EX-10.3



 Exhibit 10.3 

INTELLECTUAL PROPERTY TRANSFER AGREEMENT 

INTELLECTUAL PROPERTY TRANSFER AGREEMENT (the “Agreement”), dated as of
[—], 2014 between Automatic Data Processing, Inc., a Delaware corporation (“ADP”), and CDK Global Holdings, LLC, a Delaware [limited liability company] (each, a
“Party” and collectively, the “Parties”). 
 WHEREAS, ADP and Dealer (as defined below) desire to
establish the rights each enjoys in certain Intellectual Property; 
 WHEREAS, ADP desires to assign and transfer to Dealer all of its
right, title and interest in and to only those certain items of Intellectual Property owned by ADP specifically identified in the Copyright Assignment, the Internet Asset Assignment, Patent Assignment and the Trademark and Service Mark Assignment,
effective as of the Effective Time (as defined below); and 
 WHEREAS, the Parties desire to enter into this Agreement. 

NOW, THEREFORE, in consideration of the mutual promises and covenants herein contained and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound hereby, the Parties agree as follows: 
  

	1.	DEFINITIONS 

 1.1 Definitions. As used in the Agreement, the following terms shall
have the meanings set forth below: 
 “Action” means any claim, demand, action, cause of action, suit, countersuit,
arbitration, litigation, inquiry, proceeding or investigation by or before any Governmental Authority or any arbitration or mediation tribunal or authority. 

“ADP Business” means all businesses and operations of the ADP Group, other than the Dealer Business. 

“ADP Group” means ADP and each Person that will be a direct or indirect Subsidiary of ADP immediately after the Distribution
and each Person that is or becomes a member of the ADP Group after the Distribution, including any Person that is or was merged into ADP or any such direct or indirect Subsidiary, and each other Person that would have been included in the ADP Group
in connection with the Restructuring but for the delayed transfers required by Section 2.3(b) of the Separation Agreement. 

“ADP Patents” means (i) all Patents owned by any member or members of the ADP Group as of the Effective Time after the
execution of the Separation Agreement, the Assignment Agreements and this Agreement, and (ii) all Patents invented or acquired by any member of the ADP Group during the period starting on the Effective Time and ending on the second anniversary
of the Effective Time. 







 “Affiliate” means, with respect to any specified Person, any other Person that
directly, or indirectly through one or more intermediaries, controls, is controlled by or is under common control with, such specified Person; provided, however, that for purposes of this Agreement, no member of either Group shall be
deemed to be an Affiliate of any member of the other Group. As used herein, “control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such entity, whether
through ownership of voting securities or other interests, by contract or otherwise. 
 “Assignment Agreements” means the
Copyright Assignment, the Internet Asset Assignment, the Patent Assignment and the Trademark and Service Mark Assignment. 

“Business Day(s)” means any day other than a Saturday, Sunday or national holiday. 

“Copyright Assignment” means that certain Copyright Assignment contemporaneously executed by ADP and Dealer in the form
attached hereto as Exhibit B. 
 “Dealer” means, prior to the LLC Conversion, CDK Global Holdings, LLC, a Delaware
limited liability company whose sole member is ADP and, immediately after the LLC Conversion, CDK Global, Inc., a Delaware corporation whose sole stockholder is ADP. 

