# EDGAR Filing Document

**Accession Number:** 0001901440
**File Stem:** 0001901440-25-000030
**Filing Date:** 2025-8
**Character Count:** 215109
**Document Hash:** a832f4be67c4714e3e829043307feb05
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001901440-25-000030.hdr.sgml**: 20250805

**ACCESSION NUMBER**: 0001901440-25-000030

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 76

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250805

**DATE AS OF CHANGE**: 20250805

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** UL Solutions Inc.
- **CENTRAL INDEX KEY:** 0001901440
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-TESTING LABORATORIES [8734]
- **ORGANIZATION NAME:** 08 Industrial Applications and Services
- **EIN:** 270913800
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-42012
- **FILM NUMBER:** 251185142

**BUSINESS ADDRESS:**
- **STREET 1:** 333 PFINGSTEN ROAD
- **CITY:** NORTHBROOK
- **STATE:** IL
- **ZIP:** 60062
- **BUSINESS PHONE:** (847) 272-8800

**MAIL ADDRESS:**
- **STREET 1:** 333 PFINGSTEN ROAD
- **CITY:** NORTHBROOK
- **STATE:** IL
- **ZIP:** 60062

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** UL Inc.
- **DATE OF NAME CHANGE:** 20211227

?xml version='1.0' encoding='ASCII'? uls-20250630

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 10-Q** 

**(Mark One)**

⌧ **QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the quarterly period ended June 30, 2025** 

**OR**

□ **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the transition period from ________ to _________** 

**Commission file number 001-42012** 

**UL Solutions Inc.** 

**(Exact name of registrant as specified in its charter)**

---

| | |
|:---|:---|
| **Delaware** | **27-0913800** |
| (State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) |
| **333 Pfingsten Road**<br>**Northbrook, Illinois 60062** | **333 Pfingsten Road**<br>**Northbrook, Illinois 60062** |
| (Address of Principal Executive Offices and zip code) | (Address of Principal Executive Offices and zip code) |

---

**(847) 272-8800** 

Registrant's telephone number, including area code

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| Class A Common Stock, par value $0.001 per share | ULS | New York Stock Exchange |

---

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports); and (2) has been subject to such filing requirements for the past 90 days. Yes ⌧&nbsp;&nbsp;&nbsp;&nbsp;No □

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). &nbsp;&nbsp;&nbsp;&nbsp;Yes ⌧&nbsp;&nbsp;&nbsp;&nbsp;No □

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer" and "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

---

| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | □ | Accelerated filer | □ |
| Non-accelerated filer  | ⌧ | Smaller reporting company | □ |
| | | Emerging growth company | □ |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. □

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). &nbsp;&nbsp;&nbsp;&nbsp;Yes □&nbsp;&nbsp;&nbsp;&nbsp;No ⌧

The registrant had outstanding 62,752,788 shares of Class A common stock, par value $0.001 per share, and 138,130,000 shares of Class B common stock, par value $0.001 per share, as of July 25, 2025.

------

---

| |
|:---|
| **UL Solutions Inc.** |
| **Table of Contents** |

---

---

| | |
|:---|:---|
|  | **<u>Page</u>** |
| **[PART I. FINANCIAL INFORMATION](#i5139efc9675c4f2dac64baf7b6bc9a5c)** | **[2](#i5139efc9675c4f2dac64baf7b6bc9a5c)** |
| **[ITEM 1. Condensed Consolidated Financial Statements (Unaudited)](#i94972efcd5204e24a34c3bf96a7afba6)** | **[2](#i94972efcd5204e24a34c3bf96a7afba6)** |
| **[Condensed Consolidated Statements of Operations](#i449f535786ff4f0e8cca2e50d6323c70)** | **[2](#i449f535786ff4f0e8cca2e50d6323c70)** |
| **[Condensed Consolidated Statements of Comprehensive Income](#id88ccf003ce64b8aa49f7ba5baa855cd)** | **[3](#id88ccf003ce64b8aa49f7ba5baa855cd)** |
| **[Condensed Consolidated Balance Sheets](#i9fde38c680e64687b91285cae9a807ee)** | **[4](#i9fde38c680e64687b91285cae9a807ee)** |
| **[Condensed Consolidated Statements of Stockholders' Equity](#id34d085942f547a0bf97f5207e09b626)** | **[5](#id34d085942f547a0bf97f5207e09b626)** |
| **[Condensed Consolidated Statements of Cash Flows](#ifdaf94131dfa4cfe9bb85e4cd1ccc485)** | **[6](#ifdaf94131dfa4cfe9bb85e4cd1ccc485)** |
| **[Notes to the Condensed Consolidated Financial Statements](#i36b16ce5e1b44addb5f3675edb137dbd)** | **[7](#i36b16ce5e1b44addb5f3675edb137dbd)** |
| **[ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](#i29aa48502a5046179ff44357a2b91df5)** | **[15](#i29aa48502a5046179ff44357a2b91df5)** |
| **[ITEM 3. Quantitative and Qualitative Disclosures About Market Risk](#i27d70901f12a4df2b495308681710b3f)** | **[31](#i27d70901f12a4df2b495308681710b3f)** |
| **[ITEM 4. Controls and Procedures](#iaa62af1f1a5f4b48bb99eb80ee1cefe9)** | **[32](#iaa62af1f1a5f4b48bb99eb80ee1cefe9)** |
| **[PART II. OTHER INFORMATION](#i472512489ce145a988ef47c71a9dd268)** | **[34](#i472512489ce145a988ef47c71a9dd268)** |
| **[ITEM 1. Legal Proceedings](#i051318cef7fb486a995a198b62ad6061)** | **[34](#i051318cef7fb486a995a198b62ad6061)** |
| **[ITEM 1A. Risk Factors](#i3dafc58f819a43e9af549edaba2a8afa)** | **[34](#i3dafc58f819a43e9af549edaba2a8afa)** |
| **[ITEM 6. Exhibits](#i560dcb1505294297954e9cfc013ded0f)** | **[34](#i560dcb1505294297954e9cfc013ded0f)** |
| **[SIGNATURE](#i81e5b27c93ca4e8bbc57ead9d20f0b7e)** | **[35](#i81e5b27c93ca4e8bbc57ead9d20f0b7e)** |

---

------

**PART I. FINANCIAL INFORMATION**

**ITEM 1. Condensed Consolidated Financial Statements (Unaudited)**

**Condensed Consolidated Statements of Operations**

---

| |
|:---|
| **UL Solutions Inc.** |
| **Condensed Consolidated Statements of Operations** |
| **(Unaudited)** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>June 30,** | **Three Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** |
| **<u>(in millions, except per share data)</u>** | **2025** | **2024** | **2025** | **2024** |
| Revenue | $776 | $730 | $1481 | $1400 |
| &nbsp;&nbsp;Cost of revenue | 393 | 364 | 757 | 715 |
| &nbsp;&nbsp;Selling, general and administrative expenses | 244 | 240 | 476 | 468 |
| **Operating income** | 139 | 126 | 248 | 217 |
| &nbsp;&nbsp;Interest expense | (10) | (13) | (22) | (28) |
| &nbsp;&nbsp;Other (expense) income, net | (4) | 21 | (7) | 18 |
| **Income before income taxes** | 125 | 134 | 219 | 207 |
| &nbsp;&nbsp;Income tax expense | 28 | 28 | 51 | 41 |
| **Net income** | 97 | 106 | 168 | 166 |
| Less: net income attributable to non-controlling interests | 6 | 5 | 10 | 9 |
| **Net income attributable to stockholders of UL Solutions** | $91 | $101 | $158 | $157 |
| Earnings per common share: |  |  |  |  |
| Basic | $0.45 | $0.51 | $0.79 | $0.79 |
| Diluted | $0.45 | $0.50 | $0.78 | $0.78 |
| Weighted average common shares outstanding: |  |  |  |  |
| Basic | 201 | 200 | 201 | 200 |
| Diluted | 203 | 201 | 203 | 201 |

---

*The accompanying notes are an integral part of the Condensed Consolidated Financial Statements*

------

---

| |
|:---|
| **UL Solutions Inc.** |
| **Condensed Consolidated Statements of Comprehensive Income** |
| **(Unaudited)** |

---

**Condensed Consolidated Statements of Comprehensive Income**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>June 30,** | **Three Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** |
| **<u>(in millions)</u>** | **2025** | **2024** | **2025** | **2024** |
| Net income | $97 | $106 | $168 | $166 |
| Other comprehensive income (loss), net of tax: |  |  |  |  |
| &nbsp;&nbsp;Pension and postretirement benefit plans, net of tax | (1) |  | (1) | 1 |
| &nbsp;&nbsp;Foreign currency translation gain (loss) | 36 | (10) | 53 | (26) |
| Total other comprehensive income (loss) | 35 | (10) | 52 | (25) |
| **Comprehensive income** | 132 | 96 | 220 | 141 |
| Less: comprehensive income attributable to non-controlling interests | 6 | 5 | 10 | 8 |
| **Comprehensive income attributable to stockholders of UL Solutions** | $126 | $91 | $210 | $133 |

---

&nbsp;&nbsp;&nbsp;&nbsp;

*The accompanying notes are an integral part of the Condensed Consolidated Financial Statements*

------

---

| |
|:---|
| **UL Solutions Inc.** |
| **Condensed Consolidated Balance Sheets** |
| **(Unaudited)** |

---

**Condensed Consolidated Balance Sheets**

---

| | | |
|:---|:---|:---|
| **<u>(in millions, except share and per share data)</u>** | **June 30, 2025** | **December 31, 2024** |
| **Assets** | | |
| Current assets: |  |  |
| &nbsp;&nbsp;Cash and cash equivalents | $272 | $298 |
| &nbsp;&nbsp;Accounts receivable, net of allowance of $13 and $9 | 424 | 380 |
| &nbsp;&nbsp;Contract assets, net of allowance of $2 and $1 | 224 | 182 |
| &nbsp;&nbsp;Other current assets | 89 | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 1009 | 921 |
| Property, plant and equipment, net of accumulated depreciation of $849 and $772 | 649 | 631 |
| Goodwill | 656 | 633 |
| Intangible assets, net of accumulated amortization of $250 and $239 | 55 | 58 |
| Operating lease right-of-use assets | 188 | 186 |
| Deferred income taxes | 110 | 108 |
| Capitalized software, net of accumulated amortization of $463 and $427 | 119 | 127 |
| Other assets | 136 | 136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Assets** | $2922 | $2800 |
| **Liabilities and Stockholders' Equity** |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;Current portion of long-term debt | $— | $50 |
| &nbsp;&nbsp;Accounts payable | 139 | 182 |
| &nbsp;&nbsp;Accrued compensation and benefits | 208 | 254 |
| &nbsp;&nbsp;Operating lease liabilities - current | 42 | 38 |
| &nbsp;&nbsp;Contract liabilities | 328 | 162 |
| &nbsp;&nbsp;Other current liabilities | 48 | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 765 | 740 |
| Long-term debt | 608 | 692 |
| Pension and postretirement benefit plans | 202 | 196 |
| Operating lease liabilities | 155 | 155 |
| Other liabilities | 79 | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities** | 1809 | 1869 |
| Commitments and contingencies (Note 15) |  |  |
| Stockholders' equity: |  |  |
| &nbsp;&nbsp;Class A common stock, $0.001 per share, 62,748,277 and 62,044,493 shares issued and outstanding at June 30, 2025 and December 31, 2024, respectively |  |  |
| &nbsp;&nbsp;Class B common stock, $0.001 per share, 138,130,000 shares issued and outstanding at June 30, 2025 and December 31, 2024, respectively |  |  |
| &nbsp;&nbsp;Additional paid-in capital | 852 | 821 |
| &nbsp;&nbsp;Retained earnings | 356 | 250 |
| &nbsp;&nbsp;Accumulated other comprehensive loss | (115) | (167) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity before non-controlling interests | 1093 | 904 |
| &nbsp;&nbsp;Non-controlling interests | 20 | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Stockholders' Equity** | 1113 | 931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities and Stockholders' Equity** | $2922 | $2800 |

---

*The accompanying notes are an integral part of the Condensed Consolidated Financial Statements*

------

---

| |
|:---|
| **UL Solutions Inc.** |
| **Condensed Consolidated Statements of Stockholders' Equity** |
| **(Unaudited)** |

---

**Condensed Consolidated Statements of Stockholders' Equity**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **<u>(in millions, except per share data)</u>** | **Common Stock** | **Additional Paid-in Capital** | **Retained<br>Earnings** | **Accumulated Other<br>Comprehensive Loss** | **Non-controlling<br>Interests** | **Total** |
| **Balance at March 31, 2025** | $— | $829 | $291 | $(150) | $14 | $984 |
| Net income |  |  | 91 |  | 6 | 97 |
| Other comprehensive income, net of tax |  |  |  | 35 |  | 35 |
| Stock-based compensation |  | 23 |  |  |  | 23 |
| Dividend to stockholders of UL Solutions ($0.13 per share) |  |  | (26) |  |  | (26) |
| **Balance at June 30, 2025** | $— | $852 | $356 | $(115) | $20 | $1113 |
| **Balance at December 31, 2024** | $— | $821 | $250 | $(167) | $27 | $931 |
| Net income |  |  | 158 |  | 10 | 168 |
| Other comprehensive income, net of tax |  |  |  | 52 |  | 52 |
| Stock-based compensation |  | 31 |  |  |  | 31 |
| Dividends to stockholders of UL Solutions ($0.26 per share) |  |  | (52) |  |  | (52) |
| Dividend to non-controlling interest |  |  |  |  | (17) | (17) |
| **Balance at June 30, 2025** | $— | $852 | $356 | $(115) | $20 | $1113 |
| **Balance at March 31, 2024** | $— | $776 | $55 | $(160) | $12 | $683 |
| Net income |  |  | 101 |  | 5 | 106 |
| Other comprehensive loss, net of tax |  |  |  | (10) |  | (10) |
| Stock-based compensation |  | 32 |  |  |  | 32 |
| Dividend to stockholders of UL Solutions ($0.125 per share) |  |  | (25) |  |  | (25) |
| **Balance at June 30, 2024** | $— | $808 | $131 | $(170) | $17 | $786 |
| **Balance at December 31, 2023** | $— | $776 | $24 | $(146) | $24 | $678 |
| Net income |  |  | 157 |  | 9 | 166 |
| Other comprehensive loss, net of tax |  |  |  | (24) | (1) | (25) |
| Stock-based compensation |  | 32 |  |  |  | 32 |
| Dividends to stockholders of UL Solutions ($0.25 per share) |  |  | (50) |  |  | (50) |
| Dividend to non-controlling interest |  |  |  |  | (15) | (15) |
| **Balance at June 30, 2024** | $— | $808 | $131 | $(170) | $17 | $786 |

---

*The accompanying notes are an integral part of the Condensed Consolidated Financial Statements*

------

---

| |
|:---|
| **UL Solutions Inc.** |
| **Condensed Consolidated Statements of Cash Flows** |
| **(Unaudited)** |

---

**Condensed Consolidated Statements of Cash Flows**

---

| | | |
|:---|:---|:---|
| | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| **<u>(in millions)</u>** | **2025** | **2024** |
| **Operating activities** |  |  |
| Net income | $168 | $166 |
| Adjustments to reconcile net income to net cash flows provided by operating activities: |  |  |
| &nbsp;&nbsp;Depreciation and amortization | 91 | 82 |
| &nbsp;&nbsp;Gain on divestiture |  | (25) |
| &nbsp;&nbsp;Stock-based compensation | 21 | 6 |
| &nbsp;&nbsp;Losses on foreign exchange transactions | 5 | 6 |
| &nbsp;&nbsp;Deferred income taxes | 1 | (10) |
| &nbsp;&nbsp;Other, net | 11 | 12 |
| &nbsp;&nbsp;Changes in assets and liabilities, excluding the effects of acquisitions and divestitures: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | (26) | (33) |
| &nbsp;&nbsp;&nbsp;&nbsp;Contract and other assets | (48) | (26) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | (27) | (20) |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses | (38) | (74) |
| &nbsp;&nbsp;&nbsp;&nbsp;Pension and postretirement benefit plans | (5) | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp;Contract and other liabilities | 148 | 163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash flows provided by operating activities | 301 | 244 |
| **Investing activities** |  |  |
| Capital expenditures | (93) | (113) |
| Acquisitions, net of cash acquired | (1) | (10) |
| Proceeds from divestiture |  | 30 |
| Purchases of investments | (14) |  |
| Sales of investments | 1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash flows used in investing activities | (107) | (93) |
| **Financing activities** |  |  |
| Proceeds from long-term debt | 150 | 20 |
| Repayments of long-term debt | (285) | (115) |
| Dividends to stockholders of UL Solutions | (52) | (50) |
| Dividends to non-controlling interest | (17) | (15) |
| Employee taxes paid on settlement of stock-based compensation | (13) |  |
| Other financing activities, net | (4) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash flows used in financing activities | (221) | (159) |
| Effect of exchange rate changes on cash and cash equivalents | 1 | (12) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease in cash and cash equivalents | (26) | (20) |
| **Cash and cash equivalents** |  |  |
| Beginning of period | 298 | 315 |
| End of period | $272 | $295 |
| **Supplemental disclosures of cash flow information** |  |  |
| Cash paid during the period for interest | $22 | $29 |
| Cash paid during the period for income taxes | 40 | 29 |
| Cash paid during the period for stock-based compensation | 2 | 18 |
| **Noncash investing and financing activities** |  |  |
| Capital expenditures funded by liabilities | $23 | $30 |
| Conversion of stock-based compensation awards to equity | 25 | 26 |

---

*The accompanying notes are an integral part of the Condensed Consolidated Financial Statements*

------

---

| |
|:---|
| **UL Solutions Inc.** |
| **NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS** |
| **(Unaudited)** |

---

**Notes to the Condensed Consolidated Financial Statements**

**1. Significant Accounting Policies** 

**Description of Business**

UL Solutions Inc. (together with its consolidated subsidiaries, "UL Solutions" and the "Company") is a global safety science leader that provides independent third-party testing, inspection and certification services and related software and advisory offerings. Underwriters Laboratories Inc. ("UL Research Institutes") is the sole member of ULSE Inc. ("UL Standards & Engagement"), which controls the majority of the voting power of the Company's common stock.

**Basis of Presentation**

The condensed consolidated financial statements are unaudited and have been prepared in accordance with applicable rules and regulations of the Securities and Exchange Commission ("SEC"). Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") have been omitted. The condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2024 included in the Company's Annual Report on Form 10-K. It is management's opinion that these financial statements include all normal and recurring adjustments necessary for a fair statement of the Company's results of operations, financial position and cash flows. Results of operations for any interim period are not necessarily indicative of future or annual results.

**Recently Issued Accounting Standards – Not Adopted**

In December 2023, the Financial Accounting Standards Board ("FASB") issued ASU No. 2023-09, *Income Taxes (Topic 740): Improvements to Income Tax Disclosures*, which provides qualitative and quantitative updates to the rate reconciliation and income taxes paid disclosures, among others, in order to enhance the transparency of income tax disclosures, including consistent categories and greater disaggregation of information in the rate reconciliation and disaggregation by jurisdiction of income taxes paid. The amendments in ASU 2023-09 are effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The amendments will be applied prospectively. The ASU will result in additional income tax disclosures within the Company's financial statements but is not expected to impact the Company's financial condition, results of operations or cash flows.

In November 2024, the FASB issued ASU No. 2024-03, *Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures*, which is intended to improve disclosures about a public business entity's expense and provide more detailed information to investors about the types of expenses in commonly presented expense captions. The amendments in ASU 2024-03 are effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, on either a prospective or retrospective basis, with early adoption permitted. The Company is currently evaluating the impact this ASU may have on its consolidated financial statements.

