Amended and Restated Stock Purchase Right Agreement



 Exhibit 4.1 
 AMENDED AND RESTATED METAVANTE TECHNOLOGIES, INC. 
 STOCK PURCHASE RIGHT AGREEMENT 

Amended and Restated Stock Purchase Right Agreement, dated as of August 21, 2008 (as it may be amended from time to time, this
“Agreement”) between Metavante Technologies, Inc., a Wisconsin corporation (the “Company”), and WPM, L.P., a Delaware limited partnership (“Investor”). 
 WHEREAS, pursuant to an Investment Agreement, dated as of April 3, 2007 (the “Investment Agreement”) among the Company,
Marshall & Ilsley Corporation, a Wisconsin corporation (“MI Corp”), Metavante Corporation, a Wisconsin corporation, Montana Merger Sub Inc., a Wisconsin corporation, and Investor, Investor has agreed to acquire, on the
terms and subject to the conditions set forth in the Investment Agreement, newly issued shares of Class A common stock, par value $0.01 per share, of the Company, which shares shall be converted into shares of common stock, par value $0.01 per
share, of the Company (the “Common Shares”); 
 WHEREAS, the Company and Investor are party to that certain Stock Purchase
Right Agreement, dated as of November 1, 2007 (the “Original Agreement”); 
 WHEREAS, the parties intend that on the
terms and subject to the conditions hereof, Investor will own 25% of the Common Shares, on a fully diluted basis, upon consummation of the Share Issuance (as defined in the Investment Agreement) and the purchase of all the Subject Shares, and
entered into the Original Agreement in furtherance of that connection; 
 WHEREAS, the Company and Investor desire to amend certain
provisions of the Original Agreement; 
 WHEREAS, this Agreement shall be effective as of the Closing Date of the Investment Agreement (the
“Effective Time”); and 
 WHEREAS, the actions contemplated herein on behalf of each of the Company and Investor have been
duly and validly authorized by all necessary action and no other proceedings on the part of the Company or Investor are necessary to consummate the actions contemplated herein. 
 NOW, THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the Company and Investor do hereby agree that the Original Agreement is amended and restated in its entirety, and agree, as follows: 
 1. Purchase Right. Upon the terms and subject to the conditions set forth in this Agreement, the Company hereby grants to the Investor the right to purchase from the Company the Subject Shares at the Purchase Prices; provided,
however, that notwithstanding anything to the contrary contained in this Agreement, the total number of Subject Shares that may be 








 
purchased under this Agreement shall equal one third of the aggregate number of Common Shares that may be issued under the Subject Employee Options as of
immediately following the Distribution, subject to reduction, if any, pursuant to Section 3.1(b) hereof. Immediately prior to the Effective Time, there were (i) options to purchase 3,833,566 shares of common stock of MI Corp. outstanding
that will be converted into Subject Employee Options pursuant to Section 6.2(a) of the Employee Matters Agreement and (ii) options to purchase 1,898,750 shares of common stock of MI Corp. outstanding that will be converted into Subject
Employee Options pursuant to Section 6.2(c) of the Employee Matters Agreement (the options referred to in clause (i) and (ii) being referred to collectively herein as the “Applicable MI Options”). Within five business
days after the determination of the number of Subject Employee Options into which the Applicable MI Options are convertible pursuant to the Employee Matters Agreement, the Company shall deliver to Investor a schedule setting forth, with respect to
each Subject Employee Option into which the Applicable MI Options were converted pursuant to the Employee Matters Agreement, the expiration date, exercise price and number of Common Shares underlying such Subject Employee Option. 
 2. Expiration Date. In no event may the Purchase Right (as defined in Section 3.2(a)) be exercised, in whole or in part, after the earlier of
(i) the date that is forty-five days after the Quarterly Notice (as defined herein) is given in respect of the calendar quarter in which all Subject Employee Options expire, (ii) the date that all Subject Shares (as they may have been
reduced pursuant to Section 3.1(b)) have been purchased by the Investor or (iii) ten years from the date hereof, unless the Board shall extend the expiration date of any of the Subject Employee Options beyond the end of such ten-year
period, in which case the Purchase Right shall be similarly extended (the “Expiration Date”). 
 3. Exercise of Purchase
Right. 
 3.1. Quarterly Notice and Reduction of Right. 
 (a) No later than the last day of each month following the end of each calendar quarter prior to the Expiration Date, the Company shall
give the Investor a notice setting forth the following: (i) the aggregate number of Common Shares issued during such quarter upon the exercise of Subject Employee Options, (ii) the aggregate exercise price of such Subject Employee Options
for such Common Shares, and (iii) the Subject Employee Options that expired unexercised or were forfeited during such quarter (the “Quarterly Notice”). The Quarterly Notice shall be accompanied by a schedule setting forth, in
the form of tranches of the same exercise dates and exercise prices, all unexercised Subject Employee Options as of the end of such quarter. 
 (b) The Subject Shares shall be automatically reduced by a number equal to one third of the Common Shares issuable (x) under Subject Employee Options that expire unexercised or are forfeited and (y) under
Out of the Money Options as provided in Sections 3.2(a) and 3.2(c). 
  

