EMPLOYMENT AGREEMENT



 Exhibit 10.3 
 METAVANTE TECHNOLOGIES, INC. 
 EMPLOYMENT AGREEMENT 
 THIS EMPLOYMENT AGREEMENT (this “Agreement”) is dated as of the 1st day of November, 2007 by and between METAVANTE HOLDING
COMPANY (to be renamed METAVANTE TECHNOLOGIES, INC.) (“Metavante Technologies”), a Wisconsin corporation, and MICHAEL D. HAYFORD (the “Executive”). 
 PREMISES 
 Pursuant to an agreement
(the “Separation Agreement”) between Metavante Corporation, Metavante Technologies, Marshall & Ilsley Corporation, a Wisconsin corporation and New M&I Corporation, a Wisconsin Corporation, dated April 3,
2007, Metavante Technologies will become a separate public company and will become the parent of Metavante Corporation. 
 Metavante
Technologies wishes to assure itself of the services of the Executive for the period after the date the separation (the “Separation”) of Metavante Technologies into a separate public company is effective (the
“Effective Date”) and the Executive is willing to be employed by Metavante Technologies upon the terms and conditions provided in this Agreement following the Effective Date. 
 AGREEMENTS 
 In consideration of the
premises and mutual covenants contained herein and for other good and valuable consideration, the receipt of which is mutually acknowledged, Metavante Technologies and the Executive (individually, a “Party” and together, the
“Parties”) agree as follows: 
 1. Employment. Metavante Technologies hereby agrees to employ the Executive,
and the Executive hereby agrees to serve Metavante Technologies, on the terms and conditions set forth herein from and after the Effective Date. If the Separation does not occur on or prior to April 4, 2008 this Agreement shall be null and
void. 
 2. Term. Except as provided below, the term of this Agreement shall begin on the Effective Date and shall continue until the
third anniversary of the Effective Date unless earlier terminated pursuant to Section 10 below (the “Initial Term of Employment”). If neither party has (a) terminated this Agreement pursuant to Section 10
below, or (b) given notice not less than sixty (60) days prior to the end of the Initial Term of Employment or any Renewal Term of its intention not to renew the term of this Agreement, then the term of this Agreement shall continue for
successive one-year periods (each, a “Renewal Term”) after the end of the Initial Term of Employment and each Renewal Term (such Renewal Terms together with the Initial Term of Employment, the “Term of
Employment”). The Term of Employment shall automatically end upon termination of the Executive’s employment for any reason. Upon the Executive’s termination of employment with Metavante Technologies for any reason, he shall
immediately resign all offices and positions (including directorships) with Metavante Technologies or any of its subsidiaries or affiliates (collectively, the “Affiliates”). 







 3. Position and Duties. 
 (a) The Executive shall serve as Senior Executive Vice President and Chief Operating Officer of Metavante Technologies, and shall perform all duties
customarily attendant to such position and such other duties as may reasonably be assigned from time to time by the Board of Directors (the “Board”) or the Chief Executive Officer of Metavante Technologies, in each case, in
accordance with company policy as set forth from time to time by the Board and subject to the terms hereof. At the request of Metavante Technologies, Executive will also serve as an officer and/or member of the board of directors of any Affiliate,
without additional compensation. 
 (b) The Executive agrees to devote all of his business attention and time to the performance of his
duties and responsibilities hereunder during the Term of Employment and to use his reasonable best efforts to perform faithfully, effectively and efficiently his responsibilities and obligations hereunder, provided that if such service and
activities do not interfere with the performance of the Executive’s responsibilities hereunder or the conduct of the ordinary course of the business of Metavante Technologies or its Affiliates, the Executive may take reasonable amounts of time
to engage in additional activities in connection with personal investments and community activities, and may serve as a member of the board of directors of up to two public companies which do not compete with Metavante Technologies, provided that
such service on any particular board of directors shall be subject to the consent of the Board of Directors, such consent not to be unreasonably withheld. 
 4. Base Salary. During the Term of Employment, the Executive shall receive from Metavante Technologies a base salary at an annual rate of Five Hundred Twenty-Five Thousand Dollars ($525,000) per year (such
annual rate of compensation, as it may be increased from time to time, is referred to herein as the “Base Salary”), payable in accordance with the regular payroll practices of Metavante Technologies. Executive’s Base
Salary shall be subject to annual review for increase by the Compensation Committee of the Board (the “Compensation Committee”) during the Term of Employment. 
 5. Annual Bonus. During the Term of Employment, the Executive shall be eligible to earn an annual bonus (the “Annual
Bonus”). With respect to fiscal year 2008 and subsequent fiscal years, Executive’s target Annual Bonus will be equal to 90% of Executive’s Base Salary (the “Target Annual Bonus”) with the actual Annual
Bonus equal to between 0% and 180% of Executive’s Base Salary based on actual performance. The Annual Bonus shall be determined and awarded in the discretion of the Compensation Committee based on the achievement of performance objectives for
the applicable year. Unless the Executive is employed on the applicable payment date for annual bonuses, the Executive will not be entitled to receive the Annual Bonus for the applicable year (subject to Section 10 of this Agreement).