**2. Earnings Per Share**

Basic and diluted earnings per share were calculated as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>June 30,** | **Three Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** |
| **<u>(in millions, except per share data)</u>** | **2025** | **2024** | **2025** | **2024** |
| Net income attributable to stockholders of UL Solutions | $91 | $101 | $158 | $157 |
| Basic weighted average common shares outstanding | 201 | 200 | 201 | 200 |
| Effect of dilutive securities | 2 | 1 | 2 | 1 |
| Diluted weighted average common shares outstanding | 203 | 201 | 203 | 201 |
| Basic earnings per share attributable to stockholders of UL Solutions | $0.45 | $0.51 | $0.79 | $0.79 |
| Diluted earnings per share attributable to stockholders of UL Solutions | $0.45 | $0.50 | $0.78 | $0.78 |

---

------

**3. Revenue**

The table below summarizes the major service categories from which the Company derives its revenues:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>June 30,** | **Three Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** |
| **<u>(in millions)</u>** | **2025** | **2024** | **2025** | **2024** |
| Certification Testing | $215 | $203 | $404 | $379 |
| Ongoing Certification Services | 250 | 234 | 495 | 467 |
| Non-certification Testing and Other Services | 241 | 225 | 444 | 419 |
| Software | 70 | 68 | 138 | 135 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | $776 | $730 | $1481 | $1400 |

---

**Contract Balances**

The revenue recognized during the three and six months ended June 30, 2025, which was included in contract liabilities at December 31, 2024, amounted to $51 million and $87 million, respectively. The revenue recognized during the three and six months ended June 30, 2024, which was included in contract liabilities at December 31, 2023, amounted to $49 million and $79 million, respectively.

**Remaining Performance Obligations**

At June 30, 2025, the Company estimates that $203 million in revenue is expected to be recognized in the future related to performance obligations that are unsatisfied (or partially unsatisfied) at the end of the reporting period. The Company expects to recognize approximately 61% of its unsatisfied (or partially unsatisfied) performance obligations as revenue in the subsequent 12 months, with the remaining balance to be recognized thereafter.

Remaining consideration from contracts with customers is included in the amount presented above and includes contracts with multiple performance obligations and multi-year maintenance agreements, which are typically recognized as the performance obligation is satisfied.

**4. Acquisitions and Divestitures**

**Acquisitions**

In July 2024, the Company acquired 100% of the outstanding stock of TesTneT Engineering GmbH (together with its subsidiaries, "TesTneT") for approximately $19 million in cash consideration (as adjusted for customary post-closing adjustments). TesTneT is a Germany-based company that provides testing services for various hydrogen storage systems, refueling stations and their components. Goodwill of $14 million represents anticipated future revenue growth and margin expansion opportunities from new customers and has been included within the Company's Industrial segment. Goodwill related to this acquisition is not deductible for income tax purposes.

In May 2024, the Company acquired 100% of the outstanding stock of BatterieIngenieure GmbH (together with its subsidiaries, "BatterieIngenieure") for approximately $12 million in cash consideration (as adjusted for customary post-closing adjustments). BatterieIngenieure is a Germany-based battery testing company that was, at the time of acquisition, in the process of building a laboratory in Aachen, Germany to replace the leased facility it was using and to add testing and simulation capacity. The purchase price is primarily related to property, plant, and equipment of $9 million and goodwill of $8 million. Goodwill represents anticipated future revenue growth and margin expansion opportunities from new customers and has been included within the Company's Industrial segment. Goodwill related to this acquisition is not deductible for income tax purposes.

Aggregate acquisition-related costs associated with business combinations are not material for the three and six months ended June 30, 2025 and 2024, and are included in selling, general and administrative expenses in the Company's Condensed Consolidated Statements of Operations as incurred.

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**Divestiture**

In May 2024, the Company completed the sale of its payments testing business in the Industrial segment to an affiliate of Gallant Capital Partners, a California-based private equity firm, for a base price of $29 million in cash (as adjusted for customary post-closing adjustments) with the potential for additional cash consideration if certain earn-out provisions are met. The divestiture resulted in a pre-tax gain on sale of $24 million, which was recorded within other (expense) income, net in the Company's Condensed Consolidated Statements of Operations.

**5. Other (Expense) Income, net**

The components of other (expense) income, net are as follows:&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>June 30,** | **Three Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** |
| **<u>(in millions)</u>** | **2025** | **2024** | **2025** | **2024** |
| Foreign exchange losses | $(2) | $(4) | $(5) | $(6) |
| Interest income | 1 | 1 | 2 | 2 |
| Non-operating pension and postretirement benefit expense | (1) | (2) | (2) | (4) |
| Gain on divestiture<sup>(a)</sup> |  | 25 |  | 25 |
| Other | (2) | 1 | (2) | 1 |
| &nbsp;&nbsp;**Total** | $(4) | $21 | $(7) | $18 |

---

__________

(a)See Note 4.

**6. Fair Value of Financial Instruments**

The carrying amount and fair value of the Company's debt was as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** |
| **<u>(in millions)</u>** | **Carrying Amount** | **Fair Value** | **Carrying Amount** | **Fair Value** |
| Term loans | $309 | $309 | $444 | $444 |
| Senior notes | 300 | 315 | 300 | 311 |
| Other | 3 | 3 | 3 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | $612 | $627 | $747 | $758 |

---

The fair value of the Company's term loans reflects current market conditions and is primarily determined using broker quotes, which are Level 2 inputs in the fair value hierarchy. The fair value of the Company's senior notes is estimated based on prevailing interest rates and trading activity, which are Level 2 inputs in the fair value hierarchy.

**7. Investments in Equity Securities** 

The Company holds investments in equity securities of various companies, certain of which comprise less than 10% of the applicable company's outstanding equity securities and are included within other assets in the Company's Condensed Consolidated Balance Sheets. The Company accounts for these investments at cost, less any impairment, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. The carrying amount of these investments was $33 million as of June 30, 2025 and $36 million as of December 31, 2024.

The Company owns 70% of the issued and outstanding equity interests of UL-CCIC Company Limited ("UL-CCIC"), an entity formed under the laws of the People's Republic of China. The Company determined that it is the primary beneficiary of UL-CCIC and assets of $168 million and $193 million and liabilities of $83 million and $87 million, inclusive of intercompany eliminations, were included in the Company's Condensed Consolidated Balance Sheets at June 30, 2025 and December 31, 2024, respectively.

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**8. Goodwill**

Changes in the carrying amount of goodwill for the six months ended June 30, 2025 were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| **<u>(in millions)</u>** | **Industrial** | **Consumer** | **Software and Advisory** | **Total** |
| **Balance at December 31, 2024**<sup>(a)</sup> | $340 | $225 | $68 | $633 |
| Measurement period adjustments | 1 |  |  | 1 |
| Effect of changes in foreign exchange rates | 9 | 9 | 4 | 22 |
| **Balance at June 30, 2025**<sup>(a)</sup> | $350 | $234 | $72 | $656 |

---

__________

(a)Net of accumulated impairment losses of $137 million as of June 30, 2025 and December 31, 2024.

**9. Intangible Assets**

The following tables summarize intangible assets:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **June 30, 2025** | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** | **December 31, 2024** |
| **<u>(in millions)</u>** | **Gross Carrying Amount** | **Accumulated Amortization** | **Net Carrying Amount** | **Gross Carrying Amount** | **Accumulated Amortization** | **Net Carrying Amount** |
| Customer relationships | $267 | $(220) | $47 | $261 | $(211) | $50 |
| Intellectual property and patents | 16 | (13) | 3 | 15 | (11) | 4 |
| Trademarks | 22 | (17) | 5 | 21 | (17) | 4 |
| &nbsp;&nbsp;**Total** | $305 | $(250) | $55 | $297 | $(239) | $58 |

---

Intangible asset amortization expense, reported within selling, general and administrative expenses within the Condensed Consolidated Statements of Operations, was $3 million for both of the three month periods ended June 30, 2025 and 2024, and was $6 million for both of the six month periods ended June 30, 2025 and 2024.

**10. Pension**

The components of net periodic benefit cost for the Company's U.S. defined benefit pension plan were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>June 30,** | **Three Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** |
| **<u>(in millions)</u>** | **2025** | **2024** | **2025** | **2024** |
| Service cost | $1 | $1 | $1 | $1 |
| Interest cost | 4 | 4 | 8 | 8 |
| Expected return on plan assets | (3) | (4) | (6) | (7) |
| Amortization of net actuarial loss |  | 1 | 1 | 2 |
| **Net periodic benefit cost** | $2 | $2 | $4 | $4 |

---

For the three and six months ended June 30, 2025, expenses related to various defined contribution plans were $14 million and $29 million, respectively. For the three and six months ended June 30, 2024, expenses related to various defined contribution plans were $13 million and $25 million, respectively.

**11. Income Taxes**

The effective tax rate for the three and six months ended June 30, 2025 was 22.4% and 23.3%, respectively, which differed from the U.S. federal statutory tax rate of 21%, primarily due to foreign tax effects, U.S. tax on Global Intangible Low Taxed Income net of related foreign tax credits, and Section 162(m) limitations on current year compensation deductions of certain executive officers, partially offset by excess tax benefits associated with stock-based compensation deductions.

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Several countries in which the Company operates have enacted aspects of the Organisation for Economic Co-operation and Development's Pillar Two rules, which impose a 15% corporate minimum tax, into their local legislation effective either January 1, 2024, or January 1, 2025. The effective tax rate for the three and six months ended June 30, 2025 of 22.4% and 23.3%, respectively, was higher than the effective tax rate for the three and six months ended June 30, 2024 of 20.9% and 19.8%, respectively, primarily due to the impact of the Qualified Domestic Minimum Top-up Tax, a subset of the Pillar Two rules that became effective on January 1, 2025.

The effective tax rate for the three and six months ended June 30, 2024 was 20.9% and 19.8%, respectively, which differed from the U.S. federal statutory tax rate of 21%, primarily due to earnings subject to lower tax rates in foreign jurisdictions and a discrete tax benefit for the release of valuation allowances. This was offset by a discrete tax expense for the reduction to previously established deferred tax assets of approximately $5 million due to the Company becoming subject to Section 162(m) of the Internal Revenue Code in the U.S., which limits compensation expenses of certain executive officers that were previously deductible as a private company, as well as Section 162(m) limitations on current year deductions and U.S. tax on Global Intangible Low Taxed Income net of related foreign tax credits.

On July 4, 2025, the One Big Beautiful Bill Act (the "OBBBA") was enacted in the U.S. The OBBBA includes several corporate tax provisions that apply to the Company, such as the permanent extension of certain expiring provisions of the U.S. Tax Cuts and Jobs Act and modifications to the international tax framework and business interest expense limitations. The Company is currently assessing the impact the OBBBA may have on its consolidated financial statements.

**12. Long-Term Debt**

The Company's outstanding debt consisted of the following:

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| | | | | |
|:---|:---|:---|:---|:---|
| **<u>(in millions)</u>** | **Currency** | **Maturity Date** | **June 30, 2025** | **December 31, 2024** |
| Term loans | USD | January 2027 | $309 | $444 |
| Senior notes | USD | October 2028 | 300 | 300 |
| Other | USD | August 2033 | 3 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total debt |  |  | 612 | 747 |
| Less: unamortized debt issuance costs |  |  | (4) | (5) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total debt, net of unamortized debt issuance costs |  |  | 608 | 742 |
| Less: current portion of long-term debt |  |  |  | (50) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Long-term debt** |  |  | $608 | $692 |

---

*Credit Facility*

In January 2022, the Company entered into a credit agreement with Bank of America, N.A. and certain other lenders, which provides for senior unsecured credit facilities in an aggregate principal amount of $1,250 million (collectively, and as amended, the "Credit Facility"), consisting of term loans and revolving loan commitments. The Company's wholly owned subsidiary, UL LLC, a Delaware limited liability company, provides a guaranty of its obligations thereunder. As of June 30, 2025, the Company was in compliance with all covenants under the Credit Facility. The interest rate on the term loans was 5.55% as of June 30, 2025 and 5.58% as of December 31, 2024.

*Senior Notes*

In October 2023, the Company issued $300 million in aggregate principal amount of 6.500% senior notes due 2028 (the "notes"). The notes are senior unsecured obligations of UL Solutions Inc. and are unconditionally guaranteed by UL LLC. Borrowings under the notes bear a fixed interest rate of 6.500% per annum.

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**13. Accumulated Other Comprehensive Loss** 

The following tables summarize the changes in accumulated other comprehensive loss.

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| | | | |
|:---|:---|:---|:---|
| | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** |
| **<u>(in millions)</u>** | **Foreign Currency Translation** | **Pension and Postretirement Plans** | **Total** |
| **Balance at March 31, 2025, net of tax** | $(71) | $(79) | $(150) |
| &nbsp;&nbsp;Amounts before reclassifications | 36 |  | 36 |
| &nbsp;&nbsp;Amounts reclassified out |  | (1) | (1) |
| Total other comprehensive income (loss), net of tax | 36 | (1) | 35 |
| **Balance at June 30, 2025, net of tax** | $(35) | $(80) | $(115) |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** | **Three Months Ended June 30, 2024** |
| **<u>(in millions)</u>** | **Foreign Currency Translation** | **Pension and Postretirement Plans** | **Total** |
| **Balance at March 31, 2024, net of tax** | $(64) | $(96) | $(160) |
| &nbsp;&nbsp;Amounts before reclassifications | (10) | (1) | (11) |
| &nbsp;&nbsp;Amounts reclassified out |  | 1 | 1 |
| Total other comprehensive loss, net of tax | (10) |  | (10) |
| **Balance at June 30, 2024, net of tax** | $(74) | $(96) | $(170) |

---

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| | | | |
|:---|:---|:---|:---|
| | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** |
| **<u>(in millions)</u>** | **Foreign Currency Translation** | **Pension and Postretirement Plans** | **Total** |
| **Balance at December 31, 2024, net of tax** | $(88) | $(79) | $(167) |
| &nbsp;&nbsp;Amounts before reclassifications | 53 |  | 53 |
| &nbsp;&nbsp;Amounts reclassified out |  | (1) | (1) |
| Total other comprehensive income (loss), net of tax | 53 | (1) | 52 |
| **Balance at June 30, 2025, net of tax** | $(35) | $(80) | $(115) |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** | **Six Months Ended June 30, 2024** |
| **<u>(in millions)</u>** | **Foreign Currency Translation** | **Pension and Postretirement Plans** | **Total** |
| **Balance at December 31, 2023, net of tax** | $(49) | $(97) | $(146) |
| &nbsp;&nbsp;Amounts before reclassifications | (25) | (1) | (26) |
| &nbsp;&nbsp;Amounts reclassified out |  | 2 | 2 |
| Total other comprehensive (loss) income, net of tax | (25) | 1 | (24) |
| **Balance at June 30, 2024, net of tax** | $(74) | $(96) | $(170) |

---

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**14. Stock-based Compensation**

Stock-based compensation expense was as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>June 30,** | **Three Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** |
| **<u>(in millions)</u>** | **2025** | **2024** | **2025** | **2024** |
| Cost of revenue | $2 | $2 | $3 | $2 |
| Selling, general and administrative expenses | 12 | 14 | 20 | 13 |
| Stock-based compensation expense | 14 | 16 | 23 | 15 |
| Income tax benefit | (3) | (3) | (4) | (3) |
| **Stock-based compensation expense, net** | $11 | $13 | $19 | $12 |
| **Stock-based compensation expense by type of award** |  |  |  |  |
| Restricted stock units | $7 | $3 | $10 | $3 |
| Performance share units | 3 | 1 | 6 | 1 |
| Stock options | 1 | 1 | 2 | 1 |
| Stock-settled stock appreciation rights | 1 | 1 | 1 | 1 |
| Employee stock purchase plan | 1 |  | 2 |  |
| Cash-settled awards | 1 | 10 | 2 | 9 |
| **Stock-based compensation expense** | $14 | $16 | $23 | $15 |

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**15. Commitments and Contingencies**

The Company is, in the ordinary course of business, party to certain claims, litigation, audits and investigations. The Company will record an accrual for a loss contingency when it is probable that a loss has been incurred and the amount of the loss can be reasonably estimated. The Company believes it has established adequate accruals for liabilities that are probable and reasonably estimable and that may be incurred in connection with any such currently pending or threatened matter, none of which are material. In the Company's opinion, the settlement of any such currently pending or threatened matter is not expected to have a material impact on the Company's financial position, results of operations, or cash flows.

**16. Related Party Transactions**

In the three and six months ended June 30, 2025, the Company incurred expenses of $6 million and $11 million, respectively, to access the library of standards owned and maintained by UL Standards & Engagement. In the three and six months ended June 30, 2024, the Company incurred expenses of $5 million and $10 million, respectively, to access the library of standards owned and maintained by UL Standards & Engagement.

In the three and six months ended June 30, 2025, the Company declared and paid regular cash dividends to stockholders, resulting in payments of $18 million and $36 million to UL Standards & Engagement, respectively. In the three and six months ended June 30, 2024, the Company declared and paid regular cash dividends to stockholders, resulting in payments of $20 million and $45 million to UL Standards & Engagement, respectively.

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**17. Segment Information**

The following table provides revenue, significant segment expenses and operating income, by segment for the three months ended June 30, 2025 and 2024:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Industrial** | **Industrial** | **Consumer** | **Consumer** | **Software and Advisory** | **Software and Advisory** | **Total** | **Total** |
| **<u>(in millions)</u>** | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| **Revenue** | $338 | $314 | $340 | $322 | $98 | $94 | $776 | $730 |
| &nbsp;&nbsp;Employee compensation | 155 | 150 | 193 | 184 | 69 | 65 | 417 | 399 |
| &nbsp;&nbsp;Services and materials | 71 | 69 | 87 | 80 | 16 | 15 | 174 | 164 |
| &nbsp;&nbsp;Depreciation and amortization | 14 | 10 | 20 | 20 | 12 | 11 | 46 | 41 |
| **Operating income** | $98 | $85 | $40 | $38 | $1 | $3 | $139 | $126 |

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The following table provides revenue, significant segment expenses and operating income, by segment for the six months ended June 30, 2025 and 2024:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Industrial** | **Industrial** | **Consumer** | **Consumer** | **Software and Advisory** | **Software and Advisory** | **Total** | **Total** |
| **<u>(in millions)</u>** | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| **Revenue** | $646 | $609 | $644 | $608 | $191 | $183 | $1481 | $1400 |
| &nbsp;&nbsp;Employee compensation | 300 | 294 | 370 | 354 | 134 | 128 | 804 | 776 |
| &nbsp;&nbsp;Services and materials | 137 | 134 | 169 | 160 | 32 | 31 | 338 | 325 |
| &nbsp;&nbsp;Depreciation and amortization | 28 | 21 | 39 | 39 | 24 | 22 | 91 | 82 |
| **Operating income** | $181 | $160 | $66 | $55 | $1 | $2 | $248 | $217 |

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Capital expenditures of the Company's segments were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>June 30,** | **Three Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** |
| **<u>(in millions)</u>** | **2025** | **2024** | **2025** | **2024** |
| Industrial | $10 | $28 | $20 | $47 |
| Consumer | 9 | 8 | 21 | 16 |
| Software and Advisory | 8 | 8 | 16 | 16 |
| &nbsp;&nbsp;**Total segments** | 27 | 44 | 57 | 79 |
| Corporate | 15 | 12 | 36 | 34 |
| &nbsp;&nbsp;**Total** | $42 | $56 | $93 | $113 |

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Assets by segment are not disclosed as the Company does not allocate assets to segments for internal reporting presentations provided to the Company's chief operating decision maker.

