Document:

Employment Agreement dated May 15, 2008

 EXHIBIT 10.1 
 Employment Agreement dated May 15, 2008 
 by and between 
 People’s United Financial, Inc. and Philip R. Sherringham 

 EMPLOYMENT AGREEMENT 
 EMPLOYMENT AGREEMENT (“Agreement”) made this 15th day of May, 2008, between People’s United Financial, Inc.
(“Company”) and Philip R. Sherringham (“Executive”). 
 WHEREAS the Company desires to employ Executive as
its President and Chief Executive Officer according to the terms set forth herein, and Executive desires to be employed by the Company on such terms. 
 NOW, THEREFORE, in consideration of the mutual agreements set forth herein, the parties agree as follows: 
 1. Term of Employment. Executive’s employment under this Agreement shall commence on February 6, 2008 (“Commencement Date”) and shall end on February 5, 2011 (“Expiration
Date”) or such earlier date on which Executive’s employment terminates in accordance with Section 4 of this Agreement (the term of this Agreement, the “Term”). 
 2. Nature of Duties. 
 (a)
Position with the Company. During the Term, the Company shall employ Executive as its President and Chief Executive Officer, and shall recommend Executive for election to the Company’s Board of Directors (the “Board”).
Executive shall report directly to the Board, and all other officers of the Company shall when acting in the ordinary course of the Company’s business report directly or indirectly to him. Executive shall have all of the customary powers and
duties associated with his position. 
 (b) Position with the Bank. During the Term of this Agreement, the Company shall cause its
wholly owned subsidiary, People’s United Bank (“Bank”), to appoint Executive as its President and Chief Executive Officer and to have Executive serve on its board of directors. In such capacity, Executive shall report directly
to the board of directors of the Bank, and all other officers of the Bank shall when acting in the ordinary course of the Bank’s business report directly or indirectly to him. Executive shall have all of the customary powers and duties
associated with his position. 
 (c) Performance of Duties. Executive shall devote substantially all of his business time and effort
to the performance of his duties for the Company and the Bank and he shall use good faith efforts to perform such duties faithfully and to the best of his ability. It is understood that Executive may (i) serve as a director, trustee or member
of a committee of any business organization if such service involves no conflict of interest with the interests of the Company or the Bank or with his services anticipated pursuant to this Agreement, (ii) engage in charitable and community
activities, and (iii) manage his personal investments and affairs. Executive shall be subject to the Company’s written policies, procedures, and approval practices in effect from time to time for all senior executives of the Company.

 3. Compensation and Related Matters. 
 (a) Base Salary. Subject to the provisions of Section 11 hereof, the Company shall pay Executive a base salary at an annual rate of $800,000.
Executive’s base salary shall be paid in conformity with the Company’s salary payment practices generally applicable to other Company executives. The Board will review Executive’s base salary annually, and may increase it at any time.
Any increase in Executive’s base salary will not reduce or limit any other obligation to Executive under this Agreement and the base salary may not be decreased (including following any increase). 
 (b) Annual Bonus. Subject to the provisions of Section 11 hereof, Executive shall be
eligible to receive an annual discretionary cash bonus. The annual target amount of Executive’s cash bonus shall be at least $720,000, and the amount actually paid may range from 0% to 200% of such amount depending on the Board’s
evaluation of the Company’s and Executive’s performance. Any annual cash bonus for a year will be payable no later than March 15th of
the calendar year following the year in which such bonus accrues under this Section 3(b). Executive shall be eligible to participate in any future annual incentive plan established by the Company or the Bank (but without duplication of
benefits) at a level commensurate with his position at the Bank. 
 (c) Annual Long-Term Incentives. Subject to the provisions of
Section 11 hereof, Executive shall be eligible for long-term incentive cash and stock-based awards pursuant to the plans and programs maintained by the Company, including but not limited to the Company’s long-term incentive plan
(“LTIP”) at a level commensurate with his position at the Company, it being specifically understood that any specific awards shall made solely in the discretion of the Board or a committee thereof. 
 (d) Commencement Awards. On or as soon as practicable after the Commencement Date, Executive shall receive the following awards that shall occur
pursuant to the LTIP (and, with respect to restricted stock awards, the Company’s 2007 Recognition and Retention Plan) and shall have terms and conditions substantially equivalent to those described, for such awards, in the Company’s
annual proxy statement filed in March 2008: 
  

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	 Nature of Award for 2008
	  	Value of Award1
	 Long-term Cash
	  	$	401,576
	 Restricted Stock
	  	$	579,857
	 Stock Options
	  	$	248,527

 (e) Benefits. Executive shall be entitled to paid time off (totaling not less than 42 paid
time off days per year, which includes fixed holidays) on a basis that is at least as favorable as that provided to other senior executive officers of the Company or the Bank. In addition, during his employment, Executive shall be entitled to
participate in all retirement and non-retirement employee benefit plans and programs to the same extent generally available to other senior executive officers of the Company or the Bank, in accordance with the terms of those plans and programs. Such
plans and programs , to the extent they continue to be maintained by the Company or the Bank, as the case may be, include the Company’s Employee Stock Ownership Plan, People’s Bank Employees Retirement Plan, People’s Bank 401(k)
Employee Savings Plan, People’s Bank Cap Excess Plan, People’s Bank Enhanced Senior Pension Plan, People’s Bank Supplemental Savings Plan, People’s Bank supplemental long-term disability insurance coverage for senior and
executive officers, medical and dental benefits, and retiree health benefits. 
 (f) Expenses. Executive shall be entitled to receive
prompt reimbursement for all reasonable and customary travel and business expenses he incurs in connection with his employment, but he must incur and account for those expenses in accordance with the policies and procedures established by the
Company and the Bank (which shall be at least as favorable to Executive as those applying to other senior executive officers of the Company or the Bank). Executive also shall be entitled to payment of, or reimbursement for, the following in
accordance with and subject to the Bank’s policies and procedures that are generally applicable to its senior executive officers: health club membership dues; supplemental long-term disability insurance coverage; home security services;
financial planning services; and tax preparation services. In addition, Executive shall be supplied with an automobile (in a manner consistent with Executive’s position as Chief Executive Officer) and shall be reimbursed for operating expenses
incurred in connection with such automobile. Executive shall apply for any reimbursement due hereunder within ninety (90) days after incurring the expense. If it is determined that any expense qualifies for reimbursement, the reimbursement will
be made within sixty (60) days of receiving substantiation. 
  

	 1
	 For purposes of this clause (d), Commencement Awards were valued as follows: (x) for long-term cash awards, at the
target value of such awards on the date of grant (55% of base salary) after applying a 3% annual vesting discount; and (y) for equity-based incentive awards, at the grant-date fair market value of awards consisting of Company common stock (70%
of total equity awards), without regard to transfer restrictions or vesting periods, and at the grant-date value used by the Company for financial reporting purposes for awards consisting of options to purchase shares of Company common stock (30% of
total equity awards). For the avoidance of doubt, the purpose of this footnote is solely to memorialize determinations made in connection with the grant of the Commencement Awards (which occurred before the execution of this Agreement) and should
not be construed in any way to restrict or limit the Commencement Awards (which will be subject to their terms and other provisions of this Agreement) or any future grants of compensation to Executive. 

  

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 (g) Indemnification; Advancement of Expenses. To the fullest extent permitted by law, the Company
will indemnify Executive against any actual or threatened action, suit or proceeding, whether civil, criminal, administrative or investigative, arising by reason of Executive’s status as a director, officer, employee and/or agent of the Company
or the Bank during Executive’s employment (whether before or after the Commencement Date and/or the expiration of this Agreement). In addition, to the extent permitted by law, the Company will advance or reimburse any expenses, including
reasonable attorney’s fees, Executive incurs in investigating and defending any actual or threatened action, suit or proceeding for which Executive may be entitled to indemnification under this Section 3(g). Executive agrees to repay any
expenses paid or reimbursed by the Company if it is ultimately determined that Executive is not legally entitled to be indemnified by the Company. If the Company’s ability to make any payment contemplated by this Section 3(g) depends on an
investigation or determination by the Board or the board of directors of the Bank, at Executive’s request the Company will use its best efforts to cause the investigation to be made (at the Company’s expense) and to have the relevant board
reach a determination as soon as reasonably possible. For the avoidance of doubt, this Section 3(g) does not limit any indemnification, advancement and similar obligations the Company or the Bank may have to Executive under their respective
constituent documents, which shall apply in accordance with their terms. 
 4. Termination. 
 (a) Rights and Duties. If Executive’s employment terminates for any reason, Executive shall be entitled to receive the payment and benefits
shown on the applicable row of the following table, subject to the balance of this Section 4, beyond which the Company and Executive shall have no further obligations to each other, except (1) Executive’s confidentiality and all other
obligations under Section 5, (2) the Company’s obligation’s under Sections 3(g) and 17, (3) the Company’s and Executive’s respective obligations under Sections 9, 11 and 12 and (4) as set forth in any written
agreement the parties subsequently enter into. 
  

			
	(i) DISCHARGE FOR CAUSE	  	 Payment when due of any unpaid base salary, unpaid cash bonus, and expense reimbursements; plus base salary for any accrued but unused
vacation.
  
 In addition, Executive shall be entitled to any rights and benefits under any
retirement and non-retirement employee benefit plans and programs (including deferred compensation programs) and under any outstanding long-term incentives in accordance with the terms and conditions of the relevant plan or
program.

		
	(ii) DISCHARGE OTHER THAN FOR CAUSE AND NON-RENEWAL OF THE AGREEMENT	  	 Same as “Discharge for Cause” EXCEPT that, in exchange for Executive’s execution of a claims release in accordance with this Section 4
and subject to Sections 9, 11, and 17 below, in addition, Executive shall receive:
  
 (1)
additional cash severance equal to three times the sum of (i) his annual base salary under Section 3(a) above as of the date immediately before Executive’s termination, and (ii) the amount of Executive’s target annual bonus under Section
3(b) for the year in which Executive’s termination occurs; provided that the total cash severance payable under this paragraph (1) shall not exceed $4,500,000 (the amount in clause (ii) of this paragraph is referred to as the
“Target Bonus Level”); 

  

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		 	 (2) a pro rata amount of Executive’s annual bonus under Section 3(b) during the year of termination, based on the Target Bonus Level;

 
 (3) except to the extent prohibited under the applicable plans, all unvested equity and long-term
cash awards granted to Executive, including but not limited to under the LTIP, immediately and fully vests, becomes exercisable, and all restrictions thereon lapse, and with respect to Executive’s stock options, remain exercisable for the
remainder of the original term(s) of the stock options; provided, however, that, with respect to any unvested equity awards granted to Executive prior to the date of this Agreement that have been designated by the Compensation Committee of the Board
as either “Recognition Awards” or “Retention Awards”: (A) the entirety of the “Recognition Awards” portion of such unvested awards will vest and restrictions thereupon will lapse under this paragraph (3), and (B) the
“Retention Awards” portion of such unvested awards will vest and restrictions thereupon will lapse under this paragraph (3) but only to the extent such “Retention Awards” would have vested had the Executive remained employed by
the Company and/or the Bank for three years following the date Executive’s employment is terminated pursuant to this paragraph 4(a)(ii), with the balance of any such “Retention Awards” portion being unaffected by this paragraph (3)
(for clarity, this provision will be deemed to amend Executive’s award agreements and/or other grant documents to the extent provided in this paragraph (3) where such treatment is not prohibited under the applicable plan documents);

 
 (4) an amount equal to the retirement benefits that Executive would have earned, if he had
remained employed for two additional years following his termination date (assuming that the annual base salary under Section 3(a) above as of the date immediately before Executive’s termination and the Target Bonus Level continued during such
years), under the People’s Bank Employee’s Retirement Plan, the People’s Bank Cap Excess Plan, the People’s Bank Enhanced Senior Pension Plan (to the extent that the Bank continues to maintain such plans), and any other
supplemental retirement agreement covering Executive (such amount to be paid at the same time as benefits under the applicable nonqualified plan are payable);

  

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		  	 (5) for two (2) years, Executive, his spouse and his dependents will continue to be entitled to participate in the Company’s group health plans
in which Executive participates immediately prior to his termination date at the Company’s expense, provided that he timely elects continuation coverage under COBRA, and provided that if the Company is unable to provide such coverage after the
end of the COBRA continuation period under the Company’s group health plan, the Company shall, following the expiration of the COBRA coverage period, provide Executive and his dependents with substantially identical medical coverage to that
provided under the Company’s group health plan during the remainder of such two-year period; provided that the cost to the Company shall not exceed an aggregate of $50,000 in medical premiums for such post-COBRA period;
  
 (6) office space in Fairfield County, CT, comparable in size and quality to Executive’s office
space at the Company immediately prior to his termination, for a period of time equal to the lesser of (i) eighteen (18) months following the date of termination of Executive’s employment, or (ii) until Executive begins employment with another
company; provided that the Company’s obligation under this paragraph (6) shall be limited to the same cost per square foot that the Company would pay for Executive’s office space immediately prior to his termination if it were leasing such
space (on a stand-alone basis) based on market conditions prevailing at the time of Executive’s termination;
  
 (7) the services of a personal secretary on a full time basis, for a period of time equal to the lesser of (i) eighteen (18) months following the date of termination of Executive’s employment, or (ii) until
Executive begins employment with another company; and
  
 (8) retention of any Company
provided automobile used by Executive on the date of termination of Executive’s employment without payment therefor (other than applicable taxes pursuant to Section 9 below).

		
	(iii) DISCHARGE OTHER THAN FOR CAUSE (INCLUDING NON-RENEWAL) ON OR WITHIN THREE (3) YEARS AFTER A CHANGE IN CONTROL	  	 Same as “Discharge Other Than for Cause and Non-Renewal of the Agreement” (including the same release requirement), SUBJECT ONLY TO the
following modifications and to the provisions of Section 11 hereof:
  
 (1) Executive shall
receive three years of additional retirement benefits, instead of the two years provided under Section 4(a)(ii)(2) above; and
  
 (2) the Company shall reimburse Executive for medical care premiums for 36 months instead of for the 24 months provided under Section 4(a)(ii)(5) above, and no aggregate
cap on premiums will apply.

  

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	(iv) RESIGNATION WITHOUT GOOD REASON	  	Same as above for “Discharge for Cause.”
		
	(v) RESIGNATION FOR GOOD REASON	  	Same as above for “Discharge Other Than for Cause and Non-Renewal of the Agreement”
		
	(vi) RESIGNATION FOR GOOD REASON ON OR WITHIN THREE (3) YEARS AFTER A CHANGE IN CONTROL	  	Same as above for “Discharge Other Than for Cause (Including Non-Renewal) On or Within Three (3) Years After a Change in Control”

  

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	(vii) DEATH OR DISABILITY	  	 Same as “Discharge for Cause” EXCEPT that, in addition, Executive shall receive:
  
 (1) cash severance equal to one times Executive’s annual base salary under Section 3(a) above at
the rate applicable on the date of Executive’s termination from employment due to his death or disability;
  
 (2) a pro rata amount of Executive’s annual bonus under Section 3(b) during the year of termination, based on the Target Bonus Level; and
  
 (3) except to the extent prohibited under the applicable plans, all unvested equity and long-term
cash awards granted to Executive, including but not limited to under the LTIP, immediately and fully vests, becomes exercisable, and all restrictions thereon lapse, and with respect to Executive’s stock options, remain exercisable for the
remainder of the original term(s) of the stock options; provided, however, that, with respect to any unvested equity awards granted to Executive prior to the date of this Agreement that have been designated by the Compensation
Committee of the Board as either “Recognition Awards” or “Retention Awards”: (A) the entirety of the “Recognition Awards” portion of such unvested awards will vest and restrictions thereupon will lapse under this
paragraph (3), and (B) the “Retention Awards” portion of such unvested awards will vest and restrictions thereupon will lapse under this paragraph (3) but only to the extent such “Retention Awards” would have vested had the
Executive remained employed by the Company and/or the Bank for three years following the date Executive’s employment is terminated pursuant to this paragraph 4(a)(vii), with the balance of any such “Retention Awards” portion being
unaffected by this paragraph (3) (for clarity, this provision will be deemed to amend Executive’s award agreements and/or other grant documents to the extent provided in this paragraph (3) where such treatment is not prohibited under the
applicable plan documents).

 (b) Discharge for Cause. The Company may terminate Executive’s employment at any time
for Cause. “Cause” shall mean (i) Executive’s willful failure to perform or substantially to perform his duties with the Company or the Bank; (ii) illegal conduct or gross misconduct by Executive that is willful and
demonstrably and materially injurious to the Company’s business, monetarily or otherwise; (iii) a willful and material breach by Executive of Section 5 of the Agreement or of the Company’s written code of conduct;
(iv) Executive’s indictment for, or entry of a plea of guilty or nolo contendere with respect to, a felony crime or (v) Executive is removed and/or permanently prohibited from participating in the conduct of the Company’s affairs
pursuant to an order issued under Section 21C(f) of the Securities Exchange Act of 1934 or in the Bank’s affairs by an order issued under Section 8(e)(4) or 8(g)(1) of the Federal Deposit Insurance Act; 

  

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provided, however, that the actions in (i) through (iii), above, shall not be considered Cause unless Executive has failed to cure such
actions (to the extent cure is possible) within 30 days of receiving written notice specifying with particularity the events allegedly giving rise to Cause and that such actions shall not be considered Cause unless the Company provides such written
notice within 180 days of any Board member (other than Executive) having knowledge of the relevant action. Further, no act or failure to act by the Executive shall be deemed “willful” unless done or omitted to be done not in good faith and
without reasonable belief that such action or omission was in the Company’s best interests, and any act or omission by Executive based on authority given pursuant to a resolution duly adopted by the Board or on the advice of counsel for the
Company will be deemed made in good faith and in the best interests of the Company. Executive shall not be deemed to be discharged for Cause hereunder unless and until there is delivered to Executive a copy of a resolution duly adopted by the
affirmative vote of not less than a majority of the entire membership of the Board (excluding Executive), at a meeting called and duly held for such purpose (after reasonable notice to Executive and an opportunity for Executive and his counsel to be
heard before the Board), finding in good faith that Executive is guilty of the conduct set forth above and specifying the particulars thereof in detail. 
 (c) Discharge Other Than for Cause or Resignation for Good Reason. The Company may terminate Executive’s employment at any time for any reason, and without advance notice. If Executive is terminated by the
Company other than for Cause, or Executive resigns for Good Reason (defined below in paragraph 4(d)), he will only receive the special benefits provided for such events under Section 4(a) if he signs and delivers a release of claims in the form
of Annex 1 in favor of the Company and its related companies and affiliates within 21 days following the date of Executive’s termination. Unless such release is timely executed and delivered in accordance herewith and such release
becomes effective in accordance with applicable law following the expiration of any applicable revocation period, no payments or benefits that are payable upon discharge other than for Cause or resignation for Good Reason shall be provided to
Executive pursuant to Section 4 of this Agreement. Within 30 days following the earlier of the effective date of the general release and the 30th day following Executive’s date of termination, the Company shall pay Executive a lump sum
equal to any cash payments that he is entitled to on account of discharge without Cause or resignation for Good Reason in accordance with Section 4(a) of this Agreement (it being acknowledged by the parties that this Agreement is intended to
provide for payments that satisfy the short term deferral exception under Treas. Reg. 1.409A-1(b)(4) and are thus not intended to be deferred compensation under Internal Revenue Code section 409A). 
 (d) Resignation. Executive shall not resign from employment without giving the Company at least 30 days advance written notice unless he has
“Good Reason” to resign, as defined below. The Company may accept Executive’s resignation effective on the date set forth in his notice or any earlier date. “Good Reason” for resignation shall exist upon (i) a
material diminution of Executive’s duties or responsibilities, authorities, powers, or functions without Executive’s written consent (including removal, without Cause, from the Board), (ii) any material reduction in Executive’s
rate of annual base salary, (iii) a relocation that would result in Executive’s principal location of employment being moved 50 miles or more away from his current principal location, or (iv) the Company’s material breach of this
Agreement without Executive’s written consent, provided, however, that the actions in (i) through and (iv), above, shall not be considered Good Reason unless Executive notifies the Company in writing within 30 days of
Executive’s knowledge of the actions giving rise to the Good Reason, and the Company has failed to cure such actions within 30 days of receiving written notice thereof. 
  