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 3.2. Method of Exercise. 
 (a) The Investor shall have a purchase right (including the right to purchase via a
Cash Payment, the “Purchase Right”) to purchase a whole number of Subject Shares equal to the difference (rounded down to the nearest whole share) between (i) one third of the aggregate number of Common Shares issued under the
Subject Employee Options during each calendar quarter the exercise prices of which equal or are less than the Fair Market Value as of the date of exercise of the Purchase Right for such Subject Shares (each such Subject Employee Option, an
“In-the-Money Option”), and (ii) the quotient of (A) one third of the aggregate exercise prices of such In-the-Money Options for such Common Shares, in each case as specified in the Quarterly Notice with respect to such
quarter (it being understood that this number shall not be reduced for any such Common Shares that are withheld from employees to pay the exercise price of such Subject Employee Options, or any withholding taxes due, pursuant to net vesting
settlement and similar provisions) (such number as derived in this subclause (A), the “Exercise Price Equivalent”), divided by (B) the Fair Market Value of a Subject Share, determined as of the close of business on the business
day immediately before the date of purchase, which date shall also be deemed the date of exercise of the Purchase Right for purposes of determining the In-the-Money Options and Out-of-the-Money Options, for a Purchase Price per share equal to $0.01.
Such purchase shall take place 45 days following the date the Quarterly Notice is given (or the first business day following such 45th day, if such
day is not a business day). Following the Quarterly Notice and prior to such date of purchase, the Investor may in lieu of the foregoing purchase right, deliver to the Company a notice (the “Cash Payment Notice”) electing to
purchase by a Cash Payment the In-the-Money Options for an aggregate Purchase Price equal to the Exercise Price Equivalent, in which case the Cash Payment shall be made on the same date the Cash Payment Notice is delivered to the Company;
provided that, if the Investor exercises its right to make the Cash Payment, such right shall also be included in the term “Purchase Right” for purposes of this Agreement. Upon the purchase of any Subject Shares pursuant to this
Section 3.2(a), the number of Subject Shares remaining shall be reduced by the number of Subject Shares that would have been purchased assuming the Investor had purchased using the Cash Payment. The Subject Shares shall also be reduced by a
number equal to one third of the number of Common Shares issued during each calendar quarter pursuant to Out of the Money Options. 
 (b) In the event the Investor sells, transfers, assigns or otherwise disposes of (whether by operation of law or otherwise) (but only in the event that the Purchase Right is not accelerated under Section 3.2(c) in connection with such
event), to a third party that is not an affiliate of the Investor or distributes to its limited partners (collectively, “Transfers”), any of the Common Shares it acquired on the date of the Distribution, but not any Common Shares
that it thereafter acquired in excess of such Common Shares, it may exercise the Purchase Right for a whole number of Subject Shares equal to the difference (rounded down to the nearest whole share) between (i) the number of applicable
Acceleration Subject Shares, and (ii) the quotient of (A) the related Acceleration Purchase Price, divided by (B) the Fair Market Value of a Subject Share, determined as of the date the Acceleration Notice is given, for a Purchase
Price per share 