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**ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations**

*The following discussion and analysis of the Company's results of operations, financial condition and liquidity and capital resources should be read in conjunction with the Company's condensed consolidated financial statements and the related notes as of June 30, 2025 and for the three and six month periods ended June 30, 2025 and 2024, which are included in this Quarterly Report, as well as the Company's audited consolidated financial statements for the year ended December 31, 2024 included in the Company's Annual Report on Form 10-K. This discussion and analysis contains forward-looking statements that involve risks and uncertainties about the Company's business and operations. The Company's actual results and the timing of selected events may differ materially from those anticipated in these forward-looking statements as a result of various factors, including those described under "Risk Factors" in Part I Item 1A of the Company's Annual Report on Form 10-K for the year ended December 31, 2024. See "Cautionary Note Regarding Forward-Looking Statements." Additionally, the Company's historical results are not necessarily indicative of the results that may be expected for any period in the future.*

References to "UL Solutions" and the "Company" refer to UL Solutions Inc. and its consolidated subsidiaries as a whole, unless the context otherwise requires.

**Overview**

UL Solutions is a global safety science leader that provides independent third-party testing, inspection and certification ("TIC") services and related software and advisory ("S&A") offerings.

UL Solutions reports its financial results through three segments: Industrial, Consumer and Software and Advisory.

Since January 1, 2024, the Company has completed the following acquisitions and divestiture, which impact the comparability of results between periods:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In July 2024, the Company acquired 100% of the outstanding stock of TesTneT Engineering GmbH (together with its subsidiaries, "TesTneT") for approximately $19 million. TesTneT is a Germany-based company that provides testing services for various hydrogen storage systems, refueling stations and their components. The results of operations of TesTneT are included in the Industrial segment since the date of acquisition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In May 2024, the Company acquired 100% of the outstanding stock of BatterieIngenieure GmbH (together with its subsidiaries, "BatterieIngenieure") for approximately $12 million. BatterieIngenieure is a Germany-based battery testing company that was, at the time of acquisition, in the process of building a laboratory in Aachen, Germany to replace the leased facility it was using and to add testing and simulation capacity. The results of operations of BatterieIngenieure are included in the Industrial segment since the date of acquisition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In May 2024, the Company completed the sale of its payments testing business to an affiliate of Gallant Capital Partners, for a base price of $29 million. The business performed Software and Non-certification Testing and Other Services and the results of operations were included in the Industrial segment until the date of divestiture. The divestiture resulted in a pre-tax gain on sale of $24 million, which was recorded within other (expense) income, net in the Company's consolidated results of operations.

Recently, the geopolitical environment and attendant increased levels of uncertainty have caused, and may continue to cause, the Company's customers to modify, delay or cancel plans to purchase services. Accordingly, ongoing uncertainty related to the current geopolitical environment and the associated unpredictability of the macroeconomic environment could have an adverse impact on various aspects of the Company's business in the future, including its results of operations and financial condition. The Company is unable at this time to reasonably determine any future negative impacts from reduced or delayed customer testing or product development as a result of uncertainty that may result from the current geopolitical environment.

**Components of the Company's Results of Operations**

***Revenue***

The Company conducts its operations across four major service categories: (1) Certification Testing of products, components and systems according to standards and regulatory requirements and other design and performance specifications; (2) Ongoing Certification Services to validate the continued compliance of previously certified products, components and systems; (3) Non-certification Testing and Other Services, which includes performance testing for customer or other

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requirements that may not be required by any regulation and may not result in a certification, as well as other services, including advisory and technical services; and (4) Software, comprising software as a service and license-based software solutions, including implementation and training services related to software.

*Components of Revenue Change*

The Company uses Organic, Acquisition / Divestiture and FX to explain the change in revenue from period to period. Revenue change is calculated as the percentage change in revenue in one period relative to the prior period's revenue and is a key financial measure that the Company uses to manage its business. The Company defines these components of revenue as follows:

"Organic" reflects revenue change in a given period excluding Acquisition / Divestiture and FX in that same period, expressed in dollars or as a percentage of revenue in the prior period.

"Acquisition / Divestiture" is calculated as revenue change in a given period related to acquisitions or disposals of businesses using prior period exchange rates, expressed in dollars or as a percentage of revenue in the prior period. Revenues from an acquisition or disposal are measured as Acquisition / Divestiture for the initial twelve-month period following the acquisition or disposal date. Subsequently, the revenue impact from the acquired or disposed business is measured as Organic.

"FX" reflects the impact that foreign currency exchange rates have on revenue in a given period, expressed in dollars or as a percentage of revenue in the prior period. The Company uses constant currency to calculate the FX impact on revenue in a given period by translating current period revenues at prior period exchange rates, expressed as a percentage of revenue in the prior period.

***Cost of Revenue***

Cost of revenue includes employee compensation consisting of salaries, incentives, stock-based compensation and other benefits for employees directly attributable to revenue generation across each of the Company's four major service categories. In addition, cost of revenue includes services and materials expenses including occupancy and facility-related costs for laboratories and other buildings where testing and inspection services are performed, customer-related travel costs, expenses related to third-party contractors or third-party facilities and consumable materials and supplies used in testing and inspection and other costs associated with generating revenue. Cost of revenue also includes depreciation on equipment used in testing and amortization of capitalized software.

***Selling, General and Administrative Expenses***

Selling, general and administrative expenses include employee compensation consisting of salaries, incentives, stock-based compensation and other benefits for sales and indirect administrative functions such as executive, finance, legal, human resources and information technology, not included within cost of revenue. In addition, selling, general and administrative expenses include services and materials expenses such as third-party consultancy costs, facility costs, internal research and development costs as well as legal and accounting fees, travel, marketing, bad debt and non-chargeable materials and supplies. Selling, general and administrative expenses also include depreciation and amortization.

***Operating Income***

Operating income is calculated as revenue less cost of revenue and selling, general and administrative expenses. Operating income margin is calculated as operating income as a percentage of revenue.

*Components of Operating Income Change*

The Company uses Organic, Acquisition / Divestiture and FX to explain the change in operating income from period to period. Operating income change is calculated as the percentage change in operating income in one period relative to the prior period's operating income and is a key financial measure that the Company uses to manage its business. The Company defines these components of operating income as follows:

"Organic" reflects total operating income change in a given period excluding Acquisition / Divestiture and FX in that same period, expressed in dollars or as a percentage of operating income in the prior period.

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"Acquisition / Divestiture" is calculated as operating income change in a given period related to acquisitions or disposals of businesses using prior period exchange rates, expressed in dollars or as a percentage of operating income in the prior period. Operating income change from an acquisition or disposal is measured as Acquisition / Divestiture for the initial twelve-month period following the acquisition or disposal date. Subsequently, operating income impact from the acquired or disposed business is measured as Organic. Acquisition / Divestiture also includes the change in due diligence-related costs for merger and acquisition and disposal activities.

"FX" reflects the impact that foreign currency exchange rates have on operating income in a given period expressed in dollars or as a percentage of operating income in the prior period. The Company uses constant currency to calculate the FX impact on operating income in a given period by translating current period operating income at prior period exchange rates, expressed as a percentage of operating income in the prior period.

***Interest Expense***

Interest expense consists primarily of interest expense on the Company's debt obligations.

***Other (Expense) Income, net***

Other (expense) income, net consists primarily of non-operating gains and losses, including gains and losses related to foreign exchange transactions and the revaluation performed on designated balance sheet accounts, interest income, non-operating pension and postretirement benefit expenses and gains on divestitures.

***Income Before Income Taxes***

Income before income taxes is calculated as revenue less cost of revenue, selling, general and administrative expenses, interest expense and other (expense) income, net.

***Income Tax Expense***

Income tax expense consists of current and deferred federal and state taxes for the Company's U.S. and foreign jurisdictions.

***Net Income***

Net income is calculated as revenue less cost of revenue, selling, general and administrative expenses, interest expense, other (expense) income, net and income tax expense. Net income margin is calculated as net income as a percentage of revenue.

**Results of Operations**

The following table sets forth the Company's condensed consolidated results of operations for the periods presented.

***Three Months Ended June 30, 2025 Compared to Three Months Ended June 30, 2024***

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Change** |
| **<u>(in millions)</u>** | **2025** | **% Revenue** | **2024** | **% Revenue** | **Change** |
| Revenue | $776 | N/A | $730 | N/A | $46 |
| Cost of revenue | 393 | 50.6% | 364 | 49.9% | 29 |
| Selling, general and administrative expenses | 244 | 31.4% | 240 | 32.9% | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating income | 139 | 17.9% | 126 | 17.3% | 13 |
| Interest expense | (10) | (1.3)% | (13) | (1.8)% | 3 |
| Other (expense) income, net | (4) | (0.5)% | 21 | 2.9% | (25) |
| &nbsp;&nbsp;&nbsp;&nbsp;Income before income taxes | 125 | 16.1% | 134 | 18.4% | (9) |
| Income tax expense | 28 | 3.6% | 28 | 3.8% |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income | $97 | 12.5% | $106 | 14.5% | (9) |

---

------

*Revenue*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | | |
| **<u>(in millions)</u>** | **2025** | **2024** |<br>**Change** |<br>**% Change** |
| Industrial | $338 | $314 | $24 | 7.6% |
| Consumer | 340 | 322 | 18 | 5.6% |
| Software and Advisory | 98 | 94 | 4 | 4.3% |
| &nbsp;&nbsp;Total | $776 | $730 | $46 | 6.3% |

---

Revenue increased by $46 million, or 6.3%, for the three months ended June 30, 2025, as compared to the same period in 2024. Revenue increased on an organic basis by $40 million, or 5.5%, due to organic growth across all segments in the second quarter of 2025, driven by the Industrial and Consumer segments in Non-certification Testing and Other Services, Ongoing Certification Services and Certification Testing revenue. FX increased revenue by $7 million, or 1.0%, primarily due to the relative strength of the euro and the Japanese yen.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | | |
| **<u>(in millions)</u>** | **Organic** | **Acquisition / Divestiture** | **FX** | **Total** |<br>**Organic % Change** |<br>**Total % Change** |
| Revenue change |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrial | $22 | $(1) | $3 | $24 | 7.0% | 7.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer | 15 |  | 3 | 18 | 4.7% | 5.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Software and Advisory | 3 |  | 1 | 4 | 3.2% | 4.3% |
| Total | $40 | $(1) | $7 | $46 | 5.5% | 6.3% |

---

*Cost of Revenue*

Cost of revenue increased by $29 million, or 8.0%, for the three months ended June 30, 2025, as compared to the same period in 2024. On an organic basis, employee compensation increased $12 million, related to base salary and headcount increases. In addition, on an organic basis, professional fees increased $3 million related to outsourced labor associated with higher revenue and occupancy costs increased $3 million related to higher utility costs and rent expense. Depreciation and amortization increased $4 million on an organic basis related to the completion of additional laboratory capacity and software ready for its intended use. FX increased cost of revenue by $5 million, primarily due to the relative strength of the euro, the Japanese yen, the British pound sterling and the New Taiwan dollar.

*Selling, General and Administrative Expenses*

Selling, general and administrative expenses increased by $4 million, or 1.7%, for the three months ended June 30, 2025, as compared to the same period in 2024. On an organic basis, base salary increases, resulting in $7 million of increased employee compensation costs in 2025, were offset by lower performance-based incentive costs of $7 million, primarily related to the Company's Cash-settled Stock Appreciation Rights, which were remeasured to fair value at the initial public offering date upon conversion to Stock-settled Stock Appreciation Rights in 2024. In addition, costs associated with internal software projects increased $5 million on an organic basis. FX increased selling, general and administrative expenses by $2 million, primarily due to the relative strength of the euro.

*Interest Expense*

Interest expense decreased by $3 million for the three months ended June 30, 2025, as compared to the same period in 2024. The decrease is primarily due to lower balances in the current period on the Company's term loan and revolving loan commitments. For additional information refer to "—Liquidity and Capital Resources."

*Other (Expense) Income, net*

Other (expense) income, net decreased by $25 million due to a $25 million gain on divestiture of the Company's payments testing business in May 2024.

------

*Income Tax Expense*

The effective tax rate for the three months ended June 30, 2025 was 22.4%, which differed from the U.S. federal statutory tax rate of 21%, primarily due to foreign tax effects, U.S. tax on Global Intangible Low Taxed Income net of related foreign tax credits, and Section 162(m) limitations on current year compensation deductions of certain executive officers, partially offset by excess tax benefits associated with stock-based compensation deductions.

Several countries in which the Company operates have enacted aspects of the Organisation for Economic Co-operation and Development's Pillar Two rules, which impose a 15% corporate minimum tax, into their local legislation effective either January 1, 2024, or January 1, 2025. The effective tax rate for the three months ended June 30, 2025 of 22.4% was higher than the effective tax rate for the three months ended June 30, 2024 of 20.9%, primarily due to the impact of the Qualified Domestic Minimum Top-up Tax, a subset of the Pillar Two rules that became effective on January 1, 2025.

The effective tax rate for the three months ended June 30, 2024 was 20.9%, which differed from the U.S. federal statutory tax rate of 21%, primarily due to earnings subject to lower tax rates in foreign jurisdictions and a discrete tax benefit for the release of valuation allowances. This was partially offset by a discrete tax expense for the reduction to previously established deferred tax assets of approximately $5 million due to the Company becoming subject to Section 162(m) of the Internal Revenue Code in the U.S., which limits compensation expenses of certain executive officers that were previously deductible as a private company, as well as Section 162(m) limitations on current year deductions and U.S. tax on Global Intangible Low Taxed Income net of related foreign tax credits.

On July 4, 2025, the One Big Beautiful Bill Act (the "OBBBA") was enacted in the U.S. The OBBBA includes several corporate tax provisions that apply to the Company, such as the permanent extension of certain expiring provisions of the U.S. Tax Cuts and Jobs Act and modifications to the international tax framework and business interest expense limitations. The Company is currently assessing the impact the OBBBA may have on its consolidated financial statements.

***Six Months Ended June 30, 2025 Compared to Six Months Ended June 30, 2024***

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Change** |
| **<u>(in millions)</u>** | **2025** | **% Revenue** | **2024** | **% Revenue** | **Change** |
| Revenue | $1481 | N/A | $1400 | N/A | $81 |
| Cost of revenue | 757 | 51.1% | 715 | 51.1% | 42 |
| Selling, general and administrative expenses | 476 | 32.1% | 468 | 33.4% | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating income | 248 | 16.7% | 217 | 15.5% | 31 |
| Interest expense | (22) | (1.5)% | (28) | (2.0)% | 6 |
| Other (expense) income, net | (7) | (0.5)% | 18 | 1.3% | (25) |
| &nbsp;&nbsp;&nbsp;&nbsp;Income before income taxes | 219 | 14.8% | 207 | 14.8% | 12 |
| Income tax expense | 51 | 3.4% | 41 | 2.9% | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income | $168 | 11.3% | $166 | 11.9% | 2 |

---

*Revenue*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Six Months Ended June 30,** | **Six Months Ended June 30,** | | |
| **<u>(in millions)</u>** | **2025** | **2024** |<br>**Change** |<br>**% Change** |
| Industrial | $646 | $609 | $37 | 6.1% |
| Consumer | 644 | 608 | 36 | 5.9% |
| Software and Advisory | 191 | 183 | 8 | 4.4% |
| &nbsp;&nbsp;Total | $1481 | $1400 | $81 | 5.8% |

---

Revenue increased by $81 million, or 5.8%, for the six months ended June 30, 2025, as compared to the same period in 2024. Revenue increased on an organic basis by $91 million, or 6.5%, due to organic growth across all segments in 2025, driven by the Industrial and Consumer segments in Ongoing Certification Services, Non-certification Testing and Other Services and Certification Testing revenue. Acquisition / Divestiture decreased revenue by $8 million, or 0.6%, primarily due to the sale of the payments testing business in the Industrial segment.

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---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | | |
| **<u>(in millions)</u>** | **Organic** | **Acquisition / Divestiture** | **FX** | **Total** |<br>**Organic % Change** |<br>**Total % Change** |
| Revenue change |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrial | $46 | $(8) | $(1) | $37 | 7.6% | 6.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer | 37 |  | (1) | 36 | 6.1% | 5.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Software and Advisory | 8 |  |  | 8 | 4.4% | 4.4% |
| Total | $91 | $(8) | $(2) | $81 | 6.5% | 5.8% |

---

*Cost of Revenue*

Cost of revenue increased by $42 million, or 5.9%, for the six months ended June 30, 2025, as compared to the same period in 2024, primarily due to increased compensation expenses of $21 million, related to base salary and headcount increases. In addition, on an organic basis, professional fees increased $9 million related to outsourced labor associated with higher revenue and occupancy costs increased $7 million related to higher utility costs and rent expense. Depreciation and amortization increased $9 million related to the completion of additional laboratory capacity and software placed in service. FX decreased cost of revenue by $3 million, primarily due to the relative weakness of the Mexican peso and the Korean won. Acquisition / Divestiture decreased cost of revenue by $3 million, primarily due to the sale of the payments testing business.

*Selling, General and Administrative Expenses*

Selling, general and administrative expenses increased by $8 million, or 1.7%, for the six months ended June 30, 2025, as compared to the same period in 2024, due to increased compensation expenses of $12 million, primarily due to base salary increases.

*Interest Expense*

Interest expense decreased by $6 million for the six months ended June 30, 2025, as compared to the same period in 2024. The decrease is primarily due to lower balances in the current period on the Company's term loan and revolving loan commitments. For additional information refer to "—Liquidity and Capital Resources."

*Other (Expense) Income, net*

Other (expense) income, net decreased by $25 million due to a $25 million gain on divestiture of the Company's payments testing business in May 2024.

*Income Tax*

The effective tax rate for the six months ended June 30, 2025 was 23.3%, which differed from the U.S. statutory rate of 21%, primarily due to foreign tax effects, U.S. tax on Global Intangible Low Taxed Income net of related foreign tax credits, and Section 162(m) limitations on current year compensation deductions of certain executive officers, partially offset by excess tax benefits associated with stock-based compensation deductions.

Several countries in which the Company operates have enacted aspects of the Organisation for Economic Co-operation and Development's Pillar Two rules, which impose a 15% corporate minimum tax, into their local legislation effective either January 1, 2024, or January 1, 2025. The effective tax rate for the six months ended June 30, 2025 of 23.3% was higher than the effective tax rate for the six months ended June 30, 2024 of 19.8%, primarily due to the impact of the Qualified Domestic Minimum Top-up Tax, a subset of the Pillar Two rules that became effective on January 1, 2025.

The effective tax rate for the six months ended June 30, 2024 was 19.8%, which differed from the U.S. federal statutory tax rate of 21%, primarily due to earnings subject to lower tax rates in foreign jurisdictions and a discrete tax benefit for the release of valuation allowances. This was partially offset by a discrete tax expense for the reduction to previously established deferred tax assets of approximately $5 million due to the Company becoming subject to Section 162(m) of the Internal Revenue Code in the U.S., which limits compensation expenses of certain executive officers that were previously deductible as a private company, as well as Section 162(m) limitations on current year deductions and U.S. tax on Global Intangible Low Taxed Income net of related foreign tax credits.

------

On July 4, 2025, the One Big Beautiful Bill Act (the "OBBBA") was enacted in the U.S. The OBBBA includes several corporate tax provisions that apply to the Company, such as the permanent extension of certain expiring provisions of the U.S. Tax Cuts and Jobs Act and modifications to the international tax framework and business interest expense limitations. The Company is currently assessing the impact the OBBBA may have on its consolidated financial statements.

***Industrial***

The Industrial segment provides TIC services to help ensure customers' industrial products meet or exceed international standards for product safety, performance and sustainability. The Industrial segment provides services that address needs across a number of end markets, including energy, industrial automation, engineered materials (plastics and wire and cable) and built environment, and across a variety of stakeholders, including manufacturers, building owners, end users and regulators.

