# EDGAR Filing Document

**Accession Number:** 0002090312
**File Stem:** 0001104659-26-057155
**Filing Date:** 2026-5
**Character Count:** 1947904
**Document Hash:** 515a7ba1d207052ccf040ad018337927
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-057155.hdr.sgml**: 20260507

**ACCESSION NUMBER**: 0001104659-26-057155

**CONFORMED SUBMISSION TYPE**: 10-12B

**PUBLIC DOCUMENT COUNT**: 24

**FILED AS OF DATE**: 20260507

**DATE AS OF CHANGE**: 20260507

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Mobility Global Inc.
- **CENTRAL INDEX KEY:** 0002090312
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-BUSINESS SERVICES, NEC [7389]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-12B
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-43276
- **FILM NUMBER:** 26953466

**BUSINESS ADDRESS:**
- **STREET 1:** 1906 RESTON METRO PLAZA
- **CITY:** RESTON
- **STATE:** VA
- **ZIP:** 20190
- **BUSINESS PHONE:** 703-934-2664

**MAIL ADDRESS:**
- **STREET 1:** 1906 RESTON METRO PLAZA
- **CITY:** RESTON
- **STATE:** VA
- **ZIP:** 20190

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** S&P Global Mobility Holding Co
- **DATE OF NAME CHANGE:** 20251007

**As Filed with the Securities and Exchange Commission on May 7, 2026.

File No. 001-

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549

FORM 10

GENERAL FORM FOR REGISTRATION OF SECURITIES PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934

Mobility Global Inc. (Exact Name of Registrant as Specified in Its Charter)

Delaware 39-4621962 <br> (State or Other Jurisdiction of Incorporation or Organization) (I.R.S. Employer Identification Number)

5860 Trinity Parkway, Suite 600 Centreville, Virginia 20120 (Address of Principal Executive Offices)

703-934-2664 (Registrant's telephone number, including area code)

Copies to:

Michael Kaplan Roshni Banker Cariello Arisa A. Sin Davis Polk & Wardwell LLP 450 Lexington Avenue New York, New York 10017

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

---

| | |
|:---|:---|
| Title of Each Class <br>| Name of Each Exchange on Which Registered <br>|
| Common Stock, par value $0.01 per share  | New York Stock Exchange  |

---

Securities registered pursuant to Section 12(g) of the Act: None

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

Large accelerated filer ☐ Accelerated filer ☐ <br> Non-accelerated filer ☒ Smaller reporting company ☐ <br> Emerging growth company ☐

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. ☐

------**

#### Mobility Global Inc.

#### INFORMATION REQUIRED IN REGISTRATION STATEMENT

#### CROSS-REFERENCE SHEET BETWEEN INFORMATION STATEMENT AND ITEMS OF FORM 10
Certain information required to be included herein is incorporated by reference to specifically identified portions of the body of the information statement filed herewith as Exhibit 99.1 (the "information statement"). None of the information contained in the information statement shall be incorporated by reference herein or deemed to be a part hereof unless such information is specifically incorporated by reference.

#### Item 1.

#### Business.
The information required by this item is contained in the sections "Summary," "Risk Factors," "Special Note Regarding Forward-Looking Statements," "The Separation," "Capitalization," "Unaudited Pro Forma Condensed Combined Financial Information," "Management's Discussion and Analysis of Financial Condition and Results of Operations," "Business," "Compensation Discussion and Analysis," "Management," "Certain Relationships and Related Party Transactions," "Where You Can Find More Information" and "Index to Combined Unaudited Financial Statements and Combined Financial Statements" (and the statements referenced therein) of the information statement. Those sections are incorporated herein by reference.

#### Item 1A.

#### Risk Factors.
The information required by this item is contained in the sections "Risk Factors" and "Special Note Regarding Forward-Looking Statements" of the information statement. Those sections are incorporated herein by reference.

#### Item 2.

#### Financial Information.
The information required by this item is contained in the sections "Summary," "Risk Factors," "Capitalization," "Unaudited Pro Forma Condensed Combined Financial Information," "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Index to Combined Unaudited Financial Statements and Combined Financial Statements" (and the statements referenced therein) of the information statement. Those sections are incorporated herein by reference.

#### Item 3.

#### Properties.
The information required by this item is contained in the section "Business — Properties" of the information statement. That section is incorporated herein by reference.

#### Item 4.

#### Security Ownership of Certain Beneficial Owners and Management.
The information required by this item is contained in the section "Ownership of Common Stock by Certain Beneficial Owners and Management" of the information statement. That section is incorporated herein by reference.

#### Item 5.

#### Directors and Executive Officers.
The information required by this item is contained in the section "Management" of the information statement. That section is incorporated herein by reference.

#### Item 6.

#### Executive Compensation.
The information required by this item is contained in the sections "Compensation Discussion and Analysis" and "Management" of the information statement. Those sections are incorporated herein by reference.

------

#### Item 7.

#### Certain Relationships and Related Transactions, and Director Independence.
The information required by this item is contained in the sections "The Separation — Agreements with S&P Global," "Certain Relationships and Related Party Transactions," "Management," "Compensation Discussion and Analysis" and "Ownership of Common Stock by Certain Beneficial Owners and Management" of the information statement. Those sections are incorporated herein by reference.

#### Item 8.

#### Legal Proceedings.
The information required by this item is contained in the section "Business — Legal Proceedings" of the information statement. That section is incorporated herein by reference.

#### Item 9.

#### Market Price of and Dividends on the Registrant's Common Equity and Related Stockholder Matters.
The information required by this item is contained in the sections "Summary," "Risk Factors," "The Separation," "Dividend Policy," "Capitalization" and "Description of Capital Stock" of the information statement. Those sections are incorporated herein by reference.

#### Item 10.

#### Recent Sales of Unregistered Securities.
The information required by this item is contained in the section "Description of Capital Stock — Distributions of Securities" of the information statement. That section is incorporated herein by reference.

#### Item 11.

#### Description of Registrant's Securities to Be Registered.
The information required by this item is contained in the section "Description of Capital Stock" of the information statement. That section is incorporated herein by reference.

#### Item 12.

#### Indemnification of Directors and Officers.
The information required by this item is contained in the section "Description of Capital Stock" of the information statement. That section is incorporated herein by reference.

#### Item 13.

#### Financial Statements and Supplementary Data.
The information required by this item is contained in the section "Index to Combined Unaudited Financial Statements and Combined Financial Statements" (and the statements referenced therein) of the information statement. That section is incorporated herein by reference.

#### Item 14.

#### Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.
Not applicable.

#### Item 15.

#### Financial Statements and Exhibits.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)

#### Financial Statements
The information required by this item is contained in the section "Index to Combined Unaudited Financial Statements and Combined Financial Statements" (and the statements referenced therein) of the information statement. That section is incorporated herein by reference.

------

&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; (b)

#### Exhibits
The following documents are filed as exhibits hereto:

---

| | |
|:---|:---|
| **Exhibit <br> Number**  | **Exhibit Title**  |
| &nbsp;&nbsp; 2.1†+ | [Form of Separation and Distribution Agreement between S&P Global Inc. and Mobility Global Inc.](tm2528763d8_ex2-1.htm)  |
| &nbsp;&nbsp; 3.1 | [Form of Amended and Restated Articles of Incorporation of Mobility Global Inc.](tm2528763d8_ex3-1.htm)  |
| &nbsp;&nbsp; 3.2 | [Form of Amended and Restated Bylaws of Mobility Global Inc.](tm2528763d8_ex3-2.htm)  |
| 10.1†+ | [Form of Transition Services Agreement between S&P Global Inc. and Mobility Global Inc.](tm2528763d8_ex10-1.htm)  |
| 10.2†+ | [Form of Tax Matters Agreement between S&P Global Inc. and Mobility Global Inc.](tm2528763d8_ex10-2.htm)  |
| 10.3† | [Form of Employee Matters Agreement between S&P Global Inc. and Mobility Global Inc.](tm2528763d8_ex10-3.htm)  |
| 10.4†+ | [Offer Letter of William W. Eager dated July 28, 2025](tm2528763d8_ex10-4.htm) |
| 10.5†+ | [Offer Letter of Matthew A. Calderone dated December 2, 2025](tm2528763d8_ex10-5.htm) |
| 10.6†+ | [Offer Letter of Scott Fredericks dated November 17, 2025](tm2528763d8_ex10-6.htm) |
| 10.7†+ | [Offer Letter of Joseph S. LaFeir dated November 10, 2025](tm2528763d8_ex10-7.htm) |
| 10.8†+ | [Offer Letter of Tasha Matharu dated January 21, 2026](tm2528763d8_ex10-8.htm) |
| 10.9\* | Form of Mobility Global Inc. 2026 Long Term Incentive Plan |
| 10.10\* | Form of Indemnification Agreement for Non-Employee Directors |
| 10.11 | [Retention Letter of Joseph S. LaFeir dated May 6, 2025](tm2528763d8_ex10-11.htm)  |
| 10.12 | [Retention Letter of Tasha Matharu dated August 7, 2025](tm2528763d8_ex10-12.htm)  |
| 10.13† | [Revolving Credit Agreement by and among Mobility Global Inc. and the Lenders named therein dated May 6, 2026](tm2528763d8_ex10-13.htm) |
| 21.1 | [Subsidiaries of the Registrant](tm2528763d8_ex21-1.htm)  |
| 99.1 | [Preliminary Information Statement dated May 7, 2026](tm2528763d7_ex99-1.htm) |
| 99.2\* | Form of Notice of Internet Availability of Information Statement Materials |

---

\*

To be filed by amendment.

†

Certain schedules and exhibits to this agreement have been omitted pursuant to Item 601(a)(5) of Regulation S-K. A copy of any omitted schedule and/or exhibit will be furnished supplementally to the SEC upon request.

+

Certain personally identifiable information has been omitted from this exhibit pursuant to Item 601(a)(6) of Regulation S-K.

------

#### SIGNATURE
Pursuant to the requirements of Section 12 of the Securities Exchange Act of 1934, the registrant has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized.

#### Mobility Global Inc.
By:

/s/ William W. Eager

Name:

William W. Eager

Title:

Chief Executive Officer

Date: May 7, 2026

------

## Exhibit 2.1

**Exhibit 2.1**

Certain schedules and exhibits to this agreement have been omitted pursuant to Item 601(a)(5) of Regulation S-K. A copy of any omitted schedule and/or exhibit will be furnished supplementally to the SEC upon request.

[\*\*\*] Certain information in this document has been excluded pursuant to Regulation S-K, Item 601(a)(6). Such excluded information is not material and is the type that the registrant treats as private or confidential.

**SEPARATION AND DISTRIBUTION AGREEMENT**

by and between

S&P GLOBAL INC.

and

Mobility Global Inc.

Dated as of [·], 2026

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
|  |  | <u>Page</u> |
| Article 1 | Article 1 | Article 1 |
| Definitions and Interpretation | Definitions and Interpretation | 2 |
| Section 1.01. | Definitions | 2 |
| Section 1.02. | Interpretation | 12 |
| Article 2 | Article 2 | Article 2 |
| Prior to the Distribution | Prior to the Distribution | 13 |
| Section 2.01. | Information Statement; Listing | 13 |
| Section 2.02. | Restructuring and Other Actions prior to the Distribution Time | 13 |
| Section 2.03. | Transfers of Certain Other Assets and Liabilities | 14 |
| Section 2.04. | Restructuring Agreements | 15 |
| Section 2.05. | Shared Contracts | 16 |
| Section 2.06. | Agreement Relating To Consents Necessary To Transfer Assets | 17 |
| Section 2.07. | Intercompany Accounts | 17 |
| Section 2.08. | Intercompany Agreements | 18 |
| Section 2.09. | Bank Accounts; Cash Balances | 18 |
| Section 2.10. | Replacement of Guarantees | 19 |
| Section 2.11. | Further Assurances and Consents | 19 |
| Section 2.12. | Waiver of Bulk-Sale and Bulk-Transfer Laws | 19 |
| Article 3 | Article 3 | Article 3 |
| Distribution | Distribution | 20 |
| Section 3.01. | Conditions Precedent to Distribution | 20 |
| Section 3.02. | The Distribution | 21 |
| Section 3.03. | Fractional Shares | 22 |
| Section 3.04. | NO REPRESENTATIONS OR WARRANTIES | 22 |
| Article 4 | Article 4 | Article 4 |
| Covenants | Covenants | 23 |
| Section 4.01. | Access to Information | 23 |
| Section 4.02. | Litigation Cooperation | 23 |
| Section 4.03. | Management of Actions | 24 |
| Section 4.04. | Reimbursement | 25 |
| Section 4.05. | Ownership of Information | 25 |
| Section 4.06. | Retention of Records | 25 |
| Section 4.07. | Confidentiality | 26 |
| Section 4.08. | Privileged Information | 27 |
| Section 4.09. | Limitation of Liability | 29 |
| Section 4.10. | Other Agreements Providing for Exchange of Information | 29 |

---

---

| | | |
|:---|:---|:---|
| Section 4.11. | Insurance Matters | 29 |
| Section 4.12. | Intellectual Property License | 30 |
| Section 4.13. | Trademark Phase Out | 32 |
| Section 4.14. | Personal Information | 33 |
| Section 4.15. | Restrictive Covenants | 34 |
| Section 4.16. | Inducement | 34 |
| Article 5 | Article 5 | Article 5 |
| Release; Indemnification | Release; Indemnification | 34 |
| Section 5.01. | Release of Pre-Distribution Claims | 34 |
| Section 5.02. | SpinCo Indemnification of the SPGI Group | 35 |
| Section 5.03. | SPGI Indemnification of the SpinCo Group | 36 |
| Section 5.04. | Procedures | 37 |
| Section 5.05. | Calculation of Indemnification Amount | 38 |
| Section 5.06. | Contribution | 38 |
| Section 5.07. | Non-Exclusivity of Remedies | 39 |
| Section 5.08. | Survival of Indemnities | 39 |
| Section 5.09. | Ancillary Agreements | 39 |
| Article 6 | Article 6 | Article 6 |
| Miscellaneous | Miscellaneous | 39 |
| Section 6.01. | Notices | 39 |
| Section 6.02. | Amendments; No Waivers | 40 |
| Section 6.03. | Expenses | 40 |
| Section 6.04. | Successors and Assigns | 40 |
| Section 6.05. | Governing Law | 40 |
| Section 6.06. | Counterparts; Effectiveness; Third-party Beneficiaries | 41 |
| Section 6.07. | Entire Agreement | 41 |
| Section 6.08. | Tax and Employee Matters | 41 |
| Section 6.09. | Dispute Resolution | 41 |
| Section 6.10. | Jurisdiction | 43 |
| Section 6.11. | WAIVER OF JURY TRIAL | 42 |
| Section 6.12. | Termination | 43 |
| Section 6.13. | Severability | 43 |
| Section 6.14. | Survival | 44 |
| Section 6.15. | Captions | 44 |
| Section 6.16. | Interpretation | 44 |
| Section 6.17. | Specific Performance | 44 |
| Section 6.18. | Performance | 44 |

---

ii

---

| | |
|:---|:---|
| **<u>SCHEDULES</u>** |  |
| <u>Schedule 1.01(b)</u> | Specified SpinCo IT Assets |
| <u>Schedule 1.01(c)</u> | Specified SPGI Assets |
| <u>Schedule 1.01(d)</u> | Specified SPGI Liabilities |
| <u>Schedule 1.01(e)</u> | Specified SpinCo Trademarks |
| <u>Schedule 1.01(f)</u> | Specified SpinCo IP |
| <u>Schedule 1.01(g)</u> | Specified Shared Contracts |
| <u>Schedule 1.01(h)</u> | Specified SpinCo Contracts |
| <u>Schedule 1.01(i)</u> | Specified SpinCo Equity Interests |
| <u>Schedule 1.01(j)</u> | SpinCo Subsidiaries |
| <u>Schedule 1.01(k)</u> | Specified SpinCo Actions |
| <u>Schedule 1.01(l)</u> | Specified SpinCo Liabilities |
| <u>Schedule 1.01(m)</u> | Specified SpinCo Leases |
| <u>Schedule 2.02(b)</u> | SPGI Cash Distribution |
| <u>Schedule 2.10</u> | Guarantees |
| <u>Schedule 4.12(a)</u> | SPGI Licensed IP |
| <u>Schedule 4.12(b)</u> | SpinCo Licensed IP |
| <u>Schedule 5.03(b)</u> | SPGI Information |
| <u>Schedule 6.03</u> | Allocation of Certain Expenses |
| **<u>EXHIBITS</u>** |  |
| <u>Exhibit A</u> | Employee Matters Agreement |
| <u>Exhibit B</u> | Tax Matters Agreement |
| <u>Exhibit C</u> | Transition Services Agreement |
| <u>Exhibit D</u> | Amended and Restated Certificate of Incorporation |
| <u>Exhibit E</u> | Amended and Restated Bylaws |
| <u>Exhibit F</u> | Commercial Agreement(s) |
| **<u>ANNEXES</u>** |  |
| <u>Annex A</u> | Restructuring Plan |

---

**SEPARATION AND DISTRIBUTION AGREEMENT**

SEPARATION AND DISTRIBUTION AGREEMENT dated as of [·], 2026 (as the same may be amended from time to time in accordance with its terms and together with the schedules and exhibits hereto, this "**Agreement**") between S&P Global Inc., a New York corporation ("**SPGI**"), and Mobility Global Inc., a Delaware corporation ("**SpinCo**") (each, a "**Party**" and together, the "**Parties**").

**W I T N E S S E T H:**

WHEREAS, the Board of Directors of SPGI (the "**SPGI Board**") has determined that it is in the best interests of SPGI and its shareholders to separate the SpinCo Business from the SPGI Business;

WHEREAS, SpinCo is a wholly owned Subsidiary of SPGI that has been incorporated for the sole purpose of, and has not engaged in activities except in preparation for, the separation of the SpinCo Business from the SPGI Business, the Distribution and the transactions contemplated by this Agreement;

WHEREAS, in furtherance of the foregoing, the SPGI Board has determined that it is in the best interests of SPGI and its shareholders to distribute to the holders of the issued and outstanding shares of common stock, par value $1.00 per share, of SPGI (the "**SPGI Common Stock**") as of the Record Date, by means of a *pro rata* dividend, 100% of the issued and outstanding shares of common stock, par value $[·] per share, of SpinCo (the "**SpinCo Common Stock**"), on the basis of [·] share(s) of SpinCo Common Stock for every [·] then issued and outstanding share(s) of SPGI Common Stock, subject to the terms and conditions set forth in this Agreement (the "**Distribution**");

WHEREAS, SPGI and SpinCo have prepared, and SpinCo has filed with the Commission, the Form 10, which includes the Information Statement, and which sets forth appropriate disclosure concerning the SpinCo Group, the SpinCo Business and the Distribution;

[WHEREAS, the Distribution will be preceded by, among other things, (i) the Restructuring, pursuant to which, among other things[, certain assets, liabilities and equity interests constituting the SpinCo Business (other than the equity interests of SpinCo then held by SPGI, which will be cancelled], will be contributed, directly or indirectly, to SpinCo, which will include the contributions or deemed contributions of certain equity interests directly to SpinCo pursuant to the Restructuring Plan (such contributions of equity interests, the "**Contribution**"), (ii) the entry by SpinCo into the SpinCo Financing Arrangements, [(iii) the payment of the Special Cash Payment,] (iv) entry by SpinCo and/or members of the SpinCo Group, as applicable, into the Ancillary Agreements (to the extent not entered into in connection with the Restructuring or the Contribution), and (iv) the issuance of SpinCo to SPGI of [·] shares of SpinCo Common Stock as partial consideration for the Contribution;]

WHEREAS, for U.S. federal and state income tax purposes, it is intended that (i) the Contribution and the Distribution, taken together, will qualify as a "reorganization" within the meaning of Section 368(a)(1)(D) of the Internal Revenue Code of 1986 (the "**Code**") and each of SPGI and SpinCo will be a "party to the reorganization" within the meaning of Section 368(b) of the Code, (ii) the Contribution will qualify as a tax-free transaction under Sections 361(a) and 361(b) of the Code, (iii) the Distribution will qualify as a tax-free transaction under Sections 355(a) and 361(c) of the Code, except, in the case of Section 355(a), to the extent of cash received in lieu of fractional shares, and (iv) the SPGI Cash Distribution will qualify as a distribution to SPGI's creditors or shareholders of the cash paid to SPGI in the Special Cash Payment in connection with the reorganization for purposes of Section 361(b) of the Code and it is a condition to the Distribution that SPGI will have obtained the Tax Opinion to such effect as contemplated by Section 3.01(a)(ix);

WHEREAS, this Agreement, together with the Ancillary Agreements and other documents implementing the Contribution and the Distribution, is intended to be, and is hereby adopted pursuant to, a "plan of reorganization" within the meaning of Treas. Reg. Section 1.368-2(g);

WHEREAS, the Parties have determined to set forth the principal actions required to effect the transactions contemplated hereby and to set forth certain agreements that will govern the relationship between the Parties following the Distribution; and

WHEREAS, the Parties acknowledge that this Agreement and the Ancillary Agreements represent the integrated agreement of SPGI and SpinCo relating to the transactions contemplated hereby, are being entered into together, and would not have been entered into independently.

NOW, THEREFORE, in consideration of the mutual covenants and agreements contained in this Agreement, the Parties hereby agree as follows:

Article 1<br> Definitions and Interpretation

Section 1.01. *Definitions.* (a) As used in this Agreement, the following terms have the following meanings:

"**Action**" means any demand, claim, suit, action, arbitration, inquiry, investigation or other proceeding by or before any Governmental Authority or any arbitration or mediation tribunal.

"**Affiliate**" means, with respect to any Person, any other Person directly or indirectly controlling, controlled by, or under common control with, such other Person. For the purposes of this definition, "**control**" means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, by Contract or otherwise, and the terms "**controlling**" and "**controlled**" have meanings correlative to the foregoing. Notwithstanding any provision of this Agreement to the contrary (except where the relevant provision states explicitly to the contrary), for purposes of this Agreement and the Ancillary Agreements, (i) no member of the SPGI Group, on the one hand, and no member of the SpinCo Group, on the other hand, shall be deemed to be an Affiliate of the other and (ii) the term Affiliate with respect to SPGI includes only Affiliates that are entities controlled by SPGI.

"**Ancillary Agreement**" means each of the Employee Matters Agreement, the Transition Services Agreement, the Tax Matters Agreement, the Restructuring Agreements, the Commercial Agreement(s) and any other agreements, instruments, or certificates related thereto or to the transactions contemplated by this Agreement (in each case, together with the schedules, exhibits, annexes and other attachments thereto).

"**Applicable Law**" means, with respect to any Person, any federal, state, local or foreign law (statutory, common or otherwise), constitution, treaty, convention, ordinance, code, rule, regulation, order, injunction, judgment, decree, ruling, directive, guidance, instruction, direction, permission, waiver, notice, condition, limitation, restriction or prohibition or other similar requirement enacted, adopted, promulgated, imposed, issued or applied by a Governmental Authority that is binding upon or applicable to such Person, its properties or assets or its business or operations.

"**Business**" means, with respect to the SPGI Group, the SPGI Business, and, with respect to the SpinCo Group, the SpinCo Business.

"**Business Day**" means any day, other than Saturday, Sunday or other day on which commercial banks in New York, New York are authorized or required by Applicable Law to close.

"**Cash**" of any Person means all cash, cash equivalents, certificates of deposit, time deposits, marketable securities, negotiable instruments and short-term investments of such Person; *provided* that Cash shall not include any equity interests of any Person.

"**Commercial Agreement(s)**" means the [•].

"**Commercial Data**" means any and all data, databases and data sets owned by SPGI or any of its Subsidiaries.

"**Commission**" means the Securities and Exchange Commission.

"**Confidential Information**" means, with respect to a Group, (i) any information that is competitively sensitive, material or otherwise of value to the members of such Group and not generally known to the public, including product planning information, marketing strategies, financial information, information regarding operations, consumer and customer relationships, consumer and customer profiles, sales estimates, business plans and internal performance results relating to the past, present or future business activities of the members of such Group and the consumers, customers, clients and suppliers of the members of such Group, (ii) any scientific or technical information, design, invention, process, procedure, formula, or improvement that is commercially valuable and secret in the sense that its confidentiality affords any member of such Group a competitive advantage over its competitors and (iii) all confidential or proprietary concepts, documentation, reports, data, specifications, computer software, source code, object code, flow charts, databases, inventions, information, and trade secrets, in the case of each of clauses (i), (ii) and (iii) of this definition, to the extent related to such Group's Business; *provided* that information described in any of the foregoing clauses (i), (ii) or (iii), may be deemed the Confidential Information of both the SPGI Group and the SpinCo Group.

"**Contract**" means any written or oral commitment, contract, subcontract, agreement, lease, sublease, license, sublicense, understanding, sales order, purchase order, instrument, indenture, note or any other legally binding commitment or undertaking.

"**Distribution Agent**" means [Computershare Trust Company, N.A.].

"**Distribution Date**" means [July 1, 2026] or a later date determined by the SPGI Board in its sole discretion.

"**Distribution Documents**" means this Agreement and the Ancillary Agreements.

"**Distribution Time**" means the time at which the Distribution is effective on the Distribution Date, which shall be deemed to be 12:01 a.m. Eastern Time, on the Distribution Date.

"**Employee Matters Agreement**" means the Employee Matters Agreement dated as of the [date hereof] between SPGI and SpinCo substantially in the form of <u>Exhibit A</u>, as such agreement may be amended from time to time in accordance with its terms.

"**Environmental Law**" means any Applicable Law relating to (i) human or occupational health and safety; (ii) pollution or protection of the environment (including ambient air, indoor air, water vapor, surface water, groundwater, wetlands, drinking water supply, land surface or subsurface strata, biota and other natural resources); or (iii) Hazardous Materials including any Applicable Law relating to exposure to, or use, generation, manufacture, processing, management, treatment, recycling, storage, disposal, emission, discharge, transport, distribution, labeling, presence, possession, handling, Release or threatened Release of, any Hazardous Material and any Applicable Law relating to recordkeeping, notification, disclosure, registration and reporting requirements respecting Hazardous Materials.

"**Environmental Liabilities**" means all Liabilities (including all removal, remediation, reclamation, cleanup or monitoring costs, investigatory costs, response costs, natural resources damages, property damages, personal injury damages, costs of compliance with any settlement, judgment or other determination of Liability and indemnity, contribution or similar obligations and all costs and expenses, interest, fines, penalties or other monetary sanctions in connection therewith) relating to, arising out of or resulting from any (i) (A) Environmental Law, (B) actual or alleged generation, use, storage, manufacture, processing, recycling, labeling, handling, possession, management, treatment, transportation, distribution, emission, discharge or disposal, or arrangement for the transportation or disposal, of any Hazardous Material, or (C) actual or alleged presence of, Release or threatened Release of, or exposure to, any Hazardous Material (including to the extent relating to the actual or alleged exposure to Hazardous Material, any claims that arise under, or are covered by, workers' compensation laws or workers' compensation, disability or other insurance providing medical care or compensation to injured workers) or (ii) Contract or other consensual arrangement pursuant to which Liability is assumed or imposed with respect to any of the foregoing, and all costs and expenses, interest, fines, penalties or other monetary sanctions in connection therewith.

"**Equity Compensation Registration Statement**" means the Registration Statement on Form S-8 or such other form or forms as may be appropriate, as amended and supplemented, including all documents incorporated by reference therein, to effect the registration under the Securities Act of SpinCo Common Stock underlying certain equity awards granted to current and former officers, employees, directors and consultants of the SPGI Group to be assumed or replaced by SpinCo pursuant to the Employee Matters Agreement.

"**Escheat Payment**" means any payment required to be made to a Governmental Authority pursuant to an abandoned property, escheat or similar law.

"**Exchange Act**" means the Securities Exchange Act of 1934.

"**Form 10**" means the registration statement on Form 10 filed by SpinCo with the Commission to effect the registration of SpinCo Common Stock pursuant to the Exchange Act in connection with the Distribution, as such registration statement may be amended or supplemented from time to time.

"**Governmental Authority**" means any multinational, foreign, federal, state, local or other governmental, statutory or administrative authority, regulatory body or commission or any court, tribunal or judicial or arbitral authority which has any jurisdiction or control over either Party (or any of their Affiliates).

"**Group**" means, as the context requires, the SpinCo Group, the SPGI Group or either or both of them.

"**Hazardous Material**" means (i) any petroleum or petroleum products, radioactive materials, toxic mold, radon, asbestos or asbestos-containing materials in any form, lead-based paint, urea formaldehyde foam insulation, Per- and Polyfluoroalkyl Substances (PFAs) or polychlorinated biphenyls (PCBs); and (ii) any chemicals, materials, substances, compounds, mixtures, products or byproducts, biological agents, or living or genetically modified materials, pollutants, contaminants or wastes that are now or hereafter become defined or characterized as or included in the definition of "hazardous substances," "hazardous wastes," "hazardous materials," "extremely hazardous wastes," "restricted hazardous wastes," "special waste," "toxic substances," "pollutants," "contaminants," "toxic," "dangerous," "corrosive," "flammable," "reactive," "radioactive," or words of similar import, under any Applicable Law pertaining to the environment.

"**Improvements**" means any and all improvements, enhancements, modifications or derivative works.

"**Indebtedness**" of any Person means (i) indebtedness of such Person for borrowed money, (ii) indebtedness of such Person evidenced by notes, debentures, bonds or other similar instruments, (iii) indebtedness of such Person evidenced by letters of credit, banker's acceptances, bank guarantees, performance and surety bonds or similar credit instruments, (iv) all capitalized lease obligations, and (v) the obligations of such Person for the deferred purchase price of businesses, properties, securities, goods or services (including any "earn-outs").

"**Indemnitees**" means, as the context requires, the SPGI Indemnitees or the SpinCo Indemnitees.

"**Information Statement**" means the Information Statement to be sent to each holder of SPGI Common Stock in connection with the Distribution.

"**Intellectual Property Right**" means all intellectual property, industrial property, and proprietary rights worldwide, whether registered or unregistered, including rights in and to any Trademark, mask work, invention and invention disclosures (whether or not patentable), patent, copyright, work of authorship, design rights, trade secret and know-how (such as formulas, manufacturing or production processes and techniques, methods, schematics, technical data and designs, customer and supplier lists, financial and marketing plans, pricing and cost information) or rights in software, data, databases, and any other similar or other type of proprietary or intellectual property right worldwide, including any registrations or applications for registration of any of the foregoing, any provisionals, divisionals, continuations, continuations-in-part, renewals, reissuances, re-examinations, substitutions and extensions of any of the foregoing (as applicable), any right to sue or recover or retain damages and costs and attorneys' fees for the past, present or future infringement, misappropriation or other violation of any of the foregoing and any right to claim priority with respect to the foregoing.

"**IT Assets**" means information technology equipment and hardware, including desktop computers, desktop phones, printers, servers, workstations, routers, hubs, switches, data communications lines, personal laptops, personal mobile devices, cellular phones, tablets and end-user special use technology and all associated documentation owned, used, licensed or leased by SPGI or any of its Subsidiaries (excluding any public networks). For clarity, "IT Assets" do not include software or any Commercial Data.

"**Liabilities**" means any and all claims, debts, liabilities, damages and obligations (including any Escheat Payment) of any kind, character or description, whether absolute or contingent, matured or not matured, liquidated or unliquidated, accrued or unaccrued, known or unknown, whenever arising, including all costs and expenses (including attorneys' fees and expenses and associated investigation costs) relating thereto, and including those claims, debts, liabilities, damages and obligations arising under this Agreement, any Applicable Law, any Action or threatened Action, any order or consent decree of any Governmental Authority or any award of any arbitrator of any kind, and those arising under any Contract, including in connection with the enforcement of rights hereunder or thereunder.

"**NYSE**" means the New York Stock Exchange.

"**Permit**" means any license, permit, approval, consent, certification, franchise, registration or authorization which has been issued by or obtained from any Governmental Authority.

"**Person**" means an individual, corporation, partnership, limited liability company, joint venture, association, trust or other entity or organization, including a Governmental Authority or instrumentality thereof.

"**Personal Information**" means "personal information," "personally identifiable information," "personal data" or any term of similar intent, in each case as defined under Applicable Law pertaining to data privacy, data protection, cybersecurity or the processing of such information or data.

"**Personal Property**" means all tangible personal property, including furniture, equipment, merchandise and supplies, and excluding IT Assets, vehicles, books, records, files, papers, media, disks, drives and tapes.

"**Record Date**" means the close of business on [·].

"**Release**" means any release, spill, emission, leaking, dumping, pumping, injection, pouring, deposit, disposal, discharge, dispersal, leaching or migration into, onto, within or through the indoor or outdoor environment (including ambient air, surface water, groundwater, land surface or subsurface strata, soil and sediments) or into, through, or within any property, building, structure, fixture or equipment.

"**Restructuring**" means the reorganization of certain businesses, assets and liabilities of the SPGI Group and the SpinCo Group to be completed before the Distribution in accordance with the Restructuring Plan.

"**Restructuring Plan**" means that certain [Project Metropolis Global Macro Step Plan], attached hereto as <u>Annex A</u>.

"**Securities Act**" means the Securities Act of 1933.

"**Special Cash Payment**" means a cash payment from SpinCo in an amount of $[·], payable to SPGI prior to the Distribution as partial consideration for the Contribution.

"**Specified SpinCo IT Assets**" means the IT Assets set forth on Schedule 1.01(b).

"**SPGI Assets**" means all assets, properties and businesses, of whatever sort, nature or description, of SPGI or any of its Subsidiaries (including any member of the SpinCo Group), or that are used or held for use in the SPGI Business, other than the SpinCo Assets, including, for the avoidance of doubt:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all of the interests in any capital stock or other equity securities or interest of or in any Person, other than the SpinCo Equity Interests;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) except as set forth in clause (c) of the definition of "SpinCo Assets," all Cash of SPGI and its Subsidiaries as of the Distribution Time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all leases of, and other interest in, real property, in each case together with all buildings, fixtures and improvements erected thereon, other than the SpinCo Leased Real Property;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the SPGI Insurance Policies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the SPGI Records;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the SPGI Commercial Data;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) all rights of SPGI or any of its Subsidiaries arising under this Agreement or any of the Ancillary Agreements or any of the transactions contemplated hereby or thereby;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the Intellectual Property Rights owned by SPGI or any of its Subsidiaries that are not included in the SpinCo IP, including all SPGI Marks;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all Personal Property (excluding IT Assets) located on any real property not included in the SpinCo Assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) all IT Assets (other than SpinCo IT Assets);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) all accounts receivable other than those described in clause (g) of the definition of "SpinCo Assets";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) all recovery, rights, causes of action and awards, in each case, with respect to any Actions that are or relate to SPGI Liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) all of SPGI's and its Subsidiaries' right, title and interest in, to and under Contracts other than the SpinCo Contracts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) all of SPGI's and its Subsidiaries' Permits, except as set forth in clause (k)(ii) of the definition of "SpinCo Assets"; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) the assets, properties and businesses set forth on Schedule 1.01(c);

*provided* that, notwithstanding the foregoing, (i) the allocation of assets relating to Taxes shall be governed by the Tax Matters Agreement and, to the extent relating to Taxes, the Employee Matters Agreement and (ii) the allocation of Liabilities relating to the employment, employee benefits and employee compensation matters expressly covered by the Employee Matters Agreement shall be governed by the Employee Matters Agreement.

"**SPGI Business**" means all of the businesses conducted by SPGI and its Subsidiaries from time to time, whether before, on or after the Distribution, other than the SpinCo Business. For the avoidance of doubt, the SpinCo Assets will not be considered part of the SPGI Business.

"**SPGI Commercial Data**" means any and all Commercial Data used or held for use by SPGI or any of its Subsidiaries that is not included in the SpinCo Commercial Data.

"**SPGI Group**" means SPGI and its Subsidiaries (other than any member of the SpinCo Group).

"**SPGI Liabilities**" means (without duplication) all of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all Liabilities of SPGI and its Subsidiaries that are not SpinCo Liabilities and all such other Liabilities set forth on Schedule 1.01(d); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all Liabilities that are expressly contemplated by this Agreement or any other Ancillary Agreement as Liabilities to be retained or assumed by SPGI or any other member of the SPGI Group, and all agreements, obligations and other Liabilities of SPGI or any member of the SPGI Group under this Agreement or any of the other Ancillary Agreements;

*provided* that, notwithstanding the foregoing, (i) the allocation of Liabilities relating to Taxes shall be governed by the Tax Matters Agreement and, to the extent relating to Taxes, the Employee Matters Agreement, and (ii) the allocation of Liabilities relating to the employment, employee benefits and employee compensation matters expressly covered by the Employee Matters Agreement shall be governed by the Employee Matters Agreement.

"**SPGI Marks**" means any and all Trademarks and other source or business identifiers incorporating any Trademark owned by SPGI and its Subsidiaries that are not included in the SpinCo Trademarks, along with any variations or derivatives thereof.

"**SPGI Records**" means all books, records, files and papers, whether in hard copy or computer format, prepared in connection with this Agreement or the transactions contemplated hereby, all books, records, files and papers of the SpinCo Business to the extent required to be retained by SPGI or any of its Subsidiaries under Applicable Law, and all minute books and corporate records of SPGI and its Subsidiaries.

"**SpinCo Assets**" means, except as expressly otherwise contemplated in this Agreement or any Ancillary Agreement, the following assets of SPGI and its Subsidiaries:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all of SPGI's and its Subsidiaries' right, title and interest in, to and under the SpinCo Equity Interests (other than the equity interests of SpinCo);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Cash of each member of the SpinCo Group as of the Distribution Time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) (i) all Trademarks owned by SPGI or any of its Subsidiaries and used or held for use, in each case, exclusively in the conduct of the SpinCo Business by SPGI and its Subsidiaries as the same shall exist on the Distribution Date and (ii) the Trademarks set forth on Schedule 1.01(e), in each case, together with all corresponding rights that may be secured throughout the world with respect to any of the foregoing and any variations or derivatives thereof (clauses (i) and (ii) collectively, the "**SpinCo Trademarks**");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) (i) all Intellectual Property Rights (excluding all (A) Trademarks and (B) Commercial Data) that are owned by SPGI and its Subsidiaries and used or held for use, in each case, exclusively in the conduct of the SpinCo Business by SPGI and its Subsidiaries as the same shall exist on the Distribution Date [and (ii) the Intellectual Property Rights set forth on Schedule 1.01(f), in each case], together with all corresponding rights that may be secured throughout the world with respect to any of the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) all of SPGI's and its Subsidiaries' right, title and interest in and to the SpinCo Commercial Data;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) all of SPGI's and its Subsidiaries' rights to any recovery, rights, causes of action and awards, in each case, with respect to the Actions set forth on Schedule 1.01(k);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) accounts receivable of each member of the SpinCo Group to the extent generated by a SpinCo Asset for the SpinCo Business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) all of SPGI's and its Subsidiaries' right, title and interest in, to and under the SpinCo Contracts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) [(i) all IT Assets located in any SpinCo Leased Real Property and (ii) the Specified SpinCo IT Assets] (collectively, the "**SpinCo IT Assets**");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) all of SPGI's and its Subsidiaries' right, title and interest in, to and under all Personal Property located in any SpinCo Leased Real Property; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) all right, title and interest of SPGI and its Subsidiaries in, to and under the following assets, properties, rights and businesses (other than any equity interests in any Person, Intellectual Property Rights, Commercial Data, Cash, Contracts, IT Assets, Actions, and accounts receivable) of SPGI and its Subsidiaries to the extent owned, held or used, in each case, exclusively in the conduct of the SpinCo Business by SPGI and its Subsidiaries as the same shall exist on the Distribution 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;(i) all prepaid expenses, including ad valorem taxes, leases and rentals;

&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) all transferable Permits;

&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) all books, records, files and papers, including Personal Information, other than the SPGI Records; and

&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) all rights under warranties, indemnitees, guarantees, refunds and similar rights of SPGI and its Subsidiaries against Third Parties;

*provided* that, notwithstanding the foregoing, (i) the allocation of assets relating to Taxes shall be governed by the Tax Matters Agreement (other than the allocation of prepaid ad valorem Taxes, which shall be governed by clause (k)(i) above) and, to the extent relating to Taxes, the Employee Matters Agreement and (ii) the allocation of assets relating to the employment, employee benefits and employee compensation matters expressly covered by the Employee Matters Agreement shall be governed by the Employee Matters Agreement.

For the avoidance of doubt, the failure of any asset to satisfy an "exclusively used" standard shall not, in and of itself, preclude such asset from constituting a SpinCo Asset if such asset is reasonably necessary for the operation of the SpinCo Business and is otherwise expressly included in the definition of "SpinCo Assets".

"**SpinCo Business**" means the business of SPGI and its Subsidiaries with respect to providing analytics, marketing, planning solutions, reports, forecasts and vehicle history data for the automotive sector, currently operating under SPGI's Global Mobility division as described in SPGI's annual report on Form 10-K for the fiscal year ended December 31, 2025 and through its core brands, including but not limited to, Carfax, automotiveMastermind, Market Scan and Polk.

"**SpinCo Commercial Data**" means any and all Commercial Data used or held for use, in each case, exclusively in the conduct of the SpinCo Business by SPGI and its Subsidiaries as the same shall exist on the Distribution Date.

"**SpinCo Contracts**" means (i) the Contracts used or held for use, in each case, exclusively in the conduct of the SpinCo Business by SPGI and its Subsidiaries as the same shall exist on the Distribution Date, including any credit agreement, indenture, note or other financing agreement or instrument entered into by SpinCo or any member of the SpinCo Group in connection with the transactions contemplated by this Agreement, including any SpinCo Financing Arrangements; (ii) all leases, subleases, licenses, sublicenses and other occupancy Contracts governing the SpinCo Leased Real Property; (iii) the right, title and interest in, to and under the portion of those Contracts to be assigned to SpinCo in accordance with Section 2.05, which Contracts are set forth on Schedule 1.01(g) (such Contracts, the "**Shared Contracts**"); and (iv) the Contracts set forth on Schedule 1.01(h).

"**SpinCo Equity Interests**" means (i) the equity interests of each member of the SpinCo Group and (ii) the equity interests of the entities set forth on Schedule 1.01(i).

"**SpinCo Group**" means SpinCo and the entities set forth on Schedule 1.01(j), which entities shall be Subsidiaries of SpinCo after giving effect to the Contribution.

"**SpinCo IP**" means all Intellectual Property Rights owned by SPGI and its Subsidiaries and included in the SpinCo Assets.

"**SpinCo IT Assets**" has the meaning set forth in the definition of "SpinCo Assets."

"**SpinCo Liabilities**" means, whether incurred, accruing or arising on, prior to or after the Distribution, (i) all Liabilities (including Environmental Liabilities) to the extent arising out of the SpinCo Assets or to the extent relating to or to the extent arising out of the conduct of the SpinCo Business, as currently or formerly operated (including as conducted or operated by any predecessor of any member of the SPGI Group or the SpinCo Group), and (ii) the following Liabilities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) all Indebtedness of each member of the SpinCo Group;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) all Liabilities relating to, arising out of or in connection with or resulting from the SpinCo Financing Arrangements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) all Liabilities of SPGI and its Subsidiaries arising under the SpinCo Contracts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) all Liabilities relating to any products or services provided or sold by the SpinCo Business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the Actions set forth on Schedule 1.01(k);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) all Liabilities that are expressly contemplated by this Agreement or any other Ancillary Agreement as Liabilities to be retained or assumed by SpinCo or any other member of the SpinCo Group, and all agreements, obligations and other Liabilities of SpinCo or any member of the SpinCo Group under this Agreement or any of the other Ancillary Agreements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) all Liabilities set forth on Schedule 1.01(l);

*provided* that, notwithstanding the foregoing, (i) the allocation of Liabilities relating to Taxes shall be governed by the Tax Matters Agreement and, to the extent relating to Taxes, the Employee Matters Agreement, and (ii) the allocation of Liabilities relating to the employment, employee benefits and employee compensation matters expressly covered by the Employee Matters Agreement shall be governed by the Employee Matters Agreement.

"**SpinCo Leased Real Property**" means the real property leases set forth on Schedule 1.01(m).

"**SpinCo Trademarks**" has the meaning set forth in the definition of "SpinCo Assets."

"**Subsidiary**" means, with respect to any Person, any other entity of which, through securities or other ownership interests, Contract or otherwise, such Person has, directly or indirectly, (i) a majority of the voting power of such other entity, (ii) the power to appoint or elect a majority of the board of directors or other similar governing body of such other entity, or (iii) the power to serve as or appoint the sole managing member, sole managing partner, sole trustee or person performing similar functions of such other entity.

"**Tax**" or "**Taxes**" has the meaning set forth in the Tax Matters Agreement.

"**Tax Benefit**" has the meaning set forth in the Tax Matters Agreement.

"**Tax Matters Agreement**" means the Tax Matters Agreement dated as of the [date hereof] between SPGI and SpinCo substantially in the form of <u>Exhibit B</u>, as such agreement may be amended from time to time in accordance with its terms.

"**Tax Opinion**" has the meaning set forth in the Tax Matters Agreement.

"**Third Party**" means any Person that is not a member or an Affiliate of the SpinCo Group or the SPGI Group.

"**Trademark**" means trademarks, service marks, trade names, service names, domain names, social media identifiers and accounts, trade dress, logos, slogans and other identifiers of source, including all goodwill associated therewith, and all common law rights, and registrations and applications for registration thereof, all rights therein provided by international treaties or conventions, and all reissues, extensions and renewals of any of the foregoing.

"**Transition Services Agreement**" means the Transition Services Agreement dated as of the [date hereof] between SPGI and SpinCo substantially in the form of <u>Exhibit C</u>, as such agreement may be amended from time to time in accordance with its terms.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) Each of the following terms is defined in the Section set forth opposite such term:

---

| | |
|:---|:---|
| **<u>Term</u>** | **<u>Section</u>** |
| Agreement | Preamble |
| Amended and Restated Bylaws | 2.02(c) |
| Amended and Restated Certificate of Incorporation | 2.02(c) |
| Claim | 5.04(a) |
| Code | Recitals |
| Contribution | Recitals |
| Disposing Party | 4.06 |
| Dispute | 6.09(a) |
| Disputing Parties | 6.09(b) |
| Dispute Notice | 6.09(b) |
| Distribution | Recitals |
| Guarantee | 2.10 |
| Indemnified Party | 5.04(a) |
| Indemnifying Party | 5.04(a) |
| Intercompany Accounts | 2.07 |
| Mediation Notice | 6.09(b) |
| Mediation Period | 6.09(c) |
| Parties | Preamble |
| Party | Preamble |
| Pre-Closing SpinCo Claim | 4.11(b) |
| Prior Company Counsel | 4.08(e) |
| Privileged Information | 4.08(a) |

---

---

| | |
|:---|:---|
| **<u>Term</u>** | **<u>Section</u>** |
| Privileges | 4.08(a) |
| Receiving Party | 4.06 |
| Released Parties | 5.01(a)(ii) |
| Representatives | 4.07 |
| Restructuring Agreements | 2.04 |
| Segregated Account | 2.02(b) |
| SPGI | Preamble |
| SPGI Cash Distribution | 2.02(b) |
| SPGI Common Stock | Recitals |
| SPGI Designee | 2.03(a) |
| SPGI Indemnitees | 5.02(a) |
| SPGI Insurance Policies | 4.11 |
| SPGI Licensed IP | 4.12(a) |
| SpinCo | Preamble |
| SpinCo Common Stock | Recitals |
| SpinCo Designee | 2.03(a) |
| SpinCo Financing Arrangements | 2.02(b) |
| SpinCo Financing Transactions | 2.02(b) |
| SpinCo Indemnitees | 5.03(a) |
| SpinCo Insurance Policies | 4.11 |
| SpinCo Licensed IP | 4.12(b) |
| SpinCo IT Assets | 1.01(a) |
| Third Party Claim | 5.04(b) |
| Wrong Pocket Item | 2.03(c) |

---

Section 1.02. *Interpretation.* In this Agreement, unless the context clearly indicates otherwise:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) words used in the singular include the plural and words used in the plural include the singular;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) references to any Person include such Person's successors and assigns but, if applicable, only if such successors and assigns are permitted by this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) except as otherwise clearly indicated, reference to any gender includes the other gender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the words "include," "includes" and "including" shall be deemed to be followed by the words "without limitation";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) reference to any Article, Section, Exhibit or Schedule means such Article or Section of, or such Exhibit or Schedule to, this Agreement, as the case may be, and references in any Section or definition to any clause means such clause of such Section or definition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the words "herein," "hereunder," "hereof," "hereto" and words of similar import shall be deemed references to this Agreement as a whole and not to any particular Section or other provision hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) reference to any Contract or other document means such Contract or other document as amended, supplemented and modified from time to time to the extent permitted by the provisions thereof and by this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) reference to any law (including statutes and ordinances) means such law (including all rules and regulations promulgated thereunder) as amended, modified, codified or reenacted, in whole or in part, and in effect at the time of determining compliance or applicability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) relative to the determination of any period of time, "from" means "from and including," "to" means "to and including" and "through" means "through and including";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) the titles to Articles and headings of Sections contained in this Agreement have been inserted for convenience of reference only and shall not be deemed to be a part of or to affect the meaning or interpretation of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) unless otherwise specified in this Agreement, all references to dollar amounts herein shall be in respect of lawful currency of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) any capitalized term used in an Exhibit or Schedule but not otherwise defined therein shall have the meaning set forth in this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) the word "or" means "and/or" unless the context requires otherwise.

Article 2<br> Prior to the Distribution

Section 2.01. *Information Statement; Listing.* Prior to the Distribution, SPGI shall mail (or shall have mailed) the Information Statement to the holders of SPGI Common Stock as of the Record Date. At or prior to the Distribution, SPGI and SpinCo shall take (or shall have taken), all such actions as may be necessary or appropriate under the securities laws or blue sky laws of states or other political subdivisions of the United States and shall use commercially reasonable efforts to comply with all applicable foreign securities laws, in connection with the transactions contemplated by this Agreement and the Ancillary Agreements. Prior to the Distribution, SpinCo shall prepare, file and pursue (or shall have prepared, filed and pursued) an application to permit listing of the SpinCo Common Stock on the NYSE and shall give the NYSE advance notice of the Record Date in compliance with Rule 10b-17 under the Exchange Act.

Section 2.02. *Restructuring and Other Actions prior to the Distribution*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Restructuring</u>. The Restructuring shall have been consummated on or prior to the Distribution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>SpinCo Financing Arrangements and Payments</u>. Prior to the Distribution], SpinCo shall enter into one or more financing arrangements and agreements (the "**SpinCo Financing Arrangements**") pursuant to which (x) SpinCo shall borrow prior to the Distribution $[·] [and (y) SpinCo shall pay to SPGI the Special Cash Payment as partial consideration for the Contribution] (the transactions described in clauses (x) and (y), the "**SpinCo Financing Transactions**"). SpinCo agrees to take all necessary actions to ensure the full release and discharge of SPGI and the other members of the SpinCo Group from all obligations pursuant to the SpinCo Financing Arrangements as of no later than the Distribution. SPGI will maintain the funds received from the Special Cash Payment in a segregated bank deposit account (a "**Segregated Account**") and will take into account for Tax purposes all items of income, gain, deduction or loss associated with the funds while maintained in the Segregated Account. Within twelve (12) months following the Distribution, SPGI will distribute the cash held in the Segregated Account to (i) SPGI's creditors in retirement of outstanding SPGI indebtedness as identified on Schedule 2.02(b) or (ii) SPGI's shareholders in repurchase of, or as a distribution with respect to, shares of SPGI common stock as identified on Schedule 2.02(b) (together, the "**SPGI Cash Distribution**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Amended and Restated Certificate of Incorporation and Amended and Restated Bylaws</u>. At or prior to the Distribution, (i) SPGI and SpinCo shall each take (or shall have taken) all necessary action that may be required to provide for the adoption by SpinCo of an amended and restated certificate of incorporation of SpinCo, substantially in the form of <u>Exhibit D</u> (the "**Amended and Restated Certificate of Incorporation**"), and amended and restated bylaws of SpinCo, substantially in the form of <u>Exhibit E</u> (the "**Amended and Restated Bylaws**"), and (ii) SpinCo shall file (or shall have filed) the Amended and Restated Certificate of Incorporation of SpinCo with the Secretary of State of the State of Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>The Distribution Agent</u>. At or prior to the Distribution, SPGI shall enter (or shall have entered) into a distribution agent agreement with the Distribution Agent or otherwise provide instructions to the Distribution Agent regarding the Distribution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Directors and Officers</u>. SPGI and SpinCo shall take all necessary actions so that as of the Distribution: (i) the directors and executive officers of SpinCo shall be those set forth in the Information Statement made available to the holders of SPGI Common Stock as of the Record Date, unless otherwise agreed by the Parties; (ii) each individual referred to in clause (i) shall have resigned from his or her position, if any, as a member of the SPGI Board or as an executive officer of SPGI; and (iii) SpinCo shall have such other officers as SpinCo shall appoint.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Satisfying Conditions to the Distribution</u>*.* SPGI and SpinCo shall cooperate (or shall have cooperated) to cause the conditions to the Distribution set forth in Section 3.01 to be satisfied and to effect the Distribution at the Distribution Time upon such satisfaction (or waiver by SPGI).

Section 2.03. *Transfers of Certain Other Assets and Liabilities*. Unless otherwise provided in this Agreement or in any Ancillary Agreement and to the extent not previously effected pursuant to Section 2.02(a), effective as of immediately prior to the Distribution Time:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) SPGI hereby agrees to, and to cause the relevant member of the SPGI Group to, assign, contribute, convey, transfer and deliver (or shall have assigned, contributed, conveyed, transferred and delivered) to SpinCo or any member of the SpinCo Group as of the Distribution Time designated by SpinCo (a "**SpinCo Designee**") all of the right, title and interest of SPGI or such member of the SPGI Group in and to all of the SpinCo Assets, if any, held by any member of the SPGI Group, and SPGI and SpinCo hereby agree to, and to cause the relevant member of the SpinCo Group, to, assign, contribute, convey, transfer and deliver to SPGI or any member of the SPGI Group as of the Distribution Time designated by SPGI (a "**SPGI Designee**") all of the right, title and interest of SpinCo or such member of the SpinCo Group in and to all of the SPGI Assets, if any, held by any member of the SpinCo Group; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) SPGI hereby agrees to, and to cause the relevant member of the SPGI Group to, assign, contribute, convey, transfer, novate, and deliver (or shall have assigned, contributed, conveyed, transferred, novated and delivered) to SpinCo or a SpinCo designee, and SpinCo, on behalf of itself or such SpinCo Designee, hereby accepts, assumes and agrees to perform, discharge and fulfill, all of the SpinCo Liabilities, and SpinCo hereby agrees to, and to cause the relevant member of the SpinCo Group to, assign, contribute, convey, transfer, novate and deliver (or shall have assigned, contributed, conveyed, transferred, novated and delivered) to SPGI or an SPGI designee, and SPGI, on behalf of itself or such SPGI Designee, hereby accepts, assumes and agrees to perform, discharge and fulfill, all of the SPGI Liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Subject to Section 2.04 and Section 2.06, following the Distribution, to the extent that any asset or Liability of a Group required to be assigned, contributed, conveyed, transferred, delivered or novated to a member of the other Group, or held, retained, or assumed by a member of the other Group, as applicable, pursuant to the Restructuring Plan or this Section 2.03 was not so assigned, contributed, conveyed, transferred, delivered, novated, held, retained, or assumed for any reason whatsoever, including as a result of the Parties failing to properly identify such asset or Liability as an asset or Liability that was required to be assigned, contributed, conveyed, transferred, delivered, novated or assumed pursuant to the Restructuring Plan or this Section 2.03 (such asset or Liability, a "**Wrong Pocket Item**"), then (i) the Party discovering the existence of such Wrong Pocket Item shall, or shall cause its applicable Affiliates to, promptly notify the other Party of the existence of such Wrong Pocket Item and (ii) the Parties shall cause such Wrong Pocket Item to be assigned, contributed, conveyed, transferred, delivered, novated or assumed, as applicable, to or by the applicable Party (or a member of the applicable Party's Group) for no additional consideration in accordance with the Restructuring Plan or Section 2.03, as applicable, as if such Wrong Pocket Item had been discovered prior to the Distribution; *provided* that, with respect to any Commercial Data or Personal Information that is assigned, contributed, conveyed, transferred or delivered by a member of the SpinCo Group to a member of the SPGI Group, or by a member of the SPGI Group to a member of the SpinCo Group, in each case pursuant to this Section 2.03(c), such member of the SpinCo Group or SPGI Group (as applicable) in possession or control of such Commercial Data or Personal Information shall, or shall cause its applicable Affiliates to, following the assignment, contribution, conveyance, transfer or delivery of such Commercial Data or Personal Information pursuant to this Section 2.03(c), immediately delete such Commercial Data or Personal Information from its systems and provide written confirmation of such deletion. For the avoidance of doubt, if a Wrong Pocket Item is identified pursuant to this Section 2.03(c), the failure of such Wrong Pocket Item to have been transferred at or prior to the Distribution Time in accordance with this Agreement shall not be deemed to constitute a breach of this Agreement or any Ancillary Agreement by either Party. The existence of any Wrong Pocket Item pursuant to this Section 2.03(c) shall not alter or affect the allocation of Liabilities between the Parties or the indemnification obligations of the Parties as otherwise provided under this Agreement.

Section 2.04. *Restructuring Agreements*. The transfers of the various entities contemplated by the Contribution and the contribution, assignment, transfer, conveyance and delivery of the SpinCo Assets and SPGI Assets, and the acceptance and assumption of the SpinCo Liabilities and SPGI Liabilities, contemplated by Section 2.03 and the Restructuring Plan, will be effected, in certain cases, pursuant to one or more asset transfer agreements, share transfer agreements, business transfer agreements, certificates of demerger and merger, deeds, bills of sale, endorsements, assignments and other agreements and instruments as reasonably necessary or appropriate by SPGI to vest in the applicable Party or members of its Group such assets and for the applicable Party or members of its Group to assume such Liabilities (the "**Restructuring Agreements**"); *provided* that, in each case, it is intended that the Restructuring Agreements shall serve purely to effect (a) the legal transfer of the SpinCo Assets or SPGI Assets to the SpinCo Group or the SPGI Group, as applicable, in accordance with the Contribution or the Restructuring Plan or as contemplated pursuant to Section 2.03 and (b) the acceptance and assumption of the SpinCo Liabilities or the SPGI Liabilities by a member of the SpinCo Group or the SPGI Group, as applicable, in each case, in accordance with the Contribution or the Restructuring Plan or as contemplated pursuant to Section 2.03. Each Party shall, and shall cause the other relevant members of its Group to, execute and deliver all such Restructuring Agreements. Notwithstanding anything in any Restructuring Agreement to the contrary, neither SPGI nor any member of the SPGI Group, on the one hand, nor SpinCo nor any member of the SpinCo Group, on the other hand, shall commence, bring or otherwise initiate any Action under any Restructuring Agreement challenging the legal sufficiency of such Restructuring Agreement.

Section 2.05. *Shared Contracts*. (a) Each Shared Contract shall be assigned, contributed, conveyed, transferred and delivered only with respect to (and preserving the meaning of) those parts that relate to the SpinCo Business, to a member of the SpinCo Group, if so assignable, conveyable or transferrable, or appropriately amended (including by entering into a new Contract) prior to, on or after the Distribution Date, so that a member of the SpinCo Group shall be entitled to the rights and benefit of those parts of such Shared Contract that relate to the SpinCo Business and shall assume the related Liabilities with respect to such Shared Contract, as contemplated by Section 2.03; *provided* that (i) in no event shall any Person be required to assign, contribute, convey, transfer or deliver (or so amend), either in whole or in part, any Shared Contract that is not assignable (or cannot be amended) by its terms without the consent or approval of any other Person and (ii) if any Shared Contract cannot be so partially assigned or amended without such consent or approval, then, for a period not to exceed eighteen (18) months following the Distribution Time (or if earlier, the time the applicable consent or approval is obtained), SPGI will use commercially reasonable efforts to cooperate with SpinCo to establish an agency type or other similar arrangement (including through the Transition Services Agreement or a Commercial Agreement) reasonably satisfactory to SPGI and SpinCo and which does not require any such consent or approval, including by using commercially reasonable efforts during such period to split, novate, amend or duplicate such Shared Contract, intended to both (A) provide a member of the SpinCo Group, to the fullest extent practicable under such Shared Contract, the claims, rights and benefits of those parts that relate to the SpinCo Business and (B) cause such member of the SpinCo Group to bear the related Liabilities thereunder from and after the Distribution Time in accordance with this Agreement (including by means of any subcontracting, sublicensing or subleasing arrangement) and in furtherance of the foregoing, SpinCo shall, or shall cause another member of the SpinCo Group to, promptly pay, perform or discharge when due any such Liability arising after the Distribution Time, which shall constitute SpinCo Liabilities for purposes of this Agreement; provided further that following the expiration of such eighteen (18)-month period, SpinCo shall no longer be required to rely on SPGI or any member of the SPGI Group as agent under (and no member of the SPGI Group shall have any obligation to any member of the SpinCo Group with respect to) any Shared Contract, and the failure to obtain any required consent or approval shall not extend any indemnity or reimbursement obligations under this Section 2.05 beyond such period (for the avoidance of doubt, without limiting any obligations relating to Liabilities incurred prior to the expiration of such period). Nothing in this Section 2.05 shall require either Party or any member of the SPGI Group or the SpinCo Group to incur any non-*de minimis* obligation or grant any non-*de minimis* concession in order to effect any transaction contemplated by this Section 2.05. For the avoidance of doubt, the failure to obtain any consent, approval or novation with respect to any Shared Contract, or the use of any interim or agency arrangement contemplated by this Section 2.05, shall not, in and of itself, alter, expand or re-characterize the allocation of Liabilities between the Parties as otherwise expressly provided under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For so long as any member of the SPGI Group is party to any Shared Contract and provides any member of the SpinCo Group any claims, rights and benefits of any such Shared Contract pursuant to an arrangement described in Section 2.05(a), such member of the SpinCo Group shall indemnify the SPGI Indemnitees against and shall hold each of them harmless from any and all Liabilities incurred or suffered by any of the SPGI Indemnitees to the extent arising out of or resulting from such arrangement, including SpinCo's use of, or failure to perform under, such Shared Contract (to the extent such Liabilities relate to the SpinCo Business), but excluding any Liabilities arising from the gross negligence or bad faith of SPGI or any member of the SPGI Group. Without limiting the generality of the foregoing, following the Distribution, to the extent a SPGI Indemnitee incurs costs or expenses in connection with, or as a result of, any third-party audit of the SpinCo Business for periods prior to the Distribution pursuant to a Shared Contract, SpinCo shall, upon prior written notice by SPGI, promptly reimburse such SPGI Indemnitee for such costs and expenses, to the extent reasonable and documented, based on the portion of such Contract attributable to the SpinCo Business relative to the SPGI Business, as reasonably determined by SPGI in consultation with SpinCo. Nothing in this Section 2.05 (or any interim arrangement contemplated hereby) is intended to require any member of either Group to retain any joint or several Liability with respect to a Shared Contract following the Distribution, to the extent such Liability has been allocated to the other Group pursuant to this Agreement, or to confer any rights or remedies upon any Third Party as a third-party beneficiary.

Section 2.06. *Agreement Relating To Consents Necessary To Transfer Assets.* Notwithstanding any provision of this Agreement to the contrary, this Agreement shall not constitute an agreement to assign, contribute, convey, transfer or deliver any asset (including any Contract or Permit) or any claim or right or any benefit arising thereunder or resulting therefrom, if such assignment, contribution, conveyance, transfer or delivery without the consent of a Third Party or a Governmental Authority, would result in a breach, or constitute a default (or an event which, with the giving of notice or lapse of time, or both, would become a default), under any such asset, would otherwise adversely affect the rights of a member of the SPGI Group or the SpinCo Group thereunder or would violate any Applicable Law. SPGI and SpinCo will, and will cause the other members of their respective Groups to, use their respective commercially reasonable efforts to obtain the consent of any Third Party (including any Governmental Authority), if any, required in connection with the assignment, contribution, conveyance, transfer or delivery pursuant to Section 2.03 of any such asset or any such claim or right or benefit arising thereunder; *provided* that in no event shall any member of a Group have any Liability whatsoever to any member of the other Group for any failure to obtain any such consent. If and when such consent is obtained, such transfer, assignment and assumption shall be effected in accordance with the terms of this Agreement and the applicable Ancillary Agreement. During the period in which any transfer, assignment or assumption is delayed pursuant to this Section 2.06 as a result of the absence of a required consent, the Party (or relevant member in its Group) retaining such asset, claim or right shall thereafter hold (or shall cause such member in its Group to hold) such asset, claim or right for the use and benefit of the Party (or relevant member in its Group) entitled thereto (at the expense of the Person entitled thereto). In addition, the Party retaining such asset, claim or right (or relevant member of its Group) shall (or shall cause such member in its Group to), insofar as reasonably possible and to the extent permitted by Applicable Law, take such actions as may be reasonably requested by the Party (or the relevant member in its Group) to which such asset, claim or right is to be assigned, contributed, conveyed, transferred or delivered in order to place such Party, insofar as reasonably possible, in the same position as if such asset, claim or right had been transferred or assumed on or prior to the Distribution Time as contemplated hereby and so that all the benefits and burdens relating to such asset, claim or right, including possession, use, risk of loss, potential for gain, and dominion, control and command over such asset, claim or right are to inure from and after the Distribution Time to the relevant member of the SPGI Group or the SpinCo Group, as the case may be, entitled to the receipt of such asset, claim or right. For the avoidance of doubt, the Parties shall use commercially reasonable efforts, to the extent permitted by applicable Law, to obtain any required Consent, release, substitution or novation contemplated by this Section 2.06. Nothing in this Section 2.06 shall require any member of the SPGI Group or the SpinCo Group to incur any non-*de minimis* obligation or grant any non-*de minimis* concession in order to effect any transaction contemplated by this Section 2.06.

Section 2.07. *Intercompany Accounts.* Effective as of the Distribution Time, SPGI (on behalf of itself and each member of the SPGI Group) and SpinCo (on behalf of itself and each member of the SpinCo Group) hereby settle and extinguish all intercompany receivables, payables and other balances, in each case, that arose prior to the Distribution Time between members of the SPGI Group, on the one hand, and members of the SpinCo Group, on the other hand ("**Intercompany Accounts**"), in each case without any further Liability of any member of the SPGI Group to any member of the SpinCo Group thereunder, or any further Liability of any member of the SpinCo Group to any member of the SPGI Group thereunder.

Section 2.08. *Intercompany Agreements.* (a) Except as set forth in Section 2.08(b), effective as of the Distribution Time, SPGI (on behalf of itself and each member of the SPGI Group) and SpinCo (on behalf of itself and each member of the SpinCo Group) hereby terminate and cancel all Contracts between members of the SPGI Group, on the one hand, and members of the SpinCo Group, on the other hand, in effect immediately prior to the Distribution Time and such Contracts shall have no further force and effect from and after the Distribution Time (including any provision thereof that purports to survive termination) without any further Liability to any party thereto. Each Party shall, at the reasonable request of the other Party, take, or cause to be taken, such other actions as may be necessary to effect the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The provisions of **‎**Section 2.08(a) shall not apply to any of the following Contracts: (i) this Agreement and the Ancillary Agreements (and each other Contract expressly contemplated by this Agreement or any Ancillary Agreement (A) to be entered into by any of the Parties or any of the members of their respective Groups or (B) to survive after the Distribution Time); (ii) any Contract to which any Person, other than solely the Parties and the members of their respective Groups, is a party; (iii) any Shared Contracts; and (iv) the Intercompany Accounts, which shall be settled in the manner contemplated by Section 2.07.

Section 2.09. *Bank Accounts; Cash Balances*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) SPGI and SpinCo shall, and shall cause the members of their respective Groups to, use commercially reasonable efforts such that, on or prior to the Distribution Time, the SPGI Group and the SpinCo Group maintain separate bank accounts and separate cash management processes. Without limiting the generality of the foregoing, SPGI and SpinCo shall use commercially reasonable efforts to, and shall cause the members of their respective Groups to use commercially reasonable efforts to, effective prior to the Distribution Time, (i) remove and replace the signatories of any bank or brokerage account owned by SpinCo or any other member of the SpinCo Group as of the Distribution Time that are not employees of the SpinCo Group as of the Distribution Time and replace them with individuals designated by SpinCo and (ii) if requested by SPGI, remove the signatories of any bank or brokerage account owned by SPGI or any other member of the SPGI Group as of the Distribution Time that are employees of the SpinCo Group as of the Distribution Time, and replace them with individuals designated by SPGI.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) With respect to any outstanding checks issued or payments initiated by SPGI, SpinCo, or any of their respective Subsidiaries prior to the Distribution Time, such outstanding checks and payments shall be honored following the Distribution by the Person or Group owning the account from which the payment was initiated, and such Person or Group owning such account shall not have any claim with respect to such check or payment from the members of the other Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) As between SPGI and SpinCo (and the members of their respective Groups) all payments received after the Distribution Time by either Party (or member of its Group) to the extent relating to a business, asset or Liability of the other Party (or member of its Group), shall be held by such Party in trust for the use and benefit and at the expense of the Party (or the member of such Party's Group) entitled thereto. Each Party shall maintain an accounting of any such payments, and the Parties shall have a monthly reconciliation, whereby all such payments received by each Group are calculated and the net amount owed to SPGI or SpinCo, as applicable, shall be paid over with a mutual right of set-off. Notwithstanding the foregoing, neither SPGI nor SpinCo (nor any member of their respective Groups) shall act as collection agent for the other Party (or any member of their respective Groups), nor shall either Party (or any member of their respective Groups) act as surety or endorser with respect to non-sufficient funds checks or funds to be returned in a bankruptcy or fraudulent conveyance action.

Section 2.10. *Replacement of Guarantees*. SPGI and SpinCo shall each use commercially reasonable efforts to, and shall cause the members of their respective Groups to use commercially reasonable efforts to, effective on or before the Distribution Time, terminate or cause a member of the SpinCo Group to be substituted in all respects for a member of the SPGI Group with respect to, and for the members of the SPGI Group, as applicable, to be otherwise removed or released from, all obligations under the Contracts set forth on Schedule 2.10 and under any guarantee, customs, workers compensation, performance or surety bond, letter of credit, letter of comfort or similar credit or performance support arrangement (each of the foregoing Contracts, guarantees, bonds, letters and arrangements, a "**Guarantee**"), given or obtained by any member of the SPGI Group for the benefit of any member of the SpinCo Group or the SpinCo Business. To the extent required to obtain such a substitution, release or removal, SpinCo shall execute a guarantee or other agreement in the form of the existing Guarantee or such other form as is agreed to by the relevant parties to such guarantee or other agreement, which agreement shall include the removal of any security interest on or in any asset of SPGI that may serve as collateral or security for any SpinCo Liability. If SPGI and SpinCo have been unable to effect any such substitution, removal, release and termination with respect to any such Guarantee on or before the Distribution Time, then, following the Distribution Time, (i) the Parties shall cooperate to effect such substitution, removal, release and termination as soon as reasonably practicable after the Distribution Time in accordance with this Section 2.10, (ii) SpinCo shall and shall cause the members of the SpinCo Group to, from and after the Distribution Time, indemnify against, hold harmless and promptly reimburse the members of the SPGI Group for any payments made by members of the SPGI Group and for any and all Liabilities of the members of the SPGI Group arising out of, or in performing, in whole or in part, any obligation under any such Guarantee, and (iii) without the prior written consent of SPGI, no member of the SpinCo Group may renew, extend the term of, increase any obligations under, or transfer to a Third Party, any Liability for which any member of the SPGI Group is or might be liable pursuant to an applicable Guarantee unless such Guarantee, and all applicable obligations of the members of the SPGI Group with respect thereto, are thereupon terminated pursuant to documentation in form and substance reasonably acceptable to SPGI and in accordance with this Section 2.10.

Section 2.11. *Further Assurances and Consents.* In addition to the actions specifically provided for elsewhere in this Agreement, each of the Parties shall use its commercially reasonable efforts to take, or cause to be taken, all actions, and to do, or cause to be done, all things, reasonably necessary, proper or advisable under Applicable Law, applicable Contracts or applicable Permits or otherwise to consummate and make effective any transfers of assets, assignments and assumptions of Liabilities and any other transactions contemplated hereby, including using its commercially reasonable efforts to obtain any consents and approvals and to make any filings and applications necessary or desirable in order to consummate the transactions contemplated by this Agreement; *provided* that in no event shall any member of a Group have any Liability whatsoever to any member of the other Group for any failure to obtain any such consent or approval. Nothing in this Section 2.11 shall require any member of the SPGI Group or the SpinCo Group to expend any money, commence any litigation or offer or grant any accommodation to any other Person in order to effect any transaction contemplated by this Section 2.11.

Section 2.12. *Waiver of Bulk-Sale and Bulk-Transfer Laws.* To the extent permissible under Applicable Law, SpinCo hereby waives compliance by each and every member of the SPGI Group with the requirements and provisions of any "bulk-sale" or "bulk-transfer" laws of any jurisdiction that may otherwise be applicable with respect to the transfer or sale of any or all of the SpinCo Assets to any member of the SpinCo Group. To the extent permissible under Applicable Law, SPGI hereby waives compliance by each and every member of the SpinCo Group with the requirements and provisions of any "bulk-sale" or "bulk-transfer" laws of any jurisdiction that may otherwise be applicable with respect to the transfer or sale of any or all of the SPGI Assets to any member of the SPGI Group.

Article 3<br> Distribution

Section 3.01. *Conditions Precedent to Distribution.* (a) In no event shall the Distribution occur unless each of the following conditions shall have been satisfied (or waived by SPGI in its sole discretion):

&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 Restructuring, including the Contribution and the Special Cash Payment, shall have been completed;

&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 SpinCo Financing Transactions shall have been consummated and SPGI shall be satisfied in its sole and absolute discretion that, as of the Distribution Time, it shall have no Liability whatsoever under the SpinCo Financing Transactions;]

&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 SPGI Board shall have approved the Distribution and shall not have abandoned the Distribution or terminated this Agreement at any time prior to the Distribution;

&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 Form 10 shall have been filed with the Commission and shall have become effective, no stop order suspending the effectiveness of the Form 10 shall be in effect, no proceedings for such purpose shall be pending before or threatened by the Commission, and the Information Statement, or a notice of Internet availability thereof, shall have been mailed to holders of the SPGI Common Stock as of the Record 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) all actions and filings necessary or appropriate under applicable federal, state or foreign securities or "blue sky" laws and the rules and regulations thereunder shall have been taken or made and, where applicable, become effective or been accepted;

&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;(vi) the SpinCo Common Stock to be delivered in the Distribution shall have been approved for listing on the NYSE, subject to official notice of issuance;

&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;(vii) the Board of Directors of SpinCo, as named in the Information Statement, shall have been duly elected or appointed, with such election or appointment, as applicable, to be effective as of the Distribution Time, and the Amended and Restated Certificate of Incorporation and the Amended and Restated Bylaws, each in substantially the form filed as an exhibit to the Form 10, shall be in 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) each of the Ancillary Agreements shall have been duly executed and delivered by the parties thereto;

&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;(ix) SPGI shall have received the Tax Opinion (which shall not have been revoked or modified in any material respect) that is reasonably satisfactory to SPGI confirming that (A) the Contribution and the Distribution, taken together, will qualify as a "reorganization" within the meaning of Section 368(a)(1)(D) of the Code, (B) Contribution will qualify as a tax-free transaction under Sections 361(a) and 361(b) of the Code, (C) the Distribution will qualify as a tax-free transaction under Sections 355(a) and 361(c) of the Code and (D) the SPGI Cash Distribution will qualify as money distributed to SPGI creditors or shareholders in connection with the reorganization for purposes of Section 361(b) of the Code;

&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;(x) no Applicable Law shall have been adopted, promulgated or issued, and be in effect, that prohibits the consummation of the Distribution or any of the other transactions contemplated hereby or in an Ancillary Agreement;

&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;(xi) any material approvals and consents of any Governmental Authorities and any material permits, registrations and consents from Third Parties, in each case, necessary to effect the Restructuring, the Contribution, the Distribution shall have been obtained; and

&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;(xii) no event or development shall have occurred or exist that, in the judgment of the SPGI Board, in its sole discretion, makes it inadvisable to effect the Distribution or the other transactions contemplated hereby or in an Ancillary Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each of the conditions set forth in Section 3.01(a) is for the sole benefit of SPGI and shall not give rise to or create any duty on the part of SPGI or the SPGI Board to waive or not to waive any such condition or to effect the Distribution, or in any way limit SPGI's rights of termination as set forth in Section 6.12 or alter the consequences of any termination from those specified in Section 6.12. Any determination made by SPGI on or prior to the Distribution concerning the satisfaction or waiver of any or all of the conditions set forth in this Section 3.01 shall be conclusive and binding on the Parties and all other affected Persons.

Section 3.02. *The Distribution*. (a) SPGI shall, in its sole discretion, determine all terms of the Distribution, including the timing of the consummation of all or part of the Distribution. SPGI may, at any time and from time to time until the consummation of the Distribution, modify or change the terms of the Distribution including by accelerating or delaying the timing of the consummation of all or part of the Distribution. For the avoidance of doubt, nothing in this Agreement shall in any way limit SPGI's right to terminate this Agreement or the Distribution as set forth in Section 6.12 or alter the consequences of any such termination from those specified in Section 6.12.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to the terms and conditions set forth in this Agreement, (i) on or prior to the Distribution Date, SPGI shall take such steps as are reasonably necessary or appropriate to permit the Distribution by the Distribution Agent of validly issued, fully paid and non-assessable shares of SpinCo Common Stock, registered in book-entry form through the registration system, (ii) the Distribution shall be effective at the Distribution Time, and (iii) subject to Section 3.03, SPGI shall instruct the Distribution Agent to distribute, on or as soon as practicable after the Distribution Date, to each holder of record of SPGI Common Stock as of the Record Date, by means of a *pro rata* dividend, [·] share(s) of SpinCo Common Stock for every [·] then issued and outstanding shares of SPGI Common Stock. SpinCo will not issue paper stock certificates in respect of the SpinCo Common Stock. Following the Distribution Date, SpinCo agrees to provide all book-entry transfer authorizations for shares of SpinCo Common Stock that SPGI or the Distribution Agent shall require (after giving effect to Section 3.03) in order to effect the Distribution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) From and after the Distribution Time until the SpinCo Common Stock is duly transferred in accordance with this Article 3 and Applicable Law, SpinCo will regard the Persons entitled to receive such SpinCo Common Stock as record holders of such SpinCo Common Stock in accordance with the terms of the Distribution without requiring any action on the part of such Persons. SpinCo agrees that, subject to any transfers of such shares, from and after the Distribution Time (i) each such holder will be entitled to receive all dividends, if any, payable on, and exercise voting rights and all other rights and privileges with respect to, the shares of SpinCo Common Stock then held by such holder, and (ii) each such holder will be entitled, without any action on the part of such holder, to receive evidence of ownership of the shares of SpinCo Common Stock then held by such holder.

Section 3.03. *Fractional Shares*. Notwithstanding anything to the contrary contained in this Agreement, no fractional shares of SpinCo Common Stock will be delivered in the Distribution. The Distribution Agent will be directed to determine (based on the aggregate number of shares held by each holder of SPGI Common Stock) the number of whole shares and the fractional share of SpinCo Common Stock allocable to each holder of SPGI Common Stock as of the Record Date. Upon the determination by the Distribution Agent of such numbers of whole shares and fractional shares, as soon as practicable on or after the Distribution Date, the Distribution Agent, acting on behalf of the holders thereof, shall aggregate the fractional shares of SpinCo Common Stock into whole shares and shall sell the whole shares obtained thereby for cash on the open market (with the Distribution Agent, in its sole discretion, determining when, how and through which broker-dealer(s) and at which price(s) to make such sales) and shall thereafter promptly remit to each such holder entitled thereto (*pro rata* based on the fractional share such holder would have been entitled to receive in the Distribution) the resulting aggregate cash proceeds, after making appropriate deductions of the amounts required to be withheld for United States federal income tax purposes, if any, and after deducting an amount equal to all brokerage fees and commissions, transfer taxes and other costs attributed to the sale of shares pursuant to this Section 3.03. Neither SPGI nor SpinCo will be required to guarantee any minimum sale price for the fractional shares of SpinCo Common Stock. Neither the Distribution Agent nor the broker-dealers through which the aggregated fractional shares of SpinCo Common Stock are sold shall be Affiliates of SPGI or SpinCo. Recipients of cash in lieu of fractional shares of SpinCo Common Stock will not be entitled to any interest on the amounts of payments made in lieu of fractional shares.

Section 3.04. *NO REPRESENTATIONS OR WARRANTIES.* EXCEPT AS EXPRESSLY SET FORTH HEREIN OR IN ANY OTHER DISTRIBUTION DOCUMENT, NO MEMBER OF EITHER GROUP MAKES ANY REPRESENTATION OR WARRANTY OF ANY KIND WHATSOEVER, EXPRESS OR IMPLIED, TO ANY MEMBER OF THE OTHER GROUP OR ANY OTHER PERSON WITH RESPECT TO ANY OF THE TRANSACTIONS OR MATTERS CONTEMPLATED HEREBY OR IN ANY OTHER DISTRIBUTION DOCUMENT (INCLUDING WITH RESPECT TO THE BUSINESS, ASSETS, LIABILITIES, CONDITION OR PROSPECTS (FINANCIAL OR OTHERWISE) OF, OR ANY OTHER MATTER INVOLVING, EITHER BUSINESS, OR THE SUFFICIENCY OF ANY ASSETS TRANSFERRED OR LICENSED TO THE APPLICABLE GROUP, OR ANY CONSENTS OR APPROVALS REQUIRED IN CONNECTION WITH SUCH TRANSFER OR LICENSE OR THE TITLE TO ANY SUCH ASSETS, OR THE VALUE OR FREEDOM FROM ANY SECURITY INTERESTS OF, OR ANY OTHER MATTER CONCERNING, ANY SUCH ASSETS, OR THAT ANY REQUIREMENTS OF APPLICABLE LAW ARE COMPLIED WITH IN RESPECT OF THE RESTRUCTURING, THE CONTRIBUTION OR THE DISTRIBUTION, OR THE ABSENCE OF ANY DEFENSES OR RIGHT OF SETOFF OR FREEDOM FROM COUNTERCLAIM WITH RESPECT TO ANY CLAIM OR OTHER ASSET, INCLUDING ANY ACCOUNTS RECEIVABLE, OF ANY PARTY). EXCEPT AS EXPRESSLY SET FORTH HEREIN OR IN ANY OTHER DISTRIBUTION DOCUMENT, EACH MEMBER OF EACH GROUP SHALL TAKE ALL OF THE BUSINESS, ASSETS AND LIABILITIES TRANSFERRED OR LICENSED TO OR ASSUMED BY IT PURSUANT TO THIS AGREEMENT OR ANY DISTRIBUTION DOCUMENT ON AN "AS IS, WHERE IS" BASIS, AND ALL IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A SPECIFIC PURPOSE OR OTHERWISE ARE HEREBY EXPRESSLY DISCLAIMED AND THE RESPECTIVE TRANSFEREES SHALL BEAR THE ECONOMIC AND LEGAL RISKS THAT (I) ANY CONVEYANCE WILL PROVE TO BE INSUFFICIENT TO VEST IN THE TRANSFEREE GOOD AND MARKETABLE TITLE, FREE AND CLEAR OF ANY SECURITY INTEREST OR OTHER ENCUMBRANCE, AND (II) ANY NECESSARY APPROVALS OR NOTIFICATIONS ARE NOT OBTAINED OR MADE OR THAT ANY REQUIREMENTS OF APPLICABLE LAWS ARE NOT COMPLIED WITH. FOR THE AVOIDANCE OF DOUBT, NOTHING IN THIS SECTION 3.04 SHALL BE CONSTRUED TO LIMIT OR MODIFY THE ALLOCATION OF LIABILITIES AND INDEMNIFICATION OBLIGATIONS OF THE PARTIES EXPRESSLY SET FORTH IN THIS AGREEMENT AND THE ANCILLARY AGREEMENTS.

Article 4<br> Covenants

Section 4.01. *Access to Information*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) For (x) a period of seven (7) years after the Distribution Date, each Group shall afford promptly the other Group and its agents and, to the extent required by Applicable Law, authorized representatives of any Governmental Authority of competent jurisdiction, reasonable access (which shall include, to the extent reasonably requested, the right to make copies) during normal business hours to its books of account, financial and other records (including accountant's work papers, to the extent any required consents have been obtained), information (excluding any Personal Information and Commercial Data), employees and auditors to the extent necessary or useful for such other Group in connection with (i) any audit, investigation, dispute or litigation, (ii) compliance with reporting, disclosure, filing or other requirements by a Governmental Authority, (iii) complying with their obligations under this Agreement or any Ancillary Agreement (with the exception of any Commercial Agreement), (iv) any judicial, regulatory or administrative or other proceeding, (v) information to the extent related to the business of the Party requesting such information, or (vi) complying with any other requirements imposed by any Governmental Authority or any other reasonable business purpose of the Group requesting such access that relates to such Group's Business, assets or Liabilities, and (y) so long as SPGI and SpinCo might reasonably be deemed to be "affiliates" pursuant to U.S. securities laws, as determined reasonably by SPGI or SpinCo, each Group shall provide information reasonably requested by the other Group for purposes of complying with reporting disclosure requirements under U.S. securities laws; *provided* that (i) any such access shall not unreasonably interfere with the conduct of the business of the Group providing such access and (ii) if any Party reasonably determines that affording any such access to the other Party would be commercially detrimental in any material respect or violate any Applicable Law or Contract to which such Party or member of its Group is a party, or waive any Privilege applicable to such Party or any member of its Group, the Parties shall use commercially reasonable efforts to permit the compliance with such request in a manner that avoids any such harm or consequence. The Party providing information pursuant to this Section 4.01 shall only be obligated to provide such information in the form, condition and format in which it then exists, and in no event shall such Party be required to perform any improvement, modification, conversion, updating or reformatting of any such information. Without limiting the generality of the foregoing, until the end of the first full SpinCo fiscal year occurring after the Distribution Date (and for a reasonable period of time afterwards as required for each Party to prepare consolidated financial statements or complete a financial statement audit for the fiscal year during which the Distribution Date occurs), each Party shall use its commercially reasonable efforts to cooperate with the other Party's information requests (other than with respect to any Personal Information or Commercial Data) to enable (i) the other Party to meet its timetable for dissemination of its earnings releases, financial statements and management's assessment of the effectiveness of its disclosure controls and procedures and its internal control over financial reporting in accordance with Items 307 and 308, respectively, of Regulation S-K promulgated under the Exchange Act; and (ii) the other Party's auditors to timely complete their review of the quarterly financial statements and audit of the annual financial statements, including, to the extent applicable to such Party, its auditor's audit of its internal control over financial reporting and management's assessment thereof in accordance with Section 404 of the Sarbanes-Oxley Act of 2002, the Commission's and the Public Company Accounting Oversight Board's rules and auditing standards thereunder and any other Applicable Law.

Section 4.02. *Litigation Cooperation*. (a) After the Distribution Time (except in the case of a dispute between SPGI and SpinCo, or any members of their respective Groups), each Group shall use commercially reasonable efforts to make available to the other Group and its attorneys, accountants, consultants and other designated representatives, upon written request, its directors, officers, employees and representatives as witnesses and any books, records or other documents within its control or which it otherwise has the ability to make available without undue burden, to the extent that any such person (giving consideration to business demands of such directors, officers, employees and representatives) or books, records or other documents may reasonably be required in connection with any Action in which the requesting Party (or member of its Group) may from time to time be involved, regardless of whether such Action is a matter with respect to which indemnification may be sought hereunder; provided that the nature, scope and extent of such cooperation shall be reasonable in light of the circumstances of such Action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding the foregoing, this Section 4.02 shall not require the Party to whom any request pursuant to Section 4.02(a) has been made to make available any Persons or information if in such Party's reasonable good-faith judgment, doing so would reasonably be expected to violate any Applicable Law or agreement or materially impair such Party's ability to assert or preserve any Privilege under Applicable Law; *provided* that the Parties shall use commercially reasonable efforts to cooperate in seeking to find a way to permit compliance with such obligations to the extent practicable in a manner that avoids such consequence. For the avoidance of doubt, nothing in this Article 4 shall be deemed to constitute any assumption, admission or expansion of any Liability by any Party or any member of its Group other than as expressly allocated pursuant to this Agreement or any Ancillary Agreement.

Section 4.03. *Management of Actions*. This Section 4.03 shall govern the management and direction of pending and future Actions in which members of the SpinCo Group or the SPGI Group are named as parties, but shall not alter the allocation of Liabilities set forth in Article 2 unless otherwise expressly set forth in this Section 4.03.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) From and after the Distribution Date, the SpinCo Group shall direct the defense or prosecution of any Actions that constitute only SpinCo Liabilities or involve only SpinCo Assets, and (ii) the Actions set forth on Schedule 4.03(a), including the selection of counsel and control of settlement, subject to Section 4.03(d).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) From and after the Distribution Date, the SPGI Group shall direct the defense or prosecution of (i) any Actions that constitute only SPGI Liabilities or involve only SPGI Assets including the selection of counsel and control of settlement, subject to Section 4.03(d).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) From and after the Distribution Date, any Actions that involve or constitute both a SpinCo Asset or SpinCo Liability, on the one hand, and a SPGI Asset or a SPGI Liability, on the other hand (such Actions, the "**Mixed Actions**") shall be managed by the Party, that is reasonably determined by SPGI (after good faith consultation with SpinCo) to be expected to bear the greater proportion of the economic exposure arising from such Mixed Action. The Parties shall cooperate in good faith and take all reasonable actions to provide for any appropriate joinder or change in named parties to such Mixed Actions such that the appropriate Party or member of such Party's Group is party thereto. The Parties shall reasonably cooperate and consult with each other and, to the extent permissible and necessary or advisable, maintain a joint defense in a manner that would preserve for both Parties and their respective Affiliates any Privilege with respect to any Mixed Action. The Party managing a Mixed Action shall, on a quarterly basis, or if a material development occurs as soon as reasonably practicable thereafter, inform the other Party in writing of the status of and developments relating to such Mixed Action and provide copies of any material documents, notices or other materials related to such Mixed Action; *provided* that the failure to provide any such documents, notices or other materials shall not be a basis for liability of a Party managing such Mixed Action except and solely to the extent that the other Party shall have been actually prejudiced thereby. Notwithstanding anything to the contrary herein, the Parties may jointly retain counsel (in which case the cost of counsel shall be borne by the Party managing such Mixed Action) or retain separate counsel (in which case each Party will bear the cost of its separate counsel) with respect to any Mixed Action; *provided* that the Parties shall share discovery and other joint litigation costs in proportion to their respective expected financial exposure or respective expected financial recovery, as applicable. In any Mixed Action, each of the SpinCo Group and the SPGI Group may pursue separate defenses, claims, counterclaims or settlements to those claims relating to the SpinCo Business or the SPGI Business, respectively; *provided* that each Party shall in good faith make commercially reasonable efforts to avoid adverse effects on the other Party; *provided further* that nothing in this Section 4.03(c) shall be deemed to limit or override the consent rights set forth in Section 4.03(d).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) No Party managing a Mixed Action (the "**Managing Party**") pursuant to Section 4.03(c) shall consent to entry of any judgment or enter into any settlement of any such Action without the prior written consent of the other Party (the "**Non-Managing Party**"), not to be unreasonably withheld, conditioned or delayed; *provided*, *however*, that such Non-Managing Party shall be required to consent to such entry of judgment or to such settlement that the Managing Party may recommend if the judgment or settlement: (i) contains no finding or admission of any violation of Applicable Law or any violation of the rights of the Non-Managing Party and its applicable related Persons and otherwise contains no admission of any liability of the Non-Managing Party and such related Persons; (ii) involves only monetary relief which the Managing Party has agreed to pay; and (iii) includes a full and unconditional release of the Non-Managing Party and its applicable related Persons. Notwithstanding the foregoing, in no event shall a Non-Managing Party be required to consent to an entry of judgment or settlement if the effect thereof is to permit any injunction, declaratory judgment or other non-monetary relief to be entered, directly or indirectly, against any member of the Non-Managing Party's Group (other than any such injunctive or other non-monetary relief that is immaterial and solely incidental to the granting of money damages).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) To the maximum extent permitted by Applicable Law, the rights to recovery of each Party's Subsidiaries in respect of any past, present or future Action subject to this Section 4.03 are hereby delegated to such Party. It is the intent of the Parties that the foregoing delegation shall satisfy any Applicable Law requiring such delegation to be effected pursuant to a power of attorney or similar instrument. The Parties and the other members of their respective Groups shall execute, or cause to be executed, such further instruments or documents as may be necessary to effect such delegation; provided that nothing in this Section 4.03(e) shall be construed to expand or modify any Party's rights or obligations with respect to the management, control or settlement of any Action beyond those expressly set forth in this Section 4.03.

Section 4.04. *Reimbursement*. Each Group providing information or witnesses to the other Group or otherwise incurring any out-of-pocket expense in connection with cooperating under Section 4.01 or Section 4.02 shall be entitled to receive from the recipient thereof, upon the presentation of invoices therefor, payment for all reasonable and documented out-of-pocket costs and expenses (including outside attorney's fees but excluding reimbursement for general overhead, salary and employee benefits) actually incurred in providing such access, information, witnesses or cooperation.

Section 4.05. *Ownership of Information*. All information owned by one Party (or a member of its Group) that is provided to the other Party (or a member of its Group) under Section 4.01 or Section 4.02 shall be deemed to remain the property of the providing Party. Unless specifically set forth herein or in any Ancillary Agreement, nothing contained in this Agreement shall be construed to grant or confer rights of license or otherwise in any such information.

Section 4.06. *Retention of Records*. Except as otherwise required by Applicable Law or agreed to in writing (and notwithstanding Section 4.01), each Party shall, and shall cause the members of its Group to, for the period of time required under such Party's applicable document retention policies as in effect as of the Distribution Date, retain any and all information (with the exception of Commercial Data and Personal Information) in its possession or control relating to the other Group's Business in accordance with the applicable document retention practices of such Party as in effect as of the Distribution Date. Any records or documents that were subject to a litigation hold prior to the Distribution Date must be retained by the applicable Party until such Party or member of its Group is notified by the other Party that the litigation hold is no longer in effect.

Section 4.07. *Confidentiality*. Each Party acknowledges that it or a member of its Group may have in its possession, and, in connection with this Agreement and the Ancillary Agreements, may receive, Confidential Information of the other Party or any member of its Group (including information in the possession of such other Party relating to its clients or customers). Each Party shall hold, and shall cause its directors, officers, employees, agents, consultants and advisors ("**Representatives**") and the members of its Group and their Representatives to hold, in strict confidence, with at least the same degree of care that applies to SPGI's own similar confidential and proprietary information pursuant to policies in effect as of the Distribution Time, and in any event no less than reasonable care, and not to use, except as permitted by this Agreement or any Ancillary Agreement, all such Confidential Information concerning the other Group, except to the extent (i) such Party or any of the members of its Group or its or their Representatives becomes legally required (including by the rules of any stock exchange on which such Party's shares are listed), or receives a request from any Governmental Authority or pursuant to legal process, to disclose such Confidential Information, subject to the remainder of this Section 4.07 or (ii) such Confidential Information (A) is or becomes generally available to the public other than as a result of a disclosure by such Party or any of the members of its Group or its or their Representatives in violation of this Section 4.07, (B) becomes available to such Party or any of the members of its Group or its or their Representatives after the Distribution Date on a non-confidential basis from a source that was not known by such Party or any of the members of its Group or its or their Representatives to be prohibited from disclosing such information by a contractual, legal or fiduciary obligation of confidentiality with respect to such information or (C) was independently developed by or on behalf of such Party or any of the members of its Group or its or their Representatives without reference to the Confidential Information of the other Group. Notwithstanding the foregoing, such Party or member of its Group or its or their Representatives may disclose such Confidential Information to the members of its Group and its or their Representatives who need to know such information in their capacities as such so long as such Persons are informed by such Party of the confidential nature of such Confidential Information and are directed by such Party to treat such information confidentially. If such Party or any member of its Group or any of its or their Representatives becomes legally required (including by the rules of any stock exchange on which such Party's shares are listed), or receives a request from any Governmental Authority or pursuant to legal process, to disclose any documents or information subject to this Section 4.07, such Party, if legally permitted, will promptly notify the other Party in writing and, upon request, use commercially reasonable efforts to cooperate with the other Party's efforts to seek a protective order or other remedy. If no such protective order or other remedy is obtained or if the other Party waives in writing such Party's compliance with this Section 4.07, such Party or the member of its Group or its or their Representatives may furnish only that portion of the information which it concludes, after consultation with counsel, is legally required to be disclosed or that it otherwise determines to be reasonably necessary to respond to a governmental request, and will exercise its commercially reasonable efforts to obtain reliable assurance that confidential treatment will be accorded such information. Each Party agrees to be responsible for any breach of this Section 4.07 by it, the members of its Group and its and their Representatives.

Section 4.08. *Privileged Information.* (a) The Parties recognize that legal and other professional services that have been provided prior to the Distribution (whether by outside counsel, in-house counsel or other legal professionals) have been and will be rendered for the collective benefit of each of the members of the SPGI Group and the SpinCo Group, and that, except as set forth in Section 4.08(f), each of the members of the SPGI Group and the SpinCo Group shall be deemed to be the client with respect to such services for the purposes of asserting all attorney-client privilege, the work product doctrine, the joint defense or common interest privilege or any other privilege or immunity from disclosure (collectively, "**Privileges**") which may be asserted under Applicable Law in connection therewith. Except as set forth in Section 4.08(f), the Parties agree that they shall have a shared privilege or immunity with respect to all Privileges. The Parties hereto acknowledge that members of the SPGI Group, on the one hand, and members of the SpinCo Group, on the other hand, may possess documents or other information regarding the other Group that is or may be subject to Privileges (such documents and other information collectively, the "**Privileged Information**"). Each Party agrees to use commercially reasonable efforts to protect and maintain, and to cause their respective Affiliates to protect and maintain, any applicable claim to Privilege in order to prevent any of the other Group's Privileged Information from being disclosed or used in a manner inconsistent with such Privilege without the other Party's consent, including by executing joint defense or common interest agreements where necessary or useful for this purpose. Without limiting the generality of the foregoing, a Party and its Affiliates shall not, without the other Party's prior written consent, (i) waive any Privilege with respect to any of the other Party's or any member of its Group's Privileged Information, (ii) fail to assert or defend any Privilege with respect to any such Privileged Information, or (iii) fail to take any other actions reasonably necessary to preserve any Privilege with respect to any such Privileged Information; provided that nothing in this Section 4.08(a) shall be construed to restrict use of Privileged Information to the extent permitted by Section 4.08(f).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Upon receipt by a Party or any member of such Party's Group of any subpoena, discovery or other request that calls for the production or disclosure of Privileged Information of the other Party or a member of its Group, or if a Party has knowledge that its or a member of its Group's Representatives have received such a subpoena, discovery or other request, such Party shall promptly notify the other Party of the existence of the request and shall provide the other Party a reasonable opportunity to review the information and to assert any rights it or a member of its Group may have under this **‎**Section 4.08 or otherwise to prevent the production or disclosure of such Privileged Information. Each Party agrees that neither it nor any member of its Group will produce or disclose any information that may be covered by a Privilege of the other Party or a member of its Group under this **‎**Section 4.08 unless (i) the other Party has provided its written consent to such production or disclosure (which consent shall not be unreasonably withheld) or (ii) a court of competent jurisdiction has entered an order finding that the information is not entitled to protection under any applicable Privilege or otherwise requires disclosure of such information, in each case except as set forth in Section 4.08(f).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any furnishing or transfer of, or access to, any information pursuant to this Agreement is made in reliance on the agreement of SPGI and SpinCo set forth in this **‎**Section 4.08 and in Section 4.07 to maintain the confidentiality of Privileged Information and to assert and maintain all applicable Privileges. The Parties agree that their respective rights to any access to information, witnesses and other Persons, the furnishing of notices and documents and other cooperative efforts between the Parties contemplated by this Agreement, and the transfer of Privileged Information between the Parties and members of their respective Groups as needed pursuant to this Agreement, shall not be deemed a waiver of any Privilege that has been or may be asserted under this Agreement or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In the event that any member of the SPGI Group and any member of the SpinCo Group cooperate in the mutual defense of any Third Party Claim, such cooperation shall not constitute a waiver or qualification of such Party's right to assert and defend any applicable claim to Privilege.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Each of the SPGI Group and the SpinCo Group, on behalf of themselves and each of their respective Affiliates, covenants and agrees that, following the Distribution Time, Davis Polk & Wardwell LLP or any other internal or external legal counsel currently representing the SpinCo Group or any directors of the SPGI Group (each a "**Prior Company Counsel**") may serve as counsel to the SPGI Group and its Affiliates, or, with the prior written consent of SPGI, the SpinCo Group and its Affiliates, including in connection with any matters arising under or related to this Agreement or the transactions contemplated by this Agreement or any Ancillary Agreement, including with respect to any Action, claim or obligation arising out of or related to this Agreement or any Ancillary Agreement or the transactions contemplated by this Agreement or any Ancillary Agreement, notwithstanding any representation by the Prior Company Counsel prior to the Distribution Time. Each of the SPGI Group and the SpinCo Group, on behalf of themselves and each of their respective Affiliates, hereby irrevocably (i) waives any claim the SPGI Group or the SpinCo Group has or may have that a Prior Company Counsel has a conflict of interest or is otherwise prohibited from engaging in such representation and (ii) covenants and agrees that, in the event that a dispute arises after the Distribution Time between the SpinCo Group (or any of its Affiliates) and the SPGI Group (or any of its Affiliates), Prior Company Counsel may represent any member of the SPGI Group, the SpinCo Group or any their respective Affiliates thereof in such dispute, including any adversarial Action (*provided* that, in the event of any such dispute or adversarial Action, the Group represented by Prior Company Counsel shall notify the other Group in writing of such representation) even though the interests of such Person(s) may be directly adverse to the SPGI Group or the SpinCo Group (or any of their respective Affiliates) and even though Prior Company Counsel may have represented the SPGI Group or the SpinCo Group (or any of their respective Affiliates) in a matter substantially related to such dispute; *provided*, however, that nothing in this Section 4.08(e) shall be construed to (A) waive, diminish or expand any Privilege, (B) authorize the use of the other Party's Privileged Information except as expressly permitted by Section 4.08(f), or (C) permit Prior Company Counsel to use or disclose the other Party's Privileged Information except to the extent permitted under Section 4.08(f) and subject to the obligations of confidentiality and privilege preservation set forth in this Section 4.08.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Notwithstanding anything to the contrary in this **‎**Section 4.08, in the event of any dispute, including any adversarial Action, between any member of the SPGI Group, on the one hand, and any member of the SpinCo Group (or its Affiliates), on the other hand, related to this Agreement, any Ancillary Agreement, or any transaction contemplated by this Agreement or any Ancillary Agreement, each of the SPGI Group and the SpinCo Group shall be entitled to use for purposes reasonably related to the prosecution or defense of such dispute any confidential information or Privileged Information in connection with such Action without obtaining, in the case of the SPGI Group, SpinCo's consent, or, in the case of the SpinCo Group, SPGI's consent; *provided* that each Party shall use commercially reasonable efforts to limit any such use or disclosure to those Persons and materials reasonably necessary for such purpose. Provided that, to the extent such use is deemed to constitute a waiver of Privilege, such waiver shall be effective only as to the use of information with respect to such Action and shall not operate as a waiver of any Privilege with respect to any Third Party, and the Parties will not, and will cause the members of their respective Groups (and their Affiliates) not to, take the position that any such waiver in any such Action effected a broader waiver with respect to any Third Party. For the avoidance of doubt, the SpinCo Group, on behalf of itself and each of its Affiliates, waives any claim that a Prior Company Counsel has a conflict of interest or is otherwise prohibited from representing the SPGI Group (or any of its Affiliates) based on the possession or use of any confidential information or Privileged Information, and nothing in this Section 4.08(f) shall be construed to expand any waiver of Privilege or to authorize the use of the other Party's Privileged Information except as expressly set forth in this Section 4.08(f) and Section 4.08(e).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Each of the SpinCo Group and the SPGI Group hereby acknowledges and confirms that it has had the opportunity to review and obtain adequate information regarding the significance and risks of the waivers and other terms and conditions of this **‎**Section 4.08, including the opportunity to discuss with counsel such matters and reasonable alternatives to such terms. This **‎**Section 4.08 is for the benefit of the SPGI Group, the SpinCo Group and Prior Company Counsel, and the SPGI Group, SpinCo Group and Prior Company Counsel are intended third party beneficiaries of this **‎**Section 4.08. This **‎**Section 4.08 shall be irrevocable, and no term of this **‎**Section 4.08 may be amended, waived or modified, without the prior written consent of SPGI, SpinCo and Prior Company Counsel. The covenants and obligations set forth in this **‎**Section 4.08 shall survive the Distribution Time indefinitely.

Section 4.09. *Limitation of Liability*. Except as otherwise provided in this Agreement, no Party shall have any liability to any other party in the event that any information, books or records exchanged or provided pursuant to this Agreement is found to be inaccurate or the requested information, books or records is not provided, in the absence of willful misconduct by the party requested to provide such information, books or records. No Party shall have any liability to any other party if any information, books or records is destroyed after commercially reasonable efforts by such Party to comply with the provisions of Section 4.06.

Section 4.10. *Other Agreements Providing for Exchange of Information*. The rights and obligations granted under this Article 4 are subject to any specific limitations, qualifications or additional provisions on the sharing, exchange, retention, rights to use, or confidential treatment of information set forth in any Ancillary Agreement. Notwithstanding anything in this Agreement to the contrary, (a) the Tax Matters Agreement shall govern the retention of Tax related records and the exchange of Tax related information and (b) the Employee Matters Agreement shall govern the retention of employment and benefits related records. Any Party that receives, pursuant to a request for information in accordance with this Article 4, information that is not relevant to its request shall, at the request of the providing Party, (i) return it to the providing Party or, at the providing Party's request, destroy such information; and (ii) deliver to the providing Party written confirmation that such information was returned or destroyed, as the case may be, which confirmation shall be signed by an authorized representative of the requesting Party.

Section 4.11. *Insurance Matters*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Prior to the Distribution Time, SPGI shall cooperate with SpinCo to seek to arrange for insurance policies to provide appropriate coverage for the SpinCo Business (the "**SpinCo Insurance Policies**"), including requesting that any SpinCo Insurance Policies written on a "claims made" basis include "full prior acts" coverage with respect to any losses discovered after the Distribution Time but arising out of acts, circumstances, occurrences or incidents arising prior to the Distribution Time. SpinCo, for itself and the members of its Group, acknowledges that coverage for the SpinCo Business under the insurance policies of SPGI and the members of the SPGI Group (the "**SPGI Insurance Policies**") will cease as of the Distribution Time, and that, neither SPGI nor any member of its Group will purchase any "tail" policy or other additional or substitute coverage for the benefit of SpinCo or the members of the SpinCo Group relating to the SpinCo Business applicable in any period after the Distribution Time. SpinCo shall be responsible for administering the SpinCo Insurance Policies and shall bear all costs and expenses associated with the SpinCo Insurance Policies (including any premiums, deductibles, retentions, self-insurance costs and other administrative expenses).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding the foregoing, following the Distribution Time, with respect to any act, circumstance, occurrence or incident arising prior to the Distribution Time that relates to the SpinCo Business (a "**Pre-Closing SpinCo Claim**"), SPGI, for itself and the members of its Group, agrees that SPGI or a member of its Group shall (i) if such Pre-Closing SpinCo Claim is discovered after the Distribution Time but is potentially covered by a SPGI Insurance Policy written on an "occurrence" basis in effect prior to the Distribution Time, upon the written request of SpinCo or any member of its Group, promptly report such claim to the appropriate insurer in accordance with the terms and conditions of the applicable SPGI Insurance Policy, and (ii) with respect to any Pre-Closing SpinCo Claim reported to the appropriate insurer prior to the Distribution Time (whether the underlying SPGI Insurance Policy is written on an "occurrence" basis, a "claims-made" basis or otherwise) or as provided in clause (i), (A) use commercially reasonable efforts to administer such claim and (B) subject to the last sentence of this Section 4.11(b), in the case of an SPGI Insurance Policy written on an "occurrence" basis, instruct that any proceeds payable under the applicable SPGI Insurance Policy in respect of such claim are paid directly to the injured party in settlement of any claims, rather than to SPGI or the members of its Group, or, in any other case, if such proceeds are received by SPGI or any member of its Group, pay such proceeds over to SpinCo or the applicable member of its Group; *provided* that SpinCo and the applicable members of its Group shall notify SPGI promptly of any potential Pre-Closing SpinCo Claim, shall cooperate in good faith in the investigation, management and pursuit of any Pre-Closing SpinCo Claim (including providing any relevant information), shall have the right to effectively associate in the pursuit of any Pre-Closing SpinCo Claim, including the ability to withhold its consent to any proposed claim settlement (such consent not to be unreasonably conditioned, withheld or delayed), and reasonable access to material communications with insurers relating to such Pre-Closing SpinCo Claim, and shall bear all out-of-pocket expenses incurred by SPGI or the members of its Group in connection with the foregoing; *provided further* that SPGI and the members of its Group shall be obligated to use only commercially reasonable efforts to pursue any Pre-Closing SpinCo Claims that are potentially covered by available SPGI Insurance Policies and shall not, for the avoidance of doubt, have any obligation to commence any Action with respect to any matter potentially covered by any SPGI Insurance Policy. SPGI or the applicable member of its Group shall retain the exclusive right to control all of their respective SPGI Insurance Policies and the benefits payable thereunder, including the right to exhaust, settle, release, commute, buy-back or otherwise resolve disputes with respect to any of the SPGI Insurance Policies and to amend, modify or waive any rights under any of the SPGI Insurance Policies, notwithstanding whether any such SPGI Insurance Policies apply to any SpinCo Liabilities and/or claims SpinCo or any member of its Group has made or could make in the future. SpinCo shall bear responsibility for any deductibles, retentions and/or self insurance required to be made under the SPGI Insurance Policies in respect of any Pre-Closing SpinCo Claims, and shall be liable for all uninsured, uncovered, unavailable or uncollectible amounts of any such Pre-Closing SpinCo Claims. In addition, SpinCo and the members of its Group shall use their respective commercially reasonable efforts to mitigate any loss for which they seek coverage under any SPGI Insurance Policy. The order of priority of any recoveries from such efforts shall inure first to SPGI and the members of its Group to reimburse any and all costs actually incurred by SPGI or the members of its Group, directly or indirectly, as a result of such loss or the investigation, management and pursuit of any Pre-Closing SpinCo Claim, solely to the extent not otherwise reimbursed by SpinCo, any member of its Group or a third party for such amounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) This Section 4.11 shall not be considered as an attempted assignment of any policy of insurance or as a contract of insurance and shall not be construed in any manner to waive any right or remedy of SPGI or any member of its Group in respect of any SPGI Insurance Policy.

Section 4.12. *Intellectual Property License*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Effective from and after the Distribution Time, SPGI (on behalf of itself and its Subsidiaries) hereby grants R.L. Polk & Co. a non-exclusive, worldwide, perpetual, irrevocable, fully paid-up, royalty-free, non-transferable (except as set forth in Section 4.12(e)), non-sublicensable (except as set forth in Section 4.12(f)) license under the Intellectual Property Rights (other than any and all Trademarks, Commercial Data, Personal Information or Intellectual Property Rights governed by the terms of the Commercial Agreement(s)) (i) that are owned by the SPGI Group as of the Distribution Time and (ii) that have been used or held for use in the SpinCo Business on or prior to the Distribution Time but are not included in the SpinCo Assets, including the Intellectual Property Rights set forth on <u>Schedule 4.12(a)</u> (the "**SPGI Licensed IP**"), in each case, to use, reproduce, create Improvements of, modify, distribute, make, have made, sell, offer for sale, import or otherwise commercially exploit products and services solely in connection with the operation of the SpinCo Business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Effective from and after the Distribution Time, SpinCo (on behalf of itself and its Subsidiaries) hereby grants the SPGI Group a non-exclusive, worldwide, perpetual, irrevocable, fully paid-up, royalty-free, non-transferable (except as set forth in Section 4.12(e)), non-sublicensable (except as set forth in Section 4.12(f)) license under the SpinCo IP (other than any and all Trademarks, Commercial Data, Personal Information or Intellectual Property Rights governed by the terms of the Commercial Agreement(s)) that has been used or held for use by the SPGI Group in the operation of the SPGI Business on or prior to the Distribution Time but are not included in the SPGI Assets, including the SpinCo IP set forth on <u>Schedule 4.12(b)</u> (the "**SpinCo Licensed IP**"), in each case, to use, reproduce, create Improvements of, modify, distribute, make, have made, sell, offer for sale, import or otherwise commercially exploit products and services solely in connection with the operation of the SPGI Business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) As between the Groups, Improvements (and all Intellectual Property Rights therein) to any Intellectual Property Rights licensed to a Group (or member thereof) hereunder made after the Distribution Time shall be solely and exclusively owned by the Group making such Improvement or on whose behalf such Improvement was made. For the avoidance of doubt, (i) such Group making such Improvement shall not own any Intellectual Property Rights of the other Group that are licensed to such Group (or a member thereof) hereunder and (ii) such Group may freely assign or license such Improvements but shall not have the right to assign any Intellectual Property Right of the other Group licensed to such Group (or a member thereof) hereunder, and shall only have the right to sublicense Intellectual Property Rights of the other Group (or a member thereof) licensed to such Group hereunder as expressly set forth in Section 4.12(f). No rights are granted hereunder to either Group to any Improvements (or any Intellectual Property Rights therein) made by, or on behalf of, the other Group to the extent such Improvement was made after the Distribution Time, and the Groups have no obligations to disclose any such Improvements to each other.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Parties acknowledge and agree that, as between the Groups, one or more members of the SPGI Group are the owners of all right, title and interest in the SPGI Licensed IP, and one or more members of the SpinCo Group are the owners of all right, title and interest in the SpinCo Licensed IP. For the avoidance of doubt, the applicable SPGI Group member shall have the sole right to prosecute, defend and enforce any and all Intellectual Property Rights covering the SPGI Licensed IP, and the applicable SpinCo Group member shall have the sole right to prosecute, defend and enforce all Intellectual Property Rights covering the SpinCo Licensed IP. Each Group (and the members thereof) shall be responsible for its own compliance with any and all Applicable Laws with respect to its use of the Intellectual Property Rights granted hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Without limiting the assignment provision in Section 6.04, SPGI and R.L. Polk & Co. (or their applicable respective Group members) may assign their respective licenses set forth in this Section 4.12, in whole or in part, to their Affiliates, or in connection with a merger, consolidation, or sale of all or substantially all of, or any portion of the assets of, their respective Businesses to which the licenses relate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) SPGI and R.L. Polk & Co. (or their applicable respective Group members) may sublicense their respective licenses set forth in this Section 4.12 to (i) their respective Affiliates, (ii) their vendors, consultants, contractors and suppliers, in connection with the provision of services to their respective Businesses to which the licenses relate and (iii) their distributors, customers and end-users, in connection with the distribution, licensing, offering and sale of the current and future products and services of their respective Businesses to which the licenses relate. SPGI and R.L. Polk & Co. are responsible for the acts and omissions of each of their respective sublicensees. A sublicense with respect to any particular licensed Intellectual Property Rights under Section 4.12(a) or Section 4.12(b) shall terminate automatically upon termination of the license with respect to such licensed Intellectual Property Rights, consistent with Section 4.12(h).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Each license granted in this Section 4.12 is, and will otherwise be deemed to be, for purposes of Section 365(n) of the Bankruptcy Code, a license of rights to "intellectual property" (as defined under Section 101 of the Bankruptcy Code), and SPGI and R.L. Polk & Co. (or their applicable respective Group members) will retain and may fully exercise all of their respective rights and elections under the Bankruptcy Code (or any similar foreign law) with respect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) For the avoidance of doubt, this Section 4.12 shall survive in perpetuity, and the licenses granted pursuant to this Section 4.12 are not terminable by SPGI or R.L. Polk & Co. for any reason; <u>provided</u> that the foregoing shall not prevent SPGI or R.L. Polk & Co. (or their applicable respective Affiliates) from exercising all other rights that they may have, at law or in equity, in the event of a breach of this Section 4.12, including the right to sue and collect damages. Notwithstanding the foregoing, the license grants in Section 4.12(a) and Section 4.12(b) (i) will immediately terminate for any particular Intellectual Property Right licensed thereunder when no enforceable rights in such Intellectual Property Right remain; and (ii) will immediately terminate in its entirety when no enforceable rights in any Intellectual Property Right licensed thereunder remain.

Section 4.13. *Trademark Phase Out*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) As soon as reasonably practicable after the Distribution Time, but in no event later than [twelve (12) months] thereafter, SpinCo shall and shall cause its Subsidiaries to (i) cease any and all use of the SPGI Marks and (ii) destroy, conceal, cover, redact, replace or remove the SPGI Marks from any and all SpinCo Assets and any other assets and materials under their possession or control bearing such SPGI Marks. SpinCo acknowledges and agrees that, during the [twelve (12)-month] period set forth in this Section 4.13(a), SpinCo and its Subsidiaries shall have the right to use the SPGI Marks solely in substantially the same manner as such SPGI Marks were used by SPGI and its Subsidiaries prior to the Distribution Time in connection with the SpinCo Business (including with respect to any sublicensing in the SpinCo Business). Any and all goodwill resulting from the SpinCo Group's use of the SPGI Marks shall inure solely to the benefit of SPGI.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) As soon as reasonably practicable after the Distribution Time, but in no event later than [six (6) months] thereafter, SpinCo shall and shall cause its Subsidiaries to take any and all actions necessary (including the filing of amended organizational documents and any other required documentation with the relevant Governmental Authorities) to complete all filings with relevant Government Authorities necessary to reflect changes to the corporate name, "doing business as" name, trade name and any other similar corporate identifier of SpinCo and its Subsidiaries to a corporate name, "doing business as" name, trade name or any other similar corporate identifier that does not contain any SPGI Marks or any name confusingly similar to any SPGI Marks, including "S&P", "S&P Global", "IHS" or "IHS Markit".

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) SpinCo agrees that (i) the SPGI Marks are, as of the date of this Agreement, and shall continue to be following the Distribution Time, owned by SPGI or a Subsidiary of SPGI, as applicable, (ii) no member of the SpinCo Group has any rights in, and shall not use in any manner, any of the SPGI Marks following the [twelve (12)-month] period set forth in Section 4.13(a) and (iii) no member of the SpinCo Group shall contest the ownership, enforceability or validity of any rights of SPGI and its Subsidiaries in or to any of the SPGI Marks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) As soon as reasonably practicable after the Distribution Time, but in no event later than [twelve (12) months] thereafter, SPGI shall and shall cause its Subsidiaries to (i) cease any and all use of the SpinCo Trademarks and (ii) destroy, conceal, cover, redact, replace or remove any and all SpinCo Trademarks from any and all SPGI Assets and any other assets and materials under their possession or control bearing such SpinCo Trademarks. SPGI acknowledges and agrees that, during the [twelve (12)-month] period set forth in this Section 4.13(d), SPGI and its Subsidiaries shall have the right to use the SpinCo Trademarks solely in substantially the same manner as such SpinCo Trademarks were used by SPGI and its Subsidiaries prior to the Distribution Time in the SPGI Business (including with respect to any sublicensing in the SPGI Business). Any and all goodwill resulting from the SPGI Group's use of the SpinCo Trademarks shall inure solely to the benefit of SpinCo.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) As soon as reasonably practicable after the Distribution Time, but in no event later than [six (6) months] thereafter, SPGI shall and shall cause its Subsidiaries to take any and all actions necessary (including the filing of amended organizational documents and any other required documentation with the relevant Governmental Authorities) to complete all filings with the relevant Government Authorities necessary to reflect changes to the corporate name, "doing business as" name, trade name or any other similar corporate identifier of each Subsidiary of SPGI to a corporate name, "doing business as" name, trade name or any other similar corporate identifier that does not contain any SpinCo Trademarks or any name confusingly similar to any SpinCo Trademarks, including MOBILITY, MOBILITY GLOBAL, MOBILITYIQ, POLK, CARFAX, MARKET SCAN and AUTOMOTIVE MASTERMIND.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) SPGI agrees that (i) the SpinCo Trademarks are, as of the date of this Agreement, and shall continue to be following the Distribution Time, owned by SpinCo or a Subsidiary of SpinCo, as applicable, (ii) no member of the SPGI Group has any rights in, and shall not use in any manner, any of the SpinCo Trademarks following the [twelve (12)-month] period set forth in Section 4.13(d) and (iii) no member of the SPGI Group shall contest the ownership, enforceability or validity of any rights of SpinCo and its Subsidiaries in or to any of the SpinCo Trademarks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) SPGI and SpinCo each acknowledge the importance of each Party's (and its respective Subsidiaries') right to exercise quality control over the use of its respective Trademarks to preserve the continued integrity, validity, and enforceability of the Trademarks and protect the goodwill associated therewith. Each Party shall ensure that its (and its respective Subsidiaries') permitted use of the other Party's (and its respective Subsidiaries') Trademarks are strictly in accordance with such other Party's (or its respective Subsidiaries') Trademark standards with respect to style, appearance, quality, usage, and specifications, as communicated by the other Party in writing from time to time; *provided that* each Party's (or its respective Subsidiaries') use of the other Party's (or its respective Subsidiaries') Trademarks shall be in compliance with this Section 4.12(g) so long as such use is substantially in the same manner as such Trademarks were used by SPGI and its Subsidiaries prior to the Distribution Time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Notwithstanding the foregoing, nothing in this Section 4.12 shall be construed as prohibiting either Party from making any use of the other Party's Trademarks to the extent such use constitutes "fair use" under Applicable Law or from referencing the historical relationship of the Parties.

Section 4.14. *Data Protection and Data Privacy.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Following the Distribution Date, the Parties shall reasonably cooperate with each other in responding to any Action or inquiry, claim or proceeding by any Person relating to the processing of Personal Information included in the SpinCo Assets to the extent that such Action or inquiry, claim or proceeding by any Person relates to events occurring prior to the Distribution Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) SpinCo shall not, and shall cause its Subsidiaries not to, following the Distribution Time, without the consent of the individuals to whom such Personal Information relates, use or disclose any Personal Information included in the SpinCo Assets for purposes other than those for which such Personal Information was collected by SPGI or its Subsidiaries prior to the Distribution Time (unless (a) such consent is obtained by SpinCo or (b) otherwise permitted or required by Applicable Law), and shall give effect to any withdrawal of consent made in accordance with Applicable Law. SpinCo shall, and shall cause its Subsidiaries to, protect and safeguard such Personal Information against unauthorized collection, use or disclosure, as provided by Applicable Law. To the extent required by Applicable Law, within a reasonable time after the Distribution Time, SpinCo shall notify the individuals to whom such Personal Information relates that the transactions contemplated by this Agreement have been completed and that their Personal Information has been transferred to SpinCo. The Parties shall reasonably cooperate with each other in ensuring that any processing of Personal Information included in the SpinCo Assets does and will comply with Applicable Laws and take all reasonable precautions to avoid acts that place the other Party in breach of its obligations under Applicable Laws.

Section 4.15. *Inducement*. SpinCo acknowledges and agrees that SPGI's willingness to cause, effect and consummate the Distribution has been conditioned upon and induced by SpinCo's covenants and agreements in this Agreement and the Ancillary Agreements, including SpinCo's assumption of the SpinCo Liabilities. The Parties acknowledge that, after the Distribution Time, each Party shall be independent of the other Party, with responsibility for its own actions and inactions and its own Liabilities relating to, arising out of or resulting from the conduct of its business, operations and activities following the Distribution Time, except as may otherwise be provided in this Agreement or in any Ancillary Agreement, and each Party shall (except as otherwise provided in this Agreement) use commercially reasonable efforts to prevent such Liabilities from being inappropriately borne by the other Party.

Article 5<br> Release; Indemnification

Section 5.01. *Release of Pre-Distribution Claims*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except (i) as provided in Section 5.01(b) and (ii) as otherwise expressly provided in this Agreement or any Ancillary Agreement, each Party does hereby, on behalf of itself and each member of its Group, and each of their successors and assigns, and to the extent permitted by Applicable Law, all Persons who at any time prior to the Distribution Time have been directors, officers, employees or agents serving as independent contractors of such Party or any member of its Group (in each case, in their respective capacities as such), release and forever discharge the other Party and the other members of such Party's Group, and their respective successors and assigns, and all Persons who at any time prior to the Distribution Time have been directors, officers, employees or agents serving as independent contractors of such other Party or any member of its Group (in each case, in their respective capacities as such), and their respective heirs, executors, administrators, successors and assigns (collectively, the "**Released Parties**"), from any and all Actions and Liabilities whatsoever, whether at law or in equity (including any right of contribution or any right pursuant to any Environmental Law whether now or hereinafter in effect), whether arising under any Contract, by operation of law or otherwise (and including for the avoidance of doubt, those arising as a result of the negligence, strict liability or any other liability under any theory of law or equity of, or any violation of law by any Released Party), existing or arising from any acts or events occurring or failing to occur or alleged to have occurred or to have failed to occur or any conditions existing or alleged to have existed on or before the Distribution Date (including, for the avoidance of doubt, any acts by the Parties in connection with the Restructuring and other activities in anticipation of the Distribution). In furtherance of the foregoing, each Party shall cause each of the members of its respective Group to, effective as of the Distribution Time, release and forever discharge each of the Released Parties of the other Group as and to the same extent as the release and discharge provided by such Party pursuant to the foregoing provisions of this Section 5.01(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Nothing contained in Section 5.01(a) shall impair any right of any Person identified in Section 5.01(a) to enforce this Agreement or any Ancillary Agreement. Nothing contained in Section 5.01(a) shall release or discharge any Person from:

&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) any Liability assumed, transferred, assigned, retained or allocated to that Person in accordance with, or any other Liability of that Person under, this Agreement or any of the Ancillary Agreements;

&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) any Liability that is expressly specified in this Agreement (including Section 2.08) or any Ancillary Agreement to continue after the Distribution Time, but subject to any limitation set forth in this Agreement (including Section 2.08) or any Ancillary Agreement relating specifically to such Liability;

&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) any Liability that the Parties may have with respect to claims for indemnification, recovery or contribution brought pursuant to this Agreement or any Ancillary Agreement, which Liability shall be governed by the provisions of this Article 5, or, if applicable, the appropriate provisions of the Ancillary Agreements; 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;(iv) any Liability the release of which would result in the release of any Person, other than a member of the SPGI Group, the SpinCo Group or any related Released Party; *provided*, *however*, that the Parties agree not to bring or allow their respective Subsidiaries to bring suit against the other Party or any related Released Party with respect to any such Liability.

In addition, nothing contained in Section 5.01(a) shall release any Party or any member of its Group from honoring its existing obligations to indemnify, or advance expenses to, any Person who was a director, officer or employee of such Party or any member of its Group, at or prior to the Distribution Time, to the extent such Person was entitled to such indemnification or advancement of expenses pursuant to then-existing obligations and remains so entitled; *provided*, *however*, that, to the extent applicable, Section 5.02 hereof shall determine whether any Party shall be required to indemnify the other Party or a member of its Group in respect of such Liability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) No Party shall make, nor permit any member of its Group to make, any claim or demand, or commence any Action asserting any claim or demand, including any claim of contribution or indemnification, against the other Party, or any related Released Party, with respect to any Liability released pursuant to Section 5.01(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) It is the intent of each of the Parties by virtue of the provisions of this Section 5.01 to provide for a full and complete release and discharge of all Liabilities existing or arising from all acts and events occurring or failing to occur or alleged to have occurred or to have failed to occur and all conditions existing or alleged to have existed on or before the Distribution Date between members of the SPGI Group, on the one hand, and members of the SpinCo Group, on the other hand (including any Contract existing or alleged to exist between the Parties on or before the Distribution Date), except as expressly set forth in Section 5.01(b) or as expressly provided in this Agreement or any Ancillary Agreement. At any time, at the reasonable request of either SPGI or SpinCo, the other Party shall execute and deliver (and cause its respective Subsidiaries to execute and deliver) releases reflecting the provisions hereof.

Section 5.02. *SpinCo Indemnification of the SPGI Group.* (a) Effective as of and after the Distribution Time, SpinCo shall, and shall cause the other members of the SpinCo Group to, indemnify, defend and hold harmless each member of the SPGI Group, each Affiliate thereof and each of their respective past, present and future directors, officers, employees and agents and the respective heirs, executors, administrators, successors and assigns of any of the foregoing (the "**SPGI Indemnitees**") from and against any and all Liabilities actually incurred or suffered by any of the SPGI Indemnitees arising out of or in connection with (i) any of the SpinCo Liabilities, or the failure of any member of the SpinCo Group or any other Person to pay, perform or otherwise discharge any of the SpinCo Liabilities, whether prior to, at or after the Distribution Time, (ii) any breach by SpinCo or any member of the SpinCo Group of this Agreement or any Ancillary Agreement, (iii) the ownership or operation of the SpinCo Business, the businesses conducted by the SpinCo Group or the SpinCo Assets on or after the Distribution Date and (iv) any use of any SPGI Marks by SpinCo.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except to the extent set forth in Section 5.03(b), effective as of and after the Distribution Time, SpinCo shall indemnify, defend and hold harmless each of the SPGI Indemnitees and each Person, if any, who controls any SPGI Indemnitee within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act from and against any and all Liabilities caused by any untrue statement or alleged untrue statement of a material fact contained in the Form 10 or any amendment thereof, the Information Statement (as amended or supplemented), the Equity Compensation Registration Statement or any offering or marketing materials prepared in connection with the SpinCo Financing Transactions or caused by any omission or alleged omission to state therein a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading.

Section 5.03. *SPGI Indemnification of the SpinCo Group.* (a) Effective as of and after the Distribution Time, SPGI shall, and shall cause the other members of the SPGI Group to, indemnify, defend and hold harmless each member of the SpinCo Group, each Affiliate thereof and each of their respective past, present and future directors, officers, employees and agents and the respective heirs, executors, administrators, successors and assigns of any of the foregoing (the "**SpinCo Indemnitees**") from and against any and all Liabilities actually incurred or suffered by any of the SpinCo Indemnitees and arising out of or in connection with (i) any of the SPGI Liabilities, or the failure of any member of the SPGI Group or any other Person to pay, perform or otherwise discharge any of the SPGI Liabilities, whether prior to, at or after the Distribution Time, (ii) any breach by SPGI or any member of the SPGI Group of this Agreement or any Ancillary Agreement and (iii) the ownership or operation of the SPGI Business or the SPGI Assets on or after the Distribution Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Effective as of and after the Distribution Time, SPGI shall indemnify, defend and hold harmless each of the SpinCo Indemnitees and each Person, if any, who controls any SpinCo Indemnitee within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act from and against any and all Liabilities caused by any untrue statement or alleged untrue statement of a material fact contained in the Form 10 or any amendment thereof, the Information Statement (as amended or supplemented), the Equity Compensation Registration Statement or any offering or marketing materials prepared in connection with the SpinCo Financing Transactions or caused by any omission or alleged omission to state therein a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading, in each case to the extent, but only to the extent, that such Liabilities are caused by any such untrue statement or omission or alleged untrue statement or omission based on information furnished by SPGI solely in respect of the SPGI Group and which information is set forth on Schedule 5.03(b), it being agreed that the statements set forth on Schedule 5.03(b) shall be the only information furnished by SPGI in respect of the SPGI Group in the Form 10, the Information Statement, the Equity Compensation Registration Statement or any offering or marketing materials prepared in connection with the SpinCo Financing Transactions, and all other information contained in the Form 10, the Information Statement, the Equity Compensation Registration Statement or any offering or marketing materials prepared in connection with the SpinCo Financing Transactions shall be deemed to be information supplied by SpinCo.

Section 5.04. *Procedures*. (a) The Party seeking indemnification under Section 5.02(a)(i) or Section 5.03 (the "**Indemnified Party**") agrees to give prompt notice to the Party against whom indemnity is sought (the "**Indemnifying Party**") of the assertion of any claim, or the commencement of any suit, action or proceeding (each, a "**Claim**") in respect of which indemnity may be sought hereunder and will provide the Indemnifying Party such information with respect thereto that the Indemnifying Party may reasonably request. The failure to so notify the Indemnifying Party shall not relieve the Indemnifying Party of its obligations hereunder, except to the extent such failure shall have adversely prejudiced the Indemnifying Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Indemnifying Party shall be entitled to participate in the defense of any Claim (other than any criminal Claim or Claim brought by a Governmental Authority) asserted by any Third Party (each, a "**Third Party Claim**") and, subject to the limitations set forth in this Section 5.04, if it so notifies the Indemnified Party no later than thirty (30) days after receipt of the notice described in Section 5.04(a), shall be entitled to control and appoint lead counsel for such defense (other than (x) any Claim that seeks injunctive, equitable or other relief other than monetary damage against the Indemnified Party (provided that such Indemnified Party shall reasonably cooperate with the Indemnifying Party, at the request of the Indemnifying Party, in seeking to separate any such Claims from any related Claim for monetary damages), (y) any criminal Claim or (z) any Claim brought by a Governmental Authority), in each case at its expense; *provided* that, prior to the Indemnifying Party controlling the defense of such Third Party Claim, it shall first confirm to the Indemnified Party in writing that, assuming the facts presented to the Indemnifying Party by the Indemnified Party are true, the Indemnifying Party shall indemnify the Indemnified Party for any such damages to the extent resulting from, or arising out of, such Third Party Claim. If the Indemnifying Party does not so notify the Indemnified Party, the Indemnified Party shall have the right to defend or contest such Third Party Claim through counsel chosen by the Indemnified Party that is reasonably acceptable to the Indemnifying Party, subject to the provisions of this Section 5.04, and if the Indemnifying Party has an indemnification obligation with respect to such Third Party Claim, then the Indemnifying Party shall be liable for all reasonable and documented fees and expenses incurred by the Indemnified Party in connection with the defense of such Third Party Claim. If an Indemnifying Party has elected to control the defense of a Third Party Claim, then such Indemnifying Party shall be solely liable for all fees and expenses incurred by it in connection with the defense of such Third Party Claim and shall not be entitled to seek any indemnification or reimbursement from the Indemnified Party for any such fees or expenses incurred by the Indemnifying Party during the course of the defense of such Third Party Claim by such Indemnifying Party, regardless of any subsequent decision by the Indemnifying Party to reject or otherwise abandon its assumption of such defense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If the Indemnifying Party shall assume the control of the defense of any Third Party Claim in accordance with the provisions of Section 5.04(b), (i) the Indemnifying Party shall obtain the prior written consent of the Indemnified Party before entering into any settlement of such Third Party Claim, if (x) the settlement does not release the Indemnified Party from all Liabilities with respect to such Third Party Claim, (y) the settlement imposes injunctive or other equitable relief against the Indemnified Party or any of its related Indemnitees, or (z) the settlement involves any admission by the Indemnified Party of wrongdoing or any violation of Applicable Law or is otherwise materially prejudicial to any such Person and (ii) the Indemnified Party shall be entitled to participate in (but not control) the defense of such Third Party Claim and, at its own expense, to employ separate counsel (including local counsel as necessary) of its choice for such purpose; *provided* that in the event of a conflict of interest between the Indemnifying Party and the applicable Indemnified Party, the reasonable and documented fees and expenses of such separate counsel (including local counsel as necessary) shall be at the Indemnifying Party's expense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each Party shall cooperate, and cause their respective Affiliates to cooperate, in the defense or prosecution of any Third Party Claim and shall furnish or cause to be furnished such records, information and testimony, and attend such conferences, discovery proceedings, hearings, trials or appeals, as may be reasonably requested in connection therewith.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Each Indemnified Party shall use commercially reasonable efforts to collect any amounts available under insurance coverage, or from any other Person alleged to be responsible, for any Liabilities payable under Section 5.02(a)(i) or Section 5.03 and the reasonable expenses incurred in connection therewith will be treated as Liabilities subject to indemnification hereunder. Notwithstanding the foregoing, an Indemnifying Party may not delay making any indemnification payment required under the terms of this Agreement, or otherwise satisfying any indemnification obligation, pending the outcome of any Action to collect or recover any amounts available under insurance coverage, and an Indemnified Party need not attempt to collect any such amounts prior to making a claim for indemnification or contribution or receiving any payment otherwise owed to it under this Agreement or any Ancillary Agreement.

Section 5.05. *Calculation of Indemnification Amount.* Any indemnification amount pursuant to Section 5.02(a)(i) or Section 5.03 shall be paid (a) net of any amounts actually recovered (net of any out-of-pocket costs or expenses incurred in the collection thereof) by the Indemnified Party under applicable Third Party insurance policies or from any other Third Party alleged to be responsible therefor, (b) taking into account any commercially reasonable mitigation efforts undertaken by the Indemnified Party (provided that the costs of such mitigation efforts shall be included in the indemnification amount), and (c) taking into account any Tax Benefit actually realized by the Indemnified Party (using the methodology set forth in [Section 11(d)] of the Tax Matters Agreement to determine the amount of any such Tax Benefit) and any Tax cost incurred by the Indemnified Party arising from the incurrence or payment of the relevant Liabilities. SPGI and SpinCo agree that, for U.S. federal income tax purposes, any payment made pursuant to this Article 5 will be treated as provided under [Section 12(b)] of the Tax Matters Agreement. If the Indemnified Party receives any amounts under applicable Third Party insurance policies, or from any other Third Party alleged to be responsible for any Liabilities, subsequent to an indemnification payment by the Indemnifying Party in respect thereof, then such Indemnified Party shall promptly reimburse the Indemnifying Party for any payment made by such Indemnifying Party in respect thereof up to the amount received (net of any out-of-pocket costs or expenses incurred in the collection thereof and any applicable premium adjustments) by the Indemnified Party from such Third Party insurance policy or Third Party, as applicable. For the avoidance of doubt, no Indemnified Party shall be entitled to recover under this Agreement for the same Loss more than once, whether pursuant to indemnification, contribution, insurance proceeds, reimbursement or any combination thereof, and any mitigation obligations shall apply only to the extent commercially reasonable with respect to the Indemnified Party's own Losses.

Section 5.06. *Contribution*. If for any reason the indemnification provided for in Section 5.02(a)(i) or Section 5.03 is held to be unenforceable or is unavailable to any Indemnified Party, or insufficient to hold it harmless, then the Indemnifying Party shall contribute to the amount paid or payable by such Indemnified Party as a result of such Liabilities in such proportion as is appropriate to reflect the relative fault of the SPGI Group, on the one hand, and the SpinCo Group, on the other hand, in connection with the conduct, statement or omission that resulted in such Liabilities. In case of any Liabilities arising out of or related to information contained in the Form 10 or any amendment thereof, the Information Statement (as amended or supplemented), the Equity Compensation Registration Statement or any offering or marketing materials prepared in connection with the SpinCo Financing Transactions, the relative fault of the SPGI Group, on the one hand, and the SpinCo Group, on the other hand, shall be determined by reference to, among other things, whether the untrue statement or alleged untrue statement of a material fact or the omission or alleged omission of a material fact relates to information supplied by SpinCo or any member of its Group, on the one hand, or SPGI or any member of its Group (but solely to the extent such information is set forth on Schedule 5.03(b)), on the other hand.

Section 5.07. *Non-Exclusivity of Remedies*. Subject to Section 5.01, the remedies provided for in this Article 5 are not exclusive and shall not limit any rights or remedies which may otherwise be available to any Indemnified Party at law or in equity; *provided* that the procedures set forth in Sections 5.04 and 5.05 shall be the exclusive procedures governing any indemnity action brought under this Agreement. Each Party hereby covenants and agrees that none of it, the members of such Party's Group or any Person claiming through it shall bring suit or otherwise assert any claim against any Indemnitee, or assert a defense against any claim asserted by any Indemnitee, before any court, arbitrator, mediator or administrative agency anywhere in the world, alleging that: (a) the assumption of any SpinCo Liabilities by SpinCo or a member of the SpinCo Group on the terms and conditions set forth in this Agreement or any of the Ancillary Agreements is void or unenforceable for any reason; (b) the retention of any SPGI Liabilities by SPGI or a member of the SPGI Group on the terms and conditions set forth in this Agreement or any of the Ancillary Agreements is void or unenforceable for any reason; or (c) the provisions of this Article 5 are void or unenforceable for any reason.

Section 5.08. *Survival of Indemnities.* The rights and obligations of any Indemnified Party or Indemnifying Party under this Article 5 shall survive the sale or other transfer of any Party or any member of its Group of any of its assets, business or liabilities or any merger, consolidation, business combination, restructuring, recapitalization, reorganization or similar transaction involving either Party or any member of its Group.

Section 5.09. *Ancillary Agreements*. If an indemnification or contribution claim is covered by the indemnification or contribution provisions of an Ancillary Agreement, the claim shall be made under the Ancillary Agreement to the extent applicable and the provisions thereof shall govern such claim. In no event shall any Party be entitled to double recovery from the indemnification or contribution provisions of this Agreement and any Ancillary Agreement.

Article 6<br> Miscellaneous

Section 6.01. *Notices.* Any notice, instruction, direction or demand under the terms of this Agreement required to be in writing shall be duly given upon delivery, if delivered by hand, mail, or e-mail transmission to the following addresses:

If to SPGI to:

c/o S&P Global Inc.<br> 55 Water Street<br> New York, New York 10041<br> Attention: [\*\*\*]<br> E-mail: [\*\*\*]

with a copy to:

Davis Polk & Wardwell LLP

450 Lexington Avenue

New York, New York 10017

Attn: [\*\*\*]

Email: [\*\*\*]

If to SpinCo to:

Mobility Global Inc.

5860 Trinity Parkway, Suite 600

Centreville, Virginia 20120

Attn: [\*\*\*]

Email: [\*\*\*]

or such other address as such Party may hereafter specify for the purpose by notice to the other Party. All such notices, requests and other communications shall be deemed received on the date of receipt by the recipient thereof if received prior to 5:00 p.m. in the place of receipt and such day is a business day in the place of receipt. Otherwise, any such notice, request or communication shall be deemed not to have been received until the next succeeding Business Day in the place of receipt.

Section 6.02. *Amendments; No Waivers*. (a) Any provision of this Agreement may be amended or waived if, and only if, such amendment or waiver is in writing and is signed, in the case of an amendment, by SPGI and SpinCo, or in the case of a waiver, by the Party against whom the waiver is to be effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No failure or delay by any Party in exercising any right, power or privilege hereunder shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege. The rights and remedies herein provided shall be cumulative and not exclusive of any rights or remedies provided by Applicable Law.

Section 6.03. *Expenses*. SPGI and SpinCo shall each bear the costs and expenses incurred or paid in connection with the Restructuring, the Contribution, the Distribution and any other related transaction, as applicable, set forth below their respective names on Schedule 6.03. All other third-party fees, costs and expenses paid or incurred in connection with the foregoing (except as specifically allocated pursuant to the terms of this Agreement or any Ancillary Agreement) will be paid by the Party incurring such fees or expenses, whether or not the Distribution occurs, or as otherwise agreed by the Parties in writing.

Section 6.04. *Successors and Assigns*. The provisions of this Agreement shall be binding upon and inure to the benefit of the Parties and their respective successors and permitted assigns; *provided* that neither Party may assign, delegate or otherwise transfer any of its rights or obligations under this Agreement without the consent of the other Party, except pursuant to **‎**Section 4.12(e). If any Party or any of its successors or permitted assigns (a) shall consolidate with or merge into any other Person and shall not be the continuing or surviving corporation or entity of such consolidation or merger or (b) shall transfer all or substantially all of its properties and assets to any Person, then, and in each such case, no such consent shall be required and proper provisions shall be made so that the successors and assigns of such Party shall assume all of the obligations of such Party under the Distribution Documents; *provided* that no such assignment shall release the assigning Party from liability for the full performance of its obligations under the Distribution Documents.

Section 6.05. *Governing Law*. This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware, without regard to the conflicts of law rules of such state.

Section 6.06. *Counterparts; Effectiveness; Third-party Beneficiaries.* This Agreement may be signed in any number of counterparts (which may include counterparts delivered by any standard form of telecommunication), each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. The words "execution," "signed," "signature," and words of like import in this Agreement or in any other certificate, agreement or document related to this Agreement shall include images of manually executed signatures transmitted by any electronic format (including "pdf," "tif" or "jpg") and other electronic signatures (including DocuSign and AdobeSign). The use of electronic signatures and electronic records (including any contract or other record created, generated, sent, communicated, received, or stored by electronic means) shall be of the same legal effect, validity and enforceability as a manually executed signature or use of a paper-based recordkeeping system to the fullest extent permitted by Applicable Law. This Agreement shall become effective when each Party shall have received a counterpart hereof signed by the other Party. Until and unless each Party has received a counterpart hereof signed by the other Party, this Agreement shall have no effect and no Party shall have any right or obligation hereunder (whether by virtue of any other oral or written agreement or other communication). Except for Section 4.07(i), Section 6.12, and the indemnification and release provisions of Article 5, neither this Agreement nor any provision hereof is intended to confer any rights, benefits, remedies, obligations, or liabilities hereunder upon any Person other than the Parties (and their respective Groups) and their respective successors and permitted assigns.

Section 6.07. *Entire Agreement*. This Agreement and the other Distribution Documents constitute the entire understanding of the Parties with respect to the subject matter hereof and thereof and supersede all prior agreements, understandings and negotiations, both written and oral, between the Parties with respect to the subject matter hereof and thereof. No representation, inducement, promise, understanding, condition or warranty not set forth herein or in the other Distribution Documents has been made or relied upon by any Party or any member of their Group with respect to the transactions contemplated by the Distribution Documents. Without limiting Section 5.09 and subject to Section 6.08, in the event and to the extent that there shall be a conflict between the provisions of this Agreement and the provisions of any Ancillary Agreement, the Ancillary Agreement shall control with respect to the subject matter thereof, and this Agreement shall control with respect to all other matters; *provided* that to the extent that there shall be a conflict between the provisions of this Agreement and the provisions of any Restructuring Agreement, this Agreement shall control with respect to all matters.

Section 6.08. *Tax and Employee Matters*. Except as otherwise provided herein, this Agreement shall not govern (a) Tax matters (including any administrative, procedural and related matters thereto), which shall be exclusively governed by the Tax Matters Agreement and the Employee Matters Agreement or (b) employee matters (including any labor, compensation plans, benefit plans and related matters thereto), which shall be exclusively governed by the Employee Matters Agreement. For the avoidance of doubt, to the extent of any inconsistency between this Agreement and either of the Tax Matters Agreement or Employee Matters Agreement, the terms of the Tax Matters Agreement or Employee Matters Agreement, as the case may be, shall govern.

Section 6.09. *Dispute Resolution*. (a) Each Party agrees (on behalf of itself and the other members of its Group (but only for so long as any such member remains a member of its Group)) that, notwithstanding anything to the contrary in any other agreement (whether currently in existence or entered in the future), unless expressly set forth otherwise in an Ancillary Agreement, any dispute, claim, or controversy between any member of the SPGI Group (for so long as its remains a member of the SPGI Group), on the one hand, and any member of the SpinCo Group (for so long as its remains a member of the SpinCo Group), on the other hand, of any kind whatsoever and regardless of whether arising under or relating to this Agreement or any of the Ancillary Agreements (each, a "**Dispute**") shall be resolved in accordance with the provisions of this Section 6.09 and Section 6.10. Notwithstanding the foregoing, either Party (on behalf of itself and the members of its Group) may seek temporary restraining orders, preliminary injunctions or other interim equitable relief in a court of competent jurisdiction pursuant to Section 6.10 to prevent irreparable harm, without first complying with the negotiation, escalation or mediation procedures set forth in this Section 6.09; provided that the Parties shall continue to use good faith efforts to resolve the underlying Dispute in accordance with this Section 6.09. Unless otherwise agreed in writing, the Parties shall continue to perform their respective obligations under this Agreement and any Ancillary Agreement during the pendency of any dispute or dispute resolution process relating thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) With respect to any Dispute, the Party asserting (on behalf of itself or an Affiliate) that a Dispute exists shall notify the other Party (and any relevant Affiliate of the other Party) of such Dispute (collectively, the "**Disputing Parties**") in writing (a "**Dispute Notice**"), and the Disputing Parties shall attempt to resolve such Dispute in good faith within thirty (30) days of such receipt. If the Disputing Parties are unable to resolve such Dispute in such thirty (30) day period, then the Parties shall escalate such Dispute to each Party's Chief Executive Officer for resolution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the Parties' Chief Executive Officers are unable to resolve such Dispute within thirty (30) days following such escalation, then either Party may initiate a non-binding mediation by providing written notice (a "**Mediation Notice**") to the other Party within five (5) Business Days following the expiration of the period for negotiation between the Parties' respective Chief Executive Officers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Upon delivery of a Mediation Notice, the applicable Dispute shall be submitted for non-binding mediation administered by JAMS within five (5) Business Days following such delivery of such Mediation Notice, and the Parties agree to bear equally the costs of such mediation (including any fees or expenses of the applicable mediator); *provided* that each Party shall bear its own costs in connection with participating in such mediation. The Parties agree to participate in good faith in such mediation for a period of forty-five (45) days or such longer period as the Parties may mutually agree following receipt of such Mediation Notice and scheduling of the mediation (the "**Mediation Period**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In connection with such mediation, the Disputing Parties shall cooperate with JAMS and with one another in selecting a neutral mediator with relevant industry experience and in scheduling the mediation proceedings during the applicable Mediation Period. If the Parties are unable to agree on a neutral mediator within five (5) Business Days of submitting a Dispute for mediation pursuant to Section 6.09(c), the Parties shall contact JAMS for assistance in selecting and appointing a neutral mediator on the Parties' behalf through the following process:

&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) JAMS will send to each Party a list of ten (10) mediators from the JAMS roster. Each Party shall strike up to four (4) names from the list, number the remaining names in order of preference (with 1 being the most preferable), and return the list to JAMS within five (5) Business Days. If a Party does not return the list within five (5) Business Days, all mediators on the list shall be deemed acceptable.

&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 mediator(s) stricken by any Party shall be removed from consideration, and JAMS shall invite the remaining mediator with the lowest cumulative rank to serve as mediator (by way of example only, a mediator with a cumulative rank of 4 shall be preferred over a mediator with a cumulative rank of 6). In the event of a tie, if necessary, the preferred mediator shall be selected via coin flip.

&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) If the preferred mediator cannot serve for any reason, then JAMS shall invite the next most preferred mediator to serve, and so forth, until a mediator is appointed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Parties (on behalf of themselves and their respective Affiliates) further agree that all offers, promises, conduct, and statements, whether oral or written, made in the course of any such mediation by either Party (or their Affiliates) or their Representatives, and by the applicable mediator and any employees of JAMS, is confidential, privileged, and inadmissible for any purpose, including impeachment, in any Action involving the Parties (or their Affiliates), including in any Action pursuant to **‎**Section 6.10; *provided* that any such information that is otherwise admissible or discoverable shall not be rendered inadmissible or non-discoverable as a result of its use in such mediation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) If (i) neither Party submits a Mediation Notice within five (5) Business Days in accordance with Section 6.09(b), then following such five (5) Business Day Period, or (ii) the Parties cannot resolve the Dispute for any reason, then on and following the expiration of the Mediation Period, either party may commence litigation for such Dispute in a court of competent jurisdiction pursuant to the provisions of **‎**Section 6.10.

Section 6.10. *Jurisdiction.* The Parties agree that any suit, action or proceeding seeking to enforce any provision of, or based on any matter arising out of or in connection with, this Agreement or the transactions contemplated hereby shall be brought in the Chancery Court of the State of Delaware and any state appellate court therefrom within the State of Delaware (or if the Chancery Court of the State of Delaware declines to accept jurisdiction over a particular matter, any federal or state court sitting in the State of Delaware and any federal or state appellate court therefrom), and each of the Parties hereto hereby irrevocably consents (on behalf of itself and its Affiliates) to the exclusive jurisdiction of such courts in any such Action and irrevocably waives (on behalf of itself and its Affiliates), to the fullest extent permitted by law, any objection that it may now or hereafter have to the laying of venue for any such Action in any such court or that any such Action brought in any such court has been brought in an inconvenient forum. Any process or paper to be served in any Action conducted in accordance with this Section 6.10 may be served anywhere in the world, whether within or without the jurisdiction of any such court, and the Parties agree that service of any paper or process as provided in **‎**Section 6.01 hereof shall be deemed effective service on such Party.

Section 6.11. *WAIVER OF JURY TRIAL.* EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

Section 6.12. *Termination*. Notwithstanding any provision of this Agreement to the contrary, the SPGI Board may, in its sole discretion and without the approval of SpinCo or any other Person, at any time prior to the Distribution terminate this Agreement and the Ancillary Agreements or abandon the Distribution, whether or not it has theretofore approved this Agreement and the Ancillary Agreements or the Distribution. In the event this Agreement and the Ancillary Agreements are terminated pursuant to the preceding sentence, this Agreement and the Ancillary Agreements shall forthwith become void and neither Party nor any of its Affiliates or its or their directors or officers shall have any liability or further obligation to the other Party or its Affiliates or any other Person by reason of this Agreement or the Ancillary Agreements. After the Distribution, this Agreement may not be terminated except by an agreement in writing signed by a duly authorized officer of each of the Parties.

Section 6.13. *Severability*. If any one or more of the provisions contained in this Agreement should be declared invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained in this Agreement shall not in any way be affected or impaired thereby. Upon such a declaration, the Parties shall modify this Agreement so as to effect the original intent of the Parties as closely as possible in an acceptable manner so that the transactions contemplated hereby are consummated as originally contemplated to the fullest extent possible.

Section 6.14. *Survival*. All covenants and agreements of the Parties contained in this Agreement, and Liability for the breach of any obligations contained herein, shall survive the Distribution Date indefinitely, unless a specific survival or other applicable period is expressly set forth herein.

Section 6.15. *Captions*. The captions herein are included for convenience of reference only and shall be ignored in the construction or interpretation hereof.

Section 6.16. *Interpretation.* In the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the Parties, and no presumption or burden of proof shall arise favoring or disfavoring any Party by virtue of its authorship of any of the provisions of this Agreement.

Section 6.17. *Specific Performance*. Each Party to this Agreement acknowledges and agrees that damages for a breach or threatened breach of any of the provisions of this Agreement would be inadequate and irreparable harm would occur. In recognition of this fact, each Party agrees that, if there is a breach or threatened breach, in addition to any and all other rights and remedies at law or in equity, the other nonbreaching Party to this Agreement, without posting any bond, shall be entitled to seek equitable relief in the form of specific performance, temporary restraining order, temporary or permanent injunction, attachment, or any other equitable remedy that may then be available to obligate the breaching Party (a) to perform its obligations under this Agreement or (b) if the breaching Party is unable, for whatever reason, to perform those obligations, to take any other actions as are necessary, advisable or appropriate to give the other Party to this Agreement the economic effect which comes as close as possible to the performance of those obligations (including transferring, or granting liens on, the assets of the breaching Party to secure the performance by the breaching Party of those obligations).

Section 6.18. *Performance*. Each Party shall cause to be performed, and shall guarantee the performance of, all actions, agreements and obligations set forth herein to be performed by any member of such Party's Group.

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IN WITNESS WHEREOF the Parties have caused this Agreement to be duly executed by their respective authorized officers as of the date first above written.

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| | |
|:---|:---|
| **S&P GLOBAL INC.** | **S&P GLOBAL INC.** |
| By: |  |
|  | Name: |
|  | Title: |

---

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| | |
|:---|:---|
| **Mobility Global Inc.** | **Mobility Global Inc.** |
| By: |  |
|  | Name: |
|  | Title: |

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## Exhibit 3.1

**Exhibit 3.1**

**AMENDED AND RESTATED CERTIFICATE OF INCORPORATION**

**OF**

**MOBILITY GLOBAL INC.**

MOBILITY GLOBAL INC., a corporation organized and existing under the laws of the State of Delaware (the "**Corporation**"), DOES HEREBY CERTIFY as follows:

FIRST: The Corporation was incorporated by the filing of its original Certificate of Incorporation with the Secretary of State of Delaware on September 26, 2025, under the name S&P Mobility Holding Company, Inc. (as amended, through the date hereof, the "**Certificate of Incorporation**").

SECOND: The Board of Directors of the Corporation, pursuant to a unanimous written consent, adopted resolutions authorizing the Corporation to amend, integrate and restate the Certificate of Incorporation in its entirety to read as set forth in Exhibit A attached hereto and made a part hereof (the "**Restated Certificate**").

THIRD: The Restated Certificate restates and integrates and amends the Certificate of Incorporation.

FOURTH: The Restated Certificate was duly adopted in accordance with the provisions of Sections 242 and 245 of the General Corporation Law of the State of Delaware and by the written consent of its stockholders in accordance with Section 228 of the General Corporation Law of the State of Delaware.

\* \* \* \* \*

IN WITNESS WHEREOF, Mobility Global Inc. has caused this Amended and Restated Certificate of Incorporation to be executed by its duly authorized officer on this [·] day of [·], 2026.

---

| |
|:---|
| MOBILITY GLOBAL INC. |
| By: |
| Name: |
| Title: |

---

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**AMENDED AND RESTATED CERTIFICATE OF INCORPORATION**

**OF**

**MOBILITY GLOBAL INC.**

**Article 1** **<br> Name**

The name of the corporation is Mobility Global Inc. (the "**Corporation**").

**Article 2** **<br> Registered Office And Agent**

The address of its registered office in the State of Delaware is 251 Little Falls Drive, City of Wilmington, County of New Castle, Delaware, 19808. The name of its registered agent at such address Corporation Service Company.

**Article 3** **<br> Purpose And Powers**

The purpose of the Corporation is to engage in any lawful act or activity for which corporations may be organized under the General Corporation Law of the State of Delaware as the same exists or may hereafter be amended ("**Delaware Law**").

**Article 4** **<br> Capital Stock**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) **Authorized Shares**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Classes of Stock.** The total number of shares of stock that the Corporation shall have authority to issue is [·], consisting of [·] shares of Common Stock, par value $[0.01] per share (the "**Common Stock**"), and [·] shares of Preferred Stock, par value $[0.01] per share (the "**Preferred Stock**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **Preferred Stock.** The Board of Directors is hereby empowered, without any action or vote by the Corporation's stockholders (except as may otherwise be provided by the terms of any class or series of Preferred Stock then outstanding, if any), to authorize by resolution or resolutions from time to time the issuance of one or more classes or series of Preferred Stock and to fix the designations, powers, preferences and relative, participating, optional or other rights, if any, and the qualifications, limitations or restrictions thereof, if any, with respect to each such class or series of Preferred Stock and the number of shares constituting each such class or series, and to increase or decrease the number of shares of any such class or series to the extent permitted by Delaware Law.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) **Voting Rights**

Each holder of Common Stock, as such, shall be entitled to one vote for each share of Common Stock held of record by such holder on all matters on which stockholders generally are entitled to vote; *provided, however,* that, except as otherwise required by law, holders of Common Stock, as such, shall not be entitled to vote on any amendment to this Amended and Restated Certificate of Incorporation (including any certificate of designations relating to any class or series of Preferred Stock) that relates solely to the terms of one or more outstanding classes or series of Preferred Stock if the holders of such affected class or series of Preferred Stock are entitled, either separately or together with the holders of one or more other such affected classes or series of Preferred Stock, to vote thereon pursuant to this Amended and Restated Certificate of Incorporation (including any certificate of designations relating to any class or series of Preferred Stock) or pursuant to Delaware Law.

**Article 5** **<br> Bylaws**

The Board of Directors shall have the power to adopt, amend or repeal, in whole or in part, the bylaws of the Corporation (as in effect from time to time, the "**Bylaws**") without the assent or vote of the stockholders in any manner not inconsistent with Delaware Law or this Amended and Restated Certificate of Incorporation.

The stockholders may adopt, amend or repeal the Bylaws only with the affirmative vote of the holders of not less than a majority of the voting power of all outstanding securities of the Corporation generally entitled to vote in the election of directors, voting together as a single class.

**Article 6** **<br> Board of Directors**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) **Power of the Board of Directors**. The business and affairs of the Corporation shall be managed by or under the direction of a Board of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) **Number of Directors**. The number of directors which shall constitute the Board of Directors shall, as of the date this Amended and Restated Certificate of Incorporation becomes effective, shall be fixed exclusively by one or more resolutions adopted from time to time solely by the affirmative vote of a majority of the Board of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) **Election of Directors**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The directors shall be elected at each annual meeting, and shall hold office until the next succeeding annual meeting and until their successor shall have been duly elected and qualified, or until such director's earlier death, resignation, retirement, disqualification or removal from office. In no event will a decrease in the number of directors shorten the term of any incumbent director.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. There shall be no cumulative voting in the election of directors. Election of directors need not be by written ballot unless the Bylaws so provide.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) **Newly Created Directorships and Vacancies**. Vacancies on the Board of Directors resulting from death, resignation, retirement, disqualification, removal or otherwise and newly created directorships resulting from any increase in the number of directors shall, except as otherwise required by law, be filled solely by a majority of the directors then in office (although less than a quorum) or by the sole remaining director, and each director so elected shall hold office until the next succeeding annual meeting and until his or her successor shall have been duly elected and qualified, or until his or her earlier death, resignation, retirement, disqualification or removal.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) **Removal**. Any director may be removed at any annual or special stockholders' meeting, with or without cause, upon the affirmative vote of the holders of not less than a majority of the total voting power of all securities of the Corporation at that time entitled to vote generally in the election of directors, voting together as a single class.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) **Preferred Stock Directors**. Notwithstanding anything else contained herein, whenever the holders of one or more classes or series of Preferred Stock shall have the right, voting separately as a class or series, to elect directors, the election, term of office, filling of vacancies, removal and other features of such directorships shall be governed by the terms of such class or series of Preferred Stock adopted by resolution or resolutions adopted by the Board of Directors pursuant to Article 4(A) hereto, and such directors so elected shall not be subject to the provisions of this Article 6 unless otherwise provided therein.

**Article 7** **<br> Meetings of Stockholders**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) **Annual Meetings**. An annual meeting of stockholders for the election of directors to succeed those whose terms expire and for the transaction of such other business as may properly come before the meeting shall be held at such place, on such date, and at such time as the Board of Directors shall determine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) **Special Meetings**. Special meetings of the stockholders may be called only by the Board of Directors acting pursuant to a resolution adopted by a majority of the Board of Directors. Notwithstanding the foregoing, whenever holders of one or more classes or series of Preferred Stock shall have the right, voting separately as a class or series, to elect directors, such holders may call, pursuant to the terms of such class or series of Preferred Stock adopted by resolution or resolutions of the Board of Directors pursuant to Article 4(A) hereto, special meetings of holders of such Preferred Stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) **No Action by Written Consent**. Subject to the rights of the holders of any class or series of Preferred Stock then outstanding, if any, as may be set forth in the resolution or resolutions adopted by the Board of Directors pursuant to **‎**Article 4(A) hereto for such class or series of Preferred Stock, any action required or permitted to be taken at any annual or special meeting of stockholders may be taken only upon the vote of stockholders at an annual or special meeting duly noticed and called in accordance with Delaware Law, as amended from time to time, and this ***‎***Article 7 and may not be taken by written consent of stockholders without a meeting.

**Article 8** **<br> Indemnification**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) **Limited Liability**. To the fullest extent permitted by Delaware Law, no director or officer of the Corporation shall be personally liable to the Corporation or its stockholders for monetary damages for breach of fiduciary duty as a director or officer. Any amendment, repeal or elimination of this **‎**Article 8, or the adoption of any provision of the Amended and Restated Certificate of Incorporation inconsistent with this **‎**Article 8, shall not affect its application with respect to an act or omission by a director or officer occurring before such amendment, adoption, repeal or elimination. Solely for purposes of this paragraph, "officer" shall have the meaning provided in Section 102(b)(7) of the Delaware Law as amended from time to time.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) **Right to Indemnification**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Each person (and the heirs, executors or administrators of such person) who was or is a party or is threatened to be made a party to, or is involved in any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative, by reason of the fact that such person is or was a director or officer of the Corporation or is or was serving at the request of the Corporation as a director or officer of another corporation, partnership, joint venture, trust or other enterprise, shall be indemnified and held harmless by the Corporation to the fullest extent permitted by Delaware Law. The right to indemnification conferred in this **‎**Article 8 shall also include the right to be paid by the Corporation the expenses incurred in connection with any such proceeding in advance of its final disposition to the fullest extent authorized by Delaware Law. The right to indemnification conferred in this **‎**Article 8 shall be a contract right.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The Corporation may, by action of its Board of Directors, provide indemnification to such of the employees and agents of the Corporation to such extent and to such effect as the Board of Directors shall determine to be appropriate and authorized by Delaware Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) **Insurance**. The Corporation shall have power to purchase and maintain insurance on behalf of any person who is or was a director, officer, employee or agent of the Corporation, or is or was serving at the request of the Corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise against any expense, liability or loss incurred by such person in any such capacity or arising out of such person's status as such, whether or not the Corporation would have the power to indemnify such person against such liability under Delaware Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) **Nonexclusivity of Rights**. The rights and authority conferred in this **‎**Article 8 shall not be exclusive of any other right that any person may otherwise have or hereafter acquire.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) **Preservation of Rights**. Neither the amendment nor repeal of this **‎**Article 8, nor the adoption of any provision of this Amended and Restated Certificate of Incorporation or the Bylaws, nor, to the fullest extent permitted by Delaware Law, any modification of law, shall adversely affect any right or protection of any person granted pursuant hereto existing at, or arising out of or related to any event, act or omission that occurred prior to, the time of such amendment, repeal, adoption or modification (regardless of when any proceeding (or part thereof) relating to such event, act or omission arises or is first threatened, commenced or completed).

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**Article 9** **<br> Forum Selection**

**Article 10** **<br> Amendments**

The Corporation reserves the right to amend this Amended and Restated Certificate of Incorporation in any manner permitted by Delaware Law and all rights and powers conferred upon stockholders, directors and officers herein are granted subject to this reservation.

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## Exhibit 3.2

**Exhibit 3.2**

**AMENDED AND RESTATED BYLAWS**

**OF**

**MOBILITY GLOBAL INC.**

<sup>\* \* \* \* \*</sup>

Effective [·], 2026

Capitalized terms used in these Amended and Restated Bylaws (as the same may be further amended and/or restated from time to time, the "**Bylaws**") but not otherwise defined herein shall have the meanings given such terms under the Corporation's Amended and Restated Certificate of Incorporation filed with the Secretary of State of the State of Delaware on [•], 2026 (as amended and/or restated from time to time, the "**Certificate of Incorporation**").

Article 1<br> Offices

Section 1.01. *Registered Office.* The registered office of Mobility Global Inc. (the "**Corporation**") shall be in the City of Wilmington, County of New Castle, State of Delaware.

Section 1.02. *Other Offices.* The Corporation may also have offices at such other places both within and without the State of Delaware as the Board of Directors of the Corporation (the "**Board of Directors**") may from time to time determine or the business of the Corporation may require.

Section 1.03. *Books.* The books of the Corporation may be kept within or without the State of Delaware as the Board of Directors may from time to time determine or the business of the Corporation may require.

Article 2<br> Meetings of Stockholders

Section 2.01. *Time and Place of Meetings.* All meetings of stockholders shall be held at such place, either within or without the State of Delaware, or at no place (by means of remote communication), on such date and at such time as may be determined from time to time by the Board of Directors (or the Chairperson of the Board of Directors in the absence of a designation by the Board of Directors). The Board of Directors may, in its sole discretion, determine that a meeting of stockholders shall not be held at any place, but may instead be held solely by means of remote communication as authorized under Delaware Law. If no determination is made by the Board of Directors, the place of meeting shall be the principal executive offices of the Corporation.

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Section 2.02. *Annual Meetings.* An annual meeting of stockholders, commencing with the year 2027, shall be held for the election of directors and to transact such other business as may properly be brought before the meeting in accordance with these Bylaws.

Section 2.03. *Special Meetings.* Unless otherwise provided by the Certificate of Incorporation, special meetings of the stockholders may be called only by the Chief Executive Officer.

Section 2.04. *Notice of Meetings and Adjourned Meetings; Waivers of Notice.* (a) Whenever stockholders are required or permitted to take any action at a meeting, a written notice of the meeting shall be given which shall state the place, if any, date and hour of the meeting, the means of remote communications, if any, by which stockholders and proxy holders may be deemed to be present in person and vote at such meeting, and, in the case of a special meeting, the purpose or purposes for which the meeting is called. Unless otherwise provided by the General Corporation Law of the State of Delaware as the same exists or may hereafter be amended ("**Delaware Law**"), the Certificate of Incorporation of the Corporation, as amended from time to time (the "**Certificate of Incorporation**") or these Bylaws, such notice shall be given not less than 10 nor more than 60 days before the date of the meeting to each stockholder of record entitled to vote at such meeting. The Board of Directors or the chairperson of the meeting may adjourn the meeting to another time or place (whether or not a quorum is present), and notice need not be given of the adjourned meeting if the time, place, if any, and the means of remote communications, if any, by which stockholders and proxy holders may be deemed to be present in person and vote at such meeting, are announced at the meeting at which such adjournment is made or provided in any other manner permitted by Delaware Law. At the adjourned meeting, the Corporation may transact any business which might have been transacted at the original meeting. If the adjournment is for more than 30 days, or after the adjournment a new record date is fixed for the adjourned meeting, a notice of the adjourned meeting shall be given to each stockholder of record entitled to vote at the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) A written waiver of any such notice signed by the person entitled thereto, or a waiver by electronic transmission by the person entitled to notice, whether before or after the time stated therein, shall be deemed equivalent to notice. Attendance of a person at a meeting shall constitute a waiver of notice of such meeting, except when the person attends the meeting for the express purpose of objecting, at the beginning of the meeting, to the transaction of any business because the meeting is not lawfully called or convened. Business transacted at any special meeting of stockholders shall be limited to the purposes stated in the notice.

Section 2.05. *Quorum.* Unless otherwise provided under the Certificate of Incorporation or these Bylaws and subject to Delaware Law, the presence, in person or by proxy, of the holders of a majority of the voting power of all outstanding securities of the Corporation generally entitled to vote at a meeting of stockholders shall constitute a quorum for the transaction of business. If, however, such quorum shall not be present or represented at any meeting of the stockholders, the chairperson of the meeting or a majority in voting power of the stockholders present in person or represented by proxy may adjourn the meeting, without notice other than announcement at the meeting, until a quorum shall be present or represented. At such adjourned meeting at which a quorum shall be present or represented any business may be transacted that might have been transacted at the meeting as originally notified.

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Section 2.06. *Voting.* (a) Unless otherwise provided in the Certificate of Incorporation and subject to Delaware Law, each stockholder shall be entitled to one vote for each outstanding share of capital stock of the Corporation held by such stockholder. Any share of capital stock of the Corporation held by the Corporation shall have no voting rights. Except as otherwise required by law, the Certificate of Incorporation or these Bylaws, in all matters other than the election of directors, the affirmative vote of the holders of a majority of the votes cast at the meeting on the subject matter shall be the act of the stockholders. Abstentions and broker non-votes shall not be counted as votes cast. Subject to the rights of the holders of any class or series of Preferred Stock to elect additional directors under specific circumstances, as may be set forth in the certificate of designations for such class or series of Preferred Stock, directors shall be elected by a plurality of the votes cast in respect of the shares present in person or represented by proxy at the meeting and entitled to vote on the election of directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each stockholder entitled to vote at a meeting of stockholders or to express consent or dissent to a corporate action in writing without a meeting may authorize another person or persons to act for such stockholder by proxy, appointed by an instrument in writing, subscribed by such stockholder or by their attorney thereunto authorized, or by proxy sent by any means of electronic communication permitted by law, which results in a writing from such stockholder or by their attorney, and delivered to the secretary of the meeting. No proxy shall be voted after three (3) years from its date, unless said proxy provides for a longer period.

Section 2.07. *No Action by Consent.* Subject to the rights of the holders of any class or series of Preferred Stock then outstanding, as may be set forth in the certificate of designations for such class or series of Preferred Stock, any action required or permitted to be taken at any annual or special meeting of stockholders may be taken only upon the vote of stockholders at an annual or special meeting duly noticed and called in accordance with Delaware Law and may not be taken by written consent of stockholders without a meeting.

Section 2.08. *Organization.* At each meeting of stockholders, the Chairperson of the Board of Directors, if one shall have been elected, or in the Chairperson's absence or if one shall not have been elected, the director designated by the vote of the majority of the directors present at such meeting, shall act as chairperson of the meeting. The Secretary (or in the Secretary's absence or inability to act, the person whom the chairperson of the meeting shall appoint secretary of the meeting) shall act as secretary of the meeting and keep the minutes thereof.

Section 2.09. *Order of Business.* The order of business at all meetings of stockholders shall be as determined by the chairperson of the meeting.

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Section 2.10. Nomination of Directors and Proposal of Other Business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Annual Meetings of Stockholders*. (i) Nominations of persons for election to the Board of Directors or the proposal of other business to be transacted by the stockholders at an annual meeting of stockholders may be made only (A) pursuant to the Corporation's notice of meeting (or any supplement thereto), (B) by or at the direction of the Board of Directors or any committee thereof duly authorized, (C) as may be provided in the certificate of designations for any class or series of Preferred Stock or (D) by any stockholder of the Corporation who is a stockholder of record at the time of giving of notice provided for in paragraph ‎(ii) of this ‎‎Section 2.10(a) and at the time of the annual meeting, who shall be entitled to vote at the meeting and who complies with the procedures set forth in this ‎‎Section 2.10(a), and, except as otherwise required by law, any failure to comply with these procedures shall result in the nullification of such nomination or proposal. For the avoidance of doubt, the foregoing clause ‎(D) shall be the exclusive means for a stockholder to make nominations or propose other business at an annual meeting of stockholders (other than a proposal included in the Corporation's proxy statement pursuant to and in compliance with Rule 14a-8 under the Exchange Act).

&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) For nominations or other business to be properly brought before an annual meeting of stockholders by a stockholder pursuant to clause ‎(D) of paragraph ‎(i) of this ‎‎Section 2.10(a), the stockholder must have given timely notice thereof in writing to the Secretary of the Corporation and any such proposed business (other than the nominations of persons for election to the Board of Directors) must constitute a proper matter for stockholder action. To be timely, a stockholder's notice shall be delivered to, or mailed and received by, the Secretary of the Corporation at the principal executive offices of the Corporation not less than 90 days nor more than 120 days prior to the first anniversary of the preceding year's annual meeting of stockholders; *provided, however*, that in the event that the date of the annual meeting is advanced more than 30 days prior to such anniversary date or delayed more than 70 days after such anniversary date then to be timely such notice must be received by the Secretary of the Corporation no earlier than 120 days prior to such annual meeting and no later than the later of 90 days prior to the date of the meeting or the 10<sup>th</sup> day following the day on which public announcement of the date of the meeting was first made by the Corporation. The minimum timeliness requirements of this paragraph shall apply despite any different timeline described in Rule 14a-19 or elsewhere in Regulation 14A under the Securities Exchange Act of 1934 (as amended (together with the rules and regulations promulgated thereunder), the "**Exchange Act**"), including with respect to any statements or information required to be provided to the Corporation pursuant to Rule 14a-19 of the Exchange Act by a stockholder and not otherwise specified herein. In no event shall the adjournment, recess or postponement of any meeting, or any announcement thereof, commence a new time period (or extend any time period) for the giving of a stockholder's notice as described above and a stockholder shall not be entitled to make additional or substitute nominations following the expiration of the time periods set forth in above. The number of nominees a stockholder may nominate for election at the annual meeting on its own behalf (or in the case of a stockholder giving the notice on behalf of a beneficial owner, the number of nominees a stockholder may nominate for election at the annual meeting on behalf of such beneficial owner) shall not exceed the number of directors to be elected at such annual meeting.