 6. Long Term Incentive Compensation. Any Metavante Corporation Long Term Incentive Plan awards previously granted to Executive
shall continue in effect in accordance with the terms of such Plan and awards, modified as provided in the Employee Matters Agreement between Metavante Technologies, Metavante Corporation, Marshall & Ilsley Corporation and New M&I
Corporation dated April 3, 2007, as amended (the “Employee Matters Agreement”). For 2008 and subsequent years, Executive will be eligible to participate 

  

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in any long term incentive compensation plans established for the senior executive officers of Metavante Technologies; provided however, that Metavante
Technologies shall be under no obligation to establish such a plan. 
 7. Equity Compensation. Options with respect to
Marshall & Ilsley Corporation held by Executive prior to the Separation shall be converted at the time of the Separation into options with respect to Metavante Technologies granted under the Metavante 2007 Equity Incentive Plan (the
“Metavante Equity Incentive Plan”) in accordance with the Employee Matters Agreement. Subject to the approval of the Compensation Committee, Executive will also receive a grant of options with respect to 575,000 shares of
Metavante Technologies common stock from the Metavante Equity Incentive Plan shortly following the Separation, and such options will vest in accordance with the terms of the applicable award agreement. Executive shall be entitled to participate in
the Metavante Equity Incentive Plan for 2008 and subsequent years, with future awards, if any, determined in the discretion of the Compensation Committee consistent with the terms of the Metavante Equity Incentive Plan. 
 8. Perquisites and Expense Reimbursement. Executive shall receive such perquisites as are provided by Metavante Technologies to its senior
executive officers. Metavante Technologies shall reimburse the Executive for all reasonable out-of-pocket business expenses incurred by the Executive in performing services under this Agreement in accordance with Metavante Technologies’ expense
reimbursement policy, upon submission of such accounts and records as may be required under Metavante Technologies policy. 
 9. Benefit
Plans and Programs. 
 (a) Benefit Plans. Executive shall generally be eligible to participate in all qualified and nonqualified
retirement plans and all health and welfare benefit plans as are made generally available for the participation of senior executives of Metavante Technologies (“Benefit Plans”), in accordance with the respective terms of such
Benefit Plans. 
 (b) Vacation. Executive shall be entitled to paid vacation from his duties under this Agreement in accordance with
the vacation policy of Metavante Technologies for senior executives of Metavante Technologies. 
 (c) Retiree Health. Notwithstanding
whether Separation occurs on or prior to April 4, 2008 and Section 21 hereof, upon termination of employment at any time for any reason other than Cause, Executive shall be entitled to access to retiree health coverage from Metavante
Technologies, if any, on the same terms and conditions as if Executive had satisfied the minimum age and service conditions for such coverage as of the Effective Date, provided however, that Executive shall pay the entire premium (including any
administrative costs) for such coverage unless Executive qualifies for a subsidy based on his actual age and actual service with Metavante Technologies, it being understood that this Section 9(c) shall cease to apply in the event that Metavante
Technologies no longer provides such coverage. 
 10. Termination of Employment. 
 (a) Termination of Employment. This Agreement shall terminate upon the earliest of (i) the Executive’s death or Disability,
(ii) the date set forth in a written 

  

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notice by the Executive to Metavante Technologies that the Executive is terminating Executive’s employment, or (iii) such date as set forth in a
written notice by Metavante Technologies to Executive that Metavante Technologies is terminating Executive’s employment (whether for Cause or without Cause). 
 (b) Definitions. 
 (i) “Cause” shall mean: 
 (A) the Executive’s conviction of, or a plea of guilty or nolo contendere to, a felony or other crime (except for misdemeanors which are not
materially injurious to, or to the business reputation of, Metavante Technologies or an Affiliate); 
 (B) Executive’s willful refusal
to perform in any material respect the Executive’s duties and responsibilities for Metavante Technologies or an Affiliate or failure of the Executive to comply in any material respect with the polices and procedures of Metavante Technologies or
an Affiliate at which Executive serves as an officer and/or director; 
 (C) fraud or other illegal conduct in the Executive’s
performance of duties for Metavante Technologies or an Affiliate; or 
 (D) any conduct by the Executive which is materially injurious to
Metavante Technologies or an Affiliate or materially injurious to the business reputation of Metavante Technologies or an Affiliate. 
 Prior to termination
of the Executive for Cause pursuant to Sections 10(b)(i)(B), 10(b)(i)(C) or 10(b)(i)(D) of this Agreement, the Executive will be provided with written notice from Metavante Technologies describing in detail the conduct forming the basis for the
alleged Cause and to the extent curable, a reasonable opportunity (of not less than 10 days) to cure such conduct before the Company may terminate for Cause. Any termination for “Cause” will not limit any other right or remedy Metavante
Technologies may have under this Agreement or otherwise. 
 (ii) “Good Reason” shall mean: 
 (A) any reduction in the Executive’s Base Salary or the Executive’s Target Annual Bonus; 
 (B) the relocation of the offices at which the Executive is principally employed to a location which is more than 30 miles from the location of the
offices at which the Executive is principally employed as of the Effective Date (provided, that travel in the ordinary course of performing Executive’s duties hereunder shall not be deemed to be a relocation of the office at which the Executive
is principally employed); 
 (C) a material diminution of the Executive’s title from his title on the Effective Date; 
  

