Delaware
|
20-5110848 | |
(State or other jurisdiction of | (I.R.S. employer | |
incorporation or
organization)
|
identification number) | |
11 Wall Street
|
10005 | |
New York, N.Y.
|
(Zip Code) | |
(Address of principal executive
offices)
|
Title of Each Class | Name of Each Exchange on Which Registered | |
Common Stock, $0.01 par value per share |
New York Stock Exchange
Euronext Paris |
Large accelerated filer
þ
|
Accelerated filer o | Non-accelerated filer o | Smaller reporting company o | |||
(Do not check if a smaller reporting company) |
i
| NYSE refers to (1) prior to the completion of the merger between the New York Stock Exchange, Inc. and Archipelago Holdings, Inc. (Archipelago), which occurred on March 7, 2006, New York Stock Exchange, Inc., a New York Type A not-for-profit corporation, and (2) after completion of the merger, New York Stock Exchange LLC, a New York limited liability company, and, where the context requires, its subsidiaries, NYSE Market, Inc., a Delaware corporation, and NYSE Regulation, Inc., a New York not-for-profit corporation. New York Stock Exchange LLC is registered with the SEC under the U.S. Securities Exchange Act of 1934 (the Exchange Act) as a national securities exchange. | |
| NYSE Arca refers collectively to NYSE Arca, L.L.C., a Delaware limited liability company, NYSE Arca, Inc., a Delaware corporation, and NYSE Arca Equities, Inc., a Delaware corporation. NYSE Arca, Inc. is registered with the SEC under the Exchange Act as a national securities exchange. | |
| NYSE Amex refers to NYSE Amex LLC, a Delaware limited liability company (formerly known as the American Stock Exchange LLC). NYSE Amex LLC is registered with the SEC under the Exchange Act as a national securities exchange. |
ii
| Euronext refers to NYSE Euronexts market operations in Europe, including the European-based exchanges that comprise Euronext, N.V. the Paris, Amsterdam, Brussels, London and Lisbon securities exchanges and, where the context requires, the derivatives markets in London, Paris, Amsterdam, Brussels and Lisbon. | |
| NYSE Liffe refers to NYSE Euronexts derivatives markets in London, Paris, Amsterdam, Brussels and Lisbon. |
| possible or assumed future results of operations and operating cash flows; | |
| strategies and investment policies; | |
| financing plans and the availability of capital; | |
| our competitive position and environment; | |
| potential growth opportunities available to us; | |
| the risks associated with potential acquisitions or alliances; | |
| the recruitment and retention of officers and employees; | |
| expected levels of compensation; | |
| potential operating performance, achievements, productivity improvements, efficiency and cost reduction efforts; | |
| the likelihood of success and impact of litigation; | |
| protection or enforcement of intellectual property rights; | |
| expectations with respect to financial markets, industry trends and general economic conditions; | |
| our ability to keep up with rapid technological change; | |
| the timing and results of our technology initiatives; | |
| the effects of competition; and | |
| the impact of future legislation and regulatory changes. |
iii
ITEM 1.
BUSINESS
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NYSE Liffe
NYSE Liffe is the international
derivatives business of NYSE Euronext comprising the derivatives
markets operated by LIFFE Administration and Management,
Euronext Amsterdam, Euronext Brussels, Euronext Lisbon and
Euronext Paris. NYSE Liffe offers customers the advantages of
one of the most technologically-advanced derivatives trading
platforms and one of the widest choices of products of any
derivatives market. Through a single electronic trading platform
(currently LIFFE
CONNECT
®
but shortly to be the Universal Trading Platform), NYSE Liffe
offers customers access to a wide range of interest-rate,
equity, index, commodity and currency derivative products. NYSE
Liffe also offers its customers the pioneering Bclear and
Cscreen services, which bridge the listed and
over-the-counter
(OTC) markets providing a simple and cost-effective
way to register and process wholesale derivatives trades through
NYSE Liffe to clearing at NYSE Liffe Clearing.
NYSE Liffe Clearing
Following the launch of
NYSE Liffe Clearing, NYSE Liffe assumed full
responsibility for clearing activities for the London market of
NYSE Liffe. In this regard, NYSE Liffes London market
operates as a self-clearing Recognized Investment Exchange and
outsources certain clearing guarantee arrangements and related
risk functions to LCH.Clearnet Limited
(LCH.Clearnet), a U.K. recognized clearing house. On
May 12, 2010, NYSE Euronext announced that, subject to
regulatory approval, it will commence clearing its European
securities and derivatives business through two new,
purpose-built, clearing houses based in London and Paris in
2012. LCH.Clearnet Ltd in London and LCH.Clearnet SA in Paris
have been informed that NYSE Euronexts current contractual
arrangements for clearing with them will terminate accordingly
at that time. However, NYSE Liffes London Market has only
indicated its intention to serve a termination notice on its
contract with LCH.Clearnet Ltd and has not served a formal
termination notice. No termination fees or penalties will be
payable. As of December 31, 2010, NYSE Euronext retained a
9.1% stake in LCH.Clearnet Group Limiteds outstanding
share capital and the right to appoint one director to its board
of directors.
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NYSE Liffe US
NYSE Liffe US LLC (NYSE
Liffe US), our U.S. futures exchange, makes available
for trading full- and mini-sized gold and silver futures,
options on full-sized gold and silver futures and futures on
MSCI Indices. In 2011, NYSE Liffe US plans to launch a full
suite of fixed income futures which is expected to clear at
NYPC, subject to regulatory approval. In July 2010,
NYSE Liffe US announced that it will coordinate with its
global customer base to transition the trading and open interest
of all existing MSCI-linked stock index futures in the US to its
platform no later than June 17, 2011, and that it intends
to introduce additional contracts based on MSCI indices. A
significant minority equity stake in NYSE Liffe US is held by
six external investors, Citadel Securities, DRW Investments,
Getco, Goldman Sachs, Morgan Stanley and UBS. Under this
ownership structure, NYSE Euronext remains the largest
shareholder in the entity and consolidates its financial
reporting. NYSE Euronext manages the
day-to-day
operations of NYSE Liffe US, which operates under the
supervision of a separate board of directors.
NYSE Amex Options
In 2010, we announced the
sale of a significant equity interest in NYSE Amex Options, one
of our two U.S. options exchanges, to seven external
investors, BofA Merrill Lynch, Barclays Capital, Citadel
Securities, Citi, Goldman Sachs, TD AMERITRADE and UBS. Under
the framework, NYSE Euronext remains the largest shareholder in
the entity and manages the
day-to-day
operations of NYSE Amex options, which operates under the
supervision of a separate board of directors and a dedicated
chief executive officer. NYSE Euronext consolidates this entity
for financial reporting purposes. We expect to complete the sale
following receipt of regulatory approvals.
NYSE Arca Options
NYSE Arca Options, one of
our two U.S. options exchanges, offers immediate,
cost-effective electronic order execution in nearly 2,000
options issues.
New York Portfolio Clearing
NYPC, our joint
venture with DTCC, is expected to become operational, pending
regulatory approvals, in the first half of 2011. NYPC will
initially clear fixed income derivatives traded on NYSE Liffe US
and will have the ability to provide clearing services for other
exchanges and Derviatives Clearing Organizations in the future.
NYPC uses NYSE Euronexts clearing technology, TRS/CPS, to
process and manage cleared positions and post-trade position
transfers. DTCCs Fixed Income Clearing Corporation
provides capabilities in risk management, settlement, banking
and reference data systems. As of December 31, 2010, we had
a minority ownership interest in, and board representation on,
DTCC. Our investment in NYPC is treated as an equity method
investment.
3
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NYSE
NYSE is registered as a national
securities exchange under the Exchange Act. In addition to
common stock, preferred stock and warrants, the NYSE lists debt
and corporate structured products, such as capital securities,
mandatory convertibles and repackaged securities (not including
ETPs, as defined below), and continues to attract listings of
new types of structured products.
Euronext
Euronext is the first integrated
cross-border exchange, combining the stock exchanges of
Amsterdam, Brussels, Lisbon and Paris into a single market and
now with a London market as well. Issuers who meet European
Union (EU) regulatory standards are qualified for
listing on the regulated markets operated by Euronext.
Euronexts exchanges list a wide variety of securities,
including domestic and international equity securities,
convertible bonds, warrants, trackers and debt securities,
including corporate and government bonds. All of Euronexts
markets are operated by subsidiaries of Euronext, N.V., each of
which holds a national license as an exchange operator.
NYSE Amex
NYSE Amex, formerly the American
Stock Exchange, became part of NYSE Euronext in 2008 and is our
U.S. listing venue for emerging growth companies. NYSE Amex
enhances our scale in U.S. options and provides a listing
venue for a broader class of companies than are qualified for
listing on NYSE. In 2010, NYSE Amex began trading certain
Nasdaq-listed securities. NYSE Amex is registered as a national
securities exchange under the Exchange Act.
NYSE Arca
NYSE Arca is a fully electronic
exchange in the United States for equities, exchange traded
products (ETPs), which include exchange traded funds
(ETFs), exchange traded notes, exchange- traded
vehicles, certificates and options. NYSE Arca is registered as a
national securities exchange under the Exchange Act.
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NYSE Alternext
NYSE Alternext operates our
European markets for emerging growth companies. NYSE
Alternext-listed companies are required to satisfy less
stringent listing standards than companies listing on Euronext.
Companies listing on NYSE Alternext have greater flexibility in
their choice of accounting standards and are subject to less
extensive ongoing post-listing reporting requirements than
companies listing on Euronext.
NYSE Arca Europe
NYSE Arca Europe is a
pan-European multilateral trading facility (MTF),
operated by Euronext Amsterdam. NYSE Arca Europe offers a fully
electronic, low latency trading platform for blue chip stocks
from eleven European countries.
SmartPool
SmartPool is a European dark pool
dedicated to the execution of institutional order flow that
launched its trading services in February 2009. This MTF,
created in partnership with NYSE Euronext and three European
investment banks (BNP Paribas, HSBC and J.P. Morgan), is
operated by NYSE Euronext and has its own dedicated management
team in London.
BlueNext/NYSE Blue
We hold a 60% interest in
BlueNext with the remaining 40% held by CDC Climat. BlueNext
operates a spot market in carbon dioxide
(CO
2
)
emission allowances and credits that is the European leader in
the field, from trading through to worldwide
delivery-versus-payment settlement in real time. BlueNext seeks
to establish a leading position in trading in
environment-related instruments. BlueNext has also launched a
futures market with physical delivery of allowances and credits.
In September 2010, we announced plans to create NYSE Blue, a new
global company that will focus on environmental and sustainable
energy markets. We contributed our ownership in BlueNext in
return for a majority interest in NYSE Blue, and APX, Inc., a
leading provider of regulatory infrastructure and services for
the environmental and sustainable energy markets, will
contribute its business in return for a minority interest in the
venture. The transaction closed on February 18, 2011.
5
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6
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7
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8
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9
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Core Data Products.
The SEC requires
securities markets to join together in consolidating their bids,
offers and last sale prices for each security, and to provide
this information to the public on an integrated basis. We work
with other markets to make our U.S. market data available,
on a consolidated basis, on what is often referred to as the
consolidated tape. The data resulting from the
consolidated tape is also referred to as core data.
This intermarket cooperative effort provides the investing
public with the reported transaction prices and the best bid and
offer for each security, regardless of the market from which a
quote is reported or on which market a trade takes place.
Non-Core Data Products.
We make certain market
data available independently of other markets, which is known as
non-core, or proprietary, data. We package this type of market
data as trading products (such as NYSE OpenBook, through which
the NYSE makes available all limit orders) and analytic products
(such as TAQ Data, NYSE Broker Volume and a variety of other
databases that are made available other than in real-time and
that are generally used by analytic traders, researchers and
academics). These products are proprietary to us, and we do not
share the revenues that they generate with other markets.
10
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Real-Time Market Data.
Our main data services
offering involves the distribution of real-time market data.
This data includes price, transaction and order book data on all
of the instruments traded on the European cash and derivatives
markets of NYSE Euronext, as well as information about NYSE
Euronexts indexes. The data is marketed in different
information products, and can be packaged according to the type
of instrument (shares, derivatives or indexes), the depth of the
information (depth of the order book, number of lines of bid and
ask prices), and the type of customer (professional or private).
The data is disseminated primarily via data vendors, but also
directly to financial institutions and other service providers
in the financial sector.
Other Information Products.
In addition to
real-time market data, NYSE Euronext also provides historical
and analytical data services as well as reference and corporate
action data services.
11
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12
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13
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14
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Listed Company Compliance;
Regulatory Policy and Management;
StockWatch; and
Regulation Administration.
15
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16
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17
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18
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Euronext Amsterdam operates two regulated
markets:
one stock market (Euronext Amsterdam)
and one derivatives market (Euronext Amsterdam Derivatives
Market, i.e., the Amsterdam market of NYSE Liffe);
Euronext Brussels operates two regulated
markets:
one stock market (Euronext Brussels) and
one derivatives market (Euronext Brussels Derivatives Market,
i.e., the Brussels market of NYSE Liffe);
Euronext Lisbon operates two regulated
markets:
one stock market (Euronext Lisbon) and
one derivatives market (Euronext Lisbon Futures and Options
Market, i.e., the Lisbon market of NYSE Liffe);
Euronext Paris operates three regulated
markets:
one stock market (Euronext Paris) and
two derivatives markets (MONEP and MATIF, i.e., the Paris
markets of NYSE Liffe); and
LIFFE Administration and Management operates two regulated
markets, a derivatives market (the London International
Financial Futures and Options Exchange, i.e., the London market
of NYSE Liffe) and NYSE Euronext London. Through the NYSE Liffe
Clearing transaction, the London market of NYSE Liffe became the
central counterparty to trades on its market.
19
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monitors trading in order to identify breaches of the rules,
disorderly trading conditions or conduct that may involve market
abuse;
20
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reports to the relevant national regulator of breaches of rules
or of legal obligations relating to market integrity; and
monitors compliance with and enforces the Euronext Rulebooks.