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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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) A stockholder's notice to the Secretary shall set forth:

&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;&nbsp;&nbsp;&nbsp;&nbsp;(A) as to each person whom the stockholder proposes to nominate for election or reelection as a director:

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the name, age, business address and residence address of such person;

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the principal occupation or employment of such person;

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) (i) for each class or series, the number of shares of capital stock of the Corporation that are held of record or are beneficially owned (and proof of any such beneficial ownership) by such person and any affiliates or associates (each within the meaning of Rule 12b-2 promulgated under the Exchange Act for purposes of these Bylaws) of such person, including any such shares that such person, or any affiliates or associates of such person, has the right to acquire beneficial ownership of, (ii) the name of each nominee holder of shares of all capital stock of the Corporation owned beneficially (and proof of any such beneficial ownership) but not of record by such person or any affiliates or associates of such person, and the number of such shares of each class or series of capital stock held by each such nominee holder, including any such shares that such nominee holder has the right to acquire beneficial ownership of, (iii) any agreement, arrangement, relationship or understanding pursuant to which such person, or any affiliates or associates of such person, has a right to vote any shares of any security of the Corporation, (iv) a description of any agreement, arrangement or understanding (including, regardless of the form of settlement, any derivative, long or short positions, profit interests, forwards, futures, swaps, options, warrants, convertible securities, stock appreciation or similar rights, hedging transactions and borrowed or loaned shares) that has been entered into by or on behalf of, or any other agreement, arrangement or understanding that has been made, the effect or intent of which is to create or mitigate loss to, manage risk or benefit of share price changes for, or increase or decrease the voting power of, such person, or any affiliates or associates of such person, with respect to the Corporation's securities, and (v) any direct or indirect interest of such person, or any affiliates or associates of such person, in any employment agreement, collective bargaining agreement or consulting agreement with the Corporation;

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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;&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;(4) all information relating to such person, or any affiliates or associates of such person, that is required to be disclosed in solicitations of proxies for election of directors, or is otherwise required, in each case pursuant to Regulation 14A under the Exchange Act;

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) all completed and signed questionnaires in the same form as those questionnaires required of the Corporation's directors (which will be provided to such person within 5 business days following a written request therefor);

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) a statement that such person has read the Corporation's corporate governance guidelines and any other Corporation policies and guidelines applicable to directors (which will be provided to such person within 5 business days following a written request therefor), and a written agreement from such person to adhere to the foregoing policies and guidelines, as amended from time to time, if he or she is elected as a director;

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) an executed agreement by such person: (i) consenting to serve as a director if elected and (if applicable) to being named in a proxy statement and/or form of proxy relating to the meeting at which directors are to be elected, along with a representation that such person intends to serve a full term as a director if elected, and (ii) that such person is not and will not become a party to (x) any direct or indirect compensatory, payment or other financial agreement, arrangement or understanding with any other person or entity other than the Corporation, in each case in connection with candidacy or service as a director of the Corporation (a "**Third-Party Compensation Arrangement**") that has not been fully disclosed to the Corporation prior to, or concurrently with, the submission of the notice from the stockholder required by this ‎Section 2.10, (y) any agreement, arrangement or understanding, including the amount of any payment or payments received or receivable thereunder, with any other person or entity as to how such person would vote or act on any issue or question as a director (a "**Voting Commitment**") that has not been fully disclosed to the Corporation prior to, or concurrently with, the submission of the notice from the stockholder required by this ‎Section 2.10 or (z) any Voting Commitment that could limit or interfere with such person's ability to comply, if elected as a director of the Corporation, with such person's fiduciary duties under applicable law; and

vi

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) such other information reasonably requested by the Corporation to determine whether such person is qualified under the Certificate of Incorporation, these Bylaws, the rules or regulations of any stock exchange applicable to the Corporation, or any law or regulation applicable to the Corporation to serve as a director and/or independent director of the Corporation;

&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;&nbsp;&nbsp;&nbsp;&nbsp;(B) as to any other business that the stockholder proposes to bring before the meeting:

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) a brief description of the business desired to be brought before the meeting;

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the text of the proposal or business (including the text of any resolutions proposed for consideration and in the event that such business includes a proposal to amend these Bylaws, the text of the proposed amendment);

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) the reasons for conducting such business; and

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) any substantial interest (within the meaning of Item 5 of Schedule 14A under the Exchange Act) in such business of such stockholder and the beneficial owner, if any, on whose behalf the proposal is made;

&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;&nbsp;&nbsp;&nbsp;&nbsp;(C) as to the stockholder giving the notice and the beneficial owner, if any, on whose behalf the nomination or proposal is made:

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the name and address of such stockholder (as they appear on the Corporation's books) and any such beneficial owner;

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) a representation as to whether such stockholder or such beneficial owner has complied with all applicable legal requirements in connection with its acquisition of shares or other securities of the Corporation;

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) a written agreement from such stockholder that it is a holder of record of stock of the Corporation entitled to vote at such meeting and intends to appear at the meeting in person or through a qualified representative (as defined in ‎Section 2.10(c)(ii)) to make such nomination or proposal;

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) in the case of a nomination, a written agreement from such stockholder (and such beneficial owner) that it (or they) will not submit any substitute nominations unless they are made within the time periods set forth in this ‎Section 2.10 and the stockholder and the substitute nominees will otherwise comply with this ‎Section 2.10;

vii

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) in the case of a nomination, a written agreement from such stockholder (and such beneficial owner) that it (or they) has not, and shall not, nominate a number of nominees (inclusive of substitutes) that exceeds the number of directors to be elected at the annual meeting; and

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) a written agreement that such stockholder (and such beneficial owner) shall (i) update and supplement the notice required by this ‎Section 2.10, if necessary, so that the information provided or required in such notice shall be true and correct as of the record date for determining the stockholders entitled to receive notice of the annual meeting, and as of the date that is 5 business days prior to the meeting or any adjournment or postponement thereof and (ii) deliver such update and supplement so that it is received by the Secretary at the principal executive offices of the Corporation (A) not later than the later of (x) 5 business days after the record date for determining the stockholders entitled to receive notice of the annual meeting and (y) 5 business days after the first public announcement of such record date, in the case of any update and supplement required to be made as of the record date, and (B) not later than 5 business days before the meeting or any adjournment or postponement thereof, in the case of any update and supplement required to be made as of the date that is 5 business days prior to the meeting or any adjournment or postponement thereof. For the avoidance of doubt, the obligation to update and supplement as set forth in this ‎Section 2.10 or any other section of these Bylaws shall not limit the Corporation's rights with respect to any deficiencies in any stockholder's notice, extend any applicable deadlines under these Bylaws or enable or be deemed to permit a stockholder who has previously submitted a stockholder's notice under these Bylaws to amend or update any proposal or to submit any new proposal, including by changing or adding nominees, matters, business and/or resolutions proposed to be brought before a meeting of stockholders;

&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;&nbsp;&nbsp;&nbsp;&nbsp;(D) as to each of the stockholder giving the notice, the beneficial owner, if any, on whose behalf the nomination or proposal is made, and, if such stockholder or beneficial owner is an entity, each person controlling, controlled by or under common control with such stockholder or beneficial owner (each such person or entity contemplated by this clause ‎(D), a "**Proposing Person**"):

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) for each class or series, the number of shares of capital stock of the Corporation that are held of record or are beneficially owned (and proof of any such beneficial ownership) by such Proposing Person, or any associates (within the meaning of Rule 12b-2 promulgated under the Exchange Act for purposes of these Bylaws) of such Proposing Person, including any such shares that such Proposing Person, or any associates of such Proposing Person, has the right to acquire beneficial ownership of;

viii

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the name of each nominee holder of each class or series of capital stock of the Corporation that are owned beneficially (and proof of any such beneficial ownership) but not of record by such Proposing Person, or any associates of such Proposing Person, and the number of such shares of each class or series of capital stock of the Corporation held by each such nominee holder, including any such shares that such nominee holder has the right to acquire beneficial ownership of;

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) a description of any agreement, arrangement, relationship or understanding pursuant to which such Proposing Person, or any associates of such Proposing Person, has a right to vote any shares of any security of the Corporation;

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) a description of any material pending or threatened legal proceeding in which such Proposing Person is a party or material participant involving the Corporation or any of its officers or directors, or any affiliate of the Corporation;

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) a description of (i) any plans or proposals which any such Proposing Person may have with respect to securities of the Corporation that would be required to be disclosed pursuant to Item 4 of Exchange Act Schedule 13D (regardless of whether the requirement to file a Schedule 13D is applicable) and (ii) any agreement, arrangement or understanding (including the identity of the parties thereto) with respect to the nomination or other business between or among such Proposing Parties and any other parties, including without limitation any agreements that would be required to be disclosed pursuant to Item 5 or Item 6 of Exchange Act Schedule 13D (regardless of whether the requirement to file a Schedule 13D is applicable), in each case as of the date the notice required by this ‎Section 2.10 is delivered to the Corporation by the stockholder, or beneficial owner in such business, if any, presenting the nomination or other proposal;

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) a description of any agreement, arrangement or understanding (including, regardless of the form of settlement, any derivative, long or short positions, profit interests, forwards, futures, swaps, options, warrants, convertible securities, stock appreciation or similar rights, hedging transactions and borrowed or loaned shares) that has been entered into by or on behalf of, or any other agreement, arrangement or understanding that has been made, the effect or intent of which is to create or mitigate loss to, manage risk or benefit of share price changes for, or increase or decrease the voting power of, such Proposing Person, or any associates of such Proposing Person, with respect to the Corporation's securities;

ix

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) a written representation as to whether any Proposing Person, or any other participant as defined in Item 4 of Schedule 14A under the Exchange Act, will engage in a solicitation with respect to such nomination or other business and, if so, whether such solicitation will be conducted as an exempt solicitation under Rule 14a-2(b) of the Exchange Act, the name of each participant in such solicitation and the amount of the cost of solicitation that has been and will be borne, directly or indirectly, by each participant in such solicitation and (x) in the case of a proposal of business other than nominations, whether such person or group intends to deliver a proxy statement and/or form of proxy to holders of at least the percentage of the Corporation's voting shares required under applicable law to carry the proposal, (y) in the case of any solicitation that is subject to Rule 14a-19 of the Exchange Act, confirming that such person or group will deliver, through means satisfying each of the conditions that would be applicable to the Corporation under either Exchange Act Rule 14a-16(a) or Exchange Act Rule 14a-16(n), a proxy statement and/or form of proxy to holders of at least sixty-seven percent (67%) of the voting power of the Corporation's capital stock entitled to vote generally in the election of directors and/or (z) whether such person or group intends to otherwise solicit proxies or votes from holders in support of such proposal or nomination (for purposes of this clause ‎(7), the term "holders" shall include, in addition to stockholders of record, any beneficial owners pursuant to Rule 14b-1 and Rule 14b-2 of the Exchange Act);

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) a representation that promptly after any Proposing Person solicits the holders of the Corporation's stock referred to in the representation required under the preceding clause, and in any event no later than 5 business days before the applicable meeting, such Proposing Person will provide the Corporation with reasonable documentary evidence (as determined by the Corporation or one of its representatives, acting in good faith), which may take the form of a certified statement and documentation from a proxy solicitor, specifically demonstrating that the necessary steps have been taken to deliver a proxy statement and/or form of proxy to holders of such percentage of the Corporation's stock;

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) any direct or indirect interest of such Proposing Person, or any associates of such Proposing Person, in any contract (including, in any such case, any employment agreement, collective bargaining agreement or consulting agreement) with the Corporation, or any affiliate of the Corporation;

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) any other information relating to such Proposing Person, or any associates of such Proposing Person, or proposed business that would be required to be disclosed in a proxy statement or other filing required to be made in connection with the solicitation of proxies in support of such nominee or proposal pursuant to Section 14 of the Exchange Act; and

x

&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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) such other information relating to any proposed item of business as the Corporation may reasonably require to determine whether such proposed item of business is a proper matter for stockholder action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Special Meetings of Stockholders*. If the election of directors is included as business to be brought before a special meeting in the Corporation's notice of meeting, then nominations of persons for election to the Board of Directors at a special meeting of stockholders may be made by any stockholder who is a stockholder of record at the time of giving of notice provided for in this ‎‎Section 2.10(b) and at the time of the special meeting, who shall be entitled to vote at the meeting and who complies with the procedures set forth in this ‎‎Section 2.10(b); *provided*, *however*, that the number of nominees a stockholder may nominate for election at the special meeting on its own behalf (or in the case of a stockholder giving the notice on behalf of a beneficial owner, the number of nominees a stockholder may nominate for election at the special meeting on behalf of such beneficial owner) shall not exceed the number of directors to be elected as such special meeting. For nominations to be properly brought by a stockholder before a special meeting of stockholders pursuant to this ‎‎Section 2.10(b), the stockholder must have given timely notice thereof in writing to the Secretary of the Corporation. To be timely, a stockholder's notice shall be delivered to or mailed and received at the principal executive offices of the Corporation (A) not earlier than 120 days prior to the date of the special meeting nor (B) later than the later of 90 days prior to the date of the special meeting and the 10<sup>th</sup> day following the day on which public announcement of the date of the special meeting was first made by the Corporation. A stockholder's notice to the Secretary shall comply with the notice requirements of ‎‎Section 2.10(a)(iii). The minimum timeliness requirements of this paragraph shall apply despite any different timeline described in Rule 14a-19 or elsewhere in Regulation 14A under the Exchange Act, including with respect to any statements or information required to be provided to the Corporation pursuant to Rule 14a-19 of the Exchange Act by a stockholder and not otherwise specified herein. In no event shall the adjournment, recess or postponement of a special meeting, or any announcement thereof, commence a new time period (or extend any time period) for the giving of a stockholder's notice as described above. Such notice of a stockholder shall include the same information, representations, certifications and agreements that would be required if the stockholder were to make a nomination in connection with an annual meeting of stockholders pursuant to the preceding provisions of this ‎Section 2.10, and such stockholder shall be obligated to provide the same supplemental or additional information in connection with a special meeting of stockholders as required pursuant to the preceding provisions of this ‎Section 2.10 in connection with an annual meeting of stockholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *General*. (i) No person shall be eligible to be nominated by a stockholder to be elected or reelected at any meeting of stockholders to serve as a director of the Corporation unless nominated in accordance with the procedures set forth in this ‎Section 2.10. No business proposed by a stockholder shall be conducted at a stockholder meeting except in accordance with this ‎Section 2.10.

xi

&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) Without limiting any remedy available to the Corporation, and unless otherwise determined by the Board of Directors, the Chairperson of the Board of Directors or the chairperson of the meeting, a stockholder may not present nominations for director or business proposals at an annual or special meeting of stockholders (and any such nominee shall be disqualified from standing for election or re-election), notwithstanding proxies or votes may have been solicited and/or received with respect thereto, if such stockholder, any beneficial owner, any Proposing Person or any nominee or substitute nominee for director: (A) acted contrary to any representation, statement, certification or agreement required by the applicable provisions of these Bylaws; (B) otherwise failed to comply with these Bylaws or with any law, rule or regulation identified in these Bylaws, including all applicable requirements of the Exchange Act and the rules and regulations thereunder with respect to the matters set forth in this ‎‎Section 2.10; *provided*, *however*, that any references in these Bylaws to the Exchange Act or the rules and regulations promulgated thereunder are not intended to and shall not limit any requirements applicable to nominations or proposals as to any other business to be considered pursuant to this ‎Section 2.10; or (C) provided information to the Corporation (whether required by these Bylaws or otherwise) that is false, misleading, inaccurate or incomplete in any material respect. The Board of Directors, the Chairperson of the Board of Directors or the chairperson of the meeting shall, if the facts warrant, determine and declare to the meeting that a nomination was not made in accordance with the procedures prescribed by these Bylaws or that business was not properly brought before the meeting, and if he/she should so determine, he/she shall so declare to the meeting and the defective nomination shall be disregarded or such business shall not be transacted, as the case may be. Notwithstanding the foregoing provisions of this ‎‎Section 2.10, unless otherwise required by law, if the stockholder (or a qualified representative of the stockholder) does not appear at the annual or special meeting of stockholders of the Corporation to present a nomination or other proposed business, such nomination shall be disregarded or such proposed business shall not be transacted, as the case may be, notwithstanding that proxies in respect of such vote may have been received by the Corporation and counted for purposes of determining a quorum. For purposes of this ‎‎Section 2.10, to be considered a qualified representative of the stockholder, a person must be a duly authorized officer, manager or partner of such stockholder or must be authorized by a writing executed by such stockholder or an electronic transmission delivered by such stockholder to act for such stockholder as proxy at the meeting of stockholders and such person must produce such writing or electronic transmission, or a reliable reproduction of the writing or electronic transmission, at the meeting of stockholders.

Notwithstanding anything to the contrary in these Bylaws, unless otherwise required by law, if any Proposing Person (i) provides notice pursuant to Rule 14a-19(b) promulgated under the Exchange Act (or has previously filed a preliminary or definitive proxy statement with the information required by Rule 14a-19(b)) with respect to any proposed nominee for election as a director of the Corporation and (ii) subsequently fails to comply with the requirements of Rule 14a-19(a)(2) or Rule 14a-19(a)(3) promulgated under the Exchange Act (or fails to timely provide reasonable evidence sufficient to satisfy the Corporation that such Proposing Person has met the requirements of Rule 14a-19(a)(3) promulgated under the Exchange Act in accordance with the following sentence), then the nomination of each such proposed nominee shall be disregarded, notwithstanding that the nominee is included as a nominee in the Corporation's proxy statement, notice of meeting or other proxy materials for any meeting (or any supplement thereto) and notwithstanding that proxies or votes in respect of the election of such proposed nominees may have been received by the Corporation (which proxies and votes shall be disregarded). Upon request by the Corporation, if any Proposing Person provides notice pursuant to Rule 14a-19(b) promulgated under the Exchange Act (or has previously filed a preliminary or definitive proxy statement with the information required by Rule 14a-19(b)), such Proposing Person, shall deliver to the Corporation, no later than 5 business days prior to the applicable meeting, reasonable evidence that it has met the requirements of Rule 14a-19(a)(3) promulgated under the Exchange Act.

xii

&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) Compliance with paragraphs ‎(a) and ‎(b) of this ‎Section 2.10 shall be the exclusive means for a stockholder to make nominations or submit other business (other than as provided in ‎Section 2.10(c)(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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Notwithstanding anything to the contrary, the notice requirements set forth herein with respect to the proposal of any business pursuant to this ‎‎Section 2.10 shall be deemed satisfied by a stockholder if such stockholder has submitted a proposal to the Corporation in compliance with Rule 14a-8 under the Exchange Act, and such stockholder's proposal has been included in a proxy statement that has been prepared by the Corporation to solicit proxies for the meeting of stockholders.

&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) Any stockholder directly or indirectly soliciting proxies from other stockholders in connection with any annual or special meeting of stockholders must use a proxy card color other than white, which shall be reserved for the exclusive use for solicitation by or on behalf of the Board of Directors.

&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;(vi) For purposes of these Bylaws, "business day" means any day other than Saturday, Sunday or a day on which banks are closed in New York City, New York; and "close of business" means 5:00 p.m. local time at the principal executive offices of the Corporation on any calendar day, whether or not the day is a business day.

Article 3<br> Directors

Section 3.01. *Number, Election and Term of Office.* The Board of Directors shall consist of not less than [3] nor more than [15] directors, with the exact number of directors to be determined from time to time solely by resolution adopted by the affirmative vote of a majority of the Board. As set forth in Article 6 of the Certificate of Incorporation, the directors shall be elected at each annual meeting, and shall hold office until the next succeeding annual meeting and until their successor shall have been duly elected and qualified, or until such director's earlier death, resignation, retirement, disqualification or removal from office. In no event will a decrease in the number of directors shorten the term of any incumbent director. Directors need not be stockholders.

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Section 3.02. *Quorum and Manner of Acting.* Unless the Certificate of Incorporation or these Bylaws require a greater number, a majority of the Board of Directors shall constitute a quorum for the transaction of business at any meeting of the Board of Directors and, except as otherwise expressly required by law or by the Certificate of Incorporation, the act of a majority of the directors present at a meeting at which a quorum is present shall be the act of the Board of Directors. When a meeting is adjourned to another time or place (whether or not a quorum is present), notice need not be given of the adjourned meeting if the time and place thereof are announced at the meeting at which the adjournment is taken. At the adjourned meeting, the Board of Directors may transact any business which might have been transacted at the original meeting. If a quorum shall not be present at any meeting of the Board of Directors, the directors present thereat shall adjourn the meeting, from time to time, without notice other than announcement at the meeting, until a quorum shall be present.

Section 3.03. *Time and Place of Meetings.* The Board of Directors shall hold its meetings at such place, either within or without the State of Delaware, and at such time as may be determined from time to time by the Board of Directors (or the Chairperson of the Board of Directors in the absence of a determination by the Board of Directors).

Section 3.04. *Annual Meeting.* The Board of Directors may meet for the purpose of organization, the election of officers and the transaction of other business, as soon as practicable after each annual meeting of stockholders. Notice of such meeting need not be given. In the event such annual meeting is not so held, the annual meeting of the Board of Directors may be held at such place, if any, either within or without the State of Delaware, on such date and at such time as shall be specified in a notice thereof given as hereinafter provided in ‎‎Section 3.06 herein or in a waiver of notice thereof signed by any director who chooses to waive the requirement of notice.

Section 3.05. *Regular Meetings.* After the place, if any, and time of regular meetings of the Board of Directors shall have been determined and notice thereof shall have been once given to each member of the Board of Directors, regular meetings may be held without further notice being given.

Section 3.06. *Special Meetings.* Special meetings of the Board of Directors may be called by the Chairperson of the Board of Directors or the President and shall be called by the Chairperson of the Board of Directors, President or the Secretary, on the written request of [three] directors. Notice of special meetings of the Board of Directors shall be given to each director at least 48 hours before the date of the meeting in such manner as is determined by the Board of Directors.

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Section 3.07. *Committees.* The Board of Directors may designate one or more committees, each committee to consist of one or more of the directors of the Corporation. The Board of Directors may designate one or more directors as alternate members of any committee, who may replace any absent or disqualified member at any meeting of the committee. In the absence or disqualification of a member of a committee, the member or members present at any meeting and not disqualified from voting, whether or not such member or members constitute a quorum, may unanimously appoint another member of the Board of Directors to act at the meeting in the place of any such absent or disqualified member. Any such committee, to the extent provided in the resolution of the Board of Directors, shall have and may exercise all the powers and authority of the Board of Directors in the management of the business and affairs of the Corporation, and may authorize the seal of the Corporation to be affixed to all papers which may require it; but no such committee shall have the power or authority in reference to the following matters: (a) approving or adopting, or recommending to the stockholders, any action or matter expressly required by Delaware Law to be submitted to the stockholders for approval or (b) adopting, amending or repealing any Bylaw of the Corporation. Each committee shall keep regular minutes of its meetings and report the same to the Board of Directors when required.

Section 3.08. *Action by Consent.* Unless otherwise restricted by the Certificate of Incorporation or these Bylaws, any action required or permitted to be taken at any meeting of the Board of Directors or of any committee thereof may be taken without a meeting, if all members of the Board of Directors or committee, as the case may be, consent thereto in writing or by electronic transmission and any consent may be documented, signed and delivered in any manner permitted by Delaware Law. After an action is taken, the consent or consents relating thereto shall be filed with the minutes of proceedings of the Board of Directors or committee in the same paper or electronic form as the minutes are maintained.

Section 3.09. *Telephonic Meetings.* Unless otherwise restricted by the Certificate of Incorporation or these Bylaws, members of the Board of Directors, or any committee designated by the Board of Directors, may participate in a meeting of the Board of Directors, or such committee, as the case may be, by means of conference telephone or other communications equipment by means of which all persons participating in the meeting can hear each other, and such participation in a meeting shall constitute presence in person at the meeting.

Section 3.10. *Resignation.* Any director may resign from the Board of Directors at any time by giving notice to the Board of Directors or to the Secretary of the Corporation. Any such notice must be in writing or by electronic transmission to the Board of Directors or to the Secretary of the Corporation. The resignation of any director shall take effect upon receipt of notice thereof or at such later time as shall be specified in such notice; and unless otherwise specified therein, the acceptance of such resignation shall not be necessary to make it effective.

Section 3.11. *Newly Created Directorships and Vacancies.* Unless otherwise provided in the Certificate of Incorporation, vacancies on the Board of Directors resulting from death, resignation, retirement, disqualification, removal or otherwise and newly created directorships resulting from any increase in the number of directors shall, except as otherwise required by law, be filled solely by a majority of the directors then in office (although less than a quorum) or by the sole remaining director and each director so elected shall hold office until the next succeeding annual meeting and until his or her successor shall have been duly elected and qualified, or until his or her earlier death, resignation, retirement, disqualification or removal. If there are no directors in office, then an election of directors may be held in accordance with Delaware Law. Unless otherwise provided in the Certificate of Incorporation, when one or more directors shall resign from the Board of Directors, effective at a future date, a majority of the directors then in office, including those who have so resigned, shall have the power to fill such vacancy or vacancies, the vote thereon to take effect when such resignation or resignations shall become effective, and each director so chosen shall hold office as provided in the filling of the other vacancies.

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Section 3.12. *Removal.* Any director may be removed at any annual or special stockholders' meeting, with or without cause, upon the affirmative vote of the holders of not less than a majority of the total voting power of all securities of the Corporation at that time entitled to vote generally in the election of directors, voting together as a single class.

Section 3.13. *Compensation.* Unless otherwise restricted by the Certificate of Incorporation or these Bylaws, the Board of Directors shall have authority to fix the compensation of directors, including fees and reimbursement of expenses, including for service on a committee of the Board.

Section 3.14. *Preferred Stock Directors.* Notwithstanding anything else contained herein, whenever the holders of one or more classes or series of Preferred Stock shall have the right, voting separately as a class or series, to elect directors, the election, term of office, filling of vacancies, removal and other features of such directorships shall be governed by the terms of the resolutions applicable thereto adopted by the Board of Directors pursuant to the Certificate of Incorporation, and such directors so elected shall not be subject to the provisions of Sections ‎3.01, ‎3.11 and ‎3.12 of this ‎‎Article 3 unless otherwise provided therein.

Article 4<br> Officers

Section 4.01. *Principal Officers.* The principal officers of the Corporation shall be appointed by the Board of Directors and may consist of a Chief Executive Officer, a Chief Financial Officer, a President, one or more Vice Presidents, a Treasurer and a Secretary who shall have the duty, among other things, to record the proceedings of the meetings of stockholders and directors in a book kept for that purpose. The Corporation may also have such other principal officers, including one or more Controllers, as the Board of Directors may in its discretion appoint. One person may hold the offices and perform the duties of any two or more of said offices, except that no one person shall hold the offices and perform the duties of President and Secretary.

Section 4.02. *Appointment, Term of Office and Remuneration.* The principal officers of the Corporation shall be appointed by the Board of Directors in the manner determined by the Board of Directors. Each such officer shall hold office for such period as the Board of Directors may from time to time determine and until their successor is appointed, or until their earlier death, resignation, retirement, disqualification or removal. The remuneration of all officers of the Corporation shall be fixed by the Board of Directors. Any vacancy in any office shall be filled in such manner as the Board of Directors shall determine.

Section 4.03. *Subordinate Officers.* In addition to the principal officers enumerated in ‎‎Section 4.01 herein, the Corporation may have one or more Assistant Treasurers, Assistant Secretaries and Assistant Controllers and such other subordinate officers, agents and employees as the Board of Directors may deem necessary, each of whom shall hold office for such period as the Board of Directors may from time to time determine. The Board of Directors may delegate to any principal officer the power to appoint and to remove any such subordinate officers, agents or employees.

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Section 4.04. *Removal.* Except as otherwise permitted with respect to subordinate officers, any officer may be removed, with or without cause, at any time, by resolution adopted by the Board of Directors.

Section 4.05. *Resignations.* Any officer may resign at any time by giving notice to the Board of Directors (or to a principal officer if the Board of Directors has delegated to such principal officer the power to appoint and to remove such officer). Any such notice must be in writing. The resignation of any officer shall take effect upon receipt of notice thereof or at such later time as shall be specified in such notice; and unless otherwise specified therein, the acceptance of such resignation shall not be necessary to make it effective.

Section 4.06. *Powers and Duties.* The officers of the Corporation shall have such powers and perform such duties as generally pertain to their respective offices and such other duties as may from time to time be conferred upon or assigned to them by the Board of Directors.

Article 5<br> Capital Stock

Section 5.01. *Certificates For Stock; Uncertificated Shares.* The shares of the Corporation shall be in book-entry, uncertificated form, provided that the Board of Directors may provide by resolution or resolutions that some or all of any or all classes or series of its stock shall be certificated shares or a combination of certificated and uncertificated shares. Except as otherwise required by law, the rights and obligations of the holders of uncertificated shares and the rights and obligations of the holders of shares represented by certificates of the same class and series shall be identical. Every holder of stock represented by certificates shall be entitled to have a certificate signed by, or in the name of the Corporation by any two authorized officers of the Corporation representing the number of shares registered in certificate form. Any or all of the signatures on the certificate may be a facsimile. In case any officer, transfer agent or registrar who has signed or whose facsimile signature has been placed upon a certificate shall have ceased to be such officer, transfer agent or registrar before such certificate is issued, it may be issued by the Corporation with the same effect as if such person were such officer, transfer agent or registrar at the date of issue. The Corporation shall not have power to issue a certificate in bearer form.

Section 5.02. *Lost Certificates.* The Corporation may issue a new certificate of stock or uncertificated shares in the place of any certificate theretofore issued by it that is alleged to have been lost, stolen or destroyed, and the Corporation may require the owner of the lost, stolen or destroyed certificate, or such owner's legal representative, to give the Corporation a bond sufficient to indemnify it against any claim that may be made against it on account of the alleged loss, theft or destruction of any such certificate or the issuance of such new certificate or uncertificated shares.

Section 5.03. *Transfer Of Shares.* Shares of the stock of the Corporation may be transferred on the record of stockholders of the Corporation by the holder thereof or by such holder's duly authorized attorney upon surrender of a certificate therefor properly endorsed or upon receipt of proper transfer instructions from the registered holder of uncertificated shares or by such holder's duly authorized attorney and upon compliance with appropriate procedures for transferring shares in uncertificated form, unless waived by the Corporation.

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Section 5.04. *Authority for Additional Rules Regarding Transfer.* The Board of Directors shall have the power and authority to make all such rules and regulations as they may deem expedient concerning the issue, transfer and registration of certificated or uncertificated shares of the stock of the Corporation, as well as for the issuance of new certificates in lieu of those which may be lost or destroyed, and may require of any stockholder requesting replacement of lost or destroyed certificates, bond in such amount and in such form as they may deem expedient to indemnify the Corporation, and/or the transfer agents, and/or the registrars of its stock against any claims arising in connection therewith.

Article 6<br> Indemnification

Section 6.01. *Limited Liability*. To the fullest extent permitted by Delaware Law, no director or officer of the Corporation shall be personally liable to the Corporation or its stockholders for monetary damages for breach of fiduciary duty as a director or officer. Solely for purposes of this paragraph, "officer" shall have the meaning provided in Section 102(b)(7) of the Delaware Law as amended from time to time.

Section 6.02. *Right to Indemnification*. (a) Each person (and the heirs, executors or administrators of such person) who was or is a party or is threatened to be made a party to, or is involved in any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative or investigative, by reason of the fact that such person is or was a director or officer of the Corporation or while an officer or director of the Corporation is or was serving at the request of the Corporation as a director or officer of another corporation, partnership, joint venture, trust or other enterprise, shall be indemnified and held harmless by the Corporation to the fullest extent permitted by applicable law. The right to indemnification conferred in this ‎‎Article 6 shall also include the right to be paid by the Corporation the expenses incurred in connection with any such proceeding in advance of its final disposition to the fullest extent authorized by applicable law. The right to indemnification conferred in this ‎Article 6 shall be a contract right, provided, however, that, except with respect to proceedings to enforce rights to indemnification or advancement of expenses or with respect to any compulsory counterclaim brought by such indemnitee, the Corporation shall indemnify any such indemnitee in connection with a proceeding (or part thereof) initiated by such indemnitee only if such proceeding (or part thereof) was authorized by the Board of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Corporation may, by action of its Board of Directors, provide indemnification to such of the employees and agents of the Corporation to such extent and to such effect as the Board of Directors shall determine to be appropriate and authorized by applicable law.

Section 6.03. *Insurance*. The Corporation shall have power to purchase and maintain insurance on behalf of any person who is or was a director, officer, employee or agent of the Corporation, or is or was serving at the request of the Corporation as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise against any expense, liability or loss incurred by such person in any such capacity or arising out of such person's status as such, whether or not the Corporation would have the power to indemnify such person against such liability under applicable law.

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Section 6.04. *Nonexclusivity of Rights*. The rights and authority conferred in this ‎‎Article 6 shall not be exclusive of any other right that any person may otherwise have or hereafter acquire.

Section 6.05. *Preservation of Rights*. Neither the amendment nor repeal of this ‎‎Article 6, nor the adoption of any provision of the Certificate of Incorporation or these Bylaws, nor, to the fullest extent permitted by applicable law, any modification of law, shall adversely affect any right or protection of any person granted pursuant hereto existing at, or arising out of or related to any event, act or omission that occurred prior to, the time of such amendment, repeal, adoption or modification (regardless of when any proceeding (or part thereof) relating to such event, act or omission arises or is first threatened, commenced or completed).

Article 7<br> General Provisions

Section 7.01. *Fixing the Record Date.* (a) In order that the Corporation may determine the stockholders entitled to notice of any meeting of stockholders or any adjournment thereof, the Board of Directors may fix a record date, which record date shall not precede the date upon which the resolution fixing such record date is adopted by the Board of Directors, and which record date shall not be more than 60 nor less than 10 days before the date of such meeting. If the Board of Directors so fixes a date, such date shall also be the record date for determining the stockholders entitled to vote at such meeting unless the Board of Directors determines, at the time it fixes such record date, that a later date on or before the date of the meeting shall be the date for making such determination. If no record date is fixed by the Board of Directors, the record date for determining stockholders entitled to notice of or to vote at a meeting of stockholders shall be at the close of business on the day next preceding the day on which notice is given, or, if notice is waived, at the close of business on the day next preceding the day on which the meeting is held. A determination of stockholders of record entitled to notice of or to vote at a meeting of stockholders shall apply to any adjournment of the meeting; *provided*, *however*, that the Board of Directors may in its discretion or as required by law fix a new record date for determination of stockholders entitled to vote at the adjourned meeting, and in such case shall fix the same date or an earlier date as the record date for stockholders entitled to notice of such adjourned meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In order that the Corporation may determine the stockholders entitled to receive payment of any dividend or other distribution or allotment of any rights or the stockholders entitled to exercise any rights in respect of any change, conversion or exchange of stock, or for the purpose of any other lawful action, the Board of Directors may fix a record date, which record date shall not precede the date upon which the resolution fixing the record date is adopted, and which record date shall be not more than 60 days prior to such action. If no record date is fixed, the record date for determining stockholders for any such purpose shall be at the close of business on the day on which the Board of Directors adopts the resolution relating thereto.

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Section 7.02. *Dividends.* Subject to limitations contained in Delaware Law and the Certificate of Incorporation, the Board of Directors may declare and pay dividends upon the shares of capital stock of the Corporation, which dividends may be paid either in cash, in property or in shares of the capital stock of the Corporation.

Section 7.03. *Year.* The fiscal year of the Corporation shall commence on January 1 and end on December 31 of each year.

Section 7.04. *Corporate Seal.* The corporate seal shall have inscribed thereon the name of the Corporation, the year of its organization and the words "Corporate Seal, Delaware". The seal may be used by causing it or a facsimile thereof to be impressed, affixed or otherwise reproduced.

Section 7.05. *Voting of Stock Owned by the Corporation.* The Board of Directors may authorize any person, on behalf of the Corporation, to attend, vote at and grant proxies to be used at any meeting of stockholders of any corporation (except this Corporation) in which the Corporation may hold stock.

Section 7.06. *Amendments.* These Bylaws or any of them, may be altered, amended or repealed, or new Bylaws may be made, by the stockholders entitled to vote thereon at any annual or special meeting thereof or by the Board of Directors as provided in the Certificate of Incorporation. Unless a higher percentage is required by the Certificate of Incorporation as to any matter that is the subject of these Bylaws, all such amendments must be approved by the affirmative vote of the holders of not less than a majority of the voting power of all outstanding securities of the Corporation generally entitled to vote in the election of directors, voting together as a single class, or by a majority of the Board of Directors.

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## Exhibit 10.1

**Exhibit 10.1**

Certain schedules and exhibits to this agreement have been omitted pursuant to Item 601(a)(5) of Regulation S-K. A copy of any omitted schedule and/or exhibit will be furnished supplementally to the SEC upon request.

[\*\*\*] Certain information in this document has been excluded pursuant to Regulation S-K, Item 601(a)(6). Such excluded information is not material and is the type that the registrant treats as private or confidential.

**CONFIDENTIAL**

**TRANSITION SERVICES AGREEMENT**

dated as of

[●], 2026

between

**S&P Global Inc.**

and

**MOBILITY GLOBAL INC.**

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
|  | **<u>Page</u>** |
| Article 1<br> Definitions | Article 1<br> Definitions |
| Section 1.01 . Definitions | 1 |
| Section 1.02 . Other Definitional and Interpretative Provisions | 2 |
| Article 2<br> Purchase and Sale of Services | Article 2<br> Purchase and Sale of Services |
| Section 2.01 . Provision and Receipt of Services | 3 |
| Section 2.02 . Termination of Services | 4 |
| Section 2.03 . Service Provider Affiliates and Third-Party Providers | 5 |
| Section 2.04 . Third-Party Licenses and Consents | 5 |
| Section 2.05 . Third-Party Providers | 5 |
| Article 3<br> Service Costs; Other Charges | Article 3<br> Service Costs; Other Charges |
| Section 3.01 . Service Costs Generally | 6 |
| Section 3.02 . Right to Offset | 6 |
| Section 3.03 . Taxes | 6 |
| Section 3.04 . Invoicing and Settlement of Service Costs | 7 |
| Article 4<br> The Services | Article 4<br> The Services |
| Section 4.01 . Standards of Service | 8 |
| Section 4.02 . Changes to the Services | 9 |
| Section 4.03 . Compliance Matters | 9 |
| Section 4.04 . Management of Services | 9 |
| Section 4.05 . Policies and Procedures | 10 |
| Section 4.06 . Limitations | 11 |
| Section 4.07 . Service Coordinators | 11 |
| Section 4.08 . Migration Plan | 12 |
| Article 5<br> Disclaimer, Liability And Indemnification | Article 5<br> Disclaimer, Liability And Indemnification |
| Section 5.01 . Indemnification of Service Provider by SpinCo | 12 |
| Section 5.02 . Indemnification of SpinCo by Service Provider | 12 |
| Section 5.03 . Third-Party Claim Procedures | 13 |
| Section 5.04 . Calculation of Damages | 14 |

---

i

---

| | |
|:---|:---|
| Section 5.05 . Exclusion Of Warranties | 14 |
| Section 5.06 . Limitation of Liability | 14 |
| Article 6<br> Term and Termination | Article 6<br> Term and Termination |
| Section 6.01 . Term | 15 |
| Section 6.02 . Termination | 15 |
| Section 6.03 . Effect of Termination | 16 |
| Article 7<br> Additional Agreements | Article 7<br> Additional Agreements |
| Section 7.01 . Intellectual Property | 16 |
| Section 7.02 . Data Protection Laws and Processing of Personal Information | 18 |
| Section 7.03 . Access to Information | 18 |
| Section 7.04 . Employment and Labor Matters | 18 |
| Section 7.05 . Confidentiality | 19 |
| Article 8<br> Miscellaneous | Article 8<br> Miscellaneous |
| Section 8.01 . No Agency; Independent Contractor Status | 20 |
| Section 8.02 . Force Majeure | 20 |
| Section 8.03 . Entire Agreement | 21 |
| Section 8.04 . Notices | 21 |
| Section 8.05 . Governing Law | 22 |
| Section 8.06 . Dispute Resolution | 22 |
| Section 8.07 . WAIVER OF JURY TRIAL | 22 |
| Section 8.08 . Severability | 22 |
| Section 8.09 . Amendments and Waivers | 22 |
| Section 8.10 . Successors and Assigns | 22 |
| Section 8.11 . Expenses | 23 |
| Section 8.12 . Specific Performance | 23 |
| Section 8.13 . Counterparts; Effectiveness; No Third-Party Beneficiaries | 23 |
| Section 8.14 . Further Assurances | 23 |

---

Schedule A Services <br> Schedule B Data Processing Addendum

ii

**<u>TRANSITION SERVICES AGREEMENT</u>**

This TRANSITION Services Agreement (this "**Agreement**") dated as of [●], 2026 (the "**Effective Date**") is being entered into by and between S&P Global Inc., a New York corporation ("**Service Provider**"), and Mobility Global Inc., a Delaware corporation ("**SpinCo**"). SpinCo and Service Provider may each be referred to herein as a "**Party**" and collectively as the "**Parties**."

**RECITALS**

WHEREAS, Service Provider and SpinCo have entered into a Separation and Distribution Agreement, dated as of [●], 2026 (as such agreement may be amended from time to time, the "**Separation Agreement**") pursuant to which, among other things, Service Provider has agreed to separate the SpinCo Business from the SPGI Business and to distribute the SpinCo Common Stock to the holders of the S&P Common Stock as of the Record Date, in each case, on the terms and subject to the conditions set forth in the Separation Agreement; and

WHEREAS, in connection with the transactions contemplated by the Separation Agreement, Service Provider has agreed to provide (or cause to be provided) to the Service Recipients (as defined below) certain services for a transition period following the Distribution Time in accordance with the terms and subject to the conditions set forth herein.

NOW, THEREFORE, in consideration of the foregoing and the representations, warranties, covenants and agreements contained herein, the Parties hereby agree as follows:

Article 1<br> Definitions

Section 1.01 *. Definitions.* Any capitalized term that is used, but not defined, herein shall have the meaning assigned to such term in the Separation Agreement. In addition, for the purpose of this Agreement, the following terms shall have the meanings set forth below.

"**Early Termination Costs**" means, with respect to a Service, any out-of-pocket costs that Service Provider has incurred, or reasonably expects to incur, as a result of SpinCo's termination of such Service pursuant to <u>Section 2.02(b)</u> or Service Provider's termination of such Service pursuant to <u>‎Section 6.02(b)</u> or ‎<u>Section 6.02(c)</u>, including costs related to terminating any commitments made to, or in respect of, personnel or Third-Party Providers to provide such terminated Service (including early termination charges, kill fees, wind-down costs or reasonable minimum volume makeup fees), or prepaid expenses related to such terminated Service.

"**IT Systems**" means any and all websites, applications, databases, systems, networks, software, hardware, firmware, middleware and other information technology equipment.

"**Reference Period**" means the twelve (12) month period prior to the Distribution Time.

"**Service Period**" means, with respect to a Service (as defined below), the period commencing on the Effective Date and ending at the close of business on the earlier of (a) the date such Service is terminated in accordance with <u>‎Section 2.02</u> or ‎<u>4.03</u>, (b) the expiration of the term of such Service set forth on <u>Schedule A</u>, or (c) the date this Agreement is terminated in accordance with ‎<u>Section 6.01</u> or <u>‎6.02</u>; *provided* that no Service shall be provided for a period extending beyond the date that is eighteen (18) months following Distribution Date.

"**Services**" means the services set forth on <u>Schedule A</u>, as such Schedule may be amended from time to time in accordance with this Agreement.

"**Sublicensable**" means, with respect to Intellectual Property Rights, that the applicable Party or its Affiliate has the right to grant the sublicenses or rights granted by such Party or its Affiliate to such Intellectual Property Rights pursuant to <u>Sections 7.01(b)</u> and <u>7.01(c)</u> without any additional fees or other consideration payable to the licensor as a direct result of granting such sublicense other than those payable in accordance with <u>Sections 2.04</u>, <u>2.05</u> and <u>3.01</u>.

Section 1.02. *Other Definitional and Interpretative Provisions.* The words "hereof," "herein" and "hereunder" and words of like import used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement. The headings and captions herein are included for convenience of reference only and shall be ignored in the construction or interpretation hereof. References to Sections, Exhibits and Schedules are to Sections, Exhibits and Schedules of this Agreement unless otherwise specified. All Exhibits and Schedules annexed hereto or referred to herein are hereby incorporated in and made a part of this Agreement as if set forth in full herein. Any capitalized terms used in any Exhibit or Schedule but not otherwise defined therein shall have the meaning as defined in this Agreement. Where there is any inconsistency between the definitions set out in *<u>‎</u>*<u>Section 1.01</u> and the definitions set out in any other Section or any Schedule or Exhibit, then, for the purposes of construing such Section or Schedule or Exhibit, the definitions set out in such Section or Schedule or Exhibit shall prevail. The word "extent" in the phrase "to the extent" shall mean the degree to which a subject or other theory extends and such phrase shall not mean "if." Any singular term in this Agreement shall be deemed to include the plural, and any plural term the singular. Whenever the words "include," "includes" or "including" are used in this Agreement, they shall be deemed to be followed by the words "without limitation," whether or not they are in fact followed by those words or words of like import. "Writing," "written" and comparable terms refer to printing, typing and other means of reproducing words (including electronic media) in a visible form. References to any statute, law or other Applicable Law shall be deemed to refer to such statute, law or other Applicable Law as amended from time to time and, if applicable, to any rules or regulations promulgated thereunder. References to any agreement or contract are to that agreement or contract as amended, modified or supplemented from time to time in accordance with the terms thereof. References to any Person include the successors and permitted assigns of that Person. In the computation of periods of time from a specified date to a later specified date, the word "from" means "from and including" and the words "to" and "until" mean "to but excluding" and the word "through" means "to and including." References to "$" are to United States dollars. References from or through any date mean, unless otherwise specified, from and including or through and including, respectively. The word "or" shall not be exclusive (i.e., "or" shall mean "and/or"). The word "shall" shall have the same meaning as "will" and vice versa. All references to any time herein shall refer to Eastern Time. The Parties have participated jointly in the negotiation and drafting of this Agreement and, in the event an ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by such Parties and no presumption or burden of proof shall arise favoring or disfavoring any Party by virtue of the authorship of any provision of this Agreement.

Article 2<br> Purchase and Sale of Services

Section 2.01 *. Provision and Receipt of Services.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On the terms and subject to the conditions of this Agreement and in consideration for the Service Costs (as defined below) payable by SpinCo pursuant to ‎<u>Article 3</u>, during the applicable Service Period, Service Provider shall provide (or cause to be provided) the Services to SpinCo and its applicable Affiliates (collectively, the "**Service Recipients**"), which Services shall be available only for the purposes of conducting the SpinCo Business. A description of each Service to be provided by Service Provider to the Service Recipients hereunder is set forth in <u>Schedule A</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except for the Services expressly contemplated to be provided in accordance with the provisions of this Agreement (including ‎<u>Section 2.01(c)</u>, if applicable), neither Service Provider, nor any other Service Provider Party (as defined below), shall have any obligation to provide (or cause to be provided) any services to the Service Recipients. Notwithstanding anything herein to the contrary, in no event shall Service Provider or any other Service Provider Party be required to provide (or cause to be provided) any (i) legal, financial, accounting or tax advice or (ii) any of the services identified in <u>Schedule A</u> as an excluded service to the Service Recipients (the "**Excluded Services**"). Any provision by or on behalf of Service Provider to the Service Recipients of any Excluded Services shall be discontinued as of the Effective Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If, during the Term (as defined below), a Party identifies a service that is not included on <u>Schedule A</u> that (i) Service Provider provided (or caused to be provided) to the SpinCo Business during the Reference Period in connection with the ordinary course operation of the SpinCo Business and (ii) is necessary to operate the SpinCo Business in substantially the same manner as the SpinCo Business had been operated during the Reference Period, and, in each case, is not an Excluded Service (each, an "**Additional Service**"), then upon written request of SpinCo, Service Provider shall provide (or cause to be provided) such Additional Service to the Service Recipients, and the Parties shall negotiate in good faith the terms of the provision of such Additional Service (including with respect to cost and duration); *provided* that (A) the Parties did not previously discuss whether such Additional Service would be provided under this Agreement prior to the Effective Date, (B) Service Provider and its Affiliates did not permanently discontinue the provision of such Additional Service to the SpinCo Business during the Reference Period, (C) Service Provider is reasonably able to provide (or cause the provision of) such Additional Service on a reasonably timely basis, and (D) SpinCo is not reasonably able to procure on a reasonably timely basis (including through the use of a Third-Party Provider) the provision of such Additional Service; *provided further* that (x) subject to Section 3.01, the Service Costs for any such Additional Service shall be calculated in a manner consistent with the methodology used for calculating the Service Costs of the Services most similar to such Additional Service (which shall not, for the avoidance of doubt, be less than Service Provider's actual costs (including overhead allocation) to provide such Additional Service, including amounts required to be paid to any third parties and flat or one-time costs to stand up and dissolve such Additional Service) and (y) no Additional Service shall be provided for a Service Period extending beyond eighteen (18) months following the Distribution Date. To the extent that the Parties reach a written agreement with respect to the provision and receipt of such Additional Service (including the Service Costs, the Service Period and any other relevant terms regarding such Additional Services), the Parties shall cooperate and act in good faith to add such Additional Service to <u>Schedule A</u>. Service Provider's provision and the Service Recipients' receipt of any Additional Services shall be deemed part of the "Services" provided under this Agreement, in each case subject to the terms and conditions of this Agreement. For the avoidance of doubt, any failure by the Parties to amend <u>Schedule A</u> to include an Additional Service as described in this <u>‎Section 2.01(c)</u> shall not excuse Service Provider from providing such Additional Service or SpinCo from paying any Service Costs or any other payment required to be made by SpinCo pursuant to this Agreement for any such Additional Service to the extent Service Provider provides, or causes the provision of, such Additional Service.

Section 2.02. *Termination of Services*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any Service may be terminated as of a date that is earlier than the expiration of the Service Period upon the mutual written consent of the Parties, and, in such case, <u>Schedule A</u> shall be deemed amended to delete such Service as of such date, and this Agreement shall be of no further force and effect with respect to such Service, except as to obligations or liabilities accrued pursuant to this Agreement through the date of termination of such Service, or in connection with such termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Unless a different notice period is specified for a Service in <u>Schedule A</u> and except with respect to payroll and benefits Services, which shall require no less than sixty (60) days' advance written notice to terminate, SpinCo may elect to terminate any Service by providing no less than thirty (30) days' advance written notice to Service Provider (a "**Termination Notice**") at any time, and, in such case, subject to, the applicable Service shall terminate on the termination date specified in the Termination Notice (or such other date mutually agreed in writing by the Parties) and <u>Schedule A</u> shall be deemed amended to delete such Service as of the termination date, and this Agreement shall be of no further force and effect with respect to such Service, except as to obligations or liabilities accrued pursuant to this Agreement prior to the date of termination of such Service, or in connection with such termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any Service may be terminated by SpinCo pursuant to <u>‎Section 2.02(b)</u> above without the termination of any other Service; *provided* that, if it is technically infeasible or commercially impracticable to terminate one Service without terminating one or more other Services, SpinCo shall be required to concurrently terminate all such Services for which separate termination would be technically infeasible or commercially impracticable (such required termination, an "**Interdependency Termination**"). Within a reasonable period of time following receipt of any Termination Notice (but in no event more than fifteen (15) Business Days following any receipt thereof), Service Provider shall provide SpinCo with written notice (a "**Service Provider Notice**") of (i) any Early Termination Costs and (ii) whether termination of such Service will (A) require an Interdependency Termination or (B) otherwise affect the performance of any other Services ("**Other Service Implications**"). The Service Provider Notice shall set forth the amount of, or a good faith estimate (to the extent the exact amount is not yet known by Service Provider) of, the Early Termination Costs and an overview of the Interdependency Terminations and Other Service Implications (if any). SpinCo may withdraw its Termination Notice by delivering a withdrawal notice within ten (10) Business Days following the receipt of such Service Provider Notice. If SpinCo does not withdraw its Termination Notice within such period, such Termination Notice will be final and irrevocable (including as to any Interdependency Termination or Other Service Implications), and SpinCo shall reimburse Service Provider for all Early Termination Costs incurred by Service Provider as a result of such early termination. Such reimbursement shall be made by SpinCo to Service Provider in accordance with ‎<u>Section 3.04</u>. The Parties agree to cooperate in good faith and use all commercially reasonable efforts to avoid or mitigate the incurrence of any Early Termination Costs, and to minimize any Interdependency Terminations or Other Service Implications. Notwithstanding anything in this Agreement to the contrary and for the avoidance of doubt, (x) SpinCo shall have no obligation to pay or reimburse any Early Termination Costs or other amounts not actually incurred by Service Provider and (y) SpinCo shall not be responsible for any costs or expenses incurred by Service Provider in connection with winding down, exiting, restructuring or otherwise ceasing any aspect of Service Provider's business, operations or third-party arrangements supporting the SpinCo Business as of the Effective Date that would have otherwise been incurred by Service Provider as a result of the transactions contemplated by the Separation Agreement.

Section 2.03 *. Service Provider Affiliates and Third-Party Providers.* In providing, or otherwise making available, the Services to the Service Recipients, Service Provider may, in its sole discretion, use its own personnel or the personnel of any of its Affiliates, or employ the services of contractors, subcontractors, vendors or other third-party providers (each, a "**Third-Party Provider**"); provided that, subject to ‎<u>Section 2.05</u>, Service Provider shall remain responsible for ensuring that its obligations with respect to such Services, including the Services Standard (as defined below), are satisfied with respect to all Services provided by any Service Provider Party and that each Service Provider Party complies with the terms and conditions of this Agreement. Each of Service Provider, its Affiliates, and any Third-Party Provider used by Service Provider to provide Services, including each of their respective officers, employees, partners who are natural persons (in the case of a partnership), consultants, contractors, workers and agents, shall be referred to as a "**Service Provider Party**." The Parties acknowledge that Service Provider may be required to pay certain fees and expenses to Third-Party Providers to provide Services to the Service Recipients (which fees and expenses shall, for the avoidance of doubt, be reflected in the Service Costs consistent with <u>Section 3.01</u>), and the Parties agree to cooperate in good faith and use commercially reasonable efforts to avoid or mitigate such fees and expenses.

Section 2.04 *. Third-Party Licenses and Consents*. Each Party shall use (and shall cause its Affiliates and, in the case of Service Provider, any applicable Third-Party Providers to use) its commercially reasonable efforts to obtain, and to keep and maintain in effect, all governmental or third-party licenses and consents required for the provision of any Service, including with respect to access and use of any third-party software, in accordance with the terms of this Agreement; *provided* that if a Service Provider Party is unable to obtain any such license or consent, Service Provider shall promptly (but in no event no later than two (2) Business Days after becoming aware of such fact) notify SpinCo in writing and the Parties shall cooperate in good faith and use commercially reasonable efforts to implement an appropriate alternative arrangement. As between the Parties, the costs relating to obtaining any such licenses or consents shall be split evenly between the Parties (i.e., 50/50). In no event shall Service Provider be required to pay any money or other consideration (unless SpinCo agrees to reimburse Service Provider therefor) or grant any accommodation to any Person (including any amendment to any contract) or to initiate any claim or proceeding against any Person in order to obtain any such licenses or consents; *provided* that Service Provider shall not incur any such costs without the prior written consent of SpinCo. If any such license, consent or alternative arrangement is not available despite the commercially reasonable efforts of Service Provider or as a result of SpinCo failing to bear the incurrence of costs relating to obtaining any such license or consent for the Services, Service Provider shall not be required to provide the affected Services.

Section 2.05 *. Third-Party Providers*. If Service Provider receives written notice from any Third-Party Provider that such Person intends to terminate a service pursuant to which Service Provider provides a Service to any Service Recipient or any Third-Party Provider fails to provide for any reason a service pursuant to which Service Provider provides a Service to any Service Recipient, then Service Provider shall use commercially reasonable efforts to secure the continued provision of that service from such Third-Party Provider, itself or its Affiliates (to the extent practicable) or an alternative service provider; *provided* that in no event shall Service Provider be required to pay any money or other consideration (unless SpinCo agrees to reimburse Service Provider therefor) or grant any material concession to any Person (including any material amendment to any contract) or to initiate any claim or proceeding against any Person in connection therewith; *provided, further,* that Service Provider shall not incur any such costs without the prior written consent of SpinCo. Without duplication of any amount included in the Service Costs for the applicable Service, the costs relating to obtaining any such continued provision of service from a Third-Party Provider or alternative service provider shall be split evenly between the Parties (i.e., 50/50). If Service Provider is unable to secure such continued provision of service from such Third-Party Provider or an alternative service provider despite its commercially reasonable efforts, Service Provider shall not be required to provide the affected Service.

Article 3<br> Service Costs; Other Charges

Section 3.01 *. Service Costs Generally*. In consideration for the Services provided hereunder, SpinCo agrees to pay to Service Provider (or the Service Provider Party designated by Service Provider) fees and costs for each Service to be provided under this Agreement as set forth opposite such Service on <u>Schedule A</u> (any such fees and costs being referred to herein as "**Service Costs**"). For the avoidance of doubt, except as expressly set forth herein or in <u>Schedule A</u>, the Service Costs for each Service shall commence on the Effective Date. The Parties intend and agree that this Agreement provides for the orderly and efficient separation of the SpinCo Business from the SPGI Business following the Distribution Time and that the methods of calculation of the Service Costs hereunder shall permit Service Provider to receive full reimbursement for all reasonably apportioned actual overhead, administrative and supervisory costs and expenses incurred by Service Provider or its Affiliates in connection with the provision of the Services consistent with the manner in which Service Provider charges or receives reimbursement from its Affiliates from time to time (including all pertinent cost components, together with any other amounts agreed to in writing by the Parties). If at any time Service Provider reasonably believes that the Service Costs are insufficient to compensate it for the actual costs of providing any Services it is obligated to provide (or cause to be provided) hereunder based on the manner in which Service Provider charges or receives reimbursement from its Affiliates from time to time, Service Provider shall notify SpinCo and Service Provider shall adjust the pricing of such Services for the remainder of the Service Period (and, if applicable, invoice SpinCo for any true-up amounts for previously invoiced Service Costs). Notwithstanding anything in this Agreement to the contrary and for the avoidance of doubt, (a) Service Provider can only adjust the Service Costs during the Term in a manner that (i) is consistent with its current practices, (ii) is not arbitrary, and (iii) does not disadvantage SpinCo relative to Service Provider and its Affiliates; (b) Service Costs shall only include the portion of such actual overhead, administrative and supervisory costs and expenses to the extent such portion is attributable to providing the Services to SpinCo under this Agreement; (c) Service Provider shall be solely responsible for the portion of any such overhead, administrative and supervisory costs and expenses that is attributable to the SPGI Business or that otherwise benefits Service Provider or its Affiliates outside of the provision of the Services; (d) SpinCo shall have no obligation to pay or reimburse any portion of any such costs or expenses not actually incurred by Service Provider or its Affiliates; and (e) the Service Costs shall not include, and SpinCo shall not be responsible for, any costs or expenses incurred by Service Provider in connection with winding down, exiting, restructuring or otherwise ceasing any aspect of Service Provider's business, operations or third-party arrangements supporting the SpinCo Business as of the Effective Date that would have otherwise been incurred by Service Provider as a result of the transactions contemplated by the Separation Agreement independent of the provision of Services under this Agreement.

Section 3.02 *. Right to Offset*. Except as otherwise set forth in <u>Schedule A</u> or in Section 2.09(c) of the Separation Agreement, SpinCo hereby unconditionally and irrevocably waives any rights of set-off, netting, offset, recoupment, or similar right that SpinCo has or may have with respect to the payment of the Service Costs or any other payments to be made by SpinCo pursuant to this Agreement; *provided that* SpinCo may withhold disputed amounts pending resolution under <u>Section 3.04(c)</u>.

Section 3.03 *. Taxes.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Without duplication of any amount included in the Service Costs, SpinCo (or its applicable Affiliate) shall be responsible for and shall pay all applicable sales, use, excise, services, transfer, payroll, employment or similar taxes, levies and charges (other than VAT (as defined below), which is the subject of <u>‎Section 3.03(c)</u>), together with any interest, penalties and additions thereto ("**Service Taxes**") imposed by or payable with respect to applicable taxing authorities on the provision of the Services to the Service Recipients or on any payment hereunder. Such Service Taxes shall be itemized on invoices submitted by Service Provider to SpinCo pursuant to Section 3.04(a). If Service Provider or any Affiliate of Service Provider is required to pay any part of such Service Taxes, Service Provider (or Affiliate) shall provide SpinCo with evidence that such Service Taxes have been paid. Service Taxes shall be incremental to other payments or charges identified in this Agreement. If Service Provider or any of its Affiliates is required to pay any part of such Service Taxes, SpinCo (or its applicable Affiliate) shall reimburse Service Provider (or its applicable Affiliate) for such Service Taxes. For the avoidance of doubt, Service Provider and not SpinCo shall be responsible for any interest, penalties, fees, or additions to tax that were caused by Service Provider's failure to timely pay Service Taxes as required by Applicable Law, gross negligence or willful misconduct. Each Party shall, and shall cause its Affiliates to, use commercially reasonable efforts to avail itself of any available exemptions from such Service Taxes and to cooperate with the other Party in providing any information or documentation that may be necessary to obtain such exemptions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All sums payable under this Agreement shall be paid free and clear of all deductions or withholdings in respect of any taxes, levies or charges unless the deduction or withholding is required by Applicable Law, in which event SpinCo shall promptly notify Service Provider of such required withholding and the amount of the payment due from SpinCo (or its applicable Affiliate) shall be increased (such increase, an "**Additional Amount**") to an amount which after any withholding or deduction leaves an amount equal to the payment which would have been due if no such deduction or withholding had been required. SpinCo shall withhold (or cause to be withheld) such taxes, levies or charges and pay (or cause to be paid) such withheld amounts over to the applicable taxing authority in accordance with the requirements of the Applicable Law and provide Service Provider with an official receipt confirming payment. The Parties agree to use commercially reasonable efforts to reduce or eliminate taxes, levies or charges (including, without limitation, pursuant to any applicable double taxation or similar treaty) or receive a refund of, or to claim a tax credit for, such taxes, for which an Additional Amount would otherwise be payable under this ‎<u>Section 3.03(b)</u>. For the avoidance of doubt, if SpinCo secures a refund of any such taxes, the benefit of any such refund shall inure exclusively to SpinCo.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If anything done by Service Provider under this Agreement is a supply on which VAT is chargeable, SpinCo shall pay to Service Provider (in addition to any other amounts payable under this Agreement) an amount equal to any VAT so chargeable. Where SpinCo is obligated under this Agreement to reimburse Service Provider for any fee, cost, charge or expense, the amount which SpinCo is required to pay in respect of such matter shall include any VAT incurred by Service Provider (or any member of a group to which Service Provider belongs for VAT purposes). "**VAT**" shall mean value added tax as levied in accordance with (but subject to derogation from) Council Directive 2006/112/EC or any similar tax outside the European Union.

Section 3.04 *. Invoicing and Settlement of Service Costs*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Unless <u>Schedule A</u> provides otherwise or the Parties agree in writing to a different arrangement, Service Provider shall invoice SpinCo on a monthly basis (not later than thirty (30) days following the applicable month) during the Service Period for Service Costs and any applicable Service Taxes incurred hereunder in respect of the prior month, including reasonable supporting data (the date of delivery of such invoice, the "**Invoice Date**"); *provided* that no delay in delivery of an invoice shall affect SpinCo's obligation to pay the full amount of such invoice (subject to <u>‎Section 3.04(c)</u>). All such invoices and payments shall be made in U.S. dollars.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) SpinCo agrees to pay, on or before the date that is thirty (30) days after the Invoice Date (such date, the "**Payment Date**"), by wire transfer of immediately available funds payable to the order of Service Provider or to such account or accounts designated by Service Provider, all undisputed amounts specified in the invoice delivered pursuant to ‎<u>Section 3.04(a)</u>. If SpinCo fails to pay any invoiced amount on or before the applicable Payment Date, SpinCo shall be obligated to pay, in addition to the past due amount, interest on such amount at a rate of twelve percent (12%) per annum, compounded monthly from the applicable Payment Date through the date payment is fully and effectively made; *provided* that such interest rate shall not exceed the maximum rate permitted by Applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If there is a good faith dispute (an "**Invoice Dispute**") between Service Provider and SpinCo regarding any amount set forth in any invoice, the disputing Party shall promptly (and in any event, no later than fifteen (15) days following the applicable Invoice Date) notify the other Party in writing (each such notice, an "**Invoice Dispute Notice**") of each amount that is the subject of the Invoice Dispute (the "**Invoice Dispute Amount**") and the basis therefor. If the Invoice Dispute concerns a Service delivered by Service Provider or its Affiliates without relying on a Third-Party Provider, the Invoice Dispute Amount shall be excluded from the amount due pursuant to ‎<u>Section 3.04(b)</u> until resolution of the Invoice Dispute in accordance with the procedures set forth in this ‎<u>Section 3.04(c)</u>; *provided* that any undisputed portion of such invoice shall be included in the calculation of the amount due pursuant to ‎<u>Section 3.04(b)</u> and paid in accordance with <u>‎Section 3.04(b)</u>. If the Invoice Dispute concerns a Service delivered by Service Provider or its Affiliates pursuant to an agreement with a Third-Party Provider, SpinCo shall pay the Invoice Dispute Amount (and in the case of an Invoice Dispute Amount that is a recurring cost, continue to pay such amounts) to Service Provider pursuant to <u>‎Section 3.04(b)</u> and SpinCo shall not be entitled to deduct or withhold such amount from Service Provider in respect of any other Services. The Parties shall cooperate and use their commercially reasonable efforts to resolve such Invoice Dispute. If the Parties are unable to resolve the Invoice Dispute within fifteen (15) Business Days after the applicable Party's receipt of the Invoice Dispute Notice, then either Party may refer the Invoice Dispute for resolution to a mutually agreed upon independent accounting firm of recognized national standing (the "**Invoice Accounting Referee**"), which shall determine the disputed amounts payable. The determinations of the Invoice Accounting Referee shall be final and binding on the Parties. The fees and expenses of the Invoice Accounting Referee shall be borne (i) solely by SpinCo if the disputed items submitted to the Invoice Accounting Referee by SpinCo are unsuccessfully disputed (as finally determined by the Invoice Accounting Referee), (ii) solely by Service Provider if the disputed items submitted to the Invoice Accounting Referee by SpinCo are successfully disputed (as finally determined by the Invoice Accounting Referee), and (iii) by the Parties in proportion to the relative success of each Party with respect to such disputed items, based on the aggregate amount of the disputed items that are resolved in favor of each Party, if the Invoice Accounting Referee determines that SpinCo was successful in part and unsuccessful in part. If, based on the determinations of the Invoice Accounting Referee any amount is owed by one Party to the other Party, then the applicable Party shall promptly pay such amount, which in no event shall be less than thirty (30) days following the Invoice Accounting Referee's final determination for the dispute.

Article 4<br> The Services

Section 4.01 *. Standards of Service*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Unless <u>Schedule A</u> indicates otherwise or the Parties agree in writing to a different arrangement, Service Provider shall provide (or cause to be provided) the Services hereunder (i) in a manner, volume, nature, quality and standard of care that is substantially the same in all material respects as that of similar services that Service Provider provided (or caused to be provided) to the SpinCo Business in the ordinary course of business during the Reference Period, and (ii) consistent with any service levels identified on <u>Schedule A</u> (the "**Services Standard**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) SpinCo shall (and shall cause its Affiliates and its and their respective Representatives to) make any and all relevant assets, information, facilities, IT Systems and applications or other materials of the SpinCo Business available to Service Provider for the provision of the Services. Service Provider shall not be responsible for any inability to provide a Service or any delay in doing so to the extent that such inability or delay is the result of the failure of the Service Recipients to timely provide any of the foregoing or any other access, materials, information, or cooperation used in or reasonably necessary for Service Provider to provide such Service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Parties acknowledge and agree that Service Provider is not in the business of providing the Services to independent third parties and is providing the Services on a transitional basis only.

Section 4.02 *. Changes to the Services.* It is understood and agreed that Service Provider may from time to time modify, substitute, supplement or otherwise alter any Service provided to the Service Recipients, including changing Third-Party Providers, in a manner that is generally consistent with modifications, substitutions, supplements or other alterations made for similar services provided or otherwise made available by Service Provider to the SPGI Business or as required by Applicable Law; *provided* that if the applicable Service is exclusively used by the Service Recipients, Service Provider shall seek SpinCo's consent (not to be unreasonably withheld, conditioned or delayed) prior to making any such modification, substitution, supplementation or other alteration (it being understood that no such modification, substitution, supplementation or other alteration shall be undertaken with the intent of disadvantaging SpinCo relative to Service Provider or its Affiliate's own organization). Service Provider shall furnish to SpinCo substantially the same notice (in content and timing), if any, as Service Provider furnishes to its own organization with respect to such modifications, substitutions, supplements or other alterations. In the event that any such modification, substitution, supplementation or other alteration materially adversely impacts the SpinCo Business, the Parties shall engage in good faith discussions to mitigate any such impact vis-à-vis the SpinCo Business. For the avoidance of doubt, any such modification, substitution, supplement or other alteration, or any temporary suspensions or interruptions to the Services arising out of Service Provider's or any other Service Provider Party's system maintenance activities, including as contemplated in <u>‎Section 4.05(b</u>), will not be considered a breach of this Agreement and will not entitle SpinCo to an extension of the Service Period for any impacted Services.

Section 4.03. *Compliance Matters*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In connection with this Agreement, each Party shall comply, and shall ensure that its Affiliates and its and their respective Representatives comply, with all Applicable Laws and all generally applicable policies or procedures of any Service Provider Party or Service Recipient as provided to the other Party in advance in writing. Notwithstanding anything in this Agreement to the contrary, Service Provider shall not be required to perform or cause to be performed any Service (or portion thereof) or any other obligation or action in connection with this Agreement that, in its reasonable opinion, conflicts with or violates any Applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) If the performance of any Service subjects Service Provider or any of its Affiliates to a reasonable risk of violating Applicable Law or any Third-Party Provider's policies or procedures, then Service Provider may immediately upon providing written notice of such fact to SpinCo (it being understood that Service Provider shall provide SpinCo with advance notice to the extent such notice is reasonably practicable under the circumstances and permitted by Applicable Law) suspend performance of such Service without liability; *provided* that the Parties will use commercially reasonable efforts to promptly amend this Agreement to the extent necessary to revise the provision of such Service as nearly as possible to accomplishing the purpose of the intended Service in a mutually satisfactory manner and in a way that does not violate Applicable Law or any Third-Party Provider's policies or procedures, and amend the applicable Service Costs (if necessary). With respect to any Service where performance has been suspended pursuant to this ‎<u>Section 4.03(b)</u>, unless and until the Parties are able to agree upon such an amendment to this Agreement, neither Party will have any obligation to the other Party with respect to such Service; *provided* that SpinCo shall remain liable for all Service Costs and Service Taxes owed and payable in respect of Services provided prior to the suspension of such Service.

Section 4.04 *. Management of Services.* Except as may otherwise be expressly provided in this Agreement, the management of and control over the provision of the Services, as between the Parties, shall reside solely with Service Provider, and subject to the Services Standard, Service Provider shall be permitted to choose the methodology, systems and applications it utilizes in the provision of such Services.

Section 4.05. *Policies and Procedures; IT Systems and Data*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each Party shall (and shall cause its Affiliates and its and their respective Representatives to) (i) not permit any access to, access, or attempt to obtain access to, use or interfere with any IT Systems owned or licensed by the other Party or its Affiliates, or any data (including any Personal Information or Confidential Information) owned, controlled, used or processed by the other Party or its Affiliates ("**Data**"), except to the extent required to do so to provide or receive the Services (as applicable); (ii) limit access to such IT Systems and Data to its Representatives with a need to have such access in connection with the provision or receipt of the Services (as applicable); (iii) implement and maintain reasonable security measures to protect such IT Systems and Data to which it has access pursuant to this Agreement from access, destruction, alteration, or loss of such IT Systems and Data by unauthorized third parties, and the introduction of any "back door," "time bomb," "Trojan Horse," "worm," "drop dead device," "virus" or other computer software routine intended or designed to disrupt, disable, harm or otherwise impede in any manner the operation of such IT Systems, which are no less rigorous than those otherwise maintained for its own IT Systems and Data; (iv) not permit any access to or use such IT Systems or Data by any third party other than as authorized by prior written consent of the other Party; (v) not disable, damage or erase or disrupt or impair the normal operation of such IT Systems; and (vi) comply with the security policies and procedures of the other Party and its Affiliates that are applicable to the use of the other Party's IT Systems and Data, as provided to such Party in advance in writing (as may be updated from time to time in the ordinary course of business). Each Party acknowledges and agrees that any access to IT Systems provided to it by the other Party or its Affiliates in connection with this Agreement shall be via a secure method selected by the Party providing such access in its sole discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Party shall (and shall cause its Affiliates and its and their respective Representatives to) comply with the internal policies, procedures, rules and regulations of the other Party as provided to such Party in writing in advance (as may be updated from time to time) applicable to (i) the use of the other Party's information technology systems, computers, networks, telephone systems, software, data, equipment and other facilities in connection with the Services or (ii) such Party's conduct while on the other Party's premises or utilizing the other Party's facilities in connection with the Services, in each case to the extent such policies, procedures, rules or regulations are applicable to the other Party's own organization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each Party hereby acknowledges that (i) each Party retains the right to protect the confidentiality and security of its IT Systems and Data, (ii) each Party and its Affiliates may, in the ordinary course of business, update its respective IT Systems, including those that may relate to the provision or receipt of the Services (as applicable) and (iii) each Party shall have the right to shut down temporarily, including for maintenance or upgrade purposes, the operation of any of its facilities or IT Systems providing or receiving any Service. In the case of the foregoing ‎(iii), with respect to the Services dependent on the operation of such facilities or IT Systems, Service Provider shall be temporarily relieved of its obligations hereunder to provide such Services, and SpinCo shall be relieved of its obligations to pay any applicable Service Costs, during the period that such facilities or IT Systems are so shut down or suspended in compliance with this Agreement, including under this <u>‎Section 4.05(c)</u>, but, in the case such shutdown or suspension is to Service Provider's facilities or IT Systems, Service Provider shall use commercially reasonable efforts to minimize each period of shutdown or suspension and the impact it has on such Services and the SpinCo Business. In the event that either Party reasonably anticipates that a shutdown or suspension period will exceed forty-eight (48) hours, such Party shall promptly provide written notice to the other Party of the same, and such notice shall include the anticipated duration of the shutdown or suspension period, a description of the impacted Services and, to the extent available, a description of efforts taken to minimize such shutdown or suspension period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In the event that either Party becomes aware of an actual or suspected unauthorized, accidental or unlawful access, acquisition, use, exfiltration, theft, disablement, destruction, loss, alteration, disclosure, or transmission of any IT Systems, Confidential Information or Personal Information of the other Party or any of its Affiliates or that is reasonably likely to relate to or otherwise affect any Service (including any data processing activities provided as part of any Service) or any Confidential Information or Personal Information of the other Party or its Affiliates (each, a "**Cybersecurity Incident**"), then such Party shall promptly without undue delay notify the other Party of the existence of the Cybersecurity Incident in accordance with the requirements in the Data Processing Addendum set forth in <u>Schedule B</u> hereunder. The notifying Party shall provide reasonable information regarding the nature and scope of the Cybersecurity Incident and shall cooperate with the other Party in investigating, mitigating, and remediating the Cybersecurity Incident and determining the nature and scope of any required notifications under any Applicable Laws.

Section 4.06. *Limitations*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) It is understood that the Services to be provided to the Service Recipients under this Agreement shall only be provided for the purposes of conducting the SpinCo Business and facilitating an orderly separation of the SpinCo Business from the SPGI Business following the Distribution Time. Neither SpinCo, nor any of its Affiliates or Representatives, may resell, license the use of or otherwise permit the use by others of any Services, except with the prior written consent of Service Provider.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) In providing the Services, in each case except as expressly set forth herein or on <u>Schedule A</u>, no Service Provider Party shall be obligated to: (i) hire or engage, or maintain the employment of, any specific employee or Third-Party Provider; (ii) initiate any claim or proceeding against any Person; (iii) purchase, lease or license any additional equipment, hardware or Intellectual Property Rights; or (iv) upgrade any equipment, hardware or Intellectual Property Rights.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) SpinCo acknowledges and agrees that the Services provided by Service Provider and its Affiliates through Third-Party Providers or using third-party Intellectual Property Rights are subject to the terms and conditions of any applicable agreements between Service Provider and its Affiliates and such Third-Party Providers. SpinCo shall comply, and cause its Affiliates and its and their respective Representatives to comply, with the terms of such agreements to the extent they are relevant to the receipt of the Services and have been provided in advance to SpinCo.

Section 4.07. *Service Coordinators*. Service Provider and SpinCo shall each nominate a representative to act as the primary contact person with respect to the provision and receipt of the Services (the "**Service Coordinators**"). The initial Service Coordinators shall be [\*\*\*] for Service Provider and [\*\*\*] for SpinCo. Each Party may change its Service Coordinator from time to time at its sole discretion by providing prior written notice to the other Party (including contact information for such Service Coordinator). Unless otherwise agreed to in writing by the Parties, all communications relating to the day-to-day provision and receipt of the Services shall be directed to the Service Coordinators. The Service Coordinators shall work in good faith and use commercially reasonable efforts to effectuate a smooth transition of the Services from Service Provider to SpinCo (or its designee) on the terms and subject to the conditions set forth in this Agreement. The Service Coordinators (or their respective delegates) shall meet or confer, by telephone or in person, from time to time as necessary, and at least once per month or otherwise as the Parties agree, during the Term in order to promote open and efficient communication regarding effective and coordinated performance of, and the resolution of questions and issues related to, the Services.

Section 4.08. *Migration Plan.* Within forty-five (45) Business Days of the Distribution Time (or such other time as agreed between the Parties in writing), the Service Coordinators shall agree on a plan for the migration of the Services to, and performance of the Services by, SpinCo or an alternative third-party supplier of the Services following the end of each Service Period, including as it relates to the transfer or conversion of the SpinCo Business' data from Service Provider's IT Systems (the "**Migration Plan**"). Service Provider shall perform any tasks allocated to it in the Migration Plan; *provided* that, subject to any allocation of costs set forth on <u>Schedule A</u>, as between the Parties, (a) SpinCo bear all costs of all "stand up" activities (i.e., activities that are necessary for SpinCo to be able to migrate from the Services, including the procurement, implementation and configuration of SpinCo IT Systems, the migration and integration of SpinCo Business data that is extracted from Service Provider's IT Systems into SpinCo's IT Systems and the procurement of any necessary software licenses) and (b) Service Provider shall bear all costs of extracting the SpinCo Business' data from Service Provider's IT Systems and otherwise separating and segregating data, information and systems to be delivered to SpinCo in connection with the migration of Services from Service Provider.

Article 5<br> Disclaimer, Liability And Indemnification

Section 5.01. *Indemnification of Service Provider by SpinCo*. SpinCo agrees to indemnify and hold harmless Service Provider, its Affiliates, and its and their respective Representatives and successors and assigns (each, a "**Service Provider Indemnified Person**") from and against any and all damage, loss, liability and expense (including reasonable expenses of investigation and reasonable attorneys' fees and expenses) in connection with any Action involving a Third-Party Claim ("**Damages**"), and to reimburse each Service Provider Indemnified Person for all reasonable expenses (including reasonable attorneys' fees) as they are incurred in investigating, preparing, pursuing or defending any such Actions, whether or not in connection with pending or threatened in writing litigation, in each case arising out of (a) any Service Recipient Indemnified Person's breach of this Agreement or (b) any Service Recipient Indemnified Person's gross negligence, willful misconduct or fraud; *provided* that SpinCo shall not be responsible for any Damages to the extent (and solely to the extent) Service Provider is required to indemnify a Service Recipient Indemnified Person pursuant to ‎<u>Section 5.02</u>.

Section 5.02 *. Indemnification of SpinCo by Service Provider*. Service Provider agrees to indemnify and hold harmless SpinCo, its Affiliates, and its and their respective Representatives and successors and assigns (each, a "**Service Recipient Indemnified Person**") from and against any Damages, and to reimburse each Service Recipient Indemnified Person for all reasonable expenses (including reasonable attorneys' fees) as they are incurred in investigating, preparing, pursuing or defending any Action, whether or not in connection with pending or threatened in writing litigation, in each case arising out of (a) any Service Provider Indemnified Person's breach of this Agreement or (b) any Service Provider Indemnified Person's gross negligence, willful misconduct or fraud; *provided* that Service Provider shall not be responsible for any Damages to the extent (and solely to the extent) SpinCo is required to indemnify a Service Provider Indemnified Person pursuant to <u>‎Section 5.01</u>.

Section 5.03 *. Third-Party Claim Procedures.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any Person seeking indemnification under this <u>‎Article 5</u> (the "**Indemnified Party**") shall give prompt written notice to the Person from whom indemnification may be sought (the "**Indemnifying Party**") of the assertion or commencement of any Action by any third party ("**Third-Party Claim**"); *provided* that the failure of the Indemnified Party to give notice as provided in this <u>‎Section 5.03(a)</u> shall not relieve any Indemnifying Party of its obligations under <u>‎Section 5.01</u> or <u>‎Section 5.02</u>, except to the extent that such failure actually prejudices the rights of any such Indemnifying Party. Such notice shall set forth in reasonable detail the Third-Party Claim and the basis for indemnification (taking into account the information then available to the Indemnified Party). Thereafter, the Indemnified Party shall deliver to the Indemnifying Party, as promptly as reasonably practicable following the Indemnified Party's receipt thereof, copies of all written notices and documents (including any court papers) received by the Indemnified Party relating to the Third-Party Claim and the Indemnified Party shall provide the Indemnifying Party with such other information with respect to any such Third-Party Claim reasonably requested by the Indemnifying Party. The Indemnifying Party shall have the right, at its sole option and expense, to be represented by counsel of its choice and, subject to the limitations set forth in this <u>‎Section 5.03(a)</u>, to assume control of, and defend against, negotiate, settle (subject to <u>‎Section 5.03(b)</u>) or otherwise deal with such Third-Party Claim, in each case other than where such Third-Party Claim (i) relates to or arises in connection with any criminal proceeding, action, indictment, allegation or investigation or (ii) seeks, in addition to or in lieu of monetary damages, any injunctive or other equitable relief (other than such relief that is incidental to the award of money damages). If the Indemnifying Party elects not to defend against, negotiate, settle or otherwise deal with any Third-Party Claim, then the Indemnified Party may defend against, negotiate, settle (subject to ‎<u>Section 5.03(b)</u>) or otherwise deal with such Third-Party Claim. If the Indemnifying Party shall assume the defense of any Third-Party Claim, then the Indemnified Party may participate, at his or its own expense, in the defense of such Third-Party Claim; *provided* that such Indemnified Party shall be entitled to participate in any such defense with separate counsel at the expense of the Indemnifying Party if (A) requested by the Indemnifying Party to participate or (B) in the reasonable opinion of counsel to the Indemnifying Party, a material conflict exists between the Indemnified Party and the Indemnifying Party that would make such separate representation advisable; *provided*, *further*, that the Indemnifying Party shall not be required to pay for more than one (1) such counsel (and one (1) local counsel in each relevant jurisdiction) for all Indemnified Parties in connection with any Third-Party Claim.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding anything in this <u>‎Section 5.03</u> to the contrary, neither the Indemnifying Party nor the Indemnified Party shall, without the written consent of the other Party, settle or compromise any Third-Party Claim or consent to entry of any judgment; *provided* that if the Indemnifying Party has assumed control of the defense of a Third-Party Claim pursuant to <u>‎Section 5.03(a)</u>, the Indemnified Party shall not unreasonably withhold, condition or delay its consent to any such settlement or compromise or to the entry of any judgment. Notwithstanding the foregoing, consent of the Indemnified Party shall not be required for any such settlement if (i) the sole relief provided is monetary damages that are paid in full by the Indemnifying Party, (ii) such settlement does not permit any order or other equitable relief to be entered, directly or indirectly, against the Indemnified Party or any of its Affiliates and (iii) such settlement includes an unconditional release of such Indemnified Party and its Affiliates from all liability on claims that are the subject matter of such Third-Party Claim and does not include any statement as to or any admission of fault, culpability or failure to act by or on behalf of any Indemnified Party or any of its Affiliates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) After any decision, judgment or award shall have been rendered by a Governmental Authority of competent jurisdiction, or a settlement shall have been consummated (in accordance with this ‎<u>Section 5.03</u>), or the Indemnified Party and the Indemnifying Party shall have arrived at a mutually binding agreement with respect to a Third-Party Claim hereunder, the Indemnified Party shall forward to the Indemnifying Party notice of any sums due and owing by the Indemnifying Party pursuant to this Agreement with respect to such matter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Each Party shall cooperate, and cause its Affiliates to cooperate, in the defense or prosecution of any Third-Party Claim and shall furnish or cause to be furnished such records, information and testimony, and attend such conferences, discovery proceedings, hearings, trials or appeals, as may be reasonably requested in connection therewith.

Section 5.04 *. Calculation of Damages.* The amount of any Damages payable under *<u>‎</u>*<u>Section 5.01</u> or *<u>‎</u>*<u>Section 5.02</u> by the Indemnifying Party shall be net of any amounts recovered by the Indemnified Party under applicable insurance policies or from any other Person alleged to be responsible therefor. If the Indemnified Party receives any amounts under applicable insurance policies, or from any other Person alleged to be responsible for any Damages, subsequent to an indemnification payment by the Indemnifying Party, then such Indemnified Party shall promptly reimburse the Indemnifying Party for any payment made or expense incurred by such Indemnifying Party in connection with providing such indemnification payment up to the amount received by the Indemnified Party, net of any expenses incurred by such Indemnified Party in collecting such amount.

Section 5.05 *. Exclusion Of Warranties.* WITHOUT LIMITING SERVICE PROVIDER'S OBLIGATION TO PROVIDE THE SERVICES IN THE MANNER AND AS OTHERWISE AS EXPRESSLY REQUIRED BY SECTION 4.01, THE SERVICES, LICENSES IN <u>‎SECTION 7.01(B)</u> AND <u>‎SECTION 7.01(C)</u>, AND RIGHTS GRANTED TO SPINCO HEREUNDER ARE PROVIDED AND GRANTED "AS-IS" WITH NO WARRANTIES, AND SERVICE PROVIDER EXPRESSLY EXCLUDES AND DISCLAIMS AND WAIVES ANY WARRANTIES UNDER OR ARISING AS A RESULT OF THIS AGREEMENT, WHETHER EXPRESS, IMPLIED OR STATUTORY, INCLUDING ANY IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, TIMELINESS, TITLE, NON-INFRINGEMENT OR ANY OTHER WARRANTY WHATSOEVER.

Section 5.06. *Limitation of Liability*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) OTHER THAN WITH RESPECT TO CLAIMS ARISING FROM THE GROSS NEGLIGENCE, WILLFUL MISCONDUCT OR FRAUD OF THE OTHER PARTY OR A PARTY'S BREACH OF ITS CONFIDENTIALITY OBLIGATIONS HEREUNDER, OR TO THE EXTENT AWARDED BY A COURT OF COMPETENT JURISDICTION IN A FINAL JUDGEMENT IN CONNECTION WITH A PARTY'S INDEMNIFICATION OBLIGATIONS HEREUNDER, TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, NO PARTY WILL BE LIABLE FOR ANY (I) INDIRECT, PUNITIVE, SPECIAL, CONSEQUENTIAL, EXEMPLARY OR TREBLED DAMAGES (IN EACH CASE, EXCEPT TO THE EXTENT PAYABLE TO A THIRD PARTY IN RESPECT OF A THIRD-PARTY CLAIM BASED ON A FINAL JUDGMENT OF A COURT OF COMPETENT JURISDICTION) OR (II) LOST PROFITS, DIMINUTION IN VALUE, MULTIPLE-BASED OR OTHER DAMAGES CALCULATED BASED ON A MULTIPLE OF ANOTHER FINANCIAL MEASURE, IN EACH CASE, ARISING OUT OF, OR RELATING TO, THIS AGREEMENT, EVEN IF SUCH PARTY HAD BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) NOTWITHSTANDING ANY OTHER PROVISION CONTAINED IN THIS AGREEMENT, OTHER THAN WITH RESPECT TO CLAIMS (I) ARISING FROM THE GROSS NEGLIGENCE, WILLFUL MISCONDUCT OR FRAUD OF THE OTHER PARTY, (II) FOR SERVICE COSTS, SERVICE TAXES, EARLY TERMINATION COSTS OR OTHER AMOUNTS OWED BY EITHER PARTY UNDER THIS AGREEMENT OR (III) FOR A PARTY'S BREACH OF ITS CONFIDENTIALITY OBLIGATIONS HEREUNDER, IN NO EVENT SHALL EITHER PARTY'S MAXIMUM AGGREGATE LIABILITY TO THE OTHER PARTY FOR ANY AND ALL CLAIMS ARISING OUT OF, OR IN CONNECTION WITH, THIS AGREEMENT, ITS TERMINATION, OR EXPIRATION, WHETHER SUCH LIABILITY ARISES FROM ANY CLAIM BASED UPON CONTRACT, WARRANTY, TORT, FAILURE OF ESSENTIAL PURPOSE, TRADE USAGE, OR OTHERWISE, EXCEED THE AGGREGATE AMOUNT OF SERVICE COSTS ACTUALLY PAID OR PAYABLE TO SERVICE PROVIDER UNDER THIS AGREEMENT.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each Party agrees that it shall, in all circumstances, use commercially reasonable efforts to mitigate and otherwise minimize its Damages and those of any of its Affiliates and its and their respective Representatives, whether direct or indirect, due to, resulting from or arising in connection with any failure by the other Party to comply fully with its obligations under this Agreement.

Article 6<br> Term and Termination

Section 6.01 *. Term.* The term of this Agreement (the "**Term**") shall commence on the Effective Date and, unless earlier terminated pursuant to <u>‎Section 6.02</u>, shall terminate in its entirety upon the earliest to occur of (a) the expiration of the Service Periods of all Services or (b) the mutual written consent of the Parties to terminate this Agreement; *provided* that the provisions of <u>Sections ‎3.02</u>, <u>‎3.03</u>, ‎<u>3.04</u>, <u>‎3.04</u>, <u>‎3.04</u>, 6.03, and <u>‎Section 7.01</u> and <u>Articles ‎5</u>, and <u>‎8</u> shall survive any such termination indefinitely.

Section 6.02 *. Termination.* Except as otherwise provided in <u>Schedule A</u>, and subject to ‎<u>Section 2.02</u>, this Agreement may be terminated as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) by SpinCo, at any time with respect to all or part of the Services that it receives, if (i) Service Provider shall have failed to perform any of its material obligations under this Agreement relating to any such Service, (ii) SpinCo shall have notified Service Provider in writing of such failure and (iii) such failure (A) shall have continued uncured for a period of thirty (30) days or more after receipt by Service Provider of such written notice thereof or (B) is incapable of remedy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) by Service Provider, at any time with respect to all or part of the Services that it provides, if (i) SpinCo shall have failed to perform any of its material obligations under this Agreement relating to any such Service, (ii) Service Provider shall have notified SpinCo in writing of such failure and (iii) such failure (A) shall have continued uncured for a period of thirty (30) days or more after receipt by SpinCo of such written notice thereof or (B) is incapable of remedy (for the avoidance of doubt, it is understood and agreed by the Parties that the failure by SpinCo to pay the full undisputed and unresolved portion of any invoice when due shall be considered a breach by SpinCo of a material obligation of SpinCo under this Agreement);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) by either Party with immediate effect upon serving written notice upon the other Party if the other Party suffers an Insolvency Event (as defined below); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) subject to 4.03(b), by either Party with immediate effect with respect to a particular Service if either Party receives notice from a Governmental Authority that it is or will be in violation of an Applicable Law as a result of its provision or receipt of such Service.

For purposes of this ‎<u>Section 6.02</u>, with respect to either Party (such Party, the "**Subject Entity**"), an "**Insolvency Event**" means (i) the making by the Subject Entity of any assignment for the benefit of creditors of all or substantially all of its assets or the admission by such Subject Entity in writing of its inability to pay all or substantially all of its debts as they become due; (ii) the adjudication of such Subject Entity as bankrupt or insolvent or the filing by such Subject Entity of a petition or application to any tribunal for the appointment of a trustee or receiver for such Subject Entity or any substantial part of the assets of such Subject Entity; or (iii) the commencement of any voluntary or involuntary bankruptcy proceedings (and, with respect to involuntary bankruptcy proceedings, the failure to be discharged within sixty (60) days), reorganization proceedings or similar proceeding with respect to such Subject Entity or the entry of an order appointing a trustee or receiver or approving a petition in any such proceeding.

Section 6.03 *. Effect of Termination.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Other than as required by Applicable Law, upon termination of any Service pursuant to <u>‎Section 2.02</u>, ‎<u>Section 4.03</u> or ‎<u>Section 6.02</u>, Service Provider shall have no further obligation to provide the terminated Service and SpinCo shall have no obligation to pay any Service Costs relating to such Services; *provided* that, notwithstanding such termination, SpinCo shall remain liable to Service Provider for (i) all Service Costs and Service Taxes owed and payable in respect of Services provided prior to the effective date of the termination, and (ii) any Early Termination Costs consistent with <u>Section 2.02(c)</u> (if applicable).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) After each Service is terminated, each Party shall return to the other Party or destroy all materials and property owned by the other Party and all Confidential Information of the other Party, in each case, relevant solely to the provision or receipt of such terminated Service and no longer needed regarding the performance of other Services under this Agreement, and shall do so (and shall cause its Affiliates and its and their respective Representatives to do so) within thirty (30) days after the applicable termination or expiration date; *provided, however*, that (i) notwithstanding the foregoing, any data required to be returned or destroyed by either Party hereunder shall be purged by such Party solely in accordance with such Party's ordinary course data retention practices (it being understood that, in the event of any conflict between such practices and this <u>‎Section 6.03(b)</u>, such practices shall control) and (ii) nothing in this ‎<u>Section 6.03(b)</u> shall require either Party to return or destroy any of its business records unrelated to the other Party).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Termination of this Agreement as provided for herein shall not prejudice or affect any rights or remedies which shall have accrued or shall thereafter accrue to either Party.

Article 7<br> Additional Agreements

Section 7.01 *. Intellectual Property.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Nothing in this Agreement shall affect (i) the ownership by either Party, its Affiliates, or their respective licensors of Intellectual Property Rights owned by, or licensed to such Party or its Affiliates (including rights in proprietary software and third-party software) as of the Effective Date ("**Background IP**") or (ii) the licenses granted by the Parties to each other under the Separation Agreement. Each Party or its Affiliates shall be the sole and exclusive owner of any Improvements to its Background IP authored, conceived, developed, acquired or reduced to practice by either Party or its Affiliates pursuant to this Agreement, and each Party hereby irrevocably assigns, and shall cause its Affiliates to assign, to the other Party (or its designated Affiliate) any and all of its or their right, title and interest in and to any such Improvements to the other Party's Background IP. For the purposes of this Agreement, Background IP of Service Provider and its Affiliates shall not include SpinCo Licensed IP, and Background IP of SpinCo and its Affiliates shall not include SPGI Licensed IP.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to the terms and conditions of this Agreement, with respect to each Service, Service Provider (on behalf of itself and its Affiliates) hereby grants to the Service Recipients a limited, non-exclusive, royalty-free, non-sublicensable, non-assignable (except as expressly provided in ‎<u>Section 8.10</u>) license on an "as is," warranty-free basis, solely during the applicable Service Period, to use any Intellectual Property Right (other than any Trademarks) that is (i) Sublicensable by Service Provider or its Affiliates and (ii) provided or otherwise made available by Service Provider or its Affiliates to the Service Recipients as part of such Service, but in each case solely if and to the extent necessary for the Service Recipients to receive and use such Service as provided for and in accordance with this Agreement, subject to any applicable third-party restrictions or limitations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Subject to the terms and conditions of this Agreement, with respect to each Service, SpinCo (on behalf of itself and its Affiliates) hereby grants to each applicable Service Provider Party a limited, non-exclusive, royalty-free, non-assignable (except as expressly provided in ‎<u>Section 8.10</u>) license on an "as is," warranty-free basis, solely during the applicable Service Period, to use any Intellectual Property Right (other than any Trademarks) that is (i) Sublicensable by SpinCo or its Affiliates and (ii) provided or otherwise made available by SpinCo or its Affiliates to the Service Provider Party, but in each case solely if and to the extent necessary for the applicable Service Provider Party to perform such Service as provided for and in accordance with this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Subject to <u>Section 7.01(a)</u>, except as expressly otherwise set forth on <u>Schedule A</u> with respect to a specific Service, and unless otherwise agreed by the Parties in writing, as between the Parties, Service Provider or its applicable Affiliate shall solely and exclusively own all right, title and interest in and to all Intellectual Property Rights (other than Trademarks) authored, conceived, developed, acquired or reduced to practice by any Service Provider Party, whether alone or jointly with any other Person, in connection with providing or making available any Services during the Service Period ("**Developed Intellectual Property**"), *provided that* SpinCo shall own all right, title and interest in and to all Developed Intellectual Property that is exclusively related to the SpinCo Business (any such Developed Intellectual Property, "**SpinCo Developed Intellectual Property**"). SpinCo hereby irrevocably assigns, and shall cause its Affiliates to assign, to Service Provider (or its designated Affiliate) all of its or their right, title and interest in and to all Developed Intellectual Property (other than SpinCo Developed Intellectual Property), and hereby waives any and all moral rights that it or they may have in all such Developed Intellectual Property. Service Provider hereby irrevocably assigns, and shall cause its Affiliates to assign, to SpinCo (or its designated Affiliate) all of its or their right, title and interest in and to all SpinCo Developed Intellectual Property, and hereby waives any and all moral rights that it or they may have in all SpinCo Developed Intellectual Property. The Parties agree to execute all other documents and take all actions as may be necessary or desirable to enable the other Party to prosecute, perfect, enforce, defend, register or record its right, title and interest in, to and under the Developed Intellectual Property or SpinCo Developed Intellectual Property, as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) EXCEPT AS EXPRESSLY SET FORTH IN THIS <u>‎SECTION 7.01</u>, NO LICENSES OR ANY OTHER RIGHT, TITLE OR INTEREST IN OR TO ANY INTELLECTUAL PROPERTY RIGHTS OR OTHER ASSETS ARE GRANTED TO EITHER PARTY OR ANY OF ITS AFFILIATES UNDER THIS AGREEMENT, WHETHER BY IMPLICATION, ESTOPPEL, EXHAUSTION OR OTHERWISE, AND EACH PARTY RETAINS AND RESERVES ANY AND ALL RIGHT, TITLE AND INTEREST NOT EXPRESSLY GRANTED UNDER THIS AGREEMENT.

Section 7.02 *. Data Protection Laws and Processing of Personal Information*. Each Party shall, and shall cause its Affiliates and its and their respective Representatives to (and Service Provider shall use commercially reasonable efforts to cause its Third-Party Providers to), comply with any and all Applicable Laws associated with the confidentiality, collection, use, handling, security, protection, disclosure, transfer, movement or other processing of Personal Information, including those relating to electronic data privacy, data breach notification, and transborder data flow, in connection with the Services. Without limitation of the foregoing, each Party shall, and shall cause its Affiliates and its and their respective Representatives to (and Service Provider shall use commercially reasonable efforts to cause its Third-Party Providers to) (a) keep all Personal Information that is processed in connection with the Services strictly confidential and not disclose, transfer, use or otherwise process such Personal Information except only to the extent necessary to exercise its rights or perform its obligations hereunder or as explicitly instructed by the other Party and (b) implement and maintain appropriate safeguards and measures, including a written information security program and any safeguards required by Applicable Law, designed to ensure the security and confidentiality of such Personal Information and to protect against accidental, unauthorized or unlawful access to, or disclosure, destruction, use or other processing of, any such Personal Information. Without limiting the foregoing, the Parties shall comply with the Data Processing Addendum set forth in <u>Schedule D</u> in connection with the Services. In the event of a conflict between this Agreement and the Data Processing Addendum regarding the processing of Personal Information under this Agreement, the Data Processing Addendum shall prevail with respect to such processing.

Section 7.03 *. Access to Information*. Subject to Applicable Law, with respect to any Service during the Service Period for such Service, SpinCo shall, and shall cause its Affiliates to, upon reasonable advance notice, afford the applicable Service Provider Party reasonable access, during normal business hours, to the employees, properties and facilities, systems, books and records and other documents that are reasonably requested in connection with the provision and receipt of such Service hereunder; *provided* that in the event SpinCo reasonably determines that affording any such access to a Service Provider Party would violate any Applicable Law or material agreement to which SpinCo is a party, or waive any attorney-client privilege applicable to SpinCo, the Parties shall use commercially reasonable efforts to permit the compliance with such request in a manner that avoids any such harm or consequence.

Section 7.04 *. Employment and Labor Matters.* All employment and labor matters relating to employees of Service Provider and its Affiliates (including, without limitation, employees involved in the provision of Services to the Service Recipients) shall be within the exclusive control of Service Provider, and SpinCo shall not take any action affecting such matters. Except as expressly provided in the Employee Matters Agreement, nothing in this Agreement is intended to transfer the employment of employees engaged in the provision of any Service from Service Provider to SpinCo. All employees and other Representatives of Service Provider and any of its Affiliates will be deemed for all compensation, employee benefits, tax and social security contribution purposes to be employees or other Representatives of Service Provider or its Affiliates (or their subcontractors) and not employees or other Representatives of SpinCo or any of its Affiliates. In providing the Services, such employees and other Representatives of Service Provider and its Affiliates (or their subcontractors) will be under the direction, control and supervision of Service Provider or its Affiliates (or their subcontractors) and not of SpinCo or its Affiliates, and Service Provider and its Affiliates (or their subcontractors) have the sole right to exercise all authority with respect to the employment, substitution, termination, assignment and compensation of such employee.

Section 7.05. *Confidentiality.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) From and after the Distribution Date, each Party shall hold, and cause its Affiliates and its and their respective Representatives to hold, in strict confidence, with at least the same degree of care that such Party applies to its own similar confidential and proprietary information, and not disclose or use, except as necessary in the provision or receipt of the Services or otherwise as permitted under this Agreement or with the prior written consent of the other Party, all documents and information concerning the other Party provided to it pursuant to this Agreement ("**Confidential Information**"), except to the extent (i) such Party or any of its Affiliates or its or their respective Representatives becomes legally required, or receives a request from any Governmental Authority, to disclose such Confidential Information, subject to the remainder of this ‎<u>Section 7.05(a)</u>, or (ii) such Confidential Information (A) is or becomes generally available to the public other than as a result of a disclosure by the receiving Party or any of its Affiliates or its or their respective Representatives in violation of this <u>‎Section 7.05(a)</u>, (B) was or becomes available to the receiving Party or any of its Affiliates or its or their respective Representatives on a non-confidential basis from a source that was not known by the receiving Party or any of its Affiliates or its or their respective Representatives to be prohibited from disclosing such information by a contractual, legal or fiduciary obligation of confidentiality with respect to such information, or (C) was independently developed by or on behalf of the receiving Party or any of its Affiliates or its or their respective Representatives through individuals who have not had, either directly or indirectly, access to or knowledge of the Confidential Information of the other Party; *provided* that the foregoing clauses (ii)‎(B) and ‎(C) shall not apply to information of either Party in the possession of the other Party prior to the Distribution Date by virtue of their previous Affiliate relationship. Notwithstanding the foregoing, a Party may disclose Confidential Information of the other Party to its Affiliates and its and their respective Representatives who need to know such information so long as such Persons are informed by such Party of the confidential nature of such Confidential Information and are bound by a written agreement with such Party to treat such information confidentially. If a Party or any of its Affiliates or its or their respective Representatives becomes legally required, or receives a request from any Governmental Authority, to disclose any Confidential Information pursuant to clause (i) above, such Party, if legally permitted, will promptly notify the other Party and, upon request, use commercially reasonable efforts to cooperate with the other Party's efforts to seek a protective order or other remedy. If no such protective order or other remedy is obtained or if the other Party waives in writing such Party's compliance with this <u>‎Section 7.05(a)</u>, such Party or its Affiliate or its or their respective Representative may furnish only that portion of the information which it concludes, after consultation with counsel, is legally required to be disclosed or that it otherwise determines to be reasonably necessary to respond to a governmental request, and will exercise its commercially reasonable efforts to obtain reliable assurance that confidential treatment will be accorded such information. Each Party agrees to be responsible for any breach of this <u>‎Section 7.05(a)</u> by its Affiliates or its or their respective Representatives. Nothing in this <u>‎‎Section 7.05(a)</u> shall limit any other confidentiality obligations among the Parties to this Agreement pursuant to any other agreement among such Parties (including the Separation Agreement), and to the extent any Confidential Information would be subject to the protections afforded under this Agreement and any other agreement, whichever agreement provides the highest level of protection for such Confidential Information shall apply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each Party acknowledges that it will not acquire any right, title or interest in or to any Confidential Information of the other Party by reason of this Agreement or the provision or receipt of Services hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each Party agrees to establish and maintain administrative, physical and technical safeguards, information technology and data security procedures and other protections against the destruction, loss, unauthorized access or alteration of the other Party's Confidential Information which are no less rigorous than those otherwise maintained for its own Confidential Information.

Article 8<br> Miscellaneous

Section 8.01. *No Agency; Independent Contractor Status*. Nothing in this Agreement shall constitute or be deemed to constitute a partnership or joint venture between the Parties, or constitute or be deemed to constitute any Party as the agent or employee of the other Party for any purpose whatsoever, and neither Party shall have authority or power to bind the other or to contract in the name of, or create a liability against, the other in any way or for any purpose. The Parties acknowledge and agree that Service Provider is an independent contractor in the performance of each and every part of this Agreement and nothing herein shall be construed to be inconsistent with this status.

Section 8.02. *Force Majeure*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) For purposes of this <u>‎Section 8.02</u>, "**force majeure**" means an event beyond the reasonable control of a Party, which by its nature could not have been foreseen by such Party, or, if it could have been foreseen, was not reasonably avoidable, and includes without limitation, acts of God, storms, floods, riots, fires, sabotage, civil commotion or civil unrest, interference by civil or military authorities, threat, declaration, continuation, escalation or acts of war (declared or undeclared) or acts of terrorism, cyberattacks, embargo, failure or shortage of energy sources, raw materials or components, strike, walkout, lockout or other labor trouble or shortage, delays by unaffiliated suppliers or carriers, pandemics or disease outbreaks (including the COVID-19 virus) and acts, omissions or delays in acting by any Governmental Authority or the other Party.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Without limiting the generality of ‎<u>Section 5.07(a)</u>, neither Party shall be liable to the other Party for interruption of service, any delays or failure to fulfill any obligations under this Agreement, so long as and to the extent the interruption, delay or fulfillment of such obligation is prevented, frustrated, hindered, or delayed as a consequence of circumstances of force majeure; *provided* that, the affected Party shall have used commercially reasonable efforts to minimize to the extent practicable the effect of the force majeure event on its obligations hereunder and promptly notified the other Party upon learning of the occurrence of the force majeure event and *provided further* that this <u>‎Section 8.02</u> shall excuse a Party's obligation to pay money (other than in the case of SpinCo previously accrued and undisputed Service Costs and Service Taxes, and in the case of Service Provider, any reimbursement amounts owed to SpinCo prior to such force majeure event) for any particular Service during the pendency of Service Provider's failure to provide such particular Service due to a force majeure event. Notwithstanding anything in this <u>Section 8.02</u> to the contrary, SpinCo's inability to pay money shall in no event be deemed a force majeure event of SpinCo. Upon the cessation of the force majeure event, the Parties shall use their commercially reasonable efforts to promptly resume performance of their obligations under this Agreement and, to the extent any suspension of a Party's performance of its obligations under this Agreement due to a force majeure event adversely impacts the progress of the transition of any Service to SpinCo, SpinCo may request in writing that the applicable Service Period be tolled for the duration of such suspension (*provided*, *further*, that any such tolling shall not result in any Service Period extending beyond eighteen (18) months following the Distribution Date unless Service Provider determines, in good faith but in its sole discretion, that, once Service Provider is capable of resuming performance, providing such Service for all or some portion of the remaining Service Period (on the terms and conditions of this Agreement) beyond such eighteen (18)-month period will not create any significant risk to the Intended Tax Treatment (as defined in the Tax Matters Agreement). If Service Provider is unable to provide any of the Services due to a force majeure event, the Parties shall use commercially reasonably efforts to cooperatively seek a solution that is mutually satisfactory, such as the subcontracting of all or part of the provision of the Services under the supervision of Service Provider for the period of time during, or affected by, the force majeure event.

Section 8.03. *Entire Agreement*. This Agreement and the other Distribution Documents constitute the entire agreement between the Parties with respect to the subject matter hereof and thereof and supersede all prior agreements and understandings, both oral and written, between the Parties with respect to the subject matter hereof and thereof.

Section 8.04. *Notices*. All notices, requests and other communications to any Party shall be in writing (including email transmission) and shall be given,

if to SpinCo, to:

[●]<br> [●]<br> [●]<br> Attention: [\*\*\*]<br> Email: [\*\*\*]

with a copy (which shall not constitute notice) to:

[●]<br> [●]<br> [●]<br> Attention: [\*\*\*]<br> Email: [\*\*\*]

if to Service Provider, to:

c/o S&P Global Inc.<br> 55 Water Street<br> New York, New York 10041<br> Attention: [\*\*\*]<br> Email: [\*\*\*]

with a copy (which shall not constitute notice) to:

Davis Polk & Wardwell LLP<br> 450 Lexington Avenue

New York, NY 10017<br> Attention: [\*\*\*]

Email: [\*\*\*]

or such other address or email as such Party may hereafter specify for the purpose by notice to the other Parties hereto. All such notices, requests and other communications shall be deemed received on the date of receipt by the recipient thereof if received prior to 5:00 p.m. in the place of receipt and such day is a Business Day in the place of receipt. Otherwise, any such notice, request or communication shall be deemed not to have been received until the next succeeding Business Day in the place of receipt.

Section 8.05. *Governing Law*. This Agreement shall be governed by and construed in accordance with the law of the State of Delaware, without regard to the conflicts of law rules of such state.

Section 8.06. *Dispute Resolution*. Any dispute relating to the Services or otherwise related to or arising out of this Agreement shall be handled in accordance with Section 3.04(c) (with respect to disputed invoices) and the dispute resolution provisions set forth in Section 6.09 of the Separation Agreement, *mutatis mutandis*.

Section 8.07. *WAIVER OF JURY TRIAL*. EACH OF THE PARTIES HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

Section 8.08. *Severability*. Each term, provision, covenant and restriction of this Agreement is severable. If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction or other Governmental Authority to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Agreement shall remain in full force and effect and shall in no way be affected, impaired or invalidated so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to any Party. Upon such a determination, the Parties shall negotiate in good faith to modify this Agreement so as to effect the original intent of the Parties as closely as possible in an acceptable manner in order that the transactions contemplated hereby be consummated as originally contemplated to the fullest extent possible.

Section 8.09. *Amendments and Waivers*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Any provision of this Agreement may be amended or waived if, but only if, such amendment or waiver is in writing and is signed, in the case of an amendment, by Service Provider and SpinCo, or in the case of a waiver, by the Party against whom the waiver is to be effective.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) No failure or delay by any Party in exercising any right, power or privilege hereunder shall impair such right or remedy or operate or be construed as a waiver or variation thereof or preclude its exercise at any subsequent time nor shall any single or partial exercise of any such right, power or privilege preclude any other or further exercise thereof or the exercise of any other right, power or privilege. Except as otherwise provided herein, the rights and remedies herein provided shall be cumulative and not exclusive of any rights or remedies provided by law.

Section 8.10. *Successors and Assigns*. The provisions of this Agreement shall be binding upon and inure to the benefit of the Parties and their respective successors and assigns; *provided* that neither Party may assign, delegate or otherwise transfer any of its rights or obligations under this Agreement without the prior written consent of the other Party, except that Service Provider may, subject to the terms and conditions of this Agreement, designate another Service Provider Party to provide any of the Services hereunder, and SpinCo may designate any of its Affiliates to receive any of the Services hereunder. Notwithstanding the foregoing, if either Party or any of its successors or permitted assigns (a) shall consolidate with or merge into any other Person and shall not be the continuing or surviving corporation or entity of such consolidation or merger or (b) shall transfer all or substantially all of its properties and assets to any Person, then, and in each such case, no such consent shall be required and proper provisions shall be made so that the successors and assigns of such Party shall assume all of the rights and obligations of such Party under this Agreement; *provided* that in the case of any such transaction involving SpinCo, this Agreement and the Services shall apply only to the SpinCo Business as conducted at the time of such transaction and not to any other business of any other Person party to such transaction.

Section 8.11. *Expenses.* Except as otherwise specifically provided herein, all costs and expenses incurred in connection with this Agreement shall be paid by the Party incurring such cost or expense.

Section 8.12. *Specific Performance*. The Parties agree that irreparable damage would occur, and that the Parties would not have any adequate remedy at law, in the event that any of the provisions of this Agreement were not performed in accordance with their specific terms or were otherwise breached. It is accordingly agreed that the Parties shall be entitled to an injunction or injunctions to prevent breaches of this Agreement and to specifically enforce the terms and provisions of this Agreement, without proof of actual damages or otherwise, in addition to any other remedy to which they are entitled at law or in equity. Each Party agrees to waive any requirement for the securing or posting of any bond in connection with such remedy. The Parties further agree not to assert that a remedy of specific performance is unenforceable, invalid, contrary to law or inequitable for any reason, nor to assert that a remedy of monetary damages would provide an adequate remedy.

Section 8.13. *Counterparts; Effectiveness; No Third-Party Beneficiaries*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement may be signed in any number of counterparts (which may include counterparts delivered by any standard form of telecommunication), each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. The words "execution," "signed," "signature," and words of like import in this Agreement or in any other certificate, agreement or document related to this Agreement shall include images of manually executed signatures transmitted by any electronic format (including "pdf," "tif" or "jpg") and other electronic signatures (including DocuSign and AdobeSign). The use of electronic signatures and electronic records (including any contract or other record created, generated, sent, communicated, received, or stored by electronic means) shall be of the same legal effect, validity and enforceability as a manually executed signature or use of a paper-based recordkeeping system to the fullest extent permitted by Applicable Law. This Agreement shall become effective when each Party shall have received a counterpart hereof signed by the other Party. Until and unless each Party has received a counterpart hereof signed by the other Party, this Agreement shall have no effect and no Party shall have any right or obligation hereunder (whether by virtue of any other oral or written agreement or other communication).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except as set forth in <u>‎Article 5</u>, no provision of this Agreement is intended to confer any rights, benefits, remedies, obligations, or liabilities hereunder upon any Person other than the Parties and their respective successors and assigns.

Section 8.14. *Further Assurances*. Each of the Parties shall, and shall cause their respective Affiliates to, execute, acknowledge and deliver such documents and other instruments and papers, and perform such further acts as may be reasonably required or desirable in order to (a) give full effect to this Agreement; and (b) secure for the other Party the full benefit of the rights, powers and remedies conferred upon the other Party in this Agreement.

[*Remainder of page intentionally left blank*]

IN WITNESS WHEREOF, the Parties have caused this Agreement to be duly executed by their respective authorized officers as of the date first above written.

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| | |
|:---|:---|
| **S&P GLOBAL INC.** | **S&P GLOBAL INC.** |
| By: |  |
|  | Name: |
|  | Title: |

---

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| | |
|:---|:---|
| **MOBILITY GLOBAL INC.** | **MOBILITY GLOBAL INC.** |
| By: |  |
|  | Name: |
|  | Title: |

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[*Signature Page to Transition Services Agreement*]

## Exhibit 10.2

**Exhibit 10.2**

Certain schedules and exhibits to this agreement have been omitted pursuant to Item 601(a)(5) of Regulation S-K. A copy of any omitted schedule and/or exhibit will be furnished supplementally to the SEC upon request.

[\*\*\*] Certain information in this document has been excluded pursuant to Regulation S-K, Item 601(a)(6). Such excluded information is not material and is the type that the registrant treats as private or confidential.

**TAX MATTERS AGREEMENT**

**between**

**S&P Global Inc., on behalf of itself and the members of the SPGl Group**

**and**

**Mobility Global Inc., on behalf of itself and the members of the SpinCo Group**

Dated as of [·], 2026

**TABLE OF CONTENTS**

<u>Page</u>

---

| | | |
|:---|:---|:---|
| Section 1. | Definitions and Interpretation | 1 |
| Section 2. | Sole Tax Sharing Agreement | 9 |
| Section 3. | Allocation of Taxes | 9 |
| Section 4. | Preparation and Filing of Tax Returns | 11 |
| Section 5. | Apportionment of Earnings and Profits and Tax Attributes | 13 |
| Section 6. | Amended Returns; Utilization of Tax Attributes | 14 |
| Section 7. | Deductions and Reporting for Certain Awards | 15 |
| Section 8. | Tax Refunds and Tax Benefits | 16 |
| Section 9. | Certain Representations and Covenants | 17 |
| Section 10. | Protective Section 336(e) Election; Tax Receivable Arrangements | 22 |
| Section 11. | Indemnities | 23 |
| Section 12. | Payments | 24 |
| Section 13. | Performance | 25 |
| Section 14. | Communication and Cooperation | 26 |
| Section 15. | Audits and Contests | 27 |
| Section 16. | Notices | 29 |
| Section 17. | Costs and Expenses | 29 |
| Section 18. | Effectiveness; Termination and Survival | 29 |
| Section 19. | Specific Performance | 30 |
| Section 20. | Entire Agreement; Amendments and Waivers | 30 |
| Section 21. | Governing Law | 31 |
| Section 22. | Waiver of Jury Trial | 31 |
| Section 23. | Dispute Resolution | 31 |
| Section 24. | Counterparts; Effectiveness; Third-Party Beneficiaries | 32 |
| Section 25. | Successors and Assigns | 32 |
| Section 26. | Authorization | 32 |
| Section 27. | Change in Tax Law | 33 |
| Section 28. | Further Action | 33 |
| Section 29. | Local Transfer Agreement Purchase Price Adjustments | 33 |

---

i

**TAX MATTERS AGREEMENT**

This TAX MATTERS AGREEMENT (the "**Agreement**") is entered into as of [DATE] between S&P Global Inc. ("**SPGI**"), a New York corporation, on behalf of itself and the members of the SPGI Group, and Mobility Global Inc. ("**SpinCo**"), a Delaware corporation, on behalf of itself and the members of the SpinCo Group (each, a "**Party**" and together, the "**Parties**").

**W I T N E S S E T H:**

WHEREAS, the SPGI Board has determined that it is in the best interests of SPGI and its shareholders to separate the SpinCo Business from the SPGI Business;

WHEREAS, SPGI and SpinCo have entered into a Separation and Distribution Agreement, dated [DATE] (the "**Separation Agreement**"), pursuant to which the Restructuring (including the Contribution), the Distribution and other related transactions will be consummated;

WHEREAS, certain of the transactions included in the Restructuring (including the Contribution), the Distribution and the SPGI Cash Distribution (together, the "**Spin-Off Transactions**"), are each intended to qualify for the Intended Tax Treatment with respect to such transaction; and

WHEREAS, SPGI and SpinCo desire to set forth their agreement on the rights and obligations of SPGI, SpinCo and the members of the SPGI Group and the SpinCo Group respectively, with respect to (a) the administration and allocation of federal, state, local and foreign Taxes incurred in Taxable periods beginning prior to the Distribution Date, (b) Taxes resulting from the Spin-Off Transactions and transactions effected in connection with the Spin-Off Transactions and (c) various other Tax matters.

NOW, THEREFORE, in consideration of the mutual covenants and agreements hereinafter set forth, the Parties agree as follows:

Section 1. *Definitions and Interpretation*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Definitions*. As used in this Agreement:

"**Active Trade or Business**" means the active conduct (as defined in Section 355(b)(2) of the Code and the Treasury Regulations promulgated thereunder) by (i) SpinCo and its SAG of the trade(s) or business(es) relied upon to satisfy Section 355(b) of the Code with respect to the Distribution (the **"SpinCo Active Trade or Business**"), and (ii) with respect to each Internal Distribution, by the controlled corporation and its SAG with respect such Internal Distribution of the trade(s) or business(es) relied upon to satisfy Section 355(b) of the Code with respect to such Internal Distribution.

"**Applicable Law**" (or "**Applicable Tax Law**," as the case may be) has the meaning of "Applicable Law" set forth in the Separation Agreement.

"**Closing of the Books Method**" means the apportionment of items between Taxable periods (or portions of a Taxable period) based on a closing of the books and records on the close of the Distribution Date (in the event that the Distribution Date is not the last day of the Taxable period, as if the Distribution Date were the last day of the Taxable period), subject to adjustment for items accrued on the Distribution Date that are properly allocable to the Taxable period following the Distribution, as determined by SPGI in accordance with Applicable Law; *provided* that, with respect to any Taxable period that includes but does not end on the Distribution Date, Taxes not based upon or measured by net or gross income or specific events shall be apportioned between the Pre- and Post-Distribution Periods on a *pro rata* basis in accordance with the number of days in each Taxable period.

"**Code**" means the Internal Revenue Code of 1986.

"**Combined Group**" means any group consisting of at least two members that filed or was required to file (or will file or be required to file) a Tax Return on an affiliated, consolidated, combined, unitary, fiscal unity or other group basis (including as permitted by Section 1501 of the Code) that includes at least one member of the SPGI Group and at least one member of the SpinCo Group.

"**Combined Tax Return**" means a Tax Return of a member of the Combined Group that is neither an SPGI Separate Tax Return nor a SpinCo Separate Tax Return.

"**Company**" means SPGI or SpinCo (or the appropriate member of each of their respective Groups), as appropriate.

"**Contribution**" has the meaning set forth in the Separation Agreement.

"**Equity Interests**" means any stock or other securities treated as equity for Tax purposes, options, warrants, rights, convertible debt, or any other instrument or security that affords any Person the right, whether conditional or otherwise, to acquire stock or to be paid an amount determined by reference to the value of stock.

"**Final Determination**" means (i) with respect to U.S. federal income Taxes, (A) a "determination" as defined in Section 1313(a) of the Code (including, for the avoidance of doubt, an executed IRS Form 906) or (B) the execution of an IRS Form 870-AD (or any successor form thereto), as a final resolution of Tax liability for any Taxable period, except that a Form 870-AD (or successor form thereto) that reserves the right of the taxpayer to file a claim for a refund or the right of the IRS to assert a further deficiency shall not constitute a Final Determination with respect to the item or items so reserved; (ii) with respect to Taxes other than U.S. federal income Taxes, any final determination of liability in respect of a Tax that, under Applicable Tax Law, is not subject to further appeal, review or modification through proceedings or otherwise; (iii) with respect to any Tax, any final disposition by reason of the expiration of the applicable statute of limitations (giving effect to any extension, waiver or mitigation thereof); or (iv) with respect to any Tax, the payment of such Tax by any member of the SPGI Group or any member of the SpinCo Group, whichever is responsible for payment of such Tax under Applicable Tax Law, with respect to any item disallowed or adjusted by a Taxing Authority; *provided*, in the case of this clause (iv), that the provisions of ‎Section 15 hereof have been complied with, or, if such section is inapplicable, that the Company responsible under this Agreement for such Tax is notified by the Company paying such Tax that it has determined that no action should be taken to recoup such disallowed item, and the other Company agrees with such determination.

"**Group**" has the meaning set forth in the Separation Agreement.

"**Income Tax**" means (i) any Tax that is, in whole or in part, based on or measured by profits, net income or gains, or gross receipts and (ii) any business franchise or similar Tax imposed in lieu of a tax described in the preceding clause (i).

"**Indemnified Party**" means (i) the relevant member of the SPGI Group in the event any member of the SPGI Group is entitled to indemnity under *‎*Section 11(a) and (ii) the relevant member of the SpinCo Group in the event any member of the SpinCo Group is entitled to indemnity under *‎*Section 11(b).

"**Intended Tax Treatment**" means the qualification of (i) the Contribution and the Distribution, taken together, as a "reorganization" within the meaning of Section 368(a)(1)(D) of the Code and each of SPGI and SpinCo as a "party to the reorganization" within the meaning of Section 368(b) of the Code, (ii) the Contribution as a tax-free transaction under Sections 361(a) and 361(b) of the Code, (iii) the Distribution as a tax-free transaction under Sections 355(a) and 361(c) of the Code, except, in the case of Section 355(a), to the extent of cash received in lieu of fractional shares, (iv) the SPGI Cash Distribution as money distributed to SPGI's creditors or shareholders in connection with the reorganization for purposes of Section 361(b) of the Code, (v) each of the step(s) or transaction(s) that are a part of the Restructuring and are described on Schedule A for the intended tax treatment with respect to such step(s) or transaction(s) as set forth in Schedule A with respect thereto (each of the transactions listed herein, a "**Specified Transaction**"), and (vi) such treatment as described in each of clauses (i)-(v) under the corresponding provisions of state law.

"**Internal Distribution**" means each Specified Transaction described in Schedule A that the Intended Tax Treatment with respect to which is the qualification of such Specified Transaction (or any step thereof) as a tax-free distribution under Section 355(a) of the Code.

"**IRS**" means the Internal Revenue Service.

"**Local Transfer Agreement**" means any agreement that consummates the transfer of any assets or liabilities of the Parties in any non-U.S. jurisdiction in connection with the Restructuring, the Contribution or the Distribution.

"**Other Taxes**" means any Tax imposed by any Taxing Authority that is neither an Income Tax nor a Transfer Tax.

"**Person**" has the meaning set forth in Section 7701(a)(1) of the Code.

"**Post-Distribution Period**" means any Taxable period (or portion thereof) beginning after the Distribution Date.

"**Pre-Distribution Period**" means any Taxable period (or portion thereof) ending on or before the Distribution Date.

"**Pre-Distribution SpinCo Mixed Business Tax Return**" means any Pre-Distribution SpinCo Separate Tax Return to the extent such Pre-Distribution SpinCo Separate Tax Return includes, in addition to Tax Items attributable to the SpinCo Business, more than a *de minimis* amount of Tax Items attributable to the SPGI Business. For the avoidance of doubt, the Parties acknowledge and agree that Pre-Distribution SpinCo Mixed Business Tax Returns shall include the Pre-Distribution SpinCo Separate Tax Returns of Mobility Global Alpha GmbH and Mobility Global MBGL GmbH.

"**Pre-Distribution SpinCo Separate Tax Return**" means any SpinCo Separate Tax Return that relates in whole or in part to a Pre-Distribution Period, including any SpinCo Separate Tax Return with respect to a taxable period that includes but does not end on the Distribution Date.

"**SAG**" means a "separate affiliated group" within the meaning of Section 355(b)(3) of the Code.

"**Separation Taxes**" means any Taxes incurred solely as a result of the failure of the Intended Tax Treatment with respect to any Specified Transaction.

"**SPGI Assets**" has the meaning set forth in the Separation Agreement.

"**SPGI Business**" has the meaning set forth in the Separation Agreement.

"**SPGI Cash Distribution**" has the meaning set forth in the Separation Agreement.

"**SPGI Compensatory Equity Interests**" means any options, stock appreciation rights, restricted stock, stock units or other rights with respect to SPGI stock that are granted on or prior to the Distribution Date by any member of the SPGI Group in connection with employee, independent contractor or director compensation or other employee benefits (including, for the avoidance of doubt, options, stock appreciation rights, restricted stock, restricted stock units, performance share units or other rights issued in respect of any of the foregoing by reason of the Distribution or any subsequent transaction).

"**SPGI Group**" has the meaning set forth in the Separation Agreement.

"**SPGI Separate Tax Return**" means any Tax Return of or including any member of the SPGI Group (including any consolidated, combined, or unitary Tax Return) that does not include any member of the SpinCo Group (it being understood and agreed that the claiming of group relief with or in respect of any member of the SpinCo Group or similar sharing or surrendering of Tax losses or other attributes with, to or by any member of the SpinCo Group shall not cause a Tax Return to fail to be a SPGI Separate Return).

"**Special Tax Counsel**" means Davis Polk & Wardwell LLP or Baker & McKenzie LLP, as applicable.

"**Specified Event**" means (i) any failure of the Intended Tax Treatment with respect to a Specified Transaction or (ii) any other event, in each case, that results in (x) a liability for Taxes with respect to a Pre-Distribution Period imposed on any member of the SPGI Group and (y) a Tax Attribute with respect to any member of the SpinCo Group.

"**SpinCo Assets**" has the meaning set forth in the Separation Agreement.

"**SpinCo Business**" has the meaning set forth in the Separation Agreement.

"**SpinCo Carried Item**" shall mean any Tax Attribute of the SpinCo Group that may or must be carried from one Taxable period to another prior Taxable period under the Code or other Applicable Tax Law.

"**SpinCo Compensatory Equity Interests**" means any options, stock appreciation rights, restricted stock, stock units or other rights with respect to the capital stock of SpinCo that are granted substantially concurrently with, or following, the Distribution Time by any member of the SpinCo Group in connection with employee, independent contractor or director compensation or other employee benefits (including, for the avoidance of doubt, options, stock appreciation rights, restricted stock, restricted stock units, performance share units or other rights issued in respect of any of the foregoing by reason of the Distribution or any subsequent transaction).

"**SpinCo Disqualifying Action**" means (a) any action (or the failure to take any action) by any member of the SpinCo Group after the Distribution Time (including entering into any agreement, understanding or arrangement or any negotiations with respect to any transaction or series of transactions), (b) any event (or series of events) after the Distribution Time involving the capital stock of SpinCo or any assets of any member of the SpinCo Group or (c) any breach by any member of the SpinCo Group after the Distribution Time of any representation, warranty or covenant made by it in this Agreement, that, in each case, affects the Intended Tax Treatment of any Specified Transaction; *provided*, *however*, that the term "**SpinCo Disqualifying Action**" shall not include any action entered into pursuant to any Distribution Document (other than this Agreement) or that is undertaken pursuant to the Restructuring (including the Contribution) or the Distribution.

"**SpinCo Group**" has the meaning set forth in the Separation Agreement; *provided* that for purposes of this Agreement, (i) any reference in this Agreement to a member of the SpinCo Group shall include a reference to any successor thereto and (ii) the SpinCo Group shall include any Person that becomes a Subsidiary of SpinCo after the Distribution Time.

"**SpinCo Separate Tax Return**" means any Tax Return (including any consolidated, combined or unitary Tax Return) of or including any member of the SpinCo Group, which Tax Return does not include any member of the SPGI Group (it being agreed and understood that the claiming of group relief with or in respect of any member of the SPGI Group or similar sharing or surrendering of Tax losses or other attributes with, to, or by any member of the SPGI Group shall not cause a Tax Return to fail to be a SpinCo Separate Return).

"**Tax**" or "**Taxes**" (and the correlative meaning, "**Taxing**" and "**Taxable**") means (i) any tax, including any net income, gross income, gross receipts, recapture, alternative or add-on minimum, sales, use, business and occupation, value-added, trade, goods and services, ad valorem, franchise, profits, net wealth, license, business royalty, withholding, payroll, employment, capital, excise, transfer, recording, severance, stamp, occupation, premium, property, asset, real estate acquisition, environmental, custom duty, impost, obligation, assessment, levy, tariff or other tax, governmental fee or other like assessment or charge of any kind whatsoever, together with any interest and any penalty, addition to tax or additional amount imposed by a Taxing Authority; or (ii) any liability of any member of the SPGI Group or the SpinCo Group for the payment of any amounts described in clause (i) as a result of any express or implied obligation to indemnify any other Person.

"**Tax Attribute**" means net operating loss, net capital loss, unused investment credit, unused foreign tax credit, excess charitable contribution, unused general business credit, alternative minimum tax credit or any other Tax Item that could reduce a Tax liability.

"**Tax Item**" means any item of income, gain, loss, deduction, credit, recapture of credit or any other item that can increase or decrease Taxes paid or payable.

"**Tax Opinion**" shall mean a legal opinion delivered to SPGI by a Special Tax Counsel with respect to certain U.S. federal income tax consequences of a Specified Transaction.

"**Tax Proceeding**" means any Tax audit, dispute, examination, contest, litigation, arbitration, action, suit, claim, cause of action, review, inquiry, assessment, hearing, complaint, demand, investigation or proceeding (whether administrative, judicial or contractual).

"**Tax-Related Losses**" means, with respect to any Taxes imposed pursuant to any settlement, determination, judgment or otherwise, (i) all accounting, legal and other professional fees, and court costs incurred in connection with such Taxes, as well as any other out-of-pocket costs incurred in connection with such Taxes and (ii) all damages, costs, and expenses associated with stockholder litigation or controversies and any amount paid by any member of the SPGI Group or any member of the SpinCo Group in respect of the liability of shareholders, whether paid to shareholders or to the IRS or any other Taxing Authority.

"**Tax Refund**" means any refund, reimbursement, offset, credit, or other similar benefit in respect of Taxes (including any overpayment of Taxes that can be refunded or, alternatively, applied against other Taxes payable), including any interest paid on or with respect to such refund of Taxes.

"**Tax Representation Letter**" means a letter provided by SpinCo or SPGI to a Special Tax Counsel that makes certain representations to such Special Tax Counsel in connection with the rendering of a Tax Opinion.

"**Tax Return**" means any Tax return, statement, report, form, election, bill, certificate, claim or surrender (including estimated Tax returns and reports, extension requests and forms, and information returns and reports), or statement or other document or written information filed or required to be filed with any Taxing Authority, including any amendment thereof, appendix, schedule or attachment thereto.

"**Taxing Authority**" means any Governmental Authority (domestic or foreign), including, without limitation, any state, municipality, political subdivision or governmental agency, responsible for the imposition, assessment, administration, collection, enforcement or determination of any Tax.

"**Transfer Taxes**" means all U.S. federal, state, local or non-U.S. sales, use, privilege, value added, transfer, documentary, stamp, duties, real estate transfer, controlling interest transfer, recording and similar Taxes and fees (including any penalties, interest or additions thereto) imposed upon any member of the SPGI Group or any member of the SpinCo Group in connection with the Restructuring (including the Contribution) or the Distribution.

"**Treasury Regulations**" means the regulations promulgated from time to time under the Code as in effect for the relevant taxable period.

"**VAT**" shall mean value added tax as levied in accordance with (but subject to derogation from) Council Directive 2006/112/EC or any similar tax outside the European Union.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Each of the following terms is defined in the Section set forth opposite such term:

---

| | |
|:---|:---|
| **Term** | **Section** |
| Agreement | Preamble |
| Compensation Liability | ‎7(b) |
| Compensation Tax Benefit | ‎7(b) |
| Due Date | ‎12(a) |
| Local Transfer Agreement Parties | 29 |
| Past Practices | 4(e)(i) |
| Permitted Section 355(e) Safe Harbor | 9(b)(iv)(E) |
| Post-Distribution Ruling | 9(c) |
| Proposed Acquisition Transaction | 9(b)(iv)(F) |
| PTEP | ‎5(b) |
| Purchase Price Adjustment | 29 |
| Section 336(e) Election | 10(a) |
| Section 9(b)(iv)(G) Acquisition Transaction | ‎9(b)(iv)(G) |
| Separation Agreement | Recitals |
| Specified Tax Rulings | 9(a)(i) |
| SPGI | Preamble |
| Tax Arbiter | 23 |
| Tax Benefit | ‎8(d) |
| Tax Materials | 9(a) |
| Tax Refund Recipient | 8(c) |
| Unqualified Tax Opinion | 9(c) |
| VAT Group | 4(g) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) All capitalized terms used but not defined herein shall have meanings set forth in the Separation Agreement. Any term used in this Agreement which is not defined in this Agreement or the Separation Agreement shall, to the extent the context requires, have the meaning assigned to it in the Code or the applicable Treasury Regulations thereunder (as interpreted in administrative pronouncements and judicial decisions) or in comparable provisions of Applicable Tax Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Interpretation*. In this Agreement, unless the context clearly indicates otherwise:

&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) words used in the singular include the plural and words used in the plural include the singular;

&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) references to any Person include such Person's successors and assigns but, if applicable, only if such successors and assigns are permitted by this Agreement;

&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) except as otherwise clearly indicated, reference to any gender includes the other gender;

&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 words "include," "includes" and "including" shall be deemed to be followed by the words "without limitation";

&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) reference to any Article, Section, Exhibit or Schedule means such Article or Section of, or such Exhibit or Schedule to, this Agreement, as the case may be, and references in any Section or definition to any clause means such clause of such Section or definition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the words "herein," "hereunder," "hereof," "hereto" and words of similar import shall be deemed references to this Agreement as a whole and not to any particular Section or other provision hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) reference to any agreement, instrument or other document means such agreement, instrument or other document as amended, supplemented and modified from time to time to the extent permitted by the provisions thereof and by this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) reference to any law (including statutes and ordinances) means such law (including all rules and regulations promulgated thereunder) as amended, modified, codified or reenacted, in whole or in part, and in effect at the time of determining compliance or applicability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) relative to the determination of any period of time, "from" means "from and including," "to" means "to and including" and "through" means "through and including";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) the titles to Articles and headings of Sections contained in this Agreement have been inserted for convenience of reference only and shall not be deemed to be a part of or to affect the meaning or interpretation of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) unless otherwise specified in this Agreement, all references to dollar amounts herein shall be in respect of lawful currency of the United States; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) any capitalized term used in an Exhibit or Schedule but not otherwise defined therein shall have the meaning set forth in this Agreement.

Section 2. *Sole Tax Sharing Agreement*. Any and all existing Tax sharing agreements or arrangements, written or unwritten, between any member of the SPGI Group, on the one hand, and any member of the SpinCo Group, on the other hand, if not previously terminated, shall be terminated as of the Distribution Date without any further action by the parties thereto. Following the Distribution, no member of the SpinCo Group or the SPGI Group shall have any further rights or liabilities thereunder, and this Agreement and the Distribution Documents (to the extent such Distribution Documents reflect an agreement between the parties as to Tax sharing) shall be the sole Tax sharing agreements between the members of the SpinCo Group, on the one hand, and the members of the SPGI Group, on the other hand.

Section 3. *Allocation of Taxes*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *General Allocation Principles*. Except as provided in *‎*Section 3(c) or *‎*Section 11, all Taxes shall be allocated as follows:

&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) *Allocation of Income Taxes Reported on Combined Tax Returns*. Except as provided in ‎Section 3(b), SPGI shall be allocated all Income Taxes reported, or required to be reported, on any Combined Tax Return filed or required to be filed under the Code or other Applicable Tax 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;(ii) *Allocation of Income Taxes Reported on Separate Tax Returns*.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(A) SPGI shall be allocated all Income Taxes reported, required to be reported, or in respect of Tax Items reported or required to be reported, on (x) any SPGI Separate Tax Return and (y) any Pre-Distribution SpinCo Mixed Business Tax Return.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(B) SpinCo shall be allocated all Income Taxes reported, required to be reported, or in respect of Tax Items reported or required to be reported, on a SpinCo Separate Tax Return other than any Pre-Distribution SpinCo Mixed Business Tax Return.

&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) *Allocation of Other Taxes*.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(A) SPGI shall be allocated all Other Taxes reported or required to be reported on any Tax Return that are attributable to the SPGI Business or SPGI Assets.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(B) SpinCo shall be allocated all Other Taxes reported or required to be reported on any Tax Return that are attributable to the SpinCo Business or SpinCo Assets.

&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) *Taxes Not Reported on Tax Returns*.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(A) SPGI shall be allocated any Tax attributable to the SPGI Business or SPGI Assets that is not required to be reported on a Tax Return.

&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;&nbsp;&nbsp;&nbsp;&nbsp;(B) SpinCo shall be allocated any Tax attributable to the SpinCo Business or SpinCo Assets that is not required to be reported on a Tax Return.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Allocation Conventions*. Except as otherwise set forth in *‎*Section 3(c):

&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) All Taxes allocated pursuant to ‎Section 3(a) shall be allocated in accordance with the Closing of the Books Method.

&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) Any Tax Item of SpinCo or any member of the SpinCo Group arising from a transaction occurring outside the ordinary course of business on the Distribution Date after the Distribution Time shall be allocable to SpinCo and any such transaction by or with respect to SpinCo or any member of the SpinCo Group occurring after the Distribution Time shall be treated for all Tax purposes (to the extent permitted by Applicable Tax Law) as occurring at the beginning of the day following the Distribution Date in accordance with the principles of Treasury Regulations Section 1.1502-76(b) (assuming no election is made under Treasury Regulations Section 1.1502-76(b)(2)(ii) (relating to a ratable allocation of a year's Tax Items)); *provided* that the foregoing shall not include any action that is undertaken pursuant to the Restructuring (including the Contribution) or the Distribution.

&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 allocations of Taxes described in ‎Section 3(a)(iii) and ‎Section 3(a)(iv) shall be made in accordance with the past practices of SPGI and its Subsidiaries or, if not addressed by such past practices, as determined by SPGI in its good faith discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Special Allocation Rules.* The following Taxes shall be allocated as follows:

&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) *Separation Taxes*. Notwithstanding any other provision in this ‎Section 3, SpinCo shall be allocated any Separation Taxes and Tax-Related Losses resulting from or attributable to a SpinCo Disqualifying Action (including, for the avoidance of doubt, any such Taxes and Tax-Related Losses resulting from (A) any action for which the conditions set forth in ‎Section 9(c) are satisfied or (B) any Section 336(e) Election).

&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) *Transfer Taxes*. Notwithstanding any other provision in this ‎Section 3 and except as otherwise provided in any Local Transfer Agreement, Transfer Taxes shall be borne equally by SPGI and SpinCo; *provided*, to the extent that any such Transfer Tax is recoverable, SPGI or SpinCo, as applicable, shall use commercially reasonable efforts to recover such Transfer Tax from the relevant Taxing Authority.

&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) *Taxes Relating to SPGI Compensatory Equity Interests.* Notwithstanding any other provision in this ‎Section 3, any Tax liability (including, for the avoidance of doubt, the satisfaction of any withholding Tax obligation) relating to the issuance, exercise, vesting or settlement of any SPGI Compensatory Equity Interest shall be allocated in a manner consistent with ‎Section 7.

&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) *Taxes Covered by Distribution Documents*. Subject to the preceding clauses of this ‎Section 3 and ‎Section 11, any liability or other matter relating to Taxes that is specifically addressed in any Distribution Document shall be allocated or governed as provided in such Distribution Document.

Section 4. *Preparation and Filing of Tax Returns*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *SPGI Prepared Returns*. SPGI shall prepare and file, or cause to be prepared and filed, (i) Combined Tax Returns for which a member of a Combined Group is required or, as provided in *‎*Section 4(e)(iii), elects to file and (ii) SPGI Separate Tax Returns. Each member of any such Combined Group shall execute and file such consents, elections and other documents as may be required, appropriate or otherwise requested by SPGI in connection with the filing of such Combined Tax Returns. If a member of the SpinCo Group is responsible for the filing of a Combined Tax Return under Applicable Tax Law, (i) SPGI shall deliver such prepared Combined Tax Return to SpinCo reasonably in advance of the applicable filing deadline and (ii) SpinCo shall, or shall cause the applicable member of the SpinCo Group to, file such Combined Tax Return in the form delivered by SPGI.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *SpinCo Prepared Returns*. SpinCo shall prepare and file, or cause to be prepared and filed, all SpinCo Separate Tax Returns. SpinCo shall submit to SPGI a copy of each Pre-Distribution SpinCo Separate Tax Return no later than thirty (30) days prior to the date such Tax Return is required to be filed, and SpinCo shall reflect any reasonable comments on such Tax Returns with respect to a Pre-Distribution Period provided by SPGI no later than ten (10) days prior to the date such Tax Return is required to be filed. SpinCo shall not file or cause to be filed any Pre-Distribution SpinCo Separate Tax Returns without the consent of SPGI, which consent shall not be unreasonably withheld or delayed, *provided*, however, that, for the avoidance of doubt, if SPGI fails to provide any comments within the time period prescribed above, then SpinCo shall not be precluded from timely filing any such Tax Return by the date it is required to be filed; *provided further*, that SpinCo shall amend any Tax Return so filed to reflect any resolution of issues on such Tax Return pursuant to the procedure set forth in this Section 4(b), to the extent applicable. The Parties shall work together to resolve any issues arising out of the review of such Tax Returns pursuant to *‎*Section 23.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Provision of Information; Timing*. SpinCo shall maintain all necessary information for SPGI (or any of its Affiliates) to file any Tax Return that SPGI is required or permitted to file under this *‎*Section 4, and shall provide to SPGI all such necessary information in accordance with the SPGI Group's past practices, if any. SPGI shall maintain all necessary information for SpinCo (or any of its Affiliates) to file any Tax Return that SpinCo is required or permitted to file under this *‎*Section 4, and shall provide SpinCo with all such necessary information in accordance with the SPGI Group's past practices, if any. Without limiting the foregoing, the Party that files, or causes to be filed, any Tax Return shall maintain contemporaneous transfer pricing documentation, in compliance with all Applicable Laws, with respect to such Tax Returns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Review of Certain Tax Returns.*

&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) *Tax Returns for Other Taxes*. The Party responsible for the preparation of any Tax Return relating to Other Taxes shall, if such Tax Return reflects a Tax liability allocated to the other Party pursuant to ‎Section 3(a)(iii), submit to such other Party a draft of such Tax Return. Such preparing Party shall use commercially reasonable efforts to (x) make such portions of a Tax Return available to the other party for review as required under this paragraph no later than thirty (30) days (or as soon as practicable thereafter, *provided* that the other Party is given a reasonable opportunity to review such Tax Return) prior to the due date for filing such Tax Return and (y) have such Tax Return modified to reflect any reasonable comments provided by the other Party no later than ten (10) days prior to the due date for filing, taking into account which Party is responsible for payment of the Tax (if any) reported on such Tax Return and the materiality of the Tax liability allocable to the other Party with respect to such Tax Return.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Special Rules Relating to the Preparation of Tax Returns.*

&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) *General Rule*. Except as provided in this ‎Section 4(e), SpinCo shall prepare (or cause to be prepared) any Tax Return with respect to Taxable periods (or portions thereof) ending prior to or on the Distribution Date and for which it is responsible under this ‎Section 4 in accordance with past practices, accounting methods, elections or conventions ("**Past Practices**") used by the members of the SPGI Group prior to the Distribution Date with respect to such Tax Return to the extent permitted by Applicable Law, and to the extent any items, methods or positions are not covered by Past Practices, as directed by SPGI in its reasonable discretion.

&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) *Consistency with Intended Tax Treatment*. All Tax Returns that include any member of the SPGI Group or any member of the SpinCo Group shall be prepared in a manner that is consistent with the Intended Tax Treatment.

&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) *Election to File Combined Tax Returns*. SPGI shall have the sole discretion to file any Combined Tax Return if the filing of such Tax Return is elective under Applicable Tax Law. Each member of any such Combined Group shall execute and file such consents, elections and other documents as may be required, appropriate or otherwise requested by SPGI in connection with the filing of such Combined Tax Returns.

&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) *Preparation of Transfer Tax Returns.* The Company required under Applicable Tax Law to file any Tax Returns in respect of Transfer Taxes shall prepare and file (or cause to be prepared and filed) such Tax Returns. If required by Applicable Tax Law, SPGI and SpinCo shall, and shall cause their respective Affiliates to, cooperate in preparing and filing, and join the execution of, any such Tax Returns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) *Payment of Taxes.* SPGI shall pay (or cause to be paid) to the proper Taxing Authority the Tax shown as due on any Tax Return for which a member of the SPGI Group is responsible for filing under this *‎*Section 4, and SpinCo shall pay (or cause to be paid) to the proper Taxing Authority the Tax shown as due on any Tax Return for which a member of the SpinCo Group is responsible for filing under *‎*Section 4. If any member of the SPGI Group is required to make a payment to a Taxing Authority for Taxes allocated to SpinCo under *‎*Section 3, SpinCo shall pay the amount of such Taxes to SPGI in accordance with *‎*Section 11 and *‎*Section 12. If any member of the SpinCo Group is required to make a payment to a Taxing Authority for Taxes allocated to SPGI under *‎*Section 3, SPGI shall pay the amount of such Taxes to SpinCo in accordance with *‎*Section 11 and *‎*Section 12.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) *VAT Group Exit.* To the extent that, at or prior to the Distribution, any member of the SpinCo Group is a member of a VAT group of the SPGI Group under applicable Law (a "**VAT Group**"), the SPGI Group shall control the process for effecting such member's exit from that VAT Group with effect following the Distribution. The SPGI Group and the SpinCo Group shall take all reasonable steps, and provide all reasonable cooperation and assistance to one another (including the provision of information, consents and elections), to procure that each such SpinCo Group member ceases to be a member of the relevant VAT Group as of the end of the day on which the Distribution occurs. Following the Distribution, and to the extent not already done prior to the Distribution, the SpinCo Group shall procure the registration of the relevant SpinCo Group members for VAT (whether by way of separate registrations or as members of one or more SpinCo Group VAT Groups) and shall be responsible for all ongoing VAT compliance of the SpinCo Group following the Distribution.

Section 5. *Apportionment of Earnings and Profits and Tax Attributes*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *General Rule.* Tax Attributes arising in a Pre-Distribution Period will be allocated to (and the benefits and burdens of such Tax Attributes will inure to) the members of the SPGI Group and the members of the SpinCo Group in accordance with SPGI's historical practice (including historical methodologies for making corporate allocations), if any, the Code, Treasury Regulations, and any Applicable Law, as determined by SPGI in its good faith discretion. Notwithstanding the foregoing, to the extent permitted by Applicable Law, with respect to any Tax Attributes arising in a Pre-Distribution Period, SpinCo shall, and shall cause the members of the SpinCo Group to, take any action as may be reasonably directed by SPGI (including, for example, file any Tax Return or make any Tax election to surrender any Tax Attributes over to a member of the SPGI Group) in order for such Tax Attributes to be allocated to and utilized by (and the benefits and burdens of such Tax Attributes to inure to) SPGI or any member of the SPGI Group with respect to any Tax period that ends on or before, or that includes, the Distribution Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Notice to SpinCo.* Upon the reasonable request of SpinCo in writing, SPGI shall in good faith, based on information reasonably available to it, advise SpinCo in writing of SPGI's estimate of the portion, if any, of any earnings and profits, previously taxed earnings and profits (within the meaning of Section 959 of the Code ("**PTEP**")), Tax Attributes, tax basis, overall foreign loss or other consolidated, combined or unitary attribute which SPGI determines is expected to be allocated or apportioned to the members of the SpinCo Group under Applicable Tax Law. In the event of any adjustments to the previously delivered estimates of the portion of earnings and profits, PTEP, Tax Attributes, Tax basis, overall foreign loss or other consolidated, combined or unitary attribute determined by SPGI, SPGI shall promptly advise SpinCo in writing of such adjustment. SpinCo shall reimburse SPGI for all reasonable Third Party costs and expenses actually incurred by the SPGI Group in connection with providing such estimation requested by SpinCo within forty-five (45) days after receiving an invoice from SPGI therefor, *provided*, however, that SPGI shall first procure a fee quote for such Third Party costs which SpinCo must approve before SPGI incurs such costs. For the avoidance of doubt, SPGI shall not be liable to any member of the SpinCo Group for any failure of any determination under this *‎*Section 5(b) to be accurate under Applicable Tax Law, *provided* such determination was made in good faith. All members of the SpinCo Group shall prepare all Tax Returns in accordance with the written notices provided by SPGI to SpinCo pursuant to this *‎*Section 5(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Adjustments.* Except as otherwise provided herein, to the extent that the amount of any earnings and profits, PTEP, Tax Attributes, Tax basis, overall foreign loss or other consolidated, combined or unitary attribute allocated to members of the SPGI Group or the SpinCo Group pursuant to *‎*Section 5(b) is later reduced or increased by a Taxing Authority or as a result of a Tax Proceeding, such reduction or increase shall be allocated to the Company to which such earnings and profits, PTEP, Tax Attributes, Tax basis, overall foreign loss or other consolidated, combined or unitary attribute was allocated pursuant to this *‎*Section 5, as determined by SPGI in good faith.

Section 6. *Amended Returns; Utilization of Tax Attributes*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Amended Returns.* Any amended Tax Return or claim for a Tax Refund with respect to any member of the SpinCo Group may be made only by the Party responsible for preparing the original Tax Return (or, in the case of a Tax Return filed prior to the Distribution Date, the Party which would have been responsible for preparing such Tax Return had this Agreement been in effect at the time of the preparation of such Tax Return) with respect to such member of the SpinCo Group pursuant to *‎*Section 4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *SPGI Discretion.* SpinCo hereby agrees that SPGI shall be entitled to determine in its sole discretion whether to (x) file or to cause to be filed any claim for a Tax Refund or adjustment of Taxes with respect to any Combined Tax Return in order to claim in any Pre-Distribution Period any SpinCo Carried Item, (y) make or cause to be made any available elections to waive the right to claim in any Pre-Distribution Period, with respect to any Combined Tax Return, any SpinCo Carried Item, and (z) make or cause to be made any affirmative election to claim in any Pre-Distribution Period any SpinCo Carried Item, in each case, to the extent such election or filing does not result in any increase in Tax allocated to a member of the SpinCo Group under this Agreement (including, for the avoidance of doubt, any amounts allocated to SpinCo pursuant to *‎*Section 3(c)). Subject to *‎*Section 6(c), SpinCo shall submit a written request to SPGI in order to seek SPGI's consent with respect to any of the actions described in this *‎*Section 6(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *SpinCo Carrybacks to Combined Tax Returns*.

&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) Subject to ‎Section 6(b), unless SPGI otherwise consents in writing, each member of the SpinCo Group shall elect, to the extent permitted by Applicable Tax Law, to forgo the right to carry back any SpinCo Carried Item from a Post-Distribution Period to a Combined Tax Return.

&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) If a member of the SpinCo Group determines that it is required by Applicable Tax Law to carry back any SpinCo Carried Item to a Combined Tax Return, it shall notify SPGI in writing of such determination at least ninety (90) days prior to filing the Tax Return on which such carryback will be reflected. Such notification shall include a description in reasonable detail of the basis for any expected Tax Refund and the amount thereof. If SPGI disagrees with such determination, the Parties shall resolve their disagreement pursuant to the procedures set forth in ‎Section 23.

&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) For the avoidance of doubt, if a SpinCo Carried Item is carried back to a Combined Tax Return for any reason, unless SPGI Group consents otherwise, no member of the SPGI Group shall be required to make any payment to, or otherwise compensate, any member of the SpinCo Group in respect of such SpinCo Carried Item, which consent may be subject to such conditions as SPGI Group determines in its good faith discretion (including, for example, SpinCo bearing all associated costs and expenses and retaining an accounting firm that is acceptable to SPGI Group in connection therewith).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Other Carryforwards or Carrybacks of Tax Attributes.* If a portion or all of any Tax Attribute is allocated to a member of a Combined Group pursuant to *‎*Section 5 and is carried forward or back to a SpinCo Separate Tax Return, any Tax Refund arising from such carryforward or carryback shall be retained by the SpinCo Group. If a portion or all of any Tax Attribute is allocated to a member of a Combined Group pursuant to *‎*Section 5 and is carried forward or back to a Combined Tax Return or a SPGI Separate Tax Return, any Tax Refund arising from such carryforward or carryback shall be retained by the SPGI Group.

Section 7. *Deductions and Reporting for Certain Awards*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Deductions.* To the extent permitted by Applicable Tax Law, Income Tax deductions with respect to the issuance, exercise, vesting or settlement after the Distribution Date of any SPGI Compensatory Equity Interests or SpinCo Compensatory Equity Interests shall be claimed (i) in the case of an active officer or employee, solely by the Group that employs such Person at the time of such issuance, exercise, vesting, or settlement, as applicable; (ii) in the case of a former officer or employee, solely by the Group that was the last to employ such Person; and (iii) in the case of a director or former director (who is not an officer or employee or former officer or employee of a member of either Group), by the Group that is the service recipient with respect to such director or former director with respect to the SPGI Compensatory Equity Interests or SpinCo Compensatory Equity Interests at issue (or, in the case of SpinCo Compensatory Equity Interests that are issued in exchange for or in respect of SPGI Compensatory Equity Interests, with respect to such SPGI Compensatory Equity Interests).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Compensation Tax Benefit.* SPGI shall be entitled to the value of the overall net reduction in actual cash Taxes paid by the SpinCo Group (determined on a "with and without" basis) (the "**Compensation Tax Benefit**") resulting from the utilization by the SpinCo Group under Applicable Tax Law of a Tax Attribute or a Tax deduction for a Taxable period ending after the Distribution Date attributable to (i) the issuance, exercise, vesting or settlement after the Distribution Date of any SPGI Compensatory Equity Interests, or (ii) any liability with respect to compensation required to be paid or satisfied by, or otherwise allocated to, any member of the SPGI Group in accordance with any Distribution Document (and not reimbursed or otherwise ultimately borne by a member of the SpinCo Group) (a "**Compensation Liability**"). SPGI shall be entitled to reduce any amount that would otherwise be payable to a member of the SpinCo Group in respect of a Compensation Liability to reflect the Compensation Tax Benefit that otherwise would result from such Compensation Liability. Any member of the SpinCo Group that receives a Compensation Tax Benefit shall, promptly following the filing of the Tax Return that reflects such Compensation Tax Benefit, pay to SPGI an amount in cash equal to such benefit (except to the extent SPGI has already been compensated for such benefit pursuant to the immediately precedent sentence). If a Taxing Authority subsequently reduces or disallows the use of a Tax Attribute or a Tax deduction that gave rise to a Compensation Tax Benefit by the SpinCo Group, SPGI shall return an amount equal to the overall net increase in Tax liability of the SpinCo Group owing to the Taxing Authority as a result thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Withholding and Reporting.* All applicable withholding and reporting responsibilities (including all income, payroll or other Tax reporting related to income to any current or former employee) with respect to the issuance, exercise, vesting or settlement of such SPGI Compensatory Equity Interests or SpinCo Compensatory Equity Interests shall be the responsibility of the party to which such responsibility has been prescribed by Section 8.05(e) of the Employee Matters Agreement. SPGI and SpinCo acknowledge and agree that the Parties shall cooperate with each other and with Third Party providers to effectuate withholding and remittance of Taxes, as well as required Tax reporting, in a timely manner.

Section 8. *Tax Refunds and Tax Benefits*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *SPGI Tax Refunds.* Except as provided by *‎*Section 8(b), SPGI shall be entitled to all Tax Refunds received by any member of the SPGI Group or any member of the SpinCo Group, including but not limited to Tax Refunds resulting from the matters set forth on Schedule B.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *SpinCo Tax Refunds.* SpinCo shall be entitled to any Tax Refunds received by any member of the SPGI Group or any member of the SpinCo Group after the Distribution Date with respect to any Tax allocated to a member of the SpinCo Group under this Agreement, other than, for the avoidance of doubt, any Tax Refunds resulting from the matters set forth on Schedule B.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Tax Refund Recipient.* A Company (a "**Tax Refund Recipient**") receiving (or realizing) a Tax Refund to which another Company is entitled hereunder shall pay over the amount of such Tax Refund (including interest received from the relevant Taxing Authority, but net of any Taxes imposed with respect to such Tax Refund or the payment of such Tax Refund and any other reasonable costs associated therewith incurred by the Tax Refund Recipient, including Third Party expenses incurred by the Tax Refund Recipient in connection with the application for or any Tax Proceeding with respect to such Tax Refund) within thirty (30) days of receipt thereof (or from the due date for payment of any Tax reduced thereby); *provided*, *however*, that the other Company, upon the request of such Tax Refund Recipient, shall repay the amount paid to the other Company (plus any penalties, interest or other charges imposed by the relevant Taxing Authority) in the event that, as a result of a subsequent Final Determination, a Tax Refund that gave rise to such payment is subsequently disallowed. Notwithstanding anything to the contrary herein, neither SPGI nor SpinCo (or any of their respective Affiliates) shall be obligated to make a payment otherwise pursuant to this *‎*Section 8(c) to the extent making such payment would place SPGI or SpinCo (or any of their respective Affiliates) in a less favorable net after-Tax position than SPGI or SpinCo (or any of their respective Affiliates) would have been in if the relevant Tax Refund had not been realized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Tax Benefits*. If SPGI determines, in its good faith discretion, that (i) one Party is responsible for a Tax pursuant to this Agreement, including pursuant to an obligation to indemnify the other Party under Section 11, or under Applicable Tax Law, and (ii) the other Party is entitled to a deduction, refund, credit, or other Tax benefit in respect of such Tax (a "**Tax Benefit**"), then such other Party shall pay to the first Party (or the first Party's indemnification obligations to the other Party under Section 11 shall be reduced by, as applicable) the amount of the Tax Benefit, as determined by SPGI in its good faith discretion.

Section 9. *Certain Representations and Covenants*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Representations*.

&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) SPGI, on behalf of itself and all other members of the SPGI Group, hereby represents and warrants that (A) it has examined each of the Tax Opinions, the Tax Representation Letters, the Tax rulings set forth in Schedule C (the "**Specified Tax Rulings**"), and any other materials delivered or deliverable in connection with the issuance of each such Tax Opinion, the Tax Representation Letter and Specified Tax Rulings (collectively, the "**Tax Materials**") and (B) except as would not, individually or in the aggregate, affect the Intended Tax Treatment of any Specified Transaction, the facts presented and representations that have been or will be made therein, to the extent descriptive of or otherwise relating to SPGI or any member of the SPGI Group or the SPGI Business, were or will be, at the time presented or represented and from such time until and including the Distribution Date, true, correct, and complete. SPGI, on behalf of itself and all other members of the SPGI Group, hereby confirms and agrees to comply with any and all covenants and agreements in the Tax Materials applicable to SPGI or any member of the SPGI Group or the SPGI Business.

&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) SpinCo, on behalf of itself and all other members of the SpinCo Group, hereby represents and warrants that (A) it has examined the Tax Materials and (B) except as would not, individually or in the aggregate, affect the Intended Tax Treatment of any Specified Transaction, the facts presented and representations that have been or will be made therein, to the extent descriptive of or otherwise relating to SpinCo or any member of the SpinCo Group or the SpinCo Business, were or will be, at the time presented or represented and from such time until and including the Distribution Date, true, correct, and complete. SpinCo, on behalf of itself and all other members of the SpinCo Group, hereby confirms and agrees to comply with any and all covenants and agreements in the Tax Materials applicable to SpinCo or any member of the SpinCo Group or the SpinCo Business.

&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) Each of SPGI, on behalf of itself and all other members of the SPGI Group, and SpinCo, on behalf of itself and all other members of the SpinCo Group, represents and warrants that it knows of no fact (after due inquiry) that may cause the tax treatment of any Specified Transactions to be other than the Intended Tax Treatment with respect to such Specified Transaction.

&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) Each of SPGI, on behalf of itself and all other members of the SPGI Group, and SpinCo, on behalf of itself and all other members of the SpinCo Group, represents and warrants that it has no plan or intent to take any action which is inconsistent with any statements or representations made in the Tax Materials.

&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) SpinCo and each other member of the SpinCo Group represents and warrants that as of the date hereof and as of the Distribution Date, there is no plan or intention to:

&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;&nbsp;&nbsp;&nbsp;&nbsp;(A) liquidate or convert (through a Treasury Regulations Section 301.7701-3(c) election or otherwise) SpinCo or any member of the SpinCo Group, or to merge, amalgamate, or consolidate SpinCo or any member of the SpinCo Group with any other Person subsequent to the Distribution;

&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;&nbsp;&nbsp;&nbsp;&nbsp;(B) sell, transfer or otherwise dispose of any asset of any member of the SpinCo Group, except in the ordinary course of business;

&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;&nbsp;&nbsp;&nbsp;&nbsp;(C) repurchase stock of SpinCo other than in a manner that satisfies the requirements of Section 4.05(1)(b) of IRS Revenue Procedure 96-30 (as in effect prior to the amendment of such Revenue Procedure by IRS Revenue Procedure 2003-48) and is consistent with any representations made in the Tax Materials;

&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;&nbsp;&nbsp;&nbsp;&nbsp;(D) take or fail to take any action, which action or failure to act management of SpinCo knows, or should know, is reasonably likely to contravene any agreement with a Taxing Authority entered into prior to the Distribution Date to which any member of the SpinCo Group or the SPGI Group is a party; 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;&nbsp;&nbsp;&nbsp;&nbsp;(E) enter into any negotiations, agreements, or arrangements with respect to transactions or events (including stock issuances, pursuant to the exercise of options or otherwise, option grants, the adoption of, or authorization of shares under, a stock option plan, capital contributions, or acquisitions, but not including the Distribution) that could reasonably be expected to cause the Distribution to be treated as part of a plan (within the meaning of Section 355(e) of the Code) pursuant to which one or more Persons acquire, directly or indirectly, SpinCo stock representing a 50% or greater interest within the meaning of Section 355(d)(4) of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *SpinCo Covenants.*

&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) SpinCo shall not, and shall not permit any other member of the SpinCo Group to, take or fail to take any action, which action or failure to act constitutes or reasonably could constitute a SpinCo Disqualifying Action.

&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) SpinCo shall not, and shall not permit any other member of the SpinCo Group to, take or fail to take any action that is inconsistent with, or causes to be untrue, any information, covenant or representation set forth in the Tax Materials.

&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) SpinCo shall not, and shall not permit any other member of the SpinCo Group to, take or fail to take any action, which action or failure to act management of SpinCo knows, or should know, is reasonably likely to contravene any agreement with a Taxing Authority entered into prior to the Distribution Date to which any member of the SpinCo Group or the SPGI Group is a party.

&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) During the two-year period following the Distribution 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) SpinCo (x) shall maintain its status as a company engaged in the SpinCo Active Trade or Business, and shall not engage in any transaction that would result in it ceasing to be a company engaged in each Active Trade or Business, (y) shall cause each other member of the SpinCo Group whose Active Trade or Business is relied upon, in whole or in part, for purposes of qualifying the Distribution or any Internal Distribution for its Intended Tax Treatment to maintain its status as a company engaged in such Active Trade or Business, and shall not cause or permit such other member of the SpinCo Group to engage in any transaction that would result in such member of the SpinCo Group ceasing to be a company engaged in the such Active Trade or Business; and (z) shall not dispose of or permit a member of the SpinCo Group to dispose of, directly or indirectly, any interest in a member of the SpinCo Group described in clause (y) hereof;

&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;&nbsp;&nbsp;&nbsp;&nbsp;(B) SpinCo shall not redeem or repurchase any stock of SpinCo, or rights to acquire stock of SpinCo, in a manner contrary to the requirements of Section 4.05(1)(b) of IRS Revenue Procedure 96-30 (as in effect prior to the amendment of such Revenue Procedure by IRS Revenue Procedure 2003-48) or inconsistent with any representations in the Tax Materials;

&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;&nbsp;&nbsp;&nbsp;&nbsp;(C) SpinCo shall not, and shall not agree to, (i) liquidate (including any action that is a liquidation for U.S. federal income tax purposes) or convert (through a Treasury Regulations Section 301.7701-3(c) election or otherwise), or (ii) merge, consolidate or amalgamate with any other Person;

&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;&nbsp;&nbsp;&nbsp;&nbsp;(D) SpinCo shall not, and shall not agree to, cause or permit any member of the SpinCo Group (i) to liquidate (including any action that is a liquidation for U.S. federal income tax purposes) or convert (through a Treasury Regulations Section 301.7701-3(c) election or otherwise), or (ii) to merge, consolidate or amalgamate with any other Person;

&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;&nbsp;&nbsp;&nbsp;&nbsp;(E) SpinCo shall not, and shall not agree to, cause or permit any other member of the SpinCo Group to, or to agree to, sell or otherwise issue to any Person any Equity Interests of SpinCo or of any other member of the SpinCo Group; *provided*, *however*, that SpinCo may issue Equity Interests to the extent such issuances satisfy Safe Harbor VIII (relating to acquisitions in connection with a person's performance of services) or Safe Harbor IX (relating to acquisitions by a retirement plan of an employer) of Treasury Regulations Section 1.355-7(d) (each a "**Permitted Section 355(e) Safe Harbor**");

&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;&nbsp;&nbsp;&nbsp;&nbsp;(F) SpinCo shall not (i) (I) solicit any Person to make a tender offer for, or otherwise acquire or sell, the Equity Interests of, (II) participate in or support any unsolicited tender offer for, or other acquisition, issuance or disposition of, the Equity Interests of SpinCo or (III) approve or otherwise permit any proposed business combination or any transaction which, in the case of clauses (I), (II) or (III), individually or in the aggregate, together with (x) any other transaction occurring within the four-year period beginning on the date which is two years before the Distribution Date, and (y) any other transaction which is part of a plan or series of related transactions (within the meaning of Section 355(e) of the Code) that includes the Distribution, could result in one or more Persons acquiring (except for acquisitions that otherwise satisfy a Permitted Section 355(e) Safe Harbor) directly or indirectly stock representing a 40% or greater interest, by vote or value, in SpinCo (or any successor thereto) (any such transaction, a "**Proposed Acquisition Transaction**") or (ii) to the extent SpinCo has the right to prohibit any Proposed Acquisition Transaction, permit any Proposed Acquisition Transaction to occur; *provided further* that any clarification of, or change in, the statute or regulations promulgated under Section 355(e) of the Code shall be incorporated in the restrictions in this clause (iv) and the interpretation thereof, as in good faith determined by SPGI;

&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;&nbsp;&nbsp;&nbsp;&nbsp;(G) if any member of the SpinCo Group proposes to enter into any transaction or series of transactions that is not a Proposed Acquisition Transaction but would be a Proposed Acquisition Transaction if the percentage reflected in the definition of Proposed Acquisition Transaction were 30% instead of 40% (a "***‎*Section 9(b)(iv)(G) Acquisition Transaction**"), SpinCo shall provide SPGI, no later than ten (10) Business Days following the signing of any written agreement with respect to the Section 9(b)(iv)(G) Acquisition Transaction, a written description of such transaction (including the type and amount of Equity Interests of SpinCo to be issued or sold in such transaction) and a certificate of the board of directors of SpinCo to the effect that the Section 9(b)(iv)(G) Acquisition Transaction is not a Proposed Acquisition Transaction;

&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;&nbsp;&nbsp;&nbsp;&nbsp;(H) SpinCo shall not amend its certificate of incorporation (or other organizational documents), or take any other action, whether through a stockholder vote or otherwise, affecting the voting rights of the Equity Interests of SpinCo (including, without limitation, through the conversion of one class of Equity Interests of SpinCo into another class of Equity Interests of SpinCo); and

&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;&nbsp;&nbsp;&nbsp;&nbsp;(I) SpinCo shall not take or fail to take, or cause or permit any other member of the SpinCo Group to take or fail to take, any action, which action or failure to act prevents, or could reasonably be expected to prevent, a Specified Transaction from qualifying for its Intended Tax Treatment.

&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) SpinCo shall comply with the covenants set forth in Schedule E.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *SpinCo Covenants Exceptions.* Notwithstanding the provisions of *‎*Section 9(b), SpinCo and the other members of the SpinCo Group may take any action that would be inconsistent with the covenants contained in *‎*Section 9(b)(iv) if: (i) SpinCo notifies SPGI of its proposal to take such action and SpinCo and SPGI obtain a ruling from the IRS, in form and substance satisfactory to SPGI in its sole and absolute discretion, to the effect that such action will not affect the Intended Tax Treatment (a "**Post-Distribution Ruling**"), *provided* that SpinCo agrees in writing to bear any expenses associated with obtaining such a ruling; (ii) SpinCo notifies SPGI of its proposal to take such action and obtains an unqualified opinion, in form and substance satisfactory to SPGI in its sole and absolute discretion (A) from a Tax advisor recognized as an expert in federal income Tax matters, (B) on which SPGI may rely and (C) to the effect that such action "will" not affect the Intended Tax Treatment (an "**Unqualified Tax Opinion**"); or (iii) SpinCo notifies SPGI of its proposal to take such action and SPGI waives the requirement to obtain a Post-Distribution Ruling or an Unqualified Tax Opinion, which waiver may be withheld by SPGI in its sole and absolute discretion; *provided* that neither the receipt of a Post-Distribution Ruling or Unqualified Tax Opinion nor SPGI's waiver of the requirement to obtain a Post-Distribution Ruling or Unqualified Tax Opinion shall relieve SpinCo of, or otherwise limit or modify, its continuing indemnification obligation in respect of such action under Section 11(a).

Section 10. *Protective Section 336(e) Election; Tax Receivable Arrangements.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Section 336(e) Election.* Pursuant to Treasury Regulations Sections 1.336-2(h)(1)(i) and 1.336-2(j), SPGI and SpinCo agree that, in SPGI's sole discretion, a timely protective election under Section 336(e) of the Code and the Treasury Regulations issued thereunder and under any comparable provisions of state, local or non-U.S. law for each member of the SpinCo Group that is a domestic corporation for U.S. federal income Tax purposes with respect to the Distribution (a "**Section 336(e) Election**") will be made, and, in such case, SPGI and SpinCo shall take all necessary or helpful actions to facilitate the Section 336(e) Election. It is intended that a Section 336(e) Election will have no effect unless the Distribution is a "qualified stock disposition," as defined in Treasury Regulations Section 1.336-1(b)(6), by reason of the application of Treasury Regulations Section 1.336-1(b)(5)(i)(B) or Treasury Regulations Section 1.336-1(b)(5)(ii), or under any comparable provisions of state, local or non-U.S. law in any other jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Tax Receivable Arrangements.* If any Specified Event results in the imposition of a liability on the part of a member of the SPGI Group for Taxes (including any Taxes attributable to the Section 336(e) Election) that are not allocated to SpinCo pursuant to *‎*Section 3 or *‎*Section 11, (i) SPGI shall be entitled to periodic payments from SpinCo equal to the product of (x) the Tax savings realized by SpinCo that are attributable to Tax Attributes arising from such Specified Event and (y) a percentage derived by dividing (A) the Taxes arising from such Specified Event that are not allocated to SpinCo pursuant to *‎*Section 3 or *‎*Section 11 by (B) the total Taxes arising from such Specified Event, and (ii) the Parties shall negotiate in good faith the terms of a tax receivable agreement to govern the calculation of such payments; *provided* that any such tax savings in clause (i) shall be determined using a "with and without" methodology (treating any Tax Attribute arising from any Specified Event as the last items claimed for any taxable year, including after the utilization of any carryforwards). Notwithstanding the foregoing, SPGI may, at its sole discretion, waive its right to receive any and all payments pursuant to this *‎*Section 10(b).

Section 11. *Indemnities*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *SpinCo Indemnity to SPGI.* Subject to the limitations set forth in *‎*Section 11(c), except in the case of any liabilities described in *‎*Section 11(b), SpinCo and each other member of the SpinCo Group shall jointly and severally indemnify SPGI and the other members of the SPGI Group against, and hold them harmless, without duplication, from:

&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) any Tax liability allocated to SpinCo pursuant to ‎Section 3;

&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) any Tax liability and Tax-Related Losses attributable to a breach, after the Distribution Time, by SpinCo or any other member of the SpinCo Group of any representation, covenant or provision contained in this Agreement (including, for the avoidance of doubt, any Taxes and Tax-Related Losses resulting from any breach for which the conditions set forth in ‎Section 9(c) are satisfied); and

&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) all liabilities, costs, expenses (including, without limitation, reasonable expenses of investigation and attorneys' fees and expenses), losses, damages, assessments, settlements or judgments arising out of or incident to the imposition, assessment or assertion of any Tax liability or damage described in ‎(i) or ‎(ii), including those incurred in the contest in good faith in appropriate proceedings relating to the imposition, assessment or assertion of any such Tax, liability or damage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *SPGI Indemnity to SpinCo.* Subject to the limitations set forth in *‎*Section 11(c), except in the case of any liabilities described in *‎*Section 11(a), SPGI and each other member of the SPGI Group shall jointly and severally indemnify SpinCo and the other members of the SpinCo Group against, and hold them harmless, without duplication, from:

&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) any Tax liability allocated to SPGI pursuant to ‎Section 3;

&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) any Tax liability and Tax-Related Losses attributable to a breach, after the Distribution Time, by SPGI or any other member of the SPGI Group of any representation, covenant or provision contained in this Agreement; and

&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) all liabilities, costs, expenses (including, without limitation, reasonable expenses of investigation and attorneys' fees and expenses), losses, damages, assessments, settlements or judgments arising out of or incident to the imposition, assessment or assertion of any Tax liability or damage described in ‎(i) or ‎(ii), including those incurred in the contest in good faith in appropriate proceedings relating to the imposition, assessment or assertion of any such Tax, liability or damage.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Relative Fault.* To the extent that any Tax or Tax-Related Loss is subject to indemnity pursuant to both Sections ‎11(a) and ‎11(b), responsibility for such Tax or Tax-Related Loss shall be shared by SPGI and SpinCo according to relative fault. For the avoidance of doubt, the indemnification obligation of a Party under Section 11(a) or Section 11(b), as applicable in respect of Taxes or Tax-Related Losses attributable to a breach by such Party of any representation, covenant or provision contained in this Agreement shall include Taxes or Tax-Related Losses for which the other Party would, in the absence of such breach by the first Party, be required to indemnify the first Party under Section 11(a) or Section 11(b), as applicable and shall, to the extent attributable to such breach, relieve such other Party of its indemnification obligation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Discharge of Indemnity.* SpinCo, SPGI and the members of their respective Groups shall discharge their obligations under *‎*Section 11(a) or *‎*Section 11(b) hereof, respectively, by paying the relevant amount in accordance with *‎*Section 12, within thirty (30) Business Days of demand therefor or, to the extent such amount is required to be paid to a Taxing Authority prior to the expiration of such thirty (30) Business Days, at least ten (10) Business Days prior to the date by which the demanding Party is required to pay the related Tax liability. Any such demand shall include a statement showing the amount due under *‎*Section 11(a) or *‎*Section 11(b), as the case may be. Notwithstanding the foregoing, if any member of the SpinCo Group or any member of the SPGI Group disputes in good faith the fact or the amount of its obligation under *‎*Section 11(a) or *‎*Section 11(b), then no payment of the amount in dispute shall be required until any such good faith dispute is resolved in accordance with *‎*Section 23 hereof; *provided*, *however,* that any amount not paid within thirty (30) Business Days of demand therefor shall bear interest as provided in *‎*Section 12.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Tax Gross Up.* If, notwithstanding the manner in which payments described in *‎*Section 12 were reported, there is an adjustment to the Tax liability of a Company as a result of its receipt of a payment pursuant to this Agreement or the Separation Agreement, such payment shall be appropriately increased so that the amount of such payment, reduced by the amount of all Taxes payable with respect to the receipt thereof, shall equal the amount of the payment which the Company receiving such payment would otherwise be entitled to receive. For purposes of this *‎*Section 11, the amount of any Taxes payable with respect to the receipt of a payment pursuant to this Agreement or the Separation Agreement shall be calculated by assuming that the recipient or the Group of which it is a member, as applicable, (i) pays Tax at the highest marginal corporate Tax rates in effect in each relevant taxable year and (ii) has no Tax Attributes in any relevant taxable year.

Section 12. *Payments*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Timing.* All payments to be made under this Agreement (excluding, for the avoidance of doubt, any payments to a Taxing Authority described herein) shall be made in immediately available funds. Except as otherwise provided herein, all such payments will be due thirty (30) Business Days after the receipt of notice of such payment or, where no notice is required, thirty (30) Business Days after the fixing of liability in respect of which such payment is to be made (the "**Due Date**"), and where notice is required, the Party providing notice shall include with such notice supporting documentation in reasonable detail substantiating the amount of the payment and the calculation of such amount. Payments shall be deemed made when received. Any payment that is not made on or before the Due Date shall bear interest at a rate of 12% per annum, compounded monthly, for the period from and including the date immediately following the Due Date through and including the date of payment. With respect to any payment required to be made under this Agreement, SPGI shall make such payment directly to SpinCo and SpinCo shall make such payment directly to SPGI; *provided*, *however*, SPGI shall have the right to designate, by written notice to SpinCo, which member of the SPGI Group will make or receive such payment, and vice versa (unless such designation will result in unreimbursed costs for the non-designating Party that cannot be mitigated with commercially reasonable efforts); and *provided, further,* that if SPGI determines, in its sole discretion, that an alternative payment procedure (which may include, without limitation, funding into an escrow account, making payments directly to the relevant ultimate recipient or designating the specific payor and/or payee within the SPGI Group or the SpinCo Group, as the case may be, but may not include any change to the amount owed) is necessary or helpful to preserve the intended tax treatment, as reasonably determined by SPGI, of any payment to be made pursuant to this Agreement, the Separation Agreement or any other Distribution Document, SpinCo shall cooperate in adopting such payment procedure upon notice from SPGI. All indemnification payments shall be treated in the manner described in *‎*Section 12(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Treatment of Payments.* Except as otherwise reasonably determined by SPGI, to the extent permitted by Applicable Tax Law, any payment made by SPGI or any member of the SPGI Group to SpinCo or any member of the SpinCo Group, or by SpinCo or any member of the SpinCo Group to SPGI or any member of the SPGI Group, pursuant to this Agreement, the Separation Agreement or any other Distribution Document that relates to Taxable periods (or portions thereof) ending on or before the Distribution Date shall be treated by the Parties for all Tax purposes as a distribution by SpinCo to SPGI, or a capital contribution from SPGI to SpinCo, as the case may be, or as the payment of an assumed or retained liability, where appropriate; *provided*, *however*, that notwithstanding anything to the contrary in this *‎*Section 12(b), any payment made pursuant to Section 2.09(c) of the Separation Agreement shall instead be treated as if the Party required to make a payment of received amounts had received such amounts as agent for the other Party; *provided further* that any payment made pursuant to (i) Section 3.03 of the Transition Services Agreement and (ii) other commercial arrangements, if any, between members of the SPGI Group, on the one hand, and members of the SpinCo Group, on the other hand, that will continue to be in effect following the Distribution Date shall instead be treated as a payment for services or as required in light of the nature of such commercial arrangements. SPGI and SpinCo shall, and shall cause their Affiliates to, use commercially reasonable efforts to cooperate and take reasonable actions to minimize any Tax liability in connection with a payment under this *‎*Section 12(b). In the event that a Taxing Authority asserts that a Party's treatment of a payment described in this *‎*Section 12(b) should be other than as required herein, such Party shall use its reasonable best efforts to contest such assertion in a manner consistent with *‎*Section 15 of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *No Duplicative Payment.* It is intended that the provisions of this Agreement shall not result in a duplicative payment of any amount required to be paid under the Separation Agreement or any other Distribution Document, and this Agreement shall be construed accordingly.

Section 13. *Performance*. Each Party shall cause to be performed, and shall guarantee the performance of, all actions, agreements and obligations set forth herein to be performed by any member of such Party's Group.

Section 14. *Communication and Cooperation*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Consult and Cooperate.* SPGI and SpinCo shall consult and cooperate (and shall cause each other member of their respective Groups to consult and cooperate) fully at such time and to the extent reasonably requested by the other Party in connection with all matters subject to this Agreement. Such cooperation shall include, without limitation:

&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 retention, and provision on reasonable request, of any and all information including all books, records, documentation or other information pertaining to Tax matters relating to the SpinCo Group (or, in the case of any Tax Return of the SPGI Group, the portion of such return that relates to Taxes for which the SpinCo Group may be liable pursuant to this Agreement), any necessary explanations of information, and access to personnel, until one year after the expiration of the applicable statute of limitation (giving effect to any extension, waiver or mitigation 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;(ii) the execution of any document that may be necessary (including to give effect to ‎Section 15) or helpful in connection with any required Tax Return or in connection with any audit, proceeding, suit or action;

&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 use of the parties' commercially reasonable efforts to obtain any documentation from a Governmental Authority or a Third Party that may be necessary or helpful in connection with the foregoing; and

&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 actions set forth in Schedule D.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Provide Information.* Except as set forth in *‎*Section 15, SPGI and SpinCo shall keep each other reasonably informed with respect to any material development relating to the matters subject to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *Tax Attribute Matters.* SPGI and SpinCo shall promptly advise each other with respect to any proposed Tax adjustments that are the subject of an audit or investigation, or are the subject of any proceeding or litigation, and that may affect any Tax liability or any Tax Attribute (including, but not limited to, basis in an asset or the amount of earnings and profits) of any member of the SpinCo Group or any member of the SPGI Group, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *Confidentiality and Privileged Information.* Any information or documents provided under this Agreement shall be kept confidential by the Party receiving the information or documents in accordance with the confidential provisions in the Separation Agreement, except as may otherwise be necessary in connection with the filing of required Tax Returns or in connection with any audit, proceeding, suit or action. Without limiting the foregoing (and notwithstanding any other provision of this Agreement or any other agreement), (i) no member of the SPGI Group or SpinCo Group, respectively, shall be required to provide any member of the SpinCo Group or SPGI Group, respectively, or any other Person access to or copies of any information or procedures other than information or procedures that relate solely to SpinCo, the SpinCo Group, the SpinCo Business or the SpinCo Assets, or matters for which SpinCo or SPGI Group, respectively, has an obligation to indemnify under this Agreement, and (ii) in no event shall any member of the SPGI Group or the SpinCo Group, respectively, be required to provide any member of the SpinCo Group or SPGI Group, respectively, or any other Person access to or copies of any information if such action could reasonably be expected to result in the waiver of any Privilege (taking into account Section 4.08 of the Separation Agreement).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) *Compliance*. In the event that SPGI or SpinCo, respectively, determines that compliance with its obligations under this Section 14 (including the provision of any information to any member of the SpinCo Group or SPGI Group, respectively) could be commercially detrimental or violate any law or agreement to which SPGI or SpinCo (or members of their respective Groups) is bound, it shall promptly provide notice to SpinCo or SPGI, as applicable, and the Parties shall use commercially reasonable efforts to permit compliance with its obligations under this Section 14 in a manner that avoids any such harm or consequence.