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 (D) if Executive is or becomes a Director of Metavante Technologies, removal of the Executive as such a
Director or failure to re-elect Executive as such a Director; 
 (E) if Executive is not named President and Chief Operating Officer of
Metavante Technologies by the 18-month anniversary of the Effective Date; 
 (F) removal of the Executive from the Executive Committee of
Metavante Technologies; 
 (G) Metavante Technologies’ non-renewal of the Term of Employment as provided for in Section 2 of this
Agreement; or 
 (H) A material breach of a material provision of this Agreement by Metavante Technologies. 
 Prior to the Executive’s termination for Good Reason, Executive will provide Metavante Technologies with written notice describing in detail the conduct forming the
basis for the alleged Good Reason and Metavante Technologies shall have a reasonable period (of not less than 10 days) to cure such conduct before Executive may terminate for Good Reason. Any termination for “Good Reason” will not limit
any other right or remedy Executive may have under this Agreement or otherwise. 
 (c) Termination due to Disability, Termination by
Metavante Technologies for Cause or by the Executive without Good Reason. If the Executive’s employment is terminated as a result of the Executive’s Disability, or if Executive’s employment is terminated by Metavante Technologies
for Cause or by the Executive without Good Reason, then the Executive, or his estate or designated beneficiaries, shall be entitled to receive only: 
 (i) any Base Salary earned but not yet paid through the date of Executive’s death, Disability or termination; 
 (ii) reimbursement in accordance with this Agreement of any business expense incurred by the Executive but not yet reimbursed; and 
 (iii) other benefits accrued and earned (including unused vacation) by the Executive through the date of Executive’s Disability or termination in accordance with applicable plans and programs of Metavante Technologies. 
 For purposes of this Agreement “Disability” shall mean the absence of Executive from Executive’s duties on a full-time basis for at least 90 out of one
hundred eighty (180) consecutive business days as a result of incapacity due to mental or physical illness which is determined to be total and permanent by a physician selected by Metavante Technologies or its insurers and acceptable to
Executive or Executive’s legal representative (such acceptance not to be unreasonably withheld), provided that if the Parties are unable to agree, the Parties shall request the Dean of the Medical College of Wisconsin to choose such physician.
If Metavante Technologies determines in good faith that the Disability of Executive has occurred during the Term of Employment, it may give to Executive written notice in accordance with Section 24 of 

  

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this Agreement of its intention to terminate Executive’s employment. In such event, Executive’s employment shall terminate effective on the
thirtieth (30th) day after receipt of such notice by Executive, provided that, within thirty (30) days after such receipt, Executive shall not have returned to full-time performance of Executive’s duties. 
 (d) Termination by Metavante Technologies without Cause or by the Executive with Good Reason. If, during the Term of Employment, the
Executive’s employment is terminated by Metavante Technologies without Cause, or by the Executive with Good Reason, the Executive shall be entitled to receive only: 
 (i) any payments and benefits described in Section 10(c)(i) through 10(c)(iii) above, as well as any accrued but unpaid annual bonuses for fiscal years already completed; 
 (ii) as a severance payment, a lump sum cash payment payable six (6) months after Executive’s termination equal to the product of (A) two
multiplied by (B) the sum of: (I) Executive’s annual Base Salary at the time of the Executive’s termination and (II) Executive’s target Annual Bonus for the year of the Executive’s termination; 
 (iii) The pro rata portion of Executive’s Annual Bonus which would have been paid to Executive for the year of termination based on actual
performance as determined in the discretion of the Compensation Committee (which determination shall be made on a basis consistent with those determinations made for then-current members of the Executive Committee of Metavante Technologies), payable
at such time as annual bonuses are otherwise paid to active employees of Metavante Technologies. 
 (iv) Notwithstanding anything to the
contrary in the Metavante Equity Incentive Plan, accelerated vesting in all time-based vesting awards under the Metavante Equity Incentive Plan that would have become vested within one (1) year of Executive’s termination; 
 (v) Notwithstanding anything to the contrary in the Metavante Equity Incentive Plan, to the extent that Executive’s termination occurs within one
year prior to the conclusion of a performance-based vesting cycle for a performance-based award under the Metavante Equity Incentive Plan, such award shall remain eligible for vesting based on actual performance (determined at the end of such
cycle), provided that such eligibility for vesting shall be limited to a pro-rated portion of such award (based on Executive’s period of service during the applicable performance period); 
 (vi) Continuation of benefits under all plans which are welfare benefit plans for a period of 24 months, provided however that if Executive obtains
subsequent employment providing welfare benefits, Metavante Technologies’ obligation to provide welfare benefits shall cease; and 
 (vii) Outplacement services from a provider selected by Executive at a cost to Metavante Technologies which shall not exceed $25,000. 
  

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 (e) Termination Due to Death. If the Executive’s employment is terminated as a result of the
Executive’s death, this Agreement shall terminate without further obligations to Executive’s legal representatives under this Agreement, except that Metavante Technologies shall provide any payments described in Section 10(c)(i)
through Section 10(c)(iii) above with such payments being made to Executive’s estate or beneficiary, as applicable, in a lump sum in cash within 30 days after the date of death. In addition, Executive’s estate or beneficiary, as
applicable, shall receive six months of Annual Base Salary which shall be paid on a monthly basis over the six month period following the month of the Executive’s death. In addition, “other benefits” shall be provided following the
Executive’s death which shall be benefits for Executive’s family at least equal to the most favorable benefits provided by Metavante Technologies to surviving families of peer executives of Metavante Technologies and its affiliates under
such plans, programs, practice and policies relating to family death benefits, if any, as in effect with respect to such peer executives and their families at any time during the 12 month period ending on the date of the Executive’s death.