Under our charter, no person (either alone or together with its
related persons) may beneficially own shares of our common stock
representing in the aggregate more than 20% of the total number
of votes entitled to be cast on any matter; and no person
(either alone or together with its related persons) shall be
entitled to vote or cause the voting of shares of our common
stock representing in the aggregate more than 10% of the total
number of votes entitled to be cast on any matter, and no person
(either alone or together with its related persons) may acquire
the ability to vote more than 10% of the total number of votes
entitled to be cast on any matter by virtue of agreements
entered into by other persons not to vote shares of our
outstanding capital stock.
Under Dutch law, no shareholder may hold or acquire, directly or
indirectly, or try to increase its stake to more than 10% of a
recognized market operator without first obtaining a declaration
of no-objection from the Dutch Minister of Finance.
Under French law, the acquisition and divesture by any person or
group of persons acting in a concerted manner of 10%, 20%,
33
1
/
3
%
or 50% of Euronext Paris shares or voting rights must be
authorized by ACP. By exception to the above, in the event that
the acquisition or divesture of shares takes place outside of
France between non-French persons, such acquisition or divesture
need only be notified to the ACP, which, if it determines that
such transaction could adversely affect the fit and proper
management of Euronext Paris, could decide to review and amend
Euronexts credit institution license.
Also under French law, any person or group of persons acting in
concert who acquires Euronext Paris shares or voting rights in
excess of 10%, 20%,
33
1
/
3
%,
50% or
66
2
/
3
%
is required to inform Euronext Paris, which in turn must notify
the AMF and make the information public. Any person acquiring
direct or indirect control must obtain the prior approval of the
Minister of Finance upon recommendation of the AMF.
Under Belgian law, any person who intends to acquire securities
in a market undertaking and who would, as a result of such
acquisition, hold directly or indirectly 10% or more of the
share capital or of the voting rights in that market
undertaking, must provide prior notice to the CBFA. The same
obligation applies each time such person intends to increase its
ownership by an additional 5%.
Under Portuguese law, a shareholder who intends to acquire,
directly or indirectly, a dominant holding in a Portuguese
market operator must obtain the prior authorization of the
Portuguese Ministry of Finance. In addition, all entities
acquiring or disposing of a holding (direct or indirect) in a
market undertaking in Portugal at the level of 2%, 5%, 10%, 20%,
33
1
/
3
%,
50%,
66
2
/
3
%
and 90% of the voting rights, must notify the CMVM of the
acquisition or disposal within three business days following the
relevant transaction.
21
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ITEM 1A.
RISK
FACTORS
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broad trends in business and finance, including
industry-specific circumstances, capital market trends and the
mergers and acquisitions environment;
terrorism and war;
concerns over inflation and the level of institutional or retail
confidence;
changes in government monetary policy and foreign currency
exchange rates;
the availability of short-term and long-term funding and capital;
the availability of alternative investment opportunities;
changes in the level of trading activity;
changes and volatility in the prices of securities;
changes in tax policy;
the level and volatility of interest rates;
legislative and regulatory changes, including the potential for
regulatory arbitrage among regulated and unregulated markets if
significant policy differences emerge among markets;
the perceived attractiveness, or lack of attractiveness, of the
U.S. or European capital markets;
the outbreak of contagious disease pandemics or other public
health emergencies in the regions in which we operate which
could decrease levels of economic and market activities; and
unforeseen market closures or other disruptions in trading.
24
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25
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26
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develop and license leading technologies;
enhance existing trading platforms and services and create new
platforms and services;
respond to customer demands, technological advances and emerging
industry standards and practices on a cost-effective and timely
basis; and
continue to attract and retain highly skilled technology staff
to maintain and develop existing technology and to adapt to and
manage emerging technologies.
27
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28
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29
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vesting our board of directors with sole power to set the number
of directors;
limiting the persons that may call special stockholders
meetings;
limiting stockholder action by written consent;
requiring supermajority stockholder approval with respect to
certain amendments to our certificate of incorporation and
bylaws;
restricting any person (either alone or together with its
related persons) from voting or causing the voting of shares of
stock representing more than 10% of our outstanding voting
capital stock (including as a result of any agreement by any
other persons not to vote shares of stock); and
restricting any person (either alone or together with its
related persons) from beneficially owning shares of stock
representing more than 20% of the outstanding shares of any
class or series of our capital stock.
30
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quarterly variations in our results of operations or the results
of operations of our competitors;
changes in earning estimates, investors perceptions,
recommendations by securities analysts or our failure to achieve
analysts earning estimates or ratings downgrades;
the announcement of new products or service enhancements by us
or our competitors;
announcements related to litigation;
potential acquisitions by us of, or of us by, other companies;
developments in our industry; and
general economic, market and political conditions and other
factors unrelated to our operating performance or the operating
performance of our competitors.
31
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A legislative proposal on the revision of the Markets in
Financial Instruments Directive (MiFID) that governs
most of NYSE Euronexts
day-to-day
activities as a market operator is expected to be released by
the European Commission during the course of 2011. In December
2010, the European Commission issued a Public Consultation on
the MiFID Review. On February 2, 2011, NYSE Euronext
submitted a written response to the Commissions Public
Consultation;
In September 2010, the European Commission released a
legislative proposal for a Regulation on OTC derivatives,
central counterparties and trade repositories (formerly, the
European Market Infrastructure Regulation (EMIR)).
NYSE Euronext and over two hundred other parties responded to
the Commissions Public Consultation with detailed written
submissions. The adoption of the Regulation is subject to the
co-decision process by the European Parliament and the Council,
with political agreement expected to be achieved by the end of
2011. This would enable EMIR to be implemented in 2012, in line
with the G20 timetable. The original emphasis in EMIR was
on mandating central counterparty (CCP) clearing for
eligible OTC contracts. However, detailed discussion
continues about the full scope of the Regulation, regulatory
standards for CCPs, and others, which may carry a risk of
potentially burdensome and costly operational requirements being
imposed on CCPs. In addition, work within the Bank for
International Settlements is expected to lead to the current
zero risk weighting of collateral lodged with CCPs being
replaced by a more burdensome regime for a CCPs
counterparties;
In September 2010 the European Commission published a
legislative proposal for a Regulation on short selling and
certain aspects of credit default swaps to regulate short
selling activity in the EU. The adoption of the Short Selling
Regulation is currently subject to the co-decision process with
the European Parliament and the Council;
The European Commission has carried out a Public Consultation in
relation to the Market Abuse Directive (MAD), and is
expected to release a legislative proposal for a revised MAD
during the course of 2011.
32
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33
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34
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ITEM 1B.
UNRESOLVED
STAFF COMMENTS
35
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ITEM 2.
PROPERTIES
Location
Owned/Leased
Lease Expiration
Approximate Size
Owned
N/A
370,000 sq. ft.
Leased
2016
293,100 sq. ft.
(1)
Leased
2029
395,900 sq. ft.
Owned
N/A
130,500 sq. ft.
(2)
Leased
2015
145,500 sq. ft.
Leased
2022
91,000 sq. ft.
Leased
2093
127,600 sq. ft.
Leased
2015
13,000 sq. ft.
Leased
2019
57,250 sq. ft.
Owned
N/A
315,000 sq. ft.
(1)
Does not include approximately 89,000 sq. ft. leased
to third parties.
(2)
Does not include approximately 25,000 sq. ft. leased
to third parties.
ITEM 3.
LEGAL
PROCEEDINGS
36
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ITEM 4.
[REMOVED
AND RESERVED]
Name
Age
Title
51
Chief Executive Officer and Director
50
President and Deputy Chief Executive Officer
50
Chief Operating Officer
52
Group Executive Vice President and Chief Financial Officer
49
Group Executive Vice President and Head of European Execution
50
Group Executive Vice President and Global Head of Human Resources
52
Group Executive Vice President and Head of Global Derivatives
50
Group Executive Vice President and General Counsel
55
Chief Executive Officer of NYSE Regulation, Inc.
37
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38
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44
46
102
118
119
120
121
ITEM 5.
MARKET
FOR REGISTRANTS COMMON EQUITY, RELATED STOCKHOLDER MATTERS
AND ISSUER PURCHASES OF EQUITY SECURITIES
High
Low
High
Low
$
30.60
$
14.52
23.95
11.59
$
31.93
$
17.21
22.69
13.11
$
30.44
$
23.70
20.82
16.75
$
30.00
$
24.27
20.49
16.29
$
29.80
$
22.30
22.15
16.23
$
34.82
$
26.42
25.81
21.42
$
30.92
$
26.58
23.41
20.58
$
31.00
$
27.30
23.00
20.55
$
39.99
$
30.08
29.85
22.50
(1)
Figures for the first quarter of 2011 are through
February 18, 2011.
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Number of Securities
Remaining Available for
Future Issuance Under
Number of Securities to
Weighted-Average
Equity Compensation
be Issued Upon Exercise
Exercise Price of
Plans (Excluding
of Outstanding Options,
Outstanding Options,
Securities Reflected in
Warrants and Rights
Warrants and Rights
Column (a))
Plan Category
(a)
(b)
(c)
3,758
$
17.67
(1
)
7,958
N/A
N/A
N/A
3,758
$
17.67
(1
)
7,958
(1)
Corresponding to the weighted-average exercise price of
approximately 0.4 million stock options outstanding as of
December 31, 2010. Does not include outstanding rights to
receive approximately 3.3 million restricted stock units
for which there is no exercise price.
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Among
NYSE Euronext, The S&P 500 Index
And A Peer Group
*
$100 invested on 4/4/07 in stock or 3/31/07 in index, including
reinvestment of dividends.
Fiscal year ending December 31.
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ITEM 6.
SELECTED
FINANCIAL AND OPERATING DATA
Year Ended December 31,
2010
2009
2008
2007
(1)
2006
(In millions, except per share data)
$
3,128
$
3,427
$
3,536
$
2,760
$
1,349
373
403
428
371
223
422
407
395
385
356
318
223
159
130
137
184
224
184
292
311
4,425
4,684
4,702
3,938
2,376
315
388
229
556
673
1,599
1,818
1,592
951
339
2,511
2,478
2,881
2,431
1,364
613
649
664
612
558
281
266
253
240
136
206
225
317
264
120
282
223
163
112
110
1,590
296
313
305
257
152
88
516
177
67
54
745
286
(588
)
879
234
(108
)
(111
)
(99
)
(60
)
41
49
30
42
73
54
686
205
(645
)
892
329
(128
)
7
(95
)
(243
)
(121
)
558
212
(740
)
649
208
7
4
558
212
(733
)
653
208
19
7
(5
)
(10
)
(3
)
$
577
$
219
$
(738
)
$
643
$
205
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Year Ended December 31,
2010
2009
2008
2007
(1)
2006
(In millions, except per share data)
$
2.21
$
0.84
$
(2.81
)
$
2.70
$
1.38
0.03
0.02
$
2.21
$
0.84
$
(2.78
)
$
2.72
$
1.38
$
2.20
$
0.84
$
(2.81
)
$
2.68
$
1.36
0.03
0.02
$
2.20
$
0.84
$
(2.78
)
$
2.70
$
1.36
261
260
265
237
149
(5)
262
261
265
238
150
(5)
$
1.20
$
1.20
$
1.15
$
0.75
$
At December 31,
2010
2009
2008
2007
(1)
2006
(In millions)
$
13,378
$
14,382
$
13,948
$
16,618
$
3,466
$
1,174
$
1,520
$
2,026
$
2,278
$
1,443
1,454
2,149
2,582
3,462
806
$
(280
)
$
(629
)
$
(556
)
$
(1,184
)
$
637
$
3,006
$
3,132
$
3,005
$
3,102
$
991
2,074
2,166
1,787
494
$
6,796
$
6,871
$
6,556
$
9,384
$
1,669
(1)
The results of operations of Euronext have been included since
April 4, 2007.
(2)
Effective July 30, 2007, the member firm regulatory
functions of NYSE Regulation, including related enforcement
activities, risk assessment and the arbitration service, were
transferred to FINRA. Regulatory revenues, component of other
revenues, decreased as a result of this transfer and in
connection with pricing changes.
(3)
The operations of GL Trade, which were sold on October 1,
2008, are reflected as discontinued.
(4)
Represents liabilities due after one year, including accrued
employee benefits, deferred revenue, and deferred income taxes.
(5)
Adjusted to reflect the March 7, 2006 merger between the
NYSE and Archipelago, giving retroactive effect to the issuance
of shares to former NYSE members.
Table of Contents
Year Ended December 31,
2010
2009
2008
(Unaudited)
258
256
256
252
252
253
1,222,557
1,056,011
1,049,730
340,840
260,950
190,874
$
0.66
$
0.65
$
0.64
587,652
517,700
554,878
557,330
492,024
528,578
30,322
25,676
26,300
618,226
526,170
481,606
464,563
369,915
308,574
289,334
199,045
124,469
175,229
170,870
184,105
153,663
156,255
173,032
340,840
260,950
190,874
316,542
226,972
162,272
288,207
197,709
120,860
28,335
29,264
41,412
24,298
33,978
28,602
16,679
12,141
13,246
924,379
665,560
461,013
$
0.171
$
0.199
$
0.202
3,607,981
3,366,731
3,284,761
25.6
%
19.8
%
14.0
%
4,079
4,471
N/A
377,122
350,282
396,956
$
0.703
$
0.948
$
1.581
361,870
335,405
383,119
4,540
3,677
2,365
9,231
9,745
10,150
1,481
1,455
1,322
654,149
826,738
894,503
45
Table of Contents
Year Ended December 31,
2010
2009
2008
(Unaudited)
$
0.0313
$
0.0284
$
0.0416
474,539
604,231
653,910
445,700
550,000
589,712
1,227,390
1,432,761
1,292,987
38.7
%
42.2
%
50.6
%
36.3
%
38.4
%
45.6
%
97,069
129,457
125,327
87,252
113,278
108,452
366,527
475,653
376,728
26.5
%
27.2
%
33.3
%
23.8
%
23.8
%
28.8
%
82,541
93,050
115,266
69,756
75,887
96,467
552,422
563,411
567,878
14.9
%
16.5
%
20.0
%
12.6
%
13.5
%
16.7
%
93,109
126,431
130,001
83,854
110,970
113,377
359,458
477,683
395,123
25.9
%
26.5
%
32.9
%
23.3
%
23.2
%
28.7
%
(1)
Includes currency products.