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 (e) Change in Control. For purposes of this Agreement, “Change in Control” means
the occurrence of any one or more of the following events during the term of this Agreement: 
 (i) Any individual, entity or group (within
the meaning of Sections 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as amended (“Exchange Act”)) (a “Person”) becomes the beneficial owner (within the meaning of Rule 13d-3 promulgated under the
Exchange Act) of 25% or more of either (A) the then-outstanding shares of common stock of the Company (the “Outstanding Company Common Stock”) or (B) the combined voting power of the then-outstanding voting securities of
the Company entitled to vote generally in the election of directors (the “Outstanding Company Voting Securities”); provided, however, that for purposes of this paragraph, the following acquisitions shall not constitute a Change in
Control: (i) any acquisition by the Company, (ii) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or any of its affiliates or (iii) any acquisition pursuant to a transaction that
complies with Sections 4(e)(iii)(A), 4(e)(iii)(B), and 4(e)(iii)(C) of this Agreement; 
 (ii) Individuals who, as of the date hereof,
constitute the Company’s Board (the “Incumbent Board”) cease for any reason to constitute a majority of the Board; provided, however, that any individual becoming a director subsequent to the date hereof whose election, or
nomination for election by the Company’s shareholders, was approved by a vote of at least a majority of the directors then comprising the Incumbent Board shall be considered as though such individual was a member of the Incumbent Board, but
excluding, for this purpose, any such individual whose initial assumption of office occurs as a result of either (1) an actual or threatened election contest with respect to the election or removal of directors or other actual or threatened
solicitation of proxies or consents by or on behalf of a Person other than the Board or (2) agreement with any third party; 
 (iii)
Consummation of a reorganization, merger, statutory share exchange or consolidation or similar transaction involving the Company or the Bank (or the issuance of stock by the Company), a sale or other disposition of all or substantially all of the
assets of the Company or the deposits of the Bank, or the acquisition of assets or stock of another entity by the Company (each, a “Business Combination”), in each case unless, following such Business Combination, (A) all or
substantially all of the individuals and entities that were the beneficial owners of the Outstanding Company Common Stock and the Outstanding Company Voting Securities immediately prior to such Business Combination beneficially own, directly or
indirectly, more than 50% of the then-outstanding shares of common stock (or, for a non-corporate entity, equivalent securities) and the combined voting power of the then-outstanding voting securities entitled to vote generally in the election of
directors (or, for a non-corporate entity, equivalent governing body), as the case may be, of the entity resulting from such Business Combination (including, without limitation, an entity that, as a result of such transaction, owns the Company or
all or substantially all of the Company’s assets either directly or through one or more subsidiaries) in substantially the same proportions as their ownership immediately prior to such Business Combination of the Outstanding Company Common
Stock and the Outstanding Company Voting Securities, as the case may be, (B) no Person (excluding any corporation resulting from such Business Combination or any employee benefit plan (or related trust) of the Company or such 

  

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corporation resulting from such Business Combination) beneficially owns, directly or indirectly, 25% or more of, respectively, the then-outstanding shares of
common stock of the corporation resulting from such Business Combination or the combined voting power of the then-outstanding voting securities of such corporation, except to the extent that such ownership existed prior to the Business Combination,
and (C) at least a majority of the members of the board of directors (or, for a non-corporate entity, equivalent governing body) of the entity resulting from such Business Combination were members of the Incumbent Board at the time of the
execution of the initial agreement or of the action of the Board providing for such Business Combination; 
 (iv) Approval by the
shareholders of the Company of a complete liquidation or dissolution of the Company; or 
 (v) Any event that would be described in
Section 4(e)(i), (ii), (iii) or (iv) if the term “Bank” were substituted for the term “Company” therein. 
 (f) Golden Parachute Tax and Related Limitations.  
 (i) If there is a change in ownership or control of any member of the
Bank’s or the Company’s “affiliated group” (within the meaning of Treas. Reg. 1.280G-1 or any successor thereto)(collectively, the “Company Group”) that causes any payment or distribution by any member of the
Bank, the Company or any other person or entity to Executive or for Executive’s benefit (whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise, but determined without regard to any
additional payments required under this Section) (a “Payment”) to be subject to the excise tax imposed by Section 4999 of the Code (such excise tax, together with any interest or penalties incurred by Executive with respect to
such excise tax, the “Excise Tax”), then Executive shall be entitled to receive an additional payment (a “Gross-Up Payment”) in an amount such that after payment by Executive of all taxes (including any interest or
penalties imposed with respect to such taxes), including any income taxes (and any interest and penalties imposed with respect thereto) and Excise Tax imposed upon the Gross-Up Payment, Executive will retain an amount of the Gross-Up Payment equal
to the Excise Tax imposed upon the Payments. Notwithstanding the foregoing, if it is determined that Executive would otherwise be entitled to a Gross-Up Payment but that the Payments would not be subject to the Excise Tax if the Payments were
reduced by an amount that is less than 10% of the Payments, then Executive will not receive the Gross-Up Payment, and the Payments will be reduced to the maximum amount that would not result in the imposition of the Excise Tax. The payments to be
reduced will be determined in a manner which has the least economic cost to Executive and, to the extent the economic cost is equivalent, will be reduced in the inverse order of when payment would have been made to Executive until the 10% reduction
is achieved. 
 (ii) Subject to the provisions of this Section 4, all determinations required to be made under this Section, including
whether and when a Gross-Up Payment is required and the amount of such Gross-Up Payment and the assumptions to be utilized in arriving at such determination, shall be made by an outside nationally recognized accounting firm selected by the Company
or the Board, in its sole and absolute discretion (the “Accounting Firm”), which shall provide detailed supporting calculations both to the Company and the Executive within 15 business days of the receipt of notice from the
Executive that there has been a Payment, or such earlier time as is requested by the Company. In the event that the Accounting Firm is serving as accountant or auditor for the individual, entity or group effecting the Change in Control, the 

  

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Company shall appoint another nationally recognized accounting firm to make the determinations required hereunder (which accounting firm shall then be
referred to as the Accounting Firm hereunder). All fees and expenses of the Accounting Firm shall be borne solely by the Company. Any Gross-Up Payment, if applicable, as determined pursuant to this Section 4, shall be paid by the Company to the
Executive within thirty (30) days of the receipt of the Accounting Firm’s determination. All determinations made by the Accounting Firm shall be based on detailed supporting calculations provided both to the Company and Executive at such
time as is requested by either party. Any determination by the Accounting Firm shall be binding upon the Company and the Executive. In the event that the Company exhausts its remedies pursuant to Section 4(f) and the Executive thereafter is
required to make a payment of any Excise Tax, the Accounting Firm shall determine the amount of the Underpayment (as defined below) that has occurred which shall be promptly paid by the Company to or for the benefit of the Executive. In no event
shall the Gross-Up Payment be made later than the end of the Executive’s taxable year next following the Executive’s taxable year in which the related taxes are remitted to the taxing authority. 
 (iii) The Executive shall notify the Company in writing of any claim by the Internal Revenue Service that, if successful, would require an additional
Payment or Payments, as the case may be, which have not been made by the Company, but could have been made pursuant to this Section 4(f) (the “Underpayment”). Such notification shall be given as soon as practicable but no later
than ten (10) business days after the Executive is informed in writing of such claim and shall apprise the Company of the nature of such claim and the date on which such claim is requested to be paid. The Executive shall not pay such claim
prior to the expiration of the 30-day period following the date on which it gives such notice to the Company (or such shorter period ending on the date that any payment of taxes with respect to such claim is due). If the Company notifies the
Executive in writing prior to the expiration of such period that it desires to contest such claims, the Executive shall: 
 (1) give the
Company any information reasonably requested by the Company relating to such claim, 
 (2) take such action in connection with contesting
such claim as the Company shall reasonably request from time to time, including, without limitation, accepting legal representation with respect to such claim by an attorney reasonably selected by the Company, 
 (3) cooperate with the Company in good faith in order effectively to contest such claim, and 
 (4) permit the Company to participate in any proceedings relating to such claim; provided, however, that the Company shall bear and pay directly all
reasonable costs and expenses (including additional interest and penalties) incurred in connection with such contest and shall indemnify and hold the Executive harmless, on an after-tax basis, for any Excise Tax or income tax (including interest and
penalties with respect thereto) imposed as a result of such representation and payment of costs and expenses. In no event shall the payment of any Excise Tax or income tax (including interest and penalties with respect thereto) be made later than
the end of the Executive’s taxable year next following the Executive’s taxable year in which the related taxes are remitted to the taxing authority. Without limitation on the foregoing provisions of this Section 4(f)(iii), the Company
shall control all proceedings taken in connection with such 

  

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contest and, at its sole option, may pursue or forgo any and all administrative appeals, proceedings, hearings and conferences with the taxing authority in
respect of such claim and may, at its sole option, either direct the Executive to pay the tax claimed and sue for a refund or contest the claim in any permissible manner, and the Executive agrees to prosecute such contest to a determination before
any administrative tribunal, in a court of initial jurisdiction and in one or more appellate courts, as the Company shall determine and subject to the Company covering all out of pocket expenses incurred in such contest; provided, however, that if
the Company directs the Executive to pay such claim and sue for a refund, the Company shall advance the amount of such payment to the Executive on an interest-free basis and shall indemnify and hold the Executive harmless, on an after-tax basis,
from any Excise Tax or income tax (including interest or penalties with respect thereto) imposed with respect to such advance or with respect to any imputed income with respect to such advance; and further provided that any extension of the statute
of limitations relating to payment of taxes for the taxable year of the Executive with respect to which such contested amount is claimed to be due is limited solely to such contested amount. Furthermore, the Company’s control of the contest
shall be limited to issues and/or claims that are materially related to the imposition of any Excise Tax or with respect to which a Gross-Up Payment would be otherwise payable hereunder and the Executive shall be entitled to settle or contest, as
the case may be, any other issue raised by the Internal Revenue Service or any other taxing authority. The Company and the Executive shall promptly deliver to each other copies of any written communications and summaries of any verbal communications
with any taxing authority regarding the matters addressed herein. 
 (iv) If, after the receipt by the Executive of an amount advanced by
the Company pursuant to Section 4(f)(i), the Executive becomes entitled to receive any refund with respect to such claim, the Executive shall (subject to the Company’s complying with the requirements of Section 4(f)(i)) promptly pay
to the Company the amount of such refund (together with any interest paid or credited thereon after taxes applicable thereto). If, after the receipt by the Executive of an amount advanced by the Company pursuant to Section 4(f)(i), a
determination is made that the Executive shall not be entitled to any refund with respect to such claim and the Company does not notify the Executive in writing of its intent to contest such denial of refund prior to the expiration of 30 days after
such determination, then such advance shall be forgiven and shall not be required to be repaid and the amount of such advance shall offset, to the extent thereof, the amount of Gross-Up Payment required to be paid. 
 (g) Non-renewal of Agreement. Unless the Company offers Executive an employment agreement substantially identical to this Agreement, to be
effective as of the Expiration Date, or Executive and the Company enter into a new employment agreement effective as of the Expiration Date, the expiration of the Agreement shall be deemed a termination of Executive’s employment without Cause
under this Section 4 as of the Expiration Date. For the avoidance of doubt, (1) neither Executive nor the Company is under any obligation to enter into any successor employment agreement and (2) if the Company offers a continuation
employment agreement substantially identical to this Agreement, non-acceptance of such continuation employment agreement will be deemed a termination of employment by Executive without Good Reason under Section 4 as of the Expiration Date.

 (h) Definition of Disability. For purposes of this Agreement, “Disability” shall mean the inability of Executive
substantially to perform his duties under this Agreement by reason of any medically determinable physical or mental impairment that (i) has lasted for a period of at least 180 consecutive days or (ii) that can be expected to last for a
continuous 

  

 -13- 

 
period of not less than 12 months or to result in the death of Executive, which is determined by a physician selected by the Company and reasonably
acceptable to Executive or Executive’s legal representative, or by the insurance company which insures the Company’s or the Bank’s long-term disability plan in which Executive would be eligible to participate and reasonably acceptable
to Executive or Executive’s legal representative. 
 5. Confidentiality. During the term of Executive’s employment, in
exchange for his promises to use such information solely for the Company Group’s benefit, the Company and members of the Company Group will provide Executive with Confidential Information concerning, among other things, its business,
operations, clients, investors, and business partners. “Confidential Information” refers to information not generally known by others in the form in which it is used by the Company Group, and which gives the Company or any member of the
Company Group a competitive advantage over other companies which do not have access to this information, including secret, confidential, or proprietary information or trade secrets of the Company and the Company Group, conveyed orally or reduced to
a tangible form in any medium, including information concerning the operations, future plans, customers, business models, strategies, and business methods of the Company and the Company Group, as well as information about their customers, clients
and business partners and their respective operations and confidential information. “Confidential Information” does not include information that (i) Executive knew prior to his employment with the Company or any predecessor company,
(ii) subsequently came into Executive’s possession other than through his work for the Company, the Company Group or any predecessor company and not as a result of a breach of any duty owed to the Company, or (iii) is generally known
within the relevant industry. 
 (a) Promise Not to Disclose. During the Term and for any period of employment following the term of
this Agreement, Executive agrees not to use and not to disclose any Confidential Information, provided that Executive may use and disclose Confidential Information only for the Company’s benefit and in accordance with any restrictions placed on
its use or disclosure by the Company. To the extent that Executive is not employed by the Company during the two-year period following the term of this Agreement, Executive will not use or disclose any Confidential Information. Notwithstanding this
paragraph, Executive may disclose Confidential Information (i) as required to do so by court order, subpoena, or otherwise as required by law, the Office of Thrift Supervision, or the Federal Deposit Insurance Corporation, provided that, to the
extent permitted by law, upon receiving such order, subpoena, or request and prior to disclosure, Executive shall provide written notice to the Company of such order, subpoena, or request and of the content of any testimony or information to be
disclosed and shall cooperate fully with the Company to lawfully resist disclosure of the information, and (ii) to an attorney for the purpose of securing professional advice, provided that such attorney has been advised of the confidential
nature of such information and has agreed in writing to keep such information confidential in accordance with the terms hereof. 
 (b)
Promise Not to Solicit. Executive agrees that, to the extent that Executive is not employed by the Company or any member of the Company Group during the two years following the end of the Term, during such two-year period, Executive will not
solicit, attempt to solicit, assist others to solicit, or assist others to hire for employment any person who is, or within the preceding six months was, an officer, manager, employee, or consultant of the Company or any member of the Company Group
(other than his personal assistant) (during such two-year period, a “Restricted Employee”); provided that the parties hereto agree that the following circumstances will 

  

 -14- 

 
not result in a violation of this provision: (i) a Restricted Employee shall have responded to any general solicitation or advertisement of employment
not specifically directed toward employees of the Company and such Restricted Employee is thereafter hired by Executive’s subsequent employer, or (ii) a Restricted Employee shall have initiated discussions with Executive’s subsequent
employer regarding employment without having first been directly or indirectly solicited by Executive and such Restricted Employee is thereafter hired by Executive’s subsequent employer. Executive agrees that the restrictions set forth in this
paragraph do not and will not prohibit him from engaging in his livelihood and do not foreclose his working with customers, clients or business partners not identified in this paragraph. 
 (c) Promise Not to Engage in Certain Employment. Executive agrees that, during his employment with the Company, and for a one year period
following termination of his employment for Cause or without Good Reason during the Term (the “Non-Compete Period”), he will not, without the prior written consent of the Company, accept any employment; provide any services or
advice; or assist or engage in any activity; or in any way be associated with or lend his name or credit to (whether as an employee, consultant, independent contractor or in any other capacity, whether paid or unpaid) any business that, at any time
during the Non-Compete Period, is or was both (i) engaged in the business that the Company or any member of the Company Group was engaged in during the term of Executive’s employment with the Company or whose products, services or
activities compete with the Company, or any member of the Company Group, and (ii) doing business in any state in which the Company or the Bank or any of the Company’s banking affiliates conducts business. 
 (d) Return of Information. When Executive’s employment with the Company ends, he will promptly deliver to the Company, or, at its written
instruction, destroy, all documents, data, drawings, manuals, letters, notes, reports, electronic mail, recordings, and copies thereof, of or pertaining to it or its affiliates in his possession or control. 
 (e) Intellectual Property. Intellectual property (including such things as all ideas, concepts, inventions, plans, developments, software, data,
configurations, materials (whether written or machine-readable), designs, drawings, illustrations, and photographs, that may be protectable, in whole or in part, under any patent, copyright, trademark, trade secret, or other intellectual property
law), developed, created, conceived, made, or reduced to practice during Executive’s employment with the Company (except intellectual property that has no relation to the Company or its business that Executive developed, etc., purely on his own
time and at his own expense), shall be the sole and exclusive property of the Company, and Executive hereby assigns all rights, title, and interest in any such intellectual property to the Company. 
 (f) Enforcement of this Section. This section shall survive the termination of this Agreement or Executive’s employment for any reason.
Executive acknowledges that (i) this Section’s terms are reasonable and necessary to protect the Company’s legitimate interests, (ii) this Section’s restrictions will not prevent him from earning or seeking a livelihood,
(iii) this Section’s restrictions shall apply wherever permitted by law, and (iv) the violation of any of this Section’s terms would irreparably harm the Company and the Company Group. Accordingly, Executive agrees that, if he
violates any of the provisions of this section, the Company or any member of the Company Group shall be entitled to, in addition to other remedies available to it, an injunction to be issued by any court of competent jurisdiction restraining
Executive from committing or continuing any such violation, without the need to prove the inadequacy of money 

  

 -15- 

 
damages or post any bond or for any other undertaking. In the event that any covenant in this Section is held to be unenforceable or against public policy by
a court of competent jurisdiction or designated arbitrator such covenant shall be considered to be divisible with respect to scope, time and geographic area, and such lesser scope, time or geographic area, or all of them, as a court of competent
jurisdiction or arbitrator may determine to be reasonable, will be binding and enforceable against Executive. 
 6. Amendment. No
provisions of this Agreement may be modified, waived, or discharged except by a written document signed by a duly authorized Company officer and Executive. A waiver of any conditions or provisions of this Agreement in a given instance shall not be
deemed a waiver of such conditions or provisions at any other time in the future. 
 7. Choice of Law. The validity, interpretation,
construction, and performance of this Agreement shall be governed by the laws of the State of Connecticut (excluding any that mandate the use of another jurisdiction’s laws). 
 8. Successors. This Agreement shall be binding upon, and shall inure to the benefit of, Executive and his estate, but Executive may not assign or
pledge this Agreement or any rights arising under it, except to the extent permitted under the terms of the benefit plans in which he participates. The Company shall be required to cause this Agreement to be assigned to and assumed by any successor
to the business and/or the assets of the Company and/or Bank. 
 9. Taxes. The Company shall withhold taxes from any payments it makes
pursuant to this Agreement as it reasonably determines to be required by applicable law. Executive shall be solely responsible for all taxes imposed on Executive by reason of the receipt of any amount of compensation or benefits payable to Executive
hereunder. The Company agrees to structure the payments and benefits described in this Agreement, and Executive’s other compensation, to be exempt from or to comply with the requirements of Section 409A of the Code to the extent applicable
(including, but only to the extent applicable, to suspend certain payments or benefits until the end of the six month period following Executive’s termination of employment). The Company will not take any action (or omit to take any action that
is required to be taken) in respect of Executive’s compensation or benefits, other than as expressly required by applicable law, that would cause Executive to incur tax under Section 409A of the Code. If Executive or the Company believes,
at any time, that any feature of Executive’s compensation or benefits does not comply with (or is not exempt from) Section 409A of the Code or that any action taken or contemplated to be taken (including any failure to take action) in
regards to Executive’s compensation or benefits caused or might cause a violation of Section 409A of the Code, Executive or the Company will promptly advise the other and will reasonably negotiate in good faith to amend the terms of the
payments or benefits or alter the action or contemplated action (in a manner that in the aggregate does not have a material adverse economic effect on Executive) in order that Executive’s payments or benefit arrangements comply with (or are
exempt from) the requirements of Section 409A of the Code or in order to mitigate any additional taxes that may apply under Section 409A of the Code if compliance or exemption is not practicable. If it is not possible to amend the terms of
the payments or benefits or alter the action in a way that causes Executive’s payments or benefit arrangements to comply with (or be exempt from) the requirements of Section 409A of the Code, Executive and the Company will reasonably
negotiate in good faith to amend the terms of Executive’s payments or benefits (including if necessary through payments made to Executive either before or after Executive have ceased employment) to put Executive in an economic position
materially equivalent to the position Executive would have been in had the payments and benefits complied with (or been exempt from) Section 409A of the Code. 
  