 (f) Limitations. Notwithstanding any other provision of Section 10(c) or (d)(vi) to the contrary, (i) to the extent any
benefits provided pursuant to Section 10(d)(vi) or “other benefits” provided pursuant to Section 10(c) during the first six months after Executive’s termination are not paid pursuant to a qualified plan, a bona fide sick
leave or vacation plan, a disability plan, a death benefit plan or a plan providing medical expense reimbursements which are non-taxable or a separation pay plan (within the meaning of the regulations under Section 409A of the Internal Revenue
Code of 1986, as amended (the “Code”)), Executive shall pay the cost of such coverage during the first six months following termination and shall be reimbursed for the cost of such coverage six months after Executive’s
termination; and (ii) severance payments pursuant to Section 10(d) are conditioned upon the execution and delivery by Executive, within 30 days of the date of Executive’s termination of employment, of a Separation Agreement and
Release (which Executive does not later revoke) substantially in the form attached hereto as Exhibit A (the form shall be subject to any changes that Metavante Technologies deems reasonably necessary for purposes of ensuring its enforceability or to
comply with applicable law). Notwithstanding any other provision of this Section 10 to the contrary, including the preceding sentence, if the provision of any medical benefits coverage pursuant to this Section 10 would be discriminatory
within the meaning of Section 105(h) of the Internal Revenue Code, then, to the extent necessary to prevent such discrimination, Executive (or his survivors, as the case may be) shall pay the cost of such coverage and Executive (or his
survivors, as the case may be) shall not be reimbursed by Metavante Technologies for doing so. 
 (g) Nonduplication of Payments. In
the event that the Executive receives payments and benefits pursuant to Section 10 hereof, the Executive shall not be entitled to any severance payments or benefits under any other agreement, plan, or program of Metavante Technologies or any
Affiliate, provided that once a “Change of Control” has occurred as defined in the Executive’s Change of Control Agreement, this Agreement shall cease to be of any force and effect, and, instead, any payments Executive may be entitled
to as a result of termination of employment shall be paid under Executive’s Change of Control Agreement. 
 (h) 409A. In order
to facilitate compliance with Section 409A of the Code, Metavante Technologies and the Executive shall neither accelerate nor defer or otherwise change the time at which any payment due hereunder is to be made, except as may otherwise be
permitted under Section 409A of the Code. 
  

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 11. Representation and Warranties/Noncompetition and Nonsolicitation. 
 (a) Acknowledgement by Executive. The Executive acknowledges and agrees that the contacts and relationships of Metavante Technologies and its
Affiliates with its customers, suppliers, licensors and other business relations are, and have been, established and maintained at great expense and provide Metavante Technologies and its Affiliates with a substantial competitive advantage in
conducting their business. The Executive acknowledges and agrees that by virtue of the Executive’s employment with Metavante Technologies, the Executive will have unique and extensive exposure to and personal contact with customers, suppliers,
licensors and other business relations of Metavante Technologies and its Affiliates, and that Executive will be able to establish a unique relationship with those persons that will enable Executive, both during and after employment, to unfairly
compete with Metavante Technologies and its Affiliates. Executive acknowledges that Metavante Technologies and/or its Affiliates markets and sells products and services to customers throughout the United States and in Canada, that Executive’s
job duties will include the entire United States and Canada and could be expanded to cover other markets outside the United States and Canada, and that the Confidential Information (as defined in the Employee Confidentiality and Property Agreement)
of Metavante Technologies and/or its Affiliates and Executive’s customer knowledge and relationships would be of value to a competitor in competing against Metavante Technologies and/or its Affiliates anywhere in the United States and in Canada
and in any other markets outside the United States and Canada into which Metavante Technologies and/or one of its Affiliates may expand its activities. Furthermore, the Parties agree that the terms and conditions of the following restrictive
covenants are reasonable and necessary for the protection of the business, trade secrets and Confidential Information of Metavante Technologies and its Affiliates and to prevent great damage or loss to Metavante Technologies and its Affiliates as a
result of action taken by the Executive. The Executive also acknowledges and agrees that the consideration provided for herein is sufficient to fully and adequately compensate the Executive for agreeing to such restrictions. 
 (b) Non-Competition. During the period commencing on the Effective Date and ending on the one-year anniversary of termination of the
Executive’s employment for any reason (the “Restricted Period”), Executive will not (i) in any capacity, directly or indirectly, participate in, provide assistance to, or have a financial or other interest in any
activity or other enterprise which competes with Metavante Technologies or any of its Affiliates or (ii). accept employment with, or consult with, or otherwise provide any services to, any person or entity (including one in which Executive has an
ownership interest) that competes with Metavante Technologies and/or any of its Affiliates in any capacity in any portion of the Territory, as defined herein. Notwithstanding the foregoing, it shall not be a violation of this Section 11(b) for
the Executive to join a commercial enterprise with multiple divisions or business lines if the division or business line that is competitive with the businesses of Metavante Technologies or any of its Affiliates provides less than 5% of such
commercial enterprise’s net revenues and sales for its most recently completed fiscal year, and the Executive has no direct involvement with (including oversight), and performs no functions on behalf of the division or business line that is
competitive with the businesses of Metavante Technologies or any of its 

  