(2)
Includes all trading activities for Bclear, NYSE Liffes
clearing services for wholesale derivatives.
(3)
Includes trading in U.S. equity options contracts, not
equity-index options.
(4)
U.S. options contracts data has been updated for the integration
of NYSE Amex from October 2008 forward.
(5)
Includes all volume executed in NYSE Group crossing sessions.
(6)
Represents the total number of shares of equity securities and
ETFs internally matched on the NYSE Groups exchanges or
routed to and executed at an external market center. NYSE Arca
routing includes odd-lots.
(7)
Represents the total number of shares of equity securities and
ETFs executed on the NYSE Groups exchanges.
(8)
Data included in previously identified categories.
Table of Contents
Year Ended December 31,
2010
2009
2008
(Unaudited)
2,940
2,939
2,447
361
286
908
$
31,447
$
18,997
$
23,238
980
1,035
1,110
78
42
78
$
812
$
3,154
$
3,333
47.8
%
46.5
%
51.8
%
33.2
%
33.1
%
34.1
%
20.0
%
19.4
%
20.6
%
377,481
387,627
450,041
238,539
240,201
275,430
2,968
3,367
3,757
$
1.33
$
1.39
$
1.47
$
1.55
$
1.57
$
1.85
(1)
Figures for NYSE listed issuers include listed operating
companies, special-purpose acquisition companies and closed-end
funds listed on the NYSE and NYSE Amex and do not include NYSE
Arca or corporate structured products listed on the NYSE. There
were 1,126 ETPs and 3 operating companies exclusively listed on
NYSE Arca as of December 31, 2010. There were 465 corporate
structured products listed on the NYSE as of December 31,
2010. Figures for new issuers listings include NYSE new listings
(including new operating companies, special-purpose acquisition
companies and closed-end funds listings on NYSE) and new ETP
listings on NYSE Arca (NYSE Amex is excluded). Figures for
Euronext present the operating companies listed on Euronext and
do not include NYSE Alternext, Free Market, closed-end funds,
ETFs and structured products (warrants and certificates). As of
December 31, 2010, 155 operating companies were listed on
NYSE Alternext, 273 on Free Market and 561 ETFs were listed on
NextTrack.
(2)
Euronext figures show capital raised in millions of dollars by
operating companies listed on Euronext, NYSE Alternext and Free
Market and do not include closed-end funds, ETFs and structured
products (warrants and certificates). NYSE figures show capital
raised in millions of dollars by operating companies listed on
NYSE and NYSE Amex only.
(3)
Euronext figures include only operating companies listed on
Euronext, NYSE Alternext and Free Market.
(4)
Tape A represents NYSE listed securities, Tape
B represents NYSE Arca and NYSE Amex listed securities,
and Tape C represents Nasdaq listed securities. Per
Regulation NMS, as of April 1, 2007, share of revenues
is derived through a formula based on 25% share of trading, 25%
share of value traded, and 50% share of quoting, as reported to
the consolidated tape. Prior to April 1, 2007, share of
revenues for Tapes A and B was derived based on the number of
trades reported to the consolidated tape, and share of revenue
for Tape C was derived based on an average of share of trades
and share of volume reported to the consolidated tape. The
consolidated tape refers to the collection and dissemination of
market data that multiple markets make available on a
consolidated basis. Share figures exclude transactions reported
to the FINRA/NYSE Trade Reporting Facility.
47
Table of Contents
ITEM 7.
MANAGEMENTS
DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS
providing access to trade execution in derivatives products,
options and futures;
providing certain clearing services for derivative
products; and
selling and distributing market data and related information.
providing access to trade execution in cash trading and
settlement of transactions in certain European markets;
obtaining new listings and servicing existing listings;
selling and distributing market data and related
information; and
providing regulatory services.
operating sell-side and buy-side connectivity networks for our
markets and for other major market centers and market
participants in the United States, Europe and Asia;
providing trading and information technology software and
solutions;
selling and distributing market data and related information to
data subscribers for proprietary data products; and
providing multi-asset managed services and expert consultancy to
exchanges and liquidity centers.
48
Table of Contents
49
Table of Contents
50
Table of Contents
51
Table of Contents
Cash trading.
Revenues for cash trading
consists of transaction charges for executing trades on our cash
markets, as well as transaction charges related to orders on our
U.S. cash markets which are routed to other market centers
for execution. Additionally, our U.S. cash markets pay fees
to the SEC pursuant to Section 31 of the Exchange Act.
These Section 31 fees are designed to recover the costs to the
government of supervision and regulation of securities markets
and securities professionals. Activity assessment fees are
collected from member organizations executing trades on our
U.S. cash markets, and are recognized when these amounts
are invoiced. Fees received are included in cash at the time of
receipt and, as required by law, the amount due to the SEC is
remitted semiannually and recorded as an accrued liability until
paid. The activity assessment fees are designed so that they are
equal to the Section 31 fees. As a result, activity
assessment fees and Section 31 fees do not have an impact
on NYSE Euronexts net income.
Derivatives trading and clearing.
Revenue from
derivatives trading and clearing consists of per-contract fees
for executing trades of derivatives contracts and clearing
charges on NYSE Liffe and NYSE Liffe US and executing options
contracts traded on NYSE Arca and NYSE Amex. In some cases,
these fees are subject to caps.
52
Table of Contents
53
Table of Contents
54
Table of Contents
55
Table of Contents
Year Ended
Percent
December 31,
Increase
2010
2009
(Decrease)
(Dollars in Millions)
$
3,128
$
3,427
(9
)%
373
403
(7
)%
422
407
4
%
318
223
43
%
184
224
(18
)%
4,425
4,684
(6
)%
315
388
(19
)%
1,599
1,818
(12
)%
2,511
2,478
1
%
613
649
(6
)%
281
266
6
%
206
225
(8
)%
282
223
26
%
296
313
(5
)%
88
516
(83
)%
1,766
2,192
(19
)%
745
286
160
%
(111
)
(122
)
(9
)%
3
11
(73
)%
(6
)
2
(400
)%
55
28
96
%
686
205
235
%
(128
)
7
NM
558
212
163
%
19
7
171
%
$
577
$
219
163
%
56
Table of Contents
% of Total Revenues
Segment Revenues (in millions)
2010
2009
2010
2009
$
1,088
$
918
25
%
20
%
2,893
3,397
65
%
73
%
444
363
10
%
7
%
$
4,425
$
4,678
100
%
100
%
Year Ended December 31,
(in millions)
Increase
% of Revenues
2010
2009
(Decrease)
2010
2009
$
1,005
$
845
19
%
93
%
92
%
47
42
12
%
4
%
5
%
36
31
16
%
3
%
3
%
1,088
918
19
%
100
%
100
%
262
195
34
%
24
%
21
%
826
723
14
%
76
%
79
%
15
382
(96
)%
2
%
42
%
372
381
(2
)%
34
%
41
%
$
439
$
(40
)
NM
40
%
(4
)%
57
Table of Contents
Year Ended December 31,
(in millions)
Increase
% of Revenues
2010
2009
(Decrease)
2010
2009
$
2,123
$
2,582
(18
)%
73
%
76
%
200
221
(10
)%
7
%
7
%
422
407
4
%
15
%
12
%
148
187
(21
)%
5
%
5
%
2,893
3,397
(15
)%
100
%
100
%
315
388
(19
)%
11
%
11
%
1,337
1,623
(18
)%
46
%
48
%
1,241
1,386
(10
)%
43
%
41
%
56
104
(46
)%
2
%
3
%
809
867
(7
)%
28
%
26
%
$
376
$
415
(9
)%
13
%
12
%
Year Ended December 31,
(in millions)
Increase
% of Revenues
2010
2009
(Decrease)
2010
2009
$
126
$
140
(10
)%
28
%
39
%
318
223
43
%
72
%
61
%
444
363
22
%
100
%
100
%
17
27
(37
)%
4
%
7
%
355
309
15
%
80
%
85
%
$
72
$
27
167
%
16
%
8
%
58
Table of Contents
Year Ended December 31,
(in millions)
Increase
2010
2009
(Decrease)
$
$
6
(100
)%
6
(100
)%
3
(100
)%
142
119
19
%
$
(142
)
$
(116
)
22
%
59
Table of Contents
Percent
Year Ended December 31,
Increase
2009
2008
(Decrease)
(Dollars in Millions)
$
3,427
$
3,536
(3
)%
403
428
(6
)%
407
395
3
%
223
159
40
%
224
184
22
%
4,684
4,702
%
388
229
69
%
1,818
1,592
14
%
2,478
2,881
(14
)%
649
664
(2
)%
266
253
5
%
225
317
(29
)%
223
163
37
%
313
305
3
%
1,590
(100
)%
516
177
192
%
2,192
3,469
(37
)%
286
(588
)
149
%
(122
)
(150
)
(19
)%
11
51
(78
)%
2
1
100
%
28
41
(32
)%
205
(645
)
132
%
7
(95
)
(107
)%
212
(740
)
129
%
7
(100
)%
212
(733
)
129
%
7
(5
)
(240
)%
$
219
$
(738
)
130
%
60
Table of Contents
% of Total Revenues
Segment Revenues (in millions)
2009
2008
2009
2008
$
918
$
1,002
20
%
21
%
3,397
3,427
73
%
73
%
363
266
7
%
6
%
$
4,678
$
4,695
100
%
100
%
61
Table of Contents
Year Ended December 31,
(in millions)
Increase
% of Revenues
2009
2008
(Decrease)
2009
2008
$
845
$
919
(8
)%
92
%
92
%
42
62
(32
)%
5
%
6
%
31
21
48
%
3
%
2
%
918
1,002
(8
)%
100
%
100
%
195
204
(4
)%
21
%
20
%
723
798
(9
)%
79
%
80
%
382
33
NM
42
%
3
%
381
427
(11
)%
41
%
43
%
$
(40
)
$
338
(112
)%
(4
)%
34
%
Year Ended December 31,
(in millions)
Increase
% of Revenues
2009
2008
(Decrease)
2009
2008
$
2,582
$
2,617
(1
)%
76
%
76
%
221
246
(10
)%
7
%
7
%
407
395
3
%
12
%
12
%
187
169
11
%
5
%
5
%
3,397
3,427
(1
)%
100
%
100
%
388
229
69
%
11
%
7
%
1,623
1,388
17
%
48
%
41
%
1,386
1,810
(23
)%
41
%
52
%
104
74
41
%
3
%
2
%
1,590
(100
)%
%
46
%
867
926
(6
)%
26
%
27
%
$
415
$
(780
)
153
%
12
%
(23
)%
62
Table of Contents
Year Ended December 31,
(in millions)
Increase
% of Revenues
2009
2008
(Decrease)
2009
2008
$
140
$
119
18
%
39
%
45
%
223
147
52
%
61
%
55
%
363
266
36
%
100
%
100
%
27
53
(49
)%
7
%
20
%
309
235
31
%
85
%
88
%
$
27
$
(22
)
(223
)%
8
%
(8
)%
Year Ended December 31,
(in millions)
Increase
2009
2008
(Decrease)
$
6
$
7
(14
)%
6
7
(14
)%
3
17
(82
)%
119
114
4
%
$
(116
)
$
(124
)
(6
)%
63
Table of Contents
64
Table of Contents
December 31,
2010
2009
$
327
$
423
52
67
379
490
366
616
2,074
2,166
2,440
2,782
$
2,061
$
2,292
Principal Amount
Maturity
$330
From Jan. 7, 2011 until
Jan. 24, 2011
$750
June 30, 2013
1,000($1,337)
June 30, 2015
65
Table of Contents
Payments Due by
Year
(1)
Total
2011
2012
2013
2014
2015
Thereafter
$
2,440
$
366
$
$
749
$
$
1,325
$
413
71
108
90
72
72
422
70
63
54
49
42
144
117
41
41
35
$
3,392
$
548
$
212
$
928
$
121
$
1,439
$
144
(1)
As of December 31, 2010, obligations under capital leases
were not significant. NYSE Euronext also has obligations related
to other post-retirement benefits, deferred compensation and
unrecognized tax positions. The date of payment under these
obligations cannot be determined. See Notes 8
Pension and Other Benefit Programs, 10
Stock Based Compensation, and 16
Income Taxes to the consolidated financial
statements.
(2)
Primarily reflects the outstanding commitment for our investment
in the Qatar Exchange.
66
Table of Contents
67
Table of Contents
ITEM 7A.
QUANTITATIVE
AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
68
Table of Contents
Impact
(2)
of a
100 bps
Financial
Financial
Net
Adverse Shift in
Assets
Liabilities
Exposure
Interest
Rates
(3)
$
96
$
$
96
$
(1.0
)
44
366
(322
)
(3.2
)
196
196
(2.0
)
749
(749
)
(33.8
)
1,325
(1,325
)
(56.6
)
(1)
Includes floating rate, fixed rate with an outstanding maturity
or reset date falling in less than one year and fixed rate
swapped to floating rate.
(2)
Impact on profit and loss for floating rate positions (cash flow
risk) and on equity until realization in profit and loss for
fixed rate positions (price risk).
(3)
100 basis points parallel shift of yield curve.
69
Table of Contents
Year Ended December 31,
2010
Euro
Sterling
1.3269
1.5457
1.3945
1.5659
16
%
15
%
10
%
14
%
49
%
20
%
(36.3
)
(5.9
)
(15.9
)
(5.8
)
(20.4
)
(0.1
)
(1)
Represents the impact of currency fluctuation for the year ended
December 31, 2010 compared to the same period in the prior
year.
December 31,
2010
Position in
Position in
Euros
Sterling
3,901
£2,775
1,042
1,073
2,227
415
1,262
1,674
2,360
228
82
1,902
£2,442
$
(254
)
$
(380
)
70
Table of Contents
71
Table of Contents
ITEM 8.
