business and (c) to provide (i) the Transfer Balance Sheet and the Opening Balance Sheet and (ii) a profit and loss statement covering the period between
31st December 2008 and the date of the Transfer Balance Sheet.” 
 Section 2.9. References to “Subscription Term Sheet” in Clauses 2.5 and 2.7.1(a)(1)(vii) of the Shareholders Agreement shall
be replaced by the words “Subscription Agreement”. 
 Section 2.10. References to “Subscription Term
Sheet” in Clauses 2.7.1(a)(2) and 2.7.1(b)(2) shall be deleted. 
 Section 2.11. Clause 2.7.1(a)(4) of the
Shareholders Agreement is hereby deleted in its entirety. 

 Section 2.12. Clause 2.7.1(b)(1)(iv) of the Shareholders Agreement is hereby deleted
in its entirety and replaced with the following new Clause 2.7.1(b)(1)(iv): 
  

	 	(i) “(iv)	one or more legal opinions or memoranda reasonably satisfactory to QIA concerning the extraterritorial application of Non-Qatari Securities Law to QIA or the Company or any of its
Subsidiaries or any companies listed or traded on the Cash Equities Market or any firms which are members of or have trading privileges on the Cash Equities Market or on the Derivatives Market as of the date of the opinion (in the case of such
companies and firms, with regard to or arising out of their activities or listing in Qatar).” 

 Section 2.13. Clause 2.7.1(b)(4) of the Shareholders Agreement is hereby deleted in its entirety. 
 Section 2.14. Clause 3.2.3 of the Shareholders Agreement is hereby amended such that the reference to Clause “8.1.5” is replaced with “8.1.4”. 
 Section 2.15. Clause 4.1.3 of the Shareholders Agreement is hereby deleted in its entirety and replaced with the following new Clause
4.1.3: 
 “(a) The Parties shall use reasonable efforts to submit to the Board for approval an initial Business Plan and an Annual
Budget as soon as practical following the date hereof. The initial Business Plan will be based upon the Original DSM Business Plan, revised inter alia to reflect the inclusion of the Derivatives Exchange, the plan to migrate from the
technology currently used by the Cash Equities Exchange to the technology contemplated by the Technology Agreements pursuant to the terms thereof, and other updated information. In addition, each of the Parties agrees that the process for the
creation of the Derivatives Exchange shall commence at the latest within the period of two (2) years immediately following the Effective Date on a date to be determined by the Board and, for the avoidance of doubt, such decision shall be a
Supermajority Issue. In connection therewith, the CEO shall be directed promptly following the Effective Date to develop and present to the Board for approval a suitable proposal for the development of the Derivatives Exchange (a
“Derivatives Proposal”), which shall include (i) the most appropriate time for the Company to launch the Derivatives Exchange and authorize transactions on it; (ii) the detailed nature of the Derivatives Exchange to be
established, including technology solutions and (iii) the development schedule, which schedule shall include specified milestones and outside dates for completion, for the development and implementation of the 

 
Derivatives Exchange (the “Derivatives Development Schedule”). In developing the Derivatives Development Schedule, the CEO shall take into
consideration the results of the consulting services performed by NYSE Euronext as provided for in Clause 4.2.3 below and (amongst other things) market conditions (current and prospective), competitive pressures, and the business opportunities as
defined in the Business Plan. The Board’s authorisation shall include details of the necessary amendments, adjustments or modifications (including all potential universal trading platform solutions) to be made to the draft Derivatives Exchange
work orders and draft Derivatives statements of work (as attached hereto as Exhibit 4.1.3) in existence on the Effective Date so as to give effect to the authorization, such amendments, adjustments or modifications to be discussed in good
faith between the Parties. Each Party agrees that it shall (in so far as it is lawfully able to do so) take all such action as it is reasonably able to take, and agrees to work in good faith and assist and co-operate with one another, to enable the
Board to consider and make a decision with respect to a Derivatives Proposal as set forth herein. 
 (b) In the event that no Derivatives
Proposal has been approved by the Board within such two (2) year period following the Effective Date, the Board shall within a further 10 month period decide when and in what manner to pursue the creation of a Derivatives Exchange and the
appropriate amendments, adjustments or revisions to be made to the draft work orders as attached hereto as Exhibit 4.1.3. If by the end of such further 10 (ten) month period there is no Board-approved Derivatives Proposal, as the result of a
disagreement amongst the Parties or members of the Board, such matter may, at the election of either Party in writing to the other Party, be submitted for resolution in accordance with Clause 16.2 (limited to the first five sentences). In the event
such dispute is elevated to the Shareholders’ CEOs and the Shareholders’ CEOs are not able to resolve such dispute within the period provided for resolution by the Shareholders’ CEOs pursuant to Clause 16.2, including at their choice
after submitting such matter to a mediator, then the provisions of this Agreement shall be deemed to be automatically amended to exclude any obligations relating to the Derivatives Exchange following the separation of the Derivatives Exchange from
the Company and the provisions of Clause 7.5 shall no longer apply to the Parties with respect to the conduct of the operation of a derivatives exchange and related services, and NYSE Euronext shall be entitled to elect, which such election must be
made during the fifteen (15) day period following the expiration of the period provided pursuant to Clause 16.2, at its choice to either: 
  

	 	(i)	 pay to the Company, within five (5) days following such election, the Deferred Instalment due on the third anniversary of the Closing, in which case NYSE
Euronext shall be required to pay the Deferred Instalment due on the fourth anniversary of the Closing one year following the payment of the Deferred Instalment due on the third anniversary of the Closing, and the rights and obligations 

	 	 
of NYSE Euronext under this Agreement and the Subscription Agreement shall remain in effect unchanged except as provided in this Clause 4.1.3 with respect to
Clause 7.5; 

  

	 	(ii)	be relieved of its obligations to pay the Deferred Instalments due on the third and fourth anniversaries of the Closing and to exercise a Buy-Out Right (the “Derivatives
Buy-Out Right”) as provided in Clause 12.1.1 (viii)

  

	 	(c)	In case the Shareholders’ CEOs agree either to proceed or not to proceed with the Derivatives Market, the fourth Deferred Instalment shall be due within five (5) days
following such decision and the fifth Deferred Instalment shall be due on its due date as provided in the Subscription Agreement. 