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Affiliates. The passive ownership of less than a 5% interest in a corporation whose shares are traded in a recognized stock exchange or traded in the
over-the-counter market, even though that corporation may be a competitor of Metavante Technologies or any of its Affiliates, shall not be deemed to violate the restriction in the immediately preceding sentence. “Territory” shall be
limited to the United States and Canada and unless Metavante Technologies and/or any of its Affiliates, at the time of termination of Executive’s employment, is selling and marketing its products and/or services in markets outside the United
States and Canada and Executive’s job duties involve any of those markets, in which case “Territory” shall include the United States and Canada plus any other geographic market with respect to which Executive has job duties as of the
date of termination of employment with Metavante Technologies and/or any of its Affiliates. If Executive is considering taking a position to work for, or consult with, a person or entity that competes with Metavante Technologies and/or any of its
Affiliates, and Executive provides the details of the position, then within fourteen (14) days of receipt of all necessary information, Metavante Technologies will advise Executive whether it considers that position to be a breach of this
Agreement. 
 (c) Non-Solicitation. During the Restricted Period, the Executive shall not directly or indirectly (i) induce or
attempt to induce any employee or independent contractor of Metavante Technologies or any Affiliate to leave Metavante Technologies or such Affiliate, or in any way interfere with the relationship between Metavante Technologies or any such
Affiliate, on the one hand, and any employee or independent contractor thereof, on the other hand, (ii) hire any person who was an employee or independent contractor of Metavante Technologies or any Affiliate until twelve (12) months after
such individual’s relationship with Metavante Technologies or such Affiliate has been terminated or (iii) induce or attempt to induce any customer (whether former or current), supplier, licensee or other business relation of Metavante
Technologies or any Affiliate to cease doing business with Metavante Technologies or such Affiliate, or in any way interfere with the relationship between any such customer, supplier, licensee or business relation, on the one hand, and Metavante
Technologies or any Affiliate, on the other hand. 
 12. Return of Property. All equipment, books, records, papers, notes, catalogs,
compilations of information, data bases, correspondence, recordings, stored data (including data or files that exist on any personal computer), software, and any other physical items, including copies and duplicates, that Executive generates or
develops or which come into Executive’s possession or control during employment with Metavante Technologies, whether of a public nature or not, shall be and remain the property of Metavante Technologies, and Executive shall deliver all such
materials and items, and any and all copies of them, to Metavante Technologies upon termination of employment. 
 13. Employee
Confidentiality and Property Agreement. As a condition of Executive’s employment hereunder, Executive shall execute and deliver to Metavante Technologies on the date hereof an Employee Confidentiality and Property Agreement in the form
attached hereto as Exhibit B to the extent that Executive does not already have such an agreement in effect covering Executive’s employment with Metavante Technologies. 
 14. Common and Statutory Law of Torts and Trade Secrets. Nothing in this Agreement shall be construed to limit or negate the common or statutory
law of torts or trade secrets where it provides the Executive or Metavante Technologies and its Affiliates broader protection than that provided herein. 
  

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 15. Specific Performance. The Executive re-affirms Section 11(a) and further acknowledges and
agrees that the terms of Sections 11, 12 and 13: (i) are reasonable in light of all of the circumstances, (ii) are sufficiently limited to protect the legitimate interests of the Company, (iii) impose no undue hardship on the
Executive and (iv) are not injurious to the public. The Executive further acknowledges and agrees that irreparable injury to Metavante Technologies may result in the event the Executive breaches any covenant or agreement contained in
Section 11 or the Employee Confidentiality and Property Agreement and that the remedy at law for the breach of any such covenant will be inadequate. Therefore, if the Executive engages in any act in violation of the provisions of
Section 11 or the Employee Confidentiality and Property Agreement (or threatens to engage in any act in violation of such provisions), the Executive agrees that Metavante Technologies shall be entitled, in addition to such other remedies and
damages as may be available to it by law (including money damages) or under this Agreement, to temporary and permanent injunctive relief from a court of competent jurisdiction, without posting any bond or other security and without the necessity of
proof of actual damage, in addition to, and not in lieu of, such other remedies as may be available to the Metavante Technologies for such breach, including the recovery of money damages. 
 16. Withholding Taxes. All payments to the Executive or his beneficiary hereunder, including, without limitation, Base Salary and Annual Bonuses,
shall be subject to withholding on account of federal, state and local taxes as required by law, and other customary or required deductions. If any payment hereunder is insufficient to provide the amount of such taxes required to be withheld,
Metavante Technologies may withhold such taxes from any other payment due the Executive or his beneficiary. 
 17. Assignability; Binding
Nature. This Agreement shall be binding upon and inure to the benefit of the Parties and their respective successors, heirs, testamentary trustees, devisees, or legatees, by operation of law or otherwise (in the case of the Executive) and
permitted assigns. No rights or obligations of Metavante Technologies under this Agreement may be assigned or transferred by Metavante Technologies except that such rights or obligations may be assigned or transferred pursuant to (a) a merger
or consolidation in which Metavante Technologies is not the surviving entity or (b) a sale or liquidation of all or substantially all of the assets of Metavante Technologies. No obligations of the Executive under this Agreement may be assigned
or transferred by the Executive other than by operation of law. No third party shall be deemed to be a beneficiary of this Agreement, except for Affiliates of Metavante Technologies. 
 18. Entire Agreement. This Agreement, the Executive’s Change of Control Agreement and the Employee Confidentiality and Property Agreement,
shall be deemed to contain the entire understanding and agreement between the Parties concerning the subject matter hereof and shall supersede any other prior agreements, negotiations, or commitments, whether written or oral, between the Parties
concerning the subject matter hereof; and all such other agreements, negotiations, commitments and writings will have no further force or effect, and the Parties to any such other agreement, negotiation, commitment or writing will have no further
rights or obligations thereunder. 
  