Section 15. *Audits and Contests*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Notice.* Each of SPGI or SpinCo shall promptly notify the other Party in writing upon the receipt of any notice of Tax Proceeding from the relevant Taxing Authority or upon becoming aware of an actual or potential Tax Proceeding by a Taxing Authority that may affect the liability of any member of the SpinCo Group or the SPGI Group, respectively, for Taxes under Applicable Law or this Agreement; *provided* that an Indemnified Party's right to indemnification under this Agreement shall not be limited in any way by a failure to so notify, except to the extent that the Indemnifying Party is prejudiced by such failure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *SPGI Control.* Notwithstanding anything in this Agreement to the contrary but subject to *‎*Section 15(d), SPGI shall have the right to control all matters relating to Separation Taxes, any SPGI Separate Tax Return and any other Tax Return, or any Tax Proceeding, with respect to any Tax matters of a Combined Group or any member of a Combined Group (as such). SPGI shall have absolute discretion with respect to any decisions to be made, or the nature of any action to be taken, with respect to any Tax matter described in the preceding sentence; *provided*, *however*, that to the extent that any Tax Proceeding relating to such a Tax matter is reasonably likely to give rise to an indemnity obligation of SpinCo under *‎*Section 11 hereof, (i) SPGI shall keep SpinCo informed of all material developments and events relating to any such Tax Proceeding described in this proviso and (ii) at its own cost and expense, SpinCo shall have the right to participate in (but not to control) the defense of any such Tax Proceeding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) *SpinCo Assumption of Control with Respect to Non-Separation Taxes.* If the resolution of any matter pursuant to a Tax Proceeding described in *‎*Section 15(b) (other than a Tax Proceeding relating to Separation Taxes) is reasonably likely to have an adverse effect on the SpinCo Group with respect to any Post-Distribution Period, SPGI, in its sole discretion, may permit SpinCo to elect to assume control over the conduct of such matter at SpinCo's sole cost and expense; *provided*, *however*, that if SpinCo so elects, it will (i) be responsible for the payment of any liability arising from the disposition of such matter notwithstanding any other provision of this Agreement to the contrary and (ii) indemnify the SPGI Group for the creation of or any increase in any liability, and any reduction of a Tax asset, of the SPGI Group arising from such matter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) *SpinCo Control.* SpinCo shall have the right to control any Tax Proceeding relating to SpinCo Separate Tax Returns, *provided* that to the extent that any Tax Proceeding relating to such a Tax matter is reasonably likely to give rise to an indemnity obligation of SPGI under *‎‎*Section 11 hereof or a Tax Refund or Tax Benefit to which SPGI in entitled pursuant to *‎*Section 8 hereof, (i) SpinCo shall keep SPGI informed of all material developments and events relating to any such Tax Proceeding, (ii) at its own cost and expense, SPGI shall have the right to participate in (but not to control) the defense of any such Tax Proceeding, (iii) SpinCo shall not settle or compromise any such Tax Proceedings described in this proviso without SPGI's prior written consent, which consent shall not be unreasonably withheld, conditioned or delayed, (iv) SpinCo shall prosecute all elements of such Tax Proceeding, including by making commercially reasonable efforts to minimize any Tax liability and maximize any Tax Refund or Tax Benefit at issue in such Tax Proceeding, irrespective of the Party liable for such liability or entitled to such Tax Refund or Tax Benefit; and (v) in the event SpinCo is not complying with its obligations pursuant to *‎*Section 15(d)(iv), SPGI shall have the right to assume control of such Tax Proceeding and SpinCo shall cooperate in all respects to facilitate such assumption of control and the subsequent prosecution of such Tax Proceeding (and, in such event, SpinCo shall have the rights set forth in this proviso that SPGI had prior to such assumption of control by SPGI, mutatis mutandis).

Section 16. *Notices*. Any notice, instruction, direction or demand under the terms of this Agreement required to be in writing shall be duly given upon delivery, if delivered by hand, mail, or email transmission to the following addresses:

If to SPGI or the SPGI Group to:

S&P Global Inc.

55 Water Street

New York, New York 10041

Attn: [\*\*\*]

Email: [\*\*\*]

with a copy to:

S&P Global Inc.

55 Water Street

New York, New York 10041

Attn: [\*\*\*]

Email: [\*\*\*]

Davis Polk & Wardwell LLP

450 Lexington Avenue

New York, New York 10017

Attn: [\*\*\*]

Email: [\*\*\*]

If to SpinCo or the SpinCo Group to:

Mobility Global Inc.

5860 Trinity Parkway, Suite 600

Centreville, Virginia 20120

Attn: [\*\*\*]

Email: [\*\*\*]

with a copy to:

Mobility Global Inc.

5860 Trinity Parkway, Suite 600

Centreville, Virginia 20120

Attn: [\*\*\*]

Email: [\*\*\*]

or such other address as such Party may hereafter specify for the purpose by notice to the other Party. All such notices, requests and other communications shall be deemed received on the date of receipt by the recipient thereof if received prior to 5:00 p.m. in the place of receipt and such day is a business day in the place of receipt. Otherwise, any such notice, request or communication shall be deemed not to have been received until the next succeeding Business Day in the place of receipt.

Section 17. *Costs and Expenses*. The Party that prepares any Tax Return shall bear the costs and expenses incurred in the preparation of such Tax Return. Except as expressly set forth in this Agreement or the Separation Agreement, (i) each Party shall bear the costs and expenses incurred pursuant to this Agreement to the extent the costs and expenses are directly allocable to a liability or obligation allocated to such Party and (ii) to the extent a cost or expense is not directly allocable to a liability or obligation, it shall be borne by the Party incurring such cost or expense. For purposes of this Agreement, costs and expenses shall include, but not be limited to, reasonable attorneys' fees, accountants' fees and other related professional fees and disbursements.

Section 18. *Effectiveness; Termination and Survival*. Except as expressly set forth in this Agreement, as between SPGI and SpinCo, this Agreement shall become effective upon the consummation of the Distribution. All rights and obligations arising hereunder shall survive until they are fully effectuated or performed; *provided* that, notwithstanding anything in this Agreement to the contrary, this Agreement shall remain in effect and its provisions shall survive for one year after the full period of all applicable statutes of limitation (giving effect to any extension, waiver or mitigation thereof) and, with respect to any claim hereunder initiated prior to the end of such period, until such claim has been satisfied or otherwise resolved. This Agreement shall terminate without any further action at any time before the Distribution upon termination of the Separation Agreement.

Section 19. *Specific Performance*. Each Party to this Agreement acknowledges and agrees that damages for a breach or threatened breach of any of the provisions of this Agreement would be inadequate and irreparable harm would occur. In recognition of this fact, each Party agrees that, if there is a breach or threatened breach, in addition to any and all other rights and remedies at law or in equity, the other nonbreaching Party to this Agreement, without posting any bond, shall be entitled to seek equitable relief in the form of specific performance, temporary restraining order, temporary or permanent injunction, attachment, or any other equitable remedy that may then be available to obligate the breaching Party (i) to perform its obligations under this Agreement or (ii) if the breaching Party is unable, for whatever reason, to perform those obligations, to take any other actions as are necessary, advisable or appropriate to give the other Party to this Agreement the economic effect which comes as close as possible to the performance of those obligations (including transferring, or granting liens on, the assets of the breaching Party to secure the performance by the breaching Party of those obligations).

Section 20. *Entire Agreement; Amendments and Waivers*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) *Entire Agreement.*

&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) This Agreement and the other Distribution Documents constitute the entire understanding of the Parties with respect to the subject matter hereof and thereof and supersede all prior agreements, understandings and negotiations, both written and oral, between the Parties with respect to the subject matter hereof and thereof. No representation, inducement, promise, understanding, condition or warranty not set forth or incorporated by reference herein or in the other Distribution Documents has been made or relied upon by any Party or any member of their Group with respect to the transactions contemplated by the Distribution Documents. This Agreement is an "**Ancillary Agreement**" as such term is defined in the Separation Agreement and shall be interpreted in accordance with the terms of the Separation Agreement in all respects, *provided* that in the event of any conflict or inconsistency between the terms of this Agreement, the Separation Agreement or any other Distribution Document, the terms of this Agreement shall control in all respects.

&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 PARTIES ACKNOWLEDGE AND AGREE THAT NO REPRESENTATION, WARRANTY, PROMISE, INDUCEMENT, UNDERSTANDING, COVENANT OR AGREEMENT HAS BEEN MADE OR RELIED UPON BY ANY PARTY OTHER THAN THOSE EXPRESSLY SET FORTH OR INCORPORATED BY REFERENCE IN THIS AGREEMENT AND IN THE OTHER DISTRIBUTION DOCUMENTS. WITHOUT LIMITING THE GENERALITY OF THE DISCLAIMER SET FORTH IN THE PRECEDING SENTENCE, NEITHER SPGI NOR ANY OF ITS AFFILIATES HAS MADE OR SHALL BE DEEMED TO HAVE MADE ANY REPRESENTATIONS OR WARRANTIES IN ANY PRESENTATION OR WRITTEN INFORMATION RELATING TO THE SPINCO BUSINESS GIVEN OR TO BE GIVEN IN CONNECTION WITH THE CONTEMPLATED TRANSACTIONS OR IN ANY FILING MADE OR TO BE MADE BY OR ON BEHALF OF SPGI OR ANY OF ITS AFFILIATES WITH ANY GOVERNMENTAL AUTHORITY, AND NO STATEMENT MADE IN ANY SUCH PRESENTATION OR WRITTEN MATERIALS (OTHER THAN IN THE TAX MATERIALS), MADE IN ANY SUCH FILING OR CONTAINED IN ANY SUCH OTHER INFORMATION SHALL BE DEEMED A REPRESENTATION OR WARRANTY HEREUNDER OR OTHERWISE EXCEPT AS EXPRESSLY INCORPORATED BY REFERENCE. SPINCO ACKNOWLEDGES THAT SPGI HAS INFORMED IT THAT NO PERSON HAS BEEN AUTHORIZED BY SPGI OR ANY OF ITS AFFILIATES TO MAKE ANY REPRESENTATION OR WARRANTY IN RESPECT OF THE SPINCO BUSINESS OR IN CONNECTION WITH THE CONTEMPLATED TRANSACTIONS, UNLESS IN WRITING AND CONTAINED OR INCORPORATED BY REFERENCE IN THIS AGREEMENT OR IN ANY OF THE OTHER DISTRIBUTION DOCUMENTS TO WHICH THEY ARE A PARTY.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) *Amendments and Waivers.*

&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) Any provision of this Agreement may be amended or waived if, and only if, such amendment or waiver is in writing and is signed, in the case of an amendment, by SPGI and SpinCo, or in the case of a waiver, by the Party against whom the waiver is to be effective.

&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) No failure or delay by any Party (or the applicable member of such Party's Group) in exercising any right, power or privilege hereunder shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege. The rights and remedies herein provided shall be cumulative and not exclusive of any rights or remedies provided by Applicable Law.

Section 21. *Governing Law*. This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware, without regard to the conflicts of law rules of such state.

Section 22. *WAIVER OF JURY TRIAL*. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

Section 23. *Dispute Resolution*. In the event of any dispute relating to this Agreement, the Parties shall work together in good faith to resolve such dispute within thirty (30) days. In the event that such dispute is not resolved, upon written notice by a Party after such thirty (30)-day period, the matter shall be referred to a U.S. Tax counsel or accountant of recognized national standing (the "**Tax Arbiter**") that will be jointly chosen by SPGI and SpinCo; *provided*, *however*, that, if SPGI and SpinCo do not agree on the selection of the Tax Arbiter after five (5) days of good faith negotiation, the Tax Arbiter shall consist of a panel of three U.S. Tax counsel or other Tax advisors of recognized national standing with one member chosen by SPGI, one member chosen by SpinCo, and a third member chosen by mutual agreement of the other members within the following ten (10)-day period. Each decision of a panel Tax Arbiter shall be made by majority vote of the members. The Tax Arbiter may, in its discretion, obtain the services of any Third Party necessary to assist it in resolving the dispute. The Tax Arbiter shall furnish written notice to the Parties to the dispute of its resolution of the dispute as soon as practicable, but in any event no later than ninety (90) days after acceptance of the matter for resolution. Any such resolution by the Tax Arbiter shall be binding on the Parties, and the Parties shall take, or cause to be taken, any action necessary to implement such resolution. All fees and expenses of the Tax Arbiter shall be shared equally by the Parties to the dispute.

Section 24. *Counterparts; Effectiveness; Third-Party Beneficiaries*. This Agreement may be signed in any number of counterparts (which may include counterparts delivered by any standard form of telecommunication), each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument. The words "execution," "signed," "signature," and words of like import in this Agreement or in any other certificate, agreement or document related to this Agreement shall include images of manually executed signatures transmitted by any electronic format (including "pdf," "tif" or "jpg") and other electronic signatures (including DocuSign and AdobeSign). The use of electronic signatures and electronic records (including any contract or other record created, generated, sent, communicated, received, or stored by electronic means) shall be of the same legal effect, validity and enforceability as a manually executed signature or use of a paper-based recordkeeping system to the fullest extent permitted by Applicable Law. This Agreement shall become effective when each Party shall have received a counterpart hereof signed by the other Party. Until and unless each Party has received a counterpart hereof signed by the other Party, this Agreement shall have no effect and no Party shall have any right or obligation hereunder (whether by virtue of any other oral or written agreement or other communication). Except for *‎*Section 14(d) and the indemnification and release provisions of *‎*Section 11, neither this Agreement nor any provision hereof is intended to confer any rights, benefits, remedies, obligations, or liabilities hereunder upon any Person other than the Parties and their respective successors and permitted assigns.

Section 25. *Successors and Assigns*. The provisions of this Agreement shall be binding upon and inure to the benefit of the Parties and their respective successors and permitted assigns; *provided* that neither Party may assign, delegate or otherwise transfer any of its rights or obligations under this Agreement without the consent of the other Party. If any Party or any of its successors or permitted assigns (i) shall consolidate with or merge into any other Person and shall not be the continuing or surviving corporation or entity of such consolidation or merger or (ii) shall transfer all or substantially all of its properties and assets to any Person, then, and in each such case, proper provisions shall be made so that the successors and assigns of such Party shall assume all of the obligations of such Party under the Distribution Documents.

Section 26. *Authorization*. Each of SPGI and SpinCo hereby represents and warrants that it has the power and authority to execute, deliver and perform this Agreement, on its behalf and on behalf of each member of its Group, that this Agreement has been duly authorized by all necessary corporate action on the part of such Party and each member of its Group, that this Agreement constitutes a legal, valid and binding obligation of each such Party and each member of its Group, and that the execution, delivery and performance of this Agreement by such Party and each member of its Group does not contravene or conflict with any provision or law or of its charter or bylaws or any agreement, instrument or order binding on such Party or member of its Group.

Section 27. *Change in Tax Law*. Any reference to a provision of the Code, Treasury Regulations or any other Applicable Tax Law shall include a reference to any applicable successor provision of the Code, Treasury Regulations or other Applicable Tax Law.

Section 28. *Further Action*. The Parties shall execute and deliver all documents, provide all information, and take or refrain from taking action as may be necessary or appropriate to achieve the purposes of this Agreement, including the execution and delivery to the other Parties and their Affiliates and representatives of such powers of attorney or other authorizing documentation as is reasonably necessary or appropriate in connection with Tax Proceedings (or portions thereof) under the control of such other Party or its Affiliates in accordance with Section 15.

Section 29. *Local Transfer Agreement Purchase Price Adjustments*. Upon request of SPGI, SpinCo shall cause a SpinCo Group member that is a party to a Local Transfer Agreement to agree to adjust the Purchase Price (as defined in the applicable Local Transfer Agreement) (a "**Purchase Price Adjustment**"). In the event a Purchase Price Adjustment is to be made, SPGI shall have the right in its good faith discretion to determine (A) the type, timing and amount of any adjustments, actions or transactions, including any payments, to be made between the parties of the applicable Local Transfer Agreement (the "**Local Transfer Agreement Parties**"), and (B) as between any member of the SPGI Group and any member of the SpinCo Group, the type, timing and amount of any adjustments, actions or transactions, including any payments, relating to or arising from the Purchase Price Adjustment that may be necessary or appropriate to put the Local Transfer Agreement Parties in approximately the same economic position as they would have been in had the original purchase price taken into account the Purchase Price Adjustment. SpinCo shall take, or cause the relevant members of the SpinCo Group to take, such actions that SPGI determines are necessary or appropriate to implement any determination made by SPGI pursuant to this Section 29.

[SIGNATURE PAGE FOLLOWS]

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

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| | |
|:---|:---|
| **S&P GLOBAL INC.** | **S&P GLOBAL INC.** |
| By: |  |
|  | Name: |
|  | Title: |

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[SIGNATURE PAGE TO TAX MATTERS AGREEMENT]

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| | |
|:---|:---|
| **MOBILITY GLOBAL INC.** | **MOBILITY GLOBAL INC.** |
| By: |  |
|  | Name: |
|  | Title: |

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[SIGNATURE PAGE TO TAX MATTERS AGREEMENT]

## Exhibit 10.3

**Exhibit 10.3**

Certain schedules and exhibits to this agreement have been omitted pursuant to Item 601(a)(5) of Regulation S-K. A copy of any omitted schedule and/or exhibit will be furnished supplementally to the SEC upon request.

**EMPLOYEE MATTERS AGREEMENT**

by and between

S&P GLOBAL INC.

and

MOBILITY GLOBAL INC.

Dated as of [●], 2026

**TABLE OF CONTENTS**

<u>Page</u>

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| | | |
|:---|:---|:---|
| Article 1 | Article 1 | Article 1 |
| Definitions | Definitions | Definitions |
| Section 1.01. | Definitions | 1 |
| Section 1.02. | Other Definitional and Interpretive Provisions | 7 |
| Article 2 | Article 2 | Article 2 |
| General Allocation of Liabilities; Indemnification | General Allocation of Liabilities; Indemnification | General Allocation of Liabilities; Indemnification |
| Section 2.01. | Allocation of Employee-Related Liabilities | 8 |
| Section 2.02. | Indemnification | 9 |
| Section 2.03. | No Duplicate Reimbursements | 9 |
| Article 3 | Article 3 | Article 3 |
| Employees; Employee Agreements | Employees; Employee Agreements | Employees; Employee Agreements |
| Section 3.01. | Transfers of Employment | 9 |
| Section 3.02. | Transfer of Delayed Transfer SpinCo Employees | 9 |
| Section 3.03. | Employee Agreements | 10 |
| Section 3.04. | Assignment of Specified Rights | 11 |
| Section 3.05. | Sponsored SpinCo Employees | 11 |
| Section 3.06. | Termination-Related Liabilities | 11 |
| Article 4 | Article 4 | Article 4 |
| Plans | Plans | Plans |
| Section 4.01. | General; Plan Participation | 12 |
| Section 4.02. | Service Credit | 13 |
| Section 4.03. | SpinCo EOR Plans | 14 |
| Article 5 | Article 5 | Article 5 |
| Retirement Plans and Deferred Compensation Plans | Retirement Plans and Deferred Compensation Plans | Retirement Plans and Deferred Compensation Plans |
| Section 5.01. | 401(k) Plan | 14 |
| Section 5.02. | Non-U.S. Defined Contribution Plans | 16 |
| Section 5.03. | Non-Qualified Deferred Compensation Plans | 16 |
| Section 5.04. | Indian Gratuity | 16 |
| Article 6 | Article 6 | Article 6 |
| Health and Welfare Benefit Plans; Paid Time Off | Health and Welfare Benefit Plans; Paid Time Off | Health and Welfare Benefit Plans; Paid Time Off |
| Section 6.01. | Health and Welfare Benefit Plans | 16 |
| Section 6.02. | Health and Welfare Benefit Plan Claims | 17 |
| Section 6.03. | Flexible Spending Accounts | 18 |

---

i

---

| | | |
|:---|:---|:---|
| Section 6.04. | Workers' Compensation Liabilities | 18 |
| Section 6.05. | Paid Time Off | 18 |
| Section 6.06. | COBRA | 18 |
| Article 7 | Article 7 | Article 7 |
| Cash Incentive Compensation; Long-Term Cash Awards | Cash Incentive Compensation; Long-Term Cash Awards | Cash Incentive Compensation; Long-Term Cash Awards |
| Section 7.01. | Annual Cash Bonuses | 19 |
| Section 7.02. | Commission Plans | 19 |
| Section 7.03. | Long-Term Cash Awards | 19 |
| Section 7.04. | Other Bonus Arrangements | 19 |
| Article 8 | Article 8 | Article 8 |
| Treatment of Outstanding Equity Incentive Awards | Treatment of Outstanding Equity Incentive Awards | Treatment of Outstanding Equity Incentive Awards |
| Section 8.01. | Restricted Stock Units | 19 |
| Section 8.02. | Performance Share Units | 20 |
| Section 8.03. | Deferred Stock Units | 21 |
| Section 8.04. | Stock Options | 21 |
| Section 8.05. | Miscellaneous Terms and Actions; Tax Reporting and Withholding | 21 |
| Article 9 | Article 9 | Article 9 |
| Personnel Records; Payroll and Tax Withholding | Personnel Records; Payroll and Tax Withholding | Personnel Records; Payroll and Tax Withholding |
| Section 9.01. | Personnel Records | 24 |
| Section 9.02. | Payroll; Tax Reporting and Withholding | 24 |
| Article 10 | Article 10 | Article 10 |
| Non-U.S. Employees and Employee Plans | Non-U.S. Employees and Employee Plans | Non-U.S. Employees and Employee Plans |
| Section 10.01. | Special Provisions for Employees and Employee Plans Outside of the United States | 25 |
| Article 11 | Article 11 | Article 11 |
| Delayed Transfer SpinCo Employees | Delayed Transfer SpinCo Employees | Delayed Transfer SpinCo Employees |
| Section 11.01. | General Principles | 25 |
| Section 11.02. | 401(k)Plan | 26 |
| Section 11.03. | Health and Welfare Benefit Plans | 26 |

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| | | |
|:---|:---|:---|
| Article 12 | Article 12 | Article 12 |
| Restrictive Covenants | Restrictive Covenants | Restrictive Covenants |
| Section 12.01. | Non-Solicitation of Employees; Cooperation | 27 |

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ii

---

| | | |
|:---|:---|:---|
| Article 13 | Article 13 | Article 13 |
| General and Administrative | General and Administrative | General and Administrative |
| Section 13.01. | Sharing of Participant Information | 27 |
| Section 13.02. | Cooperation | 27 |
| Section 13.03. | Vendor Contracts | 28 |
| Section 13.04. | Data Privacy | 28 |
| Section 13.05. | Notices of Certain Events | 28 |
| Section 13.06. | No Third-Party Beneficiaries | 28 |
| Section 13.07. | Fiduciary Matters | 29 |
| Section 13.08. | Consent of Third Parties | 29 |
| Section 13.09. | Section 409A | 29 |
| Article 14 | Article 14 | Article 14 |
| Miscellaneous | Miscellaneous | Miscellaneous |
| Section 14.01. | General | 29 |

---

**<u>SCHEDULES</u>**

---

| | |
|:---|:---|
| <u>Schedule I</u> | Benefits Commencement Date by Jurisdiction |
| <u>Schedule II</u> | Employee Transfer Mechanics by Jurisdiction |
| <u>Schedule III</u> | SpinCo Plans |
| <u>Schedule IV</u> | SpinCo Employee Individual Arrangements |
| <u>Schedule V</u> | Treatment of SpinCo Employee Paid Time Off |

---

iii

**EMPLOYEE MATTERS AGREEMENT**

EMPLOYEE MATTERS AGREEMENT, dated as of [●], 2026 (as the same may be amended from time to time in accordance with its terms and together with the schedules and exhibits hereto, this "**Agreement**") between S&P Global Inc., a New York corporation ("**SPGI**"), and Mobility Global Inc., a Delaware corporation ("**SpinCo**") (each, a "**Party**" and together, the "**Parties**").

**W I T N E S S E T H:**

WHEREAS, the Board of Directors of SPGI (the "**SPGI Board**") has determined that it is in the best interests of SPGI and its shareholders to separate the SpinCo Business from the SPGI Business;

WHEREAS, SPGI and SpinCo have entered into a Separation and Distribution Agreement, dated as of [●], 2026 (the "**Separation Agreement**"), pursuant to which the Contribution, the Distribution and other related transactions contemplated thereby will be consummated;

WHEREAS, SpinCo is a wholly owned Subsidiary of SPGI that has been incorporated for the sole purpose of, and has not engaged in activities except in preparation for, the separation of the SpinCo Business from the SPGI Business, the Contribution, the Distribution and other transactions contemplated by this Agreement, the Separation Agreement and the other Ancillary Agreements;

WHEREAS, the Parties desire to set forth their agreement regarding the allocation between them of assets, Liabilities and responsibilities with respect to certain employee matters, including employee compensation and benefit plans and programs; and

WHEREAS, the Parties have agreed that, except as otherwise expressly provided herein, the general approach and philosophy underlying this Agreement is to (a) allocate assets, Liabilities and responsibilities to the SpinCo Group (as opposed to the SPGI Group) to the extent they relate to current, former or future employees, directors and other service providers primarily related to the SpinCo Business and (b) allocate assets, Liabilities and responsibilities (other than those described in clause (a) above) to the SPGI Group (as opposed to the SpinCo Group).

NOW, THEREFORE, in consideration of the mutual covenants and agreements contained in this Agreement, the Parties hereby agree as follows:

Article 1<br> Definitions

Section 1.01. *Definitions.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) For purposes of this Agreement, the following terms shall have the following meanings:

"**Applicable Privacy Law**" means all Applicable Law relating to data privacy, data protection, cybersecurity and/or the processing of Personal Information, including the California Consumer Privacy Act of 2018, the EU 2016/679 General Data Protection Regulation and the equivalent thereof under the laws of the United Kingdom.

"**Applicable Privacy Requirements**" means all (i) Applicable Privacy Laws and (ii) internal and external policies and procedures, binding industry standards and restrictions and requirements contained in any applicable binding contract, in each case, under this clause (ii), relating to data privacy, data protection, cybersecurity and/or the processing of Personal Information.

"**Benefits Commencement Date**" means the relevant date set forth by jurisdiction on <u>Schedule I</u>, or such other date as mutually agreed between the Parties.

"**COBRA**" means the continuation coverage requirements for "group health plans" under Title X of the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended, and as codified in Section 4980B of the Code and Sections 601 through 608 of ERISA.

"**Covered SPGI Service Provider**" means any SPGI Employee or SPGI Director.

"**Covered SpinCo Service Provider**" means any SpinCo Employee or a member of the SpinCo Board.

"**Delayed Transfer Date**" means, with respect to any Delayed Transfer SpinCo Employee, the applicable date he or she commences employment with a member of the SpinCo Group.

"**Delayed Transfer SpinCo Employee**" means each (i) Sponsored SpinCo Employee whose employment terminates from a member of the SPGI Group and who transfers to, and commences employment with, a member of the SpinCo Group following the Employment Transfer Date in accordance with the terms of this Agreement, (ii) with the exception of SpinCo Employees who are automatically transferred pursuant to the applicable Transfer Regulations, each SpinCo Inactive Employee who is on long-term disability or other approved leave as of the Employment Transfer Date and returns to active service with a member of the SpinCo Group following the Employment Transfer Date in accordance with the terms of this Agreement and (iii) other SpinCo Employee who, upon mutual agreement of the Parties, terminates from a member of the SPGI Group and who transfers to, and commences employment with, a member of the SpinCo Group following the Employment Transfer Date (whether in connection with any other Ancillary Agreement or otherwise). For the avoidance of doubt, (i) a New SpinCo Employee shall not constitute a Delayed Transfer SpinCo Employee and (ii) a SpinCo Employee who is on short-term disability shall not constitute a Delayed Transfer SpinCo Employee.

"**Employee Plan**" means any (i) "employee benefit plan" as defined in Section 3(3) of ERISA, (ii) compensation, employment, consulting, severance, termination protection, change in control, transaction bonus, retention or similar plan, agreement, arrangement, program or policy or (iii) other plan, agreement, arrangement, program or policy providing for compensation, deferred compensation, bonuses, profit-sharing, equity or equity-based compensation or other forms of incentive compensation, vacation benefits, insurance (including any self-insured arrangement), medical, dental, vision, prescription or fringe benefits, life insurance, relocation or expatriate benefits, perquisites, disability or sick leave benefits, employee assistance program, supplemental unemployment benefits or post-employment or retirement benefits (including compensation, pension, health, medical or insurance benefits), in each case whether or not written.

"**Employment Transfer Date**" means the relevant date set forth by jurisdiction on <u>Schedule II</u>, or such other date as mutually agreed between the Parties.

"**ERISA**" means the Employee Retirement Income Security Act of 1974, as amended.

"**Former SPGI Employee**" means each individual who, as of the Employment Transfer Date, is a former employee of any member of the SPGI Group or SpinCo Group (other than any SpinCo Employee or Former SpinCo Employee). For the avoidance of doubt, a Delayed Transfer SpinCo Employee shall not constitute a Former SPGI Employee.

"**Former SpinCo Employee**" means each individual who, as of the Employment Transfer Date, is a former employee who was last actively employed by any member of the SPGI Group or the SpinCo Group in a role that was primarily dedicated to the SpinCo Business. For the avoidance of doubt, a Delayed Transfer SpinCo Employee shall not constitute a Former SpinCo Employee.

"**Individual Retirement Account**" has the meaning set forth in Section 408 of the Code.

"**New SpinCo Employee**" means any employee externally hired by any member of the SpinCo Group with such employee's first day of employment on or after the Employment Transfer Date.

"**Non-U.S. SPGI Defined Contribution Plan**" means any SPGI Plan that is a defined contribution plan that provides benefits on retirement and such other benefits as are provided for under the plan, to Non-U.S. SPGI Participants.

"**Non-U.S. SPGI Participant**" means any SPGI Participant who is not a U.S. SPGI Participant.

"**Non-U.S. SpinCo Defined Contribution Plan**" means any SpinCo Plan that is a defined contribution plan that provides benefits on retirement and such other benefits as are provided for under the plan to Non-U.S. SpinCo Participants.

"**Non-U.S. SpinCo Participant**" means any SpinCo Participant who is not a U.S. SpinCo Participant.

"**Restricted Period**" means the period beginning on the Distribution Date and ending on the 18-month anniversary of the Distribution Date.

"**Section 409A**" means Section 409A of the Code and all regulations and guidance thereunder.

"**SPGI 401(k) Plan**" means the 401(k) Savings and Profit Sharing Plan for S&P Global Inc. and Its Subsidiaries and any related trust intended to be exempt under Section 501(a) of the Code.

"**SPGI Awards**" means, collectively, the SPGI Options, the SPGI RSUs, the SPGI PSUs and the SPGI DSUs.

"**SPGI Bonus Plan**" means any Employee Plan that is a cash bonus or cash incentive plan that is sponsored or maintained by any member of the SPGI Group.

"**SPGI Common Stock**" means the common stock, par value $1.00 per share, of SPGI.

"**SPGI Concentration Ratio**" means the quotient obtained by dividing (i) the SPGI Pre-Distribution Share Value by (ii) the SPGI Post-Distribution Share Value.

"**SPGI Director**" means a member of the SPGI Board.

"**SPGI DSU**" means each award of deferred stock units with respect to SPGI Common Stock granted under the S&P Global Inc. Director Deferred Stock Ownership Plan, as Amended and Restated effective May 1, 2024, and as may be amended from time to time.

"**SPGI Employee**" means each employee of a member of the SPGI Group or the SpinCo Group who, as of the Employment Transfer Date, is not a SpinCo Employee.

"**SPGI Equity Plans**" means, collectively, (i) the S&P Global Inc. 2002 Stock Incentive Plan (previously the McGraw Hill Financial, Inc. 2002 Stock Incentive Plan prior to the Company's name change on April 27, 2016), as amended and restated effective as of January 1, 2016, (ii) the S&P Global Inc. 2019 Stock Incentive Plan and (iii) the S&P Global Inc. Director Deferred Stock Ownership Plan, as Amended and Restated effective May 1, 2024, in each case, as may be amended from time to time.

"**SPGI FSA**" means any SPGI Plan that is a flexible spending account for health and dependent care expenses under Sections 125 and 129 of the Code.

"**SPGI H&W Plan**" means any SPGI Plan that is (i) an "employee welfare benefit plan" or "welfare plan" (as defined under Section 3(1) of ERISA) or (ii) a similar plan that is sponsored, maintained, administered, contributed to or entered into outside of the United States.

"**SPGI Option**" means each option to acquire SPGI Common Stock granted under the SPGI Equity Plan(s).

"**SPGI Participant**" means any individual who, as of the Employment Transfer Date, is an SPGI Employee and any beneficiary, dependent or alternate payee of such individual, as the context requires.

"**SPGI Plan**" means any Employee Plan (other than a SpinCo Plan) sponsored, maintained, administered, contributed to (or required to be contributed to) or entered into by a member of the SPGI Group or the SpinCo Group.

"**SPGI Post-Distribution Share Value**" means the one-day volume weighted average price of SPGI Common Stock on the New York Stock Exchange during the first trading day immediately following the Distribution Date (as traded on the "regular way" market) as reported by Bloomberg L.P. or any successor thereto.

"**SPGI Pre-Distribution Share Value**" means the one-day volume weighted average price of SPGI Common Stock on the New York Stock Exchange during the last trading day immediately prior to the Distribution Date (as traded on the "regular way" market) as reported by Bloomberg L.P. or any successor thereto.

"**SPGI PSU**" means each award of performance share units with respect to SPGI Common Stock granted under the SPGI Equity Plan(s).

"**SPGI RSU**" means each award of restricted stock units with respect to SPGI Common Stock granted under the SPGI Equity Plan(s).

"**SPGI Specified Rights**" means any and all rights to enjoy, benefit from or enforce any and all restrictive covenants, including covenants relating to non-disclosure, non-solicitation, non-competition, confidentiality or Intellectual Property Rights pursuant to any Employee Plan covering or with any SpinCo Employee, Former SpinCo Employee, SPGI Employee or Former SPGI Employee and to which any member of the SpinCo Group or SPGI Group is a party (other than SpinCo Specified Rights).

"**SpinCo 401(k) Plan**" means any SpinCo Plan that is a defined contribution plan intended to qualify under Section 401(a) of the Code and any related trust intended to be exempt under Section 501(a) of the Code, as may be amended from time to time.

"**SpinCo Board**" means the Board of Directors of SpinCo following the Distribution.

"**SpinCo Common Stock**" means the common stock, par value $0.01 per share, of SpinCo.

"**SpinCo Concentration Ratio**" means the quotient obtained by dividing (i) the SPGI Pre-Distribution Share Value by (ii) the SpinCo Post-Distribution Share Value.

"**SpinCo Employee**" means (i) as of the Employment Transfer Date, each individual who is (A) actively employed primarily with respect to the SpinCo Business by any member of the SPGI Group or the SpinCo Group or (B) a SpinCo Inactive Employee, (ii) as of the applicable Delayed Transfer Date, each individual who is a Delayed Transfer SpinCo Employee and (iii) each other individual who is designated as a SpinCo Employee based on mutual agreement by the Parties.

"**SpinCo EOR**" means a third party engaged by a member of the SpinCo Group as an employer of record.

"**SpinCo Garden Leave Employee**" means each SpinCo Employee who has not been terminated but is on, or has been notified in writing that such employee is being placed on, "garden leave" or any similar arrangement as of the Employment Transfer Date.

"**SpinCo H&W Plan**" means any SpinCo Plan that is (i) an "employee welfare benefit plan" or "welfare plan" (as defined under Section 3(1) of ERISA) or (ii) a similar plan that is sponsored, maintained, administered, contributed to or entered into outside of the United States, as may be amended from time to time.

"**SpinCo Inactive Employee**" means each SpinCo Employee who, as of the Employment Transfer Date, (i) is employed primarily with respect to the SpinCo Business by any member of the SPGI Group or the SpinCo Group and (ii) is on a leave of absence protected under the Family Medical Leave Act, the Uniformed Services Employment and Reemployment Rights Act or other Applicable Law and/or receiving long-term disability or other leave benefits under an SPGI H&W Plan. For the avoidance of doubt, any SpinCo Garden Leave Employee shall not be considered a SpinCo Inactive Employee.

"**SpinCo Participant**" means any individual who is a SpinCo Employee and any beneficiary, dependent or alternate payee of such individual, as the context requires.

"**SpinCo Plan**" means any Employee Plan (i) that is or was exclusively sponsored, maintained, administered, contributed to (or required to be contributed to) or entered into by any member of the SpinCo Group, whether before, as of or after the Distribution Date, (ii) that is exclusively for the benefit of SpinCo Employees or Former SpinCo Employees, (iii) for which Liabilities transfer to any member of the SpinCo Group under this Agreement or pursuant to Applicable Law as a result of the Contribution, the Distribution or any other transactions contemplated by this Agreement, the Separation Agreement or any other Ancillary Agreement, in each case as may be amended from time to time or (iv) that is set forth on <u>Schedule III</u>.

"**SpinCo Post-Distribution Share Value**" means the one-day volume weighted average price of SpinCo Common Stock on the New York Stock Exchange during the first trading day immediately following the Distribution Date (as traded on the "regular way" market) as reported by Bloomberg L.P. or any successor thereto.

"**SpinCo Specified Rights**" means any and all rights to enjoy, benefit from or enforce any and all restrictive covenants, including covenants relating to non-disclosure, non-solicitation, non-competition, confidentiality or Intellectual Property Rights, applicable or related, in whole or in part, to the SpinCo Business pursuant to any Employee Plan covering or with any SpinCo Employee or Former SpinCo Employee and to which any member of the SpinCo Group or SPGI Group is a party; *provided* that, with respect to any Intellectual Property Rights existing, conceived, created, developed or reduced to practice prior to the Employment Transfer Date, the foregoing rights to enjoy, benefit from or enforce any restrictive covenants related to Intellectual Property Rights is limited to those restrictive covenants related to Intellectual Property Rights included in the SpinCo Assets.

"**Sponsored SpinCo Employee**" means any SpinCo Employee working on a visa or work permit sponsored by a member of the SPGI Group as of the Distribution Date.

"**Transfer Regulations**" means the Acquired Rights Directive 2001/23 EC of the European Council dated 12 March 2001 and such applicable Law, agreement or other measure in each Directive Country that implements or extends the Directive which shall for the purpose of this Agreement include the Transfer of Undertakings (Protection of Employment) Regulations 2006 and any other legislation under the Applicable Laws of any jurisdiction having the effect of automatically transferring employees' employment on the transfer of a business or undertaking.

"**U.S. SPGI Participant**" means any SPGI Participant who is employed (or, in the case of former employees, was last actively employed) in the United States (which, for the avoidance of doubt, shall not include Puerto Rico for these purposes).

"**U.S. SpinCo Participant**" means any SpinCo Participant who is employed (or, in the case of former employees, was last actively employed) in the United States (which, for the avoidance of doubt, shall not include Puerto Rico for these purposes).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) All capitalized terms used but not defined herein shall have the meanings ascribed to such terms in the Separation Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each of the following terms is defined in the Section set forth opposite such term:

---

| | |
|:---|:---|
| **<u>Term</u>** | **<u>Section</u>** |
| 401(k) Supplement | ****5.03 |
| Adjusted SPGI Awards | ****8.04 |
| Adjusted SPGI DSUs | ****8.03 |
| Adjusted SPGI Options | ****8.04 |
| Adjusted SPGI PSUs | **‎**8.02(a)(ii) |
| Adjusted SPGI RSUs | **‎**8.01(a)(ii) |
| Agreement | Preamble |
| Parties | Preamble |
| Party | Preamble |
| Personnel Records | ****9.01 |
| Separation Agreement | Recitals |
| SPGI | Preamble |
| SPGI Board | Recitals |
| SPGI Change in Control | **‎**8.05(c) |
| SPGI PSU Adjustment Formula | **‎**8.02(a)(ii) |
| SPGI Retained Employee Liabilities | **‎**2.01(a) |
| SPGI RSU Adjustment Formula | **‎**8.01(a)(ii) |
| SpinCo | Preamble |
| SpinCo 401(k) Supplement | ****5.03 |
| SpinCo Assumed Employee Liabilities | **‎**2.01(b) |
| SpinCo Change in Control | **‎**8.05(c) |
| SpinCo Employee Garnishment Orders | **‎**9.02(c) |
| SpinCo EOR | **‎**3.01(a) |
| SpinCo Equity Plan | **‎**8.05(a) |
| SpinCo RSUs | **‎**8.01(a)(i) |
| Vendor Contract | ****13.03 |

---

Section 1.02. *Other Definitional and Interpretive Provisions*. In this Agreement, unless the context clearly indicates otherwise:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) words used in the singular include the plural and words used in the plural include the singular;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) references to any Person include such Person's successors and assigns but, if applicable, only if such successors and assigns are permitted by this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) except as otherwise clearly indicated, reference to any gender includes the other gender;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the words "include," "includes" and "including" shall be deemed to be followed by the words "without limitation";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) reference to any Article, Section, Exhibit or Schedule means such Article or Section of, or such Exhibit or Schedule to, this Agreement, as the case may be, and references in any Section or definition to any clause means such clause of such Section or definition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the words "herein," "hereunder," "hereof," "hereto" and words of similar import shall be deemed references to this Agreement as a whole and not to any particular Section or other provision hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) reference to any Contract or other document means such Contract or other document as amended, supplemented and modified from time to time to the extent permitted by the provisions thereof and by this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) reference to any law (including statutes and ordinances) means such law (including all rules and regulations promulgated thereunder) as amended, modified, codified or reenacted, in whole or in part, and in effect at the time of determining compliance or applicability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) relative to the determination of any period of time, "from" means "from and including," "to" means "to and including" and "through" means "through and including";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) the titles to Articles and headings of Sections contained in this Agreement have been inserted for convenience of reference only and shall not be deemed to be a part of or to affect the meaning or interpretation of this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) unless otherwise specified in this Agreement, all references to dollar amounts herein shall be in respect of lawful currency of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) any capitalized term used in an Exhibit or Schedule but not otherwise defined therein shall have the meaning set forth in this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) the word "or" means "and/or" unless the context requires otherwise.

Article 2<br> General Allocation of Liabilities; Indemnification

Section 2.01. *Allocation of Employee-Related Liabilities.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Subject to the terms and conditions of this Agreement and except as otherwise expressly provided in this Agreement or as mutually agreed by the Parties, effective as of no later than the Distribution Date (or, if earlier, the Employment Transfer Date), SPGI shall, or shall cause the applicable member of the SPGI Group to assume and retain, and no member of the SpinCo Group shall have any further obligation with respect to, any and all Liabilities (i) relating to, arising out of or in respect of any SPGI Participant or Former SPGI Employee (including any beneficiary, dependent or alternate payee of such individual) or any SPGI Plan, in each case, other than any SpinCo Assumed Employee Liabilities (as defined below), (A) whether arising before, on or after the Distribution Date, (B) whether based on facts occurring before, on or after the Distribution Date and (C) irrespective of which Person such Liabilities are asserted against or which Person such Liabilities attached to as a matter of Applicable Law or contract or (ii) expressly assumed or retained, as applicable, by any member of the SPGI Group pursuant to this Agreement but excluding any and all employee tax and social security liabilities payable by any applicable member of the SpinCo Group to appropriate authorities under Applicable Law in connection with salaries or other remuneration paid to any SPGI Participant or Former SPGI Employee relating to the period up to and including the Employee Transfer Date (collectively, "**SPGI Retained Employee Liabilities**"). For the avoidance of doubt, all SPGI Retained Employee Liabilities are SPGI Liabilities for purposes of the Separation Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to the terms and conditions of this Agreement and except as otherwise expressly provided in this Agreement, effective as of no later than the Distribution Date (or, if earlier, the Employment Transfer Date), SpinCo shall, or shall cause the applicable member of the SpinCo Group to, assume, and no member of the SPGI Group shall have any further obligation with respect to, any and all Liabilities (i) relating to, arising out of or in respect of any SpinCo Participant or Former SpinCo Employee (including any beneficiary, dependent or alternate payee of such individual) or any SpinCo Plan, in each case, (A) whether arising before, on or after the Distribution Date, (B) whether based on facts occurring before, on or after the Distribution Date and (C) irrespective of which Person such Liabilities are asserted against or which Person such Liabilities attached to as a matter of Applicable Law or contract or (ii) expressly assumed or retained, as applicable, by any member of the SpinCo Group pursuant to this Agreement but excluding any and all employee tax and social security liabilities payable by any applicable member of the SPGI Group to appropriate authorities under Applicable Law in connection with salaries or other remuneration paid to any SpinCo Participant or Former SpinCo Employee relating to the period up to and including the Employee Transfer Date (collectively, "**SpinCo Assumed Employee Liabilities**"). For the avoidance of doubt, all SpinCo Assumed Employee Liabilities are SpinCo Liabilities for purposes of the Separation Agreement.

Section 2.02. *Indemnification*. For the avoidance of doubt, the provisions of Article 5 of the Separation Agreement shall apply to and govern the indemnification rights and obligations of the Parties with respect to the matters addressed by this Agreement.

Section 2.03. *No Duplicate Reimbursements*. For the avoidance of doubt and notwithstanding anything to the contrary in this Agreement or any other Ancillary Agreement, neither Party shall be required to reimburse the other Party for any amounts under this Agreement if and to the extent that such Party (or an applicable member of its Group) has otherwise previously reimbursed the other Party (or an applicable member of its Group) for such amounts pursuant to the Separation Agreement or any other Ancillary Agreement.

Article 3<br> Employees; Employee Agreements

Section 3.01. *Transfers of Employment*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Other than with respect to Delayed Transfer SpinCo Employees, effective as of the Employment Transfer Date and subject to Applicable Law, (i) save as mutually agreed by the Parties in writing the employment of each SpinCo Employee, to the extent employed at such time, will be transferred to or continued by, as applicable, in accordance with the applicable transfer mechanics set forth on <u>Schedule II</u>, (A) a member of the SpinCo Group or (B) solely with respect to SpinCo Employees in jurisdictions identified on <u>Schedule II</u> as employer of record jurisdictions, a SpinCo EOR and (ii) except as otherwise provided in <u>Schedule II</u>, the employment of each SPGI Employee and each SpinCo Garden Leave Employee who is not employed in Germany or Japan, to the extent employed at such time, will be transferred to or continued by, as applicable, a member of the SPGI Group. Before the Employment Transfer Date, the Parties shall mutually cooperate in good faith and use their reasonable best efforts to cause all such transfers of employment contemplated by this ‎Section 3.01(a) to occur no later than the Employment Transfer Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) To the extent required, each of the Parties hereto agrees to execute, and to use their reasonable best efforts to have the applicable employees execute, any such documentation or consents as may be necessary or desirable to reflect or effectuate any such assignments or transfers contemplated by this **‎**Section 3.01.

Section 3.02. *Transfer of Delayed Transfer SpinCo Employees*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Effective as of the applicable Delayed Transfer Date, the employment of each applicable Delayed Transfer SpinCo Employee, to the extent employed by a member of the SPGI Group at such time, shall be transferred to a member of the SpinCo Group or a SpinCo EOR. The Parties shall mutually cooperate in good faith and use their reasonable best efforts to cause all such transfers of employment contemplated by this **‎**Section 3.02(a) to occur in the manner contemplated by this Agreement or any other applicable Ancillary Agreement, including, to the extent (i) required by Applicable Law, (ii) required by any applicable Ancillary Agreement or (iii) otherwise determined by the Parties to be necessary or appropriate, by having the applicable Party (or an applicable member of its Group) make an offer of employment to such Delayed Transfer SpinCo Employee on terms and conditions of employment consistent with this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding anything to the contrary herein, the provisions of **‎**Article 11 shall apply to and govern the rights and obligations of the Parties with respect to Delayed Transfer SpinCo Employees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding anything to the contrary herein, the SpinCo Group shall have no obligation to assume the employment of (and the SPGI Group shall retain all Liabilities with respect to) any Delayed Transfer SpinCo Employee who returns to active employment more than one year (or such later outside date as required by Applicable Law) after the Distribution Date.

Section 3.03. *Employee Agreements.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) With respect to any employment, retention, severance, restrictive covenant, invention assignment or similar agreements with SpinCo Employees to which a member of the SpinCo Group is not a party and which do not otherwise transfer to a SpinCo Group member by operation of Applicable Law (including without limitation those agreements set forth on <u>Schedule IV</u> hereto), (i) the Parties shall use reasonable best efforts to assign, effective no later than the Employment Transfer Date, the applicable employment, retention, severance, restrictive covenant, invention assignment or similar agreement, as applicable, to a member of the SpinCo Group in the applicable jurisdiction, and SpinCo shall, or shall cause a member of the SpinCo Group or a SpinCo EOR, as applicable to, assume and perform such agreements in accordance with their terms, in each case as if originally entered into by such applicable member of the SpinCo Group, and (ii) the SPGI Group shall cease to have any Liabilities or responsibilities with respect thereto. For the avoidance of doubt, to the extent any such agreements provide for any transfers or assignments of any Intellectual Property Rights, SpinCo (on behalf of itself and each applicable member of the SpinCo Group) hereby waives any right, title and interest in, to and under any such Intellectual Property Rights to the extent ownership thereof is allocated to the SPGI Group pursuant to the Separation Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) With respect to any employment, retention, severance, restrictive covenant, invention assignment or similar agreements with SPGI Employees to which a member of the SPGI Group is not a party and which do not otherwise transfer to a SPGI Group member by operation of Applicable Law, (i) the Parties shall use reasonable best efforts to assign, effective no later than the Distribution Date (or, if earlier, the Employment Transfer Date), the applicable employment, retention, severance, restrictive covenant, invention assignment or similar agreement, as applicable, to a member of the SPGI Group in the applicable jurisdiction, and SPGI shall, or shall cause a member of the SPGI Group to assume and perform such agreements in accordance with their terms, in each case as if originally entered into by such applicable member of the SPGI Group, and (ii) the SpinCo Group shall cease to have any Liabilities or responsibilities with respect thereto. For the avoidance of doubt, to the extent any such agreements provide for any transfers or assignments of any Intellectual Property Rights, SPGI (on behalf of itself and each applicable member of the SPGI Group) hereby waives any right, title and interest in, to and under any such Intellectual Property Rights to the extent ownership thereof is allocated to the SpinCo Group pursuant to the Separation Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) From and after the Employment Transfer Date, each of the Parties hereby agrees to comply with and honor any employment, retention or severance agreement between any member of the SpinCo Group or the SPGI Group, as the case may be, on the one hand, and any SpinCo Employee or SPGI Employee, respectively, on the other hand, and assumes responsibility for and, to the extent applicable, SPGI or the relevant member of the SPGI Group and SpinCo or the relevant member of the SpinCo Group, respectively, shall cease to be responsible for or to otherwise have any Liability in respect of, such agreements.

Section 3.04. *Assignment of Specified Rights*. To the extent permitted by Applicable Law and the applicable agreement, if any, effective as of no later than the Distribution Date (or, if earlier, the Employment Transfer Date), (i) SPGI hereby assigns, to the maximum extent possible, on behalf of itself and the SPGI Group, the SpinCo Specified Rights, to SpinCo (and SpinCo shall be a third-party beneficiary with respect thereto) and (ii) SpinCo hereby assigns, to the maximum extent possible, on behalf of itself and the SpinCo Group, the SPGI Specified Rights to SPGI (and SPGI shall be a third-party beneficiary with respect thereto).

Section 3.05. *Sponsored SpinCo Employees*. The Parties shall, and shall cause the members of their respective Group to, cooperate in good faith with each other with respect to the process of obtaining work authorization for each Sponsored SpinCo Employee to work with SpinCo or a SpinCo Group member. The applicable member of the SpinCo Group shall be solely responsible for petitioning the applicable Governmental Authorities for the transfer of each Sponsored SpinCo Employee's (as well as any spouse or dependent thereof, as applicable) visa or work permit to, or the grant of a new visa or work permit by, any SpinCo Group member. The applicable member of the SPGI Group shall cooperate in good faith by providing the applicable member of the SpinCo Group with all reasonably necessary information and documentation in its possession to support such petitions. Each Party shall be responsible for any costs or expenses incurred by any member of its respective Group in connection with the foregoing. In the event that it is not legally permissible for a Sponsored SpinCo Employee to continue work with the SpinCo Group from and after the Employment Transfer Date, the Parties shall cooperate in good faith to identify and agree upon any Sponsored SpinCo Employee who is deemed to be critical to the operations of the SpinCo Business and SPGI shall reasonably cooperate with SpinCo for such Sponsored SpinCo Employee to continue to be employed by a SPGI Group member and to provide for the services of such Sponsored SpinCo Employee to be made available exclusively to the SpinCo Group under an employee secondment or services arrangement, with any costs incurred by the SPGI Group (including those relating to compensation and benefits in respect of such Sponsored SpinCo Employee) constituting SpinCo Assumed Employee Liabilities.

Section 3.06. *Termination-Related Liabilities*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as expressly contemplated by this Agreement, neither the Contribution, the Distribution nor any assignment, transfer or continuation of the employment or service of any employees or directors as contemplated by this Agreement, the Separation Agreement or any other Ancillary Agreement shall be deemed a termination of employment or service of any SPGI Participant or SpinCo Participant for purposes of this Agreement or any SPGI Award, SpinCo RSU, SPGI Bonus Plan, SPGI Plan, SpinCo Plan, SPGI Equity Plan, SpinCo Equity Plan or any other employment, severance, retention, consulting or similar agreements, plans, policies or arrangements. Each of the Parties shall cooperate in good faith and use reasonable best efforts to avoid and mitigate, to the maximum extent practicable, the incurrence of any severance or other termination-related obligations (including by the provision of all appropriate notices, assurances and offers of employment and the assignment and assumption of obligations or undertakings with respect to employment, compensation, benefits, protections or other obligations) imposed upon either of the Parties by operation of Applicable Law in connection with the Contribution, the Distribution and any assignment, transfer or continuation of employment or service of any employees or directors contemplated by this Agreement, the Separation Agreement or any other Ancillary Agreement; *provided* that, for the avoidance of doubt, to the extent that any severance or other termination-related obligations are incurred by either of the Parties in connection with the Contribution, the Distribution or any assignment, transfer or continuation of employment or service of any employees or directors contemplated by this Agreement, the allocation of such liabilities shall be governed by **‎**Section 3.06(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding anything to the contrary in **‎**Section 2.01 and without limiting the generality of **‎**Section 3.06(a):

&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 event that any severance or other termination-related payments become payable in connection with the transfer of employment of any SpinCo Employee to the SpinCo Group (including, for the avoidance of doubt, any such payments arising as a result of any SpinCo Employee's refusal to commence employment with the SpinCo Group or a SpinCo EOR), the SPGI Group shall be solely responsible for all such severance and termination-related payments and such amounts shall constitute SPGI Retained Employee Liabilities; and

&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 event that any severance or other termination-related payments become payable in connection with the transfer of the employment of a SPGI Employee to the SPGI Group (including, for the avoidance of doubt, any such payments arising as a result of any SPGI Employee's refusal to commence employment with the SPGI Group), the SPGI Group shall be solely responsible for all such severance and termination-related payments and such amounts shall constitute SPGI Retained Employee Liabilities; and

&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) in the event that the Parties mutually agree that, contrary to Section 3.01, the employment of any SpinCo Employee in jurisdictions identified on <u>Schedule II</u> as employer of record jurisdictions shall not be transferred to a SpinCo EOR, any severance or other termination-related payments payable in connection of the termination of employment of such SpinCo Employee shall constitute SPGI Retained Employee Liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding anything to the contrary in this Agreement, the SPGI Group shall be responsible for all severance and other termination-related payments (including any payments during any "no longer required (NLR)" period) in respect of any Former SpinCo Employees, and such amounts shall constitute SPGI Retained Employee Liabilities.

Article 4<br> Plans

Section 4.01. *General; Plan Participation*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as otherwise expressly provided in this Agreement or mutually agreed by the Parties, effective as of the Benefits Commencement Date, (i)(A) the applicable SpinCo Participants shall cease any participation in and benefit accrual under the SPGI Plans and (B) the applicable members of the SpinCo Group shall cease to be participating employers under the SPGI Plans and shall have no further obligations with respect to any SPGI Plans and (ii) to the extent applicable, (A) the applicable SPGI Participants shall cease any participation in and benefit accrual under the SpinCo Plans and (B) the applicable members of the SPGI Group shall cease to be participating employers under the SpinCo Plans and shall have no further obligations with respect to any SpinCo Plans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Subject to and in accordance with the terms of this Agreement, to the extent necessary to comply with its obligations under this Agreement, any other Ancillary Agreement or Applicable Law, SpinCo or a member of the SpinCo Group shall adopt, or cause to be adopted, the SpinCo Plans for the benefit of SpinCo Participants to be effective from and after the Benefits Commencement Date. For the avoidance of doubt, any costs or expenses incurred prior to the Benefits Commencement Date in connection with the design, establishment and adoption of any SpinCo Plans shall constitute SPGI Retained Employee Liabilities, *provided* that, for the sake of clarity, any and all expenses relating to the maintenance or administration or expenses in the ordinary course of business of the SpinCo Plans (whether incurred before, on or after the Benefits Commencement Date) shall constitute SpinCo Assumed Employee Liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Except as otherwise set forth in this Agreement or mutually agreed by the Parties, the Parties shall take all actions necessary to effectuate the provisions of this **‎**Section 4.01 and to cause (i) the applicable SpinCo Group member to have in effect the applicable SpinCo Plans no later than the Benefits Commencement Date, (ii) the applicable SpinCo Group member to assume or retain all Liabilities with respect to each SpinCo Plan and the applicable SPGI Group member to assume or retain all Liabilities with respect to each SPGI Plan, in each case, effective no later than the Benefits Commencement Date and (iii) all assets of any SpinCo Plan to be transferred to or retained by the applicable SpinCo Group member in the applicable jurisdiction and all assets of any SPGI Plan to be transferred to or retained by the applicable SPGI Group member in the applicable jurisdiction, in each case, effective no later than the Benefits Commencement Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) For the avoidance of doubt, any requirement in this Agreement that the SpinCo Group will have established any applicable SpinCo Plan effective as of the Benefits Commencement Date, or that any SpinCo Participant shall commence participation in any SpinCo Plan effective as of the Benefits Commencement Date, in each case shall be subject to the terms of the applicable SpinCo Plan.

Section 4.02. *Service Credit*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) From and after the Benefits Commencement Date, to the extent permitted by Applicable Law, for purposes of determining eligibility to participate, vesting and benefit accrual under any SpinCo Plan in which a SpinCo Employee is eligible to participate on and following the Benefits Commencement Date, such SpinCo Employee's service with any member of the SPGI Group or the SpinCo Group, as the case may be, prior to the Benefits Commencement Date shall be treated as service with the SpinCo Group, to the extent recognized by the SPGI Group or the SpinCo Group, as applicable, under an analogous SPGI Plan or SpinCo Plan, as applicable, prior to the Benefits Commencement Date; *provided*, *however*, that such service shall not be recognized to the extent that such recognition would result in any duplication of benefits.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) SpinCo shall, or shall cause a member of the SpinCo Group to, recognize prior service to the SPGI Group or the SpinCo Group for purposes of retirement eligibility under any SpinCo Plan (including, without limitation, the SpinCo Equity Plan), *provided* that SpinCo or a member of the SpinCo Group may determine, in its sole discretion, any additional conditions upon which any SpinCo Employee becomes retirement eligible under any SpinCo Plan; *provided*, *however*, that SPGI Awards converted to SpinCo RSUs pursuant to **‎**Article 8 shall remain subject to the existing terms and conditions (including vesting (excluding performance-vesting) and forfeiture conditions) as applicable to the corresponding SPGI Award as of immediately prior to the Distribution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding anything to the contrary herein, unless otherwise required by Applicable Law, the SpinCo Plans covering New SpinCo Employees or any other individual who is externally hired by a member of the SpinCo Group following the Benefits Commencement Date (including any employee of the SPGI Group who applies for a position with the SpinCo Group after the Benefits Commencement Date) (which, for the avoidance of doubt, does not include any Delayed Transfer SpinCo Employees) will not be required to recognize such employee's prior service with the SPGI Group (if any).

Section 4.03. *SpinCo EOR Plans*. Notwithstanding anything to the contrary in this Agreement, any obligation of the SpinCo Group under Articles 4, 5, 6, 7 or 8 of this Agreement with respect to any SpinCo Plan that is sponsored or maintained by a SpinCo EOR shall be limited to making commercially reasonable efforts to satisfy such obligation.

Article 5<br> Retirement Plans and Deferred Compensation Plans

Section 5.01. *401(k) Plan.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Effective as of the Benefits Commencement Date, SpinCo or another member of the SpinCo Group will adopt the SpinCo 401(k) Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) From and after the Benefits Commencement Date, the applicable member of the SpinCo Group shall be responsible for the administration of the SpinCo 401(k) Plan. From and after the Benefits Commencement Date, no member of the SPGI Group shall have any Liability or obligation (including any administration obligation) with respect to the SpinCo 401(k) Plan or any member of the SpinCo Group with respect to the SpinCo 401(k) Plan. A member of the SpinCo Group will be solely responsible for taking all necessary, reasonable and appropriate actions (including the submission of the SpinCo 401(k) Plan to the Internal Revenue Service for a determination of tax-qualified status) to establish, maintain and administer the SpinCo 401(k) Plan so that it is qualified under Section 401(a) of the Code and that the related trust thereunder is exempt under Section 501(a) of the Code.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Effective as of the Benefits Commencement Date, each SpinCo Participant who participates in the SPGI 401(k) Plan immediately prior to such date will (i) cease participation in the SPGI 401(k) Plan and (ii) become eligible to participate in the SpinCo 401(k) Plan. For the avoidance of doubt, all employee deferrals and employer contributions with respect to such SpinCo Participants will be made to the SpinCo 401(k) Plan on and following the Benefits Commencement Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) On or as soon as reasonably practicable following the Benefits Commencement Date (but not later than 180 days thereafter), the account balances and related participant loans of all SpinCo Participants who are participants in the SPGI 401(k) Plan as of immediately prior to the Benefits Commencement Date and any associated Liabilities will be transferred from the SPGI 401(k) Plan to the SpinCo 401(k) Plan via a trust-to-trust transfer. The transfer of assets will be in cash or in kind (as determined by SPGI) and will be made in accordance with Applicable Law, including the Code and ERISA. Effective as of and following the time in which the applicable trust-to-trust transfer is complete, SpinCo and/or the SpinCo 401(k) Plan shall assume all Liabilities of SPGI under the SPGI 401(k) Plan with respect to all applicable participants in the SPGI 401(k) Plan whose account balances and loans were transferred to the SpinCo 401(k) Plan pursuant to this **‎**Section 5.01(d) and SPGI and the SPGI 401(k) Plan shall have no Liabilities to provide such participants with benefits under the SPGI 401(k) Plan following such transfer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Effective as of the Benefits Commencement Date, with respect to SpinCo Participants who become eligible to participate in the SpinCo 401(k) Plan as of the Benefits Commencement Date in accordance with **‎**Section 5.01(c) (other than any Delayed Transfer SpinCo Employees), to the extent deemed appropriate and desirable by SpinCo, the Parties will cooperate in good faith to cause the SpinCo 401(k) Plan to recognize and maintain such SpinCo Participant's elections, including investment, deferral and payment form elections, beneficiary designations and the rights of alternate payees under qualified domestic relations orders in effect under the SPGI 401(k) Plan as of immediately prior to the Benefits Commencement Date, subject to the terms of the SpinCo 401(k) Plan and Applicable Law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) All contributions to be made to the SPGI 401(k) Plan with respect to employee deferrals and employer contributions for SpinCo Participants who are participants in the SPGI 401(k) Plan (other than any Delayed Transfer SpinCo Employees) as of immediately prior to the Benefits Commencement Date that relate to a time period ending on or prior to the Benefits Commencement Date, determined in accordance with the terms and provisions of the SPGI 401(k) Plan and Applicable Law, shall be the responsibility of SPGI under the SPGI 401(k) Plan. Without limiting the generality of the immediately preceding sentence, (i) with respect to any 2026 profit sharing contribution to be made under the SPGI 401(k) Plan relating to any SpinCo Participants who are participants in the SPGI 401(k) Plan as of immediately prior to the Benefits Commencement Date, the amount of such 2026 profit sharing contribution shall be (A) determined by SPGI in its sole discretion on a pro rata basis through the Benefits Commencement Date and (B) paid by SPGI under such SPGI 401(k) Plan on such date as mutually agreed by the Parties, (ii) the account balances of all SpinCo Participants who are participants in the SPGI 401(k) Plan as of immediately prior to the Benefits Commencement Date shall be fully vested, and (iii) any required true-up with respect to employer matching contributions for SpinCo Participants who are participants in the SPGI 401(k) Plan as of immediately prior to the Benefits Commencement Date shall be completed prior to the applicable trust-to-trust transfer described in this Section 5.01.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Parties shall cooperate in good faith to determine the treatment of any contributions to be made to the SPGI 401(k) Plan or the SpinCo 401(k) Plan, as applicable, with respect to employee deferrals, matching contributions and employer contributions for Delayed Transfer SpinCo Employees, relating to a time period ending on or prior to the applicable Delayed Transfer Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) The forfeiture account balance under the SPGI 401(k) Plan outstanding as of immediately prior to the Benefits Commencement Date shall be retained in its entirety by the SPGI 401(k) Plan, and no portion of such account shall be transferred from the SPGI 401(k) Plan to the SpinCo 401(k) Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) As a result of the spin-off of the SpinCo 401(k) Plan and the Separation Agreement, participant accounts in each of the SPGI 401(k) Plan and the SpinCo 401(k) Plan will both contain SPGI and SpinCo employer securities and non-employer securities. SPGI and SpinCo shall each separately assume sole responsibility for ensuring that their respective 401(k) plans are administered and maintained in compliance with their plan documents and all Applicable Law with respect to their respective company stock fund, and underlying employer securities held in each such fund, as well as holdings of common stock of the other entity.

Section 5.02. *Non-U.S. Defined Contribution Plans*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Without limiting the generality of **‎**Article 10 and subject to Applicable Law or as may otherwise be mutually agreed by the Parties:

&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) as of the Benefits Commencement Date, contributions by or in respect of each Non-U.S. SpinCo Participant to any Non-U.S. SPGI Defined Contribution Plan shall cease, in each case in accordance with, and subject to, the terms of the applicable Non-U.S. SPGI Defined Contribution Plan; and

&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) as of, or as soon as practicable following, the Benefits Commencement Date, all insurance contracts and assets associated with Non-U.S. SpinCo Participants who participate in any Non-U.S. SPGI Defined Contribution Plan shall, to the extent required by the terms of the applicable Non-U.S. SPGI Defined Contribution Plan or Applicable Law, be transferred to the applicable Non-U.S. SpinCo Defined Contribution Plan in accordance with, and subject to, the terms of the applicable Non-U.S. SPGI Defined Contribution Plan and the applicable Non-U.S. SpinCo Defined Contribution Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Without limiting the generality of **‎**Section 5.02(a), from and after the Benefits Commencement Date, subject to Applicable Law, the SPGI Group shall have no Liability in respect of any Non-U.S. SpinCo Participant's participation in any Non-U.S. SpinCo Defined Contribution Plan and no such Liability shall be treated as a SPGI Retained Employee Liability.

Section 5.03. *Non-Qualified Deferred Compensation Plans*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Effective as of the Benefits Commencement Date, all Liabilities relating to SpinCo Participants under the S&P Global Inc. 401(k) Savings and Profit Sharing Plan Supplement, as amended and restated as of January 1, 2023 (as amended) (the "**401(k) Supplement**"), shall be transferred to the SpinCo Group (such transferred portion of the 401(k) Supplement, the "**SpinCo 401(k) Supplement**"). The SpinCo Group shall assume responsibility for the administration and payment of benefits under the SpinCo 401(k) Supplement in accordance with its terms; *provided*, that no distribution thereunder shall be triggered solely as a result of the Distribution or the transfer of Liabilities described in this Section 5.03, and payment or distribution of any compensation to which a SpinCo Employee is entitled under the 401(k) Supplement and SpinCo 401(k) Supplement will occur at such time or times provided for under the 401(k) Supplement and SpinCo 401(k) Supplement and such SpinCo Employee's deferral elections (which SpinCo shall cause the SpinCo 401(k) Supplement to recognize and maintain).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Except as required by Applicable Law, nothing in this Agreement shall require any member of the SPGI Group to transfer Assets or reserves with respect to the 401(k) Supplement to any member of the SpinCo Group or the SpinCo 401(k) Supplement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The SPGI Group shall have no responsibility for any failure of SpinCo to properly administer the SpinCo 401(k) Supplement in accordance with its terms and Applicable Law, including any failure to properly administer the accounts of SpinCo Employees and their respective beneficiaries in the SpinCo 401(k) Supplement or any other plan of nonqualified deferred compensation.

Section 5.04.  *Indian Gratuity*. As of, or as soon as practicable following, the Benefits Commencement Date, the SPGI Group shall take commercially reasonable steps to transfer the Indian gratuity accumulations associated with the Non-U.S. SpinCo Participants in India, together with their gratuity liabilities, from SPGI Group's gratuity trust to SpinCo Group's gratuity trust in accordance with, and subject to, the terms of the applicable gratuity trusts and Applicable Law.

Article 6<br> Health and Welfare Benefit Plans; Paid Time Off

Section 6.01. *Health and Welfare Benefit Plans.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as may be otherwise mutually agreed between the Parties, effective as of the Benefits Commencement Date, SpinCo or another member of the SpinCo Group shall provide all health and welfare benefits under SpinCo H&W Plans to SpinCo Participants and, to the extent necessary, establish certain SpinCo H&W Plans having terms and features (including benefit coverage options and employer contribution provisions) that are substantially similar to the terms and features of the corresponding SPGI H&W Plans in which such SpinCo Participants participated prior to the Benefits Commencement Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Without limiting the generality of **‎**Section 4.01, (i) effective as of the Benefits Commencement Date, SpinCo Participants shall cease to actively participate in the SPGI H&W Plans and (ii) effective as of the Benefits Commencement Date, SpinCo shall cause SpinCo Participants to be enrolled in and covered by each SpinCo H&W Plan in accordance with each SpinCo Participant's participation elections and designations (including coverage and contribution elections and beneficiary designations, continuation coverage and conversion elections) made prior to the Benefits Commencement Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Subject to the terms of the applicable SpinCo H&W Plan and to the extent permitted by Applicable Law, SpinCo shall use its reasonable best efforts to (i) waive all limitations as to preexisting conditions, exclusions and waiting periods with respect to participation and coverage requirements applicable to SpinCo Participants under any SpinCo H&W Plan in which any such SpinCo Participant may be eligible to participate on or after the Benefits Commencement Date to the extent that such conditions, exclusions and waiting periods are not applicable to or had been previously satisfied by any such SpinCo Participant under the corresponding SPGI H&W Plans and (ii) credit SpinCo Participants under any applicable SpinCo H&W Plan for any coinsurance or deductibles paid under any corresponding SPGI H&W Plan prior to the date such SpinCo Participant becomes a participant in such applicable SpinCo H&W Plan, if any, with respect to the calendar year in which such participation commences. Such credit, if any, shall be given for the purpose of satisfying any applicable coinsurance or deductible requirements under any of the applicable SpinCo H&W Plans in which such SpinCo Participant is eligible to participate after the Benefits Commencement Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Neither the transfer nor other movement of employment or service from any member of the SPGI Group to any member of the SpinCo Group or from any member of the SpinCo Group to the SPGI Group, as the case may be, at any time before the Benefits Commencement Date shall constitute or be treated as a "status change" under the SPGI H&W Plans or the SpinCo H&W Plans.

Section 6.02. *Health and Welfare Benefit Plan Claims*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Except as otherwise expressly provided in this Agreement, (i) all Liabilities relating to, arising out of, or resulting from health and welfare coverage or claims incurred by any SpinCo Participant under the SPGI H&W Plans shall remain Liabilities of the SPGI Group and shall be deemed to be SPGI Retained Employee Liabilities and (ii) all Liabilities relating to, arising out of or resulting from health and welfare coverage or claims incurred by any SpinCo Participant under the SpinCo H&W Plans shall be Liabilities of the SpinCo Group, and no portion of such Liabilities shall be treated as a SPGI Retained Employee Liability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding anything to the contrary in **‎**Section 2.01 or **‎**Section 6.02(a), any long-term disability Liabilities in respect of individuals who are SpinCo Inactive Employees as of the Employment Transfer Date shall be retained or assumed by the respective SPGI H&W Plans and no portion of the Liability shall be treated as a SpinCo Assumed Employee Liability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) For purposes of **‎**Section 6.02(a), (i) a medical, dental or vision benefit claim shall be "incurred" when the relevant service is provided or item purchased, (ii) life insurance, accidental death and dismemberment and business travel accident insurance claims shall be "incurred" upon the occurrence of the event giving rise to such claim and (iii) other benefit claims shall be "incurred" when any relevant benefit or payment is required to be provided or paid to the SpinCo Participant or SPGI Participant, as applicable, regardless of the time of the circumstance or event giving rise to such claims.

Section 6.03. *Flexible Spending Accounts*. As of the Benefits Commencement Date, the account balances of each SpinCo Employee under the SPGI FSAs shall be transferred to a flexible spending account plan qualified under Section 125 of the Code established or designated by the SpinCo Group, and the SpinCo Group shall be responsible for the obligations of the SPGI FSAs to provide benefits to the SpinCo Employees with respect to such transferred account balances on or after the Benefits Commencement Date. Each SpinCo Employee shall be permitted to continue to have payroll deductions made as most recently elected by such SpinCo Employee under the SPGI FSAs.

Section 6.04. *Workers' Compensation Liabilities*. Notwithstanding anything to the contrary in the Separation Agreement, from and after the Employment Transfer Date, all workers' compensation Liabilities relating to, arising out of or resulting from any claim by any SpinCo Participant that results from an accident or an occupational disease shall be assumed by SpinCo and shall constitute SpinCo Assumed Employee Liabilities. To the extent that a member of the SPGI Group receives an invoice for a covered expense with respect to such SpinCo Assumed Employee Liabilities, the applicable member of the SpinCo Group shall be responsible for paying such invoice or, if paid by a member of the SPGI Group, shall reimburse such member of the SPGI Group for such amount. Without limiting the generality of the foregoing, to the extent any workers' compensation claim relates to, arises out of or results from any act, circumstance, occurrence or incident that arises prior to the Employment Transfer Date and relates to the SpinCo Business, and such claim is discovered after the Employment Transfer Date but is potentially covered by an SPGI Insurance Policy written on an "occurrence" basis in effect prior to the Employment Transfer Date, the provisions of Section 4.11(b) of the Separation Agreement shall apply to and govern the rights and obligations of the Parties with respect to such workers' compensation claim.

Section 6.05. *Paid Time Off*. Except as otherwise required by Applicable Law or specified in a SpinCo Employee's employment contract, any vacation, holiday, sick leave, paid time off, floating holidays, personal days and other paid time off with respect to SpinCo Participants shall be treated in accordance with <u>Schedule V</u> hereto.

Section 6.06. *COBRA*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The SPGI Group shall administer the SPGI Group's compliance with the health care continuation coverage requirements of COBRA and the corresponding provisions of the SPGI H&W Plans with respect to (i) Former SpinCo Employees and (ii) SpinCo Participants who incur a COBRA "qualifying event" occurring before the Benefits Commencement Date, and any Liabilities related thereto shall constitute SPGI Retained Employee Liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) SpinCo shall be solely responsible for all Liabilities incurred pursuant to COBRA and for administering, at SpinCo's expense, compliance with the health care continuation coverage requirements of COBRA and the corresponding provisions of the SpinCo H&W Plans with respect to SpinCo Participants who incur a COBRA "qualifying event" that occurs at any time on or after the Benefits Commencement Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Parties intend and agree that neither the Contribution, the Distribution, nor any assignment, transfer or continuation of the employment of any employee prior to the Distribution Date as contemplated by this Agreement, the Separation Agreement or any other Ancillary Agreement shall constitute a COBRA "qualifying event" for any purpose of COBRA, and the Parties shall cooperate in good faith to give effect to such intent.

Article 7<br> Cash Incentive Compensation; Long-Term Cash Awards

Section 7.01. *Annual Cash Bonuses*. No later than the Distribution Date (or, if earlier, the Employment Transfer Date), SpinCo and/or the members of the SpinCo Group shall assume any cash bonus or other cash short-term incentive plans for calendar year 2026 exclusively relating to SpinCo Participants (including Delayed Transfer SpinCo Employees) and SpinCo Participants will remain eligible to receive a cash bonus with respect to calendar year 2026 in accordance with the terms of such plans based on actual achievement of the applicable performance goals through the end of such performance year, which may be adjusted in good faith to reflect SpinCo as a separate company, as determined by SpinCo.

Section 7.02. *Commission Plans.* No later than the Distribution Date (or, if earlier, the Employment Transfer Date), SpinCo and/or members of the SpinCo Group shall assume any outstanding commission plans or arrangements to the extent exclusively relating to SpinCo Participants (including with respect to Delayed Transfer SpinCo Employees).

Section 7.03. *Long-Term Cash Awards*. No later than the Distribution Date (or, if earlier, the Employment Transfer Date), SpinCo and/or the members of the SpinCo Group shall assume any outstanding long-term cash awards held by SpinCo Participants (including with respect to Delayed Transfer SpinCo Employees), and such awards shall remain subject to the same terms and conditions (including vesting and payment schedules) as applied as of immediately prior to the Distribution (or, if earlier, the Employment Transfer Date).

Article 8<br> Treatment of Outstanding Equity Incentive Awards

Section 8.01. *Restricted Stock Units.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Effective as of immediately prior to the Distribution, on the Distribution 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;(i) Each SPGI RSU (whether vested (but not yet settled) or unvested) that is (A) outstanding as of immediately prior to the Distribution and (B) held by a SpinCo Participant (other than a Former SpinCo Employee), including any Delayed Transfer SpinCo Employee, shall be converted into an award of time-based restricted stock units with respect to SpinCo Common Stock ("**SpinCo RSUs**"), with the number of shares of SpinCo Common Stock subject to such SpinCo RSU being determined by multiplying (1) the number of shares of SPGI Common Stock subject to the corresponding SPGI RSU immediately prior to the Distribution by (2) the SpinCo Concentration Ratio, rounded down to the nearest whole share of SpinCo Common Stock, and each such SpinCo RSU shall otherwise remain subject to the same terms and conditions (including vesting and payment schedules) as applied to the corresponding SPGI RSU as of immediately prior to the Distribution; *provided,* for the avoidance of doubt, that such SpinCo RSUs shall constitute SpinCo Assumed Employee Liabilities; and

&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) each SPGI RSU (whether vested (but not yet settled) or unvested) that is (A) outstanding as of immediately prior to the Distribution and (B) held by a SPGI Participant or Former SpinCo Employee shall be converted into an award of adjusted SPGI RSUs (the "**Adjusted SPGI RSUs**"), with the number of shares of SPGI Common Stock subject to such Adjusted SPGI RSU being determined by multiplying (1) the number of shares of SPGI Common Stock subject to the corresponding SPGI RSU immediately prior to the Distribution by (2) the SPGI Concentration Ratio, rounded down to the nearest whole share of SPGI Common Stock (the "**SPGI RSU Adjustment Formula**"), and each such Adjusted SPGI RSU shall otherwise remain subject to the same terms and conditions (including vesting and payment schedules and, if applicable, deferral elections) as applied to the corresponding SPGI RSU as of immediately prior to the Distribution.

Section 8.02. *Performance Share Units*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Effective as of immediately prior to the Distribution, on the Distribution 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;(i) Each SPGI PSU (whether vested (but not yet settled) or unvested) that is (A) outstanding as of immediately prior to the Distribution and (B) held by a SpinCo Participant (other than a Former SpinCo Employee), including any Delayed Transfer SpinCo Employee, shall be converted into an award of SpinCo RSUs, with the number of shares of SpinCo Common Stock subject to such SpinCo RSU being determined by multiplying (1) the number of shares of SPGI Common Stock subject to the corresponding SPGI PSU immediately prior to the Distribution based on (x) with respect to SPGI PSUs granted prior to 2026, actual performance through the Distribution Date (as determined in a manner consistent with how estimated performance is accrued by SPGI for financial reporting purposes through the end of the calendar month prior to the Distribution Date in accordance with past practice) and (y) with respect to SPGI PSUs granted in 2026, target performance, by (2) the SpinCo Concentration Ratio, rounded down to the nearest whole share of SpinCo Common Stock, and each such SpinCo RSU shall otherwise remain subject to the same terms and conditions (including vesting and payment schedules, provided that any performance vesting conditions shall be waived) as applied to the corresponding SPGI PSU as of immediately prior to the Distribution; provided, for the avoidance of doubt, that such SpinCo RSUs shall constitute SpinCo Assumed Employee Liabilities; and

&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) each SPGI PSU (whether vested (but not yet settled) or unvested) that is (A) outstanding as of immediately prior to the Distribution and (B) held by a SPGI Participant or Former SpinCo Employee shall be converted into an award of adjusted SPGI PSUs (the "**Adjusted SPGI PSUs**"), with the number of shares of SPGI Common Stock subject to such Adjusted SPGI PSU being determined by multiplying (1) the number of shares of SPGI Common Stock subject to the corresponding SPGI PSU immediately prior to the Distribution by (2) the SPGI Concentration Ratio, rounded down to the nearest whole share of SPGI Common Stock (the "**SPGI PSU Adjustment Formula**"), and each such Adjusted SPGI PSU shall otherwise remain subject to the same terms and conditions (including vesting and payment schedules and, if applicable, deferral elections) as applied to the corresponding SPGI PSU as of immediately prior to the Distribution (taking into account any adjustment of performance goals to account for the Distribution).

Section 8.03. *Deferred Stock Units*. Effective as of immediately prior to the Distribution, on the Distribution Date, each SPGI DSU (whether vested (but not yet settled) or unvested) that is outstanding as of immediately prior to the Distribution shall be converted into an award of adjusted SPGI DSUs (the "**Adjusted SPGI DSUs**"), with the number of shares of SPGI Common Stock subject to such Adjusted SPGI DSU being determined by multiplying (1) the number of shares of SPGI Common Stock subject to the corresponding SPGI DSU immediately prior to the Distribution by (2) the SPGI Concentration Ratio, rounded down to the nearest whole share of SPGI Common Stock, and each such Adjusted SPGI DSU shall otherwise remain subject to the same terms and conditions (including vesting and payment schedules and, if applicable, deferral elections) as applied to the corresponding SPGI DSU as of immediately prior to the Distribution.

Section 8.04. *Stock Options*. Effective as of immediately prior to the Distribution, on the Distribution Date, each SPGI Option (whether vested (but not yet settled) or unvested) that is outstanding as of immediately prior to the Distribution shall be converted into an award of adjusted SPGI Options (the "**Adjusted SPGI Options**", and together with the Adjusted SPGI RSUs, Adjusted SPGI PSUs and Adjusted SPGI DSUs, the "**Adjusted SPGI Awards**"), with (a) the number of shares of SPGI Common Stock subject to such Adjusted SPGI Option being determined by multiplying (i) the number of shares of SPGI Common Stock subject to the corresponding SPGI Option immediately prior to the Distribution by (ii) the SPGI Concentration Ratio, rounded down to the nearest whole share of SPGI Common Stock, and (b) the exercise price applicable to such Adjusted SPGI Option being determined by dividing (i) the exercise price applicable to the corresponding SPGI Option immediately prior to the Distribution by (ii) the SPGI Concentration Ratio, rounded up to the nearest penny, and each such Adjusted SPGI Option shall otherwise remain subject to the same terms and conditions (including vesting and exercise terms) as applied to the corresponding SPGI Option as of immediately prior to the Distribution.

Section 8.05. *Miscellaneous Terms and Actions; Tax Reporting and Withholding*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Effective on or before the Distribution Date, SpinCo shall adopt an equity incentive compensation plan for the benefit of eligible SpinCo Participants (as may be amended from time to time and together with any successor plan, the "**SpinCo Equity Plan**"). Prior to the Distribution Date, each of the Parties shall take any actions necessary to give effect to the transactions contemplated by this **‎**Article 8, including, in the case of SpinCo, the reservation, issuance and listing of shares of SpinCo Common Stock as is necessary to effectuate the transactions contemplated by this **‎**Article 8. From and after the Distribution Date, (i) SpinCo shall retain the SpinCo Equity Plan and all Liabilities thereunder shall constitute SpinCo Assumed Employee Liabilities and (ii) SPGI shall retain the SPGI Equity Plans and all Liabilities thereunder shall constitute SPGI Retained Employee Liabilities. From and after the Distribution Date, (A) all Adjusted SPGI Awards, regardless of by whom held, shall be granted under and subject to the terms of the SPGI Equity Plans and shall be settled by SPGI and (B) all SpinCo RSUs, regardless of by whom held, shall be granted under and subject to the terms of the SpinCo Equity Plan and shall be settled by SpinCo.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) From and after the Distribution, for purposes of the SPGI Awards converted into SpinCo RSUs or Adjusted SPGI Awards pursuant to this **‎**Article 8, (i) a SpinCo Employee's employment with or service to any member of the SpinCo Group and/or SPGI Group, as applicable, shall be treated as employment with and service to the SpinCo Group and/or the SPGI Group, as applicable, (ii) any reference to "cause," "good reason," "disability," "willful" or other similar terms applicable to such Adjusted SPGI Awards shall be deemed to refer to the definitions of "cause," "good reason," "disability," "willful" or other similar terms set forth in the SPGI Equity Plans or award agreements applicable to the holder of such Adjusted SPGI Award and (iii) any reference to "cause," "good reason," "disability," "willful" or other similar terms applicable to such SpinCo RSUs shall be deemed to refer to the definitions of "cause," "good reason," "disability," "willful" or other similar terms set forth in the SpinCo Equity Plan or award agreement applicable to the holder of such SpinCo RSU.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) From and after the Distribution, (i) any reference to a "change in control," "change of control" or similar term applicable to any Adjusted SPGI Award contained in any applicable award agreement, employment or services agreement or the SPGI Equity Plans shall be deemed to refer to a "change in control," "change of control" or similar term as defined in such award agreement, employment or services agreement or the SPGI Equity Plans (an "**SPGI Change in Control**") and (ii) any reference to a "change in control," "change of control" or similar term applicable to any SpinCo RSU contained in any applicable award agreement, employment or services agreement or the SpinCo Equity Plan shall be deemed to refer to a "change in control," "change of control" or similar term as defined in the SpinCo Equity Plan (a "**SpinCo Change in Control**").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) For the avoidance of doubt, except as expressly provided in this **‎**Article 8 or **‎**Section 11.05, neither the Contribution, the Distribution nor any assignment, transfer or continuation of the employment or service of employees or directors as contemplated by **‎**Article 3 shall be (i) deemed a termination of employment or service of any SpinCo Participant or SPGI Participant for purposes of any SPGI Award or SpinCo RSU or (ii) treated as a SPGI Change in Control or SpinCo Change in Control for purposes of the SPGI Equity Plans or the SpinCo Equity Plan, respectively, any applicable award agreements for a SPGI Award, Adjusted SPGI Award or SpinCo RSU outstanding thereunder, or any other applicable employment- or service-related agreement. Without limiting the generality of the foregoing, each SPGI Award and Adjusted SPGI Award is hereby, without any further action, deemed to be amended to reflect the intent described in clause **‎**(i) and **‎**(ii) of this **‎**Section 8.05(d), provided that, to the extent SPGI determines it is necessary or desirable, each award agreement for a SPGI Award or Adjusted SPGI Award, as the case may be, may be formally amended to expressly clarify the intent described in clause **‎**(i) and **‎**(ii) of this **‎**Section 8.05(d); *provided* that such amendment shall not modify any other terms or conditions of the applicable award agreement unless otherwise required by the SPGI Equity Plans or the award agreements granted thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Unless otherwise required by Applicable Law, (i) the applicable member of the SpinCo Group shall be responsible for all applicable income, payroll, employment and other similar tax withholding, remittance and reporting obligations in respect of SpinCo Participants relating to any SpinCo RSUs held by any SpinCo Participant (other than a Former SpinCo Employee) and, to the extent such obligations have already been satisfied by the applicable member of the SPGI Group, shall reimburse such member of the SPGI Group for the cost of such obligations, and (ii) subject to Section 8.05(f), the applicable member of the SPGI Group shall be responsible for all applicable income, payroll, employment and other similar tax withholding, remittance and reporting obligations in respect of SPGI Participants and SpinCo Participants (including Former SpinCo Employees) relating to any Adjusted SPGI Awards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Parties acknowledge and agree that, if and to the extent that a member of the SpinCo Group is determined to be the common law employer with respect to any Adjusted SPGI Award, such member of the SpinCo Group hereby designates the applicable member of the SPGI Group as such SpinCo Group member's agent for purposes of all applicable withholding, remittance and reporting obligations with respect to such Adjusted SPGI Award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Following the Distribution, the applicable member of the SpinCo Group shall be responsible for paying to each SpinCo Participant all amounts payable in respect of the settlement of dividend equivalents on any SpinCo RSUs and the applicable member of the SPGI Group shall be responsible for paying to each SPGI Participant and SpinCo Participant all amounts payable in respect of the settlement of dividend equivalents on any Adjusted SPGI Awards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) SpinCo shall (i) prepare and file with the Securities and Exchange Commission a registration statement on an appropriate form with respect to the shares of SpinCo Common Stock subject to the SPGI Awards converted into SpinCo RSUs pursuant to this **‎**Article 8 and (ii) use its reasonable best efforts to have such registration statement declared effective on or before the occurrence of the adjustments and conversions set forth in this **‎**Article 8 and to maintain the effectiveness of such registration statement covering such SpinCo RSUs (and to maintain the current status of the prospectus contained therein) for so long as any such SpinCo RSUs remain outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Prior to the Distribution Date, each Party shall take all such steps as may be required to cause any dispositions of SPGI Common Stock (including Adjusted SPGI Awards or any other derivative securities with respect to SPGI Common Stock) or acquisitions of SpinCo Common Stock (including SpinCo RSUs or any other derivative securities with respect to SpinCo Common Stock) resulting from the Distribution or the transactions contemplated by this Agreement or the Separation Agreement by each individual who is subject to the reporting requirements of Section 16(a) of the Exchange Act with respect to SPGI or who are or will become subject to such reporting requirements with respect to SpinCo to be exempt under Rule 16b-3 promulgated under the Exchange Act. With respect to those individuals, if any, who, subsequent to the Distribution Date, are or become subject to the reporting requirements under Section 16(a) of the Exchange Act, as applicable, SpinCo shall administer any SPGI Award converted into a SpinCo RSU pursuant to this **‎**Article 8 in a manner that complies with Rule 16b-3 promulgated under the Exchange Act to the extent such converted SPGI Award complied with such rule prior to the Distribution Date.

Article 9<br> Personnel Records; Payroll and Tax Withholding

Section 9.01. *Personnel Records*. To the extent permitted by Applicable Law, each of the SpinCo Group and the SPGI Group shall be permitted by the other to access and retain copies of such records, data and other personnel-related information in any form ("**Personnel Records**") as may be necessary or appropriate to carry out their respective obligations under Applicable Law, this Agreement, the Separation Agreement or any of the other Ancillary Agreements and for the purposes of administering their respective employee benefit plans and policies. All Personnel Records shall be accessed, retained, held, used, copied and transmitted in accordance with all Applicable Laws, policies and agreements between the Parties.

Section 9.02. *Payroll; Tax Reporting and Withholding*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Effective as of no later than the Employment Transfer Date, (i) except as otherwise provided in Section 8.05(f) and subject to **‎**Section 8.05(e) of this Agreement, the members of the SpinCo Group (or the applicable SpinCo EOR) shall be solely responsible for providing payroll services (including for any payroll period already in progress) to the SpinCo Employees and for any Liabilities with respect to garnishments of the salary and wages thereof and (ii) the members of the SPGI Group shall be solely responsible for providing payroll services (including for any payroll period already in progress) to the SPGI Employees and for any Liabilities with respect to garnishments of the salary and wages thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) With respect to SpinCo Employees, the Parties shall adopt the "standard procedure" for preparing and filing IRS Forms W-2 (Wage and Tax Statements) and for purposes of filing IRS Forms W-4 (Employee's Withholding Allowance Certificate) and W-5 (Earned Income Credit Advance Payment Certificate), as described in Revenue Procedure 2004-53.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Except as set forth in **‎**Section 9.02(a), with respect to any wage garnishment, wage attachment, support order, tax levy, or similar court or agency order in effect with SPGI or a member of the SPGI Group as of the Benefits Commencement Date for any SpinCo Employee (collectively, the "**SpinCo Employee Garnishment Orders**"), SpinCo or a member of the SpinCo Group shall, following the Benefits Commencement Date to the extent notified in writing of such SpinCo Employee Garnishment Order, honor (or, with respect to any SpinCo Employee employed by a SpinCo EOR, shall use commercially reasonable efforts to cause such SpinCo EOR to honor) such payroll deduction authorizations and continue to make payroll deductions and payments to the authorized payee, as specified by the applicable SpinCo Employee Garnishment Order which was on file with the SPGI Group as of immediately prior to the Employment Transfer Date. SPGI or the applicable member of the SPGI Group shall, as soon as practicable after the Employment Transfer Date, provide SpinCo or the applicable member of the SpinCo Group with such information in the SPGI Group's possession (and not already in the possession of the SpinCo Group) as may be reasonably requested by the SpinCo Group and necessary for the SpinCo Group to make (or cause the applicable SpinCo EOR to make) the payroll deductions and payments to the authorized payee as required by this **‎**Section 9.02(e). No later than the Employment Transfer Date, the applicable member of the SPGI Group shall cooperate with the applicable member of the SpinCo Group (or SpinCo EOR, as applicable) in requesting that the applicable Governmental Authority issue a new SpinCo Employee Garnishment Order naming the applicable member of the SpinCo Group (or SpinCo EOR, as applicable) as the employer responsible for complying with such SpinCo Employee Garnishment Orders.

Article 10<br> Non-U.S. Employees and Employee Plans

Section 10.01. *Special Provisions for Employees and Employee Plans Outside of the United States*. From and after the date hereof, to the extent not addressed in this Agreement, the Parties shall reasonably cooperate in good faith to effect the provisions of this Agreement with respect to (a) Non-U.S. SPGI Participants and Non-U.S. SpinCo Participants and (b) employee-, compensation- and benefits-related matters outside of the United States with respect to Non-U.S. SPGI Participants and Non-U.S. SpinCo Participants, including under Non-U.S. SPGI Plans and Non-U.S. SpinCo Plans, which in all cases shall be consistent with the general approach and philosophy regarding the allocation of assets and Liabilities (as expressly set forth in the recitals to this Agreement).

Section 10.02. *Special Japanese Pension Provision*. As of, or as soon as practicable following, the Benefits Commencement Date, to the extent permissible by Applicable Law and the terms of the "CB Rap" pension plan in Japan sponsored by [Japanese SpinCo entity name to be inserted] (the "**Japanese Pension Plan**"), SPGI shall, or shall cause the applicable member of the SPGI Group to, make commercially reasonable efforts to assume the Liabilities and assets (if any) relating to any SPGI Participant and Former SPGI Employee (including any beneficiary, dependent or alternate payee of such individual) in the Japanese Pension Plan. The Parties shall cooperate in good faith to give effect to such intent.

Article 11<br> Delayed Transfer SpinCo Employees

Section 11.01. *General Principles*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Notwithstanding anything to the contrary herein, except (i) as expressly provided in this Agreement or (ii) as otherwise determined by the Parties to be necessary or appropriate, the Delayed Transfer SpinCo Employees shall be treated consistent with how SpinCo Employees (other than as provided herein) are treated under this Agreement, and the provisions relating to such other SpinCo Employees set forth in this Agreement shall apply to the Delayed Transfer SpinCo Employees, *mutatis mutandis*, in each case to the extent permitted by the applicable Employee Plan and/or Applicable Law, it *being understood* that with respect to any Delayed Transfer SpinCo Employee, references to "Benefits Commencement Date", "Employment Transfer Date" and "Distribution Date" in this Agreement, as applicable, shall in each case be deemed to refer to the Delayed Transfer Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding anything to the contrary herein, except as expressly provided in this Agreement, each Delayed Transfer SpinCo Employee shall be deemed to be a SpinCo Employee for all purposes of this Agreement, effective as of the Delayed Transfer Date applicable to such Delayed Transfer SpinCo Employee, including for purposes of determining the allocation of Liabilities set forth in **‎**Article 2 of this Agreement and plan participation pursuant to **‎**Article 4 of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding anything to the contrary herein, except as expressly provided in this Agreement, each Delayed Transfer SpinCo Employee shall continue to be eligible to participate in SPGI Plans until the applicable Delayed Transfer Date, subject to the terms of such SPGI Plans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Parties agree that, to the extent the terms of this Agreement do not expressly prescribe the treatment of any specific compensation or benefits matter (including regarding the treatment of participation in any Employee Plans or the allocation of any Liabilities hereunder) applicable to any Delayed Transfer SpinCo Employee, the Parties will reasonably cooperate in good faith to cause such matter to be treated in a manner consistent with the corresponding treatment provided under this Agreement of such matter as applicable to any SpinCo Employee (or, if no such corresponding treatment is provided under the terms of this Agreement, then such matter shall otherwise be treated in accordance with the general approach and philosophy regarding the allocation of assets and Liabilities under the terms of this Agreement, as expressly set forth in the recitals to this Agreement).

Section 11.02. *401(k)Plan*. Notwithstanding anything to the contrary in **‎**Section 5.01, to the extent the Parties agree that it is not practicable to treat a Delayed Transfer SpinCo Employee in accordance with Section 5.01, the following provisions shall apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) On or as soon as reasonably practicable following the applicable Delayed Transfer Date with respect to such Delayed Transfer SpinCo Employee, such Delayed Transfer SpinCo Employee will be eligible to elect a distribution of his or her account balance under the SPGI 401(k) Plan, including a voluntary "rollover distribution" of such Delayed Transfer SpinCo Employee's eligible account balance under the SPGI 401(k) Plan (including participant loans) to either the SpinCo 401(k) Plan or an Individual Retirement Account (or, for the avoidance of doubt, such Delayed Transfer SpinCo Employee may otherwise continue to maintain his or her account under the applicable SPGI 401(k) Plan in accordance with the terms of the SPGI 401(k) Plan), as determined by each such Delayed Transfer SpinCo Employee; *provided* that any portion of such Delayed Transfer SpinCo Employee's account balance under the SPGI 401(k) Plan to be "rolled over" to the SpinCo 401(k) Plan shall be done in the form of cash except, for the avoidance of doubt, with respect to promissory notes evidencing participant loans. In the event that such Delayed Transfer SpinCo Employee elects to roll over his or her account balance from the SPGI 401(k) Plan to the SpinCo 401(k) Plan, (A) SpinCo shall cause the SpinCo 401(k) Plan to accept such rollover (including participant loans) to the extent permitted by Applicable Law and (B) to the extent such Delayed Transfer SpinCo Employee has an outstanding loan balance under the SPGI 401(k) Plan as of the applicable Delayed Transfer Date, the applicable member of the SPGI Group and the applicable member of the SpinCo Group shall cooperate in good faith to take any and all commercially reasonable efforts needed to permit such Delayed Transfer SpinCo Employee to continue to make scheduled loan payments to the SPGI 401(k) Plan after such date, pending the distribution and rollover of the promissory notes evidencing such participant loans from the SPGI 401(k) Plan to the SpinCo 401(k) Plan, as provided in this **‎**Section 11.02(a), so as to prevent, to the extent reasonably possible, a deemed distribution or loan offset with respect to such outstanding participant loans. In connection with the actions contemplated by this **‎**Section 11.02(a), the Parties shall cooperate in good faith to determine the treatment of any portion of such Delayed Transfer SpinCo Employee's account balance under the SPGI 401(k) Plan that is unvested as of immediately prior to the applicable Delayed Transfer Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Such Delayed Transfer SpinCo Employee shall be required to submit new plan elections with the applicable plan administrator in accordance with the terms of the SpinCo 401(k) Plan in connection with their initial participation thereunder.

Section 11.03. *Health and Welfare Benefit Plans.* Without limiting the generality of **‎**Section 4.01, effective as of the applicable Delayed Transfer Date, SpinCo shall cause Delayed Transfer SpinCo Employees who participate in (or who are otherwise entitled to present or future benefits under) a SPGI H&W Plan as of immediately prior to the applicable Delayed Transfer Date to be enrolled in and covered by a corresponding SpinCo H&W Plan.

Article 12<br> Restrictive Covenants

Section 12.01. *Non-Solicitation of Employees; Cooperation*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) During the Restricted Period, SpinCo shall not, and shall cause each member of the SpinCo Group not to, solicit or induce, or attempt to solicit or induce, any Covered SPGI Service Provider to terminate his or her employment or service relationship with any member of the SPGI Group; *provided* that the SpinCo Group shall not be prohibited from (i) soliciting any such individual whose employment or service relationship was involuntarily terminated due to a job elimination and (ii) placing public advertisements or conducting any other form of general solicitation (including the use of bona fide search firms or recruiting agencies) that is not specifically targeted toward a Covered SPGI Service Provider.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) During the Restricted Period, SPGI shall not, and shall cause each member of the SPGI Group not to, solicit or induce, or attempt to solicit or induce, any Covered SpinCo Service Provider to terminate his or her employment or service relationship with any member of the SpinCo Group; *provided* that the SPGI Group shall not be prohibited from (i) soliciting any such individual whose employment or service relationship was involuntarily terminated due to a job elimination and (ii) placing public advertisements or conducting any other form of general solicitation (including the use of bona fide search firms or recruiting agencies) that is not specifically targeted toward a Covered SpinCo Service Provider.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) If, during the Restricted Period, any Covered SpinCo Service Provider accepts an offer of employment with the SPGI Group or any Covered SPGI Service Provider accepts an offer of employment with the SpinCo Group (in each case, provided that the acceptance of such offer is not the result of a breach of Sections 12.01(a) or (b)), the Parties shall cooperate in good faith to provide for a mutually beneficial transition period for such service provider's services.

Article 13<br> General and Administrative

Section 13.01. *Sharing of Participant Information*. Without limiting the generality of any of the provisions of any other Ancillary Agreements, to the maximum extent permitted under Applicable Law, each of SPGI and SpinCo shall, and shall cause each member of the SPGI Group and the SpinCo Group, respectively, to reasonably cooperate with the other Party hereto to (i) share with each other and their respective agents and vendors all participant information reasonably necessary for the efficient and accurate administration of each of the SPGI Plans and the SpinCo Plans, (ii) provide prompt written notification regarding the termination of employment or service of any SpinCo Participant or SPGI Participant to the extent relevant to the administration of a SPGI Plan or SpinCo Plan, (iii) facilitate the transactions and activities contemplated by this Agreement and (iv) resolve any and all employment-related claims regarding SpinCo Participants and SPGI Participants.

Section 13.02. *Cooperation.* Each of SPGI and SpinCo shall, and shall cause the members of the SPGI Group and the SpinCo Group, respectively, to reasonably cooperate with the other Party with respect to any employee compensation or benefits matters that either Party reasonably determines require the cooperation of the other Party in order to accomplish the objectives of this Agreement that are not otherwise addressed by this Agreement (including relating to any audits by any Governmental Authorities); *provided* that nothing herein shall be deemed to require any member of the SpinCo Group to administer any SPGI Plan or to require any member of the SPGI Group to administer any SpinCo Plan, in each case at any time on or following the Distribution Date.

Section 13.03. *Vendor Contracts*. Prior to the Distribution Date, the Parties will cooperate in good faith and use reasonable best efforts to (i) negotiate with the current third-party providers to separate and assign to the SpinCo Group or SpinCo Plan or the SPGI Group or SPGI Plan, as applicable, the applicable rights and obligations under each group insurance policy, health maintenance organization, administrative services contract, third-party administrator agreement, letter of understanding or arrangement that pertains to one or more SPGI Plans or SpinCo Plans, respectively (each, a "**Vendor Contract**"), to the extent that such rights or obligations pertain to SpinCo Participants or SPGI Participants, respectively, or, in the alternative, to negotiate with the current third-party providers to provide substantially similar services to a SpinCo Plan or SPGI Plan, respectively, on substantially similar terms under separate contracts with a member of the SpinCo Group or the SpinCo Plans or SPGI Group or the SPGI Plans, respectively, as applicable, and (ii) to the extent permitted by the applicable third-party provider, obtain and maintain pricing discounts or other preferential terms under the applicable Vendor Contracts.

Section 13.04. *Data Privacy*. Notwithstanding anything to the contrary herein, the Parties agree that any Applicable Privacy Requirements of the SPGI Group and the SpinCo Group will govern the disclosure and other processing of Personal Information of the SPGI Participants and SpinCo Participants, respectively, by the Parties under this Agreement. Each of SPGI and SpinCo shall ensure that it has in place reasonable technical and organizational security measures designed to protect the Personal Information of the SPGI Participants and SpinCo Participants, respectively.

Section 13.05. *Notices of Certain Events*. Each of SpinCo and SPGI shall promptly notify and provide copies to the other of (i) written notice from any Person alleging that the approval or consent of such Person is or may be required in connection with the transactions contemplated by this Agreement, (ii) any written notice or other communication from any Governmental Authority in connection with the transactions contemplated by this Agreement or, insofar as they relate to this Agreement, the Separation Agreement and (iii) any actions, suits, claims, investigations or proceedings commenced or, to its knowledge, threatened against, relating to or involving or otherwise affecting the SpinCo Group or the SPGI Group, as the case may be, that relate to the consummation of the transactions contemplated by this Agreement or, insofar as they relate to this Agreement, the Separation Agreement; *provided* that the delivery of any notice pursuant to this **‎**Section 13.05 shall not affect the remedies available hereunder to the Party receiving such notice.

Section 13.06. *No Third-Party Beneficiaries*. Notwithstanding anything to the contrary herein, nothing in this Agreement or otherwise shall (i) create any obligation on the part of any member of the SpinCo Group or any member of the SPGI Group to retain the employment or services of any current, former or future employee, director or other service provider, (ii) be construed to create any right, or accelerate entitlement, to any compensation or benefit whatsoever on the part of any current, former or future employee, director or other service provider of any member of the SPGI Group or the SpinCo Group (or any beneficiary or dependent thereof) under this Agreement, the Separation Agreement, any SPGI Plan or SpinCo Plan or otherwise, (iii) preclude SpinCo or any SpinCo Group member (or, in each case, any successor thereto), at any time after the Distribution Date, from amending, merging, modifying, terminating, eliminating, reducing or otherwise altering in any respect any SpinCo Plan, any benefit under any SpinCo Plan or any trust, insurance policy or funding vehicle related to any SpinCo Plan (in each case in accordance with the terms of the applicable arrangement), (iv) preclude SPGI or any SPGI Group member (or, in each case, any successor thereto), at any time after the Distribution Date, from amending, merging, modifying, terminating, eliminating, reducing or otherwise altering in any respect any SPGI Plan, any benefit under any SPGI Plan or any trust, insurance policy or funding vehicle related to any SPGI Plan (in each case in accordance with the terms of the applicable arrangement) or (v) confer any other rights or remedies (including any third-party beneficiary rights) on any current, former or future employee, director or other service provider of any member of the SPGI Group or the SpinCo Group or any beneficiary or dependent thereof or any other Person, including any SPGI Participants or SpinCo Participants.

Section 13.07. *Fiduciary Matters*. The Parties each acknowledge that (i) actions required to be taken pursuant to this Agreement may be subject to fiduciary duties or standards of conduct under ERISA or other Applicable Law, (ii) the provisions of this Agreement that relate to such actions are intended to comply with such fiduciary duties or standards and (iii) no Party shall be deemed to be in violation of this Agreement if it fails to comply with any provisions hereof based upon its good faith determination (as supported by advice from counsel experienced in such matters) that to do so would violate such a fiduciary duty or standard of conduct. Each Party shall be responsible for taking such actions as are deemed necessary and appropriate to comply with its own fiduciary responsibilities and shall fully release and indemnify the other Party for any Liabilities caused by the failure to satisfy any such responsibility.

Section 13.08. *Consent of Third Parties*. If any provision of this Agreement is dependent on the consent of any third party (such as a vendor or Governmental Authority), the Parties shall cooperate in good faith and use commercially reasonable efforts to obtain such consent and, if such consent is not obtained, to implement the applicable provisions of this Agreement to the full extent practicable. If any provision of this Agreement cannot be implemented due to the failure of such third party to consent, the Parties shall negotiate in good faith to implement the provision in a mutually satisfactory manner.

Section 13.09. *Section 409A*. The Parties shall cooperate in good faith so that the transactions contemplated by this Agreement and the Separation Agreement will not result in adverse tax consequences under Section 409A to any SPGI Participant or SpinCo Participant in respect of their benefits under any Employee Plan.

Section 13.10. *Collective Bargaining Agreement and Works Council Obligations.* The Parties shall cooperate in good faith and exchange information as reasonably required to satisfy any collective bargaining agreement, works council or similar obligations that arise in connection with the transactions contemplated by this Agreement.

Article 14<br> Miscellaneous

Section 14.01. *General*. The provisions of Section 4.01, Section 4.06, Section 4.07, Section 4.08, Section 4.09, Section 4.14 and Article 6 of the Separation Agreement (other than Section 6.06 as it relates to third-party beneficiaries of the Separation Agreement and Section 6.08 as it relates to the governance of employee matters) are hereby incorporated by reference into and deemed part of this Agreement and shall apply, *mutatis mutandis*, as if fully set forth in this Agreement.

*[Signature Page Follows]*

IN WITNESS WHEREOF, the Parties have caused this Agreement to be executed by their duly authorized representatives as of the date first above written.

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| **S&P GLOBAL INC.** | **S&P GLOBAL INC.** |
| By: |  |
|  | Name: |
|  | Title: |

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|:---|:---|
| **MOBILITY GLOBAL INC.** | **MOBILITY GLOBAL INC.** |
| By: |  |
|  | Name: |
|  | Title: |

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*[Signature Page to Employee Matters Agreement]*

## Exhibit 10.4

**Exhibit 10.4**

Certain schedules and exhibits to this agreement have been omitted pursuant to Item 601(a)(5) of Regulation S-K. A copy of any omitted schedule and/or exhibit will be furnished supplementally to the SEC upon request.

[\*\*\*] Certain information in this document has been excluded pursuant to Regulation S-K, Item 601(a)(6). Such excluded information is not material and is the type that the registrant treats as private or confidential.

![](tm2528763d6_ex10-4img001.jpg)

S&P Global

55 Water Street

New York, New York 10041

[\*\*\*]

July 28, 2025

Bill Eager

[\*\*\*]

Dear Bill,

Congratulations on your new position as President, S&P Global Mobility! You will be starting in your position on or around August 15, 2025 ("Start Date"), with a principal location of Virginia, or such other date or location as may be agreed to by the Company in writing. Where applicable, the Company will recognize your continuous years of service to the wholly-owned subsidiary. This offer is contingent on beginning your employment as indicated above.

Your payroll employer entity is S&P Global, Inc. (the "Company") and you will be paid $650,000 USD based on an annualized base salary, less lawful deductions. This position is classified as exempt under the Fair Labor Standards Act (FLSA) and therefore is not eligible for overtime pay.

You will be eligible to participate in the applicable annual bonus plan ("Bonus Plan") with a target incentive opportunity of $900,000 USD. Actual payment under the Bonus Plan, if any, will be based on the degree of achievement of the established company and/or division objective(s) and your individual performance and contribution, as determined in the Company's discretion and as approved by the CLDC. For the 2025 Bonus Plan year, your award for the performance year will be a blended rate based on the number of days you have been employed in Carfax and in the Company with your final payment amount determined in the Company's discretion, as approved by the CLDC. Awards may be less than the communicated target and are subject to your People Leader's assessment of your performance. Please note that your target opportunity and eligibility are not commitments to pay any award, as all payments under the Bonus Plan are discretionary. Target opportunities are subject to change by the Company in its discretion from year to year. In order to be eligible for each annual Bonus Plan, you must be employed on or before September 30th of the Bonus Plan year. Further, to receive a payment, you must be an employee in good standing and be employed by S&P Global, or any of its business units, on the Bonus Plan payout date*.*

You will also be eligible to participate in the S&P Global Long-Term Stock Incentive Program. Under this Program, for 2026, you will be eligible to receive a long-term incentive grant that, if approved by management and granted, will be a target value of $2,950,000 USD. Any such grant will be subject in all respects (including, but not limited to, with respect to vesting) to the terms and conditions of the S&P Global Long-Term Stock Incentive Program under the S&P Global Inc. 2019 Stock Incentive Plan, as applicable, and the associated award agreement that you receive at the time of grant. In addition, you may also be eligible to receive future long-term incentive grants, as determined by the CLDC in its sole discretion, subject to the terms and conditions of the then-applicable S&P Global Long-Term Stock Incentive Program. For the avoidance of doubt, any long-term incentive grant you receive in 2026 is not a guarantee that the same or a similar award will be made in future years, and there is no assurance that any future long-term incentive awards will be made.

![](tm2528763d6_ex10-4img001.jpg)

Following your start date, and subject to the conditions set forth below, you will receive a one-time Restricted Stock Unit Award under the S&P Global Inc. 2019 Stock Incentive Plan equal to $2,000,000 USD which dollar amount shall be converted into a number of share of S&P Global Inc. common stock (Ticker: SPGI) using the ten day average closing price of the Company's common stock preceding the grant date. This award will cliff vest in its entirety on the third anniversary of the award grant date and will be subject in all respects (including, but not limited to, with respect to vesting) to the terms and conditions of the applicable Stock Incentive Plan and the associated award agreement that you receive at the time of grant. Dividend equivalents will be accrued during the award period and will be paid in cash, along with vested shares. The Restricted Stock Unit Award will be subject to the approval of CLDC prior to the grant of such Award and the terms and conditions set forth in the 2019 Stock Incentive Plan and the associated award agreement that you receive at the time of grant.

The Company reserves the right to cancel or delay payment of awards pending the outcome of disciplinary procedures or investigations into matters that could be considered grounds for termination of employment or pay recovery as stated by the Pay Recovery Policy. Both short term and long-term performance awards are subject to claw back (recovery, including by means of repayment to the Company) during the relevant performance or time-based vesting period for the award, plus the 24-month period following the end of the relevant performance or time-based vesting period or discretionary award date. While your affirmation is not required for the Policy to apply, your acceptance of any award, grant or payment that is subject to the Pay Recovery Policy will constitute your consent to and acceptance of the application of such Policy.

Effective with your employment, you shall participate in the Senior Executive Severance Plan, which currently provides 12 months' salary for participants with less than 24 months of service and 18 months' salary for participants with 24 months or more of service in the event of a "Qualified Termination of Employment," as defined in the Plan. For the avoidance of doubt, your continuous years of service to the Company do not count towards your participation in the Senior Executive Severance Plan.

Effective with your employment, you will participate in the Management Supplemental Death and Disability Plan, which provides for pre-retirement death benefits equal to two times your annual base salary. Should you become disabled while employed by S&P Global, you shall be provided with a monthly disability income benefit, as defined under the Plan and reduced by certain plan-specified offsets.

You will be eligible to receive all benefits routinely made available to all S&P Global employees with the same employer entity and at comparable levels. Also, you are subject to all eligible policies of S&P Global. You must enroll in all benefit plans within your first thirty days, and benefit coverage is retroactive to your Start Date. Please <u>click here</u> to review information regarding the benefits available to employees of S&P Global.

In addition to the standard benefits, you will be entitled to the following perquisites, which are reviewed periodically and subject to change:

&nbsp;&nbsp;&nbsp;&nbsp;· Annual Executive Physical Program

· Tax counseling and return preparation

![](tm2528763d6_ex10-4img001.jpg)

S&P Global has a flexible paid time off program (called "Recharge"). Additional information about our Recharge program can be found <u>here</u>.

Please note that your offer of employment with S&P Global is contingent upon the successful completion of a background investigation, which will be administered by an independent third-party vendor, Sterling Talent Solutions. The investigation will include employment and education verification, as well as a criminal history and credit check.

All employees are required to adhere to the Company's Code of Business Ethics (the "<u>COBE</u>") and Securities Disclosure Policy throughout their employment, including any notice periods (whether worked, not worked or "garden leave"). The purpose of the Code of Business Ethics and the Securities Disclosure Policy is to establish guidelines reasonably designed to identify and prevent recipients form breaching any applicable fiduciary duties and to deal with other situations that may pose a conflict of interest or the appearance of a conflict of interest. In addition, there are divisions of S&P Global that require affirmations to a Code of Conduct, Code of Business Ethics and/or a Securities Disclosure Policy. The purpose of the Code of Conduct is to reflect the high-level principles that govern the conduct of the Company's Credit Rating Activities. Failure to comply with Company policies, including the Code and Securities Disclosure Policy, may result in disciplinary action up to and including termination of employment. All violations or potential violations of the Code of which you become aware, should be reported promptly to the People Team. Each year, you will be required to sign or otherwise indicate your assent to an Affirmation Statement to confirm that you have reviewed the Code and understand your continuing obligation to comply with its terms. Periodic certifications relating to the Securities Disclosure Policy are also required. Please note that the Securities Disclosure Policy includes requirements that may extend to an employee's immediate family (as defined in the policy), and that for some positions the applicable policies may impact your ability to maintain and conduct trades of certain holdings. To the extent that the Code and Securities Disclosure Policy, or compliance therewith, would be inconsistent with applicable law, applicable law will govern. Any questions relating to the "Codes" or the Securities Disclosure Policy should be directed to [\*\*\*].

By accepting this letter of offer, you acknowledge that you are aware that your personal data will be handled in accordance with the S&P Global <u>Employee Privacy Policy (Applicable to U.S., India and Pakistan</u>). This policy means that your data may be collected, transferred, disclosed, stored or otherwise processed in S&P Global and its affiliates' systems, as well as the systems of service providers, that may be located in a jurisdiction which is different to your work location and where the data privacy laws may be different to the laws in your work location. Please take a moment to review the Policy before accepting this letter of offer. S&P Global updates its policies from time to time. If you have any questions about the applicable Policy now or in the future, please contact [\*\*\*].

This letter is not an offer of a contract of employment. It is the Company's policy that all employment is "at-will." This means either the employee or the Company may terminate employment for any reason at any time. No change in the "at-will" employment relationship is valid unless it is contained in a written agreement signed by <u>an authorized officer</u> of S&P Global.

Federal law requires U.S. employers to verify that all new employees are eligible to work in the United States pursuant to the Immigration Reform and Control Act of 1986. As a condition of your employment, as set forth by the Act, you will be required to provide proof of identity and employment authorization within three (3) days of your Hire Date by completing the Form I-9. Shortly after offer acceptance, you will receive an email communication from the S&P Global Onboarding team with instructions on how to complete your pre-boarding tasks including updating personal information and I-9 requirements.

![](tm2528763d6_ex10-4img001.jpg)

If you require immigration sponsorship by S&P Global now or in the future, in order to accept or continue employment with us, we reserve the right to determine whether to pursue a nonimmigrant case on your behalf. Further, you should be aware that there is no guarantee that the government will approve any such case that we do file on your behalf. By accepting this offer, you represent that you are not aware of any circumstances that would make you ineligible for nonimmigrant status. Please note also that by sponsoring you for nonimmigrant work status, S&P Global is not committing to sponsoring you for permanent resident status.

You acknowledge and agree that terms and conditions set forth in **Attachment A (Agreement for the Protection of Company Interests)** hereto are hereby incorporated into, and are part of, the terms and conditions of this offer letter. You acknowledge that you have reviewed and understand the terms of the Agreement for the Protection of Company Interests, and that by accepting this offer letter you are accepting the terms in Attachment A, including the non-solicitation of employees, confidentiality and ownership of information provisions.

You will receive a notification requesting you to provide an e-signature to accept this offer. You must complete this step, in order to move forward in the hiring process.

We are looking forward to you joining our team! In the meantime, if you have any questions, please do not hesitate to call me.

---

| |
|:---|
| Sincerely, |
| /s/ Martina Cheung |
| Martina Cheung |
| Chief Executive Officer |
| S&P Global, Inc. |

---

## Exhibit 10.5

**Exhibit 10.5**

Certain schedules and exhibits to this agreement have been omitted pursuant to Item 601(a)(5) of Regulation S-K. A copy of any omitted schedule and/or exhibit will be furnished supplementally to the SEC upon request.

[\*\*\*] Certain information in this document has been excluded pursuant to Regulation S-K, Item 601(a)(6). Such excluded information is not material and is the type that the registrant treats as private or confidential.

![](tm2528763d6_ex10-5img001.jpg)

*S&P Global*

*55 Water Street*

*New York, New York 10041*

December 2, 2025

Matt Calderone

[\*\*\*]

Dear Matt,

Congratulations on your new position as Chief Financial Officer for S&P Global Mobility ("Mobility")! We are delighted to have you on board and know you will be a great addition to our team. You will be starting in your position by March 1, 2026 or as soon as practicable thereafter ("Start Date") with a principal location in Virginia, or such other date or location as may be agreed to by the Company in writing, reporting to Bill Eager. This offer is contingent on your commencing employment as indicated above.

<u>Base Salary</u>. Your payroll employer entity is S&P Global Inc. ("S&P Global" or the "Company") and you will be paid an annualized salary of $850,000.00 USD on a semi-monthly basis (except where local law requires more frequent payment), less lawful deductions. This position is classified as exempt under the Fair Labor Standards Act (FLSA) and therefore is not eligible for overtime pay.

<u>Bonus</u>. You will be eligible to participate in the applicable annual bonus plan ("Bonus Plan") with a target incentive opportunity for 2026 of $1,200,000.00 USD. Actual payment under the Bonus Plan, if any, will be based on the degree of achievement of the established company and/or division objective(s) and your individual performance and contribution, as determined in the Company's discretion. Should your actual Start Date be after January 1, 2026, your award for the 2026 performance year will be pro-rated based on the number of days you are employed with the Company during the performance year. Awards may be less than the communicated target and are subject to your People Leader's assessment of your performance. Please note that your target opportunity and eligibility are not commitments to pay any award, as all payments under the Bonus Plan are discretionary. Target opportunities are subject to change by the Company in its discretion from year to year. Further, to receive a payment, you must be an employee in good standing and be employed by the Company, or any of its business units, on the Bonus Plan payout date which shall be on or before March 15<sup>th</sup> of the calendar year following the bonus eligible year.

![](tm2528763d6_ex10-5img001.jpg)

<u>Long Term Incentives</u>. You will also be eligible to participate in the S&P Global Long-Term Stock Incentive Program. Under this Program, for 2026, you will be eligible to receive a long-term incentive grant that, if approved by the Compensation and Leadership Development Committee of the Company's Board of Directors (the "Compensation Committee") or its authorized delegate and granted, will be a target value of $3,000,000.00 USD. Any such grant will be subject in all respects (including, but not limited to, with respect to vesting) to the terms and conditions of the S&P Global Long-Term Stock Incentive Program under the S&P Global Inc. 2019 Stock Incentive Plan (the "2019 Stock Incentive Plan"), as applicable, and the associated award agreement that you receive at the time of grant. In addition, you may also be eligible to receive future long-term incentive grants, as determined by the Compensation Committee in its sole discretion, subject to the terms and conditions of the then-applicable S&P Global Long-Term Stock Incentive Program. For the avoidance of doubt, any long-term incentive grant you receive in 2026 is not a guarantee that the same or a similar award will be made in future years, and there is no assurance that any future long-term incentive awards will be made.

Potential Founder Shares. In connection with the Mobility Spin-Off (as defined below), the Company acknowledges that you and the Company intend to explore your receipt of an equity interest customarily referred to as "founder shares" in the entity that will hold the Mobility business following the Mobility Spin-Off. Without creating any obligation to issue any such equity, management agrees to use its reasonable efforts, and to cause its relevant affiliates to use reasonable efforts, to cooperate with you in good faith to evaluate, structure, and, if approved, facilitate the potential issuance or grant to you of founder shares (or a substantially equivalent equity interest) in Mobility SpinCo. Any such founder share opportunity will be subject in all respects to (i) the approval of the Company's Board of Directors and/or the Compensation Committee, as applicable, and the board of directors of SpinCo; (ii) the terms and conditions of any applicable SpinCo equity incentive plan(s) and award agreement(s) to be adopted in connection with the Mobility Spin-Off; (iii) applicable law, regulation, listing standards, and tax, accounting, and securities law considerations; and (iv) the consummation of the Mobility Spin-Off on terms and timing satisfactory to the Company in its sole discretion. For the avoidance of doubt, this provision does not constitute a promise, commitment, or guarantee that the Mobility Spin-Off will occur or that any founder shares (or other equity) will be offered, approved, issued, or granted to you, nor does it set any target value, quantum, price, vesting, performance conditions, liquidity rights, governance rights, or other terms for any such equity. If the Mobility Spin-Off does not occur for any reason, the Company will have no obligation to offer or provide any founder shares or any substitute or make-whole compensation. Nothing in this provision confers any right to continued employment or limits the Company's right to modify or terminate any contemplated equity program at any time prior to the execution of definitive documentation.

<u>Sign-On and Buy-Out Payments and Awards</u>. Following your Start Date, you will be paid and/or granted, as applicable, one-time cash and equity awards ("One-Time Awards") as set forth below, subject, where noted below, to you providing documentation of bonus and equity forfeitures by your previous employer. The One-Time Awards will be comprised of cash payments and a grant of Restricted Stock Units ("RSU") as detailed below. Payment and vesting of the One-Time Awards is subject to your continued employment through the applicable payment/vesting dates.

![](tm2528763d6_ex10-5img001.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>Cash Signing Bonus</u>. You will receive a one-time cash signing bonus of $1,000,000.00 USD (the
 "Cash Signing Bonus"), less lawful deductions, which will be payable as soon
 as administratively possible, but within 30 days of your Start Date. If, prior to December 31,
 2028, you give notice of or voluntarily separate from the Company or Mobility, unless such
 voluntary separation is due to Good Reason (as defined below) or are terminated for Cause
 (as defined below) (the "Cash Signing Bonus Claw Back Reasons"), you agree to
 repay the full amount of the signing bonus to the Company or Mobility Spin Off. For the avoidance
 of doubt, no portion of the Cash Signing Bonus shall be required to be repaid in the event
 of your death or Disability (as defined in the applicable Severance Plan).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>2025 Bonus Buy-Out Cash Award</u>. Following your Start Date, and subject to the conditions set
 forth below, you will be paid a one-time bonus buy-out cash award of $500,000.00 USD (the
 "2025 Bonus Buy-Out Cash Award"), less lawful deductions, which will be payable
 as soon as administratively possible, but within 30 days of your Start Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. <u>2026 Equity Vesting Buy-Out Cash Award</u>. Following your Start Date, and subject to the conditions
 set forth below, you will be paid a one-time cash award with respect to your former employer's
 stock awards that were scheduled to vest in 2026 (the "2026 Equity Forfeiture")
 of $1,525,000.00 USD (the "2026 Equity Vesting Buy-Out Cash Award"), less lawful
 deductions, which will be payable as soon as administratively possible, but within 30 days
 of your Start Date. Payment of the 2026 Equity Vesting Buy-Out Cash Award is subject to you
 providing confirmation in writing (which may be by email) of the 2026 Equity Forfeiture by
 your prior employer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. <u>Equity Buy-Out RSU Award</u>. Following your Start Date and by March 31, 2026, and subject
 to the conditions set forth below, you will receive a one-time RSU Award under the 2019 Stock
 Incentive Plan with a grant date value equal to $2,900,000.00 USD, which dollar amount shall
 be converted into a number of shares of S&P Global common stock (ticker: SPGI) using
 the ten-day average closing price of the Company's common stock preceding the grant
 date (the "Equity Buy-Out RSU Award"). This RSU Award will vest over a three-year
 period with 1/3 of the award vesting on the first, second, and third anniversaries of the
 award grant date, respectively, and will be subject in all respects (including, but not limited
 to, with respect to vesting) to the terms and conditions of the 2019 Stock Incentive Plan
 and the associated award agreement that you receive at the time of grant. The grant of RSUs
 will be subject to you providing confirmation in writing (which may be by email) of equity
 forfeiture by your prior employer, other than with respect to the 2026 Equity Forfeiture.

Payment and grant of the 2025 Bonus Buy-Out Cash Award, 2026 Equity Vesting Buy-Out Cash Award and the Equity Buy-Out RSU Award, respectively, are subject to you providing confirmation in writing (which may be by email) of the forfeiture of such prior employer awards. For the avoidance of doubt, if your former employer's bonus and/or equity awards are not forfeited, either in part or in whole, the values of the One-Time Awards will be reduced accordingly. The One-Time Awards are subject to the approval of the Compensation Committee or its authorized delegate and/or management, as applicable.

![](tm2528763d6_ex10-5img001.jpg)

Notwithstanding the foregoing, the Company reserves the right to delay payment of any awards granted to you during your employment pending the outcome of disciplinary procedures or investigations into matters at the Company that could be considered grounds for termination of employment or pay recovery as stated by the Company's pay recovery or claw back policies which have been provided to you in writing and which are in effect as of the date of this letter applicable to you, and can cancel such awards if the outcome of such disciplinary procedures or investigations results in a termination for Cause (as defined herein) ("Pay Recovery Policies"). Both short-term and long-term performance awards are subject to claw back (recovery, including by means of repayment to the Company) during the relevant performance or time-based vesting period for the award, plus the 24-month period following the end of the relevant performance or time-based vesting period or discretionary award date. While your affirmation is not required for the Pay Recovery Policies to apply, your acceptance of any award, grant or payment that is subject to the Pay Recovery Policies will constitute your consent to and acceptance of the application of such Policy.

For the avoidance of doubt, the 2025 Bonus Buy-Out Cash Award, 2026 Equity Vesting Buy-Out Cash Award and the Equity Buy-Out RSU Award are not Covered Pay (as set forth in the Pay Recovery Policy) and are fully earned and non-refundable after paid to you (except with respect to the vesting conditions and other terms and conditions of the Equity Buy-Out RSU Award) and are not subject to any Pay Recovery Policies, clawback or offset, except that the Equity Buy-Out RSU Award shall be subject to the terms of the grant agreement and the 2019 Stock Incentive Plan.

<u>Salary Protection</u>. It is currently contemplated that the Mobility business will be spun off into a separate company from S&P Global (the "Mobility Spin-Off"). However, if (i) you experience a Termination of Employment at Company Convenience (as defined in the S&P Global Inc. Management Severance Plan dated as of February 29, 2024 (the "Severance Plan")) prior to the closing of the Mobility Spin-Off; (ii) you terminate your employment for Good Reason (as defined herein) prior to the closing of the Mobility Spin-Off; or (iii) the Mobility Spin-Off does not close on or before March 30, 2027 (the "Outside Spin-Off Date") and you provide notice of or resign within 30 days following the Outside Spin-Off Date, then in the case of (i), (ii), and (iii), and subject to your execution and non-revocation of a Release (as defined in the Severance Plan), you will receive (a) the severance benefits provided for under the Severance Plan, payable subject to and in accordance with the terms of the Severance Plan, and (b) a lump sum payment equal to 15 months of your then-current base salary, payable within 30 days following your termination date and subject to applicable withholdings. For the avoidance of doubt, if none of the events described in clauses (i), (ii) and (ii) above occurs, you will not be eligible for the foregoing severance benefits, and for further clarity, in no event will the foregoing severance protections apply upon any termination that occurs on or after the Mobility Spin-Off.

![](tm2528763d6_ex10-5img001.jpg)

<u>Definitions</u>. "Cause" shall be defined herein as your: (i) (x) willful misconduct in the performance of the your duties to the Company or Mobility Spin-Off or (y) engaging in any other misconduct that results in or could reasonably be expected to result in financial, reputational or other harm to the Company or Mobility Spin-Off; (ii) breach of any employment, service or restrictive covenant agreement between you and the Company or Mobility Spin-Off; (iii) gross negligence; (iv) material violation of any Company or Mobility Spin-Off policy, rule, procedure or guideline; (iv) conviction of, plea of guilty or nolo contendere to (x) a felony or (y) a misdemeanor involving moral turpitude or fraud; or (vi) commission of an act of fraud, embezzlement or misappropriation against the Company or Mobility Spin-Off; provided however that with respect to (i), (ii), and (iii), and (iv) the Company shall provide written notice identifying such material breach or violation and shall provide you an opportunity for thirty (30) days thereafter to cure such breach or violation.

As used herein, "Good Reason" means the occurrence, without your prior written consent, of any one or more of the following events: (a) an adverse change by the Company in your function, duties or responsibilities, which change would cause your position with the Company to become one of substantially less responsibility, importance or scope, including any removal from the position of Chief Financial Officer of the Mobility business (or an equivalent chief financial officer role of a public or private parent or top-tier operating company that directly or indirectly holds the Mobility business following a Spin-Out), or any requirement that you report to anyone other than the chief executive officer of such parent or top-tier operating company on matters customarily reported by a chief financial officer; (b) a 10% or larger reduction by the Company or Mobility Spin-Off of your base salary or total target compensation; (c) a relocation of your principal place of employment to a location that increases your one-way commute distance by more than 50 miles from your principal place of employment immediately prior to such relocation; (d) any material breach by the Company (or any successor or its parent) of this offer letter; provided, however, that you shall notify the Company within 90 days of the occurrence of a change described in (a), (b), (c) or (d) above and the Company shall have 30 days to cure such change to your reasonable satisfaction (including retroactively with respect to monetary matters), which change, to the extent so cured, shall not be considered Good Reason, provided that an across-the-board reduction will not avoid "Good Reason" unless (i) it applies in a substantially consistent manner to all senior executives of the applicable employer, (ii) it does not exceed 10% of the relevant amount, and (iii) any such reduction is temporary and fully reversed (with make-whole true-up) within 12 months.

<u>Supplemental Death and Disability Plan</u>. Effective with your employment, you will participate in the Management Supplemental Death and Disability Plan, which provides for pre-retirement death benefits equal to two times your annual base salary. Should you become disabled while employed by S&P Global, you shall be provided with a monthly disability income benefit, as defined under the Plan and reduced by certain plan-specified offsets.

<u>Benefits</u>. You will be eligible to receive all benefits routinely made available to all S&P Global employees with the same employer entity and at comparable levels in each case, on a basis no less favorable than on which such benefits are provided to the applicable other senior executives from time to time and to the extent that you are eligible under the terms of such benefits plans or rules. Also, you are subject to all eligible policies of S&P Global. You must enroll in all benefit plans within your first thirty (30) days, and benefit coverage is retroactive to your Start Date. Please <u>click here</u> to review information regarding the benefits available to employees of S&P Global. In the event of a Spin-Off, you shall receive all benefits routinely made available to the then applicable employees with the same employer entity and at comparable levels in each case, on a basis no less favorable than on which such benefits are provided to the applicable other senior executives from time to time and to the extent that you are eligible under the terms of such benefits plans or rules. During your period of employment with the Company, the Company agrees to reimburse you for all reasonable and necessary business expenses subject to the applicable Travel & Expense policy.

![](tm2528763d6_ex10-5img001.jpg)

<u>Recharge</u>. S&P Global has a flexible paid time off program (called "Recharge"). Additional information about our Recharge program can be found <u>here</u>.

<u>Background Check</u>. Please note that your offer of employment with S&P Global is contingent upon the successful completion of a background investigation, which will be administered by an independent third-party vendor. The investigation will include employment and education verification, as well as a criminal history and credit check.

<u>Notice Period</u>. To facilitate an effective transition, in the event you choose to leave the Company, you must provide the Company with 90-days' written notice to the Chief People Officer. You agree that the notice period required is reasonable and necessary to assist the Company in a transition period. You understand that the Company may, at its discretion, shorten the time of the notice period either before or after you give the notice, but your separation will still be considered a resignation. You acknowledge and agree that you have a duty to notify any new employer(s) of the existence of this obligation and its restrictions and hereby grant consent to Company to inform any new employer(s) of the restrictions under this obligation.

<u>Code of Business Ethics</u>. All employees are required to adhere to the Company's Code of Business Ethics (the "<u>COBE</u>") and Securities Disclosure Policy throughout their employment, including any notice periods (whether worked, not worked or "garden leave"). The purpose of the COBE and the Securities Disclosure Policy is to establish guidelines reasonably designed to identify and prevent recipients form breaching any applicable fiduciary duties and to deal with other situations that may pose a conflict of interest or the appearance of a conflict of interest. In addition, there are divisions of S&P Global that require affirmations to a Code of Conduct, Code of Business Ethics and/or a Securities Disclosure Policy. The purpose of the Code of Conduct is to reflect the high-level principles that govern the conduct of the Company's Credit Rating Activities. Failure to comply with Company policies, including the COBE and Securities Disclosure Policy, may result in disciplinary action up to and including termination of employment. All violations or potential violations of the COBE of which you become aware, should be reported promptly to the People Team. Each year, you will be required to sign or otherwise indicate your assent to an Affirmation Statement to confirm that you have reviewed the COBE and understand your continuing obligation to comply with its terms. Periodic certifications relating to the Securities Disclosure Policy are also required. Please note that the Securities Disclosure Policy includes requirements that may extend to an employee's immediate family (as defined in the policy), and that for some positions the applicable policies may impact your ability to maintain and conduct trades of certain holdings. To the extent that the COBE and Securities Disclosure Policy, or compliance therewith, would be inconsistent with applicable law, applicable law will govern. Any questions relating to the "Codes" or the Securities Disclosure Policy should be directed to [\*\*\*].

![](tm2528763d6_ex10-5img001.jpg)

<u>Privacy</u>. By accepting this letter of offer, you acknowledge that you are aware that your personal data will be handled in accordance with the S&P Global <u>Employee Privacy Policy (Applicable to U.S., India and Pakistan</u>). This policy means that your data may be collected, transferred, disclosed, stored or otherwise processed in S&P Global and its affiliates' systems, as well as the systems of service providers, that may be located in a jurisdiction which is different to your work location and where the data privacy laws may be different to the laws in your work location. Please take a moment to review the Policy before accepting this letter of offer. S&P Global updates its policies from time to time. If you have any questions about the applicable Policy now or in the future, please contact [\*\*\*].

<u>At Will Status</u>. This letter is not an offer of a contract of employment and nothing in this letter modifies your at will employment status. It is the Company's policy that all employment is "at-will." This means either the employee or the Company may terminate employment for any reason at any time. No change in the "at-will" employment relationship is valid unless it is contained in a written agreement signed by <u>an authorized officer</u> of S&P Global.

<u>Right to Work</u>. Federal law requires U.S. employers to verify that all new employees are eligible to work in the United States pursuant to the Immigration Reform and Control Act of 1986. As a condition of your employment, as set forth by the Act, you will be required to provide proof of identity and employment authorization within three (3) days of your Hire Date by completing the Form I-9. Shortly after offer acceptance, you will receive an email communication from the S&P Global Onboarding team with instructions on how to complete your pre-boarding tasks including updating personal information and I-9 requirements.

If you require immigration sponsorship by S&P Global now or in the future, in order to accept or continue employment with us, we reserve the right to determine whether to pursue a nonimmigrant case on your behalf. Further, you should be aware that there is no guarantee that the government will approve any such case that we do file on your behalf. By accepting this offer, you represent that you are not aware of any circumstances that would make you ineligible for nonimmigrant status. Please note also that by sponsoring you for nonimmigrant work status, S&P Global is not committing to sponsoring you for permanent resident status.

<u>Protection of Company Interests</u>. You acknowledge and agree that terms and conditions set forth in **Attachment A (Agreement for the Protection of Company Interests)** hereto are hereby incorporated into, and are part of, the terms and conditions of this offer letter. You acknowledge that you have reviewed and understand the terms of the Agreement for the Protection of Company Interests, and that by accepting this offer letter you are accepting the terms in Attachment A, including the non-solicitation of employees, confidentiality and ownership of information provisions.

![](tm2528763d6_ex10-5img001.jpg)

<u>Outside Activities</u>. You may: (i) serve as a board member or officer of nonprofit or civic organizations; and (ii) participate in charitable, civic, educational, professional, community or industry affairs.

<u>Insurance</u>. The Company shall, at all times, during the time period that you are employed by the Company, provide you with Directors and Officers insurance, in an amount at least equal to the same and customary terms and conditional as provided to other officers of the Company. A copy of such insurance policy and a certificate of such insurance shall be provided to you upon reasonable request. You will also be entitled to indemnifications rights, benefits and related expense advances and reimbursements to the same extent as any other officer of the Company or its subsidiaries or affiliates for which you serve as an officer, provided however that, except as required by applicable law, you shall be entitled to indemnification and advancement of expenses on the basis no less favorable to you than provided to other executive offices of the Company. The indemnification and advancement of expenses provided under this paragraph shall be in addition to any other rights you may have under any other agreement with the Company, as a matter of law or otherwise.

<u>Assignment</u>. This offer letter shall be binding upon and inure to the benefit of you and your heirs, executors, personal representatives, assigns, administrators, and legal representatives. Due to the unique and personal nature of your duties under this offer letter, neither this offer letter nor any rights or obligations under this offer letter shall be assignable by you. This offer letter shall be binding and inure to the benefit of the Company and its successors, assigns, and legal representatives. The Company will require the immediate successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets to of the Company or in the event of any Spin-Off, to expressly assume and agree to perform this offer letter in the same manner and to the same extent that the Company would be required to perform it if no such succession had taken place.

<u>Choice of Law</u>. The parties agree that this offer letter shall be construed and interpreted in accordance with the laws of the State of Virginia, regardless of the choice of law's provision of such state or any other jurisdiction.

<u>General Provision</u>. The provisions of this offer letter may be amended or waived only with the prior written consent of the Company and you, and no course of conduct or failure or delay in enforcing the provisions of this offer letter shall affect the validity, binding effect or enforceability of this offer letter. This offer letter contains the complete, final and exclusive agreement of the Company and you relating to the subject matter of this offer letter, and supersedes all prior oral and written employment agreements or arrangements between the Company and you unless otherwise expressly referenced above. This offer letter cannot be amended or modified except by a written agreement signed by you and a duly authorized representative of the Company. No term, covenant, or condition of this offer letter or any breach thereof shall be deemed waived, except with the written consent of the party against whom the waiver is claimed, and any waiver or any such term, covenant, condition, or breach shall not be deemed to be a waiver of any preceding or succeeding breach of the same or any other term, covenant condition or breach. If there is a finding by a court or arbitrator of the unenforceable, invalid or illegal, such court shall have the authority to modify or replace the invalid or unenforceable term or provision with a valid and enforceable term or provision that will most accurately represent the parties' intention with respect to the invalid or unenforceable term or provision.

![](tm2528763d6_ex10-5img001.jpg)

<u>Conflicts</u>. To the extent any definitions, conditions, terms or other provisions in the 2019 Stock Incentive Plan, the Severance Plan, the Pay Recovery Policies, or any other policy, rule or guideline conflict with any provisions in this offer letter, the provisions in this offer letter shall control over this offer letter.

<u>Headings</u>. The headings set forth in this offer letter are for convenience of reference only and shall not be used in interpreting this offer letter.

<u>Drafting</u>. This offer letter has been drafted by legal counsel representing the Company, but you have been encouraged, and have consulted with, your own independent counsel with respect to the terms of this offer letter. The Company and you acknowledge that each party and its counsel has reviewed and revised, or had an opportunity to review and revise, this offer letter, and the normal rule of construction to the effect that any ambiguities are to be revolved against the drafting party shall not be employe in the interpretation of this offer letter.

You will receive a notification requesting you provide an e-signature to accept this offer.

If you have any questions, please do not hesitate to call me.

Sincerely,

Girish Ganesan

EVP, Chief People Officer

## Exhibit 10.6

**Exhibit 10.6**

Certain schedules and exhibits to this agreement have been omitted pursuant to Item 601(a)(5) of Regulation S-K. A copy of any omitted schedule and/or exhibit will be furnished supplementally to the SEC upon request.

[\*\*\*] Certain information in this document has been excluded pursuant to Regulation S-K, Item 601(a)(6). Such excluded information is not material and is the type that the registrant treats as private or confidential.

![](tm2528763d6_ex10-6img001.jpg)

*S&P Global*

*55 Water Street*

*New York, New York 10041*

November 17, 2025

Scott Fredericks

[\*\*\*]

Dear Scott,

Congratulations on your new position as President, Carfax for S&P Global ("S&P Global")! We are delighted with your success and look forward to your continued leadership. You will be starting in your position on September 3. 2025 with a principal location of Virginia or such other date or location as may be agreed to by the Company in writing, reporting to Bill Eager. This offer is contingent on your beginning employment as indicated above.

Your payroll employer entity is CARFAX Inc. 1175 (together with S&P Global, the "Company") and you will be paid an annualized salary of $550,000.00 USD on a bi-weekly basis (except where local law requires more frequent payment), less lawful deductions. This position is classified as exempt under the Fair Labor Standards Act (FLSA) and therefore is not eligible for overtime pay.

You will be eligible to participate in the applicable annual bonus plan ("Bonus Plan") with a target incentive opportunity of $600,000.00 USD. Actual payment under the Bonus Plan, if any, will be based on the degree of achievement of the established company and/or division objective(s) and your individual performance and contribution, as determined in the Company's discretion. For the 2025 Bonus Plan year, your award for the performance year will be a blended rate based on the number of days you have been employed in your each role with the Company. Awards may be less than the communicated target and are subject to your People Leader's assessment of your performance. Please note that your target opportunity and eligibility are not commitments to pay any award, as all payments under the Bonus Plan are discretionary. Target opportunities are subject to change by the Company in its discretion from year to year. Further, to receive a payment, you must be an employee in good standing and be employed by S&P Global, or any of its business units, on the Bonus Plan payout date*.*

You will also be eligible to participate in the S&P Global Long-Term Stock Incentive Program. Under this Program, for 2026, you will be eligible to receive a long-term incentive grant that, if approved by management and granted, will be a target value of $1,600,000.00 USD. Any such grant will be subject in all respects (including, but not limited to, with respect to vesting) to the terms and conditions of the S&P Global Long-Term Stock Incentive Program under the S&P Global Inc. 2019 Stock Incentive Plan, as applicable, and the associated award agreement that you receive at the time of grant. In addition, you may also be eligible to receive future long-term incentive grants, as determined by the Compensation and Leadership Development Committee of the Company's Board of Directors in its sole discretion, subject to the terms and conditions of the then-applicable S&P Global Long-Term Stock Incentive Program. For the avoidance of doubt, any long-term incentive grant you receive in 2026 is not a guarantee that the same or a similar award will be made in future years, and there is no assurance that any future long-term incentive awards will be made.

![](tm2528763d6_ex10-6img001.jpg)

Effective with your employment, you will participate in the Management Supplemental Death and Disability Plan, which provides for pre-retirement death benefits equal to two times your annual base salary. Should you become disabled while employed by S&P Global, you shall be provided with a monthly disability income benefit, as defined under the Plan and reduced by certain plan-specified offsets.

Also, you are subject to all eligible policies of S&P Global. You must enroll in all benefit plans within your first thirty days, and benefit coverage is retroactive to your Start Date. Please <u>click here</u> to review information regarding the benefits available to employees of S&P Global.

S&P Global has a flexible paid time off program (called "Recharge"). Additional information about our Recharge program can be found <u>here</u>.

Please note that your offer of employment with S&P Global is contingent upon the successful completion of a background investigation, which will be administered by an independent third-party vendor. The investigation will include employment and education verification, as well as a criminal history and credit check.

To facilitate an effective transition, in the event you choose to leave the Company, you must provide the Company with 90-days' written notice to the Chief People Officer. You agree that the notice period required is reasonable and necessary to assist the Company in a transition period. You understand that the Company may, at its discretion, shorten the time of the notice period either before or after you give the notice, but your separation will still be considered a resignation. You acknowledge and agree that you have a duty to notify any new employer(s) of the existence of this obligation and its restrictions and hereby grant consent to Company to inform any new employer(s) of the restrictions under this obligation.

All employees are required to adhere to the Company's Code of Business Ethics (the "<u>COBE</u>") and Securities Disclosure Policy throughout their employment, including any notice periods (whether worked, not worked or "garden leave"). The purpose of the Code of Business Ethics and the Securities Disclosure Policy is to establish guidelines reasonably designed to identify and prevent recipients form breaching any applicable fiduciary duties and to deal with other situations that may pose a conflict of interest or the appearance of a conflict of interest. In addition, there are divisions of S&P Global that require affirmations to a Code of Conduct, Code of Business Ethics and/or a Securities Disclosure Policy. The purpose of the Code of Conduct is to reflect the high-level principles that govern the conduct of the Company's Credit Rating Activities. Failure to comply with Company policies, including the Code and Securities Disclosure Policy, may result in disciplinary action up to and including termination of employment. All violations or potential violations of the Code of which you become aware, should be reported promptly to the People Team. Each year, you will be required to sign or otherwise indicate your assent to an Affirmation Statement to confirm that you have reviewed the Code and understand your continuing obligation to comply with its terms. Periodic certifications relating to the Securities Disclosure Policy are also required. Please note that the Securities Disclosure Policy includes requirements that may extend to an employee's immediate family (as defined in the policy), and that for some positions the applicable policies may impact your ability to maintain and conduct trades of certain holdings. To the extent that the Code and Securities Disclosure Policy, or compliance therewith, would be inconsistent with applicable law, applicable law will govern. Any questions relating to the "Codes" or the Securities Disclosure Policy should be directed to [\*\*\*].

By accepting this letter of offer, you acknowledge that you are aware that your personal data will be handled in accordance with the S&P Global <u>Employee Privacy Policy (Applicable to U.S., India and Pakistan)</u>. This policy means that your data may be collected, transferred, disclosed, stored or otherwise processed in S&P Global and its affiliates' systems, as well as the systems of service providers, that may be located in a jurisdiction which is different to your work location and where the data privacy laws may be different to the laws in your work location. Please take a moment to review the Policy before accepting this letter of offer. S&P Global updates its policies from time to time. If you have any questions about the applicable Policy now or in the future, please contact [\*\*\*].

![](tm2528763d6_ex10-6img001.jpg)

This letter is not an offer of a contract of employment. It is the Company's policy that all employment is "at-will." This means either the employee or the Company may terminate employment for any reason at any time. No change in the "at-will" employment relationship is valid unless it is contained in a written agreement signed by <u>an authorized officer</u> of S&P Global.

Federal law requires U.S. employers to verify that all new employees are eligible to work in the United States pursuant to the Immigration Reform and Control Act of 1986. As a condition of your employment, as set forth by the Act, you will be required to provide proof of identity and employment authorization within three (3) days of your Hire Date by completing the Form I-9. Shortly after offer acceptance, you will receive an email communication from the S&P Global Onboarding team with instructions on how to complete your pre-boarding tasks including updating personal information and I-9 requirements.

If you require immigration sponsorship by S&P Global now or in the future, in order to accept or continue employment with us, we reserve the right to determine whether to pursue a nonimmigrant case on your behalf. Further, you should be aware that there is no guarantee that the government will approve any such case that we do file on your behalf. By accepting this offer, you represent that you are not aware of any circumstances that would make you ineligible for nonimmigrant status. Please note also that by sponsoring you for nonimmigrant work status, S&P Global is not committing to sponsoring you for permanent resident status.

You acknowledge and agree that terms and conditions set forth in **Attachment A (Agreement for the Protection of Company Interests)** hereto are hereby incorporated into, and are part of, the terms and conditions of this offer letter. You acknowledge that you have reviewed and understand the terms of the Agreement for the Protection of Company Interests, and that by accepting this offer letter you are accepting the terms in Attachment A, including the non-solicitation of employees, confidentiality and ownership of information provisions.

You represent that you are free to enter into an employment relationship with the Company and to perform the services required of you. You also represent that you have disclosed to the Company and provided copies of any agreement you may have with any third party (such as a former employer) which may limit your ability to work for the Company, or which otherwise could create a conflict of interest with the Company. You further represent that you are not bound by any non-competition, non-disclosure, non-solicitation, or similar obligations, except for those contained in the written agreements you have provided to the Company. Finally, please understand that you are strictly prohibited from using or disclosing any confidential information or materials of any former employer or other third party to whom you have an obligation of confidentiality and from violating any lawful agreement that you may have with any third party.

You will receive a notification requesting you to provide an e-signature to accept this offer. You must complete this step, in order to move forward in the hiring process.

We are looking forward to you joining our team! In the meantime, if you have any questions, please do not hesitate to call me.

---

| |
|:---|
| Sincerely, |
| /s/ Amy Linder |
| Amy Linder |
| Global Head of People, Mobility |

---

## Exhibit 10.7

**Exhibit 10.7**

Certain schedules and exhibits to this agreement have been omitted pursuant to Item 601(a)(5) of Regulation S-K. A copy of any omitted schedule and/or exhibit will be furnished supplementally to the SEC upon request.

[\*\*\*] Certain information in this document has been excluded pursuant to Regulation S-K, Item 601(a)(6). Such excluded information is not material and is the type that the registrant treats as private or confidential.

![](tm2528763d6_ex10-7img001.jpg)

*S&P Global*

*55 Water Street*

*New York, New York 10041*

November 10, 2025

Joe LaFeir

[\*\*\*]

Dear Joe,

Congratulations on your new position as President, Mobility Business Solutions, S&P Global Mobility ("Mobility")! We are delighted with your success and look forward to your continued leadership. You will be starting in your position on September 3, 2025 with a principal location of Michigan or such other date or location as may be agreed to by the Company in writing, reporting to Bill Eager. This offer is contingent on your beginning employment as indicated above.

Your payroll employer entity is IHS Global Inc. (together with S&P Global Inc., the "Company") and you will be paid an annualized salary of $475,000.00 USD on a bi-weekly basis (except where local law requires more frequent payment), less lawful deductions. This position is classified as exempt under the Fair Labor Standards Act (FLSA) and therefore is not eligible for overtime pay.

You will be eligible to participate in the applicable annual bonus plan ("Bonus Plan") with a target incentive opportunity of $380,000.00 USD. Actual payment under the Bonus Plan, if any, will be based on the degree of achievement of the established company and/or division objective(s) and your individual performance and contribution, as determined in the Company's discretion. Awards may be less than the communicated target and are subject to your People Leader's assessment of your performance. Please note that your target opportunity and eligibility are not commitments to pay any award, as all payments under the Bonus Plan are discretionary. Target opportunities are subject to change by the Company in its discretion from year to year. Further, to receive a payment, you must be an employee in good standing and be employed by the Company, or any of its business units, on the Bonus Plan payout date*.*

You will also be eligible to participate in the S&P Global Long-Term Stock Incentive Program. Under this Program, for 2026, you will be eligible to receive a long-term incentive grant that, if approved by the Compensation and Leadership Development Committee of the Company's Board of Directors (the "Compensation Committee") or its authorized delegate and granted, will be a target value of $700,000.00 USD. Any such grant will be subject in all respects (including, but not limited to, with respect to vesting) to the terms and conditions of the S&P Global Long-Term Stock Incentive Program under the S&P Global Inc. 2019 Stock Incentive Plan, as applicable, and the associated award agreement that you receive at the time of grant. In addition, you may also be eligible to receive future long-term incentive grants, as determined by the Compensation Committee in its sole discretion, subject to the terms and conditions of the then-applicable S&P Global Long-Term Stock Incentive Program. For the avoidance of doubt, any long-term incentive grant you receive in 2026 is not a guarantee that the same or a similar award will be made in future years, and there is no assurance that any future long-term incentive awards will be made.

Effective with your employment, you will participate in the Management Supplemental Death and Disability Plan, which provides for pre-retirement death benefits equal to two times your annual base salary. Should you become disabled while employed by S&P Global, you shall be provided with a monthly disability income benefit, as defined under the Plan and reduced by certain plan-specified offsets.

![](tm2528763d6_ex10-7img001.jpg)

Also, you are subject to all eligible policies of S&P Global. You must enroll in all benefit plans within your first thirty days, and benefit coverage is retroactive to your Start Date. Please <u>click here</u> to review information regarding the benefits available to employees of S&P Global.

S&P Global has a flexible paid time off program (called "Recharge"). Additional information about our Recharge program can be found <u>here</u>.

To facilitate an effective transition, in the event you choose to leave the Company, you must provide the Company with 90-days' written notice to the Chief People Officer. You agree that the notice period required is reasonable and necessary to assist the Company in a transition period. You understand that the Company may, at its discretion, shorten the time of the notice period either before or after you give the notice, but your separation will still be considered a resignation. You acknowledge and agree that you have a duty to notify any new employer(s) of the existence of this obligation and its restrictions and hereby grant consent to Company to inform any new employer(s) of the restrictions under this obligation.

All employees are required to adhere to the Company's Code of Business Ethics (the "<u>COBE</u>") and Securities Disclosure Policy throughout their employment, including any notice periods (whether worked, not worked or "garden leave"). The purpose of the COBE and the Securities Disclosure Policy is to establish guidelines reasonably designed to identify and prevent recipients form breaching any applicable fiduciary duties and to deal with other situations that may pose a conflict of interest or the appearance of a conflict of interest. In addition, there are divisions of S&P Global that require affirmations to a Code of Conduct, Code of Business Ethics and/or a Securities Disclosure Policy. The purpose of the Code of Conduct is to reflect the high-level principles that govern the conduct of the Company's Credit Rating Activities. Failure to comply with Company policies, including the COBE and Securities Disclosure Policy, may result in disciplinary action up to and including termination of employment. All violations or potential violations of the COBE of which you become aware, should be reported promptly to the People Team. Each year, you will be required to sign or otherwise indicate your assent to an Affirmation Statement to confirm that you have reviewed the COBE and understand your continuing obligation to comply with its terms. Periodic certifications relating to the Securities Disclosure Policy are also required. Please note that the Securities Disclosure Policy includes requirements that may extend to an employee's immediate family (as defined in the policy), and that for some positions the applicable policies may impact your ability to maintain and conduct trades of certain holdings. To the extent that the COBE and Securities Disclosure Policy, or compliance therewith, would be inconsistent with applicable law, applicable law will govern. Any questions relating to the "Codes" or the Securities Disclosure Policy should be directed to [\*\*\*].

By accepting this letter of offer, you acknowledge that you are aware that your personal data will be handled in accordance with the S&P Global <u>Employee Privacy Policy (Applicable to U.S., India and Pakistan</u>). This policy means that your data may be collected, transferred, disclosed, stored or otherwise processed in S&P Global and its affiliates' systems, as well as the systems of service providers, that may be located in a jurisdiction which is different to your work location and where the data privacy laws may be different to the laws in your work location. Please take a moment to review the Policy before accepting this letter of offer. S&P Global updates its policies from time to time. If you have any questions about the applicable Policy now or in the future, please contact [\*\*\*].

This letter is not an offer of a contract of employment. It is the Company's policy that all employment is "at-will." This means either the employee or the Company may terminate employment for any reason at any time. No change in the "at-will" employment relationship is valid unless it is contained in a written agreement signed by <u>an authorized officer</u> of S&P Global.

Federal law requires U.S. employers to verify that all new employees are eligible to work in the United States pursuant to the Immigration Reform and Control Act of 1986. As a condition of your employment, as set forth by the Act, you will be required to provide proof of identity and employment authorization within three (3) days of your Hire Date by completing the Form I-9. Shortly after offer acceptance, you will receive an email communication from the S&P Global Onboarding team with instructions on how to complete your pre-boarding tasks including updating personal information and I-9 requirements.

![](tm2528763d6_ex10-7img001.jpg)

If you require immigration sponsorship by S&P Global now or in the future, in order to accept or continue employment with us, we reserve the right to determine whether to pursue a nonimmigrant case on your behalf. Further, you should be aware that there is no guarantee that the government will approve any such case that we do file on your behalf. By accepting this offer, you represent that you are not aware of any circumstances that would make you ineligible for nonimmigrant status. Please note also that by sponsoring you for nonimmigrant work status, S&P Global is not committing to sponsoring you for permanent resident status.

You acknowledge and agree that terms and conditions set forth in **Attachment A (Agreement for the Protection of Company Interests)** hereto are hereby incorporated into, and are part of, the terms and conditions of this offer letter. You acknowledge that you have reviewed and understand the terms of the Agreement for the Protection of Company Interests, and that by accepting this offer letter you are accepting the terms in Attachment A, including the non-solicitation of employees, confidentiality and ownership of information provisions.

You represent that you are free to enter into an employment relationship with the Company and to perform the services required of you. You also represent that you have disclosed to the Company and provided copies of any agreement you may have with any third party (such as a former employer) which may limit your ability to work for the Company, or which otherwise could create a conflict of interest with the Company. You further represent that you are not bound by any non-competition, non-disclosure, non-solicitation, or similar obligations, except for those contained in the written agreements you have provided to the Company. Finally, please understand that you are strictly prohibited from using or disclosing any confidential information or materials of any former employer or other third party to whom you have an obligation of confidentiality and from violating any lawful agreement that you may have with any third party.

You will receive a notification requesting you to provide an e-signature to accept this offer.

If you have any questions, please do not hesitate to call me.

---

| |
|:---|
| Sincerely, |
| /s/ Amy Linder |
| Amy Linder |
| Global Head of People, Mobility |

---

## Exhibit 10.8

**Exhibit 10.8**

Certain schedules and exhibits to this agreement have been omitted pursuant to Item 601(a)(5) of Regulation S-K. A copy of any omitted schedule and/or exhibit will be furnished supplementally to the SEC upon request.

[\*\*\*] Certain information in this document has been excluded pursuant to Regulation S-K, Item 601(a)(6). Such excluded information is not material and is the type that the registrant treats as private or confidential.

![](tm2528763d6_ex10-8img001.jpg)

*S&P Global*

*55 Water Street*

*New York, New York 10041*

January 21, 2026

Taptesh Matharu

[\*\*\*]

Dear Tasha,

Congratulations on your new position as Chief Legal Officer, which functions include Legal, Compliance and Risk and Government Affairs ("CLO"), for S&P Global Mobility ("Mobility"), and CLO upon completion of Mobility's planned separation from S&P Global into a standalone public company! We are delighted with your success and look forward to your continued leadership. You will be starting in your position on January 1, 2026 ("Start Date") with a principal location in Virginia as of June 1, 2026, or such other date or location as may be mutually agreed to in writing by both you and the Company, reporting to Bill Eager. By March 31, 2026 (the "Transition Period"), you will successfully transition your current duties and responsibilities as S&P Global Corporate Secretary to Judah Bareli who will fully assume these duties and responsibilities as of January 19, 2026. From January 1, 2026 your S&P Global Deputy General Counsel responsibilities will be assumed by Jason Mang and Judah Bareli or other designated member(s) of the S&P Global Team, as determined by the Company. This offer is contingent on your continuing employment through the Start Date.

<u>Base Salary</u>. Your payroll employer entity is S&P Global Inc. ("S&P Global" or the "Company") and you will be paid an annualized salary of $600,000.00 USD on a semi-monthly basis (except where local law requires more frequent payment), less lawful deductions. This position is classified as exempt under the Fair Labor Standards Act (FLSA) and therefore is not eligible for overtime pay.

<u>Relocation</u>. This position requires you to report onsite to Mobility's Virginia office for hybrid reporting days, other than as required to fulfill your duties and responsibilities during the Transition Period or as otherwise agreed with Bill Eager until you relocate to Virginia. As discussed, you will be required to relocate to Virginia and report to Mobility's office no later than June 1, 2026. You will receive the Company's standard executive officer relocation assistance in connection with such required relocation comparable to that which was provided to similarly situated executive officers (which, for the avoidance of doubt, will include reimbursement for your household moving expenses, including the hiring of a professional insured van line to fully pack, load, transport and fully unpack your household goods from your home and storage lockers) as a one-time payment of $50,000.00 USD less lawful deductions. Until your relocation to Virginia is complete, any required business travel must adhere to the Company's Travel & Expense Policy.

![](tm2528763d6_ex10-8img001.jpg)

<u>Bonus</u>. You will be eligible to participate in the applicable annual bonus plan ("Bonus Plan") with a target incentive opportunity for 2026 of $540,000.00 USD. Actual payment under the Bonus Plan, if any, will be based on the degree of achievement of the established company and/or division objective(s) and your individual performance and contribution, as determined in the Company's discretion. Awards may be less than the communicated target and are subject to your People Leader's assessment of your performance. Please note that your target opportunity and eligibility are not commitments to pay any award, as all payments under the Bonus Plan are discretionary. Target opportunities are subject to change by the Company in its discretion from year to year. Further, to receive a payment, you must be an employee in good standing and be employed by the Company, or any of its business units, on the Bonus Plan payout date*.*

<u>Long Term Incentives</u>. You will also be eligible to participate in the S&P Global Long-Term Stock Incentive Program or a similar program that will be maintained by Mobility following the separation from S&P Global. Under this Program, for 2026, you will be eligible to receive a long-term incentive grant that, if approved by the Compensation and Leadership Development Committee of the Company's Board of Directors (the "Compensation Committee") or its authorized delegate and granted, will be a target value of $1,000,000.00 USD. Any such grant will be made on or before March 15, 2026, and will be subject in all respects (including, but not limited to, with respect to vesting) to the terms and conditions of the S&P Global Long-Term Stock Incentive Program under the S&P Global Inc. 2019 Stock Incentive Plan, as applicable, and the associated award agreement that you receive at the time of grant. In addition, you may also be eligible to receive future long-term incentive grants, as determined by the Compensation Committee in its sole discretion, subject to the terms and conditions of the then-applicable S&P Global Long-Term Stock Incentive Program, or a similar program that will be maintained by Mobility following the separation from S&P Global. For the avoidance of doubt, any long-term incentive grant you receive in 2026 is not a guarantee that the same or a similar award will be made in future years, and there is no assurance that any future long-term incentive awards will be made.

<u>Supplemental Death and Disability Plan</u>. Effective with your employment, you will participate in the Management Supplemental Death and Disability Plan, which provides for pre-retirement death benefits equal to two times your annual base salary. Should you become disabled while employed by S&P Global, you shall be provided with a monthly disability income benefit, as defined under the Plan and reduced by certain plan-specified offsets.

<u>Salary Protection</u>. It is currently contemplated that the Mobility business will be spun off into a separate company from S&P Global (the "Mobility Spin-Off"). However, if (i) you experience a Termination of Employment at Company Convenience (as defined in the S&P Global Inc. Management Severance Plan dated as of February 29, 2024 (the "Severance Plan")) prior to the closing of the Mobility Spin-Off; (ii) you terminate your employment for Good Reason (as defined herein) prior to the closing of the Mobility Spin-Off; or (iii) the Mobility Spin-Off does not close on or before March 30, 2027 (the "Outside Spin-Off Date") and you provide notice of or resign within 30 days following the Outside Spin-Off Date, then in the case of (i), (ii), and (iii), and subject to your execution and non-revocation of a Release (as defined in the Severance Plan), you will receive (a) the severance benefits provided for under the Severance Plan, payable subject to and in accordance with the terms of the Severance Plan, (b) full accelerated vesting (or a cash equivalent) of all equity retention awards (i.e., equity awards granted outside of the annual March 1 compensation cycle), which equity awards will be settled on their original payment date, and (c) a lump sum payment equal to 15 months of your then-current base salary, payable within 30 days following your termination date and subject to applicable withholdings. For the avoidance of doubt, if none of the events described in clauses (i), (ii) and (ii) above occurs, you will not be eligible for the foregoing severance benefits, and for further clarity, in no event will the foregoing severance protections apply upon any termination that occurs on or after the Mobility Spin-Off.

![](tm2528763d6_ex10-8img001.jpg)

<u>Definitions</u>. "Cause" shall be defined herein as your: (i) (x) willful misconduct in the performance of the your duties to the Company or Mobility Spin-Off or (y) engaging in any other misconduct that results in or could reasonably be expected to result in financial, reputational or other harm to the Company or Mobility Spin-Off; (ii) breach of any employment, service or restrictive covenant agreement between you and the Company or Mobility Spin-Off; (iii) gross negligence; (iv) material violation of any Company or Mobility Spin-Off policy, rule, procedure or guideline; (iv) conviction of, plea of guilty or nolo contendere to (x) a felony or (y) a misdemeanor involving moral turpitude or fraud; or (vi) commission of an act of fraud, embezzlement or misappropriation against the Company or Mobility Spin-Off; provided however that with respect to (i), (ii), and (iii), and (iv) the Company shall provide written notice identifying such material breach or violation and shall provide you an opportunity for thirty (30) days thereafter to cure such breach or violation.

As used herein, "Good Reason" means the occurrence, without your prior written consent, of any one or more of the following events: (a) an adverse change by the Company in your function, duties or responsibilities, which change would cause your position with the Company to become one of substantially less responsibility, importance or scope, including any removal from the position of Chief Legal Officer, which functions include Legal, Compliance and Risk and Government Affairs, of the Mobility business (or an equivalent chief legal officer role of a public or private parent or top-tier operating company that directly or indirectly holds the Mobility business following a Spin-Out), or any requirement that you report to anyone other than the chief executive officer of such parent or top-tier operating company on matters customarily reported by a chief legal officer whose functions include Legal, Compliance and Risk and Government Affairs; (b) a 10% or larger reduction by the Company or Mobility Spin-Off of your base salary or total target compensation; (c) a relocation of your principal place of employment to a location that increases your one-way commute distance by more than 50 miles from your principal place of employment immediately prior to such relocation; (d) any material breach by the Company (or any successor or its parent) of this offer letter; provided, however, that you shall notify the Company within 90 days of the occurrence of a change described in (a), (b), (c) or (d) above and the Company shall have 30 days to cure such change to your reasonable satisfaction (including retroactively with respect to monetary matters), which change, to the extent so cured, shall not be considered Good Reason, provided that an across-the-board reduction will not avoid "Good Reason" unless (i) it applies in a substantially consistent manner to all senior executives of the applicable employer, (ii) it does not exceed 10% of the relevant amount, and (iii) any such reduction is temporary and fully reversed (with make-whole true-up) within 12 months.

![](tm2528763d6_ex10-8img001.jpg)

<u>Benefits</u>. You will be eligible to receive all benefits routinely made available to all S&P Global employees with the same employer entity and at comparable levels. Also, you are subject to all eligible policies of S&P Global and Mobility.

<u>Recharge</u>. S&P Global has a flexible paid time off program (called "Recharge"). Additional information about our Recharge program can be found <u>here</u>.

<u>Background Check</u>. Please note that your offer of employment with Mobility is contingent upon the successful completion of a background investigation, which will be administered by an independent third-party vendor. The investigation will include employment and education verification, as well as a criminal history and credit check.

<u>Notice Period</u>. To facilitate an effective transition, in the event you choose to leave the Company, you must provide the Company with 90-days' written notice to the Chief People Officer. You agree that the notice period required is reasonable and necessary to assist the Company in a transition period. You understand that the Company may, at its discretion, shorten the time of the notice period either before or after you give the notice, but your separation will still be considered a resignation. You acknowledge and agree that you have a duty to notify any new employer(s) of the existence of this obligation and its restrictions and hereby grant consent to Company to inform any new employer(s) of the restrictions under this obligation.

<u>Code of Business Ethics</u>. All employees are required to adhere to the Company's Code of Business Ethics (the "<u>COBE</u>") and Securities Disclosure Policy throughout their employment, including any notice periods (whether worked, not worked or "garden leave"). The purpose of the COBE and the Securities Disclosure Policy is to establish guidelines reasonably designed to identify and prevent recipients form breaching any applicable fiduciary duties and to deal with other situations that may pose a conflict of interest or the appearance of a conflict of interest. In addition, there are divisions of S&P Global that require affirmations to a Code of Conduct, Code of Business Ethics and/or a Securities Disclosure Policy. The purpose of the Code of Conduct is to reflect the high-level principles that govern the conduct of the Company's Credit Rating Activities. Failure to comply with Company policies, including the COBE and Securities Disclosure Policy, may result in disciplinary action up to and including termination of employment. All violations or potential violations of the COBE of which you become aware, should be reported promptly to the People Team. Each year, you will be required to sign or otherwise indicate your assent to an Affirmation Statement to confirm that you have reviewed the COBE and understand your continuing obligation to comply with its terms. Periodic certifications relating to the Securities Disclosure Policy are also required. Please note that the Securities Disclosure Policy includes requirements that may extend to an employee's immediate family (as defined in the policy), and that for some positions the applicable policies may impact your ability to maintain and conduct trades of certain holdings. To the extent that the COBE and Securities Disclosure Policy, or compliance therewith, would be inconsistent with applicable law, applicable law will govern. Any questions relating to the "Codes" or the Securities Disclosure Policy should be directed to [\*\*\*].

![](tm2528763d6_ex10-8img001.jpg)

<u>Privacy</u>. By accepting this letter of offer, you acknowledge that you are aware that your personal data will be handled in accordance with the S&P Global <u>Employee Privacy Policy (Applicable to U.S., India and Pakistan)</u>. This policy means that your data may be collected, transferred, disclosed, stored or otherwise processed in S&P Global and its affiliates' systems, as well as the systems of service providers, that may be located in a jurisdiction which is different to your work location and where the data privacy laws may be different to the laws in your work location. Please take a moment to review the Policy before accepting this letter of offer. S&P Global updates its policies from time to time. If you have any questions about the applicable Policy now or in the future, please contact [\*\*\*].

<u>At Will Status</u>. This letter is not an offer of a contract of employment. It is the Company's policy that all employment is "at-will." This means either the employee or the Company may terminate employment for any reason at any time. No change in the "at-will" employment relationship is valid unless it is contained in a written agreement signed by <u>an authorized officer</u> of S&P Global.

<u>Successors and Assigns</u>. This letter shall be binding upon, and inure to the benefit of, both parties and their respective successors and assigns, including any corporation with which, or into which, the Company may be merged or which may succeed to the Company's assets or business; provided, however, that your obligations are personal and shall not be assigned by you. You expressly consent to be bound by the provisions of this letter for the benefit of the Company or any S&P Global entity to whose employ you may be transferred without the necessity that this letter be re-signed at the time of such transfer.

<u>Right to Work</u>. Federal law requires U.S. employers to verify that all new employees are eligible to work in the United States pursuant to the Immigration Reform and Control Act of 1986. As a condition of your employment, as set forth by the Act, you will be required to provide proof of identity and employment authorization within three (3) days of your Hire Date by completing the Form I-9. Shortly after offer acceptance, you will receive an email communication from the S&P Global Onboarding team with instructions on how to complete your pre-boarding tasks including updating personal information and I-9 requirements.

![](tm2528763d6_ex10-8img001.jpg)

If you require immigration sponsorship by S&P Global now or in the future, in order to accept or continue employment with us, we reserve the right to determine whether to pursue a nonimmigrant case on your behalf. Further, you should be aware that there is no guarantee that the government will approve any such case that we do file on your behalf. By accepting this offer, you represent that you are not aware of any circumstances that would make you ineligible for nonimmigrant status. Please note also that by sponsoring you for nonimmigrant work status, S&P Global is not committing to sponsoring you for permanent resident status.

<u>Protection of Company Interests</u>. You acknowledge and agree that terms and conditions set forth in **Attachment A (Agreement for the Protection of Company Interests)** hereto are hereby incorporated into, and are part of, the terms and conditions of this offer letter. You acknowledge that you have reviewed and understand the terms of the Agreement for the Protection of Company Interests, and that by accepting this offer letter you are accepting the terms in Attachment A, including the non-solicitation of employees, confidentiality and ownership of information provisions.

You will receive a notification requesting you to provide an e-signature to accept this offer.

If you have any questions, please do not hesitate to call me.

---

| |
|:---|
| Sincerely, |
| /s/ Girish Ganesan |
| Girish Ganesan |
| EVP, Chief People Officer |

---

## Exhibit 10.11

**Exhibit 10.11**

![](tm2528763d6_ex10-11img001.jpg)

May 6, 2025

Joe LaFeir

Re: Retention Bonus

Dear Joe LaFeir,

As you know, S&P Global (the "<u>Company</u>") is exploring the spin-off, sale or other separation (the "<u>Transaction</u>") of its mobility business (the "<u>Mobility Business</u>"). In order to further reward and incentivize you to continue in your employment with the Company and to assist with the activities relating to the Transaction, we are pleased to confirm that you are eligible for a retention award under the terms and conditions set forth in this letter. Provided that the terms and conditions below are met, you will be eligible for a retention award of $700,000 USD, less applicable withholdings and deductions (the "<u>Retention Bonus</u>").

The Retention Bonus will be a one -time cash award that will vest on April 1, 2026 (the "<u>Retention Date</u>") and will be paid within sixty (60) days following the Retention Date.

In order to be eligible to receive payment of the Retention Bonus, you must be an active employee of the Company (or any successor to the Mobility Business), in good standing, through the Retention Date. In addition, payment of the Retention Bonus is conditioned on your active participation in good faith to support the Company's interests and objectives in the proposed transaction through the Retention Date.

In the event that the Company terminates your employment as a result of the elimination of your position prior to the Retention Date, you will be entitled to the full amount of your Retention Bonus, which will be paid within sixty (60) days following the effective date of such position elimination, provided that you sign and do not revoke a waiver and release of claims against the Company and its affiliates. For the avoidance of doubt, your continuation of employment after the Transaction with a different entity affiliated with the Company or with the Mobility Business (or any new owner or affiliate thereof) will not constitute the termination of your employment or the elimination of your position.

Notwithstanding anything to the contrary in this Letter, if (i) your employment terminates for any reason other than as described in the preceding paragraph, (ii) you give notice or resign for any reason prior to the Retention Date, (iii) you do not consent to any transfer of employment to an entity within the Mobility Business if requested by the Company, (iv) you leave your current role to take a different role within the Company's organization (other than at the request of the Company in connection with the Transaction), or (v) you are not in compliance with all Company policies, including the Company Code of Business Ethics, in each case, you will forfeit your Retention Bonus.

The terms and conditions set forth in this Letter constitute the entire agreement between you and the Company with respect to its subject matter; this Letter shall not be modified or rescinded, except as agreed to by written agreement by you and the Company. The provisions of this Letter supersede all prior and contemporaneous discussions, writings and understandings of the you and the Company with respect to its subject matter.

The Company may assign this Agreement to any affiliate or successor in interest to the Mobility Business.

Your continued efforts are critical to us, and we trust that your eligibility for this Retention Bonus demonstrates the importance we place on your expected contributions.

Sincerely,

---

| | |
|:---|:---|
| /s/ Girish Ganesan | /s/ Edouard Tavernier |
| Girish Ganesan | Edouard Tavernier |
| Chief People Officer | President, Mobility |

---

Employee Accepted and Agreed

---

| | |
|:---|:---|
| /s/ Joe LaFeir | 13-May-2025 |
| Joe LaFeir | Date |

---

## Exhibit 10.12

**Exhibit 10.12**

![](tm2528763d8_ex10-12img001.jpg)

August 7, 2025

Tasha Matharu

Re: Retention Bonus

Dear Tasha Matharu,

As you know, S&P Global (the "<u>Company</u>") is exploring the spin-off, sale or other separation (the "<u>Transaction</u>") of its mobility business (the "<u>Mobility Business</u>"). In order to further reward and incentivize you to continue in your employment with the Company and to assist with the activities relating to the Transaction, we are pleased to confirm that you are eligible for a retention award under the terms and conditions set forth in this letter. Provided that the terms and conditions below are met, you will be eligible for a retention award of $216,000 USD less applicable withholdings and deductions (the "<u>Retention Bonus</u>").

The Retention Bonus will be a cash award payable in three installments as set forth below. You will be eligible to receive each of the three installments of the Retention Bonus as soon as practicable following each Retention Date described

below (and in no event later than sixty (60) days following the applicable Retention Date):

&nbsp;&nbsp;&nbsp;&nbsp;· The first installment will be equal to 25% of your Retention Bonus and will
be payable on or after February 1, 2026 (the "First Retention Date");

&nbsp;&nbsp;&nbsp;&nbsp;· The second installment will be equal to 25% of your Retention Bonus and will
be payable on or after August 1, 2026 (the "Second Retention Date"); and

&nbsp;&nbsp;&nbsp;&nbsp;· The third and final installment will be equal to 50% of your Retention Bonus
and will be payable on or after February 1, 2027 (the "Third Retention Date").

In order to be eligible to receive payment of the Retention Bonus, you must be an active employee of the the Company (or any successor to the Mobility Business), in good standing, through the Retention Date. In addition, payment of the Retention Bonus is conditioned on your active participation in good faith to support of the Company's interests and objectives in the proposed transaction through the Retention Date.

In the event that the Company terminates your employment as a result of the elimination of your position prior to the Retention Date, you will be entitled to the full amount of your Retention Bonus, which will be paid within sixty (60) days following the effective date of such position elimination, provided that you sign and do not revoke a waiver and release of claims against the Company and its affiliates. For the avoidance of doubt, your continuation of employment after the Transaction with a different entity affiliated with the Company or with the Mobility Business (or any new owner or affiliate thereof) will not constitute the termination of your employment or the elimination of your position.

Notwithstanding anything to the contrary in this Letter, if (i) your employment terminates for any reason other than as described in the preceding paragraph, (ii) you give notice or resign for any reason prior to the Retention Date, (iii) you do not consent to any transfer of employment to an entity within the Mobility Business if requested by the Company, (iv) you leave your current role to take a different role within the Company's organization (other than at the request of the Company in connection with the Transaction), or (v) you are not in compliance with all Company policies, including the Company Code of Business Ethics, in each case, you will forfeit any unpaid portion of your Retention Bonus and any installment(s) already paid will be subject to repayment to the Company, as determined by the Chief Executive Officer or Chief People Officer.

The terms and conditions set forth in this Letter constitute the entire agreement between you and the Company with respect to its subject matter; this Letter shall not be modified or rescinded, except as agreed to by written agreement by you and the Company. The provisions of this Letter supersede all prior and contemporaneous discussions, writings and understandings of the you and the Company with respect to its subject matter.

The Company may assign this Agreement to any affiliate or successor in interest to the Mobility Business.

Your continued efforts are critical to us, and we trust that your eligibility for this Retention Bonus demonstrates the importance we place on your expected contributions.

Sincerely,

---

| | | |
|:---|:---|:---|
| /s/ Girish Ganesan | /s/ Girish Ganesan | /s/ Steve Kemps |
| Girish Ganesan | Girish Ganesan | Steve Kemps |
| Chief People Officer | Chief People Officer | Chief Legal Officer |
| Employee Accepted and Agreed | Employee Accepted and Agreed |  |
| /s/ Tasha Matharu | 08-Aug-2025 |  |
| Tasha Matharu | Date |  |

---

## Exhibit 10.13

**Exhibit 10.13**

EXECUTION VERSION

Certain schedules and exhibits to this agreement have been omitted pursuant to Item 601(a)(5) of Regulation S-K. A copy of any omitted schedule and/or exhibit will be furnished supplementally to the SEC upon request.