  

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equal to $0.01, by delivering to the Company an irrevocable exercise notice within 10 days of such sale (the “Acceleration Notice”). The
Acceleration Notice shall set forth the number of Common Shares that have been sold by the Investor, the dates of sales thereof, shall certify that such Notice is being given in accordance with Section 3.2(b), and shall specify whether, in lieu
of the foregoing Purchase Right, the Investor wishes to elect to purchase by a Cash Payment the number of applicable Acceleration Subject Shares for an amount equal to the Acceleration Purchase Price. Within 10 business days of receiving the
Acceleration Notice, the Company shall give the Investor notice (the “Acceleration Details Notice”) of the Acceleration Purchase Price applicable to the Acceleration Notice as well as of its calculation of the number of Acceleration
Subject Shares being purchased by the Investor pursuant to such Acceleration Notice. In the event that Investor elected to pay the Acceleration Purchase Price in cash, it shall deliver the Acceleration Purchase Price specified in the Acceleration
Notice no later than three days following the giving of such Acceleration Details Notice. Upon the purchase of any Acceleration Subject Shares pursuant to this Section 3.2(b), the number of Subject Shares remaining shall be reduced by the
number of Acceleration Subject Shares so purchased. 
 (c) Immediately prior to (i) any event causing the simultaneous
acceleration of the vesting, or automatic exercise, of all the Subject Employee Options or (ii) a merger or other business combination involving the Company in which the Common Shares are converted into the right to receive cash in exchange for
such Common Shares, the Purchase Right shall automatically be deemed exercised for the number of Subject Shares equal to the difference (rounded down to the nearest whole share) between (i) all Subject Shares then still subject to the Purchase
Right and (ii) the quotient of (A) the related Acceleration Purchase Price, divided by (B) the Fair Market Value of a Subject Share, determined as of three business days before the date of such acceleration, for a Purchase Price per
share equal to $0.01. The Subject Shares shall be reduced by a number equal to one third of the number of Common Shares subject to Out of the Money Options as of the date of an acceleration pursuant to this Section 3.2(c). 
 (d) The Purchase Right may be exercised by the Investor solely as and to the extent expressly set forth in this Section 3.2. In no
event may the Purchase Right be exercised after it terminates as set forth in Section 2. No certificate representing a Subject Share shall be delivered until the full purchase price therefore has been paid. Notwithstanding anything to the
contrary contained in this Agreement, the Company shall have no obligation to issue any fraction of a Subject Share under this Agreement, all of which shall be disregarded. 
 4. Additional Terms and Conditions of Purchase Right. 
 4.1. Nontransferability of Purchase Right. The Purchase Right is exercisable only by the Investor. The Purchase Right may not be sold, transferred, assigned, pledged, hypothecated, encumbered or otherwise
disposed of (whether by operation of law or otherwise) or be subject to execution, attachment or similar process. Any attempt to so sell, transfer, assign, pledge, hypothecate, encumber or otherwise dispose of the Purchase Right, shall be null and
void. 
  

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 4.2. Investment Representation. 
 (a) The Investor hereby represents and warrants that (a) any Common Shares purchased upon exercise of the Purchase Right will be
purchased for investment and not with a view to the distribution thereof within the meaning of the Securities Act of 1933, as amended (the “Securities Act”), unless such purchase has been registered under the Securities Act and any
applicable state securities laws; (b) any subsequent sale of any such shares shall be made either pursuant to an effective registration statement under the Securities Act and any applicable state securities laws, or pursuant to an exemption
from registration under the Securities Act and such state securities laws; and (c) if requested by the Company, the Investor shall submit a written statement, in form reasonably satisfactory to the Company, to the effect that such
representation (x) is true and correct as of the date of purchase of any shares hereunder or (y) is true and correct as of the date of any sale of any such shares, as applicable. 
 (b) All Subject Shares issued under this Agreement shall bear the legend specified in Section 6.3 of the Shareholders Agreement.