  

	 	(d)	The initial Annual Budget will be developed in connection with and based upon the initial Business Plan. For the purpose of developing the initial Annual Budget and the initial
Business Plan, the Parties will set up a working committee to immediately start developing them after Signing. In case Closing occurs, the Company shall bear reasonable costs and expenses triggered by such working committee and the Shareholders
shall contribute thereto pro rata in accordance to their initial shareholding, in case Closing does not occur, each Party shall bear its owns costs created by such working committee. The Parties shall also establish such other working
committees as shall be needed.” 

 Section 2.16. Clause 4.1.4 of the Shareholders Agreement is hereby
deleted in its entirety and replaced with the following new Clause 4.1.4: 
 “In the event the Board does not approve the initial
Business Plan and Annual Budget within sixty (60) calendar days following the Effective Date as the result of a disagreement amongst the Parties or members of the Board, such matter shall immediately be submitted for resolution in accordance
with Clause 16.2.” 
 Section 2.17. Clause 4.2.3 of the Shareholders Agreement is hereby deleted in its entirety and
replaced with the following new Clause 4.2.3: 
 “Each of the Parties further agrees that in connection with the creation of the
Derivatives Exchange, the Company and NYSE Euronext shall cooperate to confirm, refine, modify or adjust any technology or business consulting services to be provided by NYSE Euronext to the Company with respect to the Derivatives Exchange based on
either those draft work orders under the 

 
Services Agreement and draft derivatives statements of work under the Information Technology Services Agreement relating thereto, attached hereto as
Exhibit 4.1.3, subject in all cases to the provisions of Clause 4.1.3. Commencing at the Closing, NYSE Euronext shall provide appropriate consulting services involving at maximum three to four persons providing services under the Services
Agreement to the Company with respect to the Derivatives Exchange as shall be agreed to by the Parties at or about the Closing. In furtherance of the foregoing, each of the Parties acknowledges and agrees that in the event a Shareholder fails to
(a) fund a capital call contemplated by Clause 4.2.2 or (b) following the approval by the Board of the Derivatives Development Schedule, otherwise support the development and implementation of the Derivatives Exchange such that the
material milestones set forth in the Derivatives Development Schedule are achieved substantially on the terms and at the dates contemplated therein, in each case such failure will be deemed to be a material breach of this Agreement by such
Shareholder. In such event, either Party shall be entitled to start the escalation procedure provided for in the first five sentences of Clause 16.2. In the event that the escalation procedure is started and there has been no resolution of
the matter within the period provided for resolution by the Shareholder CEOs pursuant to Clause 16.2, then if the Shareholder fails to comply with clause (a) as to the Derivatives Exchange, or Clause (b) above in a material manner, the
non-breaching Shareholder shall have the right to exercise the Call Right or Buy-Out Right, as applicable. Alternatively, in the event of a failure to fund a capital call relating to the Derivatives Exchange or in case of a failure to comply with
clause (b) above in a material manner, the non-breaching Shareholder is QIA, QIA shall have the right (the “Derivatives Separation Right”), exercisable in its sole discretion, to separate the Derivatives Exchange from the
Company and own and operate the Derivatives Exchange, either alone or in conjunction with one or more other persons, separately from the Company and without the participation of NYSE Euronext. In the event of the exercise of the Derivatives
Separation Right, the Parties shall take, or cause to be taken, all action to do, or cause to be done, and assist and co-operate with one another in doing, all things necessary, proper or advisable (including voting and/or instructing the member(s)
of the Board) to consummate the separation of the Derivatives Exchange from the Company on a tax efficient basis. The provisions of this Agreement shall be deemed to be automatically amended to exclude any obligations relating to the Derivatives
Exchange following the separation of the Derivatives Exchange from the Company in the event of the exercise of a Derivatives Separation Right; provided, that notwithstanding the foregoing, in the event of the exercise of the Derivatives
Separation Right by QIA, NYSE Euronext and its Affiliates shall remain subject to the provisions of Clause 7.5 with respect to the Derivatives Exchange as if the Derivatives Exchange had remained as part of the business and assets of the Company for
twelve (12) months after the exercise of the Derivatives Separation Right. In the event of a failure to fund a capital call relating to the Derivatives 

 
Exchange or in case of a failure to comply with clause (b) above in a material manner, if the non-breaching Shareholder is NYSE Euronext, and NYSE
Euronext did not elect the Buy-Out Right, the provisions of this Agreement shall be deemed to be automatically amended to exclude any obligations relating to the Derivatives Exchange and Clause 7.5 shall no longer apply to the Parties with respect
to the conduct of the operation of a derivatives exchange and related services.” 
 Section 2.18. Clause 5 shall be
deleted in its entirety and replaced with the following Clause 5: 
  

	 	“5.1.	The dividend policy of the Company shall follow the principle that the equity of the Company, after being increased by way of the cash contribution by NYSE Euronext (including the
capital/ legal reserves constituted by a share premium paid by NYSE Euronext in accordance with the Subscription Agreement), shall not be used for distribution. The Company may distribute profits only when not needed, in particular to cover further
investments including the building up of the infrastructure of the Cash Equities Exchange and the Derivatives Exchange in accordance with the Annual Budget, the Business Plan and the Derivatives Development Schedule. 