---

| |
|:---|
| &nbsp;&nbsp;$500,000,000<br>FIVE-YEAR CREDIT AGREEMENT<br>dated as of<br>May 6, 2026<br>among<br>MOBILITY GLOBAL INC.,<br> as Borrower<br>CITIBANK, N.A.,<br> as Administrative Agent<br>MORGAN STANLEY SENIOR FUNDING, INC. and<br> GOLDMAN SACHS BANK USA<br> as Syndication Agents<br>|
| &nbsp;&nbsp; <br> MORGAN STANLEY SENIOR FUNDING, INC.,<br> GOLDMAN SACHS BANK USA,<br> CITIBANK, N.A.,<br> BOFA SECURITIES, INC.,<br> HSBC SECURITIES (USA) INC.<br> and<br> JPMORGAN CHASE BANK, N.A.<br> as Joint Lead Arrangers and Joint Bookrunners |

---

<u>**TABLE OF CONTENTS**</u>

<u>Page</u>

---

| | | |
|:---|:---|:---|
| ARTICLE I Definitions | ARTICLE I Definitions | 1 |
| &nbsp;&nbsp;&nbsp;SECTION 1.01 | Defined Terms | 1 |
| &nbsp;&nbsp;&nbsp;SECTION 1.02 | Classification of Loans and Borrowings | 33 |
| &nbsp;&nbsp;&nbsp;SECTION 1.03 | Terms Generally | 34 |
| &nbsp;&nbsp;&nbsp;SECTION 1.04 | Accounting Terms; GAAP | 34 |
| &nbsp;&nbsp;&nbsp;SECTION 1.05 | Interest Rates; Benchmark Notification | 35 |
| &nbsp;&nbsp;&nbsp;SECTION 1.06 | Divisions | 35 |
| &nbsp;&nbsp;&nbsp;SECTION 1.07 | Exchange Rates; Currency Equivalents | 35 |
| &nbsp;&nbsp;&nbsp;SECTION 1.08 | Letter of Credit Amounts | 36 |
| ARTICLE II The Credits | ARTICLE II The Credits | 36 |
| &nbsp;&nbsp;&nbsp;SECTION 2.01 | Commitments | 36 |
| &nbsp;&nbsp;&nbsp;SECTION 2.02 | Loans and Borrowings | 36 |
| &nbsp;&nbsp;&nbsp;SECTION 2.03 | Requests for Revolving Borrowings | 37 |
| &nbsp;&nbsp;&nbsp;SECTION 2.04 | [Reserved] | 38 |
| &nbsp;&nbsp;&nbsp;SECTION 2.05 | Swingline Loans | 38 |
| &nbsp;&nbsp;&nbsp;SECTION 2.06 | Funding of Borrowings | 39 |
| &nbsp;&nbsp;&nbsp;SECTION 2.07 | Interest Elections | 40 |
| &nbsp;&nbsp;&nbsp;SECTION 2.08 | Termination and Reduction of Commitments | 41 |
| &nbsp;&nbsp;&nbsp;SECTION 2.09 | Repayment of Loans; Evidence of Debt | 42 |
| &nbsp;&nbsp;&nbsp;SECTION 2.10 | Prepayment of Loans | 43 |
| &nbsp;&nbsp;&nbsp;SECTION 2.11 | Fees | 44 |
| &nbsp;&nbsp;&nbsp;SECTION 2.12 | Interest | 44 |
| &nbsp;&nbsp;&nbsp;SECTION 2.13 | Alternate Rate of Interest | 45 |
| &nbsp;&nbsp;&nbsp;SECTION 2.14 | Increased Costs | 48 |
| &nbsp;&nbsp;&nbsp;SECTION 2.15 | Break Funding Payments | 50 |
| &nbsp;&nbsp;&nbsp;SECTION 2.16 | Taxes | 50 |
| &nbsp;&nbsp;&nbsp;SECTION 2.17 | Payments Generally; Pro Rata Treatment; Sharing of Set-offs | 54 |
| &nbsp;&nbsp;&nbsp;SECTION 2.18 | Mitigation Obligations; Replacement of Lenders | 55 |
| &nbsp;&nbsp;&nbsp;SECTION 2.19 | Defaulting Lenders | 55 |
| &nbsp;&nbsp;&nbsp;SECTION 2.20 | Proceeds | 57 |
| &nbsp;&nbsp;&nbsp;SECTION 2.21 | Extension of Maturity Date | 57 |
| &nbsp;&nbsp;&nbsp;SECTION 2.22 | Increase of Commitments | 59 |
| ARTICLE III Letters of Credit | ARTICLE III Letters of Credit | 60 |
| &nbsp;&nbsp;&nbsp;SECTION 3.01 | L/C Commitment | 60 |
| &nbsp;&nbsp;&nbsp;SECTION 3.02 | Procedure for Issuance of Letter of Credit | 61 |
| &nbsp;&nbsp;&nbsp;SECTION 3.03 | Fees and Other Charges | 61 |
| &nbsp;&nbsp;&nbsp;SECTION 3.04 | L/C Participations | 62 |
| &nbsp;&nbsp;&nbsp;SECTION 3.05 | Reimbursement Obligation of the Borrower | 63 |
| &nbsp;&nbsp;&nbsp;SECTION 3.06 | Obligations Absolute | 63 |
| &nbsp;&nbsp;&nbsp;SECTION 3.07 | Letter of Credit Payments | 64 |
| &nbsp;&nbsp;&nbsp;SECTION 3.08 | Applications | 64 |
| &nbsp;&nbsp;&nbsp;SECTION 3.09 | Applicability of ISP and UCP | 64 |

---

i

---

| | | |
|:---|:---|:---|
| ARTICLE IV Representations and Warranties | ARTICLE IV Representations and Warranties | 64 |
| &nbsp;&nbsp;&nbsp;SECTION 4.01 | Organization, Powers and Good Standing | 64 |
| &nbsp;&nbsp;&nbsp;SECTION 4.02 | Authorization of Borrowing, etc. | 65 |
| &nbsp;&nbsp;&nbsp;SECTION 4.03 | Financial Condition | 66 |
| &nbsp;&nbsp;&nbsp;SECTION 4.04 | No Material Adverse Change | 66 |
| &nbsp;&nbsp;&nbsp;SECTION 4.05 | Litigation | 66 |
| &nbsp;&nbsp;&nbsp;SECTION 4.06 | Payment of Taxes | 67 |
| &nbsp;&nbsp;&nbsp;SECTION 4.07 | Governmental Regulation | 67 |
| &nbsp;&nbsp;&nbsp;SECTION 4.08 | Securities Activities | 67 |
| &nbsp;&nbsp;&nbsp;SECTION 4.09 | ERISA | 67 |
| &nbsp;&nbsp;&nbsp;SECTION 4.10 | Disclosure | 68 |
| &nbsp;&nbsp;&nbsp;SECTION 4.11 | Anti-Corruption Laws and Sanctions | 68 |
| &nbsp;&nbsp;&nbsp;SECTION 4.12 | Affected Financial Institutions | 68 |
| ARTICLE V Conditions | ARTICLE V Conditions | 68 |
| &nbsp;&nbsp;&nbsp;SECTION 5.01 | Effective Date | 68 |
| &nbsp;&nbsp;&nbsp;SECTION 5.02 | Conditions Precedent to the Initial Availability Date | 69 |
| &nbsp;&nbsp;&nbsp;SECTION 5.03 | Each Credit Event | 70 |
| ARTICLE VI Affirmative Covenants | ARTICLE VI Affirmative Covenants | 71 |
| &nbsp;&nbsp;&nbsp;SECTION 6.01 | Financial Statements and Other Reports | 71 |
| &nbsp;&nbsp;&nbsp;SECTION 6.02 | Corporate Existence | 73 |
| &nbsp;&nbsp;&nbsp;SECTION 6.03 | Payment of Taxes | 73 |
| &nbsp;&nbsp;&nbsp;SECTION 6.04 | Maintenance of Properties; Insurance | 73 |
| &nbsp;&nbsp;&nbsp;SECTION 6.05 | Compliance with Laws | 74 |
| &nbsp;&nbsp;&nbsp;SECTION 6.06 | Notices of ERISA Event | 74 |
| &nbsp;&nbsp;&nbsp;SECTION 6.07 | Inspection Rights | 74 |
| ARTICLE VII Negative Covenants | ARTICLE VII Negative Covenants | 74 |
| &nbsp;&nbsp;&nbsp;SECTION 7.01 | Fundamental Changes | 74 |
| &nbsp;&nbsp;&nbsp;SECTION 7.02 | Liens | 75 |
| &nbsp;&nbsp;&nbsp;SECTION 7.03 | Financial Covenant | 77 |
| &nbsp;&nbsp;&nbsp;SECTION 7.04 | Use of Proceeds | 77 |
| &nbsp;&nbsp;&nbsp;SECTION 7.05 | Subsidiary Indebtedness | 77 |
| ARTICLE VIII Events of Default | ARTICLE VIII Events of Default | 79 |
| &nbsp;&nbsp;&nbsp;SECTION 8.01 | Failure to Make Payments When Due | 79 |
| &nbsp;&nbsp;&nbsp;SECTION 8.02 | Default in Other Agreements | 79 |
| &nbsp;&nbsp;&nbsp;SECTION 8.03 | Breach of Certain Covenants | 79 |
| &nbsp;&nbsp;&nbsp;SECTION 8.04 | Breach of Warranty | 80 |
| &nbsp;&nbsp;&nbsp;SECTION 8.05 | Other Defaults Under Agreement | 80 |
| &nbsp;&nbsp;&nbsp;SECTION 8.06 | Change In Control | 80 |
| &nbsp;&nbsp;&nbsp;SECTION 8.07 | Involuntary Bankruptcy; Appointment of Receiver, etc. | 80 |
| &nbsp;&nbsp;&nbsp;SECTION 8.08 | Voluntary Bankruptcy; Appointment of Receiver, etc. | 80 |
| &nbsp;&nbsp;&nbsp;SECTION 8.09 | Judgments and Attachments | 81 |
| &nbsp;&nbsp;&nbsp;SECTION 8.10 | Involuntary Dissolution | 81 |
| &nbsp;&nbsp;&nbsp;SECTION 8.11 | ERISA Event | 81 |
| ARTICLE IX The Administrative Agent | ARTICLE IX The Administrative Agent | 82 |
| &nbsp;&nbsp;&nbsp;SECTION 9.01 | Authorization and Action | 82 |
| &nbsp;&nbsp;&nbsp;SECTION 9.02 | Administrative Agent's Reliance, Limitation of Liability, Etc. | 83 |

---

ii

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;SECTION 9.03 | Successor Administrative Agent | 84 |
| &nbsp;&nbsp;&nbsp;SECTION 9.04 | Acknowledgements of Lenders and Issuing Lenders | 84 |
| &nbsp;&nbsp;&nbsp;SECTION 9.05 | No Other Duties, Etc. | 87 |
| &nbsp;&nbsp;&nbsp;SECTION 9.06 | Certain ERISA Matters | 88 |
| &nbsp;&nbsp;&nbsp;SECTION 9.07 | Issuing Lenders and Swingline Lender | 89 |
| &nbsp;&nbsp;&nbsp;SECTION 9.08 | Posting of Communications | 89 |
| &nbsp;&nbsp;&nbsp;SECTION 9.09 | Borrower Communications | 90 |
| ARTICLE X Miscellaneous | ARTICLE X Miscellaneous | 92 |
| &nbsp;&nbsp;&nbsp;SECTION 10.01 | Notices | 92 |
| &nbsp;&nbsp;&nbsp;SECTION 10.02 | Waivers; Amendments | 93 |
| &nbsp;&nbsp;&nbsp;SECTION 10.03 | Expenses; Limitation of Liability; Indemnity; No Fiduciary Duty | 94 |
| &nbsp;&nbsp;&nbsp;SECTION 10.04 | Successors and Assigns | 96 |
| &nbsp;&nbsp;&nbsp;SECTION 10.05 | Survival | 99 |
| &nbsp;&nbsp;&nbsp;SECTION 10.06 | Counterparts; Integration; Effectiveness | 100 |
| &nbsp;&nbsp;&nbsp;SECTION 10.07 | Severability | 101 |
| &nbsp;&nbsp;&nbsp;SECTION 10.08 | Adjustments; Right of Setoff | 101 |
| &nbsp;&nbsp;&nbsp;SECTION 10.09 | Governing Law; Jurisdiction; Consent to Service of Process | 102 |
| &nbsp;&nbsp;&nbsp;SECTION 10.10 | WAIVER OF JURY TRIAL | 103 |
| &nbsp;&nbsp;&nbsp;SECTION 10.11 | Headings | 103 |
| &nbsp;&nbsp;&nbsp;SECTION 10.12 | Confidentiality | 103 |
| &nbsp;&nbsp;&nbsp;SECTION 10.13 | USA PATRIOT Act | 104 |
| &nbsp;&nbsp;&nbsp;SECTION 10.14 | Conversion of Currencies | 105 |
| &nbsp;&nbsp;&nbsp;SECTION 10.15 | Acknowledgement and Consent to Bail-In of Affected Financial Institutions | 105 |
| &nbsp;&nbsp;&nbsp;SECTION 10.16 | Acknowledgement Regarding Any Supported QFCs | 105 |
| &nbsp;&nbsp;&nbsp;SECTION 10.17 | Maximum Rate | 106 |

---

<u>SCHEDULES</u>:<br> Schedule 2.01 – Commitments

Schedule 3.01 – Existing Letters of Credit<br> Schedule 4.05 – Material Litigation<br> Schedule 7.02 – Existing Liens

Schedule 7.05 – Existing Indebtedness

<u>EXHIBITS</u>:

Exhibit A – Form of Assignment and Assumption

Exhibit B – Form of U.S. Tax Compliance Certificate

Exhibit C – [Reserved]

Exhibit D – [Reserved]

Exhibit E – Form of Increasing Lender Supplement

Exhibit F – Form of New Lender Supplement

iii

FIVE-YEAR CREDIT AGREEMENT, dated as of May 6, 2026, among Mobility Global Inc. (the "<u>Borrower</u>"), the several banks and other financial institutions from time to time parties hereto (the "<u>Lenders</u>"), MORGAN STANLEY SENIOR FUNDING, INC. and GOLDMAN SACHS BANK USA, as syndication agents (in such capacities, the "<u>Syndication Agents</u>"), and CITIBANK, N.A., as administrative agent (in such capacity, the "<u>Administrative Agent</u>").

The parties hereto hereby agree as follows:

ARTICLE I<u><br> Definitions</u>

Section 1.01 <u>Defined Terms</u>.

As used in this Agreement, the following terms have the meanings specified below:

"<u>ABR</u>", when used in reference to any Loan or Borrowing, refers to whether such Loan is, or the Loans comprising such Borrowing are, bearing interest at a rate determined by reference to the Alternate Base Rate. All ABR Loans shall be denominated in dollars.

"<u>Acquisition</u>" means any transaction, or any series of related transactions, consummated on or after the Initial Availability Date, by which the Borrower or any of its Subsidiaries (i) acquires any ongoing business or all or substantially all of the assets of any firm, corporation or limited liability company, or division thereof, whether through purchase of assets, merger or otherwise or (ii) directly or indirectly acquires (in one transaction or as a result of the consummation of the most recent transaction in a series of transactions) at least a majority of the voting power of the outstanding capital stock of a Person; <u>provided</u> that, notwithstanding the foregoing, any acquisition of capital stock of any Person that, as a result of which, would be accounted for on a consolidated basis with the Borrower and its Subsidiaries in accordance with GAAP shall also constitute an "Acquisition".

"<u>Adjusted EURIBOR Rate</u>" means, with respect to any Term Benchmark Borrowing denominated in Euros for any Interest Period, an interest rate per annum equal to (a) the EURIBOR Rate for such Interest Period multiplied by (b) the Statutory Reserve Rate; provided that if the Adjusted EURIBOR Rate as so determined would be less than the Floor, such rate shall be deemed to be equal to the Floor for the purposes of this Agreement.

"<u>Administrative Agent</u>" has the meaning set forth in the preamble to this Agreement.

"<u>Administrative Questionnaire</u>" means an Administrative Questionnaire in a form supplied by the Administrative Agent.

"<u>Affected Financial Institution</u>" means (a) any EEA Financial Institution or (b) any UK Financial Institution.

"<u>Affiliate</u>" means, with respect to a specified Person, another Person that directly, or indirectly through one or more intermediaries, Controls or is Controlled by or is under common Control with the Person specified.

"<u>Agent-Related Person</u>" has the meaning set forth in Section 10.03(d).

"<u>Agreed Currencies</u>" means dollars, Pounds Sterling and Euros.

"<u>Agreement</u>" means this Credit Agreement, as amended, supplemented or otherwise modified from time to time.

"<u>Agreement Currency</u>" has the meaning set forth in Section 10.14(b).

"<u>Alternate Base Rate</u>" means, for any day, a rate per annum equal to the greatest of (a) the Prime Rate in effect on such day, (b) the NYFRB Rate in effect on such day plus ½ of 1% and (c) the Term SOFR Rate for a one month Interest Period as published two U.S. Government Securities Business Days prior to such day (or if such day is not a U.S. Government Securities Business Day, the immediately preceding U.S. Government Securities Business Day) plus 1%;. Any change in the Alternate Base Rate due to a change in the Prime Rate, the NYFRB Rate or the Term SOFR Rate shall be effective from and including the effective date of such change in the Prime Rate, the NYFRB Rate or the Term SOFR Rate, respectively. If the Alternate Base Rate is being used as an alternate rate of interest pursuant to ‎Section 2.13 (for the avoidance of doubt, only until the Benchmark Replacement has been determined pursuant to ‎Section 2.13(b)), then the Alternate Base Rate shall be the greater of clauses (a) and (b) above and shall be determined without reference to clause (c) above. For the avoidance of doubt, if the Alternate Base Rate as determined pursuant to the foregoing would be less than 1.00%, such rate shall be deemed to be 1.00% for purposes of this Agreement.

"<u>Ancillary Document</u>" has the meaning set forth in Section 10.06(b).

"<u>Anti-Corruption Laws</u>" means all laws, rules, and regulations of any jurisdiction applicable to the Borrower or any of its Subsidiaries from time to time concerning or relating to bribery or corruption (including, without limitation, the Foreign Corrupt Practices Act of 1977, as amended, and the rules and regulations thereunder, and the UK Bribery Act 2010).

"<u>Applicable ABR Spread</u>" has the meaning set forth in the definition of "Applicable Rate" in this Section 1.01.

"<u>Applicable EURIBOR Spread</u>" has the meaning set forth in the definition of "Applicable Rate" in this Section 1.01.

"<u>Applicable Parties</u>" has the meaning set forth in Section 9.08(c).

"<u>Applicable Percentage</u>" means, with respect to any Lender, the percentage of the total Commitments represented by such Lender's Commitment; <u>provided</u>, that in the case of Section 2.19 when a Defaulting Lender shall exist, Applicable Percentage shall mean the percentage of the total Commitments (disregarding any Defaulting Lender's Commitment) represented by such Lender's Commitment. If the Commitments have terminated or expired, the Applicable Percentages shall be determined based upon the Commitments most recently in effect, giving effect to any assignments and to any Lender's status as a Defaulting Lender at the time of determination.

"<u>Applicable Rate</u>" means, for any day, with respect to (a) any ABR Revolving Loan, the applicable rate per annum set forth below under the caption "Applicable ABR Spread" (the "<u>Applicable ABR Spread</u>"), (b) any Term SOFR Rate Revolving Loan, the applicable rate per annum set forth below under the caption "Applicable Term SOFR Rate Spread" (the "<u>Applicable Term SOFR Rate Spread</u>"), (c) any EURIBOR Revolving Loan, the applicable rate per annum set forth below under the caption "Applicable EURIBOR Spread" (the "<u>Applicable EURIBOR Spread</u>"), (d) any RFR Revolving Loan, the applicable rate per annum set forth below under the caption "Applicable RFR Spread" (the "<u>Applicable RFR Spread</u>") or (e) commitment fees payable hereunder, the applicable rate per annum set forth below under the caption "Commitment Fee Rate", in each case based upon the ratings by Moody's and Fitch, respectively, applicable on such date to the Index Debt, as set forth in the grid below:

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <u>Level</u> | &nbsp;&nbsp;&nbsp;<u>Ratings<br> (Moody's / <br> Fitch)</u><br>| <u>Applicable<br> ABR Spread</u> | <u>Applicable<br> Term SOFR<br> Rate Spread</u> | <u>Applicable<br> EURIBOR<br> Spread</u> | <u>Applicable<br> RFR Spread</u> | <u>Commitment Fee<br> Rate</u> |
| I | A- / A3 | 0.000% | 1.000% | 1.000% | 1.000% | 0.080% |
| II | BBB+ / Baa1 | 0.125% | 1.125% | 1.125% | 1.125% | 0.100% |
| III | BBB / Baa2 | 0.250% | 1.250% | 1.250% | 1.250% | 0.125% |
| IV | BBB- / Baa3 | 0.375% | 1.375% | 1.375% | 1.375% | 0.150% |
| V | BB+ / Ba1 | 0.625% | 1.625% | 1.625% | 1.625% | 0.200% |

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For purposes of the foregoing, (i) if the ratings established or deemed to have been established by Moody's and Fitch for such debt shall be changed (other than as a result of a change in the rating system of Moody's or Fitch), such change shall be effective as of the date on which it is first announced by the applicable rating agency; (ii) if the ratings established or deemed to have been established by Moody's and Fitch for such debt shall fall within different levels, the Applicable Rate shall be based on the higher of the two ratings unless one of the two ratings is two or more levels lower than the other, in which case the Applicable Rate shall be determined by reference to the level next below that of the higher of the two ratings; (iii) if either Moody's or Fitch shall not have in effect a rating for such debt (other than by reason of the circumstances referred to in the last sentence of this definition), the Applicable Rate shall be based on the rating by the other rating agency; and (iv) if neither Moody's nor Fitch shall have in effect a rating for such debt, the Applicable Rate shall be based on Level V. Each change in the Applicable Rate shall apply during the period commencing on the effective date of such change and ending on the date immediately preceding the effective date of the next such change. If the rating system of Moody's or Fitch shall change, the Borrower and the Lenders shall negotiate in good faith to amend this definition to reflect such changed rating system and, pending the effectiveness of any such amendment, the Applicable Rate shall be determined by reference to the rating most recently in effect prior to such change.

"<u>Applicable RFR Spread</u>" has the meaning set forth in the definition of "Applicable Rate" in this Section 1.01.

"<u>Applicable Term SOFR Rate Spread</u>" has the meaning set forth in the definition of "Applicable Rate" in this Section 1.01.

"<u>Application</u>" means an application, in such form as the Issuing Lender may specify from time to time, requesting the Issuing Lender to open a Letter of Credit.

"<u>Approved Borrower Portal</u>" has the meaning set forth in Section 9.09(a).

"<u>Approved Electronic Platform</u>" has the meaning set forth in Section 9.08(a).

"<u>Approved Fund</u>" means, with respect to any Lender that is a fund that invests in commercial loans, any other fund that invests in commercial loans and is managed or advised by the same investment advisor as such Lender or by an Affiliate of such investment advisor.

"<u>Arrangers</u>" means, collectively, Morgan Stanley Senior Funding, Inc., Goldman Sachs Bank USA, Citibank, N.A., BofA Securities, Inc., HSBC Securities (USA) Inc. and JPMorgan Chase Bank, N.A., each in its capacity as a joint lead arranger and joint bookrunner hereunder.

"<u>Assignment and Acceptance</u>" means an assignment and acceptance entered into by a Lender and an assignee (with the consent of any party whose consent is required by Section 10.04), and accepted by the Administrative Agent, in the form of Exhibit A or any other form (including electronic records generated by the use of an electronic platform) approved by the Administrative Agent.

"<u>Availability Period</u>" means the period from and including the Initial Availability Date to but excluding the earlier of the Maturity Date and the date of termination of the Commitments.

"<u>Available Commitment</u>" means, as to any Lender at any time, an amount equal to the excess, if any, of (a) such Lender's Commitment then in effect <u>minus</u> (b) such Lender's Revolving Credit Exposure then outstanding; <u>provided</u> that, in calculating any Lender's Available Commitment for the purpose of determining such Lender's Available Commitment pursuant to Section 2.11(a), the aggregate principal amount of Swingline Loans then outstanding shall be deemed to be zero.

"<u>Available Tenor</u>" means, as of any date of determination and with respect to the then-current Benchmark for any Agreed Currency, as applicable, any tenor for such Benchmark (or component thereof) or payment period for interest calculated with reference to such Benchmark (or component thereof), as applicable, that is or may be used for determining the length of an Interest Period for any term rate or otherwise, for determining any frequency of making payments of interest calculated pursuant to this Agreement as of such date and not including, for the avoidance of doubt, any tenor for such Benchmark that is then-removed from the definition of "Interest Period" pursuant to Section 2.13(e).

"<u>Bail-In Action</u>" means the exercise of any Write-Down and Conversion Powers by the applicable Resolution Authority in respect of any liability of an Affected Financial Institution.

"<u>Bail-In Legislation</u>" means (a) with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of the Council of the European Union, the implementing law, regulation rule or requirement for such EEA Member Country from time to time which is described in the EU Bail-In Legislation Schedule and (b) with respect to the United Kingdom, Part I of the United Kingdom Banking Act 2009 (as amended from time to time) and any other law, regulation or rule applicable in the United Kingdom relating to the resolution of unsound or failing banks, investment firms or other financial institutions or their affiliates (other than through liquidation, administration or other insolvency proceedings).

"<u>Bankruptcy Code</u>" means Title 11 of the United States Code entitled "Bankruptcy", as now and hereafter in effect, or any successor statute.

"<u>Bankruptcy Event</u>" means, with respect to any Person, such Person becomes the subject of a bankruptcy or insolvency proceeding, or has had a receiver, conservator, trustee, administrator, custodian, assignee for the benefit of creditors or similar Person charged with the reorganization or liquidation of its business appointed for it, or, in the good faith determination of the Administrative Agent, has taken any action in furtherance of, or indicating its consent to, approval of, or acquiescence in, any such proceeding or appointment; <u>provided</u> that a Bankruptcy Event shall not result solely by virtue of any of the control of, an ownership interest in, or the acquisition of any ownership interest in, such Person, or any direct or indirect parent entity thereof, by a Governmental Authority or instrumentality thereof, provided, further, that such ownership interest does not result in or provide such Person with immunity from the jurisdiction of courts within the United States or from the enforcement of judgments or writs of attachment on its assets or permit such Person (or such Governmental Authority or instrumentality) to reject, repudiate, disavow or disaffirm any contracts or agreements made by such Person.

"<u>Benchmark</u>" means, initially, with respect to any (i) RFR Loan in any Agreed Currency, the applicable Relevant Rate for such Agreed Currency or (ii) Term Benchmark Loan, the Relevant Rate for such Agreed Currency; <u>provided</u> that if a Benchmark Transition Event and the related Benchmark Replacement Date have occurred with respect to the applicable Relevant Rate or the then-current Benchmark for such Agreed Currency, then "Benchmark" means the applicable Benchmark Replacement to the extent that such Benchmark Replacement has replaced such prior benchmark rate pursuant to Section 2.13(b).

"<u>Benchmark Replacement</u>" means, for any Available Tenor, the first alternative set forth in the order below that can be determined by the Administrative Agent for the applicable Benchmark Replacement Date; *provided* that, in the case of any Loan denominated in a Foreign Currency, "Benchmark Replacement" shall mean the alternative set forth in (2) below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) in the case of any Loan denominated in dollars, the Daily Simple RFR for dollars;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the sum of: (a) the alternate benchmark rate that has been selected by the Administrative Agent and the Borrower as the replacement for the then-current Benchmark for the applicable Corresponding Tenor giving due consideration to (i) any selection or recommendation of a replacement benchmark rate or the mechanism for determining such a rate by the Relevant Governmental Body or (ii) any evolving or then-prevailing market convention for determining a benchmark rate as a replacement for the then-current Benchmark for syndicated credit facilities denominated in the applicable Agreed Currency at such time in the United States and (b) the related Benchmark Replacement Adjustment;

If the Benchmark Replacement as determined pursuant to clause (1) or (2) above would be less than the Floor, the Benchmark Replacement will be deemed to be the Floor for the purposes of this Agreement.

"<u>Benchmark Replacement Adjustment</u>" means, with respect to any replacement of the then-current Benchmark with an Unadjusted Benchmark Replacement for any applicable Interest Period and Available Tenor for any setting of such Unadjusted Benchmark Replacement, the spread adjustment, or method for calculating or determining such spread adjustment, (which may be a positive or negative value or zero) that has been selected by the Administrative Agent and the Borrower for the applicable Corresponding Tenor giving due consideration to (i) any selection or recommendation of a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement by the Relevant Governmental Body on the applicable Benchmark Replacement Date and/or (ii) any evolving or then-prevailing market convention for determining a spread adjustment, or method for calculating or determining such spread adjustment, for the replacement of such Benchmark with the applicable Unadjusted Benchmark Replacement for syndicated credit facilities denominated in the applicable Agreed Currency at such time.

"<u>Benchmark Replacement Conforming Changes</u>" means, with respect to any Benchmark Replacement and/or any Term Benchmark Revolving Loan denominated in dollars, any technical, administrative or operational changes (including changes to the definition of "Alternate Base Rate," the definition of "Business Day," the definition of "U.S. Government Securities Business Day," the definition of "RFR Business Day," the definition of "Interest Period," the timing and frequency of determining rates and making payments of interest, the timing of borrowing requests or prepayment, conversion or continuation notices, length of lookback periods, the applicability of breakage provisions, and other technical, administrative or operational matters) that the Administrative Agent decides, in consultation with the Borrower, may be appropriate to reflect the adoption and implementation of such Benchmark and to permit the administration thereof by the Administrative Agent in a manner substantially consistent with market practice (or, if the Administrative Agent decides that adoption of any portion of such market practice is not administratively feasible or if the Administrative Agent determines that no market practice for the administration of such Benchmark exists, in such other manner of administration as the Administrative Agent decides, in consultation with the Borrower, is reasonably necessary in connection with the administration of this Agreement).

"<u>Benchmark Replacement Date</u>" means, with respect to any Benchmark, the earliest to occur of the following events with respect to such then-current Benchmark:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) in the case of clause (1) or (2) of the definition of "Benchmark Transition Event," the later of (a) the date of the public statement or publication of information referenced therein and (b) the date on which the administrator of such Benchmark (or the published component used in the calculation thereof) permanently or indefinitely ceases to provide all Available Tenors of such Benchmark (or such component thereof); 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;(2) in the case of clause (3) of the definition of "Benchmark Transition Event," the first date on which such Benchmark (or the published component used in the calculation thereof) has been or, if such Benchmark is a term rate, all Available Tenors or such Benchmark (or component thereof) have been determined and announced by the regulatory supervisor for the administrator of such Benchmark (or such component thereof) to be no longer representative; provided, that such non-representativeness will be determined by reference to the most recent statement or publication referenced in such clause (3) even if such Benchmark (or component thereof) or, if such Benchmark is a term rate, any Available Tenor of such Benchmark (or such component thereof), continues to be provided on such date;

For the avoidance of doubt, (i) if the event giving rise to the Benchmark Replacement Date occurs on the same day as, but earlier than, the Reference Time in respect of any determination, the Benchmark Replacement Date will be deemed to have occurred prior to the Reference Time for such determination and (ii) the "Benchmark Replacement Date" will be deemed to have occurred in the case of clause (1) or (2) with respect to any Benchmark upon the occurrence of the applicable event or events set forth therein with respect to all then-current Available Tenors of such Benchmark (or the published component used in the calculation thereof).

"<u>Benchmark Transition Event</u>" means, with respect to any Benchmark, the occurrence of one or more of the following events with respect to such then-current Benchmark:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) a public statement or publication of information by or on behalf of the administrator of such Benchmark (or the published component used in the calculation thereof) announcing that such administrator has ceased or will cease to provide all Available Tenors of such Benchmark (or such component thereof), permanently or indefinitely; provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide such Benchmark (or component thereof) or, if such Benchmark is a term rate, any Available Tenor of such Benchmark (or such component 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;(2) a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published component used in the calculation thereof), the Federal Reserve Board, the NYFRB, the CME Term SOFR Administrator, the central bank for the Agreed Currency applicable to such Benchmark, an insolvency official with jurisdiction over the administrator for such Benchmark (or such component), a resolution authority with jurisdiction over the administrator for such Benchmark (or such component) or a court or an entity with similar insolvency or resolution authority over the administrator for such Benchmark (or such component), in each case, which states that the administrator of such Benchmark (or such component) has ceased or will cease to provide such Benchmark (or component thereof) or, if such Benchmark is a term rate all Available Tenors of such Benchmark (or such component thereof) permanently or indefinitely; provided that, at the time of such statement or publication, there is no successor administrator that will continue to provide such Benchmark (or component thereof) or, if such Benchmark is a term rate any Available Tenor of such Benchmark (or such component thereof); 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;(3) a public statement or publication of information by the regulatory supervisor for the administrator of such Benchmark (or the published component used in the calculation thereof) announcing that such Benchmark (or component thereof) or, if such Benchmark is a term rate all Available Tenors of such Benchmark (or such component thereof) are no longer, or as of a specified future date will no longer be, representative.

For the avoidance of doubt, a "Benchmark Transition Event" will be deemed to have occurred with respect to any Benchmark if a public statement or publication of information set forth above has occurred with respect to each then-current Available Tenor of such Benchmark (or the published component used in the calculation thereof).

"<u>Benchmark Unavailability Period</u>" means, with respect to any Benchmark, the period (if any) (x) beginning at the time that a Benchmark Replacement Date pursuant to clauses (1) or (2) of that definition has occurred if, at such time, no Benchmark Replacement has replaced such then-current Benchmark for all purposes hereunder in accordance with Section 2.13(b) and (y) ending at the time that a Benchmark Replacement has replaced such then-current Benchmark for all purposes hereunder in accordance with Section 2.13(b).

"<u>Beneficial Ownership Certification</u>" means a certification regarding beneficial ownership or control as required by the Beneficial Ownership Regulation.

"<u>Beneficial Ownership Regulation</u>" means 31 C.F.R. § 1010.230.

"<u>Benefit Plan</u>" means any of (a) an "employee benefit plan" (as defined in ERISA) that is subject to Title I of ERISA, (b) a "plan" as defined in and subject to Section 4975 of the Code, or (c) any Person whose assets include (for purposes of ERISA Section 3(42) or otherwise for purposes of Title I of ERISA or Section 4975 of the Code) the assets of any such "employee benefit plan" or "plan."

"<u>BHC Act Affiliate</u>" of a party means an "affiliate" (as such term is defined under, and interpreted in accordance with, 12 U.S.C. 1841(k)) of such party.

"<u>Borrower</u>" has the meaning set forth in the preamble to this Agreement.

"<u>Borrower Communications</u>" has the meaning set forth in Section 9.09(c).

"<u>Borrowing</u>" means (a) Revolving Loans of the same currency and Type, made, converted or continued on the same date and, in the case of Term Benchmark Loans, as to which a single Interest Period is in effect or (b) a Swingline Loan.

"<u>Borrowing Minimum</u>" means (a) in the case of a Borrowing denominated in dollars, $10,000,000 and (b) in the case of a Borrowing denominated in any Foreign Currency, the smallest amount of such Foreign Currency that (i) is an integral multiple of 5,000,000 units (or, in the case of Pounds Sterling, 500,000 units) of such currency and (ii) has a Dollar Equivalent in excess of $5,000,000.

"<u>Borrowing Multiple</u>" means (a) in the case of a Borrowing denominated in dollars, $5,000,000 and (b) in the case of a Borrowing denominated in any Foreign Currency, 5,000,000 units (or, in the case of Pounds Sterling, 500,000 units) of such currency.

"<u>Borrowing Request</u>" means a request by the Borrower for a Revolving Borrowing in accordance with Section 2.03, which shall be substantially in the form approved by the Administrative Agent and separately provided to the Borrower.

"<u>Business Day</u>" means, any day (other than a Saturday or a Sunday) on which banks are open for business in New York City; provided that, in addition to the foregoing, a Business Day shall be (a) in relation to Loans denominated in Pounds Sterling, any day (other than a Saturday or a Sunday) on which banks are open for business in London, (b) in relation to Loans denominated in Euros and in relation to the calculation or computation of EURIBOR, any day which is a TARGET Day, (c) in relation to RFR Loans and any interest rate settings, fundings, disbursements, settlements or payments of any such RFR Loan, or any other dealings in the applicable Agreed Currency of such RFR Loan, any such day that is only an RFR Business Day and (d) in relation to Loans referencing the Term SOFR Rate and any interest rate settings, fundings, disbursements, settlements or payments of any such Loans referencing the Term SOFR Rate or any other dealings of such Loans referencing the Term SOFR Rate, any such day that is a U.S. Government Securities Business Day.

"<u>Canadian Dollar</u>" means the lawful money of Canada.

"<u>Capitalized Lease</u>" means any lease which is or should be capitalized on the balance sheet of the lessee and treated as a financing lease in accordance with GAAP existing on the date hereof and Topic 840 of the Financial Accounting Standards Board Accounting Standards Codification.

"<u>Capitalized Lease Obligations</u>" means the amount of the liability reflecting the aggregate discounted amount of future payments under all Capitalized Leases calculated in accordance with GAAP existing on the date hereof and Topic 840 of the Financial Accounting Standards Board Accounting Standards Codification.

"<u>Change in Law</u>" means (a) the adoption of any law, rule or regulation after the date of this Agreement, (b) any change in any law, rule or regulation or in the interpretation or application thereof by any Governmental Authority after the date of this Agreement or (c) compliance by any Lender or, for purposes of Section 2.14(b), by any lending office of such Lender or by such Lender's holding company, if any, with any request, guideline or directive (whether or not having the force of law) of any Governmental Authority made or issued after the date of this Agreement. Notwithstanding anything herein to the contrary, (a) all requests, rules, guidelines, requirements and directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or by United States or foreign regulatory authorities, in each case pursuant to Basel III, and (b) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules, guidelines, requirements and directives thereunder or issued in connection therewith or in implementation thereof, shall in each case be deemed to be a Change in Law, regardless of the date enacted, adopted, issued or implemented.

"<u>Class</u>", when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, are Revolving Loans or Swingline Loans.

"<u>CME Term SOFR Administrator</u>" means CME Group Benchmark Administration Limited as administrator of the forward-looking term Secured Overnight Financing Rate (SOFR) (or a successor administrator).

"<u>Code</u>" means the Internal Revenue Code of 1986, as amended from time to time.

"<u>Commitment</u>" means, with respect to each Lender, the commitment of such Lender to make Revolving Loans and to acquire participations in Swingline Loans and Letters of Credit hereunder, expressed as an amount representing the maximum aggregate amount of such Lender's Revolving Credit Exposure hereunder, as such commitment may be (a) reduced from time to time pursuant to Section 2.08 or increased from time to time pursuant to Section 2.22 and (b) reduced or increased from time to time pursuant to assignments by or to such Lender pursuant to Section 10.04. The initial amount of each Lender's Commitment is set forth on Schedule 2.01, or in the Assignment and Acceptance pursuant to which such Lender shall have assumed its Commitment, as applicable.

"<u>Communications</u>" has the meaning set forth in Section 9.08(c).

"<u>Compliance Certificate</u>" has the meaning set forth in Section 6.01(b)(i).

"<u>Consenting Lender</u>" has the meaning set forth in Section 2.21(b).

"<u>Consolidated Interest Expense</u>" means, for any period, the interest expense of the Borrower and its Subsidiaries determined on a consolidated basis in conformity with GAAP existing on the date hereof including, without limitation, (i) the amortization of debt discount, (ii) the amortization of all fees payable in connection with the incurrence of Indebtedness to the extent included in interest expense and (iii) the portion of any obligation with respect to a Capitalized Lease allocable to interest expense.

"<u>Consolidated Net Income</u>" for any period means the net income (or loss) of the Borrower and its Subsidiaries for such period before extraordinary items, determined in accordance with GAAP existing on the date hereof on a consolidated basis, after eliminating all intercompany items; <u>provided</u> that there shall be excluded (i) income (or loss) of any Person (other than a consolidated Subsidiary of such Person) in which any other Person (other than such Person or any of its consolidated Subsidiaries) has a joint interest, except to the extent of the amount of dividends or other distributions actually paid to such Person or any of its consolidated Subsidiaries by such other Person during such period, (ii) except for purposes of calculating EBITDA to the extent provided in the penultimate sentence of the definition thereof with respect to Material Acquisitions, income (or loss) of any Person accrued prior to the date it becomes a consolidated Subsidiary of such Person or is merged into or consolidated with such Person or any of its consolidated Subsidiaries, (iii) the income of any consolidated Subsidiary of such Person to the extent that the declaration or payment of dividends or similar distributions by that consolidated Subsidiary of the income is not at the time permitted, (iv) any after-tax gains (but not pre-tax losses) attributable to sales of assets out of the ordinary course of business and any after-tax gains on pension reversions received by such Person and its consolidated Subsidiaries and (v) any income (or loss) attributable to any lease of property (whether real, personal or mixed) under which the Borrower or any of its Subsidiaries is the lessor; <u>provided</u>, <u>however</u>, there shall be excluded from any calculation pursuant to any of clauses (ii)-(v) any income or loss attributable to assets purchased or sold, as the case may be, having an individual or aggregate (for any consecutive twelve month period) fair market value of less than $50,000,000.

"<u>Control</u>" means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a Person, whether through the ability to exercise voting power, by contract or otherwise. "<u>Controlling</u>" and "<u>Controlled</u>" have meanings correlative thereto.

"<u>Corresponding Tenor</u>" with respect to any Available Tenor means, as applicable, either a tenor (including overnight) or an interest payment period having approximately the same length (disregarding business day adjustment) as such Available Tenor.

"<u>Covered Entity</u>" means any of the following:

&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) a "covered entity" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 252.82(b);

&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) a "covered bank" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 47.3(b); 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;(iii) a "covered FSI" as that term is defined in, and interpreted in accordance with, 12 C.F.R. § 382.2(b).

"<u>Covered Party</u>" has the meaning set forth in Section 10.16.

"<u>Credit Party</u>" means the Administrative Agent, the Issuing Lender, the Swingline Lender or any other Lender.

"<u>Daily Simple RFR</u>" means, for any day (an "<u>RFR Interest Day</u>"), an interest rate per annum equal to, for any RFR Loan denominated in (i) Sterling, SONIA for the day that is five RFR Business Days prior to (A) if such RFR Interest Day is an RFR Business Day, such RFR Interest Day or (B) if such RFR Interest Day is not an RFR Business Day, the RFR Business Day immediately preceding such RFR Interest Day and (ii) dollars, Daily Simple SOFR (following a Benchmark Transition Event and a Benchmark Replacement Date with respect to the Term SOFR Rate); provided that if the Daily Simple RFR as so determined would be less than the Floor, such rate shall be deemed to be the Floor for the purposes of this Agreement.

"<u>Daily Simple SOFR</u>" means, for any day (a "<u>SOFR Rate Day</u>"), a rate per annum equal to SOFR for the day (such day "<u>SOFR Determination Date</u>") that is five (5) RFR Business Days prior to (i) if such SOFR Rate Day is an RFR Business Day, such SOFR Rate Day or (ii) if such SOFR Rate Day is not an RFR Business Day, the RFR Business Day immediately preceding such SOFR Rate Day, in each case, as such SOFR is published by the SOFR Administrator on the SOFR Administrator's Website. Any change in Daily Simple SOFR due to a change in SOFR shall be effective from and including the effective date of such change in SOFR without notice to the Borrower. If by 5:00 p.m. (New York City time) on the second RFR Business Day immediately following any SOFR Determination Date, SOFR in respect of such SOFR Determination Date has not been published on the SOFR Administrator's Website and a Benchmark Replacement Date with respect to the Daily Simple SOFR has not occurred, then SOFR for such SOFR Determination Date will be SOFR as published in respect of the first preceding RFR Business Day for which such SOFR was published on the SOFR Administrator's Website.

"<u>Deemed EBITDA</u>" has the meaning set forth in the definition of "EBITDA".

"<u>Default</u>" means any event or condition which constitutes an Event of Default or which upon notice, lapse of time or both would, unless cured or waived, become an Event of Default.

"<u>Default Right</u>" has the meaning set forth in, and shall be interpreted in accordance with, 12 C.F.R. §§ 252.81, 47.2 or 382.1, as applicable.

"<u>Defaulting Lender</u>" means any Lender that (a) has failed, within three Business Days of the date required to be funded or paid, to (i) fund any portion of its Loans, (ii) fund any portion of its participations in Letters of Credit or Swingline Loans or (iii) pay over to any Credit Party any other amount required to be paid by it hereunder, unless, in the case of clause (i) above, such Lender notifies the Administrative Agent in writing that such failure is the result of such Lender's good faith determination that a condition precedent to funding (specifically identified and including the particular default, if any) has not been satisfied, (b) has notified the Borrower or any Credit Party in writing, or has made a public statement to the effect, that it does not intend or expect to comply with any of its funding obligations under this Agreement (unless such writing or public statement indicates that such position is based on such Lender's good faith determination that a condition precedent (specifically identified and including the particular default, if any) to funding a loan under this Agreement cannot be satisfied) or generally under other agreements in which it commits to extend credit, (c) has failed, within three Business Days after request by the Administrative Agent, the Issuing Lender or the Swingline Lender, acting in good faith, to provide a certification in writing from an authorized officer of such Lender that it will comply with its obligations (and is financially able to meet such obligations) to fund prospective Loans and participations in Letters of Credit and Swingline Loans under this Agreement, provided that such Lender shall cease to be a Defaulting Lender pursuant to this clause (c) upon such Person's receipt of such certification in form and substance satisfactory to it and the Administrative Agent, or (d) has become the subject of a Bankruptcy Event or a Bail-In Action.

"<u>Dollar Equivalent</u>" means, for any amount, at the time of determination thereof, (a) if such amount is expressed in dollars, such amount, (b) if such amount is expressed in a Foreign Currency, the equivalent of such amount in dollars determined by using the rate of exchange for the purchase of dollars with the Foreign Currency last provided (either by publication or otherwise provided to the Administrative Agent) by Bloomberg on the Business Day (New York City time) immediately preceding the date of determination or if such service ceases to be available or ceases to provide a rate of exchange for the purchase of dollars with the Foreign Currency, as provided by such other publicly available information service which provides that rate of exchange at such time in place of Bloomberg chosen by the Administrative Agent in its sole discretion (or if such service ceases to be available or ceases to provide such rate of exchange, the equivalent of such amount in dollars as determined by the Administrative Agent using any method of determination it deems appropriate in its sole discretion) and (c) if such amount is denominated in any other currency, the equivalent of such amount in dollars as determined by the Administrative Agent using any method of determination it deems appropriate in its sole discretion.

"<u>Dollar Loan</u>" means a Revolving Loan denominated in dollars.

"<u>dollars</u>" or "<u>$</u>" refers to lawful money of the United States of America.

"<u>EBITDA</u>" means, for any period, on a consolidated basis for the Borrower and its Subsidiaries, (a) Consolidated Net Income for such period, plus, to the extent deducted in computing Consolidated Net Income for such period, and without duplication (i) depreciation and amortization expense (including, without limitation, amortization of assets held under Capitalized Leases or amortization of goodwill, software and other intangible assets) for such period, (ii) Consolidated Interest Expense, (iii) taxes paid and any provision for taxes (including any penalties or interest relating to such taxes or arising from tax examinations) paid or accrued during such period, (iv) charges, fees, costs and expenses incurred in connection with the Transactions or any issuance of Indebtedness or equity, acquisitions, investments, restructuring activities, asset sales or divestitures permitted hereunder, whether or not successful, for such period, (v) charges, expenses or losses that are of an unusual nature, extraordinary or infrequently occurring for such period, (vi) non-cash stock option expenses, non-cash equity-based compensation and/or non-cash expenses related to stock-based compensation for such period, (vii) non-recurring restructuring, integration and related charges and expenses (including but not limited to severance costs, relocation costs, repositioning and other restructuring costs, integration and facilities opening costs and other business optimization expenses and operating improvements and establishment costs, recruiting fees, signing costs, retention or completion bonuses, transition costs, costs related to closure/consolidation of facilities, internal costs in respect of such restructuring related initiatives and curtailments or modifications to pension and post-retirement employee benefit plans (including any settlement of pension liabilities), contract terminations and professional and consulting fees incurred in connection with any of the foregoing) for such period, <u>provided</u> that the aggregate amount of all amounts under this clause (vii) that increase EBITDA in any period shall not exceed, and shall be limited to, 10% of EBITDA in respect of such period (calculated after giving effect to such adjustments and all other adjustments to EBITDA, including the cap in this clause (vii)), (viii) any currency translation losses net of gains for such period and (ix) costs and expenses incurred in connection with, or related to, the Separation Transactions or any other transaction consummated in connection therewith, including but not limited to severance costs, relocation costs, repositioning and other restructuring costs, integration and facilities opening costs and other business optimization expenses and operating improvements and establishment costs, recruiting fees, signing costs, retention or completion bonuses, transition costs, costs related to closure/consolidation of facilities, internal costs in respect of initiatives and curtailments or modifications to pension and post-retirement employee benefit plans (including any settlement of pension liabilities) related to the Separation Transactions (or other such transactions), contract terminations and professional and consulting fees incurred in connection with any of the foregoing for such period, minus (b) to the extent added in computing Consolidated Net Income for such period, the sum of income or gains that are of an unusual nature or infrequently occurring for such period. For purposes of calculating EBITDA for any period, if during such period the Borrower or any of its Subsidiaries shall have made a Material Acquisition or Material Disposition, EBITDA for such period shall be calculated giving pro forma effect to such transaction as if it had occurred on the first day of such period. Notwithstanding anything to the contrary herein, it is agreed for the purpose of calculating the Total Net Leverage Ratio and/or any basket based on a percentage of EBITDA for any period that includes the Fiscal Quarters ended on or about June 30, 2025, September 30, 2025, December 31, 2025 and March 31, 2026 shall be deemed to be $186,455,000, $192,429,000, $161,677,000 and $183,690,000, respectively ("<u>Deemed EBITDA</u>"). For the avoidance of doubt, no addbacks or adjustments shall be subject to, or counted as usage of, any cap or limitation (including pursuant to clause (a) (viii) above) to the extent included in Deemed EBITDA.

"<u>EEA Financial Institution</u>" means (a) any credit institution or investment firm established in any EEA Member Country which is subject to the supervision of an EEA Resolution Authority, (b) any entity established in an EEA Member Country which is a parent of an institution described in clause (a) of this definition, or (c) any financial institution established in an EEA Member Country which is a subsidiary of an institution described in clauses (a) or (b) of this definition and is subject to consolidated supervision with its parent.

"<u>EEA Member Country</u>" means any of the member states of the European Union, Iceland, Liechtenstein, and Norway.

"<u>EEA Resolution Authority</u>" means any public administrative authority or any Person entrusted with public administrative authority of any EEA Member Country (including any delegee) having responsibility for the resolution of any EEA Financial Institution.

"<u>Effective Date</u>" means the date on which the conditions specified in Section 5.01 are satisfied (or waived in accordance with Section 10.02).

"<u>Electronic Signature</u>" means an electronic sound, symbol, or process attached to, or associated with, a contract or other record and adopted by a Person with the intent to sign, authenticate or accept such contract or record.

"<u>Employee Matters Agreement</u>" has the meaning set forth in the Form 10.

"<u>ERISA</u>" means the Employee Retirement Income Security Act of 1974, as amended from time to time.

"<u>ERISA Affiliate</u>" means any trade or business (whether or not incorporated) that is under common control with the Borrower within the meaning of Section 4001(a)(14) or Section 4001(b)(1) of ERISA or that, together with the Borrower, is treated as a single employer under Section 414(b), (c), (m) or (o) of the Code.

"<u>ERISA Event</u>" means (a) any "reportable event", as defined in Section 4043 of ERISA or the regulations issued thereunder with respect to a Plan (other than an event for which the 30-day notice period is waived); (b) the existence with respect to any Plan of a non-exempt Prohibited Transaction; (c) any failure by any Pension Plan to satisfy the minimum funding standards (within the meaning of Sections 412 or 430 of the Code or Section 302 of ERISA) applicable to such Pension Plan, whether or not waived; (d) the filing pursuant to Section 412 of the Code or Section 302 of ERISA of an application for a waiver of the minimum funding standard with respect to any Pension Plan or the failure by the Borrower or any of its ERISA Affiliates to make any required contribution to a Multiemployer Plan; (e) the imposition of a Lien pursuant to Section 430(k) of the Code or Section 303(k) of ERISA with respect to any Pension Plan; (f) the incurrence by the Borrower or any of its ERISA Affiliates of any liability under Title IV of ERISA (other than for PBGC premiums due but not delinquent under Section 4007 of ERISA); (g) a determination that any Pension Plan is, or is reasonably expected to be, in "at risk" status (within the meaning of Section 430 of the Code or Section 303 of ERISA); (h) the receipt by the Borrower or any of its ERISA Affiliates from the PBGC or a plan administrator of any notice relating to an intention to terminate any Pension Plan or to appoint a trustee to administer any Pension Plan under Section 4042 of ERISA; (i) the incurrence by the Borrower or any of its ERISA Affiliates of any liability with respect to the withdrawal or partial withdrawal from any Pension Plan or Multiemployer Plan; or (j) the receipt by the Borrower or any of its ERISA Affiliates of any notice, or the receipt by any Multiemployer Plan from the Borrower or any of its ERISA Affiliates of any notice, concerning the imposition of Withdrawal Liability or a determination that a Multiemployer Plan is, or is expected to be, insolvent or in endangered or critical status (within the meaning of Section 432 of the Code or Section 305 or Title IV of ERISA) or in critical and declining status (within the meaning of Section 305 of ERISA) or that the PBGC has issued a partition order under Section 4233 of ERISA with respect to the Multiemployer Plan.

"<u>Erroneous Payment</u>" has the meaning set forth in Section 9.04(b)(i).

"<u>Erroneous Payment Deficiency Assignment</u>" has the meaning set forth in Section 9.04(b)(iv).

"<u>Erroneous Payment Return Deficiency</u>" has the meaning set forth in Section 9.04(b)(iv).

"<u>Erroneous Payment Subrogation Rights</u>" has the meaning set forth in Section 9.04(b)(v).

"<u>EU Bail-In Legislation Schedule</u>" means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor Person), as in effect from time to time.

"<u>EURIBOR</u>", when used in reference to any Loan or Borrowing, refers to whether such Loan is, or the Loans comprising such Borrowing are, bearing interest at a rate determined by reference to the Adjusted EURIBOR Rate.

"<u>EURIBOR Rate</u>" means, with respect to any Term Benchmark Borrowing denominated in Euros and for any Interest Period, the EURIBOR Screen Rate, two TARGET Days prior to the commencement of such Interest Period.

"<u>EURIBOR Screen Rate</u>" means the euro interbank offered rate administered by the European Money Markets Institute (or any other person which takes over the administration of that rate) for the relevant period displayed (before any correction, recalculation or republication by the administrator) on the applicable Bloomberg screen or on the appropriate page of such other information service which publishes that rate from time to time in place of Bloomberg chosen by the Administrative Agent in its sole discretion as published at approximately 11:00 a.m. Brussels time two TARGET Days prior to the commencement of such Interest Period. If such page or service ceases to be available, the Administrative Agent may specify another page or service displaying the relevant rate after consultation with the Borrower.

"<u>Euro</u>" and "<u>€</u>" means the lawful currency of the Participating Member States introduced in accordance with the provisions of Article 109(1)4 of the Treaty and, in respect of all payments to be made under this Agreement in Euro, means immediately available, freely transferable funds.

"<u>Event of Default</u>" has the meaning set forth in Article VIII.

"<u>Exchange Act</u>" means the Securities Exchange Act of 1934, as from time to time amended, and any successor statutes.

"<u>Excluded Taxes</u>" means, with respect to the Administrative Agent, any Lender or any other recipient of any payment to be made by or on account of any obligation of the Borrower hereunder, (a) income Taxes imposed on (or measured by) net income, franchise Taxes and branch profits Taxes by a jurisdiction as a result of a present or former connection between such recipient and the jurisdiction imposing such Tax (other than any such connection arising solely from the execution and delivery of this Agreement, the performance of the rights and obligations herein, the receipt of any payment hereunder or the enforcement of this Agreement), (b) in the case of a Foreign Lender (other than an assignee pursuant to a request by the Borrower under Section 2.18(b)), any U.S. withholding Tax resulting from any law in effect on the date such Foreign Lender becomes a party to this Agreement or at the time such Lender changes its applicable lending office, except to the extent that such Foreign Lender's assignor (if any) or such Foreign Lender, in the case of a Lender that changes its applicable lending office, was entitled, at the time of assignment or at the time of the change in applicable lending office, to receive additional amounts from the Borrower with respect to such withholding tax pursuant to Section 2.16(a), (c) Taxes attributable to a Lender's (or a recipient's) failure to comply with Section 2.16(f) or (h) and (d) withholding Taxes imposed pursuant to FATCA.

"<u>Existing Letter of Credit</u>" means each Letter of Credit existing immediately prior to the Initial Availability Date and set forth on Schedule 3.01.

"<u>Extension Date</u>" has the meaning set forth in Section 2.21(b).

"<u>FATCA</u>" means Sections 1471 through 1474 of the Code, as of the date hereof (or any amended or successor version), any current or future regulations or official interpretations thereof, any agreements entered into pursuant to Section 1471(b)(1) of the Code, any intergovernmental agreement with respect thereto and any law, regulation, rule, promulgation or official agreement implementing an intergovernmental agreement with respect to the foregoing.

"<u>Federal Funds Effective Rate</u>" means, for any day, the rate calculated by the NYFRB based on such day's federal funds transactions by depositary institutions (as determined in such manner as shall be set forth on the NYFRB's Website from time to time) and published on the next succeeding Business Day by the NYFRB as the effective federal funds rate; <u>provided</u> that if the Federal Funds Effective Rate as so determined would be less than zero, such rate shall be deemed to be zero for purposes of this Agreement.

"<u>Federal Reserve Board</u>" means the Board of Governors of the Federal Reserve System of the United States of America.

"<u>Fee Payment Date</u>" means (a) the 15<sup>th</sup> day following the last day of each March, June, September and December and (b) the day upon which the Commitments terminate.

"<u>Fiscal Quarter</u>" means a quarterly period beginning on the first day of January, April, July and October in each Fiscal Year.

"<u>Fiscal Year</u>" means an annual period beginning on January 1 in each year and ending on December 31 of such year.

"<u>Fitch</u>" means Fitch Ratings.

"<u>Floor</u>" means the benchmark rate floor, if any, provided in this Agreement initially (as of the execution of this Agreement, the modification, amendment or renewal of this Agreement or otherwise) with respect to the Term SOFR Rate, Adjusted EURIBOR Rate or each Daily Simple RFR, as applicable. For the avoidance of doubt the initial Floor for each of Term SOFR Rate, Adjusted EURIBOR Rate or each Daily Simple RFR shall be 0.0%.

"<u>Foreign Benefit Arrangement</u>" means any employee benefit arrangement mandated by non-U.S. law that is maintained or contributed to by the Borrower or any ERISA Affiliate.

"<u>Foreign Currencies</u>" means, (i) with respect to Loans and Borrowings, collectively, Pounds Sterling and Euros and (ii) with respect to Letters of Credit, Pounds Sterling, Euros and Canadian Dollars.

"<u>Foreign Currency Borrowing</u>" means a Borrowing comprised of Foreign Currency Loans.

"<u>Foreign Currency Loan</u>" means a Loan denominated in a Foreign Currency.

"<u>Foreign Lender</u>" means any Lender that is not a "United States Person" as defined by Section 7701(a)(30) of the Code.

"<u>Foreign Plan</u>" means each employee benefit plan (within the meaning of Section 3(3) of ERISA, whether or not subject to ERISA) that is not subject to U.S. law and is maintained or contributed to by the Borrower or any ERISA Affiliate.

"<u>Form 10</u>" means the registration statement on Form 10 (including the information statement and other exhibits filed therewith or incorporated by reference therein) initially submitted by the Borrower with the Securities and Exchange Commission on October 23, 2025, as the same may be further amended, modified, or supplemented from time to time, including to the extent relating to (i) any updates to the financial statements, other financial information, notes thereto and other information contained or to be contained therein in respect of subsequent periods in accordance with the rules and regulations of the SEC or otherwise relating to the passage of time, (ii) information previously omitted, in whole or in part, that is added in connection with the completion of the disclosures contained in the Form 10 and (iii) information required to be included therein by applicable law or regulation or included therein in response to any comment issued by the SEC.

"<u>GAAP</u>" means generally accepted accounting principles in the United States of America in effect from time to time except as specifically noted.

"<u>Governmental Authority</u>" means the government of the United States of America, any other nation or any political subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing, regulatory or administrative powers or functions of or pertaining to government.

"<u>Guarantee</u>" means, with respect to any Person, (i) any guarantee, reimbursement agreement or similar contingent obligation made by such Person in respect of any Indebtedness of any other Person, (ii) any other arrangement whereby credit is extended to any other Person on the basis of any promise or undertaking of such Person, (a) to pay the Indebtedness of such other Person, (b) to purchase an obligation owed by such other Person, (c) to purchase or lease assets under circumstances that would enable such other Person to discharge such credit of its obligations or (d) to maintain the capital, working capital, solvency or general financial condition of such other Person, in each case whether or not such arrangement is disclosed in the balance sheet of such other Person or is referred to in a footnote thereto, and (iii) any liability (other than Indebtedness which is recourse to a Subsidiary of the Borrower, the only asset of which is its interest in the partnership of which the Subsidiary is the general partner, and which Indebtedness is non-recourse to the Borrower) as a general partner of a partnership in respect of Indebtedness of such partnership; <u>provided</u>, <u>however</u>, that the term Guarantee shall not include (1) endorsements for collection or deposit in the ordinary course of business or (2) obligations of the Borrower and its Subsidiaries which would constitute Guarantees solely by virtue of the continuing liability of any such Person which has sold assets subject to liabilities for liabilities which were assumed by another Person acquiring the assets which were sold, unless such liability is required to be carried on the balance sheet of the Borrower and its Subsidiaries in accordance with GAAP. The amount of any Guarantee and the amount of Indebtedness resulting from such Guarantee shall be the amount which would have to be carried on the balance sheet of the guarantor in respect of such Guarantee in accordance with GAAP.

"<u>Increasing Lender</u>" has the meaning set forth in Section 2.22.

"<u>Indebtedness</u>" means, with respect to any Person, all obligations, for the repayment of borrowed money, which in accordance with GAAP in effect on the date hereof should be classified upon such Person's balance sheet as liabilities, but in any event including (i) liabilities for the repayment of borrowed money to the extent secured by any Lien existing on property owned or acquired by such Person or a Subsidiary thereof, whether or not the liability secured thereby shall have been assumed by such Person and (ii) all Guarantees of such Person for the repayment of borrowed money.

"<u>Indemnified Taxes</u>" means Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account of any obligation of the Borrower under this Agreement.

"<u>Indemnitee</u>" has the meaning set forth in Section 10.03(c).

"<u>Independent Public Accountant</u>" means any of the firms of public accountants (or their survivors in any merger therewith) currently referred to as the "Big Four" or any other firm of public accountants of nationally recognized stature which is (i) independent (as such term is defined in the rules and regulations promulgated by the Securities and Exchange Commission under the Exchange Act) from the Person the financial statements of which are being reported on, (ii) selected by such Person and (iii) reasonably acceptable to the Required Lenders.

"<u>Index Debt</u>" means senior, unsecured, long-term indebtedness for borrowed money of the Borrower that is not guaranteed by any other Person or, except for the foregoing, subject to any other credit enhancement.

"<u>Ineligible Institution</u>" has the meaning set forth in Section 10.04(b)(i).

"<u>Initial Availability Date</u>" means the date on which the conditions specified in Section 5.02 are satisfied (or waived in accordance with Section 10.02).

"<u>Interest Election Request</u>" means a request by the Borrower to convert or continue a Revolving Borrowing in accordance with Section 2.07, which shall be substantially in the form approved by the Administrative Agent and separately provided to the Borrower.

"<u>Interest Payment Date</u>" means (a) with respect to any ABR Loan, the last day of each March, June, September and December, (b) with respect to any RFR Loan, each date that is on the numerically corresponding day in each calendar month that is one month after the Borrowing of such Loan (or, if there is no such numerically corresponding day in such month, then the last day of such month), (c) with respect to any Term Benchmark Loan, the last day of the Interest Period applicable to the Borrowing of which such Loan is a part and, in the case of a Term Benchmark Borrowing with an Interest Period of more than three months' duration, each day prior to the last day of such Interest Period that occurs at intervals of three months' duration after the first day of such Interest Period, (d) with respect to any Swingline Loan, the day that such Loan is, or is required to be, repaid and (e) in each case, the Maturity Date.

"<u>Interest Period</u>" means with respect to any Term Benchmark Borrowing, the period commencing on the date of such Borrowing and ending on the numerically corresponding day in the calendar month that is one, three or six months thereafter (in each case, subject to the availability for the Benchmark applicable to the relevant Loan or Commitment for any Agreed Currency), as the Borrower may elect; <u>provided</u>, that (i) if any Interest Period would end on a day other than a Business Day, such Interest Period shall be extended to the next succeeding Business Day unless such next succeeding Business Day would fall in the next calendar month, in which case such Interest Period shall end on the next preceding Business Day, (ii) any Interest Period that commences on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the last calendar month of such Interest Period) shall end on the last Business Day of the last calendar month of such Interest Period, (iii) no Interest Period that begins before a Maturity Date for any Lender shall extend beyond such Maturity Date and (iv) no tenor that has been removed from this definition pursuant to Section 2.13(e) shall be available for specification in such Borrowing Request or Interest Election Request. For purposes hereof, the date of a Borrowing initially shall be the date on which such Borrowing is made and, in the case of a Revolving Borrowing, thereafter shall be the effective date of the most recent conversion or continuation of such Borrowing.

"<u>ISP</u>" means, with respect to any Letter of Credit, the "International Standby Practices 1998" published by the Institute of International Banking Law & Practice, Inc. (or such later version thereof as may be in effect at the time of issuance).

"<u>Issuing Lender</u>" means each of (i) Morgan Stanley Bank, N.A., Goldman Sachs Bank USA and Citibank, N.A. and (ii) any other Lender approved by the Administrative Agent (such approval not to be unreasonably withheld, conditioned or delayed) and the Borrower that has agreed in its sole discretion to act as an "Issuing Lender" hereunder, or any of their respective affiliates of any of the foregoing, in each case in its capacity as issuer of any Letter of Credit and with respect to all or a portion of the L/C Commitment as reflected in such Issuing Lender's L/C Sublimit. Each reference herein to "the Issuing Lender" shall be deemed to be a reference to the relevant Issuing Lender.

"<u>Judgment Currency</u>" has the meaning set forth in Section 10.14(b).

"<u>L/C Commitment</u>" means $15,000,000.00.

"<u>L/C Exposure</u>" means, at any time, the total L/C Obligations. The L/C Exposure of any Lender at any time shall be its Applicable Percentage of the total L/C Exposure at such time.

"<u>L/C Obligations</u>" means, at any time, an amount equal to the sum of (a) the aggregate then undrawn and unexpired amount of the then outstanding Letters of Credit and (b) the aggregate amount of drawings under Letters of Credit that have not then been reimbursed pursuant to Section 3.05. For all purposes of this Agreement, if on any date of determination a Letter of Credit has expired by its terms but any amount may still be drawn thereunder by reason of the operation of Rule 3.14 of the ISP, such Letter of Credit shall be deemed to be "outstanding" in the amount so remaining available to be drawn.

"<u>L/C Participants</u>" means the collective reference to all the Lenders other than the Issuing Lender in its capacity as such with respect to the relevant Letter of Credit.

"<u>L/C Sublimit</u>" means (i) for each of Morgan Stanley Bank, N.A., Goldman Sachs Bank USA and Citibank, N.A., each separately in its capacity as Issuing Lender, $5,000,000 and (ii) for any other Lender that becomes an Issuing Lender after the date hereof, such amount as may be separately agreed in writing between the Borrower and such Issuing Lender.

"<u>Lender-Related Person</u>" has the meaning set forth in Section 10.03(b)(i).

"<u>Lenders</u>" means the Persons listed on Schedule 2.01 and any other Person that shall have become a party hereto pursuant to an Assignment and Acceptance, other than any such Person that ceases to be a party hereto pursuant to an Assignment and Acceptance. Unless the context otherwise requires, the term "Lenders" includes the Swingline Lender.

"<u>Letters of Credit</u>" has the meaning set forth in Section 3.01(a).

"<u>Liabilities</u>" means any losses, claims (including intraparty claims), demands, damages or liabilities of any kind.

"<u>Lien</u>" means any mortgage, pledge, security interest, encumbrance, lien or charge of any kind (including, without limitation, any conditional sale or other title retention agreement or lease in the nature thereof) or any sale of receivables with recourse against the seller.

"<u>Loans</u>" means the loans made by the Lenders to the Borrower pursuant to this Agreement.

"<u>Margin Stock</u>" has the meaning set forth in Regulation U of the Federal Reserve Board as in effect from time to time.

"<u>Material Acquisition</u>" means any acquisition of assets or series of related acquisitions of assets by the Borrower or any of its Subsidiaries that (a) constitutes assets comprising all or substantially all of an operating unit of a business or constitutes all or substantially all of the common stock of a Person and (b) involves the payment of consideration by the Borrower or such Subsidiary in excess of $500,000,000.

"<u>Material Adverse Effect</u>" means a material adverse effect on the business, operations, properties, assets or financial condition of the Borrower and its Subsidiaries, taken as a whole.

"<u>Material Disposition</u>" means any disposition of assets or series of related dispositions of assets that yields gross proceeds to the Borrower or any of its Subsidiaries in excess of $500,000,000.

"<u>Material Subsidiary</u>" means each Subsidiary of the Borrower that is a "significant subsidiary" as defined in Regulation § 230.405 promulgated pursuant to the Securities Act, as such Regulation is in effect on the date hereof.

"<u>Maturity Date</u>" means the date that is the fifth anniversary of the Initial Availability Date, subject to the extension thereof pursuant to Section 2.21 (or, if such day is not a Business Day, the next succeeding Business Day); <u>provided</u>, <u>however</u>, that the Maturity Date for any Lender that is a Non-Consenting Lender to any requested extension pursuant to Section 2.21 shall be the Maturity Date in effect immediately prior to the applicable Extension Date for all purposes of this Agreement.

"<u>Moody's</u>" shall mean Moody's Ratings.

"<u>Multiemployer Plan</u>" means a multiemployer plan as defined in Section 4001(a)(3) of ERISA.

"<u>New Lender</u>" has the meaning set forth in Section 2.22.

"<u>Non-Consenting Lender</u>" has the meaning set forth in Section 2.21(b).

"<u>Notes</u>" means the Revolving Notes and the Swingline Note.

"<u>NYFRB</u>" means the Federal Reserve Bank of New York.

"<u>NYFRB Rate</u>" means, for any day, the greater of (a) the Federal Funds Effective Rate in effect on such day and (b) the Overnight Bank Funding Rate in effect on such day (or for any day that is not a Business Day, for the immediately preceding Business Day); <u>provided</u>, that if none of such rates are published for any day that is a Business Day, the term "NYFRB Rate" means the rate for a federal funds transaction quoted at 11:00 a.m., New York City time, on such day received by the Administrative Agent from a federal funds broker of recognized standing selected by it; <u>provided</u>, <u>further</u>, that if any of the aforesaid rates as so determined would be less than zero, such rate shall be deemed to be zero for purposes of this Agreement.

"<u>NYFRB's Website</u>" means the website of the NYFRB at http://www.newyorkfed.org, or any successor source.

"<u>Obligations</u>" means all unpaid principal of and accrued and unpaid interest (including interest accruing during the pendency of any bankruptcy, insolvency, receivership or other similar proceeding, regardless of whether allowed or allowable in such proceeding) on the Loans, all accrued and unpaid fees and all expenses, reimbursements, indemnities and other obligations (including Reimbursement Obligations) of the Borrower to the Lenders or to any Lender, the Administrative Agent, any Issuing Lender or any indemnified party arising under this Agreement or the Letters of Credit.

"<u>Officer's Certificate</u>" means a certificate executed on behalf of the Borrower by a Responsible Officer of the Borrower.

"<u>Other Taxes</u>" means any and all present or future stamp or documentary Taxes or any other excise or property Taxes, charges or similar levies arising from any payment made hereunder or from the execution, delivery or enforcement of, or otherwise with respect to, this Agreement, except any such Taxes that are imposed with respect to an assignment as a result of a present or former connection between a Lender (or other recipient of a payment) and the jurisdiction imposing such Tax (other than any such connection arising solely from the execution and delivery of this Agreement, the performance of the rights and obligations herein, the receipt of any payment hereunder or the enforcement of this Agreement).

"<u>Outside Date</u>" means December 31, 2026.

"<u>Overnight Bank Funding Rate</u>" means, for any day, the rate comprised of both overnight federal funds and overnight eurodollar transactions denominated in dollars by U.S.-managed banking offices of depository institutions, as such composite rate shall be determined by the NYFRB as set forth on the NYFRB's Website from time to time, and published on the next succeeding Business Day by the NYFRB as an overnight bank funding rate.

"<u>Overnight Rate</u>" means, for any day, (a) with respect to any amount denominated in dollars, the NYFRB Rate and (b) with respect to any amount denominated in a Foreign Currency, an overnight rate determined by the Administrative Agent or the relevant Issuing Lender, as the case may be, in accordance with banking industry rules on interbank compensation.

"<u>Parent</u>" means, with respect to any Lender, any Person as to which such Lender is, directly or indirectly, a Subsidiary.

"<u>Parent Entity</u>" means, collectively, S&P Global Inc. and its subsidiaries.

"<u>Participant</u>" has the meaning set forth in Section 10.04(e).

"<u>Participant Register</u>" has the meaning set forth in Section 10.04(e).

"<u>Participating Member State</u>" means any member state of the European Union that adopts or has adopted the Euro as its lawful currency in accordance with legislation of the European Union relating to economic and monetary union.

"<u>Patriot Act</u>" has the meaning set forth in Section 10.13.

"<u>Payment Office</u>" of the Administrative Agent shall mean, for each Agreed Currency, the office, branch, affiliate or correspondent bank of the Administrative Agent for such currency as specified from time to time by the Administrative Agent to the Borrower and each Lender.

"<u>Payment Recipient</u>" has the meaning set forth in Section 9.04(b)(i).

"<u>PBGC</u>" means the Pension Benefit Guaranty Corporation referred to and defined in Section 4002 of ERISA and any successor entity performing similar functions.

"<u>Pension Plan</u>" means any Plan (other than a Multiemployer Plan) subject to the provisions of Title IV of ERISA or Section 412 of the Code or Section 302 of ERISA, and in respect of which the Borrower or any ERISA Affiliate is (or, if such Plan were terminated, would under Section 4062 or Section 4069 of ERISA be deemed to be) an "employer" as defined in Section 3(5) of ERISA.

"<u>Permitted Liens</u>" means:

&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) Liens for taxes, assessments or governmental charges or levies (including any Lien imposed by ERISA arising out of an ERISA Event), either not yet delinquent or so long as the amount, applicability or validity of the same is being contested in good faith; <u>provided</u> that any proceedings commenced for the foreclosure on such Liens have been duly suspended and adequate reserves, if any, have been established therefor in accordance with GAAP;

&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) Statutory Liens of landlords and Liens of carriers, warehousemen, mechanics, materialmen and other Liens imposed by law incurred in the ordinary course of business for sums not delinquent for a period of more than 45 days or being contested in good faith, if such reserve or other appropriate provision, if any, as shall be required by GAAP, shall have been made therefor;

&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) Liens incurred or deposits made in the ordinary course of business in connection with workers' compensation, unemployment insurance and other types of social security, or to secure the performance of tenders, statutory obligations, bids, leases, government contracts, performance and return-of-money bonds and other similar obligations (exclusive of obligations for the payment of borrowed money);

&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) Any attachment or judgment Lien unless the attachment or judgment it secures shall remain undischarged and execution thereof shall remain unstayed pending appeal for a period of 60 days;

&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) Easements, rights-of-way, restrictions, minor defects or irregularities in title and other similar charges or encumbrances not interfering in any material respect with the ordinary conduct of the business of the Borrower or any of its Subsidiaries;

&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) Any interest or title of a lessor under any lease; and

&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) Liens arising from equipment leases entered into in the ordinary course of business.

"<u>Person</u>" means any natural person, corporation, limited liability company, trust, joint venture, association, company, partnership, Governmental Authority or other entity.

"<u>Plan</u>" means any employee benefit plan as defined in Section 3(3) of ERISA, including any employee welfare benefit plan (as defined in Section 3(1) of ERISA), any employee pension benefit plan (as defined in Section 3(2) of ERISA), and any plan which is both an employee welfare benefit plan and an employee pension benefit plan, and in respect of which the Borrower or any ERISA Affiliate is an "employer" as defined in Section 3(5) of ERISA.

"<u>Pounds Sterling</u>" or "<u>£</u>" means the lawful money of the United Kingdom.

"<u>Prime Rate</u>" means the rate of interest set by Citibank based upon various factors including Citibank's costs and desired return, general economic conditions and other factors, and is used as a reference point for pricing some loans, which may be priced at, above, or below such announced rate. Any change in such prime rate announced by Citibank shall take effect at the opening of business on the day specified in the public announcement of such change.

"<u>Prohibited Transaction</u>" has the meaning set forth in Section 406 of ERISA and Section 4975(c)(1) of the Code.

"<u>PTE</u>" means a prohibited transaction class exemption issued by the U.S. Department of Labor, as any such exemption may be amended from time to time.

"<u>QFC</u>" has the meaning assigned to the term "qualified financial contract" in, and shall be interpreted in accordance with, 12 U.S.C. 5390(c)(8)(D).

"<u>QFC Credit Support</u>" has the meaning set forth in ‎Section 10.16.

"<u>QMA Notice</u>" has the meaning set forth in the definition of "Qualifying Material Acquisition".

"<u>QMA Notice Date</u>" means, with respect to any QMA Notice, the date on which such QMA Notice is delivered to the Administrative Agent.

"<u>Qualifying Material Acquisition</u>" means any Acquisition, if the aggregate amount of consideration paid in respect of, and indebtedness incurred to finance, such Acquisition is in the aggregate at least $500,000,000 and the Borrower has designated such Acquisition as a "Qualifying Material Acquisition" by written notice (a "<u>QMA Notice</u>") to the Administrative Agent; <u>provided</u> that such QMA Notice shall be irrevocable and the applicable QMA Notice Date must occur on or prior to the date on which the Compliance Certificate for the Fiscal Quarter during which such Acquisition is consummated is due in accordance with Section 6.01(b).

"<u>Reference Time</u>" with respect to any setting of the then-current Benchmark means (1) if such Benchmark is the Term SOFR Rate, 11:00 a.m. (New York time) on the day that is two U.S. Government Securities Business Days preceding the date of such setting, (2) if such Benchmark is EURIBOR Rate, 11:00 a.m. Brussels time two TARGET Days preceding the date of such setting, (3) if the RFR for such Benchmark is SONIA, then 11:00 a.m. (New York time) four RFR Business Days prior to such setting, (4) if, following a Benchmark Transition Event and Benchmark Replacement Date with respect to the Term SOFR Rate, the RFR for such Benchmark is Daily Simple SOFR, then 11:00 a.m. (New York time) four Business Days prior to such setting or (5) if such Benchmark is none of the Term SOFR Rate, the EURIBOR Rate, SONIA, or Daily Simple SOFR, the time determined by the Administrative Agent in its reasonable discretion.

"<u>Register</u>" has the meaning set forth in Section 10.04(c).

"<u>Reimbursement Obligation</u>" means the obligation of the Borrower to reimburse the Issuing Lender pursuant to Section 3.05 for amounts drawn under Letters of Credit.

"<u>Related Parties</u>" means, with respect to any specified Person, such Person's Affiliates and the respective directors, officers, employees, agents and advisors of such Person and such Person's Affiliates.

"<u>Relevant Governmental Body</u>" means (i) with respect to a Benchmark Replacement in respect of Loans denominated in dollars, the Federal Reserve Board and/or the NYFRB, or a committee officially endorsed or convened by the Federal Reserve Board and/or the NYFRB or, in each case, any successor thereto, (ii) with respect to a Benchmark Replacement in respect of Loans denominated in Pounds Sterling, the Bank of England, or a committee officially endorsed or convened by the Bank of England or, in each case, any successor thereto, (iii) with respect to a Benchmark Replacement in respect of Loans denominated in Euros, the European Central Bank, or a committee officially endorsed or convened by the European Central Bank or, in each case, any successor thereto and (iv) with respect to a Benchmark Replacement in respect of Loans denominated in any other currency, (a) the central bank for the currency in which such Benchmark Replacement is denominated or any central bank or other supervisor which is responsible for supervising either (1) such Benchmark Replacement or (2) the administrator of such Benchmark Replacement or (b) any working group or committee officially endorsed or convened by (1) the central bank for the currency in which such Benchmark Replacement is denominated, (2) any central bank or other supervisor that is responsible for supervising either (A) such Benchmark Replacement or (B) the administrator of such Benchmark Replacement, (3) a group of those central banks or other supervisors or (4) the Financial Stability Board or any part thereof.

"<u>Relevant Rate</u>" means (i) with respect to any Term Benchmark Borrowing denominated in dollars, the Term SOFR Rate, (ii) with respect to any Term Benchmark Borrowing denominated in Euros, the EURIBOR Rate or (iii) with respect to any Borrowing denominated in Pounds Sterling or dollars, the applicable Daily Simple RFR, as applicable.

"<u>Relevant Screen Rate</u>" means (i) with respect to any Term Benchmark Borrowing denominated in dollars, the Term SOFR Reference Rate or (ii) with respect to any Term Benchmark Borrowing denominated in Euros, the EURIBOR Screen Rate, as applicable.

"<u>Required Lenders</u>" means, at any time, Lenders having Revolving Credit Exposures and unused Commitments representing at least 51% of the sum of the total Revolving Credit Exposures (provided, that solely for the purposes of determining "Required Lenders", the Swingline Exposure of the Swingline Lender shall be deemed to be solely its Applicable Percentage of the outstanding Swingline Loans) and unused Commitments at such time.

"<u>Requirement of Law</u>" means, as to any Person, any law, treaty, rule or regulation or determination of any arbitrator or a court or other Governmental Authority, in each case applicable to or binding upon such Person or any of its property or to which such Person or any of its property is subject.

"<u>Resolution Authority</u>" means an EEA Resolution Authority or, with respect to any UK Financial Institution, a UK Resolution Authority.

"<u>Responsible Officer</u>" means, with respect to the Borrower, the chief executive officer, chief operating officer, chief financial officer, treasurer, assistant treasurer, controller or senior vice president of finance of the Borrower.

"<u>Revaluation Date</u>" shall mean (a) with respect to any Loan denominated in any Foreign Currency, each of the following: (i) the date of the Borrowing of such Loan and (ii) (A) with respect to any Term Benchmark Loan, each date of a conversion into or continuation of such Loan pursuant to the terms of this Agreement and (B) with respect to any RFR Loan, each date that is on the numerically corresponding day in each calendar month that is one month after the Borrowing of such Loan (or, if there is no such numerically corresponding day in such month, then the last day of such month); (b) with respect to any Letter of Credit denominated in a Foreign Currency, each of the following: (i) the date on which such Letter of Credit is issued, (ii) the first Business Day of each calendar month and (iii) the date of any amendment of such Letter of Credit that has the effect of increasing the face amount thereof; and (c) any additional date as the Administrative Agent may determine at any time when an Event of Default exists.

"<u>Revolving Credit Exposure</u>" means, with respect to any Lender at any time, the sum of (a) the outstanding principal amount of such Lender's Revolving Loans at such time (or the Dollar Equivalent thereof, in the case of Foreign Currency Loans), (b) such Lender's Swingline Exposure at such time and (c) such Lender's L/C Exposure at such time.

"<u>Revolving Loan</u>" means a Loan made pursuant to Section 2.03.

"<u>Revolving Note</u>" means a promissory note executed and delivered pursuant to Section 2.09(e) evidencing the Revolving Loans made by a Lender.

"<u>RFR</u>" means, for any RFR Loan denominated in (a) Pounds Sterling, SONIA and (b) dollars, solely following a Benchmark Transition Event and a Benchmark Replacement Date with respect to the Term SOFR Rate, Daily Simple SOFR.

"<u>RFR Borrowing</u>" means, as to any Borrowing, the RFR Loans comprising such Borrowing.

"<u>RFR Business Day</u>" means, for any Loan denominated in (a) Pounds Sterling, any day except for (i) a Saturday, (ii) a Sunday or (iii) a day on which banks are closed for general business in London and (b) dollars, a U.S. Government Securities Business Day.

"<u>RFR Interest Day</u>" has the meaning set forth in the definition of "Daily Simple RFR".

"<u>RFR Loan</u>" means a Loan that bears interest at a rate based on Daily Simple RFR.

"<u>Sanctioned Country</u>" means, at any time, a country, region or territory which is itself the subject or target of any Sanctions (at the time of this Agreement, Crimea, the so-called Donetsk People's Republic, the so-called Luhansk People's Republic, Cuba, Iran, North Korea and non-government-controlled areas of the Zaporizhzhia and Kherson regions of Ukraine).

"<u>Sanctioned Person</u>" means, at any time, any Person subject of any Sanctions, including (a) any Person listed in any Sanctions-related Executive Order or list of designated Persons maintained by the Office of Foreign Assets Control of the U.S. Department of Treasury, the U.S. Department of State or by the United Nations Security Council, the European Union or the United Kingdom, (b) any Person located, organized or resident in a Sanctioned Country or (c) any Person owned 50% or more or controlled by any such Person or Persons described in the foregoing clause (a).

"<u>Sanctions</u>" means all economic or financial sanctions or trade embargos imposed, administered or enforced from time to time by (a) the U.S. government, including those administered by the Office of Foreign Assets Control of the U.S. Department of Treasury or the U.S. Department of State or (b) the United Nations Security Council, the European Union or His Majesty's Treasury of the United Kingdom.

"<u>Securities Act</u>" means the Securities Act of 1933, as from time to time amended, and any successor statutes.

"<u>Separation</u>" means (x) certain series of restructuring transactions following which the Borrower, directly or indirectly through its Subsidiaries, will hold certain assets, liabilities and legal entities comprising the business, operations, products, services and activities of the S&P Global Mobility business and (y) the distribution of at least 80.1% of the Borrower's common stock to stockholders of S&P Global Inc., in each case, as set forth in the Form 10.

"<u>Separation Agreements</u>" means the Separation and Distribution Agreement, the Tax Matters Agreement, Transition Services Agreement, the Employee Matters Agreement and one or more other commercial arrangements as described in the Form 10.

"<u>Separation and Distribution Agreement</u>" has meaning set forth in the Form 10.

"<u>Separation Transactions</u>" means the entry into the Separation Agreements and the consummation of the Separation and the other transactions contemplated by the Separation Agreements (including, without limitation, the payment of the Special Cash Payment and any Wrong Pockets Transactions).

"<u>SOFR</u>" means a rate equal to the secured overnight financing rate as administered by the SOFR Administrator.

"<u>SOFR Administrator</u>" means the NYFRB (or a successor administrator of the secured overnight financing rate).

"<u>SOFR Administrator's Website</u>" means the NYFRB's website, currently at http://www.newyorkfed.org, or any successor source for the secured overnight financing rate identified as such by the SOFR Administrator from time to time.

"<u>SOFR Determination Date</u>" has the meaning set forth in the definition of "Daily Simple SOFR".

"<u>SOFR Rate Day</u>" has the meaning set forth in the definition of "Daily Simple SOFR".

"<u>SONIA</u>" means, with respect to any Business Day, a rate per annum equal to the Sterling Overnight Index Average for such Business Day published by the SONIA Administrator on the SONIA Administrator's Website on the immediately succeeding Business Day.

"<u>SONIA Administrator</u>" means the Bank of England (or any successor administrator of the Sterling Overnight Index Average).

"<u>SONIA Administrator's Website</u>" means the Bank of England's website, currently at http://www.bankofengland.co.uk, or any successor source for the Sterling Overnight Index Average identified as such by the SONIA Administrator from time to time.

"<u>Special Cash Payment</u>" has the meaning set forth in the Separation and Distribution Agreement.

"<u>Specified Representations</u>" means the representations and warranties set forth in (i) Section 4.01(a) (other than clause (i) of the second sentence thereof), (ii) Section 4.02(a), (iii) Section 4.02(b)(ii) (only with respect to the Borrower), (iv) Section 4.02(d), (v) Section 4.07 and (vi) Section 4.08.

"<u>Statutory Reserve Rate</u>" means a fraction (expressed as a decimal), the numerator of which is the number one and the denominator of which is the number one minus the aggregate of the maximum reserve percentage (including any marginal, special, emergency or supplemental reserves) expressed as a decimal established by the Federal Reserve Board to which the Administrative Agent is subject with respect to the Adjusted EURIBOR Rate, as applicable, for eurocurrency funding (currently referred to as "Eurocurrency liabilities" in Regulation D) or any other reserve ratio or analogous requirement of any central banking or financial regulatory authority imposed in respect of the maintenance of the Commitments or the funding of the Loans. Such reserve percentage shall include those imposed pursuant to Regulation D. Term Benchmark Loans for which the associated Benchmark is adjusted by reference to the Statutory Reserve Rate (per the related definition of such Benchmark) shall be deemed to constitute eurocurrency funding and to be subject to such reserve requirements without benefit of or credit for proration, exemptions or offsets that may be available from time to time to any Lender under Regulation D or any comparable regulation. The Statutory Reserve Rate shall be adjusted automatically on and as of the effective date of any change in any reserve percentage.

"<u>Subsidiary</u>" means, with respect to any Person, any corporation, limited liability company, partnership, association or other entity the accounts of which would be consolidated with those of the parent in the parent's consolidated financial statements if such financial statements were prepared in accordance with GAAP as of such date, as well as any other corporation, limited liability company, partnership, association or other entity (a) of which securities or other ownership interests representing more than 50% of the equity or more than 50% of the ordinary voting power or, in the case of a partnership, more than 50% of the general partnership interests are, as of such date, owned, controlled or held, or (b) that is, as of such date, otherwise Controlled, by the parent or one or more subsidiaries of the parent or by the parent and one or more subsidiaries of the parent.

"<u>Supported QFC</u>" has the meaning set forth in ‎Section 10.16.

"<u>Swap Agreement</u>" means any agreement with respect to any swap, forward, future or derivative transaction or option or similar agreement involving, or settled by reference to, one or more rates, currencies, commodities, equity or debt instruments or securities, or economic, financial or pricing indices or measures of economic, financial or pricing risk or value or any similar transaction or any combination of these transactions; <u>provided</u> that no phantom stock or similar plan providing for payments only on account of services provided by current or former directors, officers, employees or consultants of the Borrower or the Subsidiaries shall be a Swap Agreement.

"<u>Swingline Exposure</u>" means, at any time, the aggregate principal amount of all Swingline Loans outstanding at such time. The Swingline Exposure of any Lender at any time shall be the sum of (a) its Applicable Percentage of the total Swingline Exposure at such time related to Swingline Loans other than any Swingline Loans made by such Lender in its capacity as a Swingline Lender and (b) if such Lender shall be a Swingline Lender, the principal amount of all Swingline Loans made by such Lender outstanding at such time (to the extent that the other Lenders shall not have funded their participations in such Swingline Loans).

"<u>Swingline Lender</u>" means Citibank, N.A., in its capacity as lender of Swingline Loans hereunder.

"<u>Swingline Loan</u>" means a Loan made pursuant to Section 2.05.

"<u>Swingline Note</u>" means a promissory note executed and delivered pursuant to Section 2.09(e) evidencing the Swingline Loans made by the Swingline Lender.

"<u>Syndication Agents</u>" has the meaning set forth in the preamble to this Agreement.

"<u>T2</u>" means the real time gross settlement system operated by the Eurosystem, or any successor system.

"<u>TARGET Day</u>" means any day on which T2 (or, if such payment system ceases to be operative, such other payment system, if any, determined by the Administrative Agent to be a suitable replacement) is open for the settlement of payments in Euro.

"<u>Tax Matters Agreement</u>" has the meaning set forth in the Form 10.

"<u>Taxes</u>" means any and all present or future taxes, levies, imposts, duties, deductions, withholdings (including backup withholding), assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto.

"<u>Term Benchmark</u>" when used in reference to any Loan or Borrowing, refers to whether such Loan, or the Loans comprising such Borrowing, are bearing interest at a rate determined by reference to the Term SOFR Rate or the Adjusted EURIBOR Rate.

"<u>Term SOFR Rate</u>" (a) for any calculation with respect to a Term Benchmark Loan denominated in dollars, the Term SOFR Reference Rate for a tenor comparable to the applicable Interest Period on the day (such day, the "<u>Periodic Term SOFR Determination Day</u>") that is two (2) U.S. Government Securities Business Days prior to the first day of such Interest Period, as such rate is published by the CME Term SOFR Administrator; provided, however, that if as of 5:00 p.m. (New York City time) on any Periodic Term SOFR Determination Day the Term SOFR Reference Rate for the applicable tenor has not been published by the CME Term SOFR Administrator and a Benchmark Replacement Date with respect to the Term SOFR Reference Rate has not occurred, then the Term SOFR Rate will be the Term SOFR Reference Rate for such tenor as published by the CME Term SOFR Administrator on the first preceding U.S. Government Securities Business Day for which such Term SOFR Reference Rate for such tenor was published by the CME Term SOFR Administrator so long as such first preceding U.S. Government Securities Business Day is not more than three (3) U.S. Government Securities Business Days prior to such Periodic Term SOFR Determination Day, and

&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) for any calculation with respect to an ABR Loan on any day, the Term SOFR Reference Rate for a tenor of one month on the day (such day, the "<u>ABR Term SOFR Determination Day</u>") that is two (2) U.S. Government Securities Business Days prior to such day, as such rate is published by the CME Term SOFR Administrator; provided, however, that if as of 5:00 p.m. (New York City time) on any ABR Term SOFR Determination Day the Term SOFR Reference Rate for the applicable tenor has not been published by the CME Term SOFR Administrator and a Benchmark Replacement Date with respect to the Term SOFR Reference Rate has not occurred, then the Term SOFR Rate will be the Term SOFR Reference Rate for such tenor as published by the CME Term SOFR Administrator on the first preceding U.S. Government Securities Business Day for which such Term SOFR Reference Rate for such tenor was published by the CME Term SOFR Administrator so long as such first preceding U.S. Government Securities Business Day is not more than three (3) U.S. Government Securities Business Days prior to such ABR Term SOFR Determination Day;

provided that if the Term SOFR Rate as so determined (including pursuant to the proviso under clause (a) or clause (b) above) would be less than the Floor, such rate shall be deemed to be equal to the Floor for the purposes of this Agreement.

"<u>Term SOFR Reference Rate</u>" means the forward-looking term rate based on SOFR.

"<u>Total Net Debt</u>" means, on any date of determination, an amount equal to (i) Indebtedness of the Borrower and its Subsidiaries on such date; *minus* (ii) the unrestricted cash and cash equivalents of the Borrower and its Subsidiaries on such date; *minus* (iii) the amount of Indebtedness of the Borrower and its Subsidiaries, to the extent upon or after issuance thereof or upon or prior to the maturity thereof, the Borrower and/or its Subsidiaries have irrevocably deposited with the proper Person, in trust or escrow the necessary funds (or evidences of indebtedness) in an amount no less than the amount required to pay, redeem or satisfy such Indebtedness in full; *provided* that such funds or evidences of such indebtedness so deposited shall not reduce Total Net Debt pursuant to clause (ii) above; *minus* (iv) the amount of Indebtedness of the Borrower and its Subsidiaries to the extent that, upon or after the issuance thereof, such Indebtedness is secured by the cash proceeds thereof and/or other amounts provided to, by or on behalf of the Borrower and/or its Subsidiaries pursuant to an escrow or similar arrangement; *provided* that (I) the amount of Total Net Debt reduced pursuant to this clause (iv) shall not exceed the amount of cash proceeds and/or other amounts securing such Indebtedness and (II) the cash proceeds and/or other amounts securing such Indebtedness shall not reduce Total Net Debt pursuant to clause (ii) above for so long as such Indebtedness is so secured.

"<u>Total Net Leverage Ratio</u>" means, on and as of any date of determination, the ratio of (i) the Total Net Debt of the Borrower and its Subsidiaries on such date to (ii) EBITDA of the Borrower and its Subsidiaries, for the period of four consecutive Fiscal Quarters ending on (or most recently prior) to such date of determination.

"<u>Transactions</u>" means the execution, delivery and performance by the Borrower of this Agreement, any request for and the issuance of any Letter of Credit, and the borrowing of Loans and the use of the proceeds thereof.

"<u>Transition Services Agreement</u>" has the meaning set forth in the Form 10.

"<u>Treaty</u>" means the Treaty establishing the European Economic Community, being the Treaty of Rome of March 25, 1957 as amended by the Single European Act 1986 and the Maastricht Treaty (which was signed on February 7, 1992 and came into force on November 1, 1993) and as may from time to time be further amended, supplemented or otherwise modified.

"<u>Type</u>", when used in reference to any Loan or Borrowing, refers to whether the rate of interest on such Loan, or on the Loans comprising such Borrowing, is determined by reference to the Term SOFR Rate, the Adjusted EURIBOR Rate, the Alternate Base Rate or the Daily Simple RFR.

"<u>UCP</u>" means, with respect to any Letter of Credit, the Uniform Customs and Practice for Documentary Credits, International Chamber of Commerce Publication No. 600 (or such later version thereof as may be in effect at the time of issuance).

"<u>UK Financial Institutions</u>" means any BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended from time to time) promulgated by the United Kingdom Prudential Regulation Authority) or any person falling within IFPRU 11.6 of the FCA Handbook (as amended from time to time) promulgated by the United Kingdom Financial Conduct Authority, which includes certain credit institutions and investment firms, and certain affiliates of such credit institutions or investment firms.

"<u>UK Resolution Authority</u>" means the Bank of England or any other public administrative authority having responsibility for the resolution of any UK Financial Institution.

"<u>Unadjusted Benchmark Replacement</u>" means the applicable Benchmark Replacement excluding the related Benchmark Replacement Adjustment.

"<u>U.S. Government Securities Business Day</u>" means any day except for (i) a Saturday, (ii) a Sunday or (iii) a day on which the Securities Industry and Financial Markets Association recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in United States government securities.

"<u>U.S. Special Resolution Regime</u>" has the meaning set forth in ‎Section 10.16.

"<u>U.S. Tax Compliance Certificate</u>" has the meaning set forth in Section 2.16(f)(iii).

"<u>Withdrawal Liability</u>" means liability to a Multiemployer Plan as a result of a complete or partial withdrawal from such Multiemployer Plan, as such terms are defined in Part I of Subtitle E of Title IV of ERISA.

"<u>Write-Down and Conversion Powers</u>" means, (a) with respect to any EEA Resolution Authority, the write-down and conversion powers of such EEA Resolution Authority from time to time under the Bail-In Legislation for the applicable EEA Member Country, which write-down and conversion powers are described in the EU Bail-In Legislation Schedule, and (b) with respect to the United Kingdom, any powers of the applicable Resolution Authority under the Bail-In Legislation to cancel, reduce, modify or change the form of a liability of any UK Financial Institution or any contract or instrument under which that liability arises, to convert all or part of that liability into shares, securities or obligations of that person or any other person, to provide that any such contract or instrument is to have effect as if a right had been exercised under it or to suspend any obligation in respect of that liability or any of the powers under that Bail-In Legislation that are related to or ancillary to any of those powers.

"<u>Wrong Pockets Transaction</u>" means, at any time after the consummation of the Separation, (i) any transfer by the Borrower or any of its Subsidiaries of any SPGI Assets (as defined in the Separation and Distribution Agreement) to S&P Global Inc. and its subsidiaries and (ii) any transfer by S&P Global Inc. and its subsidiaries of any SpinCo Assets (as defined in the Separation and Distribution Agreement) to the Borrower or any of its Subsidiaries, in each case of clauses (i) and (ii), in accordance with Section 2.03 or any other "wrong pockets" clause of the Separation and Distribution Agreement, together with the payment of any fees and expenses associated with such transfer.

Section 1.02 <u>Classification of Loans and Borrowings</u>.

For purposes of this Agreement, Loans may be classified and referred to by Class (e.g., a "Revolving Loan") or by Type (e.g., a "Term Benchmark Loan" or an "RFR Loan") or by Class and Type (e.g., a "Term Benchmark Revolving Loan" or an "RFR Revolving Loan"). Borrowings also may be classified and referred to by Class (e.g., a "Revolving Borrowing") or by Type (e.g., a "Term Benchmark Borrowing" or an "RFR Borrowing") or by Class and Type (e.g., a "Term Benchmark Revolving Borrowing" or an "RFR Revolving Borrowing").

Section 1.03 <u>Terms Generally</u>.

The definitions of terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words "include", "includes" and "including" shall be deemed to be followed by the phrase "without limitation". The word "will" shall be construed to have the same meaning and effect as the word "shall". Unless the context requires otherwise (a) any definition of or reference to any agreement, instrument or other document herein shall be construed as referring to such agreement, instrument or other document as from time to time amended, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or modifications set forth herein), (b) any reference herein to any Person shall be construed to include such Person's successors and assigns, (c) the words "herein", "hereof" and "hereunder", and words of similar import, shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof, (d) all references herein to Articles, Sections, Exhibits and Schedules shall be construed to refer to Articles and Sections of, and Exhibits and Schedules to, this Agreement and (e) the words "asset" and "property" shall be construed to have the same meaning and effect and to refer to any and all tangible and intangible assets and properties, including cash, securities, accounts and contract rights.

Section 1.04 <u>Accounting Terms; GAAP</u>.

Except as otherwise expressly provided herein, all terms of an accounting or financial nature shall be construed in accordance with GAAP; <u>provided</u> that, if the Borrower notifies the Administrative Agent that the Borrower requests an amendment to any provision hereof to eliminate the effect of any change occurring after the date hereof in GAAP or in the application thereof on the operation of such provision (or if the Administrative Agent notifies the Borrower that the Required Lenders request an amendment to any provision hereof for such purpose), regardless of whether any such notice is given before or after such change in GAAP or in the application thereof, then such provision shall be interpreted on the basis of GAAP as in effect and applied immediately before such change shall have become effective until such notice shall have been withdrawn or such provision amended in accordance herewith. Notwithstanding anything to the contrary contained in this Section 1.04 or in the definition of "Capitalized Lease" or "Capitalized Lease Obligations" any change in accounting for leases pursuant to GAAP resulting from the adoption of Financial Accounting Standards Board Accounting Standards Update No. 2016-02, Leases (Topic 842), to the extent such adoption would require treating any lease (or similar arrangement conveying the right to use) as a capital lease where such lease (or similar arrangement) would not have been required to be so treated under GAAP as in effect on December 31, 2015, such lease shall not be considered a capital lease, and all calculations and deliverables under this Agreement shall be made or delivered, as applicable, in accordance therewith.

Section 1.05 <u>Interest Rates; Benchmark Notification</u>.

The interest rate on a Loan denominated in dollars or a Foreign Currency may be derived from an interest rate benchmark that may be discontinued or is, or may in the future become, the subject of regulatory reform. Upon the occurrence of a Benchmark Transition Event, Section 2.13(b) provides a mechanism for determining an alternative rate of interest. The Administrative Agent does not warrant or accept any responsibility for, and shall not have any liability with respect to, the administration, submission, performance or any other matter related to any interest rate used in this Agreement, or with respect to any alternative or successor rate thereto, or replacement rate thereof, including without limitation, whether the composition or characteristics of any such alternative, successor or replacement reference rate will be similar to, or produce the same value or economic equivalence of, the existing interest rate being replaced or have the same volume or liquidity as did any existing interest rate prior to its discontinuance or unavailability. The Administrative Agent and its affiliates and/or other related entities may engage in transactions that affect the calculation of any interest rate used in this Agreement or any alternative, successor or alternative rate (including any Benchmark Replacement) and/or any relevant adjustments thereto, in each case, in a manner adverse to the Borrower. The Administrative Agent may select information sources or services in its reasonable discretion to ascertain any interest rate used in this Agreement, any component thereof, or rates referenced in the definition thereof, in each case pursuant to the terms of this Agreement, and shall have no liability to the Borrower, any Lender or any other person or entity for damages of any kind, including direct or indirect, special, punitive, incidental or consequential damages, costs, losses or expenses (whether in tort, contract or otherwise and whether at law or in equity), for any error or calculation of any such rate (or component thereof) provided by any such information source or service.

Section 1.06 <u>Divisions</u>.

For all purposes under this Agreement, in connection with any division or plan of division under Delaware law (or any comparable event under a different jurisdiction's laws): (a) if any asset, right, obligation or liability of any Person becomes the asset, right, obligation or liability of a different Person, then it shall be deemed to have been transferred from the original Person to the subsequent Person, and (b) if any new Person comes into existence, such new Person shall be deemed to have been organized and acquired on the first date of its existence by the holders of its equity interests at such time.

Section 1.07 <u>Exchange Rates; Currency Equivalents</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) The Administrative Agent or the Issuing Lender, as applicable, shall determine the Dollar Equivalent amounts of Borrowings or Letter of Credit extensions denominated in Foreign Currencies. Such Dollar Equivalent shall become effective as of such Revaluation Date and shall be the Dollar Equivalent of such amounts until the next Revaluation Date to occur. Except for purposes of financial statements delivered by the Borrower hereunder or calculating financial covenants hereunder or except as otherwise provided herein, the applicable amount of any Agreed Currency (other than dollars) for purposes of this Agreement shall be such Dollar Equivalent amount as so determined by the Administrative Agent or the Issuing Lender, as applicable.

&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) Wherever in this Agreement in connection with a Borrowing, conversion, continuation or prepayment of a Term Benchmark Loan or an RFR Loan or the issuance, amendment or extension of a Letter of Credit or participation in a Letter of Credit, an amount, such as a required minimum or multiple amount, is expressed in dollars, but such Borrowing, Loan or Letter of Credit is denominated in a Foreign Currency, such amount shall be the Dollar Equivalent of such amount (rounded to the nearest unit of such Foreign Currency, with 0.5 of a unit being rounded upward), as determined by the Administrative Agent or the Issuing Lender, as the case may be.

Section 1.08 <u>Letter of Credit Amounts</u>. Unless otherwise specified herein, the amount of a Letter of Credit at any time shall be deemed to be the Dollar Equivalent of the stated amount of such Letter of Credit available to be drawn at such time; <u>provided</u> that with respect to any Letter of Credit that, by its terms or the terms of any Letter of Credit agreement related thereto, provides for one or more automatic increases in the available amount thereof, the amount of such Letter of Credit shall be deemed to be the Dollar Equivalent of the maximum amount of such Letter of Credit after giving effect to all such increases, whether or not such maximum amount is available to be drawn at such time.

ARTICLE II<u><br> The Credits</u>

Section 2.01 <u>Commitments</u>. Subject to the terms and conditions set forth herein, each Lender severally agrees to make Revolving Loans denominated in Agreed Currencies (selected by the Borrower) to the Borrower from time to time during the Availability Period in an aggregate Dollar Equivalent principal amount that will not result in such Lender's Revolving Credit Exposure exceeding such Lender's Commitment. Within the foregoing limits and subject to the terms and conditions set forth herein, the Borrower may borrow, prepay and reborrow Revolving Loans.

Section 2.02 <u>Loans and Borrowings</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) Each Revolving Loan shall be made as part of a Borrowing consisting of Revolving Loans denominated in Agreed Currencies (selected by the Borrower) made by the Lenders ratably in accordance with their respective Commitments. The failure of any Lender to make any Loan required to be made by it shall not relieve any other Lender of its obligations hereunder; <u>provided</u> that the Commitments of the Lenders are several and no Lender shall be responsible for any other Lender's failure to make Loans as required.

&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) Subject to Section 2.13, each Revolving Borrowing shall be comprised (A) in the case of Borrowings in dollars, entirely of ABR Loans or Term Benchmark Loans, (B) in the case of Borrowings in Euro, entirely of Term Benchmark Loans and (c) in the case of Borrowings in Pounds Sterling, entirely of RFR Loans. Each Swingline Loan shall be an ABR Loan. Each Lender at its option may make any Term Benchmark Loan or RFR Loan by causing any domestic or foreign branch or Affiliate of such Lender to make such Loan; <u>provided</u> that any exercise of such option shall not affect the obligation of the Borrower to repay such Loan in accordance with the terms of this Agreement and shall not cause the Borrower to incur as of the date of the exercise of such option any greater liability than it shall then have under Sections 2.14 and 2.16.

&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) At the commencement of each Interest Period for any Term Benchmark Revolving Borrowing, such Borrowing shall be in an aggregate amount that is an integral multiple of the applicable Borrowing Multiple and not less than the Borrowing Minimum (provided that a Term Benchmark Revolving Borrowing that is a Foreign Currency Borrowing may be continued into a new Interest Period pursuant to Section 2.07 without regard to the foregoing). At the time that each ABR Revolving Borrowing and/or RFR Borrowing is made, such Borrowing shall be in an aggregate amount that is an integral multiple of the Dollar Equivalent of $5,000,000 and not less than the Dollar Equivalent of $10,000,000; <u>provided</u> that an ABR Revolving Borrowing may be in an aggregate amount that is equal to the entire unused balance of the total Commitments. Each Swingline Loan shall be in an amount that is an integral multiple of $1,000,000 and shall be in an aggregate minimum amount of $1,000,000. Borrowings of more than one Type and Class may be outstanding at the same time; <u>provided</u> that there shall not at any time be more than a total of 10 Term Benchmark Revolving Borrowings or RFR Borrowings outstanding.

&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) Notwithstanding any other provision of this Agreement, the Borrower shall not be entitled to request, or to elect to convert or continue, any Borrowing if the Interest Period requested with respect thereto would end after the Maturity Date.

Section 2.03 <u>Requests for Revolving Borrowings</u>.

To request a Revolving Borrowing, the Borrower shall notify the Administrative Agent of such request in writing (a)(i)(x) in the case of a Term Benchmark Borrowing denominated in dollars, not later than 11:00 a.m., New York City time, three Business Days before the date of the proposed Borrowing or (y) in the case of an RFR Borrowing denominated in dollars, not later than 11:00 a.m., New York City time, five Business Days before the date of the proposed Borrowing, (ii) in the case of a Term Benchmark Borrowing denominated in Euros, not later than 12:00 p.m., New York City time, three Business Days before the date of the proposed Borrowing and (iii) in the case of an RFR Borrowing denominated in Pounds Sterling, not later than 11:00 a.m., New York City time, five Business Days before the date of the proposed Borrowing or (b) in the case of an ABR Borrowing, not later than 11:00 am, New York City time, on the day of the proposed Borrowing. Each such written Borrowing Request shall be irrevocable and shall be in a form approved by the Administrative Agent and signed by the Borrower. Each such written Borrowing Request shall specify the following information in compliance with Section 2.02:

&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 aggregate amount of the requested Borrowing;

&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 date of such Borrowing, which shall be a Business Day;

&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) whether such Borrowing is to be an ABR Borrowing, a Term Benchmark Borrowing or an RFR Borrowing;

&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) in the case of a Term Benchmark Borrowing, the initial Interest Period to be applicable thereto, which shall be a period contemplated by the definition of the term "Interest Period" and the currency of such Borrowing, which shall be an Agreed Currency;

&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 location and number of the Borrower's account to which funds are to be disbursed, which shall comply with the requirements of Section 2.06; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) in the case of a Borrowing in a Foreign Currency, the location from which payments of the principal and interest on such Borrowing will be made, which will comply with the requirements of Section 2.17.

If no election as to the Type of Revolving Borrowing is specified, then the requested Revolving Borrowing shall be an ABR Borrowing. If no currency is specified with respect to any requested Term Benchmark Borrowing, then the Borrower shall be deemed to have selected dollars. If no Interest Period is specified with respect to any requested Term Benchmark Revolving Borrowing, then the Borrower shall be deemed to have selected an Interest Period of one month's duration. Promptly following receipt of a Borrowing Request in accordance with this Section, the Administrative Agent shall advise each Lender of the details thereof and of the amount of such Lender's Loan to be made as part of the requested Borrowing.

Section 2.04 <u>[Reserved]</u>.

Section 2.05 <u>Swingline Loans</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) Subject to the terms and conditions set forth herein, the Swingline Lender agrees to make Swingline Loans in dollars to the Borrower from time to time during the Availability Period, in an aggregate principal amount at any time outstanding that will not result in (i) the aggregate principal amount of outstanding Swingline Loans exceeding $25,000,000, (ii) the aggregate principal amount of Swingline Loans, together with the Revolving Credit Exposure of the Swingline Lender (determined for this purpose without duplication of any Swingline Exposure), exceeding the Swingline Lender's Commitment or (iii) the total Revolving Credit Exposures exceeding the total Commitments; <u>provided</u> that the Swingline Lender shall not be required to make a Swingline Loan to refinance an outstanding Swingline Loan. Within the foregoing limits and subject to the terms and conditions set forth herein, the Borrower may borrow, prepay and reborrow Swingline 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) To request a Swingline Loan, the Borrower shall notify the Swingline Lender, with a copy to the Administrative Agent, of such request in writing, not later than 12:00 noon, New York City time, on the day of a proposed Swingline Loan. Each such notice shall be irrevocable and shall specify the requested date (which shall be a Business Day) and amount of the requested Swingline Loan. The Swingline Lender will promptly advise the Administrative Agent of any such notice received from the Borrower. The Swingline Lender shall make each Swingline Loan available to the Borrower by means of a credit to the general deposit account of the Borrower with the Swingline Lender by 3:00 p.m., New York City time, on the requested date of such Swingline Loan.

&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) The Swingline Lender may, by written notice given to the Administrative Agent not later than 10:00 a.m., New York City time, on any Business Day, require the Lenders to acquire participations on such Business Day in all or a portion of the Swingline Loans outstanding. Such notice shall specify the aggregate amount of Swingline Loans in which Lenders will participate. Promptly upon receipt of such notice, the Administrative Agent will give notice thereof to each Lender, specifying in such notice such Lender's Applicable Percentage of such Swingline Loan or Loans. Each Lender hereby absolutely and unconditionally agrees, upon receipt of notice as provided above, to pay to the Administrative Agent, for the account of the Swingline Lender, such Lender's Applicable Percentage of such Swingline Loan or Loans. Each Lender acknowledges and agrees that its obligation to acquire participations in Swingline Loans pursuant to this paragraph is absolute and unconditional and shall not be affected by any circumstance whatsoever, including the occurrence and continuance of a Default or reduction or termination of the Commitments, and that each such payment shall be made without any offset, abatement, withholding or reduction whatsoever. Each Lender shall comply with its obligation under this paragraph by wire transfer of immediately available funds, in the same manner as provided in Section 2.06 with respect to Loans made by such Lender (and Section 2.06 shall apply, <u>mutatis mutandis</u>, to the payment obligations of the Lenders), and the Administrative Agent shall promptly pay to the Swingline Lender the amounts so received by it from the Lenders. The Administrative Agent shall notify the Borrower of any participations in any Swingline Loan acquired pursuant to this paragraph, and thereafter payments in respect of such Swingline Loan shall be made to the Administrative Agent and not to the Swingline Lender. Any amounts received by the Swingline Lender from the Borrower (or other party on behalf of the Borrower) in respect of a Swingline Loan after receipt by the Swingline Lender of the proceeds of a sale of participations therein shall be promptly remitted to the Administrative Agent; any such amounts received by the Administrative Agent shall be promptly remitted by the Administrative Agent to the Lenders that shall have made their payments pursuant to this paragraph and to the Swingline Lender, as their interests may appear. The purchase of participations in a Swingline Loan pursuant to this paragraph shall not relieve the Borrower of any default in the payment thereof.

Section 2.06 <u>Funding of Borrowings</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) Each Lender shall make each Loan to be made by it hereunder on the proposed date thereof by wire transfer of immediately available funds by 1:00 p.m, New York City time, to the account of the Administrative Agent most recently designated by it for such purpose by notice to the Lenders; <u>provided</u> that Swingline Loans shall be made as provided in Section 2.05. The Administrative Agent will make such Loans available to the Borrower by promptly crediting the amounts so received, in like funds, to an account of the Borrower designated by the Borrower in the applicable Borrowing Request.

&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) Unless the Administrative Agent shall have received notice from a Lender prior to the proposed date of any Borrowing (in the case of a Term Benchmark or RFR Borrowing) or the proposed time of any Borrowing (in the case of an ABR Borrowing) that such Lender will not make available to the Administrative Agent such Lender's share of such Borrowing, the Administrative Agent may assume that such Lender has made such share available on such date in accordance with paragraph (a) of this Section and may, in reliance upon such assumption, make available to the Borrower a corresponding amount. In such event, if a Lender has not in fact made its share of the applicable Borrowing available to the Administrative Agent, then the applicable Lender and the Borrower severally agree to pay to the Administrative Agent forthwith on demand such corresponding amount with interest thereon, for each day from and including the date such amount is made available to the Borrower to but excluding the date of payment to the Administrative Agent, at (i) in the case of such Lender, the greater of the applicable Overnight Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation or (ii) in the case of the Borrower, the interest rate applicable to ABR Loans, or in the case of Foreign Currencies, in accordance with such market practice, in each case, as applicable. If such Lender pays such amount to the Administrative Agent, then such amount shall constitute such Lender's Loan included in such Borrowing.

Section 2.07 <u>Interest Elections</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) Each Revolving Borrowing initially shall be of the Type specified in the applicable Borrowing Request and, in the case of a Term Benchmark Revolving Borrowing, shall have an initial Interest Period as specified in such Borrowing Request. Thereafter, the Borrower may elect to convert such Borrowing to a different Type or to continue such Borrowing and, in the case of a Term Benchmark Revolving Borrowing, may elect Interest Periods therefor, all as provided in this Section. The Borrower may elect different options with respect to different portions of the affected Borrowing, in which case each such portion shall be allocated ratably among the Lenders holding the Loans comprising such Borrowing, and the Loans comprising each such portion shall be considered a separate Borrowing. This Section shall not apply to Swingline Loan Borrowings, which may not be converted or continued. Notwithstanding any contrary provision herein, this Section shall not be construed to permit the Borrower to (i) change the currency of any Borrowing or (ii) convert any Foreign Currency Borrowing to an ABR Borrowing.

&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) To make an election pursuant to this Section, the Borrower shall notify the Administrative Agent of such election (by irrevocable written notice in the case of a Borrowing denominated in dollars or by irrevocable written notice (via an Interest Election Request in a form reasonably approved by the Administrative Agent and signed by the Borrower) in the case of a Foreign Currency Borrowing) by the time and at the office at which a Borrowing Request would be required to be delivered under Section 2.03 if the Borrower were requesting a Revolving Borrowing of the Type resulting from such election to be made on the effective date of such election. Each such written Interest Election Request shall be irrevocable and in a form approved by the Administrative Agent and signed by the Borrower.

&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) Each written Interest Election Request shall specify the following information in compliance with Section 2.02:

&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 Borrowing to which such Interest Election Request applies and, if different options are being elected with respect to different portions thereof, the portions thereof to be allocated to each resulting Borrowing (in which case the information to be specified pursuant to clauses (iii) and (iv) below shall be specified for each resulting Borrowing);

&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 effective date of the election made pursuant to such Interest Election Request, which shall be a Business Day;

&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) whether the resulting Borrowing is to be an ABR Borrowing, a Term Benchmark Borrowing or an RFR Borrowing; and

&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) if the resulting Borrowing is a Term Benchmark Borrowing, the Interest Period to be applicable thereto after giving effect to such election, which shall be a period contemplated by the definition of the term "Interest Period".

If any such Interest Election Request requests a Term Benchmark Borrowing but does not specify an Interest Period, then the Borrower shall be deemed to have selected an Interest Period of one month's duration.

&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) Promptly following receipt of an Interest Election Request, the Administrative Agent shall advise each Lender of the details thereof and of such Lender's portion of each resulting Borrowing.

&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) If the Borrower fails to deliver a timely Interest Election Request with respect to a Term Benchmark Revolving Borrowing in dollars prior to the end of the Interest Period applicable thereto, then, unless such Borrowing is repaid as provided herein, at the end of such Interest Period such Borrowing shall be deemed to have an Interest Period that is one month. If the Borrower fails to deliver a timely and complete Interest Election Request with respect to a Term Benchmark Borrowing in a Foreign Currency prior to the end of the Interest Period therefor, then, unless such Term Benchmark Borrowing is repaid as provided herein, the Borrower shall be deemed to have selected that such Term Benchmark Borrowing shall automatically be continued as a Term Benchmark Borrowing in its original Agreed Currency with an Interest Period of one month at the end of such Interest Period. Notwithstanding any contrary provision hereof, if an Event of Default has occurred and is continuing and the Administrative Agent, at the request of the Required Lenders, so notifies the Borrower, then, so long as an Event of Default is continuing (i) no outstanding Revolving Borrowing denominated in dollars may be converted to or continued as a Term Benchmark Borrowing and (ii) unless repaid, (x) each Term Benchmark Borrowing and each RFR Borrowing, in each case denominated in dollars shall be converted to an ABR Borrowing at the end of the Interest Period applicable thereto and (y) each Term Benchmark Borrowing and each RFR Borrowing, in each case denominated in a Foreign Currency shall either be (A) converted to an ABR Borrowing denominated in dollars (in an amount equal to the Dollar Equivalent of such Foreign Currency) at the end of the Interest Period, as applicable, therefor or (B) prepaid immediately (in the case of an RFR Borrowing) at the end of the applicable Interest Period (in the case of a Term Benchmark Borrowing), as applicable, in full; <u>provided</u> that if no election is made by the Borrower by the earlier of (x) the date that is three Business Days after receipt by the Borrower of such notice and (y) the last day of the current Interest Period for the applicable Term Benchmark Loan, the Borrower shall be deemed to have elected clause (A) above.

Section 2.08 <u>Termination and Reduction of Commitments</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) Unless previously terminated, the Commitments shall automatically terminate on the Outside Date unless the Initial Availability Date has occurred prior to the Outside Date. Unless previously terminated, the Commitments shall terminate on the Maturity 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) The Borrower may at any time terminate, or from time to time reduce, the Commitments; <u>provided</u> that, (i) each reduction of the Commitments shall be in minimum aggregate amounts of $10,000,000 (unless the total Commitment at such time is less than $10,000,000, in which case, in an amount equal to the total Commitment at such time) and, if such reduction is greater than $10,000,000, in integral multiples of $5,000,000 in excess of such amount (unless the total Commitment is being terminated) and (ii) the Borrower shall not terminate or reduce the Commitments if, after giving effect to any concurrent prepayment of the Loans in accordance with Section 2.10, the aggregate Revolving Credit Exposures would exceed the total Commitments.

&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) The Borrower shall notify the Administrative Agent of any election to terminate or reduce the Commitments under paragraph (b) of this Section at least three Business Days prior to the effective date of such termination or reduction, specifying such election and the effective date thereof. Promptly following receipt of any notice, the Administrative Agent shall advise the Lenders of the contents thereof. Each notice delivered by the Borrower pursuant to this Section shall be irrevocable; <u>provided</u> that, a notice of termination of the Commitments delivered by the Borrower may state that such notice is conditioned upon the effectiveness of other credit facilities, in which case such notice may be revoked by the Borrower (by notice to the Administrative Agent on or prior to the specified effective date) if such condition is not satisfied. Any termination or reduction of the Commitments shall be permanent. Each reduction of the Commitments shall be made ratably among the Lenders in accordance with their respective Commitments.

Section 2.09 <u>Repayment of Loans; Evidence of Debt</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) The Borrower hereby unconditionally promises to pay (i) to the Administrative Agent for the account of each Lender the then unpaid principal amount of each Revolving Loan on the Maturity Date applicable to such Lender and (ii) to the Swingline Lender the then unpaid principal amount of each Swingline Loan on the earlier of the Maturity Date and the first date after such Swingline Loan is made that is the 15<sup>th</sup> or last day of a calendar month and is at least 5 Business Days after such Swingline Loan is made.

&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) Each Lender shall maintain in accordance with its usual practice an account or accounts evidencing the indebtedness of the Borrower to such Lender resulting from each Loan made by such Lender, including the amounts of principal and interest payable and paid to such Lender from time to time hereunder.

&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) The Administrative Agent shall maintain accounts in which it shall record (i) the amount of each Loan made hereunder, the Class and Type (and, in the case of a Foreign Currency Loan, the currency) thereof and the Interest Period applicable thereto, (ii) the amount of any principal or interest due and payable or to become due and payable from the Borrower to each Lender hereunder and (iii) the amount of any sum received by the Administrative Agent hereunder for the account of the Lenders and each Lender's share 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;(d) The entries made in the accounts maintained pursuant to paragraph (b) or (c) of this Section shall be prima facie evidence of the existence and amounts of the obligations recorded therein; <u>provided</u> that, the failure of any Lender or the Administrative Agent to maintain such accounts or any error therein shall not in any manner affect the obligation of the Borrower to repay the Loans in accordance with the terms of this Agreement. If there is a conflict in entries made in the accounts maintained pursuant to paragraph (b) or (c) of this Section, the entries made in the accounts maintained by the Administrative Agent shall be such <u>prima facie</u> evidence of the existence and amounts of the obligations.

&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) Any Lender may request that Loans made by it be evidenced by a promissory note. In such event, the Borrower shall prepare, execute and deliver to such Lender a promissory note payable to the order of such Lender (or, if requested by such Lender, to such Lender and its registered assigns) and in a form approved by the Administrative Agent.

Section 2.10 <u>Prepayment of Loans</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) The Borrower shall have the right at any time and from time to time to prepay any Borrowing in whole or in part, subject to prior notice in accordance with paragraph (b) of this Section.

&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) The Borrower shall notify the Administrative Agent (and, in the case of prepayment of a Swingline Loan, the Swingline Lender) in writing of any prepayment hereunder (i) (x) in the case of prepayment of (1) a Term Benchmark Revolving Borrowing denominated in dollars, not later than 11:00 a.m., New York City time, three Business Days before the date of prepayment or (2) an RFR Revolving Borrowing denominated in dollars, not later than 11:00 a.m., New York City time, five Business Days before the date of prepayment, (y) in the case of prepayment of a Term Benchmark Revolving Borrowing denominated in Euros, not later than 12:00 p.m., New York City time, three Business Days before the date of prepayment and (z) in the case of prepayment of an RFR Revolving Borrowing denominated in Pounds Sterling, not later than 11:00 a.m., New York City time, five RFR Business Days before the date of prepayment, (ii) in the case of prepayment of an ABR Revolving Borrowing, not later than 11:00 a.m., New York City time, on the date of prepayment or (iii) in the case of prepayment of a Swingline Loan, not later than 12:00 noon, New York City time, on the date of prepayment. Each such notice shall be irrevocable and shall specify the prepayment date and the principal amount of each Borrowing or portion thereof to be prepaid; <u>provided</u> that, if a notice of prepayment is given in connection with a conditional notice of termination of the Commitments as contemplated by Section 2.08, then such notice of prepayment may be revoked if such notice of termination is revoked in accordance with Section 2.08. Promptly following receipt of any such notice relating to a Revolving Borrowing, the Administrative Agent shall advise the Lenders of the contents thereof. Each partial prepayment of any Revolving Borrowing shall be in an amount that would be permitted in the case of an advance of a Revolving Borrowing of the same Type as provided in Section 2.02. Each prepayment of a Revolving Borrowing shall be applied ratably to the Loans included in the prepaid Borrowing. Prepayments shall be accompanied by accrued interest to the extent required by Section 2.12 and shall be subject to Section 2.15.

&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) If, on the last day of any Interest Period for any Borrowing, the sum of the total Revolving Credit Exposures exceeds the total Commitments, the Borrower shall, on such day, repay (in its discretion) Swingline Loans and/or Revolving Loans and/or cash collateralize L/C Exposure in an account with the Administrative Agent in a manner consistent with Article VIII, as applicable, in an amount equal to the lesser of (i) such excess and (ii) the amount of such Borrowing. If, on any Revaluation Date, the sum of the total Revolving Credit Exposures exceeds 105% of the total Commitments, then the Borrower shall, on the next Revaluation Date, repay one or more (in its discretion) Swingline Loans and/or Revolving Borrowings and/or cash collateralize L/C Exposure in an account with the Administrative Agent in a manner consistent with Article VIII, as applicable, in an aggregate principal amount equal to the excess, if any, of the sum of the total Revolving Credit Exposures as of such next Revaluation Date over the total Commitments.

Section 2.11 <u>Fees</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) The Borrower agrees to pay to the Administrative Agent, for the account of each Lender, a commitment fee, which shall accrue at the Applicable Rate on the daily amount of the Available Commitment of such Lender during the period commencing on (and including) the earlier of (x) the date that is 90 days after the Effective Date and (y) the Initial Availability Date and ending on (but excluding) the last day of the Availability Period. Accrued commitment fees shall be payable in arrears on each Fee Payment Date, commencing on the first such date to occur after the earlier of (x) the date that is 90 days after the Effective Date and (y) the Initial Availability Date. All commitment fees shall be computed on the basis of a year of 360 days and shall be payable for the actual number of days elapsed (including the first day but excluding the last day).

&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) The Borrower agrees to pay to the Administrative Agent, for its own account, fees payable in the amounts and at the times separately agreed upon between the Borrower and the Administrative Agent.

&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) All fees payable hereunder shall be paid on the dates due, in immediately available funds, to the Administrative Agent for distribution, in the case of commitment fees, to the Lenders. Fees paid shall not be refundable under any circumstances.

Section 2.12 <u>Interest</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) The Loans comprising each ABR Borrowing (including each Swingline Loan) shall bear interest at a rate per annum equal to the Alternate Base Rate plus the Applicable ABR Spread then in effect for such Borrowing.

&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) The Loans comprising each Term Benchmark Borrowing shall bear interest at a rate per annum equal to in the case of a Term Benchmark Revolving Loan, the Term SOFR Rate or the Adjusted EURIBOR Rate, as applicable, for the Interest Period in effect for such Borrowing plus the Applicable Term SOFR Rate Spread or the Applicable EURIBOR Spread, as applicable, then in effect for such Borrowing.

&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) Each RFR Loan shall bear interest at a rate per annum equal to the applicable Daily Simple RFR plus the Applicable RFR Spread.

&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) [Reserved].

&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) Notwithstanding the foregoing, if any principal of or interest on any Loan or any fee or other amount (including Reimbursement Obligations) payable by the Borrower hereunder is not paid when due, whether at stated maturity, upon acceleration or otherwise, such overdue amount shall bear interest, after as well as before judgment, at a rate per annum equal to (i) in the case of overdue principal of any Loan, 2% plus the rate otherwise applicable to such Loan as provided above or (ii) in the case of any other amount (including Reimbursement Obligations), 2% plus the rate applicable to ABR Loans as provided above.

&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) Accrued interest on each Loan shall be payable in arrears on each Interest Payment Date for such Loan; <u>provided</u> that (i) interest accrued pursuant to paragraph (e) of this Section shall be payable on demand, (ii) in the event of any repayment or prepayment of any Loan (other than a prepayment of an ABR Revolving Loan prior to the end of the Availability Period), accrued interest on the principal amount repaid or prepaid shall be payable on the date of such repayment or prepayment, (iii) in the event of any conversion of any Term Benchmark Revolving Loan prior to the end of the current Interest Period therefor, accrued interest on such Loan shall be payable on the effective date of such conversion and (iv) all accrued interest shall be payable upon termination of the Commitments.

&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) Interest computed by reference to the Term SOFR Rate, the EURIBOR Rate or Daily Simple RFR with respect to dollars hereunder shall be computed on the basis of a year of 360 days. Interest computed by reference to the Daily Simple RFR with respect to Pounds Sterling or the Alternate Base Rate at times when the Alternate Base Rate is based on the Prime Rate shall be computed on the basis of a year of 365 days (or 366 days in a leap year). In each case interest shall be payable for the actual number of days elapsed (including the first day but excluding the last day). All interest hereunder on any Loan shall be computed on a daily basis based upon the outstanding principal amount of such Loan as of the applicable date of determination. The applicable Alternate Base Rate, Term SOFR Rate, Adjusted EURIBOR Rate, EURIBOR Rate or Daily Simple RFR shall be determined by the Administrative Agent, and such determination shall be conclusive absent manifest error.

Section 2.13 <u>Alternate Rate of Interest</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) Subject to clauses (b), (c), (d), (e) and (f) of this Section 2.13, 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;(i) the Administrative Agent determines (which determination shall be conclusive absent manifest error) (A) prior to the commencement of any Interest Period for a Term Benchmark Borrowing, that adequate and reasonable means do not exist for ascertaining the Term SOFR Rate or the Adjusted EURIBOR Rate (including because the Relevant Screen Rate is not available or published on a current basis), for the applicable Agreed Currency and such Interest Period or (B) at any time, that adequate and reasonable means do not exist for ascertaining the applicable Daily Simple RFR for the applicable Agreed Currency; 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;(ii) the Administrative Agent is advised by the Required Lenders that (A) prior to the commencement of any Interest Period for a Term Benchmark Borrowing, the Term SOFR Rate or the Adjusted EURIBOR Rate for the applicable Agreed Currency and such Interest Period will not adequately and fairly reflect the cost to such Lenders (or Lender) of making or maintaining their Loans (or its Loan) included in such Borrowing for the applicable Agreed Currency and such Interest Period or (B) at any time, the applicable Daily Simple RFR for the applicable Agreed Currency will not adequately and fairly reflect the cost to such Lenders (or Lender) of making or maintaining their Loans (or its Loan) included in such Borrowing for the applicable Agreed Currency;

then the Administrative Agent shall give notice thereof to the Borrower and the Lenders by telephone, telecopy or electronic mail as promptly as practicable thereafter and, until (x) the Administrative Agent notifies the Borrower and the Lenders that the circumstances giving rise to such notice no longer exist with respect to the relevant Benchmark and (y) the Borrower delivers a new Interest Election Request in accordance with the terms of Section 2.07 or a new Borrowing Request in accordance with the terms of Section 2.03, (A) for Loans denominated in dollars, (1) any Interest Election Request that requests the conversion of any Revolving Borrowing to, or continuation of any Revolving Borrowing as, a Term Benchmark Borrowing and any Borrowing Request that requests a Term Benchmark Revolving Borrowing shall instead be deemed to be an Interest Election Request or a Borrowing Request, as applicable, for (x) an RFR Borrowing denominated in dollars so long as the Daily Simple RFR for dollar Borrowings is not also the subject of Section 2.13(a)(i) or (ii) above or (y) an ABR Borrowing if the Daily Simple RFR for dollar Borrowings also is the subject of Section 2.13(a)(i) or (ii) above and (2) any Borrowing Request that requests an RFR Borrowing shall instead be deemed to be a Borrowing Request, as applicable, for an ABR Borrowing and (B) for Loans denominated in a Foreign Currency, any Interest Election Request that requests the conversion of any Revolving Borrowing to, or continuation of any Revolving Borrowing as, a Term Benchmark Borrowing and any Borrowing Request that requests a Term Benchmark Borrowing or an RFR Borrowing, in each case, for the relevant Benchmark, shall be ineffective; provided that if the circumstances giving rise to such notice affect only one Type of Borrowings, then all other Types of Borrowings shall be permitted. Furthermore, if any Term Benchmark Loan or RFR Loan in any Agreed Currency is outstanding on the date of the Borrower's receipt of the notice from the Administrative Agent referred to in this Section 2.13(a) with respect to a Relevant Rate applicable to such Term Benchmark Loan or RFR Loan, then until (x) the Administrative Agent notifies the Borrower and the Lenders that the circumstances giving rise to such notice no longer exist with respect to the relevant Benchmark and (y) the Borrower delivers a new Interest Election Request in accordance with the terms of Section 2.07 or a new Borrowing Request in accordance with the terms of Section 2.03, (A) for Loans denominated in dollars, (1) any Term Benchmark Loan shall on the last day of the Interest Period applicable to such Loan (or the next succeeding Business Day if such day is not a Business Day), be converted by the Administrative Agent to, and shall constitute, (x) an RFR Borrowing denominated in dollars so long as the Daily Simple RFR for dollar Borrowings is not also the subject of Section 2.13(a)(i) or (ii) above or (y) an ABR Loan if the Daily Simple RFR for dollar Borrowings also is the subject of Section 2.13(a)(i) or (ii) above, on such day, and (2) any RFR Loan shall on and from such day be converted by the Administrative Agent to, and shall constitute an ABR Loan and (B) for Loans denominated in a Foreign Currency, (1) any Term Benchmark Loan shall, on the last day of the Interest Period applicable to such Loan (or the next succeeding Business Day if such day is not a Business Day), at the Borrower's election prior to such day: (A) be prepaid by the Borrower on such day or (B) solely for the purpose of calculating the interest rate applicable to such Term Benchmark Loan, such Term Benchmark Loan denominated in any Foreign Currency shall be deemed to be a Term Benchmark Loan denominated in dollars and shall accrue interest at the same interest rate applicable to Term Benchmark Loans denominated in dollars at such time and (2) any RFR Loan, at the Borrower's election, shall either (A) be converted into ABR Loans denominated in dollars (in an amount equal to the Dollar Equivalent of such Foreign Currency) immediately or (B) be prepaid in full immediately.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding anything to the contrary herein, if a Benchmark Transition Event and its related Benchmark Replacement Date have occurred prior to the Reference Time in respect of any setting of the then-current Benchmark, then (x) if a Benchmark Replacement is determined in accordance with clause (1) of the definition of "Benchmark Replacement" with respect to dollars for such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark (including any related adjustments) for all purposes hereunder in respect of such Benchmark setting and subsequent Benchmark settings without any amendment to, or further action or consent of any other party to, this Agreement and (y) if a Benchmark Replacement is determined in accordance with clause (2) of the definition of "Benchmark Replacement" with respect to any Agreed Currency for such Benchmark Replacement Date, such Benchmark Replacement will replace such Benchmark for all purposes hereunder in respect of any Benchmark setting at or after 5:00 p.m. (New York City time) on the fifth (5th) Business Day after the date notice of such Benchmark Replacement is provided to the Lenders without any amendment to, or further action or consent of any other party to, this Agreement so long as the Administrative Agent has not received, by such time, written notice of objection to such Benchmark Replacement from Lenders comprising the Required Lenders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Notwithstanding anything to the contrary herein, the Administrative Agent will have the right to make Benchmark Replacement Conforming Changes from time to time and, notwithstanding anything to the contrary herein, any amendments implementing such Benchmark Replacement Conforming Changes will become effective without any further action or consent of any other party to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Administrative Agent will promptly notify the Borrower and the Lenders of (i) any occurrence of a Benchmark Transition Event, (ii) the implementation of any Benchmark Replacement, (iii) the effectiveness of any Benchmark Replacement Conforming Changes, (iv) the removal or reinstatement of any tenor of a Benchmark pursuant to clause (f) below and (v) the commencement or conclusion of any Benchmark Unavailability Period. Any determination, decision or election that may be made by the Administrative Agent or, if applicable, any Lender (or group of Lenders) pursuant to this Section 2.13, including any determination with respect to a tenor, rate or adjustment or of the occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action or any selection, will be conclusive and binding absent manifest error and may be made in its or their sole discretion and without consent from any other party to this Agreement, except, in each case, as expressly required pursuant to this Section 2.13.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Notwithstanding anything to the contrary herein, at any time (including in connection with the implementation of a Benchmark Replacement), (i) if the then-current Benchmark is a term rate (including the Term SOFR Rate or EURIBOR Rate) and either (x) any tenor for such Benchmark is not displayed on a screen or other information service that publishes such rate from time to time as selected by the Administrative Agent in its reasonable discretion or (y) the regulatory supervisor for the administrator of such Benchmark has provided a public statement or publication of information announcing that any tenor for such Benchmark is or will be no longer representative, then the Administrative Agent may modify the definition of "Interest Period" for any Benchmark settings at or after such time to remove such unavailable or non-representative tenor and (ii) if a tenor that was removed pursuant to clause (i) above either (x) is subsequently displayed on a screen or information service for a Benchmark (including a Benchmark Replacement) or (y) is not, or is no longer, subject to an announcement that it is or will no longer be representative for a Benchmark (including a Benchmark Replacement), then the Administrative Agent may modify the definition of "Interest Period" for all Benchmark settings at or after such time to reinstate such previously removed tenor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Upon the Borrower's receipt of notice of the commencement of a Benchmark Unavailability Period, the Borrower may revoke any request for a Term Benchmark Borrowing or RFR Borrowing of, conversion to or continuation of Term Benchmark Loans to be made, converted or continued during any Benchmark Unavailability Period and, failing that, either (x) the Borrower will be deemed to have converted any request for (1) a Term Benchmark Borrowing denominated in dollars into a request for a Borrowing of or conversion to (A) an RFR Borrowing denominated in dollars so long as the Daily Simple RFR for dollar Borrowings is not the subject of a Benchmark Transition Event or (B) an ABR Borrowing if the Daily Simple RFR for dollar Borrowings is the subject of a Benchmark Transition Event or (y) any Term Benchmark Borrowing or RFR Borrowing denominated in a Foreign Currency shall be ineffective. During any Benchmark Unavailability Period or at any time that a tenor for the then-current Benchmark is not an Available Tenor, the component of ABR based upon the then-current Benchmark or such tenor for such Benchmark, as applicable, will not be used in any determination of ABR. Furthermore, if any Term Benchmark Loan or RFR Loan in any Agreed Currency is outstanding on the date of the Borrower's receipt of notice of the commencement of a Benchmark Unavailability Period with respect to a Relevant Rate applicable to such Term Benchmark Loan or RFR Loan, then until such time as a Benchmark Replacement for such Agreed Currency is implemented pursuant to this Section 2.13, (A) for Loans denominated in dollars (1) any Term Benchmark Loan shall on the last day of the Interest Period applicable to such Loan, be converted by the Administrative Agent to, and shall constitute, (x) an RFR Borrowing denominated in dollars so long as the Daily Simple RFR for dollar Borrowings is not the subject of a Benchmark Transition Event or (y) an ABR Loan if the Daily Simple RFR for dollar Borrowings is the subject of a Benchmark Transition Event, on such day and (2) any RFR Loan shall on and from such day be converted by the Administrative Agent to, and shall constitute an ABR Loan and (B) for Loans denominated in a Foreign Currency, (1) any Term Benchmark Loan shall, on the last day of the Interest Period applicable to such Loan, at the Borrower's election prior to such day: (i) be prepaid by the Borrower on such day or (ii) solely for the purpose of calculating the interest rate applicable to such Term Benchmark Loan, such Term Benchmark Loan denominated in any Foreign Currency shall be deemed to be a Term Benchmark Loan denominated in dollars and shall accrue interest at the same interest rate applicable to Term Benchmark Loans denominated in dollars at such time and (2) any RFR Loan, at the Borrower's election, shall either (A) be converted into ABR Loans denominated in dollars (in an amount equal to the Dollar Equivalent of such Foreign Currency) immediately or (B) be prepaid in full immediately.

Section 2.14 <u>Increased Costs</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) If any Change in Law shall:

&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) impose, modify or deem applicable any reserve, special deposit, insurance charge or similar requirement against assets of, deposits with or for the account of, or credit extended by, any Lender (except any such reserve requirement reflected in the Term SOFR Rate or Adjusted EURIBOR Rate, as applicable);

&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) subject any Lender to any Tax (other than Indemnified Taxes and Excluded Taxes) on its loans, loan principal, letters of credits, commitments or other obligations, or its deposits, reserves, other liabilities or capital attributable thereto; 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;(iii) impose on any Lender or the applicable offshore interbank market for the applicable Agreed Currency or Foreign Currency any other condition, cost or expense (other than Taxes) affecting this Agreement or Loans made by such Lender or any Letter of Credit or participation therein;

and the result of any of the foregoing shall be to increase the cost to such Lender of making, maintaining, continuing or converting any Loan (or of maintaining its obligation to make any such Loan) or issuing or participating in Letters of Credit, or to reduce the amount of any sum received or receivable by such Lender hereunder (whether of principal, interest or otherwise), then the Borrower will, upon notice by such Lender, pay to such Lender such additional amount or amounts as will compensate such Lender for such additional costs incurred or reduction suffered; <u>provided</u> that such Lender is generally seeking compensation from similarly situated borrowers under similar credit facilities (to the extent such Lender has the right under such similar credit facilities to do so) with respect to such Change in 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;(b) If any Lender determines that any Change in Law regarding capital or liquidity requirements has or would have the effect of reducing the rate of return on such Lender's capital or on the capital of such Lender's holding company, if any, as a consequence of this Agreement or the Loans made by such Lender or any Letter of Credit issued by it to a level below that which such Lender or such Lender's holding company could have achieved but for such Change in Law (taking into consideration such Lender's policies and the policies of such Lender's holding company with respect to capital adequacy or liquidity), then from time to time the Borrower, upon notice by such Lender, will pay to such Lender such additional amount or amounts as will compensate such Lender or such Lender's holding company for any such reduction suffered to the extent allocable to this Agreement; <u>provided</u> that such Lender is generally seeking compensation from similarly situated borrowers under similar credit facilities (to the extent such Lender has the right under such similar credit facilities to do so) with respect to such Change in Law regarding capital or liquidity requirements.

&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) [Reserved].

&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) A certificate of a Lender setting forth the amount or amounts necessary to compensate such Lender or its holding company, as the case may be, as specified in paragraph (a) or (b) of this Section shall be delivered to the Borrower and shall be conclusive absent manifest error. The Borrower shall pay such Lender the amount shown as due on any such certificate within 10 days after receipt 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;(e) Failure or delay on the part of any Lender to demand compensation pursuant to this Section shall not constitute a waiver of such Lender's right to demand such compensation; <u>provided</u> that the Borrower shall not be required to compensate a Lender pursuant to this Section for any increased costs or reductions incurred more than six months prior to the date that such Lender notifies the Borrower of the Change in Law giving rise to such increased costs or reductions and of such Lender's intention to claim compensation therefor; <u>provided further</u> that, if the Change in Law giving rise to such increased costs or reductions is retroactive, then the six-month period referred to above shall be extended to include the period of retroactive effect 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;(f) For purposes of this Section 2.14, the term "Lender" includes each Issuing Lender and the Swingline Lender.

Section 2.15 <u>Break Funding Payments</u>.

With respect to Loans that are not ABR Loans or RFR Loans, in the event of (i) the payment of any principal of any Term Benchmark Loan other than on the last day of an Interest Period applicable thereto (including as a result of an Event of Default or an optional or mandatory prepayment of Loans), (ii) the conversion of any Term Benchmark Loan other than on the last day of the Interest Period applicable thereto, (iii) the conversion of any Foreign Currency Loan to a dollar denominated Loan pursuant to any Section of this Agreement, (iv) the failure to borrow, convert, continue or prepay any Term Benchmark Loan on the date specified in any notice delivered pursuant hereto (regardless of whether such notice is permitted to be revocable under Section 2.10(b) and is revoked in accordance therewith) or (v) the assignment of any Term Benchmark Loan other than on the last day of the Interest Period applicable thereto as a result of a request by the Borrower pursuant to Section 2.18, then, in any such event, the Borrower shall compensate each Lender for the loss, cost and expense attributable to such event (excluding any loss of anticipated profits) (and in the case of any conversion of Foreign Currency Loans to Dollar Loans, such loss, cost or expense shall also include any loss, cost or expense sustained by a Lender as a result of such conversion). A certificate of any Lender setting forth any amount or amounts that such Lender is entitled to receive pursuant to this Section shall be delivered to the Borrower and shall be conclusive absent manifest error. The Borrower shall pay such Lender the amount shown as due on any such certificate within 10 days after receipt thereof.

Section 2.16 <u>Taxes</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) Any and all payments by or on account of any obligation of the Borrower hereunder to, or for the account of, the Administrative Agent or any Lender or any recipient of any payment to be made by or on account of any obligation of the Borrower under this Agreement shall be made free and clear of and without withholdings or deductions for any Indemnified Taxes or Other Taxes; <u>provided</u> that, if the Borrower or other withholding agent shall be required to withhold or deduct any Indemnified Taxes or Other Taxes from such payments, then (i) the sum payable by the Borrower shall be increased as necessary so that after making all required withholdings and deductions (including any applicable to additional sums payable under this Section), the Administrative Agent or such Lender receives an amount equal to the sum it would have received had no such withholdings or deductions been made, (ii) the Borrower shall make such withholdings or deductions and (iii) the Borrower shall pay the full amount deducted to the relevant Governmental Authority in accordance with 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;(b) In addition, the Borrower shall pay any Other Taxes to the relevant Governmental Authority in accordance with 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;(c) The Borrower shall indemnify the Administrative Agent, and each Lender, within 10 days after written demand therefor, for the full amount of any Indemnified Taxes or Other Taxes (including Indemnified Taxes or Other Taxes imposed or asserted on or attributable to amounts payable under this Section) paid by the Administrative Agent or such Lender and any penalties, interest and reasonable expenses arising therefrom or with respect thereto.

&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) Each Lender severally shall indemnify the Administrative Agent, within 10 days after demand therefor, for the full amount of any Indemnified Taxes attributable to such Lender that are payable or paid by the Administrative Agent in connection with this Agreement (but only to the extent that the Borrower has not already indemnified the Administrative Agent for such Indemnified Taxes and without limiting the obligation of the Borrower to do so), and reasonable expenses arising therefrom or with respect thereto, whether or not such Taxes were correctly or legally imposed or asserted by the relevant Governmental Authority. A certificate as to the amount of such payment or liability delivered to any Lender by the Administrative Agent shall be conclusive absent manifest error. Each Lender hereby authorizes the Administrative Agent to set off and apply any and all amounts at any time owing to such Lender under this agreement or otherwise payable by the Administrative Agent to the Lender from any other source against any amount due to the Administrative Agent under this paragraph (d).

&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) As soon as practicable after any payment of Indemnified Taxes or Other Taxes by the Borrower to a Governmental Authority pursuant to this Section 2.16, the Borrower shall deliver to the Administrative Agent the original or a certified copy of a receipt issued by such Governmental Authority evidencing such payment, a copy of the return reporting such payment or other evidence of such payment reasonably satisfactory to the Administrative Agent.

&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) Any Lender that is entitled to an exemption from or reduction of any applicable withholding tax with respect to payments under this Agreement shall deliver to the Borrower and the Administrative Agent, at the time or times reasonably requested by the Borrower or the Administrative Agent, such properly completed and executed documentation prescribed by applicable law, or otherwise reasonably requested by the Borrower or the Administrative Agent, as will permit such payments to be made without withholding or at a reduced rate of withholding. All reasonable out-of-pocket expenses incurred by such Lender in connection with the completion of such forms or documentation (other than with respect to forms applicable to U.S. withholding tax) shall be borne by the Borrower. In addition, any Lender, if requested by the Borrower or the Administrative Agent, shall deliver such other documentation prescribed by applicable law or reasonably requested by the Borrower or the Administrative Agent as will enable the Borrower or the Administrative Agent to determine whether or not such Lender is subject to backup withholding or information reporting requirements. Notwithstanding anything to the contrary in the preceding three sentences, the completion, execution and submission of such documentation (other than such documentation set forth in Sections 2.16(f)(i)-(iv), (h) and (i) below) shall not be required if in the Lender's reasonable judgment such completion, execution or submission would subject such Lender to any material unreimbursed cost or expense or would materially prejudice the legal or commercial position of such Lender. Without limiting the generality of the foregoing, each Foreign Lender shall, to the extent it is legally entitled to do so, deliver to the Borrower and the Administrative Agent (in such number of copies as shall be requested by the recipient) on or prior to the date on which such Foreign Lender becomes a Lender under this Agreement or changes its lending office (and from time to time thereafter upon the request of the Borrower or the Administrative Agent), whichever of the following is applicable:

&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) duly completed copies of Internal Revenue Service Form W-8BEN or W-8BEN-E claiming eligibility for benefits of an income tax treaty to which the United States of America is a party,

&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) duly completed copies of Internal Revenue Service Form W-8ECI,

&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) in the case of a Foreign Lender claiming the benefits of the exemption for portfolio interest under Section 881(c) of the Code, (x) a certificate substantially in the form of Exhibit B to the effect (1) that such Foreign Lender is not (A) a "bank" within the meaning of Section 881(c)(3)(A) of the Code, (B) a "10 percent shareholder" of the Borrower within the meaning of Section 881(c)(3)(B) of the Code or (C) a "controlled foreign corporation" described in Section 881(c)(3)(C) of the Code and (2) that the interest payments in question are not effectively connected with the United States trade or business conducted by such Lender (a "<u>U.S. Tax Compliance Certificate</u>") and (y) duly completed copies of Internal Revenue Service Form W-8BEN or W-8BEN-E,

&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) to the extent a Foreign Lender is not the beneficial owner (for example, where the Foreign Lender is a partnership or participating Lender granting a typical participation), an Internal Revenue Service Form W-8IMY, accompanied by a Form W-8ECI, W-8BEN or W-8BEN-E, U.S. Tax Compliance Certificate, Form W-9, and/or other certification documents from each beneficial owner, as applicable; <u>provided</u> that, if the Foreign Lender is a partnership (and not a participating Lender) and one or more beneficial owners of such Foreign Lender are claiming the portfolio interest exemption, such Foreign Lender may provide a U.S. Tax Compliance Certificate on behalf of each such beneficial owner, 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;(v) any other form prescribed by applicable law as a basis for claiming exemption from or a reduction in U.S. federal withholding tax duly completed together with such supplementary documentation as may be prescribed by applicable law to permit the Borrower to determine the withholding or deduction required to be made.

Each Lender agrees that if any form or certification previously delivered by it expires or becomes obsolete or inaccurate in any respect, it shall update such form or certification or promptly notify the Borrower and the Administrative Agent in writing of its legal inability to do so.

&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) If any Lender or the Administrative Agent determines, in its reasonable discretion, that it has received a refund attributable to any Indemnified Taxes or Other Taxes paid by the Borrower or for which such Lender or the Administrative Agent has received payment from the Borrower hereunder, such Lender or the Administrative Agent, within 30 days of such receipt, shall deliver to the Borrower the amount of such refund (but only to the extent of indemnity payments made under this Section with respect to the Indemnified Taxes or Other Taxes giving rise to such refund), net of all reasonable out-of-pocket expenses of such Lender or the Administrative Agent and without interest (other than any interest paid by the relevant Governmental Authority with respect to such refund); <u>provided however</u>, that the Borrower, upon the request of such Lender or Administrative Agent, agrees to repay the amount paid over pursuant to this Section 2.16(g) (plus any penalties, interest or other charges imposed by the relevant Governmental Authority) to such Lender or the Administrative Agent in the event that such Lender or the Administrative Agent is required to repay such refund to such Governmental Authority. Notwithstanding anything to the contrary in this paragraph (g), in no event will any Lender be required to pay any amount to the Borrower the payment of which would place such Lender or the Administrative Agent in a less favorable net after-Tax position than such Lender or the Administrative Agent would have been in if the indemnification payments or additional amounts giving rise to such refund had never been paid. This paragraph shall not be construed to require any Lender or the Administrative Agent to make available its Tax returns (or any other information relating to its Taxes that it deems confidential) to the Borrower or any other Person.

&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) Each Lender that is a "United States person" as defined in Section 7701(a)(30) of the Code shall, on or prior to the date on which such Lender becomes a Lender under this Agreement or changes its lending office (and from time to time thereafter at the reasonable request of the Borrower or the Administrative Agent), deliver to the Borrower and the Administrative Agent two U.S. Internal Revenue Service Form W-9s (or substitute or successor form), properly completed and duly executed, certifying that such Lender is exempt from the United States backup withholding.

&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) If a payment made to a Lender under this Agreement would be subject to U.S. federal withholding Tax imposed by FATCA if such Lender were to fail to comply with the applicable reporting requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such Lender shall deliver to the Borrower and the Administrative Agent at the time or times prescribed by law and at such time or times reasonably requested by the Borrower or the Administrative Agent such documentation prescribed by applicable law (including as prescribed by Section 1471(b)(3)(C)(i) of the Code) and such additional documentation reasonably requested by the Borrower or the Administrative Agent as may be necessary for the Borrower and the Administrative Agent to comply with their obligations under FATCA and to determine that such Lender has complied with such Lender's obligations under FATCA or to determine the amount, if any, to deduct and withhold from such payment. Solely for purposes of this subsection (i), "FATCA" shall include any amendments made to FATCA after the date of this Agreement.

&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) For purposes of this Section 2.16, the term "Lender" includes the Issuing Lender and the Swingline Lender.

&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) Each party's obligations under this Section 2.16 shall survive the termination of the Commitments and the repayment, satisfaction or discharge of all obligations under this Agreement.

Section 2.17 <u>Payments Generally; Pro Rata Treatment; Sharing of Set-offs</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) The Borrower shall make each payment required to be made by it hereunder (whether of principal, interest, or fees, or under Section 2.14, 2.15 or 2.16, or otherwise) prior to 2:00 p.m., New York City time (in the case of payments with respect to Foreign Currency Loans, prior to 11:00 a.m., London time), in each case on the date when due, in immediately available funds, without set-off or counterclaim. Any amounts received after such time on any date may, in the discretion of the Administrative Agent, be deemed to have been received on the next succeeding Business Day for purposes of calculating interest thereon. All such payments shall be made to the Administrative Agent, at the Administrative Agent's Payment Office for such currency, except payments to be made directly to the Swingline Lender as expressly provided herein and except that payments pursuant to Sections 2.14, 2.15, 2.16 and 10.03 shall be made directly to the Persons entitled thereto. The Administrative Agent shall distribute any such payments received by it for the account of any other Person to the appropriate recipient promptly following receipt thereof. If any payment hereunder shall be due on a day that is not a Business Day, the date for payment shall be extended to the next succeeding Business Day, and, in the case of any payment accruing interest, interest thereon shall be payable for the period of such extension. All payments hereunder (whether of principal, interest or otherwise) shall be made in the applicable currency specified elsewhere herein or, if no currency is specified, in dollars, it being understood and agreed that any repayment (including any partial prepayment) of a Loan denominated in an Agreed Currency shall be made in such Agreed Currency.

&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) If at any time insufficient funds are received by and available to the Administrative Agent to pay fully all amounts of principal, interest and fees then due hereunder, such funds shall be applied (i) first, to pay interest and fees then due hereunder, ratably among the parties entitled thereto in accordance with the amounts of interest and fees then due to such parties, and (ii) second, to pay principal then due hereunder, ratably among the parties entitled thereto in accordance with the amounts of principal then due to such parties.

&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) Unless the Administrative Agent shall have received notice from the Borrower prior to the date on which any payment is due to the Administrative Agent for the account of the Lenders hereunder that the Borrower will not make such payment, the Administrative Agent may assume that the Borrower has made such payment on such date in accordance herewith and may, in reliance upon such assumption, distribute to the Lenders the amount due. In such event, if the Borrower has not in fact made such payment, then each of the Lenders severally agrees to repay to the Administrative Agent forthwith on demand the amount so distributed to such Lender with interest thereon, for each day from and including the date such amount is distributed to it to but excluding the date of payment to the Administrative Agent, at the applicable Overnight Rate.

&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) If and for so long as any Lender shall fail to make any payment required to be made by it pursuant to Section 2.05(c), 2.06(b), 2.17(c) or 10.03(d), then the Administrative Agent may, in its discretion and notwithstanding any contrary provision hereof, (i) apply any amounts thereafter received by the Administrative Agent for the account of such Lender for the benefit of the Administrative Agent, the Swingline Lender or the Issuing Lender to satisfy such Lender's obligations to it under such Section until all such unsatisfied obligations are fully paid, and/or (ii) hold any such amounts in a segregated account as cash collateral for, and application to, any future funding obligations of such Lender under any such Section, in the case of each of clauses (i) and (ii) above, in any order as determined by the Administrative Agent in its discretion (provided that any such amounts so held shall be returned to such Lender upon its payment of the aforementioned previously unpaid amounts then due and owing).

Section 2.18 <u>Mitigation Obligations; Replacement of Lenders</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) If any Lender requests compensation under Section 2.14, or if the Borrower is required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.16, then such Lender shall use reasonable efforts to designate a different lending office for funding or booking its Loans hereunder or to assign its rights and obligations hereunder to another of its offices, branches or affiliates, if, in the judgment of such Lender, such designation or assignment (i) would eliminate or reduce amounts payable pursuant to Section 2.14 or 2.16, as the case may be, in the future and (ii) would not subject such Lender to any unreimbursed cost or expense and would not otherwise be disadvantageous in any material respect to such Lender. The Borrower hereby agrees to pay all reasonable costs and expenses incurred by any Lender in connection with any such designation or assignment.

&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) If any Lender requests compensation under Section 2.14, or if the Borrower is required to pay any additional amount to any Lender or any Governmental Authority for the account of any Lender pursuant to Section 2.16, or if any Lender becomes a Defaulting Lender, or if any Lender fails to approve any waiver or amendment to this Agreement requiring the consent of all Lenders or of all Lenders affected thereby which has been approved by the Required Lenders, then the Borrower may, at its sole expense and effort, upon notice to such Lender and the Administrative Agent, require such Lender to assign and delegate, without recourse (in accordance with and subject to the restrictions contained in Section 10.04), all its interests, rights and obligations under this Agreement to an assignee that shall assume such obligations (which assignee may be another Lender, if a Lender accepts such assignment); <u>provided</u> that (i) such Lender shall have received payment of an amount equal to the outstanding principal of its Loans, accrued interest thereon, accrued fees and all other amounts payable to it hereunder, from the assignee (to the extent of such outstanding principal and accrued interest and fees) or the Borrower (in the case of all other amounts) and (ii) in the case of any such assignment resulting from a claim for compensation under Section 2.14 or payments required to be made pursuant to Section 2.16, such assignment will result in a reduction in such compensation or payments. A Lender shall not be required to make any such assignment and delegation if, prior thereto, as a result of a waiver by such Lender or otherwise, the circumstances entitling the Borrower to require such assignment and delegation cease to apply.

Section 2.19 <u>Defaulting Lenders</u>. Notwithstanding any provision of this Agreement to the contrary, if any Lender becomes a Defaulting Lender, then the following provisions shall apply for so long as such Lender is a Defaulting Lender:

&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) commitment fees shall cease to accrue on the unfunded portion of the Commitment of such Defaulting Lender pursuant to Section 2.11(a);

&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) the Commitment and Revolving Credit Exposure of such Defaulting Lender shall not be included in determining whether all Lenders or the Required Lenders have taken or may take any action hereunder (including any consent to any amendment or waiver pursuant to Section 10.02); <u>provided</u>, that this clause (b) shall not apply in the case of an amendment, waiver or other modification requiring the consent of such Defaulting Lender as "such Lender" or "each Lender affected thereby", as such terms are used in Sections 10.02(b)(i), (ii) or (iii);

&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) any amount payable to such Defaulting Lender hereunder (whether on account of principal, interest, fees or otherwise and including any amount that would otherwise be payable to such Defaulting Lender pursuant to Section 2.17 but excluding Section 2.18) may, in lieu of being distributed to such Defaulting Lender, be applied by the Administrative Agent (i) first, to the payment of any amounts owing by such Defaulting Lender to the Administrative Agent hereunder, (ii) second, to the funding of any Loan in respect of which such Defaulting Lender has failed to fund its portion thereof as required by this Agreement and (iii) third, to such Defaulting Lender; provided that if such payment is (x) a prepayment of the principal amount of any Loans and (y) made at a time when the conditions set forth in Section 5.03 are satisfied, such payment shall be applied solely to prepay the Loans of all non-Defaulting Lenders pro rata prior to being applied to the prepayment of any Loans of any Defaulting Lender;

&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) if any Swingline Exposure or L/C Exposure exists at the time such Lender becomes a Defaulting Lender, then all or any part of the Swingline Exposure and L/C Exposure of such Defaulting Lender shall be reallocated among the non-Defaulting Lenders in accordance with their respective Applicable Percentages, but only to the extent (i) the sum of all non-Defaulting Lenders' Revolving Credit Exposures plus such Defaulting Lender's Swingline Exposure and L/C Exposure does not exceed the total of all non-Defaulting Lenders' Commitments and (ii) no Default shall have occurred and be continuing; <u>provided</u>, however, that if such reallocation cannot, or can only partially, be effected, the Borrower shall, within one Business Day following notice by the Administrative Agent, (x) first, prepay such Swingline Exposure and (y) second, cash collateralize for the benefit of the Issuing Lender only the Borrower's obligations corresponding to such Defaulting Lender's L/C Exposure (after giving effect to any partial reallocation pursuant to this clause (d)) in accordance with the procedures set forth in Article VIII for so long as such L/C Exposure is outstanding;

&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) if the Borrower cash collateralizes any portion of such Defaulting Lender's L/C Exposure pursuant to the proviso to Section 2.19(d), the Borrower shall not be required to pay any fees to such Defaulting Lender pursuant to Section 3.03(a) with respect to such Defaulting Lender's L/C Exposure during the period such Defaulting Lender's L/C Exposure is cash collateralized. If the L/C Exposure of the non-Defaulting Lenders is reallocated pursuant to Section 2.19(d), then the fees payable to the Lenders pursuant to Section 2.11(a) and Section 3.03(a) shall be adjusted in accordance with the non-Defaulting Lenders' Applicable Percentages. If all or any portion of such Defaulting Lender's L/C Exposure is neither reallocated nor cash collateralized pursuant to Section 2.19(d), then, without prejudice to any rights or remedies of the Issuing Lender or any other Lender hereunder, all fees payable under Section 3.03(a) with respect to such Defaulting Lender's L/C Exposure shall be payable to the Issuing Lender until and to the extent that such L/C Exposure is reallocated and/or cash collateralized; and

&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) so long as such Lender is a Defaulting Lender, the Swingline Lender shall not be required to fund any Swingline Loan and the Issuing Lender shall not be required to issue, amend or increase any Letter of Credit, unless it is satisfied that the related exposure and the Defaulting Lender's then-outstanding L/C Exposure will be 100% covered by the Commitments of the non-Defaulting Lenders and/or cash collateral will be provided by the Borrower in accordance with Section 2.19(d), and participating interests in any newly made Swingline Loan or any newly issued or increased Letter of Credit shall be allocated among non-Defaulting Lenders in a manner consistent with Section 2.19(d) (and such Defaulting Lender shall not participate therein).

If (i) a Bankruptcy Event or Bail-In Action with respect to a Parent of any Lender shall occur following the date hereof and for so long as such event shall continue or (ii) the Swingline Lender or the Issuing Lender has a good faith belief that any Lender has defaulted in fulfilling its obligations under one or more other agreements in which such Lender commits to extend credit, the Swingline Lender shall not be required to fund any Swingline Loan and the Issuing Lender shall not be required to issue, amend or increase any Letter of Credit, unless the Swingline Lender or the Issuing Lender, as the case may be, (A) shall be satisfied that if such Lender were subsequently to become a Defaulting Lender, the relevant exposure would be 100% covered by the Commitments of the non-Defaulting Lenders or cash collateralized, in each case in a manner consistent with Section 2.19(d) or (B) shall have entered into other arrangements with the Borrower or such Lender, satisfactory to the Swingline Lender or the Issuing Lender, as the case may be, to defease any risk to it in respect of such Lender hereunder.

In the event that the Administrative Agent, the Borrower, the Swingline Lender and the Issuing Lender each agrees that a Defaulting Lender has adequately remedied all matters that caused such Lender to be a Defaulting Lender, then the Swingline Exposure and L/C Exposure of the Lenders shall be readjusted to reflect the inclusion of such Lender's Commitment and on such date such Lender shall purchase at par such of the Revolving Loans of the other Lenders as the Administrative Agent shall determine may be necessary in order for such Lender to hold such Loans in accordance with its Applicable Percentage.

Section 2.20 <u>Proceeds</u>.

The proceeds of the Loans made by the Lenders to the Borrower shall be used for general corporate purposes of the Borrower; <u>provided</u>, <u>however</u>, that after the application of the proceeds of any Loan, not more than 25% of the value of the assets of the Borrower will be represented by Margin Stock. The proceeds of the Letters of Credit shall be used for general corporate purposes of the Borrower.

Section 2.21 <u>Extension of Maturity Date</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) At least 30 days but not more than 60 days prior to the first and/or second anniversary of the Initial Availability Date, the Borrower, by written notice to the Administrative Agent, may request an extension of the Maturity Date in effect at such time by one year from its then scheduled expiration; provided that no more than two such requests may be made after the Initial Availability Date. The Administrative Agent shall promptly notify each Lender of such request, and each Lender shall in turn, in its sole discretion, not later than 20 days prior to such anniversary date, notify the Borrower and the Administrative Agent in writing as to whether such Lender will consent to such extension. If any Lender shall fail to notify the Administrative Agent and the Borrower in writing of its consent to any such request for extension of the Maturity Date at least 20 days prior to such anniversary date, such Lender shall be deemed to be a Non-Consenting Lender with respect to such request. The Administrative Agent shall notify the Borrower not later than 15 days prior to such anniversary date of the decision of each Lender regarding the Borrower's request for an extension of the Maturity 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) If all the Lenders consent in writing to any such request in accordance with subsection (a) of this Section 2.21, subject to the satisfaction of the conditions set forth in Section 5.03(b) and (c), the Maturity Date in effect at such time shall, effective as at the applicable anniversary date (the "<u>Extension Date</u>"), be extended for one year. If less than all of the Lenders consent in writing to any such request in accordance with subsection (a) of this Section 2.21, the Maturity Date in effect at such time shall, effective as at the applicable Extension Date and subject to subsection (d) of this Section 2.21, be extended as to those Lenders that so consented (each a "<u>Consenting Lender</u>") but shall not be extended as to any other Lender (each a "<u>Non-Consenting Lender</u>"). To the extent that the Maturity Date is not extended as to any Lender pursuant to this Section 2.21 and the Commitment of such Lender is not assumed in accordance with subsection (c) of this Section 2.21 on or prior to the applicable Extension Date, the Commitment of such Non-Consenting Lender shall automatically terminate in whole on such unextended Maturity Date without any further notice or other action by the Borrower, such Lender or any other Person; provided that such Non-Consenting Lender's rights under Sections 2.14, 2.15, 2.16 and 10.03 shall survive the Maturity Date for such Lender as to matters occurring prior to such date. It is understood and agreed that no Lender shall have any obligation whatsoever to agree to any request made by the Borrower for any requested extension of the Maturity 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;(c) If less than all of the Lenders consent to any such request pursuant to subsection (a) of this Section 2.21, the Borrower may arrange for one or more Consenting Lenders or other assignees to acquire and assume (and such Non-Consenting Lender hereby agrees to assign in accordance with the terms set forth in this clause (c) (including the last sentence hereof)), effective as of the Extension Date, any Non-Consenting Lender's Loans and other Revolving Credit Exposure and its Commitment and other obligations under this Agreement thereafter arising, without recourse to or warranty by, or expense to, such Non-Consenting Lender; <u>provided</u>, <u>however</u>, that the amount of the Commitment of any such assignee as a result of such substitution shall in no event be less than $10,000,000 unless the amount of the Commitment of such Non-Consenting Lender is less than $10,000,000, in which case such assignee shall assume all of such lesser amount; and <u>provided further</u> that:

&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) any such Consenting Lender or assignee shall have paid to such Non-Consenting Lender (A) the aggregate principal amount of, and any interest accrued and unpaid to the effective date of the assignment on, the outstanding Loans, if any, of such Non-Consenting Lender plus (B) any accrued but unpaid commitment fees owing to such Non-Consenting Lender as of the effective date of such assignment;

&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) all additional costs reimbursements, expense reimbursements and indemnities payable to such Non-Consenting Lender, and all other accrued and unpaid amounts owing to such Non-Consenting Lender hereunder, as of the effective date of such assignment shall have been paid to such Non-Consenting Lender; and

&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) with respect to any such assignee, the applicable processing and recordation fee required under Section 10.04 for such assignment shall have been paid;

<u>provided further</u> that such Non-Consenting Lender's rights under Sections 2.14, 2.15, 2.16 and 10.03 shall survive such substitution as to matters occurring prior to the date of substitution. On or prior to any Extension Date, (A) each such assignee, if any, shall have delivered to the Borrower and the Administrative Agent an Assignment and Acceptance or such other agreement acceptable to the Borrower and the Administrative Agent, duly executed by such assignee and (B) any such Consenting Lender shall have delivered confirmation in writing satisfactory to the Borrower and the Administrative Agent as to the increase in the amount of its Commitment. Upon execution and delivery of the documentation pursuant to the foregoing clauses (A) and (B) and the payment or prepayment of all amounts referred to in clauses (i), (ii) and (iii) of the immediately preceding sentence, as of the Extension Date, each such Non-Consenting Lender shall be deemed to have assigned all of its rights and obligations under this Agreement (including all of its Commitment and the Loans at the time owing to it) to one or more such Consenting Lenders or assignees as designated by the Administrative Agent, and such Consenting Lenders and assignees shall be substituted for each such Non-Consenting Lender under this Agreement and shall be Lenders for all purposes of this Agreement, in each case without any further acknowledgment by or the consent of any Non-Consenting Lender or any other Lender, and the obligations of each such Non-Consenting Lender hereunder shall, by the provisions hereof, be released and discharged.

&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) If (after giving effect to any assignments or assumptions pursuant to subsection (c) of this Section 2.21) Lenders having Commitments equal to at least 50% of the Commitments in effect immediately prior to the Extension Date consent in writing to a requested extension (whether by execution or delivery of an Assignment and Acceptance or otherwise) not later than one Business Day prior to such Extension Date, the Administrative Agent shall so notify the Borrower, and, subject to the satisfaction of the conditions set forth in Section 5.03(b) (including the representations and warranties set forth in Section 4.04) and (b), the Maturity Date then in effect shall be extended for the additional one-year period as described in subsection (a) of this Section 2.21, and all references in this Agreement, and in the Notes, if any, to the "Maturity Date" shall, with respect to each Consenting Lender and each assignee for such Extension Date, refer to the Maturity Date as so extended. Promptly following each Extension Date, the Administrative Agent shall notify the Lenders of the extension of the scheduled Maturity Date in effect immediately prior thereto and shall thereupon record in the Register the relevant information with respect to each such Consenting Lender and each such assignee.

Section 2.22 <u>Increase of Commitments</u>. The Borrower may from time to time elect to increase the aggregate Commitments in an amount of $50,000,000 or an integral multiple thereof, so long as, after giving effect thereto, the aggregate amount of all such increases does not exceed $250,000,000. The Borrower may arrange for any such increase to be provided by one or more existing Lenders (each such existing Lender, an "<u>Increasing Lender</u>"), or by one or more new banks, financial institutions or other entities (each such new bank, financial institution or other entity, an "<u>New Lender</u>"; provided that no Ineligible Institution may be a New Lender), to increase their existing Commitments or to provide new Commitments, as the case may be; <u>provided</u> that (i) each New Lender shall be subject to the approval of the Borrower, the Administrative Agent and the Issuing Lenders (such approval not to be unreasonably withheld) and (ii) (x) in the case of an Increasing Lender, the Borrower, the Administrative Agent and such Increasing Lender execute an agreement substantially in the form of <u>Exhibit E</u> hereto, and (y) in the case of a New Lender, the Borrower, the Administrative Agent and such New Lender execute an agreement substantially in the form of <u>Exhibit F</u> hereto. No consent of any Lender (other than the Lenders participating in the increase) shall be required for any increase in Commitments pursuant to this Section 2.22. Increases and new Commitments created pursuant to this Section 2.22 shall become effective on the date agreed by the Borrower, the Administrative Agent and the relevant Increasing Lenders or New Lenders, and the Administrative Agent shall notify each Lender thereof. Notwithstanding the foregoing, no increase in the Commitments (or in the Commitment of any Lender) shall become effective under this paragraph unless, on the proposed date of the effectiveness of such increase, the conditions set forth in paragraphs (b) (including the representations and warranties set forth in Section 4.04) and (c) of Section 5.03 shall be satisfied or waived by the Required Lenders and the Administrative Agent shall have received a certificate to that effect dated such date and executed by a Responsible Officer of the Borrower. On the effective date of any increase in the Commitments, (i) each relevant Increasing Lender and New Lender shall make available to the Administrative Agent such amounts in immediately available funds as the Administrative Agent shall determine, for the benefit of the other Lenders, as being required in order to cause, after giving effect to such increase and the use of such amounts to make payments to such other Lenders, each Lender's portion of the outstanding Revolving Loans of all the Lenders to equal its Applicable Percentage of such outstanding Revolving Loans, and (ii) the existing Lenders shall be deemed to have assigned outstanding Revolving Loans to certain other Lenders, and such other Lenders shall be deemed to have purchased such outstanding Revolving Loans, in each case, to the extent necessary so that all of the Lenders participate in each outstanding borrowing of Revolving Loans pro rata on the basis of their respective Commitments. Nothing contained in this Section 2.22 shall constitute, or otherwise be deemed to be, a commitment on the part of any Lender to increase its Commitment hereunder at any time. Upon the effectiveness of any increase in Commitments pursuant to this Section 2.22, Schedule 2.01 hereto shall be automatically amended to reflect such increase. This Section 2.22 shall supersede any provisions in Section 10.02 to the contrary.

ARTICLE III<br> <u>Letters of Credit</u>

Section 3.01 <u>L/C Commitment</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) &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) Subject to the terms and conditions hereof, the Issuing Lenders, in reliance on the agreements of the other Lenders set forth in Section 3.04(a), agree to issue, amend, renew or extend letters of credit (the letters of credit issued on and after the Initial Availability Date pursuant to this Article III and the other letters of credit that may be deemed issued hereunder from time to time, collectively, "<u>Letters of Credit</u>") for the account of the Borrower on any Business Day during the Availability Period in such form as may be approved from time to time by the Issuing Lenders; <u>provided</u> that no Issuing Lender shall have an obligation to issue, amend, renew or extend any Letter of Credit if, after giving effect thereto, (i) the L/C Obligations would exceed the L/C Commitment, (ii) the L/C Obligations with respect to all Letters of Credit issued by such Issuing Lender would exceed its L/C Sublimit or (iii) the aggregate amount of the Available Commitments would be less than zero; <u>provided</u>, <u>further</u>, that (x) neither Morgan Stanley Bank, N.A. nor Goldman Sachs Bank USA will be obligated to issue any Letter of Credit that is not a "standby" Letter of Credit and (y) any Letter of Credit issued by Goldman Sachs Bank USA denominated in Canadian Dollars shall be governed by New York law. Each Letter of Credit shall (i) be denominated in an Agreed Currency or Canadian Dollars and (ii) expire no later than the earlier of (x) the first anniversary of its date of issuance and (y) the date that is five Business Days prior to the Maturity Date, <u>provided</u> that any Letter of Credit with a one-year term may provide for the renewal thereof for additional one-year periods (which shall in no event extend beyond the date referred to in clause (y) above); <u>provided further</u>, that any such renewal must permit the Issuing Lender to prevent any such renewal at least once in each twelve-month period (commencing with the date of issuance of such Letter of Credit) by giving prior notice to the beneficiary thereof not later than a day in each such twelve-month period to be agreed upon at the time such Letter of Credit is issued. From time to time and upon reasonable request therefor, the Issuing Lenders shall confirm to the Administrative Agent the L/C Exposure and the Administrative Agent shall confirm to the Issuing Lenders the aggregate amount of Available Commitments. Each Existing Letter of Credit shall be deemed to be a Letter of Credit issued hereunder on and as of the Initial Availability 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) An Issuing Lender shall not at any time be obligated to issue, amend, renew or extend any Letter of Credit if (i) doing so would conflict with, or cause such Issuing Lender or any L/C Participant to exceed any limits imposed by, any applicable Requirement of Law, (ii) doing so would violate one or more policies of such Issuing Lender applicable to letters of credit generally or (iii) any order, judgment or decree of any Governmental Authority or arbitrator shall by its terms purport to enjoin or restrain such Issuing Lender from issuing such Letter of Credit, or any law applicable to such Issuing Lender shall prohibit, or require that such Issuing Lender refrain from, the issuance of letters of credit generally or such Letter of Credit in particular or shall impose upon such Issuing Lender with respect to such Letter of Credit any restriction, reserve or capital requirement (for which such Issuing Lender is not otherwise compensated hereunder) not in effect on the Effective Date, or shall impose upon such Issuing Lender any unreimbursed loss, cost or expense that was not applicable on the Effective Date and that such Issuing Lender in good faith deems material to it.

Section 3.02 <u>Procedure for Issuance of Letter of Credit</u>. The Borrower may from time to time request that an Issuing Lender issue, amend, renew (other than by automatic renewal) or extend a Letter of Credit by delivering to the applicable Issuing Lender at its address for notices specified herein an Application therefor, completed to the reasonable satisfaction of the Issuing Lender, and such other certificates, documents and other papers and information as the Issuing Lender may reasonably request. Upon receipt of any Application, the Issuing Lender will process such Application and the certificates, documents and other papers and information delivered to it in connection therewith in accordance with its customary procedures and shall promptly issue, amend, renew or extend (as applicable) the Letter of Credit requested thereby (but in no event shall the Issuing Lender be required to issue, amend, renew or extend any Letter of Credit earlier than three Business Days after its receipt of the Application therefor and all such other certificates, documents and other papers and information relating thereto) by issuing the original of such Letter of Credit to the beneficiary thereof or as otherwise may be agreed to by the Issuing Lender and the Borrower. The Issuing Lender shall furnish a copy of such Letter of Credit to the Borrower promptly following the issuance thereof. The Issuing Lender shall promptly furnish to the Administrative Agent, which shall in turn promptly furnish to the Lenders, notice of the issuance of each Letter of Credit (including the amount thereof).