“Dealer Business” means the business and operations conducted by the Dealer Group from time to time, whether prior to, at or
after the Effective Time, including, without duplication, (i) the Dealer Services Business (as defined in the Separation Agreement) conducted by ADP prior to the Restructuring (including with respect to any terminated, divested or discontinued
business or operations of the Dealer Group), (ii) the Dealer Services Business conducted by ADP prior to any previous internal restructurings of ADP relating to the Dealer Services Business and (iii) the business and operations conducted
by the Dealer Group, as more fully described in the Information Statement (as defined in the Separation Agreement). 
 “Dealer
Group” means Dealer and each Person that will be a direct or indirect Subsidiary of Dealer immediately prior to the Distribution (but after giving effect to the Restructuring) and each Person that is or becomes a member of the Dealer Group
after the Distribution, including any Person that is or was merged into Dealer or any such direct or indirect Subsidiary, and each other Person that would have been included in the Dealer Group in connection with the Restructuring but for the
delayed transfers required by Section 2.3(b) of the Separation Agreement. 
 “Dealer Patents” means (i) all
Patents owned by any member or members of the Dealer Group as of the Effective Time after the execution of the Separation Agreement, the Assignment Agreements and this Agreement, and (ii) all Patents invented or acquired by any member of the
Dealer Group during the period starting on the Effective Time and ending on the second anniversary of the Effective Time. 

  
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 “Distribution” means the distribution on a pro rata basis of a dividend of the
Dealer common stock to ADP’s stockholders as contemplated by the Separation Agreement. 
 “Distribution Date” means
the date on which the Distribution shall be effected, such date to be determined by, or under the authority of, the Board of Directors of ADP in its sole and absolute discretion. 

“Effective Time” means the time at which the Distribution occurs on the Distribution Date. 

“Governmental Authority” means any federal, state, local, foreign or international court, government, department, commission,
board, bureau or agency, or any other regulatory, self-regulatory, administrative or governmental organization or authority, including the NASDAQ Global Select Market. 

“Group” means the ADP Group and/or the Dealer Group, as the context requires. 

“Intellectual Property” means all intellectual property and other similar proprietary rights in any jurisdiction, whether
owned or held for use under license, whether registered or unregistered, including such rights in and to: (i) trademarks, trade dress, service marks, certification marks, logos, and trade names, and the goodwill associated with the foregoing
(collectively, “Trademarks”); (ii) patents and patent applications, and any and all divisions, continuations, continuations-in-part, reissues, continuing patent applications, reexaminations, and extensions thereof, any
counterparts claiming priority therefrom, utility models, patents of importation/confirmation, certificates of invention, certificates of registration, design registrations or patents and like rights (collectively, “Patents”);
inventions, invention disclosures, discoveries and improvements, whether or not patentable; (iii) copyrights, writings and other works of authorship (“Copyrights”); (iv) trade secrets (including, those trade secrets
defined in the Uniform Trade Secrets Act and under corresponding foreign statutory Law and common law), information, business, technical and know-how information, business processes, non-public information, proprietary information and confidential
information and rights to limit the use or disclosure thereof by any Person (collectively, “Trade Secrets”); (v) software, including data files, source code, object code, application programming interfaces, databases and other
software-related specifications and documentation (collectively, “Software”); (vi) social media identifications, domain names, uniform resource locators, and Internet addresses; (vii) moral rights; (viii) privacy and
publicity rights; (ix) any and all technical information, Software, specifications, drawings, records, documentation, works of authorship or other creative works, ideas, knowledge, invention disclosures or other data, not including works
subject to Copyright, Patent or Trademark protection; (x) advertising and promotional materials, whether or not copyrightable; and (xi) claims, causes of action and defenses relating to the enforcement of any of the foregoing; in each
case, including any registrations of, applications to register, and renewals and extensions of, any of the foregoing with or by any Governmental Authority in any jurisdiction. 

  
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 “Internet Asset Assignment” means that certain Internet Asset Assignment
contemporaneously executed by ADP and Dealer in the form attached hereto as Exhibit C. 
 “Law” means any applicable
foreign, federal, national, state, provincial or local law (including common law), statute, ordinance, rule, regulation, code or other requirement enacted, promulgated, issued or entered into, or act taken, by a Governmental Authority. 

“LLC Conversion” has the meaning assigned to such term in the Separation Agreement. 