  

	 	5.2.	 In the event of a payment of dividends or a repayment of capital / legal reserves, prior to payment by NYSE Euronext of all of the Deferred Instalments pursuant to
the Subscription Agreement, NYSE Euronext shall only be paid a proportion of the relevant dividend or repayment payable to the Investor (but for this Clause 5.2) equal to the proportion of the Subscription Price, as defined in the Subscription
Agreement, which the Investor has paid at such time. The balance of the relevant dividend or repayment that would have been payable to the Investor but for this Clause 5.2 shall be deposited by the Company into an escrow account (the “Escrow
Account”) established with a bank reasonably acceptable to the Company and NYSE Euronext, with the Escrow governed by an escrow agreement with the terms reasonably satisfactory to QIA and NYSE Euronext. On each occasion when the Investor
pays a Deferred Instalment, the Company shall instruct the escrow agent to pay to the Investor out of the Escrow Account an amount such that, following such payment, the Investor shall (in respect of dividends and repayments paid by the Company up
to that time) have been paid a proportion of all such dividends or repayments payable to the Investor (but for this Clause 5.2) equal to the proportion of the Subscription Price which the Investor has paid at such time. For the avoidance of doubt,
upon completion of the exercise of a Call Right or a Buy-Out Right in accordance with Clause 12 below, the full amount of retained dividends shall be paid out to NYSE Euronext, provided, that, in the event of the exercise of a Derivatives Buy-Out

	 	 
Right in accordance with Clause 12.1.1 (viii), none of the retained dividends shall be paid out to NYSE Euronext, but instead shall be paid to QIA.”

 Section 2.19. The following new Clause 6.4 shall be added: 
  

	 	“6.4.	The sole remedy that any Party may seek for a breach of any of the foregoing representations and warranties in Clauses 6.1 and 6.2 shall be pursuant to the indemnification
provisions of Article 5 of the Subscription Agreement save that: 

 6.4.1. The limitation set out in the second sentence of
Article 5.3.1 of the Subscription Agreement shall not apply to any of the representations and warranties set out in Clauses 6.1.1, 6.1.2, 6.1.3, 6.1.5, 6.1.6, 6.2, 6.1.4 (as it relates to its charter or any statute, law, rule, regulation, judgment,
decree or order applicable to it) and shall apply to Clause 6.1.4. as it relates to agreements or instruments, provided that the limitation applicable thereto shall be US$25,000,000 for such representations and warranties on a stand-alone basis
without regard to any other representations and warranties. 
 6.4.2. The limitation in time set out in Article 5.4 of the Subscription
Agreement shall not apply to any of the representations and warranties set out in Clauses 6.1. and 6.2. 
 6.4.2 The representations and
warranties given by the Company in Clause 6.1.4 shall be qualified by reference to the matters contained in each of Schedules 3.3.3(ii), 3.3.3(iii), 3.3.7(i) and 3.3.8(ii) to the Subscription Agreement.” 
 Section 2.20. Clause 7.5.3 of the Shareholders Agreement is hereby deleted in its entirety and replaced with the following new Clause 7.5.3:

 “The covenant not to compete and the warranty of each Shareholder provided for in Clauses 7.5.2 to 7.5.6 shall be binding on such
Shareholder for the period (the “Non-Compete Period”) commencing on the date hereof and expiring on the date 
  

	 	(i)	such Shareholder has ceased to be Party to this Agreement; or 

  

	 	(ii)	a Party has declared the rescission of this Agreement under Clause 2.11; or 

	 	(iii)	this Agreement has been terminated in accordance with Clause 15.8 with respect to all Parties (Term and Termination). 

 Notwithstanding the foregoing, if QIA shall have validly exercised its Call Right pursuant to Clause 12.2.1(ix) herein, the Non-Compete Period shall,
with respect to the covenant not to compete and the warranty of NYSE Euronext and its Affiliates provided for in Clauses 7.5.2 to 7.5.6, expire on the date that is two (2) years following the purchase of the Call Shares by QIA pursuant to such
Call Right.” 
 Section 2.21. Clause 7.5.6 of the Shareholders Agreement is hereby deleted in its entirety and
replaced with the following new Clause 7.5.6: 
 “In the event that during the Non-Compete Period a Shareholder is offered the
opportunity to participate in a Competitive Activity in the MENA Region other than GCC Countries, that Shareholder shall offer the other Shareholder the right to participate in such Competitive Activity together with the offering Shareholder on the
same terms as were offered to the offering Shareholder on a 50/50% percent-basis, except where otherwise agreed. If the offer is declined, the offering Shareholder may proceed with the Competitive Activity on its own.” 
 Section 2.22. Clause 8.1.3 (vii) shall be deleted in its entirety and replaced with the following new Clause 8.1.3 (vii):

 “(vii) declaration, recommendation or distribution of dividends, save as in accordance with Clause 5, including the dissolution and
distribution of capital / legal reserves of the Company; and” 
 Section 2.23. In Clause 8.2.5 (ii), the words
“eighty percent (80%)” are replaced with the words: “eighty-one percent (81%)”. 
 Section 2.24. Clause
8.4.7(iv) of the Shareholders Agreement is hereby deleted in its entirety and replaced with the following new Clause 8.4.7(iv): 
 “(iv)
failing the realisation of points (ii) and/or (iii) above, such issues shall no longer, to the fullest extent legally possible, fall within the competence of the Board and instead become the competence of the Shareholders Meeting, so that:

  

	 	(a)	issues contemplated by Sub-Clause 8.4.7(ii) above shall be passed by a simple majority of the Shareholders Meeting; and 

	 	(b)	issues contemplated by Sub-Clause 8.4.7(iii) above shall be passed as a Shareholders Supermajority Issue.” 