 -16- 

 10. No Mitigation. Executive shall not be required to mitigate the amount of any payments provided
pursuant to this Agreement, whether by seeking employment or otherwise; nor shall the amount of any payment or benefit due under this Agreement be set-off in any manner, or reduced by any compensation or benefit that Executive earns after his
discharge. 
 11. Source of Payments; No Duplication of Payments. All payments provided in this Agreement shall be timely paid in cash
or check from the general funds of the Company. It is understood and agreed that a portion (or all) of Executive’s salary, annual bonus, benefits and/or other payments under this Agreement may be paid by the Bank. In the event the Bank makes
any such payment, then any compensation payments and benefits paid or provided by the Bank will be subtracted from and will fully offset the Company’s obligations under this Agreement. To the extent the Company determines it is necessary or
desirable for the Bank and Executive to enter into an employment agreement to reflect the payments and benefits being provided by the Bank, the Executive agrees to enter into such an agreement (it being understood that such agreement shall not
reduce the benefits contemplated by this Agreement except to the extent actually paid or provided by the Bank and shall not impose any obligation or liability on Executive that is not provided for under this Agreement). Payments pursuant to this
Agreement and payments by the Bank for services of Executive shall be allocated in proportion to the level of activity and the time expended on such activities by Executive as determined by the Company and the Bank on a quarterly basis (provided
that such allocation shall only affect the payments and benefits due to Executive from the Company under this Agreement to the extent actually paid or provided by the Bank as contemplated by this Section 11). 
 12. Dispute Costs. The Company shall indemnify, hold harmless, and defend Executive against reasonable costs, including legal fees, incurred by
him in conjunction with or arising out of any action, suit or proceeding in which he may be involved, as a result of his efforts, in good faith, to defend or enforce the terms of this Agreement, so long as Executive substantially prevails in such
action, suit or proceeding; provided, however, that indemnification shall not be provided to the extent Executive is found to not have acted in good faith in bringing or defending the relevant action pursuant to a judgment, decree or order of a
court of competent jurisdiction or of an arbitrator in an arbitration proceeding. In addition, to the extent permitted by law, the Company will advance or reimburse any expenses, including reasonable attorney’s fees, Executive incurs in
investigating, defending or bringing any actual or threatened action, suit or proceeding for which Executive may be entitled to indemnification under this Section 12. Executive agrees to repay any expenses paid or reimbursed by the Company if
it is ultimately determined that Executive is not legally entitled to be indemnified by the Company. The determination of whether Executive shall have failed to act in good faith and is therefore not entitled to such indemnification, shall be made
by the court or arbitrator, as applicable. The Company will pay directly or reimburse Executive for all attorneys and advisors fees incurred by him in connection with the negotiation, preparation and execution of this Agreement and other related
documents. 
 13. Validity. The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or
enforceability of any other provision of this Agreement, which shall remain in full force and effect. 
  

 -17- 

 14. Counterparts. This Agreement may be executed in one or more counterparts, each of which shall
be deemed to be an original but all of which together shall constitute the same instrument. 
 15. Entire Agreement. All oral or
written agreements or representations express or implied, with respect to the subject matter of this Agreement are set forth in this Agreement. This Agreement contains the entire understanding between the parties hereto and supersedes any prior
employment agreement between the Company or any predecessor and Executive, except that this Agreement shall not affect or operate to reduce any benefit or compensation inuring to Executive of a kind elsewhere provided. No provision of this Agreement
shall be interpreted to mean that Executive is subject to receiving fewer benefits than those available to him without reference to this Agreement. 
 16. Modification and Waiver. This Agreement may not be modified or amended except by an instrument in writing signed by the parties hereto. No term or condition of this Agreement shall be deemed to have been waived, nor shall there
be any estoppel against the enforcement of any provision of this Agreement, except by written instrument of the party charged with such waiver or estoppel. No such written waiver shall be deemed a continuing waiver unless specifically stated
therein, and each such waiver shall operate only as to the specific term or condition waived and shall not constitute a waiver of such term or condition for the future as to any act other than that specifically waived. 
 17. Banking Law Restrictions. 
 (a)
Notwithstanding any other provision of this Agreement, the Company shall not be obligated to make, and Executive shall have no right to receive, any payment, benefit, or amount under this Agreement which would violate Section 1828(k)(1) of
Title 12 of the United States Code and any related regulation or order of the Federal Deposit Insurance Corporation. To the extent the preceding sentence shall limit any payment, benefit or amount under this Agreement, the Company will use best
efforts promptly to apply to the appropriate federal banking agency for a determination that the payment, benefit or amount is permissible. Any of the preceding that is determined permissible will be paid or provided in accordance with its terms or,
if due before the date of determination, will be paid or provided within 10 days of determination together with interest at the applicable federal rate (as defined in Section 1274(d) of the Code). If and to the extent that the foregoing
provision shall cease to be required by applicable law, rule or regulation, the same shall become inoperative as though eliminated by formal amendment of this Agreement. 
 (b) For the avoidance of doubt, the Bank may terminate Executive’s employment at any time without any liability to Executive. However, any such termination shall not prejudice Executive’s right to
compensation or other benefits under this Agreement. 
 [Signature page follows] 
  

 -18- 

 IN WITNESS WHEREOF, the Company and Executive have executed and entered into this Agreement as of
the date first shown above.
  

					
	Date:                  , 2008	 	PEOPLE’S UNITED FINANCIAL, INC.
			
		 	By:	 	  

		 	Printed Name:	 	  

		 	Title:	 	A duly-authorized member of the Board of Directors
		
	Date:                  , 2008	 	 /s/ Philip R. Sherringham

		 	Philip R. Sherringham

 ANNEX 1 
 GENERAL RELEASE OF CLAIMS 
 This General Release of Claims (this “Release”), dated
as of                  , 20    , confirms the following understandings and agreements between People’s United
Financial, Inc. (“Company”) and Philip R. Sherringham (hereinafter referred to as “you” or “your”). 
 In
consideration of the promises set forth in that certain employment agreement between you and the Company dated May 15, 2008 (the “Employment Agreement”), as well as any promises set forth in this Release, you agree as follows:

 1. Opportunity for Review and Revocation. You have twenty-one (21) days
to review and consider this Release. Notwithstanding anything contained herein to the contrary, this Release will not become effective or enforceable for a period of seven (7) calendar days following the date of its execution, during which time
you may revoke your acceptance of this Release by notifying the General Counsel of the Company in writing. To be effective, such revocation must be received by the Company no later than 5:00 p.m. on the seventh calendar day following its
execution. Provided that the Release is executed and you do not revoke it, the eighth (8th) day following the date on which this Release is
executed shall be its effective date (the “Effective Date”), and the Release will be fully effective on such date. In the event of your revocation of this Release pursuant to this Section 1, this Release will be null and void and of
no effect, and the Company will have no obligations hereunder. 
 2. Employee Release and Waiver of Claims. 
 As used in this Release, the term “claims” will include all claims, covenants, warranties, promises, undertakings, actions, suits, causes of
action, obligations, debts, accounts, attorneys’ fees, judgments, losses and liabilities, of whatsoever kind or nature, in law, equity or otherwise. 
 For and in consideration of the payments and benefits described in the Section 4 of the Employment Agreement [specify applicable subsections] (the “Consideration”), which are being provided in exchange
for your execution of this Release and would not be provided absent your execution of this Release, you, for and on behalf of yourself and your heirs, administrators, executors and assigns, effective the date hereof, do fully and forever release,
remise and discharge the Company, the Bank, their direct and indirect parents, subsidiaries and affiliates, together with their respective officers, directors, partners, shareholders, employees and agents (collectively, and with the Company and the
Bank, the “Group”) from any and all claims whatsoever up to the date hereof which you had, may have had, or now have against the Group, for or by reason of any matter, cause or thing whatsoever, including any claim arising out of or
attributable to your employment or the termination of your employment with the Company, whether for tort, breach of express or implied employment contract, intentional infliction of emotional distress, wrongful termination, unjust dismissal,
defamation, libel or slander, or under any federal, state or local law dealing with discrimination based on age, race, sex, national origin, handicap, religion, disability or sexual orientation. This release of claims includes, but is not limited
to, all claims arising 

 
under the Age Discrimination in Employment Act (“ADEA”), Title VII of the Civil Rights Act, the Americans with Disabilities Act, the Civil Rights
Act of 1991, the Family Medical Leave Act, and the Equal Pay Act, and the following laws: 
 Sections 1981 through 1988 of Title 42 of the United States Code,
as amended; 
 The Employee Retirement Income Security Act of 1974, as amended (“ERISA”) (except for any vested benefits under any tax qualified
benefit plan); 
 The Immigration Reform and Control Act, as amended; 
 The Workers Adjustment and Retraining Notification Act, as amended; 
 The Occupational Safety and Health Act, as amended; 
 The Fair Credit Reporting Act 
 The Sarbanes-Oxley Act of 2002; 
 The Connecticut Family and Medical Leave Act, as amended, Conn. Gen. Stat. § 31-51kk et seq.; 
 The Connecticut Fair Employment Practices Act, as amended, Conn. Gen. Stat. § 46a-51 et seq.; 
 The Connecticut
Whistleblower Statute, as amended, Conn. Gen. Stat. § 31-51m et seq.; 
 The Connecticut Equal Pay Laws, Conn. Gen. Stat. § 31-58(e) et
seq.; §§ 31-75 and 31-76; 
 Connecticut Statutory Provision Regarding Retaliation/Discrimination for Filing a Workers’ Compensation Claim,
Conn. Gen. Stat. § 31-290a; 
 The Connecticut First Amendment/Free Speech Statute, as amended, Conn. Gen. Stat. § 31-51q; 
 The Connecticut Drug Testing Law, Conn. Gen. Stat. § 31-51t et seq.; 
 Connecticut AIDS Testing and Confidentiality Law, Conn. Gen. Stat. § 19a-581 et seq.; 
 Connecticut Age Discrimination and Employee
Benefits Law, Conn. Gen. Stat. § 38a-543; 
 Connecticut Reproductive Hazards, Conn. Gen. Stat. § 31-40g, et seq.; 
 Connecticut Smoking Outside the Workplace Law, Conn. Gen. Stat. § 31-40s; 
 Connecticut Electronic Monitoring of Employees, Conn. Gen. Stat. § 31-48b; 
 Connecticut Wage Hour and Wage Payment Laws, as amended;

 Connecticut OSHA, as amended; 
 as each as may be amended from
time to time, and all other federal, state and local laws, the common law and any other purported restriction on an employer’s right to terminate the employment of employees. 
 Notwithstanding any provision of this Release to the contrary, by executing this Release, you are not releasing any claims relating to: (i) your
rights with respect to the Consideration or any other benefits provided in exchange for this Release, (ii) any claims arising after the date of this Release, (iii) your rights with respect to payments and/or benefits under any plans,
programs or arrangements maintained or contributed to by any member of the Group, (iv) your right to reimbursement of business expenses, and (v) any indemnification or similar rights you may have as a current or former officer or director
of the Group, including, without limitation, any and all rights thereto referenced in the Employment Agreement, any member of the Group’s bylaws, other governance documents, or any rights with respect to the Group’s directors’ and
officers’ insurance policies. 

 3. Knowing and Voluntary Waiver. You expressly acknowledge and agree that you: 
 Are able to read the language, and understand the meaning and effect, of this Release; 
 Have no physical or mental impairment of any kind that has interfered with your ability to read and understand the meaning of this Release
or its terms, and that your not acting under the influence of any medication, drug or chemical of any type in entering into this Release; 
 Are specifically agreeing to the terms of the release contained in this Release in consideration of the Company’s commitments under the Employment Agreement. The Company has agreed to provide the compensation and
benefits in the Employment Agreement in consideration of your services during the employment period and because of your execution of this Release; 
 Understand that, by entering into this Release, you do not waive rights or claims under ADEA that may arise after the Effective Date; 
 Had or could have had 21 calendar days in which to review and consider this Release; 
 Were advised to consult with your attorney regarding the terms and effect of this Release; and 
 Have signed this Release knowingly and voluntarily. 
 4. No Suit. You represent that you have not filed or permitted to be filed against the Group, individually or collectively, any complaints or lawsuits arising out of your employment, or any other matter arising on or prior to the
date hereof. Both parties acknowledge that this Release does not limit either party’s right, where applicable, to file or participate in an investigative proceeding of any federal, state, or local governmental agency. To the extent permitted by
law, you agree that if such an administrative charge is made, you will not be entitled to recover any individual monetary relief or other individual remedies. 
 5. Cooperation with the Company After Termination of Employment. You agree, as a condition of this Release, to reasonably cooperate with the Company and its affiliates and their respective directors, officers,
attorneys and experts in all matters relating to your pending work on behalf of the Company and the orderly transfer of any such pending work to other employees of the Company as may be designated by the Company. 
 6. Non-Admission of Wrongdoing. The parties agree that neither this Release nor the furnishing of consideration for this Release shall be deemed
or construed at any time as an admission of liability or wrongdoing by the Company or any affiliates. 

 7. Governing Law. This Agreement shall be governed by and construed in accordance with Federal law
and the laws of the State of Connecticut, applicable to releases made and to be performed in that State. 
 IN WITNESS WHEREOF, you have
executed this Release as of the date first written above. 
  

	
	 /s/ Philip R. Sherringham

	Philip R. SherringhamOmnibus Incentive Plan

 Exhibit 10.1 
 NYSE EURONEXT 
 OMNIBUS INCENTIVE PLAN 
  
  
 (As Amended and Restated Effective May 15, 2008) 

 TABLE OF CONTENTS 
  

			
	 ARTICLE I PURPOSE
	  	1
	 ARTICLE II DEFINITIONS
	  	1
	 ARTICLE III ADMINISTRATION
	  	8
	 ARTICLE IV SHARE LIMITATION
	  	11
	 ARTICLE V ELIGIBILITY – GENERAL REQUIREMENTS FOR AWARDS
	  	15
	 ARTICLE VI STOCK OPTIONS
	  	15
	 ARTICLE VII STOCK APPRECIATION RIGHTS
	  	19
	 ARTICLE VIII RESTRICTED STOCK
	  	23
	 ARTICLE IX PERFORMANCE SHARES
	  	25
	 ARTICLE X OTHER STOCK-BASED AWARDS
	  	27
	 ARTICLE XI PERFORMANCE-BASED CASH AWARDS
	  	30
	 ARTICLE XII NON-EMPLOYEE DIRECTOR AWARDS
	  	32
	 ARTICLE XIII CHANGE IN CONTROL PROVISIONS
	  	33
	 ARTICLE XIV TERMINATION OR AMENDMENT OF PLAN
	  	35
	 ARTICLE XV UNFUNDED PLAN
	  	36
	 ARTICLE XVI GENERAL PROVISIONS
	  	37
	 ARTICLE XVII EFFECTIVE DATE OF PLAN
	  	40
	 ARTICLE XVIII TERM OF PLAN
	  	40
	 ARTICLE XIX NAME OF PLAN
	  	40
	 ARTICLE XX SPECIAL PROVISIONS APPLICABLE TO PARTICIPANTS TRANSFERRED TO EMPLOYMENT WITH NYSE REGULATION, INC.
	  	41

  

 i 

 NYSE EURONEXT 
 OMNIBUS INCENTIVE PLAN 
  
  
 (As Amended and Restated
Effective May 15, 2008) 
  
  
 ARTICLE I 
 PURPOSE 
 The purpose of this Plan is to enhance the profitability and value of the Company for the benefit of its stockholders by enabling the Company to offer
Eligible Employees, Consultants and Non-Employee Directors stock-based and cash incentives in the Company to attract, retain and reward such individuals and strengthen the mutuality of interests between such individuals and the Company’s
stockholders. 
 The Plan, which was originally adopted by the Company and approved by its stockholders effective March 8, 2006, is
hereby amended and restated effective May 15, 2008, subject to the approval of the Company’s stockholders. 
 ARTICLE II 

 DEFINITIONS 
 For purposes of
this Plan, the following terms shall have the following meanings: 
 2.1 “Affiliate” means each of the
following: (a) any Subsidiary; (b) any Parent; (c) any corporation, trade or business (including, without limitation, a partnership or limited liability company) which is directly or indirectly controlled 50% or more (whether by
ownership of stock, assets or an equivalent ownership interest or voting interest) by the Company; (d) any corporation, trade or business (including, without limitation, a partnership or limited liability company) which directly or indirectly
controls 50% or more (whether by ownership of stock, assets or an equivalent ownership interest or voting interest) of the Company; and (e) any other entity in which the Company or any of its Affiliates has a material equity interest and which
is designated as an “Affiliate” by resolution of the Committee; provided that the Common Stock subject to any Award constitutes “service recipient” stock for purposes of Section 409A of the Code or otherwise does not subject
the Award to Section 409A of the Code. 
 2.2 “Appreciation Award” means any Award under the Plan of any
Stock Option, Stock Appreciation Right or Other Stock-Based Award, provided that such Other Stock-Based Award is based on the appreciation in value of a share of Common Stock in excess of an amount equal to at least the Fair Market Value of the
Common Stock on the date such Other Stock-Based Award is granted. 

 2.3 “Award” means any award under this Plan of any Stock Option, Stock
Appreciation Right, Restricted Stock, Performance Share, Other Stock-Based Award, or Performance-Based Cash Award. All Awards shall be confirmed by, and subject to the terms of, a written agreement executed by the Company and the Participant.

