Euronext // 2021 Universal Registration Document

Financial Statements 8 Notes to the Consolidated Financial Statements

The grant-date fair value of performance shares with a TSR performance condition was adjusted for the possible outcomes of this condition. This has been assessed by applying a Monte Carlo simulation to model possible share prices of Euronext and its peer companies. At the end of each reporting period, the number of vesting performance shares is reconsidered based on the Group’s EBITDA1 performance relative to budgeted EBITDA1 and the total cost for the performance RSUs could be adjusted accordingly. Grant-date fair value of RSUs granted under the LTI Plans 2019, 2020 and 2021 reflect the present value of expected dividends over the vesting period.

In addition to these RSUs granted to all participants in the LTI Plans, Performance RSUs have been awarded to members of the Managing Board and Senior Leadership team. The vesting of these Performance RSUs is subject to two performance conditions: n 50% of the performance RSUs vests subject to a Total Shareholder Return (“TSR”) condition; n 50% of the performance RSUs vests subject to an EBITDA1-based performance condition.

Movements in the number of shares granted as awards is as follows:

IN 2021

Fair value at grant date per share (in €)

Year of grant

1 January

31 December 2021

Plan

2021 Granted Adjusted (a)

Vested Forfeited

LTI, with performance

2018

77,650

— 92,457 (171,003)

896

—

€56.55

LTI, no performance

2018

40,045

— 3,593

(42,294)

(1,344)

—

€49.64

LTI, with performance

2019

67,516

— 6,374

— (1,870)

72,020

€68.30

LTI, no performance

2019

51,288

— 4,614

— (5,043)

50,859

€57.94

LTI, with performance

2020

67,421

— 6,376

— (1,741)

72,056

€110.64

LTI, no performance

2020

46,885

— 4,237

— (4,231)

46,891

€81.30

LTI, with performance (b)

2021

— 79,252

—

—

(817)

78,435

€75.50

LTI, no performance (b)

2021

— 67,134

—

— (2,423)

64,711

€81.30

2021

— 22,963

—

—

—

22,963

€71.72

LTI, with performance (c)

LTI, no performance (c)

2021

— 6,350

—

—

—

6,350

€86.64

TOTAL 414,285 (a) Adjustments related to outperformance and rights issue subscription rights for unvested plans in order to maintain the value of the original awards. Since this value neutral modification took place at the same time as the rights issue, it did not result in any incremental fair value to be recognised. For more information on the rights issue, reference is made to Note 26. (b) LTI Plan 2021-A, with grant date 17 May 2021 (see Note 2). (c) LTI Plan 2021-B, with grant date 18 November 2021 (see Note 2). 350,805 175,699 117,651 (213,297) (16,573)

IN 2020

Fair value at grant date per share (in €)

Year of grant

1 January

31 December 2020

Plan

2020 Granted Adjusted (a)

Vested Forfeited

LTI, with performance

2017

64,668

— 29,250

(92,425)

(1,493)

—

€45.40

LTI, no performance

2017

31,759

—

— (30,800)

(959)

—

€42.19

LTI, with performance

2018

82,401

—

—

— (4,751)

77,650

€56.55

LTI, no performance

2018

43,001

—

—

— (2,956)

40,045

€49.64

LTI, with performance

2019

72,299

—

—

— (4,783)

67,516

€68.30

LTI, no performance

2019

55,013

—

—

— (3,725)

51,288

€57.94

LTI, with performance

2020

— 69,184

—

— (1,763)

67,421

€110.64

LTI, no performance

2020

— 48,358

—

— (1,473)

46,885

€81.30

TOTAL

349,141

117,542

29,250 (123,225)

(21,903)

350,805

(a) Adjustments related to outperformance.

Share-based payment expenses recognised in the income statement for shares granted for all plans to directors and selected employees in 2021 amounted to €10.4 million (2020: €8.5 million), see Note 9.

Euronext has taken into consideration the fact that the employees will not receive dividends during the vesting period of 3 years. The fair value has been adjusted taking into account the financial loss for the participants to not receive the payment of the dividends during the vesting period.

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2021 UNIVERSAL REGISTRATION DOCUMENT