 Section 2.25. The following new Clauses 8.6.3(xiii) and 8.6.3(xiv) are hereby added in Clause 8.6.3: 
 “(xiii) (a) the termination of the Services Agreement or the IT Services Agreement by the Company for convenience (which will not include
terminating at the end of an initial term or subsequent term), or (b) any non-commencement, or termination of an initial work order under the Services Agreement or an initial statement of work under the IT Services Agreement by
the Company for convenience, or (c) a mandatory change required by the Company to any such work orders or statements of work which has the effect of materially reducing the charges received by the suppliers under
the agreements below the estimated aggregate charges under such work orders and statements of work; and which, in any such case, has not been approved by one of the Engagement Managers (as defined in the Services
Agreement) or one of the Representatives (as defined in the IT Services Agreement) appointed by the relevant work order or statement of work.”; 
 (xiv) any direct or indirect increase of the share capital on the basis of the authorised share capital provided under the Articles of Association of the Company, other than with respect to the Special Investor
Transaction in accordance with Clause 9.4.”; 
 and Clause 8.6.4 first half sentence is hereby deleted in its entirety and replaced with
the following new Clause 8.6.4 first half sentence: 
 “Notwithstanding anything in Clauses 8.1.3 or 8.6.3 to the contrary, except for
Clause 8.6.3(xiii) and, for the avoidance of doubt, the approval for the matters set forth in Clause 8.6.3(v) (provided that the foregoing shall not affect any right of the Company under the Technology Agreements or the Services Agreement to modify
the services and technology to be provided thereunder) and the exercise of Board Supermajority rights under Clause 4.1.3, determinations with respect to the exercise of any rights of the Company under any NYSE Agreements shall be made by a majority
of, as applicable, Shareholders other than NYSE Euronext and its Affiliates, or the members of the Board other than NYSE Nominees; ...” 

 Section 2.26. Clause 8.10 is hereby deleted in its entirety and replaced with the
following new Clause 8.10: 
 “The CEO (or such person or persons as authorized under resolution by the Board, or the chairman of the
Board, should he have the power to represent the Company) and other Executive Managers are entitled to take the following measures only with the prior consent of the Board: 
  

	 	(i)	all measures subject to the prior approval of the Board in accordance with this Agreement, mandatory applicable Qatari law and the Charter of the Company, the Schedule of
Authorities and/or the Internal Rules; 

  

	 	(ii)	all measures being Board Supermajority Issues or Shareholder Supermajority Issues; 

  

	 	(iii)	the exercise of voting rights in the shareholders meeting of the Subsidiary taking its decision as Supermajority Decision if such issue is at the level of the Company a Shareholders
Supermajority Issue; 

  

	 	(iv)	any material transaction outside the normal course of business, or any transaction restricting the Company’s activity (geographically or otherwise) outside the normal course of
business.” 

 Section 2.27. Clause 8.11 of the Shareholders Agreement is hereby deleted in its entirety
and replaced with the following new Clause 8.11: 
 “Notwithstanding anything to the contrary contained in this Agreement, the rights of
NYSE Euronext as a Shareholder set out in this Agreement in Clauses 3.22, 3.23, 7.1, 7.4.2, 7.4.3, 7.4.4, 8.1.3, 8.1.4, 8.2.2, 8.2.3, 8.2.5, 8.4.6, 8.4.7, 8.4.8, 8.5.3(a)(ii), 8.5.5, 8.6.2; 8.6.3, 8.9, and 8.10 (the “Minority Protection
Rights”) shall cease to apply in the event that: (a) the Percentage Interest of NYSE Euronext shall fall below twenty percent (20%),; (b) NYSE Euronext and its Affiliates otherwise hold a total number of Shares representing an
amount that is less than 10% of the issued and outstanding share capital of the Company; (c) NYSE Euronext fails to fully fund a Deferred Instalment within thirty (30) calendar days of such Deferred Instalment becoming due and payable
pursuant to the provisions of the Subscription Agreement, provided that, if NYSE Euronext has on one prior occasion failed to fully fund a Deferred Instalment when due, the foregoing clause (c) shall be triggered upon the failure of NYSE
Euronext to fully fund a Deferred Instalment within a ten (10) day period of such Deferred Instalment becoming due and payable, and if NYSE Euronext has on two or more prior occasions failed to fully fund a Deferred Instalment, the foregoing

 
clause (c) shall be triggered immediately upon the failure of NYSE Euronext to fully fund a Deferred Instalment; provided that, in the case of (c),
“Minority Protection Rights” shall also be deemed to include the rights contained in Clauses 8.4.1, 8.4.4 and 9.1; provided further that, in the case of (c), the Minority Protection Rights shall be re-instated at such time as the Company
receives payment from NYSE Euronext in respect of such Deferred Instalment(s) in full. For the avoidance of doubt, the Parties acknowledge and agree that the Minority Protection Rights, the Board appointment rights provided pursuant to Clause 8.4,
the Tag-Along Right provided pursuant to Clauses 11.1.9 through 11.1.13 and the Buy-Out Right pursuant to Clause 12.1 are particular to NYSE Euronext and shall not be Transferable by NYSE Euronext to any third party acquiring Shares from NYSE
Euronext.” 
 Section 2.28. Clause 8.12 of the Shareholders Agreement is hereby deleted in its entirety and replaced
with the following new Clause 8.12: 
 “Notwithstanding anything to the contrary contained herein, (a) in accordance with the State
of Qatar’s responsibilities to protect its national interests, the Charter of the Company will contain a provision that will provide the State of Qatar, or QIA, or an Affiliate thereof fully owned, directly or indirectly, by QIA or the State of
Qatar, which shall be specifically named in the Charter of the Company, with a “Special Share” and (b) the holder of the Special Share shall have the absolute right to approve, disapprove or reverse any decision of the Company
(whether in General Assembly or by its Board) relating to any matter which may adversely affect the national interests of the State of Qatar.” 
 Section 2.29. Clause 9.4 of the Shareholders Agreement is hereby deleted in its entirety and replaced with the following new Clause 9.4: 
 “Notwithstanding anything in this Agreement to the contrary, QIA shall have the unfettered right, exercisable in its sole discretion, to cause, through a Transfer of Shares by one single action, or through an
issuance of shares in the Company, the acquisition by a strategic partner of an amount of Shares representing up to 5% of the share capital of the Company issued and outstanding following the consummation of such acquisition (the “Special
Investor Transaction”) and, for the avoidance of doubt, none of (v) the pre-emption rights contained in Clause 9.1, (w) the Minority Protection Rights, (x) restrictions on Transfer (except for the restrictions contained in
Clause 11.1.2), (y) Tag Along Rights or (z) other provisions of this Agreement that might otherwise restrict such Special Investor Transaction, shall be applicable to such Special Investor Transaction, provided that, for so long as