 2.4 “Board” means the Board of Directors of the Company. 
 2.5 “Cause” means with respect to a Participant’s Termination of Employment or Termination of Consultancy, the
following: (a) in the case where there is no employment agreement, consulting agreement, change in control agreement or similar agreement in effect between the Company or an Affiliate and the Participant at the time of the grant of the Award
(or where there is such an agreement but it does not define “cause” (or words of like import)), termination due to: (i) a Participant’s conviction of, or plea of guilty or nolo contendere to, a felony;
(ii) perpetration by a Participant of an illegal act, dishonesty, or fraud which could cause significant economic injury to the Company; (iii) a Participant’s insubordination, refusal to perform his or her duties or responsibilities
for any reason other than illness or incapacity or materially unsatisfactory performance of his or her duties for the Company; (iv) continuing willful and deliberate failure by the Participant to perform the Participant’s duties in any
material respect, provided that the Participant is given notice and an opportunity to effectuate a cure as determined by the Committee; or (v) a Participant’s willful misconduct with regard to the Company that could have a material adverse
effect on the Company; or (b) in the case where there is an employment agreement, consulting agreement, change in control agreement or similar agreement in effect between the Company or an Affiliate and the Participant at the time of the grant
of the Award that defines “cause” (or words of like import), “cause” as defined under such agreement; provided, however, that with regard to any agreement under which the definition of “cause” only applies on occurrence
of a change in control, such definition of “cause” shall not apply until a change in control actually takes place and then only with regard to a termination thereafter. With respect to a Participant’s Termination of Directorship,
“cause” means an act or failure to act that constitutes cause for removal of a director under the Certificate of Incorporation and By-Laws of the Company or applicable Delaware law. 
 2.6 “Change in Control” has the meaning set forth in Section 13.2. 
 2.7 “Change in Control Price” has the meaning set forth in Section 13.1. 
 2.8 “Code” means the Internal Revenue Code of 1986, as amended. Any reference to any section of the Code shall also be a
reference to any successor provision and any Treasury Regulation promulgated thereunder. 
 2.9 “Committee”
means: (a) with respect to the application of this Plan to Eligible Employees and Consultants, a committee or subcommittee of the Board appointed from time to time by the Board, which committee or subcommittee shall consist of two or more
non-employee directors, each of whom shall be (i) a “non-employee director” as defined in Rule 16b-3, (ii) to the extent required Section 162(m) of the Code, an “outside director” as defined in Section 162(m)
of the Code; and (iii) an “independent director” as defined under Section 303A.02 of the NYSE Listed Company Manual or such other applicable stock exchange rule and (b) with respect to the application of this Plan to
Non-Employee Directors, 

  

 2 

 
(i) the Board or (ii) a committee or subcommittee (which may differ from the committee or subcommittee established for the grant of Awards to employees)
comprised of two or more non-employee directors each of whom qualify as a “non-employee director” as defined in Rule 16b-3 and an “independent director” as defined under Section 303A.02 of the NYSE Listed Company Manual. To
the extent that no Committee exists that has the authority to administer this Plan, the functions of the Committee shall be exercised by the Board. If for any reason the appointed Committee does not meet the requirements of Rule 16b-3 or
Section 162(m) of the Code, such noncompliance shall not affect the validity of Awards, grants, interpretations or other actions of the Committee. 
 2.10 “Common Stock” means the Common Stock, $0.01 par value per share, of the Company. 
 2.11 “Company” means NYSE Euronext, a Delaware corporation, and its successors by operation of law. 
 2.12 “Consultant” means any natural person who provides bona fide consulting or advisory services to the Company or its Affiliates pursuant to a written agreement, which services are not
in connection with the offer and sale of securities in a capital raising transaction. 
 2.13 “Corporate
Transaction” has the meaning set forth in Section 4.2(a). 
 2.14 “Detrimental Activity”
means: (a) the disclosure to anyone outside the Company or its Affiliates, or the use in any manner other than in the furtherance of the Company’s or its Affiliate’s business, without written authorization from the Company, of any
confidential information or proprietary information, relating to the business of the Company or its Affiliates that is acquired by a Participant prior to the Participant’s Termination; (b) activity while employed or performing services
that results, or if known could result, in the Participant’s Termination that is classified by the Company as a termination for Cause; (c) the Participant’s Disparagement, or inducement of others to do so, of the Company or its
Affiliates or their past and present officers, directors, employees or products; or (d) material breach of any agreement between the Participant and the Company or an Affiliate (including, without limitation, any employment agreement or
noncompetition or nonsolicitation agreement). Unless otherwise determined by the Committee at grant, Detrimental Activity shall not be deemed to occur after the end of the one-year period following the Participant’s Termination. For purposes of
subsections (a), (c) and (d) above, the Chief Executive Officer and the General Counsel of the Company shall each have authority to provide the Participant with written authorization to engage in the activities contemplated thereby and no
other person shall have authority to provide the Participant with such authorization. 
 2.15 “Disability”
means with respect to a Participant’s Termination, a permanent and total disability as defined in Section 22(e)(3) of the Code. A Disability shall only be deemed to occur at the time of the determination by the Committee of the
Disability. Notwithstanding the foregoing, for Awards that are subject to Section 409A of the Code, Disability shall mean that a Participant is disabled under Section 409A(a)(2)(C)(i) or (ii) of the Code. 
  

 3 

 2.16 “Disparagement” means making comments or statements to the press, the
Company’s or its Affiliates’ employees, consultants or any individual or entity with whom the Company or its Affiliates has a business relationship which could reasonably be expected to adversely affect in any manner: (a) the conduct
of the business of the Company or its Affiliates (including, without limitation, any products or business plans or prospects); or (b) the business reputation of the Company or its Affiliates, or any of their products, or their past or present
officers, directors or employees. 
 2.17 “Effective Date” means the effective date of this Plan as defined in
Article XVII. 
 2.18 “Eligible Employees” means each employee of the Company or an Affiliate. 
 2.19 “Exchange Act” means the Securities Exchange Act of 1934, as amended. Any references to any section of the Exchange
Act shall also be a reference to any successor provision. 
 2.20 “Fair Market Value” means, unless otherwise
required by any applicable provision of the Code or any regulations issued thereunder, as of any date and except as provided below, the last sales price reported for the Common Stock on the applicable date: (a) as reported on the principal
national securities exchange in the United States on which it is then traded; or (b) if not traded on any such national securities exchange, as quoted on an automated quotation system sponsored by the Financial Industry Regulatory Authority or
if the Common Stock shall not have been reported or quoted on such date, on the first day prior thereto on which the Common Stock was reported or quoted. For purposes of the grant of any Award, the applicable date shall be the trading day
immediately prior to the date on which the Award is granted. For purposes of the exercise of any Award, the applicable date shall be the date a notice of exercise is received by the Committee or, if not a day on which the applicable market is open,
the next day that it is open. 
 2.21 “Family Member” means “family member” as defined in Section
A.1.(5) of the general instructions of Form S-8, as may be amended from time to time. 
 2.22 “Incentive Stock
Option” means any Stock Option awarded to an Eligible Employee of the Company, its Subsidiaries and its Parent (if any) under this Plan intended to be and designated as an “Incentive Stock Option” within the meaning of
Section 422 of the Code. 
 2.23 “Merger Agreement” means the Agreement and Plan of Merger, dated as of
April 20, 2005, as amended and restated as of July 20, 2005 and as amended as of October 20, 2005 and November 2, 2005, by and among the New York Stock Exchange, Inc., Archipelago Holdings, Inc., the Company, NYSE Merger Sub LLC,
NYSE Merger Corporation Sub, Inc. and Archipelago Merger Sub, Inc. 
 2.24 “Merger Transaction” means the
consummation of the merger transactions contemplated in the Agreement and Plan of Merger, dated as of April 20, 2005, as amended and restated as of July 20, 2005 and as amended as of October 20, 2005 and November 2, 2005, by and
among the New York Stock Exchange, Inc., Archipelago Holdings, Inc., the Company, NYSE Merger Sub LLC, NYSE Merger Corporation Sub, Inc. and Archipelago Merger Sub, 

  

 4 

 
Inc., pursuant to which, among other things, the NYSE and Archipelago Holdings, Inc. each agreed to combine and become wholly-owned subsidiaries of the
Company. 
 2.25 “Merger Transaction Grant Date” means the date described in Section 10.3(a) of the Plan.

 2.26 “Merger Transaction RSUs” means the restricted stock units granted to Eligible Employees on the terms
and conditions set forth in Section 10.3 hereof. 
 2.27 “Non-Employee Director” means a director of the
Company who is not an active employee of the Company or an Affiliate. 
 2.28 “Non-Qualified Stock Option”
means any Stock Option awarded under this Plan that is not an Incentive Stock Option. 
 2.29 “Other Stock-Based
Award” means an Award under Article X of this Plan that is valued in whole or in part by reference to, or is payable in or otherwise based on, Common Stock, including, without limitation, a restricted stock unit, a Merger Transaction
RSU, or an Award valued by reference to an Affiliate. 
 2.30 “Parent” means any parent corporation of the
Company within the meaning of Section 424(e) of the Code. 
 2.31 “Participant” means an Eligible
Employee, Non-Employee Director or Consultant to whom an Award has been granted pursuant to this Plan. 
 2.32
“Performance-Based Cash Award” means a cash Award under Article XI of this Plan that is payable or otherwise based on the attainment of certain pre-established performance goals during a Performance Period. 
 2.33 “Performance Period” has the meaning set forth in Section 9.1. 
 2.34 “Performance Share” means an Award made pursuant to Article IX of this Plan of the right to receive Common Stock or
cash of an equivalent value at the end of a specified Performance Period. 
 2.35 “Person” means any
individual, corporation, partnership, limited liability company, firm, joint venture, association, joint-stock company, trust, incorporated organization, governmental or regulatory or other entity. 
 2.36 “Plan” means this NYSE Euronext Omnibus Incentive Plan, as amended from time to time. 
 2.37 “Reference Stock Option” has the meaning set forth in Section 7.1. 
 2.38 “Registration Date” means the first date on which any class of common equity securities of the Company is required to
be registered under Section 12 of the Exchange Act. 
  

 5 

 2.39 “Restricted Stock” means an Award of shares of Common Stock under
this Plan that is subject to restrictions under Article VIII. 
 2.40 “Restriction Period” has the meaning set forth
in Section 8.3(a). 
 2.41 “Retirement” means a voluntary Termination of Employment at or after age 55,
except that in no event shall Retirement result from the involuntary termination of a Participant’s employment by the Company or an Affiliate for any reason whether for Cause or without Cause. With respect to a Participant’s Termination of
Directorship, Retirement means the failure to stand for reelection or the failure to be reelected on or after the Participant’s attainment of age 65. 
 2.42 “Rule 16b-3” means Rule 16b-3 under Section 16(b) of the Exchange Act as then in effect or any successor provision. 
 2.43 “Section 162(m) of the Code” means the exception for performance-based compensation under Section 162(m) of the
Code and any applicable Treasury regulations thereunder. 
 2.44 “Section 409A of the Code” means the
nonqualified deferred compensation rules under Section 409A of the Code and any applicable Treasury regulations thereunder. 
 2.45 “Securities Act” means the Securities Act of 1933, as amended and all rules and regulations promulgated thereunder. Any reference to any section of the Securities Act shall also be a reference to any
successor provision. 
 2.46 “Severance Eligible Termination” means an involuntary Termination of Employment
without Cause due to organizational changes and reduction in personnel implemented by the Employer through the elimination or modification of job function and reduction in headcount or such other involuntary Termination of Employment without Cause
for which severance is payable by the Employer. 
 2.47 “Stock Appreciation Right” means the right pursuant to
an Award granted under Article VII. A Tandem Stock Appreciation Right shall mean the right to surrender to the Company all (or a portion) of a Stock Option in exchange for a number of shares of Common Stock equal to the difference between
(a) the Fair Market Value on the date such Stock Option (or such portion thereof) is surrendered, of the Common Stock covered by such Stock Option (or such portion thereof), and (b) the aggregate exercise price of such Stock Option (or
such portion thereof). A Non-Tandem Stock Appreciation Right shall mean the right to receive a number of shares of Common Stock equal to the difference between (i) the Fair Market Value of a share of Common Stock on the date such right is
exercised, and (ii) the aggregate exercise price of such right, otherwise than on surrender of a Stock Option. 
 2.48
“Stock Option” or “Option” means any option to purchase shares of Common Stock pursuant to Article VI. 
 2.49 “Subsidiary” means any subsidiary corporation of the Company within the meaning of Section 424(f) of the Code. 
  

 6 

 2.50 “Ten Percent Stockholder” means a person owning stock possessing more
than 10% of the total combined voting power of all classes of stock of the Company, its Subsidiaries or its Parent. 
 2.51
“Termination” means a Termination of Employment, Termination of Directorship or Termination of Consultancy, as applicable. 
 2.52 “Termination of Consultancy” means: (a) that the Consultant is no longer acting as a consultant to the Company or an Affiliate; or (b) when an entity which is retaining a Participant as a
Consultant ceases to be an Affiliate unless the Participant otherwise is, or thereupon becomes, a Consultant to the Company or another Affiliate at the time the entity ceases to be an Affiliate. In the event that a Consultant becomes an Eligible
Employee or a Non-Employee Director upon the termination of his or her consultancy, unless otherwise determined by the Committee, in its sole discretion, no Termination of Consultancy shall be deemed to occur until such time as such Consultant is no
longer a Consultant, an Eligible Employee or a Non-Employee Director. Notwithstanding the foregoing, the Committee may, in its sole discretion, otherwise define Termination of Consultancy in the Award agreement or, if no rights of a Participant are
reduced, may otherwise define Termination of Consultancy thereafter. 
 2.53 “Termination of Directorship”
means that the Non-Employee Director has ceased to be a director of the Company; except that if a Non-Employee Director becomes an Eligible Employee or a Consultant upon the termination of his or her directorship, his or her ceasing to be a director
of the Company shall not be treated as a Termination of Directorship unless and until the Participant has a Termination of Employment or Termination of Consultancy, as the case may be. 
 2.54 “Termination of Employment” means: (a) a termination of employment (for reasons other than a military or
personal leave of absence granted by the Company) of a Participant from the Company and its Affiliates; or (b) when an entity which is employing a Participant ceases to be an Affiliate, unless the Participant otherwise is, or thereupon becomes,
employed by the Company or another Affiliate at the time the entity ceases to be an Affiliate. In the event that an Eligible Employee becomes a Consultant or a Non-Employee Director upon the termination of his or her employment, unless otherwise
determined by the Committee, in its sole discretion, no Termination of Employment shall be deemed to occur until such time as such Eligible Employee is no longer an Eligible Employee, or a Consultant or a Non-Employee Director. Notwithstanding the
foregoing, the Committee may, in its sole discretion, otherwise define Termination of Employment in the Award agreement or, if no rights of a Participant are reduced, may otherwise define Termination of Employment thereafter. 
 2.55 “Transfer” means: (a) when used as a noun, any direct or indirect transfer, sale, assignment, pledge, hypothecation,
encumbrance or other disposition (including the issuance of equity in a Person), whether for value or no value and whether voluntary or involuntary (including by operation of law), and (b) when used as a verb, to directly or indirectly
transfer, sell, assign, pledge, encumber, charge, hypothecate or otherwise dispose of (including the issuance of equity in a Person) whether for value or for no value and whether voluntarily or involuntarily (including by operation of law).
“Transferred” and “Transferable” shall have a correlative meaning. 
  

 7 

 ARTICLE III 
 ADMINISTRATION 
 3.1 The Committee. The Plan shall be administered and interpreted by
the Committee. 
 3.2 Grants of Awards. The Committee shall have full authority to grant, pursuant to the terms of this
Plan, to Eligible Employees, Consultants and Non-Employee Directors (i) Stock Options, (ii) Stock Appreciation Rights, (iii) Restricted Stock, (iv) Performance Shares; (v) Other Stock-Based Awards; and
(vi) Performance-Based Cash Awards, although Non-Employee Directors are not eligible to receive Performance-Based Cash Awards. In particular, the Committee shall have the authority: 
  

	 	(a)	to select the Eligible Employees, Consultants and Non-Employee Directors to whom Awards may from time to time be granted hereunder; 

  

	 	(b)	to determine whether and to what extent Awards, or any combination thereof, are to be granted hereunder to one or more Eligible Employees, Consultants and Non-Employee Directors;

  

	 	(c)	to determine the number of shares of Common Stock to be covered by each Award granted hereunder; 

  

	 	(d)	to determine the terms and conditions, not inconsistent with the terms of this Plan, of any Award granted hereunder (including, but not limited to, the exercise or purchase price
(if any), any restriction or limitation, any vesting schedule or acceleration thereof, or any forfeiture restrictions or 

  

	 	(e)	waiver thereof, regarding any Award and the shares of Common Stock relating thereto, based on such factors, if any, as the Committee shall determine, in its sole discretion);

  

	 	(f)	to determine whether, to what extent and under what circumstances grants of Options and other Awards under this Plan are to operate on a tandem basis and/or in conjunction with or
apart from other awards made by the Company outside of this Plan; 

  

	 	(g)	to determine whether and under what circumstances a Stock Option may be settled in cash, Common Stock and/or Restricted Stock under Section 6.3(d); 

  

	 	(h)	to determine whether, to what extent and under what circumstances Common Stock and other amounts payable with respect to an Award under this Plan shall be deferred either
automatically or at the election of the Participant in any case, in a manner intended to comply with Section 409A of the Code; 

  

 8 

	 	(i)	to determine whether a Stock Option is an Incentive Stock Option or Non-Qualified Stock Option; 

  

	 	(j)	to determine whether to require a Participant, as a condition of the granting of any Award, to not sell or otherwise dispose of shares acquired pursuant to the exercise of an Award
for a period of time as determined by the Committee, in its sole discretion, following the date of the acquisition of such Award; 

  

	 	(k)	to determine whether a Restricted Stock Unit shall automatically vest in full on the date of the Participant’s Termination of Employment if the result of a Severance Eligible
Termination; and 

  

	 	(l)	to determine whether a Restricted Stock Unit shall continue to vest during the period that the Participant receives enhanced severance from the Employer following the
Participant’s Termination of Employment due to a Severance Eligible Termination; provided, however, that if such continued vesting is to be provided, the Restricted Stock Unit to be granted shall be designed in a manner that is intended to
comply with the requirements of Section 409A. 

 3.3 Guidelines. Subject to Article XIV hereof, the
Committee shall, in its sole discretion, have the authority to adopt, alter and repeal such administrative rules, guidelines and practices governing this Plan and perform all acts, including the delegation of its responsibilities (to the extent
permitted by applicable law and applicable stock exchange rules), as it shall, from time to time, deem advisable; to construe and interpret the terms and provisions of this Plan and any Award issued under this Plan (and any agreements relating
thereto); and to otherwise supervise the administration of this Plan. The Committee may authorize the Chief Executive Officer of the Company to grant Awards, other than Awards intended to be “performance-based” under Section 162(m) of
the Code, to Eligible Employees, other than employees subject to Section 16 of the Exchange Act, subject to applicable law and such limitations as the Committee may determine from time to time in its discretion. The Committee may, in its sole
discretion, correct any defect, supply any omission or reconcile any inconsistency in this Plan or in any agreement relating thereto in the manner and to the extent it shall deem necessary to effectuate the purpose and intent of this Plan. The
Committee may, in its sole discretion, adopt special guidelines and provisions for persons who are residing in or employed in, or subject to, the taxes of, any domestic or foreign jurisdictions to comply with applicable tax and securities laws of
such domestic or foreign jurisdictions. This Plan is intended to comply with the applicable requirements of Rule 16b-3 and with respect to Awards intended to be “performance-based,” the applicable provisions of Section 162(m) of the
Code and this Plan shall be limited, construed and interpreted in a manner so as to comply therewith. 
 3.4 Decisions
Final. Any decision, interpretation or other action made or taken in good faith by or at the direction of the Company, the Board or the Committee (or any of its 

  

 9 

 
members) arising out of or in connection with this Plan shall be within the absolute discretion of all and each of them, as the case may be, and shall be
final, binding and conclusive on the Company and all employees and Participants and their respective heirs, executors, administrators, successors and assigns. 
 3.5 Procedures. If the Committee is appointed, the Board shall designate one of the members of the Committee as chairman and the Committee shall hold meetings, subject to the By-Laws of the
Company, at such times and places as it shall deem advisable, including, without limitation, by telephone conference or by written consent to the extent permitted by applicable law. A majority of the Committee members shall constitute a quorum. All
determinations of the Committee shall be made by a majority of its members. Any decision or determination reduced to writing and signed by all the Committee members in accordance with the By-Laws of the Company, shall be fully effective as if it had
been made by a vote at a meeting duly called and held. The Committee shall keep minutes of its meetings and shall make such rules and regulations for the conduct of its business as it shall deem advisable. 
 3.6 Designation of Consultants/Liability. 
  