“Patent Assignment” means that certain Patent Assignment contemporaneously executed by ADP and Dealer in the form attached
hereto as Exhibit D. 
 “Person” means any natural person, corporation, general or limited partnership, limited
liability company or partnership, joint stock company, joint venture, association, trust, bank, trust company, land trust, business trust or other organization, whether or not a legal entity, and any Governmental Authority. 

“Restructuring” has the meaning assigned to such term in the Separation Agreement. 

“Separation” means the separation of the Dealer Business and the ADP Business into two independent companies as described in
the Separation Agreement. 
 “Separation Agreement” means the Separation and Distribution Agreement, dated as of
[            ], 2014, by and among ADP and Dealer (as the same may be amended, supplemented, restated and/or modified from time to time). 

“Subsidiary” means, with respect to any Person, any other Person of which such first Person (either alone or through or
together with any other Subsidiary of such first Person) owns, directly or indirectly, a majority of the stock or other equity interests the holders of which are generally entitled to vote for the election of the board of directors or other
governing body of such other Person. 
 “Trademark and Service Mark Assignment” means that certain Trademark and Service
Mark Assignment contemporaneously executed by ADP and Dealer in the form attached hereto as Exhibit E. 
 1.2 General Interpretive
Principles. (a) Words in the singular shall include the plural and vice versa, and words of one gender shall include the other gender, in each case, as the context requires, (b) the words “hereof,” “herein,”
“hereunder,” and “herewith” and words of similar import shall, unless otherwise stated, be construed to refer to this Agreement and not to any particular provision of this Agreement, and references to Article, Section, paragraph,
exhibit and schedule are references to the Articles, Sections, paragraphs, exhibits and schedules to this Agreement unless otherwise specified, (c) the word “including” and words of similar import when used in this Agreement shall
mean 

  
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“including, without limitation,” unless otherwise specified, (d) any reference to any federal, state, local or non-U.S. statute or Law shall be deemed to also refer to all rules
and regulations promulgated thereunder, unless the context otherwise requires, and (e) references to a Person also refer to its predecessors and permitted successors and assigns. 

 

	2.	DISTRIBUTION OF INTELLECTUAL PROPERTY 

 2.1 Ownership of Dealer Intellectual
Property. The Parties acknowledge and agree that pursuant to the Separation Agreement, as of the Effective Time, Dealer or one or more members of the Dealer Group shall remain and be the sole owner of, and shall have exclusive right, title and
interest in and to, the Intellectual Property owned by any member of the Dealer Group as of the Effective Time, including the Intellectual Property set forth in Exhibit A. 

2.2 Assignment Agreements. By the Copyright Assignment, Internet Asset Assignment, Patent Assignment and the Trademark and Service Mark
Assignment entered into concurrently with this Agreement, ADP shall, or shall cause the applicable members of the ADP Group to, assign, transfer and convey to Dealer or a designated member of the Dealer Group any and all right, title and interest
owned by ADP and each of its Affiliates and Subsidiaries in and to only those certain items of Intellectual Property specifically identified therein. 

2.3 Further Assurances. Each Party covenants to execute upon request any further documents reasonably necessary to effect the express
terms and conditions of this Agreement, including such documents as are reasonably necessary to vest title in Intellectual Property rights as provided in this Agreement. All expenses incurred in connection with such actions shall be paid in
accordance with Section 8.2. 
 2.4 No Rights in ADP Group Intellectual Property. For the avoidance of doubt, unless otherwise
expressly provided in this Agreement, the Separation Agreement, the Copyright Assignment, Internet Asset Assignment, Patent Assignment or the Trademark and Service Mark Assignment, ADP and its Subsidiaries expressly reserve all other rights with
respect to Intellectual Property not expressly granted thereunder. 
  

	3.	IPR FUTURES AND ISSUES OF OWNERSHIP 

 3.1 Ownership Unaffected by this Agreement.
All Intellectual Property created, developed or made, or, other than by operation of this Agreement, otherwise acquired or controlled, by a member of a Group after the Effective Time (“IPR Futures”) shall be owned in accordance with
applicable law or agreement and such ownership is not covered or in any way provided by this Agreement, the Separation Agreement or any Assignment Agreement. 