 
NYSE Euronext or one of its Affiliates is a Shareholder, the transferee of such Special Investor Transaction be committed not to resell or transfer its
Shares to a competitor of NYSE Euronext (as determined in the reasonable opinion of NYSE Euronext). At the request of QIA, each of the other Parties shall use reasonable efforts to take, or cause to be taken, all actions reasonably necessary to
facilitate and consummate the Special Investor Transaction.” 
 Section 2.30. Clause 11.1.4 first sentence is hereby
deleted in its entirety and replaced with the following sentence: 
 “After the fifth anniversary of Closing, NYSE Euronext and
its Affiliates to whom Shares have been Transferred in accordance with the terms hereof, will have the right to sell an amount of Shares such that immediately following such Transfer, NYSE Euronext, together with its Affiliates, holds an amount of
Shares representing at least 15% of the outstanding share capital of the Company, at any price to any Bona Fide Third Party, subject to the Right of First Refusal of QIA. ...” 
 Section 2.31. Clause 12.1.1(ii) is hereby deleted in its entirety and replaced with the following new Clause 12.1.1(ii): 
 “(ii) the Services Agreement is terminated due to a material breach of the Company that is directly and proximately caused by QIA or the QIA
Nominees on the Board during the Initial Transformation Period; for the purposes of this Clause 12.1.1(ii), the “Initial Transformation Period” shall mean the period in which the services under the work orders relating to
“listing”, “legal/ regulation”, “market operation” and “products” are to be performed; or NYSE Euronext or an Affiliate thereof shall have terminated the Information Technology Service Agreement, the Software
Licence or the Software Maintenance Agreement as a result of a material breach of the Company that is directly and proximately caused by QIA or the QIA Nominees on the Board; or the Services Agreement, the Information Technology Service Agreement,
the Software Licence or the Software Maintenance Agreement is terminated as a result of an Insolvency Transfer Event (or a similar event relating to insolvency) of the Company or any of its Affiliates; for the purposes of this Clause 12.1.1(ii),
“material breach” shall mean: 
  

	 	(a)	in relation to the Services Agreement, a breach which shall have a material impact on the services, treated as a whole, to be provided in the Initial Transformation Period;

  

	 	(b)	in relation to the Technology Agreements, material breaches relating to 

	 	i.	the installation of the UTP Software in accordance with the statement of work “Cash Trading (CT) Technology Phase 1” or 

  

	 	ii.	the Software Licence Agreement or the Software Maintenance Agreement.” 

 Section 2.32. Clause 12.2.1(i) is hereby deleted in its entirety and replaced with the following new Clause 12.2.1(i): 
 ““(i) NYSE Euronext or any of its Affiliates commits a material breach of this Agreement, or the Services Agreement, the Information Technology Service Agreement, the Software Licence or the Software
Maintenance Agreement, or any other contract or agreement in effect from time to time pursuant to which NYSE Euronext or an Affiliate thereof provides services or technology to the Company entered into after the date hereof, which is not remedied
within 30 days of the receipt of a written notice from QIA identifying the breach and requiring its remedy; or the Company shall have terminated the Services Agreement, the Information Technology Service Agreement, the Software Licence or the
Software Maintenance Agreement, or any other contract or agreement in effect from time to time pursuant to which NYSE Euronext or an Affiliate thereof provides services or technology to the Company entered into after the date hereof, as a result of
an Insolvency Transfer Event (or a similar event relating to insolvency) of NYSE Euronext or any of its Affiliates; for the purposes of this Clause 12.2.1(i), “material breach” shall mean: 
  

	 	(c)	in relation to the Services Agreement, a breach which shall have a material impact on the services, treated as a whole, to be provided in the Initial Transformation Period;

  

	 	(d)	in relation to the Technology Agreements, material breaches relating to 

  

	 	i.	the installation of the UTP Software in accordance with the statement of work “Cash Trading (CT) Technology Phase 1” or 

  

	 	ii.	the Software Licence Agreement or the Software Maintenance Agreement; 

 in relation to any other such contract or agreement in effect from time to time entered into after the date hereof, a material breach thereunder.” 
 Section 2.33. The following new Clause 12.2.1(x) is hereby added: 
 “(x) (a) the Services Agreement is terminated due to a Event of Force Majeure or an Event of Change of Law (as defined in the Services
Agreement) by either party if such Event of Force Majeure or the Event of Change of Law occurs during the Initial Transformation Period as defined in Clause 12.1.1 (ii); and 