The following tables summarize the change in Industrial's revenue and operating income for the periods presented:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| **<u>(in millions)</u>** | **2025** | **2024** | **Change** | **% Change** | **2025** | **2024** | **Change** | **% Change** |
| Revenue | $338 | $314 | $24 | 7.6% | $646 | $609 | $37 | 6.1% |
| &nbsp;&nbsp;Employee compensation | 155 | 150 | 5 | 3.3% | 300 | 294 | 6 | 2.0% |
| &nbsp;&nbsp;Services and materials | 71 | 69 | 2 | 2.9% | 137 | 134 | 3 | 2.2% |
| &nbsp;&nbsp;Depreciation and amortization | 14 | 10 | 4 | 40.0% | 28 | 21 | 7 | 33.3% |
| Segment operating income | $98 | $85 | $13 | 15.3% | $181 | $160 | $21 | 13.1% |
| Segment operating income margin | 29.0% | 27.1% |  |  | 28.0% | 26.3% |  |  |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** |
| **<u>(in millions)</u>** | **Organic** | **Acquisition/ Divestiture** | **FX** | **Total** | **Organic** | **Acquisition/ Divestiture** | **FX** | **Total** |
| Revenue change | $22 | $(1) | $3 | $24 | $46 | $(8) | $(1) | $37 |
| Segment operating income change | $12 | $1 | $— | $13 | $22 | $(1) | $— | $21 |

---

***Three Months Ended June 30, 2025 Compared to Three Months Ended June 30, 2024***

*Revenue*

Revenue increased by $24 million, or 7.6%, for the three months ended June 30, 2025, as compared to the same period in 2024. On an organic basis, revenue increased $22 million, or 7.0%, primarily due to growth in Ongoing Certification Services revenue of $9 million across most industries due in part to price increases and additional volume. Certification Testing revenue increased $8 million, driven by price increases, continued demand for energy and automation testing, and new capacity provided by recent laboratory investments. FX increased revenue by $3 million, or 1.0%, primarily due to the relative strength of the euro and the Japanese yen.

*Segment Operating Income*

Segment operating income increased by $13 million, or 15.3%, for the three months ended June 30, 2025, as compared to the same period in 2024, primarily due to the $22 million increase in organic revenue noted above. This was partially offset by a $10 million organic increase in expenses, primarily due to higher employee compensation of $4 million related to base salary and headcount increases. Depreciation and amortization also increased $2 million primarily related to the completion of additional laboratory capacity.

***Six Months Ended June 30, 2025 Compared to Six Months Ended June 30, 2024***

*Revenue*

Revenue increased by $37 million, or 6.1%, for the six months ended June 30, 2025, as compared to the same period in 2024. On an organic basis, revenue increased $46 million, or 7.6%, primarily due to growth in Ongoing Certification Services

------

revenue of $21 million across most industries due in part to price increases and additional volume. Certification Testing revenue increased $19 million, driven by price increases, continued demand for energy and automation testing, and new capacity provided by recent laboratory investments. Acquisition / Divestiture decreased revenue by $8 million, or 1.3%, primarily due to the sale of the payments testing business.

*Segment Operating Income*

Segment operating income increased by $21 million, or 13.1%, for the six months ended June 30, 2025, as compared to the same period in 2024, primarily due to the $46 million increase in organic revenue noted above. This was partially offset by a $24 million organic increase in expenses, primarily due to higher employee compensation of $10 million related to base salary and headcount increases. Depreciation and amortization also increased $5 million primarily related to the completion of additional laboratory capacity.

***Consumer***

The Consumer segment provides a variety of global product market acceptance and risk mitigation services for customers in the consumer products end market, including consumer electronics, medical devices, information technologies, appliances, HVAC, lighting, retail (softlines and hardlines) and emerging consumer applications, including new mobility, smart products and 5G. The primary services offered by this segment include safety certification testing, ongoing certification, global market access, testing for connectivity, performance and quality and critical systems advisory and training.

The following tables summarize the change in Consumer's revenue and operating income for the periods presented:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| **<u>(in millions)</u>** | **2025** | **2024** | **Change** | **% Change** | **2025** | **2024** | **Change** | **% Change** |
| Revenue | $340 | $322 | $18 | 5.6% | $644 | $608 | $36 | 5.9% |
| &nbsp;&nbsp;Employee compensation | 193 | 184 | 9 | 4.9% | 370 | 354 | 16 | 4.5% |
| &nbsp;&nbsp;Services and materials | 87 | 80 | 7 | 8.8% | 169 | 160 | 9 | 5.6% |
| &nbsp;&nbsp;Depreciation and amortization | 20 | 20 |  | —% | 39 | 39 |  | —% |
| Segment operating income | $40 | $38 | $2 | 5.3% | $66 | $55 | $11 | 20.0% |
| Segment operating income margin | 11.8% | 11.8% |  |  | 10.2% | 9.0% |  |  |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** |
| **<u>(in millions)</u>** | **Organic** | **Acquisition/ Divestiture** | **FX** | **Total** | **Organic** | **Acquisition/ Divestiture** | **FX** | **Total** |
| Revenue change | $15 | $— | $3 | $18 | $37 | $— | $(1) | $36 |
| Segment operating income change | $4 | $(2) | $— | $2 | $13 | $(2) | $— | $11 |

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***Three Months Ended June 30, 2025 Compared to Three Months Ended June 30, 2024***

*Revenue*

Revenue increased by $18 million, or 5.6%, for the three months ended June 30, 2025, as compared to the same period in 2024. On an organic basis, revenue increased $15 million, or 4.7%, primarily due to Non-certification Testing and Other Services revenue growth of $9 million in consumer technology driven by increased demand for electromagnetic compatibility testing for consumer electronics and in retail. FX increased revenue by $3 million, or 0.9%, primarily due to the relative strength of the euro and the Japanese yen.

*Segment Operating Income*

Segment operating income increased by $2 million for the three months ended June 30, 2025, as compared to the same period in 2024, primarily due to the $15 million increase in organic revenue noted above. This was partially offset by a $11 million organic increase in expenses, primarily due to higher employee compensation of $7 million, related to base salary and headcount increases. In addition, costs associated with internal software projects increased by $2 million.

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***Six Months Ended June 30, 2025 Compared to Six Months Ended June 30, 2024***

*Revenue*

Revenue increased by $36 million, or 5.9%, for the six months ended June 30, 2025, as compared to the same period in 2024. On an organic basis, revenue increased $37 million, or 6.1%, primarily due to Non-certification Testing and Other Services revenue growth of $22 million in consumer technology driven by increased demand for electromagnetic compatibility testing for consumer electronics and in retail.

*Segment Operating Income*

Segment operating income increased by $11 million for the six months ended June 30, 2025, as compared to the same period in 2024, primarily due to the $37 million increase in organic revenue noted above. This was partially offset by a $24 million organic increase in expenses, primarily due to higher employee compensation of $17 million, related to base salary and headcount increases. In addition, costs associated with internal software projects increased by $4 million.

***Software and Advisory***

The Software and Advisory segment provides complementary software and advisory solutions that extend the value proposition of TIC services the Company offers. The software and technical advisory offerings enable the Company's customers to manage complex regulatory requirements, deliver supply chain transparency and operationalize sustainability.

The following tables summarize the change in Software and Advisory's revenue and operating income for the periods presented:

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| **<u>(in millions)</u>** | **2025** | **2024** | **Change** | **% Change** | **2025** | **2024** | **Change** | **% Change** |
| Revenue | $98 | $94 | $4 | 4.3% | $191 | $183 | $8 | 4.4% |
| &nbsp;&nbsp;Employee compensation | 69 | 65 | 4 | 6.2% | 134 | 128 | 6 | 4.7% |
| &nbsp;&nbsp;Services and materials | 16 | 15 | 1 | 6.7% | 32 | 31 | 1 | 3.2% |
| &nbsp;&nbsp;Depreciation and amortization | 12 | 11 | 1 | 9.1% | 24 | 22 | 2 | 9.1% |
| Segment operating income | $1 | $3 | $(2) | (66.7)% | $1 | $2 | $(1) | (50.0)% |
| Segment operating income margin | 1.0% | 3.2% |  |  | 0.5% | 1.1% |  |  |

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Three Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** | **Six Months Ended June 30, 2025** |
| **<u>(in millions)</u>** | **Organic** | **Acquisition/ Divestiture** | **FX** | **Total** | **Organic** | **Acquisition/ Divestiture** | **FX** | **Total** |
| Revenue change | $3 | $— | $1 | $4 | $8 | $— | $— | $8 |
| Segment operating income change | $(1) | $(1) | $— | $(2) | $(1) | $(1) | $1 | $(1) |

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***Three Months Ended June 30, 2025 Compared to Three Months Ended June 30, 2024***

*Revenue*

Revenue increased by $4 million, or 4.3%, for the three months ended June 30, 2025, as compared to the same period in 2024. On an organic basis, revenue increased $3 million, or 3.2% driven by demand for software, including retail product compliance.

*Segment Operating Income*

Segment operating income decreased by $2 million for the three months ended June 30, 2025, as compared to the same period in 2024, primarily due to a $4 million organic increase in expenses, which was primarily driven by higher employee compensation of $3 million related to base salary increases. This was partially offset by the $3 million increase in organic revenue noted above.

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***Six Months Ended June 30, 2025 Compared to Six Months Ended June 30, 2024***

*Revenue*

Revenue increased by $8 million, or 4.4%, for the six months ended June 30, 2025, as compared to the same period in 2024. On an organic basis, revenue increased $8 million, or 4.4% driven by demand for software, including retail product compliance.

*Segment Operating Income*

Segment operating income decreased by $1 million for the six months ended June 30, 2025, as compared to the same period in 2024, primarily due to a $9 million organic increase in expenses, which was primarily driven by higher employee compensation of $6 million related to base salary increases. This was partially offset by the $8 million increase in organic revenue noted above.

**Non-GAAP Financial Measures**

In addition to financial measures determined in accordance with accounting principles generally accepted in the United States of America ("GAAP"), the Company considers a variety of supplemental non-GAAP financial measures, including Adjusted EBITDA, Adjusted EBITDA margin, Adjusted Net Income, Adjusted Net Income margin, Adjusted Diluted Earnings Per Share and Free Cash Flow. Management uses non-GAAP financial measures in addition to GAAP measures to understand and compare operating results across periods and for forecasting and other purposes. Management believes these non-GAAP financial measures provide useful information to investors and reflect results in a manner that enables, in some instances, more meaningful analysis of trends and facilitates comparison of results across periods. These measures are not financial measures calculated in accordance with GAAP and should not be considered as a substitute for net income, operating income, diluted earnings per share, net cash provided by operating activities or any other measure calculated in accordance with GAAP, and may not be comparable to similarly titled measures reported by other companies due to potential differences between the companies in calculations.

The Company uses Adjusted EBITDA, Adjusted EBITDA margin, Adjusted Net Income, Adjusted Net Income margin and Adjusted Diluted Earnings Per Share to measure the operational strength and performance of its business and believes these measures provide additional information to investors about certain non-cash items and unusual items that the Company does not expect to continue at the same level in the future. Further, management believes these non-GAAP financial measures provide a meaningful measure of business performance. The Company uses Free Cash Flow as an additional liquidity measure and believes it provides useful information to investors about the cash generated from the Company's core operations that may be available to repay debt, make other investments and return cash to stockholders.

There are material limitations to using these non-GAAP financial measures. Adjusted EBITDA does not take into account certain significant items, including depreciation and amortization, interest expense, other expense (income), net, income tax expense, stock-based compensation expense for equity-settled awards, material asset impairment charges and restructuring expenses which directly affect the Company's net income, as applicable. Adjusted Net Income and Adjusted Diluted Earnings Per Share do not take into account certain significant items, including other expense (income), net, stock-based compensation expense for equity-settled awards, material asset impairment charges and restructuring expenses which directly affect the Company's net income and diluted earnings per share, as applicable. Free Cash Flow adjusts for cash items that are ultimately within management's discretion to direct, and therefore, may imply that there is less or more cash that is available than the most comparable GAAP measure. Free Cash Flow is not intended to represent residual cash flow for discretionary expenditures since debt repayment requirements and other non-discretionary expenditures are not deducted. These limitations are best addressed by considering the economic effects of the excluded items independently, and by considering these non-GAAP financial measures in conjunction with net income, operating income, diluted earnings per share and net cash provided by operating activities as calculated in accordance with GAAP.

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The table below presents these non-GAAP measures with the most directly comparable GAAP measures.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| **<u>(in millions, unless otherwise stated)</u>** | **2025** | **2024** | **2025** | **2024** |
| **Net income** | $97 | $106 | $168 | $166 |
| &nbsp;&nbsp;Net income margin | 12.5% | 14.5% | 11.3% | 11.9% |
| **Adjusted EBITDA** | $197 | $173 | $358 | $304 |
| &nbsp;&nbsp;Adjusted EBITDA margin | 25.4% | 23.7% | 24.2% | 21.7% |
| **Adjusted Net Income** | $110 | $94 | $190 | $155 |
| &nbsp;&nbsp;Adjusted Net Income margin | 14.2% | 12.9% | 12.8% | 11.1% |
| **Diluted Earnings per Share** | $0.45 | $0.50 | $0.78 | $0.78 |
| **Adjusted Diluted Earnings Per Share** | $0.52 | $0.44 | $0.89 | $0.73 |
| **Net Cash provided by Operating Activities** |  |  | $301 | $244 |
| **Free Cash Flow** |  |  | $208 | $131 |

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***Adjusted EBITDA***

The Company defines Adjusted EBITDA as net income adjusted for depreciation and amortization expense, interest expense, other expense (income), net, income tax expense, as well as stock-based compensation expense for equity-settled awards, material asset impairment charges and restructuring expenses, as applicable. Adjusted EBITDA margin is calculated as Adjusted EBITDA as a percentage of revenue.

The table below reconciles net income to Adjusted EBITDA.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>June 30,** | **Three Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** |
| **<u>(in millions, unless otherwise stated)</u>** | **2025** | **2024** | **2025** | **2024** |
| Net income | $97 | $106 | $168 | $166 |
| Depreciation and amortization expense | 46 | 41 | 91 | 82 |
| Interest expense | 10 | 13 | 22 | 28 |
| Other expense (income), net | 4 | (21) | 7 | (18) |
| Income tax expense | 28 | 28 | 51 | 41 |
| Stock-based compensation | 13 | 6 | 21 | 6 |
| Restructuring | (1) |  | (2) | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted EBITDA | $197 | $173 | $358 | $304 |
| Revenue | $776 | $730 | $1481 | $1400 |
| Net income margin | 12.5% | 14.5% | 11.3% | 11.9% |
| Adjusted EBITDA margin | 25.4% | 23.7% | 24.2% | 21.7% |

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The table below reconciles segment operating income to segment Adjusted EBITDA.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>June 30,** | **Three Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** |
| **<u>(in millions, unless otherwise stated)</u>** | **2025** | **2024** | **2025** | **2024** |
| **Industrial** |  |  |  |  |
| Segment operating income | $98 | $85 | $181 | $160 |
| Depreciation and amortization expense | 14 | 10 | 28 | 21 |
| Stock-based compensation | 5 | 2 | 8 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted EBITDA | $117 | $97 | $217 | $183 |
| &nbsp;&nbsp;&nbsp;&nbsp;Revenue | $338 | $314 | $646 | $609 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating income margin | 29.0% | 27.1% | 28.0% | 26.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted EBITDA margin | 34.6% | 30.9% | 33.6% | 30.0% |
| **Consumer** |  |  |  |  |
| Segment operating income | $40 | $38 | $66 | $55 |
| Depreciation and amortization expense | 20 | 20 | 39 | 39 |
| Stock-based compensation | 6 | 3 | 10 | 3 |
| Restructuring | (1) |  | (2) | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted EBITDA | $65 | $61 | $113 | $96 |
| &nbsp;&nbsp;&nbsp;&nbsp;Revenue | $340 | $322 | $644 | $608 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating income margin | 11.8% | 11.8% | 10.2% | 9.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted EBITDA margin | 19.1% | 18.9% | 17.5% | 15.8% |
| **Software and Advisory** |  |  |  |  |
| Segment operating income | $1 | $3 | $1 | $2 |
| Depreciation and amortization expense | 12 | 11 | 24 | 22 |
| Stock-based compensation | 2 | 1 | 3 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted EBITDA | $15 | $15 | $28 | $25 |
| &nbsp;&nbsp;&nbsp;&nbsp;Revenue | $98 | $94 | $191 | $183 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating income margin | 1.0% | 3.2% | 0.5% | 1.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted EBITDA margin | 15.3% | 16.0% | 14.7% | 13.7% |
| Adjusted EBITDA | $197 | $173 | $358 | $304 |

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***Adjusted Net Income***

The Company defines Adjusted Net Income as net income adjusted for other expense (income), net, stock-based compensation expense for equity-settled awards, material asset impairment charges and restructuring expenses, as applicable, each net of tax. Adjusted Net Income margin is calculated as Adjusted Net Income as a percentage of revenue.

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The table below reconciles net income to Adjusted Net Income.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>June 30,** | **Three Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** |
| **<u>(in millions, unless otherwise stated)</u>** | **2025** | **2024** | **2025** | **2024** |
| Net income | $97 | $106 | $168 | $166 |
| Other expense (income), net | 4 | (21) | 7 | (18) |
| Stock-based compensation | 13 | 6 | 21 | 6 |
| Restructuring | (1) |  | (2) | (1) |
| Tax effect of adjustments<sup>(a)</sup> | (3) | 3 | (4) | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted Net Income | $110 | $94 | $190 | $155 |
| Revenue | $776 | $730 | $1481 | $1400 |
| Net income margin | 12.5% | 14.5% | 11.3% | 11.9% |
| Adjusted Net Income margin | 14.2% | 12.9% | 12.8% | 11.1% |

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__________________

(a)The Company computed the tax effect of adjustments to net earnings by applying the statutory tax rate in the relevant jurisdictions to the taxable income or expense items that are adjusted in the period presented. If a valuation allowance exists, the rate applied is zero.

***Adjusted Diluted Earnings Per Share***

The Company defines Adjusted Diluted Earnings Per Share as diluted earnings per share attributable to stockholders of UL Solutions adjusted for other expense (income), net, stock-based compensation expense for equity-settled awards, material asset impairment charges and restructuring expenses, as applicable.

The table below reconciles diluted earnings per share to Adjusted Diluted Earnings Per Share.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>June 30,** | **Three Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Diluted earnings per share | $0.45 | $0.50 | $0.78 | $0.78 |
| Other expense (income), net | 0.02 | (0.11) | 0.04 | (0.09) |
| Stock-based compensation | 0.06 | 0.03 | 0.10 | 0.03 |
| Restructuring |  |  | (0.01) |  |
| Tax effect of adjustments<sup>(a)</sup> | (0.01) | 0.02 | (0.02) | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted Diluted Earnings Per Share | $0.52 | $0.44 | $0.89 | $0.73 |

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__________

(a)The Company computed the tax effect of adjustments to net earnings by applying the statutory tax rate in the relevant jurisdictions to the taxable income or expense items that are adjusted in the period presented. If a valuation allowance exists, the rate applied is zero.

***Free Cash Flow***

The Company defines Free Cash Flow as cash from operating activities less cash outlays related to capital expenditures. The Company defines capital expenditures to include purchases of property, plant and equipment and capitalized software. These items are subtracted from cash from operating activities because they represent long-term investments that are required for normal business activities.

The table below reconciles net cash provided by operating activities to Free Cash Flow.

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| | | |
|:---|:---|:---|
| | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| **<u>(in millions)</u>** | **2025** | **2024** |
| Net cash provided by operating activities | $301 | $244 |
| Capital expenditures | (93) | (113) |
| &nbsp;&nbsp;&nbsp;&nbsp;Free Cash Flow | $208 | $131 |

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**Liquidity and Capital Resources**

***Overview***

The Company's primary sources of liquidity are cash and cash equivalents on hand, cash flows from operating activities and cash borrowed under a credit agreement with Bank of America, N.A. and certain other lenders, which provides for senior unsecured credit facilities in an aggregate principal amount of $1,250 million (collectively, and as amended, the "Credit Facility"). The Company believes the combination of cash and cash equivalents on hand, the generation of cash from operating activities, funds available under the Credit Facility and the Company's ability to access the capital markets provide sufficient liquidity to meet the Company's cash requirements for working capital, capital expenditures, service of indebtedness and to address other needs for the next twelve months and the foreseeable future thereafter, as well as to finance acquisitions, make contributions to the Company's pension and postretirement plans and pay dividends to stockholders, as the Company's board of directors deems appropriate.