3.2 No Rights or Licenses Granted. Subject to Sections 4.2 and 4.3 below, other than as may be expressly provided in the Copyright
Assignment, Internet Asset Assignment, the Patent Assignment or the Trademark and Service Mark Assignment, no rights or licenses under any IPR Futures are granted pursuant to this Agreement, the Separation Agreement or any agreement ancillary
thereto. 

  
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	4.	IP CLAIMS 

 4.1 Intellectual Property Rights. Notwithstanding any provision in
this Agreement, the Separation Agreement or any Assignment Agreement, in no event shall any claims, disputes or controversies between the Parties which potentially concern the validity, enforceability, infringement or misappropriation of any
intellectual property rights, including any rights protectable under Intellectual Property law anywhere throughout the world such as Patent, Copyright, trade secret and Trademark law, be subject to resolution by arbitration. 

4.2 ADP Covenant. ADP, on behalf of itself and the ADP Group, agrees and covenants that it shall not bring or threaten to bring any
Action or other form of proceeding in any jurisdiction, or commence any border detention activity (including any action before the United States International Trade Commission, in a court of law, before an administrative body or any other
governmental authority) against Dealer or any member of the Dealer Group (including their respective employees, consultants, contractors, representatives and bona fide end users) alleging that any Dealer Group product, service or technology, when
operated, provided or used in a manner substantially similar to the manner operated, provided, or used as of the Effective Time, infringes any of the ADP Patents. 

4.3 Dealer Covenant. Dealer, on behalf of itself and the Dealer Group, agrees and covenants that it shall not bring or threaten to
bring any Action or other form of proceeding in any jurisdiction, or commence any border detention activity (including any action before the United States International Trade Commission, in a court of law, before an administrative body or any other
governmental authority) against ADP or any member of the ADP Group (including their respective employees, consultants, contractors, representatives and bona fide end users) alleging that any ADP Group product, service or technology, when operated,
provided or used in a manner substantially similar to the manner operated, provided, or used as of the Effective Time, infringes any of the Dealer Patents. 

4.4 No Enforcement Against Third Party. Notwithstanding any provision of this Agreement or the Assignment Agreements, in no event shall
any member of any Group be required to enforce or otherwise assert against any Person any Intellectual Property rights. 
  

	5.	FURTHER DUE DILIGENCE 

 ADP and Dealer acknowledge that following the execution of this
Agreement, ADP and Dealer will be conducting further due diligence into the Intellectual Property owned by the Groups. ADP and Dealer agree to work in good faith to ensure that the Intellectual Property covered by this Agreement and the Assignment
Agreements has been properly allocated and assigned to each Group according to principles set forth in this Agreement. To the extent that any assignment, transfer and conveyance of Intellectual Property pursuant to Section 2.2 is not
consummated as of the Effective Time, or any assignment, transfer or conveyance of Intellectual Property is improperly consummated, 

  
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the Parties shall, and shall cause the members of their respective Groups to, use commercially reasonable efforts and cooperate to effect or to correct such assignment, transfer or conveyance as
promptly following the Effective Time as is practicable. 
  

	6.	NO REPRESENTATIONS OR WARRANTIES 

 ALL INTELLECTUAL PROPERTY PROVIDED AND/OR ASSIGNED
UNDER THIS AGREEMENT IS FURNISHED “AS IS,” WITHOUT ANY SUPPORT, ASSISTANCE, MAINTENANCE OR WARRANTIES OF ANY KIND, WHATSOEVER. 