 (b) (i) the statement of work “Cash Trading (CT) Technology Phase 1” under the
Information Technology Services Agreement is terminated by either Party due to a Event of Force Majeure or an Event of Change of Law (as defined in Information Technology Services Agreement), or 
 (ii) the Software Licence Agreement or the Software Maintenance Agreement is terminated by either Party due to a Event of Force Majeure or an Event of
Change of Law (as defined in the Software Licence Agreement or the Software Maintenance Agreement) provided that if, with respect to the Software Maintenance Agreement, NYSE Euronext offered to the Company promptly a commercially viable alternative
(i.e. materially similar regarding overall costs and terms, providing a third party maintainer), the Company has not unreasonably failed to accept such offer; 
 in all cases provided that the Parties have escalated the issue to the escalation procedure according to Clause 16.2 (first four sentences).” 
 Section 2.34. Clause 12.1.1(iii) of the Shareholders Agreement is hereby deleted in its entirety and replaced with the following new
Clause 12.1.1(iii): 
 “(iii) QIA or QH takes any action following the Closing that causes an extraterritorial application of Qatari
Securities Law to NYSE Euronext or its Subsidiaries, excluding effects arising out of the matters contemplated by this Agreement, the Services Agreement and the Technology Agreements as in place at the Effective Date and as such matters may be
changed or supplemented as agreed to by the parties thereto, and effects arising from any other activities of NYSE Euronext and its Subsidiaries in or with regard to Qatar or QIA or QH, and such application of Qatari Securities Law is significantly
adverse to NYSE Euronext or its Subsidiaries; provided that, prior to exercising its Buy-Out Right in such an event, NYSE Euronext may request that QIA or QH take reasonable efforts to cure such significantly adverse extraterritorial application of
Qatari Securities Law and if such cure is effected within a reasonable time period, as contained in such request, the Buy-Out Right in respect of such action shall no longer be exercisable; provided, further, for the avoidance of doubt, that prior
to the exercise of the Buy-Out Right under this Clause 12.1.1(iii) or the requirement to cure set forth in preceding provisos, the Parties shall, to the extent practicable or for so long as such significantly adverse effect has not arisen, work
together under the first four sentences of Clause 16.2 to take such actions as would prevent, mitigate or eliminate such significantly adverse extraterritorial application of Qatari Securities Law; and provided, further, that during the periods
involved in carrying out the foregoing provisos the period for the exercise of such Buy-Out Right shall be tolled;” 

 Section 2.35. Clause 12.1.1(vii) of the Shareholders Agreement is hereby deleted in
its entirety and replaced with the following new Clause 12.1.1(vii): 
 “(vii) the State of Qatar or an Affiliate of the State of Qatar
which is holder of the Special Share in accordance with its Charter, as applicable, has exercised its rights with regards to the Special Share pursuant to Clause 8.12.” 
 Section 2.36. The following new Clause 12.1.1(viii) is hereby added: 
 “(viii) NYSE Euronext has exercised a Derivatives Buy-Out Right in accordance with the provisions of Clause 4.1.3(b)(ii).” 
 Section 2.37. The following new Clause 12.1.1(ix) is hereby added: 
 “(ix) (a) the Services Agreement is terminated due to an Event of Force Majeure or an Event of Change of Law (as defined in the Services
Agreement) by either party if such Event of Force Majeure or the Event of Change of Law occurs during the Initial Transformation Period as defined in Clause 12.1.1 (ii); and 
 (b) (i) the statement of work “Cash Trading (CT) Technology Phase 1” under the Information Technology Services Agreement is terminated by
either Party due to an Event of Force Majeure or an Event of Change of Law (as defined in Information Technology Services Agreement) such Buy-Out right; or 
 (ii) the Software Licence Agreement or the Software Maintenance Agreement is terminated by either Party due to an Event of Force Majeure or an Event of Change of Law (as defined in the Software Licence Agreement or
the Software Maintenance Agreement); 
 in all cases provided that the Parties have escalated the issue to the escalation procedure according
to Clause 16.2 (first four sentences); and provided further that such Buy-Out Right may not be exercised prior to the end of 18 months following the occurrence of an Event of Force Majeure or an Event of Change of Law.” 

 Section 2.38. The first sentence of Clause 12.1.2 of the Shareholders Agreement is
hereby deleted in its entirety and replaced with the following new first sentence of Clause 12.1.2: 
 “The Buy-Out Right shall be
exercised only by NYSE Euronext giving QIA a written notice (the “Buy-Out Right Exercise Notice”) delivered within three (3) months of the occurrence of the event giving rise to the Buy-Out Right (other than with respect to
(a) any Buy-Out Right exercisable pursuant Clause 12.1.1(viii), in which case a Buy-Out Right Exercise Notice must be delivered within ten (15) calendar days of the occurrence of the event giving rise to the Buy-Out Right.”

 Section 2.39. Clause 12.1.5 of the Shareholders Agreement is hereby deleted in its entirety and replaced with the
following new Clause 12.1.5: 
 “The consideration payable on exercise of the Buy-Out Right shall be satisfied in cash at the Buy-Out
Right Completion Date, and shall be calculated (i) in accordance with one hundred and twenty-five percent (125%) of the Fair Market Value of the Shares in the event the Buy-Out Right is exercised pursuant to Clauses 12.1.1 (i) or
(ii); (ii) in accordance with one hundred percent (100%) of the Fair Market Value of the Shares in the event the Buy-Out Right is exercised pursuant to Clauses 12.1.1 (iii), (iv), (v), (vi), (vii) or (ix); (iii) in accordance
with one hundred percent (100%) of the amount equal to (x) the Closing Instalment (as such term is defined in the Subscription Agreement) plus (y) the aggregate amount of the Deferred Instalments paid by NYSE Euronext at such time in
the event the Buy-Out Right is exercised pursuant to Clauses 12.1.1(viii);” 
 Section 2.40. Clause 12.2.1(ii) of the
Shareholders Agreement is hereby deleted in its entirety and replaced with the following new Clause 12.2.1(ii): 
 “(ii) NYSE Euronext
or any of its Subsidiaries or Affiliates takes any action following the Closing involving NYSE Euronext, the Subsidiary holding the interest in the Company or any direct or indirect Subsidiary or Affiliate of NYSE Euronext subject to Non-Qatari
Securities Law, which action would cause a significantly adverse extraterritorial application of Non-Qatari Securities Law to QIA, QH or the Company or any of their respective Subsidiaries or any companies listed or traded on the Cash Equities
Market or any firms which are members of or have trading privileges on the Cash Equities Market or on the Derivatives Market (in the case of such companies and firms, with regard to or arising out of their activities or listing in Qatar); provided
that QIA prior to exercising its Call Right in such an event may request that NYSE Euronext or its Subsidiary holding the interest in the 