	 	(a)	The Committee may, in its sole discretion, designate employees of the Company and professional advisors to assist the Committee in the administration of this Plan and (to the extent
permitted by applicable law and applicable exchange rules) may grant authority to officers to grant Awards and/or execute agreements or other documents on behalf of the Committee. 

  

	 	(b)	The Committee may, in its sole discretion, employ such legal counsel, consultants and agents as it may deem desirable for the administration of this Plan and may rely upon any
opinion received from any such counsel or consultant and any computation received from any such consultant or agent. Expenses incurred by the Committee or the Board in the engagement of any such counsel, consultant or agent shall be paid by the
Company. The Committee, its members and any person designated pursuant to subsection (a) above shall not be liable for any action or determination made in good faith with respect to this Plan. To the maximum extent permitted by applicable law,
no officer of the Company or member or former member of the Committee or of the Board shall be liable for any action or determination made in good faith with respect to this Plan or any Award granted under it. 

 3.7 Indemnification. To the maximum extent permitted by applicable law and the Certificate of Incorporation and By-Laws of the
Company and to the extent not covered by insurance directly insuring such person, each officer or employee of the Company or any Affiliate and member or former member of the Committee or the Board shall be indemnified and held harmless by the
Company against any cost or expense (including reasonable fees of counsel reasonably acceptable to the Committee) or liability (including any sum paid in settlement of a claim with the approval of the Committee), and advanced amounts necessary to
pay the foregoing at the earliest time and to the fullest extent permitted, arising out of any act or 

  

 10 

 
omission to act in connection with the administration of this Plan, except to the extent arising out of such officer’s, employee’s, member’s
or former member’s fraud. Such indemnification shall be in addition to any rights of indemnification the officers, employees, directors or members or former officers, directors or members may have under applicable law or under the Certificate
of Incorporation or By-Laws of the Company or any Affiliate. Notwithstanding anything else herein, this indemnification will not apply to the actions or determinations made by an individual with regard to Awards granted to him or her under this
Plan. 
 ARTICLE IV 
 SHARE
LIMITATION 
 4.1 Shares. 
  

	 	(a)	General Limitations. The aggregate number of shares of Common Stock that may be issued or used for reference purposes or with respect to which Awards may be granted under
this Plan shall not exceed 9,000,000 shares (subject to any increase or decrease pursuant to Section 4.2) which may be either authorized and unissued Common Stock or Common Stock held in or acquired for the treasury of the Company or both. Any
shares of Common Stock that are subject to Awards other than Appreciation Awards shall be counted against the foregoing limit as 3 shares for every share granted. If any Option, Stock Appreciation Right or Other Stock-Based Award that is an
Appreciation Award granted under this Plan expires, terminates or is canceled for any reason without having been exercised in full, the number of shares of Common Stock underlying any unexercised Award shall again be available for the purpose of
Awards under the Plan. If any shares of Restricted Stock, Performance Shares or Other Stock-Based Awards that are not Appreciation Awards granted under this Plan are forfeited for any reason, the number of forfeited shares of Restricted Stock,
Performance Shares or Other Stock-Based Awards that are not Appreciation Awards shall again be available for purposes of Awards under the Plan, as provided in this Section 4.1(a). If a Tandem Stock Appreciation Right or a Limited Stock
Appreciation Right is granted in tandem with an Option, such grant shall only apply once against the maximum number of shares of Common Stock which may be issued under this Plan. Notwithstanding anything herein to the contrary, any share of Common
Stock that again becomes available for grant pursuant to this Section 4.1(a) shall be added back as one share of Common Stock if such share were subject to an Appreciation Award (e.g., a Stock Appreciation Right) granted under the Plan
and as 3 shares if such share was subject to an Award other than an Appreciation Award granted under the Plan. 

  

	 	(b)	 Individual Participant Limitations. (i) The maximum number of shares of Common Stock subject to any Award of Stock Options, Stock Appreciation Rights,
Performance Shares, Other Stock-Based Awards, 

  

 11 

	 	 
shares of Restricted Stock for which the grant of such Award or the lapse of the relevant Restriction Period is subject to the attainment of Performance
Goals in accordance with Section 8.3(a)(ii) herein which may be granted under this Plan during any fiscal year of the Company to each Participant shall be 600,000 shares per type of Award (which shall be subject to any further increase or
decrease pursuant to Section 4.2), provided that the maximum number of shares of Common Stock for all types of Awards does not exceed 600,000 (which shall be subject to any further increase or decrease pursuant to Section 4.2) during any
fiscal year of the Company. If a Tandem Stock Appreciation Right is granted or a Limited Stock Appreciation Right is granted in tandem with a Stock Option, it shall apply against the Eligible Employee’s or Consultant’s individual share
limitations for both Stock Appreciation Rights and Stock Options; (ii) there are no annual individual Eligible Employee or Consultant share limitations on Restricted Stock for which the grant of such Award or the lapse of the relevant
Restriction Period is not subject to attainment of Performance Goals in accordance with Section 8.3(a)(ii) hereof; (iii) the maximum value at grant of Performance Shares which may be granted under this Plan during any fiscal year of the
Company to each Eligible Employee or Consultant shall be $15,000,000. Each Performance Share shall be referenced to one share of Common Stock and shall be charged against the available shares under this Plan at the time the unit value measurement is
converted to a referenced number of shares of Common Stock in accordance with Section 10.1; or (iv) the individual Participant limitations set forth in this Section 4.1(b) shall be cumulative; that is, to the extent that shares of
Common Stock for which Awards are permitted to be granted to an Eligible Employee or Consultant during a fiscal year are not covered by an Award to such Eligible Employee or Consultant in a fiscal year, the number of shares of Common Stock available
for Awards to such Eligible Employee or Consultant shall automatically increase in the subsequent fiscal years during the term of the Plan until used. The maximum payment under any Performance-Based Cash Award payable with respect to any fiscal year
of the Company and for which the grant of such Award is subject to the attainment of Performance Goals in accordance with Section 11.2(c) herein which may be granted under this Plan with respect to any fiscal year of the Company to each
Eligible Employee or Consultant shall be $15,000,000. 

 4.2 Changes. 
  

	 	(a)	 The existence of this Plan and the Awards granted hereunder shall not affect in any way the right or power of the Board or the stockholders of the Company to make
or authorize (i) any adjustment, recapitalization, reclassification, reorganization or other change in the Company’s capital structure or its business, including without limitation, any stock split, reverse stock split, stock dividend,
cash dividend or dividend or distribution of cash, stock or other property, share combination or similar 

  

 12 

	 	 
event affecting the capital structure of the Company; (ii) any merger, consolidation, acquisition of property or shares, separation, spin-off,
reorganization, stock rights offering, liquidation, disaffiliation or similar event affecting the Company or any of its Affiliates (a “Corporate Transaction”); (iii) any issuance of bonds, debentures, preferred or prior preference
stock ahead or affecting the Common Stock, (iv) the dissolution or liquidation of the Company or any Affiliate, (v) any sale or transfer of all or part of the assets or business of the Company or any Affiliate; or (vi) any other
corporate act or proceeding (a “Capital Change”). 

  

	 	(b)	Subject to the provisions of Section 4.2(d) and compliance with applicable legal and regulatory requirements, in the event of a Capital Change or Corporate Transaction (each, a
“Section 4.2 Event”), the Committee or the Board shall make appropriate and equitable substitutions or adjustments to: (i) the aggregate number and/or kind of shares of Common Stock or other securities reserved for issuance and
delivery under the Plan; (ii) the various maximum limitations set forth in Section 4.1 upon certain types of Awards (other than the cash based award limits) and upon the grants to individuals of certain types of Awards; (iii) the
number and kind of shares of Common Stock or other securities subject to outstanding Awards; and (iv) the exercise price of outstanding Options and Stock Appreciation Rights. and grants to individuals of certain types of Awards. In addition, if
there shall occur any change in the capital structure or the business of the Company that is not a Section 4.2 Event (an “Other Extraordinary Event”), including by reason of any extraordinary dividend (whether cash or stock),
any conversion, any adjustment, any issuance of any class of securities convertible or exercisable into, or exercisable for, any class of stock, or any sale or transfer of all or substantially all the Company’s assets or business, then the
Committee, in its sole discretion, may adjust any Award and make such other adjustments to the Plan. Any adjustment pursuant to this Section 4.2 shall be consistent with the applicable Section 4.2 Event or the applicable Other
Extraordinary Event, as the case may be, and in such manner as the Committee may, in its sole discretion, deem appropriate and equitable to prevent substantial dilution or enlargement of the rights granted to, or available for, Participants under
the Plan. Any such adjustment determined by the Committee shall be final, binding and conclusive on the Company and all Participants and their respective heirs, executors, administrators, successors and permitted assigns. Except as expressly
provided in this Section 4.2 or in the applicable Award agreement, a Participant shall have no rights by reason of any Section 4.2 Event or any Other Extraordinary Event. 

  

	 	(c)	 Fractional shares of Common Stock resulting from any adjustment in Awards pursuant to Section 4.2(a) or (b) shall be aggregated until, and eliminated at,
the time of exercise by rounding-down for fractions less than one-half and rounding-up for fractions equal to or greater than 

  

 13 

	 	 
one-half. No cash settlements shall be made with respect to fractional shares eliminated by rounding. Notice of any adjustment shall be given by the
Committee to each Participant whose Award has been adjusted and such adjustment (whether or not such notice is given) shall be effective and binding for all purposes of this Plan. 

  

	 	(d)	In the case of a Corporate Transaction, the Committee may, in its discretion, (i) cancel all outstanding Awards in exchange for payments of cash, property or a combination
thereof having an aggregate value equal to the value of such Awards, as determined by the Committee or the Board in its sole discretion (it being understood that in the case of a Corporate Transaction with respect to which shareholders of Common
Stock receive consideration other than publicly-traded equity securities of the ultimate surviving entity, any such determination by the Committee or the Board that the value of an Option or Stock Appreciation Right shall for this purpose be deemed
to equal the excess, if any, of the value of the consideration being paid for each share of Common Stock pursuant to such Corporate Transaction over the exercise price of such Option or Stock Appreciation Right shall conclusively be deemed valid);
(ii) substitute other property (including, without limitation, cash or other securities of the Company and securities of entities other than the Company) for the shares of Common Stock subject to outstanding Awards; and (iii) in connection
with any disaffiliation, arrange for the assumption of Awards, or replacement of Awards with new awards based on other property or other securities (including, without limitation, other securities of the Company and securities of entities other than
the Company), by the affected Subsidiary, Affiliate, or division or by the entity that controls such Subsidiary, Affiliate, or division following such disaffiliation (as well as any corresponding adjustments to Awards that remain based upon Company
securities). If a Corporate Transaction occurs but the Committee does not take the actions specified in this Section 4.2(d), then the provisions of Section 4.2(b) and Article XIII shall apply. Any action or adjustment authorized under this
Section 4.2(d) and taken by the Committee or the Board shall be final, binding and conclusive on the Company, the Board and all Participants and their respective heirs, executors, administrators, successors and permitted assigns.

 4.3 Minimum Purchase Price. Notwithstanding any provision of this Plan to the contrary, if authorized
but previously unissued shares of Common Stock are issued under this Plan, such shares shall not be issued for a consideration that is less than as permitted under applicable law. 
  

 14 

 ARTICLE V 
 ELIGIBILITY – GENERAL REQUIREMENTS FOR AWARDS 
 5.1 General Eligibility. All
Eligible Employees, Consultants, Non-Employee Directors and prospective employees and consultants are eligible to be granted Awards, subject to the terms and conditions of this Plan. Eligibility for the grant of Awards and actual participation in
this Plan shall be determined by the Committee in its sole discretion. 
 5.2 Incentive Stock Options. Notwithstanding
anything herein to the contrary, only Eligible Employees of the Company, its Subsidiaries and its Parent (if any) are eligible to be granted Incentive Stock Options under this Plan. Eligibility for the grant of an Incentive Stock Option and actual
participation in this Plan shall be determined by the Committee in its sole discretion. 
 5.3 General Requirement. The
vesting and exercise of Awards granted to a prospective employee or consultant are conditioned upon such individual actually becoming an Eligible Employee or Consultant. 
 5.4 Special Rules — NYSE Regulation, Inc. Unless the Board determines otherwise, all Awards granted under the Plan shall be subject to the special rules set forth in Article XX hereof
which govern the treatment of Awards held by Participants who transfer to employment with NYSE Regulation, Inc. 
 ARTICLE VI

 STOCK OPTIONS 
 6.1
Options. Stock Options may be granted alone or in addition to other Awards granted under this Plan. Each Stock Option granted under this Plan shall be of one of two types: (a) an Incentive Stock Option or (b) a Non-Qualified
Stock Option. 
 6.2 Grants. The Committee shall, in its sole discretion, have the authority to grant to any Eligible
Employee (subject to Section 5.2) Incentive Stock Options, Non-Qualified Stock Options, or both types of Stock Options. The Committee shall, in its sole discretion, have the authority to grant Non-Qualified Stock Options to any Consultant or
Non-Employee Director. To the extent that any Stock Option does not qualify as an Incentive Stock Option (whether because of its provisions or the time or manner of its exercise or otherwise), such Stock Option or the portion thereof which does not
qualify shall constitute a separate Non-Qualified Stock Option. 
 6.3 Terms of Options. Options granted under this Plan
shall be subject to the following terms and conditions and shall be in such form and contain such additional terms and conditions, not inconsistent with the terms of this Plan, as the Committee, in its sole discretion, shall deem desirable:

  

	 	(a)	 Exercise Price. The exercise price per share of Common Stock subject to a Stock Option shall be determined by the Committee at the time of grant, 

  

 15 

	 	 
provided that the per share exercise price of a Stock Option shall not be less than 100% (or, in the case of an Incentive Stock Option granted to a Ten
Percent Stockholder, 110%) of the Fair Market Value of the Common Stock at the time of grant. 

  

	 	(b)	Stock Option Term. The term of each Stock Option shall be fixed by the Committee, provided that no Stock Option shall be exercisable more than 10 years after the date the
Option is granted; and provided further that the term of an Incentive Stock Option granted to a Ten Percent Stockholder shall not exceed five years. 

  

	 	(c)	Exercisability. Stock Options shall be exercisable at such time or times and subject to such terms and conditions as shall be determined by the Committee at grant. If the
Committee provides, in its discretion, that any Stock Option is exercisable subject to certain limitations (including, without limitation, that such Stock Option is exercisable only in installments or within certain time periods), the Committee may
waive such limitations on the exercisability at any time at or after grant in whole or in part (including, without limitation, waiver of the installment exercise provisions or acceleration of the time at which such Stock Option may be exercised),
based on such factors, if any, as the Committee shall determine, in its sole discretion. Unless otherwise determined by the Committee at grant, the Option agreement shall provide that (i) in the event the Participant engages in Detrimental
Activity prior to any exercise of the Stock Option, all Stock Options held by the Participant shall thereupon terminate and expire, (ii) as a condition of the exercise of a Stock Option, the Participant shall be required to certify (or shall be
deemed to have certified) at the time of exercise in a manner acceptable to the Company that the Participant is in compliance with the terms and conditions of the Plan and that the Participant has not engaged in, and does not intend to engage in,
any Detrimental Activity, and (iii) in the event the Participant engages in Detrimental Activity during the one year period commencing on the later of the date the Stock Option is exercised or becomes vested, the Company shall be entitled to
recover from the Participant at any time within one year after such exercise or vesting, and the Participant shall pay over to the Company, an amount equal to any gain realized as a result of the exercise (whether at the time of exercise or
thereafter). 

  

	 	(d)	 Method of Exercise. Subject to whatever installment exercise and waiting period provisions apply under subsection (c) above, to the extent vested, Stock
Options may be exercised in whole or in part at any time during the Option term, by giving written notice of exercise to the Company specifying the number of shares of Common Stock to be purchased. Such notice shall be accompanied by payment in full
of the purchase price as follows: (i) in cash or by check, bank draft or money order payable to the order of the Company; (ii) solely to the extent permitted by applicable 

  

 16 

	 	 
law, if the Common Stock is traded on a national securities exchange or quoted on a national quotation system sponsored by the Financial Industry Regulatory
Authority, and the Committee authorizes, through a procedure whereby the Participant delivers irrevocable instructions to a broker reasonably acceptable to the Committee to deliver promptly to the Company an amount equal to the purchase price; or
(iii) on such other terms and conditions as may be acceptable to the Committee, including, without limitation, the relinquishment of Stock Options or by payment in full or in part in the form of Common Stock owned by the Participant based on
the Fair Market Value of the Common Stock on the payment date as determined by the Committee, in its sole discretion. No shares of Common Stock shall be issued until payment therefor, as provided herein, has been made or provided for.

  

	 	(e)	Non-Transferability of Options. No Stock Option shall be Transferable by the Participant otherwise than by will or by the laws of descent and distribution, and all Stock
Options shall be exercisable, during the Participant’s lifetime, only by the Participant. Notwithstanding the foregoing, the Committee may determine, in its sole discretion, at the time of grant or thereafter that a Non-Qualified Stock Option
that is otherwise not Transferable pursuant to this Section is Transferable to a Family Member in whole or in part and in such circumstances, and under such conditions, as determined by the Committee, in its sole discretion. A Non-Qualified Stock
Option that is Transferred to a Family Member pursuant to the preceding sentence (i) may not be subsequently Transferred otherwise than by will or by the laws of descent and distribution and (ii) remains subject to the terms of this Plan
and the applicable Award agreement. Any shares of Common Stock acquired upon the exercise of a Non-Qualified Stock Option by a permissible transferee of a Non-Qualified Stock Option or a permissible transferee pursuant to a Transfer after the
exercise of the Non-Qualified Stock Option shall be subject to the terms of this Plan and the applicable Award agreement. 

  

	 	(f)	Termination by Death or Disability. Unless otherwise determined by the Committee at grant, or if no rights of the Participant are reduced, thereafter, if Participant’s
Termination is by reason of death or Disability, all Stock Options that are held by such Participant that are vested and exercisable at the time of the Participant’s Termination may be exercised by the Participant (or, in the case of death, by
the legal representative of the Participant’s estate) at any time within a period of one year from the date of such Termination, but in no event beyond the expiration of the stated term of such Stock Options. 

  

	 	(g)	 Termination due to Retirement. Unless otherwise determined by the Committee at grant, or if no rights of the Participant are reduced, thereafter, if a
Participant’s Termination is by Retirement, all unvested 

  

 17 

	 	 
Stock Options held by such Participant that would have vested on the first scheduled vesting date next following the Participant’s Retirement shall
immediately vest and become exercisable on the last day of the month immediately preceding the Participant’s Retirement and all unvested Stock Options shall be forfeited. All Stock Options that are vested and exercisable at the time of the
Participant’s Termination due to Retirement may be exercised by the Participant at any time within a period of one year from the date of such Termination due to Retirement, but in no event beyond the expiration of the stated term of such Stock
Options; provided, however, if the Participant dies within such exercise period, all unexercised Stock Options held by such Participant shall thereafter be exercisable, to the extent to which they were exercisable at the time of death, for a period
of one year from the date of such death, but in no event beyond the expiration of the stated term of such Stock Options. 

  

	 	(h)	Involuntary Termination Without Cause. Unless otherwise determined by the Committee at grant, or if no rights of the Participant are reduced, thereafter, if a
Participant’s Termination is by involuntary termination without Cause, all Stock Options that are held by such Participant that are vested and exercisable at the time of the Participant’s Termination may be exercised by the Participant at
any time within a period of 90 days from the date of such Termination, but in no event beyond the expiration of the stated term of such Stock Options. 