 4.3. Adjustment. In the event of any adjustment (i) in the Common Shares issuable upon exercise of Subject Employee Options or
(ii) the terms of any of the Subject Employee Options, including the exercise prices, in each case including as a result of stock split, stock dividend, recapitalization, reorganization, merger, consolidation, combination, exchange of shares,
liquidation, spin-off or other similar change in capitalization or event, the Subject Shares and the terms and conditions thereof (including without limitation the Purchase Price thereof) shall be equitably adjusted by the Board in the same manner
as the Subject Employee Options. 
 4.4. Compliance with Applicable Law. The Purchase Right is subject to the condition that if the
listing, registration or qualification of the Subject Shares upon any securities exchange or under any law, or the consent or approval of any governmental body, or the taking of any other action is necessary or reasonably desirable as a condition
of, or in connection with, the purchase or delivery of Subject Shares, the Purchase Right may not be exercised, in whole or in part, unless such listing, registration, qualification, consent or approval shall have been effected or obtained. The
Company and the Investor agree to use reasonable efforts to effect or obtain any such listing, registration, qualification, consent or approval. 
 4.5. Delivery of Certificates. Upon the exercise of the Purchase Right, in whole or in part, the Company shall deliver or cause to be delivered one or more certificates representing the number of shares purchased against full payment
therefore, subject to Section 4.2(b). 
 4.6. Purchase Right Confers No Rights as Stockholder. The Investor shall not be entitled
to any privileges of ownership with respect to Subject Shares unless and until purchased and delivered upon the exercise of the Purchase Right, in whole or in part, and the Investor becomes a stockholder of record with respect to such delivered
shares; and the Investor shall not be considered a stockholder of the Company with respect to any such shares not so purchased and delivered previously. 
  

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 4.7. Company to Reserve Shares. The Company shall at all times prior to the expiration or
termination of the Purchase Right reserve and keep available, either in its treasury or out of its authorized but unissued common shares, the full number of shares subject to the Purchase Right from time to time. 
 4.8. Shareholders Agreement. Any Subject Shares issued upon exercise of the Purchase Right shall be subject to the provisions of the Shareholders
Agreement, and shall be shares of “Common Stock” that are “Beneficially Owned” by Investor for purposes of the Shareholders Agreement; provided, however, that no exercise of the Purchase Right shall in itself
constitute a violation of Section 3.2(a) of the Shareholders Agreement. Without limiting the generality of the foregoing, such Subject Shares shall be subject to (i) the registration rights provisions of Article II of the Shareholders
Agreement, (ii) the transfer restriction provisions of Section 3.1 of the Shareholders Agreement, and (iii) the provisions of Section 6.3. 
 4.9. Defined Terms. Capitalized terms used in this Agreement have the following meanings: 
 “Acceleration
Purchase Price” shall mean with respect to any Acceleration Subject Shares, one third of the aggregate exercise price of the Subject Employee Options to the extent used in determining such Acceleration Subject Shares. 
 “Acceleration Subject Shares” shall mean (x) in the case of Section 3.2(b) a number of Subject Shares equal to one third of a
percentage of the Reference Common Shares that is equal to the percentage of the Common Shares transferred by the Investor and in respect of which an Acceleration Notice had not been delivered previously, and (y) in the case of
Section 3.2(c) a number of Subject Shares equal to one third of all Common Shares subject to then outstanding Subject Employee Options the exercise prices of which equal or are less than the Fair Market Value as of the date of an acceleration
pursuant to Section 3.2(c). 
 “Board” shall mean the Board of Directors of the Company, excluding any Investor Designees (as
defined in the Shareholders Agreement). 
 “Cash Payment” shall mean a wire transfer of immediately available funds to such account
as the Company may specify from time to time. 
 “Distribution” shall have the meaning ascribed thereto in the Employee Matters
Agreement. 
 “Employee Matters Agreement” shall mean that certain Employee Matters Agreement, dated as of April 3, 2007,
between the Company, New M&I Corporation, and the other parties thereto, as amended. 
 “Fair Market Value” shall mean the
closing transaction price of a Common Share as reported in the New York Stock Exchange Composite Transactions (or the equivalent reporting system for any other national securities exchange on which the Common Shares are primarily listed) on the date
as of which such value is being determined or, if there shall be no reported transactions for such date, on the next preceding date for which transactions were reported; provided, however, 