FINANCIAL
STATEMENTS AND SUPPLEMENTARY DATA
Page
73
74
75
76
77
79
81
72
Table of Contents
73
Table of Contents
74
Table of Contents
December 31,
2010
2009
$
327
$
423
52
67
526
660
120
100
149
270
1,174
1,520
1,021
986
4,050
4,210
5,837
6,184
633
680
663
802
$
13,378
$
14,382
$
772
$
1,162
40
40
98
150
176
163
366
616
2
18
1,454
2,149
2,074
2,166
2,007
2,090
499
504
366
362
75
110
59
66
6,534
7,447
3
3
(416
)
(416
)
8,180
8,209
212
(112
)
(1,183
)
(813
)
6,796
6,871
48
64
6,844
6,935
$
13,378
$
14,382
75
Table of Contents
Year Ended December 31,
2010
2009
2008
$
3,128
$
3,427
$
3,536
373
403
428
422
407
395
318
223
159
184
224
184
4,425
4,684
4,702
315
388
229
1,599
1,818
1,592
2,511
2,478
2,881
613
649
664
281
266
253
206
225
317
282
223
163
296
313
305
1,590
88
516
177
1,766
2,192
3,469
745
286
(588
)
(111
)
(122
)
(150
)
3
11
51
(6
)
2
1
55
28
41
686
205
(645
)
(128
)
7
(95
)
558
212
(740
)
7
558
212
(733
)
19
7
(5
)
$
577
$
219
$
(738
)
$
2.21
$
0.84
$
(2.81
)
0.03
$
2.21
$
0.84
$
(2.78
)
$
2.20
$
0.84
$
(2.81
)
0.03
$
2.20
$
0.84
$
(2.78
)
261
260
265
262
261
265
$
1.20
$
1.20
$
1.15
76
Table of Contents
NYSE Euronext Stockholders Equity
Retained
Accumulated
Additional
Earnings
Other
Non-
Common Stock
Treasury
Paid-In
(Accumulated
Comprehensive
controlling
Shares
Par Value
Stock
Capital
Deficit)
Income (Loss)
Interest
Total
267
$
3
$
(67
)
$
8,319
$
637
$
492
$
176
$
9,560
(738
)
5
(733
)
(1,454
)
16
(1,438
)
(46
)
(46
)
(234
)
(234
)
4
4
(2,447
)
16
(179
)
(163
)
7
260
260
18
18
(349
)
(349
)
(75
)
(230
)
(305
)
274
$
3
$
(416
)
$
8,522
$
(331
)
$
(1,222
)
$
18
$
6,574
219
(7
)
212
367
1
368
7
7
31
31
4
4
622
52
52
1
(1
)
(1
)
(312
)
(312
)
275
$
3
$
(416
)
$
8,209
$
(112
)
$
(813
)
$
64
$
6,935
577
(19
)
558
(365
)
(3
)
(368
)
(3
)
(3
)
(2
)
(2
)
185
6
6
1
31
31
(60
)
(253
)
(313
)
276
$
3
$
(416
)
$
8,180
$
212
$
(1,183
)
$
48
$
6,844
77
Table of Contents
CONSOLIDATED STATEMENTS OF CHANGES IN
EQUITY AND COMPREHENSIVE INCOME (Continued)
(in millions)
December 31,
2010
2009
2008
$
(4
)
$
(1
)
$
(8
)
(1,002
)
(637
)
(1,004
)
(177
)
(175
)
(210
)
$
(1,183
)
$
(813
)
$
(1,222
)
78
Table of Contents
Year Ended December 31,
2010
2009
2008
$
558
$
212
$
(733
)
(7
)
558
212
(740
)
1,590
307
301
276
(60
)
(34
)
(184
)
(88
)
(80
)
(79
)
38
43
48
(56
)
(32
)
(4
)
7
9
(24
)
86
160
(272
)
(41
)
(29
)
(210
)
(171
)
41
238
(40
)
(237
)
46
158
4
1
(43
)
78
587
469
721
(395
)
40
49
(9
)
(181
)
(539
)
487
905
2,389
175
72
360
(472
)
(733
)
(2,203
)
9
(305
)
(497
)
(376
)
4
52
5
(120
)
(342
)
(701
)
312
1,929
(222
)
(117
)
(1,627
)
249
(412
)
(313
)
(312
)
(305
)
(349
)
10
(4
)
(4
)
(539
)
(529
)
(97
)
(24
)
48
(71
)
79
Table of Contents
Year Ended December 31,
2010
2009
2008
32
(28
)
(13
)
(96
)
(354
)
(157
)
423
777
934
$
327
$
423
$
777
$
72
$
45
$
250
115
137
105
$
$
$
260
160
80
Table of Contents
81
Table of Contents
82
Table of Contents
Year Ended December 31,
2010
2009
2008
$
25
$
26
$
15
6
11
8
1
12
(7
)
(14
)
(7
)
1
(2
)
$
24
$
25
$
26
83
Table of Contents
84
Table of Contents
85
Table of Contents
86
Table of Contents
87
Table of Contents
Information
Cash
Services and
Trading and
Technology
Corporate/
Derivatives
Listings
Solutions
Eliminations
Total
$
1
$
12
$
1
$
$
14
9
154
16
5
184
(3
)
(46
)
(5
)
(1
)
(55
)
(2
)
(2
)
$
7
$
118
$
12
$
4
$
141
5
90
10
3
108
(4
)
(69
)
(7
)
(2
)
(82
)
(1
)
(17
)
(2
)
(1
)
(21
)
$
7
$
122
$
13
$
4
$
146
3
19
7
2
31
(8
)
(105
)
(15
)
(4
)
(132
)
(1
)
(6
)
(7
)
$
1
$
30
$
5
$
2
$
38
88
Table of Contents
Year Ended
December 31,
2008
$
248
31
(10
)
(16
)
5
2
$
7
providing access to trade execution in derivatives products,
options and futures;
providing certain clearing services for derivative
products; and
selling and distributing market data and related information.
providing access to trade execution in cash trading and
settlement of transactions in certain European markets;
89
Table of Contents
obtaining new listings and servicing existing listings;
selling and distributing market data and related
information; and
providing regulatory services.
operating sellside and buyside connectivity networks for our
markets and for other major market centers and market
participants in the United States, Europe and Asia;
providing trading and information technology software and
solutions;
selling and distributing market data and related information to
data subscribers for proprietary data products; and
providing multi-asset managed services and expert consultancy to
exchanges and liquidity centers.
Information
Services and
Cash Trading
Technology
Corporate/
Derivatives
and Listings
Solutions
Eliminations
Total
$
1,088
$
2,893
$
444
$
$
4,425
439
376
72
(142
)
745
5,831
5,273
1,214
1,060
13,378
67
191
47
305
$
918
$
3,397
$
363
$
6
$
4,684
(40
)
415
27
(116
)
286
6,066
5,603
1,476
1,237
14,382
102
369
26
497
$
1,002
$
3,427
$
266
$
7
$
4,702
338
(780
)
(22
)
(124
)
(588
)
5,565
5,605
1,140
1,638
13,948
98
249
29
376
90
Table of Contents
Year Ended December 31,
2010
2009
2008
(In millions)
$
3,064
$
3,297
$
2,970
642
544
658
719
843
1,074
$
4,425
$
4,684
$
4,702
(1)
Revenues derived in Asia are included in Continental Europe.
As of December 31,
2010
2009
2008
(In millions)
$
688
$
626
$
400
285
242
160
48
118
135
$
1,021
$
986
$
695
91
Table of Contents
2010
2009
2008
$
558
$
212
$
(740
)
7
19
7
(5
)
$
577
$
219
$
(738
)
261
260
265
1
1
262
261
265
$
2.21
$
0.84
$
(2.81
)
0.03
$
2.21
$
0.84
$
(2.78
)
$
2.20
$
0.84
$
(2.81
)
0.03
$
2.20
$
0.84
$
(2.78
)
92
Table of Contents
Fair Value Measurements
Quoted Prices
in Active
Significant
Significant
Markets for
Observable
Unobservable
Identical Assets
Inputs
Inputs
Asset Category
(Level 1)
(Level 2)
(Level 3)
Total
$
4
$
$
$
4
141
53
194
64
64
128
55
130
185
260
260
$
264
$
507
$
$
771
Fair Value Measurements
Quoted Prices
in Active
Significant
Significant
Markets for
Observable
Unobservable
Identical Assets
Inputs
Inputs
Asset Category
(Level 1)
(Level 2)
(Level 3)
Total
$
3
$
$
$
3
125
46
171
99
99
52
137
189
138
160
298
$
318
$
442
$
$
760
93
Table of Contents
Pension Plans
2010
2009
U.S.
European
U.S.
European
Asset Category
operations
operations
operations
operations
$
725
$
199
$
706
$
175
4
4
41
9
42
11
52
(3
)
29
20
(5
)
(1
)
(4
)
(3
)
(48
)
(7
)
(52
)
(14
)
(13
)
6
$
769
$
180
$
725
$
199
564
196
486
167
74
7
130
29
4
9
(48
)
(7
)
(52
)
(14
)
(7
)
(12
)
5
$
590
$
181
$
564
$
196
$
(179
)
$
1
$
(161
)
$
(3
)
$
769
$
180
$
725
$
199
$
$
6
$
$
2
(179
)
(5
)
(161
)
(5
)
Pension Plans
2010
2009
2008
U.S.
European
U.S.
European
U.S.
European
operations
operations
operations
operations
operations
operations
$
$
4
$
$
4
$
$
4
41
9
42
11
38
10
(48
)
(9
)
(52
)
(9
)
(54
)
(10
)
10
(1
)
2
(1
)
(3
)
(4
)
(3
)
(2
)
$
3
$
(4
)
$
(8
)
$
2
$
(16
)
$
2
94
Table of Contents
U.S.
European
Pension Plan Payment Projections
operations
operations
Total
$
47
$
7
$
54
47
7
54
47
7
54
47
7
54
47
7
54
234
39
273
2010
2009
$
89
$
83
1
4
5
3
10
(9
)
(10
)
$
87
$
89
$
(87
)
$
(89
)
$
(9
)
$
(10
)
(78
)
(79
)
2010
2009
2008
$
$
1
$
1
4
5
4
2
1
$
6
$
6
$
6
95
Table of Contents
SERP Plan Payment Projections
$
9
10
10
10
10
37
2010
2009
U.S.
Europe
U.S.
Europe
5.3%/4.6%
4.8%/N/A
5.8%/5.2%
4.9%/N/A
8.0%/N/A
5.1%/N/A
8.0%/N/A
5.5%/N/A
N/A
3.5%
N/A
3.8%
2010
2009
$
208
$
220
13
13
208
220
$
$
(9
)
5.2
%
5.6
%
96
Table of Contents
Payment Projections
U.S.
$
13
14
14
14
14
67
Assumed Health Care Cost Trend Rate
1% Increase
1% Decrease
$
1
$
(1
)
23
(19
)
Pension
SERP
Postretirement
Plans
Plans
Benefit Plans
Total
$
(261
)
$
(24
)
$
(58
)
$
(343
)
19
19
$
(261
)
$
(24
)
$
(39
)
$
(324
)
Pension
SERP
Postretirement
Plans
Plans
Benefit Plans
Total
$
14
$
2
$
2
$
18
(1
)
(1
)
$
14
$
2
$
1
$
17
97
Table of Contents
Information
Services and
Cash Trading
Technology
Derivatives
and Listings
Solutions
Total
$
2,169
$
1,456
$
360
$
3,985
39
39
(96
)
(96
)
163
111
8
282
$
2,332
$
1,471
$
407
$
4,210
5
(5
)
(80
)
(37
)
(43
)
(160
)
$
2,252
$
1,439
$
359
$
4,050
Accumulated
Useful Life
Carrying Value
Amortization
(in years)
$
5,003
$
Indefinite
852
166
7 to 20
187
39
2 to 20
$
6,042
$
205
Accumulated
Useful Life
Carrying Value
Amortization
(in years)
$
5,255
$
Indefinite
886
122
7 to 20
195
30
2 to 20
$
6,336
$
152
98
Table of Contents
Year Ending December 31,
$
58
58
58
58
58
544
$
834
2010
2009
Weighted
Weighted
Average
Average
Shares
Exercise Price
Shares
Exercise Price
563
$
17.57
737
$
20.62
(107
)
13.32
(117
)
9.36
(16
)
38.64
(57
)
17.70
440
$
17.67
563
$
17.57
99
Table of Contents
Outstanding
Weighted
Average
Exercisable
Remaining
Weighted
Weighted
Number
Contractual Life
Average
Number
Average
Exercise Price
Outstanding
(years)
Exercise Price
Exercisable
Exercise Price
206
3.1
$
10.98
204
$
11.06
234
0.7
23.57
234
23.57
440
1.9
$
17.67
438
$
17.74
Number of RSUs
2010
2009
2,616
2,181
1,486
1,470
(185
)
(221
)
(599
)
(814
)
3,318
2,616
$
23.78
$
21.75
Year Ended December 31,
2010
2009
2008
$
$
$
(91
)
(44
)
(364
)
4
26
9
100
Table of Contents
Level 1:
Inputs are unadjusted quoted
prices for identical assets or liabilities in an active market
that NYSE Euronext has the ability to access. Generally, equity
and other securities listed in active markets and investments in
publicly traded mutual funds with quoted market prices are
reported in this category.
Level 2:
Inputs are either directly or
indirectly observable for substantially the full term of the
assets or liabilities. Generally, municipal bonds, certificates
of deposits, corporate bonds, mortgage securities, asset backed
securities and certain derivatives are reported in this
category. The valuation of these instruments is based on quoted
prices or broker quotes for similar instruments in active
markets.
Level 3:
Some inputs are both
unobservable and significant to the overall fair value
measurement and reflect managements best estimate of what
market participants would use in pricing the asset or liability.