The Company's cash flows from operations, borrowing availability and overall liquidity are subject to certain risks and uncertainties, including those referenced in the section titled "Risk Factors" in Part I Item 1A of the Company's Annual Report on Form 10-K. In addition, the Company cannot predict whether or when it may enter into acquisitions, joint ventures or dispositions, make contributions to the Company's pension and postretirement plans, pay dividends, or what impact any such transactions could have on the Company's financial condition, results of operations or cash flows.

As of June 30, 2025, the Company had $272 million in cash and cash equivalents and $745 million of unused availability under the Credit Facility and access to an accordion feature permitting an increase in the Credit Facility by an aggregate amount of up to $625 million (of which up to $400 million may consist of term loans), subject to the consent of any lenders providing such increase, the absence of any default or event of default and entry into customary documentation with respect to such increase.

***Cash Flows***

The following table is a summary of the Company's cash flow activity:

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| | | |
|:---|:---|:---|
| | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| **<u>(in millions)</u>** | **2025** | **2024** |
| Net cash provided by operating activities | $301 | $244 |
| Net cash used in investing activities | $(107) | $(93) |
| Net cash used in financing activities | $(221) | $(159) |

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*Cash flows from operating activities*

Net cash provided by operating activities was $301 million for the six months ended June 30, 2025, an increase of $57 million compared to net cash provided by operating activities of $244 million for the same period in 2024. The increase was primarily driven by higher net income after non-cash adjustments due to business performance during the six months ended June 30, 2025 compared to the same period in 2024 and employee contributions to the Company's employee stock purchase plan which was not in place during the same period in 2024.

*Cash flows from investing activities*

Net cash used in investing activities was $107 million for the six months ended June 30, 2025, an increase of $14 million compared to net cash used in investing activities of $93 million for the same period in 2024. The increase in cash used in investing activities was primarily driven by proceeds from the divestiture of the Company's payments testing business of $30 million for the six months ended June 30, 2024 and a $14 million increase in purchases of investments for the six months ended June 30, 2025 compared to the same period in 2024. The increase was partially offset by a $20 million decrease in capital expenditures compared to the same period in 2024.

*Cash flows from financing activities*

Net cash used in financing activities was $221 million for the six months ended June 30, 2025, an increase of $62 million compared to net cash used in financing activities of $159 million for the same period in 2024. The change was primarily driven by a $40 million increase in repayments net of proceeds on the Company's Credit Facility compared to the same

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period in 2024 and $13 million in employee taxes paid on settlement of stock-based compensation for the six months ended June 30, 2025 which did not occur for the same period in 2024.

***Capital Expenditures***

The Company makes strategic investments in capital expenditures to enable growth by expanding testing capacity to meet increased demand, to enable new capabilities and product offerings and to increase the efficiency of the Company's processes. Capital expenditures include the building and refurbishment of laboratories and office space, the replacement and upgrade of existing laboratory equipment at the end of its useful life, and investments in technology for internal-use and sale to customers through product development of new software and enhancements of existing software. Cash paid for capital expenditures decreased $20 million, to $93 million for the six months ended June 30, 2025, compared to $113 million for the same period in 2024.

***Long-Term Debt***

*Credit Facility*

In January 2022, the Company entered into the Credit Facility with Bank of America, N.A. and certain other lenders, which provides for senior unsecured credit facilities in an aggregate principal amount of $1,250 million, consisting of term loans and revolving loan commitments. The Company's wholly owned subsidiary, UL LLC, a Delaware limited liability company, provides a guaranty of its obligations thereunder. As of June 30, 2025, the Company was in compliance with all covenants under the Credit Facility.

*Senior Notes* 

In October 2023, the Company issued $300 million in aggregate principal amount of 6.500% senior notes due 2028 (the "notes"). The notes are senior unsecured obligations of UL Solutions Inc. and are unconditionally guaranteed by UL LLC.

***Dividends***

The Company increased the regular quarterly dividend to 13 cents per share beginning in the first quarter of 2025, an increase from the previous 12.5 cents per share. The Company will periodically assess the size of the regular quarterly dividend based on the Company's dividend policy and certain factors described in the section titled "Management's Discussion and Analysis of Financial Condition and Results of Operations—Dividends" in Part II Item 7 of the Company's Annual Report on Form 10-K for the year ended December 31, 2024. The Company cannot give any assurance that the Company will continue to declare dividends in any particular amounts, or at all, in the future.

In the three and six months ended June 30, 2025, the Company paid dividends to stockholders of $26 million and $52 million, respectively. In the three and six months ended June 30, 2024, the Company paid dividends to stockholders of $25 million and $50 million, respectively.

***Contractual Obligations***

The Company has purchase obligations related to agreements to purchase goods and services that are enforceable and legally binding, and that specify all significant terms, including the goods to be purchased or services to be rendered, the price at which the goods or services are to be rendered, and the timing of the transactions. Purchase obligations exclude liabilities that are included on Company's Condensed Consolidated Balance Sheets and include commitments for outsourced services, facilities, capital expenditures, cloud service arrangements and various other types of noncancelable contracts.

Refer to the Company's consolidated financial statements for the year ended December 31, 2024 included in the Company's Annual Report on Form 10-K for information about the Company's noncancelable purchase obligations.

**Recent Accounting Pronouncements**

For a discussion of new accounting pronouncements recently adopted and not yet adopted, see Note 1 to the condensed consolidated financial statements included elsewhere in this Quarterly Report.

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**Critical Accounting Policies and Estimates**

The Company prepares its condensed consolidated financial statements in accordance with GAAP. While the majority of the Company's revenue, expenses, assets and liabilities are not based on estimates, there are certain accounting principles that require management to make judgments and estimates regarding matters that are uncertain and susceptible to change. Critical accounting policies are defined as those policies that are reflective of significant judgments, estimates and uncertainties, which could potentially result in materially different results under different assumptions and conditions. Management regularly reviews the estimates and assumptions used in the preparation of the financial statements for reasonableness and adequacy. The Company's estimates are based on historical experience, current conditions and various other assumptions that the Company believes to be reasonable under the circumstances. Actual results may differ from these estimates and assumptions. To the extent that there are differences between estimates and actual results, the Company's future financial statement presentation, financial condition, results of operations and cash flows may be affected.

There have been no material changes to the Company's critical accounting policies and estimates as described in the Company's Annual Report on Form 10-K for the year ended December 31, 2024.

**Cautionary Note Regarding Forward-Looking Statements**

This Quarterly Report contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts contained in this Quarterly Report may be forward-looking statements. Statements regarding the Company's future results of operations and financial position, business strategy and plans and objectives of management for future operations, including, among others, statements regarding the Company's expected growth and future capital expenditures are forward-looking statements. In some cases, you can identify forward-looking statements by terms such as "may," "will," "should," "would," "likely," "expects," "plans," "anticipates," "could," "intends," "targets," "projects," "contemplates," "believes," "estimates," "predicts," "potential," "continue" and variations of these terms and similar expressions, or the negative of these terms or similar expressions (although not all forward-looking statements may contain such words). The Company cautions you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions and uncertainties that are difficult to predict. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements.

There are or will be important factors that could cause the Company's actual results to differ materially from those indicated in these forward-looking statements, including, but not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any failure on the Company's part to protect and maintain its brand and reputation, or the impact on its brand or reputation of third-party events or actions outside of its control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks associated with the Company's information technology and software, including those relating to any future data breach or other cybersecurity incident;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the potential disruption of the TIC or S&A industries by technological advances in artificial intelligence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Company's ability to innovate, adapt to changing customer needs and successfully introduce new products and services in response to changes in the Company's industries and technological advances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Company's ability to compete in its industries and the effects of increased competition from its competitors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks associated with conducting business outside the United States, including those relating to fluctuations in foreign currency exchange rates; the imposition of tariffs and enhanced trade, import or export restrictions; and global, regional or political instability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• risks associated with the Company's operations in China, which subject the Company and UL-CCIC Company Limited, the Company's joint venture with the China Certification & Inspection (Group) Co., Ltd. ("CCIC"), to China's complex and rapidly evolving laws, which may be interpreted, applied or enforced inconsistently or in ways inconsistent with its current operations, as well as risks associated with the fact that the Chinese government has the power to exercise significant oversight and discretion over, and intervene in and influence, its business operations in China;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the relationship between the United States and China and between the Company and CCIC, as well as changes in U.S. and Chinese regulations affecting the Company's business operations in China;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any failure on the Company's part to attract, hire or retain its key employees, including its senior leadership and its skilled and trained engineering, technical and professional personnel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the level of the Company's customers' satisfaction and any failure on its part to properly and timely perform its services, meet its contractual obligations or fulfil its customers' needs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes to the relevant regulatory frameworks or private sector requirements, including any requirement that the Company accept third-party test results or certifications of components, end products, processes or systems or any

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changes that result in a reduction in required inspections, tests or certifications or harmonized international or cross-industry benchmarks and standards;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Company's ability to adequately maintain, protect and enhance its intellectual property, including its registered UL-in-a-circle certification mark and other certification marks;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Company's ability to implement its growth strategies and initiatives successfully;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Company's reliance on third parties, including subcontractors and outside laboratories;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Company's ability to obtain and maintain the requisite licenses, approvals, accreditations and delegations of authority necessary to conduct its business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the outcomes of current and future legal proceedings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Company's level of indebtedness and future cash needs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• failure to generate sufficient cash to service the Company's indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a change in the assumptions the Company uses to value its goodwill or intangible assets, or the impairment of its goodwill or intangible assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• constraints imposed on the Company's ability to operate its business or make necessary capital investments due to the Company's outstanding indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the increased expenses and responsibilities associated with being a public company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the significant influence that UL Standards & Engagement has over the Company, including pursuant to its rights under the Company's amended and restated certificate of incorporation and the Stockholder Agreement with UL Standards & Engagement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• natural disasters and other catastrophic events, including pandemics and the rapid spread of contagious illnesses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in tax laws in jurisdictions in which we operate or adverse outcomes resulting from examination of our or our affiliates tax returns; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*•* the other factors discussed in "Management's Discussion and Analysis of Financial Condition and Results of Operations" herein and in the "Risk Factors" in Part I Item 1A of the Company's Annual Report on Form 10-K for the year ended December 31, 2024.

The foregoing factors should not be construed as exhaustive and should be read together with the other cautionary statements included in the section titled "Risk Factors" in Part I Item 1A of the Company's Annual Report on Form 10-K for the year ended December 31, 2024 and the Company's subsequent filings with the SEC. If one or more events related to these or other risks or uncertainties materialize, or if the Company's underlying assumptions prove to be incorrect, actual results may differ materially from what the Company anticipates. Many of the important factors that will determine these results are beyond the Company's ability to control or predict. Accordingly, you should not place undue reliance on any such forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made, and, except as otherwise required by law, the Company does not undertake any obligation to publicly update or review any forward-looking statement, whether as a result of new information, future developments or otherwise. If the Company updates one or more forward-looking statements, no inference should be drawn that the Company will make additional updates with respect to those or other forward-looking statements. New factors emerge from time to time, and it is not possible for the Company to predict which will arise. In addition, the Company cannot assess the impact of each factor on the Company's business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. All forward-looking statements attributable to the Company, or others acting on the Company's behalf, are expressly qualified in their entirety by the cautionary statements above.

In addition, statements that "the Company believes" and similar statements reflect the Company's beliefs and opinions on the relevant subject. These statements are based upon information available to the Company as of the date of this Quarterly Report, and while the Company believes such information forms a reasonable basis for such statements, such information may be limited or incomplete, and the Company's statements should not be read to indicate that the Company has conducted an exhaustive inquiry into, or review of, all potentially available relevant information. These statements are inherently uncertain and investors are cautioned not to unduly rely upon these statements.

You should read this Quarterly Report and the documents that the Company references in this Quarterly Report with the understanding that the Company's actual future results, levels of activity, performance and achievements may be materially different from what the Company expects.

**ITEM 3. Quantitative and Qualitative Disclosures About Market Risk**

The Company is exposed to market risk in the ordinary course of business. Market risk represents the risk of loss that may impact the Company's financial position due to adverse changes in financial market prices and rates, such as interest and foreign currency exchange rates and equity prices. The Company's market risk exposure is primarily a result of exposure to

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potential changes in interest rates or inflation and the resulting impact on investment income and interest expense. The Company does not hold financial instruments for trading purposes.

***Interest Rate Risk***

The Company's operating results are subject to risk from interest rate fluctuations on its Credit Facility, which carries variable interest rates. Subsequent to June 28, 2024, borrowings under the Credit Facility bear interest at a rate per annum equal to, at the Company's option, (a) in the case of U.S. dollar loans, the Term SOFR (as defined in the Credit Facility) plus a Secured Overnight Financing Rate ("SOFR") adjustment of 0.1% plus a margin, and for all other currencies, a specified benchmark rate for the applicable currency plus, in certain instances, a specified spread adjustment plus a margin (loans with a rate based on this clause (a), "benchmark rate loans") or (b) for U.S. dollar loans only, the base rate plus a margin (loans with a rate based on this clause (b), "base rate loans"). Because the Company's borrowings bear interest at a variable rate, the Company is exposed to market risks relating to changes in interest rates. The Company is also exposed to interest rate risk associated with its cash and cash equivalents balances. The Company does not currently use derivative financial instruments in its investment portfolio.

During the first six months of 2025, the variable interest rates applicable to both benchmark rate loans and base rate loans under the Credit Facility generally fluctuated in line with interest rate changes in the marketplace and are expected to continue fluctuating with any future Federal Reserve Board interest rate changes and future changes to the SOFR Index. In addition, increases in interest expense are considered with other expense increases that may be passed, in whole or in part, along to the Company's customers; however, the Company does not expect increases in interest expenses to materially impact pricing strategy in the near term. The increased interest payments on the Company's variable-rate debt are not material to the Company's overall liquidity position and have not impacted, and are not expected to have an impact on, the Company's ability to make timely payments under the Credit Facility or its other obligations. Furthermore, while interest rates impact management's evaluation of capital expenditure projects, the overall cash flows required to support the Company's planned investments have not been materially impacted. Thus, fluctuations in interest rates have not had a material impact on the Company's financial condition.

The interest rate for the Company's term loan as of June 30, 2025 was 5.55%, which was a floating rate based on the Term SOFR plus a SOFR adjustment of 0.10%. A hypothetical 100 basis point change in interest rates affecting the Credit Facility would result in a change to the annual interest expense of approximately $3 million, based on outstanding borrowings at June 30, 2025. A hypothetical 100 basis point change in interest rates affecting the Company's cash and cash equivalents or short-term investments would not have a material impact on the Company's financial statements. Notwithstanding the Company's efforts to manage interest rate risk, there can be no assurances that the Company will be adequately protected against the risks associated with interest rate fluctuations.

***Foreign Currency Risk***

With global operations, the Company has foreign currency risk related to its revenues and expenses denominated in currencies other than the U.S. dollar, primarily the Japanese yen, the Chinese renminbi, the New Taiwan dollar, the euro, the Korean won, the British pound sterling, the Mexican peso and the Singapore dollar. Foreign currency gains (losses) are recorded in net income as transactions occur. Changes in exchange rates may substantially affect, either positively or negatively, the revenues and expenses, as expressed in U.S. dollars, of the Company's foreign subsidiaries with functional currencies other than the U.S. dollar. Assuming a hypothetical change of 10% in the average foreign currency exchange rate for the six months ended June 30, 2025, the effect on operating income would not be material. The Company is also subject to foreign currency exchange rate risk associated with the translation of local currencies of its foreign subsidiaries into U.S. dollars.

The Company's results of operations are exposed to foreign currency exchange risk related to intercompany loan and operating balances between subsidiaries that are denominated in currencies other than the U.S. dollar, primarily the euro, Korean won and the Japanese yen. A transaction made in a currency that differs from the local entity's functional currency is first remeasured at the entity's functional currency. Subsequent foreign currency exchange rate changes result in foreign currency gains (losses) that are recognized in net income. If the transaction is already denominated in the entity's functional currency, only the translation to U.S. dollar reporting is necessary. The remeasurement process required by GAAP for such intercompany loan and operating balances will give rise to foreign exchange gains (losses), which could materially impact the Company's results of operations.

**ITEM 4. Controls and Procedures**

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**Evaluation of disclosure controls and procedures**

The Company has conducted an evaluation, under the supervision and with the participation of management, including the Company's principal executive officer and principal financial officer, of the effectiveness of the design and operation of the Company's disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), as of the end of the period covered by this Quarterly Report on Form 10-Q. Based on this evaluation, the Company's principal executive officer and principal financial officer concluded that, as of June 30, 2025, the Company's disclosure controls and procedures were effective such that the information required to be disclosed in the Company's SEC reports is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms, and is accumulated and communicated to the Company's management, including the Company's principal executive officer and principal financial officer, as appropriate to allow for timely decisions regarding required disclosure.

**Changes in Internal Controls Over Financial Reporting**

No changes in the Company's internal control over financial reporting (as defined in Rule 13a-15(f) and 15d-15(f) under the Exchange Act) occurred during the quarter ended June 30, 2025, that have materially affected, or that are reasonably likely to materially affect, the Company's internal control over financial reporting.

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**PART II. OTHER INFORMATION**

**ITEM 1. Legal Proceedings**

The Company is, in the ordinary course of business, party to certain claims, litigation, audits and investigations. Discussion of these and other legal matters is incorporated by reference from Part I, Item 1, Note 15, "Commitments and Contingencies," of this Quarterly Report and should be considered an integral part of Part II, Item 1, "Legal Proceedings."

**ITEM 1A. Risk Factors**

See the section titled "Risk Factors" in Part I Item 1A of the Company's Annual Report on Form 10-K for the year ended December 31, 2024. There have been no material changes to the Company's risk factors as previously disclosed in the Company's Annual Report on Form 10-K for the year ended December 31, 2024.