  

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that if the Common Shares are not listed on any national securities exchange, the Fair Market Value may be determined by the Board by whatever means or
method as the Board, in the good faith exercise of its discretion, shall at such time deem appropriate. 
 “MVT Option” shall have
the meaning ascribed thereto in the Employee Matters Agreement 
 “Out of the Money Options” shall mean (x) in the case of
Section 3.2(a), Subject Employee Options the exercise prices of which are greater than the Fair Market Value as of the date of exercise of the Purchase Right for such Common Shares, and (y) in the case of Section 3.2(c), Subject
Employee Options the exercise prices of which are greater than the Fair Market Value as of the date of an acceleration pursuant to such Section 3.2(c). 
 “Purchase Prices” shall mean the purchase prices for which the Investor may purchase Subject Shares hereunder. 
 “Reference Common Shares” shall mean, as of any time of determination, the Common Shares subject to those Subject Employee Options (i) that are outstanding, unexercised and vested, (ii) the exercise prices
of which equal or are less than the Fair Market Value as of such date, (iii) not previously used in determining the Acceleration Subject Shares in connection with any Acceleration Notice, and (iv) have the earliest grant dates (when
compared to other Subject Employee Options that meet the specifications in clause (i) – (iii) immediately above). 
 “Shareholders
Agreement” shall mean that certain Shareholders Agreement, dated as of November 1, 2007, among the Company, the Investor and any other Shareholders (as defined therein) that become a party thereto, as amended from time to time.

 “Subject Employee Options” shall mean the MVT Options outstanding effective immediately after the Distribution. 
 “Subject Shares” shall mean the Common Shares issuable pursuant to Section 3 hereof. 
 5. Miscellaneous Provisions. 
 5.1.
Successors. This Agreement shall be binding upon and inure to the benefit of the Investor, the Company and the successors and assigns of the Company. The Investor may not assign any of its rights or obligations under this Agreement, whether
by operation of law or otherwise. Nothing in this Agreement, express or implied, is intended to or shall confer upon any other person any right, benefit or remedy of any nature whatsoever under or by reason of this Agreement 
 5.2. Notices. All notices and other communications hereunder shall be in writing and shall be deemed duly given (a) on the date of delivery
if delivered personally, (b) upon confirmation of receipt if delivered by telecopy or telefacsimile, (c) on the first business day following the date of dispatch if delivered by a recognized next-day courier service, or (d) on the
date received if delivered by registered or certified mail, return receipt requested, postage prepaid. All notices hereunder shall be delivered as set forth below, or pursuant to such other instructions as may be designated in writing by the party
to receive such notice: 
 if to the Company to: 
 Metavante
Technologies, Inc. 
 4900 West Brown Deer Rd. 
 Milwaukee,
Wisconsin 53223 
 Fax: (414) 362-1775 

			
	Attention:	  	Donald W. Layden, Jr.
		  	Stacey A. Bruckner

  

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 with a copy to: 
 Quarles & Brady LLP 
 411 East Wisconsin Avenue 
 Milwaukee, Wisconsin 53202-4497 
 Fax: (414) 203-0190 