Generally, assets and liabilities carried at fair value and
included in this category are certain structured investments,
derivatives, commitments and guarantees that are neither
eligible for Level 1 or Level 2 due to the valuation
techniques used to measure their fair value. The inputs used to
value these instruments are both observable and unobservable and
may include NYSE Euronexts own projections.
As of December 31, 2010
Level 1
Level 2
Level 3
Total
$
37
$
$
$
37
1
1
7
7
1
1
6
6
$
38
$
7
$
7
$
52
$
$
$
$
101
Table of Contents
As of December 31, 2009
Level 1
Level 2
Level 3
Total
$
49
$
$
$
49
1
1
2
2
1
1
8
8
3
3
3
3
$
52
$
7
$
8
$
67
$
$
1
$
$
1
(1)
Equity and fixed income mutual funds held for the purpose of
providing future payments of Supplemental Executive Retirement
Plan (SERP) and Supplemental Executive Savings Plan (SESP).
Note 13
Derivatives
and Hedges
Table of Contents
Fair Value of
Notional
Derivative Instruments
Amount
Asset
(1)
Liability
(2)
$
425
$
6
$
$
425
$
6
$
(1)
Included in Financial investments in the
consolidated statements of financial condition.
(2)
Included in Short term debt in the consolidated
statements of financial condition.
Gain/(Loss)
Recognized in Other
Gain/(Loss)
Derivatives in Net Investment Hedging
Comprehensive Income
Recognized in Income
Relationship
(Effective Portion)
(Ineffective Portion)
December 31, 2010
Year Ended
Year Ended
$
(11
)
$
0
Derivatives Not Designated as Hedging
Gain/(Loss)
Instruments
Recognized in Income
December 31, 2010
Year Ended
$
16
103
Table of Contents
Note 14
Financial
Investments
December 31, 2010
Adjusted
Unrealized
Unrealized
Fair
Cost
Gains
Losses
(2)
Value
$
36
$
1
$
$
37
1
1
7
7
1
1
6
6
$
51
$
1
$
$
52
December 31, 2009
Adjusted
Unrealized
Unrealized
Fair
Cost
Gains
Losses
(2)
Value
$
51
$
$
2
$
49
1
1
2
2
1
1
8
8
2
1
3
3
3
$
68
$
1
$
2
$
67
(1)
Equity and fixed income mutual funds held for the purpose of
providing future payments of Supplemental Executive Retirement
Plan (SERP) and Supplemental Executive Savings Plan (SESP).
(2)
As of December 31, 2010, all unrealized losses have been
reported for less than 12 months.
December 31,
2010
2009
Adjusted
Fair
Adjusted
Fair
Cost
Value
Cost
Value
$
$
$
3
$
3
7
8
9
9
$
7
$
8
$
12
$
12
(1)
Includes asset-backed securities, collateralized mortgage
obligations and auction rate securities.
104
Table of Contents
Note 15
Debt
December 31,
2010
2009
$
330
$
576
36
40
366
616
749
749
1,325
1,417
2,074
2,166
$
2,440
$
2,782
105
Table of Contents
$
366
749
1,325
$
2,440
Note 16
Income
Taxes
Year Ended December 31,
2010
2009
2008
$
166
$
52
$
181
520
153
(826
)
$
686
$
205
$
(645
)
Year Ended December 31,
2010
2009
2008
$
18
$
(31
)
$
73
17
(15
)
20
56
26
221
60
63
3
(10
)
20
(2
)
(13
)
(70
)
(220
)
$
128
$
(7
)
$
95
106
Table of Contents
December 31,
2010
2009
$
34
$
37
18
22
39
29
41
$
120
$
100
$
2
$
18
$
2
$
18
$
146
$
155
46
90
25
19
135
142
93
85
153
112
(24
)
(19
)
59
96
$
633
$
680
$
1,800
$
1,947
67
56
13
13
127
74
$
2,007
$
2,090
107
Table of Contents
Year Ended December 31,
2010
2009
2008
35.0
%
35.0
%
35.0
%
0.6
3.2
(2.6
)
(14.1
)
(38.6
)
8.0
(3.4
)
(53.5
)
0.6
(3.2
)
(1.6
)
18.7
%
(3.6
)%
(14.7
)%
Year Ended December 31,
2010
2009
2008
$
89
$
80
$
67
(3
)
2
20
22
16
(27
)
(11
)
(6
)
(3
)
1
(4
)
1
$
75
$
89
$
80
108
Table of Contents
Examination in
Open Tax
Jurisdiction
Progress
Years
2000-2008
2009-2010
None
2009-2010
None
2009-2010
None
2009-2010
None
2009-2010
None
2009-2010
Note 17
Commitments
and Contingencies
109
Table of Contents
Operating leases
Other
Year
Office Space
Equipment
Commitments
(1)
Total
$
66
$
4
$
41
$
111
62
1
41
104
54
35
89
49
49
42
42
144
144
$
417
$
5
$
117
$
539
(1)
Primarily reflects the outstanding commitment for our investment
in the Qatar Exchange.
110
Table of Contents
Note 18
Detail of
Certain Balance Sheet Accounts
December 31,
2010
2009
$
544
$
524
407
209
737
807
945
901
23
26
2,656
2,467
(1,635
)
(1,481
)
$
1,021
$
986
December 31,
2010
2009
$
258
$
466
86
104
255
355
173
237
$
772
$
1,162
December 31,
2010
2009
$
375
$
515
178
178
46
46
64
63
$
663
$
802
Note 19
Subsequent
Events
111
Table of Contents
112
Table of Contents
1st
2nd
3rd
4th
Quarter
Quarter
Quarter
Quarter
(In millions, except per share data)
$
1,083
$
1,247
$
1,050
$
1,045
205
215
155
170
125
179
123
131
5
5
5
4
130
184
128
135
$
0.50
$
0.70
$
0.49
$
0.52
$
0.50
$
0.70
$
0.49
$
0.51
$
1,142
$
1,252
$
1,160
$
1,130
160
(227
)
187
166
106
(179
)
124
161
(2
)
(3
)
1
11
104
(182
)
125
172
$
0.40
$
(0.70
)
$
0.48
$
0.66
$
0.40
$
(0.70
)
$
0.48
$
0.66
113
Table of Contents
ITEM 9.
CHANGES
IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
FINANCIAL DISCLOSURE
ITEM 9A.
CONTROLS
AND PROCEDURES
ITEM 9B.
OTHER
INFORMATION
ITEM 10.
DIRECTORS,
EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE
114
Table of Contents
ITEM 11.
EXECUTIVE
COMPENSATION
ITEM 12.
SECURITY
OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND
RELATED STOCKHOLDER MATTERS
ITEM 13.
CERTAIN
RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR
INDEPENDENCE
ITEM 14.
PRINCIPAL
ACCOUNTING FEES AND SERVICES
115
Table of Contents
ITEM 15.
EXHIBITS AND
FINANCIAL STATEMENT SCHEDULES
Page
73
74
75
76
77
79
81
116
Table of Contents
Exhibit
No.
Description
2
.1
Business Combination Agreement, dated as of February 15,
2011, by and among NYSE Euronext, Deutsche Börse AG, Alpha
Beta Netherlands Holding N.V. and Pomme Merger Corporation
(incorporated by reference to Exhibit 2.1 to NYSE
Euronexts Current Report on
Form 8-K
filed with the SEC on February 16, 2011).
2
.2
Agreement and Plan of Merger, dated as of January 17, 2008,
by and among NYSE Euronext, Amsterdam Merger Sub, LLC, The Amex
Membership Corporation, AMC Acquisition Sub, Inc., American
Stock Exchange Holdings, Inc., American Stock Exchange LLC and
American Stock Exchange 2, LLC (incorporated by reference to
Annex A to NYSE Euronexts registration statement on
Form S-4
filed with the SEC on February 29, 2008 (File
No. 333-149480)).
2
.3
Purchase Agreement, entered into as of January 12, 2008 by
and among (i) Wombat Financial Software, Inc., a Nevada
corporation, (ii) TransactTools, Inc., a Delaware
corporation, an indirect, wholly owned subsidiary of NYSE
Euronext, a Delaware corporation, (iii) Ronald B.
Verstappen, Daniel Moore, ML IBK Positions, Inc. and certain
other individual parties; (iv) NYSE Euronext, a Delaware
corporation (for the limited purposes specified in the agreement
only), and (v) Ronald B. Verstappen, as the seller
representative (for the limited purposes set specified in the
agreement only) (incorporated by reference to Exhibit 2.1
to NYSE Euronexts Current Report on
Form 8-K
filed with the SEC on January 16, 2008).
2
.4
Amended and Restated Combination Agreement, dated as of
November 24, 2006, by and among NYSE Group, Inc., Euronext
N.V., NYSE Euronext, Inc., and Jefferson Merger Sub, Inc.
(incorporated by reference to Annex A to NYSE
Euronexts registration statement on
Form S-4/A
filed with the SEC on November 27, 2008 (File
No. 333-137506)).
2
.5
Agreement and Plan of Merger, dated as of April 20, 2005,
as amended and restated as of July 20, 2005, by and among
New York Stock Exchange, Inc., Archipelago Holdings, Inc., NYSE
Merger Sub LLC, NYSE Merger Corporation Sub, Inc. and
Archipelago Merger Sub, Inc. (incorporated by reference to
Annex A to NYSE Group, Inc.s registration statement
on
Form S-4
(File
No. 333-126780)).
2
.6
Amendment No. 1, dated as of October 20, 2005, to the
Amended and Restated Agreement and Plan of Merger, by and among
New York Stock Exchange, Inc., Archipelago Holdings, Inc., NYSE
Merger Sub LLC, NYSE Merger Corporation Sub, Inc. and
Archipelago Merger Sub, Inc. (incorporated by reference to
Annex A to NYSE Group, Inc.s registration statement
on
Form S-4
filed with the SEC (File
No. 333-126780)).
2
.7
Amendment No. 2, dated as of November 2, 2005, to the
Amendment and Restated Agreement and Plan of Merger, by and
among New York Stock Exchange, Inc., Archipelago Holdings, Inc.,
NYSE Merger Sub LLC, NYSE Merger Corporation Sub, Inc. and
Archipelago Merger Sub, Inc. (incorporated by reference to
Annex A to NYSE Group, Inc.s registration statement
on
Form S-4
(File
No. 333-126780)).
3
.1
Amended and Restated Certificate of Incorporation of NYSE
Euronext (incorporated by reference to Exhibit 3.1 to NYSE
Euronexts registration statement on
Form S-8
(File
No. 333-141869)).
3
.2
Amended and Restated Bylaws of NYSE Euronext.
4
.1
Agency Agreement, dated as of April 23, 2008, among NYSE
Euronext, Citibank, N.A., London Branch, as fiscal and paying
agent, Dexia Banque Internationale à Luxembourg,
société anonyme, as Luxembourg Paying Agent, and ABN
AMRO N.V., as paying agent (incorporated by reference to
Exhibit 4.1 to NYSE Euronexts Current Report on
Form 8-K
filed with the SEC on April 24, 2008).
4
.2
Indenture dated as of May 29, 2008 between NYSE Euronext
and Wilmington Trust Company, as Trustee, relating to
Senior Notes due 2013 (incorporated by reference to
Exhibit 4.1 to NYSE Euronexts Current Report on
Form 8-K
filed with the SEC on May 30, 2008).
4
.3
First Supplemental Indenture dated as of May 29, 2008
between NYSE Euronext, Wilmington Trust Company, as
Trustee, and Citibank, N.A., as authenticating agent,
calculation agent, paying agent, security registrar and transfer
agent, relating to Senior Notes due June 28, 2013
(incorporated by reference to Exhibit 4.2 to NYSE
Euronexts Current Report on
Form 8-K
filed with the SEC on May 30, 2008).
117
Table of Contents
Exhibit
No.
Description
4
.4
First Supplemental Agency Agreement, dated as of April 22,
2009, among NYSE Euronext, Citibank, N.A., London Branch, as
fiscal and paying agent, Dexia Banque Internationale à
Luxembourg, société anonyme, as Luxembourg Paying
Agent, and ABN AMRO Bank N.V., as paying agent (incorporated by
reference to Exhibit 4.1 to NYSE Euronexts Current
Report on
Form 8-K
filed with the SEC on April 23, 2009).
10
.1
Form of Indemnification Agreement, between Archipelago Holdings,
L.L.C. and certain indemnitees specified therein (incorporated
by reference to Exhibit 10.29 to Archipelagos
registration statement on
Form S-1
(File
No. 333-11326)).
10
.2
Credit Agreement, dated as of January 5, 2007, among NYSE
Euronext, Inc., NYSE Group, Inc., the lenders party thereto,
JPMorgan Chase Bank, N.A., as Administrative Agent, and (for the
sole purposes of Sections 2.03, 2.04, 2.06(b), 4.03, 7.02
and 9.01 of the Credit Agreement) the presenting bank parties
thereto (incorporated by reference to NYSE Euronexts
Current Report on
Form 8-K
filed with the SEC on January 9, 2007).
10
.3
Share Purchase Agreement, dated January 10, 2007, among
NYSE Group, Inc., IL&FS Trust Company Limited, ICICI
Bank Limited, IFCI Limited, Punjab National Bank, and General
Insurance Corporation of India (incorporated by reference to
Exhibit 10.37 to NYSE Group, Inc.s Annual Report on
Form 10-K
filed with the SEC on March 22, 2007).