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 19. Amendment. No provision in this Agreement may be amended unless such amendment is agreed to in
writing and signed by both the Executive and an authorized officer of Metavante Technologies. In the event of any conflict between the terms of this Agreement and any provision or policy set forth in any of Metavante Technologies’ employee
manuals, handbooks or other written materials, this Agreement shall be deemed to control. No waiver by either Party of any breach by the other Party of any condition or provision contained in this Agreement, including Exhibits A and B, to be
performed by such other Party shall be deemed a waiver of a similar or dissimilar condition or provision at the same or any prior or subsequent time. Any waiver must be in writing and signed by the Executive or an authorized officer of Metavante
Technologies, as the case may be. 
 20. Severability. Whenever possible each provision and term of this Agreement will be interpreted
in a manner to be effective and valid but if any provision or term of this Agreement is held to be prohibited or invalid, then such provision or term will be ineffective only to the extent of such prohibition or invalidity, without invalidating or
affecting in any manner whatsoever the remainder of such provision or term or the remaining provisions or terms of this Agreement. If any of the covenants set forth in Section 11 of this Agreement or in the Employee Confidentiality and Property
Agreement are held to be unreasonable, illegal, void, unenforceable or against public policy, such covenants shall be considered divisible with respect to duration, matter, and geographic area, and any court so holding shall reduce the duration,
matter, and/or geographic area of such covenants, and in such reduced form such covenants shall be enforceable and shall be enforced. 
 21.
Survival. Except in a termination pursuant to Section 1 due to the Separation not occurring on or prior to April 4, 2008 (in which case no rights or obligations survive) the rights and obligations of the parties under Sections 9(c)
and 10-24 shall survive any termination of this Agreement. 
 22. Directors and Officers Liability Coverage; Indemnification. To the
extent that Metavante Technologies obtains coverage under a directors and officers liability insurance policy, the Executive will be entitled to such coverage on a basis that is consistent with that provided to similarly situated officers and
directors, as applicable. Metavante Technologies shall indemnify and hold Executive harmless, to the fullest extent permitted by applicable law for acts taken within the scope of his employment. The provisions of this Section 22 shall not be
deemed exclusive of any other rights to which the Executive seeking indemnification may have under any by-law, agreement, vote of stockholders or directors, or otherwise. The provisions of this Section 22 shall survive the termination of this
Agreement for any reason. 
 23. Governing Law. This Agreement shall be governed by and construed and interpreted in accordance with
the laws of Wisconsin, without reference to principles of conflict of laws. 
  

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 24. Notices. Any notice to be given hereunder shall be deemed given and sufficient if in writing,
when personally delivered, or when deposited in the U.S. mail, postage prepaid, by registered or certified mail, or when deposited with a nationally recognized overnight carrier for delivery by overnight mail, or when sent by facsimile actually
received by the receiving facsimile machine, in the case of Executive, to: 
  

					
		  	Michael D. Hayford	  	
		  	 1816 Mountain Avenue
 Wauwatosa, WI
53213
	  	
			
	and, in the case of Company, to:	  		  	
			
		  	Metavante Technologies	  	
		  	 4900 West Brown Deer Road
 Brown Deer, WI
53223
	  	
		  	Attn: Chief Administrative Officer	  	
		  	Facsimile No. (414) 362-1705	  	

 or to such other address as Metavante Technologies or Executive may designate by notice to the other given in
accordance with this Section 25. 
 25. Headings. The headings of the sections contained in this Agreement are for convenience
only and shall not be deemed to control or affect the meaning or construction of any provision of this Agreement. 
 26. Reimbursement of
Executive’s Preparation/Negotiation Expenses. Provided that Executive commences employment with Metavante Technologies, Metavante Technologies shall reimburse the Executive for reasonable attorneys’ fees incurred by Executive in
connection with the preparation and negotiation of this Agreement, provided that such reimbursements shall not exceed $2,500 in the aggregate. 
 27. Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original but all of which together will constitute one and the same instrument. 
 (signatures on next page) 
  

 12 








 IN WITNESS WHEREOF, the Parties have executed this Agreement as of the date and year first above written.

  

			
	METAVANTE TECHNOLOGIES, INC.
		
	BY:	 	 /s/ Donald W. Layden, Jr.

		 	(signature)
	
	 Donald W. Layden, Jr.

		 	(print name)
	
	 Senior Executive Vice President

		 	(title)
	
	EXECUTIVE
	
	 /s/ Michael D. Hayford

	Michael D. Hayford


  

 13 








 EXHIBIT A 
 METAVANTE TECHNOLOGIES, INC.  
 SEPARATION AGREEMENT AND RELEASE 
 Date Provided to Employee:                      
 In order to receive severance benefits under my Employment Agreement with Metavante Technologies, Inc. (my “Employment Agreement”), I understand
that I must sign and return this Release to the Chief Administrative Officer of Metavante. I must do so within 30 calendar days (due on
                    ) from the date my employment is terminated. 
 I understand that my employment with Metavante has been terminated effective
                    . I understand that regardless of whether I sign this release, I am entitled to certain unconditional benefits described
in my Employment Agreement. I also understand that I will receive the conditional benefits described in my Employment Agreement after signing the release below. 
  

	 	1.	General Release of Claims. 

 I, for myself, my
heirs, administrators, representatives, executors, successors and assigns (collectively, the “Releasers”) hereby irrevocably and unconditionally release, acquit and forever discharge Metavante from, and covenant not to sue Metavante with
respect to, any and all claims I have against Metavante. 
  

	 	2.	Claims to Which Release Applies. 

 This release
applies both to claims that are now known or are later discovered. However, this release does not apply to any claims that may arise after the date I execute the release. Nor does this release apply to any claims that may not be released under
applicable law. 
  