  

	 	(i)	Voluntary Termination. Unless otherwise determined by the Committee at grant, or if no rights of the Participant are reduced, thereafter, if a Participant’s Termination
is voluntary (other than a voluntary termination described in subsection (j)(y) below), all Stock Options that are held by such Participant that are vested and exercisable at the time of the Participant’s Termination may be exercised by the
Participant at any time within a period of 30 days from the date of such Termination, but in no event beyond the expiration of the stated term of such Stock Options. 

  

	 	(j)	Termination for Cause. Unless otherwise determined by the Committee at grant, or if no rights of the Participant are reduced, thereafter, if a Participant’s Termination
(x) is for Cause or (y) is a voluntary Termination (as provided in subsection (i) above) after the occurrence of an event that would be grounds for a Termination for Cause, all Stock Options, whether vested or not vested, that are
held by such Participant shall thereupon terminate and expire as of the date of such Termination. 

  

	 	(k)	Unvested Stock Options. Except as provided in Section 6.5(g) or as otherwise determined by the Committee at grant, or if no rights of the Participant are reduced,
thereafter, Stock Options that are not vested as of the date of a Participant’s Termination for any reason shall terminate and expire as of the date of such Termination. 

  

 18 

	 	(l)	Incentive Stock Option Limitations. To the extent that the aggregate Fair Market Value (determined as of the time of grant) of the Common Stock with respect to which
Incentive Stock Options are exercisable for the first time by an Eligible Employee during any calendar year under this Plan and/or any other stock option plan of the Company, any Subsidiary or any Parent exceeds $100,000, such Options shall be
treated as Non-Qualified Stock Options. Should any provision of this Plan not be necessary in order for the Stock Options to qualify as Incentive Stock Options, or should any additional provisions be required, the Committee may, in its sole
discretion, amend this Plan accordingly, without the necessity of obtaining the approval of the stockholders of the Company. 

  

	 	(m)	Form, Modification, Extension and Renewal of Stock Options. Subject to the terms and conditions and within the limitations of this Plan, Stock Options shall be evidenced by
such form of agreement or grant as is approved by the Committee, and the Committee may, in its sole discretion modify, extend or renew outstanding Stock Options granted under this Plan (provided that the rights of a Participant are not reduced
without his or her consent and provided further that such action does not subject the Stock Option to Section 409A of the Code). Notwithstanding the foregoing, an outstanding Option may not be modified to reduce the exercise price thereof nor
may a new Option at a lower price be substituted for a surrendered Option (other than adjustments or substitutions in accordance with Section 4.2), unless such action is approved by the stockholders of the Company. 

  

	 	(n)	Other Terms and Conditions. Stock Options may contain such other provisions, which shall not be inconsistent with any of the terms of this Plan, as the Committee shall, in
its sole discretion, deem appropriate. 

 ARTICLE VII 
 STOCK APPRECIATION RIGHTS 
 7.1 Tandem Stock Appreciation Rights.
Stock Appreciation Rights may be granted in conjunction with all or part of any Stock Option (a “Reference Stock Option”) granted under this Plan (“Tandem Stock Appreciation Rights”). In the case of a Non-Qualified Stock Option,
such rights may be granted either at or after the time of the grant of such Reference Stock Option. In the case of an Incentive Stock Option, such rights may be granted only at the time of the grant of such Reference Stock Option. 
  

 19 

 7.2 Terms and Conditions of Tandem Stock Appreciation Rights. Tandem Stock
Appreciation Rights granted hereunder shall be subject to such terms and conditions, not inconsistent with the provisions of this Plan, as shall be determined from time to time by the Committee in its sole discretion, and the following: 

 

	 	(a)	Exercise Price. The exercise price per share of Common Stock subject to a Tandem Stock Appreciation Right shall be determined by the Committee at the time of grant, provided
that the per share exercise price of a Tandem Stock Appreciation Right shall not be less than 100% of the Fair Market Value of the Common Stock at the time of grant. 

  

	 	(b)	Term. A Tandem Stock Appreciation Right or applicable portion thereof granted with respect to a Reference Stock Option shall terminate and no longer be exercisable upon the
termination or exercise of the Reference Stock Option, except that, unless otherwise determined by the Committee, in its sole discretion, at the time of grant, a Tandem Stock Appreciation Right granted with respect to less than the full number of
shares covered by the Reference Stock Option shall not be reduced until and then only to the extent the exercise or termination of the Reference Stock Option causes the number of shares covered by the Tandem Stock Appreciation Right to exceed the
number of shares remaining available and unexercised under the Reference Stock Option. 

  

	 	(c)	Exercisability. Tandem Stock Appreciation Rights shall be exercisable only at such time or times and to the extent that the Reference Stock Options to which they relate shall
be exercisable in accordance with the provisions of Article VI, and shall be subject to the provisions of Section 6.3(c). 

  

	 	(d)	Method of Exercise. A Tandem Stock Appreciation Right may be exercised by the Participant by surrendering the applicable portion of the Reference Stock Option. Upon such
exercise and surrender, the Participant shall be entitled to receive an amount determined in the manner prescribed in this Section 7.2. Stock Options which have been so surrendered, in whole or in part, shall no longer be exercisable to the
extent the related Tandem Stock Appreciation Rights have been exercised. 

  

	 	(e)	Payment. Upon the exercise of a Tandem Stock Appreciation Right, a Participant shall be entitled to receive up to, but no more than, an amount in cash and/or Common Stock (as
chosen by the Committee in its sole discretion at grant, or thereafter if no rights of a Participant are reduced) equal in value to the excess of the Fair Market Value of one share of Common Stock over the Option exercise price per share specified
in the Reference Stock Option agreement, multiplied by the number of shares in respect of which the Tandem Stock Appreciation Right shall have been exercised. 

  

	 	(f)	Deemed Exercise of Reference Stock Option. Upon the exercise of a Tandem Stock Appreciation Right, the Reference Stock Option or part thereof to which such Stock Appreciation
Right is related shall be deemed to have been exercised for the purpose of the limitation set forth in Article IV of the Plan on the number of shares of Common Stock to be issued under the Plan. 

  

 20 

	 	(g)	Non-Transferability. Tandem Stock Appreciation Rights shall be Transferable only when and to the extent that the underlying Stock Option would be Transferable under
Section 6.3(e) of the Plan. 

 7.3 Non-Tandem Stock Appreciation Rights. Non-Tandem Stock
Appreciation Rights may also be granted without reference to any Stock Options granted under this Plan. 
 7.4 Terms and
Conditions of Non-Tandem Stock Appreciation Rights. Non-Tandem Stock Appreciation Rights granted hereunder shall be subject to such terms and conditions, not inconsistent with the provisions of this Plan, as shall be determined from time to
time by the Committee in its sole discretion, and the following: 
  

	 	(a)	Exercise Price. The exercise price per share of Common Stock subject to a Non-Tandem Stock Appreciation Right shall be determined by the Committee at the time of grant,
provided that the per share exercise price of a Non-Tandem Stock Appreciation Right shall not be less than 100% of the Fair Market Value of the Common Stock at the time of grant. 

  

	 	(b)	Term. The term of each Non-Tandem Stock Appreciation Right shall be fixed by the Committee, but shall not be greater than 7 years after the date the right is granted.

  

	 	(c)	 Exercisability. Non-Tandem Stock Appreciation Rights shall be exercisable at such time or times and subject to such terms and conditions as shall be
determined by the Committee at grant. If the Committee provides, in its discretion, that any such right is exercisable subject to certain limitations (including, without limitation, that it is exercisable only in installments or within certain time
periods), the Committee may waive such limitations on the exercisability at any time at or after grant in whole or in part (including, without limitation, waiver of the installment exercise provisions or acceleration of the time at which such right
may be exercised), based on such factors, if any, as the Committee shall determine, in its sole discretion. Unless otherwise determined by the Committee at grant, the Award agreement shall provide that (i) in the event the Participant engages
in Detrimental Activity prior to any exercise of the Non-Tandem Stock Appreciation Right, all Non-Tandem Stock Appreciation Rights held by the Participant shall thereupon terminate and expire, (ii) as a condition of the exercise of a Non-Tandem
Stock Appreciation Right, the Participant shall be required to certify (or shall be deemed to have certified) at the time of exercise in a manner acceptable to the Company that the Participant is in compliance with the terms and conditions of the
Plan and that the Participant has not engaged in, and does not intend to engage in, any Detrimental Activity, and (iii) in the event the Participant engages in Detrimental Activity during the one-year period 

  

 21 

	 	 
commencing on the later of the date the Non-Tandem Stock Appreciation Right is exercised or becomes vested, the Company shall be entitled to recover from the
Participant at any time within one year after such exercise or vesting, and the Participant shall pay over to the Company, an amount equal to any gain realized as a result of the exercise (whether at the time of exercise or thereafter).

  

	 	(d)	Method of Exercise. Subject to whatever installment exercise and waiting period provisions apply under subsection (b) above, Non-Tandem Stock Appreciation Rights may be
exercised in whole or in part at any time in accordance with the applicable Award agreement, by giving written notice of exercise to the Company specifying the number of Non-Tandem Stock Appreciation Rights to be exercised. 

 

	 	(e)	Payment. Upon the exercise of a Non-Tandem Stock Appreciation Right a Participant shall be entitled to receive, for each right exercised, up to, but no more than, an amount
in cash and/or Common Stock (as chosen by the Committee in its sole discretion at grant, or thereafter if no rights of a Participant are reduced) equal in value to the excess of the Fair Market Value of one share of Common Stock on the date the
right is exercised over the Fair Market Value of one share of Common Stock on the date the right was awarded to the Participant. 

  

	 	(f)	Non-Transferability. No Non-Tandem Stock Appreciation Rights shall be Transferable by the Participant otherwise than by will or by the laws of descent and distribution, and
all such rights shall be exercisable, during the Participant’s lifetime, only by the Participant. 

  

	 	(g)	Termination. Unless otherwise provided in an Award agreement, upon Termination, Non-Tandem Stock Appreciation Rights shall be exercised in accordance with the provisions of
Section 6.3 (f) through (k) of the Plan. 

 7.5 Limited Stock Appreciation Rights. The
Committee may, in its sole discretion, grant Tandem and Non-Tandem Stock Appreciation Rights either as a general Stock Appreciation Right or as a Limited Stock Appreciation Right. Limited Stock Appreciation Rights may be exercised only upon the
occurrence of a Change in Control or such other event as the Committee may, in its sole discretion, designate at the time of grant or thereafter. Upon the exercise of Limited Stock Appreciation Rights, except as otherwise provided in an Award
agreement, the Participant shall receive in cash or Common Stock, as determined by the Committee, an amount equal to the amount (a) set forth in Section 7.2(e) with respect to Tandem Stock Appreciation Rights, or (b) set forth in
Section 7.4(e) with respect to Non-Tandem Stock Appreciation Rights, as applicable. 
  

 22 

 ARTICLE VIII 
 RESTRICTED STOCK 
 8.1 Awards of Restricted Stock. Shares of Restricted Stock may be
issued either alone or in addition to other Awards granted under the Plan. The Committee shall, in its sole discretion, determine the Eligible Employees, Consultants and Non-Employee Directors, to whom, and the time or times at which, grants of
Restricted Stock shall be made, the number of shares to be awarded, the price (if any) to be paid by the Participant (subject to Section 8.2), the time or times within which such Awards may be subject to forfeiture, the vesting schedule and
rights to acceleration thereof, and all other terms and conditions of the Awards. The Committee may condition the grant or vesting of Restricted Stock upon the attainment of specified performance targets (including, the Performance Goals specified
in Exhibit A attached hereto) or such other factors as the Committee may determine, in its sole discretion, including to comply with the requirements of Section 162(m) of the Code. 
 Unless otherwise determined by the Committee at grant, each Award of Restricted Stock shall provide that in the event the Participant engages in
Detrimental Activity prior to, or during the one-year period after, any vesting of Restricted Stock, the Committee may direct that all unvested Restricted Stock shall be immediately forfeited to the Company and that the Participant shall pay over to
the Company an amount equal to the Fair Market Value at the time of vesting of any Restricted Stock which had vested in the period referred to above. 
 8.2 Awards and Certificates. Eligible Employees, Consultants and Non-Employee Directors selected to receive Restricted Stock shall not have any rights with respect to such Award, unless and until
such Participant has delivered a fully executed copy of the agreement evidencing the Award to the Company and has otherwise complied with the applicable terms and conditions of such Award. Further, such Award shall be subject to the following
conditions: 
  

	 	(a)	Purchase Price. The purchase price of Restricted Stock shall be fixed by the Committee. Subject to Section 4.3, the purchase price for shares of Restricted Stock may be
zero to the extent permitted by applicable law, and, to the extent not so permitted, such purchase price may not be less than par value. 

  

	 	(b)	Acceptance. Awards of Restricted Stock must be accepted within a period of 60 days (or such other period as the Committee may specify) after the grant date, by executing a
Restricted Stock agreement and by paying whatever price (if any) the Committee has designated thereunder. 

  

 23 

	 	(c)	Legend. Each Participant receiving Restricted Stock shall be issued a stock certificate in respect of such shares of Restricted Stock, unless the Committee elects to use
another system, such as book entries by the transfer agent, as evidencing ownership of shares of Restricted Stock. Such certificate shall be registered in the name of such Participant, and shall, in addition to such legends required by applicable
securities laws, bear an appropriate legend referring to the terms, conditions, and restrictions applicable to such Award, substantially in the following form: 

 “The anticipation, alienation, attachment, sale, transfer, assignment, pledge, encumbrance or charge of the shares of stock represented hereby are
subject to the terms and conditions (including forfeiture) of the NYSE Euronext (the “Company”) Omnibus Incentive Plan (the “Plan”) and an Agreement entered into between the registered owner and the Company evidencing the award
under the Plan. Copies of such Plan and Agreement are on file at the principal office of the Company.” 
  

	 	(d)	Custody. If stock certificates are issued in respect of shares of Restricted Stock, the Committee may require that any stock certificates evidencing such shares be held in
custody by the Company until the restrictions thereon shall have lapsed, and that, as a condition of any grant of Restricted Stock, the Participant shall have delivered a duly signed stock power, endorsed in blank, relating to the Common Stock
covered by such Award. 

 8.3 Restrictions and Conditions. The shares of Restricted Stock awarded pursuant
to this Plan shall be subject to the following restrictions and conditions: 
  

	 	(a)	Restriction Period. (i) The Participant shall not be permitted to Transfer shares of Restricted Stock awarded under this Plan during the period or periods set by the
Committee (the “Restriction Period”) commencing on the date of such Award, as set forth in the Restricted Stock Award agreement and such agreement shall set forth a vesting schedule and any events which would accelerate vesting of the
shares of Restricted Stock. Within these limits, based on service, attainment of Performance Goals pursuant to Section 8.3(a)(ii) below and/or such other factors or criteria as the Committee may determine in its sole discretion, the Committee
may condition the grant or provide for the lapse of such restrictions in installments in whole or in part, or may accelerate the vesting of all or any part of any Restricted Stock Award and/or waive the deferral limitations for all or any part of
any Restricted Stock Award. 

 (ii) Objective Performance Goals, Formulae or Standards. If the grant of shares of
Restricted Stock or the lapse of restrictions is based on the attainment of Performance Goals, the Committee shall establish the Performance Goals and the applicable vesting percentage of the Restricted Stock Award applicable to each Participant or
class of Participants in writing prior to the beginning of the applicable fiscal year or at such later date as otherwise determined by the Committee and while the outcome of the Performance Goals are substantially uncertain. Such Performance Goals
may incorporate provisions for disregarding (or adjusting for) changes in accounting methods, corporate transactions (including, without limitation, dispositions and acquisitions) and other similar type events or 

  

 24 

 
circumstances. With regard to a Restricted Stock Award that is intended to comply with Section 162(m) of the Code, to the extent any such provision
would create impermissible discretion under Section 162(m) of the Code or otherwise violate Section 162(m) of the Code, such provision shall be of no force or effect. The applicable Performance Goals shall be based on one or more of the
performance criteria set forth in Exhibit A hereto. 
  

	 	(b)	Rights as a Stockholder. Except as provided in this subsection (b) and subsection (a) above and as otherwise determined by the Committee, the Participant shall
have, with respect to the shares of Restricted Stock, all of the rights of a holder of shares of Common Stock of the Company including, without limitation, the right to receive any dividends, the right to vote such shares and, subject to and
conditioned upon the full vesting of shares of Restricted Stock, the right to tender such shares. The Committee may, in its sole discretion, determine at the time of grant that the payment of dividends shall be deferred until, and conditioned upon,
the expiration of the applicable Restriction Period. 

  

	 	(c)	Termination. Unless otherwise specified in the applicable Restricted Stock Award agreement, upon a Participant’s Termination for any reason during the relevant
Restriction Period, all Restricted Stock still subject to restriction will be forfeited. 

  

	 	(d)	Lapse of Restrictions. If and when the Restriction Period expires without a prior forfeiture of the Restricted Stock, the certificates for such shares shall be delivered to
the Participant. All legends shall be removed from said certificates at the time of delivery to the Participant, except as otherwise required by applicable law or other limitations imposed by the Committee. 

 ARTICLE IX 
 PERFORMANCE SHARES

 9.1 Award of Performance Shares. Performance Shares may be awarded either alone or in addition to other Awards
granted under this Plan. The Committee shall, in its sole discretion, determine the Eligible Employees, Consultants and Non-Employee Directors, to whom, and the time or times at which, Performance Shares shall be awarded, the number of Performance
Shares to be awarded to any person, the duration of the period (the “Performance Period”) during which, and the conditions under which, receipt of the Shares will be deferred, and the other terms and conditions of the Award in addition to
those set forth in Section 9.2. 
 Unless otherwise determined by the Committee at grant, each Award of Performance Shares shall provide
that in the event the Participant engages in Detrimental Activity prior to, or during the one-year period after, any vesting of Performance Shares, the Committee may direct (at any time within one year thereafter) that all unvested Performance
Shares shall be 

  

 25 

 
immediately forfeited to the Company and that the Participant shall pay over to the Company an amount equal to any gain the Participant realized from any
Performance Shares which had vested in the period referred to above. 
 Except as otherwise provided herein, the Committee shall condition
the right to payment of any Performance Share upon the attainment of objective performance goals established pursuant to Section 9.2(c) below. 
 9.2 Terms and Conditions. Performance Shares awarded pursuant to this Article IX shall be subject to the following terms and conditions: 
  

	 	(a)	Earning of Performance Share Award. At the expiration of the applicable Performance Period, the Committee shall determine the extent to which the performance goals
established pursuant to Section 9.2(c) are achieved and the percentage of each Performance Share Award that has been earned. 

  

	 	(b)	Non-Transferability. Subject to the applicable provisions of the Award agreement and this Plan, Performance Shares may not be Transferred during the Performance Period.

  

	 	(c)	Objective Performance Goals, Formulae or Standards. The Committee shall establish the objective Performance Goals for the earning of Performance Shares based on a Performance
Period applicable to each Participant or class of Participants in writing prior to the beginning of the applicable Performance Period or at such later date as permitted under Section 162(m) of the Code and while the outcome of the Performance
Goals are substantially uncertain. Such Performance Goals may incorporate, if and only to the extent permitted under Section 162(m) of the Code, provisions for disregarding (or adjusting for) changes in accounting methods, corporate
transactions (including, without limitation, dispositions and acquisitions) and other similar type events or circumstances. To the extent any such provision would create impermissible discretion under Section 162(m) of the Code or otherwise
violate Section 162(m) of the Code, such provision shall be of no force or effect. The applicable Performance Goals shall be based on one or more of the performance criteria set forth in Exhibit A hereto. 