Section 3.03 <u>Fees and Other Charges</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) The Borrower will pay a fee on the Dollar Equivalent of the face amount of all outstanding Letters of Credit at a per annum rate equal to the Applicable Rate then in effect with respect to Term Benchmark Revolving Loans denominated in dollars, shared ratably among the Lenders and payable in arrears on each Fee Payment Date after the issuance date. In addition, the Borrower shall pay to each Issuing Lender for its own account a fronting fee of 0.125% per annum on the Dollar Equivalent of the undrawn and unexpired amount of each Letter of Credit issued by such Issuing Lender, payable quarterly in arrears on each Fee Payment Date after the issuance date. All fees payable hereunder shall be paid in dollars in immediately available funds.

&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 addition (but without duplication) to the foregoing fees, the Borrower shall pay or reimburse each Issuing Lender for such normal and customary costs and expenses as are incurred or charged by such Issuing Lender in issuing, negotiating, effecting payment under, amending or otherwise administering any Letter of Credit.

Section 3.04 <u>L/C Participations</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) The Issuing Lenders irrevocably agree to grant and hereby grants to each L/C Participant, and, to induce the Issuing Lenders to issue Letters of Credit, each L/C Participant irrevocably agrees to accept and purchase and hereby accepts and purchases from the Issuing Lenders, on the terms and conditions set forth below, for such L/C Participant's own account and risk an undivided interest equal to such L/C Participant's Applicable Percentage in each Issuing Lender's obligations and rights under and in respect of each Letter of Credit and the amount of each draft paid by the Issuing Lender thereunder. Each L/C Participant agrees with the Issuing Lenders that, if a draft is paid under any Letter of Credit for which the Issuing Lender is not reimbursed in full by the Borrower in accordance with the terms of this Agreement (or in the event that any reimbursement received by such Issuing Lender shall be required to be returned by it at any time), such L/C Participant shall pay to the Issuing Lender upon demand at the Issuing Lender's address for notices specified herein an amount equal to such L/C Participant's Applicable Percentage of the amount that is not so reimbursed (or is so returned). Each L/C Participant's obligation to pay such amount shall be absolute and unconditional and shall not be affected by any circumstance, including (i) any setoff, counterclaim, recoupment, defense or other right that such L/C Participant may have against the Issuing Lenders, the Borrower or any other Person for any reason whatsoever, (ii) the occurrence or continuance of a Default or an Event of Default or the failure to satisfy any of the other conditions specified in Article V, (iii) any adverse change in the condition (financial or otherwise) of the Borrower, (iv) any breach of this Agreement by the Borrower or any other L/C Participant or (v) any other circumstance, happening or event whatsoever, whether or not similar to any of the foregoing.

&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) If any amount required to be paid by any L/C Participant to an Issuing Lender pursuant to Section 3.04(a) in respect of any unreimbursed portion of any payment made by such Issuing Lender under any Letter of Credit is paid to the Issuing Lender within three Business Days after the date such payment is due, such L/C Participant shall pay to the Issuing Lender on demand an amount equal to the product of (i) such amount, times (ii) the daily average Federal Funds Effective Rate during the period from and including the date such payment is required to the date on which such payment is immediately available to the Issuing Lenders, times (iii) a fraction the numerator of which is the number of days that elapse during such period and the denominator of which is 360. If any such amount required to be paid by any L/C Participant pursuant to Section 3.04(a) is not made available to the Issuing Lender by such L/C Participant within three Business Days after the date such payment is due, the Issuing Lender shall be entitled to recover from such L/C Participant, on demand, such amount with interest thereon calculated from such due date at the rate per annum applicable to ABR Loans. A certificate of the Issuing Lender submitted to any L/C Participant with respect to any amounts owing under this Section shall be conclusive in the absence of manifest error.

&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) Whenever, at any time after an Issuing Lender has made payment under any Letter of Credit and has received from any L/C Participant its pro rata share of such payment in accordance with Section 3.04(a), such Issuing Lender receives any payment related to such Letter of Credit (whether directly from the Borrower or otherwise, including proceeds of collateral applied thereto by such Issuing Lender), or any payment of interest on account thereof, such Issuing Lender will distribute to such L/C Participant its pro rata share thereof; <u>provided</u>, <u>however</u>, that in the event that any such payment received by such Issuing Lender shall be required to be returned by such Issuing Lender, such L/C Participant shall return to such Issuing Lender the portion thereof previously distributed by such Issuing Lender to it.

Section 3.05 <u>Reimbursement Obligation of the Borrower</u>. If any draft is paid under any Letter of Credit, the Borrower shall reimburse the relevant Issuing Lender for the amount of (a) the draft so paid and (b) any taxes, fees, charges or other costs or expenses incurred by such Issuing Lender in connection with such payment, not later than 12:00 Noon, New York City time, on (i) the Business Day that the Borrower receives notice of such draft, if such notice is received on such day prior to 10:00 A.M., New York City time, or (ii) if clause (i) above does not apply, the Business Day immediately following the day that the Borrower receives such notice; provided that (x) if such payment is denominated in dollars, the Borrower may, subject to the conditions to borrowing set forth herein, request in accordance with ‎Section 2.03 or 2.05 that such payment be financed with an ABR Revolving Borrowing or Swingline Loan in an equivalent amount or (y) if such payment is denominated in any Foreign Currency, the Borrower may, subject to the conditions to borrowing set forth herein, request in accordance with ‎Section 2.03 that such payment be converted into an equivalent amount of an ABR Revolving Borrowing denominated in dollars in an amount equal to the Dollar Equivalent of such Foreign Currency and, in each case, to the extent so financed, the Borrower's obligation to make such payment shall be discharged and replaced by the resulting ABR Revolving Borrowing or Swingline Loan, as applicable. Each such payment shall be made to such Issuing Lender at its address for notices referred to herein in an amount in the currency of such payment equal to such payment and in immediately available funds. Interest shall be payable on any such amounts from the date on which the relevant draft is paid until payment in full at the rate set forth in (x) until the Business Day next succeeding the date of the relevant notice, Section 2.12(a) and (y) thereafter, Section 2.12(e).

Section 3.06 <u>Obligations Absolute</u>. The Borrower's obligations under this Article III shall be absolute, unconditional and irrevocable under any and all circumstances and irrespective of any setoff, counterclaim or defense to payment that the Borrower may have or have had against the Issuing Lenders, any beneficiary of a Letter of Credit or any other Person. The Borrower also agrees with the Issuing Lenders that the Issuing Lenders shall not (absent a finding of gross negligence or willful misconduct by the Issuing Lender as determined by a final and nonappealable decision of a court of competent jurisdiction) be responsible for, and the Borrower's Reimbursement Obligations under Section 3.05 shall not be affected by, among other things, the validity or genuineness of documents or of any endorsements thereon, even though such documents shall in fact prove to be invalid, fraudulent or forged, or any dispute between or among the Borrower and any beneficiary of any Letter of Credit or any other party to which such Letter of Credit may be transferred or any claims whatsoever of the Borrower against any beneficiary of such Letter of Credit or any such transferee. The Issuing Lender shall not be liable for any error, omission, interruption or delay in transmission, dispatch or delivery of any message or advice, however transmitted, in connection with any Letter of Credit, except for errors or omissions found by a final and nonappealable decision of a court of competent jurisdiction to have resulted from the gross negligence or willful misconduct of such Issuing Lender. The Borrower agrees that any action taken or omitted by the relevant Issuing Lender under or in connection with any Letter of Credit or the related drafts or documents, if done in the absence of gross negligence or willful misconduct, shall be binding on the Borrower and shall not result in any liability of such Issuing Lender to the Borrower.

Section 3.07 <u>Letter of Credit Payments</u>. If any draft shall be presented for payment under any Letter of Credit, the relevant Issuing Lender shall promptly notify the Borrower of the date and amount thereof. The responsibility of the Issuing Lenders to the Borrower in connection with any draft presented for payment under any Letter of Credit shall, in addition to any payment obligation expressly provided for in such Letter of Credit, be limited to determining that the documents (including each draft) delivered under such Letter of Credit in connection with such presentment are substantially in conformity with such Letter of Credit.

Section 3.08 <u>Applications</u>. To the extent that any provision of any Application related to any Letter of Credit is inconsistent with the provisions of this Article III, the provisions of this Article III shall apply.

Section 3.09 <u>Applicability of ISP and UCP</u>. Unless otherwise expressly agreed by the Issuing Lender and the Borrower (including pursuant to the express terms hereof), the rules of the ISP shall apply to each standby Letter of Credit. Notwithstanding the foregoing, the Issuing Lender shall not be responsible to the Borrower for, and the Issuing Lender's rights and remedies against the Borrower shall not be impaired by, any action or inaction of the Issuing Lender required under any law, order or practice that is required to be applied to any Letter of Credit, including the law or any order of a jurisdiction where the Issuing Lender or the beneficiary is located or the practice stated in the ISP or UCP, as applicable.

ARTICLE IV<u><br> Representations and Warranties</u>

The Borrower represents and warrants to the Lenders that the following statements are true, correct and complete; provided that, notwithstanding anything to the contrary herein or any Ancillary Document, the only representations and warranties made on the Effective Date shall be the Specified Representations and all other representations and warranties contained in this Article IV shall only be applicable from and after the Initial Availability Date:

Section 4.01 <u>Organization, Powers and Good Standing</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) The Borrower is duly organized, validly existing and in good standing under the laws of its jurisdiction of organization. The Borrower has all requisite power and authority (i) to own and operate its properties and to carry on its business as now conducted and proposed to be conducted, except where the lack of power and authority would not have a Material Adverse Effect and (ii) to enter into this Agreement and to carry out the transactions contemplated hereby and to issue the Notes.

&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) The Borrower is in good standing wherever necessary to carry on its present business and operations, except in jurisdictions in which the failure to be in good standing would not have a Material Adverse 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;(c) Each Material Subsidiary of the Borrower is validly existing and in good standing under the laws of its respective jurisdiction of organization and has all requisite power and authority to own and operate its properties and to carry on its business as now conducted except where failure to be in good standing or a lack of power and authority would not have a Material Adverse Effect.

Section 4.02 <u>Authorization of Borrowing, etc</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) The execution, delivery and performance of this Agreement, the issuance, delivery and payment of the Notes and the obtaining of extensions of credit hereunder, in each case, by the Borrower, have been duly authorized by all necessary action of the Borrower. This Agreement has been duly executed and delivered by the Borrower.

&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) The execution, delivery and performance of this Agreement, the issuance, delivery and payment of the Notes, the issuance of Letters of Credit and the borrowing of the Loans, in each case, by the Borrower, do not and will not (i) violate any provision of law applicable to the Borrower or any of its Material Subsidiaries, (ii) violate the certificate of organization or bylaws of the Borrower or any of its Material Subsidiaries, (iii) violate any order, judgment or decree of any court or other agency of government binding on the Borrower or any of its Material Subsidiaries, conflict with, result in a breach of or constitute (with due notice or lapse of time or both) a default under any contractual obligation of the Borrower or any of its Material Subsidiaries, result in or require the creation or imposition of any Lien upon any of the material properties or assets of the Borrower or any of its Material Subsidiaries or require any approval of stockholders or any approval or consent of any Person under any contractual obligation of the Borrower or any of its Material Subsidiaries other than such approvals and consents which have been or will be obtained on or before the Initial Availability Date; except for any violation, conflict, default, breach, lien or lack of approval the existence of which would not have a Material Adverse 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;(c) The execution, delivery and performance of this Agreement, the issuance, delivery and payment of the Notes, the issuance of Letters of Credit and the borrowing of the Loans, in each case, by the Borrower, will not require on the part of the Borrower any registration with, consent or approval of, or notice to, or other action to, with or by, any federal, state or other governmental authority or regulatory body other than any such registration, consent, approval, notice or other action which has been duly made, given or taken.

&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) This Agreement is, and each of the Notes when executed and delivered by the Borrower will be, a legally valid and binding obligation of the Borrower, enforceable against the Borrower in accordance with its respective terms, except as enforcement may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws relating to or limiting creditors' rights generally or by equitable principles relating to enforceability.

Section 4.03 <u>Financial Condition</u>.

Prior to the Initial Availability Date, the Borrower has delivered to the Administrative Agent (x) the audited consolidated financial statements of the S&P Global Mobility business of S&P Global Inc. for the year ended December 31, 2025, as presented in S&P Global Inc.'s Annual Report on Form 10-K filed with the Securities and Exchange Commission for such period and (y) the unaudited condensed combined financial statements of the S&P Global Mobility business of S&P Global Inc. for the fiscal quarter ended March 31, 2026, as presented on the Form 10 (collectively, the "<u>Financial Statements</u>"); *provided* that (i) the Administrative Agent and the Lenders hereby acknowledge receipt of the Financial Statements described in clause (x) above and the satisfaction of the requirement of the Borrower to deliver such Financial Statements and (ii) the requirement of the Borrower to deliver the Financial Statements referred to in clause (y) shall be deemed satisfied upon the public filing of the Form 10 with the Securities and Exchange Commission. All such Financial Statements were prepared in accordance with GAAP except for the preparation of footnote disclosures for the unaudited statements. All such Financial Statements fairly present the consolidated financial position of the S&P Global Mobility business of S&P Global Inc. as at the respective dates thereof and the consolidated statements of income and changes in financial position of the S&P Global Mobility business of S&P Global Inc. for each of the periods covered thereby.

Section 4.04 <u>No Adverse Material Change</u>.

Since December 31, 2025, there has been no change in the business, operations, properties, assets or financial condition of the Borrower or any of its Subsidiaries, which has been, either in any case or in the aggregate, materially adverse to the Borrower and its Subsidiaries taken as a whole; *provided* that, solely for the purposes of this Section 4.04, any reference to "the Borrower or any of its Subsidiaries" for any period prior to the Initial Availability Date shall be deemed to be a reference to the S&P Global Mobility business of S&P Global Inc.

Section 4.05 <u>Litigation</u>.

Except as disclosed in the Form 10 or in Schedule 4.05 to this Agreement, there is no action, suit, proceeding, governmental investigation (including, without limitation, any of the foregoing relating to laws, rules and regulations relating to the protection of the environment, health and safety) of which the Borrower has knowledge or arbitration (whether or not purportedly on behalf of the Borrower or any of its Subsidiaries) at law or in equity or before or by any Governmental Authority, domestic or foreign, pending or, to the knowledge of the Borrower, threatened against the Borrower or any of its Subsidiaries or affecting any property of the Borrower or any of its Subsidiaries which (i) challenges the validity of this Agreement or any Note or (ii) would reasonably be expected to have a Material Adverse Effect.

Section 4.06 <u>Payment of Taxes</u>.

Except to the extent permitted by Section 6.03 hereof, the Borrower has paid or caused to be paid all taxes, assessments, fees and other governmental charges upon the Borrower and each of its Subsidiaries and upon their respective properties, assets, income and franchises, except for any taxes the failure of which to pay would not have a Material Adverse Effect (provided that no Tax Lien has been filed, and, to the knowledge of the Borrower, no claim is being asserted with respect to any such Tax, fee or other charge) or which are not yet due and payable or which are being contested in good faith. The Borrower does not know of any proposed tax assessment against the Borrower or such Subsidiary that would have a Material Adverse Effect, which is not being contested in good faith by the Borrower or such Subsidiary; <u>provided</u> that such reserves or other appropriate provisions, if any, as shall be required in conformity with GAAP shall have been made or provided therefor.

Section 4.07 <u>Governmental Regulation</u>.

The Borrower is not an "investment company" or a company "controlled" by an "investment company," within the meaning of the Investment Company Act of 1940, as amended.

Section 4.08 <u>Securities Activities</u>.

The Borrower is not engaged principally, or as one of its important activities, in the business of extending credit for the purpose of purchasing or carrying any Margin Stock.

Section 4.09 <u>ERISA</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) Except as would not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect: (i) the Borrower and each of its ERISA Affiliates is in compliance with the applicable provisions of ERISA and the provisions of the Code relating to Plans and the regulations and published interpretations thereunder; (ii) no ERISA Event has occurred or is reasonably expected to occur; and (iii) all amounts required by applicable law with respect to, or by the terms of, any retiree welfare benefit arrangement maintained by the Borrower or any ERISA Affiliate or to which the Borrower or any ERISA Affiliate has an obligation to contribute have been accrued in accordance with Topic 715-60 of the Financial Accounting Standards Board Accounting Standards Codification.

&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) Except as, in the aggregate, would not reasonably be expected to have a Material Adverse Effect: (i) all employer and employee contributions required by applicable law or by the terms of any Foreign Benefit Arrangement or Foreign Plan have been made, or, if applicable, accrued in accordance with normal accounting practices; (ii) the accrued benefit obligations of each Foreign Plan (based on those assumptions used to fund such Foreign Plan) with respect to all current and former participants do not exceed the assets of such Foreign Plan; (iii) each Foreign Plan that is required to be registered has been registered and has been maintained in good standing with applicable regulatory authorities; and (iv) each Foreign Benefit Arrangement and Foreign Plan is in compliance (A) with all material provisions of applicable law and all material applicable regulations and published interpretations thereunder with respect to such Foreign Benefit Arrangement or Foreign Plan and (B) with the terms of such arrangement or plan.

Section 4.10 <u>Disclosure</u>. As of the Initial Availability Date, the reports, financial statements, certificates or other information (other than any projections) furnished by or on behalf of the Borrower to the Administrative Agent or any Lender in connection with the negotiation of this Agreement or delivered hereunder prior to the Initial Availability Date (as modified or supplemented by other information so furnished), when taken as a whole, do not contain any material misstatement of fact or omit to state any material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading.

Section 4.11 <u>Anti-Corruption Laws and Sanctions</u>. The Borrower has implemented and maintains in effect policies and procedures reasonably designed to promote compliance by the Borrower, its Subsidiaries and their respective directors, officers, employees and agents with Anti-Corruption Laws and applicable Sanctions, and the Borrower, its Subsidiaries and, to the knowledge of the Borrower, their respective directors, officers, employees and agents are in compliance with Anti-Corruption Laws and applicable Sanctions in all material respects. None of the Borrower, any Subsidiary or, to the knowledge of the Borrower, any of their respective directors, officers, employees or agents is a Sanctioned Person.

Section 4.12 <u>Affected Financial Institutions</u>. The Borrower is not an Affected Financial Institution.

ARTICLE V<u><br> Conditions</u>

Section 5.01 <u>Effective Date</u>.

This Agreement shall become effective on and as of the first date (the "<u>Effective Date</u>") on which each of the following conditions is satisfied (or waived in accordance with Section 10.02):

&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) The Administrative Agent (or its counsel) shall have received from each party hereto either (i) a counterpart of this Agreement signed on behalf of such party or (ii) written evidence satisfactory to the Administrative Agent (which may include telecopy or e-mail transmission of a signed signature page of this Agreement) that such party has signed a counterpart of this Agreement (in each case which, subject to Section 10.06(b), may include any Electronic Signatures transmitted by telecopy, emailed pdf. or any other electronic means that reproduces an image of an actual executed signature page).

&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) The Administrative Agent shall have received favorable written opinions (addressed to the Administrative Agent and the Lenders and dated the Effective Date) of (x) Davis Polk & Wardwell LLP, as special New York counsel to the Borrower and (y) Morris, Nichols, Arsht & Tunnell LLP, as special Delaware counsel to the Borrower, in each case, covering such matters relating to the Borrower, this Agreement or the Transactions as the Required Lenders shall reasonably request.

&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) The Administrative Agent shall have received such documents and certificates as the Administrative Agent, any Lender or their counsel may reasonably request relating to the organization, existence and good standing of the Borrower, the authorization of the Transactions and any other legal matters relating to the Borrower, this Agreement or the Transactions, all in form and substance satisfactory to the Administrative Agent and its counsel.

&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) No Default or Event of Default shall have occurred or be continuing on the Effective 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;(e) The Specified Representations shall be true in all material respects on and as of the Effective 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;(f) The Administrative Agent shall have received a certificate dated as of the Effective Date and signed by a Responsible Officer of the Borrower certifying as to the matters set forth in subsection (d) and (e) of this Section 5.01.

&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) (i) The Administrative Agent shall have received, at least three days prior to the Effective Date, all documentation and other information regarding the Borrower requested in connection with applicable "know your customer" and anti-money laundering rules and regulations, including, without limitation, the Patriot Act, to the extent requested in writing of the Borrower at least ten days prior to the Effective Date and (ii) to the extent the Borrower qualifies as a "legal entity customer" under the Beneficial Ownership Regulation, at least three days prior to the Effective Date, any Lender that has requested, in a written notice to the Borrower at least ten days prior to the Effective Date, a Beneficial Ownership Certification in relation to the Borrower shall have received such Beneficial Ownership Certification (provided that, upon the execution and delivery by such Lender of its signature page to this Agreement, the condition set forth in this clause (ii) shall be deemed to be satisfied).

The Administrative Agent shall notify the Borrower and the Lenders of the Effective Date, and such notice shall be conclusive and binding. For purposes of determining compliance with the conditions specified in this Section 5.01, by executing this Agreement, the Administrative Agent and each Lender and each Issuing Lender shall be deemed to have consented to, approved or accepted, or to be satisfied with, each document or other matter required by this Section 5.01 to be consented to or approved by or acceptable or satisfactory to the Administrative Agent or such Lender or such Issuing Lender, as the case may be.

Section 5.02 <u>Conditions Precedent to the Initial Availability Date</u>. The availability of the Commitments and the obligation of the Lenders to make Revolving Loans in accordance with Section 2.01 or the Issuing Lenders to issue Letters of Credit in accordance with Section 3.01 shall become effective on and as of the first date on which each of the following conditions is satisfied (or waived in accordance with Section 10.02):

&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) The Effective Date shall have occurred.

&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) The Separation shall have been consummated in all material respects as described in the Form 10.

&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) The representations and warranties of the Borrower set forth in this Agreement shall be true and correct in all material respects (or, if qualified by materiality or Material Adverse Effect, in all respects) on and as of the Initial Availability Date, except to the extent that such representations and warranties specifically relate to an earlier date, in which case they shall be true and correct in all material respects (or, if qualified by materiality or Material Adverse Effect, in all respects) as of such earlier 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;(d) No Default or Event of Default shall have occurred or be continuing on the Initial Availability 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;(e) The Administrative Agent shall have received a certificate, dated as of the Initial Availability Date, certifying as to the matters set forth in subsections (b), (c) and (d) of this Section 5.02.

&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) The Lenders, the Administrative Agent and the Arrangers shall have received all fees and other amounts due and payable on or prior to the Initial Availability Date, including to the extent invoiced, reimbursement or payment of all reasonable and actual out-of-pocket expenses required to be reimbursed or paid by the Borrower hereunder.

The Administrative Agent shall promptly notify the Borrower and the Lenders of the Initial Availability Date, and such notice shall be conclusive and binding.

Section 5.03 <u>Each Credit Event</u>.

The obligation of each Lender to make any extension of credit hereunder is subject to the satisfaction of the following conditions:

&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) The Initial Availability Date shall have occurred.

&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) The representations and warranties of the Borrower set forth in this Agreement (other than in Section 4.04 and Section 4.05 for any extension of credit made after the Initial Availability Date) shall be true and correct in all material respects (or, if qualified by materiality or Material Adverse Effect, in all respects) on and as of the date of such extension of credit, except to the extent that such representations and warranties specifically relate to an earlier date, in which case they shall be true and correct in all material respects (or, if qualified by materiality or Material Adverse Effect, in all respects) as of such earlier 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;(c) At the time of and immediately after giving effect to such extension of credit, no Default shall have occurred and be continuing.

Each request for an extension of credit shall be deemed to constitute a representation and warranty by the Borrower on the date of such extension of credit as to the matters specified in paragraphs (b) and (c) of this Section.

ARTICLE VI<u><br> Affirmative Covenants</u>

With respect to (x) Sections 6.01(b)(iii)(x), 6.02(a) and 6.05(a) below, commencing on the Effective Date and (y) all other provisions of this Article VI, commencing on the Initial Availability Date, and until the Commitments have expired or been terminated and the principal of and interest on each Loan and all fees payable hereunder shall have been paid in full, and no Letter of Credit remains outstanding, the Borrower covenants and agrees with the Lenders that:

Section 6.01 <u>Financial Statements and Other Reports</u>.

The Borrower and each of its Subsidiaries will maintain a system of accounting established and administered in accordance with sound business practices to permit preparation of consolidated financial statements in conformity with GAAP and the Borrower will deliver to the Administrative Agent (which will deliver copies thereof to the Lenders) (except to the extent otherwise expressly provided below in subsection 6.01(a)(ii)):

&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) &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) as soon as practicable and in any event within 45 days after the end of each of the first three Fiscal Quarters of each Fiscal Year (which period shall be extended by the period of any extension for the filing of the Borrower's Form 10-Q for the applicable Fiscal Quarter permitted by the Securities and Exchange Commission) ending after the Initial Availability Date, the consolidated balance sheet of the Borrower and its consolidated Subsidiaries as at the end of such period, and the related consolidated statements of income and shareholders' equity and cash flows of the Borrower and its consolidated Subsidiaries in each case certified by the chief financial officer or controller of the Borrower that they fairly present the financial condition of the Borrower and its consolidated Subsidiaries as at the dates indicated and the results of their operations and changes in their financial position, subject to changes resulting from audit and normal year-end adjustments, based on the Borrower's normal accounting procedures applied on a consistent basis (except as noted therein);

&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) as soon as practicable and in any event within 90 days after the end of each Fiscal Year (which period shall be extended by the period of any extension for the filing of the Borrower's Annual Report on Form 10-K for the applicable Fiscal Year permitted by the Securities and Exchange Commission) ending after the Initial Availability Date, the consolidated balance sheet of the Borrower and its consolidated Subsidiaries as at the end of such year and the related consolidated statements of income and shareholders' equity and cash flows of the Borrower and its consolidated Subsidiaries for such Fiscal Year, accompanied by a report thereon of an Independent Public Accountant which report shall (i) be without a "going concern" or like qualification commentary and without any qualification or exception as to the scope of such audit, and (ii) state that such consolidated financial statements present fairly the financial position of the Borrower and its consolidated Subsidiaries as at the dates indicated and the results of their operations and changes in their financial position for the periods indicated in conformity with GAAP applied on a basis consistent with prior years (except as noted in such report and approved by such Independent Public Accountant) and that the examination by such Independent Public Accountant in connection with such consolidated financial statements has been made in accordance with generally accepted auditing standards;

The Borrower will be deemed to have complied with the requirements of Section 6.01(a)(i) hereof if within 45 days after the end of each Fiscal Quarter (other than the final Fiscal Quarter) of each of its Fiscal Years (which period shall be extended by the period of any extension for the filing of the Borrower's Form 10-Q for the applicable Fiscal Quarter permitted by the Securities and Exchange Commission), a copy of the Borrower's Form 10-Q as filed with the Securities and Exchange Commission with respect to such Fiscal Quarter is furnished to the Administrative Agent, and the Borrower will be deemed to have complied with the requirements of Section 6.01(a)(ii) hereof if within 90 days after the end of each of its Fiscal Years (which period shall be extended by the period of any extension for the filing of the Borrower's Annual Report on Form 10-K for the applicable Fiscal Year permitted by the Securities and Exchange Commission), a copy of the Borrower's Annual Report on Form 10-K as filed with the Securities and Exchange Commission with respect to such Fiscal Year is furnished to the Administrative Agent.

&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) &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) together with each delivery of financial statements of the Borrower and its consolidated Subsidiaries pursuant to subdivisions (a)(i) and (a)(ii) above, (x) an Officer's Certificate of the Borrower stating that the signer has reviewed the terms of this Agreement and has made, or caused to be made under such signer's supervision, a review in reasonable detail of the transactions and condition of the Borrower and its consolidated Subsidiaries during the accounting period covered by such financial statements and that such review has not disclosed the existence during or at the end of such accounting period, and that the signer does not have knowledge of the existence as at the date of the Officers' Certificate, of any condition or event which constitutes an Event of Default or Default, or, if any such condition or event existed or exists, specifying the nature and period of existence thereof and what action the Borrower has taken, is taking and proposes to take with respect thereto; and (y) an Officer's Certificate demonstrating in reasonable detail compliance with the restrictions contained in Section 7.03 hereof as of the last day of the accounting period covered by such financial statements (a "<u>Compliance Certificate</u>") and, in addition, a written statement of the chief accounting officer, chief financial officer, any vice president or the treasurer or any assistant treasurer of the Borrower describing in reasonable detail the differences between the financial information contained in such financial statements and the information contained in the Officer's Certificate relating to compliance with Section 7.03 hereof;

&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) promptly upon their becoming available but only to the extent requested by the Administrative Agent, copies of all publicly available financial statements, reports, notices and proxy statements sent by the Borrower to its security holders, all regular and periodic reports and all registration statements and prospectuses, if any, filed by the Borrower with any securities exchange or with the Securities and Exchange Commission;

&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) promptly upon (and in no event later than three days after) any of the chairman of the board, the chief executive officer, the president, the chief accounting officer, the chief financial officer or the treasurer of the Borrower obtaining actual knowledge (x) of any condition or event which constitutes an Event of Default or Default, or (y) of a Material Adverse Effect, an Officer's Certificate specifying the nature and period of existence of any such condition or event, or specifying the notice given or action taken by such holder or Person and the nature of such claimed Default, Event of Default, event or condition, and what action, if any, the Borrower has taken, is taking and proposes to take with respect thereto;

&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) promptly after Moody's or Fitch shall have announced a change in the rating established or deemed to have been established for the Index Debt, written notice of such rating change; and

&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) with reasonable promptness, (x) such other information and data with respect to the Borrower or any of its Subsidiaries as from time to time may be reasonably requested by any Lender and (y) information and documentation reasonably requested by the Administrative Agent or any Lender for purposes of compliance with applicable "know your customer" and anti-money laundering rules and regulations, including the Patriot Act and the Beneficial Ownership Regulation.

Section 6.02 <u>Corporate Existence</u>.

Except as may result from a transaction permitted by Section 7.01 hereof, the Borrower will (a) maintain its corporate existence in good standing and (b) qualify and remain qualified to do business as a foreign corporation in each jurisdiction in which the character of the properties owned or leased by it therein or in which the transaction of its business is such that the failure to qualify would have a Material Adverse Effect.

Section 6.03 <u>Payment of Taxes</u>.

The Borrower will, and will cause each of its Subsidiaries to, pay all Taxes, assessments and other governmental charges imposed upon it or any of its properties or assets or in respect of any of its franchises, business, income or property when due to the extent that the failure to pay would have a Material Adverse Effect, <u>provided</u>, that no such amount need be paid if being contested in good faith by appropriate proceedings diligently conducted and if such reserve or other appropriate provision, if any, as shall be required in conformity with GAAP shall have been made therefor.

Section 6.04 <u>Maintenance of Properties; Insurance</u>.

The Borrower will maintain or cause to be maintained in good repair, working order and condition (ordinary wear and tear excepted) all material properties and equipment used or useful in its business. The foregoing sentence shall not be construed as to prohibit or restrict the sale or disposition of any assets of the Borrower or any of its Subsidiaries. The Borrower will maintain or cause to be maintained, with financially sound and reputable insurers, insurance with respect to its material properties and business and the material properties and business of its Subsidiaries against loss or damage of the kinds customarily insured against by corporations of established reputation engaged in the same or similar businesses and similarly situated, of such types and in such amounts as are customarily carried under similar circumstances by such other corporations.

Section 6.05 <u>Compliance with Laws</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) The Borrower and its Subsidiaries shall exercise all due diligence in order to comply in all material respects with the requirements of all applicable laws, rules, regulations and orders of any Governmental Authority (including, without limitation, laws, rules and regulations relating to the disposal of hazardous wastes and asbestos into the environment, Anti-Corruption Laws and applicable Sanctions), noncompliance with which would have a Material Adverse 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;(b) The Borrower shall maintain in effect policies and procedures reasonably designed to ensure compliance by the Borrower, its Subsidiaries and their respective directors, officers, employees and agents with Anti-Corruption Laws and applicable Sanctions.

Section 6.06 <u>Notices of ERISA Event</u>.

The Borrower will furnish to the Administrative Agent and each Lender prompt written notice of the occurrence of any ERISA Event that, alone or together with any other ERISA Events that have occurred, would reasonably be expected to result in liability of the Borrower and its Subsidiaries in an aggregate amount exceeding $100,000,000.

Section 6.07 <u>Inspection Rights</u>.

The Borrower will, and will cause each of its Subsidiaries to, permit any representatives designated by the Administrative Agent or any Lender, upon reasonable prior notice and at reasonable times, to visit and inspect its properties, to examine and make extracts from its books, and to discuss its affairs, finances and condition with its officers and, in the presence of its officers, its independent accountants.

ARTICLE VII<u><br> Negative Covenants</u>

From and after the Initial Availability Date until the Commitments have expired or terminated and the principal of and interest on each Loan and all fees payable hereunder have been paid in full, and no Letter of Credit remains outstanding, the Borrower covenants and agrees with the Lenders that:

Section 7.01 <u>Fundamental Changes</u>.

The Borrower will not consolidate with or merge with or into, or transfer all or substantially all, or any substantial portion, of its properties and assets to one or more Persons in one or a series of related transactions unless (i) if the Borrower is the surviving entity in any such consolidation or merger, after giving effect to such transaction, there would not exist any Default or Event of Default hereunder or (ii) if the Borrower is not the surviving entity in any such consolidation or merger, (v) after giving effect to such transaction, there would not exist any Default or Event of Default hereunder, (w) the survivor shall be organized under the laws of a state in the United States and shall expressly assume, pursuant to documentation in form reasonably satisfactory to the Administrative Agent, the due and punctual payment of the principal of and interest on the Loans and all other amounts payable under this Agreement and the payment and performance of and compliance with all the terms of this Agreement and the Ancillary Documents on the part of the Borrower to be performed or observed, (x) the Borrower shall provide any documentation and other information about the surviving Person at least three Business Days' prior to the consummation of such merger, amalgamation or consolidation as shall have been reasonably requested in writing by any Lender through the Administrative Agent that such Lender shall have reasonably determined is required by regulatory authorities under applicable "know your customer" and anti-money laundering rules and regulations; <u>provided</u> that Lenders shall have at least 10 days notice prior to the consummation of such merger, amalgamation or consolidation, (y) the survivor shall have then-effective ratings (or implied ratings) published by Moody's, S&P or Fitch applicable to such successor entity's senior, unsecured, non-credit-enhanced, long term indebtedness for borrowed money, which ratings shall be either Baa3 or higher (if assigned by Moody's) or BBB- or higher (if assigned by S&P or Fitch) and (z) if the Administrative Agent so requests, it shall receive a legal opinion from outside counsel to the survivor reasonably satisfactory to the Administrative Agent.

Section 7.02 <u>Liens</u>.

The Borrower will not, and will not permit any of its Subsidiaries to, directly or indirectly, create, incur, assume or permit to exist any Lien on or with respect to any property or asset (including any document or instrument in respect of goods or accounts receivable) of the Borrower or any of its Subsidiaries, whether now owned or hereafter acquired, or any income or profits therefrom, except:

&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) Liens set forth on Schedule 7.02 (as amended in accordance with Section 10.02(d)) hereto;

&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) Permitted Liens;

&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) Purchase money security interests (including mortgages, conditional sales, Capitalized Leases and any other title retention or deferred purchase devices) in real or personal property of the Borrower or any of its Subsidiaries existing or created at the time of acquisition thereof or within 180 days thereafter, and the renewal, extension or refunding of any such security interest in an amount not exceeding the amount thereof remaining unpaid immediately prior to such renewal, extension or refunding; <u>provided</u>, <u>however</u>, that the principal amount of Indebtedness and Capitalized Lease Obligations secured by each such security interest in each item of property shall not exceed the cost (including all such Indebtedness secured thereby, whether or not assumed) of the item subject thereto and that such security interests shall attach solely to the particular item of property so acquired;

&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) Liens on property of a Person existing at the time such Person is merged into or consolidated with the Borrower or any Subsidiary of the Borrower or becomes a Subsidiary of the Borrower; <u>provided</u> that such Liens were not created in contemplation of such merger, consolidation or acquisition and do not extend to any assets other than those of the Person so merged into or consolidated with the Borrower or such Subsidiary or acquired by the Borrower or such Subsidiary;

&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) Liens on assets of Subsidiaries securing Indebtedness of such Subsidiaries permitted under Section 7.05.

&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) In addition to Liens permitted by clauses (a) through (e) and (h) through (l), the Borrower and its Subsidiaries may have attachment or judgment Liens and Liens securing the payment of Indebtedness or other obligations, which Liens secure in the aggregate, together with, but without duplication of, the aggregate principal amount of any Indebtedness outstanding under Section 7.05(f), not more than an amount equal to the greater of (x) $250,000,000 and (y) 35% of EBITDA as of the end of the most recently completed Fiscal Quarter; <u>provided</u> that no Lien shall be counted against the basket in this clause (f) if such Lien ranks junior to, or equally with, a Lien securing the obligations in respect of this Agreement;

&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) Liens in favor of the Borrower or any of its Subsidiaries;

&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) leases, licenses, subleases or sublicenses granted to third parties in the ordinary course of business and not interfering in any material respect with the ordinary conduct of business of the Borrower or any Subsidiary;

&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) ordinary course Liens arising solely by virtue of any statutory or common law provision relating to banker's liens, rights of set-off or similar rights and remedies as to deposit accounts or other funds maintained with a creditor depository institution;

&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) Liens in connection with the sale or transfer of any assets in a transaction permitted under this Agreement (<u>provided</u> that such Liens are limited to such assets to be sold or transferred in such transaction), and customary rights and restrictions contained in agreements relating to such sale or transfer pending the completion 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;(k) Liens on equity interests or assets of any joint venture of the Borrower and its Subsidiaries securing Indebtedness permitted pursuant to Section 7.05(g);

&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) the replacement, extension or renewal of any Lien permitted to be incurred under this Section 7.02 (other than any such Lien permitted solely pursuant to clause (f) above); <u>provided</u> that such extension, renewal or replacement Lien shall be limited to all or a part of the same property that secured the Lien extended, renewed or replaced (plus improvements on and accessions to such property) and shall only secure those obligations which it initially secured and any refinancings, refundings, renewals or extensions of such obligations so long as the amount of such obligations is not increased at the time of such refinancing, refunding, renewal or extension (except by an amount equal to a premium or other amount paid and fees and expenses incurred in connection therewith);

&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) Liens incurred to secure obligations in respect of letters of credit (including any cash collateralization requirements related thereto), other than Letters of Credit under this Agreement, in an aggregate face amount not to exceed $750,000 at any time outstanding;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) Liens on any funds or securities held in any escrow account established for the purpose of holding proceeds from issuances of debt securities by the Borrower in connection with the Separation; provided that such Liens do not extend to any assets other than such proceeds.

Section 7.03 <u>Financial Covenant</u>.

The Borrower shall not permit the Total Net Leverage Ratio on and as of the last day of any Fiscal Quarter of the Borrower, commencing with the first Fiscal Quarter ending after the Initial Availability Date, to be greater than 3.50:1.00 at any time; provided that, subject to the limitations set forth in the definition of Qualifying Material Acquisition (including the delivery of a QMA Notice within the required time period set forth in the definition of Qualifying Material Acquisition), at the election of the Borrower, such ratio shall be increased to 4.00:1.00 for the first Fiscal Quarter that ends on or subsequent to the date the applicable Qualifying Material Acquisition is consummated and for each of the three consecutive Fiscal Quarters immediately following such Fiscal Quarter (such four Fiscal Quarter period, the "<u>Financial Covenant Increase Period</u>"); provided, further, that there shall be at least two full Fiscal Quarters after the end of a Financial Covenant Increase Period during which no QMA Notice is delivered.

Section 7.04 <u>Use of Proceeds</u>.

No portion of the proceeds of any borrowing under this Agreement shall be used by the Borrower in any manner which would cause the borrowing or the application of such proceeds to violate Regulation U, Regulation T, or Regulation X of the Federal Reserve Board or any other regulation of the Federal Reserve Board or to violate the Exchange Act, in each case as in effect on the date or dates of such borrowing and such use of proceeds. The Borrower shall not request any Borrowing or Letter of Credit, and the Borrower shall not use and shall procure that its Subsidiaries and its and their respective directors, officers, employees and agents shall not use the proceeds of any Borrowing or Letter of Credit (A) in furtherance of an offer, payment, promise to pay or authorization of the payment or giving of money, or anything else of value, to any Person in violation of any Anti-Corruption Law, (B) for the purpose of funding, financing or facilitating any activities, business or transactions of or with any Sanctioned Person, or in any Sanctioned Country, to the extent such activities, business or transactions would be prohibited by Sanctions if conducted by an entity incorporated or formed in the United States or in a European Union member state or the United Kingdom or (C) in any manner that would result in the violation of any Sanctions applicable to any party hereto.

Section 7.05 <u>Subsidiary Indebtedness</u>.

The Borrower will not permit any Subsidiary to create, incur, assume or suffer to exist any Indebtedness, except:

&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) Indebtedness in existence on the Initial Availability Date and set forth on Schedule 7.05 hereto (as amended in accordance with Section 10.02(d)) (which Schedule also set forth the aggregate amount of commitments with respect to such Indebtedness and the amount of such commitments that are utilized on the Initial Availability Date), and any modifications, extensions, renewals, refinancings and replacements of any such Indebtedness that do not increase the aggregate principal amount thereof outstanding at the time of any such modification, extension, renewal, refinancing or replacement except by an amount equal to (i) unpaid accrued interest and premiums thereon plus other reasonable amounts paid, and fees and expenses reasonably incurred, in connection with any such modification, extension, renewal, refinancing or replacement and (ii) if applicable, the amount of then-unutilized commitments with respect to such Indebtedness;

&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) Indebtedness of any Subsidiary to the Borrower or any other Subsidiary;

&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) Indebtedness of any Person that becomes a Subsidiary after the date hereof; provided that such Indebtedness exists at the time such Person becomes a Subsidiary and is not created in contemplation of or in connection with such Person becoming a Subsidiary;

&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) Indebtedness of any Subsidiary as an account party in respect of letters of credit entered into in the ordinary course of business;

&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) Indebtedness incurred to finance the acquisition, construction or improvement of any non-current asset; provided that (i) the aggregate principal amount of such Indebtedness does not exceed the cost of acquiring, constructing or improving any such property or asset and (ii) such Indebtedness is incurred within 180 days of the date of acquisition, construction or improvement of any such property or asset;

&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) other Indebtedness in an aggregate principal amount, together with (but without duplication of) the aggregate amount of outstanding obligations secured by Liens permitted under Section 7.02(f), not to exceed the greater of (x) $250,000,000 and (y) 35% of EBITDA as of the end of the most recently completed Fiscal Quarter, at any time outstanding;

&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) Indebtedness incurred on behalf of or representing guarantees of Indebtedness of joint ventures of the Borrower and its Subsidiaries in an aggregate principal amount not to exceed $50,000,000 at any time outstanding;

&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) Indebtedness in respect of letters of credit, other than Letters of Credit under this Agreement, in an aggregate face amount not to exceed $750,000 at any time outstanding; and

&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) any refinancings, refundings, renewals or extensions of any Indebtedness incurred under clause (a) through (h) (provided that, the amount of such Indebtedness is not increased at the time of such refinancing, refunding, renewal, or extension, except by an amount equal to a premium or other amount paid and fees and expenses incurred in connection therewith).

Notwithstanding anything to the contrary set forth in this Agreement or any Ancillary Document, no provision of this Agreement or any Ancillary Document shall prevent or restrict the consummation of the Separation Transactions, nor shall the Separation Transactions give rise to any Default or Event of Default or constitute the utilization of any "basket" under this Agreement (including, without limitation, Section 7.01, Section 7.02 or Section 7.05) or any Ancillary Document.

ARTICLE VIII<u><br> Events of Default</u>

With respect to (x) Section 8.01 (solely with respect to payment of fees), Section 8.03 (solely with respect to breaches of Section 6.01(b)(iii)(x) and 6.02(a)), Section 8.04 (solely with respect to Specified Representations), Section 8.05 (solely with respect to breaches of Section 6.05(a)), Section 8.07 (solely with respect to the Borrower), Section 8.08 (solely with respect to the Borrower) and Section 8.10 (solely with respect to the Borrower), from and after the Effective Date, and (y) all other provisions of this Article VIII, from and after the Initial Availability Date any of the following conditions or events ("<u>Events of Default</u>") shall occur and be continuing:

Section 8.01 <u>Failure to Make Payments When Due</u>.

Failure to pay any installment of principal of any Loan or Reimbursement Obligation when due, whether at stated maturity, by acceleration, by notice of prepayment or otherwise; or failure to pay any other amount due under this Agreement (including, without limitation, the fees described in Section 2.11 hereof) or to pay interest on any Loan or Reimbursement Obligation, in either case within five Business Days after the date when due.

Section 8.02 <u>Default in Other Agreements</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) Failure of the Borrower or any of its Material Subsidiaries to pay when due, after giving effect to any applicable grace period and to any waiver or extension granted thereunder, any principal or interest on any Indebtedness of the Borrower or any Material Subsidiary (other than Indebtedness referred to in Section 8.01) and Capitalized Lease Obligations in a principal amount (individually or in the aggregate) of $200,000,000 or more.

&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) The breach or default of the Borrower or any of its Subsidiaries with respect to any other term of any Indebtedness or Capitalized Lease Obligations in a principal amount (individually or in the aggregate) of $200,000,000 or more or any loan agreement, mortgage, indenture or other agreement relating thereto, if such failure, default or breach results in such Indebtedness or Capitalized Lease Obligations in a principal amount (individually or in the aggregate) of $200,000,000 or more becoming or being declared by the holders thereof to be due and payable prior to its stated maturity; provided that no Default or Event of Default shall arise under this Section 8.02 as a result of any non-payment, breach or default of any Indebtedness of any partnerships of which a Subsidiary of the Borrower is the general partner, so long as such Indebtedness is non-recourse to the Borrower or any its Subsidiaries.

Section 8.03 <u>Breach of Certain Covenants</u>.

Failure of the Borrower to perform or comply with any term or condition contained in Section 6.01(b)(iii)(x), Section 6.02 or Article VII of this Agreement.

Section 8.04 <u>Breach of Warranty</u>.

Any material representation or warranty made by the Borrower in this Agreement or in any statement or certificate at any time given by the Borrower in writing pursuant hereto or thereto or in connection herewith or therewith shall be false in any material respect on the date as of which made or deemed to be made.

Section 8.05 <u>Other Defaults Under Agreement</u>.

The Borrower shall default in the performance of or compliance with any term contained in this Agreement (other than any default described in any other provision of Article VIII hereof) and such default shall not have been remedied or waived within 30 days after receipt by the Borrower of notice from the Administrative Agent or any Lender of such default.

Section 8.06 <u>Change In Control</u>.

The acquisition (other than from the Borrower) by any Person or any "group", within the meaning of Section 13(d)(3) or 14(d)(2) of the Exchange Act (excluding, for this purpose, (x) the Borrower or its Subsidiaries or any employee benefit plan of the Borrower or its Subsidiaries and (y) any Parent Entity) of beneficial ownership (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of 35% or more of either the then outstanding shares of common stock or the combined voting power of the Borrower's then outstanding voting securities entitled to vote generally in the election of directors; provided that no Default or Event of Default shall arise under this Section 8.06 solely as a result of the consummation of the Separation Transactions.

Section 8.07 <u>Involuntary Bankruptcy; Appointment of Receiver, etc.</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) A court having jurisdiction in the premises shall enter a decree or order for relief in respect of the Borrower or any of its Material Subsidiaries in an involuntary case under the Bankruptcy Code or any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, which decree or order is not stayed; or any other similar relief shall be granted under any applicable federal or state law and is not stayed.

&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) An involuntary case is commenced against the Borrower or any of its Material Subsidiaries under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect; or a decree or order of a court having jurisdiction in the premises for the appointment of a receiver, liquidator, sequestrator, trustee, custodian or other officer having similar powers over the Borrower or any of its Material Subsidiaries, or over all or a substantial part of its property, shall have been entered; or an interim receiver, trustee or other custodian of the Borrower or any of its Material Subsidiaries for all or a substantial part of the property of the Borrower or any of its Material Subsidiaries is involuntarily appointed; or a warrant of attachment, execution or similar process is issued against any substantial part of the property of the Borrower or any of its Material Subsidiaries; and the continuance of any such events in this clause (b) for 90 days unless dismissed, bonded or discharged.

Section 8.08 <u>Voluntary Bankruptcy; Appointment of Receiver, etc.</u>

The Borrower or any of its Material Subsidiaries shall have an order for relief entered with respect to it or commence a voluntary case under the Bankruptcy Code or any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, or shall consent to the entry of an order for relief in an involuntary case, or to the conversion of an involuntary case to a voluntary case, under any such law, or shall consent to the appointment of or taking possession by a receiver, trustee or other custodian for all or a substantial part of its property; the making by the Borrower or any of its Material Subsidiaries of any assignment for the benefit of creditors generally; or the inability or failure of the Borrower or any of its Material Subsidiaries, or the admission by the Borrower or any of its Material Subsidiaries in writing of its inability to pay its debts as such debts become due; or the Board of Directors of the Borrower or any Material Subsidiary (or any committee thereof) adopts any resolution or otherwise authorizes action to approve any of the foregoing; or

Section 8.09 <u>Judgments and Attachments</u>.

Any money judgment, writ or warrant of attachment, or similar process involving individually or at any one time in the aggregate an amount in excess of $200,000,000 (calculated net of insurance coverage, so long as such coverage has been accepted by the relevant insurance company or companies) shall be entered or filed against the Borrower or any of its Subsidiaries or any of its assets and shall remain undischarged, unvacated, unbonded or unstayed, as the case may be, for a period of 90 days or in any event later than five days prior to the date of any announced sale thereunder; or

Section 8.10 <u>Involuntary Dissolution</u>.

Any order, judgment or decree shall be entered against the Borrower or any of its Material Subsidiaries decreeing the dissolution or split up of the Borrower or any of its Material Subsidiaries and such order shall remain undischarged or unstayed for a period in excess of 60 days; or

Section 8.11 <u>ERISA Event</u>.

An ERISA Event shall have occurred that, when taken together with all other ERISA Events that have occurred, would reasonably be expected to result in a Material Adverse Effect;

THEN (i) upon the occurrence of any Event of Default described in the foregoing subsection 8.07 or 8.08, the unpaid principal amount of and accrued interest on the Loans and any fees and other amounts owing by the Borrower under this Agreement and the Notes (including all Reimbursement Obligations) shall automatically become immediately due and payable, without presentment, demand, protest or other requirements of any kind, all of which are hereby expressly waived by the Borrower and the obligation of each Lender to make any Loans shall thereupon terminate, and (ii) upon the occurrence of any other Event of Default, the Administrative Agent, as directed by the Required Lenders, may, by written notice to the Borrower, declare all of the unpaid principal amount of and accrued interest on the Loans and any fees and other amounts owing by the Borrower under this Agreement and the Notes (including all Reimbursement Obligations) to be, and the same shall forthwith become immediately, due and payable, together with accrued interest thereon, and the obligation of each Lender to make any Loan and of the Issuing Lender to issue, amend or increase any Letter of Credit hereunder shall thereupon terminate. With respect to all Letters of Credit with respect to which presentment for honor shall not have occurred at the time of an acceleration pursuant to this paragraph, the Borrower shall at such time deposit in a cash collateral account opened by the Administrative Agent an amount equal to the aggregate L/C Exposure. Amounts held in such cash collateral account shall be applied by the Administrative Agent to the payment of drawings under such Letters of Credit, and the unused portion thereof after all such Letters of Credit shall have expired or been fully drawn upon, if any, shall be applied to repay other obligations of the Borrower hereunder and under the Notes. After all such Letters of Credit shall have expired or been fully drawn upon, all Reimbursement Obligations shall have been satisfied and all other obligations of the Borrower hereunder and under Notes shall have been paid in full, the balance, if any, in such cash collateral account shall be returned to the Borrower (or such other Person as may be lawfully entitled thereto). Except as expressly provided above in this Section, presentment, demand, protest and all other notices of any kind are hereby expressly waived by the Borrower.

Notwithstanding the foregoing, if at any time within 60 days after acceleration of the maturity of the Loans the Borrower shall pay all arrears of interest and all payments on account of the principal which shall have become due otherwise than by acceleration (with interest on principal and, to the extent permitted by law, on overdue interest, at the rates specified in this Agreement or the Notes) and all other fees or expenses then owed hereunder (including all amounts of L/C Obligations, whether or not the beneficiaries of the then outstanding Letters of Credit shall have presented the documents required thereunder) and all Events of Default and Defaults (other than non-payment of principal of and accrued interest on the Loans and the Notes due and payable solely by virtue of acceleration) shall be remedied or waived pursuant to Section 10.02 hereof, then the Required Lenders by written notice to the Borrower may (in their sole discretion) rescind and annul the acceleration and its consequences; but such action shall not affect any subsequent Event of Default or Default or impair any right consequent thereon.

ARTICLE IX<u><br> The Administrative Agent</u>

Section 9.01 <u>Authorization and Action</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) Each of the Lenders hereby irrevocably appoints the Administrative Agent as its agent and authorizes the Administrative Agent to take such actions on its behalf and to exercise such powers as are delegated to the Administrative Agent by the terms hereof, together with such actions and powers as are reasonably incidental thereto.

&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) The bank serving as the Administrative Agent hereunder shall have the same rights and powers in its capacity as a Lender as any other Lender and may exercise the same as though it were not the Administrative Agent, and such bank and its Affiliates may accept deposits from, lend money to and generally engage in any kind of business with the Borrower or any Subsidiary or other Affiliate thereof as if it were not the Administrative Agent hereunder.

&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) The Administrative Agent shall not have any duties or obligations except those expressly set forth herein. Without limiting the generality of the foregoing, (a) the Administrative Agent shall not be subject to any fiduciary or other implied duties, regardless of whether a Default has occurred and is continuing, (b) the Administrative Agent shall not have any duty to take any discretionary action or exercise any discretionary powers, except discretionary rights and powers expressly contemplated hereby that the Administrative Agent is required to exercise in writing by the Required Lenders, and (c) except as expressly set forth herein, the Administrative Agent shall not have any duty to disclose, and shall not be liable for the failure to disclose, any information relating to the Borrower or any of its Subsidiaries that is communicated to or obtained by the bank serving as Administrative Agent or any of its Affiliates in any capacity.

&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) The Administrative Agent may perform any and all its duties and exercise its rights and powers by or through any one or more sub-agents appointed by the Administrative Agent. The Administrative Agent and any such sub-agent may perform any and all its duties and exercise its rights and powers through their respective Related Parties. The exculpatory provisions of this Article shall apply to any such sub-agent and to the Related Parties of the Administrative Agent and any such sub-agent, and shall apply to their respective activities in connection with the syndication of the credit facilities provided for herein as well as activities as Administrative Agent.

Section 9.02 <u>Administrative Agent's Reliance, Limitation of Liability, Etc.</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) The Administrative Agent shall not be liable for any action taken or not taken by it with the consent or at the request of the Required Lenders (or, if so specified by this Agreement, all Lenders) or in the absence of its own gross negligence or willful misconduct (as determined in a final and nonappealable decision of a court of competent jurisdiction). The Administrative Agent shall be deemed not to have knowledge of any Default unless and until written notice thereof is given to the Administrative Agent by the Borrower or a Lender, and the Administrative Agent shall not be responsible for or have any duty to ascertain or inquire into (i) any statement, warranty or representation made in or in connection with this Agreement, (ii) the contents of any certificate, report or other document delivered hereunder or in connection herewith, (iii) the performance or observance of any of the covenants, agreements or other terms or conditions set forth herein, (iv) the validity, enforceability, effectiveness or genuineness of this Agreement or any other agreement, instrument or document (including, for the avoidance of doubt, in connection with the Administrative Agent's reliance on any Electronic Signature transmitted by telecopy, emailed pdf. or any other electronic means that reproduces an image of an actual executed signature page), or (v) the satisfaction of any condition set forth in Article V or elsewhere herein, other than to confirm receipt of items expressly required to be delivered to the Administrative Agent.

&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) The Administrative Agent shall be entitled to rely upon, and shall not incur any liability for relying upon, any notice, request, certificate, consent, statement, instrument, document or other writing believed by it to be genuine and to have been signed or sent by the proper Person. The Administrative Agent also may rely upon any statement made to it orally or by telephone and believed by it to be made by the proper Person, and shall not incur any liability for relying thereon. The Administrative Agent may consult with legal counsel (who may be counsel for the Borrower), independent accountants and other experts selected by it, and shall not be liable for any action taken or not taken by it in accordance with the advice of any such counsel, accountants or experts.

Section 9.03 <u>Successor Administrative Agent</u>. Subject to the appointment and acceptance of a successor Administrative Agent as provided in this paragraph, the Administrative Agent may resign at any time by notifying the Lenders and the Borrower. Upon any such resignation, the Required Lenders shall have the right, in consultation with the Borrower, to appoint a successor. If no successor shall have been so appointed by the Required Lenders and shall have accepted such appointment within 30 days after the retiring Administrative Agent gives notice of its resignation, then the retiring Administrative Agent may, on behalf of the Lenders, appoint a successor Administrative Agent which shall be a bank with an office in New York, New York, or an Affiliate of any such bank. Upon the acceptance of its appointment as Administrative Agent hereunder by a successor, such successor shall succeed to and become vested with all the rights, powers, privileges and duties of the retiring Administrative Agent, and the retiring Administrative Agent shall be discharged from its duties and obligations hereunder. The fees payable by the Borrower to a successor Administrative Agent shall be the same as those payable to its predecessor unless otherwise agreed between the Borrower and such successor. After the Administrative Agent's resignation hereunder, the provisions of this Article and Section 10.03 shall continue in effect for its benefit in respect of any actions taken or omitted to be taken by it while it was acting as Administrative Agent.

Section 9.04 <u>Acknowledgements of Lenders and Issuing Lenders</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) Each Lender acknowledges that it has, independently and without reliance upon the Administrative Agent, any Syndication Agent, any Arranger or any other Lender and based on such documents and information as it has deemed appropriate, made its own credit analysis and decision to enter into this Agreement. Each Lender also acknowledges that it will, independently and without reliance upon the Administrative Agent, any Syndication Agent, any Arranger or any other Lender and based on such documents and information as it shall from time to time deem appropriate, continue to make its own decisions in taking or not taking action under or based upon this Agreement, any related agreement or any document furnished hereunder or thereunder.

&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) *Erroneous Payments*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) If the Administrative Agent (x) notifies a Lender an Issuing Lender or any person who has received funds on behalf of a Lender or Issuing Lender (any such Lender, Issuing Lender or other recipient (and each of their respective successors and assigns), a "<u>Payment Recipient</u>") that the Administrative Agent has determined in its sole discretion (whether or not after receipt of any notice under immediately succeeding clause (ii)) that any funds (as set forth in such notice from the Administrative Agent) received by such Payment Recipient from the Administrative Agent or any of its Affiliates were erroneously or mistakenly transmitted to, or otherwise erroneously or mistakenly received by, such Payment Recipient (whether or not known to such Lender, Issuing Lender or other Payment Recipient on its behalf) (any such funds, whether transmitted or received as a payment, prepayment or repayment of principal, interest, fees, distribution or otherwise, individually and collectively, an "<u>Erroneous Payment</u>") and (y) demands in writing the return of such Erroneous Payment (or a portion thereof), such Erroneous Payment shall at all times remain the property of the Administrative Agent pending its return or repayment as contemplated below in this Section 9.04(b) and held in trust for the benefit of the Administrative Agent, and such Lender shall (or, with respect to any Payment Recipient who received such funds on its behalf, shall cause such Payment Recipient to) promptly, but in no event later than two Business Days thereafter (or such later date as the Administrative Agent may, in its sole discretion, specify in writing), return to the Administrative Agent the amount of any such Erroneous Payment (or portion thereof) as to which such a demand was made, in immediately available funds (in the currency so received), together with interest thereon (except to the extent waived in writing by the Administrative Agent) in respect of each day from and including the date such Erroneous Payment (or portion thereof) was received by such Payment Recipient to the date such amount is repaid to the Administrative Agent in immediately available funds at the greater of the Federal Funds Effective Rate and a rate determined by the Administrative Agent in accordance with banking industry rules on interbank compensation from time to time in effect. A notice of the Administrative Agent to any Payment Recipient under this clause (i) shall be conclusive, absent manifest error.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Without limiting immediately preceding clause (i), each Lender and each Issuing Lender or any person who has received funds on behalf of a Lender or Issuing Lender (and each of their respective successors and assigns), agrees that if it receives a payment, prepayment or repayment (whether received as a payment, prepayment or repayment of principal, interest, fees, distribution or otherwise) from the Administrative Agent (or any of its Affiliates) (x) that is in a different amount than, or on a different date from, that specified in this Agreement or in a notice of payment, prepayment or repayment sent by the Administrative Agent (or any of its Affiliates) with respect to such payment, prepayment or repayment, (y) that was not preceded or accompanied by a notice of payment, prepayment or repayment sent by the Administrative Agent (or any of its Affiliates), or (z) that such Lender or other such recipient, otherwise becomes aware was transmitted, or received, in error or by mistake (in whole or in part), then in each such case:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I) it acknowledges and agrees that (A) in
 the case of immediately preceding clauses (x) or (y), an error and mistake shall be
 presumed to have been made (absent written confirmation from the Administrative Agent to
 the contrary) or (B) an error and mistake has been made (in the case of immediately
 preceding clause (z)), in each case, with respect to such payment, prepayment or repayment;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(II) such Lender or such Issuing Lender, as
 applicable, shall use commercially reasonable efforts to (and shall use commercially reasonable
 efforts to cause any other recipient that receives funds on its respective behalf to) promptly
 (and, in all events, within one Business Day of its knowledge of the occurrence of any of
 the circumstances described in immediately preceding clauses (x), (y) and (z)) notify
 the Administrative Agent of its receipt of such payment, prepayment or repayment, the details
 thereof (in reasonable detail) and that it is so notifying the Administrative Agent pursuant
 to this Section 9.04(b)(ii).

For the avoidance of doubt, the failure to deliver a notice to the Administrative Agent pursuant to this <u>Section 9.04(b)(ii)</u> shall not have any effect on a Payment Recipient's obligations pursuant to <u>Section 9.04(b)(i)</u> or on whether or not an Erroneous Payment has been made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Each Lender and each Issuing Lender hereby authorizes the Administrative Agent to set off, net and apply any and all amounts at any time owing to such Lender or Issuing Lender, as applicable, under this Agreement or any Ancillary Document, or otherwise payable or distributable by the Administrative Agent to such Lender or Issuing Lender, as applicable, under this Agreement or any Ancillary Document with respect to any payment of principal, interest, fees or other amounts, against any amount that the Administrative Agent has demanded to be returned under immediately preceding clause (i).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) (I) In the event that an Erroneous Payment (or portion thereof) is not recovered by the Administrative Agent for any reason, after demand therefor in accordance with immediately preceding clause (i), from any Lender or Issuing Lender that has received such Erroneous Payment (or portion thereof) (and/or from any Payment Recipient who received such Erroneous Payment (or portion thereof) on its respective behalf) (such unrecovered amount, an "<u>Erroneous Payment Return Deficiency</u>"), upon the Administrative Agent's notice to such Lender or Issuing Lender at any time, then effective immediately (with the consideration therefor being acknowledged by the parties hereto), (A) such Lender or Issuing Lender shall be deemed to have assigned its Revolving Loans (but not its Commitments) in an amount equal to the Erroneous Payment Return Deficiency (or such lesser amount as the Administrative Agent may specify) (such assignment of the Revolving Loans (but not Commitments), the "<u>Erroneous Payment Deficiency Assignment</u>") (on a cashless basis and such amount calculated at par plus any accrued and unpaid interest (with the assignment fee to be waived by the Administrative Agent in such instance)), and is hereby (together with the Borrower) deemed to execute and deliver an Assignment and Acceptance (or, to the extent applicable, an agreement incorporating an Assignment and Acceptance by reference pursuant to an Approved Electronic Platform as to which the Administrative Agent and such parties are participants) with respect to such Erroneous Payment Deficiency Assignment, and such Lender shall deliver any Notes evidencing such Revolving Loans to the Borrower or the Administrative Agent (but the failure of such person to deliver any such Notes shall not affect the effectiveness of the foregoing assignment), (B) the Administrative Agent as the assignee Lender shall be deemed to have acquired the Erroneous Payment Deficiency Assignment, (C) upon such deemed acquisition, the Administrative Agent as the assignee Lender shall become a Lender, as applicable, hereunder with respect to such Erroneous Payment Deficiency Assignment and the assigning Lender shall cease to be a Lender, as applicable, hereunder with respect to such Erroneous Payment Deficiency Assignment, excluding, for the avoidance of doubt, its obligations under the indemnification provisions of this Agreement and its applicable Commitments which shall survive as to such assigning Lender, (D) the Administrative Agent and the Borrower shall each be deemed to have waived any consents required under this Agreement to any such Erroneous Payment Deficiency Assignment, and (E) the Administrative Agent will reflect in the Register its ownership interest in the Revolving Loans subject to the Erroneous Payment Deficiency Assignment. For the avoidance of doubt, no Erroneous Payment Deficiency Assignment will reduce the Commitments of any Lender and such Commitments shall remain available in accordance with the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(II) Subject to Section 10.04 (but excluding, in all events, any assignment consent or approval requirements (other than any consent of the Borrower required thereunder)), the Administrative Agent may, in its discretion, sell any Revolving Loans acquired pursuant to an Erroneous Payment Deficiency Assignment and upon receipt of the proceeds of such sale, the Erroneous Payment Return Deficiency owing by the applicable Lender or Issuing Lender shall be reduced by the net proceeds of the sale of such Loan (or portion thereof), and the Administrative Agent shall retain all other rights, remedies and claims against such Lender or Issuing Lender (and/or against any recipient that receives funds on its respective behalf). In addition, an Erroneous Payment Return Deficiency owing by the applicable Lender or Issuing Lender (x) shall be reduced by the proceeds of prepayments or repayments of principal and interest, or other distribution in respect of principal and interest, received by the Administrative Agent on or with respect to any such Revolving Loans acquired from such Lender pursuant to an Erroneous Payment Deficiency Assignment (to the extent that any such Revolving Loans are then owned by the Administrative Agent) and (y) may, in the sole discretion of the Administrative Agent, be reduced by any amount specified by the Administrative Agent in writing to the applicable Lender or Issuing Lender from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The parties hereto agree that (x) irrespective of whether the Administrative Agent may be equitably subrogated, in the event that an Erroneous Payment (or portion thereof) is not recovered from any Payment Recipient that has received such Erroneous Payment (or portion thereof) for any reason, the Administrative Agent shall be subrogated to all the rights and interests of such Payment Recipient (and, in the case of any Payment Recipient who has received funds on behalf of a Lender or Issuing Lender, to the rights and interests of such Lender or Issuing Lender) under the this Agreement or any Ancillary Document with respect to such amount (the "<u>Erroneous Payment Subrogation Rights</u>") (provided that the Borrower's Obligations under the this Agreement in respect of the Erroneous Payment Subrogation Rights shall not be duplicative of such Obligations in respect of Loans that have been assigned to the Administrative Agent under an Erroneous Payment Deficiency Assignment) and (y) an Erroneous Payment shall not pay, prepay, repay, discharge or otherwise satisfy any Obligations owed by the Borrower; provided that this Section 9.04(b) shall not be interpreted to increase (or accelerate the due date for), or have the effect of increasing (or accelerating the due date for), the Obligations of the Borrower relative to the amount (and/or timing for payment) of the Obligations that would have been payable had such Erroneous Payment not been made by the Administrative Agent; provided, further, that for the avoidance of doubt, immediately preceding clauses (x) and (y) shall not apply to the extent any such Erroneous Payment is, and solely with respect to the amount of such Erroneous Payment that is, comprised of funds received by the Administrative Agent from the Borrower for the purpose of making such Erroneous Payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) To the extent permitted by applicable law, no Payment Recipient shall assert any right or claim to an Erroneous Payment, and hereby waives, and is deemed to waive, any claim, counterclaim, defense or right of set-off or recoupment with respect to any demand, claim or counterclaim by the Administrative Agent for the return of any Erroneous Payment received, including, without limitation, any defense based on "discharge for value" or any similar doctrine.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Each party's obligations, agreements and waivers under this Section 9.04(b) shall survive the resignation or replacement of the Administrative Agent, any transfer of rights or obligations by, or the replacement of, a Lender or an Issuing Lender, the termination of the Commitments and/or the repayment, satisfaction or discharge of all Obligations (or any portion thereof) under this Agreement or any Ancillary Document.

Section 9.05 <u>No Other Duties, Etc</u>. It is agreed that none of any Syndication Agent or any Arranger shall have any duties, responsibilities or liabilities hereunder in its capacity as such.

Section 9.06 <u>Certain ERISA Matters</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) Each Lender (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of, the Administrative Agent and each Arranger, and not, for the avoidance of doubt, to or for the benefit of the Borrower, that at least one of the following is and will be true:

&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) such Lender is not using "plan assets" (within the meaning of Section 3(42) of ERISA or otherwise) of one or more Benefit Plans with respect to such Lender's entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments, or this Agreement,

&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 transaction exemption set forth in one or more PTEs, such as PTE 84-14 (a class exemption for certain transactions determined by independent qualified professional asset managers), PTE 95-60 (a class exemption for certain transactions involving insurance company general accounts), PTE 90-1 (a class exemption for certain transactions involving insurance company pooled separate accounts), PTE 91-38 (a class exemption for certain transactions involving bank collective investment funds) or PTE 96-23 (a class exemption for certain transactions determined by in-house asset managers), is applicable with respect to such Lender's entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement,

&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) (A) such Lender is an investment fund managed by a "Qualified Professional Asset Manager" (within the meaning of Part VI of PTE 84-14), (B) such Qualified Professional Asset Manager made the investment decision on behalf of such Lender to enter into, participate in, administer and perform the Loans, the Letters of Credit, the Commitments and this Agreement, (C) the entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement satisfies the requirements of sub-sections (b) through (g) of Part I of PTE 84-14 and (D) to the best knowledge of such Lender, the requirements of subsection (a) of Part I of PTE 84-14 are satisfied with respect to such Lender's entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement, 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;(iv) such other representation, warranty and covenant as may be agreed in writing between the Administrative Agent, in its sole discretion, and such Lender.

&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 addition, unless sub-clause (i) in the immediately preceding clause (a) is true with respect to a Lender or such Lender has provided another representation, warranty and covenant in accordance with sub-clause (iv) in the immediately preceding clause (a), such Lender further (x) represents and warrants, as of the date such Person became a Lender party hereto, to, and (y) covenants, from the date such Person became a Lender party hereto to the date such Person ceases being a Lender party hereto, for the benefit of the Administrative Agent and each Arranger, and not, for the avoidance of doubt, to or for the benefit of the Borrower, that none of the Administrative Agent, any Syndication Agent or any Arranger is a fiduciary with respect to the assets of such Lender involved in such Lender's entrance into, participation in, administration of and performance of the Loans, the Letters of Credit, the Commitments and this Agreement (including in connection with the reservation or exercise of any rights by the Administrative Agent under this Agreement or any documents related hereto or thereto).

Section 9.07 <u>Issuing Lenders and Swingline Lender</u>. For purposes of this Article IX, the term "Lender" includes each Issuing Lender and the Swingline Lender.

Section 9.08 <u>Posting of Communications</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) The Borrower agrees that the Administrative Agent may, but shall not be obligated to, make any Communications available to the Lenders and the Issuing Lenders by posting the Communications on IntraLinks™, DebtDomain, SyndTrak, ClearPar or any other electronic platform chosen by the Administrative Agent to be its electronic transmission system (the "Approved Electronic Platform").

&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) Although the Approved Electronic Platform and its primary web portal are secured with generally-applicable security procedures and policies implemented or modified by the Administrative Agent from time to time (including, as of the Effective Date, a user ID/password authorization system) and the Approved Electronic Platform is secured through a per-deal authorization method whereby each user may access the Approved Electronic Platform only on a deal-by-deal basis, each of the Lenders, each of the Issuing Lenders and the Borrower acknowledges and agrees that the distribution of material through an electronic medium is not necessarily secure, that the Administrative Agent is not responsible for approving or vetting the representatives or contacts of any Lender that are added to the Approved Electronic Platform, and that there may be confidentiality and other risks associated with such distribution. Each of the Lenders, each of the Issuing Lenders and the Borrower hereby approves distribution of the Communications through the Approved Electronic Platform and understands and assumes the risks of such distribution.

&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) THE APPROVED ELECTRONIC PLATFORM AND THE COMMUNICATIONS ARE PROVIDED "AS IS" AND "AS AVAILABLE". THE APPLICABLE PARTIES (AS DEFINED BELOW) DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE COMMUNICATIONS, OR THE ADEQUACY OF THE APPROVED ELECTRONIC PLATFORM AND EXPRESSLY DISCLAIM LIABILITY FOR ERRORS OR OMISSIONS IN THE APPROVED ELECTRONIC PLATFORM AND THE COMMUNICATIONS. NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS, IS MADE BY THE APPLICABLE PARTIES IN CONNECTION WITH THE COMMUNICATIONS OR THE APPROVED ELECTRONIC PLATFORM. IN NO EVENT SHALL THE ADMINISTRATIVE AGENT, ANY ARRANGER, ANY SYNDICATION AGENT OR ANY OF THEIR RESPECTIVE RELATED PARTIES (COLLECTIVELY, "<u>APPLICABLE PARTIES</u>") HAVE ANY LIABILITY TO, ANY LENDER, ANY ISSUING LENDER OR ANY OTHER PERSON OR ENTITY FOR DAMAGES OF ANY KIND, INCLUDING DIRECT OR INDIRECT, SPECIAL, INCIDENTAL OR CONSEQUENTIAL DAMAGES, LOSSES OR EXPENSES (WHETHER IN TORT, CONTRACT OR OTHERWISE) ARISING OUT OF THE BORROWER'S OR THE ADMINISTRATIVE AGENT'S TRANSMISSION OF COMMUNICATIONS THROUGH THE INTERNET OR THE APPROVED ELECTRONIC PLATFORM.

"<u>Communications</u>" means, collectively, any notice, demand, communication, information, document or other material provided by or on behalf of the Borrower pursuant to this Agreement or the transactions contemplated therein which is distributed by the Administrative Agent, any Lender or any Issuing Lender by means of electronic communications pursuant to this Section, including through an Approved Electronic Platform.

&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) Each Lender and each Issuing Lender agrees that notice to it (as provided in the next sentence) specifying that Communications have been posted to the Approved Electronic Platform shall constitute effective delivery of the Communications to such Lender for purposes of this Agreement. Each Lender and Issuing Lender agrees (i) to notify the Administrative Agent in writing (which could be in the form of electronic communication) from time to time of such Lender's or Issuing Lender's (as applicable) email address to which the foregoing notice may be sent by electronic transmission and (ii) that the foregoing notice may be sent to such email address.

&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) Each of the Lenders, each of the Issuing Lenders and the Borrower agrees that the Administrative Agent may, but (except as may be required by applicable law) shall not be obligated to, store the Communications on the Approved Electronic Platform in accordance with the Administrative Agent's generally applicable document retention procedures and policies.

&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) Nothing herein shall prejudice the right of the Administrative Agent, any Lender or any Issuing Lender to give any notice or other communication pursuant to this Agreement in any other manner specified in this Agreement.

Section 9.09 <u>Borrower Communications</u>. (a) The Administrative Agent, the Lenders and the Issuing Lenders agree that the Borrower may, but shall not be obligated to, make any Borrower Communications to the Administrative Agent through an electronic platform chosen by the Administrative Agent to be its electronic transmission system (the "<u>Approved Borrower Portal</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Although the Approved Borrower Portal and its primary web portal are secured with generally-applicable security procedures and policies implemented or modified by the Administrative Agent from time to time (including, as of the Effective Date, a user ID/password authorization system), each of the Lenders, each of the Issuing Lenders and the Borrower acknowledges and agrees that the distribution of material through an electronic medium is not necessarily secure, that the Administrative Agent is not responsible for approving or vetting the representatives or contacts of the Borrower that are added to the Approved Borrower Portal, and that there may be confidentiality and other risks associated with such distribution. Each of the Lenders, each of the Issuing Lenders and the Borrower hereby approves distribution of Borrower Communications through the Approved Borrower Portal and understands and assumes the risks of such distribution.

&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) THE APPROVED BORROWER PORTAL IS PROVIDED "AS IS" AND "AS AVAILABLE". THE APPLICABLE PARTIES (AS DEFINED BELOW) DO NOT WARRANT THE ACCURACY OR COMPLETENESS OF THE BORROWER COMMUNICATION, OR THE ADEQUACY OF THE APPROVED BORROWER PORTAL AND EXPRESSLY DISCLAIM LIABILITY FOR ERRORS OR OMISSIONS IN THE APPROVED BORROWER PORTAL AND THE BORROWER COMMUNICATIONS. NO WARRANTY OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY, INCLUDING ANY WARRANTY OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, NON-INFRINGEMENT OF THIRD PARTY RIGHTS OR FREEDOM FROM VIRUSES OR OTHER CODE DEFECTS, IS MADE BY THE APPLICABLE PARTIES IN CONNECTION WITH THE BORROWER COMMUNICATIONS OR THE APPROVED BORROWER PORTAL. IN NO EVENT SHALL THE ADMINISTRATIVE AGENT, ANY ARRANGER, ANY SYNDICATION AGENT OR ANY OF THEIR RESPECTIVE RELATED PARTIES (COLLECTIVELY, "<u>APPLICABLE PARTIES</u>") HAVE ANY LIABILITY TO THE BORROWER, ANY LENDER, ANY ISSUING BANK OR ANY OTHER PERSON OR ENTITY FOR DAMAGES OF ANY KIND, INCLUDING DIRECT OR INDIRECT, SPECIAL, INCIDENTAL OR CONSEQUENTIAL DAMAGES, LOSSES OR EXPENSES (WHETHER IN TORT, CONTRACT OR OTHERWISE) ARISING OUT OF THE BORROWER'S TRANSMISSION OF BORROWER COMMUNICATIONS THROUGH THE INTERNET OR THE APPROVED BORROWER PORTAL.

"<u>Borrower Communications</u>" means, collectively, any Borrowing Request, Interest Election Request, notice of prepayment, notice requesting the issuance, amendment or extension of a Letter of Credit or other notice, demand, communication, information, document or other material provided by or on behalf of the Borrower pursuant to this Agreement or the transactions contemplated therein which is distributed by the Borrower to the Administrative Agent through an Approved Borrower Portal.

&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) Each of the Lenders, each of the Issuing Lenders and the Borrower agrees that the Administrative Agent may, but (except as may be required by applicable law) shall not be obligated to, store the Borrower Communications on the Approved Borrower Portal in accordance with the Administrative Agent's generally applicable document retention procedures and policies.

&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) Nothing herein shall prejudice the right of the Borrower to give any notice or other communication pursuant to this Agreement in any other manner specified in this Agreement.

ARTICLE X<u><br> Miscellaneous</u>

Section 10.01 <u>Notices</u>.

Except as contemplated below, all notices and other communications provided for herein shall be in writing and shall be delivered by hand or overnight courier service, mailed by certified or registered mail or sent by telecopy, as follows:

&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) if to the Borrower, at:

Mobility Global Inc.

5860 Trinity Parkway, Suite 600

Centreville, Virginia 20120

Attention: Treasurer

with a copy to:

Mobility Global Inc.

5860 Trinity Parkway, Suite 600

Centreville, Virginia 20120

Attention: General Counsel

&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) if to the Administrative Agent to Citibank, N.A., at the address separately provided to the Borrower.

&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) if to the Swingline Lender to Citibank, N.A. at the address separately provided to the Borrower.

&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) if to any other Lender, to it at its address (or telecopy number) set forth in its Administrative Questionnaire.

Notices and other communications to the Lenders hereunder may be delivered or furnished by electronic communications (including e-mail and internet or intranet websites) pursuant to procedures, including using Approved Electronic Platforms or Approved Borrower Portals (as applicable), in each case approved by the Administrative Agent; provided that the foregoing shall not apply to notices pursuant to Article II or to certificates delivered pursuant to Section 6.01(b) unless otherwise agreed by the Administrative Agent and the applicable Lender. The Administrative Agent or the Borrower may, in its discretion, agree to accept notices and other communications to it hereunder by electronic communications pursuant to procedures approved by it; <u>provided</u> that approval of such procedures may be limited to particular notices or communications. All such notices and other communications sent to an e-mail address shall be deemed received upon the sender's receipt of an acknowledgement from the intended recipient (such as by the "return receipt requested" function, as available, return e-mail or other written acknowledgement); <u>provided</u> that if not given during the normal business hours of the recipient, such notice or communication shall be deemed to have been given at the opening of business on the next Business Day for the recipient. All other notices and communications given to any party hereto in accordance with the provisions of this Agreement and delivered by hand or overnight courier service, mailed by certified or registered mail or sent by telecopy shall be deemed to have been given on the date of receipt; <u>provided</u> that if not given during normal business hours for the recipient, shall be deemed to have been given at the opening of business on the next Business Day for the recipient. Any party hereto may change its address or telecopy number for notices and other communications hereunder by notice to the other parties hereto.

Section 10.02 <u>Waivers; Amendments</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) No failure or delay by the Administrative Agent, any Issuing Lender or any Lender in exercising any right or power hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or discontinuance of steps to enforce such a right or power, preclude any other or further exercise thereof or the exercise of any other right or power. The rights and remedies of the Administrative Agent, the Issuing Lenders and the Lenders hereunder are cumulative and are not exclusive of any rights or remedies that they would otherwise have. No waiver of any provision of this Agreement or consent to any departure by the Borrower therefrom shall in any event be effective unless the same shall be permitted by paragraph (b) of this Section, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given. Without limiting the generality of the foregoing, the making of a Loan or issuance of a Letter of Credit shall not be construed as a waiver of any Default, regardless of whether the Administrative Agent, any Lender or any Issuing Lender may have had notice or knowledge of such Default at the time.

&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) Except as provided in Section 2.13(b) and (c), in Section 2.21 with respect to an extension of the Maturity Date, in Section 2.22 with respect to an increase in the Commitments or in Section 10.02(c) and (d) below, neither this Agreement nor any provision hereof may be waived, amended or modified except pursuant to an agreement or agreements in writing entered into by the Borrower and the Required Lenders or by the Borrower and the Administrative Agent with the consent of the Required Lenders; <u>provided</u> that no such agreement shall (i) increase the Commitment of any Lender without the written consent of such Lender, (ii) reduce the principal amount of any Loan or reduce the rate of interest thereon, or reduce any fees payable hereunder, without the written consent of each Lender affected thereby, (iii) postpone the scheduled date of payment of the principal amount of any Loan, or any interest thereon, or any fees payable hereunder, or reduce the amount of, waive or excuse any such payment, or postpone the scheduled date of expiration of any Commitment, without the written consent of each Lender affected thereby, (iv) change Section 2.17(b) or Section 10.08(a) in a manner that would alter the pro rata sharing of payments required thereby, without the written consent of each Lender, (v) change any of the provisions of Section 2.19 without the written consent of the Administrative Agent and the Swingline Lender, (vi) change any of the provisions of this Section or the definition of "Required Lenders" or any other provision hereof specifying the number or percentage of Lenders required to waive, amend or modify any rights hereunder or make any determination or grant any consent hereunder, without the written consent of each Lender, (vii) amend the definition of Applicable Percentage without the written consent of all Lenders, (viii) contractually subordinate the Obligations hereunder in right of payment to any other Indebtedness for borrowed money without the consent of each Lender or (ix) amend the definition of Agreed Currencies to include additional currencies without the written consent of each Lender affected thereby; <u>provided</u>, <u>further</u>, that no such agreement shall amend, modify or otherwise affect the rights or duties of the Administrative Agent, the Swingline Lender or the Issuing Lender hereunder without the prior written consent of the Administrative Agent, the Swingline Lender or the Issuing Lender, as the case may be (it being understood that any amendment, modification or waiver of any provision of Article III shall require the prior written consent of the Issuing Lender).

&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) If the Administrative Agent and the Borrower acting together identify any ambiguity, omission, mistake, typographical error or other defect in any provision of this Agreement, then the Administrative Agent and the Borrower shall be permitted to amend, modify or supplement such provision to cure such ambiguity, omission, mistake, typographical error or other defect, and such amendment shall become effective without any further action or consent of any other party to this Agreement.

&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) Notwithstanding anything to the contrary, at any time prior to the Initial Availability Date, Schedule 7.02 and Schedule 7.05 may be amended by the Borrower with the consent of the Administrative Agent (such consent not to be unreasonably withheld, conditioned or delayed) to add liens, Indebtedness or other transactions to Schedule 7.02 and/or Schedule 7.05, to the extent such added liens, Indebtedness or other transactions were (1) outstanding on the Effective Date and (2) not incurred in anticipation of the Initial Availability Date or the Separation.

Section 10.03 <u>Expenses; Limitation of Liability; Indemnity; No Fiduciary Duty</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) *Expenses*. The Borrower shall pay (i) all reasonable, documented and actual out-of-pocket expenses incurred by the Administrative Agent and its Affiliates, including the reasonable and documented fees, charges and disbursements of one outside counsel for the Administrative Agent, in connection with the syndication of the credit facilities provided for herein, the preparation and administration of this Agreement, the Ancillary Documents and any amendments, modifications or waivers of the provisions hereof (whether or not the transactions contemplated hereby or thereby shall be consummated) and (ii) all reasonable, documented and actual out-of-pocket expenses incurred by the Administrative Agent, any Lender or the Issuing Lender, including the reasonable and documented fees, charges and disbursements of one outside counsel to the Administrative Agent, the Lenders and the Issuing Lenders and, in the case of an actual or perceived conflict of interest, an additional outside counsel to all such affected Persons, in connection with the enforcement or protection of their respective rights in connection with this Agreement and the Ancillary Documents, including their respective rights under this Section, or in connection with the Loans made or the Letters of Credit issued hereunder, including in connection with any workout, restructuring or negotiations in respect 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) *Limitation of Liability*.

&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) To the extent permitted by applicable law, (A) the Borrower shall not assert, and the Borrower hereby waives, any claim against the Administrative Agent, each Syndication Agent, each Arranger, each Lender, each Issuing Lender and each Related Party of any of the foregoing Persons (each such Person being called a "<u>Lender-Related Person</u>") for any Liabilities arising from the use by others of information or other materials (including, without limitation, any personal data) obtained through telecommunications, electronic or other information transmission systems (including the Internet, any Approved Electronic Platform and any Approved Borrower Portal) and (B) no party hereto shall assert, and each such party hereby waives, any Liabilities against any other party hereto, on any theory of liability, for special, indirect, consequential or punitive damages (as opposed to direct or actual damages) arising out of, in connection with, or as a result of, this Agreement or any agreement or instrument contemplated hereby, including but not limited to the Ancillary Documents, the Transactions, the Separation Transactions or the use of the proceeds of the extensions of credit hereunder. For the avoidance of doubt, nothing in this clause (b) shall affect the obligations of the Borrower under clause (c) of this Section to indemnify any Indemnitee in accordance with the provisions 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;(ii) The Borrower shall not be liable for any liabilities, obligations, losses, damages, penalties, actions, judgments, suits, claims, costs, expenses and disbursements which may be imposed on, incurred by or asserted against an Indemnitee that is a Lender by another Lender or any entity which has purchased or otherwise acquired a participation in any Loan, Commitment or interest herein or in a Note of such Indemnitee to the extent such relate solely to or arise solely out of actions taken or not taken by the Indemnitee Lender in connection with matters that are of an "interbank nature". To the extent that the undertaking to indemnify, pay and hold harmless set forth in the preceding sentence may be unenforceable because it is violative of any law or public policy or otherwise, the Borrower shall contribute the maximum portion which it is permitted to pay and satisfy under applicable law, to the payment and satisfaction of all indemnified liabilities incurred by the Indemnitees or any of 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) *Indemnity*. The Borrower shall indemnify the Administrative Agent, each Syndication Agent, each Arranger, each Lender, each Issuing Lender and each Related Party of any of the foregoing Persons (each such Person being called an "<u>Indemnitee</u>") against, and hold each Indemnitee harmless from, any and all Liabilities and related expenses, including the fees, charges and disbursements of any counsel for any Indemnitee, incurred by or asserted against any Indemnitee arising out of, in connection with, or as a result of (i) the execution or delivery of this Agreement or any agreement or instrument contemplated hereby, including but not limited to the Ancillary Documents, the performance by the parties hereto of their respective obligations hereunder or the consummation of the Transactions, the Separation Transactions or any other transactions contemplated hereby, (ii) any actual or alleged presence or release of hazardous materials on or from any property owned or operated by the Borrower or any of its Subsidiaries, or any environmental liability related in any way to the Borrower or any of its Subsidiaries, or (iii) any actual or prospective claim, litigation, investigation or proceeding relating to any of the foregoing, whether based on contract, tort or any other theory and regardless of whether any Indemnitee is a party thereto; <u>provided</u> that such indemnity shall not, as to any Indemnitee, be available to the extent that such Liabilities or related expenses resulted from (x) the bad faith, gross negligence or willful misconduct of such Indemnitee (as determined in a final and nonappealable decision of a court of competent jurisdiction), (y) such Indemnitee's material breach of any obligations under this Agreement or the Ancillary Documents (as determined in a final and nonappealable decision of a court of competent jurisdiction) or (z) disputes between and among Indemnitees not arising from any act or omission of the Borrower or any of its Subsidiaries (other than claims against the Administrative Agent in its capacity as such). This Section shall not apply with respect to Taxes (other than Taxes arising from a non-Tax claim). No Indemnitee shall be liable for any damages arising from the use by unintended recipients of any information or other materials distributed by it through telecommunications, electronic or other information transmission systems in connection with this Agreement, any Ancillary Document or the Notes or the transactions contemplated hereby or thereby.

&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) *Lender Reimbursement*. To the extent that the Borrower fails to pay any amount required to be paid by it to the Administrative Agent, each Syndication Agent, each Arranger, each Issuing Lender or the Swingline Lender, and each Related Party of any of the foregoing Persons (each, an "<u>Agent-Related Person</u>") under paragraph (a) or (c) of this Section, each Lender severally agrees to pay to such Agent-Related Person, as the case may be, such Lender's Applicable Percentage (determined as of the time that the applicable unreimbursed expense or indemnity payment is sought) of such unpaid amount; <u>provided</u> that the unreimbursed expense or indemnified loss, claim, damage, liability or related expense, as the case may be, was incurred by or asserted against such Agent-Related Person in its capacity as such.

&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) *Payments*. All amounts due under this Section shall be payable promptly after written demand therefor.

&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) *No Fiduciary Duty*. The Borrower agrees that none of the Administrative Agent, any Lender or any of their respective affiliates has any fiduciary relationship with or duty to the Borrower arising out of or in connection with this Agreement or any Ancillary Document, and the relationship between the Administrative Agent and the Lenders, on the one hand, and the Borrower on the other hand, in connection herewith or therewith is solely that of debtor and creditor. The Borrower has been advised that the Lenders are engaged in a broad range of transactions that may involve interests that differ from the Borrower's interests and that the Lenders have no obligation to disclose such interests and transactions to the Borrower.

Section 10.04 <u>Successors and Assigns</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) The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns permitted hereby (including any Affiliate of the Issuing Lender that issues any Letter of Credit), except that (i) the Borrower may not assign or otherwise transfer any of its rights or obligations hereunder without the prior written consent of each Lender (and any attempted assignment or transfer by the Borrower without such consent shall be null and void) and (ii) no Lender may assign or otherwise transfer its rights or obligations hereunder except in accordance with this Section. Nothing in this Agreement, expressed or implied, shall be construed to confer upon any Person (other than the parties hereto, their respective successors and assigns permitted hereby, Participants (to the extent provided in paragraphs (e) and (f) of this Section) and, to the extent expressly contemplated hereby, the Related Parties of each of the Administrative Agent and the Lenders) any legal or equitable right, remedy or claim under or by reason of this Agreement.

&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) (i) Subject to the conditions set forth in paragraph (b)(ii) below, any Lender may assign to one or more assignees (other than a natural person (or a holding company, investment vehicle or trust for, or owned and operated for the primary benefit of, a natural person), the Borrower or any of the Borrower's Affiliates or Subsidiaries, any Defaulting Lender or any of its Subsidiaries or any Person who, upon becoming a Lender hereunder, would constitute a Defaulting Lender or a Subsidiary thereof (each, an "<u>Ineligible Institution</u>")) all or a portion of its rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans at the time owing to it) with the prior written consent (such consent not to be unreasonably withheld or delayed) of (A) the Borrower; <u>provided</u> that (i) no consent of the Borrower shall be required for (x) an assignment to a Lender, Affiliate of a Lender, an Approved Fund or (y) if an Event of Default has occurred and is continuing, any other assignee or (z) an assignment (I) among Goldman Sachs Bank USA and Goldman Sachs Lending Partners LLC or (II) among Morgan Stanley Bank, N.A. and any affiliate thereof, and (ii) the consent of the Borrower shall be deemed granted if the Borrower does not object to a proposed assignment within ten Business Days of a request for its consent; (B) the Administrative Agent, provided that no consent of the Administrative Agent shall be required for an assignment (x) to a Lender (other than a Defaulting Lender) with a Commitment immediately prior to giving effect to such assignment or (y) (I) among Goldman Sachs Bank USA and Goldman Sachs Lending Partners LLC or (II) among Morgan Stanley Bank, N.A. and any affiliate thereof; (C) in the case of an assignment of all or a portion of a Commitment or any Lender's obligations in respect of its Swingline Exposure, the Swingline Lender; and (D) in the case of an assignment of all or a portion of a Commitment or any Lender's obligations in respect of its L/C Exposure, the Issuing Lender, (ii) assignments shall be subject to the following additional conditions: except in the case of an assignment to a Lender or an Affiliate of a Lender or an assignment of the entire remaining amount of the assigning Lender's Commitment or Loans of any Class, the amount of the Commitment or Loans of the assigning Lender subject to each such assignment (determined as of the date the Assignment and Acceptance with respect to such assignment is delivered to the Administrative Agent) shall not be less than $10,000,000, unless each of the Borrower and the Administrative Agent otherwise consent; <u>provided</u> that no such consent of the Borrower shall be required if an Event of Default has occurred and is continuing; (iii) each partial assignment shall be made as an assignment of a proportionate part of all the assigning Lender's rights and obligations under this Agreement, (iv) the parties to each assignment shall execute and deliver to the Administrative Agent an Assignment and Acceptance, together with a processing and recordation fee of $3,500, and (v) the assignee, if it shall not be a Lender, shall deliver to the Administrative Agent an Administrative Questionnaire in which the assignee designates one or more credit contacts to whom all syndicate-level information (which may contain material non-public information about the Borrower and its related parties) will be made available and who may receive such information in accordance with the assignee's compliance procedures and applicable laws, including Federal and state securities laws. Upon acceptance and recording pursuant to paragraph (d) of this Section, from and after the effective date specified in each Assignment and Acceptance, the assignee thereunder shall be a party hereto and, to the extent of the interest assigned by such Assignment and Acceptance, have the rights and obligations of a Lender under this Agreement, and the assigning Lender thereunder shall, to the extent of the interest assigned by such Assignment and Acceptance, be released from its obligations under this Agreement (and, in the case of an Assignment and Acceptance covering all of the assigning Lender's rights and obligations under this Agreement, such Lender shall cease to be a party hereto but shall continue to be entitled to the benefits of Sections 2.15, 2.16, 2.17 and 10.03). Any assignment or transfer by a Lender of rights or obligations under this Agreement that does not comply with this paragraph shall be treated for purposes of this Agreement as a sale by such Lender of a participation in such rights and obligations in accordance with paragraph (e) of this Section.

&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) The Administrative Agent, acting for this purpose as an agent of the Borrower, shall maintain at one of its offices in a copy of each Assignment and Acceptance delivered to it and a register for the recordation of the names and addresses of the Lenders, and the Commitment of, and principal amount (and stated interest) of the Loans and L/C Obligations owing to, each Lender pursuant to the terms hereof from time to time (the "<u>Register</u>"). The entries in the Register shall be conclusive absent manifest error, and the Borrower, the Administrative Agent, the Issuing Lender and the Lenders shall treat each Person whose name is recorded in the Register pursuant to the terms hereof as a Lender hereunder for all purposes of this Agreement, notwithstanding notice to the contrary. The Register shall be available for inspection by the Borrower and any Lender, at any reasonable time and from time to time, upon reasonable prior notice.

&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) Upon its receipt of a duly completed Assignment and Acceptance executed by an assigning Lender and an assignee, the assignee's completed Administrative Questionnaire (unless the assignee shall already be a Lender hereunder), the processing and recordation fee referred to in paragraph (b) of this Section and any written consent to such assignment required by paragraph (b) of this Section, the Administrative Agent shall accept such Assignment and Acceptance and record the information contained therein in the Register. No assignment shall be effective for purposes of this Agreement unless it has been recorded in the Register as provided in this paragraph.

&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) Any Lender may, without the consent of the Borrower, the Administrative Agent, the Swingline Lender or the Issuing Lender, sell participations to one or more banks or other entities (other than a natural person (or a holding company, investment vehicle or trust for, or owned and operated for the primary benefit of, a natural person), the Borrower or any of the Borrower's Affiliates or Subsidiaries, any Defaulting Lender or any of its Subsidiaries or any Person who, upon becoming a Lender hereunder, would constitute a Defaulting Lender or a Subsidiary thereof) (a "<u>Participant</u>") in all or a portion of such Lender's rights and obligations under this Agreement (including all or a portion of its Commitment and the Loans owing to it); <u>provided</u> that (i) such Lender's obligations under this Agreement shall remain unchanged, (ii) such Lender shall remain solely responsible to the other parties hereto for the performance of such obligations and (iii) the Borrower, the Administrative Agent, the Issuing Lender and the other Lenders shall continue to deal solely and directly with such Lender in connection with such Lender's rights and obligations under this Agreement. Any agreement or instrument pursuant to which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and to approve any amendment, modification or waiver of any provision of this Agreement; <u>provided</u> that such agreement or instrument may provide that such Lender will not, without the consent of the Participant, agree to any amendment, modification or waiver described in the first proviso to Section 10.02(b) that affects such Participant. Subject to paragraph (f) of this Section, the Borrower agrees that each Lender shall be entitled to the benefits of Sections 2.14, 2.15 and 2.16 for the account of any Participant from such Lender to the extent that (i) such Lender would have been entitled to such benefits had it not sold a participation to such Participant and (ii) such Participant has suffered the same disadvantage as such Lender would have suffered had it not sold such participation. Each Lender that sells a participation shall, acting solely for this purpose as a non-fiduciary agent of the Borrower, maintain a register on which it enters the name and address of each Participant and the principal amounts (and stated interest) of each Participant's interest in the Loans or other obligations under this Agreement (the "<u>Participant Register</u>"); <u>provided</u> that no Lender shall have any obligation to disclose all or any portion of the Participant Register (including the identity of any Participant or any information relating to a Participant's interest in any commitments, loans, letters of credit or its other obligations under any Ancillary Document) to any Person except to the extent that such disclosure is necessary to establish that such commitment, loan, letter of credit or other obligation is in registered form under Section 5f.103-1(c) of the United States Treasury Regulations. The entries in the Participant Register shall be conclusive absent manifest error, and such Lender shall treat each person whose name is recorded in the Participant Register as the owner of such participation for all purposes of this Agreement notwithstanding any notice to the contrary.

&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) A Participant shall not be entitled to receive any greater payment under Section 2.14, 2.15 or 2.16 than the applicable Lender would have been entitled to receive, except to the extent such entitlement to receive a greater payment results from a Change in Law that occurs after the Participant acquired the applicable participation. A Participant shall not be entitled to the benefits of Section 2.16 unless such Participant complies with Section 2.16(f) and (h) as though it were a Lender (it being understood that any forms required to be completed by such Participant under Section 2.16(f) or (h) shall be delivered to the participating Lender). To the extent permitted by law, each Participant also shall be entitled to the benefits of Section 10.08 as though it were a Lender; <u>provided</u> that such Participant agrees to be subject to Section 2.17 as though it were a Lender.

&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) Any Lender may at any time pledge or assign a security interest in all or any portion of its rights under this Agreement (including under its Notes, if any) to secure obligations of such Lender, including any pledge or assignment to secure obligations to a Federal Reserve Bank or any other central banking authority; <u>provided</u> that no such pledge or assignment shall release such Lender from any of its obligations hereunder or substitute any such pledgee or assignee for such Lender as a party hereto.

Section 10.05 <u>Survival</u>.

All covenants, agreements, representations and warranties made by the Borrower herein and in the certificates or other instruments delivered in connection with or pursuant to this Agreement shall be considered to have been relied upon by the other parties hereto and shall survive the execution and delivery of this Agreement and the making of any Loans, regardless of any investigation made by any such other party or on its behalf and notwithstanding that the Administrative Agent or any Lender may have had notice or knowledge of any Default or incorrect representation or warranty at the time any credit is extended hereunder, and shall continue in full force and effect as long as the principal of or any accrued interest on any Loan or any fee or any other amount payable under this Agreement is outstanding and unpaid and so long as the Commitments have not expired or terminated. The provisions of Sections 2.14, 2.15, 2.16 and 10.03 and Article IX shall survive and remain in full force and effect regardless of the consummation of the transactions contemplated hereby, the repayment of the Loans, the expiration or termination of the Commitments or the termination of this Agreement or any provision hereof.

Section 10.06 <u>Counterparts; Integration; Effectiveness</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) This Agreement may be executed in counterparts (and by different parties hereto on different counterparts), each of which shall constitute an original, but all of which when taken together shall constitute a single contract. This Agreement and any separate letter agreements with respect to fees payable to the Administrative Agent constitute the entire contract among the parties relating to the subject matter hereof and supersede any and all previous agreements and understandings, oral or written, relating to the subject matter hereof. Except as provided in Section 5.01, this Agreement shall become effective when it shall have been executed by the Administrative Agent and when the Administrative Agent shall have received counterparts hereof which, when taken together, bear the signatures of each of the other parties hereto, and thereafter shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns.

&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) Delivery of an executed counterpart of a signature page of (x) this Agreement, and/or (y) any document, amendment, approval, consent, information, notice (including, for the avoidance of doubt, any notice delivered pursuant to Section 10.01), certificate, request, statement, disclosure or authorization related to this Agreement and/or the transactions contemplated hereby and/or thereby (each an "<u>Ancillary Document</u>") that is an Electronic Signature transmitted by telecopy, emailed pdf. or any other electronic means that reproduces an image of an actual executed signature page shall be effective as delivery of a manually executed counterpart of this Agreement or such Ancillary Document, as applicable. The words "execution," "signed," "signature," "delivery," and words of like import in or relating to this Agreement and/or any Ancillary Document shall be deemed to include Electronic Signatures, deliveries or the keeping of records in any electronic form (including deliveries by telecopy, emailed pdf. or any other electronic means that reproduces an image of an actual executed signature page), each of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be; <u>provided</u> that nothing herein shall require the Administrative Agent to accept Electronic Signatures in any form or format without its prior written consent and pursuant to procedures approved by it; <u>provided</u>, <u>further</u>, without limiting the foregoing, (i) to the extent the Administrative Agent has agreed to accept any Electronic Signature, the Administrative Agent and each of the Lenders shall be entitled to rely on such Electronic Signature purportedly given by or on behalf of the Borrower without further verification thereof and without any obligation to review the appearance or form of any such Electronic Signature and (ii) upon the request of the Administrative Agent or any Lender, any Electronic Signature shall be promptly followed by a manually executed counterpart. Without limiting the generality of the foregoing, the Borrower hereby (A) agrees that, for all purposes, including without limitation, in connection with any workout, restructuring, enforcement of remedies, bankruptcy proceedings or litigation among the Administrative Agent, the Lenders, the Borrower, Electronic Signatures transmitted by telecopy, emailed pdf. or any other electronic means that reproduces an image of an actual executed signature page and/or any electronic images of this Agreement and/or any Ancillary Document shall have the same legal effect, validity and enforceability as any paper original, (B) agrees that the Administrative Agent and each of the Lenders may, at its option, create one or more copies of this Agreement and/or any Ancillary Document in the form of an imaged electronic record in any format, which shall be deemed created in the ordinary course of such Person's business, and destroy the original paper document (and all such electronic records shall be considered an original for all purposes and shall have the same legal effect, validity and enforceability as a paper record), (C) waives any argument, defense or right to contest the legal effect, validity or enforceability of this Agreement and/or any Ancillary Document based solely on the lack of paper original copies of this Agreement and/or such Ancillary Document, respectively, including with respect to any signature pages thereto and (D) waives any claim against any Lender-Related Person for any Liabilities arising solely from the Administrative Agent's and/or any Lender's reliance on or use of Electronic Signatures and/or transmissions by telecopy, emailed pdf. or any other electronic means that reproduces an image of an actual executed signature page, including any Liabilities arising as a result of the failure of the Borrower to use any available security measures in connection with the execution, delivery or transmission of any Electronic Signature.

Section 10.07 <u>Severability</u>.

Any provision of this Agreement held to be invalid, illegal or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity, illegality or unenforceability without affecting the validity, legality and enforceability of the remaining provisions hereof; and the invalidity of a particular provision in a particular jurisdiction shall not invalidate such provision in any other jurisdiction.

Section 10.08 <u>Adjustments; Right of Setoff</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) Except to the extent that this Agreement or a court order expressly provides for payments to be allocated to a particular Lender, if any Lender (a "<u>Benefitted Lender</u>") shall receive any payment of all or part of the Obligations owing to it (other than in connection with an assignment made pursuant to Section 10.04), or receive any collateral in respect thereof (whether voluntarily or involuntarily, by set-off, pursuant to events or proceedings of the nature referred to in Section 8.07 or 8.08, or otherwise), in a greater proportion than any such payment to or collateral received by any other Lender, if any, in respect of the Obligations owing to such other Lender, such Benefitted Lender shall purchase for cash from the other Lenders a participating interest in such portion of the Obligations owing to each such other Lender, or shall provide such other Lenders with the benefits of any such collateral, as shall be necessary to cause such Benefitted Lender to share the excess payment or benefits of such collateral ratably with each of the Lenders; <u>provided</u>, <u>however</u>, that if all or any portion of such excess payment or benefits is thereafter recovered from such Benefitted Lender, such purchase shall be rescinded, and the purchase price and benefits returned, to the extent of such recovery, but without interest.

&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 addition to any rights and remedies of the Lenders provided by law, each Lender shall have the right, without notice to the Borrower, any such notice being expressly waived by the Borrower to the extent permitted by applicable law, upon any Obligations becoming due and payable by the Borrower (whether at the stated maturity, by acceleration or otherwise), to apply to the payment of such Obligations, by setoff or otherwise, any and all deposits (general or special, time or demand, provisional or final), in any currency, and any other credits, indebtedness or claims, in any currency, in each case whether direct or indirect, absolute or contingent, matured or unmatured, at any time held or owing by such Lender, any affiliate thereof or any of their respective branches or agencies to or for the credit or the account of the Borrower; <u>provided</u> that if any Defaulting Lender shall exercise any such right of setoff, (i) all amounts so set off shall be paid over immediately to the Administrative Agent for further application in accordance with the provisions of this Agreement and, pending such payment, shall be segregated by such Defaulting Lender from its other funds and deemed held in trust for the benefit of the Administrative Agent, the Issuing Lender, the Swingline Lender and the Lenders and (ii) the Defaulting Lender shall provide promptly to the Administrative Agent a statement describing in reasonable detail the obligations owing to such Defaulting Lender as to which it exercised such right of set-off. Each Lender agrees promptly to notify the Borrower and the Administrative Agent after any such application made by such Lender, <u>provided</u> that the failure to give such notice shall not affect the validity of such application.

Section 10.09 <u>Governing Law; Jurisdiction; Consent to Service of Process</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) This Agreement, the Ancillary Documents and any legal proceeding directly or indirectly arising out of or relating to this Agreement (whether based on contract, tort or any other theory) shall be construed in accordance with and governed by the law of the State of New York.

&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) The Borrower hereby irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction of the United States District Court of the Southern District of New York sitting in the Borough of Manhattan and any appellate court thereof, or if the United States District Court of the Southern District of New York lacks subject matter jurisdiction, to the exclusive jurisdiction of the Supreme Court of the State of New York sitting in the Borough of Manhattan and any appellate court thereof, in each case in any action or proceeding directly or indirectly arising out of or relating to this Agreement (whether based on contract, tort or any other theory), any Ancillary Document, or for recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined in such Federal court (to the extent permitted by law) or in such New York State court. Each of the parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in this Agreement or any Ancillary Document shall affect any right that the Administrative Agent or any Lender may otherwise have to bring any action or proceeding relating to this Agreement or any Ancillary Document against the Borrower or its properties in the courts of any jurisdiction.

&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) The Borrower hereby irrevocably and unconditionally waives, to the fullest extent it may legally and effectively do so, any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Agreement or any Ancillary Document in any court referred to in paragraph (b) of this Section. Each of the parties hereto hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court.

&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) Each party to this Agreement irrevocably consents to service of process in the manner provided for notices in Section 10.01. Nothing in this Agreement will affect the right of any party to this Agreement to serve process in any other manner permitted by law.

Section 10.10 <u>WAIVER OF JURY TRIAL</u>.

EACH PARTY HERETO HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT, ANY ANCILLARY DOCUMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). EACH PARTY HERETO (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION.

Section 10.11 <u>Headings</u>. Article and Section headings and the **Table of Contents** used herein are for convenience of reference only, are not part of this Agreement and shall not affect the construction of, or be taken into consideration in interpreting, this Agreement.

Section 10.12 <u>Confidentiality</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) The Lenders and the Administrative Agent shall hold all Information obtained pursuant to this Agreement which has been identified as such by the Borrower in accordance with their customary procedures for handling confidential information of this nature and in accordance with safe and sound banking practices, and in any event may make disclosure (i) reasonably required by any bona fide transferee or participant or prospective transferee or participant, or relevant credit default or swap counterparty, in connection with the contemplated transfer of any Note, Loan or Commitment or participation therein, (ii) to any of its affiliates on a confidential basis, (iii) to any other party hereto and its and their employees, directors, agents, attorneys, accountants and other professional advisors or those of any of its affiliates on a confidential basis, (iv) as required or requested by law, rule, regulation, any Governmental Authority or representative thereof or pursuant to legal or regulatory (including self-regulatory) process, (v) to any actual and prospective credit insurance provider relating to the Borrower and its obligations hereunder, (vi) if such Information has been publicly disclosed or was otherwise disclosed to such Lender or the Administrative Agent by a third party (other than the Borrower or its Subsidiaries) which, to the best of such Lender's or the Administrative Agent, did not owe any obligation of confidentiality to the Borrower or its Subsidiaries, (vii) in connection with the exercise of any remedy hereunder or under any Note or Ancillary Document, (viii) on a confidential basis to any rating agency in connection with rating the Borrower or its Subsidiaries or the Loans, or (ix) if agreed by the Borrower in its sole discretion; provided that, unless specifically prohibited by applicable law or court order, each Lender shall notify the Borrower of any request by any governmental agency or representative thereof (other than any such request in connection with an examination of the financial condition of such Lender by such governmental agency or regulatory (including self-regulatory) authority) or request pursuant to legal process for disclosure of any such Information prior to disclosure of such Information so that either or both of them may seek an appropriate protective order; and further, provided that in no event shall any Lender be obligated or required to return any materials furnished by the Borrower or any of its Subsidiaries. "<u>Information</u>" means all information received from the Borrower relating to the Borrower or its business, other than any such information that is available to the Administrative Agent or any Lender on a non-confidential basis prior to disclosure by the Borrower and other than information pertaining to this Agreement routinely provided by arrangers to data service providers, including league table providers, that serve the lending industry; <u>provided</u>, that in the case of information received from the Borrower after the date hereof, such information is clearly identified at the time of delivery as confidential.

&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) **EACH LENDER ACKNOWLEDGES THAT INFORMATION FURNISHED TO IT PURSUANT TO THIS AGREEMENT MAY INCLUDE MATERIAL NON-PUBLIC INFORMATION CONCERNING THE BORROWER AND ITS RELATED PARTIES, AND CONFIRMS THAT IT HAS DEVELOPED COMPLIANCE PROCEDURES REGARDING THE USE OF MATERIAL NON-PUBLIC INFORMATION AND THAT IT WILL HANDLE SUCH MATERIAL NON-PUBLIC INFORMATION IN ACCORDANCE WITH THOSE PROCEDURES AND APPLICABLE LAW, INCLUDING FEDERAL AND STATE SECURITIES LAWS.**

&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) **ALL INFORMATION, INCLUDING REQUESTS FOR WAIVERS AND AMENDMENTS, FURNISHED BY THE BORROWER OR THE ADMINISTRATIVE AGENT PURSUANT TO, OR IN THE COURSE OF ADMINISTERING, THIS AGREEMENT WILL BE SYNDICATE-LEVEL INFORMATION, WHICH MAY CONTAIN MATERIAL NON-PUBLIC INFORMATION ABOUT THE BORROWER AND ITS RELATED PARTIES. ACCORDINGLY, EACH LENDER ACKNOWLEDGES TO THE BORROWER AND THE ADMINISTRATIVE AGENT THAT IT HAS IDENTIFIED IN ITS ADMINISTRATIVE QUESTIONNAIRE A CREDIT CONTACT WHO MAY RECEIVE INFORMATION THAT MAY CONTAIN MATERIAL NON-PUBLIC INFORMATION IN ACCORDANCE WITH ITS COMPLIANCE PROCEDURES AND APPLICABLE LAW.**

For the avoidance of doubt, nothing in this Section 10.12 shall prohibit any Person from voluntarily disclosing or providing any Information within the scope of this confidentiality provision to any governmental, regulatory or self-regulatory organization (any such entity, a "<u>Regulatory Authority</u>") to the extent that any such prohibition on disclosure set forth in this Section 10.12 shall be prohibited by the laws or regulations applicable to such Regulatory Authority.

Each reference to a "Lender" in this Section 10.12 shall include each Lender, each Issuing Lender and the Swingline Lender.

Section 10.13 <u>USA PATRIOT Act</u>.

Each Lender hereby notifies the Borrower that pursuant to the requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) (the "<u>Patriot Act</u>") and the Beneficial Ownership Regulation, it is required to obtain, verify and record information that identifies the Borrower, which information includes the name and address of the Borrower and other information that will allow such Lender to identify the Borrower in accordance with the Patriot Act and the Beneficial Ownership Regulation.

Section 10.14 <u>Conversion of Currencies</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) If, for the purpose of obtaining judgment in any court, it is necessary to convert a sum owing hereunder in one currency into another currency, each party hereto agrees, to the fullest extent that it may effectively do so, that the rate of exchange used shall be that at which in accordance with normal banking procedures in the relevant jurisdiction the Administrative Agent could purchase the first currency with such other currency on the Business Day immediately preceding the day on which final judgment is given.

&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) The obligation of the Borrower in respect of any such sum due from it to the Administrative Agent or any Lender hereunder shall, notwithstanding any judgment in a currency (the "<u>Judgment Currency</u>") other than that in which such sum is denominated in accordance with the applicable provisions of this Agreement (the "<u>Agreement Currency</u>"), be discharged only to the extent that on the Business Day following receipt by the Administrative Agent or such Lender, as the case may be, of any sum adjudged to be so due in the Judgment Currency, the Administrative Agent or such Lender, as the case may be, may in accordance with normal banking procedures purchase the Agreement Currency with the Judgment Currency. If the amount of the Agreement Currency so purchased is less than the sum originally due to the Administrative Agent or any Lender from the Borrower in the Agreement Currency, the Borrower agrees, as a separate obligation and notwithstanding any such judgment, to indemnify the Administrative Agent or such Lender, as the case may be, against such loss. If the amount of the Agreement Currency so purchased is greater than the sum originally due to the Administrative Agent or any Lender in such currency, the Administrative Agent or such Lender, as the case may be, agrees to return the amount of any excess to the Borrower (or to any other Person who may be entitled thereto under applicable law). The obligations of the Borrower contained in this Section 10.14 shall survive the termination of this Agreement and the payment of all other amounts owing hereunder.

Each reference to a "Lender" in this Section 10.14 shall include each Lender, each Issuing Lender and the Swingline Lender.

Section 10.15 <u>Acknowledgement and Consent to Bail-In of Affected Financial Institutions</u>. Notwithstanding anything to the contrary in this Agreement or in any other agreement, arrangement or understanding among any such parties, each party hereto acknowledges that any liability of any Affected Financial Institution arising under this Agreement may be subject to the Write-Down and Conversion Powers of the applicable Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by:

&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) the application of any Write-Down and Conversion Powers by the applicable Resolution Authority to any such liabilities arising hereunder which may be payable to it by any party hereto that is an Affected Financial Institution; and

&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) the effects of any Bail-In Action on any such liability, including, if applicable:

&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) a reduction in full or in part or cancellation of any such liability;

&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) a conversion of all, or a portion of, such liability into shares or other instruments of ownership in such Affected Financial Institution, its parent entity, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement; 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;(iii) the variation of the terms of such liability in connection with the exercise of the Write-Down and Conversion Powers of the applicable Resolution Authority.

Section 10.16 <u>Acknowledgement Regarding Any Supported QFCs</u>. To the extent that this Agreement provides support, through a guarantee or otherwise, for Swap Agreements or any other agreement or instrument that is a QFC (such support "<u>QFC Credit Support</u>" and each such QFC a "<u>Supported QFC</u>"), the parties acknowledge and agree as follows with respect to the resolution power of the Federal Deposit Insurance Corporation under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (together with the regulations promulgated thereunder, the "<u>U.S. Special Resolution Regimes</u>") in respect of such Supported QFC and QFC Credit Support (with the provisions below applicable notwithstanding that this Agreement and any Supported QFC may in fact be stated to be governed by the laws of the State of New York and/or of the United States or any other state of the United States):

In the event a Covered Entity that is party to a Supported QFC (each, a "<u>Covered Party</u>") becomes subject to a proceeding under a U.S. Special Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC Credit Support (and any interest and obligation in or under such Supported QFC and such QFC Credit Support, and any rights in property securing such Supported QFC or such QFC Credit Support) from such Covered Party will be effective to the same extent as the transfer would be effective under the U.S. Special Resolution Regime if the Supported QFC and such QFC Credit Support (and any such interest, obligation and rights in property) were governed by the laws of the United States or a state of the United States. In the event a Covered Party or a BHC Act Affiliate of a Covered Party becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under this Agreement that might otherwise apply to such Supported QFC or any QFC Credit Support that may be exercised against such Covered Party are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special Resolution Regime if the Supported QFC and this Agreement were governed by the laws of the United States or a state of the United States. Without limitation of the foregoing, it is understood and agreed that rights and remedies of the parties with respect to a Defaulting Lender shall in no event affect the rights of any Covered Party with respect to a Supported QFC or any QFC Credit Support.

Section 10.17 <u>Maximum Rate</u>. In no event whatsoever shall the aggregate of all amounts deemed to be interest charged or collected pursuant to the terms of this Agreement exceed the highest rate permissible under any applicable law which a court of competent jurisdiction shall, in a final determination, deem applicable hereto. In the event that such a court determines that the Lenders have charged or received interest hereunder in excess of the highest applicable rate, the rate in effect hereunder shall automatically be reduced to the maximum rate permitted by applicable law and the Lenders shall at the Administrative Agent's option (i) promptly refund to the Borrower any interest received by the Lenders in excess of the maximum lawful rate or (ii) apply such excess to the principal balance of the Obligations. It is the intent hereof that the Borrower shall not pay or contract to pay, and that neither the Administrative Agent nor any Lender receive or contract to receive, directly or indirectly in any manner whatsoever, interest in excess of that which may be paid by the Borrower under applicable law.

[Signature Pages Follow]

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by their respective authorized officers as of the day and year first above written.

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| | | |
|:---|:---|:---|
| MOBILITY GLOBAL INC., | MOBILITY GLOBAL INC., | MOBILITY GLOBAL INC., |
| as Borrower | as Borrower | as Borrower |
| By: | /s/ Matthew Calderone | /s/ Matthew Calderone |
|  | Name: | Matthew Calderone |
|  | Title: | Chief Financial Officer |

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[Signature Page to Project Metropolis Five-Year Credit Agreement]

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| | | |
|:---|:---|:---|
| CITIBANK, N.A., | CITIBANK, N.A., | CITIBANK, N.A., |
| as Administrative Agent, Issuing Lender and Swingline Lender | as Administrative Agent, Issuing Lender and Swingline Lender | as Administrative Agent, Issuing Lender and Swingline Lender |
| By: | /s/ Michael Vondriska | /s/ Michael Vondriska |
|  | Name: | Michael Vondriska |
|  | Title: | Vice President |

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[Signature Page to Project Metropolis Five-Year Credit Agreement]

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| | | |
|:---|:---|:---|
| MORGAN STANLEY BANK, N.A., | MORGAN STANLEY BANK, N.A., | MORGAN STANLEY BANK, N.A., |
| as Lender and Issuing Lender | as Lender and Issuing Lender | as Lender and Issuing Lender |
| By: | /s/ Michael King | /s/ Michael King |
|  | Name: | Michael King |
|  | Title: | Authorized Signatory |

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[Signature Page to Project Metropolis Five-Year Credit Agreement]

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| | | |
|:---|:---|:---|
| GOLDMAN SACHS BANK USA, | GOLDMAN SACHS BANK USA, | GOLDMAN SACHS BANK USA, |
| as Lender and Issuing Lender | as Lender and Issuing Lender | as Lender and Issuing Lender |
| By: | /s/ Jonathan Dworkin | /s/ Jonathan Dworkin |
|  | Name: | Jonathan Dworkin |
|  | Title: | Authorized Signatory |

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[Signature Page to Project Metropolis Five-Year Credit Agreement]

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| | | |
|:---|:---|:---|
| CITIBANK, N.A., | CITIBANK, N.A., | CITIBANK, N.A., |
| as Lender | as Lender | as Lender |
| By: | /s/ Michael Vondriska | /s/ Michael Vondriska |
|  | Name: | Michael Vondriska |
|  | Title: | Vice President |

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[Signature Page to Project Metropolis Five-Year Credit Agreement]

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| | | |
|:---|:---|:---|
| BANK OF AMERICA, N.A., | BANK OF AMERICA, N.A., | BANK OF AMERICA, N.A., |
| as Lender | as Lender | as Lender |
| By: | /s/ Carlos A. Delgado Robledo | /s/ Carlos A. Delgado Robledo |
|  | Name: | Carlos A. Delgado Robledo |
|  | Title: | Director |

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[Signature Page to Project Metropolis Five-Year Credit Agreement]

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| | | |
|:---|:---|:---|
| HSBC Bank USA, National Association, | HSBC Bank USA, National Association, | HSBC Bank USA, National Association, |
| as Lender | as Lender | as Lender |
| By: | /s/ Jillian Clemons | /s/ Jillian Clemons |
|  | Name: | Jillian Clemons |
|  | Title: | Senior Vice President |

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[Signature Page to Project Metropolis Five-Year Credit Agreement]

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| | | |
|:---|:---|:---|
| JPMORGAN CHASE BANK, N.A., | JPMORGAN CHASE BANK, N.A., | JPMORGAN CHASE BANK, N.A., |
| as Lender | as Lender | as Lender |
| By: | /s/ Ryan Zimmerman | /s/ Ryan Zimmerman |
|  | Name: | Ryan Zimmerman |
|  | Title: | Executive Director |

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[Signature Page to Project Metropolis Five-Year Credit Agreement]

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| | | |
|:---|:---|:---|
| BMO Bank N.A., | BMO Bank N.A., | BMO Bank N.A., |
| as Lender | as Lender | as Lender |
| By: | /s/ Joan Murphy | /s/ Joan Murphy |
|  | Name: | Joan Murphy |
|  | Title: | Managing Director |

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[Signature Page to Project Metropolis Five-Year Credit Agreement]

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| | | |
|:---|:---|:---|
| THE BANK OF NEW YORK MELLON, | THE BANK OF NEW YORK MELLON, | THE BANK OF NEW YORK MELLON, |
| as Lender | as Lender | as Lender |
| By: | /s/ Yipeng Zhang | /s/ Yipeng Zhang |
|  | Name: | Yipeng Zhang |
|  | Title: | Senior Vice President |

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[Signature Page to Project Metropolis Five-Year Credit Agreement]

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| | | |
|:---|:---|:---|
| BNP PARIBAS, | BNP PARIBAS, | BNP PARIBAS, |
| as Lender | as Lender | as Lender |
| By: | /s/ Maria Mulic | /s/ Maria Mulic |
|  | Name: | Maria Mulic |
|  | Title: | Managing Director |
| By: | /s/ Melody Moss | /s/ Melody Moss |
|  | Name: | Melody Moss |
|  | Title: | Director |

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[Signature Page to Project Metropolis Five-Year Credit Agreement]

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| | | |
|:---|:---|:---|
| MIZUHO BANK, LTD., | MIZUHO BANK, LTD., | MIZUHO BANK, LTD., |
| as Lender | as Lender | as Lender |
| By: | /s/ Tracy Rahn | /s/ Tracy Rahn |
|  | Name: | Tracy Rahn |
|  | Title: | Managing Director |

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[Signature Page to Project Metropolis Five-Year Credit Agreement]

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| | | |
|:---|:---|:---|
| Royal Bank of Canada, | Royal Bank of Canada, | Royal Bank of Canada, |
| as Lender | as Lender | as Lender |
| By: | /s/ Nicholas Gitron-Beer | /s/ Nicholas Gitron-Beer |
|  | Name: | Nicholas Gitron-Beer |
|  | Title: | Authorized Signatory |

---

[Signature Page to Project Metropolis Five-Year Credit Agreement]

---

| | | |
|:---|:---|:---|
| Wells Fargo Bank, National Association, | Wells Fargo Bank, National Association, | Wells Fargo Bank, National Association, |
| as Lender | as Lender | as Lender |
| By: | /s/ Benjamin Schwartz | /s/ Benjamin Schwartz |
|  | Name: | Benjamin Schwartz |
|  | Title: | Vice President |

---

[Signature Page to Project Metropolis Five-Year Credit Agreement]

## Exhibit 21.1

**Exhibit 21.1**

<u>List of Subsidiaries</u>

1. AMM Holding Corporation Delaware, USA

2. Auto Tech Fund III Delaware, USA

3. Automotive Mastermind Inc. Delaware, USA

4. Carfax Admin LLC Delaware, USA

5. Carfax Advisory Services LLC Delaware, USA

6. Carfax Canada Holding ULC Canada

7. Carfax Canada ULC Canada

8. Carfax Europe GmbH Germany

9. Carfax Historical de Vehículos SL Spain

10. Carfax Italia SRL Italy

11. Carfax Netherlands BV Netherlands

12. Carfax Poland Sp Zoo Poland

13. Carfax Sverige AB Sweden

14. Carfax, Inc. Pennsylvania, USA

15. Global Mapping Strategies, Inc. Michigan, USA

16. IT Manufactory Germany

17. Market Scan Information Systems Inc. California, USA

18. Mobility Global Japan GK Japan

19. Mobility Global MBGL GmbH Germany

20. New General Company France

21. Polk Carfax, Inc. Michigan, USA

22. R.L. Polk & Co. Delaware, USA

23. R.L. Polk Australia Pty Ltd Australia

24. R.L. Polk Australia Pty Ltd (Branch Office) Australia

25. R.L. Polk France France

26. R.L. Polk Holding UK

27. R.L. Polk Holding LLC Delaware, USA

28. R.L. Polk Limited UK

29. R.L. Polk Malaysia Sdn. Bhd. Malaysia

30. R.L. Polk Mobility LLC Delaware, USA

31. R.L. Polk Private Limited India

32. R.L. Polk sp. z o.o. Poland

33. R.L. Polk Trading (Shanghai) Co. Ltd. Beijing Branch China

34. R.L. Polk Trading (Shanghai) Co. Ltd. China

35. R.L. Polk UK Limited UK

36. R.L. Polk UK Limited Branch Ireland

37. R.L. Polk, S. de R.L. de C.V. Mexico

38. S&P Global Alpha GmbH Germany

39. S&P Global Lambda Ltd UK

## Exhibit 99.1

[**TABLE OF CONTENTS**](#TOC)

Information contained herein is subject to completion or amendment. A registration statement on Form 10 relating to these securities has been filed with the Securities and Exchange Commission under the Securities Exchange Act of 1934, as amended, but has not yet become effective.

#### Exhibit 99.1

#### Preliminary Information Statement (Subject to Completion, Dated May 7, 2026)

#### INFORMATION STATEMENT

### Mobility Global Inc.

### Common Stock (Par Value $0.01 Per Share)
S&P Global Inc. ("S&P Global") is furnishing this information statement in connection with the separation of its mobility business, S&P Global Mobility, from its remaining businesses and the creation of an independent, publicly traded company. Mobility Global Inc. ("Mobility"), directly or indirectly through its subsidiaries, will hold certain assets, liabilities and legal entities comprising the S&P Global Mobility business after certain restructuring transactions are completed (the "Restructuring Transactions").

Mobility is currently a wholly owned subsidiary of S&P Global. To effect the separation, S&P Global will distribute all of the shares of Mobility common stock to the stockholders of S&P Global (the "Distribution" and, together with the Restructuring Transactions, the "Separation").

Each holder of S&P Global common stock will receive shares of Mobility common stock for every shares of S&P Global common stock held as of the close of business on , 2026, the record date for the Distribution.

The Distribution is expected to be completed after the New York Stock Exchange (the "NYSE") market close on , 2026. Immediately after S&P Global completes the Distribution, Mobility will be an independent, publicly traded company. We expect that, for U.S. federal income tax purposes, no gain or loss will be recognized by you, and no amount will be included in your income in connection with the Distribution, except to the extent of any cash you receive in lieu of fractional shares.

No vote or other action is required by you to receive shares of Mobility common stock in the Separation. You will not be required to pay anything for the new shares or to surrender any of your shares of S&P Global common stock. We are not asking you for a proxy and you should not send us a proxy or your share certificates.

There currently is no trading market for Mobility common stock. We have applied to have Mobility's shares of common stock listed on the NYSE under the ticker symbol "MBGL." Assuming that the NYSE authorizes Mobility's common stock for listing, we anticipate that a limited market, commonly known as a "when-issued" trading market, for Mobility's common stock will commence on , 2026 and will continue up to and including the Distribution Date (as defined herein). We expect that the "regular-way" trading of Mobility's common stock will begin on the first trading day following the Distribution Date.

In reviewing this information statement, you should carefully consider the matters described under the caption "Risk Factors" beginning on page [26](#tSRF1).

Neither the U.S. Securities and Exchange Commission ("SEC") nor any state securities commission has approved or disapproved these securities or determined if this information statement is truthful or complete. Any representation to the contrary is a criminal offense.

This information statement does not constitute an offer to sell or the solicitation of an offer to buy any securities.

The date of this information statement is , 2026.

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A Notice of Internet Availability of Information Statement Materials containing instructions describing how to access the information statement was first made available to S&P Global stockholders on or about , 2026.

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#### **TABLE OF CONTENTS**

---

| | |
|:---|:---|
| | **Page**  |
| [Summary](#tSUM)  | [1](#tSUM) |
| [Risk Factors](#tSRF1)  | [26](#tSRF1) |
| [The Separation](#tTHSE)  | [57](#tTHSE) |
| [Dividend Policy](#tDIPO)  | [69](#tDIPO) |
| [Capitalization](#tCAP)  | [70](#tCAP) |
| [Unaudited Pro Forma Condensed Combined Financial Information](#tUPFC)  | [71](#tUPFC) |
| [Management's Discussion and Analysis of Financial Condition and Results of Operations](#tMDAA)  | [79](#tMDAA) |
| [Business](#tBUS)  | [108](#tBUS) |
| [Management](#tMAN)  | [124](#tMAN) |
| [Compensation Discussion and Analysis](#tCDAA)  | [129](#tCDAA) |
| [Certain Relationships and Related Party Transactions](#tCRAR)  | [149](#tCRAR) |
| [Ownership of Common Stock by Certain Beneficial Owners and Management](#tOOCS)  | [151](#tOOCS) |
| [Description of Capital Stock](#tDOCS)  | [153](#tDOCS) |
| [Where You Can Find More Information](#tWYCF)  | [158](#tWYCF) |
| [Index to Combined Unaudited Financial Statements and Combined Financial Statements](#tSGM)  | [F-1](#tSGM) |

---

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#### NOTE REGARDING THE USE OF CERTAIN TERMS
We use the following terms to refer to the items indicated:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • "We," "us," "our," "Company" and "Mobility," unless the context otherwise requires, refer to Mobility Global Inc., the entity that at the time of the Distribution will hold, directly or indirectly through its subsidiaries, certain assets and liabilities associated with the Spin Business, as defined below. Where appropriate in the context, the foregoing terms also include the subsidiaries of this entity; these terms may be used to describe the Spin Business prior to completion of the Separation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • The "Spin Business" refers to the business, operations, products, services and activities of the S&P Global Mobility business. See "Business" for more information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Except where the context otherwise requires, the term "S&P Global" refers to S&P Global Inc., the entity that owns Mobility prior to the Separation and that after the Separation will be a separately traded public company consisting of its remaining operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • The term "Distribution" refers to the transaction in which S&P Global will distribute 100% of the shares of Mobility common stock owned by S&P Global to stockholders of S&P Global as of the record date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • The term "Restructuring Transactions" refers to the series of transactions which will result in certain assets, liabilities and legal entities comprising the Spin Business being owned directly, or indirectly through its subsidiaries, by Mobility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Except where the context otherwise requires, the term "Separation" refers to the separation of the Spin Business from S&P Global and the creation of an independent, publicly traded company, Mobility, through (1) the Restructuring Transactions and (2) the Distribution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • The term "Distribution Date" means the date on which the Distribution occurs.

#### Trademarks and Trade Names
We own and license various trademark registrations, trademark applications and unregistered trademarks. All other trade names, trademarks and service marks of other companies appearing in this information statement are the property of their respective holders. Solely for convenience, the trademarks and trade names in this information statement may be referred to without the® and™ symbols, but such references should not be construed as any indicator that their respective owners will not assert, to the fullest extent under applicable law, their rights thereto. We do not intend to use or display other companies' trademarks and trade names to imply a relationship with, or endorsement or sponsorship of us by, any other companies.

#### Market and Industry Data
This information statement includes industry and market data that we obtained from industry publications, third-party studies and surveys, as well as internal analysis. Industry publications and surveys generally state that the information contained therein has been obtained from sources believed to be reliable. Each publication, study and report speaks as of its original publication date (and not as of the date of this information statement). While we are not aware of any misstatements regarding the industry or market data presented herein, such data and estimates, particularly as they relate to market size, market growth and our general expectations, involve important risks, uncertainties and assumptions and are subject to change based on various factors, including those discussed under the headings "Risk Factors," "Special Note Regarding Forward-Looking Information" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in this information statement. These and other factors could cause results to differ materially from those expressed in the estimates and beliefs made by third parties and by us.

#### Historical Financial Information
The historical financial information included in this information statement has been prepared on a stand-alone basis for the Spin Business and is derived from the consolidated financial statements and accounting records of S&P Global. The historical financial information of Mobility has not been included in this

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information statement as, from its formation on September 26, 2025 through March 31, 2026, Mobility has had no material assets, liabilities, operations, business transactions or activities other than those taken in contemplation of the Separation and those incidental to the preparation of this information statement and the registration statement on Form 10 to which this information statement is filed as an exhibit.

#### Non-GAAP Financial Measures
In addition to our results provided throughout this information statement that are in accordance with generally accepted accounting principles in the United States ("U.S. GAAP"), we use Adjusted EBITDA, Adjusted EBITDA margin, Adjusted operating profit, Adjusted operating profit margin, Segment Adjusted EBITDA, Segment Adjusted EBITDA margin and Free cash flow, which are non-GAAP financial measures, in this information statement. Adjusted EBITDA, Adjusted EBITDA margin, Adjusted operating profit, Adjusted operating profit margin, Segment Adjusted EBITDA, Segment Adjusted EBITDA margin and Free cash flow should not be considered in isolation, or as substitutes for our results as reported under U.S. GAAP. See "Management's Discussion and Analysis of Financial Condition and Results of Operation — Non-GAAP Financial Measures" for a discussion on how we define and calculate Adjusted EBITDA, Adjusted EBITDA margin, Adjusted operating profit, Adjusted operating profit margin, Segment Adjusted EBITDA, Segment Adjusted EBITDA margin and Free cash flow, why we believe these measures are important and reconciliations of the most directly comparable U.S. GAAP measures. Adjusted EBITDA, Adjusted EBITDA margin, Adjusted operating profit, Adjusted operating profit margin, Segment Adjusted EBITDA, Segment Adjusted EBITDA margin and Free cash flow should be read in conjunction with our audited combined financial statements, unaudited condensed combined financial statements and accompanying notes included elsewhere in this information statement, "Summary — Summary Combined Financial and Other Data," "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Unaudited Pro Forma Condensed Combined Financial Information."

#### Rounding
Numerical information in this report is presented on a rounded basis using actual amounts. Minor differences in totals and percentage calculations may exist due to rounding.

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#### SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS
We have made statements under the captions "Summary," "Risk Factors," "Management's Discussion and Analysis of Financial Condition and Results of Operations," "Business" and in other sections of this information statement that are forward-looking statements. In some cases, you can identify these statements by forward-looking words such as "may," "might," "will," "should," "expects," "plans," "anticipates," "believes," "estimates," "predicts," "potential" or "continue," the negative of these terms and other comparable terminology. These forward-looking statements, which are subject to risks, uncertainties and assumptions about us, may include projections, forecasts or assumptions of our future financial performance, our anticipated growth strategies and anticipated trends in our business. These statements are only predictions based on our current expectations and projections about future events. There are important factors that could cause our actual results, level of activity, performance or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied by the forward-looking statements, including the numerous risks discussed under the caption entitled "Risk Factors."

Although we believe the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, level of activity, performance or achievements. Moreover, neither we nor any other person assumes responsibility for the accuracy and completeness of any of these forward-looking statements. Except as required by law, neither S&P Global nor we are under any duty to update any of these forward-looking statements after the date of this information statement to conform our prior statements to actual results or revised expectations.

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#### SUMMARY
 *This summary highlights information contained elsewhere in this information statement. This summary does not contain all of the information that you should consider. You should read this entire information statement carefully, especially the risks of owning our common stock discussed under "Risk Factors" and our audited combined financial statements and unaudited condensed combined financial statements, our unaudited pro forma condensed combined financial information and the respective notes to those statements appearing elsewhere in this information statement. Except as otherwise indicated or unless the context otherwise requires, the information included in this information statement assumes the completion of all the transactions referred to in this information statement in connection with the Separation.* 

#### Our Company
We are a globally recognized pioneer and leader in automotive data, solutions and insights. We provide mission-critical offerings that span the entire vehicle and consumer purchasing lifecycles, enabling our original equipment manufacturer ("OEM") and dealer customers to anticipate change and make informed decisions in a large, complex and dynamic industry. With more than 100 years of data stewardship and a contributory network of more than 177,000 sources as of December 31, 2025, we believe we have built an unrivaled data estate that powers critical decisions for suppliers, OEMs, dealers, finance & insurance ("F&I") firms and consumers in a global automotive market valued at approximately $8.0 trillion in 2025 according to management estimates.

We source, cleanse and incorporate thousands of datasets to generate unique, predictive insights at scale that are deeply embedded in client workflows, supporting the top 40 global automakers that cover 96% of global production as of December 31, 2025 according to internal data and more than 40,000 dealer customers across a global footprint spanning North America, Europe, the Middle East and Africa ("EMEA") and Asia-Pacific ("APAC") as of December 31, 2025. We believe we are uniquely positioned to assist our customers in navigating the rapidly evolving automotive landscape, which includes more complex vehicles (e.g., electric and software-defined), growing consumer demand for data and personalization, increasing regulatory complexity and tighter production schedules. We offer essential data and analytical tools that enable quick and informed decision-making throughout the vehicle and consumer lifecycle.

We offer critical insights at every stage of the automotive value chain. Our CARFAX segment provides consumers, dealers, service shops and F&I firms with trusted vehicle history, valuations, listings and service reminders. CARFAX uses a vast proprietary data estate and brand to help consumers buy the right car at the right price, sell confidently and maintain their vehicles, while helping dealers build shopper confidence, convert more leads and drive service loyalty. Our business-to-business ("B2B") segment delivers mission-critical data, forecasts and marketing & sales solutions to OEMs, suppliers, dealers and F&I firms. B2B powers product planning, supply-chain and technology decisions, market analytics, pricing and incentives and targeted customer activation.

For the three months ended March 31, 2026, our revenue totaled $455 million, representing an 8.1% increase over the three months ended March 31, 2025. For the three months ended March 31, 2026, our net income totaled $55 million, with net income decreasing 4.7% compared to the three months ended March 31, 2025. For the year ended December 31, 2025, our revenue totaled $1.75 billion, with revenue increasing 8.5% over the prior year period and our net income totaled $220 million, with net income increasing 5.8% over the prior year period.

#### Our Marquee Brands
We organize our comprehensive offerings across two core segments, CARFAX and B2B, each providing specialized data, solutions and insights to distinct facets of the automotive ecosystem. We deliver a comprehensive view and tailored outcomes across the entire vehicle lifecycle to meet the specific needs of our clients. We believe our portfolio of trusted brands define their respective categories across the automotive industry. These include:

#### CARFAX
CARFAX is a premier consumer brand in automotive data and vehicle history, with a strong reputation for trust, scale and innovation. According to a survey of in-market consumers, we have achieved an average

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of 96% in-market awareness and an average of 85% mascot recognition (Car Fox), making us the most relied-upon brand among third-party automotive providers.

The fundamental mission of CARFAX is to provide trusted information that helps millions of people shop, buy, service and sell vehicles with more confidence. This mission addresses critical market inefficiencies and information gaps that have historically characterized the automotive marketplace, particularly in the used vehicle segment where information asymmetries can have significant negative impacts on transaction outcomes and customer satisfaction.

To this end, CARFAX has established and continues to expand a superior data estate comprised of more than 38 billion vehicle history records from more than 177,000 sources through symbiotic data partnerships with automotive industry participants including more than 92,000 dealers and service shops, 6,300 police agencies and 36 OEMs as of December 31, 2025.

CARFAX invests in technology, including artificial intelligence ("AI") and machine learning ("ML"), to cleanse, synchronize and harmonize raw data sets to derive must-have insights that are delivered at scale through our branded product portfolio. In addition, through our strategic brand investments and industry partnership efforts, we have developed a more than 53 million Car Care consumer audience as of December 31, 2025, who receive personalized alerts and information regarding the vehicles they own. We also have a high degree of consumer engagement with approximately 23 million monthly average unique visitors to the CARFAX U.S. website and apps and more than 28 million monthly average CARFAX vehicle history report views for the twelve-month period ended December 31, 2025.

Our data and analytics help us answer critical questions that industry participants have and reduce the information asymmetries inherent in the vehicle buying, selling and maintenance process. The breadth, depth and quality of our data built through decades of industry partnerships and technology investments along with our consumer branding efforts directly contribute to the value proposition we deliver to our customers.

As a result, CARFAX solutions are deeply integrated into dealer and consumer workflows, powering more than 92,000 dealers and service shops, including over 40,000 dealer customers as of December 31, 2025. We monetize the value we create primarily through a business-to-business-to-consumer ("B2B2C") business model, with strong recurring revenues.

CARFAX's core products include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Advantage:* A dealer subscription product that provides CARFAX Vehicle History Reports and related insights (e.g., accident, service/maintenance, ownership, valuations and recalls) that dealers use to acquire the right inventory, price accurately with history-based valuation and build buyer confidence at point of sale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Car Listings:* A dealer subscription product that lets dealers post vehicles for sale on CARFAX's high-traffic website and apps. Every vehicle listing includes a free CARFAX report, history-based value and verified reviews. Dealers use Car Listings to generate qualified leads out of approximately 23 million monthly average unique visitors to the CARFAX U.S. website and apps for the twelve-month period ended December 31, 2025 and to convert shoppers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *CARFAX For Life:* A dealer subscription product that drives service retention and loyalty by providing their customers with access to CARFAX Car Care. Consumers receive maintenance reminders and alerts specific to their vehicle identification number ("VIN"). Dealers use CARFAX For Life to bring vehicles back for service, build reputation through verified consumer ratings and reviews and strengthen loyalty over time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Banking & Insurance Group ("BIG"):* Our data and analytics products for lenders and insurers that customers integrate into their workflows.

Our network is a virtuous circle, where consumer demand drives dealer adoption and vice versa, enabling us to achieve sustained growth, high retention and strong pricing power. We believe our strategic investments in data leadership, brand, dealer growth and geographic expansion, as well as new products (such as Premium Listings and Sell My Car) will further accelerate our growth and deepen market penetration.

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CARFAX has a well established market presence in the U.S. and Canada and a consumer-led growth strategy in Europe, where the brand recently launched in Spain and Italy. CARFAX currently holds an approximately 35% stake in New General Company ("NGC").

#### B2B
Our B2B segment comprises two business lines: Marketing & Sales and Strategy & Planning. B2B is characterized by long-standing relationships, low revenue concentration and a clear roadmap for growth through geographic expansion, the upselling and cross-selling of new modules and deepening penetration with mass-market dealerships and OEMs. Our capabilities are underpinned by advanced predictive analytics, ML and AI, which transform raw information into actionable intelligence for agile planning and competitive differentiation.

 *Marketing & Sales* 

Our Marketing & Sales business line provides market analytics and consumer purchasing predictions to enhance new vehicle sales and optimize dealer network performance. We offer comprehensive solutions enabling OEMs and dealers to assess performance, understand market dynamics, evaluate competition, identify opportunities, optimize incentive spending, improve consumer loyalty, manage inventory, and refine pricing strategies.

We maintain deep integration with top global North American automakers, empowering their sales and marketing decisions by identifying target consumers, informing optimal offers, and executing effective outreach campaigns. A key initiative is our Data Studio platform, which enables deep consumer insights, unified analytics, and streamlined data sharing between OEMs and dealers.

Marketing & Sales core products include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *automotiveMastermind*: A specialized sales and marketing platform for automotive dealers and OEM programs utilizing advanced predictive analytics and proprietary "Behavior Prediction Scores" ("BPS"). The platform integrates comprehensive Customer Relationship Management ("CRM") and Dealer Management Systems ("DMS") data to identify in-market buyers, anticipate consumer behavior, personalize outreach, and optimize private offers. It empowers dealers to prioritize prospects, execute omnichannel campaigns, and enhance customer loyalty and conversion rates. The platform includes Enterprise EyeQ ("EEQ"), a private incentive optimization tool enabling OEMs and captive lenders to maximize incremental sales through turn-key marketing and incentive management solutions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Polk Auto Marketing Solutions*: A leading provider of industry key performance indicators ("KPIs") and insights including market share, volume, loyalty, and defection data for automakers and dealers. Our data integrates seamlessly with OEM workflows, matching their territories, dealer networks, and competitive segments. The data is used daily across OEMs from product planners to sales operations. Our audience and measurement solutions provide closed-loop attribution for OEMs, dealers, media platforms, and lenders, enabling marketing campaign effectiveness assessment. Consumer targeting solutions utilize modeled household data to identify in-market consumers with specific vehicle affinities, built on billions of detailed vehicle transaction records collected over decades.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Market Scan Pricing Solutions*: A leading provider of real-time vehicle pricing and payment solutions delivered through Application Programming Interfaces ("APIs") and dealer software. As of December 31, 2025, approximately 10,500 dealerships utilized this pricing engine which integrates with major dealer software providers and online shopping marketplaces. Our data asset is also used to develop analytical pricing solutions that aggregate detailed pricing and incentive data, creating powerful optimization tools helping clients understand competitive positioning and model pricing change impacts on market share and profitability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Data Studio:* A unified data platform securely connecting OEM and dealer first-party data with our proprietary third-party datasets, delivering AI-ready data services, advanced analytics, and audience activation. It resolves OEM-dealer data misalignment through a clean-room environment, automating data onboarding from mission-critical systems and supporting modular use cases.

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Solutions include Data as a Service and EEQ, enabling OEMs and dealers to maximize incentive spend efficiency through personalized offers for customer retention and acquisition. Early deployments with large OEMs and dealer groups demonstrated 98% participation, improved marketing effectiveness, and materially better incentive efficiency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *VIN Solutions*: A data service that is delivered primarily through real-time API integration with customers including government Departments of Motor Vehicles ("DMVs"), aftermarket parts retailers, insurance carriers, and channel partners. These integrations support vehicle verification, record enrichment by decoding VINs with detailed trim and options and pairing with ownership records for verification. Users include insurers, OEMs, dealers, parts providers, tolling agencies, and government entities for risk assessment, policy quoting and binding, parts fitment identification, vehicle registration, and compliant identity workflows.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Recall:* A strategic offering supporting U.S. automakers and dealers in maximizing safety recall completion rates. This end-to-end solution leverages proprietary datasets and advanced analytics to identify current vehicle owners, execute multi-channel outreach campaigns, and continuously optimize performance. Key differentiators include a daily-updated VIN database with over 13 billion vehicle owner records as of December 31, 2025, vehicle filtering to exclude non-service vehicles, and comprehensive analytics for campaign effectiveness. The Recall Dealer Outreach program targets vehicle owners within dealership territories, providing recall remedy capabilities while improving customer retention and brand loyalty.

 *Strategy & Planning* 

Our Strategy & Planning business line delivers mission-critical data, insights and tools that empower strategic planning decisions for the global automotive industry. As an independent provider of comprehensive forecasts, we offer trusted vehicle and supply chain forecasting, sophisticated scenario planning capabilities, robust supply chain risk management solutions and seamlessly embedded workflow tools.

We serve 100% of the top 40 global carmakers (based on production volume), 94% of the top 100 automotive suppliers (based on revenue), and 100% of the top 10 investment banks (based on revenue) as of December 31, 2025, according to internal data. Our data estate covers virtually all global vehicle production with over 80 million rows of actively updated data and more than 2,000 data attributes per vehicle as of December 31, 2025. We believe our solutions are indispensable for high-stakes decisions in product planning, supply chain management, and regulatory compliance, particularly as the industry faces increasing complexity from electrification, software-defined vehicles ("SDVs"), supply chain pressure, and geopolitical volatility.

Strategy & Planning core products include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Global Reporting:* Delivers comprehensive, consistent volume data reporting for new and used vehicles, tracking data across 100 countries as of December 31, 2025, at model/nameplate level and linking actualized sales and registration data into the broader Planning Solutions ecosystem. Through trusted relationships with governments, agencies, and industry bodies, it provides national and sub-national registration data, Vehicles-in-Operation insights, and aftermarket management views, harmonized for reliable cross-country comparisons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Forecast Adjustment and Simulation Tool ("FAST")*: A scenario and simulation capability enabling OEMs to model market shocks and test alternative product, price, feature, powertrain, and timing assumptions against our forecasts. Customers use FAST for executive-ready, data-driven scenarios, incentive and product plan optimization, and cross-functional planning alignment.

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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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Procurement IQ ("PIQ")*: A supplier scouting, benchmarking, risk management, and spend optimization solution built on our supply chain and technology datasets covering 60% of vehicle value. It enables OEM procurement teams to evaluate supplier footprints, competitiveness, quality/cost/risk exposure, and tariff/regulatory impacts for identifying sourcing options, assessing dual-sourcing strategies, and quantifying savings opportunities.

We maintain a strategic partnership with Digital Automotive ("DA"), a Germany-based SaaS platform embedding our Planning Solutions data into supplier workflows for strategic planning, pricing, and cost recovery. As of December 31, 2025, we own approximately 25% of DA with rights of first refusal on the remaining 75%. DA is expected to deepen supplier adoption, drive Planning Solutions suite upsell, and contribute meaningful revenue growth.

#### Our Industry
We serve a vast and dynamic global automotive industry, which is estimated to be approximately $8.0 trillion annually according to management estimates, including approximately $3.2 trillion in new light vehicle car sales, approximately $2.8 trillion in used light vehicle car sales, approximately $1.3 trillion in light vehicle maintenance and repair, and approximately $0.7 trillion in the medium and heavy commercial vehicle market.

This market is undergoing profound transformations, driving an increasing need for our advanced data and decisioning tools. Key dynamics include a growing consumer demand for comprehensive vehicle information, the accelerating shift towards electrification and SDVs, the emergence of direct-to-consumer retail models and persistent supply chain disruptions.

Our Total Addressable Market ("TAM") was estimated to be between $75 and $81 billion in 2025 according to an independent third-party consulting firm. The methodology for calculating this TAM involves segmenting the market into three distinct categories:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Core Market:* This component represents the addressable opportunities for markets we currently serve and also markets in which we expect to offer services within 12 months. This market was estimated at $13 – 15 billion in 2025 with significant room for growth, driven by factors such as the increasing importance of data and pricing. At CARFAX, this includes vehicle history (Advantage, Pay-Per-VIN ("PPV"), Consumer), service loyalty marketing (CARFAX For Life), car listings (used, new, and Premium Listings), and F&I. For Marketing & Sales, this includes OEM & dealer marketing solutions. For Strategy & Planning, this includes vehicle forecasting, powertrain & sustainability, supply chain & technology, international market reporting, aftermarket management, and dealer network development.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Extended Core Opportunities*: This component represents incremental opportunities that we are actively pursuing as part of our growth strategy, including planned initiatives to launch new products and expand existing offerings into additional international markets. This portion of the TAM represented an additional $25 – 27 billion in 2025, with planned growth initiatives like Sell My Car and Digital Advertising for CARFAX and Data Studio for Marketing & Sales. Extended core opportunities include new products and growing current products in international markets. At CARFAX, these opportunities include digital advertisements (enabled by co-op), Sell My Car (full-service cash offers) and international expansion of current products. For Marketing & Sales, these opportunities include international expansion of current products and tierless enterprise data solutions. For Strategy & Planning, these opportunities include Procurement Intelligence and scenario modelling capabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Adjacencies:* This component represents additional market opportunities that we could potentially pursue beyond our immediate roadmap. Such adjacencies added a significant $37 – 39 billion to the TAM. Examples include P&C claims and repair software, shop management software and F&I marketing for the Used Vehicle Lifecycle, as well as DMS and AI workflow tools for Marketing & Sales. Adjacencies include future growth opportunities beyond Mobility's immediate roadmap. For CARFAX, these adjacencies include the aftermarket service marketplace, P&C claims and repair software, shop management software, and finance and insurance marketing. For Marketing & Sales,

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these adjacencies include dealer management software, customer data platform ("CDP") / CRM, and AI workflow tools for dealers. For Strategy & Planning, these adjacencies include engineering and cost solutions.

#### Key Trends
Several critical trends are shaping the automotive industry and driving demand for our solutions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Increasing Vehicle Complexity and Technology:* There is rapid growth in vehicle technology and a rise of new powertrains such as Electric Vehicles ("EVs") and SDVs, with the number of EV and SDV players forecasted to grow at a 6% CAGR from 2024 through 2030 according to an independent third-party consulting firm. This is generating demand for the kind of sophisticated data our Vehicle & Supply Chain Forecasting solutions provide OEMs and suppliers. Increasing vehicle complexity also drives consumer demand for trusted CARFAX information during the shopping and ownership stages of the vehicle lifecycle.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Consumer Personalization and Digitization:* Consumers increasingly prefer omnichannel, brand-oriented and personalized purchasing experiences. We believe the data-driven marketing that automotiveMastermind, Polk Auto Solutions and Market Scan provide are critical to gathering granular insights online, in-person and through social commerce to inform tailored offerings. Millions of consumers depend on CARFAX vehicle history information while shopping for used vehicles and personalized, accurate and timely alerts to help them maintain their owned vehicles both online (via the CARFAX website and apps) and in-person at dealerships and aftermarket service shops (via workflow integrations).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Compression of Production Planning Cycles*: A significant shift towards agile planning processes is reducing lead times from traditional four-to-five-year cycles to two to three years among leading OEMs. This acceleration, partly driven by competitive pressures from new entrants like Chinese OEMs, requires faster, more dynamic decision-making and real-time data across the supply chain. This is specifically affecting supplier sourcing and dual-sourcing decisions, component and technology content planning (e.g., batteries, semiconductors and SDV features), volume and capacity commitments with Tier 1 – N suppliers, plant and tooling readiness, logistics and parts flow routing and cost/risk monitoring tied to tariffs and regulatory changes. FAST lets OEMs and suppliers run rapid, executive-ready scenarios on product, price, feature, powertrain and timing against our forecasts to support agile decision-making. Tier 1 – N suppliers refer to all supplier tiers in the automotive supply chain: Tier 1 supplies parts/modules directly to the OEM; Tier 2 supplies Tier 1; Tier 3 supplies Tier 2; and so on down the chain.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Supply Chain Disruption and Geopolitics:* Heightened geopolitical tensions and disruptions, including significant tariff policies, increase market complexity. These factors dampen new car demand and necessitate robust supply chain mapping, risk management tools and scenario planning to anticipate and respond to changes, often shifting consumer focus to used vehicles. PIQ and the Supply Chain & Technology suite support supplier scouting, risk/dual-sourcing and tariff scenario planning, while CARFAX's used-vehicle ecosystem (VHR, Listings, CARFAX For Life) benefits when demand shifts from new to used vehicles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Rise of AI:* AI is becoming a crucial priority as OEMs, suppliers, dealers, and consumers increasingly need real-time, predictive insights to make faster, more integrated decisions across planning, marketing, and the used vehicle lifecycle. Mobility is actively embedding AI and ML in its products and operations, using AI to automate data ingest and enrichment, power behavior prediction scores and pricing analytics in Marketing & Sales, and enable scenario simulation and procurement intelligence in Planning Solutions. Internally, S&P Global Mobility is also deploying AI to drive efficiency in engineering, data operations, and go-to-market, supporting both cost savings and product velocity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Focus on Forecasting, Planning and Technology:* The automotive industry requires precise, independent forecasts for vehicle sales, production, powertrains, components and technology across the entire vehicle lifecycle. This includes detailed analysis of EV trends and sustainable mobility initiatives, all of which support critical product planning, marketing and sales operations and inform

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multi-billion-dollar capital allocation decisions. Our Vehicle & Supply Chain Forecasting and Global Reporting products cater to this demand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Average Age of Vehicles on the Road Is Increasing:* Consumers are owning their vehicles for longer resulting in more demand for trusted CARFAX information on how to maintain their vehicles and keep them reliably running for as long as possible.

#### Our Competitive Strengths
We have several compelling competitive strengths that position us as a leader in the automotive data and technology industry.

#### Trusted Provider of Automotive Intelligence with More than 100 Years of History & Recognized Brands
We are a pioneering, global provider of automotive data and technology backed by more than a century of heritage, dating back to Polk's origins in 1870. Our portfolio comprises category-defining brands that the industry relies on every day: CARFAX (the most recognized consumer brand in the category with an average of 96% in-market awareness and an average of 50% unaided awareness according to a survey of in-market consumers), automotiveMastermind (a highly respected dealer brand), Polk Automotive Solutions (demonstrating more than 100 years of trusted data stewardship) and Market Scan (the reference for real-time payments and incentive data). Together, these trusted brands anchor our role as an independent, authoritative source for mission-critical automotive intelligence across the vehicle and consumer lifecycles.

#### Differentiated Data Sets (Scale and Timeframe)
We hold a differentiated data estate, distinguished by both its vast scale and extensive historical depth. This includes more than 38 billion vehicle history records, more than 13 billion transaction records and approximately 832 million unique VINs tracked as of December 31, 2025. Our data includes more than 2,000 data attributes per vehicle and comprises more than 80 million rows of actively updated information as of December 31, 2025. With more than 100 years of data stewardship, including our proprietary Polk, CARFAX and Market Scan datasets, and more than 30 years of ownership data, we believe we offer a comprehensive and hard-to-replicate foundation. Our vast contributing network of more than 177,000 sources, including dealers, service shops, police agencies and governments as of December 31, 2025, ensures our access, often on an exclusive basis, to critical purchase, incident and service data. This extensive and deep data is continuously curated and enhanced by AI, enabling us to provide highly accurate and VIN-level predictive analytics and insights.

#### Wide Network of Relationships and Large Customer Base
We believe our leading position in the sector is reinforced by decades-long, reciprocal relationships with an extensive and loyal customer base and a uniquely scaled customer footprint. CARFAX had more than 40,000 dealer customers and more than 53 million CARFAX Car Care consumer audience members as of December 31, 2025. Within B2B, our Marketing & Sales business line had 100% penetration for the top 30 OEMs operating in North America, and our Strategy & Planning business line served 98% of the top 40 automotive suppliers, 100% of the top 40 global carmakers and 100% of the top 10 investment banks as of December 31, 2025, based on internal data. These deep, durable relationships create continuous feedback loops that strengthen data quality, embed solutions in customer workflows and sustain industry-leading retention across OEMs, suppliers, dealers and adjacent stakeholders.

#### Deep Expertise in Market, Vehicle and Consumer Information, Forecasts and Analysis Tools
We maintain profound expertise across the automotive ecosystem, supported by our substantial workforce comprised of over 3,400 full-time equivalent employees ("FTEs") globally as of December 31, 2025. We offer advanced forecasting, planning and analysis tools that cover every brand, model and vehicle lifecycle stage. Our solutions include comprehensive, globally consistent market data across 100 countries, covering more than 990 vehicle production plants, more than 85,000 vehicle variants and more than 400 sales brands as of December 31, 2025, and approximately 99% of global vehicle production as of December 31,

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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;

2025. This extensive network and deep analytical capabilities enable us to provide precise insights and support strategic decision-making.

#### Demonstrated Resilience Through Business Cycles
We have a proven track record of robust margins and consistent growth, showcasing our resilience across economic fluctuations. We operate a resilient business model with limited cyclicality, attributed to our balanced portfolio spanning both new and used car markets. This strategic mix acts as a natural hedge against macroeconomic shifts, as evidenced by our strong performance during periods of higher used car volumes, such as 2023 and 2024. From 2023 to 2024, our total revenue grew 9% and we maintained strong margins, underscoring our capacity for sustained profitability and stability.

#### Scaled, Recurring, High-Margin Growth with Robust Cash Flow
We have demonstrated durable growth, healthy profitability and strong free cash flows underpinned by a subscription revenue model, sticky customer relationships and strong operating margins. In 2025, we generated approximately $1.75 billion of revenue, converting that into strong free cash flow. We operate primarily via a recurring revenue model across all segments. Revenue retention is consistently high, reflecting the mission-critical nature of our data and the breadth of our embedded workflows.

#### Our Growth Strategies
Our strategy is crafted to drive significant near and long-term growth, harnessing the power of advanced technology and data science to deliver unparalleled insights. We are committed to expanding our influence and capabilities across both the automotive ecosystem and geographies.

#### Enhancement of Existing Products through Technology
We are continuously enhancing our capabilities in predictive analytics, ML and AI across both our segments, which continue to magnify our competitive advantage to drive revenue and customer retention. This technology allows us to enhance and enrich our existing data to glean more valuable insights. Specifically, we apply ML to decode and standardize complex inputs (e.g., VIN specifications, accident and service narratives), use image-to-text and AI to ingest unstructured content (PDFs, images) and deploy AI agents to automate processing and delivery workflows. Together, these strategies improve our coverage, speed and quality.

 *CARFAX* 

Our technology investments over the past several years have increased the share of usable records and make content-rich, structured datasets easier to consume by automatically summarizing and harmonizing them for users. As CARFAX acquires more data, AI compresses long-form vehicle history content into concise, consumer-ready summaries (e.g., turning multi-page vehicle history records into 30- to 40-second highlights) and powers new formats like the "Talking Car Fox" (an AI-generated Car Fox summarizing vehicle history insights), alongside history-based reliability and cost-of-ownership predictions. These technological enhancements boost shopper confidence while increasing owner engagement and dealer return on investment, helping to enhance retention and product adoption.

 *B2B* 

Within the B2B reportable segment, as discussed below, we have enhanced our capabilities in our business lines:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Marketing & Sales:* At automotiveMastermind, we are introducing AI-driven consumer interactions and seller enablement, including on-brand, compliant marketing content generation (e.g., emails and outbound communications) and core talk tracks that guide business development centers and sales reps in dealer workflows, to reduce manual effort and improve personalization at scale. The Data Studio platform delivers AI-ready data services, robust analytics and advanced audience activation capabilities, ultimately optimizing marketing spend for our clients and enabling truly personalized

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consumer experiences. Using ML and AI and our expanding data set, we are continuously evolving and improving our consumer models, such as the BPS, for identifying which consumers are likely in market, for what product at what price which is a core capability and differentiator that underpins our Marketing & Sales products. Leveraging AI, we are introducing natural language query features in our largest data repositories so users can navigate and extract insights from the data more efficiently. We believe these initiatives help drive retention and product adoption by improving the quality of our products and improving the customer experience.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Strategy & Planning:* For our Strategy & Planning business line, technology serves as the core driver of innovation. We are making ongoing improvements in predictive analytics, ML and AI to continually advance our offerings. New capabilities such as PIQ, scenario capabilities (FAST) and DA are transforming raw information into intelligent, predictive insights, empowering OEMs and suppliers to make agile, data-driven decisions on product planning, supply chain optimization and critical technology investments. Our long-term strategy is to enable comprehensive decision-making within an interactive data ecosystem, utilizing sophisticated AI-enabled systems for dynamic forecasts and simulations*.* 

#### Expanding Our Data Network
We intend to continue leveraging technology and data for unique insights, forecasts and advisory services across the automotive value chain. The foundation of our strategy is built upon our ability to capitalize on our vast data estate, advanced technological infrastructure and deep data science capabilities. This powerful combination enables us to deliver critical insights, precise forecasts and invaluable advisory services across the entire automotive value chain.

 *CARFAX* 

We continue to grow our contributory data partnerships across more than 177,000 sources, including 36 OEM Certified Pre-Owned ("CPO") programs, more than 6,300 police agencies and more than 92,000 dealers and service shops as of December 31, 2025. As a result of this growing network of data partnerships, we have added an average of approximately 6 million records daily for the twelve-month period ended December 31, 2025, to a vehicle history corpus exceeding 38 billion records as of December 31, 2025. We also continue to expand dealer workflow partnerships and international data access to broaden coverage.

 *B2B* 

Within the B2B reportable segment, as discussed below, we have expanded our data network in our business lines:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Marketing & Sales:* We are committed to strengthening our leadership in data by consistently enriching our core consumer and registration database with complementary data sets. This includes incorporating new assets such as consumer credit, OEM, dealer and lending transactions, vehicle inventory, pricing and incentive information and demographic data to unlock deeper insights. Additionally, we are enhancing our direct integrations with major digital platforms to broaden both audience targeting and measurement capabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Strategy & Planning:* We extend proprietary global coverage, spanning more than 145 sales country markets, more than 990 vehicle production plants, and more than 2,900 supplier locations as of December 31, 2025, and approximately 99% of global vehicle production as of December 31, 2025. We are continuously enriching component/supply chain and powertrain datasets through reciprocal relationships with OEMs, suppliers and financial institutions. We are also adding new technology domains (e.g., batteries, semiconductors, SDV/AV) and expanding geographic penetration.

#### Introduction of New Products
Our growth has been driven by a consistent cadence of launched products and features that have scaled in-market and expanded wallet share across OEMs, dealers, suppliers and insurers. As these offerings roll out, we typically see higher net retention from deeper multi-product adoption and greater usage and engagement as new capabilities become embedded in customer workflows.

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On the CARFAX side, both Car Listings and CARFAX For Life saw rapid adoption and continued retention, now embedded in customer workflow. Car Listings (launched in 2014) has grown dealer adoption by delivering high-ROI leads, and CARFAX For Life (launched in 2019) has translated the industry's richest service data into service loyalty and reputation-building for dealers, underpinned by a fast-growing Car Care consumer audience. Revenue to the BIG has also accelerated in the past three years with insurers integrating our data in their workflows and adoption of new insights products specific to the BIG industry as rate shopping rebounded.

In B2B, automotiveMastermind has matured into a scaled dealer sales platform with steady price discipline. New OEM modules like EEQ (private offer optimization launched in 2021) deliver measurable sales lift and multi-brand rollouts for customers. Market Scan's real-time pricing and payments engine is embedded across dealer tech and now powers pricing and payments for online automotive marketplaces, while Market Reporting and Polk Auto Solutions continue to be the gold standard for market analytics, audiences and closed-loop measurement. In Planning Solutions, the expanded Supply Chain & Technology forecast suite (e.g., batteries, semiconductors, connected car) is already driving larger OEM subscriptions and new wins with technology players and the core vehicle forecasting and global reporting franchises remain the industry's point of reference, supporting steady, recurring growth. Together, these launched offerings show a track record of innovation that is already in customers' workflows and contributing to sustained revenue expansion.

Our core market TAM was valued at $13-15 billion in 2025. We intend to continue to pursue incremental opportunities as part of our growth strategy, including planned initiatives to launch new products and expand existing offerings into additional international markets. We believe this portion of the TAM represented an additional $25-27 billion in 2025. For instance, our CARFAX brand will continue strengthening our position in the used car market, by building interactive, one-to-one relationships and providing consumers with personalized, predictive insights throughout the entire vehicle lifecycle. This includes the strategic launch of innovative new products such as Sell My Car, specifically designed to cater to the evolving needs of the used car market. Concurrently, we are introducing powerful solutions to B2B like PIQ (a supplier scouting, benchmarking, risk and spend optimization tool) and FAST (a scenario capabilities tool enabling market simulation and modeling), seeking to ensure our offerings remain comprehensive and cutting-edge.

We further believe that we have additional market opportunities that we could potentially pursue beyond our immediate roadmap. Such adjacencies add a significant $37-39 billion to the TAM. Examples include P&C claims and repair software, shop management software and F&I marketing for the Used Vehicle Lifecycle, as well as DMS and AI workflow tools for Marketing & Sales.

#### Brand Investment
We plan to use targeted brand investment as a growth accelerator, with a focus on CARFAX. We are investing in consumer brand advertising at CARFAX to raise unaided awareness, drive more direct traffic and high-quality leads to Car Listings and expand the Car Care consumer audience. This spend is designed to fuel faster dealer acquisition and higher retention via the Lifetime Dealer program (which also taps OEM co-op funds), support sustained price realization on Advantage and other subscriptions and enable successful upsell of new products (e.g., Premium Listings and Sell My Car). In B2B, brand and product marketing will remain more modest and focus on reinforcing platform adoption (e.g., Data Studio, EEQ) alongside a primarily product- and sales-led motion. We believe our brand investment is positioned to amplify proven product-market fit, increase dealer penetration, strengthen net revenue retention and accelerate our growth outlook.

#### Geographic Expansion
We are committed to significant geographic expansion as a critical component of our growth trajectory. This includes plans to substantially increase dealer adoption of CARFAX For Life and in the future, launch Car Listings internationally. We believe CARFAX Europe is poised to expand its presence by entering new, high-potential markets such as Germany and France, building upon the successful consumer-led strategies already implemented and proven effective in Spain and Italy.

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#### Inorganic Growth Opportunities
Beyond organic growth, we believe we are well-positioned to capitalize on inorganic growth opportunities across what is a highly fragmented industry. We have a track record of effective M&A, including our successful acquisitions and subsequent integrations of automotiveMastermind and Market Scan. This capability allows us to diversify our player base and strategically expand into adjacent markets, including but not limited to automotive software, service lane solutions and the parts and aftermarket segments.

#### Our Customers
We are proud to serve a highly diversified and global customer base, which includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Dealer groups and dealers:* We serve more than 40,000 dealer customers as of December 31, 2025, with deep penetration in both franchise and independent segments, who leverage our solutions for sales platforms, market analytics and consumer engagement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Consumers:* We reach more than 53 million CARFAX Car Care consumer audience members as of December 31, 2025, providing essential vehicle history, valuation and ownership information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Virtually all major global automakers (OEMs):* We serve 100% of the top 40 global carmakers and the top 30 OEMs in North America as of December 31, 2025, for whom Mobility powers critical design, build, strategy and sales and marketing decisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Top-tier automotive suppliers:* Our solutions are utilized by 94% of the top 100 suppliers and we have 98% usage among the top 40 suppliers as of December 31, 2025, who rely on us for supply chain planning, technology insights and market intelligence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Financial institutions and insurance companies:* A significant portion of the F&I sector relies on our solutions, with 17 of the top 20 banks and insurers using our data for workflow processes as of December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Aftermarket participants:* Our reach extends to more than 92,000 dealers and service shops as of December 31, 2025, as well as numerous parts retailers and service centers, supporting the broader automotive ecosystem.

Our solutions are deeply embedded in our customers' workflows, providing crucial support for their high-stakes decisions in product planning, supply chain management, marketing, sales and service. Our strong retention rates, our robust recurring revenue model and our demonstrated ability to cross-sell new products underscore the immense value and "stickiness" of our offerings. As the industry continues to evolve, we are actively expanding our reach through strategic new product launches, aggressive international growth and deeper integration with our customers' enterprise systems. We believe this strategic positioning firmly establishes us as a critical partner across the entire automotive value chain.

#### The Separation
On April 29, 2025, S&P Global announced a plan to distribute to S&P Global's stockholders shares of common stock of a newly formed company, Mobility, that would hold the Spin Business. Mobility is currently a wholly owned subsidiary of S&P Global and, at the time of the Distribution will hold, directly or indirectly through its subsidiaries, certain assets and liabilities associated with the Spin Business.

The Separation will be achieved through the transfer of certain assets and liabilities of the Spin Business to Mobility or its subsidiaries in the Restructuring Transactions and the distribution of 100% of the outstanding capital stock of Mobility pro rata to holders of S&P Global common stock as of the close of business on , 2026, the record date for the Distribution. At the effective time of the Distribution, S&P Global stockholders will receive shares of Mobility common stock for every shares of S&P Global common stock held on the record date. The Separation is expected to be completed on , 2026. Immediately following the Separation, S&P Global stockholders as of the record date for the Distribution will own 100% of the outstanding shares of Mobility common stock.

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As part of the Separation, we will enter into a Separation and Distribution Agreement and several other ancillary agreements with S&P Global to effect the Separation and provide a framework for our relationship with S&P Global after the Separation. These agreements will provide for the allocation of assets, liabilities and obligations of S&P Global and its subsidiaries, and will govern the relationship between Mobility and S&P Global after the Separation. Mobility and S&P Global will also enter into a Transition Services Agreement ("TSA"), which will set forth the terms under which S&P Global will provide to Mobility certain services or functions on a transitional basis that the companies historically have shared, and one or more commercial agreements, including arrangements relating to the cross-licensing of certain proprietary data and Mobility's use of certain S&P Global products and solutions. For additional information, see "The Separation — Agreements with S&P Global."

The S&P Global Board of Directors believes that separating the Spin Business from S&P Global's other businesses is in the best interests of S&P Global and its stockholders and has concluded that the Separation will provide S&P Global and Mobility with a number of potential opportunities and benefits, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • ***Strategic and Management Focus***. Permit the management team of each company to focus on its own strategic priorities with financial targets that best fit its own business and opportunities. Enable each company's management team to better position its businesses to capitalize on developing macroeconomic trends, increase managerial focus to pursue its individual strategies and leverage its key strengths to drive performance. The management of each resulting company will be able to better concentrate on its core competencies and growth opportunities and will have increased flexibility and speed to design and implement strategies based on the characteristics of its business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • ***Resource Allocation and Capital Deployment***. Allow each company to allocate resources, incentivize employees and deploy capital to capture the significant long-term opportunities in their respective markets. The Separation will enable each company's management team to implement a capital structure, dividend policy and growth strategy tailored to each unique business. Both businesses are expected to have direct access to the debt and equity capital markets to fund their respective growth strategies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • ***Investor Choice***. Provide investors, both current and prospective, with the ability to value the two companies based on their distinct business characteristics and make more targeted investment decisions based on those characteristics. Separating the two businesses will provide investors with a more targeted investment opportunity so that investors interested in our business will have the opportunity to acquire stock of Mobility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • ***Employee Incentives and Retention***. Enable each company to better incentivize, attract and retain key employees through the use of equity compensation. Separating the two businesses will allow each company to design stock option and similar programs that better incentivize management to enhance business performance because the stock price performance of each company will be based on the performance of its own business.

While a number of potential costs and risks were considered, including, among others, risks relating to the creation of a new public company, such as increased costs from operating as a separate public company, the risk of volatility in our stock price immediately following the Distribution due to sales by S&P Global's stockholders whose investment objectives may not be met by our common stock, the time it may take for us to attract our optimal stockholder base, potential disruptions to each business, the loss of synergies and scale and joint purchasing power, increased administrative costs, one-time separation costs, the fact that each company will be less diversified following the Separation and the potential inability to realize the anticipated benefits of the Separation, it was nevertheless determined that the potential benefits of the Separation outweighed the potential costs and risks in connection therewith and provided the best opportunity to achieve the above benefits and enhance stockholder value.

The Distribution as described in this information statement is subject to the satisfaction or waiver of certain conditions. For more information, see "Risk Factors — Risks Relating to the Separation" and "The Separation — Conditions to the Distribution" included elsewhere in this information statement.

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#### Corporate Information
S&P Global Mobility Holding Company was incorporated in Delaware on September 26, 2025. On February 5, 2026, S&P Global Mobility Holding Company changed its name to Mobility Global Inc. Mobility does not currently have any operations, has no assets and is not expected to conduct any operations until the completion of the Restructuring Transactions on or prior to the Distribution Date, pursuant to which certain assets related to the Spin Business will be contributed to and certain liabilities related to the Spin Business will be assumed by Mobility in accordance with the Separation and Distribution Agreement and other agreements entered into in connection with the Separation. Our principal executive offices are located at 5860 Trinity Parkway, Suite 600, Centreville, Virginia 20120 and our telephone number is 1-703-934-2664. Our Internet site will be www.mobilityglobal.com. Our website and the information contained therein or connected thereto is not incorporated into this information statement or the registration statement of which it forms a part.

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#### QUESTIONS AND ANSWERS ABOUT THE SEPARATION

#### Please see "The Separation" for a more detailed description of the matters summarized below.
 *Q:* 

 *Why am I receiving this document?* 

A:

You are receiving this document because you are a holder of shares of S&P Global common stock on the record date for the Distribution and, as such, will be entitled to receive shares of Mobility common stock upon completion of the transactions described in this information statement. We are sending you this document to inform you about the Separation and to provide you with information about Mobility and its business and operations upon completion of the Separation.

 *Q:* 

 *What do I have to do to participate in the Separation?* 

A:

Nothing. You will not be required to pay any cash or deliver any other consideration in order to receive the shares of Mobility common stock that you will be entitled to receive upon completion of the Separation. In addition, no stockholder approval will be required for the Separation and therefore you are not being asked to provide a proxy with respect to any of your shares of S&P Global common stock in connection with the Separation and you should not send us a proxy. The Distribution will not affect the number of outstanding shares of S&P Global common stock or any rights of S&P Global stockholders.

 *Q:* 

 *Why is S&P Global separating the Spin Business from its other businesses?* 

A:

The S&P Global Board of Directors believes separating our business from S&P Global's other businesses will provide both companies with a number of potential opportunities and benefits, such as enabling (1) the management team of each company to focus on its own strategic priorities with financial targets that best fit its own business and opportunities; (2) each company to allocate resources and deploy capital in a manner consistent with its own priorities; (3) investors, both current and prospective, to value the two companies based on their distinct business characteristics and make more targeted investment decisions based on those characteristics; and (4) each company to better incentivize, attract and retain key employees through the use of equity compensation.

 *Q:* 

 *What is Mobility?* 

A:

Mobility is a newly formed Delaware corporation that will hold the Spin Business, directly or indirectly through its subsidiaries, and be publicly traded following the Separation.

 *Q:* 

 *How will S&P Global accomplish the Separation of Mobility?* 

A:

The Separation involves the Restructuring Transactions (i.e., the transfer of certain assets and liabilities related to the Spin Business to Mobility or its subsidiaries) and the Distribution (i.e., S&P Global's distribution to its stockholders of all of the shares of Mobility's common stock). Following these Restructuring Transactions and Distribution, Mobility will be a publicly traded company independent from S&P Global, and S&P Global will not retain any ownership interest in Mobility.

 *Q:* 

 *What will I receive in the Distribution?* 

A:

At the effective time of the Distribution, you will be entitled to receive shares of Mobility common stock for every shares of S&P Global common stock held by you on the record date.

 *Q:* 

 *How does my ownership in S&P Global change as a result of the Separation?* 

A:

Your ownership of S&P Global stock will not be affected by the Separation.

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 *Q:* 

 *What is the record date for the Distribution?* 

A:

The record date for the Distribution is , 2026, and ownership will be determined as of the close of business on that date. When we refer to the record date in this information statement, we are referring to that time and date.

 *Q:* 

 *When will the Distribution occur?* 

A:

The Distribution is expected to occur on , 2026.

 *Q:* 

 *As a holder of shares of S&P Global common stock as of the record date for the Distribution, how will shares of Mobility be distributed to me?* 

A:

At the effective time, we will instruct our transfer agent and distribution agent to make book-entry credits for the shares of Mobility common stock that you are entitled to receive. Since shares of Mobility common stock will be in uncertificated book-entry form, you will receive share ownership statements (and will not receive any physical share certificates).

 *Q:* 

 *What if I hold my shares through a broker, bank or other nominee?* 

A:

S&P Global stockholders who hold their shares through a broker, bank or other nominee will have their brokerage account credited with Mobility common stock. For additional information, those stockholders should contact their broker or bank directly.

 *Q:* 

 *Why is no S&P Global stockholder vote required to approve the Separation and its material terms?* 

A:

S&P Global is incorporated in New York. New York law does not require a stockholder vote to approve the Separation because the Separation does not constitute a sale, lease or exchange of all or substantially all of the assets of S&P Global.