	 	3.	Claims Released Include Age Discrimination and Employment Claims. 

 The claims released include, but are not limited to, (1) claims arising under the Age Discrimination in Employment Act as amended (29 U.S.C. Section 621 et seq.), (2) claims arising out of or relating
in any way to my employment with Metavante or the conclusion of that employment and (3) claims arising under any other federal, state or local law, regulation, ordinance or order that regulates the employment relationship except for vested
benefits to be provided under employee benefit plans and amounts due under the Employment Agreement. 








	 	4.	Release Covers Claims Against Related Parties. 

 For
purposes of this release the term Metavante includes Metavante Technologies, Inc., and any of its present, former and future owners, parents, affiliates and direct and indirect subsidiaries, divisions and related entities and its and their current
and former directors, officers, shareholders, trustees, employees, consultants, independent contractors, agents, servants, representatives, predecessors, successors, and assigns. Therefore, the claims released include claims I have against any such
persons or entities. 
  

	 	5.	The Terms “Claims” and “Release” are Construed Broadly. 

 As used in this release, the term “claims” shall be construed broadly and shall be read to include, for example, the terms “rights”, causes of action (whether arising in law or equity)”,
“damages”, “demands”, “obligations”, “grievances” and “liabilities” of any kind or character. Similarly, the term “release” shall be construed broadly and shall be read to include, for
example, the terms “discharge” and “waive”. 
  

	 	6.	Release Binding on Employee and Related Parties. 

 This release shall be binding upon me and my agents, attorneys, personal representatives, executors, administrators, heirs, beneficiaries, successors, and assigns. 
  

	 	7.	Additional Consideration. 

 I have executed this
release in consideration for additional benefits under my Employment Agreement. I acknowledge that these benefits represent consideration in addition to anything of value that I am otherwise entitled to receive from Metavante. These severance
benefits are sufficient to support this release. 
  

	 	8.	All Representations in Documents. 

 In entering into
this release I acknowledge that I have not relied on any verbal or written representations by any Metavante representative. I agree that I am not entitled to any other severance benefits except those described in this release and in my Employment
Agreement. 
  

	 	9.	Opportunity to Consider this Release; Consultation with Attorney. 

 I have read this release and fully understand its terms. I have been offered at least 21 days to consider its terms. I have been (and am again hereby) advised in writing to consult with an attorney before signing this
release. 








	 	10.	Voluntary Agreement. 

 I have entered into this
release knowingly and voluntarily and understand that its terms are binding on me. 
  

	 	11.	Partial Invalidity of Release. 

 If any part of this
release is held to be unenforceable, invalid or void, then the balance of this release shall nonetheless remain in full force and effect to the extent permitted by law. 
  


	 	12.	Headings. 

 The headings and subheadings in this
release are inserted for convenience and reference only and are not to be used in construing the release. 
  

	 	13.	Applicable Law. 

 Wisconsin law will apply in
connection with any dispute or proceeding concerning this release. 
  

	 	14.	Relationship of Severance Benefits to My Rights Under Other Benefit Plans. 

 I understand that severance benefits payable to me shall not be taken into account for purposes of determining my benefits under any other qualified or nonqualified plans of Metavante. 
  

	 	15.	Suit in Violation of this Release—Loss of Benefits and Payment of Costs. 

 If I bring an action against Metavante in violation of this release or if I bring an action asking that the release be declared invalid or unenforceable, I agree that prior to the commencement of such an action I will
tender back to Metavante all payments that I have received as consideration for this release. If my action is unsuccessful I further agree that I will pay all costs, expenses and reasonable attorneys’ fees incurred by Metavante in its
successful defense against the action. I acknowledge and understand that all remaining benefits to be provided to me as consideration for this release will permanently cease as of the date such action is instituted. However, the previous three
sentences shall not be applicable if I bring an action challenging the validity of this release under the Age Discrimination in Employment Act (which I may do without penalty under this release). 
  

	 	16.	Confidentiality. 

 I agree that I will not divulge
proprietary or confidential information relating to Metavante. I also agree that the existence and terms of this release have been and will be kept confidential by me and not disclosed, revealed or characterized by me (directly or indirectly by
innuendo or otherwise) except as required by law, to anyone other than my immediate family and my attorney and tax advisor, who shall also agree similarly not to make any further disclosure. 








	 	17.	7-Day Revocation Period. 

 I understand that I have
a period of 7 calendar days following the date I deliver a signed copy of this release to the Company’s Chief Administrative Officer to revoke this release. This release and my entitlement to severance pay will be binding and effective upon the
expiration of this 7-day period if I do not revoke, but not before. 
  

	 	18.	Non-disparagement. 

 I agree not to make disparaging
remarks about Metavante, or its products, services, or practices. Metavante Technologies agrees to use its reasonable best efforts to cause members of its Executive Committee and Board of Directors not to make disparaging remarks about me.

  

	 	19.	Other Employment at Metavante Results in Loss of Severance Benefits. 

 I agree that while receiving Metavante severance pay and benefits, I may not work at Metavante as an employee, contractor, consultant, or through an employment agency. If I return to Metavante through such an
agreement, my conditional severance pay and benefits will be terminated. 
  

	 	20.	No Re-Application. 

 I agree not to re-apply for
employment at or otherwise work at Metavante. 
  