10
.4
Amended and Restated Clearing Agreement dated October 31,
2003 among LCH.Clearnet Group S.A., LCH.Clearnet Group, Euronext
Amsterdam, Euronext Brussels, Euronext Lisbon and Euronext Paris
(incorporated by reference to Exhibit 10.47 to NYSE
Euronexts registration statement on
Form S-4
(File
No. 333-137506)).*
10
.5
Amended and Restated Clearing Agreement between LIFFE
Administration and Management and LCH.Clearnet Limited dated
July 16, 1996 (incorporated by reference to
Exhibit 10.48 to NYSE Euronexts registration
statement on
Form S-4
(File
No. 333-137506)).*
10
.6
The Umbrella Services Agreement among Euronext N.V., Atos Origin
SA, Atos Euronext SA and Atos Euronext Market Solutions Holdings
S.A.S. dated July 22, 2005 (incorporated by reference to
Exhibit 10.49 to NYSE Euronexts registration
statement on
Form S-4
(File
No. 333-137506)).*
10
.7
Agreement governing the lease of Palais de la
Bourse/Beurspaleis, Place de la Bourse/Beursplein, 1000
Brussels, Belgium (unofficial English translation) (incorporated
by reference to Exhibit 10.50 to NYSE Euronexts
registration statement on
Form S-4
(File
No. 333-137506)).*
10
.8
Agreement governing the lease of Avenida da Liberdade,
n.°196, 7°Piso,
1250-147,
Lisbon, Portugal (incorporated by reference to
Exhibit 10.51 to NYSE Euronexts registration
statement on
Form S-4
(File
No. 333-137506)).*
10
.9
Agreement governing the lease of 39, rue Cambon, 75039 Paris
Cedex 01, France (incorporated by reference to
Exhibit 10.52 to NYSE Euronexts registration
statement on
Form S-4
(File
No. 333-137506)).*
10
.10
Agreement governing the lease of Cannon Bridge House, 1 Cousin
Lane, EC4R 3XX London, United Kingdom (incorporated by reference
to Exhibit 10.53 to NYSE Euronexts registration
statement on
Form S-4
(File
No. 333-137506)).*
10
.11
Issuing and Paying Agency Agreement, between NYSE Euronext, Inc.
and JPMorgan Chase Bank, National Association, dated
March 28, 2007 (incorporated by reference to
Exhibit 10.1 to NYSE Euronexts Current Report on
Form 8-K
filed with the SEC on April 2, 2007).
10
.12
Commercial Paper Dealer Agreement 4(2) Program, between NYSE
Euronext, Inc., as Issuer, and Lehman Brothers, Inc., as Dealer,
dated March 28, 2007 (incorporated by reference to
Exhibit 10.2 to NYSE Euronexts Current Report on
Form 8-K
filed with the SEC on April 2, 2007).
10
.13
Commercial Paper Dealer Agreement 4(2) Program, between NYSE
Euronext, Inc., as Issuer, Merrill Lynch Money Markets Inc., as
Dealer, and Merrill Lynch, Pierce, Fenner & Smith
Incorporated, as Dealer, dated March 28, 2007 (incorporated
by reference to Exhibit 10.3 to NYSE Euronexts
Current Report on
Form 8-K
filed with the SEC on April 2, 2007).
Table of Contents
Exhibit
No.
Description
10
.14
Note Agency Agreement Relating to a Euro-Commercial Paper
Programme, between NYSE Euronext, Inc. and Citibank, N.A., as
Issue and Paying Agent, dated March 30, 2007 (incorporated
by reference to Exhibit 10.4 to NYSE Euronexts
Current Report on
Form 8-K
filed with the SEC on April 2, 2007).
10
.15
Dealer Agreement Relating to a Euro-Commercial Paper Programme,
between NYSE Euronext, Inc., as Issuer, Citibank International
plc, as Arranger, and Citibank International plc, Credit Suisse
Securities (Europe) Limited and Société
Générale, as Dealers, dated March 30, 2007
(incorporated by reference to Exhibit 10.5 to NYSE
Euronexts Current Report on
Form 8-K
filed with the SEC on April 2, 2007).
10
.16
Credit Agreement ($2,000,000,000), dated as of April 4,
2007, between NYSE Euronext, the Subsidiary Borrowers party
thereto, the Lenders party hereto, JPMorgan Chase Bank, N.A. as
Administrative Agent, and the other financial institutions party
thereto as agents (incorporated by reference to
Exhibit 10.5 to NYSE Euronexts Current Report on
Form 8-K
filed with the SEC on April 9, 2007).
10
.17
Trust Agreement, dated as of April 4, 2007, by and
among NYSE Euronext, NYSE Group, Inc., Wilmington
Trust Company, as Delaware Trustee, Jacques de
Larosière de Champfeu, as Trustee, Charles K. Gifford, as
Trustee and, John Shepard Reed, as Trustee (incorporated by
reference to Exhibit 10.27 to Amendment No. 1 to NYSE
Euronexts Annual Report on
Form 10-K
filed with the SEC on May 1, 2007).
10
.18
Governance and Option Agreement, dated as of April 4, 2007,
by and among NYSE Euronext, Euronext N.V., NYSE Euronext
(Holding) N.V. and Stichting NYSE Euronext (incorporated by
reference to Exhibit 10.28 to Amendment No. 1 to NYSE
Euronexts Annual Report on
Form 10-K
filed with the SEC on May 1, 2007).
10
.19
NYSE Euronext 2006 Stock Incentive Plan (as amended and restated
effective October 27, 2010).
10
.20
Form of Restricted Stock Unit Agreement Pursuant to NYSE Group,
Inc. 2006 Stock Incentive Plan (for non-employee directors)
(incorporated by reference to Exhibit 10.1 to NYSE Group
Inc.s Current Report on
Form 8-K
filed with the SEC on June 7, 2006).
10
.21
NYSE Group, Inc. 2006 Annual Performance Bonus Plan
(incorporated by reference to Exhibit 10.22 to NYSE Group,
Inc.s registration statement on
Form S-1
(File
No. 333-132390)).
10
.22
Euronext 2001 stock option plan (incorporated by reference to
Exhibit 10.55 to NYSE Euronexts registration
statement on
Form S-4
(File
No. 333-137506)).
10
.23
Euronext 2004 stock option plan (incorporated by reference to
Exhibit 10.57 to NYSE Euronexts registration
statement on
Form S-4
(File
No. 333-137506)).
10
.24
Euronext N.V. All Employee Share Purchase and Match Plan 2006
(incorporated by reference to Exhibit 99.10 to NYSE
Euronexts registration statement on
Form S-8
(File
No. 333-141869)).
10
.25
Euronext N.V. HM Revenue and Customs Approved Share Incentive
Plan 2006 (incorporated by reference to Exhibit 99.11 to
NYSE Euronexts registration statement on
Form S-8
(File
No. 333-141869)).
10
.26
Euronext N.V. Share Purchase and Match French Plan (incorporated
by reference to Exhibit 99.12 to NYSE Euronexts
registration statement on
Form S-8
(File
No. 333-141869)).
10
.27
Asset Purchase Agreement by and among NYSE Group, Inc., NYSE
Regulation, Inc. and National Association of Securities Dealers,
Inc. dated as of July 30, 2007 (incorporated by reference
to Exhibit 10.1 to NYSE Euronexts Quarterly Report on
Form 10-Q
filed with the SEC on November 13, 2007).
10
.28
Letter Agreement by and between Duncan L. Niederauer and NYSE
Euronext, dated November 14, 2007 (incorporated by
reference to Exhibit 99.1 to NYSE Euronexts Current
Report on
Form 8-K
filed with the SEC on November 16, 2007).
10
.29
Employment Agreement by and between Philippe Duranton and NYSE
Euronext, dated February 5, 2008 (incorporated by reference
to Exhibit 10.73 to NYSE Euronexts registration
statement on
Form S-4
filed with the SEC on February 29, 2008 (File
No. 333-149480)).
10
.30
Employment Agreement by and between John Halvey and NYSE
Euronext, dated February 11, 2008 (incorporated by
reference to Exhibit 10.74 to NYSE Euronexts
registration statement on
Form S-4
filed with the SEC on February 29, 2008 (File
No. 333-149480)).
Table of Contents
Exhibit
No.
Description
10
.31
Form of Restricted Stock Unit Agreement pursuant to the NYSE
Euronext 2006 Stock Incentive Plan (Bonus) (incorporated by
reference to Exhibit 10.3 to NYSE Euronexts Quarterly
Report on
Form 10-Q
filed with the SEC on May 14, 2008).
10
.32
Form of Restricted Stock Unit Agreement pursuant to the NYSE
Euronext 2006 Stock Incentive Plan (LTIP) (incorporated by
reference to Exhibit 10.4 to NYSE Euronexts Quarterly
Report on
Form 10-Q
filed with the SEC on May 14, 2008).
10
.33
NYSE Euronext Omnibus Incentive Plan (as amended and restated
effective October 27, 2010).
10
.34
Form of Restricted Stock Unit Agreement Pursuant to the NYSE
Euronext Omnibus Incentive Plan (for employees generally).
10
.35
Form of Restricted Stock Unit Agreement Pursuant to the NYSE
Euronext Omnibus Incentive Plan (for certain management
committee members).
10
.36
Form of Restricted Stock Unit Agreement Pursuant to the NYSE
Euronext Omnibus Incentive Plan (for non-employee directors).
10
.37
Form of Restricted Stock Unit Agreement for Participants in
France Pursuant to the NYSE Euronext Omnibus Incentive Plan
(LTIP).
10
.38
Form of Restricted Stock Unit Agreement for Participants in
France Pursuant to the NYSE Euronext Omnibus Incentive Plan
(Bonus).
10
.39
Form of U.S. Management Committee Member Employment Agreement
(incorporated by reference to Exhibit 10.4 to NYSE
Euronexts Quarterly Report on
Form 10-Q
filed with the SEC on August 13, 2008).
10
.40
Shareholders Agreement relating to Qatar Securities Market
dated June 24, 2008 between NYSE Euronext and Qatar
Investment Authority (incorporated by reference to
Exhibit 10.5 to NYSE Euronexts Quarterly Report on
Form 10-Q
filed with the SEC on August 13, 2008).
10
.41
Form of Phantom Stock Unit Agreement pursuant to the NYSE
Euronext 2006 Stock Incentive Plan (incorporated by reference to
Exhibit 10.1 to NYSE Euronexts Quarterly Report on
Form 10-Q
filed with the SEC on November 13, 2008).
10
.42
Master Agreement Between ATOS Origin S.A. and NYSE Euronext
dated July 11, 2008 (incorporated by reference to
Exhibit 10.2 to NYSE Euronexts Quarterly Report on
Form 10-Q
filed with the SEC on November 13, 2008).*
10
.43
NYSE Group, Inc. Supplemental Executive Retirement Plan, as
amended and restated effective December 31, 2008
(incorporated by reference to Exhibit 10.50 to NYSE
Euronexts Annual Report on
Form 10-K
filed with the SEC on February 27, 2009).
10
.44
New York Stock Exchange, Inc. Capital Accumulation Plan, as
amended and restated as of January 1, 2005 (reflecting
amendments adopted through December 31, 2008) (incorporated
by reference to Exhibit 10.51 to NYSE Euronexts
Annual Report on
Form 10-K
filed with the SEC on February 27, 2009).
10
.45
New York Stock Exchange, Inc. ICP Award Deferral Plan, as
amended and restated as of January 1, 2005 (reflecting
amendments adopted through December 31, 2008) (incorporated
by reference to Exhibit 10.52 to NYSE Euronexts
Annual Report on
Form 10-K
filed with the SEC on February 27, 2009).
10
.46
New York Stock Exchange and Subsidiary Companies Supplemental
Executive Savings Plan, as amended and restated effective as of
January 1, 2008 (incorporated by reference to
Exhibit 10.53 to NYSE Euronexts Annual Report on
Form 10-K
filed with the SEC on February 27, 2009).
10
.47
Amendment Number One to New York Stock Exchange and Subsidiary
Companies Supplemental Executive Savings Plan, as amended and
restated effective as of January 1, 2008 (incorporated by
reference to Exhibit 10.54 to NYSE Euronexts Annual
Report on
Form 10-K
filed with the SEC on February 27, 2009).
10
.48
Securities Industry Automation Corporation Supplemental
Incentive Plan, as amended and restated effective
January 1, 2008 (incorporated by reference to
Exhibit 10.55 to NYSE Euronexts Annual Report on
Form 10-K
filed with the SEC on February 27, 2009).
Table of Contents
Exhibit
No.
Description
10
.49
Clearing Relationship Agreement dated October 30, 2008,
between LIFFE Administration and Management and LCH.Clearnet
Limited (incorporated by reference to Exhibit 10.56 to NYSE
Euronexts Annual Report on
Form 10-K
filed with the SEC on February 27, 2009).*
10
.50
Termination Agreement dated October 30, 2008, between LIFFE
Administration and Management and LCH.Clearnet Limited
(incorporated by reference to Exhibit 10.57 to NYSE
Euronexts Annual Report on
Form 10-K
filed with the SEC on February 27, 2009).*
10
.51
364-Day
Credit Agreement ($500,000,000), dated as of April 1, 2009,
between NYSE Euronext, the Subsidiary Borrowers party hereto,
the Lenders party hereto, Bank of America, N.A. as
Administrative Agent, and the other financial institutions party
thereto as agents (incorporated by reference to
Exhibit 10.1 to NYSE Euronexts Current Report on
Form 8-K
filed with the SEC on April 3, 2009).
10
.52
Form of Restricted Stock Unit Agreement (Non-Employee Directors)
(incorporated by reference to Exhibit 10.2 to NYSE
Euronexts Quarterly Report on
Form 10-Q
filed with the SEC on May 11, 2009).
10
.53
Employment Agreement by and between Garry Jones and LIFFE
Administration (incorporated by reference to Exhibit 10.15
to NYSE Euronexts Quarterly Report on
Form 10-Q
filed with the SEC on May 11, 2009).
10
.54
Amendment to the Shareholders Agreement relating to Qatar
Securities Market dated June 19, 2009 between NYSE Euronext
and Qatar Investment Authority (incorporated by reference to
Exhibit 10.1 to NYSE Euronexts Current Report on
Form 8-K
filed with the SEC on June 25, 2009).
10
.55
Letter Agreement Dated October 15, 2009 (incorporated by
reference to Exhibit 10.1 to NYSE Euronexts Quarterly
Report on
Form 10-Q
filed with the SEC on November 6, 2009).
10
.56
Letter Agreement Dated October 15, 2009 (incorporated by
reference to Exhibit 10.2 to NYSE Euronexts Quarterly
Report on
Form 10-Q
filed with the SEC on November 6, 2009).