EACH GROUP ASSUMES TOTAL RESPONSIBILITY AND RISK FOR ITS USE OF ANY INTELLECTUAL PROPERTY COVERED BY THIS AGREEMENT. NEITHER GROUP MAKES, AND
EACH GROUP EXPRESSLY DISCLAIMS, ANY EXPRESS OR IMPLIED WARRANTIES OF ANY KIND WHATSOEVER, INCLUDING, BUT NOT LIMITED TO, IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE, WARRANTIES OF TITLE OR NON-INFRINGEMENT, OR ANY
WARRANTY THAT SUCH INTELLECTUAL PROPERTY IS “ERROR FREE.” 
  

	7.	TERMINATION 

 7.1 Term and Termination. This Agreement may be terminated by ADP in
its sole discretion at any time prior to the consummation of the Distribution. This Agreement and the rights and licenses granted and retained hereunder (including Sections 4.2 and 4.3) will become effective on the Effective Time, and will continue
perpetually thereafter unless otherwise expressly provided herein. 
 7.2 Effect of Termination. In the event of any termination of
this Agreement prior to consummation of the Distribution, neither Party (nor any of its directors or officers) shall have any liability or further obligation to the other Party. 

 

	8.	MISCELLANEOUS 

 8.1 Complete Agreement; Representations. The Separation Agreement,
together with the exhibits, schedules and the ancillary agreements thereto, including this Agreement and Assignment Agreements hereto, constitutes the entire agreement between the Parties with respect to the subject matter hereof and shall supersede
all previous negotiations, commitments and writings with respect to such subject matter. 
 8.1.2 ADP represents on behalf of itself and
each other member of the ADP Group and Dealer represents on behalf of itself and each other member of the Dealer Group as follows: 

8.1.2.1 each such Person has the requisite corporate or other power and authority and has taken all corporate or other action
necessary in order to execute, deliver and perform this Agreement and each Assignment Agreement and to consummate the transactions contemplated thereby; and 

  
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 8.1.2.2 this Agreement has been duly executed and delivered by such Person (if
such Person is a Party) and constitutes a valid and binding agreement of it enforceable in accordance with the terms thereof (assuming the due execution and delivery thereof by the other Party), and each of the Assignment Agreements to which it is
or will be a party is or will be duly executed and delivered by it and will constitute a valid and binding agreement of it enforceable in accordance with the terms thereof (assuming the due execution and delivery thereof by the other party or
parties to such Assignment Agreements), except as such enforceability may be limited by bankruptcy, fraudulent conveyance, insolvency, reorganization, moratorium and other Laws relating to creditors’ rights generally and by general equitable
principles. 
 8.2 Costs and Expenses. All costs and expenses incurred by either of the Parties or its Affiliates shall be paid as
set forth in the Separation Agreement. 
 8.3 Governing Law. This Agreement and any dispute arising out of, in connection with or
relating to this Agreement shall be governed by and construed in accordance with the Laws of the State of New York, without giving effect to the conflicts of laws principles thereof. 

8.4 Notices. All notices, requests, claims, demands and other communications hereunder must be in writing and will be deemed to have
been duly given only if delivered personally or by facsimile transmission or mailed (first class postage prepaid) to the Parties at the following addresses or facsimile numbers: 

(a) If to ADP or any member of the ADP Group, to: 

Automatic Data Processing, Inc. 

One ADP Boulevard 
 Roseland, NJ
07068-1728 
 Attention: General Counsel 

Facsimile: (973) 974-3399 

(b) If to Dealer or any member of the Dealer Group, to: 

CDK Global, Inc. 
 1950 Hassell
Road Suite 1000 
 Hoffman Estates, IL 60169-6308 

Attention: General Counsel 

Fax: (847) 781-9873 
 All
such notices, requests and other communications will (i) if delivered personally to the address as provided in this section, be deemed given upon delivery, (ii) if delivered by facsimile transmission to the facsimile number as provided in
this section, be deemed given upon receipt and (iii) if delivered by mail in the manner described above to the address as provided in this section, be deemed given upon receipt. Any party from time to time may change its address, facsimile
number or other information for the purpose of notices to that party by giving notice specifying such change to the other party. 