 
Company take reasonable efforts to cure such significantly adverse extraterritorial application of Non-Qatari Securities Law and if such cure is effected
within a reasonable time period contained in such request the Call Right in respect of such action shall no longer be in effect; provided, further, for the avoidance of doubt, that prior to the exercise of the Call Right under this Clause 12.2.1(ii)
or the requirement to cure set forth in the preceding provisos, the Parties shall, to the extent practicable or for so long as such significantly adverse effect has not arisen, work together under the first four sentences of Clause 16.2 to take such
actions as would prevent, mitigate or eliminate such significantly adverse extraterritorial application of Non-Qatari Securities Law; and provided, further, that during the periods involved in carrying out the foregoing provisos the period for the
exercise of such Call Right shall be tolled;” 
 Section 2.41. Clause 12.2.1(vi) of the Shareholders Agreement is
hereby deleted in its entirety and replaced with the following new Clause 12.2.1(vi): 
 “NYSE Euronext holds a Percentage Interest of
less than twenty percent (20)% (unless such Percentage Interest falls below twenty percent (20)% solely as a result of the exercise by QIA of its Drag Along Right provided for in Clause 11.2 but in any case if such Percentage Interest falls below
fifteen percent (15)% or NYSE Euronext, together with any of its Affiliates who are permitted Transferees hereunder, otherwise holds an amount of Shares representing less than ten percent (10)% of the outstanding share capital of the Company; or

 Section 2.42. The following new Clause 12.2.1(ix) is hereby added: 
 “(ix) NYSE Euronext fails to fully fund a Deferred Instalment within thirty (30) calendar days of such Deferred Instalment becoming due and
payable pursuant to the provisions of the Subscription Agreement, provided that, if NYSE Euronext has on one prior occasion failed to fully fund a Deferred Instalment when due, the Call Right pursuant to this Clause 12.2.1(ix) shall be triggered
upon the failure of NYSE Euronext to fully fund a Deferred Instalment within a ten (10) day period of such Deferred Instalment becoming due and payable, and if NYSE Euronext has on two or more prior occasions failed to fully fund a Deferred
Instalment, the Call Right pursuant to this Clause 12.2.1(ix) shall be triggered immediately upon the failure of NYSE Euronext to fully fund a Deferred Instalment.” 

 Section 2.43. Clause 12.2.2 of the Shareholders Agreement is hereby deleted in its
entirety and replaced with the following new Clause 12.2.2: 
 “The Call Right shall be exercised only by QIA giving NYSE Euronext a
written notice (“Call Right Exercise Notice”) delivered, (a) if such Call Right is exercised pursuant to Clauses 12.2.1(i) - 12.2.1(viii) or Clause 12.2.1(x), within three (3) months of the occurrence of the event giving
rise to the Call Right, or (b) if such Call Right is exercised pursuant to Clauses 12.2.1(ix), until such time as NYSE Euronext or its Subsidiary holding the interest in QSM has fully funded such Deferred Instalment, which Call Right Exercise
Notice shall in all cases include: 
 (i) the date on which the notice is given; 
  

	 	(v)	(ii) a statement to the effect that QIA is exercising the Call Right, including a reference to the specific clause in Clause 12.2.1 pursuant to which the Call Right is being
exercised; and 

  

	 	(vi)	(iii) a date, which is no less than forty-five (45) Calendar Days after the date of the notice, on which the consummation of the Call Right (the “Call Right
Completion Date”) is to take place.” 

 Section 2.44. Clause 12.2.5 of the Shareholders
Agreement is hereby deleted in its entirety and replaced with the following new Clause 12.2.5: 
 “The consideration payable on exercise
of the Call Right shall be satisfied in cash at the Call Right Completion Date, and shall be calculated in accordance with (i) seventy five percent (75%) of the Fair Market Value of the Call Shares in the event the Call Right is exercised
pursuant to Clauses 12.2.1(i) plus, in case the Company has exercised a UTP or Safety Clawback as defined in the Technology Agreements, the underling cause of which is the Call Right being exercisable, the amount paid to the Company in connection
with such Clawback and 12.2.1(iii), (ii) one hundred percent (100%) of the Fair Market Value of the shares in the event the Call Right is exercised pursuant to Clauses 12.2.1 (ii), (iv), (v), (vi), (vii) or (viii); (iii) seventy
five percent (75%) of the lesser of the cost or the Fair Market Value of the Call Shares in the event the Call Right is exercised pursuant to Clause 12.2.1(ix), with the Fair Market Value to be determined in accordance with Clause 12.3 and the
cost of the Call Shares shall be determined based on the aggregate amount paid by NYSE Euronext to QSM for such Call Shares as of the time of the exercise of such Call Right.” .” 