10
.57
Employment Agreement by and between Dominique Cerutti and NYSE
Euronext, dated September 7, 2009 (incorporated by
reference to Exhibit 10.75 to NYSE Euronexts Annual
Report on
Form 10-K
filed with the SEC on March 1, 2010).
10
.58
Employment Agreements of Roland Bellegarde, dated
October 16, 2009, July 1, 2000, March 18, 1996,
February 17, 1994, April 22, 1991, May 25, 1990,
October 18, 1989, December 30, 1987 and May 15,
1986 (incorporated by reference to Exhibit 10.76 to NYSE
Euronexts Annual Report on
Form 10-K
filed with the SEC on March 1, 2010).
12
Computation of Ratio of Earnings to Fixed Charges.
21
Subsidiaries.
23
Consent of PricewaterhouseCoopers LLP.
24
Power of Attorney (incorporated by reference to the signature
page of this Annual Report on
Form 10-K).
31
.1
Rule 13a-14(a)
Certification (CEO).
31
.2
Rule 13a-14(a)
Certification (CFO).
32
Section 1350 Certifications.
101
.INS
XBRL Report Instance Document.
101
.SCH
XBRL Taxonomy Extension Schema Document.
101
.PRE
XBRL Taxonomy Presentation Linkbase Document.
101
.CAL
XBRL Calculation Linkbase Document.
101
.LAB
XBRL Taxonomy Label Linkbase Document.
*
Portions of this exhibit have been omitted pursuant to a
request for confidential treatment.
Table of Contents
By:
Title:
Chief Executive Officer
Signature
Title
Date
Chief Executive Officer and Director (Principal Executive
Officer)
February 28, 2011
Group Executive Vice President and Chief Financial Officer
(Principal Financial Officer)
February 28, 2011
Executive Vice President, Chief Accounting Officer and Corporate
Controller (Principal Accounting Officer)
February 28, 2011
Director (Chairman)
February 28, 2011
Director (Deputy Chairman)
February 28, 2011
Director
February 28, 2011
Director
February 28, 2011
122
Table of Contents
Signature
Title
Date
Director
February 28, 2011
Director
February 28, 2011
Director
February 28, 2011
Director
February 28, 2011
Director
February 28, 2011
Director
February 28, 2011
Director
February 28, 2011
Director
February 28, 2011
Director
February 28, 2011
Director
February 28, 2011
Director
February 28, 2011
123
(I) | The acquisition by any individual, entity or group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act (a Person ) of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 50% or more of either (A) the then-outstanding shares of common stock of the Corporation (the Outstanding Common Stock ) or (B) the combined voting power of the then-outstanding voting securities of the Corporation entitled to vote generally in the election of directors (the Outstanding Voting Securities ); provided, however, that the following acquisitions shall not constitute a Change of Control: (i) any acquisition directly from the Corporation, (ii) any acquisition by the Corporation, (iii) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Corporation or any affiliated corporation; or (iv) any acquisition by any corporation pursuant to a transaction which complies with clauses (A), (B) and (C) of subsection (III); | ||
(II) | Any transaction as a result of which the individuals who, prior to the commencement of the transaction or the efforts to consummate the same, constituted the Board of Directors (the Incumbent Board ) cease in connection with the transaction to constitute at least a majority of the Board of Directors; provided, however, that any individual becoming a director whose election, or nomination for election by the Corporations 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 of Directors; | ||
(III) | Consummation of a reorganization, merger, statutory share exchange or consolidation or similar corporate transaction |
involving the Corporation or any of its subsidiaries, a sale or other disposition of all or substantially all of the assets of the Corporation, or the acquisition of assets or stock of another entity by the Corporation or any of its subsidiaries (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 Common Stock and the Outstanding 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 Corporation resulting from such Business Combination (including, without limitation, a corporation that, as a result of such transaction, owns the Corporation or all or substantially all of the Corporations 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 Common Stock and the Outstanding 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 Corporation or such corporation resulting from such Business Combination) beneficially owns, directly or indirectly, 50% 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 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 | |||
(IV) | Approval by the stockholders of the Corporation of a complete liquidation or dissolution of the Corporation. |
(a) | to select the Eligible Employees 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 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 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); | ||
(e) | 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; | ||
(f) | 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); | ||
(g) | 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, subject to, and in accordance with, Section 409A of the Code; | ||
(h) | to determine whether a Stock Option is an Incentive Stock Option or Non-Qualified Stock Option; | ||
(i) | 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; and | ||
(j) | to offer to buy out an Award previously granted, based on such terms and conditions as the Committee shall establish and communicate to the Participant at the time such offer is made; provided that any such purchase of an Award shall be limited to no more than the fair market value of the Award on the date of such purchase. |
(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. |
(a) | General Limitations . The aggregate number of shares of Common Stock that may be issued (including as dividends or dividend equivalents with respect to Awards granted under this Plan) or used for reference purposes or with respect to which Awards may be granted under this Plan shall not exceed 11,500,000 shares (subject to any increase or decrease pursuant to Section 4.2), which includes 3,000,000 shares reserved for future grant by the Board in the Merger Agreement. The aggregate number of shares of Common Stock may be either authorized and unissued Common Stock or Common Stock held in or acquired for the treasury of the Company or both. If any Option, Stock Appreciation Right or Other Stock-Based 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 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. | ||
(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 or 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 Eligible Employee 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 Employees individual share limitations for both Stock Appreciation Rights and Stock Options; (ii) there are no annual individual Eligible Employee 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 shall be $10,000,000. 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 during a fiscal year are not covered by an Award to such Eligible Employee in a fiscal year, the number of shares of Common Stock available for Awards to such Eligible Employee shall automatically increase in the subsequent fiscal years during the term of the Plan until used. |
(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 Companys 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 event affecting the capital structure of the Company, (ii) any merger, consolidation, acquisition of property or shares, separation, spinoff, 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 of 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 (Capital Change). |
(b) | Subject to compliance with applicable legal and regulatory requirements, in the event of a Capital Change or Corporate Transaction, the Committee or the Board may in its discretion make such substitutions or adjustments as it deems appropriate and equitable to: (i) the aggregate number and 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 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. In the case of Corporate Transactions, such adjustments may include, without limitation: (x) the cancellation of 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); (y) the substitution of 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 (z) in connection with any disaffiliation, arranging 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). | ||
(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 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. |
(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, 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 law, if the Common Stock is traded on a national securities exchange, The New York Stock Exchange or quoted on a national quotation system sponsored by the National Association of Securities Dealers, 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 Participants 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 Participants 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 Participants Termination may be exercised by the Participant (or, in the case of death, by the legal representative of the Participants 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 Participants Termination is by Retirement, all unvested Stock Options held by such Participant that would have vested on the first scheduled vesting date next following the Participants Retirement shall immediately vest and become exercisable on the last day of the month immediately preceding the Participants Retirement and all unvested Stock Options shall be forfeited. All Stock Options that are vested and exercisable at the time of the Participants 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 Participants 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 Participants 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 Participants 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 Participants 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 Participants 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 Participants Termination for any reason shall terminate and expire as of the date of such Termination. | |||
(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 (i) 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), and (ii) accept the surrender of outstanding Stock Options (up to the extent not theretofore exercised) and authorize the granting of new Stock Options in substitution therefor (to the extent not theretofore exercised). 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) | Buyout and Settlement Provisions . The Committee may at any time offer to buy out an Option previously granted, based on such terms and conditions as the Committee shall establish and communicate to the Participant at the time that such offer is made; provided that such purchase of an Option shall be limited to no more than the fair market value of the Award on the date of such purchase. | ||
(o) | Early Exercise . The Committee may provide that a Stock Option include a provision whereby the Participant may elect at any time before the Participants Termination to exercise the Stock Option as to any part or all of the shares of Common Stock subject to the Stock Option prior to the full vesting of the Stock Option and such shares shall be subject to the provisions of Article VIII and treated as Restricted Stock. Any unvested shares of Common Stock so purchased may be subject to a repurchase |
option in favor of the Company or to any other restriction the Committee determines to be appropriate. | |||
(p) | 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. |
(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. | ||
(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. |
(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 10 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 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 Participants lifetime, only by the Participant. |
(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. | ||
(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) 2006 Stock 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. |
(a) | Restriction Period . 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 circumstances. 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 determined by the Committee at grant or, if no rights of the Participant are reduced, thereafter, subject to the applicable provisions of the Restricted Stock Award agreement and this Plan, upon a Participants Termination for any reason during the relevant Restriction Period, all Restricted Stock still subject to restriction will vest or be forfeited in accordance with the terms and conditions established by the Committee at grant or thereafter. | ||
(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. |
(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 a later date 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 circumstances. The applicable Performance Goals shall be based on one or more of the performance criteria set forth in Exhibit A hereto. | ||
(d) | Dividend Equivalents . If any cash dividends (whether regular or extraordinary) are paid on shares of Common Stock during the Performance Period applicable to a Participants Award of Performance Shares, the Committee (or its delegate) shall determine, in accordance with Section 409A of the Code and the terms of this Plan and the |
applicable Award agreement, whether such Participant shall be eligible to receive any payments with respect to such dividends and, if so, the terms of such payments, including without limitation (i) the amounts of such payments, (ii) any vesting or forfeiture conditions to such payments and (iii) whether such payments shall be made (x) currently or on a deferred basis, (y) in cash or shares of Common Stock and (z) with respect to the period prior to the vesting of such Award. The Committee (or its delegate) may make such determination at the time of grant of such Award or at any time thereafter (but in all events not later than December 31 of the year prior to the year for which any such payments are made); provided that, if such determination is made after the time of grant, the Participant shall be provided with written notice of such determination, which notice shall constitute an amendment to the applicable Award agreement. | |||
(e) | Payment . Following the Committees 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 or Non-Employee Director, or his legal representative, in an amount equal to such individuals 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 and this Plan, upon a Participants Termination for any reason during the Performance Period for a given Award, the Performance Shares in question will vest or be forfeited in accordance with the terms and conditions established by the Committee at grant. | ||
(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. |
(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) | Dividend Equivalents . If any cash dividends (whether regular or extraordinary) are paid on shares of Common Stock during the period in which a Participants Award is outstanding, the Committee (or its delegate) shall determine, in accordance with Section 409A of the Code and the terms of this Plan and the applicable Award agreement, whether such Participant shall be eligible to receive any payments with respect to such dividends and, if so, the terms of such payments, including without limitation (i) the amounts of such payments, (ii) any vesting or forfeiture conditions to such payments and (iii) whether such payments shall be made (x) currently or on a deferred basis, (y) in cash or shares of Common Stock and (z) with respect to the period prior to the vesting of such Award. The Committee (or its delegate) may make such determination at the time of grant of such Award or at any time thereafter (but in all events not later than December 31 of the year prior to the year for which any such payments are made); provided that, if such determination is made after the time of grant, the Participant shall be provided with written notice of such determination, which notice shall constitute an amendment to the applicable Award agreement. |
(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. |
(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 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 Participants 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 Participants 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 effective date of the Participants 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. |
(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 11.3. | ||
(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 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. |
(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 12.2(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 12.2(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 Companys 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 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 Companys 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; |
(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); | ||
(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 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) | 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 New York Stock Exchange Listed Company Manual, or the rules of any other exchange or system on which the Companys securities are listed or traded at the request of the Company. |
(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 15.6, 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. |
(a) | Forfeiture . The portion of any Award that is not vested at the time of the Affected Participants transfer of employment to NYSE Regulation, Inc. shall automatically be forfeited effective as of such date of transfer. As soon as practicable following the Participants 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 19.3. | ||
(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 Participants 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 Participants transfer of employment to NYSE Regulation, Inc. Notwithstanding any contrary provision contained herein, any Participant required to exercise and/or divest shares of Common Stock pursuant to this Article XIX 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 XIX. |
(a) | enterprise value or value creation targets; | ||
(b) | after-tax or pre-tax profits, including without limitation as attributable to continuing and/or other operations of the Company; | ||
(c) | operational cash flow or economic value added; | ||
(d) | specified objectives with regard to limiting the level of increase in all or a portion of, the Companys 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; | ||
(e) | earnings per share or earnings per share from continuing operations; | ||
(f) | sales, revenues, net income or earnings before income tax or other exclusions; | ||
(g) | return on capital employed or return on invested capital; | ||
(h) | after-tax or pre-tax return on stockholder equity; | ||
(i) | the fair market value of the shares of the Companys Common Stock; | ||
(j) | the growth in the value of an investment in the Companys Common Stock assuming the reinvestment of dividends; | ||
(k) | a transaction that results in the sale of stock or assets of the Company; | ||
(l) | earnings before interest, taxes plus amortization and depreciation; or | ||
(m) | reduction in expenses. |
(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; | ||
(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 Participants 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 Participants 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. |
(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. |
(a) | General Limitations . The aggregate number of shares of Common Stock that may be issued (including as dividends or dividend equivalents with respect to Awards granted under this Plan) 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, 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 Employees or Consultants 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. |
(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 Companys 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
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).