 *Q:* 

 *How will fractional shares be treated in the Distribution?* 

A:

You will not receive fractional shares of Mobility common stock in the Distribution. The distribution agent will aggregate and sell on the open market the fractional shares of Mobility common stock that would otherwise be issued in the Distribution, and if you would otherwise be entitled to receive a fractional share of Mobility common stock in connection with the Distribution, you will instead receive the net cash proceeds of the sale attributable to such fractional share.

 *Q:* 

 *What are the U.S. federal income tax consequences to me of the Distribution?* 

A:

A condition to the Distribution is S&P Global's receipt of an opinion of Davis Polk & Wardwell LLP ("Special Tax Counsel"), to the effect that for U.S. federal income tax purposes, the Distribution, together with certain related transactions, will qualify as a "reorganization" within the meaning of Section 368(a)(1)(D) of the Internal Revenue Code of 1986, as amended (the "Code") and a distribution to which Section 355 of the Code applies, in each case which is generally tax-free to S&P Global and its shareholders. On the basis that the Distribution so qualifies, for U.S. federal income tax purposes, you will not recognize any gain or loss, and no amount will be included in your income, in connection with the Distribution, except with respect to any cash received in lieu of fractional shares of Mobility common stock. You should review the section entitled "The Separation — Material U.S. Federal Income Tax Consequences of the Distribution" for a discussion of the material U.S. federal income tax consequences of the Distribution.

 *Q:* 

 *How will I determine the tax basis I will have in my S&P Global shares after the Distribution and Mobility shares I receive in the Distribution?* 

A:

Generally, for U.S. federal income tax purposes, your aggregate basis in your shares of S&P Global common stock and the shares of Mobility common stock you receive in the Distribution (including any fractional shares for which cash is received) will equal the aggregate basis of the shares of S&P Global

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common stock held by you immediately before the Distribution. This aggregate basis will be allocated between your shares of S&P Global common stock and the shares of Mobility common stock you receive in the Distribution (including any fractional shares for which cash is received) in proportion to the relative fair market value of each immediately following the Distribution. See "The Separation — Material U.S. Federal Income Tax Consequences of the Distribution."

 *Q:* 

 *How will S&P Global's common stock and Mobility's common stock trade after the Separation?* 

A:

There is currently no public market for Mobility common stock. We expect to have Mobility's shares of common stock listed on the NYSE under the ticker symbol "MBGL." S&P Global common stock will continue to trade on the NYSE under the ticker symbol "SPGI."

 *Q:* 

 *If I sell my shares of S&P Global common stock before or on the Distribution Date, will I still be entitled to receive Mobility shares in the Distribution with respect to the sold shares?* 

A:

Beginning on or shortly before the record date and continuing up to and including the Distribution Date, we expect there will be two markets in S&P Global common stock: a "regular-way" market and an "ex-distribution" market. Shares of S&P Global common stock that trade on the "regular-way" market will trade with an entitlement to receive shares of our common stock to be distributed in the Distribution. Shares that trade on the "ex-distribution" market will trade without an entitlement to receive shares of our common stock to be distributed in the Distribution, so that holders who initially sell S&P Global shares ex-distribution will still be entitled to receive shares of Mobility common stock even though they have sold their shares of S&P Global common stock before the Distribution, because the S&P Global shares were sold after the record date. Therefore, if you owned shares of S&P Global common stock as of the close of business on the record date and sell those shares on the "regular-way" market on any date up to and including the Distribution Date, you will also be selling the right to receive the shares of our common stock that would have been distributed to you in the Distribution. If you own shares of S&P Global common stock as of the close of business on the record date and sell these shares in the "ex-distribution" market on any date up to and including the Distribution Date, you will still receive the shares of our common stock that you would be entitled to receive in respect of your ownership of the shares of S&P Global common stock that you sold. You are encouraged to consult with your financial advisor regarding the specific implications of selling your S&P Global common stock prior to or on the Distribution Date.

 *Q:* 

 *Will I receive a stock certificate for Mobility shares distributed as a result of the Distribution?* 

A:

No. Registered holders of S&P Global common stock who are entitled to participate in the Distribution will receive a book-entry account statement reflecting their ownership of Mobility common stock. For additional information, registered stockholders in the United States, Canada or Puerto Rico should contact S&P Global's transfer agent, Computershare Trust Company, N.A. ("Computershare"), in writing at C/O: Computershare Trust Company, N.A., P.O. Box 43011, Providence, RI 02940-3011, Toll Free at 1-888- 201-5538 or through its website at www.computershare.com. Stockholders from outside the United States, Canada and Puerto Rico may call 1-201-680-6578. See "The Separation — When and How You Will Receive the Distribution of Mobility Shares."

 *Q:* 

 *Can S&P Global decide to cancel the Distribution of the Mobility common stock even if all the conditions have been met?* 

A:

Yes. The S&P Global Board of Directors has the right to terminate, or modify the terms of, the Separation at any time prior to the Distribution, even if all of the conditions to the Distribution are satisfied.

 *Q:* 

 *Do I have appraisal rights?* 

A:

No, S&P Global stockholders do not have any appraisal rights in connection with the Separation.

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 *Q:* 

 *Will Mobility incur any debt in connection with the Separation?* 

A:

Yes. In connection with the Separation, we entered into a $500 million revolving credit facility and intend to issue up to $2 billion in aggregate principal amount of senior notes with terms and maturities to be determined. We intend to use a portion of the proceeds of the senior notes to (i) finance a cash payment to S&P Global as consideration for the transfer of certain assets, liabilities and entities to us, (ii) add cash to our balance sheet and for other general corporate purposes and (iii) fund fees and expenses related to the Separation. We expect that the revolving credit facility will be undrawn at the Separation. See "The Separation — Incurrence of Debt."

Following the Separation, our debt obligations could restrict our business and may adversely impact our financial condition, results of operations or cash flows. In addition, the Separation may increase the overall cost of debt funding and decrease the overall debt capacity and commercial credit available to the businesses collectively. Also, our business, financial condition, results of operations and cash flows could be harmed by a deterioration of our credit profile or by factors adversely affecting the credit markets generally. See "Risk Factors — Risks Relating to the Separation."

 *Q:* 

 *Does Mobility intend to pay cash dividends?* 

A:

We intend to pay a quarterly dividend, in cash, at a quarterly rate initially equal to $ per share of our common stock. The declaration and amount of any dividends to holders of our common stock will be at the discretion of our Board of Directors and will depend upon many factors, including our financial condition, earnings, cash flows, capital requirements of our business, covenants associated with our debt obligations, legal requirements, regulatory constraints, industry practice and any other factors the Board of Directors deems relevant. See "Dividend Policy."

 *Q:* 

 *Will the Separation affect the trading price of my S&P Global stock?* 

A:

Yes. The trading price of shares of S&P Global common stock immediately following the Distribution is expected to be lower than immediately prior to the Distribution because the trading price will no longer reflect the value of the Spin Business. We cannot provide you with any assurance regarding the price at which the S&P Global shares will trade following the Separation.

 *Q:* 

 *What will happen to outstanding S&P Global equity compensation awards?* 

A:

In connection with the Separation, outstanding S&P Global equity awards will generally be equitably adjusted in a manner that is intended to preserve the aggregate intrinsic value of such awards as of immediately before and after the Distribution.

Specifically, we intend that, in connection with the Separation, (i) outstanding S&P Global equity awards held by individuals who will continue to be employed by or provide services to S&P Global as well as former S&P Global employees (including those who primarily provided services to the Spin Business) will be equitably adjusted to reflect the difference in the value of S&P Global common stock before and after the Distribution in a manner that is intended to preserve the overall intrinsic value of the awards by taking into account the relative value of S&P Global common stock before and after the Distribution, and (ii) outstanding S&P Global equity awards held by individuals who are then-currently employed by or otherwise providing services to us, or whose employment or engagement will be transferred to us in connection with and prior to the Separation, will be converted into equity awards that will be settled in shares of our common stock in a manner intended to equitably preserve the overall intrinsic value of the converted equity awards by taking into account the relative value of S&P Global common stock before the Distribution and the value of our common stock after the Distribution.

For additional details, see "Treatment of Outstanding Equity Compensation Awards."

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 *Q:* 

 *What will the relationship between S&P Global and Mobility be following the Separation?* 

A:

After the Separation, S&P Global will not own any shares of Mobility common stock, and each of S&P Global and Mobility will be independent, publicly traded companies with their own management teams and boards of directors. However, in connection with the Separation, we will enter into a number of agreements with S&P Global that, among other things, govern the Separation and certain transitional services and other commercial arrangements and allocate responsibilities for obligations arising before and after the Separation, including, among others, obligations relating to transition services, employee matters, tax matters, intellectual property matters and certain commercial arrangements. See "The Separation — Agreements with S&P Global."

 *Q:* 

 *Who is the transfer agent for Mobility common stock?* 

A:

Computershare will be the transfer agent for Mobility common stock. Computershare's mailing address is Computershare Trust Company, N.A., P.O. Box 43011, Providence, RI 02940-3011 and Computershare's phone number for stockholders in the United States, Canada or Puerto Rico is Toll Free at 1-888- 201-5538 and for stockholders from outside the United States, Canada and Puerto Rico is 1-201-680-6578.

 *Q:* 

 *Who is the distribution agent for the Distribution?* 

A:

Computershare.

 *Q:* 

 *Who can I contact for more information?* 

A:

If you have questions relating to the mechanics of the Distribution, you should contact the distribution agent at:

Computershare Trust Company, N.A.

P.O. Box 43011

Providence, RI 02940-3011

Toll-Free: 1-888- 201-5538

International: 1-201-680-6578

Before the Separation, if you have questions relating to the transactions described herein, you should contact S&P Global at:

Investor Relations

S&P Global Inc.

55 Water Street

New York, New York 10041

1-212-438-1000

After the Separation, if you have questions relating to the transactions described herein, you should contact Mobility at:

Investor Relations

Mobility Global Inc.

5860 Trinity Parkway, Suite 600

Centreville, Virginia 20120

IR@mobilityglobal.com

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#### SUMMARY OF THE SEPARATION
The following is a summary of the material terms of the Separation, including the Restructuring Transactions, the Distribution and certain other related transactions.

---

| | |
|:---|:---|
| **Distributing Company**  | S&P Global Inc., a New York corporation. After the Distribution, S&P Global will not own any shares of Mobility common stock. |
| **Distributed Company**  | Mobility, a Delaware corporation, is a wholly owned subsidiary of S&P Global and, at the time of the Distribution, will hold, directly or indirectly through its subsidiaries, certain assets and liabilities of the Spin Business. After the Distribution, Mobility will be an independent, publicly traded company. |
| **Distributed Company Structure**  | Mobility is a holding company. At the time of the Distribution, it will own the shares of a number of subsidiaries operating the Spin Business. |
| **Record Date**  | The record date for the Distribution is on the close of business on , 2026 |
| **Distribution Date**  | The Distribution Date is , 2026. |
| **Distributed Securities**  | S&P Global will distribute 100% of the shares of Mobility common stock outstanding immediately prior to the Distribution. Based on the approximately shares of S&P Global common stock outstanding on , 2026, and applying the distribution ratio of shares of Mobility common stock for every shares of S&P Global common stock, S&P Global will distribute approximately shares of Mobility common stock to S&P Global stockholders who hold S&P Global common stock as of the record date. |
| **Distribution Ratio**  | Each holder of S&P Global common stock will receive shares of Mobility common stock for every shares of S&P Global common stock held as of the close of business on , 2026. |
| **Fractional Shares**  | S&P Global will not distribute any fractional shares of Mobility common stock to S&P Global stockholders. Instead, as soon as practicable on or after the Distribution Date, the distribution agent will aggregate fractional shares of Mobility common stock into whole shares, sell the whole shares (or cause the whole shares to be sold) in the open market at prevailing prices and distribute the net cash proceeds, after deducting any applicable taxes, brokerage charges and commissions, on a pro rata basis to each holder who would otherwise have been entitled to receive a fractional share in the Distribution. The distribution agent will determine when, how, through which broker-dealers and at what prices to sell the aggregated fractional shares. Recipients of cash in lieu of fractional shares of Mobility common stock will not be entitled to any minimum sale price for the fractional shares or to any interest on the amounts of payments made in lieu of fractional shares. The receipt of cash in lieu of fractional shares generally will be taxable to the recipient stockholders |

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| | |
|:---|:---|
|  | for U.S. federal income tax purposes as described in "The Separation — Material U.S. Federal Income Tax Consequences of the Distribution." |
| **Distribution Method**  | Mobility common stock will be issued only by direct registration in book-entry form. Registration in book-entry form is a method of recording stock ownership when no physical paper share certificates are issued to stockholders, as is the case in this Distribution. |
| **Conditions to the Distribution**  | &nbsp;&nbsp;&nbsp; The Distribution is subject to the satisfaction or waiver by S&P Global of the following conditions, as well as other conditions described in this information statement in "The Separation — Conditions to the Distribution": <br> • Our registration statement on Form 10, of which this information statement is a part, shall have become effective under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), no stop order suspending the effectiveness of our registration statement on Form 10 will be in effect, and no proceedings for such purpose will be pending before or threatened by the SEC, and this information statement, or a notice of Internet availability thereof, will have been made available to the holders of S&P Global common stock as of the record date for the Distribution; <br>• Our common stock to be delivered in the Distribution will have been approved for listing on the NYSE, subject to official notice of issuance; <br>• S&P Global will have received the opinion of Special Tax Counsel to the effect that, for U.S. federal income tax purposes, the Distribution, together with certain related transactions, will qualify as a "reorganization" within the meaning of Section 368(a)(1)(D) of the Code and a distribution to which Section 355 of the Code applies, in each case which is generally tax-free to S&P Global and its shareholders; <br>• Any material approvals and consents of government authorities and any material permits, registrations and consents from third parties, in each case, necessary to effect the Distribution and to permit the operations of our business after the Distribution Date substantially as conducted as of the date of the Separation and Distribution Agreement shall have been obtained; and <br>• No event or development will have occurred or exist that, in the judgment of the S&P Global Board of Directors, in its sole and absolute discretion, makes it inadvisable to effect the Separation or other transactions contemplated by the Separation and Distribution Agreement or by any of the ancillary agreements contemplated by the Separation and Distribution Agreement. <br>|

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| | |
|:---|:---|
|  | The fulfillment of the conditions to the Distribution will not create any obligations on S&P Global's part to effect the Separation, and the S&P Global Board of Directors has reserved the right, in its sole discretion, to abandon, modify or change the terms of the Separation, including by accelerating or delaying the timing of the consummation of all or part of the Distribution, at any time prior to the Distribution Date. |
| **Stock Exchange Listing**  | We intend to have our shares of common stock authorized for listing on the NYSE under the ticker symbol "MBGL," subject to official notice of issuance. |
| **Dividend Policy**  | We intend to pay a quarterly dividend, in cash, at a quarterly rate initially equal to $ per share of our common stock. The declaration and amount of any dividends to holders of our common stock will be at the discretion of our Board of Directors and will depend upon many factors, including our financial condition, earnings, cash flows, capital requirements of our business, covenants associated with our debt obligations, legal requirements, regulatory constraints, industry practice and any other factors the Board of Directors deems relevant. For more information, see "Dividend Policy." |
| **Transfer Agent**  | Computershare. |
| **U.S. Federal Income Tax Consequences**  | A condition to the Distribution is S&P Global's receipt of the opinion of Special Tax Counsel to the effect that, for U.S. federal income tax purposes, the Distribution, together with certain related transactions, will qualify as a "reorganization" within the meaning of Section 368(a)(1)(D) of the Code and a distribution to which Section 355 of the Code applies, in each case which is generally tax-free to S&P Global and its shareholders. On that basis, for U.S. federal income tax purposes, the Distribution will be tax-free to beneficial owners of S&P Global common stock, except to the extent of any cash received in lieu of fractional shares of Mobility common stock. You should review the section entitled "The Separation — Material U.S. Federal Income Tax Consequences of the Distribution" for a discussion of the material U.S. federal income tax consequences of the Distribution. |

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#### SUMMARY RISK FACTORS
We are subject to a number of risks, including risks related to the Separation, including the Restructuring Transactions and the Distribution, and other related transactions. The following list of risk factors is not exhaustive. Please read "Risk Factors" carefully for a more thorough description of these and other risks.

#### Risks Relating to the Separation
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • We may not realize the anticipated benefits from the Separation, and the Separation could harm our business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • We have no history of operating as an independent company, and our historical combined, historical condensed combined, and unaudited pro forma condensed combined financial information is not necessarily representative of the results that we would have achieved as an independent, publicly traded company and may not be a reliable indicator of our future results.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • We will incur significant costs to create the infrastructure necessary to operate as an independent public company and may experience operational disruptions in connection with the Separation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Until the Distribution occurs, the S&P Global Board of Directors has sole discretion to change the terms of the Separation in ways that may be unfavorable to us.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Following the Separation, we will have debt obligations that could restrict our business and could have a material adverse effect on our business, financial condition or results of operations. In addition, the separation of our business from S&P Global may increase the overall cost of debt funding and decrease the overall debt capacity and commercial credit available to us.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • If certain of the Restructuring Transactions and/or the Distribution, together with certain related transactions, do not qualify as transactions that are tax-free for U.S. federal income tax purposes or, with respect to certain of the Restructuring Transactions, non-U.S. tax purposes, S&P Global and/or holders of S&P Global common stock could be subject to significant tax liabilities. In certain circumstances, we may be required to indemnify S&P Global for these liabilities.

#### Risks Relating to Our Business
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Changes in macroeconomic trends and the volatility of the macroeconomic environment could have a material adverse effect on our business, financial condition or results of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Our revenue growth depends on existing customers renewing and upgrading their subscriptions for our products and solutions, our ability to sell additional products and solutions to existing customers and our ability to attract new customers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Our customers' decisioning may be adversely affected if we are unable to maintain or grow our data network, or if we provide inaccurate or unreliable data, which could adversely affect our financial condition, cause loss of customer trust and contribute to non-compliance with certain laws and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Any inability by us to develop new products and solutions, enhance our existing products through technology, adapt to new technologies, or achieve widespread customer adoption of those products and solutions could have a material adverse effect on our business, financial condition or results of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Our business is substantially dependent on our relationships with certain customer groups, including dealers and OEMs. If a significant number of customers in such customer groups terminate their subscription agreements with us and/or closures or consolidations occur within such groups that reduce demand for our products, it could have a material adverse effect on our business, financial condition or results of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Our reputation, credibility and brand are our key assets and competitive advantages, and our business may be affected by how we are perceived in the marketplace.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Our investments in our brands may not be successful and could have a material adverse effect on our business, financial condition or results of operations.

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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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Our acquisitions, divestitures and other strategic transactions may not produce anticipated results, which could have a material adverse effect on our business, financial condition or results of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • We face competition in our markets, which could have a material adverse effect on our business, financial condition or results of operations and cause our market share to decline.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Our expansion into and investments in new and growing markets may not be successful, which could have a material adverse effect on our business, financial condition or results of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • We rely on third-party data sources and service providers for many aspects of our business. From time to time, we lose third-party data sources or the services and solutions, or the data, services or solutions of these suppliers have errors or are delayed, resulting in a disruption or inability to provide our customers with the information, products or solutions they desire.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Our size, scale, and role in the global markets increases our exposure to cyber attacks and other cybersecurity risks, which could have a material adverse effect on our business, financial condition or results of operation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Our inability to adequately obtain, protect and maintain our intellectual property and other proprietary rights could impact our competitive position.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Exposure to litigation and government and regulatory proceedings, investigations and inquiries could have a material adverse effect on our business, financial condition or results of operations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Changes and increased enforcement in the global privacy, data localization, operational resilience and data protection legislative, regulatory and commercial environments in which we operate may materially and adversely impact our ability to collect, compile, use and publish data, require us to disclose information about our security environment, and could have a material adverse effect on our business, financial condition or results of operations.

#### Risks Relating to Our Common Stock
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Because there has not been any public market for our common stock, the market price and trading volume of our common stock may be volatile and you may not be able to resell your shares at or above the initial market price of our common stock following the Separation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • A large number of our shares are or will be eligible for future sale, which may cause the market price of our common stock to decline.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Because our common stock may not be included in the Standard & Poor's 500 Index, and it may not be included in other stock indices, significant amounts of our common stock will likely need to be sold in the open market where there may not be offsetting demand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Provisions in our amended and restated certificate of incorporation and amended and restated bylaws and certain provisions of Delaware law could delay or prevent a change in control of Mobility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Your percentage ownership in Mobility may be diluted in the future.

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#### SUMMARY COMBINED FINANCIAL AND OTHER DATA
The following summary combined financial data of the Company should be read in conjunction with the information under "Management's Discussion and Analysis of Financial Condition and Results of Operations" and the audited combined financial statements and unaudited condensed combined financial statements and notes thereto included elsewhere in this information statement. The combined statements of income data for the years ended December 31, 2025, 2024 and 2023, and the combined balance sheet data as of December 31, 2025 and 2024 are derived from the audited combined financial statements of the Company included elsewhere in this information statement, and should be read in conjunction with those combined financial statements and notes thereto. The condensed combined statements of income data for the three months ended March 31, 2026 and 2025, and the condensed combined balance sheet data as of March 31, 2026 are derived from the unaudited condensed combined financial statements of the Company included elsewhere in this information statement, and should be read in conjunction with those combined financial statements and notes thereto. The summary financial data in this section are not intended to replace our combined financial statements and related notes appearing at the end of this information statement.

The following tables summarize our results of operations for the periods presented:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three months ended March 31, <br> (unaudited)**  | **Three months ended March 31, <br> (unaudited)**  | **Year ended December 31,**  | **Year ended December 31,**  | **Year ended December 31,**  |
| **(in millions)**  | **2026**  | **2025**  | **2025**  | **2024**  | **2023**  |
| **Revenue** | $**455** | $**420** | $**1750** | $**1613** | $**1485** |
|  **Expenses: <br> Operating-related expenses**  | 136 | 127 | 516 | 475 | 448 |
| &nbsp;&nbsp;&nbsp; Selling and general expenses  | 160 | 131 | 585 | 531 | 491 |
| &nbsp;&nbsp;&nbsp; Depreciation and amortization  | 78 | 78 | 310 | 309 | 307 |
| Total expenses  | 374 | 336 | 1411 | 1315 | 1246 |
| **Operating profit**  | **81** | **84** | **339** | **298** | **239** |
| &nbsp;&nbsp;&nbsp; Other income, net  |  |  |  | (1) | (2) |
| &nbsp;&nbsp;&nbsp; Interest expense, net  | 3 | 3 | 13 | 15 | 17 |
| **Income before taxes on income**  | 78 | 81 | 326 | 284 | 224 |
| &nbsp;&nbsp;&nbsp; Provision for income taxes  | 23 | 23 | 106 | 76 | 61 |
| **Net income**  | $55 | $58 | $220 | $208 | $163 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three months ended <br> March 31, <br> (unaudited)**  | **Three months ended <br> March 31, <br> (unaudited)**  | **Year ended December 31,**  | **Year ended December 31,**  | **Year ended December 31,**  |
| **(in millions)**  | **2026**  | **2025**  | **2025**  | **2024**  | **2023**  |
| Net cash provided by operating activities  | $54 | $67 | $485 | $427 | $393 |
| Net cash used for investing activities  | $(6) | $(5) | $(23) | $(21) | $(230) |
| Net cash used for financing activities  | $37 | $(62) | $(453) | $(423) | $(160) |

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| | | |
|:---|:---|:---|
| **(in millions)**  | **As of <br> March 31, <br> 2026 <br> (unaudited)**  | **As of <br> December 31, <br> 2025**  |
| **Balance Sheet Data:** |  |  |
| Cash and cash equivalents  | $122 | $38 |
| **Total assets**  | $13042 | $12995 |
| **Total liabilities**  | $1459 | $1510 |
| **Total equity**  | $11583 | $11485 |

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#### Non-GAAP Financial Measures:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three months ended <br> March 31, <br> (unaudited)**  | **Three months ended <br> March 31, <br> (unaudited)**  | **Year ended December 31, <br> (unaudited)**  | **Year ended December 31, <br> (unaudited)**  | **Year ended December 31, <br> (unaudited)**  |
| **(in millions)**  | **2026**  | **2025**  | **2025**  | **2024**  | **2023**  |
| Adjusted EBITDA<sup>(1)</sup>  | $184 | $169 | $711 | $658 | $598 |
| Adjusted operating profit<sup>(1)</sup>  | $176 | $160 | $675 | $617 | $565 |
| Free cash flow<sup>(1)</sup>  | $48 | $62 | $461 | $412 | $375 |

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(1) Adjusted EBITDA, Adjusted operating profit and Free cash flow are non-GAAP financial measures. For additional information about these non-GAAP measures, including a reconciliation of each of these non-GAAP measures to its most directly comparable financial measure calculated in accordance with U.S. GAAP, see "Management's Discussion and Analysis of Financial Condition and Results of Operations — Non-GAAP Financial Measures."

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#### RISK FACTORS
 *You should carefully consider each of the following risks and all of the other information contained in this information statement. Some of these risks relate principally to the Separation, while others relate principally to our business and the industry in which we operate or to the securities markets generally and ownership of our common stock. Our business, prospects, results of operations, financial condition or cash flows could be materially and adversely affected by any of these risks, and, as a result, the trading price of our common stock could decline.* 

#### Risks Relating to the Separation

#### We may not realize the anticipated benefits from the Separation, and the Separation could harm our business.
We may not be able to achieve the full strategic and financial benefits expected to result from the Separation, or such benefits may be delayed or not occur at all. The Separation is expected to enhance strategic and management focus, provide a distinct investment identity and allow us to efficiently allocate resources and deploy capital. We may not achieve these and other anticipated benefits for a variety of reasons, including, among others, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • The Separation will require significant amounts of management's time and effort, which may divert management's attention from operating and growing our business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Following the Separation, we may be more susceptible to economic downturns and other adverse events than if we were still a part of S&P Global;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Following the Separation, our business will be less diversified than S&P Global's business prior to the Separation; our business will also experience a loss of scale and access to certain financial, managerial and professional resources from which we have benefited in the past; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • The other actions required to separate the respective businesses could disrupt our operations.

If we fail to achieve some or all of the benefits expected to result from the Separation, or if such benefits are delayed, our business could be harmed.

 ***We have no history of operating as an independent company, and our historical combined, historical condensed combined, and unaudited pro forma condensed combined financial information is not necessarily representative of the results that we would have achieved as an independent, publicly traded company and may not be a reliable indicator of our future results.***

Our historical combined and unaudited pro forma condensed combined financial information included in this information statement have been derived from S&P Global's consolidated financial statements and accounting records and are not necessarily indicative of our future results of operations, financial condition or cash flows, nor do they reflect what our results of operations, financial condition or cash flows would have been as an independent public company during the periods presented. In particular, the historical combined financial information included in this information statement is not necessarily indicative of our future results of operations, financial condition or cash flows primarily because of the following factors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Prior to the Separation, the Spin Business has been operated by S&P Global as part of its broader corporate organization, rather than as an independent company. S&P Global or one of its affiliates provide support for various corporate functions for us. We will become a smaller, less diversified company as a result of the Separation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Our historical combined and historical condensed combined financial results reflect the direct and indirect allocated costs for such services historically provided by S&P Global, and these costs may significantly differ from the comparable expenses we would have incurred as an independent company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Our working capital requirements and capital expenditures historically have been satisfied as part of S&P Global's corporate-wide cash management and centralized funding programs, and our cost of debt and other capital may significantly differ from that which is reflected in our historical combined financial statements;

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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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • The historical combined and historical condensed combined financial information may not fully reflect the costs associated with the Separation, including the costs related to being an independent public company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Our historical combined and historical condensed combined financial information does not reflect our obligations under the various transitional and other agreements we will enter into with S&P Global in connection with the Separation, though costs under such agreements are expected to be broadly similar to what was charged to the Spin Business in the past; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Currently, our business is integrated with that of S&P Global and we benefit from S&P Global's size and scale in costs, employees and vendor and customer relationships. Thus, costs we will incur as an independent company may significantly exceed comparable costs we would have incurred as part of S&P Global and some of our vendor and customer relationships may be weakened or lost.

We based the pro forma adjustments included in this information statement on available information and assumptions that we believe are reasonable and factually supportable; actual results, however, may vary. In addition, our unaudited pro forma condensed combined financial information included in this information statement may not give effect to various ongoing additional costs we may incur in connection with being an independent public company. Accordingly, our unaudited pro forma condensed combined financial information do not reflect what our results of operations, financial condition or cash flows would have been as an independent public company and are not necessarily indicative of our future financial condition or future results of operations.

Please refer to "Unaudited Pro Forma Condensed Combined Financial Information," "Management's Discussion and Analysis of Financial Condition and Results of Operations" and our historical combined and historical condensed combined financial statements and the notes to those statements included elsewhere in this information statement.

#### We have historically operated within S&P Global, and there are risks associated with the Separation.
We have historically operated within S&P Global and a number of aspects of our current relationship with S&P Global will change as a result of the Separation. For example, some of our vendors or other contract counterparties may have contracted with us because we were part of S&P Global, and we may have difficulty obtaining favorable terms in our contractual arrangements in the future as a result of the Separation. These and other changes could have a material adverse effect on our business, financial condition or results of operations.

Furthermore, in connection with the Separation, we will enter into a Separation and Distribution Agreement and certain other commercial arrangements with S&P Global pursuant to which S&P Global will continue to provide to us, on an ongoing basis, certain functions and services that the companies have historically shared. See "The Separation — Agreements with S&P Global — Commercial Arrangements." S&P Global may not successfully execute its obligations to us under these arrangements, and any interruption in the functions or services that will be provided to us by S&P Global following the Distribution could have a material adverse effect on our business, financial condition or results of operations.

 ***We will incur significant costs to create the infrastructure necessary to operate as an independent public company and may experience operational disruptions in connection with the Separation.***

S&P Global currently performs many important corporate functions for us, including executive management, finance, legal, information technology, human resources and other shared services. The cost of these services has been allocated to us based on direct usage when identifiable or, when not directly identifiable, on the basis of proportional net revenues or other relevant metrics, as applicable. Following the Separation, S&P Global will continue to provide some of these services to us on a transitional basis, generally for a period of up to 18 months, pursuant to a TSA that we will enter into with S&P Global. See "The Separation — Agreements with S&P Global — Transition Services Agreement." S&P Global may not successfully execute all of these functions during the transition period or we may have to expend significant efforts or costs materially in excess of those estimated under the TSA. Any interruption in these services could have a material adverse effect on our business, financial condition or results of operations.

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In addition, at the end of this transition period, we will need to perform these functions ourselves or hire third parties to perform these functions on our behalf. The costs associated with performing or outsourcing these functions may exceed the amounts reflected in our historical combined financial statements that were incurred as a business segment of S&P Global. We began to incur costs beginning in the year ended December 31, 2025 to establish the necessary infrastructure and create the systems and services to replace many of the systems and services that S&P Global currently provides to us. However, we may not be successful in implementing these systems and services in a timely manner or at all, and we may incur additional costs in connection with, or following, the implementation of these systems and services. A significant increase in the costs of performing or outsourcing these functions could have a material adverse effect on our business, financial condition or results of operations.

Furthermore, we may experience certain operational disruptions in connection with the Separation as we transition to operating as an independent public company, including information technology disruptions as certain data, software, information technology hardware and other information technology assets and systems are transitioned or re-allocated between us and S&P Global, or as we implement new systems or upgrades in connection with such transition. Our ability to effectively manage and operate our business depends significantly on information technology systems, and bad actors could potentially take advantage during the course of the transition to exploit any vulnerabilities in such systems. Any failure, disruption, interruption, malfunction or other issue with respect to such systems could have a material adverse effect on our business, financial condition or results of operations.

#### The obligations associated with being a public company will require significant resources and management attention.
Currently, we are not directly subject to the reporting and other requirements of the Exchange Act. Following the effectiveness of the registration statement of which this information statement forms a part, we will be directly subject to such reporting and other obligations under the Exchange Act and the rules of the NYSE. As an independent public company, we will be required to, among other things prepare and distribute periodic reports, proxy statements and other stockholder communications in compliance with the federal securities laws and rules; have our own Board of Directors and committees thereof, which comply with federal securities laws and rules; maintain an internal audit function; institute our own financial reporting and disclosure compliance functions; establish an investor relations function; establish internal policies, including those relating to trading in our securities and disclosure controls and procedures; and comply with the rules and regulations implemented by the SEC, the Sarbanes-Oxley Act, the Dodd-Frank Act, the Public Company Accounting Oversight Board and the NYSE.

These reporting and other obligations will place significant demands on our management and our administrative and operational resources, including accounting resources, and we expect to face increased legal, accounting, administrative and other costs and expenses relating to these demands that we had not incurred as a segment of S&P Global. Our investment in compliance with existing and evolving regulatory requirements will result in increased administrative expenses and a diversion of management's time and attention from revenue-generating activities to compliance activities, which could have a material adverse effect on our business, financial condition or results of operations.

 ***If we fail to maintain effective internal controls, we may not be able to report our financial results accurately or timely or prevent or detect fraud, which could have a material adverse effect on our business or the market price of our securities.***

In accordance with Section 404 of the Sarbanes-Oxley Act, our management will be required to conduct an annual assessment of the effectiveness of our internal control over financial reporting and include a report on these internal controls in the annual reports we will file with the SEC on Form 10-K. Our independent registered public accounting firm may not be required to formally attest to the effectiveness of our internal controls until the year following the first annual report required to be filed with the SEC. When required, this process will require significant documentation of policies, procedures and systems, review of that documentation by our internal auditing and accounting staff and our outside independent registered public accounting firm, and testing of our internal controls over financial reporting by our internal auditing and accounting staff and our outside independent registered public accounting firm. This process

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will involve considerable time and attention, may strain our internal resources, and will increase our operating costs. We may experience higher than anticipated operating expenses and outside auditor fees during the implementation of these changes and thereafter. If management or our independent registered public accounting firm determines that our internal control over financial reporting is not effective, investors may lose confidence in the accuracy and completeness of our financial reports and the market price of our common stock could be negatively affected, and we could become subject to investigations by the NYSE, the SEC or other regulatory authorities, which could require additional financial and management resources. In addition, if our controls are not effective, our ability to accurately and timely report our financial position could be impaired, which could result in late filings of our annual and quarterly reports under the Exchange Act, restatements of our combined financial statements, a decline in our stock price, or suspension or delisting of our common stock from the NYSE, and could have a material adverse effect on our business, financial condition or results of operations.

 ***Until the Distribution occurs, the S&P Global Board of Directors has sole discretion to change the terms of the Separation in ways that may be unfavorable to us.***

Until the Distribution occurs, the S&P Global Mobility business will be a business segment of S&P Global. Completion of the Separation remains subject to the satisfaction or waiver of certain conditions, some of which are in the sole and absolute discretion of S&P Global, including final approval by the S&P Global Board of Directors. Additionally, S&P Global has the sole and absolute discretion to change certain terms of the Separation, including the amount of any cash transfer we make to S&P Global, the amount of our indebtedness and the allocation of contingent liabilities, which changes could be unfavorable to us. In addition, S&P Global may decide at any time prior to the completion of the Separation not to proceed with the Separation.

 ***In connection with the Separation, S&P Global will indemnify us for certain liabilities, and we will indemnify S&P Global for certain liabilities. If we are required to act under these indemnities to S&P Global, we may need to divert cash to meet those obligations, which could adversely affect our financial results. Moreover, the S&P Global indemnity may not be sufficient to insure us against the full amount of liabilities for which it will be allocated responsibility, and S&P Global may not be able to satisfy its indemnification obligations to us in the future.***

Pursuant to the Separation and Distribution Agreement and other agreements with S&P Global, S&P Global will agree to indemnify us for certain liabilities, and we will agree to indemnify S&P Global for certain liabilities, as discussed further in "The Separation — Agreements with S&P Global." Payments that we may be required to provide under indemnities and reimbursements to S&P Global are not subject to any cap, may be significant and could negatively affect our business, particularly under indemnities relating to our actions that could affect the tax-free nature of the Separation. Third parties could also seek to hold us responsible for the liabilities that S&P Global has agreed to retain, and under certain circumstances, we may be subject to continuing contingent liabilities of S&P Global following the Separation that arise relating to the operations of the Spin Business during the time that it was a business segment of S&P Global prior to the Separation, such as certain tax liabilities which relate to periods during which taxes of the Spin Business were reported as a part of S&P Global; certain liabilities retained by S&P Global which relate to contracts or other obligations entered into jointly by the Spin Business and S&P Global's retained business; and certain liabilities arising from third-party claims in respect of contracts in which both S&P Global and the Spin Business provide services.

S&P Global has agreed to indemnify us for such contingent liabilities. While we have no reason to expect that S&P Global will not be able to support its indemnification obligations to us, we can provide no assurance that S&P Global will be able to fully satisfy its indemnification obligations or that such indemnity obligations will be sufficient to cover our liabilities for matters which S&P Global has agreed to retain, including such contingent liabilities. Moreover, even if we ultimately succeed in recovering from S&P Global any amounts for which we are indemnified, we may be temporarily required to bear these losses ourselves. Each of these risks could have a material adverse effect on our business, financial condition or results of operations.

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 ***There can be no assurance that we will be able to obtain insurance coverage following the Distribution on terms that justify its purchase, and any such insurance may not be adequate to offset costs associated with certain events.***

We will have to obtain our own insurance policies after the Distribution is complete. Although we expect to have insurance policies in place as of the Distribution that cover certain, but not all, hazards that could arise from our operations, we can provide no assurance that we will be able to obtain such coverage, that the cost of such coverage will be similar to those incurred by S&P Global or that such coverage will be adequate to protect us from costs incurred with certain events. The occurrence of an event that is not insured or not fully insured could have a material adverse effect on our business, financial condition or results of operations.

 ***Following the Separation, we will have debt obligations that could restrict our business and could have a material adverse effect on our business, financial condition or results of operations. In addition, the separation of our business from S&P Global may increase the overall cost of debt funding and decrease the overall debt capacity and commercial credit available to us.***

In connection with the Separation, we expect to incur up to $ of new debt. See "The Separation — Incurrence of Debt." This level of debt could have significant consequences on our future operations, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Making it more difficult for us to meet our payment and other obligations under our outstanding debt;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Resulting in an event of default if we fail to comply with the financial and other restrictive covenants contained in our debt agreements, which could result in all of our debt becoming immediately due and payable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Reducing the availability of our cash flow to fund working capital, capital expenditures, acquisitions and other general corporate purposes, and limiting our ability to obtain additional financing for these purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Limiting our flexibility in planning for, or reacting to, and increasing our vulnerability to, changes in our business, the industry in which we operate and the general economy; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Placing us at a competitive disadvantage compared to any of our competitors that have less debt or are less leveraged.

Any of the above-listed factors could have a material adverse effect on our business, financial condition or results of operations. We may also incur substantial additional indebtedness in the future.

In addition, we may be unable to service or refinance our debt or maintain compliance with restrictive covenants in our debt instruments. Our cash flow from operations will provide the primary source of funds for our debt service payments. If our cash flow from operations declines, we may be unable to service or refinance our current debt. If we fail to comply with any covenant in the future, including any financial covenant, it could result in an event of default and make the entire debt incurred thereunder immediately due and payable or we may be forced to sell assets, restructure our indebtedness or seek additional equity capital, which would dilute our stockholders' interests.

In addition, any future indenture or credit agreements that we may enter into may include restrictive covenants that, subject to certain exceptions and qualifications, restrict or limit our ability and the ability of our restricted subsidiaries to, among other things, incur additional indebtedness, pay dividends, make certain investments, sell certain assets and enter into certain strategic transactions, including mergers and acquisitions. These covenants and restrictions could affect our ability to operate our business, and may limit our ability to react to market conditions or take advantage of potential business opportunities as they arise. The Separation may increase the overall cost of debt funding and decrease the overall debt capacity and commercial credit available to us.

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 ***Transfer or assignment to us of some contracts and other assets will require the consent of a third party. If such consent is not given, we may not be entitled to the benefit of such contracts, investments and other assets in the future.***

Transfer or assignment of some of the contracts and other assets in connection with the Separation will require the consent of a third party to the transfer or assignment. Similarly, in some circumstances, we are joint beneficiaries of contracts, and we will need to enter into a new agreement with the third party to replicate the existing contract or assign the portion of the existing contract related to the Spin Business. While we anticipate that most of these contract assignments and new agreements will be obtained prior to the Separation, we may not be able to obtain all required consents or enter into all such new agreements, as applicable, until after the Distribution Date. Some parties may use the requirement of a consent to seek more favorable contractual terms from us, which could include our having to obtain letters of credit or other forms of credit support. If we are unable to obtain such consents or such credit support on commercially reasonable and satisfactory terms, we may be unable to obtain some of the benefits, assets and contractual commitments that are intended to be allocated to us as part of the Separation. In addition, where we do not intend to obtain consent from third-party counterparties based on our belief that no consent is required, the third-party counterparties may challenge the transaction on the basis that the terms of the applicable commercial arrangements require their consent. We may incur substantial litigation and other costs in connection with any such claims and, if we do not prevail, our ability to use these assets could be adversely impacted.

We cannot provide assurance that all such required third-party consents and new agreements will be procured or put in place, as applicable, prior to the Distribution Date. Consequently, we may not realize certain of the benefits that are intended to be allocated to us as part of the Separation.

 ***After the Separation, some of our directors and officers may have actual or potential conflicts of interest because of their equity ownership in S&P Global.***

Because of their current or former positions with S&P Global, following the Separation, some of our directors and executive officers will continue to own shares of S&P Global common stock or have options to acquire shares of S&P Global common stock, and the individual holdings may be significant for some of these individuals compared to their total assets. This ownership may create, or may create the appearance of, conflicts of interest when these directors and officers are faced with decisions that could have different implications for S&P Global or us. For example, potential conflicts of interest could arise in connection with the resolution of any dispute that may arise between S&P Global and us regarding the terms of the agreements governing the Separation and the relationship thereafter between the companies.

#### The combined post-Distribution value of S&P Global and Mobility shares may not equal or exceed the pre-Distribution value of S&P Global shares.
After the Separation, we expect that S&P Global common stock will continue to be traded on the NYSE. We have applied to list the shares of our common stock on the NYSE. We cannot assure you that the combined trading prices of S&P Global common stock and our common stock after the Separation, as adjusted for any changes in the combined capitalization of both companies, will be equal to or greater than the trading price of S&P Global common stock prior to the Separation. Until the market has fully evaluated the business of S&P Global without the Spin Business and potentially thereafter, the price at which S&P Global common stock trades may fluctuate significantly. Similarly, until the market has fully evaluated our business and potentially thereafter, the price at which our common stock trades may fluctuate significantly.

#### We potentially could have received better terms from unaffiliated third parties than the terms we will receive in our agreements with S&P Global.
The agreements we will enter into with S&P Global in connection with the Separation will be negotiated while we are still part of S&P Global's business. See "The Separation — Agreements with S&P Global." Accordingly, during the period in which the terms of those agreements will have been negotiated, we did not have an independent Board of Directors or a management team independent of S&P Global. The terms of the agreements negotiated in the context of the Separation relate to, among other things, the allocation of assets, intellectual property, liabilities, rights and other obligations between S&P Global and us, and

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arm's-length negotiations between S&P Global and an unaffiliated third party in another form of transaction, such as a buyer in a sale of a business transaction, may have resulted in more favorable terms to the unaffiliated third party.

#### S&P Global stockholders do not have dissenters' rights with respect to the Separation.
S&P Global stockholders do not have any dissenters' rights in connection with the Separation. Therefore, any S&P Global stockholders who disagree with the Separation will be left without recourse other than selling their Mobility shares. Such stockholders may be unable to subsequently sell their shares at the prices they desire or at all.

 ***If certain of the Restructuring Transactions and/or the Distribution, together with certain related transactions, do not qualify as transactions that are tax-free for U.S. federal income tax purposes, S&P Global and/or holders of S&P Global common stock could be subject to significant tax liability.***

It is intended that the Distribution, together with certain related transactions, will qualify as a "reorganization" within the meaning of Section 368(a)(1)(D) of the Code and a transaction under Section 355 and Section 361(c) of the Code, in each case which is generally tax-free to S&P Global and its shareholders for U.S. federal income tax purposes. The Distribution is conditioned upon the receipt of the opinion of Special Tax Counsel to the effect that such transactions will qualify for this intended tax treatment. The opinion will rely on certain representations, assumptions and undertakings, including those relating to the past and future conduct of our business, and the opinion would not be valid if such representations, assumptions and undertakings were incorrect. Notwithstanding the opinion, the Internal Revenue Service (the "IRS") could determine that the Distribution should be treated as a taxable transaction for U.S. federal income tax purposes if it determines that any of the representations, assumptions or undertakings that were relied on for the opinion are inaccurate or are violated, if it disagrees with the conclusions in the opinion, or for other reasons, including as a result of significant changes in the stock ownership of S&P Global or us after the Distribution. For more information regarding the opinions see "The Separation — Material U.S. Federal Income Tax Consequences of the Distribution — Tax Opinion." In addition, it is intended that the certain of the Restructuring Transactions will qualify as transactions that are tax-free for U.S. federal income tax and/or non-U.S. tax purposes.

If certain of the Restructuring Transactions and/or the Distribution, together with certain related transactions, fail to qualify for their intended tax treatment for any reason, S&P Global and/or holders of S&P Global common stock could be subject to substantial U.S. and/or applicable non-U.S. taxes as a result of the Separation, and we could incur significant liabilities under applicable law or as a result of the tax matters agreement that we and S&P Global will enter into in connection with the Separation (the "Tax Matters Agreement"). See "The Separation — Material U.S. Federal Income Tax Consequences of the Distribution."

 ***If the Separation is taxable to S&P Global as a result of a breach by us of any covenant or representation made by us in the Tax Matters Agreement, we generally will be required to indemnify S&P Global, and any payments we make in respect of this indemnification obligation could have a material adverse effect on us.***

As described above, it is intended that the Distribution, together with certain related transactions, will qualify for U.S. federal income tax purposes as tax-free transactions to S&P Global and to holders of S&P Global common stock, except with respect to any cash received in lieu of fractional shares of common stock, and that certain of the Restructuring Transactions will qualify as tax-free transactions for U.S. federal income tax purposes and/or non-U.S. tax purposes. If the Distribution and/or any of such Restructuring Transactions are not so treated or are taxable to S&P Global (see "The Separation — Material U.S. Federal Income Tax Consequences of the Distribution") due to a breach by us (or any of our subsidiaries) of any covenant or representation made by us in the Tax Matters Agreement, we generally will be required to indemnify S&P Global for all tax-related losses suffered by S&P Global. In addition, we will not control the resolution of any tax contest relating to taxes suffered by S&P Global in connection with the Separation, and we may not control the resolution of tax contests relating to any other taxes for which we may ultimately have an indemnity obligation under the Tax Matters Agreement. In the event that

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S&P Global suffers tax-related losses in connection with the Separation that must be indemnified by us under the Tax Matters Agreement, the indemnification liability could have a material adverse effect on us.

#### We will be subject to significant restrictions on our actions following the Separation in order to avoid triggering significant tax-related liabilities.
The Tax Matters Agreement generally will prohibit us from taking certain actions that could cause the Distribution and certain related transactions, or certain of the Restructuring Transactions, to fail to qualify as tax-free transactions, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • during the two-year period following the Distribution Date (or otherwise pursuant to a "plan" within the meaning of Section 355(e) of the Code), we may not cause or permit certain business combinations or transactions to occur;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • during the two-year period following the Distribution Date, we may not discontinue the active conduct of our business (within the meaning of Section 355(b)(2) of the Code);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • during the two-year period following the Distribution Date, we may not sell or otherwise issue our common stock, other than pursuant to issuances that satisfy certain regulatory safe harbors set forth in Treasury regulations related to stock issued to employees and retirement plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • during the two-year period following the Distribution Date, we may not redeem or otherwise acquire any of our common stock, other than pursuant to open-market repurchases of less than 20% of our common stock (in the aggregate);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • during the two-year period following the Distribution Date, we may not amend our certificate of incorporation (or other organizational documents) or take any other action, whether through a shareholder vote or otherwise, affecting the voting rights of our common stock; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • more generally, we may not take any action that could reasonably be expected to cause the Separation or certain of the Restructuring Transactions undertaken pursuant thereto to fail to qualify as tax-free transactions for U.S. federal income tax purposes or for non-U.S. tax purposes.

Under the Tax Matters Agreement, we may take certain of the actions described above if, prior to taking such action, we obtain an IRS letter ruling or an acceptable opinion of tax counsel, upon which S&P Global may rely, to the effect that taking such action will not affect the intended tax-free treatment of the Distribution and certain related transactions, or we otherwise obtain S&P Global's prior written consent, in its sole and absolute discretion, waiving such requirement. Even if we obtain such a ruling, opinion or consent and take any of the actions above, and such actions result in tax-related losses to S&P Global, we generally will be required to indemnify S&P Global for such tax-related losses under the Tax Matters Agreement. See "The Separation — Agreements with S&P Global — Tax Matters Agreement." Due to these restrictions and indemnification obligations under the Tax Matters Agreement, we may be limited in our ability to pursue strategic transactions, equity or convertible debt financings or other transactions that may otherwise be in our best interests. Also, our potential indemnity obligation to S&P Global might discourage, delay or prevent a change of control that our shareholders may consider favorable.

 ***Our accounting and other management systems and resources may not be adequately prepared to meet the financial reporting and other requirements to which we will be subject following the Separation.***

Prior to the Separation, our financial results were included within the consolidated results of S&P Global, and we were not directly subject to reporting and other requirements of the Exchange Act. These and other obligations will place significant demands on our management, administrative, and operational resources, including accounting and information technology resources. To comply with these requirements, we anticipate that we will need to duplicate information technology infrastructure, implement additional financial and management controls, reporting systems and procedures and hire additional accounting, finance, tax, treasury and information technology staff. If we are unable to do this in a timely and effective fashion, our ability to comply with our financial reporting requirements and other rules that apply to reporting companies could be impaired and our business could be harmed.

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#### Risks Relating to Our Business and Operations
 ***Changes in macroeconomic trends and the volatility of the macroeconomic environment could have a material adverse effect on our business, financial condition or results of operations.***

Our business is impacted by general economic conditions and volatility in the global financial markets. Economic conditions and volatility are generally affected by a negative or uncertain economic and political environment. In addition, natural and man-made disasters, public health crises (e.g., pandemics) and military conflict, such as the ongoing military conflicts between Russia and Ukraine and in the Middle East, introduce volatility and uncertainty into the global capital markets and negatively impact general economic conditions. Volatile, negative or uncertain economic and political conditions can undermine business confidence in our significant markets. In addition, our business has been and may continue to be negatively affected by challenges to the larger automotive industry ecosystem, including: global supply chain challenges; labor disruptions, work stoppages, or strikes; economic instability; changes in tax laws and regulations; export controls; changes to trade policies, including higher tariff rates and customs duties; economic sanctions and trade restrictions; geopolitical tensions; and other macroeconomic issues, including increased interest rates and inflation. Such conditions may lead to declines in spending for the customers we serve, which may result in decreased revenue for us. Concern about the strength of the economy may also slow the rate at which businesses are willing to enter into new contractual arrangements, potentially including those for our solutions and products, thereby adversely impacting our results of operations.

Consumer purchases of new and used automobiles generally decline during recessionary periods and other periods in which disposable income is adversely affected, which could reduce the number of customers using our products and solutions. Decrease in consumer demand for automobiles may in turn adversely affect other participants in the automotive industry, such as vehicle manufacturers, automotive suppliers, mobility service providers, retailers, and F&I firms, and lead to a reduction in other spending by these groups, including on our products and solutions. Purchases of new and used automobiles may be discretionary for consumers and have been, and may continue to be, affected by negative trends, including: energy costs; the availability and cost of credit; increased interest rates; inflation; reductions in business and consumer confidence; stock market volatility; unemployment levels; government shutdowns, political unrest, or uncertainty; and other global economic conditions.

In particular, the availability and cost of credit are factors affecting consumer confidence, which is a driver of vehicle sales for our consumer customers and dealer customers that use our products and solutions. Additionally, vehicle affordability for our consumer customers is becoming more challenging due to a combination of factors, including elevated vehicle pricing resulting from inflationary cost increases and declines in inventory supply, rising vehicle finance costs due to increased interest rates, and rising auto insurance rates.

Further, in recent years the market for motor vehicles has experienced rapid changes in technology and consumer demands. Self-driving technology, ride sharing, transportation networks and other fundamental changes in transportation could impact consumer demand for the purchase of automobiles and use of our products and solutions, including if such market shifts lead to heightened demand for different types of products and solutions than ours.

The foregoing factors generally affect our performance and could have a material adverse effect on our business, financial condition or results of operations.

 ***Our revenue growth depends on existing customers renewing and upgrading their subscriptions for our products and solutions, our ability to sell additional products and solutions to existing customers and our ability to attract new customers.***

Our businesses are primarily subscription revenue driven, as most offerings are sold on monthly, annual or multi-year subscriptions. Our customers have no obligation to renew their contracts for our products and solutions after the expiration of their contract periods and our customers may choose not to renew contracts for a similar mix of products and solutions. Our customers' renewal rates may fluctuate or decline as a result of a number of factors, including customer dissatisfaction, consumer spending levels, increased competition, changes in law, prices of our products and solutions, the prices of products and

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solutions offered by our competitors, spending levels due to the macroeconomic environment or other factors, deteriorating general economic conditions, or legislative and regulatory changes, including data privacy laws. If our customers do not renew their contracts or reduce the products and solutions purchased under their contracts, our revenue could decline and our business may be adversely impacted. Our future success also depends in part on our ability to sell additional products and solutions to existing customers, attract new customers, and improve contract terms. Our ability to attract new customers depends on, among other things, the effectiveness of our sales and marketing efforts and the competitiveness of our products and solutions. If our efforts to sell additional products and solutions to our existing customers, renew existing subscriptions, attract new customers, or improve contract terms are not successful, our revenue growth could decrease and it could have a material adverse effect on our business, financial condition or results of operations.

 ***Our customers' decisioning may be adversely affected if we are unable to maintain or grow our data position, or if we cannot maintain our data quality, which could adversely affect our financial condition, cause loss of customer trust and contribute to non-compliance with certain laws and regulations.***

Our strategy is built upon our ability to capitalize on our data estate and we are reliant on obtaining large volumes of data from various third-party sources. For CARFAX, we rely on more than 177,000 data sources, including car dealers, OEMs, police agencies and service shops. For our Marketing & Sales business line within the B2B segment, we rely on consistently incorporating new assets in our database such as consumer credit, OEM, dealer and lending transactions, vehicle inventory, pricing and incentive information and demographic data. For our Strategy & Planning business line within the B2B segment, we rely on reciprocal relationships with OEMs, suppliers and financial institutions to expand our component/supply chain and powertrain datasets. Further, as we face secular industry changes such as the emergence of electric and autonomous vehicles, we may need to obtain datasets through new partnerships. If we are unable to maintain or grow these partnerships and relationships for the data that our products and solutions rely on, or otherwise are unable to receive, access or use these data for any reason, including as a result of escalating data costs or our access to such data is limited or restricted, it could have a material adverse effect on our business, financial condition or results of operations.

Data quality is an important part of our business model. Accurate data increases predictive ability and improves confidence in decisions for our customers. Inaccurate or incomplete data could adversely affect customer decisioning and poses reputational, litigation and financial risk to our company. See "— Our reputation, credibility and brand are our key assets and competitive advantages, and our business may be affected by how we are perceived in the marketplace." Although we have developed internal processes and controls to maintain and continually improve the quality of our data, these processes and controls cannot ensure absolute accuracy and the complexity of our technology transformation may introduce additional risk. While we have experienced data quality issues, to date none of these issues have had a material impact on our operations or financial results. Any significant data quality issues arising in the future could have an adverse effect on our business or results of operations, including through the incurrence of additional costs or the loss of customers and harm to our reputation.

 ***Increased availability of free or relatively inexpensive information sources may materially reduce demand for our products and solutions and could have a material adverse effect on our business, financial condition or results of operations.***

In recent years, more public sources of free or relatively inexpensive information have become available, particularly through the Internet, and advances in public cloud computing and open source software are expected to continue. Moreover, AI is being used in a way that is significantly increasing access to publicly available free or relatively inexpensive information. Given the importance of data to our products and solutions, the continued growth of publicly available free or relatively inexpensive information could materially reduce demand for our products and solutions. Demand could also be materially reduced as a result of cost-cutting initiatives at certain companies and organizations that choose to use publicly available free or relatively inexpensive information rather than pay for our products and solutions. Although we believe our products and solutions are enhanced by our analysis, tools, delivery mechanisms and applications, if a large number of smaller customers or a critical number of larger customers choose to use public sources of

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free or relatively inexpensive information as a substitute for our products or solutions, it could have a material adverse effect on our business, financial condition or results of operations.

 ***AI presents new and evolving risks, and our approach to AI may not be successful, which could materially and adversely affect our business, financial condition or results of operations.***

AI is a rapidly evolving technology that is fundamentally changing the way data is gathered, produced, protected, licensed, processed and consumed. Given the importance of data to our products and solutions, AI continues to be an increasingly important part of our business and industry. While we have made significant investments in various AI initiatives, including the use of ML and AI to decode and standardize complex data inputs and to automate data ingest, processing and delivery workflows, there is no guarantee that these investments will lead to the development of products and services that achieve market acceptance, profit or the level of profitability that we expect.

The AI landscape is complex and rapidly evolving, and new and enhanced laws and regulations (or inadequate laws or regulations), novel application of existing laws to AI technology, governmental or regulatory scrutiny, competition from established or emerging companies, litigation, ethical concerns, cybersecurity concerns, intellectual property concerns or other complications could materially and adversely impact our ability to protect our data and intellectual property, to develop and offer products and solutions that effectively use AI, to compete with other AI products or solutions, to improve efficiency of existing products or solutions through the effective use of AI to remain competitive or to incorporate AI in our internal operations, or could materially increase our burden and cost of research, development and regulatory compliance.

The development, testing and deployment of AI systems requires continued investment and may materially increase the cost profile of our offerings due to the nature of the computing cost involved in such systems. In addition, the number of approaches to integrating and commercializing AI is currently large, and many of those approaches may fail to gain market acceptance or become obsolete as AI continues to evolve. At this time, we are unable to predict which AI offerings will ultimately be successful. Notwithstanding any investments we decide to embark on, our products and solutions may become less marketable or less competitive or potentially obsolete if either our approach to integrating AI into our products and solutions fails to gain market acceptance or our approach to protecting our data and intellectual property in the AI landscape is ultimately inadequate. The continued enhancement of AI within our products, services and processes also depends in part on our ability to attract and retain talented employees with critical AI and data science experience, which is dependent on a number of factors, including prevailing market conditions and compensation packages offered by companies competing for the same talent. If we are unable to attract, retain or train key qualified personnel, our ability to develop and deliver on our investments in our various AI initiatives may be adversely affected.

Our competitors are deploying AI in ways that could materially reduce demand for our products and services (for example, by deploying AI in ways that make collection and processing of information relatively inexpensive or free or by leveraging AI to build products and services that compete with our products and services). The emerging "off the shelf" AI models may also increase the ability of new and existing competitors to develop technology and applications which may compete with our products and services.

Our ability to produce and develop products and services with AI capabilities is dependent upon the products and services of other suppliers, including certain data, software and service suppliers. Our products and services with AI capabilities may rely on third-party AI providers for certain capabilities and infrastructure. If any such providers were to limit, discontinue or materially alter the terms of our access, we may be unable to obtain comparable data from other sources in a timely or cost-effective manner, or at all. To the extent we rely on third-party AI models, the providers may discontinue such models or their model capabilities may become insufficient or obsolete. The occurrence of any such issue could have a material adverse effect on our business, financial condition or results of operations.

AI is also being utilized by malign actors to launch increasingly sophisticated cyber attacks against us and our third-party service providers (including our vendors, data partners and distribution partners), which, if successful, could have a material adverse effect on our business, financial condition or results of operations. While we believe we have appropriate policies, processes and internal controls to ensure the

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stability of our information technology, provide security from unauthorized access to our systems and maintain business continuity, our business could be subject to significant disruption and our business, financial condition or results of operations could be materially and adversely affected by unanticipated system failures, data corruption or unauthorized access to our systems.

We do not yet know whether intellectual property laws and regulations in the jurisdictions that we operate will enable us to effectively protect our data and other intellectual property rights from unintended use by AI. Third parties could also use our data with AI tools to create their own insights and potentially supplant our products and services. AI technologies used in our products and processes may incorporate or reproduce third-party content in their outputs, which may expose us to risks associated with infringing, misappropriating or otherwise violating others' intellectual property rights, including those of our competitors or nonpracticing entities, which may expose us to protracted and expensive litigation and may materially and adversely affect our business going forward. For additional risks related to intellectual property rights, see the risk factor entitled "Our inability to adequately obtain, protect and maintain our intellectual property and other proprietary rights could impact our competitive position."

Any of the foregoing factors could have a material adverse effect on our business, reputation, financial condition or results of operations.

 ***Any inability by us to develop new products and solutions, enhance our existing products, adapt to new technologies, or achieve widespread customer adoption of those products and solutions could have a material adverse effect on our business, financial condition or results of operations.***

Our success depends on our continued innovation to provide useful products and solutions for our customers or that otherwise provide value to our customers. A failure by us to capture the benefits that we expect from these product investments could have a material adverse effect on our business, financial condition or results of operations.

Though we are continuously making ongoing improvements and investments in our current products and solutions, there can be no assurance that such investments will generate additional revenue. In addition, our investments in our current products and solutions may become less productive and the growth of our revenue may require more focus on developing new products and solutions. These new products and solutions must be widely adopted by our customers in order for us to continue to attract our customers to our products and solutions. Accordingly, we must continually invest resources in product, technology and development to improve the attractiveness of our products and solutions and adapt to new and changing technologies and customer requirements. Our ability to engage in these activities may decline as a result of macroeconomic factors and any cost-savings initiatives on our business. These product, technology and development expenses may include costs of hiring additional personnel and retaining our current employees, engaging third-party service providers and conducting other research and development activities. There can be no assurance that innovations to our products or solutions, or the development of future products or solutions, will increase customer engagement, achieve market acceptance, create additional revenue, or become profitable. There can also be no assurance that our future products and solutions will meet consumer expectations in light of products or solutions offered by others in the markets in which we operate.

In addition, revenue relating to new products and solutions may be unpredictable and our new products and solutions may have lower gross margins, lower retention rates and higher marketing and sales costs than our existing products and solutions. We are likely to continue to modify our pricing models for both existing and new products and solutions so that our prices for our offerings reflect the value those offerings are providing to customers. Our pricing models may not effectively reflect the value of products and solutions to our customers and if we are unable to provide products and solutions that customers want to use, they may reduce or cease the use of our products and solutions. Without innovative products and solutions, we may be unable to attract additional customers or retain current customers, as well as the amounts that such customers are willing to pay for our products and solutions, which could, in turn have a material adverse effect on our business, financial condition or results of operations.

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 ***We rely, in part, on internet search engines to drive traffic to our websites, and if we fail to appear prominently in the search results, our traffic could decline and our business could be adversely affected.***

We rely, in part, on internet search engines to drive traffic to our websites. The number of customers we attract to our websites from search engines is due in part to how and where our websites rank in unpaid search results. These rankings can be affected by a number of factors, many of which are not under our direct control and may change frequently. For example, when a consumer or dealer searches for a vehicle in an internet search engine, we rely on a high organic search ranking of our webpages to refer the consumer to our websites. Our competitors' internet search engine optimization efforts may result in their websites receiving higher search result rankings than ours, or internet search engines could change their methodologies and/or introduce competing products in a way that would adversely affect our search result rankings. If internet search engines modify their methodologies in ways that are detrimental to us, as they have done from time to time, or if our efforts to improve our search engine optimization are unsuccessful or less successful than our competitors' efforts, our ability to attract a large customer audience could diminish, and traffic to our websites could decline and in turn. Additionally, competing products from internet search engine providers, such as those that provide dealer and vehicle pricing and other information directly in search results or decreases in customer use of search engines, for example, as a result of the continued development of AI technology, could also adversely impact traffic to our websites. Our business would also be adversely affected if internet search engine providers choose to align with our competitors. Reductions in our own search advertising spend, more aggressive spending by our competitors or increased costs from internet search engines could cause us to incur higher advertising costs and/or reduce our market visibility to prospective users, which could, in turn, adversely impact our ability to attract a large customer audience and the amount of traffic to our websites. Our websites have experienced fluctuations in organic and paid search result rankings in the past, and we anticipate fluctuations in the future. Any reduction in the number of customers directed to our websites through internet search engines could have a material adverse effect on our business, financial condition or results of operations.

 ***Our business is substantially dependent on our relationships with certain customer groups, including dealers and OEMs. If a significant number of customers in such customer groups terminate their subscription agreements with us and/or closures or consolidations occur within such groups that reduce demand for our products, it could have a material adverse effect on our business, financial condition or results of operations.***

As of December 31, 2025, we derived approximately 60% and 10% of our revenue from our dealership and OEM customer groups, respectively. Our contracts with dealers and OEMs do not contain contractual obligations requiring them to maintain its relationship with us beyond the initial term. If a significant number of customers in our major customer groups decide to terminate their subscriptions with us, it could have a material adverse effect on our business, financial condition or results of operations.

Additionally, certain of our major customer groups may face consolidation within their industry or mass closures. In the past, the number of U.S. dealers has declined due to dealership closures and consolidations as a result of industry dynamics and macroeconomic issues. When dealers consolidate, the products and solutions they previously purchased separately are often purchased by the combined entity, leading to loss of revenue. In addition, further proliferation of automotive manufacturer direct-to-consumer sales models could result in a decline in the number of U.S. dealers and consolidation in buying power. Further dealership consolidations or closures, or consolidations or closures within any of our other major customer groups, could reduce the aggregate demand for our products and solutions.

If a significant portion of our customer base elects to consolidate their spending on automotive products and solutions with other vendors and not us or self-source the data our products and solutions provide or if we lose a large portion of our business to customer closures or lower priced competitors, it could have a material adverse effect on our business, financial condition or results of operations.

 ***Our reputation, credibility and brand are our key assets and competitive advantages, and our business may be affected by how we are perceived in the marketplace.***

Our reputation, credibility and the strength of our brands are key competitive strengths. As a leading global provider of automotive data, our ability to attract and retain customers is uniquely affected by external perceptions of our reputation, credibility and brand.

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We provide various products and solutions, many of which depend on contributions or inputs from third parties or market participants and which our customers expect have been prepared with independence and integrity. If our products or solutions are inaccurate, our customers may lose confidence in the quality and dependability of our offerings and this could harm our credibility and brand. In addition, given the popularity of social media, posts and opinions regarding us, whether true or not, could quickly proliferate and harm consumer perception and confidence in our brands. Further, the increasing use of AI tools to generate data resembling our products and solutions could lead to brand confusion or dilution in the marketplace. Any failures, negative publicity, investigations or lawsuits that implicate the independence and integrity of our data could result in a loss of confidence in the administration of these products and solutions and could harm our reputation and our business.

Negative perceptions or publicity could damage our reputation with customers, prospects, and the public generally, which in turn could negatively impact, among other things, our ability to attract and retain customers, employees and data providers, as well as suitable candidates for acquisitions or other combinations, and could have a material adverse effect on our business, financial condition or results of operations.

 ***Our investments in our brands may not be successful and could have a material adverse effect on our business, financial condition or results of operations.***

We currently invest and plan to continue to invest substantial resources to building and promoting our brands, including through marketing campaigns and other initiatives intended to strengthen brand awareness, reputation, loyalty and increase customer traffic. Specifically, for CARFAX, we are investing in consumer brand advertising to raise unaided awareness, drive more direct traffic and high quality leads to Car Listings, and expand the Car Care audience. These efforts are expensive and may not necessarily be effective in attracting new customers or retaining existing customers and may not be sufficient to offset the associated costs. Reductions in spending to build and promote our brands, more aggressive spending by our competitors or increased costs of implementing such efforts could cause us to incur higher costs and/or reduce our market visibility to prospective customers, which could, in turn, adversely impact our ability to attract a large customer audience and it could have a material adverse effect on our business, financial condition or results of operations. Customer preference and perceptions of our brands can also change and the value of our brands may diminish if our initiatives fail to resonate with our target brand audiences to raise awareness and drive increased customer traffic.

 ***Our acquisitions, divestitures and other strategic transactions may not produce anticipated results, which could have a material adverse effect on our business, financial condition or results of operations.***

We have made and expect to continue to make acquisitions, divestitures and other strategic transactions to strengthen our business and grow our Company. Such transactions present significant challenges and risks, as the market for acquisitions, divestitures and other strategic transactions is highly competitive, especially in light of industry consolidation, which affects our ability to complete such transactions. If we are unsuccessful in completing such transactions or if such opportunities for expansion do not arise, it could have a material adverse effect on our business, financial condition or results of operations.

If such transactions are completed, the anticipated growth and other strategic objectives of such transactions may not be fully realized or may take longer to realize than expected, and a variety of factors may adversely affect any anticipated benefits from such transactions. Our acquisitions, divestitures and other strategic transactions face difficulties, including, but not limited to, the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the process of integration being more expensive or requiring more resources than anticipated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • an acquisition changing the composition of our markets and product mix, and difficulty gaining the skills necessary for such markets or products;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • delays or difficulties consolidating corporate and administrative infrastructures and eliminating duplicative operations, including issues in integrating financial reporting, information technology infrastructure, data and content management systems and product platforms, communications and other systems;

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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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • delays or difficulties harmonizing corporate cultures, operating practices, management philosophies, employee development and compensation programs, internal controls, compliance programs and other policies, procedures and processes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • assuming unintended liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • unexpected regulatory and operating difficulties and expenditures, including regulatory challenges that impact our ability to conduct due diligence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • failure to maintain employee morale or retain key personnel of the current or acquired business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • failure to retain existing business and operational relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • continuing operational or financial obligations that arise under transition services agreements requiring significant management and operational resources that limit our ability to fully implement cost reduction and efficiency initiatives or other aspects of our transition plans, or divert the management's focus from other business operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • difficulty coordinating geographically separate organizations, including consolidating offices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the impact of divestitures on our revenue growth being larger than projected due to greater dis-synergies or adverse effects on our overall product offerings than expected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • divestitures requiring continued financial involvement in the divested business through continuing equity ownership, guarantees, indemnities, other financial or operational obligations, or transition services obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • incurring impairment charges or other losses related to divestitures; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • diversion of management's focus from other business operations.

The failure of acquisitions, divestitures and other strategic transactions to perform as expected could have a material adverse effect on our business, financial condition or results of operations.

 ***We face competition in our markets, which could have a material adverse effect on our business, financial condition or results of operations and cause our market share to decline.***

The market for our products and solutions is competitive. The competitors we face in any sale opportunity may change depending on, among other things, the line of business making the purchase, the products and solutions being sold, the geography in which the customer is operating, and the size of the customer to which we are selling. These competitors may compete on the basis of price, brand recognition, ease of use of the solution or product, or unique solution and product features or functions. We depend on contractual and license agreements with third parties to protect our proprietary data sets underlying our product and solutions. If such agreements are not sufficiently robust or enforceable, or if counterparties fail to honor them, we would not be able to maintain the exclusivity of our data sets and the competitiveness of our products and solutions may decrease. Outside of the U.S., we are more likely to compete against vendors that may differentiate themselves based on local advantages in language, market knowledge, existing relationships with customers and content applicable to that jurisdiction.

As we expand our portfolio of products and solutions, we may begin to compete with software, technology and other providers that we have not competed against previously and where technology and applications may, in time, become more competitive with our offerings. We expect the intensity of competition to remain high in the future. As a result, our competitors or potential competitors may develop improved product, solution or sales capabilities, or even a technology breakthrough that disrupts our market. The emerging availability of "off-the-shelf" AI models may increase the ability of existing and new competitors to develop technology and applications which may compete with our products and solutions. Continuing intense competition could result in increased pricing pressure, increased sales and marketing expenses, and greater investments in research and development, each of which could negatively impact our profitability. Current and potential competitors may be able to devote greater resources to, or take greater risks in connection with, the development, promotion, and sale of their products than we can devote to ours, which could allow them to respond more quickly than we can to new technologies and changes in customer needs, thus leading to their wider market acceptance. We may not be able to compete effectively and

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competitive pressures may prevent us from acquiring and maintaining the customer base necessary for us to increase our revenue and profitability.

In addition, as developing markets continue to expand, certain competitors may have access to larger, more comprehensive, or more relevant data sets and products and solutions to support these emerging markets, which could place us at a competitive disadvantage.

Further, relationships with our partners with whom we currently have a cooperative relationship could shift over time, as we, or they, develop products and solutions that compete with each other. Further, if we develop new products or solutions that overlap with those that are offered by our partners, such partners may assert that our offerings infringe on their products or solutions or otherwise may give rise to disputes, which could result in litigation, reputational harm or restrictions on the success of our products and solutions.

Our current and potential competitors may also establish cooperative relationships among themselves, with our customers, or with third parties to further enhance their resources and product and solution offerings. Current or potential competitors may be acquired by other vendors or third parties with greater available resources. As a result of such acquisitions, our current or potential competitors might be able to adapt more quickly to customer needs, to devote greater resources to the promotion or sale of their products and solutions, to initiate or withstand substantial price competition or to take advantage of emerging opportunities by developing and expanding their product and solutions offerings more quickly than we can. If we are unable to compete effectively with these evolving competitors for market share, it could have a material adverse effect on our business, financial condition or results of operations*.*** 

#### A significant increase in operating costs and expenses could have a material adverse effect on our business, financial condition or results of operations.
Our major expenditures include capital investments, operating expenses and employee compensation.

We make significant investments in technology initiatives and such investments may not result in increased revenues. Developing our products and solutions is time consuming and costly, and investment in development may involve a long payback cycle. Our future plans include significant investments to develop, improve and expand the functionality of our products and solutions, which we believe is necessary to maintain our competitive position. However, we may not recognize significant revenue from these investments for several months or years, or the investments may not yield any additional revenue.

Further, customer acquisition costs, including marketing and sales efforts to drive customer traffic and raise brand awareness, have increased and may continue to increase. Our business also depends on access to our vast network of data providers, and the costs of access to data have increased and may continue to increase. If we are unable to effectively manage these costs, or if they continue to increase, our profitability could be materially and adversely affected.

We also offer competitive salary and benefit packages to attract and retain the quality employees required to grow and expand our businesses. Compensation and benefits costs are influenced by general economic factors, including but not limited to changes in the cost of health insurance, retirement benefits, inflation, trends specific to the skill sets required for our workforce and the amount of competition for qualified employees within our markets.

Although we believe we are prudent in our investment strategies and execution of our implementation plans, the ultimate recoverability or effectiveness of these investments is not yet known. A significant increase in any of the operating costs and expenses mentioned above could have a material adverse effect on our business, financial condition or results of operations.

 ***We are exposed to multiple risks associated with the global nature of our operations, which could have a material adverse effect on our reputation, business, financial condition or results of operations.***

The geographic breadth of our activities subjects us to significant legal, economic, operational, market, compliance and reputational risks. These include, among others, risks relating to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • economic and political conditions around the world;

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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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • inflation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • high interest rates or fluctuation in interest rates, currency exchange rates or commodities markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • limitations that foreign governments may impose on the conversion of currency or the payment of dividends or other remittances to us from our non-U.S. subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • differing accounting principles and standards;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • increases in taxes or changes in U.S. or foreign tax laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • potential costs and difficulties in complying with a wide variety of foreign laws and regulations (including tax systems) administered by foreign government agencies, some of which may conflict with U.S. or other sources of law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • changes in applicable laws and regulatory requirements, including data localization and operational resilience requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • restrictive actions of governmental authorities in the jurisdictions in which we operate affecting trade, cross-border data transfer and foreign investment, especially during periods of heightened tension between governmental authorities in such jurisdictions, including protective measures such as export restrictions and customs duties and tariffs, data localization efforts, and restrictions on the level of foreign ownership;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • nationalization, expropriation, price controls, withdrawal of licenses to operate, and unilateral termination of contracts by government entities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • civil unrest, protests, terrorism, unstable governments, geopolitical uncertainties and legal systems and other factors.

Adverse developments in any of these areas could have a material adverse effect on our business, financial condition or results of operations.

Additionally, we are subject to complex U.S., European and other local laws and regulations that are applicable to our operations abroad, including trade sanctions laws, anti-corruption and anti-bribery laws such as the U.S. Foreign Corrupt Practices Act and the U.K. Bribery Act of 2010, anti-money laundering laws and other financial crimes laws. Our internal controls, policies and procedures and employee training and compliance programs related to these topics are not always effective in preventing employees, contractors or agents from violating or circumventing such internal policies and violating applicable laws and regulations. Violations of such laws could result in a material adverse effect on our reputation, business, financial condition or results of operations.

Compliance with international and U.S. laws and regulations that apply to our international operations increases the cost of doing business in foreign jurisdictions. Violations of such laws and regulations may result in fines and penalties, criminal sanctions, administrative remedies, or restrictions on business conduct that have a material adverse effect on our reputation, our ability to attract and retain employees, our business, financial condition or results of operations.

 ***Our expansion into and investments in new and growing markets may not be successful, which could have a material adverse effect on our business, financial condition or results of operations.***

We believe there remains significant opportunity to expand our business into major geographic markets and are committed to geographic expansion as a critical component of our growth trajectory. This includes plans to substantially increase dealer adoption of CARFAX For Life and in the future, launch Car Listings internationally. We believe CARFAX Europe is poised to expand its presence by entering new, high-potential markets such as Germany and France. See "Business — Our Growth Strategies — Geographic Expansion." Expansion into new markets requires significant levels of investment and attention from management and involves substantial risks and uncertainties. These markets may not develop as anticipated or we may not have success in these markets, in which case we may be unable to recover our investment spent to expand our business into these markets or may forgo opportunities in more lucrative markets, which could adversely impact our business, financial condition and results of operations. We also may face

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challenges in navigating different regulatory and compliance requirements, establishing effective sales and marketing channels and understanding local customer preferences. In certain markets, due to such barriers, we may face heightened difficulty in attracting and retaining customers. Even where we commit significant resources to expand into such markets, our efforts may not succeed on the expected timeline, may cost more than anticipated or may not generate sufficient revenues to offset our investments and could have a material adverse effect on our business, financial condition or results of operations.

 ***We rely on third-party data sources and service providers for many aspects of our business. From time to time, we lose third-party data sources or the services and solutions, or the data, services or solutions of these suppliers have errors or are delayed, resulting in a disruption or inability to provide our customers with the information, products or solutions they desire.***

Our ability to produce our products and solutions and develop new products and solutions is dependent upon the services and solutions of other suppliers, including certain data, software and service suppliers. We obtain data from many third-party data sources, including dealers, service shops, police agencies and governmental entities. Our business relies on our ability to obtain data for our own internal operational purposes and for the benefit of customers using our products and solutions. Certain of our third-party data sources supply us with critical datasets that support our products and solutions to which suitable alternative sources may not be readily available. If any such providers were to limit, discontinue or materially alter our access, we may be unable to obtain comparable data from other sources in a timely or cost-effective manner, or at all, it could have a material adverse effect on our business, financial condition or results of operations.

Some of our products and solutions and their related value are dependent upon updates from our third-party data suppliers, and most of our information and data products and solutions are dependent upon continuing access to historical and current data. We could experience interruptions in our data access for a number of reasons, including difficulties in renewing our agreements with third-party data providers, changes to the software used by third-party data providers, efforts by industry participants to restrict access to data, increased fees we may be charged by third-party data providers and legal or regulatory changes. Our competitive position could be negatively affected if any of our key data providers terminates its relationship with us or if data flow from any key data provider is interrupted. If these third-party data providers experience difficulty meeting our requirements or standards, have adverse audit results, violate the terms of our agreements or applicable law, fail to obtain or maintain applicable licenses cease operations temporarily or permanently, face financial distress or other business disruptions, increase their fees, or if the relationships we have established with such third-party data providers deteriorate, expire or otherwise terminate, whether as a result of macroeconomic conditions or otherwise, we could suffer increased costs and we may be unable to provide similar services or operate some aspects of our business until an equivalent provider could be found or we could develop replacement technology or operations, which could damage our financial condition and reputation. Furthermore, if we are unsuccessful in identifying or finding high-quality third-party data providers, if we fail to negotiate cost-effective relationships with them, or if we ineffectively manage these relationships, it could have a material adverse effect on our business, financial condition or results of operations.

Some of our suppliers are also our competitors, and from time to time they negotiate to change the terms of the data and services that they supply to us in order to gain an advantage in the marketplace, which could materially harm our business.

We utilize certain information and data provided by third-party sources in a variety of ways, including information gathered by market participants and large volumes of data from a vast contributing network of partners. From time to time, the data we receive from our third-party suppliers has errors, is delayed, has design defects, is unavailable on acceptable terms or is not available at all. While such issues have not materially adversely affected us to date, the future occurrence of any such issue could have a material adverse effect on our business, financial condition or results of operations.

In addition, the consolidation of our third-party data suppliers has reduced the number of firms we partner with, which has impacted the size of our third-party data supplier base for certain products and solutions and resulted in an increase in fees charged by certain of our third-party data supplier partners. Certain of our agreements with third-party data suppliers allow them to cancel on short notice. Termination

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of significant data agreements or exclusion from, or restricted use of, or litigation in connection with, significant third-party data assets could result in a substantial decrease of the available information for us to use (and offer our customers) and could have a material adverse effect on our business, financial condition or results of operations.

 ***Outsourcing certain aspects of our business could result in material financial loss, increased costs, regulatory actions and penalties, reputational harm, unauthorized access to our systems, system or network disruption, or improper disclosure of confidential information.***

We have outsourced certain functions to third-party service providers to leverage leading specialized capabilities and achieve cost efficiencies, and such functions may be further outsourced. From time to time, our third-party service providers do not perform to our standards, produce reliable results, perform in a timely manner or perform at all. We also face the risk that our third-party service providers may fail to comply with legal requirements or maintain the confidentiality of our proprietary information. Failure of these third parties to meet their contractual, regulatory, confidentiality or other obligations to us could result in material financial loss, higher costs, regulatory actions and reputational harm.

Outsourcing these functions also involves the risk that the third-party service providers may not maintain adequate physical, technical and administrative safeguards to protect the security of our confidential information and data. Failure of these third parties to maintain these safeguards have in the past, and may in the future, result in unauthorized access to our systems or a system or network disruption that could lead to improper disclosure of confidential information or data, regulatory penalties and remedial costs.

A third-party cloud infrastructure provider provides a distributed computing infrastructure platform for business operations, or what is commonly referred to as a "cloud" computing service. Currently, we run a significant amount of our computing on such platform. Given this, any disruption of or interference with our use of such platform could have a material adverse effect on our business, financial condition or results of operations.

We rely on the business infrastructure and systems of third parties with whom we do business and to whom we outsource the maintenance and development of operational and technological functionality, including our third-party "cloud" computing services. Our third-party service providers could experience system breakdowns or failures, outages, downtime, cyber attacks, adverse changes to financial condition, bankruptcy or other adverse conditions, which could have a material adverse effect on our business and reputation. Thus, our plans to increase the amount of our infrastructure that we outsource to "the cloud" or to other third parties may increase our risk exposure.

 ***Our inability to successfully recover should we, our third-party service providers or our customers experience a disaster or other business continuity problem could cause material financial loss, loss of human capital, regulatory actions, reputational harm, damaged customer relationships or legal liability.***

Should we or our third-party service providers experience a local or regional disaster or other business continuity problem, such as an earthquake, hurricane, flood, civil unrest, protests, military conflict, terrorist attack, public health crisis (e.g., pandemic), security breach, cyber attack, data breach, power loss, telecommunications failure or other natural or man-made disaster, our ability to continue to operate will depend, in part, on the availability of our or our third-party service providers' personnel, our or our third-party service providers' office facilities and the proper functioning of our or our third-party service providers' computer, telecommunication and other related systems and operations. In the event of any such disaster or other business continuity problem, we could experience operational challenges with regard to particular areas of our operations, such as key executive officers or personnel, or we could be exposed to the operational challenges of our third-party service providers, over which we have no control, which could have a material adverse effect on our business, financial condition or results of operations.

The steps governments take to prevent or contain a disaster or other business continuity problem (such as travel restrictions, shelter in place orders, business shutdowns or quarantines) may negatively impact our operations, or the operations of our third-party service providers or customers, or may limit our ability to

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interact with customers and effectively maintain and grow our operations, including through securing new subscriptions and renewals.

The negative impact of a disaster or other business continuity problem on our customers could result in our products and solutions facing pricing pressure or delayed renewals, and challenges to new sales, which would in turn reduce revenue, ultimately impacting our results of operations.

We regularly assess and take steps to improve our existing business continuity plans and key management succession. However, a disaster on a significant scale or affecting certain of our key operating areas within or across regions, or our inability to successfully recover should we, our third-party service providers or our customers experience a disaster or other business continuity problem, could materially interrupt our business operations and result in material financial loss, loss of human capital, regulatory actions, reputational harm, damaged customer relationships or legal liability.

 ***Inability to attract, retain or train key qualified personnel or to navigate key management transitions could have a material adverse effect on our business, financial condition or results of operations.***

The development, maintenance, sale and support of our products and solutions are dependent upon the knowledge, experience and ability of our highly skilled, educated and trained key personnel. Accordingly, our business is dependent on successfully attracting, retaining and training talented employees and navigating key management transitions (including in our executive leadership team) in a highly competitive business environment. Our ability to attract and retain talented employees is dependent on a number of factors, including prevailing market conditions and compensation packages offered by companies competing for the same talent. While we offer competitive salary and benefit packages, intense competition for talent within our markets is driving difficulties in attracting and retaining skilled employees. Key management transitions, such as the recent changes to our executive leadership team and changes due to the Separation, involve inherent risk, and such transition periods can be disruptive and may result in a loss of personnel with deep institutional or technical knowledge. If we are less successful in our recruiting efforts, or if we are unable to attract, retain or train key qualified personnel or to navigate key management transitions, including as part of the Separation, our ability to develop and deliver successful products and solutions or achieve strategic goals may be adversely affected, which could have a material adverse effect on our business, financial condition or results of operations.

#### Risks Relating to Cybersecurity, Technology and Innovation
 ***Our size, scale and role in the global markets increases our exposure to cyber attacks and other cybersecurity risks, which could have a material adverse effect on our business, financial condition or results of operations.***

Our operations rely on the secure processing, storage and transmission of confidential, sensitive and other types of data and information by our information systems and networks and those of our third-party service providers, including our vendors, data partners and distribution partners. Cybersecurity threats continue to evolve and are increasingly difficult to detect and successfully defend against. As a result, cybersecurity threats have in the past and may in the future defeat the measures that we or our third-party service providers take to anticipate, detect, avoid or mitigate such threats.

Unauthorized disclosure of confidential information as a result of cyber attacks and other unauthorized occurrences on our information systems and networks could cause our customers to lose faith in our ability to protect confidential information and therefore cause customers to cease doing business with us.

The cybersecurity threats we and our third-party service providers (including our vendors, data partners and distribution partners) face are rapidly evolving and are becoming increasingly sophisticated (often through the use of AI) and include denial of service attacks, ransomware, spyware, misinformation, phishing/smishing/vishing attacks, business compromise attacks, typosquatting, automated attacks, employee errors, negligence or malfeasance, the use of malicious codes or worms, payment fraud and other unauthorized occurrences on, or conducted through, our or our third-party service providers' (including our vendors', data partners' and distribution partners') information systems and networks, originating from a wide variety of sources, including criminals, terrorists, nation states, financially motivated actors, internal actors and external service providers. The cybersecurity risks we and our third-party service providers face range from

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cyber attacks common to most industries, to more sophisticated and targeted attacks, including attacks carried out by state-sponsored actors, intended to obtain unauthorized access to certain information or information systems or networks due in part to our prominence in the global marketplace.

We and our third-party service providers, including our vendors, data partners and distribution partners, experience cyber attacks, data breaches and other cybersecurity threats of varying degrees on a regular basis. The volume of such attacks, breaches and threats has increased over the years and we expect that volume to continue to increase. Breaches of our or our third-party service providers' (including our vendors', data partners' and distribution partners') information systems and networks may cause material interruptions or malfunctions in our or such third-party's websites, applications or data processing, or may compromise the confidentiality and integrity of material information regarding us, our business or our customers. Although we have not experienced a cyber attack or data breach that has had a material adverse effect on us to date, we may experience such an event in the future.

In the ordinary course of business, we are exposed to vulnerabilities in widely deployed third-party software. While such vulnerabilities have not resulted in a material adverse effect on us to date, they require us to devote time and resources to remediation on a regular basis. Notwithstanding our efforts, we may suffer a material adverse effect resulting from such vulnerabilities in the future.

Misappropriation, improper modification, destruction, corruption or unavailability of our data and information, including personal data, due to cybersecurity incidents, attacks or other security breaches, or the perception of such an occurrence, could damage our brand and reputation, result in litigation, regulatory actions, sanctions or other statutory penalties, or lead to loss of customer confidence in our security measures and reliability. While such incidents have not had a material impact on us to date, future incidents could materially harm our ability to retain customers and gain new ones, result in financial losses that are either not insured against or not fully covered through any insurance maintained by us, and lead to increased expenses related to addressing or mitigating the risks associated with any such incidents. We may be required to expend significant resources to mitigate the impact of any errors, interruptions, delays or cessations of service and we may have insufficient recourse against our third-party service providers, including our vendors, data partners and distribution partners. Additionally, our failure to timely or accurately communicate cybersecurity incidents to relevant parties, including as a result of a failure of our third-party service providers, including our vendors, data partners and distribution partners to inform us of incidents impacting their information systems or networks in a timely manner could result in regulatory or litigation risk, and reputational harm.

We devote significant resources to maintain and regularly update our systems and processes that are designed to protect the security of our information systems, software, networks and other technology assets and the confidentiality, integrity and availability of information belonging to our customers and employees, and we expect to continue to expend significant additional resources to bolster these protections. However, such measures cannot provide absolute security and may be circumvented or become obsolete, and additional measures that we take to prevent or mitigate cyber incidents may be expensive or ineffective. Additionally, fragmented security tooling could create visibility gaps and increase the risk of missed threats and slower response.

Any of the foregoing could have a material adverse effect on our business, financial condition or results of operations.

 ***Our inability to successfully develop, adapt or implement new and improved processes and technology could materially adversely impact our business, financial condition or results of operations.***

The rapid change of technology is a key feature of all of the markets in which we operate. To succeed in the future, we will need to deploy improved processes and technology to innovate, design, develop, assemble, test, market and support new products and solutions and enhancements to our existing products and solutions in a timely and cost-effective manner.

Innovation and constant development in support of new products and solutions and enhancements to existing products and solutions call for the implementation of new and improved processes and technologies that require related change management efforts. While we employ a certain level of internal and external

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resources to mitigate the risks associated with implementing process and technology improvements, new processes and technologies that are still in development tend to be subject to more risks than established processes and technologies. For instance, we are incorporating AI in internal operations across our Company, which subjects us to a variety of risks, as further described in the risk factor entitled "AI presents new and evolving risks, and our approach to AI may not be successful, which could materially and adversely affect our business, financial condition or results of operations." Additionally, certain of our new processes require manual data entry or collection before they can be automated, which subjects them to greater risk of human error. We may also face unexpected challenges in execution that may require more management attention than expected, thus diverting management time and energy from other businesses. The foregoing and other unforeseen factors could also result in additional commitments of financial resources and business disruptions.

We have transitioned an important portion of our technology to a cloud-based infrastructure, which is complex, time consuming and involves substantial expenditures. Our utilization of cloud services is critical to developing and providing products and solutions to our customers, scaling our business for future growth, maintaining data and otherwise operating our business; any such implementation involves risks inherent in the conversion to a new system, including loss of information and potential disruption to our normal operations. We may discover material deficiencies in our design or implementation or maintenance of the new cloud-based systems that could adversely affect our business. Disruptions to either the outsourced systems or the communication links between us and the outsourced supplier may negatively affect our ability to operate our data systems and impair our ability to provide products and solutions to our customers.

Enhancing existing products and solutions and developing new products and solutions often requires effective collaboration across various divisions, functions and business lines of the Company. Ineffective or insufficient collaboration across divisions, functions and business lines decreases our ability to expand geographically, enhance products, innovate, increase sales, promote brand awareness and may result in a material adverse effect on our business, financial condition or results of operations.

 ***Social, ethical and operational issues relating to the use of new and evolving technologies, such as AI, in our offerings could materially and adversely affect our business, financial condition or results of operations.***

Our offerings use new and evolving technologies, such as AI. These new and evolving technologies often present social and ethical risks and challenges that could affect their adoption, and therefore our business.

For example, our products and services with AI capabilities may contain errors or defects that lead to privacy concerns, accuracy issues, unintended biases or discriminatory outputs. Errors or defects may exist during any part of a product's life cycle and may persist notwithstanding testing and/or other quality assurance practices. Inadequate internal oversight or testing may increase the right that such efforts or defects may not be detected or mitigated. Failing to properly remediate any social or ethical issues that may arise in our offerings may result in material brand or reputational harm, competitive harm, legal liability or loss of public confidence, or a material reduction to the marketability or competitiveness of our products and solutions. For our products and solutions that rely on AI to be competitive in the evolving and continually developing AI landscape, we must apply resources and make investments to secure such competitiveness and to ensure that our products and solutions that rely on AI are developed and implemented in a way to minimize unintended and harmful impacts. In addition, our failure to continue development and adoption of ethical and transparent policies and procedures related to AI could negatively impact our reputation and customer confidence. Any of these social, ethical or operational issues could have a material adverse effect on our business, financial condition or results of operations.

#### Our use of open source software could result in litigation or impose unanticipated restrictions on our ability to commercialize our products and solutions.
We use open source software in our technology, most often as small components within a larger product or solution. Open source code is also contained in some third-party software we rely on. The terms of many open source licenses are ambiguous and have not been interpreted by U.S. or other courts. These licenses could be construed in a manner that imposes unanticipated conditions or restrictions on our ability to commercialize our products and solutions, licenses the software on unfavorable terms or requires us to seek licenses from third parties to offer our products and services, or requires us to re-engineer our products or take other remedial actions, any of which could have a material adverse effect on our business, financial

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condition or results of operations. While we have not been subject to any such disputes in the past, we could in the future be subject to suits by parties claiming breach of the terms of licenses, which could be costly for us to defend.

#### Our inability to adequately obtain, protect and maintain our intellectual property and other proprietary rights could impact our competitive position.
We consider many of our products and solutions to be proprietary, and our success depends, in part, on protecting our intellectual property, proprietary information, and technology. We rely on a variety of measures to maintain, protect and enforce our intellectual property portfolio, including trademark and patent protection, trade secret laws, confidentiality procedures and contractual restrictions, all of which provide only limited protection. In particular, such measures may not prevent infringement, violation or misappropriation of our intellectual property rights or proprietary or confidential information. We have filed for patents and trademark registrations in the United States and in certain international jurisdictions, but such protections can be expensive and may not be available in all countries in which we operate or in which we seek to enforce our intellectual property rights, or may be difficult to enforce in practice. We do business in a number of countries included on the Priority Watch List and/or Watch Lists maintained by the Office of the United States Trade Representative which are currently thought to afford less protection to intellectual property rights generally than some other jurisdictions. The lack of strong patent and other intellectual property protection in jurisdictions in which we operate increases our vulnerability regarding unauthorized disclosure or use of our intellectual property and undermines our competitive position. In addition, even in jurisdictions where there are strong protections for intellectual property rights, our ability to enforce our intellectual property rights may be impacted by the number of competitors attempting to infringe or misappropriate our intellectual property.

We cannot assure you that any future patent, trademark, or other intellectual property registrations will be issued for our pending or future applications or that any of our current or future patents, trademarks or other intellectual property rights will be valid, enforceable, sufficiently broad in scope, provide adequate protection of our technology or other proprietary rights, or provide us with any competitive advantage. Any additional investment in protecting our intellectual property rights through additional trademark, patent or other intellectual property filings could be time consuming and expensive, both in terms of application and maintenance costs. We make business decisions about whether and where to seek patent protection for a particular technology and when to rely upon trade secret protection, and the approach we select may ultimately prove to be inadequate. Businesses we acquire may also have intellectual property portfolios which increase the complexity of managing our intellectual property portfolio and protecting our competitive position. Failure to obtain, protect and maintain our intellectual property adequately could harm the value of, and revenue generated by, such assets as well as harm our reputation and affect our ability to compete effectively.

We also attempt to protect our intellectual property, technology, and other confidential or proprietary information by requiring our employees, contractors, and other third parties who develop intellectual property on our behalf to enter into confidentiality and invention assignment agreements, and third parties we share information with to enter into nondisclosure and confidentiality agreements. However, we cannot guarantee that we will be successful in maintaining, protecting, or enforcing the confidentiality of our trade secrets or that our non-disclosure agreements will provide sufficient protection of our trade secrets, know-how, or other proprietary information in the event of any unauthorized use, misappropriation, or other disclosure. Enforcing a claim that a party illegally disclosed or misappropriated a trade secret or know-how is difficult, fact-intensive, expensive, and time-consuming, and the outcome is unpredictable. In addition, trade secrets and know-how can be difficult to protect and some courts inside and outside the U.S. are less willing or unwilling to protect trade secrets and know-how. Further, these agreements do not prevent our competitors from independently developing product or service offerings that are substantially equivalent or superior to our offerings. If any of our trade secrets were to be lawfully obtained or independently developed by a competitor or other third party, we would have no right to prevent them from using that technology or information to compete with us, and our competitive position would be materially and adversely harmed. The loss of trade secret protection could make it easier for third parties to compete with our products and solutions by copying functionality, and pervasive data leakage could render our capabilities redundant over time.

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Our products and solutions also contain intellectual property delivered through a variety of digital and other media. Our ability to achieve anticipated results depends in part on our ability to defend our intellectual property rights against infringement and misappropriation. Our business, financial condition or results of operations could be materially and adversely affected by inadequate or changing legal and technological protections for intellectual property and proprietary rights in some jurisdictions and markets. For example, the legal landscape with respect to AI is rapidly evolving, and we do not yet know whether intellectual property laws and regulations in the jurisdictions in which we operate will enable us to effectively protect our intellectual property rights from unintended use by AI. Additionally, third parties could use our data with AI tools to create their own insights and potentially supplant our products and solutions.

Our products may also contain intellectual property of third-party sources. Any claims by third parties that we infringed, misappropriated or otherwise violated their intellectual property rights could result in termination of the relevant source agreement, litigation or reputational damage, or may require us to enter into royalty and licensing agreements on unfavorable terms or to stop selling or redesign affected products or solutions, which could have a material adverse effect on our business, financial condition or results of operations.

#### We may in the future be subject to intellectual property disputes, which are costly to defend and could harm our business and operating results.
Our success depends, in part, on our ability to operate our business without infringing, misappropriating or otherwise violating third-party intellectual property rights. There is frequent litigation based on allegations of infringement, misappropriation, or other violations of intellectual property rights. We may in the future be subject to claims and litigation alleging that we or our products or solutions infringe, misappropriate or otherwise violate others' intellectual property rights, including the trademarks, copyrights, patents and other intellectual property rights of third parties, including from our competitors or nonpracticing entities. We may also learn of possible infringement, misappropriation or other violation of our trademarks, copyrights, patents and other intellectual property. Patent and other intellectual property litigation may be protracted and expensive, and the results are difficult to predict and may result in significant settlement costs or payment of substantial damages. Many potential litigants, including patent holding companies, have the ability to dedicate substantially greater resources to enforce their intellectual property rights and to defend claims that may be brought against them. Furthermore, a successful claimant could secure a judgment that requires us to stop offering some products or solutions or prevents us from conducting our business as we have historically done or may desire to do in the future. We might also be required to seek a license and pay royalties for the use of such intellectual property, which may not be available on commercially acceptable terms, or at all. Alternatively, we may be required to modify our products and solutions, which could require significant effort and expense and may ultimately not be successful.

In addition, we use open source software in our products and will use open source software in the future. From time to time, we may face claims regarding ownership of, or demanding release of, the source code, the open source software or derivative works that were developed using such software, or otherwise seeking to enforce the terms of the applicable open source license. These claims could also result in litigation, require us to purchase a costly license, or require us to devote additional product, technology, and development resources to change our products or solutions, any of which would have a negative effect on our business and operating results. Even if these matters do not result in litigation or are resolved in our favor or without significant cash settlements, these matters, and the time and resources necessary to litigate or resolve them, could have a material adverse effect on our business, financial condition or results of operations.

#### We rely heavily on network systems and the Internet, and any failures or disruptions thereof may adversely affect our ability to serve our customers.
Our products and solutions are delivered electronically, and our customers rely on our ability to process transactions rapidly and deliver substantial quantities of data on computer-based networks. Our customers also depend on the continued capacity, reliability, resiliency and security of our electronic delivery systems, our websites and the Internet.

Our ability to deliver our products and solutions electronically may be impaired due to infrastructure or network failures, malicious or defective software, human error, natural disasters, service outages at cloud

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or third-party Internet providers or increased government regulation. Delays in our ability to deliver our products and solutions electronically may harm our reputation and result in the loss of customers.

Although we have disaster recovery plans that include backup facilities for our primary data centers, our systems are not always fully redundant, and our disaster planning may not always be sufficient or effective. As such, these disruptions may affect our ability to store, handle and secure such data and information and could have a material adverse effect on our business, financial condition or results of operations.

#### Our operations and infrastructure may malfunction or fail, which could have a material adverse effect on our business, financial condition or results of operations.
Our ability to conduct business may be materially and adversely impacted by a disruption in the infrastructure that supports our businesses and the communities in which we are located, including the location of our headquarters, and major cities worldwide in which we have offices and operations.

This may include a disruption involving physical or technological infrastructure used by us or third parties with or through whom we conduct business, whether due to human error, natural disasters, power loss, telecommunication failures, cyber attacks, data breaches, break-ins, sabotage, intentional acts of vandalism, acts of terrorism, political unrest, war or otherwise. Technology failures could also result from inadequate implementation or poor governance. Our efforts to secure and plan for potential disruptions of our major operating systems may not always be successful, and future disruptions could have a material adverse effect on our business, financial condition or results of operations.

We rely on our information technology environment and certain critical databases, systems, applications and services to support key product and solution offerings. We believe we have appropriate policies, processes and internal controls to ensure the stability of our information technology, provide security from unauthorized access to our systems and maintain business continuity, but our business could be subject to significant disruption, including from AI errors, and our business, financial condition or results of operations could be materially and adversely affected by unanticipated system failures, data corruption or unauthorized access to our systems.

The physical or technological infrastructure used by us or our third-party service providers can become obsolete or restrictive, unavailable, incompatible with future versions of our products, fail to be comprehensive or accurate, or fail to operate effectively, and our business could be adversely affected if we are unable to timely or effectively replace it.

We also do not have fully redundant systems for most of our smaller office locations and low-risk systems, and our disaster recovery plan does not include restoration of non-essential services. If a disruption occurs in one of our locations or systems and our personnel in those locations or those who rely on such systems are unable to utilize other systems or communicate with or travel to other locations, such persons' ability to service and interact with our customers may suffer.

We cannot predict with certainty all of the adverse effects that could result from our failure, or the failure of a third party, to efficiently address and resolve these delays and interruptions. A disruption to our operations or infrastructure could have a material adverse effect on our business, financial condition or results of operations.

#### Risks Relating to Legal and Regulatory Matters
 ***Exposure to litigation and government and regulatory proceedings, investigations and inquiries could have a material adverse effect on our business, financial condition or results of operations.***

In the normal course of business, both in the U.S. and abroad, we and our subsidiaries are defendants in numerous legal proceedings or the subject of government and regulatory proceedings, investigations and inquiries, as discussed under "Business — Legal Proceedings" and we face the risk that additional proceedings, investigations and inquiries will arise in the future. These matters can encompass a wide range of claims, including those arising from our marketing and advertising activities, alleged breaches of contract, intellectual property disputes, data privacy and consumer protection.

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Various government and self-regulatory agencies may make inquiries and conduct investigations into our compliance with applicable laws and regulations. From time to time, we also face proceedings, investigations or inquiries related to tax matters. Enhancements to our products and solutions combined with evolving regulation requires us to continuously evaluate our regulatory and compliance obligations, and government and self-regulatory agencies may conduct investigations to determine whether our products and solutions subject us to additional regulations. Any of these proceedings, investigations or inquiries impose additional expenses on the Company, require the attention of senior management, and could ultimately result in adverse judgments, damages, fines, penalties, activity restrictions, reduced demand for our products and solutions or negative impacts on our cash flows, which could have a material adverse effect on our business, financial condition or results of operations.

In view of the uncertainty inherent in litigation, government and regulatory enforcement matters, and changing political sentiments, we cannot predict the eventual outcome of the matters we are currently facing or the timing of their resolution, or in most cases reasonably estimate what the eventual judgments or impact of activity restrictions may be. The outcome of matters that we may face in the future could have a material adverse effect on our business, financial condition or results of operations.

As litigation or the process to resolve pending matters progresses, as the case may be, we continuously review the latest information available and assess our ability to predict the outcome of such matters and the effects, if any, on our consolidated financial condition, cash flows, business and competitive position.

Risks relating to legal proceedings may be heightened in foreign jurisdictions that lack the legal protections or liability standards comparable to those that exist in the U.S. In addition, new laws and regulations may continue to be enacted that may establish lower liability standards, shift the burden of proof or relax pleading requirements, thereby increasing the risk of successful litigations against us in the U.S. and in foreign jurisdictions. These litigation risks are often difficult to assess or quantify and could have a material adverse effect on our business, financial condition or results of operations.

We may not have adequate insurance or reserves to cover these risks, and the existence and magnitude of these risks often remains unknown for substantial periods of time and could have a material adverse effect on our business, financial condition or results of operations.

 ***Changes and increased enforcement in the global privacy, data localization, operational resilience and data protection legislative, regulatory and commercial environments in which we operate may materially and adversely impact our ability to collect, compile, use and publish data, require us to disclose information about our security environment, and could have a material adverse effect on our business, financial condition or results of operations.***

We, and certain types of information we collect, compile, store, use, process, transfer, publish and/or sell, are subject to laws and regulations governing the protection of personal and sensitive information in various jurisdictions in which we operate. Further, global privacy, data localization, data maintenance, data transfer, operational resilience (e.g., the E.U. Digital Operational Resilience Act), data protection legislation, regulatory, enforcement and policy activity are rapidly and continually evolving and creating a complex regulatory compliance environment. There is also increasing public concern among certain privacy and data protection advocates, government regulators, litigators and the press regarding, and resulting increasing regulations of, privacy, data, and consumer protection issues. Certain laws and regulations to which we are subject pertain to personally identifiable information ("PII") relating to individuals. Such laws and regulations constrain the collection, use, processing, storage, and transfer of PII, and impose other obligations with which we must comply. Costs and adaptation of our business practices to comply with evolving laws and regulations governing and restricting the processing and transfer of certain data is, and we expect will continue to be, significant. In addition, such measures, as well as any associated inquiries or investigations or any other government actions, increase our operating costs and require significant management time and attention, and may result in negative publicity and subject us to significant costs that may harm our business, including fines or damages as well as demands or orders that we modify or cease existing business practices. The risks of inadvertent disclosure of personal data can increase with the introduction of new and complex technologies, further exacerbating such risks.

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There has been increased public attention regarding the use and transfer of personal information and regulations intended to strengthen data protection, information security and consumer and personal privacy. The law in these areas continues to develop and the changing nature and interpretations of these laws by courts, including in jurisdictions such as the U.S. (including in an increasing number of U.S. states), the European Union (the "EU"), the People's Republic of China and India could have a significant impact on our processing of employee, commercial, vendor, and customer data, and in turn, our business practices.

In certain instances, we move data across national borders to conduct our operations, and consequently, are subject to a variety of evolving laws and regulations regarding privacy, data protection, and data security in an increasing number of jurisdictions. Many jurisdictions have passed laws in this area, such as the U.S. Driver's Privacy Protection Act (the "DPPA"), the FTC's Gramm-Leach-Bliley Act ("GLBA") Safeguard Rule, the European Union General Data Protection Regulation (the "GDPR"), the U.K. General Data Protection Regulation ("U.K. GDPR"), a version of the GDPR as implemented into the laws of the U.K., Quebec Law 25 and proposed Federal Bill C-27 in Canada, the Cybersecurity Law of the People's Republic of China adopted in 2017, the California Consumer Privacy Act of 2018, as amended by the California Privacy Rights Act of 2020 (collectively, the "CCPA") and the California CARS Act, and numerous other similar comprehensive state-level data privacy and security laws in other U.S. states, including Virginia, Colorado, Utah and Connecticut, and numerous other jurisdictions are considering imposing similar laws and regulations. Moreover, laws in all 50 U.S. states require businesses to provide notice under certain circumstances to consumers whose personal information has been disclosed as a result of a data breach. The Chinese government has also proposed or promulgated a number of measures and regulations in recent years regarding cybersecurity and data security, including without limitation the Cybersecurity Review Measures, the Data Security Law, the Personal Information Protection Law and the Regulations on Network Data Security Management.

These laws and regulations are wide-ranging in scope and impose numerous requirements on entities that process personal data, including requirements relating to processing sensitive data, obtaining consent of the individuals to whom the personal data relates in certain circumstances, providing information to individuals regarding data processing activities, implementing safeguards to protect the security and confidentiality of personal data, providing notification of data breaches and taking certain measures when engaging third-party processes that will have access to personal data. Compliance with applicable U.S. and foreign privacy and data protection laws and regulations is a vigorous and time-intensive process, and the costs and efforts required to adapt our business practices to comply with and implement increasing privacy and data protection requirements have been, and we except will continue to be, significant, particularly because these laws and regulations are increasing in complexity and number, sometimes change, and can conflict among the various jurisdictions in which we operate. It is possible that we could be prohibited or constrained from collecting or disseminating certain types of data or from providing certain products or solutions as a result of such laws and regulations. For example, we may not be able, or we may fail, to obtain appropriate third-party consent to collect or use certain types of data for certain purposes in our business. Moreover, if our business fails to comply with these laws or regulations, we could be subject to significant litigation and civil or criminal penalties (including monetary damages, regulatory enforcement actions or fines) in one or more jurisdictions, as well as reputational damage that could result in the loss of data, brand equity and business. For example, a failure to comply with the GDPR or U.K. GDPR could result in fines up to the greater of €20 million (or £17.5 million under the U.K. GDPR) or 4% of annual global revenues. Additionally, in the case of a DPPA violation, U.S. courts may award liquidated damages of $2,500 per individual's personal information. Furthermore, any inquiries or investigations, or any other governmental actions, regarding our privacy and data protection practices could require significant management time and attention, and may result in negative publicity and subject us to increased costs, as well as demands or orders that we modify our existing business practices.

We devote meaningful time and financial resources to compliance with current and future applicable international and U.S. privacy, cybersecurity, data protection and related laws and regulations. We have made, and expect to continue to make, capital investments and other expenditures to enhance cybersecurity preparedness and prevent future cyber incidents and breaches, including costs associated with additional security technologies, personnel, and experts. Any such expenses that we incur in the future, which could be material, will impact our results of operations in the period in which they are incurred, but may not meaningfully limit the success of future attempts to compromise our information or information technology systems.

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Continued privacy and data protection concerns may result in new or amended laws and regulations. Future laws and regulations with respect to the collection, compilation, use and publication of information could result in limitations on our operations or data processing, leading to increased compliance or litigation expense and/or adverse publicity or loss of revenue, which could have a material adverse effect on our business, financial condition or results of operations. It is also possible that we could be prohibited from collecting or disseminating certain types of data, which could affect our ability to meet our customers' needs or require changes in our processes, technologies and data management.

We are also, from time to time, subject to, or face assertions that we are subject to, additional obligations relating to personal and other data, by contract or due to assertions that self-regulatory obligations or industry standards apply to our practices. We are also subject to the terms of our privacy policies and privacy-related obligations to third parties, and could face claims or allegations that we are not in compliance with such terms, which could result in costly litigation and could have a material adverse effect on our business, financial condition or results of operations.

 ***Future legislation, regulatory reform or policy changes, especially abrupt changes, could have a material adverse effect on our business, financial condition or results of operations.***

Future legislation, regulatory reform or policy changes, such as data privacy, operational resilience and cybersecurity, tax regulations, AI and increased infrastructure spending and significant changes in trade policy (including sanctions and tariffs) could impact our business. There are currently a number of laws and regulations in jurisdictions in which we operate around the world that have recently been adopted but not yet implemented or have been proposed or are being considered to which we or our customers will or may become subject, but at this time their impact on our business and results of operations remains uncertain. Changes in legislation, regulation or policy increase the likelihood that we will fail to appropriately adapt to changes in our compliance obligations, particularly when such changes happen abruptly, such as following a change in government. Any of the foregoing changes could increase our litigation and regulatory exposure, directly impact our results of operations and cash flows, adversely affect our ability to provide our products and solutions, or adversely impact the demand for our products and solutions and could have a material adverse effect on our business, financial condition or results of operations. Such changes may also impact our business by creating increased volatility and uncertainty in the markets in which we operate. At this time, we cannot predict the scope or nature of these changes or assess what the overall effect of such potential changes could be on our results of operations or cash flows.

 ***Our international business activities must comport with international trade restraints, including economic sanctions regulations administered by the U.S. Treasury Department's Office of Foreign Assets Control, which could affect our ability to market and/or sell our products and solutions into certain countries where we do business. Failure to comply with these laws and regulations can result in significant fines and penalties and related material adverse effects on our reputation, business, financial condition and results of operations.***

As a global company, we are subject to international trade restraints, including economic and financial sanction laws and embargoes. These laws include prohibitions or restrictions on the sale or supply of certain products and solutions to embargoed or sanctioned countries, regions, governments, persons and entities.

Embargoes and sanctions laws are changing rapidly for certain geographies, including with respect to Iran, Russia and Venezuela. These embargoes and sanctions laws have affected, and may in the future affect, our ability to continue to market and/or sell our products and solutions into these geographies and in turn adversely impact our revenue from such geographies. For example, in response to the ongoing military conflict between Russia and Ukraine, governments in the U.S., the EU, the U.K., Canada and others imposed financial and economic sanctions on certain industry segments and various parties in Russia and Belarus. Additional international trade restraints may be promulgated at any time and may require changes to our operations and increase our risk of noncompliance. Failure to comply with these laws and regulations can result in significant fines and penalties and related material adverse effects on our reputation, business, financial condition and results of operations.

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#### Risks Relating to Our Common Stock
 ***Because there has not been any public market for our common stock, the market price and trading volume of our common stock may be volatile and you may not be able to resell your shares at or above the initial market price of our common stock following the Separation.***

Prior to the Separation, there will have been no trading market for shares of our common stock. An active trading market may not develop or be sustained for our common stock after the Separation, and we cannot predict the prices at which our common stock will trade after the Separation. The market price of our common stock could fluctuate significantly due to a number of factors, many of which are beyond our control, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Fluctuations in our quarterly or annual earnings results or those of other companies in our industry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Failures of our operating results to meet the estimates of securities analysts or the expectations of our stockholders, or changes by securities analysts in their estimates of our future earnings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Announcements by us or our customers, suppliers or competitors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Changes in market valuations or earnings of other companies in our industry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Changes in laws or regulations which adversely affect our industry or us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • General economic, industry and stock market conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Future significant sales of our common stock by our stockholders or the perception in the market of such sales;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Future issuances of our common stock by us; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • The other factors described in these "Risk Factors" and elsewhere in this information statement.

These and other factors may cause the market price and demand for our common stock to fluctuate substantially, which may limit or prevent investors from readily selling their shares of common stock and may otherwise negatively affect the liquidity of our common stock. In addition, in the past, when the market price of a stock has been volatile, holders of that stock have instituted securities class action litigation against the Company that issued the stock. If any of our stockholders brought a lawsuit against us, we could incur substantial costs defending the lawsuit. Such a lawsuit could also divert the time and attention of our management from our business.

The trading market for our common stock may also be influenced by the research and reports that industry or securities analysts publish about us or our business. If one or more of these analysts cease coverage of our company or fail to publish reports on us regularly, we could lose visibility in the financial markets, which in turn could cause our stock price or trading volume to decline. Moreover, if one or more of the analysts who cover us downgrade our stock, or if our results of operations do not meet their expectations, our stock price could decline.

 ***A large number of our shares are or will be eligible for future sale, which may cause the market price of our common stock to decline.***

Upon completion of the Separation, we estimate that we will have outstanding an aggregate of approximately shares of our common stock (based on shares of S&P Global common stock outstanding on , 2026). All of those shares (other than those held by our "affiliates") will be freely tradable without restriction or registration under the Securities Act of 1933, as amended (the "Securities Act"). Shares held by our affiliates, which include our directors and executive officers, can be sold subject to volume, manner of sale and notice provisions of Rule 144 under the Securities Act. We estimate that our directors and executive officers, who may be considered "affiliates" for purposes of Rule 144, will beneficially own approximately shares of our common stock immediately following the Separation. We are unable to predict whether large amounts of our common stock will be sold in the open market following the Separation. We are also unable to predict whether a sufficient number of buyers will be in the market at that time. As discussed in the immediately following risk factor, certain index funds will likely be required to sell shares of our common stock that they receive in the Separation. In addition, other S&P Global

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stockholders may sell the shares of our common stock they receive in the Separation for various reasons. For example, such stockholders may not believe our business profile or level of market capitalization as an independent company fits their investment objectives.

 ***Because our common stock may not be included in the Standard & Poor's 500 Index, and it may not be included in other stock indices, significant amounts of our common stock will likely need to be sold in the open market where there may not be offsetting demand.***

A portion of S&P Global's outstanding common stock is held by index funds tied to the Standard & Poor's 500 Index and other stock indices. Based on a review of publicly available information as of , 2026, we believe approximately % of S&P Global's outstanding common stock is held by index funds. Because our common stock may not be included in the Standard & Poor's 500 Index, and it may not be included in other stock indices at the time of the Separation, index funds currently holding shares of S&P Global common stock will likely be required to sell the shares of our common stock they receive in the Separation. There may not be sufficient buying interest to offset sales by those index funds. Accordingly, our common stock could experience a high level of volatility immediately following the Separation and, as a result, the price of our common stock could be adversely affected.

 ***Provisions in our amended and restated certificate of incorporation and amended and restated bylaws and certain provisions of Delaware law could delay or prevent a change in control of Mobility.***

The existence of certain provisions of our amended and restated certificate of incorporation and amended and restated bylaws and Delaware law could discourage, delay or prevent a change in control of Mobility that a stockholder may consider favorable. These include provisions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Providing the right to our Board of Directors to issue one or more classes or series of preferred stock without stockholder approval;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Authorizing a large number of shares of stock that are not yet issued, which would allow our Board of Directors to issue shares to persons friendly to current management, thereby protecting the continuity of our management, or which could be used to dilute the stock ownership of persons seeking to obtain control of us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Prohibiting stockholders from taking action by written consent; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Establishing advance notice and other requirements for nominations of candidates for election to our Board of Directors or for proposing matters that can be acted on by stockholders at the annual stockholder meetings.

We believe these provisions will protect our stockholders from coercive or otherwise unfair takeover tactics by requiring potential acquirors to negotiate with our Board of Directors and by providing our Board of Directors with more time to assess any acquisition proposal. These provisions are not intended to make us immune from takeovers. However, these provisions apply even if a takeover offer may be considered beneficial by some stockholders and could delay or prevent an acquisition that our Board of Directors determines is not in our and our stockholders' best interests. See "Description of Capital Stock."

 ***Our amended and restated certificate of incorporation will designate the State of Delaware or the federal district courts of the United States as the exclusive forum for certain litigation that may be initiated by our stockholders, which could limit our stockholders' ability to obtain a favorable judicial forum for disputes with us and limit the market price of our common stock.***

Pursuant to our amended and restated certificate of incorporation, as will be in effect upon the completion of the Separation, unless we consent in writing to the selection of an alternative forum, a state court located within the State of Delaware (or, if no state court located within the State of Delaware has jurisdiction, the federal court for the District of Delaware) shall be the sole and exclusive forum for: (i) any derivative action or proceeding brought on our behalf; (ii) any action asserting a claim for or based on a breach of a fiduciary duty owed by any of our directors or officers or other employees or agents to us or to our stockholders, including a claim alleging the aiding and abetting of such a breach of fiduciary duty; (iii) any action asserting a claim against us or any of our directors or officers or other employees or agents arising pursuant to any provision of the Delaware General Corporation Law or our certificate of incorporation

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or bylaws; (iv) any action asserting a claim related to or involving us that is governed by the internal affairs doctrine; or (v) any action asserting an "internal corporate claim" as that term is defined in Section 115 of the Delaware General Corporation Law.

These exclusive forum provisions will not apply to claims arising under the Securities Act or the Exchange Act or any other claim for which the federal courts have exclusive jurisdiction. Unless we consent in writing to the selection of an alternative forum, the federal district courts of the United States will be the sole and exclusive forum for the resolution of any action asserting a claim arising under the Securities Act. Shareholders cannot and will not be deemed to have waived our compliance with U.S. federal securities laws and the rules and regulations thereunder.

The forum selection clause in our amended and restated certificate of incorporation may limit our stockholders' ability to obtain a favorable judicial forum for disputes with us and limit the market price of our common stock. If a court were to find the exclusive-forum provision in our amended and restated certificate of incorporation to be inapplicable or unenforceable in an action, we may incur further significant additional costs associated with resolving the dispute in other jurisdictions, all of which could result in costly litigation and could have a material adverse effect on our business, financial condition or results of operations.

#### Your percentage ownership in Mobility may be diluted in the future.
In the future, your percentage ownership in Mobility may be diluted because of equity issuances for acquisitions, strategic investments, capital market transactions or otherwise, including equity awards that we may grant to our directors, officers, employees and other service providers. Our Nominating and Compensation Committee may grant additional equity awards to our employees and other service providers after the Separation. These awards would have a dilutive effect on our earnings per share, which could adversely affect the market price of our common stock. From time to time, we may issue additional equity awards to our employees and other service providers under our employee compensation and benefit plans.

In addition, our amended and restated certificate of incorporation authorizes us to issue, without the approval of our stockholders, one or more classes or series of preferred stock having such designations, powers, preferences and relative, participating, optional and other rights, and such qualifications, limitations or restrictions as our Board of directors generally may determine. The terms of one or more classes or series of preferred stock could dilute the voting power or reduce the value of our common stock. For example, we could grant holders of preferred stock the right to elect some number of our directors in all events or on the happening of specified events or the right to veto specified transactions. Similarly, the repurchase or redemption rights or dividend, distribution or liquidation preferences we could assign to holders of preferred stock could affect the residual value of the common stock. See "Description of Capital Stock — Preferred Stock."

 ***Our common stock is and will be subordinate to all of our future indebtedness and any preferred stock, and effectively subordinated to all indebtedness and preferred equity claims against our subsidiaries.***

Shares of our common stock are common equity interests in us and, as such, will rank junior to all of our future indebtedness and other liabilities. Additionally, holders of our common stock may become subject to the prior dividend and liquidation rights of holders of any class or series of preferred stock that our Board of Directors may designate and issue without any action on the part of the holders of our common stock. Furthermore, our right to participate in a distribution of assets upon any of our subsidiaries' liquidation or reorganization is subject to the prior claims of that subsidiary's creditors and preferred stockholders.

#### We cannot assure you that our Board of Directors will declare dividends in the foreseeable future.
While we initially expect to return capital to shareholders through quarterly cash dividends, our Board of Directors may not declare dividends in the future or may decrease the amount of a dividend as compared to a prior period. The declaration and amount of any dividends to holders of our common stock will be at the discretion of our Board of Directors and will depend upon many factors, including our financial condition, earnings, cash flows, capital requirements of our business, covenants associated with our debt obligations, legal requirements, regulatory constraints, industry practice and any other factors the Board of Directors deems relevant. We may incur expenses or liabilities or be subject to other circumstances in the future that reduce or eliminate the amount of cash that we have available for distribution as dividends, including as a result of the risks described herein.

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#### THE SEPARATION

#### General
On April 29, 2025, S&P Global announced a plan to distribute to S&P Global's stockholders all of the shares of Mobility common stock through the Separation, including the Restructuring Transactions and the Distribution. Mobility is currently a wholly owned subsidiary of S&P Global and, at the time of the Distribution, S&P Global will hold, through its subsidiaries, certain assets and liabilities associated with the Spin Business. The Separation will be achieved through the transfer of certain assets and liabilities of the Spin Business to Mobility or its subsidiaries through the Restructuring Transactions and the distribution of 100% of the outstanding shares of Mobility common stock to holders of S&P Global common stock on the record date of , 2026 through the Distribution. At the effective time of the Distribution, S&P Global stockholders will receive shares of Mobility common stock for every shares of S&P Global common stock held on the record date. The Separation is expected to be completed on , 2026. Immediately following the Separation, S&P Global stockholders as of the record date will own 100% of the outstanding shares of Mobility common stock. Following the Separation, Mobility will be an independent, publicly traded company, and S&P Global will retain no ownership interest in Mobility.

As part of the Separation, we will enter into a Separation and Distribution Agreement and several other agreements to effect the Separation and provide a framework for our relationship with S&P Global after the Separation. These agreements will provide for the allocation between us and S&P Global of the assets, liabilities and obligations of S&P Global and its subsidiaries, and will govern the relationship between Mobility and S&P Global after the Separation. In addition to the Separation and Distribution Agreement, the other principal agreements to be entered into with S&P Global include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Tax Matters Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Transition Services Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Employee Matters Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • One or more other commercial arrangements.

The Separation as described in this information statement is subject to the satisfaction or waiver of certain conditions. For a more detailed description of these conditions, see "— Conditions to the Distribution" below. We cannot provide any assurances that S&P Global will complete the Separation.

#### Reasons for the Separation
The S&P Global Board of Directors believes that separating the Spin Business from S&P Global's other businesses is in the best interests of S&P Global and its stockholders and has concluded that the Separation will provide S&P Global and Mobility with a number of potential opportunities and benefits, including the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • ***Strategic and Management Focus***. Permit the management team of each company to focus on its own strategic priorities with financial targets that best fit its own business and opportunities. Enable each company's management team to better position its businesses to capitalize on developing macroeconomic trends, increase managerial focus to pursue its individual strategies and leverage its key strengths to drive performance. The management of each resulting company will be able to better concentrate on its core competencies and growth opportunities and will have increased flexibility and speed to design and implement strategies based on the characteristics of its business.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • ***Resource Allocation and Capital Deployment***. Allow each company to allocate resources, incentivize employees and deploy capital to capture the significant long-term opportunities in their respective markets. The Separation will enable each company's management team to implement a capital structure, dividend policy and growth strategy tailored to each unique business. Both businesses are expected to have direct access to the debt and equity capital markets to fund their respective growth strategies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • ***Investor Choice***. Provide investors, both current and prospective, with the ability to value the two companies based on their distinct business characteristics and make more targeted investment decisions

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based on those characteristics. Separating the two businesses will provide investors with a more targeted investment opportunity so that investors interested in our business will have the opportunity to acquire stock of Mobility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • ***Employee Incentives and Retention***. Enable each company to better incentivize, attract and retain key employees through the use of equity compensation. Separating the two businesses will allow each company to design stock option and similar programs that better incentivize management to enhance business performance because the stock price performance of each company will be based on the performance of its own business.

While a number of potential costs and risks were considered, including, among others, risks relating to the creation of a new public company, such as increased costs from operating as a separate public company, the risk of volatility in our stock price immediately following the Distribution due to sales by S&P Global's stockholders whose investment objectives may not be met by our common stock, the time it may take for us to attract our optimal stockholder base, potential disruptions to each business, the loss of synergies and scale, increased administrative costs, one-time separation costs, the fact that each company will be less diversified following the Separation and the potential inability to realize the anticipated benefits of the Separation, it was nevertheless determined that the potential benefits of the Separation outweighed the potential costs and risks in connection therewith and provided the best opportunity to achieve the above benefits and enhance stockholder value.

The financial terms of the Separation, including the new indebtedness expected to be incurred by Mobility or entities that are, or will become, prior to the completion of the Separation, subsidiaries of Mobility, has been, or will be, determined by the S&P Global Board of Directors based on a variety of factors, including establishing an appropriate pro forma capitalization for Mobility as a stand-alone company considering the historical earnings of the Spin Business and the level of indebtedness relative to earnings of various comparable companies. All or a portion of the proceeds from the Mobility indebtedness may be distributed to S&P Global in exchange for the contribution of Mobility assets and equity.

#### The Number of Shares You Will Receive
For every shares of S&P Global common stock you own as of the close of business on , 2026, the record date for the Distribution, you will receive shares of Mobility common stock on the Distribution Date.

#### Treatment of Fractional Shares
The distribution agent will not distribute any fractional shares of our common stock to S&P Global stockholders. Instead, as soon as practicable on or after the Distribution Date, the distribution agent for the Distribution will aggregate fractional shares into whole shares, sell the whole shares in the open market at prevailing prices and distribute the net cash proceeds from the sales, net of brokerage fees and commissions, transfer taxes and other costs and after making appropriate deductions of the amounts required to be withheld for U.S. federal income tax purposes, if any, pro rata to each holder who would otherwise have been entitled to receive a fractional share in the Distribution. The distribution agent will determine when, how, through which broker-dealers and at what prices to sell the aggregated fractional shares. Each registered holder of Mobility common stock entitled to a fractional share will receive a check in the cash amount deliverable in lieu of that holder's fractional share as soon as practicable following the Distribution Date. We expect the distribution agent to take approximately two weeks after the Distribution Date to complete the distribution of cash in lieu of fractional shares to holders of Mobility common stock. If a holder holds shares through a bank, broker or other nominee, the bank, broker or nominee will receive, on the holder's behalf, a pro rata share of the aggregate net cash proceeds of the sales. Recipients of cash in lieu of fractional shares will not be entitled to any minimum sale price for the fractional shares or to any interest on the amounts of payments made in lieu of fractional shares. The receipt of cash in lieu of fractional shares generally will be taxable to the recipient stockholders for U.S. federal income tax purposes as described below in "The Separation — Material U.S. Federal Income Tax Consequences of the Distribution — The Distribution."

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#### When and How You Will Receive the Distribution of Mobility Shares
S&P Global will distribute the shares of our common stock on , 2026 to holders of record as of the close of business on the record date for the Distribution. The Distribution is expected to be completed following the market closing on the Distribution Date. S&P Global's transfer agent and registrar, Computershare, will serve as transfer agent and registrar for the Mobility common stock and as distribution agent in connection with the Distribution.

If you own S&P Global common stock as of the close of business on the record date for the Distribution, the shares of Mobility common stock that you are entitled to receive in the Distribution will be issued electronically, as of the Distribution Date, to your account as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • ***Registered Stockholders***. If you own your shares of S&P Global stock directly, either in book-entry form through an account at Computershare and/or if you hold paper stock certificates, you will receive your shares of Mobility common stock by way of direct registration in book-entry form. Registration in book-entry form is a method of recording stock ownership when no physical paper share certificates are issued to stockholders, as is the case in the Distribution.

On or shortly after the Distribution Date, the distribution agent will mail to you an account statement that indicates the number of shares of Mobility common stock that have been registered in book-entry form in your name.

Stockholders having any questions concerning the mechanics of having shares of our common stock registered in book-entry form may contact Computershare at the address set forth in "Summary — Questions and Answers About the Separation" in this information statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • ***Beneficial Stockholders***. Many S&P Global stockholders hold their shares of S&P Global common stock beneficially through a bank or brokerage firm. In such cases, the bank or brokerage firm would be said to hold the stock in "street name" and ownership would be recorded on the bank or brokerage firm's books. If you hold your S&P Global common stock through a bank or brokerage firm, your bank or brokerage firm will credit your account for the shares of Mobility common stock that you are entitled to receive in the Distribution. If you have any questions concerning the mechanics of having shares of common stock held in "street name," we encourage you to contact your bank or brokerage firm.

#### Treatment of Outstanding Equity Compensation Awards
In connection with the Separation, outstanding S&P Global equity awards will generally be equitably adjusted in a manner that is intended to preserve the aggregate intrinsic value of such awards as of immediately before and after the Distribution.

Specifically, we intend that, in connection with the Separation, (i) outstanding S&P Global equity awards held by individuals who will continue to be employed by or provide services to S&P Global as well as former S&P Global employees (including those who primarily provided services to the Spin Business) will be equitably adjusted to reflect the difference in the value of S&P Global common stock before and after the Distribution in a manner that is intended to preserve the overall intrinsic value of the awards by taking into account the relative value of S&P Global common stock before and after the Distribution, and (ii) outstanding S&P Global equity awards held by individuals who are then-currently employed by or otherwise providing services to us, or whose employment or engagement will be transferred to us in connection with and prior to the Separation, will be converted into equity awards that will be settled in shares of our common stock in a manner intended to equitably preserve the overall intrinsic value of the converted equity awards by taking into account the relative value of S&P Global common stock before the Distribution and the value of our common stock after the Distribution.

#### Results of the Separation
After the Separation, we will be an independent, publicly traded company that directly or indirectly holds certain assets and liabilities of the Spin Business. Immediately following the Separation, we expect to have approximately stockholders of record, based on the number of registered stockholders of S&P

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Global common stock on , 2026. We expect to have approximately shares of Mobility common stock outstanding, based on the number of shares of S&P Global common stock outstanding on , 2026 applying a distribution ratio of shares of Mobility common stock for every shares of S&P Global common stock. The actual number of shares to be distributed will be determined on the record date.

Before the completion of the Separation, we will enter into a Separation and Distribution Agreement and several other agreements with S&P Global to effect the Separation and provide a framework for our relationship with S&P Global after the Separation. These agreements will provide for the allocation of assets, liabilities and obligations subsequent to the Separation between Mobility and S&P Global (including with respect to transition services, employee matters, tax matters, intellectual property matters and certain commercial arrangements). For a more detailed description of these agreements, see "— Agreements with S&P Global" below. The Separation will not affect the number of outstanding shares of S&P Global common stock or any rights of S&P Global stockholders.

#### Incurrence of Debt
In connection with the Separation, we entered into a $500 million revolving credit facility and intend to issue up to $2 billion in aggregate principal amount of senior notes with terms and maturities to be determined. We intend to use a portion of the proceeds of the senior notes to (i) finance a cash payment to S&P Global as consideration for the transfer of certain assets, liabilities and entities to us, (ii) add cash to our balance sheet and for other general corporate purposes and (iii) fund fees and expenses related to the Separation. We expect that the revolving credit facility will be undrawn at the Separation.

Following the Separation, our debt obligations could restrict our business and may adversely impact our financial condition, results of operations or cash flows. In addition, the Separation may increase the overall cost of debt funding and decrease the overall debt capacity and commercial credit available to the businesses collectively. Also, our business, financial condition, results of operations and cash flows could be harmed by a deterioration of our credit profile or by factors adversely affecting the credit markets generally. See "Risk Factors — Risks Relating to the Separation — Following the Separation, we will have debt obligations that could restrict our business and adversely impact our results of operations, financial condition or cash flows. In addition, the separation of our business from S&P Global may increase the overall cost of debt funding and decrease the overall debt capacity and commercial credit available to us."

#### Material U.S. Federal Income Tax Consequences of the Distribution
The following is a discussion of the material U.S. federal income tax consequences of the Distribution to U.S. Holders (as defined below) of S&P Global common stock. This discussion is based on the Code, applicable Treasury regulations, administrative interpretations and court decisions as in effect as of the date of this information statement, all of which may change, possibly with retroactive effect. For purposes of this discussion, a "U.S. Holder" is a beneficial owner of S&P Global common stock that is, for U.S. federal income tax purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • a citizen or resident of the United States;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • a corporation, or other entity taxable as a corporation for U.S. federal income tax purposes, created or organized in or under the laws of the United States, any state therein or the District of Columbia; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • an estate or trust the income of which is subject to U.S. federal income taxation regardless of its source.

This discussion addresses only the consequences of the Distribution to U.S. Holders that hold S&P Global common stock as a capital asset. It does not address all aspects of U.S. federal income taxation that may be important to a U.S. Holder in light of that shareholder's particular circumstances or to a U.S. Holder subject to special rules, such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • a financial institution, regulated investment company or insurance company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • a tax-exempt organization;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • a dealer or broker in securities, commodities or foreign currencies;

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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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • a shareholder that holds S&P Global common stock as part of a hedge, appreciated financial position, straddle, conversion or other risk reduction transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • a shareholder that holds S&P Global common stock in a tax-deferred account, such as an individual retirement account; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • a shareholder that acquired S&P Global common stock pursuant to the exercise of options or similar derivative securities or otherwise as compensation.

If a partnership, or any entity treated as a partnership for U.S. federal income tax purposes, holds S&P Global common stock, the tax treatment of a partner in such partnership generally will depend on the status of such partner and the activities of the partnership. A partner in a partnership holding S&P Global common stock should consult its tax adviser.

A U.S. Holder who acquired different blocks of S&P Global common stock at different times and at different prices generally must apply the rules described in the following sections separately to each identifiable block of shares of S&P Global common stock. A U.S. Holder who holds S&P Global common stock with differing bases or holding periods should consult its tax adviser.

This discussion of material U.S. federal income tax consequences is not a complete analysis or description of all potential U.S. federal income tax consequences of the Distribution. This discussion does not address tax consequences that may vary with, or are contingent on, individual circumstances. In addition, it does not address any U.S. federal, estate, gift or other non-income tax or any non-U.S., state or local tax consequences of the Distribution. Accordingly, each holder of S&P Global common stock should consult his, her or its tax adviser to determine the particular U.S. federal, state or local or non-U.S. income or other tax consequences of the Distribution to such holder.

#### Tax Opinion
The Distribution is conditioned upon the receipt of the opinion of Special Tax Counsel substantially to the effect that the Distribution, together with certain related transactions, will qualify as a "reorganization" within the meaning of Section 368(a)(1)(D) of the Code and a distribution to which Section 355 of the Code applies, in each case which is generally tax-free to S&P Global and its shareholders for U.S. federal income tax purposes, which we refer to as the "Closing Tax Opinion." In rendering the Closing Tax Opinion, Special Tax Counsel will rely on (i) customary representations and covenants made by us and S&P Global, including those contained in certificates of officers of us and S&P Global, and (ii) specified assumptions, including an assumption regarding the completion of the Separation and certain related transactions in the manner contemplated by the transaction agreements. In addition, Special Tax Counsel's ability to provide the Closing Tax Opinion will depend on the absence of changes in existing facts or law between the date of this information statement and the closing date of the Distribution. If any of the representations, covenants or assumptions on which Special Tax Counsel will rely is inaccurate or violated, Special Tax Counsel may not be able to provide the Closing Tax Opinion or the tax consequences of the Distribution could differ from those described below. The opinions of Special Tax Counsel do not preclude the IRS or the courts from adopting a contrary position.

#### The Distribution
Assuming that the Distribution, together with certain related transactions, will qualify as a "reorganization" within the meaning of Section 368(a)(1)(D) of the Code and a distribution to which Section 355 of the Code applies, in each case which is generally tax-free to S&P Global and its shareholders, and that the Restructuring Transactions generally will qualify as transactions that are tax-free for U.S. federal income tax purposes, in general, for U.S. federal income tax purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • subject to limited exceptions, the Distribution, together with certain related transactions, will not result in the recognition of income, gain or loss to S&P Global or us;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • no gain or loss will be recognized by, and no amount will be included in the income of, U.S. Holders of S&P Global common stock upon the receipt of our common stock in the Distribution;

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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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the aggregate tax basis of the shares of our common stock distributed in the Distribution to a U.S. Holder of S&P Global common stock will be determined by allocating the aggregate tax basis such U.S. Holder has in its shares of S&P Global common stock immediately before such Distribution between such S&P Global common stock and our common stock in proportion to the relative fair market value of each immediately following the Distribution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the holding period of any shares of our common stock received by a U.S. Holder of S&P Global common stock in the Distribution will include the holding period of the shares of S&P Global common stock held by a U.S. Holder prior to the Distribution; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • a U.S. Holder of S&P Global common stock that receives cash in lieu of a fractional share of our common stock will recognize capital gain or loss, measured by the difference between the cash received for such fractional share and the U.S. Holder's tax basis in that fractional share, determined as described above, and such gain or loss will be long-term capital gain or loss if the U.S. Holder's holding period in the S&P Global common stock is more than one year as of the closing date of the Distribution.

In general, if the Distribution, together with certain related transactions, does not qualify as a "reorganization" within the meaning of Section 368(a)(1)(D) of the Code and a distribution to which Section 355 of the Code applies, the Distribution will be treated as a taxable dividend to holders of S&P Global common stock in an amount equal to the fair market value of our common stock received, to the extent of such holder's ratable share of S&P Global's earnings and profits. In addition, if the Separation does not qualify as a distribution to which Section 355 of the Code applies, S&P Global will recognize significant taxable gain, which could result in significant tax to S&P Global.

Even if the Distribution were otherwise to qualify as a distribution to which Section 355 of the Code applies, the Distribution will be taxable to S&P Global under Section 355(e) of the Code if 50% or more of either the total voting power or the total fair market value of the stock of S&P Global or our common stock is acquired as part of a plan or series of related transactions that includes the Distribution. If Section 355(e) applies as a result of such an acquisition, S&P Global would recognize taxable gain as described above, but the Distribution would generally be tax-free to U.S. Holders of S&P Global common stock for U.S. federal income tax purposes. Under some circumstances, the Tax Matters Agreement would require us to indemnify S&P Global for the tax liability associated with such taxable gain. See "— Agreements with S&P Global — Tax Matters Agreement."

Under the Tax Matters Agreement, we will generally be required to indemnify S&P Global for the resulting taxes in the event that certain steps of the Separation fail to qualify for their intended tax treatment due to any action by us or any of our subsidiaries (see "— Agreements with S&P Global — Tax Matters Agreement"). If the Separation were to be taxable to S&P Global, the liability for payment of such tax by S&P Global or by us under the Tax Matters Agreement could have a material adverse effect on S&P Global or us, as the case may be.

#### Certain Reporting and Backup Withholding Requirements
U.S. Treasury regulations generally require holders who own at least 5% of the total outstanding stock of S&P Global (by vote or value) and who receive our common stock pursuant to the Distribution to attach to their U.S. federal income tax return for the year in which the Distribution occurs a detailed statement setting forth certain information relating to the tax-free nature of the Distribution. S&P Global and/or we will provide the appropriate information to each holder upon request, and each such holder is required to retain permanent records of this information. In addition, payments of cash to a U.S. Holder of S&P Global common stock in lieu of fractional shares of our common stock in the Distribution may be subject to information reporting, unless the U.S. Holder provides the withholding agent with proof of an applicable exemption. Such payments that are subject to information reporting may also be subject to backup withholding, unless such U.S. Holder provides the withholding agent with a correct taxpayer identification number and otherwise complies with the requirements of the backup withholding rules. Backup withholding does not constitute additional tax, but merely an advance payment, which may be refunded or credited against a U.S. Holder's U.S. federal income tax liability, provided the required information is timely supplied to the IRS.

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#### Appraisal Rights
No S&P Global stockholder will have any appraisal rights in connection with the Separation.

#### Listing and Trading of Our Common Stock
As of the date of this information statement, there is no public market for our common stock. We have applied for listing of our common stock on the NYSE under the ticker symbol "MBGL."

#### Trading Between Record Date and Distribution Date
Beginning on the record date for the Distribution and continuing up to and including the Distribution Date, we expect that there will be two markets in S&P Global common stock: a "regular-way" market and an "ex-distribution" market. Shares of S&P Global common stock that trade on the "regular-way" market will trade with an entitlement to receive shares of Mobility common stock in the Distribution. Shares that trade on the "ex-distribution" market will trade without an entitlement to receive shares of Mobility common stock in the Distribution. Therefore, if you own shares of S&P Global common stock as of the close of business on the record date for the Distribution and you sell those shares in the "regular-way" market after the close of business on the record date for the Distribution and up to and including the Distribution Date, you will be selling your right to receive shares of Mobility common stock in the Distribution. If you own shares of S&P Global common stock as of the close of business on the record date for the Distribution and sell those shares in the "ex-distribution" market after the close of business on the record date for the Distribution and up to and including the Distribution Date, you will still receive the shares of Mobility common stock that you would be entitled to receive in respect of your ownership, as of the record date, of the shares of S&P Global common stock that you sold.

Furthermore, beginning on , 2026 and continuing up to and including the Distribution Date, we expect there will be a "when-issued" market in our common stock. "When-issued" trading refers to a sale or purchase made conditionally because the security has been authorized but not yet issued. The "when-issued" trading market will be a market for shares of Mobility common stock that will be distributed to S&P Global stockholders on the Distribution Date. If you own shares of S&P Global common stock as of the close of business on the record date, you would be entitled to receive shares of our common stock in the Distribution. You may trade this entitlement to receive shares of Mobility common stock, without trading the shares of S&P Global common stock you own, in the "when-issued" market. On the first trading day following the Distribution Date, we expect "when-issued" trading with respect to Mobility common stock will end and "regular-way" trading in Mobility common stock will begin.

#### Conditions to the Distribution
We expect the Distribution will be effective on , 2026, the Distribution Date, provided that, among other conditions described in the Separation and Distribution Agreement, the following conditions will have been satisfied or waived by S&P Global in its sole discretion:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • The Separation-related restructuring and financing transactions contemplated by the Separation and Distribution Agreement will each have been completed;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • The S&P Global Board of Directors will have approved the Distribution and will not have abandoned the Distribution or terminated the Separation and Distribution Agreement at any time prior to the Distribution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Our registration statement on Form 10, of which this information statement is a part, shall have become effective under the Exchange Act, no stop order suspending the effectiveness of our registration statement on Form 10 will be in effect and no proceedings for such purpose will be pending before or threatened by the SEC, and this information statement, or a notice of Internet availability thereof, will have been mailed to the holders of S&P Global common stock as of the record date for the Distribution;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • All actions and filings necessary or appropriate under applicable federal, state or other securities laws or "blue sky" laws and the rules and regulations thereunder will have been taken and, where applicable, become effective or accepted;

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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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Our common stock to be delivered in the Distribution will have been approved for listing on the NYSE, subject to official notice of issuance;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • The Mobility Board of Directors, as named in this information statement, will have been duly elected or appointed, with such election or appointment, as applicable, to be effective as of the Distribution, and the amended and restated certificate of incorporation and amended and restated bylaws of Mobility, in substantially the form attached as exhibits to the registration statement of which this information statement is a part, will be in effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Each of the ancillary agreements contemplated by the Separation and Distribution Agreement will have been executed and delivered by the parties thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • S&P Global will have received the Closing Tax Opinion (which will not have been revoked or modified in any material respect), reasonably satisfactory to S&P Global, dated as of the Distribution Date (the "Tax Opinion Condition");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • No applicable law will have been adopted, promulgated or issued that prohibits the consummation of the Distribution or any of the other transactions contemplated by the Separation and Distribution Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Any material approvals and consents of governmental authorities and any material permits, registrations and consents from third parties, in each case, necessary to effect the Distribution and to permit the operation of the Spin Business after the Distribution substantially as conducted as of the date of the Separation and Distribution Agreement will have been obtained;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • No event or development will have occurred or exist that, in the judgment of the S&P Global Board of Directors, in its sole and absolute discretion, makes it inadvisable to effect the Distribution or any of the other transactions contemplated by the Separation and Distribution Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Certain necessary actions to complete the Separation will have occurred, including that S&P Global will have entered into a distribution agent agreement with a distribution agent or otherwise provided instructions to a distribution agent regarding the Distribution.

The fulfillment of the foregoing conditions will not create any obligations on S&P Global's part to effect the Separation, and the S&P Global Board of Directors has reserved the right, in its sole discretion, to abandon, modify or change the terms of the Separation, including by accelerating or delaying the timing of the consummation of all or part of the Distribution, at any time prior to the Distribution.

We cannot assure you that all of the conditions will be satisfied or waived. In addition, if the Distribution is completed and the S&P Global Board waived any such condition, such waiver could have a material adverse effect on S&P Global's and/or Mobility's respective business, financial condition or results of operations, the trading price of Mobility common stock, or the ability of shareholders to sell their shares after the Distribution, including, without limitation, as a result of illiquid trading due to the failure of Mobility common stock to be accepted for listing or litigation relating to any preliminary or permanent injunctions sought to prevent the consummation of the Distribution. See "— Material U.S. Federal Income Tax Consequences of the Distribution — The Distribution" above for a discussion of the U.S. federal income tax consequences for S&P Global and its shareholders that may arise if S&P Global waives the Tax Opinion Condition and the Distribution is treated as a taxable transaction for U.S. federal income tax purposes.

#### Agreements with S&P Global
As part of the Separation, we will enter into a Separation and Distribution Agreement and several other agreements with S&P Global to effect the Separation and provide a framework for our relationship with S&P Global after the Separation. These agreements will provide for the allocation between us and S&P Global of the assets, liabilities and obligations of S&P Global and its subsidiaries, and will govern the relationships between Mobility and S&P Global subsequent to the Separation.

In addition to the Separation and Distribution Agreement (which will contain many of the key provisions related to the Separation and the distribution of our shares of common stock to S&P Global stockholders), these agreements include, among others:

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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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Tax Matters Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Transition Services Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Employee Matters Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • One or more other commercial arrangements.

The forms of the principal agreements described below are expected to be filed as exhibits to the registration statement of which this information statement forms a part. The following descriptions of these agreements are summaries of the material terms of these agreements.

#### The Separation and Distribution Agreement
The Separation and Distribution Agreement will govern the overall terms of the Separation. Generally, the Separation and Distribution Agreement will include S&P Global's and our agreements relating to the restructuring steps to be taken to complete the Separation, including the assets and rights to be transferred, liabilities to be assumed and related matters.

Subject to the receipt of required governmental and other consents and approvals and the satisfaction of other closing conditions, in order to accomplish the Separation, the Separation and Distribution Agreement will provide for S&P Global and us to transfer specified assets between the companies that will operate the Spin Business after the Distribution, on the one hand, and S&P Global's remaining businesses, on the other hand. The Separation and Distribution Agreement will require S&P Global and us to use commercially reasonable efforts to obtain consents, approvals and amendments required to assign the assets and liabilities that are to be transferred pursuant to the Separation and Distribution Agreement.

Unless otherwise provided in the Separation and Distribution Agreement or any of the related ancillary agreements, all assets will be transferred on an "as is, where is" basis. Generally, if the transfer of any assets or any claim or right or benefit arising thereunder requires a consent that will not be obtained before the Distribution, or if the transfer or assignment of any such asset or such claim or right or benefit arising thereunder would be ineffective or would adversely affect the rights of the transferor thereunder, the party retaining any asset that otherwise would have been transferred shall hold such asset for the use and benefit of the party entitled thereto and retain such liability for the account of the party by whom such liability is to be assumed, and take such other action in order to place such party, insofar as reasonably possible, in the same position as would have existed had such asset or liability been transferred prior to the Distribution.

In addition, we will also grant and receive non-exclusive licenses under certain intellectual property in connection with the Separation and Distribution Agreement, which will generally provide us and S&P Global rights to continue operating our respective businesses following the Distribution.

The Separation and Distribution Agreement will specify those conditions that must be satisfied or waived by S&P Global prior to the completion of the Separation, which are described further above in "— Conditions to the Distribution." In addition, S&P Global will have the right to determine the date and terms of the Separation, and will have the right, at any time until completion of the Distribution, to determine to abandon or modify the Distribution and to terminate the Separation and Distribution Agreement.

In addition, the Separation and Distribution Agreement will govern the treatment of indemnification, insurance and litigation responsibility and management. Generally, the Separation and Distribution Agreement will provide for uncapped cross-indemnities principally designed to place financial responsibility for the obligations and liabilities of the Spin Business with us and financial responsibility for the obligations and liabilities of S&P Global's retained businesses with S&P Global. The Separation and Distribution Agreement will also establish procedures for handling claims subject to indemnification and related matters.

#### Tax Matters Agreement
In connection with the Separation, we and S&P Global will enter into the Tax Matters Agreement, which will govern the parties' respective rights, responsibilities and obligations with respect to taxes, including taxes arising in the ordinary course of business, and taxes, if any, incurred as a result of the failure of certain of the Restructuring Transactions, including the Distribution and certain related transactions, to

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qualify for tax-free treatment for U.S. federal income tax purposes. The Tax Matters Agreement will also set forth the respective obligations of the parties with respect to the filing of tax returns, the administration of tax contests and assistance and cooperation on tax matters.

In general, the Tax Matters Agreement will govern the rights and obligations that we and S&P Global have after the Separation with respect to taxes for both pre- and post-closing periods. Under the Tax Matters Agreement, S&P Global generally will be responsible for all of our pre-closing taxes that are reported on combined tax returns with S&P Global or any of its affiliates and all pre-closing non-income taxes attributable to the businesses and assets retained by S&P Global. We will generally be responsible for all of our pre-closing income taxes that are reported on tax returns that include only us and/or our subsidiaries (i.e., "separate tax returns") and all pre-closing non-income taxes attributable to our business or assets.

In the Tax Matters Agreement, we will also agree to certain covenants that contain restrictions intended to preserve the tax-free treatment of the Separation. We may take certain actions prohibited by these covenants only if we obtain and provide to S&P Global a ruling from the IRS or an opinion from a tax adviser acceptable to S&P Global in its sole discretion, in each case, to the effect that such action will not jeopardize the tax-free treatment of these transactions, or if we obtain prior written consent of S&P Global, in its sole and absolute discretion, waiving such requirement. We will covenant not to take any action, or not to fail to take any action, where such action or failure to act adversely affects or could reasonably be expected to adversely affect the tax-free treatment of the Separation, for all relevant time periods. In addition, these covenants will include specific restrictions on our ability to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • cause or permit certain business combinations or transactions to occur during the two-year period following the Distribution Date (or otherwise pursuant to a "plan" within the meaning of Section 355(e) of the Code);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • discontinue the active conduct of our business (within the meaning of Section 355(b)(2) of the Code) during the two-year period following the Distribution Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • sell or otherwise issue our common stock during the two-year period following the Distribution Date, other than pursuant to issuances that satisfy certain regulatory safe harbors set forth in Treasury regulations related to stock issued to employees and retirement plans;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • redeem or otherwise acquire any of our common stock, other than pursuant to open-market repurchases of less than 20% of our common stock (in the aggregate), during the two-year period following the Distribution Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • amend our certificate of incorporation (or other organizational documents) or take any other action, whether through a shareholder vote or otherwise, affecting the voting rights of our common stock, in each case during the two-year period following the Distribution Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • more generally, take any action that could reasonably be expected to cause the Separation or certain of the Restructuring Transactions undertaken pursuant thereto to fail to qualify as tax-free transactions for U.S. federal income tax purposes or for non-U.S. tax purposes.

We will generally be required to indemnify S&P Global against any and all tax-related liabilities incurred by S&P Global or its subsidiaries relating to the Separation, including the Distribution and certain related transactions, to the extent caused by any action undertaken by us or in respect of our shares. The indemnification will apply even if S&P Global has permitted us to take an action that would otherwise have been prohibited under the tax-related covenants described above.

#### Transition Services Agreement
The TSA will set forth the terms on which S&P Global will provide to Mobility, on a transitional basis, certain services or functions that the companies historically have shared. The transition services will include various services or functions, including information technology, finance and human resources, generally for a period of up to 18 months following the Distribution. Mobility will be charged fees for the transition services that will be based on S&P Global's reasonably apportioned fully-loaded overhead, administrative and supervisory costs and expenses incurred in connection with the provision of the transition services to Mobility. The TSA will provide that Mobility may, subject to certain conditions, terminate any or all of the

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transition services upon prior written notice to S&P Global. Mobility will indemnify S&P Global from liabilities for certain claims, including claims arising from Mobility's breach of the TSA or from Mobility's gross negligence, willful misconduct or fraud. S&P Global will indemnify Mobility from liabilities for claims arising from S&P Global's breach of the TSA or from S&P Global's gross negligence, willful misconduct or fraud. Subject to certain customary exceptions, each of S&P Global's and Mobility's maximum aggregate liability under the TSA will be generally limited to the fees actually paid to S&P Global under the agreement.

#### Employee Matters Agreement
We intend to enter into an Employee Matters Agreement with S&P Global prior to the Separation that will govern each company's respective compensation and benefit obligations with respect to current and former employees, directors and consultants. The Employee Matters Agreement will also set forth general principles relating to employee matters in connection with the Separation, such as the assignment of employees, the assumption and retention of liabilities and related assets, expense reimbursements, workers' compensation, leaves of absence, the provision of comparable benefits, employee service credit, the sharing of employee information and duplication or acceleration of benefits.

#### Commercial Arrangements
We and S&P Global will enter into a series of commercial agreements pursuant to which each party will cross license to the other party certain proprietary datasets and other content that have been historically used in each party's respective business. Pursuant to such agreements, (i) we will provide S&P Global with a non-exclusive license to certain data for internal business purposes and derived data creation across certain S&P Global business divisions and (ii) certain S&P Global business divisions will provide us with a non-exclusive license to certain data for internal business purposes and derived data creation. These commercial agreements are generally for multiyear terms, with pricing and other terms and conditions that are customary for these types of agreements among unrelated parties, and are not material to us.

#### Transferability of Shares of Our Common Stock
The shares of our common stock that you will receive in the Distribution will be freely transferable, unless you are considered an "affiliate" of ours under Rule 144 under the Securities Act. Persons who can be considered our affiliates after the Separation generally include individuals or entities that directly, or indirectly through one or more intermediaries, control, are controlled by or are under common control with us, and may include certain of our officers and directors. In addition, individuals who are affiliates of S&P Global on the Distribution Date may be deemed to be affiliates of ours. We estimate that our directors and executive officers, who may be considered "affiliates" for purposes of Rule 144, will beneficially own approximately shares of our common stock immediately following the Separation. See "Ownership of Common Stock by Certain Beneficial Owners and Management" included elsewhere in this information statement. Our affiliates may sell shares of our common stock received in the Distribution only:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Under a registration statement that the SEC has declared effective under the Securities Act; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Under an exemption from registration under the Securities Act, such as the exemption afforded by Rule 144.

In general, under Rule 144 as currently in effect, an affiliate will be entitled to sell, within any three-month period, a number of shares of our common stock that does not exceed the greater of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • One percent of our common stock then outstanding; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • The average weekly trading volume of our common stock during the four calendar weeks preceding the filing of a notice on Form 144 for the sale.

Rule 144 also includes notice requirements and restrictions governing the manner of sale for sales by our affiliates. Sales may not be made under Rule 144 unless certain information about us is publicly available.

#### Reason for Furnishing this Information Statement
This information statement is being furnished solely to provide information to S&P Global stockholders who are entitled to receive shares of our common stock in the Distribution. The information statement is

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not, and is not to be construed as, an inducement or encouragement to buy, hold or sell any of our securities. We believe the information contained in this information statement is accurate as of the date set forth on the cover. Changes may occur after that date and neither S&P Global nor we undertake any obligation to update such information except in the normal course of our respective public disclosure obligations.

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#### DIVIDEND POLICY
We intend to pay a quarterly dividend, in cash, at a quarterly rate initially equal to $ per share of our common stock. The declaration and amount of any dividends to holders of our common stock will be at the discretion of our Board of Directors and will depend upon many factors, including our financial condition, earnings, cash flows, capital requirements of our business, covenants associated with our debt obligations, legal requirements, regulatory constraints, industry practice and any other factors the Board of Directors deems relevant. In addition, our ability to pay cash dividends on our capital stock may be limited by the terms of any future debt or preferred securities we issue or any credit facilities we enter into.

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#### CAPITALIZATION
The following table sets forth our cash and cash equivalents and our capitalization as of March 31, 2026 on an actual basis as derived from our unaudited condensed combined financial statements and related notes included elsewhere in this information statement and pro forma basis to give effect to the Separation and other matters, as discussed in "The Separation."

The pro forma adjustments are based upon available information and assumptions that management believes are reasonable; however, such adjustments are subject to change based on the finalization of the terms of the Separation and the agreements which define our relationship with S&P Global after the completion of the Separation. In addition, such adjustments are estimates and may vary materially from actual amounts recognized.

You should read the information in the following table together with "Management's Discussion and Analysis of Financial Condition and Results of Operations," "Unaudited Pro Forma Condensed Combined Financial Information" and our audited combined financial statements and the related notes included elsewhere in this information statement.

We are providing the capitalization table for informational purposes only. The capitalization table below may not reflect the capitalization or financial condition that would have resulted had we been operating as an independent, publicly traded company on March 31, 2026 and is not necessarily indicative of our future capitalization or financial condition.

We have not yet finalized our post-Distribution capitalization. We will have cash on hand in an amount to be determined at or prior to the time of the Distribution.

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| | | |
|:---|:---|:---|
| | **As of March 31, 2026**  | **As of March 31, 2026**  |
| **(in millions)**  | **Actual**  | **Pro Forma**  |
|  | **(unaudited)**  | **(unaudited)**  |
| Cash and cash equivalents  | $122 | $150 |
| Indebtedness: |  |  |
| &nbsp;&nbsp;&nbsp; Short-term debt  |  |  |
| &nbsp;&nbsp;&nbsp; Due to related parties – non-current  | 227 |  |
| &nbsp;&nbsp;&nbsp; Long-term debt  |  | 1986 |
| &nbsp;&nbsp;&nbsp; Total indebtedness  | $227 | $1986 |
| Equity: |  |  |
|  Common stock, par value $0.01 per share; shares authorized, shares issued and outstanding, actual, shares issued and outstanding, pro forma  |  |  |
| Additional paid-in capital  |  | 9875 |
| Accumulated other comprehensive (loss) income  | (3) | (3) |
| Parent company investment  | 11586 |  |
| &nbsp;&nbsp;&nbsp; Total equity  | $11583 | $9872 |
| &nbsp;&nbsp;&nbsp; Total capitalization  | $11810 | $11858 |

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#### UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL INFORMATION
The following unaudited pro forma condensed combined financial information was prepared in accordance with Article 11 of Regulation S-X under the Exchange Act and consists of unaudited pro forma condensed combined statements of income for the three months ended March 31, 2026, and the year ended December 31, 2025, an unaudited pro forma condensed combined balance sheet as of March 31, 2026 and corresponding notes thereto. The unaudited pro forma condensed combined financial information reflects adjustments to our historical unaudited condensed combined statement of income for the three months ended March 31, 2026, the historical audited combined statement of income for the year ended December 31, 2025 and our historical unaudited condensed combined balance sheet as of March 31, 2026, included elsewhere in this information statement.

The unaudited pro forma condensed combined statements of income for the three months ended March 31, 2026 and the year ended December 31, 2025 give effect to the Separation as if it had occurred on January 1, 2025, the beginning of our most recently completed fiscal year. The unaudited pro forma condensed combined balance sheet gives effect to the Separation as if it occurred as of March 31, 2026, the most recent balance sheet date in our unaudited condensed combined financial statements included elsewhere in this information statement.

The unaudited pro forma condensed combined financial information presented below should be read in conjunction with "Capitalization," "Management's Discussion and Analysis of Financial Condition and Results of Operations," "The Separation," and the unaudited condensed combined and audited combined financial statements and corresponding notes thereto included elsewhere in this information statement. For factors that could cause actual results to differ materially from those presented in the unaudited pro forma condensed combined financial information, see "Cautionary Statement Concerning Forward-Looking Statements" and "Risk Factors" included elsewhere in this information statement.

The unaudited pro forma condensed combined financial information has been prepared to reflect adjustments related to the Separation ("Transaction Accounting Adjustments") and adjustments to the Company's historical unaudited condensed combined and audited combined financial statements to present the unaudited pro forma condensed combined statements of income and unaudited pro forma condensed combined balance sheet as if the Company were a separate stand-alone entity ("Autonomous Entity Adjustments"). The Company's historical combined financial information has been adjusted to give effect to the following items (collectively, the "Pro Forma Adjustments"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • The anticipated post-Separation capital structure, including the distribution of shares of our common stock and the incurrence of new financing arrangements consisting of a revolving credit facility and senior notes (the "Debt Financing Transactions"), as well as any related impacts to the unaudited pro forma condensed combined statements of income;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Adjustments for differences between the historical combined balance sheet prepared on a carve-out basis and assets or liabilities expected to be transferred between the Company and S&P Global;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • The impact of, and transactions contemplated by the TSA and other agreements to be entered into between the Company and S&P Global related to the Separation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Other adjustments as described in the notes to this unaudited pro forma condensed combined financial information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Tax impact of the adjustments described above and herein; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Pro forma earnings per share.

The unaudited pro forma condensed combined financial information reflects certain adjustments that, in the opinion of management, are necessary to present fairly the unaudited pro forma condensed combined balance sheet and unaudited pro forma condensed combined statements of income of the Company as of and for the periods indicated.

The unaudited pro forma condensed combined financial information is presented for informational purposes only and does not purport to represent what the Company's statements of income and balance sheet would have been had the Pro Forma Adjustments occurred on the dates indicated, or to project the

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Company's financial performance for any future period. The unaudited pro forma condensed combined financial information is based on information and assumptions which are described in the accompanying notes. These amounts are estimates and the final amounts could differ materially from these estimates.

The historical unaudited condensed combined financial statements as of and for the three months ended March 31, 2026 and the historical audited combined financial statements for the year ended December 31, 2025, which were the basis for the unaudited pro forma condensed combined financial information, were prepared on a carve-out basis as the Company did not operate as a stand-alone entity for the periods presented. Accordingly, such financial information reflects an allocation of certain corporate costs, such as executive management, finance, legal, information technology, human resources, corporate initiatives, and other shared services that are either specifically identifiable or clearly applicable. See Note 1 — *Basis of Presentation and Significant Accounting Policies* and Note 10 — *Related Party Transactions and Parent Company Investment* to the audited combined financial statements and Note 1 — *Overview and Basis of Presentation* and Note 9 — *Related Party Transactions and Parent Company Investment* to the unaudited condensed combined financial statements included elsewhere in this information statement for further information on the allocation of corporate costs.

We expect to experience changes in our ongoing cost structure when we become an independent, publicly traded company. Following the Separation, the Company will bear all corporate overhead and support costs. The costs to operate our business as an independent public entity are expected to vary from the historical allocations, including corporate and administrative charges from S&P Global for the three months ended March 31, 2026, and the year ended December 31, 2025, reflected in the accompanying historical combined financial statements included elsewhere within this information statement. The accompanying unaudited pro forma condensed combined financial information is not adjusted for these expenses as many of the costs are estimates based on projections and are not quantifiable at this time. Such costs principally relate to areas that include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • General corporate employee expenses as a result the Company operating on a stand-alone basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Professional fees associated with internal and external audits including compliance with Sarbanes-Oxley Act of 2002, tax, legal, and other services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Anticipated executive compensation costs related to existing and new executive management; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Investor relations costs and fees for preparing and distributing periodic filings with the SEC.

All costs with respect to the Separation incurred prior to the Separation will be borne and paid by S&P Global. Such amounts are expected to include financial advisor fees (other than fees and expenses in connection with the debt financing), third-party legal and accounting fees, and similar costs. All costs with respect to the Separation incurred after the transaction closes will be borne and paid by us. In addition, we will bear responsibility for all other services provided to or for the benefit of us, whether provided before or after the Separation unless otherwise agreed between S&P Global and the Company.

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#### UNAUDITED PRO FORMA CONDENSED COMBINED STATEMENT OF INCOME For the Three Months Ended March 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **(in millions, except share data)**  | **Historical <br> Spin <br> Business (a)**  | **Transaction <br> Accounting <br> Adjustments**  | **Autonomous <br> Entity <br> Adjustments**  | **Pro Forma**  |
| **Revenue**  | $455 | $— | $— | $455 |
| **Expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Operating-related expenses  | 136 |  |  | 136 |
| &nbsp;&nbsp;&nbsp; Selling and general expenses  | 160 |  | 2 (l)  | 162 |
| &nbsp;&nbsp;&nbsp; Depreciation  | 4 |  |  | 4 |
| &nbsp;&nbsp;&nbsp; Amortization of intangibles  | 74 |  |  | 74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses  | 374 |  | 2 | 376 |
| **Operating profit**  | 81 |  | (2) | 79 |
| &nbsp;&nbsp;&nbsp; Other income, net  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Interest expense, net  | 3 | 24 (h)  |  | 27 |
| **Income before taxes on income**  | 78 | (24) | (2) | 52 |
| &nbsp;&nbsp;&nbsp; Provision for taxes on income  | 23 | (7) (i)  | (1) (m)  | 15 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net income**  | $55 | $(17) | $(1) | $37 |
|  **Earnings per share attributable to common shareholders:**  |  |  |  |  |
| Net income: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Basic  |  |  |  | (n)  |
| &nbsp;&nbsp;&nbsp; Diluted  |  |  |  | (n)  |
|  Weighted-average number of common shares outstanding:  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Basic  |  |  |  | (n)  |
| &nbsp;&nbsp;&nbsp; Diluted  |  |  |  | (n)  |

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#### UNAUDITED PRO FORMA CONDENSED COMBINED STATEMENT OF INCOME Year Ended December 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **(in millions, except share data)**  | **Historical <br> Spin <br> Business (a)**  | **Transaction <br> Accounting <br> Adjustments**  | **Autonomous <br> Entity <br> Adjustments**  | **Pro Forma**  |
| **Revenue**  | $1750 | $— | $— | $1750 |
| **Expenses:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Operating-related expenses  | 516 |  |  | 516 |
| &nbsp;&nbsp;&nbsp; Selling and general expenses  | 585 |  | 12 (l)  | 597 |
| &nbsp;&nbsp;&nbsp; Depreciation  | 14 |  |  | 14 |
| &nbsp;&nbsp;&nbsp; Amortization of intangibles  | 296 |  |  | 296 |
| &nbsp;&nbsp;&nbsp; Total expenses  | 1411 |  | 12 | 1423 |
| **Operating profit**  | 339 |  | (12) | 327 |
| &nbsp;&nbsp;&nbsp; Other income, net  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Interest expense, net  | 13 | 99 (h)  |  | 112 |
| **Income before taxes on income**  | 326 | (99) | (12) | 215 |
| &nbsp;&nbsp;&nbsp; Provision for taxes on income  | 106 | (28) (i)  | (3) (m)  | 75 |
| **Net income**  | $220 | $(71) | $(9) | $140 |
|  **Earnings per share attributable to common <br> shareholders:**  |  |  |  |  |
| Net income: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Basic  |  |  |  | (n)  |
| &nbsp;&nbsp;&nbsp; Diluted  |  |  |  | (n)  |
|  Weighted-average number of common shares outstanding:  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Basic  |  |  |  | (n)  |
| &nbsp;&nbsp;&nbsp; Diluted  |  |  |  | (n)  |

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#### UNAUDITED PRO FORMA CONDENSED COMBINED BALANCE SHEET As of March 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **(in millions)**  | **Historical Spin <br> Business (a)**  | **Transaction <br> Accounting <br> Adjustments**  | **Autonomous <br> Entity <br> Adjustments**  | **Pro Forma**  |
| **ASSETS** |  |  |  |  |
| Current assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Cash and cash equivalents  | $122 | $28 (c)  | $— | $150 |
| &nbsp;&nbsp;&nbsp; Due from related parties – current  | 15 | (15) (d)  |  |  |
| &nbsp;&nbsp;&nbsp; Accounts receivable, net of allowance for doubtful accounts  | 216 |  |  | 216 |
| &nbsp;&nbsp;&nbsp; Prepaid and other current assets  | 39 |  |  | 39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total current assets  | 392 | 13 |  | 405 |
| Property and equipment: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Buildings and leasehold <br> improvements  | 25 |  |  | 25 |
| &nbsp;&nbsp;&nbsp; Equipment and furniture  | 77 |  |  | 77 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total property and equipment  | 102 |  |  | 102 |
| Less: accumulated depreciation  | (83) |  |  | (83) |
| &nbsp;&nbsp;&nbsp; Property and equipment, net  | 19 |  |  | 19 |
| Right of use assets  | 23 |  | 54 (k)  | 77 |
| Goodwill  | 8845 |  |  | 8845 |
| Other intangible assets – net  | 3714 |  |  | 3714 |
| Due from related parties – non-current  |  |  |  |  |
| Other non-current assets  | 49 | 3 (b)  |  | 52 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets  | $13042 | $16 | $54 | $13112 |
| **LIABILITIES AND EQUITY** |  |  |  |  |
| Current liabilities: |  |  |  |  |
| Accounts payable  | $48 | $— | $— | $48 |
| Due to related parties – current  | 24 | (24) (d)  |  |  |
|  Accrued compensation and contributions <br> to retirement plans  | 25 |  |  | 25 |
| Unearned revenue  | 94 |  |  | 94 |
| Other current liabilities  | 38 | (8) (e)  | 1 (k)  | 31 |
| &nbsp;&nbsp;&nbsp; Total current liabilities  | 229 | (32) | 1 | 198 |
| Lease liabilities – non-current  | 19 |  | 53 (k)  | 72 |
| Deferred tax liability – non-current  | 983 |  |  | 983 |
| Due to related parties – non-current  | 227 | (227) (d)  |  |  |
| Long-term debt  |  | 1986 (b)  |  | 1986 |
| Other non-current liabilities  | 1 |  |  | 1 |
| &nbsp;&nbsp;&nbsp; Total liabilities  | 1459 | 1727 | 54 | 3240 |
| Equity: |  |  |  |  |
| Parent company investment  | 11586 | (11586) (f)  |  |  |
|  Common stock, par value issued and outstanding  |  | (f)  |  |  |
| Additional paid-in capital  |  | 9875 (g)  |  | 9875 |
| Retained income  |  |  |  |  |
| Accumulated other comprehensive loss  | (3) |  |  | (3) |
| &nbsp;&nbsp;&nbsp; Total equity  | 11583 | (1711) |  | 9872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities and equity  | $13042 | $16 | $54 | $13112 |

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#### NOTES TO THE UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL INFORMATION (Dollars in millions)
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a) Represents the Company's historical unaudited condensed combined financial information as of and for the three months ended March 31, 2026, and the Company's historical audited combined financial information for the year ended December 31, 2025, prior to any adjustments for the Separation and other pro forma adjustments described below.

#### Transaction Accounting Adjustments:
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b) Adjustment reflects impacts of the Debt Financing Transactions. We have entered into a $500 million revolving credit facility. The revolving credit facility will be available for immediate working capital needs and for general corporate purposes upon consummation of the Separation, but we do not expect to draw on the revolving credit facility at such time, and as a result, we expect there to be $500 million available for borrowings thereafter. As such, impacts related to draw downs on the revolving credit facility are not reflected in the unaudited condensed combined pro forma financial information. Total deferred debt issuance costs associated with the credit facility of $3 million are recorded in Other non-current assets and are amortized to Interest expense over the term of the revolving credit facility.

Additionally, we intend to issue senior notes in an aggregate principal amount of approximately $2,000 million, with related debt issuance costs of $14 million, prior to the Separation. Debt issuance costs will be amortized to Interest expense, net over the term of the senior notes and are reflected as a reduction of Long-term debt. For purposes of this unaudited pro forma condensed combined financial information, we assume maturities in a range of three years to ten years and an estimated weighted average interest rate of approximately 5.63%. The estimated weighted average interest rate reflects the mid-point of a range based on the market environment as of the date of this filing and the maturity profile of the senior notes may differ.

The terms of these Debt Financing Transactions have not been finalized, and the pro forma adjustments may change accordingly. Such changes may be material to the unaudited pro forma condensed combined financial information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (c) As a result of completing the Debt Financing Transactions described in footnote (b) above, we expect to receive net cash proceeds of $1,983 million. We intend to use a portion of the proceeds of the senior notes to (i) finance a cash payment to S&P Global as consideration for the transfer of certain assets, liabilities and entities to us, (ii) add cash to our balance sheet and for other general corporate purposes, and (iii) fund fees and expenses related to the Separation. We expect to make a net cash distribution of approximately $1,955 million to S&P Global substantially concurrently with the Separation. As a result of such transactions, the Company is expected to have approximately $150 million in cash upon completion of the Separation to be used for our future operations. The capital structure remains under review and will be finalized prior to the Separation. Actual cash amounts may vary from the amounts disclosed herein.

The Cash and cash equivalents adjustments are summarized below:

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| | |
|:---|:---|
| **(in millions)**  | **As of <br> March 31, 2026**  |
| Cash proceeds from issuance of senior notes (refer to footnote (b))  | $2000 |
| Cash payment of debt issuance costs – senior notes (refer to footnote (b))  | (14) |
| Cash payment of debt issuance costs – revolving credit facility (refer to footnote (b))  | (3) |
| Net cash distribution to S&P Global  | (1955) |
| **Total pro forma adjustment to Cash and cash equivalents**  | $28 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (d) As discussed in *Note 10 — Related Party Transactions and Parent Company Investment* to the historical audited combined financial statements and *Note 9 — Related Party Transactions and Parent Company Investment* to the historical unaudited condensed combined financial statements, Carfax Canada ULC, a subsidiary of the Company entered into a loan agreement with a subsidiary of S&P Global, as well as had certain allocated intercompany expenses historically settled in cash. In connection with the Separation,

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we will no longer have a related-party note and associated accrued interest balance. Accordingly, we removed these amounts, and intercompany allocations, in accordance with the terms of the Separation and Distribution Agreement. This pro forma adjustment removes amounts previously recognized in the Company's historical unaudited condensed combined financial statements and audited combined financial statements for these related-party balances from the unaudited pro forma condensed combined balance sheet as of March 31, 2026 and from the unaudited pro forma condensed combined statements of income for the three months ended March 31, 2026 and the year ended December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (e) Reflects $8 million of Other current liabilities related to restructuring liabilities that will be retained by S&P Global (for former and current Mobility employees) pursuant to agreements entered into in conjunction with the Separation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (f) Reflects the reclassification of S&P Global's net investment in the Company to additional paid-in-capital, as well as the issuance of shares of our common stock with a par value of $0.01 per share pursuant to the Separation. We have assumed the number of outstanding shares of our common stock based on shares of S&P Global's common stock outstanding as of March 31, 2026 and on the basis of a distribution ratio of shares of our common stock for every shares of S&P Global's common stock. The actual number of shares issued will not be known until the record date for the Distribution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (g) The Additional paid-in capital adjustments are summarized below:

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| | |
|:---|:---|
| **(in millions)**  | **As of <br> March 31, 2026**  |
| Cash distribution to S&P Global (refer to footnote (c))  | $(1955) |
| Settlement of related party balances (refer to footnote (d))  | 236 |
| Liabilities retained by S&P Global (refer to footnote (e))  | 8 |
| Common stock issuance (refer to footnote (f))  |  |
| Parent Company investment reclassification (refer to footnote (f))  | 11586 |
| **Total pro forma adjustment to Additional paid-in capital**  | $9875 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (h) Reflects estimated interest expense and the amortization of original issue discount and deferred debt issuance costs related to the Debt Financing Transactions described in footnote (b) above. Interest expense on the debt was computed based on a weighted average interest rate of 5.63%, including the amortization of deferred financing fees. Interest expense was calculated assuming the principal balances outstanding at issuance were consistent for the entire period.

Interest expense, net adjustments are summarized below:

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| | | |
|:---|:---|:---|
| **(in millions)**  | **For the Three <br> Months Ended <br> March 31, <br> 2026**  | **For the <br> Year Ended <br> December 31, <br> 2025**  |
|  Interest expense on and amortization of original discount and deferred issuance <br> costs related to the Debt Financing Transactions (refer to footnote (b))  | $27 | $113 |
|  Removal of Interest expense on related party note settled as distribution to S&P <br> Global (refer to footnote (d))  | (3) | (14) |
| **Total pro forma adjustment to Interest expense, net**  | $24 | $99 |

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A 1/8% change to these annual rates would change interest expense by approximately $1 million and $3 million for the three months ended March 31, 2026 and for the year ended December 31, 2025, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i) Reflects the tax effects of the Transaction Accounting Adjustments at the applicable statutory tax rate based on jurisdiction. The applicable tax rates could be impacted depending on many factors subsequent to the Separation, including, but not limited to, the profitability in local jurisdictions and the legal entity structure implemented subsequent to the Separation and may be materially different from the pro forma results.

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#### Autonomous Entity Adjustments:
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (j) Reflects the impact of the TSA and related agreements between the Company and S&P Global, in connection with the actual expected service expense to S&P Global for the Company's use. Incremental costs incurred under the TSA above the previous allocation of S&P Global corporate costs are primarily related to finance real estate and procurement, among other services. Incremental costs incurred under the TSA are expected to be less than $1 million and $3 million for the three months ended March 31, 2026 and for the year ended December 31, 2025, respectively. The adjustments for transition services are primarily based on a monthly fixed fee over the period we expect services will be provided for the service areas whereby the actual expected service expense to S&P Global exceeds the previous allocated S&P Global corporate costs. All agreements are drafts and will be completed prior to separation. The adjustments have been calculated based on the terms of the latest draft TSA agreement and are subject to change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (k) Reflects the impact of lease arrangements for corporate offices with third parties that have been entered into prior to the Separation. These adjustments record the right-of-use assets and related operating lease liabilities based on the estimated present value of the lease payments over the lease term. The pro forma adjustment related to our leases is reflected in the unaudited pro forma condensed combined balance sheet as of March 31, 2026, as follows:

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| | | | |
|:---|:---|:---|:---|
| **(in millions)**  | **Right-of-use <br> assets**  | **Current <br> operating <br> lease liabilities**  | **Non-current <br> operating lease <br> liabilities**  |
| Operating leases with third parties  | $54 | $1 | $53 |

---

The current portion of the operating lease liability is recorded within Other current liabilities. As a result of the Separation, the Company reflects incremental rent expense beyond the facilities charges included in the historical combined statements of income arising from these lease arrangements of $2 million and $9 million for the three months ended March 31, 2026 and the year ended December 31, 2025, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (l) Selling and general expenses adjustments are summarized below:

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| | | |
|:---|:---|:---|
| **(in millions)**  | **For the Three <br> Months Ended <br> March 31, <br> 2026**  | **For the <br> Year Ended <br> December 31, <br> 2025**  |
| Incremental costs associated with TSA (refer to footnote (j))  | $— | $3 |
|  Net impact on rent expense for leases associated with new corporate offices (refer to footnote (k))  | 2 | 9 |
| **Total pro forma adjustment to Selling and general expenses**  | $2 | $12 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (m) Reflects the tax effects of the Autonomous Entity Adjustments at the applicable statutory tax rate based on jurisdiction. The applicable tax rates could be impacted depending on many factors subsequent to the Separation including, but not limited to, the profitability in local jurisdictions and the legal entity structure implemented subsequent to the Separation and may be materially different from the pro forma results.