 Section 2.45. Clause 12.3.1 of the Shareholders Agreement is hereby deleted in its
entirety and replaced with the following new Clause 12.3.1: 
 “For purposes of this Agreement, Fair Market Value shall be determined in
accordance with the procedures set forth in this Clause 12.3, in each case, (i) taking into consideration both the historical and prospective performance of the business of the Company, (ii) assuming the existence of both a willing buyer
and a willing seller, (iii) utilizing traditionally accepted valuation techniques, (iv) excluding any premium for control or lack thereof, (v) where applicable, taking into consideration the impact of any breach or other event giving
rise to the need for the valuation and (vi) to the extent that at the time of such valuation there are any outstanding or pending claims for indemnification pursuant to the Subscription Agreement, taking into consideration any diminution in
value relating to the matters underlying such claims.” 
 Section 2.46. The following new Clause 16.5 is hereby added:

 “The Parties hereby agree that neither Party will have any right of setoff against any amounts due and payable pursuant to this
Agreement with respect to any amounts owed or owing pursuant to the Subscription Agreement, other than as set forth in Articles 2.6.2 and 6.11 of the Subscription Agreement.” 
 Section 2.47. Clause 11.1.1 of the Shareholders Agreement is hereby deleted in its entirety and replaced with the following new Clause
11.1.1: 
 “No Shareholder shall Transfer any of its Shares unless (a) (except in the case of a Transfer to the general public
pursuant to or following an IPO or the sale via a cash equities exchange) the Transferee of such Shares shall have first agreed in writing to be bound by and become a Party to this Agreement, (b) such Transfer would not have an adverse
regulatory effect or tax consequence on the Company or any Shareholder (including any effect that would subject QIA or the Company to regulation by any governmental authority of any jurisdiction in which NYSE Euronext operates other than the State
of Qatar or subject NYSE Euronext to regulation by the State of Qatar other than by virtue of the arrangements provided herein and in the Subscription Agreement, the Services Agreement and the Technology Agreement) and (c) such Transfer is in
compliance with applicable laws relating to the sale and resale of securities. In the event of any permitted Transfer of Shares pursuant to this Agreement to an Affiliate of a Shareholder, such Affiliate shall have the rights the Transferring
Shareholder held hereunder with respect to the Shares Transferred immediately prior to the consummation of such Transfer for so long as such Affiliate holds such Shares and remains an Affiliate of either QIA or NYSE Euronext (as applicable).”

 ARTICLE III 
 MISCELLANEOUS 
 Section 3.1. Clause 16.1 of the Shareholders Agreement is
incorporated herein, with all references to the Shareholders Agreement instead referring to this Amendment. 
 Section 3.2.
Each of the parties hereto hereby acknowledges and agrees that the Shareholders Agreement is or has also been validly amended pursuant to Clause 15.3 therein by the following agreements: (i) the letter by and between QIA and NYSE Euronext
concerning the Closing pursuant to the Shareholders Agreement, dated as of December 30, 2008, (ii) the letter by and between QIA and NYSE Euronext concerning the Closing pursuant to the Shareholders Agreement, dated as of January 28,
2009, (iii) the letter by and between QIA and NYSE Euronext concerning the Closing pursuant to the Shareholders Agreement, dated as of April 14, 2009, (iv) the Deed of Adherence by and among QIA, NYSE Euronext, Euronext N.V., a
company organized under the laws of the Netherlands (“Euronext N.V.”) and Qatar Exchange Company (Q.S.C.) (the “Company”), dated as of the date hereof, and (v) the Joinder Agreement by and among QIA, NYSE Euronext,
Euronext N.V. and the Company, dated as of the date hereof. 
 Section 3.3. Each of the parties hereto hereby represents
and warrants as follows: (i) each such party has all requisite power and authority to enter into this Amendment and to carry out its obligations hereunder; (ii) this Amendment has been duly executed by each such party, and constitutes a
valid and binding obligation enforceable against each such party in accordance with its terms; and (iii) each such party has received a copy of the Shareholders Agreement and any and all other information and materials that each such party
deems reasonably necessary or appropriate to enable it to make an informed decision concerning the transactions contemplated by the Shareholders Agreement. 
 Section 3.4. This Amendment may be executed in any number of counterparts with the same effect as if all Parties hereto had signed the same document. All such counterparts shall be construed
together and shall constitute one instrument, but in making proof hereof it shall only be necessary to produce one such counterpart. 
 Section 3.5. This Amendment shall be binding upon and inure to the benefit of the Parties and their respective legal representatives, permitted successors and permitted assigns. 

 Section 3.6. No modification, amendment, extension, discharge, termination or waiver
of any provision of this Amendment shall in any event be effective unless the same shall be in a writing signed by the Party or Parties against whom enforcement is sought, and then such waiver or consent shall be effective only in the specific
instance, and for the purpose, for which given. 
 Section 3.7. As amended by this Amendment, all terms, covenants and
provisions of the Shareholders Agreement are ratified and confirmed and shall be and remain in full force and effect as first written. 
 Section 3.8. This Amendment contains the entire agreement of the Parties hereto in respect of the transactions contemplated hereby, and all prior agreements among or between such Parties, whether oral or written, with
respect to the subject matter hereof, are superseded by the terms of this Amendment. 
 [Remainder of Page Intentionally Left Blank –
Signatures Follow] 

 IN WITNESS WHEREOF, this Amendment has been signed by each of the following on the date first
above written. 
  

			
	NYSE EURONEXT
		
	By:	 	 /s/ Duncan L. Niederauer

	Name:	 	Duncan L. Niederauer
	Title:	 	Chief Executive Officer
		
	By:	 	 /s/ Jean-François Théodore

	Name:	 	Jean-François Théodore
	Title:	 	Deputy Chief Executive Officer
	
	QATAR INVESTMENT AUTHORITY
		
	By:	 	 /s/ Dr. Hussain Al-Abdulla

	Name:	 	Dr. Hussain Al-Abdulla
	Title:	 	Executive Director of the Qatar Investment Authority

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