  

	 	(d)	Dividends. Unless otherwise determined by the Committee at the time of grant, amounts equal to any dividends declared during the Performance Period with respect to the number
of shares of Common Stock covered by a Performance Share will not be paid to the Participant. 

  

	 	(e)	 Payment. Following the Committee’s determination in accordance with subsection (a) above, shares of Common Stock or, as determined by the Committee
in its sole discretion, the cash equivalent of such shares shall be delivered to the Eligible Employee, Consultant or Non-Employee 

  

 26 

	 	 
Director, or his legal representative, in an amount equal to such individual’s earned Performance Share. Notwithstanding the foregoing, the Committee
may, in its sole discretion, award an amount less than the earned Performance Share and/or subject the payment of all or part of any Performance Share to additional vesting, forfeiture and deferral conditions as it deems appropriate.

  

	 	(f)	Termination. Subject to the applicable provisions of the Award agreement, upon a Participant’s Termination for any reason during the Performance Period for a given
Award, the Performance Shares in question will be forfeited. 

  

	 	(g)	Accelerated Vesting. Based on service, performance and/or such other factors or criteria, if any, as the Committee may determine, the Committee may, in its sole discretion,
at or after grant, accelerate the vesting of all or any part of any Performance Share Award and/or waive the deferral limitations for all or any part of such Award. 

 ARTICLE X 
 OTHER STOCK-BASED AWARDS 
 10.1 Other Awards. The Committee, in its sole discretion, is authorized to grant to Eligible Employees, Consultants and Non-Employee
Directors Other Stock-Based Awards that are payable in, valued in whole or in part by reference to, or otherwise based on or related to shares of Common Stock, including but not limited to, shares of Common Stock awarded purely as a bonus and not
subject to any restrictions or conditions, shares of Common Stock in payment of the amounts due under an incentive or performance plan sponsored or maintained by the Company or an Affiliate, performance units, dividend equivalent units, stock
equivalent units, restricted stock units and deferred stock units. To the extent permitted by law, the Committee may, in its sole discretion, permit Eligible Employees and/or Non-Employee Directors to defer all or a portion of their cash
compensation in the form of Other Stock-Based Awards granted under this Plan, subject to the terms and conditions of any deferred compensation arrangement established by the Company, which shall be in a manner intended to comply with
Section 409A of the Code. Other Stock-Based Awards may be granted either alone or in addition to or in tandem with other Awards granted under the Plan. 
 Subject to the provisions of this Plan, the Committee shall, in its sole discretion, have authority to determine the Eligible Employees, Consultants and Non-Employee Directors to whom, and the time or times at which,
such Awards shall be made, the number of shares of Common Stock to be awarded pursuant to such Awards, and all other conditions of the Awards. The Committee may also provide for the grant of Common Stock under such Awards upon the completion of a
specified performance period. 
 The Committee may condition the grant or vesting of Other Stock-Based Awards upon the attainment of
specified Performance Goals set forth on Exhibit A as the Committee may determine, in its sole discretion; provided that to the extent that such Other Stock-Based Awards 

  

 27 

 
are intended to comply with Section 162(m) of the Code, the Committee shall establish the objective Performance Goals for the vesting of such Other
Stock-Based Awards based on a performance period applicable to each Participant or class of Participants in writing prior to the beginning of the applicable performance period or at such later date as permitted under Section 162(m) of the Code
and while the outcome of the Performance Goals are substantially uncertain. Such Performance Goals may incorporate, if and only to the extent permitted under Section 162(m) of the Code, provisions for disregarding (or adjusting for) changes in
accounting methods, corporate transactions (including, without limitation, dispositions and acquisitions) and other similar type events or circumstances. To the extent any such provision would create impermissible discretion under
Section 162(m) of the Code or otherwise violate Section 162(m) of the Code, such provision shall be of no force or effect. The applicable Performance Goals shall be based on one or more of the performance criteria set forth in Exhibit A
hereto. 
 10.2 Terms and Conditions. Other Stock-Based Awards made pursuant to this Article X shall be subject to the
following terms and conditions: 
  

	 	(a)	Non-Transferability. Subject to the applicable provisions of the Award agreement and this Plan, shares of Common Stock subject to Awards made under this Article X may not be
Transferred prior to the date on which the shares are issued, or, if later, the date on which any applicable restriction, performance or deferral period lapses. 

  

	 	(b)	Dividends. Unless otherwise determined by the Committee at the time of Award, subject to the provisions of the Award agreement and this Plan, the recipient of an Award under
this Article X shall not be entitled to receive, currently or on a deferred basis, dividends or dividend equivalents with respect to the number of shares of Common Stock covered by the Award. 

  

	 	(c)	Vesting. Any Award under this Article X and any Common Stock covered by any such Award shall vest or be forfeited to the extent so provided in the Award agreement, as
determined by the Committee, in its sole discretion. 

  

	 	(d)	Price. Common Stock issued on a bonus basis under this Article X may be issued for no cash consideration; Common Stock purchased pursuant to a purchase right awarded under
this Article X shall be priced, as determined by the Committee in its sole discretion. 

  

	 	(e)	Payment. Form of payment for the Other Stock-Based Award shall be specified in the Award agreement. 

 10.3 Grant of Restricted Stock Units in Connection with the Merger Transaction. 
  

	 	(a)	 Grant of RSUs. In connection with the Merger Transaction, the Committee, in its sole discretion, shall authorize the grant of restricted stock units to
Eligible Employees on the terms and conditions set forth in 

  

 28 

	 	 
this Section 10.3. All such restricted stock units (hereinafter, “Merger Transaction RSUs”) will be granted on the closing date of the Merger
Transaction or as soon as practicable thereafter (the “Merger Transaction Grant Date”). All Merger Transaction RSUs will be granted subject to the terms and conditions of the Plan and each Award will be memorialized in a separate agreement
between the Company and the Participant. 

  

	 	(b)	Vesting. All Merger Transaction RSUs shall vest on a cumulative basis, as follows: (i) 50% shall vest immediately on the Merger Transaction Grant Date; (ii) an
additional 25% shall vest on the first anniversary of the Merger Transaction Grant Date; and (iii) the balance of each Award (25%) shall vest on the second anniversary of the Merger Transaction Grant Date. 

  

	 	(c)	Distribution. Subject to the provisions of Section 10.3(d), on or as soon as reasonably practicable following the applicable vesting date, the Company shall distribute
one share of Common Stock with respect to each Merger Transaction RSU that vests on such date (subject to share adjustment pursuant to Article IV of the Plan, as applicable.) Upon delivery of such shares of Common Stock, all obligations of the
Company with respect to each such Merger Transaction RSU shall be satisfied. 

  

	 	(d)	Lock-Up Period. In no event shall any shares of Common Stock subject to a Merger Transaction RSU be distributed prior to the expiration of the Lock-Up Period, as defined in
Section 5.1 of the Merger Agreement, which period shall end on the third anniversary of the Merger Transaction Grant Date. 

  

	 	(e)	Employment Termination. Upon a Participant’s Termination, other than for Cause, all un-vested Merger Transaction RSUs shall automatically be forfeited and all vested
Merger Transaction RSUs shall be distributed as soon as practicable following the expiration of the Lock-Up Period in the manner described in Section 10.3(c) or 10.3(f), as applicable. In the event of a Participant’s Termination for Cause,
all Merger Transaction RSUs, whether or not vested and whether or not payable in Common Stock or cash, shall be forfeited. 

  

	 	(f)	 Transfer to NYSE Regulation, Inc. Notwithstanding any contrary provision contained in this Article X, if a Participant transfers employment to NYSE
Regulation, Inc., any Merger Transaction RSUs granted to such Participant prior to such employment transfer shall automatically be converted from a deferred stock award to a deferred cash award (“Cash Award”) but shall otherwise continue
to be subject to the terms and conditions of the Plan, including this Article X and the vesting schedule set forth in Section 10.3(b) above and the forfeiture provisions in Section 10.3(e). The value of the Cash Award shall be calculated
on the basis of 90% of the Fair Market Value of a share of Common Stock on the 

  

 29 

	 	 
effective date of the Participant’s transfer of employment from the Company or Affiliate to NYSE Regulation, Inc. The Cash Award, which shall be payable
from the general assets of the Company, subject to its creditors, shall be paid to the Participant as soon as practicable following the expiration of the Lock-Up Period. The Cash Award payable under this Section 10.3(f) shall be adjusted
annually for earnings at a money market fund rate, or at the rate of return on another stable value investment vehicle designed for the preservation of principal, as determined by the Company. Upon payment of the Cash Award to the Participant, all
obligations of the Company with respect to the Merger Transaction RSUs granted to such Participant shall be satisfied. 

  

	 	(g)	Other Terms and Conditions. Merger Transaction RSUs may contain such other provisions, which shall not be inconsistent with any of the terms of this Plan, as the Committee
shall, in its sole discretion, deem appropriate. Merger Transaction RSUs shall be memorialized in a written agreement between the Company and the Participant. 

 ARTICLE XI 
 PERFORMANCE-BASED CASH AWARDS 
 11.1 Performance-Based Cash Awards. Performance-Based Cash Awards may be granted either alone or in addition to or in tandem with Stock
Options, Stock Appreciation Rights, or Restricted Stock. Subject to the provisions of this Plan, the Committee shall, in its sole discretion, have authority to determine the Eligible Employees and Consultants to whom, and the time or times at which,
such Awards shall be made, the dollar amount to be awarded pursuant to such Awards, and all other conditions of the Awards. The Committee may also provide for the payment of dollar amount under such Awards upon the completion of a specified
Performance Period. 
 For each Participant, the Committee may specify a targeted performance award. The individual target award may be
expressed, at the Committee’s discretion, as a fixed dollar amount, a percentage of base pay or total pay (excluding payments made under the Plan), or an amount determined pursuant to an objective formula or standard. Establishment of an
individual target award for a Participant for a calendar year shall not imply or require that the same level individual target award (if any such award is established by the Committee for the relevant Participant) be set for any subsequent calendar
year. At the time the Performance Goals are established, the Committee shall prescribe a formula to determine the percentages (which may be greater than 100%) of the individual target award which may be payable based upon the degree of attainment of
the Performance Goals during the calendar year. Notwithstanding anything else herein, the Committee may, in its sole discretion, elect to pay a Participant an amount that is less than the Participant’s individual target award (or attained
percentage thereof) regardless of the degree of attainment of the Performance Goals; provided that no such discretion to reduce an Award earned based on achievement of the applicable Performance Goals shall be permitted for the calendar year in
which a Change in Control of the Company occurs, or during such calendar year with regard to the prior calendar year if the 

  

 30 

 
Awards for the prior calendar year have not been made by the time of the Change in Control of the Company, with regard to individuals who were Participants
at the time of the Change in Control of the Company. 
 11.2 Terms and Conditions. Performance-Based Awards made pursuant to
this Article XI shall be subject to the following terms and conditions: 
  

	 	(a)	Vesting of Performance-Based Cash Award. At the expiration of the applicable Performance Period, the Committee shall determine and certify in writing the extent to which the
Performance Goals established pursuant to Section 11.2(c) are achieved and the percentage of the Participant’s individual target award has been vested and earned. 

  

	 	(b)	Waiver of Limitation. In the event of the Participant’s Retirement, Disability or death, or in cases of special circumstances, the Committee may, in its sole discretion,
waive in whole or in part any or all of the limitations imposed hereunder (if any) with respect to any or all of an Award under this Article XI. 

  

	 	(c)	Objective Performance Goals, Formulae or Standards. 

  

	 	(i)	The Committee shall establish the objective Performance Goals and the individual target award (if any) applicable to each Participant or class of Participants in writing prior to
the beginning of the applicable Performance Period or at such later date as permitted under Section 162(m) of the Code and while the outcome of the Performance Goals are substantially uncertain. Such Performance Goals may incorporate, if and
only to the extent permitted under Section 162(m) of the Code, provisions for disregarding (or adjusting for) changes in accounting methods, corporate transactions (including, without limitation, dispositions and acquisitions) and other similar
type events or circumstances. To the extent any Performance-Based Award is intended to comply with the provisions of Section 162(m) of the Code, if any provision would create impermissible discretion under Section 162(m) of the Code or
otherwise violate Section 162(m) of the Code, such provision shall be of no force or effect. The applicable Performance Goals shall be based on one or more of the performance criteria set forth in Exhibit A hereto. 

  

	 	(ii)	The measurements used in Performance Goals set under the Plan shall be determined in accordance with Generally Accepted Accounting Principles (“GAAP”), except, to the
extent that any objective Performance Goals are used, if any measurements require deviation from GAAP, such deviation shall be at the discretion of the Committee at the time the Performance Goals are set or at such later time to the extent permitted
under Section 162(m) of the Code. 

  

 31 

	 	(d)	Payment. Following the Committee’s determination and certification in accordance with subsection (a) above, the Performance-Based Cash Award amount shall be
delivered to the Eligible Employee or his legal representative, in accordance with the terms and conditions of the Award agreement. 

 ARTICLE XII 
 NON-EMPLOYEE DIRECTOR AWARDS 
 12.1 Discretionary Awards to Non-Employee Directors. A Non-Employee Director shall be eligible to receive Awards under the Plan in accordance with its terms, including those set forth in this
Article XII and such other terms and conditions as may be established by the Board consistent with the terms of the Plan and set forth in an Award agreement at grant or thereafter. 
 12.2 Acceleration of Exercisability. All Awards granted to a Non-Employee Director and not previously vested or exercisable shall
become fully vested and exercisable upon such director’s death or, in the case of all Awards other than Restricted Stock, the Non-Employee Director’s Retirement, and all Awards granted to Non-Employee Directors and not previously vested or
exercisable shall become fully vested and exercisable immediately upon a Change in Control (as defined in Section 13.2). 
 12.3
Changes. 
  

	 	(a)	The Awards to a Non-Employee Director shall be subject to Sections 4.2(a), (b) and (c) of the Plan and this Section 12.3. 

  

	 	(b)	 If the Company shall not be the surviving corporation in any merger or consolidation, or if the Company is to be dissolved or liquidated, then, unless the surviving
corporation assumes the Stock Options or substitutes new Stock Options which are determined by the Board in its sole discretion to be substantially similar in nature and equivalent in terms and value for Stock Options then outstanding, upon the
effective date of such merger, consolidation, liquidation or dissolution, any unexercised Stock Options shall expire without additional compensation to the holder thereof; provided, that, the Board shall deliver notice to each Non-Employee Director
at least 30 days prior to the date of consummation of such merger, consolidation, dissolution or liquidation which would result in the expiration of the Stock Options and during the period from the date on which such notice of termination is
delivered to the consummation of the merger, consolidation, dissolution or liquidation, such Participant shall have the right to exercise in full, effective as of such consummation, all Stock Options that are then outstanding (without regard to
limitations on 

  

 32 

	 	 
exercise otherwise contained in the Stock Options) but contingent on occurrence of the merger, consolidation, dissolution or liquidation, and, provided that,
if the contemplated transaction does not take place within a 90 day period after giving such notice for any reason whatsoever, the notice, accelerated vesting and exercise shall be null and void and, if and when appropriate, new notice shall be
given as aforesaid. 

 ARTICLE XIII 
 CHANGE IN CONTROL PROVISIONS 
 13.1 Benefits. In the event of a Change in Control of
the Company and except as otherwise provided by the Committee in any Award agreement, a Participant’s unvested Award shall not vest and a Participant’s Award shall be treated in accordance with one of the following methods determined by
the Committee, in its sole discretion: 
  

	 	(a)	Awards, whether or not then vested, shall be continued, assumed, have new rights substituted therefor or be treated in accordance with Section 4.2(d) hereof, as determined by
the Committee in its sole discretion, and restrictions to which any shares of Restricted Stock or any other Award granted prior to the Change in Control are subject shall not lapse upon a Change in Control and the Restricted Stock or other Award
shall, where appropriate in the sole discretion of the Committee, receive the same distribution as other Common Stock on such terms as determined by the Committee; provided that, the Committee may, in its sole discretion, decide to award additional
Restricted Stock or other Award in lieu of any cash distribution. Notwithstanding anything to the contrary herein, for purposes of Incentive Stock Options, any assumed or substituted Stock Option shall comply with the requirements of Treasury
Regulation Section 1.424-1 (and any amendments thereto). 

  

	 	(b)	The Committee, in its sole discretion, may provide for the purchase of any Awards by the Company or an Affiliate for an amount of cash equal to the excess of the Change in Control
Price (as defined below) of the shares of Common Stock covered by such Awards, over the aggregate exercise price of such Awards. For purposes of this Section 13.1, “Change in Control Price” shall mean the highest price per share of
Common Stock paid in any transaction related to a Change in Control of the Company. 

  

	 	(c)	The Committee may, in its sole discretion, provide for the cancellation of any Awards without payment, if the Change in Control Price is less than the Fair Market Value of such
Award on the date of grant. 

  

	 	(d)	Notwithstanding anything else herein, the Committee may, in its sole discretion, provide for accelerated vesting or lapse of restrictions, of an Award at the time of grant or at any
time thereafter. 