#### Pro Forma Earnings Per Share:
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (n) The weighted-average number of shares used to compute pro forma basic and diluted earnings per share for the three months ended March 31, 2026 and the year ended December 31, 2025 is $, on the basis of shares of our common stock for every shares of S&P Global's common stock outstanding as of March 31, 2026, and assume a distribution of 100% of the outstanding shares of our common stock to S&P Global's stockholders. The actual dilutive effect following completion of the Spin-Off will depend on various factors, including employees who may change employment between S&P Global and our Company and the impact of equity-based compensation arrangements. We cannot estimate dilutive effects at this time.

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#### MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
 *The following discussion of our financial condition and results of operations for the quarters ended March 31, 2026 and 2025 and for the three years ended December 31, 2025, should be read in conjunction with our audited combined financial statements and unaudited condensed combined financial statements and the notes thereto, included elsewhere in this information statement, as well as the information presented under "Unaudited Pro Forma Condensed Combined Financial Information" and "Business." The following discussion and analysis includes forward-looking statements. These forward-looking statements are subject to risks, uncertainties and other factors that could cause our actual results to differ materially from those expressed or implied by the forward-looking statements. Factors that could cause or contribute to these differences include, but are not limited to, those discussed elsewhere in this information statement. See "Special Note Regarding Forward-Looking Statements" and "Risk Factors." Our fiscal year ends on December 31. As used herein, "2025," "2024," and "2023" refer to the years ended December 31, 2025, December 31, 2024 and December 31, 2023, respectively.* 

#### Overview
We are a leading global provider of automotive data, insights, and technology solutions, serving a diverse client base across the entire automotive value chain. For the three months ended March 31, 2026, our revenue totaled $455 million, representing an 8.1% increase over the three months ended March 31, 2025. For the three months ended March 31, 2026, our net income totaled $55 million, with net income decreasing 4.7% compared to the three months ended March 31, 2025. For the year ended December 31, 2025, our revenue totaled $1.75 billion, with revenue increasing 8.5% over the prior year period and our net income totaled $220 million, with net income increasing 5.8% over the prior year period. Our offerings are designed to empower OEMs, suppliers, dealerships, F&I firms, and aftermarket businesses with critical data, solutions, and insights to anticipate market changes, optimize operations, and make informed decisions across the entire vehicle and consumer lifecycles.

Our core business is structured around two key segments:

#### CARFAX
Our CARFAX segment is comprised of our CARFAX business line. CARFAX is a premier consumer brand that offers unparalleled vehicle history, valuation, and ownership information, fostering confidence and transparency for millions of consumers and facilitating informed decisions for over 40,000 dealer customers as of December 31, 2025. Segment revenue is primarily driven by the number of dealer locations enrolled in dealer subscription products (Advantage, Car Listings, and CARFAX For Life), the average monthly price per location on each product, and the number of BIG customers and their average monthly price per customer.

We expect to continue growing our product suite through accelerating our Dealer Lifetime Program, which promotes cross product adoption and launching new products to complement our Dealer Lifetime Program. Our brand investment is a key enabler of this growth. Continued investment in the CARFAX brand increases consumer trust and awareness, generates direct leads to our listings platform, and expands our Car Care audience. Strong consumer recognition also reinforces credibility with dealers and supports pricing power and retention across our product suite. We also expect to expand our geographic presence across Canada and Europe through new product introductions, a consumer-lead model and strategic investments.

#### B2B
Our B2B segment comprises two business lines: Marketing & Sales and Strategy & Planning. Our B2B segment delivers mission-critical data, analytics, and workflow tools that connect OEMs, dealer groups, suppliers, and adjacent stakeholders, helping them plan products, optimize pricing and incentives, and activate marketing with enterprise-grade accuracy. It is a predominantly subscription business with strong retention and broad penetration, differentiated by a unique data estate (registration/ownership, pricing and incentives, VIN/specs, global forecasts, and supply chain/technology mapping) and solutions increasingly embedded in customer workflows. While mostly recurring, B2B also includes selective transactional elements

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(for example, marketing campaigns, VIN pulls and Recall outreach) and is scaling new platform capabilities to drive upsell and margin expansion. The segment served 100% of the top 40 global carmakers, 94% of the top 100 automotive suppliers, and 100% of the top 10 investment banks as of December 31, 2025, according to internal data.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Marketing & Sales*: The Marketing & Sales business line provides gold-standard market analytics and consumer purchasing predictions designed to enhance new vehicle sales and optimize dealer network performance. It offers a comprehensive suite of solutions, including Polk Auto Solutions, Market Scan, various market reporting tools, and the innovative Data Studio platform. These solutions assist national sales companies and dealers in predicting future buyers, optimizing marketing efforts, and enhancing sales strategies through predictive modeling and statistical analytics of vehicle buying patterns. Key drivers include dealer penetration for automotiveMastermind, new data assets for Auto Insights market reporting, and supporting the digital retailing consumer experience for Market Scan. The business line also includes automotiveMastermind, a market-leading sales platform for dealers, providing sophisticated buyer prediction and marketing solutions to help anticipate consumer behavior and optimize sales strategies in the dynamic new car market, and Recall which provides turnkey, data-driven outreach programs that help OEMs and dealers identify current owners and execute multi-channel campaigns to maximize safety recall completion rates with demonstrated lifts in remedy rates and strong dealer return on investment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Strategy & Planning:* The Strategy & Planning business line is a leading independent provider of forecasts, analytics, and strategic decision support for the global automotive industry. It leverages technology and data science to offer unique insights, forecasts, and advisory services, supporting OEMs, automotive suppliers, and F&I firms from vehicle forecasting and component analysis to strategic product development. Its foundation lies in our analytical models, powering critical design and build decisions through vehicle and supply chain forecasting and global reporting. Improvements in predictive analytics, ML, and AI have continued to underpin progress in this business line, transforming raw information into actionable intelligence for agile planning and competitive differentiation. Core offerings include Vehicle & Supply Chain Forecasting and Global Reporting. Key products and capabilities include FAST, PIQ and our strategic investment in DA.

#### Our Business Model
We operate a predominantly subscription-based revenue model, complemented by selected non-subscription (transactional) streams.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Subscription:* The majority of offerings across the business are sold on monthly, annual or multi-year subscriptions, providing recurring revenue and high retentions. Examples include CARFAX dealer products (Advantage vehicle history, Car Listings, CARFAX For Life), BIG minimums with usage tiers, B2B Marketing & Sales solutions (automotiveMastermind, Market Reporting, Market Scan API priced by dealer rooftops) and Planning Solutions (vehicle & supply chain forecasting, powertrain and technology, global reporting).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Non-subscription (transactional): A smaller share of revenue comes from one-time or usage-based activities that are non-cyclical in nature — and that are usually tied to underlying business metrics such as OEM marketing spend or safety recall activity — as well as consulting and advisory services. Examples include CARFAX consumer pay-per-report purchases, Planning Solutions one-time data deliveries and recall campaign outreach that is volume-based. These transactional elements add flexibility for customers but are a minority of the portfolio relative to subscriptions.

#### Key Factors Affecting Our Results of Operations
We believe that our performance and future success depend on a number of factors that present significant opportunities for us but also pose risks and challenges, including those discussed below and in the section of this information statement entitled "Risk Factors."

#### Accelerated Technological Advancements and Vehicle Complexity
Our revenues are significantly influenced by the profound transformation of the automotive industry, driven by advancements such as EVs, Autonomous Vehicles ("AVs") and SDVs. This shift significantly

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increases the complexity of vehicle planning, production, purchasing, and maintenance processes. The integration of AI is powering new driving features like Advanced Driver Assistance Systems (ADAS) and is increasingly adopted by auto manufacturers for optimizing product development, supply chains, and customer targeting. These trends necessitate a higher demand for comprehensive and quality data to help OEMs and suppliers navigate new product choices, manage inventory, and adapt to evolving consumer expectations. We believe our solutions, including specialized data for EVs, SDVs and component-level forecasts, are crucial to our customers in navigating these complexities.

#### Trends in Consumer Automotive Purchases
Our performance is influenced by evolving consumer preferences and their willingness to spend on automotive products. Factors such as rising vehicle prices, potentially due to tariffs, can lead to shifts in demand for vehicle purchases and changes in the relative demand for new versus used vehicles. Our ability to provide data and analytics that help OEMs and dealers understand these shifts, identify high-intent buyers, and adapt their strategies to changing consumer expectations is crucial for our continued success. This includes providing insights into how consumers respond to pricing, incentives, and the increasing complexity of new vehicle technologies like EVs and AVs.

#### Evolving Consumer Preferences and Omnichannel Engagement
Consumer purchasing journeys have become more sophisticated, characterized by a heightened focus on digital engagement and a demand for personalized experiences. Consumers are increasingly informed, gathering information online and through various touchpoints, and seeking tailored offers before making purchasing decisions. The rise of digital retail and consumer empowerment means buyers expect transparency and control, leading to a greater reliance on verified data sources. In this context, CARFAX Car Care serves as a critical digital engagement point with over 53 million consumers as of December 31, 2025, informing their decisions about vehicles and related services by surfacing what service is needed, when, and likely cost estimates ahead of choosing a dealer or aftermarket shop. Over time, this upstream digital engagement will increasingly shape purchase and service choices before a consumer ever contacts a provider, shifting information needs to be served in advance and not exclusively by the dealer. Our success depends on our ability to provide the necessary data and analytics that enable OEMs and dealers to identify high-intent buyers, craft effective marketing campaigns, and deliver personalized offers across an omnichannel landscape, while also meeting consumers in these pre-dealer digital moments with trusted, decision-grade information.

#### Dynamic Supply Chain and Geopolitical Influences
Global supply chain disruptions can lead to increased costs for new vehicles, potentially shifting consumer demand towards the used car market. Furthermore, the macro environment is significantly impacted by tariff policies, which have led to substantial increases in trade-weighted tariff rates for automotive products, affecting demand purchasing patterns. Our solutions are vital in helping our customers navigate this period of uncertainty by providing tariff scenario planning, insights into cost changes, analytics for supply chain reconfiguration, and real-time understanding of localized price shifts. The increased importance of used vehicle history reports in a tariff-affected market also underscores the value of our CARFAX offerings.

#### Complex and Evolving Data Ecosystem Requiring Agile Planning and Data-Driven Solutions
The automotive industry demands real-time market data, granular and dynamic product insights, and flexible forecasting tools capable of accounting for greater uncertainty and multiple scenarios. The adoption of AI and predictive analytics further underscores the need for robust data platforms. Despite the increased data production, the industry's network of OEMs, suppliers, dealers, and consumers often faces challenges in accessing comprehensive and accurate information due to fragmentation and a lack of trust.

We hold a distinctive position as a leading provider of data and insights across the entire vehicle lifecycle. We believe our Strategy & Planning business line, offering independent forecasts and analytics, are essential for OEMs and suppliers to make critical capital investment decisions, manage complex product portfolios, and respond swiftly to market dynamics. Furthermore, our extensive data assets, established relationships,

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and trusted brands (such as CARFAX and Polk) enable us to bridge data gaps, providing the breadth and depth of data across all customer segments and lifecycle stages that are critical for continued relevance and growth.

Privacy laws continue to evolve at the state and federal level, which could impact the ability for companies to acquire and use data with PII. Our long-standing history of strong data management practices and focus on compliance with data privacy legislation has positioned us as a trusted steward of sensitive data with our customers and data suppliers such as the state DMVs. The long-standing DPPA and its state equivalents govern the use of much of this sensitive data. The DPPA, which has been in place for over three decades, is embedded in our culture and operations and has allowed us to build industry critical systems to support essential services to the market such as Vehicle Reclass Services. Our established custodianship of data for the automotive industry has allowed us to engage with legislative bodies as new privacy laws emerge to advocate for appropriate exemptions and to ensure that access to such data continues to be governed by the DPPA, helping us minimize the risk of impact on our business. See "Business—Regulation."

#### Increased Competition
We face competition in each of our business segments and across the geographic markets in which we operate. While we believe in the strength and importance of our offerings, our customers have the ability to switch to our competitors or cease using our products. Competitive factors impacting our business include market dynamics and evolving customer preferences, new product innovations and product development, pricing, cost inputs, and the ability to attract and retain talented employees. We expect that the continued attractiveness of the markets in which we operate will encourage existing and new competitors, which could increase competitive pressure over time. In addition, Chinese car manufacturers are expanding into global markets and intensifying competition for Western OEMs. This accelerates demand for the kind of comprehensive, real-time forecasting, supply chain, and market analytics we provide (e.g., scenario planning and competitive benchmarking), but it can also make it more challenging for us to deepen penetration with certain OEMs given our U.S. base and evolving geopolitical and regulatory considerations. We intend to continue to focus on the breadth and independence of our data, our global coverage, and our ability to serve multinational customers across regions to mitigate these risks and capture the increased need for decision-grade insights.

#### Investing in Continued Innovation and Brand Awareness
Our success is dependent on our ability to continuously provide mission-critical data and insights to our customers, informing their purchase, planning, manufacturing, and sales decisions. We are recognized as a pioneer in acquiring, aggregating, and presenting data that offers unique insights within the automotive industry. This has allowed us to organically and inorganically build significant brand awareness and a strong reputation, notably through trusted brands like CARFAX and Polk. Within CARFAX specifically, the cost of acquiring new customers is rising as major advertising platforms and vendors dial up their monetization, increasing the expense to reach and convert consumers via paid digital channels. We intend to continue to invest in brand and traffic generation efficiently (e.g., balancing brand media with performance spend) while expanding proprietary data assets and improving technology delivery, so we can reach new customers and maintain our leading position, especially as vehicle complexity increases with advancements in EVs, AVs, SDVs, and AI.

#### Deepening Relationships with Existing Customers and Acquiring New Customers
We have cultivated strong relationships with some of the world's leading OEMs, suppliers, and dealers, and we are committed to continuing to serve their evolving needs. We believe the increasing complexity within the automotive supply chain and the heightened demands for comprehensive and quality data have made our solutions essential to our customers. We are dedicated to providing additional solutions to address new problems, as evidenced by our planned initiatives to launch new products and expand into extended core markets and adjacencies. While maintaining strong relationships with our current clientele, our continued growth also relies on our ability to acquire new customers, including smaller suppliers, EV and SDV players,

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and automotive startups. Our products are designed to be extensible, allowing us to easily scale with new customers, and our success in this area will be driven by continued investment in our go-to-market strategies and product capabilities.

#### Disciplined Capital Allocation and Portfolio Management
We expect to generate positive free cash flow, which we will use to invest in our business, retain on our balance sheet to maintain flexibility, pursue acquisitions, and return capital to shareholders. We actively assess our capital allocation opportunities and policy and intend to take a disciplined and prudent approach to the allocation of our capital.

We also actively review and refine our portfolio through acquisitions that support our businesses as well as divestitures of assets that no longer match our strategic direction. We have demonstrated an ability to successfully acquire, integrate, and scale businesses, and we intend to pursue a disciplined approach to acquisitions and partnerships that can support our growth. We believe our cash flow generation and balance sheet will allow us to make acquisitions and divestitures while still maintaining a disciplined approach to return capital to shareholders; however, the pursuit of acquisitions and divestitures involves potential risks.

#### Separation from S&P Global
On April 29, 2025, S&P Global announced its intention to separate its S&P Global Mobility business into a standalone independent public company. We were formed in connection with the Separation to ultimately hold, directly or indirectly, certain assets, liabilities and legal entities comprising the Spin Business. The historical financial information of Mobility has not been included in this information statement as, from its formation on September 26, 2025 through March 31, 2026, Mobility has had no material assets, liabilities, operations, business transactions or activities other than those taken in contemplation of the Separation and those incidental to the preparation of this information statement and the registration statement on Form 10 to which this information statement is filed as an exhibit. For additional information about the Separation, see "The Separation." As a result of the Separation and costs associated with running an independent, publicly traded company, we expect to incur expenditures that may vary from historical allocations, which may have an impact on our profitability and operating cash flows.

#### Basis of Presentation
Throughout the periods included in these combined financial statements, we have operated as part of S&P Global and separate financial statements have not historically been prepared for us. The unaudited condensed combined financial statements and audited combined financial statements included elsewhere in this information statement have been prepared on a stand-alone basis and are derived from the consolidated financial statements and accounting records of S&P Global. The unaudited condensed combined financial statements and audited combined financial statements reflect our financial position, results of operations and cash flows as we were historically managed, in conformity with U.S. GAAP and pursuant to the rules and regulations of the SEC. All revenues and costs, as well as assets and liabilities, directly associated with the business activity of the Company are recorded in these financial statements. The unaudited condensed combined financial statements and audited combined financial statements include certain assets and liabilities that have historically been held at the S&P Global corporate level but are specifically identifiable or otherwise attributable to us. The unaudited condensed combined financial statements and audited combined financial statements also include allocations of certain expenses from S&P Global's corporate functions to the Company. The allocations were recorded on the basis of direct usage when identifiable, with the remainder allocated on a pro rata basis of combined revenue, headcount or other measures of the Company or S&P Global. Management believes the assumptions underlying the combined financial statements, including the assumptions regarding allocating general corporate expenses, are reasonable; however, the amounts are not necessarily representative of the amounts that would have been reflected in the financial statements had the Company historically operated independently of S&P Global. See Note 10 — *Related Party Transactions and Parent Company Investment* to the audited combined financial statements and Note 9 — *Related Party Transactions and Parent Company Investment* to the unaudited condensed combined financial statements included elsewhere in this information statement for further discussion.

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S&P Global's net investment in the Company has been presented as a component of equity in the unaudited condensed combined financial statements and audited combined financial statements. Distributions made by S&P Global to the Company or to S&P Global from the Company are recorded as transfers from and to S&P Global, and the net amount is presented on the combined statements of cash flows as "Net transfers to Parent."

Cash balances legally owned by the Company are reflected in the combined financial statements. S&P Global historically used a centralized approach to cash management and financing of its operations. These arrangements are not reflective of the manner in which we would have financed our operations had we been a stand-alone business separate from S&P Global during the periods for which the cash pooling arrangements were in place. During the three months ended March 31, 2026, the Company ceased its participation in certain of S&P Global's cash pooling arrangements. Cash related to cash pooling arrangements has not been included in the combined financial statements. These amounts have instead been reported as a component of "Parent company investment."

All significant intracompany transactions within the Company have been eliminated. Certain historical intercompany transactions between the Company and S&P Global have been included in these combined financial statements. These transactions are considered to be effectively settled in the combined financial statements at the time the transaction is recorded and were not historically settled in cash. The total net effect of the settlement of these intercompany transactions is reflected in the combined statements of cash flow as a financing activity and in the combined balance sheets as "Parent company investment." Certain other historical intercompany transactions between S&P Global and the Company have been classified as related party, rather than "Parent company investment" in the unaudited condensed combined financial statements and audited combined financial statements as they were historically settled in cash.

The unaudited condensed combined and audited combined financial statements may not be indicative of future performance and do not necessarily reflect what the combined statements of income, balance sheets and statements of cash flows would have been had we operated as a separate business during the periods presented. Actual costs that would have been incurred if we had operated on a stand-alone basis would depend on multiple factors, including organizational structure and strategic decisions made in various areas, including information technology and infrastructure. We are unable to quantify the amounts that we would have recorded during the historical periods on a stand-alone basis as it is not practicable to do so.

#### Components of Results of Operations

#### Revenue
Revenue is comprised of sales of our products to third parties. Revenue primarily consists of subscription revenue, which is generated from products that provide data and insight on future vehicle sales and production. Subscription revenue also includes a range of services to financial institutions, to support marketing, insurance underwriting, and claims management. Subscription revenue is recognized ratably. Non-subscription revenue includes transactional sales of data that are non-cyclical in nature and that are usually tied to underlying business metrics such as vehicle manufacturers, marketing spend, or safety recall activity.

#### Operating-Related Expenses
Operating-related expenses primarily includes expenses related to cost of sales. These include direct costs associated with revenue generating activities including employee compensation, rent and utilities.

#### Selling and General Expenses
Selling and general expenses primarily includes costs associated with selling, marketing, office facilities, shared services, employee compensation, research and development, corporate allocations and other administrative costs.

#### Depreciation and Amortization
Depreciation and amortization include depreciation and amortization of our fixed and intangible assets.

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#### Other Income, net
Other income, net primarily includes related party dividend income and unrealized losses on our equity investments.

#### Interest Expense, net
Interest expense, net primarily includes interest income and expense related to our related party loans.

#### Provision for Taxes on Income
Provision for taxes on income includes income tax calculated on a separate return methodology, based on amounts refundable or payable for the current year, and includes the results of any difference between U.S. GAAP accounting and tax reporting, recorded as deferred tax assets or liabilities.

#### Results of Operations

#### Three Months Ended March 31, 2026 Compared to Three Months Ended March 31, 2025
The following table summarizes our results of operations for the period presented:

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| | | | |
|:---|:---|:---|:---|
| | **Three months <br> ended <br> March 31,**  | **Three months <br> ended <br> March 31,**  | **% Change**  |
| **(in millions)**  | **2026**  | **2025**  | **'26 vs '25**  |
| Revenue  | $455 | $420 | 8% |
| Expenses: |  |  |  |
| &nbsp;&nbsp;&nbsp; Operating-related expenses  | 136 | 127 | 7% |
| &nbsp;&nbsp;&nbsp; Selling and general expenses  | 160 | 131 | 21% |
| &nbsp;&nbsp;&nbsp; Depreciation and amortization  | 78 | 78 | N/M |
| Total expenses  | 374 | 336 | 11% |
| Operating profit  | 81 | 84 | (4)% |
| &nbsp;&nbsp;&nbsp; Interest expense, net  | 3 | 3 | N/M |
| Income before taxes on income  | 78 | 81 | (4)% |
| &nbsp;&nbsp;&nbsp; Provision for taxes on income  | 23 | 23 | (2)% |
| Net income  | $55 | $58 | (5)% |
| % Operating profit margin  | 18% | 20% |  |

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N/M — Represents a change equal to or in excess of 100% or not meaningful

#### Revenue

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| | | | |
|:---|:---|:---|:---|
| | **Three months <br> ended <br> March 31,**  | **Three months <br> ended <br> March 31,**  | **% Change**  |
| **(in millions)**  | **2026**  | **2025**  | **'26 vs '25**  |
| Revenue  | $455 | $420 | 8% |
| Subscription revenue  | $372 | $343 | 8% |
| &nbsp;&nbsp;&nbsp; Non-subscription revenue  | $83 | $77 | 7% |
| &nbsp;&nbsp;&nbsp; % of total revenue:  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscription revenue  | 82% | 82% |  |
| Non-subscription revenue  | 18% | 18% |  |
| U.S. revenue  | $376 | $350 | 7% |
| &nbsp;&nbsp;&nbsp; International revenue  | $79 | $70 | 12% |
| &nbsp;&nbsp;&nbsp; % of total revenue:  |  |  |  |
| U.S. revenue  | 83% | 83% |  |
| &nbsp;&nbsp;&nbsp; International revenue  | 17% | 17% |  |

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Revenue increased 8% in the three months ended March 31, 2026 as compared to the three months ended March 31, 2025 primarily driven by an increase in subscription revenue in 2026 due to continued new business growth and solid underwriting volumes of $26 million and $2 million, respectively, and the remaining increase driven by improved contract terms. Non-subscription revenue growth reflects early signs of recovery in discretionary spending, with an uptick in transaction activity.

#### Expenses
 *Operating-Related Expenses and Selling and General Expenses* 

The following table provides an analysis by segment of our operating-related expenses and selling and general expenses for the periods ended March 31, 2026 and 2025:

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|:---|:---|:---|:---|:---|:---|:---|
| | **Three months ended March 31,**  | **Three months ended March 31,**  | **Three months ended March 31,**  | **Three months ended March 31,**  | | |
| | **2026**  | **2026**  | **2025**  | **2025**  | **% Change**  | **% Change**  |
| **(in millions)**  | **Operating- <br> related <br> expenses**  | **Selling and <br> general <br> expenses**  | **Operating- <br> related <br> expenses**  | **Selling and <br> general <br> expenses**  | **Operating- <br> related <br> expenses**  | **Selling and <br> general <br> expenses**  |
| CARFAX | $68 | $91 | $63 | $85 | 9% | 7% |
| B2B<sup>(</sup><sup>1)</sup>  | 68 | 56 | 64 | 39 | 6% | 41% |
| &nbsp;&nbsp;&nbsp; Total segment  | 136 | 147 | 127 | 124 | 7% | 18% |
| Corporate Unallocated expense<sup>(2)</sup>  |  | 13 |  | 7 | N/M | 90% |
|  | $136 | $160 | $127 | $131 | 7% | 21% |

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N/M — Represents a change equal to or in excess of 100% or not meaningful

(1) During the three months ended March 31, 2026, selling and general expenses include transaction costs of $13 million related to the stand-up of the Spin Business as a standalone entity incurred prior to the Separation. In 2025, selling and general expenses include acquisition integration costs of less than $1 million.

(2) During the three months ended March 31, 2026, selling and general expenses include transaction costs of $8 million related to the stand-up of the Spin Business as a standalone entity incurred prior to the Separation. During the three months ended March 31, 2025, selling and general expenses include employee severance charges of $1 million and other employee-related costs of $1 million.

Operating-related expenses increased 7% in the three months ended March 31, 2026 as compared to the three months ended March 31, 2025, primarily driven an increase in compensation costs of $3 million related to annual merit increases and higher incentives, and higher technology costs of $2 million.

Selling and general expenses increased 21% in the three months ended March 31, 2026 as compared to the three months ended March 31, 2025. Excluding the impact of transaction costs in 2026 of 15 percentage points partially offset by higher employee severance charges in 2025 of 1 percentage points and higher other employee-related costs in 2025 of 1%, selling and general expenses increased 8% primarily driven by an increase in advertising and promotion costs of $8 million and strategic investments.

 *Depreciation and Amortization* 

Depreciation and amortization for the three months ended March 31, 2026 remained unchanged as compared to the three months ended March 31, 2025.

#### Operating Profit
We consider operating profit to be an important measure for evaluating our operating performance and we evaluate operating profit for each of the reportable business segments in which we operate.

We internally manage our operations by reference to operating profit with economic resources allocated primarily based on each segment's contribution to operating profit. Segment operating profit is defined as operating profit before Corporate Unallocated expense.

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The table below reconciles segment operating profit to total operating profit for the periods presented:

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| | | | |
|:---|:---|:---|:---|
| | **Three months ended <br> March 31,**  | **Three months ended <br> March 31,**  | **% Change**  |
| **(in millions)**  | **2026**  | **2025**  | **'26 vs '25**  |
| CARFAX<sup>(1)</sup> | $89 | $77 | 15% |
| B2B<sup>(2)</sup> | 5 | 14 | (62)% |
| &nbsp;&nbsp;&nbsp; Total segment operating profit  | 94 | 91 | 3% |
| Corporate Unallocated expense<sup>(3)</sup>  | (13) | (7) | 90% |
| &nbsp;&nbsp;&nbsp; Total operating profit  | $81 | $84 | (4)% |

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(1) The three months ended March 31, and the three months ended March 31, 2025 include amortization of intangibles from acquisitions of $47 million.

(2) The three months ended March 31, 2026 transaction costs of $13 million. 2026 and 2025 include amortization of intangibles from acquisitions of $27 million.

(3) 2026 includes transaction costs of $8 million. 2025 includes employee severance charges of $1 million and other employee-related costs of $1 million.

Total operating profit decreased 4% in the three months ended March 31, 2026 as compared to the three months ended March 31, 2025. Excluding the impact of transaction costs in 2026 of 15 percentage points, partially offset by higher employee severance charges in 2025 of 1 percentage point and higher other employee-related costs in 2025 of 1 percentage point, operating profit increased 9%. The increase was primarily driven by revenue growth, partially offset by an increase in advertising and promotion costs, higher compensation costs driven by annual merit increases and an increase in strategic investments. See "Segment Results of Operations" below for further information.

Corporate Unallocated expense includes costs for corporate functions, select initiatives and unoccupied office space, included in selling and general expenses. Corporate Unallocated expense increased 90% in the three months ended March 31, 2026 compared to the three months ended March 31, 2025. Excluding the impact of higher transaction costs associated with the stand-up of the Spin Business in connection with the Separation in the three months ended March 31, 2026 of 108 percentage points, partially offset by higher other employee-related costs in 2025 of 12 percentage points, higher employee severance charges in 2025 of 16 percentage points, acquisition related costs in 2025 of 2 percentage points and lease impairment in 2025 of 1 percentage points. Corporate Unallocated expense increased 13% primarily due to conference expenses and professional fees.

#### Interest Expense, net
Interest expense, net for the three months ended March 31, 2026 remained unchanged compared to the three months ended March 31, 2025. See Note 9 — *Related Party Transactions and Parent Company Investment* to the unaudited condensed combined financial statements included elsewhere in this information statement for further discussion.

#### Provision for Income Taxes
The effective income tax rate was 28.7% and 28.2% for the three months ended March 31, 2026 and March 31, 2025, respectively. The higher rate for the three months ended March 31, 2026 was primarily due to an increase in the state and local tax rate.

The Organization for Economic Co-operation and Development ("OECD") introduced an international tax framework under Pillar Two that provides for a global minimum tax of 15%, which is implemented through local legislation in participating jurisdictions. The effects of Pillar Two taxes enacted in jurisdictions in which we operate have been reflected in our results and did not have a material impact on our combined financial statements.

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On January 5, 2026, the OECD issued administrative guidance outlining a framework under which U.S. parented groups may be excluded from the application of the OECD's global minimum tax rules. Each member jurisdiction will need to adopt this guidance into local law, and the timing and manner of adoption may vary. We are continuing to monitor developments related to this guidance and will evaluate the impact on our financial statements as additional information becomes available.

 ***Year Ended December 31, 2025 Compared to Year Ended December 31, 2024 and the Year Ended December 31, 2024 Compared to the Year Ended December 31, 2023***

In 2025, the Company refined its segment cost allocation methodologies to align with the segment financial results as currently reviewed by the Chief Operating Decision Maker. Accordingly, the Company has updated its segment disclosures to reflect the updated presentation for all periods presented. The Company's combined results did not change as a result of this change in allocation methodology. Refer to Note 8 — *Segment and Geographic Information* for further detail.

The following table summarizes our results of operations for the periods presented:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year ended December 31,**  | **Year ended December 31,**  | **Year ended December 31,**  | **% Change**  | **% Change**  |
| **(in millions)**  | **2025**  | **2024**  | **2023**  | **'25 vs '24**  | **'24 vs '23**  |
| Revenue | $1750 | $1613 | $1485 | 9% | 9% |
| Expenses: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Operating-related expenses  | 516 | 475 | 448 | 9% | 6% |
| &nbsp;&nbsp;&nbsp; Selling and general expenses  | 585 | 531 | 491 | 10% | 8% |
| &nbsp;&nbsp;&nbsp; Depreciation and amortization  | 310 | 309 | 307 | —% | 1% |
| Total expenses  | 1411 | 1315 | 1246 | 7% | 5% |
| Operating profit  | 339 | 298 | 239 | 14% | 25% |
| &nbsp;&nbsp;&nbsp; Other income, net  |  | (1) | (2) | (88)% | (62)% |
| &nbsp;&nbsp;&nbsp; Interest expense, net  | 13 | 15 | 17 | (14)% | (12)% |
| Income before taxes on income  | 326 | 284 | 224 | 15% | 27% |
| &nbsp;&nbsp;&nbsp; Provision for taxes on income  | 106 | 76 | 61 | 39% | 25% |
| Net income  | $220 | $208 | $163 | 6% | 27% |
| % Operating profit margin  | 19% | 19% | 16% |  |  |

---

#### Revenue

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year ended December 31,**  | **Year ended December 31,**  | **Year ended December 31,**  | **% Change**  | **% Change**  |
| **(in millions)**  | **2025**  | **2024**  | **2023**  | **'25 vs '24**  | **'24 vs '23**  |
| Revenue  | $1750 | $1613 | $1485 | 9% | 9% |
| Subscription revenue  | $1426 | $1303 | $1170 | 9% | 11% |
| Non-subscription revenue  | $324 | $310 | $315 | 5% | (2)% |
| % of total revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscription revenue  | 81% | 81% | 79% |  |  |
| &nbsp;&nbsp;&nbsp; Non-subscription revenue  | 19% | 19% | 21% |  |  |
| U.S. revenue  | $1454 | $1329 | $1224 | 9% | 9% |
| International revenue  | $296 | $284 | $261 | 4% | 9% |
| % of total revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. revenue  | 83% | 82% | 82% |  |  |
| &nbsp;&nbsp;&nbsp; International revenue  | 17% | 18% | 18% |  |  |

---

 *2025* 

Revenue increased 9% in 2025 as compared to 2024 primarily driven by an increase in subscription revenue in 2025 due to continued new business growth and solid underwriting volumes of $76 million and

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$13 million, respectively, and the remaining increase driven by improved contract terms. Non-subscription revenue growth was unfavorably impacted by $2 million due to the tightening of discretionary budgets due to market conditions around tariffs and uncertainty around EV adoption, together with lower recall activity of $3 million.

 *2024* 

Revenue increased 9% in 2024 as compared to 2023 and was unfavorably impacted by less than 1 percentage point from the net impact of an acquisition and disposition. Revenue increased as compared to 2023 driven by an increase in subscription revenue in 2024 primarily due to continued new business growth and solid underwriting volumes of $80 million and $17 million, respectively, partially offset by a decrease in non-subscription revenue due to lower recall activity and marketing services of $15 million and $2 million, respectively. Revenue growth of 9% was favorably impacted by $3 million from the acquisition of Market Scan in February 2023 and unfavorably impacted by $5 million from the disposition of Catalyst for Aftersales in August 2023. See Note 2 — *Acquisitions and Divestitures* to the audited combined financial statements included elsewhere in this information statement for further discussion.

#### Expenses
 *2025 versus 2024* 

 *Operating-Related Expenses and Selling and General Expenses* 

The following table provides an analysis by segment of our operating-related expenses and selling and general expenses for the periods presented:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **2025**  | **2025**  | **2024**  | **2024**  | **% Change**  | **% Change**  |
| **(in millions)**  | **Operating- <br> related <br> expenses**  | **Selling and <br> general <br> expenses**  | **Operating- <br> related <br> expenses**  | **Selling and <br> general <br> expenses**  | **Operating- <br> related <br> expenses**  | **Selling and <br> general <br> expenses**  |
| CARFAX<sup>(1)</sup> | $258 | $363 | $243 | $339 | 6% | 7% |
| B2B<sup>(2)</sup> | 258 | 177 | 232 | 162 | 11% | 9% |
| &nbsp;&nbsp;&nbsp; Total segment  | 516 | 540 | 475 | 501 | 9% | 8% |
| Corporate Unallocated expense<sup>(3)</sup>  |  | 45 |  | 30 | N/M | 50% |
|  | $516 | $585 | $475 | $531 | 9% | 10% |

---

N/M — Represents a change equal to or in excess of 100% or not meaningful

(1) In 2025, selling and general expenses include employee severance charges of $2 million. In 2024, selling and general expenses include employee severance charges and acquisition integration costs of less than $1 million.

(2) In 2025, selling and general expenses include employee severance charges of $13 million, transaction costs of $9 million related to the stand-up of the Spin Business as a standalone entity incurred prior to the Separation, Executive Leadership Team ("ELT") transition benefit of $5 million and legal settlement recovery of $3 million. In 2024, selling and general expenses include employee severance charges of $7 million, acquisition integration costs of $4 million and acquisition and disposition-related costs of $2 million.

(3) In 2025, selling and general expenses include transaction costs of $12 million related to the stand-up of the Spin Business as a standalone entity incurred prior to the Separation, employee severance charges of $5 million, ELT transition costs of $5 million and a statutorily required labor law accrual adjustment of $1 million. In 2024, selling and general expenses include acquisition integration costs of $5 million, employee severance costs of $3 million, acquisition and disposition-related costs of $2 million and ELT transition costs of $1 million, partially offset by an asset write-off of $1 million.

Operating-related expenses increased 9% in 2025 as compared to 2024, primarily driven by an increase in compensation costs of $14 million related to annual merit increases and higher technology costs of $7 million.

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Selling and general expenses increased 10% in 2025 as compared to 2024. Excluding the impact of transaction costs in 2025 of 4 percentage points and higher employee severance charges in 2025 of 2 percentage points, partially offset by a legal settlement recovery of 1 percentage point, acquisition integration costs of 1 percentage point and acquisition related costs of 1 percentage point, selling and general expenses increased 7% primarily driven by an increase in strategic investments including advertising and promotion costs of $23 million.

 *Depreciation and Amortization* 

Depreciation and amortization increased less than 1% in 2025 as compared to 2024 primarily due to higher depreciation expense.

 *2024 versus 2023* 

The following table provides an analysis by segment of our operating-related expenses and selling and general expenses for the periods presented:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **2024**  | **2024**  | **2023**  | **2023**  | **% Change**  | **% Change**  |
| **(in millions)**  | **Operating- <br> related <br> expenses**  | **Selling and <br> general <br> expenses**  | **Operating- <br> related <br> expenses**  | **Selling and <br> general <br> expenses**  | **Operating- <br> related <br> expenses**  | **Selling and <br> general <br> expenses**  |
| CARFAX<sup>(1)</sup> | $243 | $339 | $221 | $300 | 10% | 13% |
| B2B<sup>(2)</sup> | 232 | 162 | 227 | 159 | 2% | 2% |
| &nbsp;&nbsp;&nbsp; Total segment  | 475 | 501 | 448 | 459 | 6% | 9% |
| Corporate Unallocated expense<sup>(3)</sup>  |  | 30 |  | 32 | N/M | (6)% |
|  | $475 | $531 | $448 | $491 | 6% | 8% |

---

N/M — Represents a change equal to or in excess of 100% or not meaningful

(1) In 2024 and 2023, selling and general expenses include employee severance charges and acquisition integration costs of less than $1 million.

(2) In 2024, selling and general expenses include employee severance charges of $7 million, acquisition integration costs of $4 million and acquisition and disposition-related costs of $2 million. In 2023, selling and general expenses include employee severance charges of $9 million, acquisition integration costs of $2 million and acquisition and disposition-related costs of $3 million.

(3) In 2024, selling and general expenses include acquisition integration costs of $5 million, employee severance costs of $3 million, acquisition and disposition-related costs of $2 million and ELT transition costs of $1 million, partially offset by an asset write-off of $1 million. In 2023, selling and general expenses include acquisition integration costs of $15 million and acquisition and disposition-related costs of $1 million.

Operating-related expenses increased 6% in 2024 as compared to 2023, primarily driven by an increase in compensation costs of $22 million related to annual merit increases and higher technology costs of $5 million.

Selling and general expenses increased 8% in 2024 as compared to 2023. Excluding the impact of acquisition integration costs, selling and general expenses increased 10% primarily driven by an increase in compensation costs of $19 million related to annual merit increases and higher incentives, and an increase in strategic investments including advertising and promotion costs of $18 million.

 *Depreciation and Amortization* 

Depreciation and amortization increased 1% in 2024 as compared to 2023, primarily due to higher depreciation expense at CARFAX.

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#### Operating Profit
The table below reconciles segment operating profit to total operating profit for the periods presented:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year ended December 31,**  | **Year ended December 31,**  | **Year ended December 31,**  | **% Change**  | **% Change**  |
| **(in millions)**  | **2025**  | **2024**  | **2023**  | **'25 vs '24**  | **'24 vs '23**  |
| CARFAX<sup>(1)</sup> | $322 | $259 | $210 | 25% | 23% |
| B2B<sup>(2)</sup> | 62 | 69 | 61 | (12)% | 15% |
| &nbsp;&nbsp;&nbsp; Total segment operating profit  | 384 | 328 | 271 | 17% | 21% |
| Corporate Unallocated expense<sup>(3)</sup>  | (45) | (30) | (32) | 49% | (5)% |
| &nbsp;&nbsp;&nbsp; Total operating profit  | $339 | $298 | $239 | 14% | 25% |

---

(1) 2025 includes employee severance charges of $2 million. 2024 and 2023 include employee severance charges and acquisition integration costs of less than $1 million. 2025, 2024 and 2023 include amortization of intangibles from acquisitions of $189 million, $190 million and $190 million, respectively.

(2) 2025 includes employee severance charges of $13 million, transaction costs of $9 million, ELT transition benefit of $5 million and a legal settlement recovery of $3 million. 2024 includes employee severance charges of $7 million, acquisition integration costs of $4 million and acquisition and disposition-related costs of $2 million. 2023 includes employee severance charges of $9 million, acquisition integration costs of $2 million and acquisition and disposition-related costs of $3 million. 2025, 2024 and 2023 include amortization of intangibles from acquisitions of $107 million, $107 million and $106 million, respectively.

(3) 2025 includes transaction costs of $12 million, employee severance charges of $5 million, ELT transition costs of $5 million and a statutorily required labor law accrual adjustment of $1 million. 2024 includes acquisition integration costs of $5 million, employee severance costs of $3 million, acquisition and disposition-related costs of $2 million and ELT transition costs of $1 million, partially offset by an asset write-off of $1 million. 2023 includes acquisition integration costs of $15 million and acquisition and disposition-related costs of $1 million.

 *2025* 

Total operating profit increased 14% in 2025 as compared to 2024. Excluding the impact of transaction costs in 2025 of 5 percentage points and higher employee severance charges in 2025 of 3 percentage points, partially offset by higher acquisition integration costs in 2024 of 2 percentage points and a legal settlement recovery in 2025 of 1 percentage point, operating profit increased 9%. The increase was primarily driven by revenue growth, partially offset by higher compensation costs driven by annual merit increases, an increase in advertising and promotion costs and an increase in strategic investments. See "Segment Results of Operations" below for further information.

Corporate Unallocated expense includes costs for corporate functions, select initiatives and unoccupied office space, included in selling and general expenses. Corporate Unallocated expense increased 49% in 2025 compared to 2024. Excluding the impact of higher transaction costs associated with the stand-up of the Spin Business in connection with the Separation in 2025 of 38 percentage points, higher ELT transition costs in 2025 of 13 percentage points, higher employee severance charges in 2025 of 9 percentage points, asset write off in 2024 of 2 percentage points, a statutorily required labor law accrual adjustment of 1 percentage point, lease impairment of 1 percentage point, partially offset by acquisition integration costs of 17 percentage points and acquisition related costs of 5 percentage points, Corporate Unallocated expense increased 7% primarily due to increased compensation costs.

 *2024* 

Total operating profit increased 25% in 2024 as compared to 2023. Excluding the impact of higher acquisition integration costs in 2023 of 19 percentage points and an asset write-off in 2024 of 1 percentage point, partially offset by higher acquisition and disposition-related costs in 2024 of 2 percentage points, ELT

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transition costs in 2024 of 1 percentage point and higher amortization of intangibles in 2024 of 1 percentage point, operating profit increased 9%, primarily due to revenue growth, partially offset by higher compensation costs, increased incentives, an increase in strategic investments and expenses associated with the acquisition of Market Scan in February 2023. See "Segment Results of Operations" below for further information.

Corporate Unallocated expense includes costs for corporate functions, select initiatives and unoccupied office space, included in selling and general expenses, Corporate Unallocated expense decreased 5% in 2024 compared to 2023. Excluding the impact of higher acquisition integration costs in 2023 of 50 percentage points, and an asset write-off in 2024 of 3 percentage points, partially offset by higher employee severance charges in 2024 of 13 percentage points, higher acquisition and disposition-related costs in 2024 of 8 percentage points and ELT transition costs in 2024 of 3 percentage points, Corporate Unallocated expense increased 24% primarily due to an increase in compensation costs and higher incentives.

#### Other Income, net
Other income, net for 2024 was $1 million as compared to $2 million in 2023, primarily due to a reduction in a related party dividend income in 2024. No intercompany cash dividends were received for the year ended December 31, 2025. See Note 10 — *Related Party Transactions and Parent Company Investment* to the audited combined financial statements included elsewhere in this information statement for further discussion.

#### Interest Expense, net
Interest expense, net for 2025 decreased $2 million or 14% compared to 2024. Interest expense, net for 2024 decreased $2 million or 12% compared to 2023. The decreases are primarily due to lower related party interest expense recorded related to the Canada Carfax Loan (defined below). See Note 10 — *Related Party Transactions and Parent Company Investment* to the audited combined financial statements included elsewhere in this information statement for further discussion.

#### Provision for Income Taxes
Our effective tax rate was 32.5%, 26.8% and 27.3% for 2025, 2024 and 2023, respectively. The increase in our 2025 rate as compared to 2024 is primarily due to change in jurisdictional mix of income and a combination of discrete adjustments. The decrease in our 2024 rate as compared to 2023 is primarily due to change in jurisdictional mix of income.

#### Segment Results of Operations

#### Three Months Ended March 31, 2026 Compared to Three Months Ended March 31, 2025
We operate our business as two reportable segments: CARFAX and B2B.

#### CARFAX
The following table provides revenue and segment operating profit information for the periods presented:

---

| | | | |
|:---|:---|:---|:---|
| | **Three months ended <br> March 31,**  | **Three months ended <br> March 31,**  | **% Change**  |
| **(in millions)**  | **2026**  | **2025**  | **'26 vs '25**  |
| Revenue  | $298 | $275 | 8% |
| Subscription revenue  | $242 | $225 | 8% |
| &nbsp;&nbsp;&nbsp; Non-subscription revenue  | $56 | $50 | 10% |
| &nbsp;&nbsp;&nbsp; % of total revenue:  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscription revenue  | 81% | 82% |  |

---

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---

| | | | |
|:---|:---|:---|:---|
| | **Three months <br> ended <br> March 31,**  | **Three months <br> ended <br> March 31,**  | **% Change**  |
| **(in millions)**  | **2026**  | **2025**  | **'26 vs '25**  |
| Non-subscription revenue  | 19% | 18% |  |
| U.S. revenue  | $253 | $236 | 7% |
| &nbsp;&nbsp;&nbsp; International revenue  | $45 | $39 | 16% |
| &nbsp;&nbsp;&nbsp; % of total revenue:  |  |  |  |
| U.S. revenue  | 85% | 86% |  |
| &nbsp;&nbsp;&nbsp; International revenue  | 15% | 14% |  |
| Operating profit<sup>(1)</sup>  | $89 | $77 | 15% |
| &nbsp;&nbsp;&nbsp; % Operating profit margin  | 30% | 28% |  |

---

(1) The three months ended March 31, 2026 and 2025 include amortization of intangibles from acquisitions of $47 million.

Revenue increased 8% in the three months ended March 31, 2026 as compared to the three months ended March 31, 2025 primarily driven by an increase in subscription revenue in 2026 due to continued new business growth and solid underwriting volumes of $22 million and $2 million, respectively, and the remaining increase driven by improved contract terms.

Operating profit increased 15% in the three months ended March 31, 2026 as compared to the three months ended March 31, 2025. Excluding the impact of transaction costs related to the stand-up of the Spin Business in 2026 of 11 percentage points partially offset by higher acquisition integration costs in 2025 of 5 percentage points, operating profit increased 9% primarily driven by revenue growth, partially offset by an increase in advertising and promotion costs and strategic investments.

#### B2B
The following table provides revenue and segment operating profit information for the periods presented:

---

| | | | |
|:---|:---|:---|:---|
| | **Three months ended <br> March 31,**  | **Three months ended <br> March 31,**  | **% Change**  |
| **(in millions)**  | **2026**  | **2025**  | **'26 vs '25**  |
| Revenue  | $157 | $145 | 8% |
| Subscription revenue  | $130 | $118 | 9% |
| &nbsp;&nbsp;&nbsp; Non-subscription revenue  | $27 | $27 | (1)% |
| &nbsp;&nbsp;&nbsp; % of total revenue:  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscription revenue  | 83% | 82% |  |
| Non-subscription revenue  | 17% | 18% |  |
| U.S. revenue  | $123 | $114 | 8% |
| &nbsp;&nbsp;&nbsp; International revenue  | $34 | $31 | 7% |
| &nbsp;&nbsp;&nbsp; % of total revenue:  |  |  |  |
| U.S. revenue  | 79% | 78% |  |
| &nbsp;&nbsp;&nbsp; International revenue  | 21% | 22% |  |
| Operating profit<sup>(1)</sup>  | $5 | $14 | (62)% |
| &nbsp;&nbsp;&nbsp; % Operating profit margin  | 3% | 10% |  |

---

(1) The three months ended March 31, 2026 includes transaction costs of $13 million. The three months ended March 31, 2026 and 2025 include amortization of intangibles from acquisitions of $27 million.

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Revenue increased 8% in the three months ended March 31, 2026 as compared to the three months ended March 31, 2025 primarily driven by an increase in subscription revenue in 2026 due to continued new business growth of $5 million and the remaining increase driven by improved contract terms. Non-subscription revenue remained relatively unchanged.

Operating profit decreased 62% in the three months ended March 31, 2026 as compared to the three months ended March 31, 2025. Excluding the impact of higher transaction costs related to the stand-up of the Spin Business in 2026 of 73 percentage points, partially offset by higher acquisition integration costs in 2025 of 2 percentage points, operating profit increased 9% primarily driven by revenue growth partially offset by higher compensation costs driven by annual merit increases, higher incentives and an increase in strategic investments.

 ***Year Ended December 31, 2025 Compared to Year Ended December 31, 2024, and the Year Ended December 31, 2024 Compared to the Year Ended December 31, 2023***

#### CARFAX
The following table provides revenue and segment operating profit information for the periods presented:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year ended December 31,**  | **Year ended December 31,**  | **Year ended December 31,**  | **% Change**  | **% Change**  |
| **(in millions)**  | **2025**  | **2024**  | **2023**  | **'25 vs '24**  | **'24 vs '23**  |
| Revenue  | $1142 | $1039 | $928 | 10% | 12% |
| Subscription revenue  | $927 | $843 | $748 | 10% | 13% |
| Non-subscription revenue  | $215 | $196 | $180 | 10% | 9% |
| % of total revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscription revenue  | 81% | 81% | 81% |  |  |
| &nbsp;&nbsp;&nbsp; Non-subscription revenue  | 19% | 19% | 19% |  |  |
| U.S. revenue  | $974 | $884 | $791 | 10% | 12% |
| International revenue  | $168 | $155 | $137 | 9% | 13% |
| % of total revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. revenue  | 85% | 85% | 85% |  |  |
| &nbsp;&nbsp;&nbsp; International revenue  | 15% | 15% | 15% |  |  |
| Operating profit<sup>(1)</sup>  | $322 | $259 | $210 | 25% | 23% |
| % Operating profit margin  | 28% | 25% | 23% |  |  |

---

(1) 2025 includes employee severance charges of $2 million. 2024 and 2023 include employee severance charges and acquisitions integration costs of less than $1 million. 2025, 2024 and 2023 includes amortization of intangibles from acquisitions of $189 million, $190 million and $190 million, respectively.

 *2025* 

Revenue increased 10% in 2025 as compared to 2024 primarily due to continued new business growth and solid underwriting volumes of $46 million and $13 million, respectively, and the remaining increase driven by improved contract terms.

Operating profit increased 25% in 2025 as compared to 2024. Excluding the impact of higher employee severance charges in 2025 of 11 percentage points, operating profit increased 14% primarily driven by revenue growth, partially offset by an increase in advertising and promotion costs, an increase in strategic investments and higher compensation costs driven by annual merit increases.

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 *2024* 

Revenue increased 12% in 2024 as compared to 2023 primarily due to new business growth and strong performance from our insurance products of $54 million and $17 million, respectively.

Operating profit increased 23% in 2024 as compared to 2023. Excluding the impact of higher amortization of intangibles from acquisitions in 2023 of 7 percentage points, higher acquisition integration costs in 2023 of 2 percentage points and higher employee severance charges in 2023 of 2 percentage points, operating profit increased 12% primarily driven by revenue growth, partially offset by higher compensation costs driven by annual merit increases, higher incentives and an increase in strategic investments.

#### B2B
The following table provides revenue and segment operating profit information for the periods presented:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year ended December 31,**  | **Year ended December 31,**  | **Year ended December 31,**  | **% Change**  | **% Change**  |
| **(in millions)**  | **2025**  | **2024**  | **2023**  | **'25 vs '24**  | **'24 vs '23**  |
| Revenue  | $608 | $574 | $557 | 6% | 3% |
| Subscription revenue  | $499 | $460 | $422 | 8% | 8% |
| Non-subscription revenue  | $109 | $114 | $135 | (4)% | (16)% |
| % of total revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Subscription revenue  | 82% | 80% | 76% |  |  |
| &nbsp;&nbsp;&nbsp; Non-subscription revenue  | 18% | 20% | 24% |  |  |
| U.S. revenue  | $480 | $445 | $433 | 8% | 3% |
| International revenue  | $128 | $129 | $124 | (1)% | 4% |
| % of total revenue: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. revenue  | 79% | 78% | 78% |  |  |
| &nbsp;&nbsp;&nbsp; International revenue  | 21% | 22% | 22% |  |  |
| Operating profit<sup>(1)</sup>  | $62 | $69 | $61 | (12)% | 15% |
| % Operating profit margin  | 10% | 12% | 11% |  |  |

---

(1) 2025 includes employee severance charges of $13 million, transaction costs of $9 million, ELT transition benefit of $5 million and legal settlement recovery of $3 million. 2024 includes employee severance charges of $7 million, acquisition integration costs of $4 million and acquisition and disposition-related costs of $2 million. 2023 includes employee severance charges of $9 million, acquisition integration costs of $2 million and acquisition and disposition-related costs of $3 million. 2025, 2024 and 2023 include amortization of intangibles from acquisitions of $107 million, $107 million and $106 million, respectively.

 *2025* 

Revenue increased 6% in 2025 as compared to 2024 primarily driven by subscription revenue growth due to continued new business growth of $30 million and the remaining increase driven by improved contract terms. Non-subscription revenue decreased due to the tightening of discretionary budgets due to market conditions around tariffs and uncertainty around EV adoption of $2 million, together with lower recall activity of $3 million.

Operating profit decreased 12% in 2025 as compared to 2024. Excluding the impact of transaction costs of 32% and higher employee severance charges in 2025 of 24 percentage points, a statutorily required labor law accrual adjustment of 1 percentage point, partially offset by ELT transition costs of 16 percentage points, higher acquisition integration costs in 2024 of 14 percentage points, legal settlement recovery of 11 percentage points, higher acquisition related costs in 2025 of 7 percentage points, operating profit

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decreased 3% primarily driven by higher compensation costs driven by annual merit increases, higher incentives and an increase in strategic investments, partially offset by revenue growth.

 *2024* 

Revenue increased 3% in 2024 as compared to 2023 and was unfavorably impacted by less than 1 percentage point from the net impact of an acquisition and disposition. Revenue increased in 2024 as compared to 2023 primarily due to subscription revenue growth, partially offset by a decrease in non-subscription revenue due to lower recall activity and marketing services of $15 million and $2 million, respectively. Revenue growth was favorably impacted by $3 million from the acquisition of Market Scan in February 2023 and unfavorably impacted by $5 million from the disposition of Catalyst for Aftersales in August 2023. See Note 2 — *Acquisitions and Divestitures* to the audited combined financial statements included elsewhere in this information statement for further discussion.

Operating profit increased 15% in 2024 as compared to 2023. Excluding the impact of higher employee severance charges in 2023 of 36 percentage points, and higher acquisition and disposition-related costs in 2023 of 6 percentage points, partially offset by higher acquisition integration costs in 2024 of 18 percentage points and higher amortization of intangibles in 2024 of 13 percentage points, operating profit increased 4% primarily driven by revenue growth, partially offset by higher compensation costs driven by annual merit increases, higher incentives, an increase in strategic investments and increased operating costs associated with Market Scan.

#### Non-GAAP Financial Information

#### Adjusted EBITDA and Adjusted EBITDA Margin
Adjusted EBITDA is a non-GAAP measure and is defined as our U.S. GAAP net income adjusted to exclude (1) interest, (2) provisions for taxes on income, (3) depreciation and amortization, (4) stock-based compensation, (5) transaction costs related to the stand-up of the Spin Business in connection with the Separation, (6) employee severance charges, (7) acquisition integration costs, (8) acquisition and disposition-related costs, (9) legal settlement recovery and (10) other non-operational and/or non-recurring expenses. Net income is the most directly comparable U.S. GAAP financial measure to Adjusted EBITDA. Adjusted EBITDA margin is a non-GAAP measure and refers to Adjusted EBITDA divided by U.S. GAAP revenue.

We believe the presentation of Adjusted EBITDA and Adjusted EBITDA margin provides useful measures for period-over-period comparisons of our business, as they remove the effects of certain non-cash items and other non-recurring costs that are not indicative of our core operating performance or results of operations. They are also measures that our management relies upon to evaluate business performance.

Adjusted EBITDA and Adjusted EBITDA margin are not intended to be performance measures that should be regarded as alternatives to, or more meaningful than, net income or net income margin as indicators of operating performance. Adjusted EBITDA and Adjusted EBITDA margin should not be considered in isolation or as substitutes for analysis or our results reported under U.S. GAAP. Adjusted EBITDA and Adjusted EBITDA margin, as we calculate them, may not be comparable to similarly titled measures employed by other companies.

The following table presents a reconciliation of our net income to Adjusted EBITDA for the periods presented:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three months ended <br> March 31,**  | **Three months ended <br> March 31,**  | **Year ended December 31,**  | **Year ended December 31,**  | **Year ended December 31,**  |
| **(in millions)**  | **2026**  | **2025**  | **2025**  | **2024**  | **2023**  |
| Net income  | $55 | $58 | $220 | $208 | $163 |
| &nbsp;&nbsp;&nbsp; Interest, net  | 3 | 3 | 13 | 15 | 17 |
| &nbsp;&nbsp;&nbsp; Provision for taxes on income  | 23 | 23 | 106 | 76 | 61 |
| &nbsp;&nbsp;&nbsp; Depreciation and amortization  | 78 | 78 | 310 | 309 | 307 |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three months <br> ended <br> March 31,**  | **Three months <br> ended <br> March 31,**  | **Year ended December 31,**  | **Year ended December 31,**  | **Year ended December 31,**  |
| **(in millions)**  | **2026**  | **2025**  | **2025**  | **2024**  | **2023**  |
| &nbsp;&nbsp;&nbsp; Stock-based compensation  | 4 | 5 | 22 | 28 | 20 |
| &nbsp;&nbsp;&nbsp; Transaction costs  | 21 |  | 21 |  |  |
| &nbsp;&nbsp;&nbsp; Employee severance charges  |  | 1 | 20 | 10 | 9 |
| &nbsp;&nbsp;&nbsp; Acquisition integration costs  |  |  |  | 9 | 17 |
| &nbsp;&nbsp;&nbsp; Acquisition and disposition-related costs  |  |  |  | 4 | 4 |
| &nbsp;&nbsp;&nbsp; Legal settlement recovery  |  |  | (3) |  |  |
| &nbsp;&nbsp;&nbsp; Other<sup>(1)</sup>  |  | 1 | 2 |  |  |
| **Adjusted EBITDA**  | $184 | $169 | $711 | $658 | $598 |
| % Net income margin  | 12% | 14% | 13% | 13% | 11% |
| **% Adjusted EBITDA margin**  | 40% | 40% | 41% | 41% | 40% |

---

(1) Other primarily includes a statutory labor law accrual adjustment and lease impairment costs.

#### Adjusted Operating Profit, Adjusted Operating Profit Margin, Segment Adjusted EBITDA and Segment Adjusted EBITDA Margin
Adjusted operating profit is a non-GAAP measure and is defined as our U.S. GAAP operating profit adjusted to exclude (1) amortization of intangibles, (2) employee severance charges, (3) transaction costs related to the stand-up of the Spin Business in connection with the Separation, (4) acquisition integration costs, (5) ELT transition costs, (6) acquisition and disposition-related costs, (7) legal settlement recovery, and (8) other non-operational and/or non-recurring expenses. Operating profit is the most directly comparable U.S. GAAP financial measure to Adjusted operating profit. Adjusted operating profit margin is a non-GAAP measure and refers to Adjusted operating profit divided by U.S. GAAP revenue. Segment Adjusted EBITDA is a non-GAAP measure and is defined as our U.S. GAAP operating profit adjusted to exclude (1) amortization of intangibles, (2) employee severance charges, (3) transaction costs associated with the stand-up of the Spin Business in connection with the Separation, (4) acquisition integration costs, (5) ELT transition costs, (6) acquisition and disposition-related costs, (7) legal settlement recovery, (8) other non- operational and/or non-recurring expenses, (9) depreciation, and (10) stock-based compensation. Operating profit is the most directly comparable U.S. GAAP financial measure to Segment Adjusted EBITDA as we do not present net income at the segment level. Segment Adjusted EBITDA margin is a non-GAAP measure and refers to Segment Adjusted EBITDA divided by U.S. GAAP revenue.

We believe the presentation of Adjusted operating profit, Adjusted operating profit margin, Segment Adjusted EBITDA and Segment Adjusted EBITDA margin provides useful measures for period-over-period comparisons of our business, as they remove the effects of certain non-cash items and other non-recurring costs that are not indicative of our core operating performance or results of operations. They are also measures that our management relies upon to evaluate business performance.

Adjusted operating profit, Adjusted operating profit margin, Segment Adjusted EBITDA and Segment Adjusted EBITDA margin are not intended to be performance measures that should be regarded as alternatives to, or more meaningful than, operating profit, operating profit margin or net income as indicators of operating performance. Adjusted operating profit, Adjusted operating profit margin, Segment Adjusted EBITDA and Segment Adjusted EBITDA margin should not be considered in isolation or as substitutes for analysis or our results reported under U.S. GAAP. Adjusted operating profit, Adjusted operating profit margin, Segment Adjusted EBITDA and Segment Adjusted EBITDA margin, as we calculate them, may not be comparable to similarly titled measures employed by other companies.

The following tables present a reconciliation of our operating profit to Adjusted operating profit and segment operating profit to segment Adjusted operating profit for the periods presented:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended March 31, 2026**  | **Three months ended March 31, 2026**  | **Three months ended March 31, 2026**  | **Three months ended March 31, 2026**  |
| **(in millions)**  | **CARFAX**  | **B2B**  | **Corporate**  | **Total**  |
| Operating profit  | $89 | $5 | $(13) | $81 |
| &nbsp;&nbsp;&nbsp; Amortization of intangibles  | 47 | 27 |  | 74 |
| &nbsp;&nbsp;&nbsp; Transaction costs  |  | 13 | 8 | 21 |
| **Adjusted operating profit**  | $136 | $45 | $(5) | $176 |
| Depreciation  | 3 | 1 |  | 4 |
| Stock-based compensation  | 1 | 3 |  | 4 |
| **Segment Adjusted EBITDA**  | $140 | $49 | $(5) | $184 |
| % Operating profit margin  | 30% | 3% | N/M | 18% |
| **% Adjusted operating profit margin**  | 46% | 28% | N/M | 39% |
| **% Segment Adjusted EBITDA margin**  | 47% | 31% | N/M | 40% |

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N/M — Percentage not meaningful

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three months ended March 31, 2025**  | **Three months ended March 31, 2025**  | **Three months ended March 31, 2025**  | **Three months ended March 31, 2025**  |
| **(in millions)**  | **CARFAX**  | **B2B**  | **Corporate**  | **Total**  |
| Operating profit  | $77 | $14 | $(7) | $84 |
| &nbsp;&nbsp;&nbsp; Amortization of intangibles  | 47 | 27 |  | 74 |
| &nbsp;&nbsp;&nbsp; Employee severance charges  |  |  | 1 | 1 |
| &nbsp;&nbsp;&nbsp; Other  |  |  | 1 | 1 |
| **Adjusted operating profit**  | $124 | $41 | $(5) | $160 |
| Depreciation  | 3 | 1 |  | 4 |
| Stock-based compensation  | 3 | 2 |  | 5 |
| **Segment Adjusted EBITDA**  | $130 | $44 | $(5) | $169 |
| % Operating profit margin  | 28% | 10% | N/M | 20% |
| **% Adjusted operating profit margin**  | 45% | 28% | N/M | 38% |
| **% Segment Adjusted EBITDA margin**  | 47% | 31% | N/M | 40% |

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N/M — Percentage not meaningful

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Year ended December 31, 2025**  | **Year ended December 31, 2025**  | **Year ended December 31, 2025**  | **Year ended December 31, 2025**  |
| **(in millions)**  | **CARFAX**  | **B2B**  | **Corporate**  | **Total**  |
| Operating profit  | $322 | $62 | $(45) | $339 |
| &nbsp;&nbsp;&nbsp; Amortization of intangibles  | 189 | 107 |  | 296 |
| &nbsp;&nbsp;&nbsp; Employee severance charges  | 2 | 13 | 5 | 20 |
| &nbsp;&nbsp;&nbsp; Legal settlement recovery  |  | (3) |  | (3) |
| &nbsp;&nbsp;&nbsp; ELT transition costs  |  | (5) | 5 |  |
| &nbsp;&nbsp;&nbsp; Transaction costs  |  | 9 | 12 | 21 |
| &nbsp;&nbsp;&nbsp; Other<sup>(1)</sup>  | 1 |  | 1 | 2 |
| **Adjusted operating profit**  | $514 | $183 | $(22) | $675 |
| Depreciation  | 9 | 5 |  | 14 |
| Stock-based compensation  | 13 | 9 |  | 22 |
| **Segment Adjusted EBITDA**  | $536 | $197 | $(22) | $711 |
| % Operating profit margin  | 28% | 10% | N/M | 19% |
| **% Adjusted operating profit margin**  | 45% | 30% | N/M | 39% |
| **% Segment Adjusted EBITDA margin**  | 47% | 32% | N/M | 41% |

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N/M — Percentage not meaningful

(1) Other primarily includes a statutory labor law accrual adjustment and lease impairment costs.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Year ended December 31, 2024**  | **Year ended December 31, 2024**  | **Year ended December 31, 2024**  | **Year ended December 31, 2024**  |
| **(in millions)**  | **CARFAX**  | **B2B**  | **Corporate**  | **Total**  |
| Operating profit  | $259 | $69 | $(30) | $298 |
| &nbsp;&nbsp;&nbsp; Amortization of intangibles  | 190 | 107 |  | 296 |
| &nbsp;&nbsp;&nbsp; Acquisition integration costs  |  | 4 | 5 | 9 |
| &nbsp;&nbsp;&nbsp; Employee severance charges  |  | 7 | 3 | 10 |
| &nbsp;&nbsp;&nbsp; Acquisition and disposition-related costs  |  | 2 | 2 | 4 |
| **Adjusted operating profit**  | $449 | $189 | $(20) | $617 |
| Depreciation  | 9 | 4 |  | 13 |
| Stock-based compensation  | 18 | 10 |  | 28 |
| **Segment Adjusted EBITDA**  | $476 | $203 | $(20) | $658 |
| % Operating profit margin  | 25% | 12% | N/M | 19% |
| **% Adjusted operating profit margin**  | 43% | 33% | N/M | 38% |
| **% Segment Adjusted EBITDA margin**  | 46% | 35% | N/M | 41% |

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N/M — Percentage not meaningful

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Year ended December 31, 2023**  | **Year ended December 31, 2023**  | **Year ended December 31, 2023**  | **Year ended December 31, 2023**  |
| **(in millions)**  | **CARFAX**  | **B2B**  | **Corporate**  | **Total**  |
| Operating profit  | $210 | $61 | $(32) | $239 |
| &nbsp;&nbsp;&nbsp; Amortization of intangibles  | 190 | 106 |  | 295 |
| &nbsp;&nbsp;&nbsp; Acquisition integration costs  |  | 2 | 15 | 17 |
| &nbsp;&nbsp;&nbsp; Employee severance charges  |  | 9 |  | 9 |
| &nbsp;&nbsp;&nbsp; Acquisition and disposition-related costs  |  | 3 | 1 | 4 |
| **Adjusted operating profit**  | $400 | $181 | $(16) | $565 |
| Depreciation  | 8 | 4 |  | 12 |
| Stock-based compensation  | 14 | 6 |  | 20 |
| **Segment Adjusted EBITDA**  | $422 | $191 | $(16) | $598 |
| % Operating profit margin  | 23% | 11% | N/M | 16% |
| **% Adjusted operating profit margin**  | 43% | 33% | N/M | 38% |
| **% Segment Adjusted EBITDA margin**  | 45% | 34% | N/M | 40% |

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N/M — Percentage not meaningful

#### Free Cash Flow
Free cash flow is a non-GAAP financial measure and reflects our cash provided by operating activities less capital expenditures. Capital expenditures include purchases of property and equipment and additions to technology projects. Our cash provided by operating activities is the most directly comparable U.S. GAAP financial measure to Free cash flow.

We believe the presentation of Free cash flow allows our investors to evaluate the cash generated from our underlying operations in a manner similar to the method used by management. We use Free cash flow to conduct and evaluate our business because we believe it typically presents a more conservative measure of cash flows since capital expenditures are considered a necessary component of ongoing operations. Free cash flow is useful for management because it allows management to evaluate the cash available to us to make strategic acquisitions and investments.

The presentation of Free cash flow is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with U.S. GAAP. Free cash flow, as we calculate it, may not be comparable to similarly titled measures employed by other companies.

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The following table presents a reconciliation of our cash provided by operating activities to Free cash flow for the periods presented:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three months ended <br> March 31,**  | **Three months ended <br> March 31,**  | **Year ended December 31,**  | **Year ended December 31,**  | **Year ended December 31,**  |
| **(in millions)**  | **2026**  | **2025**  | **2025**  | **2024**  | **2023**  |
| Cash provided by operating activities  | $54 | $67 | $485 | $427 | $393 |
| Capital expenditures  | (6) | (5) | (24) | (15) | (18) |
| Free cash flow  | $48 | $62 | $461 | $412 | $375 |

---

#### Liquidity and Capital Resources
Historically, we have generated cash from operating activities. The majority of our operations historically participated in the United States and international cash management and funding arrangements managed by S&P Global, where cash was swept from our balance sheet daily, and cash to meet our operating and investing needs was provided as needed from S&P Global. During the three months ended March 31, 2026, the Company ceased its participation in certain of S&P Global's cash pooling arrangements. Transfers of cash both to and from these arrangements are reflected as a component of "Parent company investment" within Equity and due to and due from related parties in our audited combined balance sheets and unaudited condensed combined balance sheets included elsewhere in this information statement. These arrangements are not reflective of the manner in which we would have financed our operations had we been an independent, publicly traded company during the periods presented.

Following the Separation from S&P Global, our capital structure and sources of liquidity will change significantly from our historical capital structure because we will no longer participate in cash management and funding arrangements with S&P Global. Our ability to fund our operating needs will depend on our ongoing ability to generate cash flow from operating activities and our access to the bank and capital markets. We believe that our future cash from operating activities, together with our access to funds on hand, expected borrowing capacity and access to capital markets, will provide adequate resources to meet all of our current and long-term obligations when due, including third-party debt that we expect to incur in connection with the Separation, adequate liquidity to fund capital expenditures and working capital and to execute our business strategy.

If our cash flows from operations are less than we require, we may need to incur debt or issue equity. From time to time, we may need to access the long-term and short-term capital markets to obtain financing. Although we believe that the arrangements in place at the time of the Separation will permit us to finance our operations on acceptable terms and conditions, our access to, and the availability of, financing on acceptable terms and conditions in the future will be affected by many factors, including: (i) our credit ratings, (ii) the liquidity of the overall capital markets and (iii) the current state of the economy. There can be no assurance that we will continue to have access to the capital markets on terms acceptable to us. See "Risk Factors."

#### Cash Flow Overview
Cash and cash equivalents were $122 million and $28 million as of March 31, 2026 and 2025, respectively and $38 million and $27 million as of December 31, 2025 and 2024, respectively.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Three months ended <br> March 31,**  | **Three months ended <br> March 31,**  | **Year ended December 31,**  | **Year ended December 31,**  | **Year ended December 31,**  |
| **(in millions)**  | **2026**  | **2025**  | **2025**  | **2024**  | **2023**  |
| Net cash provided by (used for): |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Operating activities  | $54 | $67 | $485 | $427 | $393 |
| &nbsp;&nbsp;&nbsp; Investing activities  | (6) | (5) | (23) | (21) | (230) |
| &nbsp;&nbsp;&nbsp; Financing activities  | 37 | (62) | (453) | (423) | (160) |

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 *Operating Activities* 

Cash provided by operating activities decreased to $54 million in the first three months ended March 31, 2026 as compared to $67 million in the first three months of 2025. The decrease was primarily due to a net decrease in cash provided by working capital accounts and lower operating results in 2026.

Cash provided by operating activities increased to $485 million in 2025 as compared to $427 million in 2024. The increase was primarily due to higher operating results in 2025 and a net increase in cash provided by working capital accounts.

Cash provided by operating activities increased to $427 million in 2024 as compared to $393 million in 2023. The increase was primarily due to higher operating results in 2024 and a net increase in cash provided by working capital accounts.

 *Investing Activities* 

Cash used by investing activities increased to $6 million in the first three months of 2026 compared to $5 million in the first three months of 2025 primarily due to higher cash used for capital expenditures in 2026.

Cash used for investing activities increased to $23 million in 2025 as compared to $21 million in 2024. The increase was primarily due to higher cash used for capital expenditures in 2025, partially offset by cash received related to the principal associated with the Europe Carfax Loan (defined below).

Cash used for investing activities decreased to $21 million in 2024 as compared to $230 million in 2023. The decrease was primarily due to higher cash paid for the acquisition of Market Scan in 2023.

See Note 2 — *Acquisitions and Divestitures* to the audited combined financial statements included elsewhere in this information statement.

 *Financing Activities* 

Cash used for financing activities is primarily due to transfers from and to S&P Global, from which we have obtained financing for our business in the ordinary course. The components of net transfers include: (i) cash pooling and general financing activities, (ii) cash contribution from S&P Global used to fund acquisitions, (iii) charges for income taxes that we assumed to be settled with S&P Global, and (iv) allocations of S&P Global's corporate expenses, which were effectively settled for cash at the time of the transaction as described in this information statement. See Note 10 — *Related Party Transactions and Parent* Company *Investment* to the audited combined financial statements and Note 9 — *Related Party Transactions and Parent Company Investment* to the unaudited condensed combined financial statements for further discussion.

Cash provided by financing activities was $37 million in the first three months of 2026 compared to cash used for financing activities of $62 million in the first three months of 2025 primarily due to net transfers from S&P Global to fund other cash requirements during 2026 and payments on the Canada Carfax loan (defined below) in 2025.

Cash used for financing activities increased to $453 million in 2025 as compared to $423 million in 2024 primarily due to higher net transfers to S&P Global in 2025 compared to 2024.

Cash used for financing activities increased to $423 million in 2024 as compared to $160 million in 2023. The increase was primarily due to cash contributions from S&P Global to fund the acquisition of Market Scan in 2023 and the voluntary prepayment in 2024 on the principal balance of the Canada Carfax Loan (defined below).

#### Description of Certain Indebtedness

#### Canada Carfax Loan
On October 1, 2018, Carfax Canada ULC ("Carfax Canada"), a subsidiary of the Company, entered into a loan agreement with IHS Canada Market ULC ("IHS Canada"), a subsidiary of S&P Global, under

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which IHS Canada granted Carfax Canada a loan bearing interest at a rate of 6.0% per annum with a principal amount of CAD$403 million ("Canada Carfax Loan"). The Canada Carfax Loan matures on October 5, 2027, and is payable in full with accrued interest at maturity. As of March 31, 2026, December 31, 2025 and 2024, the Company had an outstanding loan balance payable to S&P Global of $227 million, $230 million and $236 million, respectively, inclusive of accrued interest, which is reflected in Due to related parties — non-current in the combined balance sheet. The Company recorded related party interest expense of $3 million and $4 million for the three months ended March 31, 2026 and March 31, 2025 related to the Canada Carfax Loan. The Company recorded related party interest expense of $14 million, $17 million and $18 million related to the Canada Carfax Loan for the years ended December 31, 2025, 2024, and 2023, respectively. No voluntary prepayments were made on the principal balance of the Canada Carfax Loan during the three months ended March 31, 2026. During the three months ended March 31, 2025 and the years ended December 31, 2025 and 2024, the Company made voluntary prepayments on the principal balance of the Canada Carfax Loan of $10 million, $18 million, and $45 million, respectively. During the three months ended March 31, 2026 and 2025 the Company made payments of interest of $3 million in each period. During the years ended December 31, 2025, 2024, and 2023, the Company made payments of interest of $14 million, $17 million, and $18 million, respectively. The cash flows related to the principal balance of this loan are reflected as financing activities on the combined statement of cash flows. The Company expects that the outstanding loan receivable will be transferred by S&P Global to the Company upon Separation. See Note 10 — *Related Party Transactions and Parent Company Investment* to the audited combined financial statements and Note 9 — *Related Party Transactions and Parent Company Investment* to the unaudited condensed combined financial statements included elsewhere in this information statement for further information.

#### Europe Carfax Loan
On February 21, 2021, Carfax Europe GmbH ("Carfax Germany"), a subsidiary of the Company, entered into a loan agreement with IHS Group Holdings Ltd. ("IHS Holdings"), a subsidiary of S&P Global, under which Carfax Germany granted the IHS Holdings a credit facility of up to a maximum aggregate principal amount of EUR 10 million ("Europe Carfax Loan"). The Europe Carfax Loan matured on February 14, 2026, and any drawings made under the Europe Carfax Loan were payable in full at maturity. Drawings under the Europe Carfax Loan accrued interest at a rate of six-month LIBOR plus 0.5% per annum and were payable semi-annually on May 31 and November 30 of each year. As of December 31, 2024, the Company had an outstanding loan receivable from S&P Global of $4 million, inclusive of accrued interest, which is reflected in Due to related parties — non-current in the combined balance sheets. During the three months ended March 31, 2026 and March 31, 2025 there was no cash received related to the principal and interest associated with this loan agreement. On November 30, 2025, the Company received the full outstanding principal and interest amount of the Europe Carfax Loan. The related party interest income was not material to our combined financial statements. During the year ended December 31, 2025, there was $5 million of cash received related to the principal and interest associated with this loan agreement. The cash flows related to the principal balance of this loan are reflected as investing activities on the combined statement of cash flows. There was no cash received related to the principal and interest associated with this loan agreement during the year ended December 31, 2024. See Note 10 — *Related Party Transactions and Parent Company Investment* to the audited combined financial statements included elsewhere in this information statement.

#### Revolving Credit Facility
On May 6, 2026, we entered into a $500 million revolving credit facility (the "Credit Facility") in connection with the Separation. The Credit Facility will be available on the Initial Availability Date (as defined in the credit agreement) for general corporate purposes, subject to the satisfaction of certain conditions customary for financings of this type, including completion of the Separation and the payment of certain upfront fees in respect of the Credit Facility. Following the Separation, availability under the Credit Facility from time to time will be subject to the satisfaction of certain conditions precedent customary for financings of this type. The Credit Facility matures on the date that is five years after the Initial Availability Date.

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Under the Credit Facility (i) U.S. dollar borrowings will be subject to an interest rate, at our election, of either (a) U.S. dollar base rate or (b) a term SOFR-based rate, (ii) Euro borrowings will be subject to an interest rate based on EURIBOR and (iii) Pounds Sterling borrowings will be subject to an interest rate based on the Sterling Overnight Index Average, in each case, plus an applicable margin that is determined from time to time based on the credit ratings assigned to us by Moody's Ratings ("Moody's") or Fitch Ratings ("Fitch"). In addition, the credit agreement will require payment of additional interest on certain overdue obligations on terms and conditions customary for financings of this type.

The applicable interest rate margins for the Credit Facility will fluctuate between 1.0% and 1.625% per annum (for term rate loans) and between 0% and 0.625% per annum (for base rate loans), in each case based upon the credit ratings assigned by Moody's or Fitch as set forth in the credit agreement. Accordingly, the interest rates for the Credit Facility will vary during the term of the credit agreement based on changes in the applicable base rates, applicable term rates or future changes to our credit rating.

The credit agreement also requires that we pay certain facility fees on the aggregate unused commitments under the Credit Facility and certain letter of credit issuance and fronting fees. Letters of credit will be available for issuance under the Credit Facility on terms and conditions customary for financings of this type, which issuances will reduce availability under the Credit Facility.

We are permitted to voluntarily reduce the unutilized portion of the revolving commitments and repay outstanding loans under the Credit Facility at any time without premium or penalty, subject to customary breakage costs. We may request a one-year extension of the maturity date of the Credit Facility (not more than two times during the life of the Credit Facility) under certain conditions customary for financings of this type.

The credit agreement contains certain affirmative and negative covenants customary for financings of this type that, among other things, limit our and our subsidiaries' ability to merge and/or dispose of all, substantially all or a substantial portion of our assets, incur additional subsidiary indebtedness, incur certain liens and to use proceeds in violation of certain laws. In addition, the credit agreement requires that we maintain a total net leverage ratio of not greater than 3.50 to 1.00 with, at our election and subject to certain customary conditions, a step-up to 4.00 to 1.00 for the four fiscal quarters ending immediately following a qualifying material acquisition (including the fiscal quarter that such qualifying material acquisition was consummated). The credit agreement also contains certain customary events of default, subject to certain thresholds and grace periods, including but not limited to payment default, material inaccuracy of a material representation, breach of covenants, cross-acceleration to material debt and change of control. If an event of default, as specified in the credit agreement, shall occur and be continuing, we may be required to repay all amounts outstanding under the Credit Facility.

The description of the credit agreement included above and elsewhere in this information statement is qualified in its entirety by the credit agreement that is filed as an exhibit to the registration statement on Form 10, of which this information statement forms a part.

#### Other Financing Arrangements in Connection with the Separation
In connection with the Separation, we expect to issue up to $2 billion in aggregate principal amount of senior notes, with terms and maturities to be determined. We intend to use a portion of the proceeds of the senior notes to (i) finance a cash payment to S&P Global as consideration for the transfer of certain assets, liabilities and entities to us, (ii) add cash to our balance sheet and for other general corporate purposes, and (iii) fund fees and expenses related to the Separation.

#### Contractual Obligations
We typically have various contractual obligations, which are recorded as liabilities in our combined balance sheets, while other items, such as certain purchase commitments and other executory contracts, are not recognized, but are disclosed herein.

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The following table summarizes our significant contractual obligations and commercial commitments at December 31, 2025.

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|:---|:---|:---|:---|:---|:---|
| **(in millions)**  | **Less than 1 <br> Year**  | **1 – 3 Years**  | **3 – 5 Years**  | **More than <br> 5 Years**  | **Total**  |
| Operating leases<sup>(1)</sup>  | 7 | 4 | 4 | 4 | 19 |
| Purchase obligations and other<sup>(2)</sup>  | 44 | 36 | 10 |  | 90 |
| Total contractual cash obligations  | $51 | $40 | $14 | $4 | $109 |

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(1) Reflects contractual commitments to make certain minimum lease payments for the use of property under operating lease agreements. See Note 9 — *Commitments and Contingencies* to the audited combined financial statements included elsewhere in this information statement for further discussion on our operating lease obligations.

(2) Other consists primarily of commitments for unconditional purchase obligations in contracts for information-technology outsourcing and certain enterprise-wide information-technology software licensing and maintenance.

#### Quantitative and Qualitative Disclosures about Market Risk

#### Foreign Currency Risk
Our exposure to market risk includes changes in foreign exchange rates. We have operations in various foreign countries where the functional currency is primarily the local currency. For international operations that are determined to be extensions of the parent company, the United States dollar is the functional currency. Our principal currency exposures relate to the Canadian Dollar, Euro and British Pound. We have not entered into any derivative financial instruments for hedging or speculative purposes.

#### Interest Rate Risk
We expect to enter into new financing arrangements in anticipation of the Separation. As a result, we will be exposed to market risk of adverse changes in interest rates related to these arrangements. To help manage our exposure to changes in interest rates, we may enter into interest rate risk management derivative transactions in accordance with our policy. There were no such instruments outstanding for the periods presented in the audited combined financial statements and unaudited condensed combined financial statements.

#### Critical Accounting Policies and Estimates
Our discussion and analysis of our financial condition and results of operations is based upon our audited combined financial statements and unaudited condensed combined financial statements, which have been prepared in accordance with U.S. GAAP. The preparation of these financial statements requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenues and expenses and related disclosure of contingent assets and liabilities.

On an ongoing basis, we evaluate our estimates and assumptions, including those related to revenue recognition, business combinations, allowance for doubtful accounts, valuation of long-lived assets, goodwill and other intangible assets, incentive compensation and stock-based compensation, income taxes and contingencies. We base our estimates on historical experience, current developments and on various other assumptions that we believe to be reasonable under these circumstances, the results of which form the basis for making judgments about carrying values of assets and liabilities that cannot readily be determined from other sources. There can be no assurance that actual results will not differ from those estimates.

Management considers an accounting estimate to be critical if it required assumptions to be made that were uncertain at the time the estimate was made and changes in the estimate or different estimates could have a material effect on our results of operations.

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We believe the following critical accounting policies require us to make significant judgments and estimates in the preparation of our combined financial statements. These policies are described in detail as of and for the year ended December 31, 2025. Since that date there have been no changes to our critical accounting estimates.

#### Revenue Recognition
Under ASC 606, revenue is recognized when a customer obtains control of promised goods or services in an amount that reflects the consideration the entity expects to receive in exchange for those goods or services. See Note 1 — *Basis of Presentation and Significant Accounting Policies* to our audited combined financial statements and unaudited condensed combined financial statements included elsewhere in this information statement.

#### Business Combinations
We apply the purchase method of accounting to our business combinations. All of the assets acquired, liabilities assumed, and contingent consideration are allocated based on their estimated fair values. Fair value determinations involve significant estimates and assumptions about several highly subjective variables, including future cash flows, discount rates, and expected business performance. There are also different valuation models and inputs for each component, the selection of which requires considerable judgment. Our estimates and assumptions may be based, in part, on the availability of listed market prices or other transparent market data. These determinations will affect the amount of amortization expense recognized in future periods. We base our fair value estimates on assumptions we believe are reasonable, but recognize that the assumptions are inherently uncertain. Depending on the size of the purchase price of a particular acquisition, the mix of intangible assets acquired, and expected business performance, the purchase price allocation could be materially impacted by applying a different set of assumptions and estimates.

#### Allowance for Doubtful Accounts
The allowance for doubtful accounts reserve methodology is based on historical analysis, a review of outstanding balances and current conditions, and by incorporating data points that provide indicators of future economic conditions including forecasted industry default rates and industry index benchmarks. In determining these reserves, we consider, amongst other factors, the financial condition and risk profile of our customers, areas of specific or concentrated risk as well as applicable industry trends or market indicators. The impact on operating profit for a one percentage point change in the allowance for doubtful accounts is approximately $2 million.

We incorporate the forecasted impact of future economic conditions into our allowance for doubtful accounts measurement process. In times of economic turmoil, our estimates and judgments with respect to the collectability of our receivables are subject to greater uncertainty than in more stable periods.

#### Accounting for the Impairment of Long-Lived Assets (Including Other Intangible Assets)
We evaluate long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Upon such an occurrence, recoverability of assets to be held and used is measured by comparing the carrying amount of an asset to current forecasts of undiscounted future net cash flows expected to be generated by the asset. If the carrying amount of the asset exceeds its estimated future cash flows, an impairment charge is recognized equal to the amount by which the carrying amount of the asset exceeds the fair value of the asset. For long-lived assets held for sale, assets are written down to fair value, less cost to sell. Fair value is determined based on market evidence, discounted cash flows, appraised values or management's estimates, depending upon the nature of the assets.

#### Goodwill
Goodwill represents the excess of purchase price and related costs over the value assigned to the net tangible and identifiable intangible assets of businesses acquired. As of December 31, 2025 and 2024, the carrying value of goodwill was $8.8 billion. Goodwill is not amortized, but instead is tested for impairment annually during the fourth quarter each year or more frequently if events or changes in circumstances

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indicate that the asset might be impaired. Goodwill impairment is a critical accounting policy because goodwill represents a significant portion of our total assets (goodwill represents 68%, and 67% of total assets as of December 31, 2025, and 2024, respectively), and the evaluation of potential impairment involves the use of significant estimates, key assumptions, and judgment.

As part of our annual impairment test of our three reporting units, we initially perform a qualitative analysis evaluating whether any events and circumstances occurred that provide evidence that it is more likely than not that the fair value of any of our reporting units is less than its carrying amount. Reporting units are generally an operating segment or one level below an operating segment. Our qualitative assessment included, but was not limited to, consideration of macroeconomic conditions, industry and market conditions, cost factors, cash flows, and changes in key Company personnel. If, based on our evaluation of the events and circumstances that occurred during the year we do not believe that it is more likely than not that the fair value of any of our reporting units is less than its carrying amount, no quantitative impairment test is performed. Conversely, if the results of our qualitative assessment determine that it is more likely than not that the fair value of any of our reporting units is less than its respective carrying amount, we perform a quantitative impairment test. We may choose to bypass the qualitative assessment for any reporting unit and proceed directly to performing the quantitative assessment.

Under the quantitative impairment test, we calculate the estimated fair value of a reporting unit using the income approach. For this approach, we utilize discounted cash flow models that incorporate various significant assumptions. These significant assumptions utilized in determining the fair values of our reporting units generally include forecasted revenues, expenses, and related cash flows based on assumed growth rates and demand trends, future projected investments to expand our reporting units, discount rates and terminal growth rates. These assumptions are based on our historical data and experience, industry projections and general economic condition projections and they can change year to year based on operating results, market conditions and other factors. Changes in assumptions or estimates may result from a change in market conditions, market trends, interest rates or other factors outside our control, or underperformance relative to historical or projected performance. These conditions could materially affect the estimate of fair value of a reporting unit and therefore could affect the likelihood and amount of any potential impairment. As of December 31, 2025, a 10% decrease in the estimated fair value would not have resulted in an impairment for all reporting units.

If the fair value of the reporting unit is less than the carrying value, the difference is recognized as an impairment charge. For all periods presented, based on our assessments, we determined that it is more likely than not that our reporting units' fair values were greater than their respective carrying amounts.

#### Stock-based Compensation
Stock-based compensation expense is measured at the grant date based on the fair value of the award and is recognized over the requisite service period, which typically is the vesting period. Stock-based compensation is classified as both operating-related expense and selling and general expense in our combined statements of income.

#### Income Taxes
The Company's income tax provision was prepared following the separate return method. The separate return method applies ASC 740 Income Taxes to the stand-alone financial statements of each member of the consolidated group as if the group members were a separate taxpayer. The calculation of the Company's income taxes on a separate return basis requires a considerable amount of judgment and use of both estimates and allocations. Furthermore, the tax treatment of certain items reflected in the accompanying combined financial statements of the Company may not be reflected in the consolidated financial statements and tax returns of the parent. Such items as net operating losses, credit carry-forwards and valuation allowances may exist in the accompanying combined financial statements that may or may not exist in the parent's consolidated financial statements. As a result, the income taxes of the Company as presented in the accompanying combined financial statements may not be indicative of the income taxes that the Company will generate in the future. Furthermore, current obligations for taxes where the Company's operations were included in tax returns with the activities of the parent are deemed settled with the parent as a component of Parent company investment for purposes of the accompanying combined financial statements.

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Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to be applied to taxable income in the years in which those temporary differences are expected to be recovered or settled. The Company did not operate historically as a stand-alone business, accordingly the deferred taxes reflected in the combined financial statements may be different upon legal separation of the business.

We recognize liabilities for uncertain tax positions taken or expected to be taken in income tax returns. Accrued interest and penalties related to unrecognized tax benefits are recognized in interest expense and operating expense, respectively.

Judgment is required in determining our provision for income taxes, deferred tax assets and liabilities and unrecognized tax benefits. In determining the need for a valuation allowance, the historical and projected financial performance of the operation that is recording a net deferred tax asset is considered along with any other pertinent information.

We file income tax returns in the U.S. federal jurisdiction and various state and foreign jurisdictions, and we are routinely under audit by many different tax authorities. We believe that our accrual for tax liabilities is adequate for all open audit years based on an assessment of many factors including past experience and interpretations of tax law. This assessment relies on estimates and assumptions and may involve a series of complex judgments about future events. It is possible that tax examinations will be settled prior to December 31, 2026. If any of these tax audit settlements do occur within that period, we would make any necessary adjustments to the accrual for unrecognized tax benefits.

As of December 31, 2025, none of the undistributed earnings of our foreign subsidiaries is indefinitely reinvested in our foreign operations. It was determined that there is no deferred taxes related to these undistributed earnings as of December 31, 2025.

#### Contingencies
We are subject to a number of lawsuits and claims that arise in the ordinary course of business. We recognize a liability for such contingencies when both (a) information available prior to issuance of the financial statements indicates that it is probable that a liability had been incurred at the date of the financial statements and (b) the amount of loss can reasonably be estimated. We continually assess the likelihood of any adverse judgments or outcomes to our contingencies, as well as potential amounts or ranges of probable losses, and recognize a liability, if any, for these contingencies based on an analysis of each matter with the assistance of outside legal counsel and, if applicable, other experts. Because many of these matters are resolved over long periods of time, our estimate of liabilities may change due to new developments, changes in assumptions or changes in our strategy related to the matter. When we accrue for loss contingencies and the reasonable estimate of the loss is within a range, we record its best estimate within the range. We disclose an estimated possible loss or a range of loss when it is at least reasonably possible that a loss may have been incurred.

#### Recently Issued or Adopted Accounting Standards
See Note 1 — *Basis of Presentation and Significant Accounting Policies* to our audited combined financial statements and Note 10 — *Recently Issued or Adopted Accounting Pronouncements* to our unaudited condensed combined financial statements included elsewhere in this information statement for a discussion of recently issued or adopted accounting standards.

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#### BUSINESS

#### Our Company
We are a globally recognized pioneer and leader in automotive data, solutions and insights. We provide mission-critical offerings that span the entire vehicle and consumer purchasing lifecycles, enabling our OEM and dealer customers to anticipate change and make informed decisions in a large, complex and dynamic industry. With more than 100 years of data stewardship and a contributory network of more than 177,000 sources as of December 31, 2025, we believe we have built an unrivaled data estate that powers critical decisions for suppliers, OEMs, dealers, F&I firms and consumers in a global automotive market valued at approximately $8.0 trillion in 2025 according to management estimates.

We source, cleanse and incorporate thousands of datasets to generate unique, predictive insights at scale that are deeply embedded in client workflows, supporting the top 40 global automakers that cover 96% of global production as of December 31, 2025 according to internal data and more than 40,000 dealer customers across a global footprint spanning North America, Europe, EMEA and APAC as of December 31, 2025. We believe we are uniquely positioned to assist our customers in navigating the rapidly evolving automotive landscape, which includes more complex vehicles (e.g., electric and software-defined), growing consumer demand for data and personalization, increasing regulatory complexity and tighter production schedules. We offer essential data and analytical tools that enable quick and informed decision-making throughout the vehicle and consumer lifecycle.

We offer critical insights at every stage of the automotive value chain. Our CARFAX segment provides consumers, dealers, service shops and F&I firms with trusted vehicle history, valuations, listings and service reminders. CARFAX uses a vast proprietary data estate and brand to help consumers buy the right car at the right price, sell confidently and maintain their vehicles, while helping dealers build shopper confidence, convert more leads and drive service loyalty. Our B2B segment delivers mission-critical data, forecasts and marketing & sales solutions to OEMs, suppliers, dealers and F&I firms. B2B powers product planning, supply-chain and technology decisions, market analytics, pricing and incentives and targeted customer activation.

For the three months ended March 31, 2026, our revenue totaled $455 million, representing an 8.1% increase over the three months ended March 31, 2025. For the three months ended March 31, 2026, our net income totaled $55 million, with net income decreasing 4.7% compared to the three months ended March 31, 2025. For the year ended December 31, 2025, our revenue totaled $1.75 billion, with revenue increasing 8.5% over the prior year period and our net income totaled $220 million, with net income increasing 5.8% over the prior year period.

#### Our Marquee Brands
We organize our comprehensive offerings across two core segments, CARFAX and B2B, each providing specialized data, solutions and insights to distinct facets of the automotive ecosystem. We deliver a comprehensive view and tailored outcomes across the entire vehicle lifecycle to meet the specific needs of our clients. We believe our portfolio of trusted brands define their respective categories across the automotive industry. These include:

#### CARFAX
CARFAX is a premier consumer brand in automotive data and vehicle history, with a strong reputation for trust, scale and innovation. According to a survey of in-market consumers, we have achieved an average of 96% in-market awareness and an average of 85% mascot recognition (Car Fox), making us the most relied-upon brand among third-party automotive providers.

The fundamental mission of CARFAX is to provide trusted information that helps millions of people shop, buy, service and sell vehicles with more confidence. This mission addresses critical market inefficiencies and information gaps that have historically characterized the automotive marketplace, particularly in the used vehicle segment where information asymmetries can have significant negative impacts on transaction outcomes and customer satisfaction.

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To this end, CARFAX has established and continues to expand a superior data estate comprised of more than 38 billion vehicle history records from more than 177,000 sources through symbiotic data partnerships with automotive industry participants including more than 92,000 dealers and service shops, 6,300 police agencies and 36 OEMs as of December 31, 2025.

CARFAX invests in technology, including AI and ML, to cleanse, synchronize and harmonize raw data sets to derive must-have insights that are delivered at scale through our branded product portfolio. In addition, through our strategic brand investments and industry partnership efforts, we have developed a more than 53 million Car Care consumer audience as of December 31, 2025, who receive personalized alerts and information regarding the vehicles they own. We also have a high degree of consumer engagement with approximately 23 million monthly average unique visitors to the CARFAX U.S. website and apps and more than 28 million monthly average CARFAX vehicle history report views for the twelve-month period ended December 31, 2025.

Our data and analytics help us answer critical questions that industry participants have and reduce the information asymmetries inherent in the vehicle buying, selling and maintenance process. The breadth, depth and quality of our data built through decades of industry partnerships and technology investments along with our consumer branding efforts directly contribute to the value proposition we deliver to our customers.

As a result, CARFAX solutions are deeply integrated into dealer and consumer workflows, powering more than 92,000 dealers and service shops, including over 40,000 dealer customers as of December 31, 2025. We monetize the value we create primarily through a B2B2C business model, with strong recurring revenues.

CARFAX's core products include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Advantage:* A dealer subscription product that provides CARFAX Vehicle History Reports and related insights (e.g., accident, service/maintenance, ownership, valuations and recalls) that dealers use to acquire the right inventory, price accurately with history-based valuation and build buyer confidence at point of sale.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Car Listings:* A dealer subscription product that lets dealers post vehicles for sale on CARFAX's high-traffic website and apps. Every vehicle listing includes a free CARFAX report, history-based value and verified reviews. Dealers use Car Listings to generate qualified leads out of approximately 23 million monthly average unique visitors to the CARFAX U.S. website and apps for the twelve-month period ended December 31, 2025 and to convert shoppers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *CARFAX For Life:* A dealer subscription product that drives service retention and loyalty by providing their customers with access to CARFAX Car Care. Consumers receive maintenance reminders and alerts specific to their VIN. Dealers use CARFAX For Life to bring vehicles back for service, build reputation through verified consumer ratings and reviews and strengthen loyalty over time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *BIG:* Our data and analytics products for lenders and insurers that customers integrate into their workflows.

Our network is a virtuous circle, where consumer demand drives dealer adoption and vice versa, enabling us to achieve sustained growth, high retention and strong pricing power. We believe our strategic investments in data leadership, brand, dealer growth and geographic expansion, as well as new products (such as Premium Listings and Sell My Car) will further accelerate our growth and deepen market penetration.

CARFAX has a well established market presence in the U.S. and Canada and a consumer-led growth strategy in Europe, where the brand recently launched in Spain and Italy. CARFAX currently holds an approximately 35% stake in NGC.

#### B2B
Our B2B segment comprises two business lines: Marketing & Sales and Strategy & Planning. B2B is characterized by long-standing relationships, low revenue concentration and a clear roadmap for growth through geographic expansion, the upselling and cross-selling of new modules and deepening penetration

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with mass-market dealerships and OEMs. Our capabilities are underpinned by advanced predictive analytics, ML and AI, which transform raw information into actionable intelligence for agile planning and competitive differentiation.

 *Marketing & Sales* 

Our Marketing & Sales business line provides market analytics and consumer purchasing predictions to enhance new vehicle sales and optimize dealer network performance. We offer comprehensive solutions enabling OEMs and dealers to assess performance, understand market dynamics, evaluate competition, identify opportunities, optimize incentive spending, improve consumer loyalty, manage inventory, and refine pricing strategies.

We maintain deep integration with top global North American automakers, empowering their sales and marketing decisions by identifying target consumers, informing optimal offers, and executing effective outreach campaigns. A key initiative is our Data Studio platform, which enables deep consumer insights, unified analytics, and streamlined data sharing between OEMs and dealers.

Marketing & Sales core products include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *automotiveMastermind*: A specialized sales and marketing platform for automotive dealers and OEM programs utilizing advanced predictive analytics and proprietary BPS. The platform integrates comprehensive CRM and DMS data to identify in-market buyers, anticipate consumer behavior, personalize outreach, and optimize private offers. It empowers dealers to prioritize prospects, execute omnichannel campaigns, and enhance customer loyalty and conversion rates. The platform includes EEQ, a private incentive optimization tool enabling OEMs and captive lenders to maximize incremental sales through turn-key marketing and incentive management solutions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Polk Auto Marketing Solutions*: A leading provider of KPIs and insights including market share, volume, loyalty, and defection data for automakers and dealers. Our data integrates seamlessly with OEM workflows, matching their territories, dealer networks, and competitive segments. The data is used daily across OEMs from product planners to sales operations. Our audience and measurement solutions provide closed-loop attribution for OEMs, dealers, media platforms, and lenders, enabling marketing campaign effectiveness assessment. Consumer targeting solutions utilize modeled household data to identify in-market consumers with specific vehicle affinities, built on billions of detailed vehicle transaction records collected over decades.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Market Scan Pricing Solutions*: A leading provider of real-time vehicle pricing and payment solutions delivered through APIs and dealer software. As of December 31, 2025, approximately 10,500 dealerships utilized this pricing engine which integrates with major dealer software providers and online shopping marketplaces. Our data asset is also used to develop analytical pricing solutions that aggregate detailed pricing and incentive data, creating powerful optimization tools helping clients understand competitive positioning and model pricing change impacts on market share and profitability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Data Studio:* A unified data platform securely connecting OEM and dealer first-party data with our proprietary third-party datasets, delivering AI-ready data services, advanced analytics, and audience activation. It resolves OEM-dealer data misalignment through a clean-room environment, automating data onboarding from mission-critical systems and supporting modular use cases. Solutions include Data as a Service and EEQ, enabling OEMs and dealers to maximize incentive spend efficiency through personalized offers for customer retention and acquisition. Early deployments with large OEMs and dealer groups demonstrated 98% participation, improved marketing effectiveness, and materially better incentive efficiency.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *VIN Solutions*: A data service that is delivered primarily through real-time API integration with customers including government DMVs, aftermarket parts retailers, insurance carriers, and channel partners. These integrations support vehicle verification, record enrichment by decoding VINs with detailed trim and options and pairing with ownership records for verification. Users include insurers, OEMs, dealers, parts providers, tolling agencies, and government entities for risk assessment, policy quoting and binding, parts fitment identification, vehicle registration, and compliant identity workflows.

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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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Recall:* A strategic offering supporting U.S. automakers and dealers in maximizing safety recall completion rates. This end-to-end solution leverages proprietary datasets and advanced analytics to identify current vehicle owners, execute multi-channel outreach campaigns, and continuously optimize performance. Key differentiators include a daily-updated VIN database with over 13 billion vehicle owner records as of December 31, 2025, vehicle filtering to exclude non-service vehicles, and comprehensive analytics for campaign effectiveness. The Recall Dealer Outreach program targets vehicle owners within dealership territories, providing recall remedy capabilities while improving customer retention and brand loyalty.

 *Strategy & Planning* 

Our Strategy & Planning business line delivers mission-critical data, insights and tools that empower strategic planning decisions for the global automotive industry. As an independent provider of comprehensive forecasts, we offer trusted vehicle and supply chain forecasting, sophisticated scenario planning capabilities, robust supply chain risk management solutions and seamlessly embedded workflow tools.

We serve 100% of the top 40 global carmakers, 94% of the top 100 automotive suppliers, and 100% of the top 10 investment banks as of December 31, 2025, according to internal data. Our data estate covers virtually all global vehicle production with over 80 million rows of actively updated data and more than 2,000 data attributes per vehicle as of December 31, 2025. We believe our solutions are indispensable for high-stakes decisions in product planning, supply chain management, and regulatory compliance, particularly as the industry faces increasing complexity from electrification, SDVs, supply chain pressure, and geopolitical volatility.

Strategy & Planning core products include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Global Reporting:* Delivers comprehensive, consistent volume data reporting for new and used vehicles, tracking data across 100 countries as of December 31, 2025, at model/nameplate level and linking actualized sales and registration data into the broader Planning Solutions ecosystem. Through trusted relationships with governments, agencies, and industry bodies, it provides national and sub-national registration data, Vehicles-in-Operation insights, and aftermarket management views, harmonized for reliable cross-country comparisons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *FAST*: A scenario and simulation capability enabling OEMs to model market shocks and test alternative product, price, feature, powertrain, and timing assumptions against our forecasts. Customers use FAST for executive-ready, data-driven scenarios, incentive and product plan optimization, and cross-functional planning alignment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *PIQ*: A supplier scouting, benchmarking, risk management, and spend optimization solution built on our supply chain and technology datasets covering 60% of vehicle value. It enables OEM procurement teams to evaluate supplier footprints, competitiveness, quality/cost/risk exposure, and tariff/regulatory impacts for identifying sourcing options, assessing dual-sourcing strategies, and quantifying savings opportunities.

We maintain a strategic partnership with DA, a Germany-based SaaS platform embedding our Planning Solutions data into supplier workflows for strategic planning, pricing, and cost recovery. As of December 31, 2025, we own approximately 25% of DA with rights of first refusal on the remaining 75%. DA is expected to deepen supplier adoption, drive Planning Solutions suite upsell, and contribute meaningful revenue growth.

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#### Our Industry
We serve a vast and dynamic global automotive industry, which is estimated to be approximately $8.0 trillion annually according to management estimates, including approximately $3.2 trillion in new light vehicle car sales, approximately $2.8 trillion in used light vehicle car sales, approximately $1.3 trillion in light vehicle maintenance and repair, and approximately $0.7 trillion in the medium and heavy commercial vehicle market.

This market is undergoing profound transformations, driving an increasing need for our advanced data and decisioning tools. Key dynamics include a growing consumer demand for comprehensive vehicle information, the accelerating shift towards electrification and SDVs, the emergence of direct-to-consumer retail models and persistent supply chain disruptions.

Our TAM was estimated to be between $75 and $81 billion in 2025 according to an independent third-party consulting firm. The methodology for calculating this TAM involves segmenting the market into three distinct categories:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Core Market:* This component represents the addressable opportunities for markets we currently serve and also markets in which we expect to offer services within 12 months. This market was estimated at $13 – 15 billion in 2025 with significant room for growth, driven by factors such as the increasing importance of data and pricing. At CARFAX, this includes vehicle history (Advantage, PPV, Consumer), service loyalty marketing (CARFAX For Life), car listings (used, new, and Premium Listings), and F&I. For Marketing & Sales, this includes OEM & dealer marketing solutions. For Strategy & Planning, this includes vehicle forecasting, powertrain & sustainability, supply chain & technology, international market reporting, aftermarket management, and dealer network development.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Extended Core Opportunities*: This component represents incremental opportunities that we are actively pursuing as part of our growth strategy, including planned initiatives to launch new products and expand existing offerings into additional international markets. This portion of the TAM represented an additional $25 – 27 billion in 2025, with planned growth initiatives like Sell My Car and Digital Advertising for CARFAX and Data Studio for Marketing & Sales. Extended core opportunities include new products and growing current products in international markets. At CARFAX, these opportunities include digital advertisements (enabled by co-op), Sell My Car (full-service cash offers) and international expansion of current products. For Marketing & Sales, these opportunities include international expansion of current products and tierless enterprise data solutions. For Strategy & Planning, these opportunities include Procurement Intelligence and scenario modelling capabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Adjacencies:* This component represents additional market opportunities that we could potentially pursue beyond our immediate roadmap. Such adjacencies added a significant $37 – 39 billion to the TAM. Examples include P&C claims and repair software, shop management software and F&I marketing for the Used Vehicle Lifecycle, as well as DMS and AI workflow tools for Marketing & Sales. Adjacencies include future growth opportunities beyond Mobility's immediate roadmap. For CARFAX, these adjacencies include the aftermarket service marketplace, P&C claims and repair software, shop management software, and finance and insurance marketing. For Marketing & Sales, these adjacencies include dealer management software, CDP / CRM, and AI workflow tools for dealers. For Strategy & Planning, these adjacencies include engineering and cost solutions.

#### Key Trends
Several critical trends are shaping the automotive industry and driving demand for our solutions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Increasing Vehicle Complexity and Technology:* There is rapid growth in vehicle technology and a rise of new powertrains such as EVs and SDVs, with the number of EV and SDV players forecasted to grow at a 6% CAGR from 2024 through 2030 according to an independent third-party consulting firm. This is generating demand for the kind of sophisticated data our Vehicle & Supply Chain Forecasting solutions provide OEMs and suppliers. Increasing vehicle complexity also drives consumer demand for trusted CARFAX information during the shopping and ownership stages of the vehicle lifecycle.

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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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Consumer Personalization and Digitization:* Consumers increasingly prefer omnichannel, brand-oriented and personalized purchasing experiences. We believe the data-driven marketing that automotiveMastermind, Polk Auto Solutions and Market Scan provide are critical to gathering granular insights online, in-person and through social commerce to inform tailored offerings. Millions of consumers depend on CARFAX vehicle history information while shopping for used vehicles and personalized, accurate and timely alerts to help them maintain their owned vehicles both online (via the CARFAX website and apps) and in-person at dealerships and aftermarket service shops (via workflow integrations).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Compression of Production Planning Cycles:* A significant shift towards agile planning processes is reducing lead times from traditional four-to-five-year cycles to two to three years among leading OEMs. This acceleration, partly driven by competitive pressures from new entrants like Chinese OEMs, requires faster, more dynamic decision-making and real-time data across the supply chain. This is specifically affecting supplier sourcing and dual-sourcing decisions, component and technology content planning (e.g., batteries, semiconductors and SDV features), volume and capacity commitments with Tier 1 – N suppliers, plant and tooling readiness, logistics and parts flow routing and cost/risk monitoring tied to tariffs and regulatory changes. FAST lets OEMs and suppliers run rapid, executive-ready scenarios on product, price, feature, powertrain and timing against our forecasts to support agile decision-making. Tier 1 – N suppliers refer to all supplier tiers in the automotive supply chain: Tier 1 supplies parts/modules directly to the OEM; Tier 2 supplies Tier 1; Tier 3 supplies Tier 2; and so on down the chain.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Supply Chain Disruption and Geopolitics:* Heightened geopolitical tensions and disruptions, including significant tariff policies, increase market complexity. These factors dampen new car demand and necessitate robust supply chain mapping, risk management tools and scenario planning to anticipate and respond to changes, often shifting consumer focus to used vehicles. PIQ and the Supply Chain & Technology suite support supplier scouting, risk/dual-sourcing and tariff scenario planning, while CARFAX's used-vehicle ecosystem (VHR, Listings, CARFAX For Life) benefits when demand shifts from new to used vehicles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Rise of AI:* AI is becoming a crucial priority as OEMs, suppliers, dealers, and consumers increasingly need real-time, predictive insights to make faster, more integrated decisions across planning, marketing, and the used vehicle lifecycle. Mobility is actively embedding AI and ML in its products and operations, using AI to automate data ingest and enrichment, power behavior prediction scores and pricing analytics in Marketing & Sales, and enable scenario simulation and procurement intelligence in Planning Solutions. Internally, S&P Global Mobility is also deploying AI to drive efficiency in engineering, data operations, and go-to-market, supporting both cost savings and product velocity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Focus on Forecasting, Planning and Technology:* The automotive industry requires precise, independent forecasts for vehicle sales, production, powertrains, components and technology across the entire vehicle lifecycle. This includes detailed analysis of EV trends and sustainable mobility initiatives, all of which support critical product planning, marketing and sales operations and inform multi-billion-dollar capital allocation decisions. Our Vehicle & Supply Chain Forecasting and Global Reporting products cater to this demand.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Average Age of Vehicles on the Road Is Increasing:* Consumers are owning their vehicles for longer resulting in more demand for trusted CARFAX information on how to maintain their vehicles and keep them reliably running for as long as possible.

#### Our Competitive Strengths
We have several compelling competitive strengths that position us as a leader in the automotive data and technology industry.

#### Trusted Provider of Automotive Intelligence with More than 100 Years of History & Recognized Brands
We are a pioneering, global provider of automotive data and technology backed by more than a century of heritage, dating back to Polk's origins in 1870. Our portfolio comprises category-defining brands that the

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industry relies on every day: CARFAX (the most recognized consumer brand in the category with an average of 96% in-market awareness and an average of 50% unaided awareness according to a survey of in-market consumers), automotiveMastermind (a highly respected dealer brand), Polk Automotive Solutions (demonstrating more than 100 years of trusted data stewardship) and Market Scan (the reference for real-time payments and incentive data). Together, these trusted brands anchor our role as an independent, authoritative source for mission-critical automotive intelligence across the vehicle and consumer lifecycles.

#### Differentiated Data Sets (Scale and Timeframe)
We hold a differentiated data estate, distinguished by both its vast scale and extensive historical depth. This includes more than 38 billion vehicle history records, more than 13 billion transaction records and approximately 832 million unique VINs tracked as of December 31, 2025. Our data includes more than 2,000 data attributes per vehicle and comprises more than 80 million rows of actively updated information as of December 31, 2025. With more than 100 years of data stewardship, including our proprietary Polk, CARFAX and Market Scan datasets, and more than 30 years of ownership data, we believe we offer a comprehensive and hard-to-replicate foundation. Our vast contributing network of more than 177,000 sources, including dealers, service shops, police agencies and governments as of December 31, 2025, ensures our access, often on an exclusive basis, to critical purchase, incident and service data. This extensive and deep data is continuously curated and enhanced by AI, enabling us to provide highly accurate and VIN-level predictive analytics and insights.

#### Wide Network of Relationships and Large Customer Base
We believe our leading position in the sector is reinforced by decades-long, reciprocal relationships with an extensive and loyal customer base and a uniquely scaled customer footprint. CARFAX had more than 40,000 dealer customers and more than 53 million CARFAX Car Care consumer audience members as of December 31, 2025. Within B2B, our Marketing & Sales business line had 100% penetration for the top 30 OEMs operating in North America, and our Strategy & Planning business line served 98% of the top 40 automotive suppliers, 100% of the top 40 global carmakers and 100% of the top 10 investment banks as of December 31, 2025, based on internal data. These deep, durable relationships create continuous feedback loops that strengthen data quality, embed solutions in customer workflows and sustain industry-leading retention across OEMs, suppliers, dealers and adjacent stakeholders.

#### Deep Expertise in Market, Vehicle and Consumer Information, Forecasts and Analysis Tools
We maintain profound expertise across the automotive ecosystem, supported by our substantial workforce comprised of over 3,400 FTEs globally as of December 31, 2025. We offer advanced forecasting, planning and analysis tools that cover every brand, model and vehicle lifecycle stage. Our solutions include comprehensive, globally consistent market data across 100 countries, covering more than 990 vehicle production plants, more than 85,000 vehicle variants and more than 400 sales brands as of December 31, 2025, and approximately 99% of global vehicle production as of December 31, 2025. This extensive network and deep analytical capabilities enable us to provide precise insights and support strategic decision-making.

#### Demonstrated Resilience Through Business Cycles
We have a proven track record of robust margins and consistent growth, showcasing our resilience across economic fluctuations. We operate a resilient business model with limited cyclicality, attributed to our balanced portfolio spanning both new and used car markets. This strategic mix acts as a natural hedge against macroeconomic shifts, as evidenced by our strong performance during periods of higher used car volumes, such as 2023 and 2024. From 2023 to 2024, our total revenue grew 9% and we maintained strong margins, underscoring our capacity for sustained profitability and stability.

#### Scaled, Recurring, High-Margin Growth with Robust Cash Flow
We have demonstrated durable growth, healthy profitability and strong free cash flows underpinned by a subscription revenue model, sticky customer relationships and strong operating margins. In 2025, we generated approximately $1.75 billion of revenue, converting that into strong free cash flow. We operate

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primarily via a recurring revenue model across all segments. Revenue retention is consistently high, reflecting the mission-critical nature of our data and the breadth of our embedded workflows.

#### Our Growth Strategies
Our strategy is crafted to drive significant near and long-term growth, harnessing the power of advanced technology and data science to deliver unparalleled insights. We are committed to expanding our influence and capabilities across both the automotive ecosystem and geographies.

#### Enhancement of Existing Products through Technology
We are continuously enhancing our capabilities in predictive analytics, ML and AI across both our segments, which continue to magnify our competitive advantage to drive revenue and customer retention. This technology allows us to enhance and enrich our existing data to glean more valuable insights. Specifically, we apply ML to decode and standardize complex inputs (e.g., VIN specifications, accident and service narratives), use image-to-text and AI to ingest unstructured content (PDFs, images) and deploy AI agents to automate processing and delivery workflows. Together, these strategies improve our coverage, speed and quality.

 *CARFAX* 

Our technology investments over the past several years have increased the share of usable records and make content-rich, structured datasets easier to consume by automatically summarizing and harmonizing them for users. As CARFAX acquires more data, AI compresses long-form vehicle history content into concise, consumer-ready summaries (e.g., turning multi-page vehicle history records into 30- to 40-second highlights) and powers new formats like the "Talking Car Fox" (an AI-generated Car Fox summarizing vehicle history insights), alongside history-based reliability and cost-of-ownership predictions. These technological enhancements boost shopper confidence while increasing owner engagement and dealer return on investment, helping to enhance retention and product adoption.

 *B2B* 

Within the B2B reportable segment, as discussed below, we have enhanced our capabilities in our business lines:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Marketing & Sales:* At automotiveMastermind, we are introducing AI-driven consumer interactions and seller enablement, including on-brand, compliant marketing content generation (e.g., emails and outbound communications) and core talk tracks that guide business development centers and sales reps in dealer workflows, to reduce manual effort and improve personalization at scale. The Data Studio platform delivers AI-ready data services, robust analytics and advanced audience activation capabilities, ultimately optimizing marketing spend for our clients and enabling truly personalized consumer experiences. Using ML and AI and our expanding data set, we are continuously evolving and improving our consumer models, such as the BPS, for identifying which consumers are likely in market, for what product at what price which is a core capability and differentiator that underpins our Marketing & Sales products. Leveraging AI, we are introducing natural language query features in our largest data repositories so users can navigate and extract insights from the data more efficiently. We believe these initiatives help drive retention and product adoption by improving the quality of our products and improving the customer experience.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Strategy & Planning:* For our Strategy & Planning business line, technology serves as the core driver of innovation. We are making ongoing improvements in predictive analytics, ML and AI to continually advance our offerings. New capabilities such as PIQ, scenario capabilities (FAST) and DA are transforming raw information into intelligent, predictive insights, empowering OEMs and suppliers to make agile, data-driven decisions on product planning, supply chain optimization and critical technology investments. Our long-term strategy is to enable comprehensive decision-making within an interactive data ecosystem, utilizing sophisticated AI-enabled systems for dynamic forecasts and simulations*.* 

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#### Expanding Our Data Network
We intend to continue leveraging technology and data for unique insights, forecasts and advisory services across the automotive value chain. The foundation of our strategy is built upon our ability to capitalize on our vast data estate, advanced technological infrastructure and deep data science capabilities. This powerful combination enables us to deliver critical insights, precise forecasts and invaluable advisory services across the entire automotive value chain.

 *CARFAX* 

We continue to grow our contributory data partnerships across more than 177,000 sources, including 36 OEM CPO programs, more than 6,300 police agencies and more than 92,000 dealers and service shops as of December 31, 2025. As a result of this growing network of data partnerships, we have added an average of approximately 6 million records daily for the twelve-month period ended December 31, 2025, to a vehicle history corpus exceeding 38 billion records as of December 31, 2025. We also continue to expand dealer workflow partnerships and international data access to broaden coverage.

 *B2B* 

Within the B2B reportable segment, as discussed below, we have expanded our data network in our business lines:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Marketing & Sales:* We are committed to strengthening our leadership in data by consistently enriching our core consumer and registration database with complementary data sets. This includes incorporating new assets such as consumer credit, OEM, dealer and lending transactions, vehicle inventory, pricing and incentive information and demographic data to unlock deeper insights. Additionally, we are enhancing our direct integrations with major digital platforms to broaden both audience targeting and measurement capabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Strategy & Planning:* We extend proprietary global coverage, spanning more than 145 sales country markets, more than 990 vehicle production plants, and more than 2,900 supplier locations as of December 31, 2025, and approximately 99% of global vehicle production as of December 31, 2025. We are continuously enriching component/supply chain and powertrain datasets through reciprocal relationships with OEMs, suppliers and financial institutions. We are also adding new technology domains (e.g., batteries, semiconductors, SDV/AV) and expanding geographic penetration.

#### Introduction of New Products
Our growth has been driven by a consistent cadence of launched products and features that have scaled in-market and expanded wallet share across OEMs, dealers, suppliers and insurers. As these offerings roll out, we typically see higher net retention from deeper multi-product adoption and greater usage and engagement as new capabilities become embedded in customer workflows.

On the CARFAX side, both Car Listings and CARFAX For Life saw rapid adoption and continued retention, now embedded in customer workflow. Car Listings (launched in 2014) has grown dealer adoption by delivering high-ROI leads, and CARFAX For Life (launched in 2019) has translated the industry's richest service data into service loyalty and reputation-building for dealers, underpinned by a fast-growing Car Care consumer audience. Revenue to the BIG has also accelerated in the past three years with insurers integrating our data in their workflows and adoption of new insights products specific to the BIG industry as rate shopping rebounded.

In B2B, automotiveMastermind has matured into a scaled dealer sales platform with steady price discipline. New OEM modules like EEQ (private offer optimization launched in 2021) deliver measurable sales lift and multi-brand rollouts for customers. Market Scan's real-time pricing and payments engine is embedded across dealer tech and now powers pricing and payments for online automotive marketplaces, while Market Reporting and Polk Auto Solutions continue to be the gold standard for market analytics, audiences and closed-loop measurement. In Planning Solutions, the expanded Supply Chain & Technology forecast suite (e.g., batteries, semiconductors, connected car) is already driving larger OEM subscriptions and new wins with technology players and the core vehicle forecasting and global reporting franchises remain the

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industry's point of reference, supporting steady, recurring growth. Together, these launched offerings show a track record of innovation that is already in customers' workflows and contributing to sustained revenue expansion.

Our core market TAM was valued at $13 – 15 billion in 2025. We intend to continue to pursue incremental opportunities as part of our growth strategy, including planned initiatives to launch new products and expand existing offerings into additional international markets. We believe this portion of the TAM represented an additional $25 – 27 billion in 2025. For instance, our CARFAX brand will continue strengthening our position in the used car market, by building interactive, one-to-one relationships and providing consumers with personalized, predictive insights throughout the entire vehicle lifecycle. This includes the strategic launch of innovative new products such as Sell My Car, specifically designed to cater to the evolving needs of the used car market. Concurrently, we are introducing powerful solutions to B2B like PIQ (a supplier scouting, benchmarking, risk and spend optimization tool) and FAST (a scenario capabilities tool enabling market simulation and modeling), seeking to ensure our offerings remain comprehensive and cutting-edge.

We further believe that we have additional market opportunities that we could potentially pursue beyond our immediate roadmap. Such adjacencies add a significant $37 – 39 billion to the TAM. Examples include P&C claims and repair software, shop management software and F&I marketing for the Used Vehicle Lifecycle, as well as DMS and AI workflow tools for Marketing & Sales.

#### Brand Investment
We plan to use targeted brand investment as a growth accelerator, with a focus on CARFAX. We are investing in consumer brand advertising at CARFAX to raise unaided awareness, drive more direct traffic and high-quality leads to Car Listings and expand the Car Care consumer audience. This spend is designed to fuel faster dealer acquisition and higher retention via the Lifetime Dealer program (which also taps OEM co-op funds), support sustained price realization on Advantage and other subscriptions and enable successful upsell of new products (e.g., Premium Listings and Sell My Car). In B2B, brand and product marketing will remain more modest and focus on reinforcing platform adoption (e.g., Data Studio, EEQ) alongside a primarily product- and sales-led motion. We believe our brand investment is positioned to amplify proven product-market fit, increase dealer penetration, strengthen net revenue retention and accelerate our growth outlook.

#### Geographic Expansion
We are committed to significant geographic expansion as a critical component of our growth trajectory. This includes plans to substantially increase dealer adoption of CARFAX For Life and in the future, launch Car Listings internationally. We believe CARFAX Europe is poised to expand its presence by entering new, high-potential markets such as Germany and France, building upon the successful consumer-led strategies already implemented and proven effective in Spain and Italy.

#### Inorganic Growth Opportunities
Beyond organic growth, we believe we are well-positioned to capitalize on inorganic growth opportunities across what is a highly fragmented industry. We have a track record of effective M&A, including our successful acquisitions and subsequent integrations of automotiveMastermind and Market Scan. This capability allows us to diversify our player base and strategically expand into adjacent markets, including but not limited to automotive software, service lane solutions and the parts and aftermarket segments.

#### Our Customers
We are proud to serve a highly diversified and global customer base, which includes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Dealer groups and dealers:* We serve more than 40,000 dealer customers as of December 31, 2025, with deep penetration in both franchise and independent segments, who leverage our solutions for sales platforms, market analytics and consumer engagement.

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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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Consumers:* We reach more than 53 million CARFAX Car Care consumer audience members as of December 31, 2025, providing essential vehicle history, valuation and ownership information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Virtually all major global automakers (OEMs):* We serve 100% of the top 40 global carmakers and the top 30 OEMs in North America as of December 31, 2025, for whom Mobility powers critical design, build, strategy and sales and marketing decisions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Top-tier automotive suppliers:* Our solutions are utilized by 94% of the top 100 suppliers and we have 98% usage among the top 40 suppliers as of December 31, 2025, who rely on us for supply chain planning, technology insights and market intelligence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Financial institutions and insurance companies:* A significant portion of the F&I sector relies on our solutions, with 17 of the top 20 banks and insurers using our data for workflow processes as of December 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Aftermarket participants:* Our reach extends to more than 92,000 dealers and service shops as of December 31, 2025, as well as numerous parts retailers and service centers, supporting the broader automotive ecosystem.

Our solutions are deeply embedded in our customers' workflows, providing crucial support for their high-stakes decisions in product planning, supply chain management, marketing, sales and service. Our strong retention rates, our robust recurring revenue model and our demonstrated ability to cross-sell new products underscore the immense value and "stickiness" of our offerings. As the industry continues to evolve, we are actively expanding our reach through strategic new product launches, aggressive international growth and deeper integration with our customers' enterprise systems. We believe this strategic positioning firmly establishes us as a critical partner across the entire automotive value chain.

#### Marketing & Sales

#### CARFAX
CARFAX operates a consumer-pull, dealer-monetization model by first building trust and demand with consumers. CARFAX reached approximately 23 million monthly average unique visitors to the CARFAX U.S. website and apps and generated more than 28 million monthly average vehicle history report views for the twelve-month period ended December 31, 2025. CARFAX then converts that demand into dealer subscription revenue across Advantage (vehicle history), Car Listings and CARFAX For Life (service loyalty), while selling BIG solutions to insurers and lenders that are integrated into their workflows.

CARFAX combines inbound demand driven by its brand and audience with direct field and phone sales to individual dealers and dealer groups. OEM CPO relationships and marketplace/dealer management system integrations deepen adoption and the Lifetime Dealer initiative bundles Advantage, Car Listings and CARFAX For Life, leverages OEM co-op funds (marketing funds reimbursing dealers' approved advertising expenses) and creates clear upsell paths such as Premium Listings and Sell My Car.

Internationally, CARFAX leads with a consumer-first strategy (e.g., in Spain, Italy, Poland and expansion in Canada). This means leading with products and experiences that directly serve end consumers to build trust, usage and audience first, then layering in B2B and dealer integrations and monetization.

We believe this approach is successful because CARFAX pairs a powerful brand with a data engine spanning more than 177,000 sources and more than 38 billion vehicle history records as of December 31, 2025. This is amplified by deep, embedded workflow partnerships that raise switching costs and support both pricing power and cross-sell.

#### B2B
 *Marketing & Sales* 

The Marketing & Sales business line within our B2B reportable segment is relevant throughout the automotive ecosystem and penetrates the vertical market through multiple touchpoints.

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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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Top-down:* We drive executive-level relationships in the OEMs, NSCs and large dealer groups by first leveraging our flagship market reporting product suite and then expanding that footprint by positioning and selling products focused on analytics, audience activation and pricing analytics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *Bottom-up:* We also sell directly to individual dealerships and regional groups using products like automotiveMastermind, Market Reporting, Market Scan APIs and Polk audiences/measurement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • *In Market:* Our sales organization is in market, dedicated and structured by tiers and area of expertise. Specific attention is given to both new business and retention-based metrics. The business relies on enterprise agreements with OEMs and dealer groups and activates both directly and through partners (for example, Market Scan APaaS). These relationships and agreements provide the foundation for strategic upselling.

We believe this approach is successful because our core market reporting datasets covering registration, ownership and loyalty are widely regarded as the 'gold standard' in the industry. The "stickiness" of this product set allows us to leverage our established credibility and position additional value by focusing on areas like incentives, transactions, audience activation and inventory. Recall services are critical for North American OEMs and further demonstrate the value we provide when the market faces crisis. We are responsive and our data is highly accurate.

 *Strategy & Planning* 

Strategy & Planning business line within our B2B reportable segment has a dedicated global sales organization that sells directly to OEMs, suppliers and financial markets. The sales organization and customer base are supported by a robust, in-market team of analysts dedicated to the interpretation of data.

We believe Planning Solutions is the industry benchmark for analytics and reference data. Suppliers, OEMs and adjacent verticals rely on this data in their strategic planning, product planning and financial/investment planning. The Planning Solutions dataset is supported by deep analyst coverage and bidirectional industry feedback. Our foundational product is global vehicle, powertrain and supply chain forecasts. Leveraging this foundation allows for upselling into scenario capabilities (FAST), procurement intelligence (PIQ) and supplier workflow software (DA). We believe our market penetration is strong, with broad OEM and supplier coverage and upsell opportunity is wide, as well as expansion into both private and public segments within financial markets.

We believe our approach is successful for several reasons:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • The data is category-defining, globally consistent and embedded in critical planning workflows.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Groundbreaking new SaaS and analytics modules increase penetration, durability and decision-making value for increasingly accelerated planning cycles.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • The data is backed by a global analytics and consulting team that can support individual customers as they attempt to apply this data to their decision-making process.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • The sales team is able to leverage the credibility of the existing foundational strength to position new and enhanced products.

#### Data Platform
We leverage advanced technology and data science to generate unique and highly proprietary insights. Our core strength lies in our vast and hard-to-replicate data assets. This includes proprietary data created internally, such as forecast data, alongside data acquired through long-standing "give-get" relationships with tens of thousands of service shops, dealers and police agencies. This extensive network of more than 177,000 diversified data sources as of December 31, 2025 provides access to incident and service data, often on an exclusive basis, forming a highly difficult-to-replicate ecosystem. Furthermore, data is sourced from commercial third parties often under exclusive rights, ensuring unique access to critical information. Even data obtained from public sources, such as state DMVs, presents a high barrier to entry for new competitors due to the significant cost relative to potential monetization. Our outputs and insights are also consistently enriched with proprietary data and analytics, distinguishing them from public data.

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We extensively employ ML and AI technologies in our efforts to automate and enrich our datasets. For instance, ML and AI have been instrumental in decoding millions of additional service events from the over 38 billion vehicle history records collected as of December 31, 2025. More recently, AI has been deployed to ingest previously challenging information, such as converting PDF content into data or analyzing vehicle images to assess accident damage. Our current strategy focuses on utilizing a suite of AI agents to fully automate data ingest, processing and delivery workflows, aiming for significant productivity gains and further reinforcing the proprietary nature of the data assets by transforming raw information into strategic, actionable intelligence.

#### Competition
We operate within a competitive landscape in the automotive data and technology sector that is highly fragmented and global. This environment features a diverse mix of large-scale data and software providers alongside numerous specialized point-solution vendors. Our competitors range from firms offering comprehensive data and analytics platforms to those focused on specific verticals such as auto finance, insurance, fleet management, dealer software and vehicle verification. Many of these competitors operate either regionally or globally and some choose to focus on particular stages of the vehicle lifecycle or specific customer segments (e.g., OEMs, dealers, suppliers, or consumers). We compete on the basis of the quality, breadth, and uniqueness of data; depth and accuracy of analytics; price and value; global coverage and workflow integration; our brand trust and independence; and our proven track record and relationships.

Our competitors include: (i) automotive data and analytics providers, such as J.D. Power and Cox Automotive; (ii) data and information providers, such as Experian and Global Data; (iii) business intelligence and consulting firms who offer automotive industry expertise and provide strategic advice; and (iv) smaller niche players who may focus on specific segments of the automotive value chain.

#### Seasonality and Cyclicality
We believe that we are well-positioned to meet customer demand within the fast-moving and inherently cyclical automotive environment, consistently demonstrating our resilience through various business cycles. Our business model is built upon a highly diversified portfolio, allowing us to serve a broad spectrum of customers across the entire automotive ecosystem, including OEMs, suppliers, dealers, F&I firms and individual consumers. We believe this strategic diversification significantly helps us mitigate the impact of economic downturns, periods of tighter credit conditions and affordability challenges that consumers may face.

We have consistently demonstrated strong performance, even during periods of significant economic uncertainty. Our business benefits from a natural hedge embedded within our product mix: when new vehicle sales experience a slowdown due to recession risks or credit tightening, we often observe a corresponding increase in used vehicle transactions. This shift directly supports the demand for our core products, such as CARFAX Vehicle History Reports and our related dealer solutions. In addition, our robust recurring revenue model, coupled with our high customer retention rates, further reinforces our natural resilience.

Seasonality and cyclicality are inherent characteristics of the automotive industry, with global light vehicle sales naturally subject to fluctuations based on macroeconomic conditions, consumer confidence and credit availability. We provide forecasts and advanced analytics that are designed to help our customers anticipate and effectively navigate these cycles. Our solutions are deeply embedded within our customers' workflows, providing critical support for their decision-making processes regardless of prevailing market conditions. We provide timely data and insights that empower OEMs, dealers and other key stakeholders to swiftly adjust their strategies in response to changing demand patterns, evolving regulatory shifts and any supply chain disruptions that may arise.

Our substantial scale, our comprehensive suite of data-driven solutions and our highly diversified customer base collectively enable us to remain agile and resilient. This strategic positioning allows us to effectively support our customers through both typical seasonal fluctuations and broader, more significant economic cycles.

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#### Regulation
Various aspects of our business are, may become, or may be viewed by regulators from time to time as subject, directly or indirectly, to U.S. federal, state, local, and foreign laws and regulations. In particular, the advertising and sale of new or used motor vehicles is highly regulated by the states and jurisdictions in which we do business. For example, the Federal Trade Commission's CARS Rule, announced in December 2023 sets a framework to ensure transparency throughout the vehicle buying and leasing process and could therefore impact our products and solutions. Regulatory authorities or third parties could take the position that some of the laws or regulations applicable to dealers or to the manner in which motor vehicles are advertised and sold generally are directly applicable to our business. These advertising laws and regulations, which often originated decades before the emergence of the internet, are frequently subject to multiple interpretations, are not uniform across jurisdictions, sometimes impose inconsistent requirements with respect to new or used motor vehicles, and the manner in which they should be applied to our business model is not always clear. Regulators or other third parties could take the position that our products and solutions violate applicable brokering, bird-dog, consumer protection, or advertising laws or regulations.

In order to operate in this regulated environment, we develop our products and solutions with a view toward appropriately managing the risk that our regulatory compliance, or the regulatory compliance of the dealers to whom we provide our products and solutions, could be challenged.

We consider applicable advertising and consumer protection laws and regulations in designing our products and solutions. We endeavor to design our products and solutions in a manner that would comply with relevant advertising regulations and consumer protection laws if our products or solutions were to be considered vehicle sales advertising.

Our websites and mobile applications enable us, dealers, and users to send and receive text messages and other mobile phone communications, which requires us to comply with the Telephone Consumer Protection Act, or TCPA, in the U.S. The TCPA, as interpreted and implemented by the Federal Communications Commission and federal and state courts, imposes significant restrictions on utilization of telephone calls and text messages to residential and mobile telephone numbers as a means of communication, particularly when the prior express consent of the person being contacted has not been obtained.

Moreover, certain types of information that we collect, compile, store, use, process, transfer, publish and/or sell are subject to laws and regulations in various jurisdictions in which we operate. There is an increasing public concern regarding, and resulting increasing regulations of, privacy, data, and consumer protection issues. Certain laws and regulations to which we are subject pertain to PII relating to individuals. Such laws and regulations constrain the collection, use, processing, storage, and transfer of PII, and impose other obligations with which we must comply. In certain instances, we move data across national borders to conduct our operations, and consequently, are subject to a variety of evolving laws and regulations regarding privacy, data protection, and data security in an increasing number of jurisdictions. Many jurisdictions have passed laws in this area, such as the DPPA, the GLBA, the GDPR, the U.K. GDPR, a version of the GDPR as implemented into the laws of the U.K., Quebec Law 25 and proposed Federal Bill C-27 in Canada, the Cybersecurity Law of the People's Republic of China adopted in 2017, the CCPA, and the California CARS Act, and numerous other similar comprehensive state-level data privacy and security laws in other U.S. states, including Virginia, Colorado, Utah and Connecticut, and numerous other jurisdictions are considering imposing similar laws and regulations. Moreover, laws in all 50 U.S. states require businesses to provide notice under certain circumstances to consumers whose personal information has been disclosed as a result of a data breach.

These laws and regulations are wide-ranging in scope and impose numerous requirements on entities that process personal data, including requirements relating to processing sensitive data, obtaining consent of the individuals to whom the personal data relates in certain circumstances, providing information to individuals regarding data processing activities, implementing safeguards to protect the security and confidentiality of personal data, providing notification of data breaches and taking certain measures when engaging third-party processes that will have access to personal data. Compliance with applicable U.S. and foreign privacy and data protection laws and regulations is a vigorous and time-intensive process, and the costs and efforts required to adapt our business practices to comply with and implement increasing privacy and data protection requirements have been, and we except will continue to be, significant, particularly because

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these laws and regulations are increasing in complexity and number, change frequently, and increasingly conflict among the various jurisdictions in which we operate. It is possible that we could be prohibited or constrained from collecting or disseminating certain types of data or from providing certain products or solutions as a result of such laws and regulations. Moreover, if our business fails to comply with these laws or regulations, we could be subject to significant litigation and civil or criminal penalties (including monetary damages, regulatory enforcement actions or fines) in one or more jurisdictions, as well as reputational damage that could result in the loss of data, brand equity and business. For example, a failure to comply with the GDPR or U.K. GDPR could result in fines up to the greater of €20 million (or £17.5 million under the U.K. GDPR) or 4% of annual global revenues. Additionally, in the case of a DPPA violation, U.S. courts may award liquidated damages of $2,500 per individual's personal information. Furthermore, any inquiries or investigations, or any other governmental actions, regarding our privacy and data protection practices could require significant management time and attention, and may result in negative publicity and subject us to increased costs, as well as demands or orders that we modify our existing business practices.

Additional risks are presented by the evolving landscape related to sanctions and export control laws. The landscape related to these laws is evolving rapidly and presents compliance challenges to all businesses covered by these laws.

#### Human Capital
As of March 31, 2026, we had approximately 3,522 full-time and part-time employees calculated on a full-time equivalent basis located worldwide, including approximately 616 in Asia, 2,398 in the U.S. and Canada, 445 in Europe and 63 in Latin America.

#### Human Capital Strategy
Our human capital strategy is centered on cultivating a highly skilled and deeply engaged workforce to maintain our leadership position in the dynamic automotive data and technology industry. Our Board of Directors and the Nominating and Compensation Committee anticipate overseeing and regularly engaging with our CEO and other members of senior leadership on a broad range of people topics, including talent attraction, development and leadership succession planning; compensation and benefits; workplace culture, health, safety and well-being; and employee engagement and retention. Our Company has been built on a foundation of respect, integrity and trust, and we are committed to creating and fostering a work environment that promotes those values.

#### Competitive Compensation Programs
Offering market competitive and performance-driven compensation is key to our recruitment, talent management and retention strategies. As a result, management regularly assesses employee feedback, competitor research, and market data to ensure our programs remain competitive. Our compensation program consists of a mix of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Annual salary where base pay is determined by role, scope, external market rate and internal parity relative to geographic location. Recognizes level of proficiency and skill exhibited as compared to role requirements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Annual bonus as a cash reward acting as our main pay-for-performance vehicle through annual programs. Recognizes achievement against individual, team, and group performance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Equity awards for our strategic leaders acknowledging achievements of individual and organizational goals typically in recognition of contributions that positively influence strategic growth, operational alignment, and product innovation.

We also focus on the well-being of our people by offering competitive health and retirement benefits globally, as well as a variety of well-being programs.

#### Retention and Engagement
In order to attract and retain the high-quality talent needed to execute our long-term strategy, we foster a performance-driven workplace culture that promotes employee engagement, satisfaction and professional

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development. We invite employee feedback through a variety of channels for open communication and engagement, including small group employee round-table discussions with our business leaders and employee engagement surveys. We also invest in our employees' professional development by providing a wide array of global training and learning programs to help employees expand their knowledge, skills and experience, including technology training, career coaching and leadership development programs.

#### Intellectual Property
Intellectual property is of significant importance to us. We protect our intellectual property through a combination of patents, trademarks, domain names, trade secret laws, confidentiality procedures and contractual restrictions. In many cases, we own the intellectual property relevant to or used by our businesses, but in other cases, we obtain licenses, including from third-party data providers, to access and use other parties' intellectual property. We consider our data estate, which is comprised of internally developed proprietary data as well as data obtained from third-party data sources, to be one of our key competitive strengths. We also seek patent protection for our innovations, developments and other technology (including software), as well as our products, services and solutions, where such protection is likely to provide strategic value to us. Our intellectual property portfolio includes patents, copyright registrations, and trademarks registered in the United States and foreign countries. We consider the "CarFax" name, logo and tagline, as well as certain of our other trademarks to have significant value to us. We believe our intellectual property creates a competitive advantage and we have and will continue to take reasonable measures to protect our intellectual property and build our portfolio of intellectual property rights. However, we cannot be assured that any of our intellectual property rights may not be challenged, found unenforceable or invalid, or used, copied, otherwise infringed or misappropriated by others. From time to time, we also take actions to protect our business by asserting our intellectual property rights against third-party infringers or those who misappropriate our trade secrets, but cannot be assured that such actions will be successful. See the "Risk Factors" section of this information statement for further discussion of intellectual property matters and associated risks.

#### Properties
Our corporate headquarters are located in leased premises in Centreville, Virginia. We lease office facilities at locations, of which 6 are in the U.S. as of March 31, 2026. Our properties consist primarily of office space used by each of our segments. We believe that all of our facilities are well maintained and are suitable and adequate for our current needs.

#### Legal Proceedings
In the normal course of business both in the United States and abroad, the Company and its subsidiaries are defendants in legal proceedings and are subjected to government and regulatory proceedings, investigations and inquiries.

We are not currently a party to, nor is our property currently subject to, any material legal proceedings. We are involved, from time to time, in litigation, other legal claims, regulatory actions and other proceedings or actions by governmental authorities involving matters associated with or incidental to our business and our property in the ordinary course. In view of the uncertainty inherent in litigation and government and regulatory enforcement matters, we cannot predict the eventual outcome of such matters or the timing of their resolution, or in most cases reasonably estimate what the eventual judgments, damages, fines, penalties or impact of activity (if any) restrictions may be. As a result, we cannot provide assurance that such outcomes will not have a material adverse effect on our consolidated financial condition, cash flows, business or competitive position. As litigation or the process to resolve pending matters progresses, as the case may be, we will continue to review the latest information available and assess our ability to predict the outcome of such matters and the effects, if any, on our consolidated financial condition, cash flows, business or competitive position, which may require that we record liabilities in the consolidated financial statements in future periods.

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#### MANAGEMENT

#### Executive Officers Following the Separation
The following table sets forth information, as of the date of this information statement, regarding certain individuals who are expected to serve as our executive officers following the Separation. We expect that those individuals noted below who are current employees of S&P Global will transfer from their respective employment with S&P Global to Mobility and, immediately prior to the Separation, resign from any officer roles with S&P Global.

---

| | | |
|:---|:---|:---|
| **Name**  | **Age**  | **Position**  |
| William W. Eager | 55 | Chief Executive Officer and Director |
| Matthew A. Calderone | 53 | Chief Financial Officer |
| Scott Fredericks | 58 | President, CARFAX |
| Joseph S. LaFeir | 56 | President, Mobility Business Solutions  |
| Tasha Matharu | 42 | Chief Legal Officer |

---

Set forth below is information about the executive officers identified above.

William W. Eager will be the Chief Executive Officer of Mobility. Mr. Eager was President of S&P Global Mobility since August 2025. Prior to that, he held various leadership roles at CARFAX for more than 20 years, including serving as Chief Executive Officer since 2021. Previously, Mr. Eager served as Vice President of CARFAX's Dealer Business for 17 years. Prior to joining CARFAX, Mr. Eager was part of the leadership team at The Cobalt Group, an automotive digital retailing company. Mr. Eager holds a BA in economics from Villanova University and an MBA from George Mason University.

Matthew A. Calderone will be the Chief Financial Officer of Mobility. Mr. Calderone was the Chief Financial Officer of Booz Allen Hamilton Inc. ("Booz Allen") from October 2022 to January 2025. Prior to this, Mr. Calderone served in various roles at Booz Allen from 2010-2022, including Chief Strategy Officer, leading its Strategic Finance, FP&A, Business Finance and Corporate Development functions, as well as leading a business in Booz Allen's national security business and working for their global commercial business from 2000 to 2007. He worked for the Boston Consulting Group from 2007 to 2010. Mr. Calderone holds a BA in economics from the University of Maryland and an MBA from the Yale School of Management.

Scott Fredericks will be President of CARFAX at Mobility. Mr. Fredericks was President of CARFAX at S&P Global Mobility since September 2025. Prior to that, Mr. Fredericks served as Chief Operating Officer at CARFAX since June 2022. He joined CARFAX as Vice President of Marketing in 1997. Earlier in his career, Mr. Fredericks served as a communications director for the U.S. Air Force from 1986 to 1996. Mr. Fredericks holds a BA in government & politics from the University of Maryland and a degree from George Washington University's Graduate School of Political Management (GSPM).

Joseph S. LaFeir will be President of Mobility Business Solutions of Mobility. Mr. LaFeir was President of Mobility Business Solutions at S&P Global Mobility, comprising Automotive Insights and automotiveMastermind, since August 2025. Prior to that, Mr. LaFeir served as President of Automotive Insights from 2016 to 2025. Earlier in his career, he served in management roles across product development and technology at R.L. Polk, where he served as Chief Information Officer from 2011 to 2016. He began his career at Ernst & Young in 1992 and then transitioned to Capgemini in 1999, where he worked in their management consulting practices. Mr. LaFeir holds a BS in computer science from Bowling Green State University.

Tasha Matharu will be the Chief Legal Officer of Mobility. Ms. Matharu was the Chief Legal Officer of S&P Global Mobility since January 2026. Prior to that, Ms. Matharu served as Deputy General Counsel since September 2020 and Corporate Secretary for S&P Global since November 2017. Ms. Matharu previously worked as an associate at Shearman & Sterling LLP from 2008 to 2016 before joining S&P Global. Ms. Matharu holds a BA in Economics from the University of California, Berkeley and a Doctor of Law from the University of California College of the Law, San Francisco (formerly UC Hastings).

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#### Board of Directors Following the Separation
The following individuals are expected to serve as members of our Board of Directors following the Separation.

---

| | | |
|:---|:---|:---|
| **Name**  | **Age**  | **Position**  |
| Joseph R. Hinrichs | 59 | Chairman and Director |
| Eric W. Aboaf | 61 | Director |
| William W. Eager | 55 | Chief Executive Officer and Director  |
| Heather Lavallee | 56 | Director |
| Monique F. Leroux | 71 | Director |
| Mark S. Peek | 68 | Director |
| Shilpa Ranganathan | 48 | Director |
| Alexander Taussig | 43 | Director |

---

Set forth below is additional information regarding the directors identified above, as well as a description of the specific skills and qualifications such candidates are expected to provide the Board of Directors of Mobility.

Joseph R. Hinrichs will serve as Chairman of the Board of Directors. Mr. Hinrichs served as the President and Chief Executive Officer of CSX Corporation from September 2022 to September 2025. Prior to joining CSX, Mr. Hinrichs served as President of Ford Motor Company's global automotive business from May 2019 to March 2020. During his tenure at Ford, Mr. Hinrichs also served as Executive Vice President and President of Global Operations, Executive Vice President and President of the Americas, President of Asia Pacific and Africa, Chairman and Chief Executive Officer of Ford China, and President and Chief Executive Officer of Ford Canada. Mr. Hinrichs has served as a member of the board of directors for The Goodyear Tire & Rubber Company since July 2023. From May 2021 to September 2022, Mr. Hinrichs served as member of the board of directors of Ascend Wellness Holdings, Inc. Mr. Hinrichs holds a BS in Electrical Engineering from the University of Dayton and an MBA from the Harvard Business School. Mr. Hinrichs' qualifications for election include his years of leadership experience in the automotive industry.

Eric W. Aboaf will serve on the board of directors. Mr. Aboaf has served as Chief Financial Officer and Executive Vice President for S&P Global Inc. since February 2025. Mr. Aboaf joined S&P Global from State Street Corporation, where he served as Chief Financial Officer and Vice Chairman since May 2022, was Chief Financial Officer and Executive Vice President since February 2017, and joined as Executive Vice President in December 2016. Mr. Aboaf also served as Chief Financial Officer at Citizens Financial Group, Inc. from April 2015 to December 2016. Mr. Aboaf holds a BS from The Wharton School of Business and a BS from the Engineering School at the University of Pennsylvania and an MS in computer science from the Massachusetts Institute of Technology. Mr. Aboaf's qualifications for election include his financial expertise.

William W. Eager will serve on the Board of Directors. For Mr. Eager's biography, see "— Executive Officers Following the Separation" above. Mr. Eager's qualifications for election include his service as Chief Executive Officer of Mobility and his previous service in various leadership roles at S&P Global Mobility and CARFAX.

Heather Lavallee will serve on the Board of Directors. Ms. Lavallee has served as Chief Executive Officer of Voya Financial, Inc. since January 2023, and as board member since July 2022. Prior to that, Ms. Lavallee was Chief Executive Officer of Voya's Retirement business from March 2021 to January 2023, President of Voya's Tax Exempt Markets segment from May 2016 to March 2021, and President of Voya's Employee Benefits segment from March 2011 to April 2016. Before joining Voya Financial, Ms. Lavallee worked at Mutual of Omaha as a regional vice president of the Group Insurance Division for their Western Region, and at Sun Life New York Insurance and Annuity Company. Ms. Lavallee holds a BA in psychology from Colby College and an MBA from Pepperdine University's Graziadio Business School. Ms. Lavallee's qualifications for election include her years of experience in executive leadership.

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Monique F. Leroux will serve on the Board of Directors. Ms. Leroux is Companion of the Order of Canada and of the Canadian Business Hall of Fame. She has served as an independent board member of the Michelin Group since 2016, BCE Inc. since 2016 and Alimentation Couche-Tard Inc. since 2015. Ms. Leroux had served on the board of directors of S&P Global Inc. from 2016 to 2022. From 2004 to 2008, she was Chief Financial Officer and from 2008 to 2016, she was Chair of the Board and Chief Executive Officer of Desjardins Group. Prior to that, she was an audit partner at Ernst & Young and held executive positions at The Royal Bank of Canada and Quebecor, Inc. Among others, Ms. Leroux holds Honorary Doctorates from Mc Gill University, Canadian Forces College, Montreal University, Laval University and University of Ottawa. Ms. Leroux's qualifications for election include her extensive experience as chief executive officer and board member serving global public companies.

Mark S. Peek will serve on the Board of Directors. Mr. Peek held various positions at Workday, Inc., from June 2012 to May 2025, including Chief Financial Officer, Co-President, and Managing Director and Co-Head of Workday Ventures. Prior to Workday, from April 2007 to May 2012, Mr. Peek was Chief Financial Officer and Co-President of Business Operations of VMware, Inc. From 2000 to 2007, Mr. Peek was Senior Vice President and Chief Accounting Officer at Amazon.com. Prior to joining Amazon.com, Mr. Peek spent 19 years at Deloitte, the last ten years as a partner. Mr. Peek has served on the board of directors of SentinelOne since May 2021 and on the board of directors of Trimble since 2010. Prior to his career at Workday, he also served on their board of directors. Mr. Peek holds a BS in accounting and international finance from Minnesota State University. Mr. Peek's qualifications for election include his executive management of software and technology companies as well as his finance and accounting expertise.

Shilpa Ranganathan will serve on the Board of Directors. Ms. Ranganathan has served as Chief Product Officer of Expedia Group, Inc. since January 2025. Prior to joining Expedia, Ms. Ranganathan held various positions at Microsoft Corporation, from May 2008 to December 2024, including Corporate Vice President of Windows from April 2022 to December 2024, Corporate Vice President of Mobile & Modern Productivity Experiences from May 2019 to April 2022, and General Manager of Mobile Experiences from January 2018 to May 2019. Ms. Ranganathan holds a BE in Electrical and Electronics from Birla Institute of Technology and Science, Pilani. Ms. Ranganathan's qualifications for election include her technology expertise, including in AI product development.

Alexander Taussig will serve on the Board of Directors. Mr. Taussig has held various positions at Lightspeed Venture Partners since February 2016, including Board Partner since December 2024, Partner and Co-Head of Consumer Practice from December 2021 to December 2024 and Partner from February 2016 to December 2021. Prior to joining Lightspeed, Mr. Taussig held various positions at Highland Capital Partners, including Senior Associate and Principal from 2009 to 2013 and Partner from 2013 to January 2016. Mr. Taussig serves as member the board of directors of United Rentals, Inc. since February 2026. Mr. Taussig holds an AB in physics from Harvard University, an MS in materials science and engineering from MIT and an MBA from Harvard Business School. Mr. Taussig's qualifications for election include his expertise in scaling technology-enabled marketplaces and platforms and his track record advising management teams.

#### Board Structure
Upon completion of the Separation, our Board of Directors is expected to consist of eight members. Each director will be elected annually by the stockholders at each annual meeting of stockholders for a term expiring at the next annual meeting of stockholders.

#### Board Independence
Our Board of Directors expects to determine that each of the Company's non-employee directors have met the independence requirements of the NYSE based upon the application of objective categorical standards adopted by our Board of Directors. In addition, our Board of Directors will have an independent chair. In determining independence, our Board of Directors will consider whether each director has a relationship that would interfere with such director's exercise of independent judgment in carrying out the responsibilities of a director.

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#### Director Compensation
In connection with the Separation, we anticipate that our Board of Directors will adopt a non-employee director compensation policy. This policy will apply to all of our non-employee directors and will provide that each non-employee director will receive the following compensation for service on our Board of Directors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • an annual cash retainer of $80,000, payable quarterly;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • an additional annual cash retainer of $100,000 for service as Chair of the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • an additional annual cash retainer of $25,000 for service as Chair of the Audit Committee, and $20,000 for service as Chair of the Nominating and Compensation Committee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • an annual equity retainer with a grant date value of $220,000 in RSUs, which will vest in full on the one-year anniversary of the grant date, subject to the director's continued service through the vesting date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • a one-time RSU award to be granted in connection with the Separation, with a grant date value of $400,000, which will cliff-vest on the three-year anniversary of the grant date.

The foregoing description remains subject to the final terms and conditions of the non-employee director compensation policy to be approved and adopted by our Board of Directors.

#### Board Committees
Effective upon the completion of the Separation, the Board will have an Audit Committee and a Nominating and Compensation Committee, each of which will operate under written charters approved by the full Board. In accordance with current NYSE listing standards, all of the directors who serve on each such committee will be independent from us and our management.

Each committee will operate under a written charter that details the scope of authority, composition and procedures of the committee. Each committee may, when appropriate in its discretion, delegate authority with respect to specific matters to subcommittees or the Chair of such committee. The committees will report to the Board of Directors periodically, will review and reassess the adequacy of their charters and will conduct an annual evaluation of their performance. The charters of each committee will be posted on our website after the Separation.

#### Audit Committee
The members of our Audit Committee will be Mark S. Peek, Joseph R. Hinrichs, Shilpa Ranganathan and Alexander Taussig. Mr. Peek will be the Chair of our Audit Committee. Each member of our Audit Committee meets the requirements for independence under the current NYSE listing standards and SEC rules and regulations. Each member of our Audit Committee is financially literate. In addition, our Board of Directors expects to determine that Mr. Peek and Mr. Hinrichs are each an "audit committee financial expert" as defined in Item 407(d)(5)(ii) of Regulation S-K promulgated under the Securities Act. The responsibilities of the Audit Committee will be more fully described in our Audit Committee charter and will include, among other duties:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Appointing, compensating, retaining, overseeing and terminating our independent registered public accounting firm;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Reviewing and approving the scope, timing and staffing of the audit to be conducted by the independent registered public accounting firm;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Evaluating the independent registered public accounting firm's qualifications, performance and independence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Reviewing with management and the independent registered public accounting firm our annual and quarterly statements prior to filing with the SEC;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Reviewing our system of internal controls and disclosure controls and procedures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Reviewing our policies and practices with respect to risk assessment and risk management;

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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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Reviewing related person transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Establishing procedures for the confidential, anonymous submission of concerns regarding questionable accounting, internal controls or auditing matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Reviewing and recommending to our Board of Directors the Code of Conduct and periodically reviewing and reassessing the adequacy of such Code of Conduct; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Preparing a report to stockholders annually for inclusion in the proxy statement.

#### Nominating and Compensation Committee
The members of our Nominating and Compensation Committee will be Monique F. Leroux, Heather Lavallee and Joseph R. Hinrichs. Ms. Leroux will be the Chair of the Nominating and Compensation Committee. Each member of the Nominating and Compensation Committee meets the requirements for independence under the current NYSE listing standards and SEC rules and regulations. The responsibilities of the Nominating and Compensation Committee will be more fully described in the Nominating and Compensation Committee Charter and will include, among other duties:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Reviewing our executive compensation plans and policies, including reviewing any equity-based compensation plans and incentive compensation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Reviewing and approving, for all of our Section 16 officers, including the Chief Executive Officer, and such other senior executives designated by the committee, his or her (i) annual base salary level, (ii) annual incentive compensation, (iii) long-term incentive compensation, (iv) employment, severance and change-in-control agreements, if any, (v) retirement benefits and (vi) any other compensation, perquisites or special benefit items;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Preparing a report on executive compensation and reviewing the Compensation Discussion and Analysis disclosure that, in each case, are required to be included in our proxy statement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Annually assessing whether any risks in our compensation and practices for our employees are reasonably likely to have a material adverse effect on Mobility;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Establishing criteria for membership for our Board of Directors and its committees and recommending individuals for membership on our Board of Directors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Periodically reviewing the size and responsibilities of our Board of Directors and its committees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Reviewing and recommending for approval by our Board compensation for our directors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Reviewing and recommending to our Board of Directors the Corporate Governance Guidelines and periodically reviewing and reassessing the adequacy of such Corporate Governance Guidelines.

#### Code of Conduct
In connection with the Separation, our Board of Directors will adopt a Code of Conduct that will apply to all of our employees, officers and directors. Upon completion of the Separation, our Code of Conduct will be posted on the investor relations section of our website. We intend to satisfy the disclosure requirement under Item 5.05 of Form 8-K by disclosing future amendments to our Code of Conduct, or any waivers of such code, on our website or in public filings.

#### Compensation Committee Interlocks and Insider Participation
None of the members of the Nominating and Compensation Committee is or has been in the past an officer or employee of the Company. Any relationships between the Company and any of the members of the Nominating and Compensation Committee requiring disclosure under Item 404 of Regulation S-K is discussed under "Certain Relationships and Related Party Transactions." None of our executive officers serves or has served on the board of directors or compensation committee of a company that has an executive officer that serves on our Board or the Nominating and Compensation Committee.

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#### COMPENSATION DISCUSSION AND ANALYSIS

#### Introduction
For purposes of this information statement, we have identified the following individuals who we expect will be our "named executive officers" or "NEOs" following the Separation:

---

| |
|:---|
| **Name<sup>(1)</sup>**  |
| William W. Eager Chief Executive Officer<sup>(2)</sup> |
| Scott Fredericks President, CARFAX<sup>(2)</sup> |
| Joseph S. LaFeir President, Mobility Business Solutions<sup>(2)</sup>  |

---

(1) Matthew A. Calderone, who serves as Chief Financial Officer, S&P Global Mobility (and, following the Separation, will serve as Chief Financial Officer of Mobility) did not commence employment until this year, and there was no individual who was operating as the principal financial officer of S&P Global Mobility during the fiscal year ended December 31, 2025 (these responsibilities were generally held by the Chief Accounting Officer of S&P Global as part of his broader responsibilities). Therefore, we have not disclosed a principal financial officer as one of our NEOs. In addition, Messrs. Eager, Fredericks and LaFeir were the only individuals who were part of the executive leadership team for S&P Global Mobility during the fiscal year ended December 31, 2025. Therefore, we have only disclosed three NEOs.

(2) Mr. Eager currently serves as President, S&P Global Mobility. Following the Separation, he will serve as Chief Executive Officer of Mobility. Mr. Fredericks currently serves as President, CARFAX for S&P Global Mobility. Following the Separation, he will serve as President, CARFAX for Mobility. Mr. LaFeir currently serves as President, Mobility Business Solutions for S&P Global Mobility. Following the Separation, he will serve as President, Mobility Business Solutions for Mobility.

As discussed above, Mobility is a newly formed Delaware corporation that will hold, directly or indirectly through its subsidiaries, the assets and liabilities comprising the Spin Business. In connection with the Restructuring Transactions, the assets and liabilities comprising the Spin Business will be transferred to Mobility or its subsidiaries in order to complete the Separation.

Following the Separation, our Nominating and Compensation Committee will make all decisions with respect to our executive compensation programs, policies and practices and with respect to our director compensation programs, policies and practices. Determinations with respect to the structure of our compensation programs will take into consideration Mobility's size, operating dynamics, industry peers, business segments, growth opportunities, compliance requirements and business strategy. As described below, we have engaged a compensation consultant to assist in making these determinations.

While we have engaged in preliminary discussions regarding our anticipated executive compensation programs and policies, we have generally not yet made any final determinations with respect to our executive compensation programs following the Separation or the compensation of the individuals who will serve as our executive officers following the Separation, except as specifically noted below.

#### Compensation Program Overview

#### Approach to Executive Compensation
Our Nominating and Compensation Committee has not yet been established and therefore has not established a specific set of objectives or principles for our executive compensation program. In designing our executive compensation program, we anticipate that our Nominating and Compensation Committee will evaluate both our business objectives and the need to attract and retain uniquely talented and experienced individuals who think strategically for the long term, particularly in light of the challenging and evolving competitive and technological environments in which Mobility will operate. We anticipate that we will employ a variety of elements that further our shareholders' interests by securing our executives' services in an exceedingly competitive talent market and aligning the long-term interests of the executives with those of our shareholders.

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#### Elements of Executive Compensation
We anticipate that the primary elements of our executive compensation program will be base salary, annual performance-based cash bonus opportunities, long-term incentive compensation and participation in other executive compensation and retirement programs.

Salary levels for our NEOs will be determined in such a way so as to be competitive with respect to the scope, responsibilities and skills required of the particular position in order to attract and retain qualified executives. Annual cash bonuses will be designed in such a way so as to incentivize the achievement of short-term priorities or other operational goals. We anticipate that long-term incentive awards will be a material portion of the compensation for our executives in order to align the interests of our executives with those of our shareholders, with the goal of incentivizing our executives to create shareholder value over the long term.

#### Compensation Governance

#### Nominating and Compensation Committee Charter
In anticipation of the Separation, our Board will adopt a written charter for the Nominating and Compensation Committee that establishes, among other things, the Nominating and Compensation Committee's purpose and its responsibilities with respect to executive compensation. The charter will provide that the Nominating and Compensation Committee, among other things, must review and approve executive officer performance and compensation, management development and succession and executive compensation disclosure. See "Management — Board of Directors Committees."

#### Role of Compensation Consultants
We expect that an external compensation consultant will advise on the design of compensation programs for Mobility in connection with the Separation. Thus far, we have engaged Mercer to assist with compensation benchmarking and developing our overall compensation design and philosophy. We have also engaged Pay Governance, S&P Global's independent compensation consultant, to assist with the development of a peer group for use in competitive pay analyses.

After the Separation, we expect that our Nominating and Compensation Committee will engage an independent compensation consultant to advise on compensation program design in the future.

#### Agreements with Our Named Executive Officers
*William W. Eager*. Mr. Eager has entered into an employment letter with S&P Global that provides for his service as President, S&P Global Mobility to commence as of August 15, 2025 (as noted above, following the Separation, Mr. Eager will become Chief Executive Officer of Mobility). Under Mr. Eager's employment letter, Mr. Eager's initial annual base salary is $650,000 and his target annual incentive opportunity is $900,000. The actual annual incentive payment will be based upon the degree of achievement of established company and/or division objectives and Mr. Eager's individual performance. Under Mr. Eager's employment letter, in connection with commencing his role, he received an award of restricted stock units with respect to the number of shares of S&P Global having an aggregate value of $2,000,000. Mr. Eager is also eligible to receive a long-term equity-based incentive grant under the S&P Global Long-Term Stock Incentive Program. The 2026 long-term equity-based award will have a target value of $2,950,000. Any awards granted with respect to years following fiscal year 2026 will be determined in the sole discretion of the Nominating and Compensation Committee. Mr. Eager's employment letter further provides that he is subject to customary restrictive covenants, including confidentiality, invention assignment and 12-month post-termination non-competition and non-solicitation obligations.

*Scott Fredericks*. Mr. Fredericks has entered into an employment letter with S&P Global that provides for his service as President, CARFAX for S&P Global Mobility, to commence as of September 3, 2025 (as noted above, following the Separation, Mr. Fredericks will become President, CARFAX for Mobility). Under Mr. Fredericks's employment letter, Mr. Fredericks's initial annual base salary was $550,000 (which was increased to $568,700 on March 1, 2026) and his target annual incentive opportunity is $600,000. The actual

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annual incentive payment will be based upon the degree of achievement of established company and/or division objectives and Mr. Fredericks's individual performance. Under Mr. Fredericks's employment letter, Mr. Fredericks is eligible to receive a long-term equity-based incentive grant under the S&P Global Long-Term Stock Incentive Program. The 2026 long-term equity-based award will have a target value of $1,600,000. Any awards granted with respect to years following fiscal year 2026 will be determined in the sole discretion of the Nominating and Compensation Committee. Mr. Fredericks's employment letter further provides that he is subject to customary restrictive covenants, including confidentiality, invention assignment, non-disparagement and 12-month post-termination non-competition and non-solicitation obligations.

*Joseph S. LaFeir*. Mr. LaFeir has entered into an employment letter with S&P Global that provides for his service as President, Mobility Business Solutions for S&P Global Mobility, to commence as of September 3, 2025 (as noted above, following the Separation, Mr. LaFeir will become President, Mobility Business Solutions for Mobility). Under Mr. LaFeir's employment letter, Mr. LaFeir's initial annual base salary was $475,000 (which was increased to $500,000 on March 1, 2026) and his target annual incentive opportunity is 80% of his annual base salary. The actual annual incentive payment will be based upon the degree of achievement of established company and/or division objectives and Mr. LaFeir's individual performance. Under Mr. LaFeir's employment letter, Mr. LaFeir is eligible to receive a long-term equity-based incentive grant under the S&P Global Long-Term Stock Incentive Program. The 2026 long-term equity-based award will have a target value of $700,000. Any awards granted with respect to years following fiscal year 2026 will be determined in the sole discretion of the Nominating and Compensation Committee. Mr. LaFeir's employment letter further provides that he is subject to customary restrictive covenants, including confidentiality, invention assignment, non-disparagement and 12-month post-termination non-competition and non-solicitation obligations.

Mr. LaFeir has also entered into a retention agreement with S&P Global that is intended to incentivize his continued employment in connection with the Separation. The agreement provides that, subject to Mr. LaFeir's continued employment through April 1, 2026 (or if he is terminated due to a job elimination prior to such date, subject to his execution and non-revocation of a release of claims) and good faith support of the Separation through April 1, 2026, he would receive a retention bonus of $700,000 as soon as practicable thereafter. This retention bonus has been paid.

#### Equity Compensation

#### Equity Incentive Plans
We intend to adopt the Mobility 2026 Long Term Incentive Plan (the "Incentive Plan"), an equity incentive plan under which we expect to grant long-term equity incentive awards (which awards may include grants of restricted stock units, performance stock units, stock options, restricted stock and other equity or equity-based incentive awards) to our senior executives (including our NEOs), non-employee directors and other employees. The Nominating and Compensation Committee shall have the sole and absolute discretion to determine which employees receive awards, the numbers of shares subject to each award and all other terms of each award. For a summary of the terms of the Incentive Plan, see "— The Incentive Plan."

#### Treatment of S&P Global Equity Awards Upon Separation
In connection with the Separation, outstanding S&P Global Equity Awards, including S&P Global Equity Awards held by our NEOs, will be equitably adjusted in accordance with the terms of the S&P Global equity incentive plans. Specifically, we intend that, in connection with the Separation, outstanding S&P Global Equity Awards will generally be adjusted as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Outstanding S&P Global RSUs held by individuals who will continue to be employed by, or provide services to, S&P Global or its subsidiaries following the Separation, as well as former employees of S&P Global or its subsidiaries (including former employees of S&P Global who last primarily provided services to the Spin Business) ("S&P Global Participants"), will be converted into an award of adjusted S&P Global RSUs (the "Adjusted S&P Global RSUs"), with the number of shares of S&P Global common stock subject to such Adjusted S&P Global RSU being determined in accordance with the Employee Matters Agreement. Such Adjusted S&P Global RSUs will otherwise be subject

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to the same terms and conditions (including vesting and payment schedules and, if applicable, deferral elections) as applied to the corresponding S&P Global RSU as of immediately prior to the Distribution Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Outstanding S&P Global RSUs held by any individual who is then-currently employed by or otherwise providing services to us or our subsidiaries (after giving effect to the Separation) or whose employment or engagement will otherwise be transferred to us or our subsidiaries prior to the Separation (such individuals, the "Mobility Participants") will be converted into an award of restricted stock units with respect to Mobility common stock (the "Converted Mobility RSUs"), with the number of shares of Mobility common stock subject to such Converted Mobility RSUs being determined in accordance with the Employee Matters Agreement. Such Converted Mobility RSUs will otherwise be subject to the same terms and conditions (including vesting and payment schedules) as applied to the corresponding S&P Global RSUs as of immediately prior to the Distribution Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • All outstanding S&P Global PSUs that are held by S&P Global Participants will have their performance conditions adjusted in a manner determined appropriate and equitable by the S&P Compensation Committee and will be converted into an award of adjusted S&P Global PSUs with a methodology similar to that used to determine the number of Adjusted S&P Global RSUs described above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • All outstanding S&P Global PSUs that are held by Mobility Participants will be converted into an award of Converted Mobility RSUs based on actual performance through the Distribution Date (or, in the case of S&P Global PSUs granted in the year of the Separation, based on target performance), with the number of shares of Mobility common stock subject to such Converted Mobility RSUs being determined using a methodology similar to that used to convert S&P Global RSUs into Converted Mobility RSUs as described above;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • All outstanding S&P Global non-employee director deferred stock units will be converted into an award of adjusted S&P Global non-employee director deferred stock units with a methodology similar to that used to determine the number of Adjusted S&P Global RSUs described above; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • All outstanding S&P Global stock options will be converted into an award of adjusted S&P Global stock options with a methodology similar to that used to determine the number of Adjusted S&P Global RSUs described above.

As of , 2026, Mobility Participants held S&P Global RSUs with respect to approximately shares of S&P Global common stock that, to the extent outstanding as of the Separation, would be subject to conversion into Converted Mobility RSUs in accordance with the adjustment methodology described above. In addition, as of , 2026, Mobility Participants held S&P Global PSUs with respect to approximately shares of S&P Global common stock (assuming performance at target levels) that, to the extent outstanding as of the Separation, would be subject to conversion into Converted Mobility RSUs in accordance with the adjustment methodology described above.

However, the actual number of shares of Mobility common stock that ultimately become issuable upon the vesting of Converted Mobility RSUs will depend on a number of factors that are not presently determinable, including, without limitation, the number of outstanding S&P Global RSUs and PSUs held by Mobility Participants as of the Separation, and what adjustments will need to be made to awards as described above.

#### Other Compensation Policies and Considerations

#### Clawbacks and Other Remedies for Potential Misconduct
In connection with the Separation, Mobility will adopt a recoupment policy as required under stock exchange listing rules.

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#### Insider Trading Policy and Prohibitions on Hedging and Pledging
To help ensure that our executive officers and directors will not trade in our securities at a time when they may be aware of material, nonpublic information, we intend to adopt a policy requiring that trading by executive officers and directors may occur only outside of specified blackout periods and consistent with specified procedures. We also intend to adopt policies that would prohibit our executive officers and directors from using any strategies or products to hedge against potential changes in the value of our stock and holding our stock in margin accounts or pledging our stock as collateral for a loan.

#### Benefit Plans
In connection with the Separation, we are adopting employee benefit plans and arrangements, including qualified retirement plans and health and welfare benefit plans, which will facilitate us operating as a newly established, stand-alone public company.

#### Tax and Accounting Considerations
When reviewing compensation matters, the Nominating and Compensation Committee will consider the anticipated tax and accounting consequences to us of payments under our executive compensation program. Section 162(m) of the Code generally limits the tax deductibility of annual compensation paid by public companies for certain executive officers to $1 million. In the exercise of its business judgment and in accordance with its compensation philosophy, the Nominating and Compensation Committee will have the flexibility to award compensation that is not tax deductible if it determines that such award is in our shareholders' best interests.

#### 2025 Compensation Decisions and Performance

#### Base Salary
S&P Global evaluated base salaries for our NEOs for 2025. Following the Separation, the Nominating and Compensation Committee will further evaluate base salaries. The following base salary levels were approved by S&P Global during 2025.

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| | |
|:---|:---|
| **Named Executive Officer**  | **Base Salary as of <br> December 31, 2025<sup>(1)</sup>**  |
| William W. Eager  | $650000 |
| Scott Fredericks  | $550000 |
| Joseph S. LaFeir  | $475000 |

---

(1) Mr. Eager's base salary at the beginning of 2025 was $586,500, but it was subsequently increased to $600,000 based on performance, and was again increased from $600,000 to $650,000 in connection with his new role as President, S&P Global Mobility. Mr. Fredericks' base salary at the beginning of 2025 was $475,065, but it was subsequently increased to $500,000 based on performance, and was again increased to $550,000 in connection with his new role as President, CARFAX for S&P Global Mobility. Mr. LaFeir's base salary was increased from $450,000 to $475,000 in connection with his new role as President, Mobility Business Solutions for S&P Global Mobility.

#### Annual Bonuses
Our NEOs participated in several different annual bonus plans for 2025 based on their roles. The following is a summary of 2025 annual bonus opportunities for our NEOs as well as actual payouts.

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| | | |
|:---|:---|:---|
| **Named Executive Officer**  | **Target Annual <br> Bonus <br> Opportunity**  | **Earned <br> Annual Bonus**  |
| William W. Eager<sup>(1)</sup>  | $776164 | $931397 |
| Scott Fredericks<sup>(2)</sup>  | $600000 | $775000 |
| Joseph S. LaFeir<sup>(3)</sup>  | $380000 | $411578 |

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(1) Due to his role as an Executive Leadership Team member at S&P Global upon becoming President, S&P Global Mobility, Mr. Eager's 2025 bonus is provided under the S&P Global Key Executive Short-Term Incentive Compensation Plan (the "SPGI STIC"). Under the SPGI STIC, Mr. Eager was eligible to earn an annual bonus of between 0% and 200% of his target annual bonus opportunity (which, for 2025, was a blend of his new target annual bonus opportunity of $900,000 in connection with being promoted to President, S&P Global Mobility, and his pre-promotion target annual bonus opportunity of $700,000). Mr. Eager's annual bonus was determined 70% based on business performance and 30% based on individual performance. The business performance component was measured 17.5% based on S&P Global non-GAAP Incentive Compensation Program ("ICP") Adjusted Earnings before Interest, Taxes and Amortization Margin ("ICP Adjusted EBITA Margin") (with a target of 50.0%, and actual achievement of 50.8%), 17.5% based on S&P Global non-GAAP ICP Adjusted Revenue ("ICP Adjusted Revenue") (with target year-over-year growth of 7.4%, and actual achievement of 7.1%), 17.5% based on ICP Adjusted EBITA Margin of S&P Global Mobility (with a target of 40%, and actual achievement of 40.4%), 17.5% based on ICP Adjusted Revenue of S&P Global Mobility (with target year-over-year growth of 8.7%, and actual achievement of 8.0%), and 30% based on business-building goals, including S&P Global specific (weighted 15%, and achieved at 110% in the aggregate) and S&P Global Mobility specific (weighted 15%, and achieved at 120% in the aggregate), in five scorecard categories (including Growth & Innovation, Customer at the Core, Data & Technology, Lead & Inspire, and Execute & Deliver). "ICP Adjusted EBITA Margin" is defined as EBITA as reported on the Consolidated Financial Statement of Income in S&P Global's Annual Report, which may be adjusted to exclude certain items as determined by the S&P Compensation Committee, divided by ICP Adjusted Revenue. "ICP Adjusted Revenue" is defined as Revenue as reported on the Consolidated Financial Statement of Income in S&P Global's Annual Report, which may be adjusted to exclude certain items as determined by the S&P Compensation Committee.

(2) For 2025, Mr. Fredericks participated in the U.S. CARFAX, Inc. 2025 Annual Incentive Plan (the "CARFAX Bonus Plan"). Under the CARFAX Bonus Plan, Mr. Fredericks was eligible to earn an annual bonus of between 0% and 150% of his target annual bonus opportunity based on company and individual performance. The CARFAX Bonus Plan bonus pool was funded 100% based on CARFAX U.S. EBITA (with a target of $467.1 million, and actual achievement of $479.3 million). "CARFAX U.S. EBITA" is defined as earnings before interest, taxes and amortization of the CARFAX U.S. business, which may be adjusted to exclude certain items as determined by the S&P Compensation Committee.

(3) For 2025, Mr. LaFeir participated in the 2025 S&P Global Mobility Short-Term Incentive Compensation Plan (the "Mobility STIC"). Under the Mobility STIC, Mr. LaFeir was eligible to earn an annual bonus of between 0% and 200% of his target annual bonus opportunity based on company and individual performance. The Mobility STIC bonus pool was funded 10% based on S&P Global ICP Adjusted EBITA Margin, 10% based on S&P Global ICP Adjusted Revenue, 25% based on ICP Adjusted EBITA Margin of S&P Global Mobility, 25% based on ICP Adjusted Revenue of S&P Global Mobility, and 30% based on S&P Global Mobility specific business-building goals in five scorecard categories (including Growth & Innovation, Customer at the Core, Data & Technology, Lead & Inspire, and Execute & Deliver). All targets and achievements against these metrics are the same as listed in footnote (1) for Mr. Eager.

#### Equity Awards
Our NEOs have received equity awards from S&P Global under the S&P Global 2019 Stock Incentive Plan, including both Restricted Stock Units ("RSUs") and Performance Share Units ("PSUs"), as described below. These awards, to the extent outstanding at the time of the Separation, will be treated in the manner described under "— Treatment of S&P Global Equity Awards Upon Separation" above. Following the Separation, our NEOs will be eligible to receive equity awards from Mobility under the Incentive Plan.

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<u>2025 RSU Awards</u> 

For 2025, our NEOs received the below annual RSU grants. These RSU grants vest 33%, 33% and 34% on each of December 31, 2025, December 31, 2026, and December 31, 2027, respectively.