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(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 Companys 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 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. |
(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, |
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 |
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 Participants 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 Participants 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 Participants Termination may be exercised by the Participant (or, in the case of death, by the legal representative of the Participants 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 Participants Termination is by Retirement, all unvested |
Stock Options held by such Participant that would have vested on the first scheduled vesting date next following the Participants Retirement shall immediately vest and become exercisable on the last day of the month immediately preceding the Participants Retirement and all unvested Stock Options shall be forfeited. All Stock Options that are vested and exercisable at the time of the Participants 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 Participants 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 Participants 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 Participants 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 Participants 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 Participants 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 Participants Termination for any reason shall terminate and expire as of the date of such Termination. |
(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. |
(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. | |||
(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. |
(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 |
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 Participants 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. |
(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. | ||
(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. |
(a) | Restriction Period . 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 |
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 Participants 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. |
(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) | Dividend Equivalents . If any cash dividends (whether regular or extraordinary) are paid on shares of Common Stock during the Performance Period applicable to a Participants Award of Performance Shares, the Committee (or its delegate) shall determine, in accordance with Section 409A of the Code and the terms of this Plan and the applicable Award agreement, whether such Participant shall be eligible to receive any payments with respect to such dividends and, if so, the terms of such payments, including without limitation (i) the amounts of such payments, (ii) any vesting or forfeiture conditions to such payments and |
(iii) | whether such payments shall be made (x) currently or on a deferred basis, (y) in cash or shares of Common Stock and (z) with respect to the period prior to the vesting of such Award. The Committee (or its delegate) may make such determination at the time of grant of such Award or at any time thereafter (but in all events not later than December 31 of the year prior to the year for which any such payments are made); provided that, if such determination is made after the time of grant, the Participant shall be provided with written notice of such determination, which notice shall constitute an amendment to the applicable Award agreement. | ||
(e) | Payment . Following the Committees 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 Director, or his legal representative, in an amount equal to such individuals 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 Participants 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. |
(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) | Dividend Equivalents . If any cash dividends (whether regular or extraordinary) are paid on shares of Common Stock during the period in which a Participants Award is outstanding, the Committee (or its delegate) shall determine, in accordance with Section 409A of the Code and the terms of this Plan and the applicable Award agreement, whether such Participant shall be eligible to receive any payments with respect to such dividends and, if so, the terms of such payments, including without limitation (i) the amounts of such payments, (ii) any vesting or forfeiture conditions to such payments and (iii) whether such payments shall be made (x) currently or on a deferred basis, (y) in cash or shares of Common Stock and (z) with respect to the period prior to the vesting of such |
Award. The Committee (or its delegate) may make such determination at the time of grant of such Award or at any time thereafter (but in all events not later than December 31 of the year prior to the year for which any such payments are made); provided that, if such determination is made after the time of grant, the Participant shall be provided with written notice of such determination, which notice shall constitute an amendment to the applicable Award agreement. | |||
(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. |
(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 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 Participants 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 Participants 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 effective date of the Participants 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. |
(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 Participants individual target award has been vested and earned. | ||
(b) | Waiver of Limitation . In the event of the Participants 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. |
(d) | Payment . Following the Committees 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. |
(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 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. |
(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. |
(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 Companys 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 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 Companys 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; |
(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); | ||
(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 Companys securities are listed or traded at the request of the Company. |
(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. |
(a) | Forfeiture . The portion of any Award that is not vested at the time of the Affected Participants transfer of employment to NYSE Regulation, Inc. shall automatically be forfeited effective as of such date of transfer. As soon as practicable following the Participants 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 Participants 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 Participants transfer of employment to NYSE Regulation, Inc. Notwithstanding any contrary provision contained herein, any Participant required to exercise and/or |
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. |
(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 Companys 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 Companys Common Stock or the growth in the value of an investment in shares of the Companys 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. |
(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 managements discussion and analysis of financial condition and results of operations appearing or incorporated by reference in the Companys 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 Companys management; or | ||
(c) | a change in tax law or accounting standards required by generally accepted accounting principles. |
(a) | designate additional business criteria on which the performance goals may be based; or | ||
(b) | adjust, modify or amend the aforementioned business criteria. |
1 | The bracketed language is included in awards to employees in Belgium. | |
2 | The bracketed language is included in awards to employees in the United Kingdom. | |
3 | The bracketed language is included in all awards other than those to employees in Portugal. | |
4 | The bracketed language is included in awards to employees in Portugal. |
5 | This provision is included in all awards other than those to employees in the United Kingdom. | |
6 | This provision is included in awards to employees in the United Kingdom. | |
7 | This provision is included in awards to employees in the United Kingdom. |
8 | This provision is included only in awards to employees in the United States. | |
9 | Signatures are included in awards to employees other than in the United States. | |
10 | The signature of the award recipient is required in awards to employees in Belgium. |
1 | The bracketed language is included in awards to employees in Belgium. | |
2 | The bracketed language is included in awards to employees in the United Kingdom. | |
3 | The bracketed language is included in all awards other than those to employees in Portugal. |
4 | The bracketed language is included in awards to employees in Portugal. |
5 | This provision is included in all awards other than those to employees in the United Kingdom. | |
6 | This provision is included in awards to employees in the United Kingdom. | |
7 | This provision is included in awards to employees in the United Kingdom. |
8 | This provision is included only in awards to employees in the United States. | |
9 | Signatures are included in awards to employees other than in the United States. | |
10 | The signature of the award recipient is required in awards to employees in Belgium. |
2
1 | This provision is included in all awards other than those to employees in the United Kingdom. | |
2 | This provision is included in awards to employees in the United Kingdom. |
3
4
3 | This provision is included only in awards to employees in the United States. | |
4 | Signatures are included in awards to employees other than in the United States. | |
5 | The signature of the award recipient is required in awards to employees in Belgium. |
5
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(a) | Those companies in which at least 10% of the voting rights and/or share capital is held, directly or indirectly, by the granting Company. | ||
(b) | Those companies which hold, directly or indirectly, at least 10% of the voting rights and / or the share capital of the granting Company; or | ||
(c) | Those companies in which at least 50% of the capital is held, directly or indirectly, by a company which itself holds, directly or indirectly, at least 50% of the capital of the granting Company. |
(c) | Number of shares available for Awards per person limitations |
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Notwithstanding the foregoing provisions and any other provision of the Plan to the contrary upon: |
(i) | Termination of Employment as a result of the Participants death |
(ii) | Termination of Employment as a result of the Participants Disability |
1 | For information purposes only : |
- | Second category of disability stands for a disabled person unable to perform any professional activity ; | ||
- | Third category of disability stands for as disabled person unable to perform any professional activity and requiring third party assistance in order to perform everyday life tasks. |
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The shares thus acquired by the Participant shall not be subject to the Holding Period set forth in Section 4 below. |
(iii) | Termination of Employment as a result of Involuntary Termination (as defined herein), Retirement or Change in control |
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(i) within the ten (10) stock exchange trading dates that precede or follow the publication of the annual consolidated accounts, if applicable or the annual accounts of the Company (10-K publication for US purposes); and | ||
(ii) within a period beginning with the date at which the Companys bodies become aware of any information, which, were it to be public knowledge, could have a significant impact on the Companys share price and ending ten (10) stock exchange trading dates after the information becomes public knowledge. |
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(a) | Those companies in which at least 10% of the voting rights and/or share capital is held, directly or indirectly, by the granting Company. | ||
(b) | Those companies which hold, directly or indirectly, at least 10% of the voting rights and / or the share capital of the granting Company; or | ||
(c) | Those companies in which at least 50% of the capital is held, directly or indirectly, by a company which itself holds, directly or indirectly, at least 50% of the capital of the granting Company. |
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Vesting Date | Percentage Vested | |||
First Anniversary of Grant Date
|
33 | % | ||
Second Anniversary of Grant Date
|
33 | % | ||
Third Anniversary of Grant Date
|
34 | % |
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(i) | Termination of Employment as a result of the Participants death |
(ii) | Termination of Employment as a result of the Participants Disability |
(iii) | Termination of Employment as a result of Involuntary Termination, Retirement or Change in control |
1 | For information purposes only : |
| Second category of disability stands for a disabled person unable to perform any professional activity ; | ||
| Third category of disability stands for as disabled person unable to perform any professional activity and requiring third party assistance in order to perform everyday life tasks. |
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Year-Ended December 31, | ||||||||||||||||||||
2010 | 2009 | 2008 | 2007 | 2006 | ||||||||||||||||
($ in millions, except ratio) | ||||||||||||||||||||
Determination of Earnings:
|
||||||||||||||||||||
Income (loss) from continuing operations before income tax
benefit (provision) and noncontrolling
interest
(1)
|
$ | 692 | $ | 203 | $ | (646 | ) (2) | $ | 882 | $ | 329 | |||||||||
Add:
|
||||||||||||||||||||
Fixed charges
|
111 | 122 | 150 | 129 | 3 | |||||||||||||||
Pre-tax earnings (losses) before fixed charges
|
803 | 325 | (496 | ) | 1,011 | 332 | ||||||||||||||
Fixed Charges:
|
||||||||||||||||||||
Interest expense
|
111 | 120 | 149 | 126 | | |||||||||||||||
Other
(3)
|
| 2 | 1 | 3 | 3 | |||||||||||||||
Fixed charges
|
111 | 122 | 150 | 129 | 3 | |||||||||||||||
Preference security dividend requirements
|
| | | | | |||||||||||||||
Total fixed charges
|
111 | 122 | 150 | 129 | 3 | |||||||||||||||
Ratio of earnings to fixed charges
|
7.23 | 2.66 | N/A | (4) | 7.84 | 110.67 |
(1) | Pre-tax income from continuing operations excludes income from associates. | |
(2) | Includes non-cash impairment charges of $1,590 million. | |
(3) | Other fixed charges consist of the interest factor in capital and operating leases. | |
(4) | Due to the loss in 2008, earnings were insufficient to cover fixed charges by $646 million. |
State/Jurisdiction of
|
||
Name | Incorporation | |
NYSE Group,
Inc.
(1)
|
Delaware | |
New York Stock Exchange
LLC
(2)
|
New York | |
Archipelago Holdings,
Inc.
(3)
|
Delaware | |
NYSE Amex
LLC
(4)
|
Delaware | |
NYSE Euronext (International)
B.V.
(1)
|
Netherlands | |
NYSE Euronext (Holding)
N.V.
(5)
|
Netherlands | |
Euronext
N.V.
(6)
|
Netherlands | |
Euronext Amsterdam
N.V.
(7)
|
Netherlands | |
Euronext France (Holding)
S.A.S.
(7)
|
France | |
Euronext IFSC
BVBA
(7)
|
Belgium | |
Euronext Paris
S.A.
(8)
|
France | |
Euronext Holdings UK
Limited
(9)
|
United Kingdom | |
NYSE Technologies,
Inc.
(10)
|
Delaware | |
Euronext Brussels
S.A./N.V.
(11)
|
Belgium | |
Euronext Lisbon Sociedad Gestora de Mercados
Regulamentados,
S.A.
(12)
|
Portugal | |
Wall and Broad Insurance
Company
(1)
|
New York | |
NYSE Liffe Holdings,
LLC
(13)
|
Delaware | |
NYSE IP
LLC
(14)
|
Delaware | |
NYSE Liffe US
LLC
(15)
|
Delaware |
(1) | Wholly owned subsidiary of NYSE Euronext. | |
(2) | Wholly owned subsidiary of NYSE Group, Inc. Operates the New York Stock Exchange; 6 wholly-owned subsidiaries operating in the United States have been omitted. | |
(3) | Wholly owned subisidiary of NYSE Group, Inc. Operates NYSE Arca; 7 wholly-owned subisidiaries operating in the United States have been omitted. | |
(4) | Wholly owned subsidiary of NYSE Group, Inc. Operates NYSE Amex; 6 wholly-owned subsidiaries operating in the United States have been omitted. | |
(5) | Wholly owned subsidiary of NYSE Euronext (International) B.V. | |
(6) | 99.35% owned subsidiary of NYSE Euronext (Holding) N.V. | |
(7) | Wholly owned subsidiary of Euronext N.V. | |
(8) | Wholly owned subsidiary of Euronext France (Holding) S.A.S. Operates Euronext Paris; 2 wholly-owned subsidiaries operating in foreign countries have been omitted. | |
(9) | Wholly owned subsidiary of Euronext IFSC BVBA Operates Liffe (Holdings); 22 wholly-owned subsidiaries operating outside the United States have been omitted; 2 wholly-owned subsidiaries operating in the United States have been omitted. | |
(10) | Wholly owned subsidiary of NYSE Group, Inc. Operates NYSE Technologies; 2 wholly-owned subsidiaries operating in the United States have been omitted; 9 wholly-owned subsidiaries operating in foreign countries have been omitted. | |
(11) | 80% owned subsidiary of Euronext N.V.; 19% owned subsidiary of Euronext Paris S.A.; 1% owned subsidiary of Euronext Lisbon-Sociedade Gestora de Regulamentados, S.A. | |
(12) | Wholly owned subsidiary of Euronext N.V. Operates Euronext Lisbon; 1 wholly-owned subsidiary operating in a foreign country was omitted. | |
(13) | 58% owned by NYSE Euronext. | |
(14) | Wholly owned subsidiary of NYSE Euronext. Owns certain of our intellectual property; 5 wholly-owned subsidiaries operating in foreign countries have been omitted. | |
(15) | Wholly owned subsidiary of NYSE Liffe Holdings, LLC. |
New York Block Exchange
LLC
16
|
Delaware | |
SmartPool Holding
Limited
17
|
United Kingdom | |
SmartPool Trading
Limited
18
|
United Kingdom | |
Euronext Real Estate S.A./N.V.
19
|
Belgium | |
NYSE Technologies Holding
S.A.S.
20
|
France | |
Bluenext
S.A.
21
|
France | |
Secfinex
Limited
22
|
United Kingdom | |
NYSE Board Member
LLC
23
|
Delaware | |
NYSE Qatar
LLC
7
|
Qatar | |
Metnext
24
|
France | |
Qatar
Exchange
25
|
Qatar |
(16) | 50% owned subsidiary of New York Stock Exchange LLC. | |
(17) | 73.3% owned subsidiary of Euronext Holdings UK Limited. | |
(18) | Wholly owned subsidiary of SmartPool Limited. | |
(19) | 99.84% owned subsidiary of Euronext Brussels N.V./S.A.; 0.16% owned by Euronext Paris S.A. | |
(20) | Wholly owned subsidiary of Euronext France (Holding) S.A.S.; operates NYSE Technologies in Europe; 3wholly-owned subsidiaries operating in foreign countries have been omitted. | |
(21) | 60% owned by Euronext Paris S.A. | |
(22) | 56.51% owned by LIFFE (Holdings) plc. | |
(23) | Wholly owned subsidiary of NYSE Group, Inc. | |
(24) | 24% owned by Euronext N.V. | |
(25) | 20% owned by Euronext N.V. |