							
	  
	 		  	  
	 	
	Employee Name	 		  	Date	 	
				
	Employee ID#	 		  		 	

 Received by Metavante on the      day of
            , 2      . 
  

							
	  
	 		  		 	
	 Vice President, Human Resources
	 		  		 	








 EXHIBIT B 
 METAVANTE TECHNOLOGIES, INC. 
 EMPLOYEE CONFIDENTIALITY AND PROPERTY AGREEMENT 
 Definition and Purpose 
 The dimensions and scope of Metavante
Technologies, Inc. (“Metavante”) represent a substantial investment in capital and information. In order to help protect the interests of Metavante, its customers, and its employees, this document has been drafted to more clearly define
the currently existing rights and responsibilities of Metavante and its employees and serves as an employee-employer agreement that these conditions are understood. 
 Confidentiality 
 During the performance of my duties, I recognize that I will come into contact with
Confidential Information. I agree that this information is to be used solely in connection with the performance of my authorized job functions and will not otherwise be disclosed either during or after my employment with Metavante for so long as
such information is of economic value to Metavante and would be useful to a competitor in competing against Metavante. Confidential Information includes, but is not limited to: 
 Customer Lists, Customer Data and Information 
  

	•	 	 Account Data and Information 


  

	•	 	 Planning Data 


  

	•	 	 Marketing Data 


  

	•	 	 Software, Documentation, Formulas, and Development Information 


  

	•	 	 Hardware Information 


  

	•	 	 Operational Information 


  

	•	 	 Cost and Profit Information 


 “Confidential
Information” also includes any other information of a similar nature, but does not include any information that is or becomes public knowledge through no fault of mine (as of the date it becomes public), or that was rightfully communicated to
me by a third party not under a duty of confidence to Metavante, or that was known to me before I began employment at Metavante. 
 Company Information
and Property 
 I agree that all programs, sub-routines, codes, formulas, documentation, and other inventions, discoveries, developments,
improvements, ideas, copyrightable creations, works of authorship, mask works and other contributions (“Creations”) whether or not patented or patentable, or copyrighted or copyrightable, which are conceived, made, developed, created or
acquired by me, either individually or jointly, during my employment at Metavante and which relate in any manner to my work for Metavante the research or business of Metavante or fields to which the 








 
business of Metavante may reasonably extend (regardless of the extent developed at Metavante facilities, at my home, or elsewhere), belong to Metavante and I
do hereby sell, assign and transfer to Metavante my entire right, title and interest (worldwide) in and to the Creations and all intellectual property rights thereto. I agree I will keep complete records of all such Creations. I agree to sign and
deliver any and all lawful applications, assignments, and any other documents which Metavante requests for protecting the Creations in the United States and any other country. I also agree to cooperate fully with Metavante at Metavante’s
expense, in the preparation and prosecution of all such applications and in any legal actions and proceedings concerning the Creations. 
 Metavante
acknowledges that the previous paragraph in this section does not apply to an invention for which no equipment, supplies, facility, or trade secret information of Metavante was used and which was developed entirely on my own time, unless
(a) the invention relates (i) to the business of Metavante or (ii) to Metavante actual or demonstrably anticipated research or development or (b) the invention results from any work performed by me for Metavante. 
 I further agree that any equipment, books, records, papers, notes, catalogs, compilations of information, databases, correspondence, recordings, stored data, software,
or any other physical items (including copies and duplicates) that Metavante provides to me or that I generate or develop while employed by Metavante and that relate directly or indirectly to Metavante’s business remain the property of
Metavante and I will promptly deliver all such materials and items, and any and all copies of them, to Metavante upon termination of employment. 
 Reserved Inventions 
 Attached to this form is a complete list of all inventions, if any, patented or unpatented, including a brief
description thereof, which I conceived or made prior to my employment by Metavante and which I wish to exclude from this agreement. 
 Existence of Any
Conflicting Agreement, Nondisclosure of Invention 
 To the best of my knowledge, there is no other contract to assign inventions that is now in
existence between me and any other person, corporation, or partnership, unless I have so indicated on the bottom of this form and unless a copy of such other contract is attached hereto. 
 I also agree that I will not reveal to Metavante or use while employed by Metavante any confidential information of any other party to the extent I am obligated to retain such information in confidence. 
 Company Equipment and Resources 
 I further understand that all
computer resources are the property of Metavante and may not be used for personal or non-business purposes. 
 Assignability 
 I agree that Metavante’s rights under this Agreement are fully assignable by Metavante and will inure to the benefit of Metavante’s successors and assigns.








 Miscellaneous 
 As used in this Agreement, the term “Metavante” shall include Metavante Technologies, Inc. and all of its current and future parents, subsidiaries, affiliates and joint ventures. 
  

							
	  
	  		  		  	
	Employee Signature	  		  		  	
				
	  
	  		  		  	
	Employee Name-Please Print	  		  		  	
				
	                    	  		  		  	
	Date	  		  		  	








 METAVANTE TECHNOLOGIES, INC. 
 RESERVED INVENTIONS 
  

					
	Employee Name:	  	  
	  	
			
	Metavante Company:	  	  
	  	


			
		
	Patented Inventions (include product descriptions and related dates):	  	  

	
	  

	
	  

	
	  

	
	  

	
	  

		
	 Other Inventions (include product descriptions and related dates):
	  	  

	
	  

	
	  

	
	  

	
	  

	
	  

	
	  

	
	  

	
	  


  ̈ I do not have any inventions to disclose. 
  

							
	  
	 		 		 	  

	Employee Signature	 		 		 	Date