**ITEM 6. Exhibits**

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| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| <u>[3.1](https://www.sec.gov/Archives/edgar/data/1901440/000162828024016577/exhibit31-8xk.htm)</u> | <u>[Amended and Restated Certificate of Incorporation of UL Solutions Inc. (incorporated by reference to Exhibit 3.1 to the Company's Form 8-K filed with the SEC on April 17, 2024).](https://www.sec.gov/Archives/edgar/data/1901440/000162828024016577/exhibit31-8xk.htm)</u> |
| <u>[3.2](https://www.sec.gov/Archives/edgar/data/1901440/000162828024016577/exhibit32-8xk.htm)</u> | <u>[Amended and Restated Bylaws of UL Solutions Inc. (incorporated by reference to Exhibit 3.2 to the Company's Form 8-K filed with the SEC on April 17, 2024).](https://www.sec.gov/Archives/edgar/data/1901440/000162828024016577/exhibit32-8xk.htm)</u> |
| <u>[10.1](exhibit101q22025.htm)</u>*†\** | <u>[UL Solutions Inc. Executive Regular and Change in Control Severance Plan (as amended and restated, effective May 20, 2025)](exhibit101q22025.htm)</u> |
| <u>[31.1](exhibit311q22025.htm)</u>\* | <u>[Certification of Principal Executive Officer pursuant to Exchange Act Rules 13a-14(a) and 15d-14(a) as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](exhibit311q22025.htm)</u> |
| <u>[31.2](exhibit312q22025.htm)</u>\* | <u>[Certification of Principal Financial Officer pursuant to Exchange Act Rules 13a-14(a) and 15d-14(a) as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](exhibit312q22025.htm)</u> |
| <u>[32.1](exhibit321q22025.htm)</u>\*\* | <u>[Certification of Principal Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](exhibit321q22025.htm)</u> |
| <u>[32.2](exhibit322q22025.htm)</u>\*\* | <u>[Certification of Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](exhibit322q22025.htm)</u> |
| 101\* | The following financial information from the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2025, formatted in Inline Extensible Business Reporting Language (iXBRL) includes (i) the Condensed Consolidated Statements of Operations, (ii) the Condensed Consolidated Statements of Comprehensive Income; (iii) the Condensed Consolidated Balance Sheets; (iv) the Condensed Consolidated Statements of Stockholders' Equity; (v) the Condensed Consolidated Statements of Cash Flows; and (vi) the Notes to Condensed Consolidated Financial Statements. |
| 104\* | Cover Page Interactive Data File (embedded within the iXBRL document). |

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*\* Filed herewith.*

*\*\*Furnished herewith. The certifications attached as Exhibits 32.1 and 32.2 to this Quarterly Report are deemed furnished and not filed with the SEC and are not to be incorporated by reference into any filing of the Company under the Securities Act or the Exchange Act, whether made before or after the date of this Quarterly Report, irrespective of any general incorporation language contained in such filing.*

*† Indicates a management contract or compensatory plan or arrangement.*

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**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

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| | | |
|:---|:---|:---|
| | | UL Solutions Inc. |
| Date: August 5, 2025 | | |
| | By | /s/ Ryan D. Robinson |
| | | Ryan D. Robinson |
| | | Executive Vice President and Chief Financial Officer |
| | | (Duly authorized officer and principal financial officer of the Registrant) |

---

## Exhibit 10.1

**Exhibit 10.1**

**UL SOLUTIONS INC.**

**EXECUTIVE REGULAR AND CHANGE IN CONTROL SEVERANCE PLAN**

(Amended and Restated Effective May 20, 2025)

The purpose of this UL Solutions Inc. Executive Regular and Change in Control Severance Plan (the "<u>Plan</u>") is to encourage certain senior-level executives of UL Solutions Inc., a Delaware corporation (the "<u>Company</u>"), and its Participating Affiliates (together, the Company and its Participating Affiliates, referred to herein as "<u>ULS</u>") to remain employed with ULS by providing severance protections in the event their employment is terminated under the circumstances described in this Plan. The Plan was originally approved by the Human Capital and Compensation Committee (formerly, the Compensation Committee) of the Company's Board of Directors (the "<u>Committee</u>") on February 25, 2020 and was subsequently amended and restated by the Committee effective February 21, 2023. This Plan is now hereby amended and restated effective May 20, 2025 (the "<u>Effective Date</u>"). Participants in this Plan shall be selected in accordance with <u>Section 2</u>.

SECTION 1.<u>Definitions</u>. For purposes of this Plan, the following terms shall have the meanings set forth below:

"<u>409A Penalties</u>" shall have the meaning set forth in <u>Section 8</u>.&nbsp;&nbsp;&nbsp;&nbsp;

"<u>AAA</u>" shall have the meaning set forth in <u>Section 7(i)</u>.

"<u>Accrued Rights</u>" shall mean the Participant's earned but unpaid annual base salary, accrued but unused vacation (to the extent ULS's policies permit or require payment) and any unreimbursed business expenses properly incurred pursuant to ULS's policies through the Participant's Termination Date.

"<u>Acceptance Agreement</u>" shall mean the Plan's Acceptance Agreement attached hereto as Exhibit A.

"<u>Affiliate</u>(s)" shall mean any corporation, partnership, limited liability company, limited liability partnership, association, trust or other organization that directly or indirectly controls, is controlled by or is under common control with the Company. For purposes of the preceding sentence, "control" (including, with correlative meanings, the terms "controlled by" and "under common control with"), as used with respect to any entity or organization, shall mean the possession, directly or indirectly, of the power (a) to vote more than 50% of the securities having ordinary voting power for the election of directors of the controlled entity or organization or (b) to direct or cause the direction of the management and policies of the controlled entity or organization, whether through the ownership of voting securities, by contract or otherwise.

"<u>Annual Incentive Plan</u>" shall mean the UL Solutions Inc. All Employee Incentive Plan (effective January 1, 2025) (including all exhibits thereto and policies incorporating by reference therein), as such plan or any successor plan thereto is then in effect.

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"<u>Base Salary</u>" shall mean the Participant's annual base salary as in effect immediately prior to such Participant's Termination Date (excluding the effect of any reduction that constitutes Good Reason).

"<u>Beneficiary</u>" shall mean the Participant's surviving spouse, or if there is no surviving spouse at the time of the Participant's death, such Participant's estate (or such other as may be required by applicable non-U.S. law, as determined by the Committee).

"<u>Board</u>" shall mean the Board of Directors of the Company.

"<u>Cause</u>" shall mean (a) the Participant's refusal to perform, or disregard of, the Participant's duties or responsibilities or specific directives of the officer or other executive of ULS to whom the Participant reports; (b) the Participant's willful, reckless or grossly negligent commission of act(s) or omission(s) which have resulted in or are likely to result in, a loss to, or damage to the reputation of ULS, or that compromise the safety of any employee or other person; (c) the Participant's act of fraud, embezzlement or theft in connection with the Participant's duties to ULS or in the course of his or her employment or service, or the Participant's commission of a felony or any crime involving dishonesty or moral turpitude; (d) the Participant's material violation of the policies or standards (as in effect from time to time) of, or any statutory or common law duty of loyalty to, ULS; or (e) any material breach by the Participant of any written employment agreement between the Participant and any member of ULS or one or more noncompetition, nonsolicitation, confidentiality or other restrictive covenants to which the Participant is subject.

"<u>Change in Control</u>" shall mean:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;the acquisition by any person, entity or "group" (within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as amended (the "<u>Exchange Act</u>")), of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 50% or more of either the then outstanding equity interests in the Company or the combined voting power of the Company's then outstanding voting securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;the consummation of a reorganization, merger or consolidation of the Company or the sale of all or substantially all of the assets of the Company, in each case with respect to which Persons who held equity interests in the Company immediately prior to such reorganization, merger, consolidation or sale do not immediately thereafter own, directly or indirectly, 50% or more of the combined voting power of the then outstanding securities of the surviving or resulting corporation or other entity; provided, however, that any such transaction consummated in connection with, or for the purpose of facilitating, an initial public offering of the Company's voting securities pursuant to an effective registration statement under the Exchange Act shall not constitute a Change in Control hereunder; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;the date that individuals who, as of the Effective Date, constitute the Board (the "<u>Incumbent Board</u>"), no longer constitute at least a majority of the Board for any reason; provided, however, that any individual who becomes a director of the Company subsequent to the date hereof whose election, or nomination for election, was approved either by the vote of at

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least a majority of (i) the directors then comprising the Incumbent Board or (ii) the combined voting power of the then outstanding securities of the Company then held by Underwriters Laboratories Inc., shall be deemed a member of the Incumbent Board.

"<u>CIC Severance Benefits</u>" shall mean the severance benefits under <u>Section 4</u>.

"<u>CIC Severance Multiple</u>" shall mean 2.0x for a Tier 1 Participant and 1.25x for a Tier 2 Participant.

"<u>CIC Severance Period</u>" shall mean a period of 24 months following the Termination Date for a Tier 1 Participant and a period of 15 months following the Termination Date for a Tier 2 Participant.

"<u>Claimant</u>" shall have the meaning set forth in <u>Section 7(c)</u>.

"<u>Class Claims</u>" shall have the meaning set forth in <u>Section 7(i)</u>.

"<u>COBRA</u>" shall mean the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended.

"<u>COBRA Subsidy Period</u>" shall have the meaning set forth in <u>Section 3(c)</u>.

"<u>Code</u>" shall mean the Internal Revenue Code of 1986, as amended from time to time, and the regulations promulgated thereunder.

"<u>Committee</u>" shall have the meaning set forth in the Preamble.

"<u>Company</u>" shall have the meaning set forth in the Preamble.

"<u>Competing Organization</u>" shall have the meaning set forth in <u>Section 9(c)</u>.

"<u>Competing Products</u>" shall have the meaning set forth in <u>Section 9(c)</u>.

"<u>Confidential Information</u>" shall have the meaning set forth in <u>Section 9(a)</u>.

"<u>Disability</u>" shall mean a physical or mental condition that would cause a Participant to be eligible to receive long-term disability benefits under the UL LLC Salary Continuation Benefit component of the UL LLC Welfare Benefits Plan (the "<u>LTD Program</u>"), as in effect from time to time, assuming for purposes of this Plan only that the Participant has otherwise satisfied all applicable eligibility requirements for participation in the LTD Program.

"<u>Effective Date</u>" shall have the meaning set forth in the Preamble.

"<u>Eligible Employee</u>" shall mean a regular full-time salaried employee of ULS who is a member of a select group of management or highly compensated employees of ULS.

"<u>Employment</u>" shall mean employment with any member of ULS.

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"<u>ERISA</u>" shall mean the Employee Retirement Income Security Act of 1974, as amended from time to time, and the regulations promulgated thereunder.

"<u>Good Reason</u>" shall mean the Participant's resignation from employment with ULS as a result of one or more of the following reasons, in each case, without the consent of the Participant: (a) the amount of the Participant's base compensation is materially reduced; (b) ULS materially and adversely changes the Participant's authority, duties or responsibilities or materially reduces the authority, duties or responsibilities of the supervisor to whom the Participant is required to report (including the requirement that the Participant report to an officer or executive instead of the Board); (c) a material breach by ULS of the terms of any employment agreement between ULS and the Participant; or (d) ULS changes Participant's place of work to a location more than fifty (50) miles from the Participant's present place of work; provided, however, that no Good Reason shall exist unless (i) the Participant provides written notice to ULS detailing the specific circumstances alleged to constitute Good Reason within thirty (30) calendar days after the first occurrence of such circumstances, (ii) ULS does not remedy the circumstances alleged to constitute Good Reason within thirty (30) calendar days following receipt of such written notice and (iii) the Participant terminates employment no later than ninety (90) calendar days following the first occurrence of such circumstances. For the avoidance of doubt, the occurrence of a Change in Control shall not itself constitute Good Reason.

"<u>Inventions or Developments</u>" shall have the meaning set forth in <u>Section 9(b)</u>.

"<u>LTIP</u>" shall mean the UL Solutions Inc. Long-Term Incentive Plan, as such plan or any successor plan thereto is then in effect.

"<u>Participant</u>" shall mean any employee of ULS selected by the Committee to participate in the Plan in accordance with <u>Section 2</u> and who is listed on <u>Exhibit C</u>.

"<u>Participating Affiliate</u>" shall mean an Affiliate that is a direct or indirect subsidiary of the Company.

"<u>Person</u>" shall mean any individual, partnership, corporation, limited liability company, association, trust, joint venture or other entity or organization.

"<u>Plan</u>" shall have the meaning set forth in the Preamble.

"<u>Protected Contact</u>" shall have the meaning set forth in <u>Section 9(d)</u>.

"<u>Protection Period</u>" shall mean the period commencing on the date a Change in Control occurs, if any, and ending on the second anniversary of such date, if any.

"<u>Reduced Amount</u>" shall have the meaning set forth in <u>Section 6</u>.

"<u>Release</u>" shall mean a release reasonably acceptable to ULS and in a form substantially similar to the Confidential Separation Agreement and General Release attached hereto as Exhibit B.

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"<u>Restricted Period</u>" shall have the meaning set forth in <u>Section 9(c)</u>. "Severance Benefits" shall mean the severance benefits under <u>Section 3</u>.

"<u>Severance Multiple</u>" shall mean 1.75x for a Tier 1 Participant and 1.0x for a Tier 2 Participant.

"<u>Severance Period</u>" shall mean a period of 21 months following the Termination Date for a Tier 1 Participant and a period of 12 months following the Termination Date for a Tier 2 Participant.

"<u>Statutory Severance Pay</u>" shall mean any amounts to be paid to an Eligible Employee by ULS or by a governmental entity because of or in connection with the Eligible Employee's termination of Employment (including, but not limited to, the Worker Adjustment and Retraining Notification Act (29 U.S.C. 2101 et seq.) or similar federal, state or local law to which the Eligible Employee's employment is subject ("<u>Applicable Law</u>"), including without limitation, (a) payments made to an Eligible Employee while he or she remains on the payroll as an Employee to satisfy a requirement of Applicable Law to give notice prior to a termination of Employment, except for any such payments made to such Eligible Employee for any period during which he or she actually performs services for ULS; or (b) to the extent such notice is not given, payments made to an Eligible Employee in lieu of such notice to satisfy any financial obligation of ULS arising by its failure to give such notice. Statutory Severance Pay does not constitute Severance Benefits or CIC Severance Benefits pursuant to <u>Section 4</u> or <u>5</u>.

"<u>Target Bonus</u>" shall mean the Participant's target annual incentive bonus compensation under the Annual Incentive Plan for the fiscal year in which the Termination Date occurs.

"<u>Termination Date</u>" shall mean, with respect to any Participant, the effective date of such Participant's termination of Employment.

"<u>Tier 1 Participant</u>" shall mean an individual who is, at the relevant time, the Chief Executive Officer of the Company.

"<u>Tier 2 Participant</u>" shall mean an individual who is, at the relevant time, a Participant who is not a Tier 1 Participant.

"<u>ULS</u>" shall have the meaning set forth in the Preamble.

SECTION 2.<u>Eligibility and Participation</u>. The Committee shall from time to time select and designate Eligible Employees to participate in this Plan as a Tier 1 Participant or a Tier 2 Participant and/or rescind a prior selection and designation made pursuant to this <u>Section 2</u>, in each case, in the Committee's sole discretion. An Eligible Employee selected to participate in this Plan shall not become a Participant unless such Eligible Employee executes and delivers an Acceptance Agreement to the Company within thirty (30) calendar days of being notified of his or her selection to participate in this Plan (which period may be extended in the sole discretion of the Committee). A description or list of Eligible Employees selected by the Committee as Participants in the Plan from time to time, their positions and their Tier 1 or 2 designation, is contained in <u>Exhibit C</u> hereto. An Eligible Employee shall not be entitled to receive Severance Benefits under <u>Section 3</u> or the CIC Severance Benefits under <u>Section 4</u> unless he or she is a

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Participant as of his or her Termination Date. For the avoidance of doubt, the continued participation of each Eligible Employee described or identified in <u>Exhibit C</u> in the event of a change to such Eligible Employee's position (a) as then expressly listed in <u>Exhibit C</u>, or (b) such that the Eligible Employee's new position is not among those described or broadly identified in <u>Exhibit C</u>, is subject to the express approval thereof by the Committee.

SECTION 3.<u>Regular Severance Upon a Qualifying Termination</u>. Subject to <u>Sections 5</u> and <u>6</u>, if outside of the Protection Period, a Participant's Employment is involuntarily terminated by ULS other than for Cause, then, in addition to his or her Accrued Rights, the Participant will be entitled to receive the payments and benefits described in this <u>Section 3</u> (collectively, the "<u>Severance Benefits</u>"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Cash Severance Pay</u>. An amount equal to the product of (i) the Participant's Severance Multiple and (ii) the sum of (A) the Participant's Base Salary and (B) the Participant's Target Bonus, beginning within 90 days of the Participant's Termination Date payable in substantially equal installments over the Severance Period (no less frequently than monthly).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Pro-Rata Bonus</u>. If the Participant has been employed for at least six months of the applicable annual performance period, an amount equal to a prorated portion (based on the number of whole months in such performance period during which Participant was employed) of the Participant's bonus, if any, under the Annual Incentive Plan, for the performance period in which the Termination Date occurs, determined based on actual performance through the completion of the performance period and paid in accordance with the terms of the Annual Incentive Plan when bonuses for such performance period are paid to other participants in the Annual Incentive Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Health and Welfare Benefits Continuation</u>. If the Participant timely elects to receive group health insurance coverage under COBRA following the Termination Date, continued coverage at the same rates payable by active employees (i.e., the applicable premiums payments for such continued COBRA coverage will be shared in the same employer and employee proportion as applicable to active employees) for a period equal to the lesser of (i) the Severance Period and (ii) 18 months following the Participant's Termination Date (the "COBRA Subsidy Period"); provided, that if the Participant becomes employed with another employer during such period and is eligible to receive group health insurance coverage under such employer's plans, ULS's obligations under this Section 3(c) will be reduced to the extent comparable coverage is actually provided to the Participant and the Participant's covered dependents, and the Participant will report any such coverage in writing to ULS. The Participant will be responsible for paying a share of such premiums at active employee rates as in effect from time to time, and shall be responsible for the full unsubsidized costs of such COBRA coverage after the COBRA Subsidy Period. Participants will be deemed to receive income attributable to the employer-paid portion of such premiums.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>LTI Awards</u>. Outstanding long-term incentive awards held by the Participant as of the Termination Date shall be governed by the terms of such award and the LTIP (or other applicable long-term incentive plan).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)<u>Outplacement Services</u>. Reasonable senior executive level outplacement services at an outplacement firm of the Company's choosing for the Severance Period (or, if shorter, for the period from the Termination Date to the Participant's acceptance of other employment).

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If a Participant dies during the Severance Period after a termination under circumstances described in this <u>Section 3</u>, any unpaid amounts payable to Participant under this <u>Section 3</u> shall be paid to Participant's Beneficiary. For the avoidance of doubt, a Participant shall not be entitled to Severance Benefits under this Plan if such Participant's Employment terminates at any time for any reason other than as specifically set forth in <u>Section 3</u>.

SECTION 4.<u>Change in Control Severance Upon a Qualifying Termination</u>. Subject to <u>Sections 5</u> and <u>6</u>, if during the Protection Period either ULS terminates the Participant's Employment other than for Cause or the Participant resigns for Good Reason, then, in addition to his or her Accrued Rights, the Participant will be entitled to receive the payments and benefits described in this <u>Section 4</u> (collectively, the "<u>CIC Severance Benefits</u>"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Cash Severance Pay</u>. A lump sum cash payment equal to the product of (i) the Participant's CIC Severance Multiple and (ii) the sum of (A) the Participant's Base Salary and (B) the Participant's Target Bonus payable within 90 days following the Participant's Termination Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Pro-Rata Bonus</u>. An amount equal to a prorated portion (based on the number of whole months in such performance period during which Participant was employed) of the Participant's bonus, if any, under the Annual Incentive Plan, for the performance period in which the Termination Date occurs, determined based on actual performance through the completion of the performance period and paid in accordance with the terms of the Annual Incentive Plan when bonuses for such performance period are paid to other participants in the Annual Incentive Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Health and Welfare Benefits Continuation</u>. If the Participant timely elects to receive group health insurance coverage under COBRA following the Termination Date, continued coverage at the same rates payable by active employees for the COBRA Subsidy Period (i.e., applicable premiums payments for such continued COBRA coverage will be shared in the same employer and employee proportion as applicable to active employees); provided, that if the Participant becomes employed with another employer during such period and is eligible to receive group health insurance coverage under such employer's plans, the Company's obligations under this <u>Section 4(c)</u> will be reduced to the extent comparable coverage is actually provided to the Participant and the Participant's covered dependents, and the Participant will report any such coverage in writing to the Company. The Participant will be responsible for paying a share of such premiums at active employee rates as in effect from time to time, and shall be responsible for the full unsubsidized costs of such COBRA coverage after the COBRA Subsidy Period. Participants will be deemed to receive income attributable to the employer-paid portion of such premiums.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>LTI Awards</u>. Outstanding long-term incentive awards held by the Participant as of the Termination Date shall be governed by the terms of such award and the LTIP (or other applicable long-term incentive plan).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)<u>Outplacement Services</u>. Reasonable senior executive level outplacement services at an outplacement firm of the Company's choosing for the Severance Period (or, if shorter, for the period from the Termination Date to the Participant's acceptance of other employment).