			
	Attention:	  	Walter J. Skipper
		  	Ryan P. Morrison

 if to Investor, to: 
 WPM, L.P. 
 c/o Warburg Pincus & Co. 
 466
Lexington Avenue 
 New York, New York 10017 
 Fax:
(212) 878-9351 

			
	Attention:	  	James Neary

 with a copy to: 
 Wachtell, Lipton, Rosen & Katz 
 51 West 52nd Street 
 New York, New York 10019 
 Fax: (212) 403-2000 

			
	Attention:	  	Andrew R. Brownstein, Esq.
		  	Igor Kirman, Esq.

 or to such other persons or addresses as may be designated in writing by the party to receive such notice as
provided above. 
 5.3. Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of
Wisconsin (without giving effect to choice of law principles thereof). 
  

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 5.4. Consent to Jurisdiction. Each of Investor and the Company irrevocably agrees that any legal
action or proceeding with respect to this Agreement, any provision hereof, the breach, performance, validity or invalidity hereof or for recognition and enforcement of any judgment in respect hereof brought by another party hereto or its successors
or permitted assigns may be brought and determined in any federal or state court located in the State of Wisconsin, and each of Investor and the Company hereby irrevocably submits with regard to any such action or proceeding for itself and in
respect to its property, generally and unconditionally, to the exclusive jurisdiction of the aforesaid courts. Each of Investor and the Company hereby irrevocably waives, and agrees not to assert, by way of motion, as a defense, counterclaim or
otherwise, in any action or proceeding with respect to this Agreement, any provision hereof or the breach, performance, enforcement, validity or invalidity hereof, (i) any claim that it is not personally subject to the jurisdiction of the
above-named courts for any reason other than the failure to lawfully serve process, (ii) that it or its property is exempt or immune from jurisdiction of any such court or from any legal process commenced in such courts (whether through service
of notice, attachment prior to judgment, attachment in aid of execution of judgment, execution of judgment or otherwise) and (iii) to the fullest extent permitted by applicable laws, that (A) the suit, action or proceeding in any such
court is brought in an inconvenient forum, (B) the venue of such suit, action or proceeding is improper and (C) this Agreement, or the subject matter hereof, may not be enforced in or by such courts. 
 5.5. Waiver of Jury Trial. EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE
COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS
AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY. EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT (a) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, TO IT THAT SUCH OTHER PARTY WOULD NOT, IN THE
EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER, (b) EACH PARTY UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER, (c) EACH PARTY MAKES THIS WAIVER VOLUNTARILY AND (d) EACH PARTY HAS BEEN INDUCED TO ENTER INTO
THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 5.5. 
 5.6. Counterparts. This Agreement
may be executed in two counterparts each of which shall be deemed an original and both of which together shall constitute one and the same instrument. 
 5.7. Descriptive Headings. The descriptive headings of this Agreement are inserted for convenience only and do not constitute a part of this Agreement. 
 5.8. Amendments and Waivers. The provisions of this Agreement may be amended or waived only upon the prior written consent of the Company (to the
extent approved by a majority of Independent Directors who are not Investor Designees, each as defined in the Shareholders Agreement) and Investor. 
  

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 5.9. Entire Agreement. This Agreement constitutes the entire agreement and supersedes all prior
agreements, understandings, representations and warranties, both written and oral, among the parties with respect to the subject matter hereof and thereof. 
  

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 IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement by their authorized representatives as of the
date first above written. 
  

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

	Name:	 	Donald W. Layden, Jr.
	Title:	 	Senior Executive Vice President, General
		 	Counsel and Secretary
	
	WPM, L.P.
		
	By:	 	WPM GP, LLC, its general partner
		
	By:	 	 /s/ James C. Neary

	Name:	 	James C. Neary
	Title:	 	Managing Director


 SIGNATURE PAGE TO STOCK PURCHASE RIGHT AGREEMENT 
  

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