  
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 8.5 Amendment, Modification or Waiver. 

8.5.1 Prior to the Effective Time, this Agreement may be amended, modified, waived, supplemented or superseded, in whole or in part, by ADP in
its sole discretion by execution of a written amendment delivered to Dealer. Subsequent to the Effective Time, this Agreement may be amended, modified, supplemented or superseded only by an instrument signed by duly authorized signatories of both
Parties. 
 8.5.2 Following the Effective Time, any term or condition of this Agreement may be waived at any time by the Party that is
entitled to the benefit thereof, but no such waiver shall be effective unless set forth in a written instrument duly executed by or on behalf of the Party waiving such term or condition. No waiver by any Party of any term or condition of this
Agreement, in any one or more instances, shall be deemed or construed as a waiver of the same or any other term or condition of this Agreement on any future occasion. All remedies, either under this Agreement or by Law or otherwise afforded, will be
cumulative and not alternative. 
 8.6 No Assignment; Binding Effect; No Third-Party Beneficiaries. 

8.6.1 Neither this Agreement nor any right, interest or obligation hereunder may be assigned by either Party hereto without the prior written
consent of the other Party hereto and any attempt to do so will be void, except that following the Effective Time each Party hereto may assign any or all of its rights, interests and obligations hereunder to an Affiliate, provided that any such
Affiliate agrees in writing to be bound by all of the terms, conditions and provisions contained herein. Subject to the preceding sentence, this Agreement is binding upon, inures to the benefit of and is enforceable by the Parties hereto and their
respective successors and permitted assigns. 
 8.6.2 The terms and provisions of this Agreement are intended solely for the benefit of each
Party hereto and their respective Affiliates, successors or permitted assigns, and it is not the intention of the Parties to confer third party beneficiary rights upon any other Person. 

8.7 Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed an original, but all of
which together shall constitute one and the same instrument. Each counterpart may consist of a number of copies hereof each signed by less than all, but together signed by all, of the Parties. 

8.8 Negotiation. In the event that any dispute arises between the Parties that cannot be resolved, either Party shall have the right to
refer the dispute for resolution to the chief financial officers of the Parties by delivering to the other Party a written notice of such referral (a “Dispute Escalation Notice”). Following receipt of a Dispute Escalation Notice,
the chief financial officers of the Parties shall negotiate in good faith to resolve such dispute. In the event that the chief financial officers of the Parties are unable to 