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| | | |
|:---|:---|:---|
| **Named Executive Officer**  | **Number of <br> RSUs**  | **Number of <br> RSUs**  |
| William W. Eager  |  | 392 |
| Scott Fredericks  |  | 420 |
| Joseph S. LaFeir  |  | 224 |

---

In addition, pursuant to Mr. Eager's employment letter as described above, in connection with commencing his role as President, S&P Global Mobility, he received a one-time promotion grant of 3,569 RSUs, which cliff-vest on August 15, 2028.

<u>2025 PSU Awards</u> 

For 2025, our NEOs received the below annual PSU grants. The annual PSU grants consist of (i) a grant that vests based on the performance of S&P Global as a whole ("SPGI PSUs") and (ii) other than for Mr. LaFeir, a grant that vests based on the performance of the CARFAX U.S. business specifically (the "CARFAX PSUs").

The SPGI PSUs are eligible to vest at between 0% and 200% of target at the end of a three-year performance period ending on December 31, 2027, based on the level of attainment of a three-year cumulative non-GAAP ICP Adjusted Diluted Earnings Per Share ("Cumulative Adjusted EPS") goal, with target and maximum Cumulative Adjusted EPS goals of $58.0 and $66.6, respectively (SPGI PSUs do not have minimum threshold amounts). "Adjusted EPS" is defined as diluted earnings per share as shown on the Consolidated Statement of Income in S&P Global's Annual Report, adjusted in the manner that the S&P Compensation Committee determines to be appropriate to exclude some or all of one or more items of income or expense.

The CARFAX PSUs are eligible to vest at between 50% and 200% of target at the end of a three-year performance period ending on December 31, 2027, based on the level of attainment of a three-year cumulative non-GAAP ICP Adjusted EBITA ("Cumulative Adjusted EBITA") goal for CARFAX U.S., with threshold, target and maximum Cumulative Adjusted EBITA goals of $1,490 million, $1,557 million and $1,648 million, respectively. "Adjusted EBITA" is defined as the sum of net income, interest, taxes and amortization, as may be adjusted in a manner deemed appropriate by the S&P Compensation Committee to take into account facts and circumstances occurring after the grant date.

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| | |
|:---|:---|
| **Named Executive Officer**  | **Target Number of PSUs**  |
| William W. Eager | 915 (SPGI PSUs)  |
|  | 3,738 (CARFAX PSUs)  |
| Scott Fredericks | 981 (SPGI PSUs)  |
|  | 1,121 (CARFAX PSUs)  |
| Joseph S. LaFeir | 523 (SPGI PSUs)  |

---

<u>2023 PSU Awards Achievement</u> 

In 2023, our NEOs received a combination of SPGI PSUs and CARFAX PSUs (other than Mr. LaFeir, who received only SPGI PSUs), as set forth below, with a three-year performance period that ended on December 31, 2025.

The 2023 SPGI PSUs were eligible to vest at between 0% and 200% of target, based on the level of attainment of a three-year Adjusted EPS compound annual growth rate ("Adjusted EPS CAGR") goal, with minimum, target and maximum Adjusted EPS CAGR goals of 3.0%, 11.0% and 19.0%, respectively. The actual level of Adjusted EPS CAGR achieved for the 2023 SPGI PSUs was 17.62%, resulting in the number of earned SPGI PSUs set forth below.

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The 2023 CARFAX PSUs were eligible to vest at between 50% and 200% of target, based on the level of attainment of a three-year Cumulative Adjusted EBITA goal for CARFAX U.S., with threshold, target and maximum Cumulative Adjusted EBITA goals of $1,178 million, $1,217 million and $1,292 million, respectively. The actual level of Cumulative Adjusted EBITA achieved for the 2023 CARFAX PSUs was $1,282 million, resulting in the number of earned CARFAX PSUs set forth below.

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| | | |
|:---|:---|:---|
| **Named Executive Officer**  | **Target Number of PSUs**  | **Earned Number of PSUs**  |
| William W. Eager | 1,036 (SPGI PSUs)  | 1,887 (SPGI PSUs)  |
|  | 4,915 (CARFAX PSUs)  | 9,052 (CARFAX PSUs)  |
| Scott Fredericks | 1,554 (SPGI PSUs)  | 2,831 (SPGI PSUs)  |
|  | 1,685 (CARFAX PSUs)  | 3,103 (CARFAX PSUs)  |
| Joseph S. LaFeir | 828 (SPGI PSUs)  | 1,508 (SPGI PSUs)  |

---

#### Summary Compensation Table
The following table sets forth information concerning the compensation paid to our named executive officers during our fiscal year ended December 31, 2025.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Name and Principal Position**  | **Year**  | **Salary <br> ($)<sup>(1)</sup>**  | **Stock <br> Awards <br> ($)<sup>(2)</sup>**  | **Non-Equity <br> Incentive Plan <br> Compensation <br> ($)<sup>(3)</sup>**  | **All Other <br> Compensation <br> ($)<sup>(4)</sup>**  | **Total <br> ($)**  |
| William W. Eager, *Chief Executive Officer*  | 2025 | 672784 | 4678759 | 931397 | 161064 | 6444004 |
| Scott Fredericks, *President, CARFAX*  | 2025 | 512511 | 1346092 | 775000 | 78079 | 2711682 |
|  Joseph S. LaFeir, *President, Mobility Business Solutions*  | 2025 | 458144 | 398704 | 411578 | 49033 | 1317459 |

---

(1) For Mr. Eager, in connection with his promotion to President, S&P Global Mobility, he was transitioned out of a CARFAX-specific paid time off policy, which resulted in the payment of $53,845.04 in accrued but unused benefits under that policy. This payment has been reflected in Mr. Eager's base salary.

(2) The amounts reported in this column reflect the aggregate grant date fair value of the equity awards granted to our NEOs in 2025, which include PSUs and RSUs granted under S&P Global's 2019 Stock Incentive Plan. The amounts for the PSUs granted in 2025 were calculated based on the probable outcome of performance conditions as of the grant date computed in accordance with FASB ASC Topic 718 excluding the effect of estimated forfeitures. The maximum values for the 2025 PSU awards as of the grant date are as set forth below. These awards are further described in the "Grants of Plan-Based Awards" table below.

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| | |
|:---|:---|
| **Named Executive Officer**  | **2025 PSU Award <br> Max Values**  |
| William W. Eager  | $976,744 (SPGI PSUs)  |
| William W. Eager  | $3,990,240 (CARFAX PSUs)  |
| Scott Fredericks  | $1,047,198 (SPGI PSUs)  |
| Scott Fredericks  | $1,196,645 (CARFAX PSUs)  |
| Joseph S. LaFeir  | $558,292 (SPGI PSUs)  |

---

(3) The amounts reported in this column represent the cash incentive awards paid under (i) the SPGI STIC with respect to Mr. Eager, (ii) the CARFAX Bonus Plan with respect to Mr. Fredericks and (iii) the Mobility STIC with respect to Mr. LaFeir.

(4) The amounts shown in this column for 2025 include the items described below. Perquisites and other personal benefits that exceeded the greater of $25,000 or 10% of total perquisites and other personal benefits for each NEO for 2025 were as follows:

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| | | | |
|:---|:---|:---|:---|
| **Named Executive Officer**  | **401(k) <br> Savings and <br> Profit Sharing Plan <br> ($)<sup>(a)</sup>**  | **401(k) Savings and <br> Profit Sharing <br> Plan Supplement <br> ($)<sup>(a)</sup>**  | **Company <br> Charitable <br> Match <br> ($)<sup>(b)</sup>**  |
| William W. Eager  | 16500 | 73367 | 50000 |
| Scott Fredericks  | 16000 | 52507 | 3000 |
| Joseph S. LaFeir  | 18163 | 24227 | 5000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (a)

These amounts represent Company made contributions under the 401(k) Plan and the 401(k) Plan Supplement in respect of 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (b)

These amounts represent charitable contribution(s) made by the Company in the executive's name under the S&P Global Matching Gift Program.

All other total perquisites and other personal benefits for each NEO were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • The amount for Mr. Eager includes (i) professional services (inclusive of financial counseling, tax planning and preparation, and estate planning) expense reimbursement and Company-paid life and disability insurance premiums and (ii) miscellaneous perquisites and $1,333 in associated tax assistance received by Mr. Eager in connection with his prior role as CEO of CARFAX before his promotion to President, S&P Global Mobility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • The amount for Mr. Fredericks includes (i) Company-paid life and disability insurance premiums and (ii) miscellaneous perquisites and $1,813 in associated tax assistance received by Mr. Fredericks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • The amount for Mr. LaFeir includes Company-paid life and disability insurance premiums and user reward funds allocated to his charitable giving account.

#### Grants of Plan-Based Awards
The following table sets forth information with respect to plan-based awards granted to our named executive officers during our fiscal year ended December 31, 2025.

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Estimated Future Payouts Under <br> Non-Equity Incentive Plan Awards<sup>(1)</sup>**  | **Estimated Future Payouts Under <br> Non-Equity Incentive Plan Awards<sup>(1)</sup>**  | **Estimated Future Payouts Under <br> Non-Equity Incentive Plan Awards<sup>(1)</sup>**  | **Estimated Future Payouts Under <br> Equity Incentive Plan Awards**  | **Estimated Future Payouts Under <br> Equity Incentive Plan Awards**  | **Estimated Future Payouts Under <br> Equity Incentive Plan Awards**  | **All Other <br> Stock <br> Awards: <br> Number of <br> Shares of <br> Stock or <br> Units (#)**  | **Grant Date <br> Fair Value <br> of Stock <br> Awards <br> ($)<sup>(2)</sup>**  |
| **Name**  | **Threshold <br> ($)**  | **Target <br> ($)**  | **Maximum <br> ($)**  | **Threshold <br> (#)**  | **Target <br> (#)**  | **Maximum <br> (#)**  | **All Other <br> Stock <br> Awards: <br> Number of <br> Shares of <br> Stock or <br> Units (#)**  | **Grant Date <br> Fair Value <br> of Stock <br> Awards <br> ($)<sup>(2)</sup>**  |
| William W. Eager  |  | 900000 | 1800000 |  |  |  |  |  |
| 3/1/25<sup>(3)</sup>  |  |  |  |  | 915 | 1830 |  | 488372 |
| 3/1/25<sup>(4)</sup>  |  |  |  | 1869 | 3738 | 7476 |  | 1995120 |
| 3/1/25<sup>(5)</sup>  |  |  |  |  |  |  | 392 | 209226 |
| 8/15/25<sup>(5)</sup>  |  |  |  |  |  |  | 3569 | 1986041 |
| Scott Fredericks  |  | 600000 | 900000 |  |  |  |  |  |
| 3/1/25<sup>(3)</sup>  |  |  |  |  | 981 | 1962 |  | 523599 |
| 3/1/25<sup>(4)</sup>  |  |  |  | 560 | 1121 | 2242 |  | 598323 |
| 3/1/25<sup>(5)</sup>  |  |  |  |  |  |  | 420 | 224171 |
| Joseph S. LaFeir  |  | 380000 | 760000 |  |  |  |  |  |
| 3/1/25<sup>(3)</sup>  |  |  |  |  | 523 | 1046 |  | 279146 |
| 3/1/25<sup>(5)</sup>  |  |  |  |  |  |  | 224 | 119558 |

---

(1) The non-equity incentive plan awards reflect target and maximum payouts under (i) the SPGI STIC with respect to Mr. Eager, (ii) the CARFAX Bonus Plan with respect to Mr. Fredericks and (iii) the Mobility STIC with respect to Mr. LaFeir. The respective non-equity incentive plans do not have minimum threshold payment amounts. For Mr. Eager, the target and maximum payouts reflect the

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increases to these amounts that became effective on August 15, 2025 in connection with being promoted to President, S&P Global Mobility; for 2025, his bonus payout reflected a blend of this increased target annual bonus opportunity and his pre-promotion target annual bonus opportunity of $700,000, as described under "— Annual Bonuses" above.

(2) The amounts in this column for the PSU and RSU awards reflect their aggregate grant date fair values, calculated in accordance with FASB ASC Topic 718, Stock Compensation, as disclosed in Footnote 5 to the combined financial statements, excluding the effect of estimated forfeitures. The amounts in this column for the PSUs were calculated based on the probable outcome of the performance condition as of the grant date in accordance with FASB ASC Topic 718. For the values of these PSUs, assuming attainment of the maximum level of performance, see Footnote 2 to the Summary Compensation Table above. The actual value, if any, realized by each NEO for these PSU and RSU awards is a function of the value of the shares if and when they vest. For additional information on how we account for stock-based compensation, see Footnote 5 to the combined financial statements.

(3) Reflects SPGI PSUs granted during the fiscal year, which are discussed under "— Equity Awards" above. The SPGI PSUs are scheduled to vest at the end of a three-year performance period (January 1, 2025 — December 31, 2027) and to pay out by March 2028, with payment ranging up to a maximum of 200% of the target award based on the attainment level of a Cumulative Adjusted EPS goal. The SPGI PSUs granted to our NEOs during the fiscal year do not include any dividend rights. The SPGI PSUs do not have a minimum threshold amount, and therefore no threshold payout level has been included with respect to these awards.

(4) Reflects CARFAX PSUs granted during the fiscal year, which are discussed under "— Equity Awards" above. The CARFAX PSUs are scheduled to vest at the end of a three-year performance period (January 1, 2025 — December 31, 2027) and to pay out by March 2028, with payment ranging up to a maximum of 200% of the target award based on the attainment level of a Cumulative Adjusted EBITA goal for CARFAX U.S. The CARFAX PSUs granted to our NEOs during the fiscal year do not include any dividend rights.

(5) Reflects time-based RSUs granted during the fiscal year, which are discussed under "— Equity Awards" above. All of the RSUs granted on March 1, 2025 vested 33% on December 31, 2025, and are scheduled to vest 33% on December 31, 2026 and 34% on December 31, 2027. The RSUs granted to Mr. Eager on August 15, 2025 cliff-vest on August 15, 2028. The NEOs are entitled to receive cash dividend equivalents on the RSUs granted during the fiscal year, subject to all of the same vesting and payment provisions as the underlying awards.

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#### Outstanding Equity Awards at Fiscal Year-End
The following table sets forth information concerning outstanding equity awards for our named executive officers as of the end of our fiscal year ended December 31, 2025.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Stock Awards**  | **Stock Awards**  | **Stock Awards**  | **Stock Awards**  | **Stock Awards**  |
| **Name <br> (a)** | **Grant <br> Date**  | **Number of Shares or <br> Units of Stock That Have <br> Not Vested (#)<sup>(1)</sup>**  | **Market Value of Shares <br> or Units of Stock That <br> Have Not Vested ($)<sup>(2)</sup>**  | **Equity Incentive Plan <br> Awards: Number of <br> Unearned Shares, Units <br> or Other Rights That <br> Have Not Vested (#)<sup>(3)</sup>**  | **Equity Incentive Plan <br> Awards: Market or <br> Payout Value of <br> Unearned Shares, Units <br> or Other Rights That <br> Have Not Vested ($)<sup>(4)</sup>**  |
|  William W. Eager  | 2/28/22  | 254 | 132738 |  |  |
|  | 5/3/22  | 3784 | 1977481 |  |  |
|  | 3/1/24  |  |  | 1628 | 850777 |
|  | 3/1/24  |  |  | 8148 | 4258063 |
|  | 3/1/24  | 119 | 62188 |  |  |
|  | 3/1/25  |  |  | 1830 | 956340 |
|  | 3/1/25  |  |  | 7476 | 3906883 |
|  | 3/1/25  | 263 | 137441 |  |  |
|  | 8/15/25  | 3569 | 1865124 |  |  |
|  Scott <br> Fredericks  | 2/28/22  | 254 | 132738 |  |  |
|  | 3/1/24  |  |  | 2444 | 1277210 |
|  | 3/1/24  |  |  | 2792 | 1459071 |
|  | 3/1/24  | 179 | 93544 |  |  |
|  | 3/1/25  |  |  | 1962 | 1025322 |
|  | 3/1/25  |  |  | 2242 | 1171647 |
|  | 3/1/25  | 282 | 147370 |  |  |
|  Joseph S. <br> LaFeir  | 2/28/22  | 408 | 213217 |  |  |
|  | 3/1/24  |  |  | 1384 | 723265 |
|  | 3/1/24  | 102 | 53304 |  |  |
|  | 3/1/25  |  |  | 1046 | 546629 |
|  | 3/1/25  | 151 | 78911 |  |  |

---

(1) Represents RSU awards. The RSUs granted on March 1 vest in three approximately equal annual installments on December 31 of each year, commencing on December 31 of the year of grant. The RSUs granted on February 28, 2022 vest on February 1, 2026. The RSUs granted to Mr. Eager on May 3, 2022 vest on December 31, 2026. The RSUs granted to Mr. Eager on August 15, 2025 cliff-vest on August 15, 2028.

(2) Market value determined based on the closing price of S&P Global's common stock on December 31, 2025 of $522.59. The amounts for the awards do not necessarily reflect the dollar amounts of compensation that may be realized by our named executive officers.

(3) Represents PSU awards, including: (i) SPGI PSUs granted in 2024 and 2025 that are each scheduled to vest at the end of a three-year performance period (January 1, 2024 – December 31, 2026 for the 2024 grants, and January 1, 2025 – December 31, 2027 for the 2025 grants) and to pay out by March of the following year, with payment ranging up to a maximum of 200% of the target award based on the attainment level of a Cumulative Adjusted EPS goal and (ii) CARFAX PSUs granted in 2024 and 2025 that are each scheduled to vest at the end of a three-year performance period (January 1, 2024 – December 31, 2026 for the 2024 grants, and January 1, 2025 – December 31, 2027 for the 2025 grants)

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and to pay out by March of the following year, with payment ranging up to a maximum of 200% of the target award based on the attainment level of a Cumulative Adjusted EBITA goal for CARFAX U.S.

(4) Based on performance through December 31, 2025 and the closing price of S&P Global's common stock on December 31, 2025 of $522.59. In accordance with SEC rules, the number of PSUs reflected in the table represents the maximum number of PSUs granted in 2024 and 2025. The actual number of PSUs, if any, that will vest will be based on the level of achievement of the applicable performance goal as of the actual end of the applicable performance period. For more information on the terms of awards granted in 2025, see above under "— Equity Awards".

#### Option Exercises and Stock Vested
The following table contains information concerning each vesting of PSUs and RSUs during 2025 (including PSUs and RSUs that vested on December 31, 2025 but did not settle until early 2026) for each of the named executive officers:

---

| | | |
|:---|:---|:---|
| | **Stock Awards**  | **Stock Awards**  |
| **Name**  | **Number of Shares <br> Acquired on <br> Vesting (#)**  | **Value Realized <br> on Vesting ($)<sup>(1)</sup>**  |
| William W. Eager  | 15589 | 8145966 |
| Scott Fredericks  | 7056 | 3686706 |
| Joseph S. LaFeir  | 2797 | 1460507 |

---

(1) Represents the amounts realized based on the closing price of S&P Global's common stock on the applicable vesting date (or the immediately preceding trading day for any vesting date that fell on a weekend), including for SPGI PSUs and CARFAX PSUs earned by our NEOs for the three-year performance period beginning in fiscal year 2023 that vested on December 31, 2025, and time-based RSUs that vested during fiscal year 2025.

#### Nonqualified Deferred Compensation
The following table contains information with respect to the participation of the named executive officers in our non-qualified savings and deferral plan, as of the end of our fiscal year ended December 31, 2025. The material terms and conditions of the plan are described below.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name <br> (a)** | **Executive <br> Contributions <br> in Last Fiscal <br> Year <br> ($) <br> (1)**  | **Company <br> Contributions <br> in Last Fiscal <br> Year <br> ($) <br> (2)**  | **Aggregate <br> Earnings in <br> Last Fiscal <br> Year <br> ($) <br> (3)**  | **Aggregate <br> Withdrawals/<br>Distributions<br>($)**  | **Aggregate <br> Balance at <br> Last FYE <br> ($)**  |
| William W. Eager  | 146734 | 73367 | 11866 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | 493452 |
| Scott Fredericks  | 87511 | 52507 | 6857 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | 291712 |
| Joseph S. LaFeir  | 32302 | 24227 | 4114 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | 174826 |

---

(1) Reflects executive contributions to the 401(k) Plan Supplement in respect of the 2025 fiscal year, as further described below.

(2) Reflects Company contributions to the 401(k) Plan Supplement in respect of the 2025 fiscal year, all of which are reported in the All Other Compensation column of the Summary Compensation Table.

(3) Reflects non-qualified deferred compensation earnings under the 401(k) Plan Supplement.

 *401(k) Plan Supplement* 

The S&P Global Inc. 401(k) Savings and Profit Sharing Plan Supplement (the "401(k) Plan Supplement") allows participants to accumulate assets for retirement through a combination of employee and employer contributions. Account balances under the 401(k) Plan Supplement are currently credited with

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interest at the rate earned on S&P Global's 401(k) Savings and Profit Sharing Plan Stable Value Fund. The annual rate of interest was 3.0% for the 2025 fiscal year. Account balances under the 401(k) Plan Supplement are distributed to executives in July following the year in which the executive separates from service.

#### Potential Payments Upon Termination or Change in Control
The named executive officers may be eligible to receive certain payments and benefits in connection with the named executive officer's termination of employment or a change-in-control of S&P Global. Described below are the specific plans and agreements pursuant to which our named executive officers may become entitled to separation-related payments and benefits, and the table below under "Summary Table of Separation Payments and Benefits" sets forth a summary of the amounts of the estimated payments and benefits that would be provided to the named executive officers upon the occurrence of these events.

#### Severance Plans

#### S&P Global Senior Executive Severance Plan (Mr. Eager)
Mr. Eager is eligible for severance payments and benefits under S&P Global's Senior Executive Severance Plan (the "SPGI Senior Executive Severance Plan") upon the occurrence of the following triggering events:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • S&P Global terminates Mr. Eager's employment other than for cause;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Mr. Eager resigns due to an adverse change in his functions, duties or responsibilities that would cause his position to have substantially less responsibility, importance or scope; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Mr. Eager resigns due to a reduction of his base salary by 10% or more.

In addition, Mr. Eager is eligible for severance payments and benefits if he resigns following a change-in-control of S&P Global because:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Mr. Eager's base salary is reduced (other than a reduction of less than 10% as part of an S&P Global-wide salary reduction) below the highest rate in effect since the beginning of the 24-month period prior to the change-in-control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Mr. Eager's annual or long-term incentive opportunity is materially less favorable than at any time since the beginning of the 24-month period prior to the change-in-control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the aggregate value of Mr. Eager's pension and welfare benefits is materially reduced;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Mr. Eager is required to transfer to a principal business location that increases the distance to his residence by more than 35 miles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • there is an adverse change in Mr. Eager's title or reporting relationship or an adverse change by S&P Global in his authority, functions, duties or responsibilities (other than that which results solely from S&P Global ceasing to have a publicly traded class of common stock or Mr. Eager no longer reporting to the chief executive officer of an independent, publicly traded company as a result thereof), which change would cause Mr. Eager's position with S&P Global to become one of substantially less responsibility, importance or scope; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • a successor to S&P Global fails to adopt the SPGI Senior Executive Severance Plan.

Under the SPGI Senior Executive Severance Plan, as it was in effect as of December 31, 2025, Mr. Eager's severance benefits upon the occurrence of one of the termination events described above were as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • continued payment of his base salary and participation in S&P Global's non-qualified retirement, life, medical, dental and accidental death and disability insurance benefit plans during a severance period of 12 months;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • a lump sum payment at the end of the severance period equal to six months of his base salary; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • an additional lump sum severance payment at the end of the severance period equal to 10% of the lump sum payment calculated above in lieu of continued benefits.

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If the triggering event takes place following a change-in-control, then (i) the total severance payments for Mr. Eager under the SPGI Senior Executive Severance Plan as of December 31, 2025 during the 12-month severance period would be equal to the sum of his annual base salary and annual target incentive award, with continued benefits coverage for the 12-month severance period, and (ii) the lump sum payment due at the end of the severance period would also be equal to the sum of his annual base salary and annual target incentive award, increased by an amount equal to 10% of the lump sum in lieu of benefits.

In each case, to receive the separation pay due under the SPGI Senior Executive Severance Plan, Mr. Eager would have to sign a general release of claims against S&P Global.

#### S&P Global Management Severance Plan (Messrs. Fredericks and LaFeir)
Messrs. Fredericks and LaFeir are eligible for severance payments and benefits under S&P Global's Management Severance Plan (the "SPGI Management Severance Plan") upon a termination of employment by S&P Global other than for cause.

Under the SPGI Management Severance Plan, as it was in effect as of December 31, 2025, Messrs. Fredericks and LaFeir were eligible to receive continued payment of base salary and participation in S&P Global's non-qualified retirement, life, medical, dental and accidental death and disability insurance benefit plans during a severance period of nine months.

To receive the separation pay due under the SPGI Management Severance Plan, Messrs. Fredericks and LaFeir would have to sign a general release of claims against S&P Global.

In addition, as described above under "— Agreements with Our Named Executive Officers", if Mr. LaFeir was terminated due to a job elimination prior to April 1, 2026, then subject to his execution and non-revocation of a release of claims, his retention bonus of $700,000 would have become payable upon such termination. However, this amount has already been paid.

#### Short-Term Incentive Compensation Plans
Mr. Eager would have received a portion of his annual incentive award under the SPGI STIC if, in 2025, he terminated employment because of death, disability or retirement, or if S&P Global terminated his employment other than for cause. Payment would have been prorated for the period that he was employed during the year and paid in a lump sum on the regular payment date under the SPGI STIC, based on actual performance (but in the case of a termination without cause in which he was not retirement-eligible, with actual performance capped at 100% of target).

If there were a change-in-control of S&P Global in 2025, Mr. Eager would have received a payment equal to the average of his annual incentive award payments for the preceding three years, prorated for the period elapsed through the date of the change-in-control. S&P Global may have also paid any additional amount necessary to reflect the actual achievement of performance objectives and individual performance criteria through the date of the change-in-control.

Mr. LaFeir would have received a portion of his annual incentive award under the Mobility STIC if, in 2025, he terminated employment because of retirement or if S&P Global terminated his employment other than for cause, in either case, assuming such termination occurred on or after April 1 (and if such termination occurred before April 1, no annual incentive award would become payable). Payment would have been prorated for the period that he was employed during the year and paid in a lump sum on the regular payment date under the Mobility STIC, based on actual performance (but in the case of a termination without cause in which he was not retirement-eligible, with actual performance capped at 100% of target). If Mr. LaFeir's employment terminated due to death during 2025, Mr. LaFeir's beneficiary would have received a payment equal to Mr. LaFeir's full-year target bonus, paid in the final paycheck.

The Mobility STIC does not provide for any specific treatment in connection with a change-in-control, and therefore Mr. LaFeir would not have been entitled to any portion of his bonus in connection with such an event.

The CARFAX Bonus Plan does not provide for any specific treatment in connection with a termination of employment or a change-in-control, and therefore Mr. Fredericks would not have been entitled to any

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portion of his bonus in connection with such events. S&P Global may, in its discretion, determine to provide a payment in lieu of bonus as part of an individual severance arrangement. However, any such payment would be entirely discretionary and not pursuant to the terms of the CARFAX Bonus Plan.

#### S&P Global 2019 Stock Incentive Plan
Each of the named executive officers has been granted PSUs and RSUs under S&P Global's 2019 Stock Incentive Plan. The general treatment of these equity awards upon an executive's termination of employment or a change-in-control of S&P Global is described below.

#### PSUs (Including SPGI PSUs and CARFAX PSUs)
If the executive terminates employment due to "Retirement" (generally defined as age 65 with limited exceptions) or disability, or in the event of a termination of employment by S&P Global other than for cause and subject to the executive signing a general release of claims against S&P Global, the executive receives the number of shares that would be payable under the terms of the award based on the actual performance for the full performance period, prorated for the period of time during the award cycle that the executive was employed (plus the period during which the executive receives separation pay for terminations other than for cause). Delivery of the awarded shares is made in the year following the normal maturity date for the award.

In the case of the executive's death, the number of shares awarded is based on target performance, prorated for the period of time during the award cycle that the executive was employed. Delivery of the awarded shares is made by March 15 of the year following the executive's death.

In the event of a change-in-control of S&P Global during the performance period, if assumed on substantially the same terms and conditions, each outstanding PSU award will convert into an award of time-vesting RSUs with respect to a number of shares determined as follows: if less than 50% of the performance period has elapsed, the number of shares will be based on target performance; and if 50% or more of the performance period has elapsed, the number of shares will be based on the higher of target or actual performance as of the change-in-control date. The converted RSUs will then continue to vest pursuant to the original vesting schedule of the PSUs, except that they will vest in full if the executive's employment is terminated due to Retirement, disability or death or by S&P Global without cause. If the awards are not so assumed, they will be deemed to be earned at the higher of target or actual performance as of the change-in-control date, and the award will vest in full.

In connection with the Separation, PSUs held by the named executive officers will be converted into Converted Mobility RSUs, as described above under "— Treatment of S&P Global Equity Awards Upon Separation".

#### RSUs
If the executive terminates employment due to Retirement, disability or death, or in the event of a termination of employment by S&P Global other than for cause and subject to the executive signing a general release of claims against S&P Global, the executive vests in a prorated portion of the shares that are covered by the outstanding RSUs based on the time that the executive was employed (plus the period during which the executive receives separation pay for terminations other than for cause). Delivery of the vested shares is made on the scheduled delivery date(s), except for in the event of death, where delivery occurs within 60 days of death.

In the event of a change-in-control during the vesting period, if assumed on substantially the same terms and conditions, RSUs will roll over into awards of the successor company's stock and will remain outstanding subject to their original vesting terms, except that they will vest in full if the executive's employment is terminated due to Retirement, disability or death or by S&P Global without cause within 24 months following the change-in-control. If RSUs are not so assumed, they will vest in full upon the change-in-control.

In connection with the Separation, RSUs held by the named executive officers will be converted into Converted Mobility RSUs, as described above under "— Treatment of S&P Global Equity Awards Upon Separation".

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#### Summary Table of Separation Payments and Benefits
The following table sets forth the estimated amounts of payments and benefits that each named executive officer would have been entitled to receive upon a qualifying termination of employment and/or the occurrence of a change-in-control of S&P Global, in each case assuming the relevant event occurred on December 31, 2025.

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Termination of Employment**  | **Termination of Employment**  | **Termination of Employment**  | |
| **Name**  | **Death/<br>Disability/<br>Retirement<br>($)**  | **Involuntary <br> Termination <br> Not in <br> Connection <br> with a Change <br> in Control <br> ($)**  | **Involuntary <br> Termination <br> Following a <br> Change in <br> Control <br> ($)**  | **Change-in- <br> Control <br> without any <br> Termination <br> Event <br> ($)**  |
| William W. Eager <br> Severance<sup>(1)(2)</sup>  |  | 1110434 | 3357934 |  |
| William W. Eager <br> Short-Term Incentive Compensation<sup>(3)</sup>  | 931397 | 931397 |  | 880750 |
| William W. Eager <br> Long-Term Incentive Awards<sup>(6)(10)</sup>  | 2883129(7) | 7139625(8) | 9161003(9) | 9161003(9) |
| Scott Fredericks <br> Severance<sup>(1)(2)</sup>  |  | 466384 | 466384 |  |
| Scott Fredericks <br> Short-Term Incentive Compensation<sup>(4)</sup>  |  |  |  |  |
| Scott Fredericks <br> Long-Term Incentive Awards<sup>(6)(10)</sup>  | 1411516(7) | 2018765(8) | 2840277(9) | 2840277(9) |
| Joseph S. LaFeir <br> Severance<sup>(1)(2)</sup>  |  | 1096426 | 1096426 |  |
| Joseph S. LaFeir <br> Short-Term Incentive Compensation<sup>(5)</sup>  | 411578 | 411578 | 411578 |  |
| Joseph S. LaFeir <br> Long-Term Incentive Awards<sup>(6)(10)</sup>  | 545584(7) | 560739(8) | 980379(9) | 980379(9) |

---

(1) The estimated severance payment upon an involuntary termination not in connection with a change-in-control reflects the amount payable, including the estimated value of continued benefit coverage (based on 2025 costs for company-paid premiums and 2025 employer contributions under the 401(k) Plan Supplement) during the severance period, pursuant to the terms of the SPGI Senior Executive Severance Plan or the SPGI Management Severance Plan, as applicable. In addition, for Mr. LaFeir, the amount includes the $700,000 retention bonus that will become payable if he is terminated due to a job elimination prior to April 1, 2026, subject to his execution and non-revocation of a release of claims.

(2) For Mr. Eager, the estimated severance payment upon an involuntary termination following a change-in-control includes the severance benefit payable under the SPGI Senior Executive Severance Plan, plus 10% of the lump sum portion of the severance amount in lieu of continued benefit coverage, as provided under the SPGI Senior Executive Severance Plan. For Messrs. Fredericks and LaFeir, the estimated payment on termination following a change-in-control reflects their severance benefit payable under the SPGI Management Severance Plan. In addition, for Mr. LaFeir, the amount includes the $700,000 retention bonus that will become payable if he is terminated due to a job elimination prior to April 1, 2026, subject to his execution and non-revocation of a release of claims.

(3) For a termination due to death, disability or Retirement or an involuntary termination not in connection with a change-in-control, this assumes 2025 full-year actual level of achievement for Mr. Eager. For the amount payable upon a change-in-control, reflects the average of the actual payments paid over the preceding three years for Mr. Eager.

(4) Mr. Fredericks would not have technically been entitled to a payment under the CARFAX Bonus Plan upon a termination of employment or upon a change-in-control.

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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;

(5) For a termination due to Retirement or an involuntary termination not in connection with a change-in-control, this assumes 2025 full-year actual level of achievement for Mr. LaFeir. However, under the Mobility STIC, Mr. LaFeir's payment in the event of death would have been equal to his target bonus for the year ($380,000), and he would not technically have been entitled to a bonus upon a termination due to disability. Mr. LaFeir would not technically have been entitled to a payment under the Mobility STIC upon a change-in-control.

(6) Dollar value determined based on the closing price of S&P Global common stock on December 31, 2025 of $522.59.

(7) Except as noted in footnote (10), the amount reflects the following treatment on a termination of employment due to death, disability or Retirement: (i) prorated participation and assumed target achievement through December 31, 2025 for the 2024 and 2025 SPGI PSU and CARFAX PSU award cycles; and (ii) pro rata vesting of time-based RSUs.

(8) Except as noted in footnote (10), the amount reflects the following treatment on an involuntary termination of employment without cause not in connection with a change-in-control, subject to the executive signing a general release of claims against S&P Global: (i) prorated participation and assumed target achievement through December 31, 2025 for the 2024 and 2025 SPGI PSU and CARFAX PSU award cycles; and (ii) pro rata vesting of time-based RSUs. Proration for the purposes of these amounts assumes that Mr. Eager's vesting continued for an additional year following termination, and that Messrs. Fredericks' and LaFeir's vesting continued for an additional 9 months.

(9) Reflects target achievement of the performance goals for the 2024 and 2025 SPGI PSU and CARFAX PSU awards in the event such awards are not assumed upon a change-in-control or a named executive officer incurs a qualifying termination of employment following a change-in-control. This amount also includes full vesting of time-based RSU awards, in the event such awards are not assumed or a named executive officer incurs a qualifying termination of employment following a change-in-control.

(10) For each of the named executive officers, the treatment for their long-term incentive awards reflects the standard termination treatment provided for under their award agreements and as described in footnotes (7) through (8), except with respect to their legacy IHS Markit awards, which vest in full upon a termination due to death, disability or Retirement and are forfeited upon an involuntary termination without cause.

#### Other Benefits
In addition to the amounts described above, as of December 31, 2025, our named executive officers were entitled to receive payments related to their non-qualified deferred compensation accounts described above under the "Nonqualified Deferred Compensation" table in the event of a termination of employment. Our NEOs are not entitled to enhanced deferred compensation benefits in the event of a termination of employment. As of December 31, 2025, each of our NEOs was also eligible for benefits under S&P Global's Management Supplemental Death & Disability Benefits Plan. Pursuant to the executive life insurance policy provided under the plan, in the event of a named executive officer's death prior to retirement, such named executive officer's beneficiary would receive a fully-insured lump sum amount equal to 200% of his base salary in effect at the time of his death, up to a maximum benefit of $2 million. The Management Supplemental Death & Disability Benefits Plan also provides a monthly supplemental long-term disability benefit equal to approximately 50% of base salary and prior year earned bonus (divided by 12), subject to certain offsets and caps set forth in the plan.

#### The Incentive Plan

#### Overview
In connection with the Separation, the Board intends to adopt the Incentive Plan. In designing the Incentive Plan, our Board carefully considered our anticipated future equity needs, the historical equity compensation practices of S&P Global in granting awards to employees of Mobility and the advice of Pay Governance. The aggregate number of shares available for awards granted under the Incentive Plan will initially be , subject to increase as described below.

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As of , awards granted by S&P Global under the S&P Global equity program to employees of Mobility included the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • restricted stock units covering shares of our common stock.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • performance stock units covering shares of our common stock, assuming performance is achieved at target levels.

#### Summary of the Incentive Plan
The following is a summary of the principal features of the Incentive Plan. This summary does not purport to be complete and is subject to, and qualified in its entirety by, the Incentive Plan.

*Purpose.* The purpose of the Incentive Plan is to enable the Company to offer its employees and other individual service providers long-term incentives in the Company, thereby attracting, retaining and rewarding such individuals, and strengthening the mutuality of interests between such individuals and the Company's shareholders.

*Eligibility.* Our employees, independent directors, individual consultants, advisors and other service providers are eligible to receive awards under the Incentive Plan based on the Nominating and Compensation Committee's determination, in its sole discretion, that an award to such individual will further the Incentive Plan's stated purpose (as described above). Mobility has not yet determined the number of employees who will receive awards under the Incentive Plan.

*Authorized Shares.* Subject to adjustment (as described below), (i) the number of common shares that may be subject to awards granted under the Incentive Plan is , and (ii) the number of common shares that may be subject to incentive stock options granted under the Incentive Plan is . If an award expires or is canceled or forfeited, or is otherwise settled without the issuance of shares, the shares covered by the award will again be available for issuance under the Incentive Plan. Shares (i) tendered or withheld in payment of an exercise or purchase price or (ii) surrendered or withheld in payment of taxes related to an award will also again be available for issuance under the Incentive Plan. Shares underlying replacement awards (i.e., awards granted as replacements for awards granted by a company that we acquire or with which we combine) and Converted Mobility RSUs (which will be issued under the Incentive Plan) will not reduce the number of shares available for issuance under the Incentive Plan.

*Administration*. The Incentive Plan is administered by the Nominating and Compensation Committee, but the Board may, in its sole discretion, administer or grant awards pursuant to the Incentive Plan from time to time.

The Nominating and Compensation Committee has authority under the Incentive Plan to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • designate participants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • determine the types of awards to grant, the number of shares to be covered by awards, the terms and conditions of awards, whether awards may be settled or exercised in cash, shares, other awards, other property or net settlement, the circumstances under which awards may be canceled, repurchased, forfeited or suspended, and whether awards may be deferred automatically, or at the election of the holder or the Nominating and Compensation Committee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • amend the terms of any outstanding awards;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • correct any defect, supply any omission or reconcile any inconsistency in the Incentive Plan or any award agreement, in the manner and to the extent it shall deem desirable to carry the Incentive Plan into effect;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • interpret and administer the Incentive Plan and any instrument or agreement relating to, or award made under, the Incentive Plan; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • make any other determination and take any other action that it deems necessary or desirable to administer the Incentive Plan, in each case, as it deems appropriate for the proper administration of the Incentive Plan and compliance with applicable law, stock market or exchange rules and regulations or accounting or tax rules and regulations.

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The Nominating and Compensation Committee may delegate the authority to grant awards under the Incentive Plan, to the extent permitted by applicable law, to (i) one or more officers of the Company (except that such delegation will not be applicable to any award for a person then covered by Section 16 of the Exchange Act and (ii) one or more members of the Nominating and Compensation Committee.

*Types of Awards*. The Incentive Plan provides for grants of restricted stock units, performance stock units, stock options (both nonqualified and incentive stock options), SARs, restricted stock, deferred awards and other stock-based and cash-based awards. Any award may be granted alone or in tandem with other awards, and may be granted in addition to, or in substitution for, other types of awards.

*Restricted Stock Units*. A restricted stock unit represents a contractual right of the grantee to receive the value of one share upon the satisfaction of service-based vesting conditions. A restricted stock unit may be settled in either cash or shares, as indicated in the award agreement governing such restricted stock unit.

*Performance Stock Units*. A performance stock unit represents a contractual right of the grantee to receive the value of one share whose vesting is dependent, in whole or in part, on the achievement of certain performance goals. At the end of the relevant performance period, the Nominating and Compensation Committee will determine the extent to which the applicable performance goals were achieved and the award will be settled with respect to a corresponding number of shares of common stock. A performance stock unit may be settled in either cash or shares, as indicated in the award agreement governing such performance stock unit.

*Stock Options*. A stock option is a contractual right to purchase shares at a future date at a specified exercise price. The per share exercise price of a stock option will be determined by the Nominating and Compensation Committee and may not be less than the fair market value of a share of the Company's common stock on the grant date. The Nominating and Compensation Committee will determine the date after which each stock option may be exercised, the method and form by which each option is to be exercised, and the expiration date of each option. Options intended to be incentive stock options under Section 422 of the Code may not be granted to any person who is not an employee of us or any parent or subsidiary, as defined in Section 424 of the Code.

*SARs*. SARs represent a contractual right to receive, in cash or shares, an amount equal to the appreciation of one share from the grant date. The terms and conditions applicable to stock options also apply to SARs.

*Restricted Stock*. Restricted Stock is an award of shares that are subject to restrictions on transfer and may be forfeited in the event that certain occurrences, such as a termination of employment, occur prior to the end of the applicable restriction period.

*Deferred Awards*. A deferred award represents a contractual right of the grantee to receive an amount based on the value of a number of shares, cash or other property in consideration thereof due upon settlement of such award (or portion thereof).

*Other Stock-Based Awards*. The Nominating and Compensation Committee is authorized to grant other stock-based awards that are payable in cash or the Company's common stock and are valued in whole or in part by reference to such stock, including restricted stock units, phantom stock and similar units.

*Other Cash-Based Awards*. The Nominating and Compensation Committee is authorized to grant awards payable in cash, including cash awarded as a bonus or upon the attainment of specified service and/or performance criteria.

*Adjustments*. In the event the Nominating and Compensation Committee determines that, as a result of any dividend or other distribution (other than an ordinary dividend or distribution), merger, reorganization, consolidation, separation, rights offering, recapitalization, stock split, split-up, spin-off, combination, repurchase or exchange of shares of the Company's common stock or other securities of the Company, or other corporate transaction or event or change in corporate structure affecting the Company's common stock, an adjustment is appropriate to prevent dilution or enlargement of the benefits or potential benefits intended to be made available under the Incentive Plan, the Nominating and Compensation Committee will

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adjust equitably any or all of: (i) the number and type of shares or other securities that thereafter may be made the subject of awards, including the aggregate limit under the Incentive Plan; (ii) the number and type of shares or other securities subject to outstanding awards; and (iii) the grant, purchase, exercise or hurdle price for any award or, if deemed appropriate, make provision for a cash payment to the holder of an outstanding award.

*Change-in-Control*. In the event of a change-in-control, awards may be treated as follows, except as otherwise determined by the Nominating and Compensation Committee or provided in the applicable award documentation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • continuation or assumption of awards;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • substitution or replacement of awards with cash, securities, rights or other property to be paid or issued, as the case may be, by the successor or surviving entity (or a parent or subsidiary thereof), with substantially the same terms and value as such awards;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • acceleration of the vesting of awards and the lapse of any restrictions thereon;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • in the case of performance-based awards, determination of the level of attainment of the applicable performance condition(s); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • cancellation of awards in consideration of a payment, with the form, amount and timing of such payment determined by the Nominating and Compensation Committee in its sole discretion, subject to certain requirements.

A change-in-control generally means (i) the acquisition of 50% or more of the Company's common stock or combined voting power of voting securities; (ii) a change in the composition of the Board such that the incumbent directors cease to constitute a majority of the Board; (iii) a reorganization, merger or consolidation or a disposition of all or substantially all of the Company's assets; or (iv) a complete liquidation or dissolution of the Company.

*Amendment and Termination*. Our Board may amend, alter, suspend, discontinue or terminate the Incentive Plan, subject to approval of our shareholders if required by the rules of the stock exchange on which our shares are principally traded. The Nominating and Compensation Committee may amend any outstanding award. However, no such board or committee action that would materially adversely affect the rights of a holder of an outstanding award may be taken without the holder's consent, except to the extent that such action is taken to cause the Incentive Plan to comply with applicable law, stock market or exchange rules and regulations or accounting or tax rules and regulations.

*Cancellation or "Clawback" of Awards*. The Nominating and Compensation Committee may, to the extent permitted by applicable law and stock exchange rules or by any of our policies (including our recoupment policy, that we will adopt in connection with the Separation as required under stock exchange listing rules), cancel or require reimbursement of any awards granted, shares issued or cash received upon the vesting, exercise or settlement of any awards granted under the Incentive Plan or the sale of shares underlying such awards.

*Term*. The Incentive Plan may be terminated by the Board at any time. At such time of any such termination, no further grants of awards may be made under the Incentive Plan; however, awards that have been granted prior to such termination will remain outstanding in accordance with their terms and will not be impacted by any such termination.

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#### CERTAIN RELATIONSHIPS AND RELATED PARTY TRANSACTIONS
We describe below transactions and series of similar transactions, that have been entered into since January 1, 2023 or are currently proposed, to which we were a party or will be a party, in which:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • The amounts involved exceeded or will exceed $120,000; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Any of our directors, nominees for directors, executive officers or beneficial holders of more than 5% of any class of our capital stock, or any immediate family member of, or person sharing the household with, any of these individuals or entities, had or will have a direct or indirect material interest.

Other than as described below, there have not been, nor are there any currently proposed, transactions or series of similar transactions meeting these criteria to which we have been or will be a party other than compensation arrangements, which are described where required under "Management — Board Structure," "Management — Compensation of Directors" and "Compensation Discussion and Analysis."

#### The Separation from S&P Global
The Separation will be accomplished by S&P Global distributing 100% of its shares of Mobility common stock to holders of S&P Global common stock entitled to such distribution, as described in "The Separation" included elsewhere in this information statement. Completion of the Separation will be subject to satisfaction or waiver by S&P Global of the conditions to the Distribution described under "The Separation — Conditions to the Distribution."

As part of the Separation, we will enter into a Separation and Distribution Agreement and several other agreements with S&P Global to effect the Separation and provide a framework for our relationships with S&P Global after the Separation. See "The Separation — Agreements with S&P Global" for information regarding these agreements.

#### Related Party Transactions
As a current business segment of S&P Global, we engage in related party transactions with S&P Global. Those transactions are described in more detail in Note 10 — *Related Party Transactions and Parent Company Investment* to the accompanying audited combined financial statements.

#### Employment Arrangements
Michael Eager, the brother of William W. Eager, our Chief Executive Officer, was employed by us as the Chief Revenue Officer of automotiveMastermind in the years ended December 31, 2025, 2024 and 2023. He received cash compensation of $646,596, $619,189 and $481,997 for each of 2025, 2024 and 2023, respectively, in addition to equity compensation with an aggregate grant date fair value of $124,361, $99,101 and $99,645 for the respective periods. In connection with the appointment of William W. Eager as President, S&P Global Mobility and our Chief Executive Officer, the decision was made to transition Michael Eager's duties. In connection with such transition, Michael Eager received cash payments in 2026 totaling $500,000 in the aggregate related to, and contingent on, the successful transition of his duties.

#### Review, Approval or Ratification of Transactions with Related Persons
We expect that our Board of Directors will adopt a written policy for the review, approval, or ratification of any transactions in which we are a participant, in which the amount involved exceeds $120,000 in any fiscal year, and in which any of our directors, nominees for director, executive officers, or beneficial holders of more than 5% of any class of our capital stock, or any of their immediate family members, have a direct or indirect material interest. The Audit Committee or the independent members of the Board of Directors will be required review the relevant facts and circumstances of each such transaction, including whether, upon consideration of all relevant information, the transaction is in, or not inconsistent with, the best interests of the Company and its stockholders. We expect that we will develop and implement processes and controls to obtain information from the directors, nominees for director, and executive officers about related person transactions, and for determining, based on the facts and circumstances, whether a related person has a direct

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or indirect material interest in any such transaction. Transactions that are determined to be directly or indirectly material to a related person will be disclosed by us as and to the extent required. Pursuant to these processes, we expect that our directors and executive officers will annually complete, sign and submit a Director and Executive Officer Questionnaire designed to assist in identifying related person transactions and both actual and potential conflicts of interest.

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#### OWNERSHIP OF COMMON STOCK BY CERTAIN BENEFICIAL OWNERS AND MANAGEMENT
As of the date of this information statement, all of the outstanding shares of Mobility common stock are owned by S&P Global. After the Separation, S&P Global will not directly or indirectly own any of our common stock. The following tables provide information with respect to the expected beneficial ownership of Mobility common stock by (1) each person who is known by us who we believe will be a beneficial owner of more than 5% of Mobility outstanding common stock immediately after the Distribution (assuming they maintain such ownership positions when the Distribution occurs) based on current publicly available information, (2) each identified director of Mobility, (3) each named executive officer and (4) all identified Mobility executive officers and directors as a group. We based the share amounts on each person's beneficial ownership of S&P Global common stock as of the close of business on , 2026 and applying the distribution ratio of shares of our common stock for every shares of S&P Global common stock held as of the record date for the Distribution, unless we indicate some other date or basis for the share amounts in the applicable footnotes.

Except as otherwise noted in the footnotes below, each person or entity identified below is expected to have sole voting and investment power with respect to such securities. Following the Separation, Mobility will have outstanding an aggregate of approximately shares of common stock based upon approximately shares of S&P Global common stock outstanding on , 2026 assuming no exercise of S&P Global stock options, and applying the distribution ratio of shares of our common stock for every shares of S&P Global common stock.

To the extent our directors and executive officers own S&P Global common stock at the record date for the Distribution, they will participate in the Distribution on the same terms as other holders of S&P Global common stock.

The number of shares beneficially owned by each stockholder, director or officer is determined according to the rules of the SEC and the information is not necessarily indicative of beneficial ownership for any other purpose.

#### Security Ownership of Certain Beneficial Owners
As of the date of this information statement, all of the outstanding shares of Mobility common stock are owned by S&P Global. The following table sets forth information regarding each stockholder who is expected to beneficially own more than 5% of our common stock immediately following the Separation. The table is based upon an assumption that, for every shares of S&P Global common stock held by such persons, they will receive shares of Mobility common stock:

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| | | |
|:---|:---|:---|
| **Name of Beneficial Owner**  | **Total Number of <br> Shares Beneficially <br> Owned**  | **Percent of <br> Common <br> Stock<sup>(1)</sup>**  |
| BlackRock, Inc.<sup>(2)</sup> % |  |  |

---

(1) Applicable percentage ownership is based on shares outstanding as of , 2026, including outstanding common shares held by the Markit Group Holdings Limited Employee Benefit Trust.

(2) On January 26, 2024, BlackRock, Inc. ("BlackRock") filed an amended Schedule 13G with the SEC disclosing its beneficial ownership of S&P Global common stock. BlackRock has certified in its amended Schedule 13G filing that S&P Global common stock was acquired and is held in the ordinary course of business, and was not acquired and is not held for the purpose of changing or influencing control of S&P Global. The amended Schedule 13G does not identify any shares with respect to which there is a right to acquire beneficial ownership. BlackRock's address is 50 Hudson Yards, New York, New York 10001.

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#### Security Ownership of Directors and Executive Officers
As of the date of this information statement, all of the outstanding shares of Mobility common stock are owned by S&P Global. The following table sets forth the number of shares of our common stock beneficially owned, based on the presentation previously described, as of , 2026 by each of the identified directors of Mobility, our named executive officers and all identified Mobility executive officers and directors as a group. The table is based upon an assumption that, for every shares of S&P Global stock held by such person, they will receive shares of Mobility common stock.

For purposes of this table, shares are considered to be "beneficially" owned if the person, directly or indirectly, has sole or shared voting or investment power with respect to such shares. In addition, a person is deemed to beneficially own shares if that person has the right to acquire such shares within 60 days of , 2026. No executive officer or director holds any class of equity securities other than S&P Global common stock or S&P Global equity awards that may give them the right to acquire beneficial ownership of S&P Global common stock, and it is not expected that any of them will own any class of equity securities of Mobility other than common stock following the Distribution.

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| | | |
|:---|:---|:---|
| **Name**  | **Number of <br> Shares of <br> Common <br> Stock <br> Beneficially <br> Owned**  | **Percent of <br> Common <br> Stock**  |
| William W. Eager  |  |  |
| Scott Fredericks  |  |  |
| Joseph S. LaFeir  |  |  |
| Eric W. Aboaf  |  |  |
| Joseph R. Hinrichs  |  |  |
| Heather Lavallee  |  |  |
| Monique F. Leroux  |  |  |
| Mark S. Peek  |  |  |
| Alexander Taussig  |  |  |
| Shilpa Ranganathan  |  |  |
| All executive officers and directors (12 persons)  |  |  |

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\*

Less than 1%

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#### DESCRIPTION OF CAPITAL STOCK
 *Our certificate of incorporation and bylaws will be amended and restated prior to the Separation. The following descriptions are summaries of the material terms of our capital stock based on the applicable provisions of Delaware law and our amended and restated certificate of incorporation and our amended and restated bylaws that will be in effect at the time of the Separation. The summaries and descriptions below do not purport to be complete statements of the applicable provisions of Delaware law or of our amended and restated certificate of incorporation or our amended and restated bylaws to be in effect at the time of the Separation. The summary is qualified in its entirety by reference to our amended and restated certificate of incorporation and our amended and restated bylaws, which we recommend that you read (along with the applicable provisions of Delaware law) for additional information on our capital stock as of the time of the Separation. The amended and restated certificate of incorporation and the amended and restated bylaws to be in effect at the time of the Separation will be included as exhibits to the registration statement on Form 10, of which this information statement forms a part, in a subsequent amendment.* 

#### General
Upon completion of the Separation, we will be authorized to issue shares of common stock, par value $0.01 per share, and shares of preferred stock, par value $0.01 per share. Our Board of Directors may authorize the issuance of one or more series of preferred stock and establish, among other things, the rights, preferences and privileges of any such series of preferred stock from time to time without stockholder approval.

#### Common Stock
*Common stock outstanding*. Upon completion of the Separation, we expect there will be approximately shares of our common stock outstanding, to be held of record by stockholders based upon approximately shares of S&P Global common stock outstanding as of , applying the distribution ratio of share of our common stock for every shares of S&P Global common stock. All outstanding shares of common stock are fully paid and non-assessable, and the shares of common stock to be issued upon completion of the Distribution will be fully paid and non-assessable.

*Voting rights*. The holders of common stock will be entitled to one vote per share on all matters to be voted on by stockholders. Generally, all matters to be voted on by stockholders must be approved by the affirmative vote of the holders of a majority of the votes cast at the meeting on such matter. Directors will be elected by the affirmative vote of the holders of a majority of the votes cast at the meeting with respect to such director's election, except that if the number of nominees in any given election exceeds the number of directors to be elected, the directors will be elected by a plurality of the votes cast by holders of shares entitled to vote in the election at the meeting.

*Dividends*. Subject to the rights of any shares of preferred stock which may at the time be outstanding, holders of common stock are entitled to receive dividends as may be declared from time to time by our Board of Directors out of funds legally available therefor. See "Dividend Policy."

*Rights upon liquidation*. In the event of liquidation or dissolution of our company, each share of common stock is entitled to share ratably in any distribution of our assets after payment or providing for the payment of liabilities and the liquidation preference of any outstanding preferred stock.

*Other rights*. Holders of our common stock have no preferential, preemptive, conversion or redemption rights. The rights, preferences and privileges of the holders of our common stock will be subject to, and may be adversely affected by, the rights of the holders of shares of any series of preferred stock that our Board of Directors may authorize and issue in the future.

#### Preferred Stock
Our Board of Directors will have the authority to issue, without further vote or action by our stockholders, preferred stock in one or more series. Subject to the limitations prescribed by Delaware law and our amended and restated certificate of incorporation, our Board of Directors may fix the designations, powers, preferences and relative, participating, optional or other rights, if any, and the qualifications,

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limitations or restrictions thereof, including dividend rights, dividend rates, conversion rights, voting rights, terms of redemption, redemption prices, liquidation preferences and the number of shares constituting any series or the designation of such series.

The issuance of preferred stock could adversely affect the voting power of the holders of the common stock and the likelihood that such holders will receive dividend payments and payments upon liquidation. In addition, the issuance of preferred stock may have the effect of delaying, deferring or preventing a change in control of Mobility without further action by our stockholders and may adversely affect the voting and other rights of the holders of common stock. At present, Mobility has no plans to issue any of the preferred stock.

#### Election and Removal of Directors
We expect that our Board of Directors will initially consist of eight directors, and thereafter, the number of directors will be fixed exclusively by one or more resolutions adopted from time to time solely by the affirmative vote of a majority of the Board of Directors. Each director shall be elected by the affirmative vote of the holders of a majority of the votes cast at the meeting with respect to such director's election at which a quorum is present, except that if the number of nominees exceeds the number of directors to be elected, the directors shall be elected by a plurality of the votes cast by holders of shares entitled to vote in the election at the meeting. In order for an incumbent director to become a nominee for further service on the Board of Directors, or for any other person to become a nominee for service on the Board of Directors, such director or other person must submit an irrevocable resignation that will be effective upon (a) such director or other person not receiving a majority of the votes cast in an election that is not a contested election, and (b) the acceptance of such director's or other person's resignation by the Board of Directors.

#### Annual Election of Directors
Each director will be elected annually by the stockholders at each annual meeting of stockholders for a term expiring at the next annual meeting of stockholders. See "Management — Board of Directors Following the Separation."

#### Limits on Stockholder Action by Written Consent
Our amended and restated certificate of incorporation and amended and restated bylaws will provide that holders of our common stock will not be able to act by written consent without a stockholder meeting.

#### Special Meetings
Our amended and restated bylaws will provide that special meetings of the stockholders may only be called by the Chief Executive Officer.

#### Amendment of the Certificate of Incorporation
Our certificate of incorporation may be amended by stockholders upon the affirmative vote of a majority of the outstanding stock entitled to vote thereon.

#### Amendment of Bylaws
Our certificate of incorporation grants our Board of Directors the power to amend our bylaws without a stockholder vote.

#### Requirements for Advance Notification of Stockholder Nomination and Proposals
Under our amended and restated bylaws, stockholders of record will be able to nominate persons for election to our Board of Directors or bring other business constituting a proper matter for stockholder action only by providing proper notice to our secretary. Proper notice must be generally received not less 90 days nor more than 120 days prior to the first anniversary date of the annual meeting for the preceding year. The notice must include, among other information, the name and address of the stockholder giving the

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notice, information about the stockholder's ownership of securities in the company, certain information relating to each person whom such stockholder proposes to nominate for election as a director and a brief description of any business such stockholder proposes to bring before the meeting and the reason for bringing such proposal.

#### Limitation of Liability of Directors and Officers
Our amended and restated certificate of incorporation provides that no director or officer will be personally liable to us or our stockholders for monetary damages for breach of any duty as a director or officer, except for the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Any breach of the director or officer's duty of loyalty to our company or our stockholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Any act or omission not in good faith or which involved intentional misconduct of a knowing violation of law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Unlawful payments of dividends or unlawful stock repurchases or redemptions as provided in Section 174 of Delaware law; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Any transaction from which the director or officer derived an improper personal benefit.

As a result, neither we nor our stockholders have the right, including through stockholders' derivative suits on our behalf, to recover monetary damages against a director or officer for breach of any duty as a director or officer, including breaches resulting from grossly negligent behavior, except in the situations described above.

Our amended and restated bylaws will provide that, to the fullest extent permitted by Delaware law, we will indemnify any of our officers and directors in connection with any threatened, pending or completed action, suit or proceeding to which such person is, or is threatened to be made, a party, whether civil, criminal, administrative or investigative, arising out of the fact that the person is or was our director or officer, or served any other enterprise at our request as a director or officer.

We expect to maintain insurance for our directors and officers against certain liabilities, including liabilities under the Securities Act, under insurance policies, the premiums of which will be paid by us. The effect of these will be to indemnify any of our directors or officers against expenses, judgments, attorneys' fees and other amounts paid in settlements incurred by a director or officer arising from claims against such persons for conduct in their capacities as directors or officers of Mobility.

The limitation of liability and indemnification provisions that will be in our amended and restated certificate of incorporation and our amended and restated bylaws may discourage stockholders from bringing a lawsuit against directors or officers for breach of their fiduciary duties. These provisions may also have the effect of reducing the likelihood of derivative litigation against our directors and officers, even though such an action, if successful, might otherwise benefit us and our stockholders. In addition, the indemnification provisions may adversely affect your investment to the extent that, in a class action or direct suit, we are required to pay the costs of settlement and damage awards against directors and officers pursuant to these indemnification provisions. There is currently no pending material litigation or proceeding against any Mobility directors, officers or employees for which indemnification is sought.

#### Forum Selection
Pursuant to our amended and restated certificate of incorporation, as will be in effect upon the completion of the Separation, unless we consent in writing to the selection of an alternative forum, a state court located within the State of Delaware (or, if no state court located within the State of Delaware has jurisdiction, the federal court for the District of Delaware) shall be the sole and exclusive forum for (i) any derivative action or proceeding brought on our behalf; (ii) any action asserting a claim for or based on a breach of a fiduciary duty owed by any of our directors or officers or other employees or agents to us or to our stockholders, including a claim alleging the aiding and abetting of such a breach of fiduciary duty; (iii) any action asserting a claim against us or any of our director or officer or other employee or agent arising pursuant to any provision of the Delaware General Corporation Law or our certificate of incorporation or bylaws; (iv) any action asserting a claim related to or involving us that is governed by the internal affairs

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doctrine; or (v) any action asserting an "internal corporate claim" as that term is defined in Section 115 of the Delaware General Corporation Law.

These exclusive forum provisions will not apply to claims arising under the Securities Act or the Exchange Act or any other claim for which the federal courts have exclusive jurisdiction. Unless we consent in writing to the selection of an alternative forum, the federal district courts of the United States will be the sole and exclusive forum for the resolution of any action asserting a claim arising under the Securities Act. See "Risks Relating to Our Common Stock — Our amended and restated certificate of incorporation will designate the State of Delaware or the federal district courts of the United States as the exclusive forum for certain litigation that may be initiated by our stockholders, which could limit our stockholders' ability to obtain a favorable judicial forum for disputes with us and limit the market price of our common stock." Shareholders cannot and will not be deemed to have waived our compliance with U.S. federal securities laws and the rules and regulations thereunder.

#### Anti-Takeover Effects of Certain Provisions
Some of the provisions of our amended and restated certificate of incorporation and amended and restated bylaws (as described above), including the stockholder approval requirements for certain business combinations (as described below), could make the following more difficult:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Acquisition of control of us by means of a proxy contest or otherwise, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • Removal of our incumbent officers and directors.

These provisions, including our ability to issue preferred stock, may discourage coercive takeover practices and inadequate takeover bids. These provisions may also encourage persons seeking to acquire control of us to first negotiate with our Board of Directors. We believe that the benefits of increased protection will give us the potential ability to negotiate with the proponent of an unfriendly or unsolicited proposal to acquire or restructure us, and that the benefits of this increased protection will outweigh the disadvantages of discouraging those proposals, because negotiation of those proposals could result in an improvement of their terms.

#### Delaware Business Combinations
We have elected to be subject to Section 203 of the Delaware General Corporation Law, which regulates corporate acquisitions. Section 203 prevents an "interested stockholder," which is defined generally as a person owning 15% or more of a corporation's voting stock, or any affiliate or associate of that person, from engaging in a broad range of "business combinations" with the corporation for three years after becoming an interested stockholder unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • the board of directors of the corporation had, prior to the person becoming an interested stockholder, approved either the business combination or the transaction that resulted in the stockholder's becoming an interested stockholder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • upon completion of the transaction that resulted in the stockholder's becoming an interested stockholder, that person owned at least 85% of the voting stock of the corporation outstanding at the time the transaction commenced, other than statutorily excluded shares; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • following the transaction in which that person became an interested stockholder, the business combination is approved by the board of directors of the corporation and holders of at least two-thirds of the outstanding voting stock not owned by the interested stockholder.

Under Section 203, the restrictions described above also do not apply to specific business combinations proposed by an interested stockholder following the announcement or notification of designated extraordinary transactions involving the corporation and a person who had not been an interested stockholder during the previous three years or who became an interested stockholder with the approval of a majority of the corporation's directors, if such extraordinary transaction is approved or not opposed by a majority of the directors who were directors prior to any person becoming an interested stockholder during the previous three years or were recommended for election or elected to succeed such directors by a majority of such directors.

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Section 203 may make it more difficult for a person who would be an interested stockholder to effect various business combinations with a corporation for a three-year period. Section 203 also may have the effect of preventing changes in our management and could make it more difficult to accomplish transactions which our stockholders may otherwise deem to be in their best interests.

#### Distributions of Securities
Mobility was formed on September 26, 2025, and since its formation, it has not sold any securities, including sales of reacquired securities, new issues (other than to S&P Global pursuant to Section 4(a)(2) of the Securities Act in connection with its formation), securities issued in exchange for property, services or other securities, and new securities resulting from the modification of outstanding securities.

#### Authorized But Unissued Shares
Our authorized but unissued shares of common stock and preferred stock will be available for future issuance without your approval. We may use additional shares for a variety of purposes, including future public offerings to raise additional capital, to fund acquisitions and as employee compensation. The existence of authorized but unissued shares of common stock and preferred stock could render more difficult or discourage an attempt to obtain control of Mobility by means of a proxy contest, tender offer, merger or otherwise.

#### Transfer Agent and Registrar
The transfer agent and registrar for the common stock will be Computershare.

#### Listing
We have applied to list our common stock on the NYSE under the ticker symbol "MBGL."

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#### WHERE YOU CAN FIND MORE INFORMATION
We have filed a registration statement on Form 10 with the SEC with respect to the shares of our common stock being distributed in the Separation as contemplated by this information statement. This information statement is a part of, and does not contain all of the information set forth in, the registration statement and the exhibits to the registration statement. For further information with respect to our company and our common stock, please refer to the registration statement, including its exhibits. Statements made in this information statement relating to any contract or other document are not necessarily complete, and you should refer to the exhibits attached to the registration statement for the full text of the actual contract or document. You may review a copy of the registration statement, including its exhibits, at the Internet website maintained by the SEC at www.sec.gov. Information contained on any website referenced in this information statement is not incorporated by reference into this information statement or the registration statement of which this information statement forms a part.

After the Separation, we will become subject to the information and reporting requirements of the Exchange Act, and, in accordance with the Exchange Act, we will file periodic reports, proxy statements and other information with the SEC. Our future filings will be available from the SEC as described above.

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#### S&P GLOBAL MOBILITY BUSINESS OF S&P GLOBAL INC.

#### INDEX TO CONDENSED COMBINED FINANCIAL STATEMENTS AND COMBINED FINANCIAL STATEMENTS

#### **TABLE OF CONTENTS**

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| | |
|:---|:---|
| **Condensed Combined Financial Statements (Unaudited)**  | **Page**  |
|  [Condensed Combined Statements of Income for the three months ended March 31, 2026 and <br> 2025](#tCCSO)  | [F-2](#tCCSO) |
|  [Condensed Combined Statements of Comprehensive Income for the three months ended March 31, 2026 and 2025](#tCCSO1)  | [F-3](#tCCSO1) |
| [Condensed Combined Balance Sheets as of March 31, 2026 and December 31, 2025](#tCCBS)  | [F-4](#tCCBS) |
|  [Condensed Combined Statements of Cash Flows for the three months ended March 31, 2026 and 2025](#tCCSO2)  | [F-5](#tCCSO2) |
| [Condensed Combined Statements of Equity for the three months ended March 31, 2026 and 2025](#tCCSO3)  | [F-6](#tCCSO3) |
| [Notes to the Condensed Combined Financial Statements](#tNTTC)  | [F-7](#tNTTC) |

---

---

| | |
|:---|:---|
| **Combined Financial Statements (Audited)**  | **Page**  |
| [Report of Independent Registered Public Accounting Firm](#fROIR)  | [F-18](#fROIR) |
| [Combined Statements of Income for the years ended December 31, 2025, 2024 and 2023](#fCSOI)  | [F-20](#fCSOI) |
|  [Combined Statements of Comprehensive Income for the years ended December 31, 2025, 2024 and <br> 2023](#fCSOC)  | [F-21](#fCSOC) |
| [Combined Balance Sheets as of December 31, 2025 and 2024](#fCBS)  | [F-22](#fCBS) |
| [Combined Statements of Cash Flows for the years ended December 31, 2025, 2024 and 2023](#fCSOC1)  | [F-23](#fCSOC1) |
| [Combined Statements of Equity for the years ended December 31, 2025, 2024 and 2023](#fCSOE)  | [F-24](#fCSOE) |
| [Notes to the Combined Financial Statements](#fNTTC)  | [F-25](#fNTTC) |
| [Schedule II Valuation and Qualifying Accounts](#fMBOS)  | [S-1](#fMBOS) |

---

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[**TABLE OF CONTENTS**](#TOC2)

#### Mobility Business of S&P Global

#### Condensed Combined Statements of Income (Unaudited)

---

| | | |
|:---|:---|:---|
| | **Three Months Ended <br> March 31,**  | **Three Months Ended <br> March 31,**  |
| **(in millions)**  | **2026**  | **2025**  |
| **Revenue**  | $455 | $420 |
| **Expenses**: |  |  |
| &nbsp;&nbsp;&nbsp; Operating – related expenses  | 136 | 127 |
| &nbsp;&nbsp;&nbsp; Selling and general expenses  | 160 | 131 |
| &nbsp;&nbsp;&nbsp; Depreciation  | 4 | 4 |
| &nbsp;&nbsp;&nbsp; Amortization of intangibles  | 74 | 74 |
| Total expenses  | 374 | 336 |
| **Operating profit**  | 81 | 84 |
| &nbsp;&nbsp;&nbsp; Interest expense, net  | 3 | 3 |
| **Income before taxes on income**  | 78 | 81 |
| &nbsp;&nbsp;&nbsp; Provision for taxes on income  | 23 | 23 |
| **Net income**  | $55 | $58 |

---

See accompanying Notes to the Condensed Combined Financial Statements

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[**TABLE OF CONTENTS**](#TOC2)

#### Mobility Business of S&P Global

#### Condensed Combined Statements of Comprehensive Income (Unaudited)

---

| | | |
|:---|:---|:---|
| | **Three Months Ended <br> March 31,**  | **Three Months Ended <br> March 31,**  |
| **(in millions)**  | **2026**  | **2025**  |
| Net income  | $55 | $58 |
| Other comprehensive income (loss): |  |  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation adjustments  | 1 | (1) |
| **Comprehensive income**  | $56 | $57 |

---

See accompanying Notes to the Condensed Combined Financial Statements

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[**TABLE OF CONTENTS**](#TOC2)

#### Mobility Business of S&P Global

#### Condensed Combined Balance Sheets

---

| | | |
|:---|:---|:---|
| **(in millions)**  | **March 31, <br> 2026**  | **December 31, <br> 2025**  |
|  | **(Unaudited)**  |  |
| **ASSETS** |  |  |
| Current assets: |  |  |
| &nbsp;&nbsp;&nbsp; Cash and cash equivalents  | $122 | $38 |
| &nbsp;&nbsp;&nbsp; Due from related parties – current  | 15 | 8 |
| &nbsp;&nbsp;&nbsp; Accounts receivable, net of allowance for doubtful accounts: 2026 – $2; 2025 – $2  | 216 | 203 |
| &nbsp;&nbsp;&nbsp; Prepaid and other current assets  | 39 | 32 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total current assets  | 392 | 281 |
| Property and equipment: |  |  |
| &nbsp;&nbsp;&nbsp; Buildings and leasehold improvements  | 25 | 25 |
| &nbsp;&nbsp;&nbsp; Equipment and furniture  | 77 | 75 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total property and equipment  | 102 | 100 |
| &nbsp;&nbsp;&nbsp; Less: accumulated depreciation  | (83) | (81) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Property and equipment, net  | 19 | 19 |
| Right of use assets  | 23 | 16 |
| Goodwill  | 8845 | 8845 |
| Other intangible assets – net  | 3714 | 3789 |
| Other non-current assets  | 49 | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets  | $13042 | $12995 |
| **LIABILITIES AND EQUITY** |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp; Accounts payable  | $48 | $56 |
| &nbsp;&nbsp;&nbsp; Due to related parties – current  | 24 | 19 |
| &nbsp;&nbsp;&nbsp; Accrued compensation and contributions to retirement plans  | 25 | 64 |
| &nbsp;&nbsp;&nbsp; Unearned revenue  | 94 | 78 |
| &nbsp;&nbsp;&nbsp; Other current liabilities  | 38 | 45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total current liabilities  | 229 | 262 |
| &nbsp;&nbsp;&nbsp; Lease liabilities – non-current  | 19 | 11 |
| &nbsp;&nbsp;&nbsp; Deferred tax liability – non-current  | 983 | 1006 |
| &nbsp;&nbsp;&nbsp; Due to related parties – non-current  | 227 | 230 |
| &nbsp;&nbsp;&nbsp; Other non-current liabilities  | 1 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities  | 1459 | 1510 |
| Commitments and contingencies (Note 8) |  |  |
| Equity: |  |  |
| &nbsp;&nbsp;&nbsp; Parent company investment  | 11586 | 11489 |
| &nbsp;&nbsp;&nbsp; Accumulated other comprehensive loss  | (3) | (4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total equity  | 11583 | 11485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities and equity  | $13042 | $12995 |

---

See accompanying Notes to the Condensed Combined Financial Statements

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[**TABLE OF CONTENTS**](#TOC2)

#### Mobility Business of S&P Global

#### Condensed Combined Statements of Cash Flows (Unaudited)

---

| | | |
|:---|:---|:---|
| | **Three Months Ended <br> March 31,**  | **Three Months Ended <br> March 31,**  |
| **(in millions)**  | **2026**  | **2025**  |
| **Operating Activities:** |  |  |
| Net income  | $55 | $58 |
| Adjustments to reconcile net income to cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp; Depreciation  | 4 | 4 |
| &nbsp;&nbsp;&nbsp; Amortization of intangibles  | 74 | 74 |
| &nbsp;&nbsp;&nbsp; Provision for losses on accounts receivable  | 1 | 1 |
| &nbsp;&nbsp;&nbsp; Deferred income taxes  | (23) | (23) |
| &nbsp;&nbsp;&nbsp; Stock-based compensation  | 4 | 5 |
| &nbsp;&nbsp;&nbsp; Restructuring and other  |  |  |
| Changes in operating assets and liabilities, net of effect of acquisitions and dispositions:  |  |  |
| &nbsp;&nbsp;&nbsp; Accounts receivable  | (15) | (17) |
| &nbsp;&nbsp;&nbsp; Due from related parties  | (7) | 1 |
| &nbsp;&nbsp;&nbsp; Prepaid and other current assets  | (6) | (1) |
| &nbsp;&nbsp;&nbsp; Accounts payable and accrued expenses  | (52) | (40) |
| &nbsp;&nbsp;&nbsp; Due to related parties  | 6 | (2) |
| &nbsp;&nbsp;&nbsp; Unearned revenue  | 16 | 11 |
| &nbsp;&nbsp;&nbsp; Other current liabilities  | (1) | (2) |
| &nbsp;&nbsp;&nbsp; Net change in other assets and liabilities  | (2) | (2) |
| Cash provided by operating activities  | 54 | 67 |
| **Investing Activities**: |  |  |
| &nbsp;&nbsp;&nbsp; Capital expenditures  | (6) | (5) |
| Cash used for investing activities  | (6) | (5) |
| **Financing Activities:** |  |  |
| &nbsp;&nbsp;&nbsp; Net transfers to Parent  | 37 | (50) |
| &nbsp;&nbsp;&nbsp; Payments related to loan from related parties  |  | (10) |
| &nbsp;&nbsp;&nbsp; Contingent consideration payments  |  | (2) |
| Cash provided by (used for) financing activities  | 37 | (62) |
| Effect of exchange rate changes on cash  | (1) | 1 |
| Net change in cash, cash equivalents, and restricted cash  | 84 | 1 |
| **Cash, cash equivalents, and restricted cash at beginning of period**  | 38 | 27 |
| **Cash, cash equivalents, and restricted cash at end of period**  | $122 | $28 |

---

See accompanying Notes to the Condensed Combined Financial Statements

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[**TABLE OF CONTENTS**](#TOC2)

#### Mobility Business of S&P Global

#### Condensed Combined Statements of Equity (Unaudited)

#### Three Months Ended March 31, 2026

---

| | | | |
|:---|:---|:---|:---|
| **(in millions)**  | **Parent <br> Company <br> Investment**  | **Accumulated <br> Other <br> Comprehensive <br> Income (Loss)**  | **Total <br> Equity**  |
| Balance as of December 31, 2025  | $11489 | $(4) | 11485 |
| &nbsp;&nbsp;&nbsp; Comprehensive income, net of tax  | 55 | 1 | 56 |
| &nbsp;&nbsp;&nbsp; Net increase in Parent company investment  | 42 |  | 42 |
| Balance as of March 31, 2026  | $11586 | $(3) | $11583 |

---

#### Three Months Ended March 31, 2025

---

| | | | |
|:---|:---|:---|:---|
| **(in millions)**  | **Parent <br> Company <br> Investment**  | **Accumulated <br> Other <br> Comprehensive <br> Income (Loss)**  | **Total <br> Equity**  |
| Balance as of December 31, 2024  | $11680 | $3 | 11683 |
| &nbsp;&nbsp;&nbsp; Comprehensive income (loss), net of tax  | 58 | (1) | 57 |
| &nbsp;&nbsp;&nbsp; Net decrease in Parent company investment  | (44) |  | (44) |
| Balance as of March 31, 2025  | $11694 | $2 | $11696 |

---

See accompanying Notes to the Condensed Combined Financial Statements

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[**TABLE OF CONTENTS**](#TOC2)

#### Notes to the Condensed Combined Financial Statements (Unaudited)
1. Overview and Basis of Presentation

#### Proposed separation from S&P Global and nature of operations
On April 29, 2025, S&P Global Inc. ("S&P Global" or the "Parent") announced a plan to pursue a separation of its Mobility business ("Mobility", the "Company", "we", "us", or "our") creating a new publicly traded company (the "Separation"). The transaction is expected to be executed by means of a pro-rata distribution of Mobility stock to S&P Global's existing shareholders and is intended to qualify as a tax-free transaction for U.S. federal tax purposes to S&P Global shareholders (together, the "Distribution"). The Separation is subject to the satisfaction of certain conditions, including obtaining final approval from S&P Global's Board of Directors, receipt of tax opinions and receipt of other regulatory approvals.

Mobility is wholly owned by S&P Global, and primarily represents the Mobility segment of S&P Global. Mobility was acquired as part of the IHS Markit Ltd ("IHS Markit") merger with S&P Global in February 2022. Mobility is a provider of data, insights and solutions for the automotive sector. We provide mission-critical data, insights, and solutions that span the entire vehicle and consumer lifecycles, enabling our customers to anticipate change and make informed decisions in a large, complex, and dynamic industry.

The Company operates through two reportable segments: CARFAX and Business-to-Business ("B2B").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • CARFAX — provides consumers, dealers, car service providers, and financial & insurance firms with trusted vehicle history, valuations, listings, and service reminders — using a vast proprietary data estate and brand to help consumers buy the right car at the right price, sell confidently, and maintain their vehicles, while helping dealers build shopper confidence, convert more leads and drive service loyalty; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • B2B — delivers mission-critical data, forecasts, and sales & marketing solutions to Original Equipment Manufacturers ("OEMs"), suppliers, dealers, and financial & insurance firms — powering product planning, supply-chain and technology decisions, market analytics, pricing and incentives, and targeted customer activation.

#### Basis of Presentation
Throughout the periods included in these condensed combined financial statements, Mobility operated as part of S&P Global and separate financial statements have not historically been prepared for Mobility. These condensed combined financial statements have been prepared on a stand-alone basis and are derived from the consolidated financial statements and accounting records of S&P Global. The condensed combined financial statements reflect our financial position, results of operations and cash flows as we were historically managed, in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP") and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission ("SEC"). We believe these condensed combined financial statements reflect all adjustments, including normal recurring adjustments, that are necessary for a fair statement of financial position, results of operations and cash flows for the interim periods shown. The results for the interim periods are not necessarily indicative of results for the full year. All revenues and costs, as well as assets and liabilities, directly associated with the business activity of the Company are recorded in these financial statements. The condensed combined financial statements include certain assets and liabilities that have historically been held at the S&P Global corporate level but are specifically identifiable or otherwise attributable to us. The financial statements also include allocations of certain expenses from S&P Global's corporate functions to the Company. The allocations were recorded on the basis of direct usage when identifiable, with the remainder allocated on a pro-rata basis of combined revenue, headcount or other measures of the Company or S&P Global. Management believes the assumptions underlying the condensed combined financial statements, including the assumptions regarding allocating general corporate expenses, are reasonable; however, the amounts are not necessarily representative of the amounts that would have been reflected in the financial statements

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had the Company historically operated independently of S&P Global. Related party transactions are discussed further in Note 9 — Related Party Transactions and Parent Company Investment.

S&P Global's net investment in the Company has been presented as a component of equity in the condensed combined financial statements. Distributions made by S&P Global to the Company or to S&P Global from the Company are recorded as transfers from and to S&P Global, and the net amount is presented on the condensed combined statements of cash flows as "Net transfers to Parent".

Cash balances legally owned by Mobility are reflected in the condensed combined financial statements. S&P Global has historically used a centralized approach to cash management and financing of its operations. These arrangements are not reflective of the manner in which the Company would have financed its operations had it been a stand-alone business separate from S&P Global during the periods for which the cash pooling arrangements were in place. During the three months ended March 31, 2026, the Company ceased its participation in certain of S&P Global's cash pooling arrangements. Cash related to cash pooling arrangements has not been included in the condensed combined financial statements. These amounts have instead been reported as a component of "Parent company investment".

All significant intracompany transactions within Mobility have been eliminated. Certain historical intercompany transactions between the Company and S&P Global have been included in these condensed combined financial statements. These transactions are considered to be effectively settled in the condensed combined financial statements at the time the transaction is recorded and were not historically settled in cash. The total net effect of the settlement of these intercompany transactions is reflected in the condensed combined statements of cash flow as a financing activity and in the condensed combined balance sheets as "Parent company investment". Certain other historical intercompany transactions between S&P Global and the Company have been classified as related party, rather than Parent company investment, in the condensed combined financial statements as they were historically settled in cash.

Net earnings per share data has not been presented in the condensed combined financial statements because Mobility did not operate as a separate legal entity with its own capital structure during the periods presented.

The condensed combined financial statements may not be indicative of future performance and do not necessarily reflect what the condensed combined statements of income, balance sheets and statements of cash flows would have been had the Company operated as a separate business during the periods presented. Actual costs that would have been incurred if the Company had operated on a stand-alone company would depend on multiple factors, including organizational structure and strategic decisions made in various areas, including information technology and infrastructure. The Company is unable to quantify the amounts that it would have recorded during the historical periods on a stand-alone basis as it is not practicable to do so.

On an ongoing basis, we evaluate our estimates and assumptions, including those related to revenue recognition, business combinations, allowance for doubtful accounts, valuation of long-lived assets, goodwill and other intangible assets, incentive compensation and stock-based compensation, income taxes and contingencies. During the three months ended March 31, 2026, there have been no material changes to our critical accounting policies and estimates.

 *Restricted cash* 

Cash that is subject to legal restrictions or is unavailable for general operating purposes is classified as restricted cash. We had no restricted cash included in our condensed combined balance sheets as of March 31, 2026 and December 31, 2025.

 *Unearned Revenue* 

We record unearned revenue when cash payments are received in advance of our performance. The increase in the unearned revenue balance at March 31, 2026 compared to December 31, 2025 is primarily driven by cash payments received in advance of satisfying our performance obligations, offset by $38 million of revenues recognized that were included in the unearned revenue balance at the beginning of the period.

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 *Remaining Performance Obligations* 

Remaining performance obligations represent the transaction price of contracts for work that has not yet been performed. As of March 31, 2026, the aggregate amount of the transaction price allocated to remaining performance obligations was $92 million. We expect to recognize the majority of revenue on the remaining performance obligations over the next 12 months.

 *Costs to Obtain a Contract* 

We expense sales commissions when incurred if the amortization period would have been one year or less. These costs are recorded within selling and general expenses. We recognize an asset for the incremental costs of obtaining a contract with a customer if we expect the benefit of those costs to be longer than one year.

2. Acquisitions and Divestitures

During the three months ended March 31, 2026 and 2025, we did not make any acquisitions or dispositions.

3. Taxes on Income

The effective income tax rate was 28.7% and 28.2% for the three months ended March 31, 2026 and 2025, respectively. The higher rate for the three months ended March 31, 2026 was primarily due to an increase in the state and local tax rate.

At the end of each interim period, we estimate the annual effective tax rate and apply that rate to our ordinary quarterly earnings. The tax expense or benefit related to significant unusual or infrequently occurring items that will be separately reported or reported net of their related tax effect, and are individually computed, is recognized in the interim period in which those items occur. In addition, the effect of changes in enacted tax laws or rates or tax status is recognized in the interim period in which the change occurs.

The Company's income tax provision was prepared following the separate return method. The separate return method applies ASC 740 Income Taxes to the stand-alone financial statements of each member of the consolidated group as if the group members were a separate taxpayer. The calculation of the Company's income taxes on a separate return basis requires a considerable amount of judgment and use of both estimates and allocations. Furthermore, the tax treatment of certain items reflected in the accompanying condensed combined financial statements of the Company may not be reflected in the consolidated financial statements and tax returns of S&P Global. Such items as net operating losses, credit carry-forwards and valuation allowances may exist in the accompanying condensed combined financial statements that may or may not exist in S&P Global's consolidated financial statements. As a result, the income taxes of the Company as presented in the accompanying condensed combined financial statements may not be indicative of the income taxes that the Company will generate in the future. Furthermore, current obligations for taxes where the Company's operations were included in tax returns with the activities of S&P Global are deemed settled with S&P Global as a component of Net parent investment for purposes of the accompanying condensed combined financial statements.

The Company is subject to tax examinations in various jurisdictions. As of March 31, 2026 and December 31, 2025, the total amount of federal, state and local, and foreign unrecognized tax benefits was $3 million and $2 million, respectively, exclusive of interest and penalties. We recognize accrued interest and penalties related to unrecognized tax benefits in interest expense and operating-related expense, respectively. As of March 31, 2026 and December 31, 2025, the accrued interest and penalties associated with unrecognized tax benefits was insignificant.

The Organization for Economic Co-operation and Development ("OECD") introduced an international tax framework under Pillar Two that provides for a global minimum tax of 15%, which is implemented through local legislation in participating jurisdictions. The effects of Pillar Two taxes enacted in jurisdictions in which we operate have been reflected in our results and did not have a material impact on our combined financial statements.

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On January 5, 2026, the OECD issued administrative guidance outlining a framework under which U.S.-parented groups may be excluded from the application of the OECD's global minimum tax rules. Each member jurisdiction will need to adopt this guidance into local law, and the timing and manner of adoption may vary. We are continuing to monitor developments related to this guidance and will evaluate the impact on our financial statements as additional information becomes available.

4. Employee Benefits

 *Defined Contribution Plan* 

The majority of employees of Mobility participate in voluntary 401(k) plan sponsored by S&P Global under which S&P Global may match employee contributions up to certain levels of compensation. For the three months ended March 31, 2026 and 2025, expenses related to this plan for Mobility employees included in the condensed combined statements of income were $8 million and $7 million, respectively. Expense associated with the allocation of defined contribution expense for S&P Global corporate employees is included in the condensed combined statements of income through corporate allocations. Refer to Note 9 — Related Party Transactions and Parent Company Investment for further details regarding the corporate allocations recorded in the condensed combined financial statements.

5. Stock-Based Compensation

S&P Global sponsors stock plans in which certain employees of Mobility participate. The expense associated with these Mobility employees is included in the condensed combined statements of income. Expense associated with the allocation of stock-based compensation expense for S&P Global corporate employees is included in the condensed combined statements of income through corporate allocations. Refer to Note 9 — Related Party Transactions and Parent Company Investment for further details regarding the corporate allocations recorded in the condensed combined financial statements.

For the three months ended March 31, 2026 and 2025, total stock-based compensation expense related to restricted stock and other stock-based awards for the dedicated Mobility employees included in the condensed combined statements of income was $4 million and $5 million, respectively. During the three months ended March 31, 2026, S&P Global granted 0.1 million shares of restricted stock and other stock-based awards to dedicated Mobility employees, which had a weighted-average grant-date fair value of $441.68 per shares. Total unrecognized compensation expense related to unvested equity awards as of March 31, 2026 was $44 million, which is expected to be recognized over a weighted average period of 1.63 years.

6. Restructuring

We continuously evaluate our cost structure to identify cost savings associated with streamlining our management structure. Our 2025 restructuring plan consisted of Mobility workforce reductions of approximately 60 positions, respectively. The charges for the restructuring plan are classified as selling and general expenses within the condensed combined statements of income and the reserves are included in other current liabilities in the condensed combined balance sheets. Charges associated with the allocation of expense for S&P Global corporate employees are included as part of corporate allocations within the condensed combined statements of income and as a component of Parent company investment in the condensed combined balance sheets.

In certain circumstances, reserves are no longer needed because employees previously identified for separation resigned from the Company and did not receive severance or were reassigned due to circumstances not foreseen when the original plans were initiated. In these cases, we reverse reserves through the condensed combined statements of income during the period when it is determined they are no longer needed.

The initial restructuring charge recorded and the ending reserve balance as of March 31, 2026 by segment is as follows:

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[**TABLE OF CONTENTS**](#TOC2)

---

| | | |
|:---|:---|:---|
| | **2025 Restructuring Plan**  | **2025 Restructuring Plan**  |
| **(in millions)**  | **Initial Charge <br> Recorded**  | **Ending Reserve <br> Balance**  |
| CARFAX  | $1 | $— |
| B2B  | 14 | 7 |
| &nbsp;&nbsp;&nbsp; Total  | $15 | $7 |

---

During three months ended March 31, 2026 we did not recorded a pre-tax restructuring charge. The ending reserve for the 2025 restructuring plan was $11 million as of December 31, 2025. For the three months ended March 31, 2026, we have reduced the reserve for the 2025 restructuring plan by $4 million. The reductions primarily related to cash payments for employee severance charges.

7. Segment and Geographic Information

As discussed in Note 1 — Overview and Basis of Presentation, we have two reportable segments: CARFAX and B2B.

The Company has historically operated as part of S&P Global and historically the Chief Operating Decision Maker ("CODM") was the President of S&P Global Mobility, who is also the Chief Executive Officer designate following the Separation.

Our CODM evaluates performance of our segments and allocates resources (including employees, property, and financial or capital resources) based primarily on operating profit for each segment. Segment operating profit does not include Corporate Unallocated expense or Interest expense, net as these are amounts that do not affect the operating results of our reportable segments.

Operating results for the three months ended March 31 are as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **CARFAX**  | **B2B**  | **Total**  |
| **(in millions)**  | **2026**  | **2026**  | **2026**  |
| **Revenue**  | $298 | $157 | $455 |
| Less: segment expenses<sup>(1)</sup>  | 162 | 112 | 274 |
| Less: other segment items<sup>(2)</sup>  | 47 | 40 | 87 |
| Segment operating profit  | $89 | $5 | $94 |
| Corporate Unallocated expense<sup>(3)</sup>  |  |  | 13 |
| **Operating profit**  |  |  | 81 |
| Interest expense, net  |  |  | 3 |
| **Income before taxes on income**  |  |  | $78 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **CARFAX**  | **B2B**  | **Total**  |
| **(in millions)**  | **2025**  | **2025**  | **2025**  |
| Revenue  | $275 | $145 | $420 |
| Less: segment expenses<sup>(1)</sup>  | 151 | 104 | 255 |
| Less: other segment items<sup>(2)</sup>  | 47 | 27 | 74 |
| Segment operating profit  | $77 | $14 | $91 |
| Corporate Unallocated expense<sup>(3)</sup>  |  |  | 7 |
| Operating profit  |  |  | 84 |
| Interest expense, net  |  |  | 3 |
| Income before taxes on income  |  |  | $81 |

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(1) The segment expense category for CARFAX and B2B for 2026 and 2025 primarily include an aggregation of compensation costs, advertising and promotion costs, technology costs and strategic investments. The CODM considers actual-to-actual and budget-to-actual variances when making decisions about allocating personnel and capital to the segments, however, the CODM does not receive the individual expense items underlying the overall segment expenses. Variance explanations include segment expenses including compensation costs, advertising and promotion costs, technology costs and strategic investments, but the CODM is otherwise not provided, and cannot easily calculate, lower-level expense information.

(2) Other segment items for the three months ended March 31, 2026 for each reportable segment primarily include amortization of intangibles from acquisitions and transaction costs related to the stand-up of Mobility as a standalone entity incurred prior to the Separation. Other segment items for the three months ended March 31, 2025 for each reportable segment primarily include amortization of intangibles from acquisitions and certain items primarily including employee severance charges and other employee-related costs.

(3) Corporate Unallocated expense includes costs for corporate functions, select initiatives and unoccupied office space, included in selling and general expenses.

The following table presents our revenue disaggregated by revenue type for the three months ended March 31:

---

| | | | |
|:---|:---|:---|:---|
| | **CARFAX**  | **B2B**  | **Total**  |
| **(in millions)**  | **2026**  | **2026**  | **2026**  |
| Subscription  | $242 | $130 | $372 |
| Non-subscription  | 56 | 27 | 83 |
| &nbsp;&nbsp;&nbsp; Total revenue  | $298 | $157 | $455 |
| **Timing of revenue recognition** |  |  |  |
| Services transferred at a point in time  | $56 | $27 | $83 |
| Services transferred over time  | 242 | 130 | 372 |
| &nbsp;&nbsp;&nbsp; Total revenue  | $298 | $157 | $455 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **CARFAX**  | **B2B**  | **Total**  |
| **(in millions)**  | **2025**  | **2025**  | **2025**  |
| Subscription  | $225 | $118 | $343 |
| Non-subscription  | 50 | 27 | 77 |
| &nbsp;&nbsp;&nbsp; Total revenue  | $275 | $145 | $420 |
| **Timing of revenue recognition** |  |  |  |
| Services transferred at a point in time  | $50 | $27 | $77 |
| Services transferred over time  | 225 | 118 | 343 |
| &nbsp;&nbsp;&nbsp; Total revenue  | $275 | $145 | $420 |

---

Segment information as of March 31, 2026 and December 31, 2025 is as follows:

---

| | | |
|:---|:---|:---|
| | **Total Assets**  | **Total Assets**  |
| **(in millions)**  | **March 31, <br> 2026**  | **December 31, <br> 2025**  |
| CARFAX  | $8549 | $8577 |
| B2B  | 4491 | 4417 |
| &nbsp;&nbsp;&nbsp; Total reportable segments  | 13040 | 12994 |
| Corporate  | 2 | 1 |
| &nbsp;&nbsp;&nbsp; Total  | $13042 | $12995 |

---

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The following provides revenue by geographic region for the three months ended March 31:

---

| | | |
|:---|:---|:---|
| **(in millions)**  | **2026**  | **2025**  |
| U.S.  | $376 | $350 |
| International  | 79 | 70 |
| &nbsp;&nbsp;&nbsp; Total  | $455 | $420 |

---

See Note 6 — Restructuring for actions that impacted the segment operating results.

8. Commitments and Contingencies

 *Leases* 

We determine whether an arrangement meets the criteria for an operating lease or a finance lease at the inception of the arrangement. We have operating leases for office space and equipment. Our leases have remaining lease terms of 1 year to 11 years, some of which include options to extend the leases for up to 10 years, and some of which include options to terminate the leases early.

Leases with an initial term of 12 months or less are not recorded on the balance sheet; we recognize lease expenses for these leases on a straight line-basis over the lease term in operating-related expenses and selling and general expenses.

Operating lease ROU assets and operating lease liabilities are recognized based on the present value of future minimum lease payments over the lease term at commencement date. Our future minimum based payments used to determine our lease liabilities include minimum based rent payments and escalations. As most of our leases do not provide an implicit rate, we use our estimated incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments.

The following table provides information on the location and amounts of our leases on our condensed combined balance sheets as of March 31, 2026 and December 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **(in millions)**  | | **March 31, <br> 2026**  | **December 31, <br> 2025**  |
| **Balance Sheet Location** |  |  |  |
| **Assets** |  |  |  |
| Right of use assets  | Lease right-of-use assets | $23 | $16 |
| **Liabilities** |  |  |  |
| Other current liabilities  | Current lease liabilities | 6 | 7 |
| Lease liabilities – non-current  | Non-current lease liabilities  | 19 | 11 |

---

Lease expense for our operating leases was $2 million for both the three months ended March 31, 2026 and 2025.

Supplemental information related to leases for the three months ended March 31 is as follows:

---

| | | |
|:---|:---|:---|
| **(in millions)**  | **2026**  | **2025**  |
| Cash paid for amounts included in the measurement for operating lease liabilities |  |  |
| Operating cash flows for operating leases  | $2 | $2 |
| Right of use assets obtained in exchange for lease obligations |  |  |
| Operating leases  | 9 |  |

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Weighted-average remaining lease term and discount rate for our operating leases are as follows:

---

| | | |
|:---|:---|:---|
| | **March 31, <br> 2026**  | **December 31, <br> 2025**  |
| Weighted-average remaining lease term (years)  | 5.6 | 4.7 |
| Weighted-average discount rate  | 3.71% | 2.79% |

---

Maturities of lease liabilities for our operating leases are as follows:

---

| | |
|:---|:---|
| **(in millions)**  |  |
| 2026 (Excluding the three months ended March 31, 2026)  | $6 |
| 2027  | 4 |
| 2028  | 3 |
| 2029  | 3 |
| 2030  | 3 |
| 2031 and beyond  | 9 |
| Total undiscounted lease payments  | 28 |
| Less: Imputed interest  | 3 |
| Present value of lease liabilities  | $25 |

---

As of March 31, 2026, the Company has certain lease agreements that have not yet commenced with total estimated future lease payments of $74 million which have been excluded from the table above. These leases are expected to begin in 2026 and continue through 2037, with lease terms ranging from 1 to 11 years.

#### Legal & Regulatory Matters
In the normal course of business both in the United States and abroad, the Company and its subsidiaries are defendants in legal proceedings and are subjected to government and regulatory proceedings, investigations and inquiries.

In view of the uncertainty inherent in litigation and government and regulatory enforcement matters, we cannot predict the eventual outcome of such matters or the timing of their resolution, or in most cases reasonably estimate what the eventual judgments, damages, fines, penalties or impact of activity (if any) restrictions may be. As a result, we cannot provide assurance that such outcomes will not have a material adverse effect on our combined financial condition, cash flows, business or competitive position. As litigation or the process to resolve pending matters progresses, as the case may be, we will continue to review the latest information available and assess our ability to predict the outcome of such matters and the effects, if any, on our combined financial condition, cash flows, business or competitive position, which may require that we record liabilities in the condensed combined financial statements in future periods.

9. Related Party Transactions and Parent Company Investment

Historically, the Company engaged in several transactions with S&P Global. The following table summarizes the composition and amounts of the Company's transactions with S&P Global. The significant components of these amounts are discussed below. These amounts are reflected in Revenue, Operating-related expenses, Selling and general expenses, and Interest expense, net in the condensed combined statements of income for the three months ended March 31, 2026 and 2025:

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,**  | **Three Months Ended March 31,**  |
| **(in millions)**  | **2026**  | **2025**  |
| Data sharing revenues  | $1 | $1 |
| Expenses |  |  |
| &nbsp;&nbsp;&nbsp; Data sharing expenses<sup>(1)</sup>  | $— | $— |
| &nbsp;&nbsp;&nbsp; Corporate allocations from Parent<sup>(2)</sup>  | 28 | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses  | 28 | 22 |
| &nbsp;&nbsp;&nbsp; Related party loan interest expense, net  | 3 | 4 |

---

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(1) Data sharing expenses are included in Operating-related expenses within the condensed combined statements of income.

(2) Corporate allocations are included in Selling and general expenses within the condensed combined statements of income.

 *Data Sharing Revenue and Expenses* 

The Company participates in data sharing arrangements with S&P Global, in which customer data is collected, synthesized, and distributed throughout the S&P Global organization. Historically, the Company has recorded revenue and expenses related to these arrangements that were eliminated in consolidation by S&P Global, as such transactions were intercompany in nature. Such amounts have been reinstated for purposes of the condensed combined financial statements and treated as related-party in nature.

 *Corporate Allocations* 

The Company has historically operated as part of S&P Global and not as a stand-alone company. Certain shared costs have been allocated to the Company by S&P Global and are reflected as expenses in these financial statements. The condensed combined statements of income of the Company reflect allocations of general corporate expenses from S&P Global, certain of which were not historically allocated to the Company, including, but not limited to, executive management, finance, legal, information technology, human resources, corporate initiatives, and other shared services. Allocations made based on direct usage when identifiable, and otherwise on a pro-rata basis of combined revenue or headcount and other measures, were $28 million, and $22 million for such shared services for the three months ended March 31, 2026 and 2025, respectively, within Selling and general expenses in the condensed combined statements of income. Management considers these allocations to be a reasonable representation of the utilization of services by or the benefits provided to the Company.

Historically, a portion of these allocated corporate expenses between S&P Global and the Company was settled in cash through transfer pricing arrangements. For any balances that were historically cash-settled, the balances are reflected as Due from related parties, current and Due to related parties, current in the condensed combined balance sheets, while any balances that were historically not settled in cash are reflected as a component of Parent company investment in the condensed combined balance sheets.

During the three months ended March 31, 2026, Mobility recorded $21 million of transaction costs related to the stand-up of Mobility as a standalone entity incurred prior to the Separation, of which approximately $7 million was allocated to the Company from S&P Global. These transaction costs correspond to costs incurred by S&P Global that are directly attributable to Mobility, such as employee retention-related costs and costs to establish certain standalone functions.

 *Canada Carfax Loan* 

On October 1, 2018, Carfax Canada ULC ("Carfax Canada"), a subsidiary of the Company, entered into a loan agreement with IHS Canada Market ULC ("IHS Canada"), a subsidiary of S&P Global, under which IHS Canada granted Carfax Canada a loan bearing interest at a rate of 6.0% per annum with a principal amount of CAD$403 million ("Canada Carfax Loan"). Canada Carfax Loan matures on October 5, 2027, and is payable in full with accrued interest at maturity. As of March 31, 2026 and December 31, 2025, the Company had an outstanding loan balance payable to S&P Global of $227 million and $230 million, respectively, inclusive of accrued interest, which is reflected in Due to related parties — non-current in the condensed combined balance sheets. The Company recorded related party interest expense of $3 million and $4 million related to the Canada Carfax Loan for the three months ended March 31, 2026 and 2025, respectively. No voluntary prepayments on the principal balance of the Canada Carfax Loan were made during the three months ended March 31, 2026. During the three months ended March 31, 2025, the Company made voluntary prepayments on the principal balance of $10 million. During the three months ended March 31, 2026 and 2025, the Company made payments of interest of $3 million in each period. The cash flows related to the principal balance of this loan are reflected as financing activities on the condensed combined statement of cash flows.

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 *Europe Carfax Loan* 

On February 21, 2021, Carfax Europe GmbH ("Carfax Germany"), a subsidiary of the Company, entered into a loan agreement with IHS Group Holdings Ltd. ("IHS Holdings"), a subsidiary of S&P Global, under which Carfax Germany granted the IHS Holdings a credit facility of up to a maximum aggregate principal amount of EUR 10 million ("Europe Carfax Loan"). The Europe Carfax Loan matured on February 14, 2026, and any drawings made under the Europe Carfax Loan were payable in full at maturity. Drawings under the Europe Carfax Loan accrued interest at a rate of six-month LIBOR plus 0.5% per annum and were payable semi-annually on May 31 and November 30 of each year. On November 30, 2025, the Company received the full outstanding principal and interest amount of the Europe Carfax Loan. The related party interest income was not material to our condensed combined financial statements. During the three months ended March 31, 2026 and March 31, 2025, there was no cash received related to the principal and interest associated with this loan agreement.

 *Cash Management* 

S&P Global has a centralized approach to cash management and financing of operations. Historically, the Company's cash was regularly 'swept.' Cash and cash equivalents were attributed to the Company for each of the periods presented for cash that was held in accounts legally owned by the Company. During the three months ended March 31, 2026, the Company ceased its participation in certain of S&P Global's cash pooling arrangements. Amounts contributed to/from the cash sweeps are not expected to be remitted to the Company upon Separation and were included as components of Parent company investment.

 *Parent Company Investment* 

Certain significant balances and transactions between the Company and S&P Global and its subsidiaries, which include allocations of corporate general and administrative expenses, share-based compensation and other historical intercompany activities, are recorded as components of Parent company investment, except for the transactions noted above related to historically cash-settled arrangements between the Company and S&P Global. The changes in Parent company investment also includes financing activities for capital transfers, cash sweeps, and other treasury services as described above. The components of Parent company investment for the three months ended March 31, 2026 and 2025 are as follows:

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,**  | **Three Months Ended March 31,**  |
| **(in millions)**  | **2026**  | **2025**  |
| Cash pooling and general financing activities  | $(30) | $(112) |
| Unbilled corporate allocations  | 27 | 21 |
| Stock-based compensation  | 4 | 5 |
| Assumed income tax payments  | 41 | 42 |
| &nbsp;&nbsp;&nbsp; Net increase / (decrease) in Parent company investment  | $42 | $(44) |

---

10. Recently Issued or Adopted Accounting Pronouncements

In September of 2025, the Financial Accounting Standards Board ("FASB") issued accounting guidance which removes references to prescriptive software development stages and includes an updated framework for capitalizing internal software costs. This guidance is effective for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods, and early adoption is permitted. We do not expect this guidance to have a significant impact on our condensed combined financial statements.

In July of 2025, the FASB issued accounting guidance that provides an optional practical expedient for estimating future credit losses based on current conditions as of the balance sheet date and assuming those conditions do not change over the remaining life of the accounts receivable. The guidance was effective on January 1, 2026, and the adoption of this guidance did not have an impact on our condensed combined financial statements.

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In May of 2025, the FASB issued accounting guidance to improve the requirements for identifying the accounting acquirer in ASC 805, Business Combinations. The amendments in this update revise current guidance for determining the accounting acquirer for a transaction effected primarily by exchanging equity interests in which the legal acquiree is a variable interest entity that meets the definition of a business. This guidance is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within those annual reporting periods, and early adoption is permitted as of the beginning of an interim or annual reporting period. This guidance is required to be applied prospectively to any acquisition transaction that occurs after the initial application date. We do not expect this guidance to have a significant impact on our condensed combined financial statements.

In November of 2024, the FASB issued accounting guidance which requires that an entity disclose, in the notes to financial statements, additional information about specific expense categories. The amendments in this update are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. We are currently evaluating the impact of this guidance on the Company's disclosures.

11. Subsequent Events

The Company evaluated subsequent events through May 7, 2026, the date the condensed combined financial statements were available for issuance, for potential recognition or disclosure in the condensed combined financial statements. On May 6, 2026, we entered into a $500 million revolving credit facility (the "Credit Facility") in connection with the Separation.

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#### Report of Independent Registered Public Accounting Firm
To the Shareholders and the Board of Directors of S&P Global Inc.

#### Opinion on the Financial Statements
We have audited the accompanying combined balance sheets of S&P Global Mobility Business of S&P Global Inc. (the Company), as of December 31, 2025 and 2024, the related combined statements of income, comprehensive income, cash flows and equity for each of the three years in the period ended December 31, 2025, and the related notes and financial statement schedule listed in the Index at Item 15(a) (collectively referred to as the "combined financial statements"). In our opinion, the combined financial statements present fairly, in all material respects, the financial position of the Company at December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025, in conformity with U.S. generally accepted accounting principles.

#### Basis for Opinion
These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB and in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

#### Critical Audit Matter
The critical audit matter communicated below is a matter arising from the current period audit of the financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective or complex judgments. The communication of the critical audit matter does not alter in any way our opinion on the combined financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.

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| | |
|:---|:---|
|  | **Goodwill impairment assessment** |
| Description of the Matter | The Company's goodwill balance was $8,845 million for the year ended December 31, 2025. As discussed in Note 1 to the combined financial statements, the Company performs goodwill impairment testing at least annually. <br> Auditing the Company's annual goodwill impairment test involved complex auditor judgment due to the subjectivity in assumptions that were used by management to estimate the fair value of its reporting segments using the income approach. In particular, significant assumptions used in the Company's fair value estimate included future cash flows, growth rate and discount rate.  |
| How We Addressed the Matter in Our Audit | With the support of our valuation specialists, we performed audit procedures to test the estimated fair value of the reporting units that included, among others, evaluating the Company's valuation methodology used, the significant assumptions discussed above and the underlying data used by the Company in its analysis. For example, we compared the significant assumptions used by management to an independently developed range of observable market data points. To evaluate the Company's estimated future cash flows we compared projections to historical operating results, agreed inputs to source documents, and tested the mathematical accuracy of calculations underlying the assumptions. |

---

 */s/ ERNST & YOUNG LLP* 

We have served as the Company's auditor since 2025.

New York, New York

March 25, 2026

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#### MOBILITY BUSINESS OF S&P GLOBAL

#### COMBINED STATEMENTS OF INCOME

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
| **(in millions)**  | **2025**  | **2024**  | **2023**  |
| **Revenue**  | $1750 | $1613 | $1485 |
| **Expenses:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Operating-related expenses  | 516 | 475 | 448 |
| &nbsp;&nbsp;&nbsp; Selling and general expenses  | 585 | 531 | 491 |
| &nbsp;&nbsp;&nbsp; Depreciation  | 14 | 13 | 12 |
| &nbsp;&nbsp;&nbsp; Amortization of intangibles  | 296 | 296 | 295 |
| Total expenses  | 1411 | 1315 | 1246 |
| **Operating profit**  | 339 | 298 | 239 |
| &nbsp;&nbsp;&nbsp; Other income, net  |  | (1) | (2) |
| &nbsp;&nbsp;&nbsp; Interest expense, net  | 13 | 15 | 17 |
| **Income before taxes on income**  | 326 | 284 | 224 |
| &nbsp;&nbsp;&nbsp; Provision for taxes on income  | 106 | 76 | 61 |
| **Net income**  | $220 | $208 | $163 |

---

See accompanying Notes to the Combined Financial Statements

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#### MOBILITY BUSINESS OF S&P GLOBAL

#### COMBINED STATEMENTS OF COMPREHENSIVE INCOME

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
| **(in millions)**  | **2025**  | **2024**  | **2023**  |
| Net income  | $220 | $208 | $163 |
| Other comprehensive income (loss): |  |  |  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation adjustments  | (7) | 18 | (6) |
| **Comprehensive income**  | $213 | $226 | $157 |

---

See accompanying Notes to the Combined Financial Statements

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#### MOBILITY BUSINESS OF S&P GLOBAL

#### COMBINED BALANCE SHEETS

---

| | | |
|:---|:---|:---|
| | **December 31,**  | **December 31,**  |
| **(in millions)**  | **2025**  | **2024**  |
| **ASSETS** |  |  |
| Current assets: |  |  |
| &nbsp;&nbsp;&nbsp; Cash and cash equivalents  | $38 | $27 |
| &nbsp;&nbsp;&nbsp; Due from related parties, current  | 8 | 4 |
| &nbsp;&nbsp;&nbsp; Accounts receivable, net of allowance for doubtful accounts: 2025 – $2; 2024 – $3  | 203 | 195 |
| &nbsp;&nbsp;&nbsp; Prepaid and other current assets  | 32 | 24 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total current assets  | 281 | 250 |
| Property and equipment: |  |  |
| &nbsp;&nbsp;&nbsp; Buildings and leasehold improvements  | 25 | 23 |
| &nbsp;&nbsp;&nbsp; Equipment and furniture  | 75 | 80 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total property and equipment  | 100 | 103 |
| &nbsp;&nbsp;&nbsp; Less: accumulated depreciation  | (81) | (83) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Property and equipment, net  | 19 | 20 |
| Right of use assets  | 16 | 20 |
| Goodwill  | 8845 | 8845 |
| Other intangible assets – net  | 3789 | 4085 |
| Due from related parties – non-current  |  | 4 |
| Other non-current assets  | 45 | 31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total assets  | $12995 | $13255 |
| **LIABILITIES AND EQUITY** |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp; Accounts payable  | $56 | $38 |
| &nbsp;&nbsp;&nbsp; Due to related parties – current  | 19 | 12 |
| &nbsp;&nbsp;&nbsp; Accrued compensation and contributions to retirement plans  | 64 | 56 |
| &nbsp;&nbsp;&nbsp; Unearned revenue  | 78 | 75 |
| &nbsp;&nbsp;&nbsp; Other current liabilities  | 45 | 40 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total current liabilities  | 262 | 221 |
| &nbsp;&nbsp;&nbsp; Lease liabilities – non-current  | 11 | 16 |
| &nbsp;&nbsp;&nbsp; Deferred tax liability – non-current  | 1006 | 1096 |
| &nbsp;&nbsp;&nbsp; Due to related parties – non-current  | 230 | 236 |
| &nbsp;&nbsp;&nbsp; Other non-current liabilities  | 1 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities  | 1510 | 1572 |
| Commitments and contingencies (Note 9) |  |  |
| Equity: |  |  |
| &nbsp;&nbsp;&nbsp; Parent company investment  | 11489 | 11680 |
| &nbsp;&nbsp;&nbsp; Accumulated other comprehensive (loss) income  | (4) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total equity  | 11485 | 11683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total liabilities and equity  | $12995 | $13255 |

---

See accompanying Notes to the Combined Financial Statements

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#### MOBILITY BUSINESS OF S&P GLOBAL

#### COMBINED STATEMENTS OF CASH FLOWS

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
| **(in millions)**  | **2025**  | **2024**  | **2023**  |
| **Operating Activities:** |  |  |  |
| Net income  | $220 | $208 | $163 |
| Adjustments to reconcile net income to cash provided by operating activities: |  |  |  |
| &nbsp;&nbsp;&nbsp; Depreciation  | 14 | 13 | 12 |
| &nbsp;&nbsp;&nbsp; Amortization of intangibles  | 296 | 296 | 295 |
| &nbsp;&nbsp;&nbsp; Provision for losses on accounts receivable  | 4 | 4 | 4 |
| &nbsp;&nbsp;&nbsp; Deferred income taxes  | (90) | (102) | (95) |
| &nbsp;&nbsp;&nbsp; Stock-based compensation  | 22 | 28 | 20 |
| &nbsp;&nbsp;&nbsp; Restructuring and other  | 12 | 5 | 7 |
|  Changes in operating assets and liabilities, net of effect of acquisitions and dispositions:  |  |  |  |
| &nbsp;&nbsp;&nbsp; Accounts receivable  | (11) | (12) | (34) |
| &nbsp;&nbsp;&nbsp; Due from related parties  | (5) | 11 | (7) |
| &nbsp;&nbsp;&nbsp; Prepaid and other current assets  | (7) | (6) |  |
| &nbsp;&nbsp;&nbsp; Accounts payable and accrued expenses  | 25 |  | 7 |
| &nbsp;&nbsp;&nbsp; Due to related parties  | 19 | (16) | 24 |
| &nbsp;&nbsp;&nbsp; Unearned revenue  | 4 | 7 | 5 |
| &nbsp;&nbsp;&nbsp; Other current liabilities  | (5) | 3 | (5) |
| &nbsp;&nbsp;&nbsp; Net change in prepaid/accrued income taxes  |  | (3) | 5 |
| &nbsp;&nbsp;&nbsp; Net change in other assets and liabilities  | (13) | (9) | (8) |
| Cash provided by operating activities  | 485 | 427 | 393 |
| **Investing Activities:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Capital expenditures  | (24) | (15) | (18) |
| &nbsp;&nbsp;&nbsp; Acquisitions, net of cash acquired  | (4) | (6) | (214) |
| &nbsp;&nbsp;&nbsp; Proceeds from loan to related parties  | 5 |  |  |
| &nbsp;&nbsp;&nbsp; Proceeds from dispositions  |  |  | 2 |
| Cash used for investing activities  | (23) | (21) | (230) |
| **Financing Activities:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Net transfers to Parent  | (433) | (373) | (158) |
| &nbsp;&nbsp;&nbsp; Payments related to loan from related parties  | (18) | (45) |  |
| &nbsp;&nbsp;&nbsp; Contingent consideration payments  | (2) | (5) | (2) |
| Cash used for financing activities  | (453) | (423) | (160) |
| Effect of exchange rate changes on cash  | 2 | (3) | 2 |
| Net change in cash, cash equivalents, and restricted cash  | 11 | (20) | 5 |
| **Cash, cash equivalents, and restricted cash at beginning of year**  | 27 | 47 | 42 |
| **Cash, cash equivalents, and restricted cash at end of year**  | $38 | $27 | $47 |
| **Cash paid during the year for:** |  |  |  |
| &nbsp;&nbsp;&nbsp; Interest  | $14 | $17 | $18 |
| &nbsp;&nbsp;&nbsp; Income taxes  | $26 | $29 | $15 |

---

See accompanying Notes to the Combined Financial Statements

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#### MOBILITY BUSINESS OF S&P GLOBAL

#### COMBINED STATEMENTS OF EQUITY

---

| | | | |
|:---|:---|:---|:---|
| **(in millions)**  | **Parent Company <br> Investment**  | **Accumulated <br> Other <br> Comprehensive <br> Income (Loss)**  | **Total Equity**  |
| Balance as of January 1, 2023  | $11791 | $(9) | $11782 |
| &nbsp;&nbsp;&nbsp; Comprehensive income, net of tax  | 163 | (6) | 157 |
| &nbsp;&nbsp;&nbsp; Net decrease in Parent company investment  | (137) |  | (137) |
| Balance as of December 31, 2023  | $11817 | $(15) | $11802 |
| &nbsp;&nbsp;&nbsp; Comprehensive income, net of tax  | 208 | 18 | 226 |
| &nbsp;&nbsp;&nbsp; Net decrease in Parent company investment  | (345) |  | (345) |
| Balance as of December 31, 2024  | $11680 | $3 | $11683 |
| &nbsp;&nbsp;&nbsp; Comprehensive income, net of tax  | 220 | (7) | 213 |
| &nbsp;&nbsp;&nbsp; Net decrease in Parent company investment  | (411) |  | (411) |
| Balance as of December 31, 2025  | $11489 | $(4) | $11485 |

---

See accompanying Notes to the Combined Financial Statements

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[**TABLE OF CONTENTS**](#TOC3)

#### Notes to the Combined Financial Statements
1. Basis of Presentation and Significant Accounting Policies

#### Proposed separation from S&P Global and nature of operations
On April 29, 2025, S&P Global Inc. ("S&P Global" or the "Parent") announced a plan to pursue a separation of its Mobility business ("Mobility", the "Company", "we", "us", or "our") creating a new publicly traded company (the "Separation"). The transaction is expected to be executed by means of a pro-rata distribution of Mobility stock to S&P Global's existing shareholders and is intended to qualify as a tax-free transaction for U.S. federal tax purposes to S&P Global shareholders (together, the "Distribution"). The Separation is subject to the satisfaction of certain conditions, including obtaining final approval from S&P Global's Board of Directors, receipt of tax opinions and receipt of other regulatory approvals.

Mobility is wholly owned by S&P Global, and primarily represents the Mobility segment of S&P Global. Mobility was acquired as part of the IHS Markit Ltd ("IHS Markit") merger with S&P Global in February 2022. Mobility is a provider of data, insights and solutions for the automotive sector. We provide mission-critical data, insights, and solutions that span the entire vehicle and consumer lifecycles, enabling our customers to anticipate change and make informed decisions in a large, complex, and dynamic industry.

The Company operates through two reportable segments: CARFAX and Business-to-Business ("B2B").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • CARFAX — provides consumers, dealers, car service providers, and financial & insurance firms with trusted vehicle history, valuations, listings, and service reminders — using a vast proprietary data estate and brand to help consumers buy the right car at the right price, sell confidently, and maintain their vehicles, while helping dealers build shopper confidence, convert more leads and drive service loyalty; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • B2B — delivers mission-critical data, forecasts, and sales & marketing solutions to Original Equipment Manufacturers ("OEMs"), suppliers, dealers, and financial & insurance firms — powering product planning, supply-chain and technology decisions, market analytics, pricing and incentives, and targeted customer activation.

#### Basis of Presentation
Throughout the periods included in these combined financial statements, Mobility operated as part of S&P Global and separate financial statements have not historically been prepared for Mobility. These combined financial statements have been prepared on a stand-alone basis and are derived from the consolidated financial statements and accounting records of S&P Global. The combined financial statements reflect our financial position, results of operations and cash flows as we were historically managed, in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP") and pursuant to the rules and regulations of the U.S. Securities and Exchange Commission ("SEC"). All revenues and costs, as well as assets and liabilities, directly associated with the business activity of the Company are recorded in these financial statements. The combined financial statements include certain assets and liabilities that have historically been held at the S&P Global corporate level but are specifically identifiable or otherwise attributable to us. The financial statements also include allocations of certain expenses from S&P Global's corporate functions to the Company. The allocations were recorded on the basis of direct usage when identifiable, with the remainder allocated on a pro rata basis of combined revenue, headcount or other measures of the Company or S&P Global. Management believes the assumptions underlying the combined financial statements, including the assumptions regarding allocating general corporate expenses, are reasonable; however, the amounts are not necessarily representative of the amounts that would have been reflected in the financial statements had the Company historically operated independently of S&P Global. Related party transactions are discussed further in Note 10 — *Related Party Transactions and Parent Company Investment*.

S&P Global's net investment in the Company has been presented as a component of equity in the combined financial statements. Distributions made by S&P Global to the Company or to S&P Global from

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the Company are recorded as transfers to and from S&P Global, and the net amount is presented on the combined statements of cash flows as "Net transfers to Parent".

Cash balances legally owned by Mobility are reflected in the combined financial statements. The Parent uses a centralized approach to cash management and financing of its operations. These arrangements are not reflective of the manner in which the Company would have financed its operations had it been a stand-alone business separate from the Parent during the periods presented. Cash related to cash pooling arrangements has not been included in the combined financial statements. These amounts have instead been reported as a component of "Parent company investment".

All significant intracompany transactions within Mobility have been eliminated. Certain historical intercompany transactions between the Company and S&P Global have been included in these combined financial statements. These transactions are considered to be effectively settled in the combined financial statements at the time the transaction is recorded and were not historically settled in cash. The total net effect of the settlement of these intercompany transactions is reflected in the combined statements of cash flow as a financing activity and in the combined balance sheets as "Parent company investment". Certain other historical intercompany transactions between S&P Global and the Company have been classified as related party, rather than Parent company investment, in the combined financial statements as they were historically settled in cash.

Net earnings per share data has not been presented in the combined financial statements because Mobility did not operate as a separate legal entity with its own capital structure during the periods presented.

The combined financial statements may not be indicative of future performance and do not necessarily reflect what the combined statements of income, balance sheets and statements of cash flows would have been had the Company operated as a separate business during the periods presented. Actual costs that would have been incurred if the Company had operated on a stand-alone company would depend on multiple factors, including organizational structure and strategic decisions made in various areas, including information technology and infrastructure. The Company is unable to quantify the amounts that it would have recorded during the historical periods on a stand-alone basis as it is not practicable to do so.

#### Revenue Recognition
Under Accounting Standards Codification ("ASC") 606, Revenue from contracts with customers, revenue is recognized when a customer obtains control of promised goods or services in an amount that reflects the consideration the entity expects to receive in exchange for those goods or services.

 *Subscription revenue* 

Subscription revenue is primarily derived from products that provide data and insight on future vehicles sales and production, including detailed forecasts on technology and vehicle components; supply car makers and dealers with market reporting products, predictive analytics and marketing automation software; and support dealers with vehicle history reports, used car listings and service retention solutions. Subscription revenue also includes a range of services to financial institutions, to support their marketing, insurance underwriting and claims management activities. For subscription products and services, we generally provide continuous access to dynamic data sets and analytics for a defined period, with revenue recognized ratably as our performance obligation to provide access to our data and analytics is progressively fulfilled over the stated term of the contract.

 *Non-subscription revenue* 

Non-subscription revenue includes transactional sales of data that are non-cyclical in nature — and that are usually tied to underlying business metrics such as vehicle manufacturers marketing spend or safety recall activity — as well as consulting and advisory services. Non-subscription revenue is recognized at the point in time when our performance obligation is satisfied.

 *Arrangements with Multiple Performance Obligations* 

Our contracts with customers may include multiple performance obligations. Revenue relating to agreements that provide for more than one performance obligation is recognized based upon the relative

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fair value to the customer of each service component as each component is earned. The fair value of the service components is determined using an analysis that considers cash consideration that would be received for instances when the service components are sold separately. If the fair value to the customer for each service is not objectively determinable, we make our best estimate of the service's stand-alone selling price and record revenue as it is earned over the service period.

 *Receivables* 

We record a receivable when a customer is billed or when revenue is recognized prior to billing a customer. For multi-year agreements, we generally invoice customers annually at the beginning of each annual period.

 *Unearned Revenue* 

We record unearned revenue when cash payments are received in advance of our performance. The increase in the unearned revenue balance for the year ended December 31, 2025 is primarily driven by cash payments received in advance of satisfying our performance obligations, offset by $73 million of revenues recognized that were included in the unearned revenue balance at the beginning of the period.

 *Remaining Performance Obligations* 

Remaining performance obligations represent the transaction price of contracts for work that has not yet been performed. As of December 31, 2025, the aggregate amount of the transaction price allocated to remaining performance obligations was $78 million. We expect to recognize the majority of revenue on the remaining performance obligations over the next 12 months.

 *Costs to Obtain a Contract* 

We expense sales commissions when incurred if the amortization period would have been one year or less. These costs are recorded within selling and general expenses. We recognize an asset for the incremental costs of obtaining a contract with a customer if we expect the benefit of those costs to be longer than one year.

#### Other Income, net
Other income, net for the years ended December 31, 2024 and 2023 primarily includes related party dividend income and unrealized losses on the Company's equity investments. See Note 10 — *Related Party Transactions and Parent Company Investment* for additional information on related party dividend income. Other income, net for the year ended December 31, 2023 also includes a loss on the disposition of Catalyst for Aftersales, our focused automotive aftersales business. See Note 2 — *Acquisitions and Divestitures* for additional information.

#### Principles of Combination
The combined financial statements include our net assets and results of our operations as described above. All significant intracompany transactions and balances between and among the Company have been eliminated in combination.

#### Use of Estimates
The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.

#### Cash and cash equivalents
Cash and cash equivalents include ordinary bank deposits and highly liquid investments with original maturities of three months or less that consist primarily of money market funds with unrestricted daily

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liquidity and fixed term time deposits. Such investments and bank deposits are stated at cost, which approximates market value, and were $38 million and $27 million as of December 31, 2025 and 2024, respectively.

#### Restricted cash
Cash that is subject to legal restrictions or is unavailable for general operating purposes is classified as restricted cash. We had no restricted cash included in our combined balance sheets as of December 31, 2025 and 2024.

#### Accounts receivable
Credit is extended to customers based upon an evaluation of the customer's financial condition. Accounts receivable, which include billings consistent with terms of contractual arrangements, are presented net of allowance for doubtful accounts.

#### Allowance for doubtful accounts
The allowance for doubtful accounts reserve methodology is based on historical analysis, a review of outstanding balances and current conditions, and by incorporating data points that provide indicators of future economic conditions including forecasted industry default rates and industry index benchmarks. In determining these reserves, we consider, amongst other factors, the financial condition and risk profile of our customers, areas of specific or concentrated risk as well as applicable industry trends or market indicators.

#### Concentration of Credit Risk
As of December 31, 2025 and 2024, no single customer accounted for 10% or more of gross accounts receivable and for the years ended December 31, 2025, 2024 and 2023, no single customer accounted for more than 10% of our revenue.

#### Capitalized technology costs
We capitalize certain software development and website implementation costs. Capitalized costs only include incremental, direct costs of materials and services incurred to develop the software after the preliminary project stage is completed, funding has been committed and it is probable that the project will be completed and used to perform the function intended. Incremental costs are expenditures that are out-of-pocket to us and are not part of an allocation or existing expense base. Software development and website implementation costs are expensed as incurred during the preliminary project stage. Capitalized costs are amortized from the year the software is ready for its intended use over its estimated useful life, three to seven years, using the straight-line method. Periodically, we evaluate the amortization methods, remaining lives and recoverability of such costs. Capitalized software development and website implementation costs are included in other non-current assets in the combined balance sheets and are presented net of accumulated amortization. Gross capitalized technology costs were $40 million and $24 million in our combined balance sheets as of December 31, 2025 and 2024, respectively. Accumulated amortization of capitalized technology costs was $11 million and $5 million as of December 31, 2025 and 2024, respectively.

#### Fair Value
Certain assets and liabilities are required to be recorded at fair value and classified within a fair value hierarchy based on inputs used when measuring fair value.

Other financial instruments, including cash and cash equivalents, are recorded at cost, which approximates fair value because of the short-term maturity and highly liquid nature of these instruments.

#### Accounting for the impairment of long-lived assets (including other intangible assets)
We evaluate long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Upon such an occurrence, recoverability of assets

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to be held and used is measured by comparing the carrying amount of an asset to current forecasts of undiscounted future net cash flows expected to be generated by the asset. If the carrying amount of the asset exceeds its estimated future cash flows, an impairment charge is recognized equal to the amount by which the carrying amount of the asset exceeds the fair value of the asset. For long-lived assets held for sale, assets are written down to fair value, less cost to sell. Fair value is determined based on market evidence, discounted cash flows, appraised values or management's estimates, depending upon the nature of the assets.

#### Leases
We determine whether an arrangement meets the criteria for an operating lease or a finance lease at the inception of the arrangement. We have operating leases for office space and equipment. Our leases have remaining lease terms of 1 year to 12 years, some of which include options to extend the leases for up to 10 years, and some of which include options to terminate the leases early. We consider these options in determining the lease term used to establish our right-of use ("ROU") assets and associated lease liabilities.

Leases with an initial term of 12 months or less are not recorded on the balance sheet; we recognize lease expenses for these leases on a straight line-basis over the lease term in operating-related expenses and selling and general expenses.

Operating lease ROU assets and operating lease liabilities are recognized based on the present value of future minimum lease payments over the lease term at commencement date. Our future minimum based payments used to determine our lease liabilities include minimum based rent payments and escalations. As most of our leases do not provide an implicit rate, we use our estimated incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments.

#### Goodwill
Goodwill represents the excess of purchase price and related costs over the value assigned to the net tangible and identifiable intangible assets of businesses acquired. Goodwill is not amortized, but instead is tested for impairment annually during the fourth quarter each year, or more frequently if events or changes in circumstances indicate that the asset might be impaired. We have three reporting units with goodwill that are evaluated for impairment.

We initially perform a qualitative analysis evaluating whether any events and circumstances occurred or exist that provide evidence that it is more likely than not that the fair value of any of our reporting units is less than its carrying amount. If, based on our evaluation we do not believe that it is more likely than not that the fair value of any of our reporting units is less than its carrying amount, no quantitative impairment test is performed. Conversely, if the results of our qualitative assessment determine that it is more likely than not that the fair value of any of our reporting units is less than their respective carrying amounts, we perform a quantitative impairment test.

We may choose to bypass the qualitative assessment for any reporting unit and proceed directly to performing the quantitative assessment.

When conducting our impairment test to evaluate the recoverability of goodwill at the reporting unit level, the estimated fair value of the reporting unit is compared to its carrying value including goodwill. Fair value of the reporting units are estimated using the income approach, which incorporates the use of the discounted free cash flow ("DCF") analysis. The DCF analyses are based on the current operating budgets and estimated growth projections for each reporting unit. Future cash flows are discounted based on a market comparable weighted average cost of capital rate, adjusted for market and other risks where appropriate. If the fair value of the reporting unit is less than the carrying value, the difference is recognized as an impairment charge.

Significant judgments inherent in this analysis include estimating the amount and timing of future cash flows and the selection of appropriate discount rates and growth rate assumptions. Changes in these estimates and assumptions could materially affect the determination of fair value for each reporting unit and could result in an impairment charge, which could be material to our financial position and results of operations.

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We performed our impairment assessment of goodwill and concluded that no impairment existed for the years ended December 31, 2025, 2024 and 2023.

#### Equity Investments
Equity investments for which we exercise significant influence, but do not have control over the investee, are accounted for using the equity method of accounting. Unrealized gains and losses are included in Other income, net. Our equity investments are included in Other non-current assets in our combined balance sheets. Our share of earnings or losses are recognized in Other income, net in our combined statements of income. We periodically evaluate all our equity investments for impairment.

#### Foreign currency translation
We have operations in many foreign countries. For most international operations, the local currency is the functional currency. For international operations that are determined to be extensions of the parent company, the United States ("U.S.") dollar is the functional currency. For local currency operations, assets and liabilities are translated into U.S. dollars using end of period exchange rates, and revenue and expenses are translated into U.S. dollars using weighted-average exchange rates. Foreign currency translation adjustments are accumulated in a separate component of equity.

#### Depreciation
The costs of property and equipment are depreciated using the straight-line method based upon the following estimated useful lives: buildings and improvements from 15 to 40 years and equipment and furniture from 2 to 10 years. The costs of leasehold improvements are amortized over the lesser of the useful lives or the terms of the respective leases.

#### Advertising expense
The cost of advertising is expensed as incurred. We incurred $176 million, $152 million and $134 million in advertising costs for the years ended December 31, 2025, 2024 and 2023, respectively.

#### Stock-based compensation
Stock-based compensation expense is measured at the grant date based on the fair value of the award and is recognized over the requisite service period, which typically is the vesting period. Stock-based compensation is classified as both operating-related expense and selling and general expense in the combined statements of income.

#### Income taxes
The Company's income tax provision was prepared following the separate return method. The separate return method applies ASC 740, Income Taxes to the stand-alone financial statements of each member of the consolidated group as if the group members were a separate taxpayer. The calculation of the Company's income taxes on a separate return basis requires a considerable amount of judgment and use of both estimates and allocations. Furthermore, the tax treatment of certain items reflected in the accompanying combined financial statements of the Company may not be reflected in the consolidated financial statements and tax returns of the Parent. Such items as net operating losses, credit carry-forwards and valuation allowances may exist in the accompanying combined financial statements that may or may not exist in the Parent's consolidated financial statements. As a result, the income taxes of the Company as presented in the accompanying combined financial statements may not be indicative of the income taxes that the Company will generate in the future. Furthermore, current obligations for taxes where the Company's operations were included in tax returns with the activities of the Parent are deemed settled with the Parent as a component of Parent company investment for purposes of the accompanying combined financial statements.

Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to be applied to

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taxable income in the years in which those temporary differences are expected to be recovered or settled. The Company did not operate historically as a stand-alone business, and accordingly, the deferred taxes reflected in the combined financial statements may be different upon legal separation of the business.

We recognize liabilities for uncertain tax positions taken or expected to be taken in income tax returns. Accrued interest and penalties related to unrecognized tax benefits are recognized in interest expense and operating-related expense, respectively.

Judgment is required in determining our provision for income taxes, deferred tax assets and liabilities and unrecognized tax benefits. In determining the need for a valuation allowance, the historical and projected financial performance of the operation that is recording a net deferred tax asset is considered along with any other pertinent information.

We file income tax returns in the U.S. federal jurisdiction and various state and foreign jurisdictions, and we are routinely under audit by many different tax authorities. We believe that our accrual for tax liabilities is adequate for all open audit years based on an assessment of many factors including past experience and interpretations of tax law. This assessment relies on estimates and assumptions and may involve a series of complex judgments about future events.

As of December 31, 2025, none of the undistributed earnings of our foreign subsidiaries is indefinitely reinvested in our foreign operations. It was determined that there are no deferred taxes related to these undistributed earnings as of December 31, 2025.

#### Contingencies
We accrue for loss contingencies when both (a) information available prior to issuance of the combined financial statements indicates that it is probable that a liability had been incurred at the date of the financial statements and (b) the amount of loss can reasonably be estimated. We continually assess the likelihood of any adverse judgments or outcomes to our contingencies, as well as potential amounts or ranges of probable losses, and recognize a liability, if any, for these contingencies based on an analysis of each matter with the assistance of outside legal counsel and, if applicable, other experts. Because many of these matters are resolved over long periods of time, our estimate of liabilities may change due to new developments, changes in assumptions or changes in our strategy related to the matter. When we accrue for loss contingencies and the reasonable estimate of the loss is within a range, we record our best estimate within the range. We disclose an estimated possible loss or a range of loss when it is at least reasonably possible that a loss may be incurred.

#### Recently Issued or Adopted Accounting Standards
In September of 2025, the Financial Accounting Standards Board ("FASB") issued accounting guidance which removes references to prescriptive software development stages and includes an updated framework for capitalizing internal software costs. This guidance is effective for annual reporting periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods, and early adoption is permitted. We do not expect this guidance to have a significant impact on our combined financial statements.

In July of 2025, the FASB issued accounting guidance that provides an optional practical expedient for estimating future credit losses based on current conditions as of the balance sheet date and assuming those conditions do not change over the remaining life of the accounts receivable. This guidance is effective for annual reporting periods beginning after December 15, 2025, and interim reporting periods within those annual reporting periods, and early adoption is permitted. We do not expect this guidance to have a significant impact on our combined financial statements.

In May of 2025, the FASB issued accounting guidance to improve the requirements for identifying the accounting acquirer in ASC 805, Business Combinations. The amendments in this update revise current guidance for determining the accounting acquirer for a transaction effected primarily by exchanging equity interests in which the legal acquiree is a variable interest entity that meets the definition of a business. This guidance is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within those annual reporting periods, and early adoption is permitted as of the beginning of an interim or annual reporting period. This guidance is required to be applied prospectively to any

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acquisition transaction that occurs after the initial application date. We do not expect this guidance to have a significant impact on our combined financial statements.

In November of 2024, the FASB issued accounting guidance which requires that an entity disclose, in the notes to financial statements, additional information about specific expense categories. The amendments in this update are effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027. We are currently evaluating the impact of this guidance on the Company's disclosures.

In December of 2023, the FASB issued Accounting Standards Update No. 2023-09, Improvements to Income Tax Disclosures ("ASU 2023-09"). ASU 2023-09 amends ASC 740, Income Taxes to expand income tax disclosures and requires that the Company disclose (i) the income tax rate reconciliation using both percentages and reporting currency amounts; (ii) specific categories within the income tax rate reconciliation; (iii) additional information for reconciling items that meet a quantitative threshold; (iv) the composition of state and local income taxes by jurisdiction; and (v) the amount of income taxes paid disaggregated by jurisdiction. The Company adopted ASU 2023-09 for the year ended December 31, 2025 on a prospective basis. See Note 4 — *Taxes on Income* for additional information.

#### Reclassifications
Certain prior year amounts have been reclassified for comparability purposes, including the realignment of certain allocations in segment financial results. For additional information on the realignment of certain allocations in segment financial results, see Note 8 — *Segment and Geographic Information.* 

2. Acquisitions and Divestitures

#### Acquisitions
In 2025 and 2024, we did not make any material acquisitions.

On February 16, 2023, we completed the acquisition of Market Scan Information Systems, Inc. ("Market Scan"), a leading provider of automotive pricing and incentive intelligence, including Automotive Payments as a Service<sup>TM</sup> and its powerful payment calculation engine. The addition of Market Scan enabled the integration of detailed transaction intelligence in areas that are complementary to existing services for dealers, OEMs, lenders, and other market participants.

The total purchase consideration for the acquisition of $223 million consisted of $214 million of cash consideration and a contingent consideration liability (which is recorded at fair value) of $9 million, presented within Other non-current liabilities in the table below.

 *Allocation of Purchase Price* 

Our acquisition of Market Scan was accounted for using the purchase method. Under the purchase method, the excess of the purchase price over the fair value of the net assets acquired is allocated to goodwill and other intangibles. The goodwill recognized on our acquisition is largely attributable to anticipated operational synergies and growth opportunities as a result of the acquisition.

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The following table presents the final allocation of the purchase price to the assets and liabilities of Market Scan as result of the acquisition.

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| | |
|:---|:---|
| **(in millions)**  |  |
| **Assets acquired** |  |
| Current assets  | $4 |
| Property and equipment  | 1 |
| Right of use assets  | 1 |
| Goodwill  | 150 |
| Other intangible assets  | 97 |
| &nbsp;&nbsp;&nbsp; Total assets acquired  | $253 |
| **Liabilities assumed** |  |
| Accounts payable  | $2 |
| Unearned revenue  | 2 |
| Lease liabilities – non-current  | 1 |
| Deferred tax liability – non-current  | 25 |
| Other non-current liabilities  | 9 |
| &nbsp;&nbsp;&nbsp; Total liabilities assumed  | $39 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net assets acquired  | $214 |

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#### Acquired Identifiable Intangible Assets
The following table sets forth the fair values of the components of the identifiable intangible assets acquired and their useful lives:

---

| | | |
|:---|:---|:---|
| **(in millions)**  | **Fair Value**  | **Weighted <br> Average <br> Useful Lives**  |
| Databases and software  | $10 | 8 years  |
| Customer relationships  | 81 | 20 years  |
| Trade names  | 6 | 7 years  |
| &nbsp;&nbsp;&nbsp; Total Identifiable Intangible Assets  | $97 | 18 years  |

---

 *Acquisition-Related Expenses* 

During the years ended December 31, 2024 and 2023, the Company incurred approximately $2 million and $3 million of acquisition-related costs related to the acquisition of Market Scan which are classified as selling and general expenses within the combined statements of income.

The revenue and pre-tax income attributable to Market Scan since the acquisition was $25 million and $2 million, respectively, for the year ended December 31, 2023. Pro forma results of operations for this acquisition have not been presented as it is not material to the combined results of operations given the acquisition closed on February 16, 2023.

#### Divestitures
In 2025 and 2024, we did not make any dispositions.

In 2023, we completed the disposition of Catalyst for Aftersales, our focused automotive aftersales business, and recorded a loss on the disposition of less than $1 million which is included in Other income, net in our combined statement of income. This disposition was not material to our combined financial statements.

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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;

3. Goodwill and Other Intangible Assets

#### Goodwill
Goodwill represents the excess of purchase price and related costs over the value assigned to the net tangible and identifiable intangible assets of businesses acquired.

During the year ended December 31, 2025, the Company realigned its segment structure as it is transitioning into an independent, publicly traded company. See Note 8 — *Segment and Geographic Information* for additional information. The Company recast the carrying amount of goodwill for all periods for comparative purposes. This had no impact on the Combined Statements of Income or Combined Balance Sheets.

The change in the carrying amount of goodwill by segment is shown below:

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| | | | |
|:---|:---|:---|:---|
| **(in millions)**  | **CARFAX**  | **B2B**  | **Total**  |
| Balance as of December 31, 2023  | $5912 | $2933 | $8845 |
| Balance as of December 31, 2024  | $5912 | $2933 | $8845 |
| Balance as of December 31, 2025  | $5912 | $2933 | $8845 |

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#### Other Intangible Assets
Other intangible assets include only definite-lived assets, primarily databases and software, customer relationships and trade names, and are summarized on the following table:

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| | | | | |
|:---|:---|:---|:---|:---|
| **(in millions)**  | **Databases and <br> software**  | **Customer <br> relationships**  | **Trade <br> names**  | **Total**  |
| **Cost** |  |  |  |  |
| Balance as of December 31, 2023  | $1077 | $2753 | $1087 | $4917 |
| Balance as of December 31, 2024  | 1077 | 2753 | 1087 | 4917 |
| Balance as of December 31, 2025  | $1077 | $2753 | $1087 | $4917 |
| **Accumulated amortization** |  |  |  |  |
| Balance as of December 31, 2023  | $181 | $199 | $156 | $536 |
| Current year amortization  | 99 | 111 | 86 | 296 |
| Balance as of December 31, 2024  | 280 | 310 | 242 | 832 |
| Current year amortization  | 99 | 111 | 86 | 296 |
| Balance as of December 31, 2025  | $379 | $421 | $328 | $1128 |
| **Net definite-lived intangibles:** |  |  |  |  |
| December 31, 2024  | $797 | $2443 | $845 | $4085 |
| December 31, 2025  | $698 | $2332 | $759 | $3789 |

---

Definite-lived intangible assets are being amortized on a straight-line basis over periods of up to 25 years. The weighted-average life of the intangible assets as of December 31, 2025 is approximately 15 years.

Amortization expense was $296 million, $296 million, and $295 million for years ended December 31, 2025, December 31, 2024, and December 31, 2023, respectively. Expected amortization expense for intangible assets over the next five years for the years ended December 31, assuming no further acquisitions or dispositions, is as follows:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(in millions)**  | **2026**  | **2027**  | **2028**  | **2029**  | **2030**  |
| Amortization expense  | $296 | $296 | $296 | $296 | $293 |

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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;

4. Taxes on Income

Income before taxes on income resulting from domestic and foreign operations is as follows:

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| | | | |
|:---|:---|:---|:---|
| | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
| **(in millions)**  | **2025**  | **2024**  | **2023**  |
| Domestic operations  | $276 | $225 | $184 |
| Foreign operations  | 50 | 59 | 40 |
| &nbsp;&nbsp;&nbsp; Total income before taxes  | $326 | $284 | $224 |

---

The provision for taxes on income consists of the following:

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| | | | |
|:---|:---|:---|:---|
| | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
| **(in millions)**  | **2025**  | **2024**  | **2023**  |
| Federal: |  |  |  |
| &nbsp;&nbsp;&nbsp; Current  | $110 | $103 | $90 |
| &nbsp;&nbsp;&nbsp; Deferred  | (62) | (64) | (59) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total federal  | 48 | 39 | 31 |
| Foreign: |  |  |  |
| &nbsp;&nbsp;&nbsp; Current  | 30 | 24 | 21 |
| &nbsp;&nbsp;&nbsp; Deferred  | (12) | (9) | (10) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total foreign  | 18 | 15 | 11 |
| State and local: |  |  |  |
| &nbsp;&nbsp;&nbsp; Current  | 56 | 51 | 45 |
| &nbsp;&nbsp;&nbsp; Deferred  | (16) | (29) | (26) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total state and local  | 40 | 22 | 19 |
| Total provision for taxes  | $106 | $76 | $61 |

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The Company has elected to prospectively adopt the guidance in ASU No. 2023-09. Refer to Note 1 — *Basis of Presentation and Significant Accounting Policies* for additional information.

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A reconciliation of the U.S. federal statutory income tax amount and rate to our effective income tax amount and rate for financial reporting purposes for the year ended December 31, 2025 is as follows:

---

| | | |
|:---|:---|:---|
| | **Year Ended <br> December 31,**  | **Year Ended <br> December 31,**  |
| **(in millions)**  | **2025**  | **2025**  |
| **(in millions)**  | **Amount**  | **Percent**  |
| U.S. federal statutory tax rate  | $68 | 21.0% |
| State & local income taxes, net of federal income tax<sup>(1)</sup>  | 31 | 9.6 |
| Foreign tax effects |  |  |
| &nbsp;&nbsp;&nbsp; Canada  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Local Taxes  | 4 | 1.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other  | (2) | (0.6) |
| &nbsp;&nbsp;&nbsp; United Kingdom  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes in valuation allowance  | 5 | 1.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other  | (1) | (0.2) |
| Other foreign jurisdictions  | 2 | 0.7 |
| Effect of cross-border tax laws  |  | (0.1) |
| Tax credits  | (3) | (0.9) |
| Nontaxable or nondeductible items  | 1 | 0.2 |
| Changes in unrecognized tax benefits  | 1 | 0.2 |
| Effective income tax rate  | $106 | 32.5% |

---

(1) State and local taxes in New York, California and Virginia make up the majority of the tax effect in this category.

We have elected to recognize the tax on Global Intangible Low Taxed Income ("GILTI") as a period expense in the year the tax is incurred.

A reconciliation of the U.S. federal statutory income tax rate to our effective income tax rate for financial reporting purposes for the year ended December 31, 2024 and 2023, in accordance with the guidance prior to the adoption of ASU 2023-09, is as follows:

---

| | | |
|:---|:---|:---|
| | **Year Ended December 31,**  | **Year Ended December 31,**  |
| | **2024**  | **2023**  |
| U.S. federal statutory income tax rate  | 21.0% | 21.0% |
| State and local income taxes  | 6.0 | 6.3 |
| Foreign operations  | 2.4 | 2.7 |
| Stock-based compensation  | (0.6) | (0.2) |
| Tax credits and incentives  | (2.7) | (3.4) |
| Other, net  | 0.7 | 0.9 |
| Effective income tax rate  | 26.8% | 27.3% |

---

We made net income tax payments totaling $26 million in 2025, $29 million in 2024, and $15 million in 2023, respectively.

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Net income tax payments for the year ended December 31, 2025 consisted of the following:

---

| | |
|:---|:---|
| | **Year ended <br> December 31,**  |
| **(in millions)**  | **2025**  |
| Federal  | $— |
| State |  |
| &nbsp;&nbsp;&nbsp; Pennsylvania  | 2 |
| &nbsp;&nbsp;&nbsp; Other  | 5 |
| Foreign |  |
| &nbsp;&nbsp;&nbsp; Australia  | 3 |
| &nbsp;&nbsp;&nbsp; Canada  | 15 |
| &nbsp;&nbsp;&nbsp; Other  | 1 |
| Total  | $26 |

---

Significant components of the Company's deferred tax assets and liabilities consisted of the following:

---

| | | |
|:---|:---|:---|
| | **December 31,**  | **December 31,**  |
| **(in millions)**  | **2025**  | **2024**  |
| Deferred tax assets: |  |  |
| &nbsp;&nbsp;&nbsp; Accrued expenses  | $15 | $14 |
| &nbsp;&nbsp;&nbsp; Losses and other carryforwards  | 5 |  |
| &nbsp;&nbsp;&nbsp; Research & Development expenditures  | 46 | 34 |
| &nbsp;&nbsp;&nbsp; Other  | 12 | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total deferred tax assets  | 78 | 60 |
| Deferred tax liabilities: |  |  |
| &nbsp;&nbsp;&nbsp; Goodwill and intangible assets  | (1066) | (1141) |
| &nbsp;&nbsp;&nbsp; Other  | (13) | (15) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total deferred tax liabilities  | (1079) | (1156) |
| Net deferred income tax asset before valuation allowance  | (1001) | (1096) |
| &nbsp;&nbsp;&nbsp; Valuation allowance  | (5) |  |
| Net deferred income tax liability  | $(1006) | $(1096) |
| Reported as: |  |  |
| &nbsp;&nbsp;&nbsp; Non-current deferred tax assets  | $— | $— |
| &nbsp;&nbsp;&nbsp; Non-current deferred tax liabilities  | (1006) | (1096) |
| &nbsp;&nbsp;&nbsp; Net deferred income tax liability  | $(1006) | $(1096) |

---

We record valuation allowances against deferred income tax assets when we determine that it is more likely than not that such deferred income tax assets will not be realized based upon all the available evidence. The valuation allowance is primarily related to operating losses and other carryforwards.

As of December 31, 2025, none of the undistributed earnings of our foreign subsidiaries is indefinitely reinvested indefinitely in our foreign operations. It was determined that there is no deferred taxes related to these undistributed earnings as of December 31, 2025.

As of December 31, 2025, we had gross interest carryforward of $20 million and foreign net operating loss carryforwards of $1 million, of which a significant portion has an unlimited carryover period under current law.

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A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Year Ended December 31,**  | **Year Ended December 31,**  | **Year Ended December 31,**  |
| **(in millions)**  | **2025**  | **2024**  | **2023**  |
| Balance at beginning of year  | $5 | $4 | $3 |
| &nbsp;&nbsp;&nbsp; Additions based on tax positions related to the current year  |  | 1 | 1 |
| &nbsp;&nbsp;&nbsp; Reduction for settlements  | (3) |  |  |
| Balance at end of year  | $2 | $5 | $4 |

---

The aggregated amount of federal, state and local, and foreign unrecognized tax benefits as of December 31, 2025, 2024 and 2023 was $2 million, $5 million and $4 million, respectively, exclusive of interest and penalties.

We recognize accrued interest and penalties related to unrecognized tax benefits in interest expense and operating-related expense, respectively. In addition to the unrecognized tax benefits, the accrued interest and penalties associated with unrecognized tax benefits was insignificant as of December 31, 2025, 2024 and 2023.

The U.S. federal income tax audits for 2018 through 2024 are in process. During 2025, we completed state and foreign tax audits and, with few exceptions, we are no longer subject to federal, state, or foreign income tax examinations by tax authorities for the years before 2016. The impact to tax expense in 2025, 2024 and 2023 was not material.

We file income tax returns in the U.S. federal jurisdiction and various state and foreign jurisdictions, and we are routinely under audit by many different tax authorities. We believe that our accrual for tax liabilities is adequate for all open audit years based on an assessment of many factors including past experience and interpretations of tax law. This assessment relies on estimates and assumptions and may involve a series of complex judgments about future events. It is possible that tax examinations will be settled prior to December 31, 2026. If any of these tax audit settlements do occur within that period, we would make any necessary adjustments to the accrual for unrecognized tax benefits.

The Organization for Economic Co-operation and Development ("OECD") introduced an international tax framework under Pillar Two that provides for a global minimum tax of 15%, which is implemented through local legislation in participating jurisdictions. The effects of Pillar Two taxes enacted in jurisdictions in which we operate have been reflected in our results and did not have a material impact on our combined financial statements.

On January 5, 2026, the OECD issued administrative guidance outlining a framework under which U.S.-parented groups may be excluded from the application of the OECD's global minimum tax rules. Each member jurisdiction will need to adopt this guidance into local law, and the timing and manner of adoption may vary. We are continuing to monitor developments related to this guidance and will evaluate the impact on our financial statements as additional information becomes available.

5. Employee Benefits

#### Defined Contribution Plan
The majority of employees of Mobility participate in voluntary 401(k) plan sponsored by S&P Global under which S&P Global may match employee contributions up to certain levels of compensation. For the years ended December 31, 2025, 2024 and 2023, expenses related to this plan for Mobility employees included in the combined statements of income were $22 million, $20 million and $18 million, respectively. Expense associated with the allocation of defined contribution expense for S&P Global corporate employees is included in the combined statements of income through corporate allocations. Refer to Note 10 — *Related Party Transactions and Parent Company Investment* for further details regarding the corporate allocations recorded in the combined financial statements.

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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;

6. Stock-Based Compensation

S&P Global sponsors the following stock plans in which certain employees of Mobility participate. The expense associated with these Mobility employees is included in the combined statements of income. Expense associated with the allocation of stock-based compensation expense for S&P Global corporate employees is included in the combined statements of income through corporate allocations. Refer to Note 10 — *Related Party Transactions and Parent Company Investment* for further details regarding the corporate allocations recorded in the combined financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • **2019 Employee Stock Incentive Plan (the "2019 Plan")** — The 2019 Plan permits the granting of stock options, stock appreciation rights, restricted stock awards, performance awards, and other stock-based awards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • **Director Deferred Stock Ownership Plan (the "Director Plan")** — Under the Director Plan, common stock reserved may be credited to deferred stock accounts for eligible non-employee members of the Board of Directors. In general, the plan requires that 50% of eligible Directors' annual compensation and dividend equivalents be credited to deferred stock accounts. Each Director may also elect to defer all or a portion of the remaining compensation and have an equivalent number of shares credited to their deferred stock account. Recipients under this plan are not required to provide consideration to us other than rendering service. Shares will be delivered as of the date a recipient ceases to be a member of the Board of Directors or within five years thereafter, if so elected. The plan will remain in effect until terminated by the Board of Directors or until no shares of stock remain available under the plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; • **2014 Equity Incentive Award Plan and the Amended and Restated IHS Inc. 2004 Long-Term Incentive Plan (the "IHS Markit's equity plans")** — In connection with S&P Global's merger with IHS Markit on February 28, 2022, S&P Global assumed the outstanding restricted stock units, performance-based restricted stock units, deferred stock units, and stock options granted under IHS Markit's equity plans, converted using the 0.2838 merger exchange ratio. From the merger date, no additional awards under these plans may be granted; however, the outstanding awards that were converted at the merger date continue to vest in accordance with the terms of the merger agreement.

Stock-based compensation expense and the corresponding tax benefit for the dedicated Mobility employees included in the combined statements of income are as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Year ended December 31,**  | **Year ended December 31,**  | **Year ended December 31,**  |
| **(in millions)**  | **2025**  | **2024**  | **2023**  |
| Restricted stock and other stock-based awards expense  | $22 | $28 | $20 |
| Tax benefit  | $5 | $8 | $6 |

---

#### Restricted Stock and Other Stock-Based Awards
Restricted stock and other stock-based awards (performance and non-performance) have been granted under the 2019 Plan. Performance unit awards only vest if we achieve certain financial goals over the performance period. Restricted stock non-performance awards have various vesting periods (generally three years). Recipients of restricted stock and unit awards are not required to provide consideration to us other than rendering service.

The stock-based compensation expense for restricted stock and other stock-based awards is determined based on the market price of S&P Global's stock at the grant date of the award applied to the total number of awards that are anticipated to fully vest. For performance awards, adjustments are made to expense consistent with the expected percent achievement of the performance goals.

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Restricted stock and other stock-based award activity for the dedicated Mobility employees is as follows:

---

| | | |
|:---|:---|:---|
| **(in thousands, except per award amounts)**  | **Shares**  | **Weighted- <br> average grant- <br> date fair value**  |
| Balance as of December 31, 2024  | 107 | $385.68 |
| &nbsp;&nbsp;&nbsp; Granted  | 50 | $509.03 |
| &nbsp;&nbsp;&nbsp; Vested  | (52) | $387.65 |
| &nbsp;&nbsp;&nbsp; Forfeited/cancelled  | (36) | $414.51 |
| &nbsp;&nbsp;&nbsp; Employee transfers and other, net  | 21 | $306.15 |
| Balance as of December 31, 2025  | 90 | $458.11 |
|  Total unrecognized compensation expense related to restricted awards (in millions)  | $18 |  |
| Weighted-average years to be recognized over  | 1.12 |  |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Year ended December 31,**  | **Year ended December 31,**  | **Year ended December 31,**  |
| **(in millions, except per award amounts)**  | **2025**  | **2024**  | **2023**  |
| Weighted-average grant-date fair value per award  | $509.03 | $419.95 | $337.63 |
| Total fair value of restricted stock and other stock-based awards vested  | $27 | $31 | $27 |
| Tax benefit relating to restricted award activity  | $7 | $8 | $7 |

---

7. Restructuring

We continuously evaluate our cost structure to identify cost savings associated with streamlining our management structure. Our 2025 and 2024 restructuring plans consisted of Mobility workforce reductions of approximately 60 and 40 positions, respectively. The charges for each restructuring plan are classified as selling and general expenses within the combined statements of income and the reserves are included in other current liabilities in the combined balance sheets. Charges associated with the allocation of expense for S&P Global corporate employees are included as part of corporate allocations within the combined statements of income and as a component of Parent company investment in the combined balance sheets.

In certain circumstances, reserves are no longer needed because employees previously identified for separation resigned from the Company and did not receive severance or were reassigned due to circumstances not foreseen when the original plans were initiated. In these cases, we reverse reserves through the combined statements of income during the period when it is determined they are no longer needed.

The initial restructuring charge recorded and the ending reserve balance as of December 31, 2025 by segment is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **2025 Restructuring Plan**  | **2025 Restructuring Plan**  | **2024 Restructuring Plan**  | **2024 Restructuring Plan**  |
| **(in millions)**  | **Initial Charge <br> Recorded**  | **Ending Reserve <br> Balance**  | **Initial Charge <br> Recorded**  | **Ending Reserve <br> Balance**  |
| CARFAX  | $1 | $— | $— | $— |
| B2B  | 14 | 11 | 6 | 1 |
| &nbsp;&nbsp;&nbsp; Total  | $15 | $11 | $6 | $1 |

---

For the year ended December 31, 2025, we recorded a pre-tax restructuring charge primarily related to Mobility employee severance charges for the 2025 restructuring plan of $15 million and reduced the reserve by $4 million. For the years ended December 31, 2025 and 2024, we have reduced the reserve for the 2024 restructuring plan by $5 million and less than $1 million, respectively. The reductions primarily related to cash payments for employee severance charges.

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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;

8. Segment and Geographic Information

As discussed in Note 1 — *Basis of Presentation and Significant Accounting Policies*, we have two reportable segments: CARFAX and B2B.

The Company has historically operated as part of S&P Global and historically the Chief Operating Decision Maker ("CODM") was the President of S&P Global Mobility, who is also the Chief Executive Officer designate following the Separation. As the Company is transitioning into an independent, publicly traded company, the Company evaluated how to view and measure performance. This evaluation necessitated a realignment of the Company's historical segment structure during the year ended December 31, 2025 and the Company determined it is organized into two operating segments, which are also its reportable segments. This realignment is consistent with how the Company: (i) assesses operating performance on a regular basis, (ii) makes resource allocation decisions and (iii) designates responsibilities of the CODM's direct reports. Pursuant to these changes, effective in 2025, the Company operates in two reportable segments. Prior period presentations conform to the current segment reporting structure.

Our CODM evaluates performance of our segments and allocates resources (including employees, property, and financial or capital resources) based primarily on operating profit for each segment. Segment operating profit does not include Corporate Unallocated expense, Other income, net, or Interest expense, net as these are amounts that do not affect the operating results of our reportable segments. We use the same accounting policies for our segments as those described in Note 1 — *Basis of Presentation and Significant Accounting Policies*. In 2025, the Company refined its segment cost allocation methodologies to align with the segment financial results as currently reviewed by the CODM. Accordingly, the Company has presented its segment disclosures to reflect the updated presentation in all prior periods. The Company's combined results of operations did not change as a result of this change in allocation methodology.

Operating results for the years ended December 31, 2025, 2024 and 2023 is as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **CARFAX**  | **B2B**  | **Total**  |
| **(in millions)**  | **2025**  | **2025**  | **2025**  |
| **Revenue**  | $1142 | $608 | $1750 |
| Less: segment expenses<sup>(1)</sup>  | 629 | 424 | 1053 |
| Less: other segment items<sup>(2)</sup>  | 191 | 122 | 313 |
| Segment operating profit  | $322 | $62 | $384 |
| Corporate Unallocated expense<sup>(3)</sup>  |  |  | 45 |
| **Operating profit**  |  |  | 339 |
| Other income, net  |  |  |  |
| Interest expense, net  |  |  | 13 |
| **Income before taxes on income**  |  |  | $326 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **CARFAX**  | **B2B**  | **Total**  |
| **(in millions)**  | **2024**  | **2024**  | **2024**  |
| **Revenue**  | $1039 | $574 | $1613 |
| Less: segment expenses<sup>(1)</sup>  | 590 | 385 | 975 |
| Less: other segment items<sup>(2)</sup>  | 190 | 120 | 310 |
| Segment operating profit  | $259 | $69 | $328 |
| Corporate Unallocated expense<sup>(3)</sup>  |  |  | 30 |
| **Operating profit**  |  |  | 298 |
| Other income, net  |  |  | (1) |
| Interest expense, net  |  |  | 15 |
| **Income before taxes on income**  |  |  | $284 |

---

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---

| | | | |
|:---|:---|:---|:---|
| | **CARFAX**  | **B2B**  | **Total**  |
| **(in millions)**  | **2023**  | **2023**  | **2023**  |
| **Revenue**  | $928 | $557 | $1485 |
| Less: segment expenses<sup>(1)</sup>  | 527 | 376 | 903 |
| Less: other segment items<sup>(2)</sup>  | 191 | 120 | 311 |
| Segment operating profit  | $210 | $61 | $271 |
| Corporate Unallocated expense<sup>(3)</sup>  |  |  | 32 |
| **Operating profit**  |  |  | 239 |
| Other income, net  |  |  | (2) |
| Interest expense, net  |  |  | 17 |
| **Income before taxes on income**  |  |  | $224 |

---

(1) The segment expense category for CARFAX and B2B for the years ended December 31, 2025, 2024 and 2023 primarily include an aggregation of compensation costs, advertising and promotion costs, technology costs and strategic investments. The CODM considers actual-to-actual and budget-to-actual variances when making decisions about allocating personnel and capital to the segments, however, the CODM does not receive the individual expense items underlying the overall segment expenses. Variance explanations include segment expenses including compensation costs, advertising and promotion costs, technology costs and strategic investments, but the CODM is otherwise not provided, and cannot easily calculate, lower-level expense information.

(2) Other segment items for the years ended December 31, 2025, 2024 and 2023 for each reportable segment primarily include amortization of intangibles from acquisitions and certain items primarily including acquisition integration costs, employee severance charges and acquisition and disposition related costs. Other segment items for the year ended December 31, 2025 also includes transaction costs related to the stand-up of Mobility as a standalone entity incurred prior to the Separation.

(3) Corporate Unallocated expense includes costs for corporate functions, select initiatives and unoccupied office space, included in selling and general expenses.

The following table presents our revenue disaggregated by revenue type for the years ended December 31:

---

| | | | |
|:---|:---|:---|:---|
| | **CARFAX**  | **B2B**  | **Total**  |
| **(in millions)**  | **2025**  | **2025**  | **2025**  |
| Subscription  | $927 | $499 | $1426 |
| Non-subscription  | 215 | 109 | 324 |
| &nbsp;&nbsp;&nbsp; Total revenue  | $1142 | $608 | $1750 |
| Timing of revenue recognition |  |  |  |
| Services transferred at a point in time  | $215 | $109 | $324 |
| Services transferred over time  | 927 | 499 | 1426 |
| &nbsp;&nbsp;&nbsp; Total revenue  | $1142 | $608 | $1750 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **CARFAX**  | **B2B**  | **Total**  |
| **(in millions)**  | **2024**  | **2024**  | **2024**  |
| Subscription  | $843 | $460 | $1303 |
| Non-subscription  | 196 | 114 | 310 |
| &nbsp;&nbsp;&nbsp; Total revenue  | $1039 | $574 | $1613 |
| Timing of revenue recognition |  |  |  |
| Services transferred at a point in time  | $196 | $114 | $310 |
| Services transferred over time  | 843 | 460 | 1303 |
| &nbsp;&nbsp;&nbsp; Total revenue  | $1039 | $574 | $1613 |

---

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---

| | | | |
|:---|:---|:---|:---|
| | **CARFAX**  | **B2B**  | **Total**  |
| **(in millions)**  | **2023**  | **2023**  | **2023**  |
| Subscription  | $748 | $422 | $1170 |
| Non-subscription  | 180 | 135 | 315 |
| &nbsp;&nbsp;&nbsp; Total revenue  | $928 | $557 | $1485 |
| Timing of revenue recognition |  |  |  |
| Services transferred at a point in time  | $180 | $135 | $315 |
| Services transferred over time  | 748 | 422 | 1170 |
| &nbsp;&nbsp;&nbsp; Total revenue  | $928 | $557 | $1485 |

---

Segment information for the years ended December 31 is as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Depreciation & Amortization**  | **Depreciation & Amortization**  | **Depreciation & Amortization**  | **Capital Expenditures**  | **Capital Expenditures**  | **Capital Expenditures**  |
| **(in millions)**  | **2025**  | **2024**  | **2023**  | **2025**  | **2024**  | **2023**  |
| CARFAX  | $198 | $198 | $197 | $15 | $10 | $9 |
| B2B  | 112 | 111 | 110 | 9 | 5 | 9 |
| &nbsp;&nbsp;&nbsp; Total reportable segments  | 310 | 309 | 307 | 24 | 15 | 18 |
| Corporate  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Total  | $310 | $309 | $307 | $24 | $15 | $18 |

---

---

| | | |
|:---|:---|:---|
| | **Total Assets**  | **Total Assets**  |
| **(in millions)**  | **2025**  | **2024**  |
| CARFAX  | $8577 | $8754 |
| B2B  | 4417 | 4501 |
| &nbsp;&nbsp;&nbsp; Total reportable segments  | 12994 | 13255 |
| Corporate  | 1 |  |
| &nbsp;&nbsp;&nbsp; Total  | $12995 | $13255 |

---

We do not have operations in any foreign country that represent more than 10% of our consolidated revenue.

The following provides revenue and long-lived assets by geographic region. Long-lived assets include property and equipment, net and right of use assets:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Revenue**  | **Revenue**  | **Revenue**  | **Long-lived Assets**  | **Long-lived Assets**  |
| **(in millions)**  | **2025**  | **2024**  | **2023**  | **2025**  | **2024**  |
| U.S.  | $1454 | $1329 | $1224 | $24 | $29 |
| International  | 296 | 284 | 261 | 11 | 11 |
| &nbsp;&nbsp;&nbsp; Total  | $1750 | $1613 | $1485 | $35 | $40 |

---

See Note 2 — *Acquisitions and Divestitures* and Note 7 — *Restructuring*, for actions that impacted the segment operating results.

9. Commitments and Contingencies

#### Leases
We determine whether an arrangement meets the criteria for an operating lease or a finance lease at the inception of the arrangement. We have operating leases for office space and equipment. Our leases have remaining lease terms of 1 year to 12 years, some of which include options to extend the leases for up to 10 years, and some of which include options to terminate the leases early.

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Leases with an initial term of 12 months or less are not recorded on the balance sheet; we recognize lease expenses for these leases on a straight line-basis over the lease term in operating-related expenses and selling and general expenses.

Operating lease ROU assets and operating lease liabilities are recognized based on the present value of future minimum lease payments over the lease term at commencement date. Our future minimum based payments used to determine our lease liabilities include minimum based rent payments and escalations. As most of our leases do not provide an implicit rate, we use our estimated incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments.

The following table provides information on the location and amounts of our leases on our combined balance sheets as of December 31, 2025 and 2024:

---

| | | | |
|:---|:---|:---|:---|
| **(in millions)**  |  | **2025**  | **2024**  |
| **Balance Sheet Location** |  |  |  |
| **Assets** |  |  |  |
| Right of use assets  | Lease right-of-use assets | $16 | $20 |
| **Liabilities** |  |  |  |
| Other current liabilities  | Current lease liabilities | 7 | 7 |
| Lease liabilities – non-current  | Non-current lease liabilities  | 11 | 16 |

---

Lease expense for our operating leases was $6 million for the years ended December 31, 2025, 2024 and 2023, respectively.

Supplemental information related to leases for the years ended December 31 is as follows:

---

| | | | |
|:---|:---|:---|:---|
| **(in millions)**  | **2025**  | **2024**  | **2023**  |
| Cash paid for amounts included in the measurement for operating lease liabilities |  |  |  |
| Operating cash flows for operating leases  | $8 | $7 | $7 |
| Right of use assets obtained in exchange for lease obligations |  |  |  |
| Operating leases  |  | 2 |  |

---

Weighted-average remaining lease term and discount rate for our operating leases as of December 31 are as follows:

---

| | | |
|:---|:---|:---|
| | **2025**  | **2024**  |
| Weighted-average remaining lease term (years)  | 4.7 | 4.1 |
| Weighted-average discount rate  | 2.79% | 2.78% |

---

Maturities of lease liabilities for our operating leases are as follows:

---

| | |
|:---|:---|
| **(in millions)**  |  |
| 2026  | $7 |
| 2027  | 2 |
| 2028  | 2 |
| 2029  | 2 |
| 2030  | 2 |
| 2031 and beyond  | 4 |
| Total undiscounted lease payments  | 19 |
| Less: Imputed interest  | 1 |
| Present value of lease liabilities  | $18 |

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As of December 31, 2025, the Company has certain lease agreements that have not yet commenced with total estimated future lease payments of $63 million which have been excluded from the table above. These leases are expected to begin in 2026 and continue through 2037, with lease terms ranging from 1 to 12 years.

#### Legal & Regulatory Matters
In the normal course of business both in the United States and abroad, the Company and its subsidiaries are defendants in legal proceedings and are subjected to government and regulatory proceedings, investigations and inquiries.

In view of the uncertainty inherent in litigation and government and regulatory enforcement matters, we cannot predict the eventual outcome of such matters or the timing of their resolution, or in most cases reasonably estimate what the eventual judgments, damages, fines, penalties or impact of activity (if any) restrictions may be. As a result, we cannot provide assurance that such outcomes will not have a material adverse effect on our combined financial condition, cash flows, business or competitive position. As litigation or the process to resolve pending matters progresses, as the case may be, we will continue to review the latest information available and assess our ability to predict the outcome of such matters and the effects, if any, on our combined financial condition, cash flows, business or competitive position, which may require that we record liabilities in the combined financial statements in future periods.

10. Related Party Transactions and Parent Company Investment

Historically, the Company engaged in several transactions with S&P Global. The following table summarizes the composition and amounts of the Company's transactions with S&P Global. The significant components of these amounts are discussed below. These amounts are reflected in Revenue, Operating-related expenses, Selling and general expenses, Other income, net and Interest expense, net in the combined statements of income for the years ended December 31, 2025, 2024 and 2023:

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| | | | |
|:---|:---|:---|:---|
| | **Years Ended December 31,**  | **Years Ended December 31,**  | **Years Ended December 31,**  |
| **(in millions)**  | **2025**  | **2024**  | **2023**  |
| Data sharing revenues  | $3 | $3 | $3 |
| Expenses |  |  |  |
| &nbsp;&nbsp;&nbsp; Data sharing expenses<sup>(1)</sup>  | 1 | 1 | 1 |
| &nbsp;&nbsp;&nbsp; Corporate allocations from Parent<sup>(2)</sup>  | 112 | 90 | 89 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total expenses  | 113 | 91 | 90 |
| &nbsp;&nbsp;&nbsp; Related party dividend income<sup>(3)</sup>  |  | (1) | (3) |
| &nbsp;&nbsp;&nbsp; Related party loan interest expense, net  | 14 | 17 | 18 |

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(1) Data sharing expenses are included in Operating-related expenses within the combined statements of income.

(2) Corporate allocations are included in Selling and general expenses within the combined statements of income.

(3) Related party dividend income is included in Other income, net, within the combined statements of income.

 *Data Sharing Revenue and Expenses* 

The Company participates in data sharing arrangements with S&P Global, in which customer data is collected, synthesized and distributed throughout the S&P Global organization. Historically, the Company has recorded revenue and expenses related to these arrangements that were eliminated in consolidation by S&P Global, as such transactions were intercompany in nature. Such amounts have been reinstated for purposes of the combined financial statements and treated as related-party in nature.

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 *Corporate Allocations* 

The Company has historically operated as part of S&P Global and not as a stand-alone company. Certain shared costs have been allocated to the Company by S&P Global and are reflected as expenses in these financial statements. The combined statements of income of the Company reflect allocations of general corporate expenses from S&P Global, certain of which were not historically allocated to the Company, including, but not limited to, executive management, finance, legal, information technology, human resources, corporate initiatives, and other shared services. Allocations made based on direct usage when identifiable, and otherwise on a pro rata basis of combined revenue or headcount and other measures, were $112 million, $90 million and $89 million for such shared services for the years ended December 31, 2025, 2024 and 2023, respectively, within Selling and general expenses in the combined statements of income. Management considers these allocations to be a reasonable representation of the utilization of services by or the benefits provided to the Company.

Historically, a portion of these allocated corporate expenses between S&P Global and the Company was settled in cash through transfer pricing arrangements. For any balances that were historically cash-settled, the balances are reflected as Due from related parties, current and Due to related parties, current in the combined balance sheets, while any balances that were historically not settled in cash are reflected as a component of Parent company investment in the combined balance sheets.

During the year ended December 31, 2025, Mobility recorded $21 million of transaction costs related to the stand-up of Mobility as a standalone entity incurred prior to the Separation, of which approximately $12 million was allocated to the Company from Parent. These transaction costs correspond to costs incurred by S&P Global that are directly attributable to Mobility, such as employee retention-related costs and costs to establish certain standalone functions.

 *Related Party Dividend Income* 

Historically the Company held a 1.4% equity interest in IHS Markit Global, LLC ("IHS Markit US"), a subsidiary of S&P Global. The Company historically received intercompany cash dividends from IHS Markit US of $1 million and $3 million for the years ended December 31, 2024 and 2023, respectively, which is reflected in Other income, net in the combined statements of income. No intercompany cash dividends were received for the year ended December 31, 2025.

 *Canada Carfax Loan* 

On October 1, 2018, Carfax Canada ULC ("Carfax Canada"), a subsidiary of the Company, entered into a loan agreement with IHS Canada Market ULC ("IHS Canada"), a subsidiary of S&P Global, under which IHS Canada granted Carfax Canada a loan bearing interest at a rate of 6.0% per annum with a principal amount of CAD$403 million ("Canada Carfax Loan"). Canada Carfax Loan matures on October 5, 2027, and is payable in full with accrued interest at maturity. As of December 31, 2025 and 2024, the Company had an outstanding loan balance payable to S&P Global of $230 million and $236 million, respectively, inclusive of accrued interest, which is reflected in Due to related parties — non-current in the combined balance sheets. The Company recorded related party interest expense of $14 million, $17 million and $18 million related to the Canada Carfax Loan for the year ended December 31, 2025, 2024 and 2023, respectively. During the year ended December 31, 2025 and 2024, the Company made voluntary prepayments on the principal balance of the Canada Carfax Loan of $18 million and $45 million, respectively, and during the year ended December 31, 2025, 2024 and 2023, made payments of interest of $14 million, $17 million and $18 million, respectively. The cash flows related to the principal balance of this loan are reflected as financing activities on the combined statement of cash flows.

 *Europe Carfax Loan* 

On February 21, 2021, Carfax Europe GmbH ("Carfax Germany"), a subsidiary of the Company, entered into a loan agreement with IHS Group Holdings Ltd. ("IHS Holdings"), a subsidiary of S&P Global, under which Carfax Germany granted the IHS Holdings a credit facility of up to a maximum aggregate principal amount of EUR 10 million ("Europe Carfax Loan"). The Europe Carfax Loan matured on February 14, 2026, and any drawings made under the Europe Carfax Loan were payable in full at

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maturity. Drawings under the Europe Carfax Loan accrued interest at a rate of six-month LIBOR plus 0.5% per annum and were payable semi-annually on May 31 and November 30 of each year. As of December 31, 2024, the Company had an outstanding loan receivable from S&P Global of $4 million, inclusive of accrued interest, which is reflected in Due from related parties — non-current in the combined balance sheets. On November 30, 2025, the Company received the full outstanding principal and interest amount of the Europe Carfax Loan. The related party interest income was not material to our combined financial statements. During the year ended December 31, 2025, there was $5 million of cash received related to the principal and interest associated with this loan agreement. The cash flows related to the principal balance of this loan are reflected as investing activities on the combined statement of cash flows. There was no cash received during the year ended December 31, 2024.

 *Cash Management* 

The Parent has a centralized approach to cash management and financing of operations. Historically, the Company's cash was regularly 'swept.' Cash and cash equivalents were attributed to the Company for each of the periods presented for cash that was held in accounts legally owned by the Company. Amounts contributed to/from the cash sweeps are not expected to be remitted to the Company upon Separation and were included as components of Parent company investment.

 *Parent Company Investment* 

Certain significant balances and transactions between the Company and S&P Global and its subsidiaries, which include allocations of corporate general and administrative expenses, share-based compensation and other historical intercompany activities, are recorded as components of Parent company investment, except for the transactions noted above related to historically cash-settled arrangements between the Company and S&P Global. The changes in Parent company investment also includes financing activities for capital transfers, cash sweeps, and other treasury services as described above. The components of Parent company investment for the years ended December 31, 2025, 2024 and 2023 are as follows:

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| | | | |
|:---|:---|:---|:---|
| | **Years Ended December 31,**  | **Years Ended December 31,**  | **Years Ended December 31,**  |
| **(in millions)**  | **2025**  | **2024**  | **2023**  |
| Cash pooling and general financing activities  | $(738) | $(637) | $(599) |
| Cash contributions from S&P Global used to fund acquisitions  |  | 6 | 214 |
| Unbilled corporate allocations  | 109 | 77 | 77 |
| Stock-based compensation  | 22 | 28 | 20 |
| Assumed income tax payments  | 196 | 181 | 151 |
| Net decrease in Parent company investment  | $(411) | $(345) | $(137) |

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11. Subsequent Events

The Company evaluated subsequent events through March 25, 2026, the date the combined financial statements were available for issuance, for potential recognition or disclosure in the combined financial statements. No significant subsequent events were noted.

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#### Mobility Business of S&P Global

#### Schedule II — Valuation and Qualifying Accounts (in millions)

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| | | | | |
|:---|:---|:---|:---|:---|
| **Additions/(deductions)**  | **Balance at <br> beginning of <br> year**  | **Net charges <br> to income**  | **Deductions <br> and other<sup>(1)</sup>**  | **Balance at end <br> of year**  |
| Year ended December 31, 2025 |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Allowance for doubtful accounts  | $3 | $4 | $(5) | $2 |
| Year ended December 31, 2024 |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Allowance for doubtful accounts  | $4 | $4 | $(5) | $3 |
| Year ended December 31, 2023 |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Allowance for doubtful accounts  | $2 | $4 | $(2) | $4 |

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(1) Primarily includes uncollectible accounts written off, net of recoveries and adjustments for foreign currency translation. Valuation allowances related to deferred tax assets were $5 million for the year ended December 31, 2025 and immaterial for the years ended December 31, 2024 and 2023.

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