If a Participant dies during the CIC Severance Period after a termination under circumstances described in this <u>Section 4</u>, any unpaid amounts payable to Participant under this <u>Section 4</u> shall

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be paid to Participant's Beneficiary. For the avoidance of doubt, a Participant shall not be entitled to CIC Severance Benefits under this Plan if such Participant's Employment terminates at any time for any reason other than as specifically set forth in <u>Section 4</u>.

SECTION 5.<u>Conditions; Release of Claims; Compliance with Restrictive Covenants</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)For the avoidance of doubt, a Participant shall not be eligible to receive the Severance Benefits under <u>Section 3</u> or the CIC Severance Benefits under <u>Section 4</u> if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)The Participant's Employment terminates due to any reason other than as set forth in <u>Section 3</u> or <u>4</u>, including the Participant's death or Disability, termination by ULS for Cause, voluntary termination by the Participant other than for Good Reason, and, in the case of Severance Benefits under <u>Section 3</u>, voluntary termination by the Participant for Good Reason;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)The Participant fails to remain employed through his or her last day of Employment as established by ULS and communicated to the Participant (e.g., the Participant dies, retires, quits, resigns or otherwise abandons his or her job on or before the last day of Employment established by ULS), unless the Company approves in writing such earlier termination of Employment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)The Participant accepts any other position within the Company or with an Affiliate in connection with or following the Participant's termination of Employment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)The Participant is offered a comparable position with the Company or an Affiliate on or before his or her Termination Date, regardless of whether the Participant accepts such position; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)The Plan is terminated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)In order for the Participant to receive the Severance Benefits under <u>Section 3</u> or the CIC Severance Benefits under <u>Section 4</u>, the Participant must (i) execute and deliver a Release and such Release must be effective and irrevocable within 60 days following the Participant's Termination Date; and (ii) comply with all obligations and restrictive covenants contained in <u>Sections 9</u> and <u>11(j)</u> herein (or in any other agreement entered into by the Participant and ULS).

SECTION 6.<u>Code 280G</u>.

Notwithstanding anything to the contrary contained in this Plan, in the event that it shall be (or is subsequently) determined that any payment, benefit or acceleration of vesting by ULS to or for the benefit of the Participant (whether pursuant to the terms of this Agreement or otherwise) would be subject to the excise tax imposed by Section 4999 of the Code, then the payments and benefits payable to a Participant under this Plan shall be reduced (or appropriately adjusted) to an amount that is one dollar less than the smallest amount that would give rise to such excise tax (the "<u>Reduced Amount</u>") if and only if such Reduced Amount would be greater than the net after-tax proceeds (taking into account both the excise tax and any interest or penalties payable by the Participant with respect thereto) of the unreduced payments and benefits

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payable to the Employee. If the payments and benefits payable under this Plan are required to be reduced pursuant to this <u>Section 6</u>, there shall be no discretion in the ordering of the payments payable under this Plan so reduced, and such reductions shall be applied first to the amount of cash severance payments under <u>Sections 3</u> or <u>4</u> (in inverse order of when payments would have been made), and if further reductions are necessary, such reduction shall be applied on a prorated basis to all the other payments and benefits payable under this Plan. For the avoidance of doubt, in no event shall ULS be responsible for any excise taxes payable under Section 4999 of the Code.

SECTION 7.<u>Administration of Plan; Claims Procedure</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>General</u>. Except as specifically provided herein, this Plan shall be administered by the Committee. The Committee may delegate any administrative duties, including, without limitation, duties with respect to the processing, review, investigation, approval and payment of benefits under this Plan to designated individuals or committees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Interpretations and Variations</u>. The Committee shall have the duty and authority to interpret and construe, in its sole discretion, the terms of this Plan in regard to all questions of eligibility, the status and rights of Participants, and the manner, time and amount of any payment under this Plan. The Committee or its representative(s) shall decide any issues arising under this Plan, and the decision of the Committee shall be binding and conclusive on Participants and ULS. Any variations from this Plan may be made only by the Committee in its sole discretion. Benefits under this Plan shall be paid only if the Committee decides in its discretion that a Participant or other Person is entitled to them.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Filing a Claim</u>. If a Participant (or Beneficiary) feels he or she has been improperly denied benefits under this Plan, he or she may file a claims for benefits under this Plan (the "<u>Claimant</u>"). Any claim for payment of such benefits shall be signed, dated and submitted to the Company in accordance with <u>Section 11(a)</u>. All claims relating to this Plan must be filed within 90 days of the date on which the payment of benefits (in whole or in part) is claimed to have been due or payable, unless the Committee otherwise specifies in writing. The Committee shall then evaluate the claim and notify the Claimant of the approval or disapproval in accordance with the provisions of this Plan not later than 90 days after ULS's receipt of such claim unless special circumstances require an extension of time for processing the claims. If such an extension of time for processing is required, written notice of the extension shall be furnished to the Claimant prior to the termination of the initial 90-day period which shall specify the special circumstances requiring an extension and the date by which a final decision will be reached (which date shall not be later than 180 days after the date on which the claim was filed). If the Claimant does not provide all the necessary information for the Committee to process the claim, the Committee may request additional information and set deadlines for the Claimant to provide that information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>Notice of Initial Determination</u>. The Claimant shall be given a written notice in which the Claimant shall be advised as to whether the claim is granted or denied, in whole or in part. If a claim is denied, in whole or in part, the Claimant shall be given written notice which shall contain (i) the specific reasons for the denial, (ii) specific references to pertinent Plan provisions on which the denial is based, (iii) a description of any additional material or information necessary to perfect the claim and an explanation of why such material or information is necessary and (iv) an explanation of this Plan's

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appeal procedures, which shall also include a statement of the Claimant's right to bring a civil action under Section 502(a) of ERISA following a denial of the claim upon review.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)<u>Right to Appeal</u>. If a claim for payment of benefits under this Plan made in accordance with the procedures specified in this Plan is denied, in whole or in part, the Claimant shall have the right to request that the Committee review the denial, provided that the Claimant files a written request for review with the Committee within 60 days after the date on which the Claimant received written notification of the denial. The Claimant may review or receive copies, upon request and free of charge, any documents, records or other information "relevant" (within the meaning of Department of Labor Regulation 2560.503-1(m)(8)) to the Claimant's claim. The Claimant may also submit written comments, documents, records and other information relating to his or her claim.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)<u>Review of Appeal</u>. In deciding a Claimant's appeal, the Committee shall take into account all comments, documents, records and other information submitted by the Claimant relating to the claim, without regard to whether such information was submitted or considered in the initial review of the claim. If the Claimant does not provide all the necessary information for the Committee to decide the appeal, the Committee may request additional information and set deadlines for the Claimant to provide that information. Within 60 days after a request for review is received, the review shall be made and the Claimant shall be advised in writing of the decision on review, unless special circumstances require an extension of time for processing the review, in which case the Claimant shall be given a written notification within such initial 60-day period specifying the reasons for the extension and when such review shall be completed (provided that such review shall be completed within 120 days after the date on which the request for review was filed).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)<u>Notice of Appeal Determination</u>. The decision on review shall be forwarded to the Claimant in writing and, in the case of a denial, shall include (i) specific reasons for the decision, (ii) specific references to the pertinent Plan provisions upon which the decision is based, (iii) a statement that the Claimant is entitled to receive, upon request and free of charge, reasonable access to, and copies of, all documents, records or other information relevant to the Claimant's claim and (iv) a statement of the Claimant's right to bring a civil action under Section 502(a) of ERISA following a wholly or partially denied claim for benefits. The Committee's decision on review shall be final and binding on all Persons for all purposes. If a Claimant shall fail to file a request for review in accordance with the procedures herein outlined, such Claimant shall have no right to review and shall have no right to bring an action in any court, and the denial of the claim shall become final and binding on all Persons for all purposes. Any notice and decisions by the Committee under this <u>Section 7</u> may be furnished electronically in accordance with Department of Labor Regulation 2520.104b-1(c)(i), (iii) and (iv).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)<u>Statute of Limitations</u>. No Claimant may bring any legal action to recover benefits under this Plan until he or she has exhausted the internal administrative claims and appeals process described above. No legal action may be commenced at all, unless commenced no later than one year following the issuance of a final decision on the claim for benefits, or the expiration of the appeal decision period if no decision is issued. This one-year statute of limitations on legal claims for all benefits available under this Plan shall apply in any forum (including arbitration) where such legal action is initiated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)<u>Arbitration</u>. A Claimant who has followed the procedures in this <u>Section 7</u>, but who has not obtained full or satisfactory relief on his or her claim for benefits, may, within the applicable statute of limitations in <u>Section 7(h)</u>, apply in writing to the Committee for binding arbitration of his or her claim in Chicago, Illinois, before a sole

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arbitrator selected by mutual agreement of Claimant and ULS, or, if the parties are unable to agree to an arbitrator, under the procedures of the American Arbitration Association ("<u>AAA</u>"). Claimant and ULS agree that any claim, dispute or controversy between Claimant and ULS, whether arising out of or relating to this Plan or otherwise, that has not been resolved in accordance with this <u>Section 7</u>, shall be submitted and resolved by final and binding arbitration administered by the AAA in accordance with its Employment Arbitration Rules and Mediation Procedures then in effect. Any and all claims and disputes shall be brought solely in a party's individual capacity and not as a claimant or class member (or similar capacity) in any purported multiple-claimant, class, collective, representative, private attorney general or other similar proceeding ("<u>Class Claims</u>"). Claimant and ULS each hereby waives Claimant's or its respective right to bring, prosecute, participate in or benefit from any such Class Claim, and agrees that no such Class Claim may or shall be brought, asserted or maintained in any forum, including any court or in arbitration. Final resolution of any dispute through arbitration may include any remedy or relief which the arbitrator deems just and equitable, including any and all remedies provided by applicable state or federal statutes. At the conclusion of the arbitration, the arbitrator shall issue a written decision that sets forth the essential findings and conclusions upon which the arbitrator's award or decision is based. Any award or relief granted by the arbitrator hereunder shall be final and binding on the parties hereto and may be enforced by any court of competent jurisdiction. Notwithstanding anything to the contrary contained herein, either party may, without inconsistency with this arbitration provision, apply to any court having jurisdiction over such dispute or controversy and seek interim provisional, injunctive or other equitable relief until the arbitration award is rendered or the controversy is otherwise resolved. Seeking any such interim relief shall not be deemed a waiver of either party's right to compel arbitration. Except as necessary in court proceedings to enforce this arbitration provision or an award rendered hereunder, or to obtain interim relief, neither a party nor an arbitrator may disclose the existence, content or results of any arbitration hereunder without ULS's prior written consent. In any proceeding to enforce the terms of the Plan, the prevailing party shall be entitled to its or his reasonable attorneys' fees and costs (other than forum costs associated with the arbitration) incurred by it or him in connection with resolution of the dispute in addition to any other relief granted.

SECTION 8.<u>Section 409A</u>.

This Plan is intended to comply with the requirements of Section 409A of the Code, and shall be interpreted and construed consistently with such intent. The payments to Participants pursuant to this Agreement are also intended to be exempt from Section 409A of the Code to the maximum extent possible, under either the separation pay exemption pursuant to Treasury regulation §1.409A-1(b)(9)(iii) or as short-term deferrals pursuant to Treasury regulation §1.409A-1(b)(4), and for this purpose each payment shall constitute a "separately identified" amount within the meaning of Treasury Regulation §1.409A-2(b)(2). In the event the terms of this Plan would subject a Participant to taxes or penalties under Section 409A of the Code ("<u>409A Penalties</u>"), ULS may amend the terms of this Plan to avoid such 409A Penalties, to the extent possible; provided that in no event shall ULS be responsible for any 409A Penalties that arise in connection with any amounts payable under this Plan. To the extent any amounts under this Plan are payable by reference to a Participant's "termination of Employment," such term shall be deemed to refer to a Participant's "separation from service," within the meaning of Section 409A of the Code. Notwithstanding any other provision in this Plan, if a Participant is a "specified employee," as defined in Section 409A of the Code, as of the date of such Participant's separation from service, then to the extent any amount payable to such Participant

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(a) constitutes the payment of nonqualified deferred compensation, within the meaning of Section 409A of the Code, (b) is payable upon such Participant's separation from service and (c) under the terms of this Plan would be payable prior to the six-month anniversary of the Participant's separation from service, such payment shall be delayed until the earlier to occur of (i) the first business day following the six-month anniversary of the separation from service and (ii) the date of the Participant's death. Any reimbursement or advancement payable to a Participant pursuant to this Plan or otherwise shall be conditioned on the submission by the Participant of all expense reports reasonably required by ULS under any applicable expense reimbursement policy, and shall be paid to the Participant within 30 days following receipt of such expense reports, but in no event later than the last day of the calendar year following the calendar year in which the Participant incurred the reimbursable expense. Any amount of expenses eligible for reimbursement, or in-kind benefit provided, during a calendar year shall not affect the amount of expenses eligible for reimbursement, or in-kind benefit to be provided, during any other calendar year. The right to any reimbursement or in-kind benefit pursuant to this Plan or otherwise shall not be subject to liquidation or exchange for any other benefit.

SECTION 9.<u>Covenants</u>. Each Participant acknowledges that as a condition of and in consideration for eligibility to participate in the Plan and receive benefits hereunder, the Participant must agree to be bound by the restrictive covenants contained in this <u>Section 9</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Confidential Information</u>. Subject to <u>Section 11(m)</u> below, the Participant will not, at any time during Employment or thereafter, make use of or disclose, directly or indirectly, or take any action which may result in the use or disclosure of, to any Person, other than ULS, (i) the terms of this Plan, (ii) any trade secret or confidential or other information of ULS or its customers that is not generally known to the public, or (iii) other confidential competitive, pricing, marketing, technical, business, proprietary or financial information relating or belonging to ULS or its customers, in each case, that the Participant obtained as a result of Participant's Employment or association with ULS, in each case, whether in hard copy, electronic format, in the Participant's head or derivations thereof or any copy or notes made from any item embodying such information (collectively, "<u>Confidential Information</u>"), except to the extent that such Confidential Information (A) is used by the Participant in the proper performance of the Participant's job duties for ULS, (B) is disclosed by the Participant to the Participant's legal counsel in connection with legal services performed for the Participant by such counsel, provided that such disclosure is made on a confidential basis, (C) is or becomes a matter of public record or is published in a newspaper, magazine or other periodical available to the general public, other than as a result of any act or omission by the Participant outside the proper performance of the Participant's job duties for ULS or breach by another Person of some other obligation of which the Participant is aware, or (D) is required to be disclosed by any law, regulation or order of any court or regulatory commission, department or agency, provided that the Participant first promptly notifies ULS of any such legal requirement to allow ULS to seek appropriate protection prior to disclosure. Immediately upon demand or promptly following the Participant's termination by either party for any or no reason, the Participant will return to ULS all records, memoranda, notes, plans, reports, computer tapes and software and other documents and data which constitute Confidential Information which the Participant may then possess or have under the Participant's control (together with all copies thereof).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Assignment of Inventions</u>. The Participant shall assign and convey all right, title, and interest in and to any and all Inventions or Developments (as defined below) to ULS. The Participant shall cooperate to the extent requested by ULS to

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formalize any assignments, applications or other documents necessary to assist ULS in seeking or enforcing any intellectual property related to any Inventions or Developments (as defined below). For the avoidance of doubt, ULS owns the sole and exclusive right, title and interest in and to any and all Inventions or Developments (as defined below), including without limitation any and all source code or other intellectual property and further including without limitation all copyrights, trademarks, service marks, trade names, slogans, patents, ideas, designs, concepts and other proprietary rights. As used in this Plan, "<u>Inventions or Developments</u>" means (i) any inventions, developments, improvements, trade secrets, ideas or original works of authorship that the Participant conceives, creates, develops, discovers, makes, acquires or reduces to practice in whole or in part, either solely or jointly with another or others, during or pursuant to the course of the Participant's Employment by ULS and that relate to ULS or its respective businesses, or to ULS's actual or demonstrably anticipated research or development, (ii) any inventions, developments, improvements, trade secrets, ideas or original works of authorship that the Participant conceives, creates, develops, discovers, makes, acquires or reduces to practice in whole or in part, either solely or jointly with another or others, during or pursuant to the course of the Participant's Employment with ULS and that are made through the use of any ULS equipment, facilities, supplies, trade secrets or time, or that result from any work performed for ULS, and (iii) any part or aspect of any of the foregoing. ULS's right, title and interest in and to the Inventions or Developments includes without limitation the sole and exclusive right to secure and own copyrights and maintain renewals throughout the world, and the right to modify and create derivative works of or from the Inventions or Developments without any payment of any kind to the Participant. The Inventions or Developments shall be "work made for hire" as that term is defined in the copyright laws of the United States, and not works of joint ownership. At the request of ULS, the Participant will promptly and fully disclose to ULS all Inventions or Developments, whether or not they are patentable, copyrightable or subject to trade secret protection. Notwithstanding the foregoing, any right of ULS or assignment by the Participant as provided in this <u>Section 9(b)</u> shall not apply to any Inventions or Developments for which no equipment, supplies, facility or trade secret information of ULS were used and which were developed entirely on the Participant's own time, unless (A) the Inventions or Developments relate to the business conducted by ULS or the actual or demonstrably anticipated research or development of ULS or (B) the Inventions or Developments result from any work performed by the Participant for ULS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>Non-Compete</u>. During the Participant's Employment with ULS, and for a period equal to (i) one (1) year following the Participant's Termination Date if the Participant is not entitled to or receiving payments or benefits under this Plan or (ii) if the Participant is entitled to or receiving payments or benefits under this Plan, the CIC Severance Period or the Severance Period (as applicable), (the period in clause (i) or (ii), as applicable, the "<u>Restricted Period</u>"), the Participant will not in any manner, directly or indirectly, through any Person, alone or as a member of a partnership or as an officer, director, stockholder, investor or employee of or advisor or consultant to any Person or otherwise, (A) engage or be engaged, or assist any other Person in engaging or being engaged, in a Competing Organization (defined below), or (B) perform services or provide products involving a Competing Organization to any Person in a capacity that is competitive with ULS, in each case, in any geographic area, both within and without the United States, in which any member of ULS is currently and was conducting such business at the Participant's Termination Date (the "<u>Territory</u>"). "<u>Competing Organization</u>" means Persons, including the Participant, engaged in currently or within the 12-month period prior to the Participant's Termination Date, or about to become engaged in, research, development, production, distribution, marketing, providing or selling of Competing Products in any of the geographic areas in which ULS does business. "<u>Competing Products</u>" means products, processes, or services of any Person