  

 33 

 13.2 Change in Control. Unless otherwise determined by the Committee, a “Change
in Control” shall be deemed to occur following any transaction if: 
  

	 	(a)	Any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act)) (a “Person”) becomes the beneficial owner (within the
meaning of Rule 13d-3 promulgated under the Exchange Act) of 50.1% or more of either (A) the then outstanding shares of common stock of the Company (the “Outstanding Company Common Stock”) or (B) the combined voting power of the
then outstanding voting securities of the Company entitled to vote generally in the election of directors (the “Outstanding Company Voting Securities”); provided, however, that, for purposes of this Section 13.2(a), the following
acquisitions shall not constitute a Change in Control: (i) any acquisition directly from the Company, (ii) any acquisition by the Company, (iii) any acquisition by any employee benefit plan (or related trust) sponsored or maintained
by the Company or any Affiliate or (iv) any acquisition by any corporation pursuant to a transaction that complies with Sections 13.2(c)(i), (ii) and (iii); 

  

	 	(b)	Any time at which individuals who, as of the Effective Date, constitute the Board (the “Incumbent Board”) cease for any reason to constitute at least a majority of the
Board; provided, however, that any individual becoming a director subsequent to the Effective Date whose election, or nomination for election by the Company’s stockholders, was approved by a vote of at least a majority of the directors then
comprising the Incumbent Board shall be considered as though such individual were a member of the Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption of office occurs as a result of an actual or threatened
election contest with respect to the election or removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Board; 

  

	 	(c)	 Consummation of a reorganization, merger, statutory share exchange or consolidation or similar transaction involving the Company or any of its subsidiaries, a sale
or other disposition of all or substantially all of the assets of the Company, or the acquisition of assets or stock of another entity by the Company or any of its subsidiaries (each, a “Business Combination”), in each case unless,
following such Business Combination, (i) all or substantially all of the individuals and entities that were the beneficial owners of the Outstanding Company Common Stock and the Outstanding Company Voting Securities immediately prior to such
Business Combination beneficially own, directly or indirectly, more than 50% of the then-outstanding shares of common stock and the combined voting power of the then-outstanding voting securities entitled to vote generally in the election of
directors, as the case may be, of the 

  

 34 

	 	 
corporation resulting from such Business Combination (including, without limitation, a corporation that, as a result of such transaction, owns the Company or
all or substantially all of the Company’s assets either directly or through one or more subsidiaries) in substantially the same proportions as their ownership immediately prior to such Business Combination of the Outstanding Company Common
Stock and the Outstanding Company Voting Securities, as the case may be, (ii) no Person (excluding any corporation resulting from such Business Combination or any employee benefit plan (or related trust) of the Company or such corporation
resulting from such Business Combination) beneficially owns, directly or indirectly, 50.1% or more of, respectively, the then-outstanding shares of common stock of the corporation resulting from such Business Combination or the combined voting power
of the then-outstanding voting securities of such corporation, except to the extent that such ownership existed prior to the Business Combination, and (iii) at least a majority of the members of the board of directors of the corporation
resulting from such Business Combination were members of the Incumbent Board at the time of the execution of the initial agreement or of the action of the Board providing for such Business Combination; or 

  

	 	(d)	Approval by the stockholders of the Company of a complete liquidation or dissolution of the Company; 

 provided, however, that a Change in Control shall not occur for purposes of the Plan unless it constitutes a “change in control” for purposes of Section 409A of the Code; provided, further, however,
that the foregoing proviso shall not apply to an Award that is granted after May 15, 2008 unless the Award is intended to comply with Section 409A of the Code and payment under the Award is triggered by a Change in Control. 
 ARTICLE XIV 
 TERMINATION OR AMENDMENT
OF PLAN 
 14.1 Termination or Amendment. Notwithstanding any other provision of this Plan, the Board or the Committee
may at any time, and from time to time, amend, in whole or in part, any or all of the provisions of this Plan (including any amendment deemed necessary to ensure that the Company may comply with any regulatory requirement referred to in Article
XVI), or suspend or terminate it entirely, retroactively or otherwise; provided, however, that, unless otherwise required by law or specifically provided herein, the rights of a Participant with respect to Awards granted prior to such amendment,
suspension or termination, may not be impaired without the consent of such Participant and, provided further, without the approval of the stockholders of the Company in accordance with the laws of the State of Delaware, to the extent required by the
applicable provisions of Rule 16b-3, or Section 162(m) of the Code, pursuant to the requirements of the NYSE Listed Company Manual, or, to the extent applicable to Incentive Stock Options, Section 422 of the Code, no amendment may be made
which would: 
  

	 	(a)	increase the aggregate number of shares of Common Stock that may be issued under this Plan pursuant to Section 4.1 (except by operation of Section 4.2);

  

 35 

	 	(b)	increase the maximum individual Participant limitations for a fiscal year under Section 4.1(b) (except by operation of Section 4.2); 

  

	 	(c)	change the classification of Eligible Employees or Consultants eligible to receive Awards under this Plan; 

  

	 	(d)	decrease the minimum option price of any Stock Option or Stock Appreciation Right; 

  

	 	(e)	extend the maximum option period under Section 6.3; 

  

	 	(f)	alter the Performance Goals for the Award of Restricted Stock, Performance Shares or Other Stock-Based Awards subject to satisfaction of Performance Goals as set forth in Exhibit A;

  

	 	(g)	award any Stock Option or Stock Appreciation Right in replacement of a canceled Stock Option or Stock Appreciation Right with a higher exercise price, except in accordance with
Section 6.3(m); or 

  

	 	(h)	require stockholder approval in order for this Plan to continue to comply with the applicable provisions of Section 162(m) of the Code or, to the extent applicable to Incentive
Stock Options, Section 422 of the Code. In no event may this Plan be amended without the approval of the stockholders of the Company in accordance with the applicable laws of the State of Delaware to increase the aggregate number of shares of
Common Stock that may be issued under this Plan, decrease the minimum exercise price of any Stock Option or Stock Appreciation Right, or to make any other amendment that would require stockholder approval under the NYSE Listed Company Manual, or the
rules of any other exchange or system on which the Company’s securities are listed or traded at the request of the Company. 

 The Committee may amend the terms of any Award theretofore granted, prospectively or retroactively, but, subject to Article IV above or as otherwise specifically provided herein, no such amendment or other action by the Committee shall
impair the rights of any holder without the holder’s consent. 
 ARTICLE XV 
 UNFUNDED PLAN 
 15.1 Unfunded
Status of Plan. This Plan is an “unfunded” plan for incentive and deferred compensation. With respect to any payments as to which a Participant has a fixed and vested interest but that are not yet made to a Participant by the
Company, nothing contained herein shall give any such Participant any rights that are greater than those of a general unsecured creditor of the Company. 
  

 36 

 ARTICLE XVI 
 GENERAL PROVISIONS 
 16.1 Legend. The Committee may require each person receiving
shares of Common Stock pursuant to a Stock Option or other Award under the Plan to represent to and agree with the Company in writing that the Participant is acquiring the shares without a view to distribution thereof. In addition to any legend
required by this Plan, the certificates for such shares may include any legend that the Committee, in its sole discretion, deems appropriate to reflect any restrictions on Transfer. 
 All certificates for shares of Common Stock delivered under the Plan shall be subject to such stop transfer orders and other restrictions as the
Committee may, in its sole discretion, deem advisable under the rules, regulations and other requirements of the Securities and Exchange Commission, any stock exchange upon which the Common Stock is then listed or any national securities exchange
system upon whose system the Common Stock is then quoted, any applicable Federal or state securities law, and any applicable corporate law, and the Committee may cause a legend or legends to be put on any such certificates to make appropriate
reference to such restrictions. 
 16.2 Other Plans. Nothing contained in this Plan shall prevent the Board from
adopting other or additional compensation arrangements, subject to stockholder approval if such approval is required; and such arrangements may be either generally applicable or applicable only in specific cases. 
 16.3 No Right to Employment/Directorship/Consultancy. Neither this Plan nor the grant of any Option or other Award hereunder shall
give any Participant or other employee, Consultant or Non-Employee Director any right with respect to continuance of employment, consultancy or directorship by the Company or any Affiliate, nor shall they be a limitation in any way on the right of
the Company or any Affiliate by which an employee is employed or a Consultant or Non-Employee Director is retained to terminate his or her employment, consultancy or directorship at any time. 
 16.4 Withholding of Taxes. The Company shall have the right to deduct from any payment to be made pursuant to this Plan, or to
otherwise require, prior to the issuance or delivery of any shares of Common Stock or the payment of any cash hereunder, payment by the Participant of, any Federal, state or local taxes required by law to be withheld. Upon the vesting of Restricted
Stock (or other Award that is taxable upon vesting), or upon making an election under Section 83(b) of the Code, a Participant shall pay all required withholding to the Company. Any statutorily required withholding obligation with regard to any
Participant may be satisfied, subject to the prior consent of the Committee, by reducing the number of shares of Common Stock otherwise deliverable or by delivering shares of Common Stock already owned. Any fraction of a share of Common Stock
required to satisfy such tax obligations shall be disregarded and the amount due shall be paid instead in cash by the Participant. 
  

 37 

 16.5 No Assignment of Benefits. No Award or other benefit payable under this Plan
shall, except as otherwise specifically provided by law or permitted by the Committee, be Transferable in any manner, and any attempt to Transfer any such benefit shall be void, and any such benefit shall not in any manner be liable for or subject
to the debts, contracts, liabilities, engagements or torts of any person who shall be entitled to such benefit, nor shall it be subject to attachment or legal process for or against such person. 
 16.6 Listing and Other Conditions. 
  

	 	(a)	Unless otherwise determined by the Committee, as long as the Common Stock is listed on a national securities exchange or system sponsored by a national securities association, the
issue of any shares of Common Stock pursuant to an Award shall be conditioned upon such shares being listed on such exchange or system. The Company shall have no obligation to issue such shares unless and until such shares are so listed, and the
right to exercise any Option or other Award with respect to such shares shall be suspended until such listing has been effected. 

  

	 	(b)	If at any time counsel to the Company shall be of the opinion that any sale or delivery of shares of Common Stock pursuant to an Option or other Award is or may in the circumstances
be unlawful or result in the imposition of excise taxes on the Company under the statutes, rules or regulations of any applicable jurisdiction, the Company shall have no obligation to make such sale or delivery, or to make any application or to
effect or to maintain any qualification or registration under the Securities Act or otherwise, with respect to shares of Common Stock or Awards, and the right to exercise any Option or other Award shall be suspended until, in the opinion of said
counsel, such sale or delivery shall be lawful or will not result in the imposition of excise taxes on the Company. 

  

	 	(c)	Upon termination of any period of suspension under this Section 16.6, any Award affected by such suspension which shall not then have expired or terminated shall be reinstated
as to all shares available before such suspension and as to shares which would otherwise have become available during the period of such suspension, but no such suspension shall extend the term of any Award. 

  

	 	(d)	A Participant shall be required to supply the Company with any certificates, representations and information that the Company requests and otherwise cooperate with the Company in
obtaining any listing, registration, qualification, exemption, consent or approval the Company deems necessary or appropriate. 

 16.7 Governing Law. This Plan and actions taken in connection herewith shall be governed and construed in accordance with the laws of the State of Delaware (regardless of the law that might otherwise govern under
applicable Delaware principles of conflict of laws). 
  

 38 

 16.8 Construction. Wherever any words are used in this Plan in the masculine gender
they shall be construed as though they were also used in the feminine gender in all cases where they would so apply, and wherever any words are used herein in the singular form they shall be construed as though they were also used in the plural form
in all cases where they would so apply. 
 16.9 Other Benefits. No Award granted or paid out under this Plan shall be
deemed compensation for purposes of computing benefits under any retirement plan of the Company or its Affiliates nor affect any benefits under any other benefit plan now or subsequently in effect under which the availability or amount of benefits
is related to the level of compensation. 
 16.10 Costs. The Company shall bear all expenses associated with
administering this Plan, including expenses of issuing Common Stock pursuant to any Awards hereunder. 
 16.11 No Right to Same
Benefits. The provisions of Awards need not be the same with respect to each Participant, and such Awards to individual Participants need not be the same in subsequent years. 
 16.12 Death/Disability. The Committee may in its sole discretion require the transferee of a Participant to supply it with written
notice of the Participant’s death or Disability and to supply it with a copy of the will (in the case of the Participant’s death) or such other evidence as the Committee deems necessary to establish the validity of the transfer of an
Award. The Committee may, in its discretion, also require that the agreement of the transferee to be bound by all of the terms and conditions of the Plan. 
 16.13 Section 16(b) of the Exchange Act. All elections and transactions under this Plan by persons subject to Section 16 of the Exchange Act involving shares of Common Stock are intended
to comply with any applicable exemptive condition under Rule 16b-3. The Committee may, in its sole discretion, establish and adopt written administrative guidelines, designed to facilitate compliance with Section 16(b) of the Exchange Act,
as it may deem necessary or proper for the administration and operation of this Plan and the transaction of business thereunder. 
 16.14
Section 409A of the Code. Awards under the Plan are intended to comply with, or be exempt from, the applicable requirements of Section 409A of the Code and shall be limited, construed and interpreted in accordance with such
intent. Although the Company does not guarantee any particular tax treatment, to the extent that any Award is subject to Section 409A of the Code, it shall be paid in a manner that is intended to comply with Section 409A of the Code,
including regulations and any other guidance issued by the Secretary of the Treasury and the Internal Revenue Service with respect thereto. 
 16.15 Successor and Assigns. The Plan shall be binding on all successors and permitted assigns of a Participant, including, without limitation, the estate of such Participant and the executor, administrator or trustee
of such estate. 
 16.16 Severability of Provisions. If any provision of the Plan shall be held invalid or
unenforceable, such invalidity or unenforceability shall not affect any other provisions hereof, and the Plan shall be construed and enforced as if such provisions had not been included. 
  

 39 

 16.17 Payments to Minors, Etc. Any benefit payable to or for the benefit of a minor,
an incompetent person or other person incapable of receipt thereof shall be deemed paid when paid to such person’s guardian or to the party providing or reasonably appearing to provide for the care of such person, and such payment shall fully
discharge the Committee, the Board, the Company, its Affiliates and their employees, agents and representatives with respect thereto. 
 16.18 Headings and Captions. The headings and captions herein are provided for reference and convenience only, shall not be considered part of the Plan, and shall not be employed in the construction of the Plan.

 ARTICLE XVII 
 EFFECTIVE
DATE OF PLAN 
 The Plan will become effective on May 15, 2008 subject to the approval of the Company’s stockholders on such date.

 ARTICLE XVIII 
 TERM OF
PLAN 
 No Award shall be granted pursuant to the Plan on or after May 15, 2018, but awards granted prior to such date may extend beyond
that date. Notwithstanding the foregoing provisions, provided that no Award (other than a Stock Option or Stock Appreciation Right) that is intended to be “performance-based” under Section 162(m) of the Code shall be granted on or
after the fifth anniversary of the date of stockholder approval of the Plan as restated effective May 15, 2008, unless the Performance Goals set forth on Exhibit A are reapproved (or other designated performance goals are approved) by the
stockholders no later than the first stockholder meeting that occurs in the fifth year following the year in which stockholders approve the Performance Goals set forth on Exhibit A. 
 ARTICLE XIX 
 NAME OF PLAN 
 This Plan shall be known as the “NYSE Euronext Omnibus Incentive Plan.” 
  

 40 

 ARTICLE XX 
 SPECIAL PROVISIONS APPLICABLE TO 
 PARTICIPANTS TRANSFERRED TO 
 EMPLOYMENT WITH NYSE REGULATION, INC. 
 20.1 Applicability of Article. Unless the Board determines otherwise, all Awards granted under this Plan shall be subject to, and governed by, the provisions of this Article XX 
 20.2 Affected Participants. In the event that a Participant transfers from employment with the Company or an Affiliate to employment with
NYSE Regulation, Inc., also an Affiliate, any Awards held by such Participant shall be subject to the forfeiture and/or mandated divestiture provisions set forth in Section 20.3 below. For purposes of this Article XX, a Participant who
transfers to employment with NYSE Regulation, Inc. shall be referred to as an “Affected Participant.” Notwithstanding any contrary provision contained in this Plan, Merger Transaction RSUs granted prior to the Affected Participant’s
transfer of employment to NYSE Regulation, Inc. shall be handled in accordance with the provisions of Section 10.3(f) of the Plan and the individual Award agreement. 
 20.3 Forfeiture/Required Divestiture. Any Award held by an Affected Participant shall be subject to the forfeiture and required divestiture requirements set forth in this Section 20.3. 

 

	 	(a)	Forfeiture. The portion of any Award that is not vested at the time of the Affected Participant’s transfer of employment to NYSE Regulation, Inc. shall automatically be
forfeited effective as of such date of transfer. As soon as practicable following the Participant’s transfer of employment, NYSE Regulation, Inc. shall grant the Participant an award under its cash bonus plan (or other comparable plan then in
effect) equal in value to 90% of the Fair Market Value of the forfeited portion of the Award determined as of the date of forfeiture. NYSE Regulation, Inc. shall set the terms and conditions of the new award; provided, however, that the vesting
schedule applicable to the new award shall be the same as the vesting schedule that had been applicable to the Award (or portion thereof) required to be forfeited under this Section 20.3. 

  

	 	(b)	 Divestiture. An Affected Participant holding vested shares of Common Stock and/or vested but unexercised Awards acquired under the Plan shall be required to
take either or both of the following actions, to the extent applicable, within the time periods prescribed herein: (i) the Participant shall sell all vested shares of Common Stock within six months following the effective date of the
Participant’s transfer of employment to NYSE Regulation, Inc. and (ii) the Participant shall exercise the vested portion of all Awards and sell the underlying shares of Common Stock within six months following the effective date of the
Participant’s transfer of employment to NYSE Regulation, Inc. Notwithstanding any contrary provision contained herein, any Participant required to exercise and/or 

  

 41 

	 	 
divest shares of Common Stock pursuant to this Article XX shall not be subject to the transfer and related restrictions in effect during the Lock-Up Period.

  

	 	(c)	Other Terms and Conditions. Individual Award agreements shall specify such other terms and conditions as the Committee may deem to be necessary to implement the provisions of
this Article XX. 

  

 42 

 IN WITNESS WHEREOF, NYSE Euronext has caused this Plan to be adopted effective as of the date set
forth herein and, as evidence of said adoption, NYSE Euronext has caused this instrument to be executed this 15th day of May, 2008. 
  

			
	NYSE EURONEXT
		
	By:	 	/s/ Duncan L. Niederauer
	Title:	 	Chief Executive Officer

  

			
	State of New York	  	)
		  	) ss.:
	County of New York	  	)

 On this 15th day of May 2008, before me personally came Duncan L. Niederauer, to me known and known to me to be
the Chief Executive Officer of NYSE Euronext, and acknowledged that he executed the foregoing certification. 

	
	
	/s/ Pier Tisdel
	Notary Public

  

 43 

 EXHIBIT A 
 PERFORMANCE GOALS 
 Performance goals established for purposes of the grant or vesting of Awards of
Restricted Stock, Other Stock-Based Awards, Performance Shares and/or Performance-Based Cash Awards, each intended to be “performance-based” under Section 162(m) of the Code shall be based on the attainment of certain target levels
of, or a specified increase or decrease (as applicable) in one or more of the following performance goals determined in accordance with generally accepted accounting principles (GAAP) or International Financial Reporting Standards (IFRS)
(“Performance Goals”): 
  

	 	(a)	enterprise value or value creation targets; 

  

	 	(b)	pre-tax or after-tax income (whether on a gross or net basis or pro forma Non-GAAP or US GAAP basis); 

  

	 	(c)	earnings including operating income, earnings before or after taxes, earnings before or after interest, depreciation, amortization or extraordinary or special items;

  

	 	(d)	net income excluding amortization of intangible assets, depreciation and impairment of goodwill and intangible assets; 

  

	 	(e)	return on assets (gross or net), return on investment, return on capital or return on equity; 

  

	 	(f)	revenue (net or gross), revenue growth or return on revenue; 

  

	 	(g)	cash flow; 

  

	 	(h)	operating margin or margin profit; 

  

	 	(i)	gross profit or gross profit return on investment; 

  

	 	(j)	gross margin or gross margin on investment; 

  

	 	(k)	working capital; 

  

	 	(l)	specified objectives with regard to limiting the level of increase in all or a portion of the Company’s bank debt or other long-term or short-term public or private debt or
other similar financial obligations of the Company, which may be calculated net of cash balances and/or other offsets and adjustments as may be established by the Committee in its sole discretion; 

	 	(m)	earnings per share (basic or diluted) or earnings per share from continuing operations; 

  

	 	(n)	stock price, total stockholder return, fair market value of the shares of the Company’s Common Stock or the growth in the value of an investment in shares of the Company’s
Common Stock assuming the reinvestment of dividends; 

  

	 	(o)	a transaction that results in the sale of stock or assets of the Company; or 

  

	 	(p)	reduction in expenses. 

 To the extent permitted under
Section 162(m) of the Code, the Committee may, in its sole discretion, also exclude, or adjust to reflect, the impact of an event or occurrence which the Committee determines should be appropriately excluded or adjusted, including: 

 

	 	(a)	restructurings, discontinued operations, extraordinary items or events, and other unusual or non-recurring charges as described in Accounting Principles Board Opinion No. 30
such as merger-related expenses and/or management’s discussion and analysis of financial condition and results of operations appearing or incorporated by reference in the Company’s Form 10-K for the applicable year;

  

	 	(b)	an event either not directly related to the operations of the Company or not within the reasonable control of the Company’s management; or 

  

	 	(c)	a change in tax law or accounting standards required by generally accepted accounting principles. 

 Performance Goals may also be based upon individual Participant performance goals, as determined by the Committee, in its sole discretion. 
 In addition, such Performance Goals may be based upon the attainment of specified levels of Company (or subsidiary, division, other operational unit or
administrative department of the Company) performance under one or more of the measures described above relative to the performance of other corporations. To the extent permitted under Section 162(m) of the Code, but only to the extent
permitted under Section 162(m) of the Code (including, without limitation, compliance with any requirements for stockholder approval), the Committee may: 
  

	 	(a)	designate additional business criteria on which the performance goals may be based; or 

  

	 	(b)	adjust, modify or amend the aforementioned business criteria.

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