  
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resolve such dispute within fifteen (15) Business Days after receipt of the Dispute Escalation Notice, either Party shall have the right to refer the dispute to the chief executive officers
of the Parties, who shall negotiate in good faith to resolve such dispute. In the event that the chief executive officers of the Parties are unable to resolve such dispute within thirty (30) Business Days after the date of the Dispute
Escalation Notice, either Party shall have the right to commence litigation in accordance with Section 8.10 hereof. The Parties agree that all discussions, negotiations and other Information exchanged between the Parties during the foregoing
escalation proceedings shall be without prejudice to the legal position of a Party in any subsequent Action. 
 8.9 Specific
Performance. From and after the Distribution, in the event of any actual or threatened default in, or breach of, any of the terms, conditions and provisions of this Agreement or any Assignment Agreement, the Parties agree that the Party or
Parties to this Agreement or such Assignment Agreement who are or are to be thereby aggrieved shall have the right to specific performance and injunctive or other equitable relief of its or their rights under this Agreement or such Assignment
Agreement, in addition to any and all other rights and remedies at law or in equity, and all such rights and remedies shall be cumulative. The Parties agree that, from and after the Distribution, the remedies at law for any breach or threatened
breach of this Agreement or any Assignment Agreement, including monetary damages, are inadequate compensation for any loss, that any defense in any action for specific performance that a remedy at law would be adequate is hereby waived, and that any
requirements for the securing or posting of any bond with such remedy are hereby waived. 
 8.10 New York Forum. Subject to the prior
exhaustion of the procedures set forth in Section 8.8, each of the Parties agrees that, notwithstanding anything herein, all Actions arising out of or in connection with this Agreement or any Assignment Agreement (except to the extent any such
Assignment Agreement provides otherwise), or for recognition and enforcement of any judgment arising out of or in connection with the foregoing agreements, shall be tried and determined exclusively in the state or federal courts in the State of New
York, County of New York, and each of the Parties hereby irrevocably submits with regard to any such Action for itself and in respect to its property, generally and unconditionally, to the exclusive jurisdiction of the aforesaid courts. Each of the
Parties hereby expressly waives any right it may have to assert, and agrees not to assert, by way of motion, as a defense, counterclaim or otherwise, in any such Action: (a) any claim that it is not subject to personal jurisdiction in the
aforesaid courts for any reason; (b) any claim that it or its property is exempt or immune from jurisdiction of any such court or from any legal process commenced in such courts; and (c) any claim that (i) any of the aforesaid courts
is an inconvenient or inappropriate forum for such Action, (ii) venue is not proper in any of the aforesaid courts and (iii) this Agreement or any such Assignment Agreement, or the subject matter hereof or thereof, may not be enforced in
or by any of the aforesaid courts. Each of the Parties agrees that mailing of process or other papers in connection with any such Action in the manner provided in Section 8.4 or any other manner as may be permitted by Law shall be valid and
sufficient service thereof. 
 8.11 Waiver of Jury Trial. EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY THAT MAY ARISE
UNDER THIS AGREEMENT IS 

  
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LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY. EACH PARTY CERTIFIES
AND ACKNOWLEDGES THAT (i) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE WAIVER IN THIS SECTION, (ii) SUCH PARTY
UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF SUCH WAIVER, (iii) SUCH PARTY MAKES SUCH WAIVER VOLUNTARILY, AND (iv) SUCH PARTY HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS, AGREEMENTS AND
CERTIFICATIONS HEREIN. 
 8.12 Interpretation; Conflict With Other Agreements. The Parties acknowledge and agree that (i) each
Party reviewed and negotiated the terms and provisions of this Agreement and have contributed to its revision, (ii) the rule of construction to the effect that any ambiguities are resolved against the drafting party shall not be employed in the
interpretation of this Agreement and (iii) the terms and provisions of this Agreement shall be construed fairly as to each of the Parties, regardless of which Party was generally responsible for the preparation of this Agreement. The provisions
of this Agreement shall govern in the event of any conflict between any provision of this Agreement and that of the Separation Agreement. Except as set forth in each Assignment Agreement, the provisions of each Assignment Agreement shall govern in
the event of any conflict between any provision of this Agreement and that of the relevant Assignment Agreement. 
 8.13 Severability of
Provisions. If any provision or any portion of any provision of this Agreement shall be held invalid or unenforceable, the remaining portion of such provision and the remaining provisions of this Agreement shall not be affected thereby. If the
application of any provision or any portion of any provision of this Agreement to any Person or circumstance shall be held invalid or unenforceable, the application of such provision or portion of such provision to Persons or circumstances other
than those as to which it is held invalid or unenforceable shall not be affected thereby. 
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 IN WITNESS WHEREOF, each of the Parties has caused this Agreement to be duly executed on its
behalf by one of its duly authorized officers as of the date first written above. 
  

			
	AUTOMATIC DATA PROCESSING, INC.
		
	By:	 	  

		 	Name:
		 	Title:
	
	 CDK Global Holdings, LLC

		
	By:	 	  

		 	Name:
		 	Title:


  
  
  

 
  
  

 
  
  

 
  
  

 
  
  

 
  
  

 
  
  

 
  
  

 
  
  

 
  
  

 
  
  

 
  
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Transfer Agreement – Signature Page