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other than ULS, in existence or under development, which are substantially the same, may be substituted for, or applied to substantially the same end use as the products, processes, or services with which the Participant worked during the last three years of the Participant's Employment or about which the Participant possesses Confidential Information through the Participant's work with ULS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>Non-Solicit</u>. During the Restricted Period, the Participant will not in any manner, directly or indirectly: (i) induce, solicit, or attempt to persuade any employee or other agent of ULS to terminate or abandon his or her or its employment or other relationship with ULS for any purpose whatsoever; (ii) hire, employ, or offer employment to any person with whom the Participant worked, managed, or oversaw, directly or indirectly, during the last three years of the Participant's employment with ULS, or about whom the Participant possesses Confidential Information through the Participant's work with ULS, who is currently, or was within the 90-day period preceding the conduct in question, employed by or engaged as an exclusive consultant to ULS; or (iii) induce, solicit, service, contact, divert, take away or interfere with, or aid in the solicitation, servicing, contacting, diverting, taking away or interfering with, any Protected Contact for the purpose of (A) performing services in competition with ULS as restricted in <u>Section 9(c)</u> above, (B) inducing any such Protected Contact to cancel, transfer, or cease doing business in whole or in part with ULS, or (C) inducing any such Protected Contact to do business with any Competing Organization or in any way interfere with its relationship with ULS. "<u>Protected Contact</u>" as used herein means any current or prospective client, investor, partner, or other business relationship of ULS (I) with whom the Participant had contact or dealings on behalf of ULS or for whom the Participant had direct or indirect responsibility, in all cases during the 12-month period immediately preceding the Participant's Termination Date, and/or (II) about whom the Participant had access to or possessed Confidential Information during the Participant's Employment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)<u>Non-Disparagement</u>. Subject to <u>Section 11(m)</u> below, during the Participant's Employment and thereafter, the Participant shall not engage in conduct or make any statements or representations to any third parties, verbal or otherwise, that in any way disparages, defames, libels, slanders or otherwise damages the professional or personal reputation, goodwill, or standing in the community of ULS, or any of their past or present officers, directors, trustees, or employees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)<u>Use of Name; Affiliation</u>. The Participant will not, after the Termination Date, whether directly or indirectly, use in connection with any business, any name that includes the name "UL Solutions", the name of any member of ULS or the name of any other Affiliate of the Company, or any colorable imitation of such names. The Participant shall not represent him- or herself or permit him- or herself to be held out as being in any way connected with or interested in the business of ULS or any of its Affiliates, and the Participant shall take such steps as are necessary to comply with these obligations (including, but not limited to, amending the Participant's social media profiles), provided that such steps are not inconsistent with any ongoing obligations under any other agreement with ULS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)<u>Disclosures</u>. For one year after the Participant's Termination Date, the Participant shall (i) disclose a complete and accurate copy of the restrictions set forth in this <u>Section 9</u> to any prospective employer prior to accepting employment, and (ii) inform ULS, upon accepting new employment, of the identity of the Participant's new employer and of the Participant's job title and responsibilities with such new employer.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)<u>No Restriction</u>. Nothing in this <u>Section 9</u> shall prohibit the Participant from being (i) a stockholder in a mutual fund or a diversified investment company or (ii) a passive owner of not more than two percent of the outstanding common stock, capital stock and equity of any firm, corporation or enterprise so long as the Participant does not have any active participation in the business of such firm, corporation or enterprise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)<u>Extension; Modification</u>. If the Participant violates any of the terms of this Section, the Restricted Period shall be extended by a period of time equal to that period beginning when the activities constituting such violation commenced and ending when the activities constituting such violation terminated. If, at any time of enforcement of this <u>Section 9</u>, a court or an arbitrator holds that the restrictions stated herein are unreasonable under circumstances then existing, the Participant and ULS hereto agree that the maximum period, scope or geographical area reasonable under such circumstances shall be substituted for the stated period, scope or area and that the court or arbitrator shall be allowed to revise the restrictions contained herein to cover the maximum period, scope and area permitted by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)<u>Remedies</u>. The Participant and ULS acknowledge that the services Participant is to perform during his or her Employment are unique and extraordinary and that the Participant will have access to highly proprietary trade secrets and other Confidential Information upon which ULS's business plans and competitive advantages are based. As such, it is mutually agreed that ULS will suffer from immediate and irreparable harm and have no adequate remedy at law for violations or breaches of <u>Section 9</u> and that the damages resulting from any such violation or breach are not readily ascertainable in monetary terms. Therefore, in the event of any such violation or breach, or threatened violation or breach, by the Participant, ULS will be entitled to obtain equitable relief, by way of injunction or otherwise, in addition to any other remedies at law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)<u>Breach of Covenants</u>. If a Participant breaches any of the covenants, including any non-competition, non-solicitation, non-disparagement or confidentiality covenants, contained in this <u>Section 9</u>, or obligations hereunder, including those contained in <u>Section 11(j)</u>, (i) the Participant's entitlement to Severance Benefits or CIC Severance Benefits shall be null and void, (ii) the Participant's rights to receive or continue to receive Severance Benefits or CIC Severance Benefits shall thereupon cease, and (iii) the Participant shall immediately repay to the Company all amounts theretofore paid to, and the value of all benefits theretofore received by, the Participant under this Plan. The foregoing shall not limit any other rights or remedies the Company may have existing in its favor, including injunctive relief.

SECTION 10.<u>Offset; No Mitigation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)To the extent permitted by Section 409A of the Code, the amount of a Participant's payments under this Plan shall be reduced to the extent necessary to defray amounts owed by the Participant due to unused expense account balances, overpayment of salary, awards or bonuses, advances or loans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)In no event shall any Participant be obligated to seek other employment or take any other action by way of mitigation of the amounts payable to the Participant under any of the provisions of this Plan and, such amounts shall not be reduced whether or not the Participant obtains other employment, except as otherwise expressly provided herein.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Notwithstanding any provision of the Plan to the contrary, if a Participant qualifies for Statutory Severance Pay and would otherwise also be entitled to Severance Benefits or CIC Severance Benefits pursuant to <u>Section 4</u> or <u>5</u>, the amount of Severance Benefits or CIC Severance Benefits to which such Employee would otherwise be entitled will be reduced:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)In the case of Severance Benefits payable in substantially equal installments, by the aggregate amount of Statutory Severance Pay paid to the Participant for the period covered by an installment; <u>provided</u>, <u>however</u>, where the Participant receives Statutory Severance Pay other than in regular installments (such as in a lump sum), the Statutory Severance Pay, for purposes of the reduction provided by this <u>Section 10(c)</u>, will be deemed to have been paid in an amount equal to the Participant's Base Salary, as determined by ULS, for each installment period until the aggregate of such deemed payments equals the aggregate Statutory Severance Pay paid to the Participant; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)In the case of Severance Benefits or CIC Severance Benefits payable other than in substantially equal installments (e.g., in the form of a lump sum), by the aggregate amount of Statutory Severance Pay paid to the Employee and such reduction will be dollar-for-dollar against the first dollars of Severance Benefits or CIC Severance Benefits that otherwise would have been paid, but for this reduction.

SECTION 11.<u>Miscellaneous</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)<u>Notices</u>. Notices and all other communications provided for herein shall be in writing and shall be deemed to have been duly given when personally delivered or when mailed by United States registered or certified mail, return receipt requested, postage prepaid, addressed as follows:

If to the Company or ULS:&nbsp;&nbsp;&nbsp;&nbsp;UL Solutions Inc.<br>Attn: Chief Legal Officer<br>333 Pfingsten Road<br>Northbrook, Illinois 60062

If to a Participant:&nbsp;&nbsp;&nbsp;&nbsp;At the most recent address<br>on file with the Company

or to such other address as either party may furnish to the other in writing in accordance herewith, except that notices of changes of address shall be effective only upon receipt.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)<u>Governing Law</u>. This Plan will be deemed to be made in the state of Illinois and, to the extent not preempted by Federal law, the validity, interpretation, construction and performance of this Plan in all respects will be governed by the laws of the state of Illinois without regard to its principles of conflicts of law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)<u>No Waiver</u>. The failure of ULS or a Participant to insist upon strict adherence to any term of this Plan on any occasion shall not be considered to be a waiver of the rights of ULS or such Participant nor deprive ULS or such Participant of the right thereafter to insist upon strict adherence to that term or any other term of this Plan. No failure or delay by ULS or any Participant in (a) giving notice of any breach to the other, (b) requiring compliance with a provision of this Plan or (c) exercising any other right or

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power hereunder will operate as a waiver thereof, nor will any single or partial exercise of any such right or power, or any abandonment of any steps to enforce such right or power, preclude any other or further exercise thereof or the exercise of any other right or power.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)<u>Severability</u>. If an arbitrator or court of competent jurisdiction determines that any provision of this Plan is invalid or unenforceable, then the invalidity or unenforceability of that provision shall not affect the validity or enforceability of any other provision of this Plan, and all other provisions shall remain in full force and effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)<u>Withholding of Taxes and Other Employee Deductions</u>. ULS may withhold, or cause to be withheld, from any benefits and payments made pursuant to this Plan all federal, state, city and other taxes as may be required pursuant to any law or governmental regulation or ruling and all other normal employee deductions made with respect to ULS's employees generally. ULS may also set-off and deduct from any benefits and payments hereunder any unpaid credit card balances charged on ULS credit cards or invoiced to ULS for employee expenses and any other outstanding employee loans or debts to ULS, subject to applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)<u>Headings</u>. The paragraph headings have been inserted for purposes of convenience and shall not be used for interpretive purposes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)<u>Interpretations</u>. For purposes of this Plan, the words "include" and "including," and variations thereof, shall not be deemed to be terms of limitation but rather shall be deemed to be followed by the words "without limitation". The term "or" is not exclusive. The word "extent" in the phrase "to the extent" shall mean the degree to which a subject or other thing extends, and such phrase shall not mean simply "if." Wherever the context so requires, the masculine gender includes the feminine or neuter, and the singular number includes the plural and conversely.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)<u>Successors</u>. This Plan shall be binding upon and inure to the benefit of the Company and any successor of the Company, including without limitation any Person which may hereafter acquire or succeed to all or substantially all of the business or assets of the Company by any means whether direct or indirect, by purchase, merger, consolidation, or otherwise and the Company shall require any such acquirer or successor to assume this Plan and the obligations and liabilities contemplated hereunder, including, but not limited to the amendment and termination obligations contemplated under <u>Section 11(l)</u>. Participants' rights, benefits and obligations under this Plan are personal and shall not be voluntarily or involuntarily assigned, alienated, or transferred, whether by operation of law or otherwise, without the prior written consent of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)<u>Non-Duplication</u>. The Severance Benefits and CIC Severance Benefits provided under this Plan are not intended to result in any duplicative benefits to a Participant and this Plan shall be administered accordingly. Accordingly, the Committee, in good faith, shall exercise its discretion and to the extent permitted under applicable law, equitably offset against a Participant's severance benefits under this Plan against any Statutory Severance Pay or other severance, termination, or similar benefits payable to a Participant by the Company or amounts paid to comply with, or satisfy liability under Applicable Law, including, but not limited to, any law requiring payments in connection with any termination of Employment, plant shutdown, workforce reduction, paid leaves of absence, back pay, benefits, and other payments intended to satisfy such liability or alleged liability. For the avoidance of doubt, a Participant shall not be entitled to benefits under both this Plan and any other severance program for which the Participant otherwise

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would have been eligible or agreement providing for severance benefits to which the Participant is subject through ULS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)<u>Deemed Resignations</u>. Any termination of a Participant's Employment shall constitute an automatic resignation of such Participant as an officer of the Company and each Affiliate of the Company, an automatic resignation from the board of directors (or similar governing body), as applicable, of the Company and each Affiliate of the Company and from the board of directors or similar governing body of any corporation, limited liability company or other entity in which the Company or any Affiliate holds an equity interest and with respect to which board or similar governing body such Participant serves as the Company's or such Affiliate's designee or other representative. The Participant agrees to cooperate with ULS as reasonably required and requested by ULS in order to effectuate Participant's resignation(s) in accordance with this <u>Section 11(j)</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)<u>No Guarantee of Employment</u>. This Plan shall not be construed as creating any contract of Employment between ULS, on the one hand, and any Participant, on the other hand, nor shall this Plan be construed as restricting in any way the rights of ULS to terminate the Employment of any Participant at any time and for any reason subject, however, to any rights of a Participant under this Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)<u>Amendment and Termination of this Plan</u>. Except as specifically provided in <u>Section 8</u>, the Committee may amend, modify or terminate this Plan at any time; provided, however, that (i) no such amendment or modification that materially reduces the rights of a Participant hereunder will be effective until six months following Committee approval of such amendment or modification, (ii) the Committee may not amend, modify or terminate this Plan following the execution by the Company of a letter of intent containing an exclusivity provision, definitive purchase or sale agreement or substantially similar document, in each case, associated with a Change in Control but before a Change in Control occurs, which prohibition expires if no Change in Control occurs within six months following such execution, and (iii) the Committee may not amend, modify or terminate this Plan during the Protection Period without an impacted Participant's written consent. For the avoidance of doubt, a Participation's participation in this Plan shall terminate upon the earliest to occur of (A) the date of termination of the Participant's Employment by ULS if no benefits are payable under the Plan, (B) the date ULS satisfies its obligation, if any, to make payments and provide benefits to the Participant pursuant to the Plan, and (C) termination of the Plan in accordance with this <u>Section 11(l)</u> prior to the date the Participant terminates Employment with ULS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)<u>No Interference; Defend Trade Secrets Act</u>. Notwithstanding any other provision of this Plan, nothing in this Plan shall prohibit the Participant from confidentially or otherwise (without informing any member of ULS) communicating or filing a charge or complaint with a federal, state, local or other governmental agency or regulatory (including self-regulatory) entity including concerning alleged or suspected criminal conduct or unlawful employment practices; participating in a governmental agency or regulatory entity investigation or proceeding; giving truthful testimony, statements, or disclosures to a governmental agency or regulatory entity, or if properly subpoenaed or otherwise required to do so under applicable law (including any regulation or legal process); or requesting or receiving confidential legal advice (at the Participant's own expense). However, nothing herein limits or waives UL's right to seek arbitration or dismissal (pursuant to <u>Section 7(i)</u> above or otherwise) of any claim or dispute, if any, brought by or on behalf of the Participant in any court. In accordance with the Defend Trade Secrets Act of 2016, (i) the Participant shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that: (A) is

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made (I) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney; and (II) solely for the purpose of reporting or investigating a suspected violation of law; or (B) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal, and (ii) if the Participant files a lawsuit for retaliation by ULS for reporting a suspected violation of law, the Participant may disclose a trade secret to his or her attorney and use the trade secret information in the court proceeding, if the Participant files any document containing the trade secret under seal and does not disclose the trade secret except pursuant to court order.

SECTION 12.<u>Survival</u>. The provisions of this Plan shall survive and remain binding and enforceable, notwithstanding the expiration or termination of this Plan, the termination of a Participant's Employment for any reason or any settlement of the financial rights and obligations arising from such Participant's participation hereunder, to the extent necessary to preserve the intended benefits of such provisions.

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**EXHIBIT A**

**UL SOLUTIONS INC. EXECUTIVE REGULAR AND CHANGE IN CONTROL<br>SEVERANCE PLAN ACCEPTANCE AGREEMENT**

This Acceptance Agreement (this "<u>Acceptance Agreement</u>") is entered into as of _________, 20[___] between UL Solutions Inc., a Delaware corporation (formerly known as UL Inc. and referred to hereinafter as the "<u>Company</u>"), and ______________ (the "<u>Executive</u>").

**WHEREAS**, the Human Capital and Compensation Committee of the Company's Board of Directors (the "<u>Committee</u>") has adopted the UL Solutions Inc. Executive Regular and Change in Control Severance Plan (the "<u>Plan</u>"), amended and restated effective as of May 20, 2025, to provide certain benefits to participants upon a qualifying termination of employment as contemplated under the Plan;

**WHEREAS**, the Committee has decided to offer the Executive the opportunity to participate in the Plan, subject to the terms of this Acceptance Agreement; and

**WHEREAS**, as a condition of eligibility to participate in the Plan, the Executive must agree to enter into this Acceptance Agreement.

**NOW, THEREFORE**, in consideration of the mutual covenants, promises and obligations set forth herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Company and the Executive agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.<u>Plan</u>. The terms of the Plan, as amended and restated, are specifically incorporated herein as a part of this Acceptance Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.<u>Definitions</u>. The capitalized terms used but not defined in this Acceptance Agreement shall have the meaning set forth in the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.<u>Acknowledgment and Acceptance of Plan</u>. By signing this Acceptance Agreement, the Executive hereby acknowledges, understands, and agrees that the Executive has read and understands the terms and effect of the Plan and this Acceptance Agreement and the Executive knowingly and voluntarily, in exchange for consideration in addition to anything of value to which the Executive already is entitled, agrees to participate in the Plan, as in effect on the date of this Acceptance Agreement and as may be subsequently amended and restated, including without limitation the restrictive covenants and obligations set forth in <u>Sections 9</u> and <u>11(j)</u> of the Plan. The Executive further acknowledges that (a) the Executive has had an opportunity to consult with counsel and a sufficient period of time in which to consider whether to sign this Acceptance Agreement, (b) the Committee, in its sole discretion, may rescind its selection and designation of the Executive as eligible to participate in the Plan in accordance with <u>Section 2</u> thereof, and (c) the Committee, in its sole discretion, may amend, modify or terminate the Plan without the Participant's consent in accordance with <u>Section 11(l)</u> thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.<u>Counterparts</u>. This Acceptance Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original but all of which together shall constitute one and the same instrument.

Exhibit A-1

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.<u>Adequacy of Consideration</u>. The Executive acknowledges and agrees that eligibility to receive the Severance Benefits or CIC Severance Benefits under the Plan and continued employment are good and valuable consideration for being subject to the terms of the Plan (including the restrictive covenants contained in the Plan) and this Acceptance Agreement.

IN WITNESS WHEREOF, the parties have executed this Acceptance Agreement as of the ____ day of ___________, 20__.

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| |
|:---|
| **UL SOLUTIONS INC.**<br>By:&nbsp;&nbsp;&nbsp;&nbsp;<br>Name:&nbsp;&nbsp;&nbsp;&nbsp;<br>Title: |
| **EXECUTIVE** |
| Name: |

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Exhibit A-2

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**EXHIBIT B**

[Redacted]

Exhibit B-1

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**EXHIBIT C**

**<u>PARTICIPANTS</u>**

**(as of May 20, 2025)**

<u>Tier I</u>

Chief Executive Officer (CEO)

<u>Tier II</u>

Each Eligible Employee with a title of Executive Vice President (and, for the avoidance of doubt, excluding the CEO), but only to the extent that such Eligible Employee remains an Executive Vice President.

317673808v.2

Exhibit C-1

## Exhibit 31.1

**Exhibit 31.1**

**CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER PURSUANT TO EXCHANGE ACT RULES 13a-14(a) AND 15d-14(a) AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002** 

I, Jennifer Scanlon, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of UL Solutions Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)[Paragraph intentionally omitted pursuant to Exchange Act Rule 13a-14(a)];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

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| | | |
|:---|:---|:---|
| Date: August 5, 2025 | By | /s/ Jennifer F. Scanlon |
| | | Jennifer F. Scanlon |
| | | President and Chief Executive Officer |
| | | (Principal Executive Officer) |

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## Exhibit 31.2

**Exhibit 31.2**

**CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER PURSUANT TO EXCHANGE ACT RULES 13a-14(a) AND 15d-14(a) AS ADOPTED PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002** 

I, Ryan Robinson, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q of UL Solutions Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)[Paragraph intentionally omitted pursuant to Exchange Act Rule 13a-14(a)];

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: August 5, 2025 | By | /s/ Ryan D. Robinson |
| | | Ryan D. Robinson |
| | | Executive Vice President and Chief Financial Officer |
| | | (Principal Financial Officer) |

---

## Exhibit 32.1

**Exhibit 32.1**

**CERTIFICATION OF PRINCIPAL EXECUTIVE OFFICER PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT of 2002**

I, Jennifer Scanlon, President and Chief Executive Officer of UL Solutions Inc. (the "Company"), certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that the Quarterly Report on Form 10-Q of the Company for the period ended June 30, 2025 (the "Report"), fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | | |
|:---|:---|:---|
| Date: August 5, 2025 | By | /s/ Jennifer F. Scanlon |
| | | Jennifer F. Scanlon |
| | | President and Chief Executive Officer |
| | | (Principal Executive Officer) |

---

## Exhibit 32.2

**Exhibit 32.2**

**CERTIFICATION OF PRINCIPAL FINANCIAL OFFICER PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT of 2002**

I, Ryan Robinson, Executive Vice President and Chief Financial Officer of UL Solutions Inc. (the "Company"), certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that the Quarterly Report on Form 10-Q of the Company for the period ended June 30, 2025 (the "Report"), fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | | |
|:---|:---|:---|
| Date: August 5, 2025 | By | /s/ Ryan D. Robinson |
| | | Ryan D. Robinson |
| | | Executive Vice President and Chief Financial Officer |
| | | (Principal Financial Officer) |

---

<br>